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 Note 2A as of December 31, 2021, the related statements of operations and changes in net assets for each of the three years in the period then ended, the financial highlights in Note 8 for each of the five years in the period then ended, 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, 2021, the results of their operations and changes in net assets for each of the three years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2021, 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 25, 2022

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

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METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021

	AB VPS Global Thematic Growth Division		AB VPS Intermediate Bond Division		American Funds® American High-Income Trust Division		American Funds® Global Small Capitalization Division
Assets:
Investments at fair value	$	744,416	$	158,350	$	684,785	$	94,694,126
Due from Metropolitan Life Insurance Company		—		—		—		—
Total Assets		744,416		158,350		684,785		94,694,126
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		1		—
Total Liabilities		—		—		1		—
Net Assets	$	744,416	$	158,350	$	684,784	$	94,694,126

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	American Funds® Growth Division		American Funds® Growth-Income Division		American Funds® International Division		American Funds® The Bond Fund of America Division		American Funds® U.S. Government Securities Division
Assets:
Investments at fair value	$	354,325,922	$	161,880,072	$	2,299,903	$	8,205,564	$	62,304
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		354,325,922		161,880,072		2,299,903		8,205,564		62,304
Liabilities:
Due to Metropolitan Life Insurance Company		13		66		—		1		—
Total Liabilities		13		66		—		1		—
Net Assets	$	354,325,909	$	161,880,006	$	2,299,903	$	8,205,563	$	62,304

The accompanying notes are an integral part of these financial statements.
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 BlackRock Global Tactical Strategies Division
Assets:
Investments at fair value	$	113,713	$	1,774,603	$	3,388,399	$	2,058,790	$	618,131
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		113,713		1,774,603		3,388,399		2,058,790		618,131
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	113,713	$	1,774,603	$	3,388,399	$	2,058,790	$	618,131

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	BHFTI Brighthouse Asset Allocation 100 Division		BHFTI Brighthouse Balanced Plus Division		BHFTI Brighthouse Small Cap Value Division		BHFTI Brighthouse/ Aberdeen Emerging Markets Equity Division		BHFTI Brighthouse/ Templeton International Bond Division
Assets:
Investments at fair value	$	36,535,719	$	526,014	$	1,384,093	$	1,977,225	$	334,055
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		36,535,719		526,014		1,384,093		1,977,225		334,055
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	36,535,719	$	526,014	$	1,384,093	$	1,977,225	$	334,055

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

	BHFTI Brighthouse/ Wellington Large Cap Research Division		BHFTI CBRE Global Real Estate Division		BHFTI Harris Oakmark International Division		BHFTI Invesco Balanced-Risk Allocation Division		BHFTI Invesco Global Equity Division
Assets:
Investments at fair value	$	674,672,036	$	33,176,473	$	44,087,551	$	98,311	$	80,996,983
Due from Metropolitan Life Insurance Company		13		—		1		—		—
Total Assets		674,672,049		33,176,473		44,087,552		98,311		80,996,983
Liabilities:
Due to Metropolitan Life Insurance Company		—		23		—		—		89
Total Liabilities		—		23		—		—		89
Net Assets	$	674,672,049	$	33,176,450	$	44,087,552	$	98,311	$	80,996,894

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	BHFTI Invesco Small Cap Growth Division		BHFTI JPMorgan Global Active Allocation Division		BHFTI JPMorgan Small Cap Value Division		BHFTI Loomis Sayles Global Allocation Division		BHFTI Loomis Sayles Growth Division
Assets:
Investments at fair value	$	13,295,343	$	238,019	$	767,865	$	452,338	$	59,524,221
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		13,295,343		238,019		767,865		452,338		59,524,221
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		3
Total Liabilities		—		—		—		—		3
Net Assets	$	13,295,343	$	238,019	$	767,865	$	452,338	$	59,524,218

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

	BHFTI MetLife Multi-Index Targeted Risk Division		BHFTI MFS® Research International Division		BHFTI Morgan Stanley Discovery Division		BHFTI PanAgora Global Diversified Risk Division		BHFTI PanAgora Global Diversified Risk II Division
Assets:
Investments at fair value	$	228,985	$	25,123,320	$	667,533,103	$	1,204	$	212,870
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		228,985		25,123,320		667,533,103		1,204		212,870
Liabilities:
Due to Metropolitan Life Insurance Company		—		8		87		—		—
Total Liabilities		—		8		87		—		—
Net Assets	$	228,985	$	25,123,312	$	667,533,016	$	1,204	$	212,870

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	11,483,521	$	55,623,604	$	148,622	$	9,885,163	$	10,058,945
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		11,483,521		55,623,604		148,622		9,885,163		10,058,945
Liabilities:
Due to Metropolitan Life Insurance Company		—		25		—		—		—
Total Liabilities		—		25		—		—		—
Net Assets	$	11,483,521	$	55,623,579	$	148,622	$	9,885,163	$	10,058,945

The accompanying notes are an integral part of these financial statements.
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	$	3,785,981	$	57,734,876	$	122,798,102	$	58,182,187	$	80,938,028
Due from Metropolitan Life Insurance Company		—		—		8		—		—
Total Assets		3,785,981		57,734,876		122,798,110		58,182,187		80,938,028
Liabilities:
Due to Metropolitan Life Insurance Company		—		7		—		1		11
Total Liabilities		—		7		—		1		11
Net Assets	$	3,785,981	$	57,734,869	$	122,798,110	$	58,182,186	$	80,938,017

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	26,765,186	$	23,583,580	$	4,667,713	$	11,713,955	$	66,140,038
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		26,765,186		23,583,580		4,667,713		11,713,955		66,140,038
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		1
Total Liabilities		—		—		—		—		1
Net Assets	$	26,765,186	$	23,583,580	$	4,667,713	$	11,713,955	$	66,140,037

The accompanying notes are an integral part of these financial statements.
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	$	135,292,453	$	78,750,545	$	405,316,103	$	113,033,608	$	379,750,527
Due from Metropolitan Life Insurance Company		—		65		10		—		—
Total Assets		135,292,453		78,750,610		405,316,113		113,033,608		379,750,527
Liabilities:
Due to Metropolitan Life Insurance Company		1		—		—		1		11
Total Liabilities		1		—		—		1		11
Net Assets	$	135,292,452	$	78,750,610	$	405,316,113	$	113,033,607	$	379,750,516

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	63,138,954	$	32,916,900	$	18,356,226	$	167,582,579	$	134,806,882
Due from Metropolitan Life Insurance Company		3		—		—		—		—
Total Assets		63,138,957		32,916,900		18,356,226		167,582,579		134,806,882
Liabilities:
Due to Metropolitan Life Insurance Company		—		2		—		11		—
Total Liabilities		—		2		—		11		—
Net Assets	$	63,138,957	$	32,916,898	$	18,356,226	$	167,582,568	$	134,806,882

The accompanying notes are an integral part of these financial statements.
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	$	118,103,810	$	104,957,765	$	1,717,996,399	$	11,534,648	$	145,785,562
Due from Metropolitan Life Insurance Company		—		15		—		—		—
Total Assets		118,103,810		104,957,780		1,717,996,399		11,534,648		145,785,562
Liabilities:
Due to Metropolitan Life Insurance Company		2		—		52		2		5
Total Liabilities		2		—		52		2		5
Net Assets	$	118,103,808	$	104,957,780	$	1,717,996,347	$	11,534,646	$	145,785,557

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	170,768,854	$	177,583,885	$	175,366,411	$	406,789	$	55,757,932
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		170,768,854		177,583,885		175,366,411		406,789		55,757,932
Liabilities:
Due to Metropolitan Life Insurance Company		6		—		12		—		43
Total Liabilities		6		—		12		—		43
Net Assets	$	170,768,848	$	177,583,885	$	175,366,399	$	406,789	$	55,757,889

The accompanying notes are an integral part of these financial statements.
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	$	19,505,629	$	2,679,609	$	5,248,539	$	632,837	$	181,045
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		19,505,629		2,679,609		5,248,539		632,837		181,045
Liabilities:
Due to Metropolitan Life Insurance Company		19		—		—		—		—
Total Liabilities		19		—		—		—		—
Net Assets	$	19,505,610	$	2,679,609	$	5,248,539	$	632,837	$	181,045

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	818,332	$	702,750	$	444,513	$	532,365	$	266,078
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		818,332		702,750		444,513		532,365		266,078
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		21
Total Liabilities		—		—		—		—		21
Net Assets	$	818,332	$	702,750	$	444,513	$	532,365	$	266,057

The accompanying notes are an integral part of these financial statements.
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	$	5,502,191	$	16,716	$	1,107,572	$	359,608	$	9,324
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		5,502,191		16,716		1,107,572		359,608		9,324
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	5,502,191	$	16,716	$	1,107,572	$	359,608	$	9,324

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	105,129	$	100,390	$	5,848,247	$	1,129,295	$	22,845
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		105,129		100,390		5,848,247		1,129,295		22,845
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	105,129	$	100,390	$	5,848,247	$	1,129,295	$	22,845

The accompanying notes are an integral part of these financial statements.
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	$	91,443	$	488,869	$	1,872,150	$	339,767	$	806,083
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		91,443		488,869		1,872,150		339,767		806,083
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		1
Total Liabilities		—		—		—		—		1
Net Assets	$	91,443	$	488,869	$	1,872,150	$	339,767	$	806,082

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)

December 31, 2021

	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	$	682,223	$	164,570	$	33,044	$	176,988	$	645,014
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		682,223		164,570		33,044		176,988		645,014
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	682,223	$	164,570	$	33,044	$	176,988	$	645,014

The accompanying notes are an integral part of these financial statements.
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	$	5,606,474	$	29,056	$	40,065	$	844,880	$	19,747
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		5,606,474		29,056		40,065		844,880		19,747
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		1		—
Total Liabilities		—		—		—		1		—
Net Assets	$	5,606,474	$	29,056	$	40,065	$	844,879	$	19,747

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)

December 31, 2021

	Royce Micro-Cap Division		Royce Small-Cap Division
Assets:
Investments at fair value	$	18,767	$	17,727
Due from Metropolitan Life Insurance Company		—		—
Total Assets		18,767		17,727
Liabilities:
Due to Metropolitan Life Insurance Company		—		—
Total Liabilities		—		—
Net Assets	$	18,767	$	17,727

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

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METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
For the years ended December 31, 2021, 2020 and 2019

	AB VPS Global Thematic Growth Division						AB VPS Intermediate Bond Division
	2021		2020		2019		2021			2020			2019
Investment Income:
Dividends	$	—	$	166	$	62	$	2,076		$	5,039		$	4,181
Expenses:
Mortality and expense risk charges		—		—		—		—			—			—
Net investment income (loss)		—		166		62		2,076			5,039			4,181
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		84,098		3,490		2,180		4,433			—			—
Realized gains (losses) on sale of investments		1,704		230		5,451		(14	)		(26	)		(547	)
Net realized gains (losses)		85,802		3,720		7,631		4,419			(26	)		(547	)
Change in unrealized gains (losses) on investments		13,004		9,146		1,729		(9,160	)		3,697			8,336
Net realized and changes in unrealized gains (losses) on investments		98,806		12,866		9,360		(4,741	)		3,671			7,789
Net increase (decrease) in net assets resulting from operations	$	98,806	$	13,032	$	9,422	$	(2,665	)	$	8,710		$	11,970

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

	American Funds® American High-Income Trust Division
	2021		2020			2019
Investment Income:
Dividends	$	28,819	$	3,735		$	2,102
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		28,819		3,735			2,102
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—			—
Realized gains (losses) on sale of investments		321		(20	)		(4	)
Net realized gains (losses)		321		(20	)		(4	)
Change in unrealized gains (losses) on investments		2,825		195			343
Net realized and changes in unrealized gains (losses) on investments		3,146		175			339
Net increase (decrease) in net assets resulting from operations	$	31,965	$	3,910		$	2,441

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	American Funds® Global Small Capitalization Division							American Funds® Growth Division
	2021			2020		2019		2021		2020		2019
Investment Income:
Dividends	$	—		$	124,690	$	113,773	$	731,225	$	784,286	$	1,547,525
Expenses:
Mortality and expense risk charges		111,675			87,079		84,254		297,098		218,088		184,266
Net investment income (loss)		(111,675	)		37,611		29,519		434,127		566,198		1,363,259
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,202,958			4,655,581		4,582,021		42,795,355		5,840,948		21,693,591
Realized gains (losses) on sale of investments		2,489,482			1,296,996		850,815		11,188,301		9,802,349		3,503,831
Net realized gains (losses)		4,692,440			5,952,577		5,432,836		53,983,656		15,643,297		25,197,422
Change in unrealized gains (losses) on investments		1,660,255			15,651,566		13,829,624		11,657,903		93,055,316		28,236,428
Net realized and changes in unrealized gains (losses) on investments		6,352,695			21,604,143		19,262,460		65,641,559		108,698,613		53,433,850
Net increase (decrease) in net assets resulting from operations	$	6,241,020		$	21,641,754	$	19,291,979	$	66,075,686	$	109,264,811	$	54,797,109

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

	American Funds® Growth-Income Division
	2021		2020		2019
Investment Income:
Dividends	$	1,715,449	$	1,694,121	$	2,035,465
Expenses:
Mortality and expense risk charges		142,145		116,771		115,931
Net investment income (loss)		1,573,304		1,577,350		1,919,534
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,490,438		3,261,038		12,277,110
Realized gains (losses) on sale of investments		3,439,613		1,375,486		1,527,730
Net realized gains (losses)		4,930,051		4,636,524		13,804,840
Change in unrealized gains (losses) on investments		25,918,314		10,074,027		12,081,513
Net realized and changes in unrealized gains (losses) on investments		30,848,365		14,710,551		25,886,353
Net increase (decrease) in net assets resulting from operations	$	32,421,669	$	16,287,901	$	27,805,887

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	American Funds® International Division									American Funds® The Bond Fund of America Division
	2021			2020			2019			2021			2020		2019
Investment Income:
Dividends	$	58,048		$	13,039		$	28,874		$	114,358		$	156,930	$	171,098
Expenses:
Mortality and expense risk charges		—			—			—			9,117			9,027		8,236
Net investment income (loss)		58,048			13,039			28,874			105,241			147,903		162,862
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			49,902			307,195			69,724		—
Realized gains (losses) on sale of investments		14,231			(3,558	)		(13,713	)		29,503			84,702		15,843
Net realized gains (losses)		14,231			(3,558	)		36,189			336,698			154,426		15,843
Change in unrealized gains (losses) on investments		(105,442	)		280,912			343,260			(480,389	)		363,271		366,899
Net realized and changes in unrealized gains (losses) on investments		(91,211	)		277,354			379,449			(143,691	)		517,697		382,742
Net increase (decrease) in net assets resulting from operations	$	(33,163	)	$	290,393		$	408,323		$	(38,450	)	$	665,600	$	545,604

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

	American Funds® U.S. Government Securities Division
	2021			2020		2019
Investment Income:
Dividends	$	811		$	1,157	$	1,186
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		811			1,157		1,186
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,488			1,313		—
Realized gains (losses) on sale of investments		(20	)		95		(20	)
Net realized gains (losses)		5,468			1,408		(20	)
Change in unrealized gains (losses) on investments		(6,687	)		3,212		1,822
Net realized and changes in unrealized gains (losses) on investments		(1,219	)		4,620		1,802
Net increase (decrease) in net assets resulting from operations	$	(408	)	$	5,777	$	2,988

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI AB Global Dynamic Allocation Division							BHFTI American Funds® Balanced Allocation Division
	2021		2020			2019		2021		2020		2019
Investment Income:
Dividends	$	251	$	1,547		$	2,929	$	23,221	$	25,148	$	27,411
Expenses:
Mortality and expense risk charges		—		—			—		—		—		—
Net investment income (loss)		251		1,547			2,929		23,221		25,148		27,411
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		6,395		5,371			1,656		53,367		69,963		91,658
Realized gains (losses) on sale of investments		674		61			423		29,524		20,686		1,187
Net realized gains (losses)		7,069		5,432			2,079		82,891		90,649		92,845
Change in unrealized gains (losses) on investments		2,602		(1,285	)		8,823		82,717		83,599		117,054
Net realized and changes in unrealized gains (losses) on investments		9,671		4,147			10,902		165,608		174,248		209,899
Net increase (decrease) in net assets resulting from operations	$	9,922	$	5,694		$	13,831	$	188,829	$	199,396	$	237,310

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

	BHFTI American Funds® Growth Allocation Division
	2021		2020		2019
Investment Income:
Dividends	$	34,073	$	41,435	$	41,457
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		34,073		41,435		41,457
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		100,846		166,635		172,533
Realized gains (losses) on sale of investments		29,448		1,154		17,886
Net realized gains (losses)		130,294		167,789		190,419
Change in unrealized gains (losses) on investments		306,357		182,488		243,425
Net realized and changes in unrealized gains (losses) on investments		436,651		350,277		433,844
Net increase (decrease) in net assets resulting from operations	$	470,724	$	391,712	$	475,301

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI American Funds® Moderate Allocation Division								BHFTI BlackRock Global Tactical Strategies Division
	2021		2020			2019			2021		2020			2019
Investment Income:
Dividends	$	34,836	$	36,375		$	34,529		$	10,075	$	8,842		$	1,019
Expenses:
Mortality and expense risk charges		—		—			—			—		—			—
Net investment income (loss)		34,836		36,375			34,529			10,075		8,842			1,019
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		65,296		75,686			83,518			28,511		48,420			—
Realized gains (losses) on sale of investments		7,896		(1,212	)		(3,223	)		5,497		23			166
Net realized gains (losses)		73,192		74,474			80,295			34,008		48,443			166
Change in unrealized gains (losses) on investments		75,627		104,275			117,199			21,134		(26,273	)		92,537
Net realized and changes in unrealized gains (losses) on investments		148,819		178,749			197,494			55,142		22,170			92,703
Net increase (decrease) in net assets resulting from operations	$	183,655	$	215,124		$	232,023		$	65,217	$	31,012		$	93,722

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

	BHFTI Brighthouse Asset Allocation 100 Division
	2021		2020			2019
Investment Income:
Dividends	$	465,915	$	349,214		$	437,490
Expenses:
Mortality and expense risk charges		16,987		13,501			14,505
Net investment income (loss)		448,928		335,713			422,985
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,622,421		2,647,811			2,591,967
Realized gains (losses) on sale of investments		680,164		(32,285	)		107,616
Net realized gains (losses)		3,302,585		2,615,526			2,699,583
Change in unrealized gains (losses) on investments		2,026,367		1,910,725			2,812,582
Net realized and changes in unrealized gains (losses) on investments		5,328,952		4,526,251			5,512,165
Net increase (decrease) in net assets resulting from operations	$	5,777,880	$	4,861,964		$	5,935,150

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Brighthouse Balanced Plus Division								BHFTI Brighthouse Small Cap Value Division
	2021		2020			2019			2021		2020			2019
Investment Income:
Dividends	$	11,412	$	10,930		$	8,336		$	10,711	$	10,871		$	8,105
Expenses:
Mortality and expense risk charges		—		—			—			—		—			—
Net investment income (loss)		11,412		10,930			8,336			10,711		10,871			8,105
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		16,775		45,363			—			579		36,065			78,352
Realized gains (losses) on sale of investments		1,115		(1,021	)		(708	)		2,928		(2,884	)		4,336
Net realized gains (losses)		17,890		44,342			(708	)		3,507		33,181			82,688
Change in unrealized gains (losses) on investments		6,919		(3,455	)		78,503			318,052		(40,130	)		159,172
Net realized and changes in unrealized gains (losses) on investments		24,809		40,887			77,795			321,559		(6,949	)		241,860
Net increase (decrease) in net assets resulting from operations	$	36,221	$	51,817		$	86,131		$	332,270	$	3,922		$	249,965

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

	BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division
	2021			2020			2019
Investment Income:
Dividends	$	5,628		$	30,345		$	25,684
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		5,628			30,345			25,684
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		40,249			(2,163	)		8,040
Net realized gains (losses)		40,249			(2,163	)		8,040
Change in unrealized gains (losses) on investments		(146,176	)		393,658			228,830
Net realized and changes in unrealized gains (losses) on investments		(105,927	)		391,495			236,870
Net increase (decrease) in net assets resulting from operations	$	(100,299	)	$	421,840		$	262,554

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Brighthouse/Templeton International Bond Division									BHFTI Brighthouse/Wellington Large Cap Research Division
	2021			2020			2019			2021		2020		2019
Investment Income:
Dividends	$	—		$	18,837		$	23,805		$	5,425,132	$	5,567,970	$	5,323,552
Expenses:
Mortality and expense risk charges		—			—			—			3,190,231		2,510,925		2,366,473
Net investment income (loss)		—			18,837			23,805			2,234,901		3,057,045		2,957,079
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			547			61,670,030		31,647,831		53,086,818
Realized gains (losses) on sale of investments		(1,491	)		(8,714	)		(330	)		12,753,640		5,508,470		5,968,496
Net realized gains (losses)		(1,491	)		(8,714	)		217			74,423,670		37,156,301		59,055,314
Change in unrealized gains (losses) on investments		(13,400	)		(27,667	)		(20,553	)		56,615,903		63,257,826		61,834,004
Net realized and changes in unrealized gains (losses) on investments		(14,891	)		(36,381	)		(20,336	)		131,039,573		100,414,127		120,889,318
Net increase (decrease) in net assets resulting from operations	$	(14,891	)	$	(17,544	)	$	3,469		$	133,274,474	$	103,471,172	$	123,846,397

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

	BHFTI CBRE Global Real Estate Division
	2021		2020			2019
Investment Income:
Dividends	$	923,359	$	1,171,201		$	923,160
Expenses:
Mortality and expense risk charges		29,024		23,692			26,443
Net investment income (loss)		894,335		1,147,509			896,717
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		512,541			—
Realized gains (losses) on sale of investments		474,259		(435,353	)		102,738
Net realized gains (losses)		474,259		77,188			102,738
Change in unrealized gains (losses) on investments		7,531,715		(2,720,655	)		5,116,259
Net realized and changes in unrealized gains (losses) on investments		8,005,974		(2,643,467	)		5,218,997
Net increase (decrease) in net assets resulting from operations	$	8,900,309	$	(1,495,958	)	$	6,115,714

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Harris Oakmark International Division								BHFTI Invesco Balanced-Risk Allocation Division
	2021		2020			2019			2021		2020			2019
Investment Income:
Dividends	$	378,177	$	1,169,777		$	958,784		$	2,701	$	3,869		$	—
Expenses:
Mortality and expense risk charges		55,275		42,131			47,758			—		—			—
Net investment income (loss)		322,902		1,127,646			911,026			2,701		3,869			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		909,120			3,015,811			2,676		3,739			—
Realized gains (losses) on sale of investments		391,341		(1,086,327	)		(382,142	)		189		(175	)		(81	)
Net realized gains (losses)		391,341		(177,207	)		2,633,669			2,865		3,564			(81	)
Change in unrealized gains (losses) on investments		2,895,287		1,704,944			5,117,038			2,660		609			8,923
Net realized and changes in unrealized gains (losses) on investments		3,286,628		1,527,737			7,750,707			5,525		4,173			8,842
Net increase (decrease) in net assets resulting from operations	$	3,609,530	$	2,655,383		$	8,661,733		$	8,226	$	8,042		$	8,842

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

	BHFTI Invesco Global Equity Division
	2021			2020		2019
Investment Income:
Dividends	$	102,667		$	550,039	$	607,931
Expenses:
Mortality and expense risk charges		210,936			160,181		150,718
Net investment income (loss)		(108,269	)		389,858		457,213
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,255,285			150,482		7,183,124
Realized gains (losses) on sale of investments		3,265,283			1,945,029		1,423,101
Net realized gains (losses)		6,520,568			2,095,511		8,606,225
Change in unrealized gains (losses) on investments		5,012,985			14,028,107		6,426,053
Net realized and changes in unrealized gains (losses) on investments		11,533,553			16,123,618		15,032,278
Net increase (decrease) in net assets resulting from operations	$	11,425,284		$	16,513,476	$	15,489,491

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Invesco Small Cap Growth Division									BHFTI JPMorgan Global Active Allocation Division
	2021			2020			2019			2021		2020		2019
Investment Income:
Dividends	$	—		$	7,217		$	—		$	1,074	$	3,958	$	6,307
Expenses:
Mortality and expense risk charges		16,422			10,459			9,658			—		—		—
Net investment income (loss)		(16,422	)		(3,242	)		(9,658	)		1,074		3,958		6,307
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,330,241			478,335			1,237,304			11,782		4,538		—
Realized gains (losses) on sale of investments		390,164			50,822			(130,839	)		1,789		728		1,202
Net realized gains (losses)		2,720,405			529,157			1,106,465			13,571		5,266		1,202
Change in unrealized gains (losses) on investments		(1,866,700	)		3,751,662			530,138			5,880		12,671		24,387
Net realized and changes in unrealized gains (losses) on investments		853,705			4,280,819			1,636,603			19,451		17,937		25,589
Net increase (decrease) in net assets resulting from operations	$	837,283		$	4,277,577		$	1,626,945		$	20,525	$	21,895	$	31,896

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

	BHFTI JPMorgan Small Cap Value Division
	2021		2020			2019
Investment Income:
Dividends	$	8,181	$	7,026		$	6,510
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		8,181		7,026			6,510
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		17,725		—			48,689
Realized gains (losses) on sale of investments		50,115		(4,871	)		(6,186	)
Net realized gains (losses)		67,840		(4,871	)		42,503
Change in unrealized gains (losses) on investments		129,125		72,298			23,626
Net realized and changes in unrealized gains (losses) on investments		196,965		67,427			66,129
Net increase (decrease) in net assets resulting from operations	$	205,146	$	74,453		$	72,639

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Loomis Sayles Global Allocation Division							BHFTI Loomis Sayles Growth Division
	2021			2020		2019		2021		2020			2019
Investment Income:
Dividends	$	4,713		$	4,593	$	7,435	$	115,550	$	386,097		$	438,816
Expenses:
Mortality and expense risk charges		—			—		—		50,175		40,255			35,948
Net investment income (loss)		4,713			4,593		7,435		65,375		345,842			402,868
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		43,687			31,960		36,635		1,762,143		16,084,106			5,572,046
Realized gains (losses) on sale of investments		38,790			2,909		4,431		906,323		647,421			889,628
Net realized gains (losses)		82,477			34,869		41,066		2,668,466		16,731,527			6,461,674
Change in unrealized gains (losses) on investments		(23,466	)		37,680		51,557		6,974,380		(3,812,485	)		1,909,460
Net realized and changes in unrealized gains (losses) on investments		59,011			72,549		92,623		9,642,846		12,919,042			8,371,134
Net increase (decrease) in net assets resulting from operations	$	63,724		$	77,142	$	100,058	$	9,708,221	$	13,264,884		$	8,774,002

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

	BHFTI MetLife Multi-Index Targeted Risk Division
	2021		2020			2019
Investment Income:
Dividends	$	3,798	$	4,135		$	3,660
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		3,798		4,135			3,660
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		7,951		16,341			—
Realized gains (losses) on sale of investments		821		409			195
Net realized gains (losses)		8,772		16,750			195
Change in unrealized gains (losses) on investments		7,435		(8,247	)		29,440
Net realized and changes in unrealized gains (losses) on investments		16,207		8,503			29,635
Net increase (decrease) in net assets resulting from operations	$	20,005	$	12,638		$	33,295

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI MFS® Research International Division						BHFTI Morgan Stanley Discovery Division
	2021		2020		2019		2021			2020			2019
Investment Income:
Dividends	$	278,094	$	440,621	$	275,831	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		20,214		17,155		16,692		2,377,645			1,574,613			994,679
Net investment income (loss)		257,880		423,466		259,139		(2,377,645	)		(1,574,613	)		(994,679	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		913,077		626,674		828,454		367,030,776			73,424,459			59,365,038
Realized gains (losses) on sale of investments		503,341		446,294		128,654		26,060,316			23,012,154			10,398,472
Net realized gains (losses)		1,416,418		1,072,968		957,108		393,091,092			96,436,613			69,763,510
Change in unrealized gains (losses) on investments		1,126,705		1,198,690		3,282,254		(469,811,228	)		401,073,569			33,805,835
Net realized and changes in unrealized gains (losses) on investments		2,543,123		2,271,658		4,239,362		(76,720,136	)		497,510,182			103,569,345
Net increase (decrease) in net assets resulting from operations	$	2,801,003	$	2,695,124	$	4,498,501	$	(79,097,781	)	$	495,935,569		$	102,574,666

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

	BHFTI PanAgora Global Diversified Risk Division
	2021			2020		2019
Investment Income:
Dividends	$	—		$	25	$	18
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		—			25		18
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		64			51		—
Realized gains (losses) on sale of investments		10			4		6
Net realized gains (losses)		74			55		6
Change in unrealized gains (losses) on investments		(26	)		18		81
Net realized and changes in unrealized gains (losses) on investments		48			73		87
Net increase (decrease) in net assets resulting from operations	$	48		$	98	$	105

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI PanAgora Global Diversified Risk II Division									BHFTI PIMCO Inflation Protected Bond Division
	2021			2020			2019			2021		2020			2019
Investment Income:
Dividends	$	—		$	4,229		$	4,902		$	103,150	$	300,725		$	353,831
Expenses:
Mortality and expense risk charges		—			—			—			16,805		15,801			15,434
Net investment income (loss)		—			4,229			4,902			86,345		284,924			338,397
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		8,303			18,550			—			—		—			—
Realized gains (losses) on sale of investments		(1,971	)		(2,187	)		(1,016	)		86,320		(23,411	)		(70,827	)
Net realized gains (losses)		6,332			16,363			(1,016	)		86,320		(23,411	)		(70,827	)
Change in unrealized gains (losses) on investments		17,933			(14,639	)		25,631			411,083		837,367			505,478
Net realized and changes in unrealized gains (losses) on investments		24,265			1,724			24,615			497,403		813,956			434,651
Net increase (decrease) in net assets resulting from operations	$	24,265		$	5,953		$	29,517		$	583,748	$	1,098,880		$	773,048

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

	BHFTI PIMCO Total Return Division
	2021			2020		2019
Investment Income:
Dividends	$	1,050,706		$	2,014,254	$	1,496,759
Expenses:
Mortality and expense risk charges		50,411			51,350		50,367
Net investment income (loss)		1,000,295			1,962,904		1,446,392
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,178,607			—		—
Realized gains (losses) on sale of investments		29,003			611,760		34,984
Net realized gains (losses)		2,207,610			611,760		34,984
Change in unrealized gains (losses) on investments		(3,833,399	)		1,614,317		2,500,341
Net realized and changes in unrealized gains (losses) on investments		(1,625,789	)		2,226,077		2,535,325
Net increase (decrease) in net assets resulting from operations	$	(625,494	)	$	4,188,981	$	3,981,717

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Schroders Global Multi-Asset Division							BHFTI SSGA Growth and Income ETF Division
	2021		2020			2019		2021		2020			2019
Investment Income:
Dividends	$	442	$	1,986		$	1,541	$	183,486	$	240,559		$	216,512
Expenses:
Mortality and expense risk charges		—		—			—		9,340		8,321			8,078
Net investment income (loss)		442		1,986			1,541		174,146		232,238			208,434
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		253		5,922			—		413,016		284,169			412,900
Realized gains (losses) on sale of investments		560		324			466		126,974		(47	)		(7,380	)
Net realized gains (losses)		813		6,246			466		539,990		284,122			405,520
Change in unrealized gains (losses) on investments		13,631		(5,523	)		17,790		479,177		300,438			865,423
Net realized and changes in unrealized gains (losses) on investments		14,444		723			18,256		1,019,167		584,560			1,270,943
Net increase (decrease) in net assets resulting from operations	$	14,886	$	2,709		$	19,797	$	1,193,313	$	816,798		$	1,479,377

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

	BHFTI SSGA Growth ETF Division
	2021		2020			2019
Investment Income:
Dividends	$	155,639	$	191,969		$	165,401
Expenses:
Mortality and expense risk charges		8,646		7,237			7,352
Net investment income (loss)		146,993		184,732			158,049
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		489,151		282,935			475,376
Realized gains (losses) on sale of investments		87,136		(8,842	)		13,517
Net realized gains (losses)		576,287		274,093			488,893
Change in unrealized gains (losses) on investments		788,029		391,732			831,026
Net realized and changes in unrealized gains (losses) on investments		1,364,316		665,825			1,319,919
Net increase (decrease) in net assets resulting from operations	$	1,511,309	$	850,557		$	1,477,968

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI T. Rowe Price Large Cap Value Division							BHFTI T. Rowe Price Mid Cap Growth Division
	2021		2020			2019		2021			2020		2019
Investment Income:
Dividends	$	71,598	$	70,047		$	63,674	$	—		$	111,429	$	117,144
Expenses:
Mortality and expense risk charges		—		—			—		73,173			60,182		58,484
Net investment income (loss)		71,598		70,047			63,674		(73,173	)		51,247		58,660
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,978		206,107			318,371		4,823,048			4,531,002		7,183,577
Realized gains (losses) on sale of investments		43,993		(5,702	)		42,589		1,087,377			137,592		462,768
Net realized gains (losses)		47,971		200,405			360,960		5,910,425			4,668,594		7,646,345
Change in unrealized gains (losses) on investments		703,223		(170,812	)		266,789		1,850,226			5,630,192		4,165,082
Net realized and changes in unrealized gains (losses) on investments		751,194		29,593			627,749		7,760,651			10,298,786		11,811,427
Net increase (decrease) in net assets resulting from operations	$	822,792	$	99,640		$	691,423	$	7,687,478		$	10,350,033	$	11,870,087

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

	BHFTI Victory Sycamore Mid Cap Value Division
	2021		2020			2019
Investment Income:
Dividends	$	1,486,014	$	1,370,565		$	1,163,012
Expenses:
Mortality and expense risk charges		103,075		75,652			80,884
Net investment income (loss)		1,382,939		1,294,913			1,082,128
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,052,083		4,848,558			2,848,890
Realized gains (losses) on sale of investments		1,818,768		(253,636	)		63,300
Net realized gains (losses)		4,870,851		4,594,922			2,912,190
Change in unrealized gains (losses) on investments		24,609,507		1,357,715			18,174,933
Net realized and changes in unrealized gains (losses) on investments		29,480,358		5,952,637			21,087,123
Net increase (decrease) in net assets resulting from operations	$	30,863,297	$	7,247,550		$	22,169,251

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Baillie Gifford International Stock Division							BHFTII BlackRock Bond Income Division
	2021			2020		2019		2021			2020		2019
Investment Income:
Dividends	$	574,301		$	978,441	$	609,814	$	2,269,852		$	3,004,355	$	2,861,606
Expenses:
Mortality and expense risk charges		274,317			225,837		207,189		263,221			266,661		258,824
Net investment income (loss)		299,984			752,604		402,625		2,006,631			2,737,694		2,602,782
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,908,168			2,877,554		2,687,434		1,612,711			—		—
Realized gains (losses) on sale of investments		981,602			606,079		421,664		167,345			246,032		(16,881	)
Net realized gains (losses)		6,889,770			3,483,633		3,109,098		1,780,056			246,032		(16,881	)
Change in unrealized gains (losses) on investments		(7,825,840	)		8,417,551		9,101,083		(4,397,445	)		3,486,389		4,310,845
Net realized and changes in unrealized gains (losses) on investments		(936,070	)		11,901,184		12,210,181		(2,617,389	)		3,732,421		4,293,964
Net increase (decrease) in net assets resulting from operations	$	(636,086	)	$	12,653,788	$	12,612,806	$	(610,758	)	$	6,470,115	$	6,896,746

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

	BHFTII BlackRock Capital Appreciation Division
	2021			2020			2019
Investment Income:
Dividends	$	—		$	—		$	32,055
Expenses:
Mortality and expense risk charges		32,796			23,495			18,807
Net investment income (loss)		(32,796	)		(23,495	)		13,248
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,165,922			2,061,554			2,437,479
Realized gains (losses) on sale of investments		784,596			576,074			293,868
Net realized gains (losses)		3,950,518			2,637,628			2,731,347
Change in unrealized gains (losses) on investments		713,678			3,629,451			1,309,526
Net realized and changes in unrealized gains (losses) on investments		4,664,196			6,267,079			4,040,873
Net increase (decrease) in net assets resulting from operations	$	4,631,400		$	6,243,584		$	4,054,121

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII BlackRock Ultra-Short Term Bond Division								BHFTII Brighthouse Asset Allocation 20 Division
	2021			2020			2019		2021			2020		2019
Investment Income:
Dividends	$	79,330		$	648,729		$	531,767	$	157,661		$	122,721	$	102,407
Expenses:
Mortality and expense risk charges		26,988			27,587			28,042		9,013			8,331		8,207
Net investment income (loss)		52,342			621,142			503,725		148,648			114,390		94,200
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—		61,659			87,951		80,812
Realized gains (losses) on sale of investments		(35,468	)		(37,448	)		77,768		61,198			14,639		(9,210	)
Net realized gains (losses)		(35,468	)		(37,448	)		77,768		122,857			102,590		71,602
Change in unrealized gains (losses) on investments		(89,871	)		(501,117	)		14,618		(87,582	)		175,734		319,183
Net realized and changes in unrealized gains (losses) on investments		(125,339	)		(538,565	)		92,386		35,275			278,324		390,785
Net increase (decrease) in net assets resulting from operations	$	(72,997	)	$	82,577		$	596,111	$	183,923		$	392,714	$	484,985

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

	BHFTII Brighthouse Asset Allocation 40 Division
	2021		2020			2019
Investment Income:
Dividends	$	338,545	$	302,933		$	264,198
Expenses:
Mortality and expense risk charges		17,919		15,584			15,756
Net investment income (loss)		320,626		287,349			248,442
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		414,922		489,176			544,621
Realized gains (losses) on sale of investments		79,360		(17,809	)		(23,488	)
Net realized gains (losses)		494,282		471,367			521,133
Change in unrealized gains (losses) on investments		35,271		387,704			805,166
Net realized and changes in unrealized gains (losses) on investments		529,553		859,071			1,326,299
Net increase (decrease) in net assets resulting from operations	$	850,179	$	1,146,420		$	1,574,741

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Brighthouse Asset Allocation 60 Division						BHFTII Brighthouse Asset Allocation 80 Division
	2021		2020		2019		2021		2020		2019
Investment Income:
Dividends	$	1,505,134	$	1,336,155	$	1,202,259	$	2,499,977	$	2,191,924	$	2,096,807
Expenses:
Mortality and expense risk charges		91,658		79,183		78,171		116,714		91,131		91,513
Net investment income (loss)		1,413,476		1,256,972		1,124,088		2,383,263		2,100,793		2,005,294
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,355,143		3,767,796		4,325,793		8,582,666		9,871,718		10,484,034
Realized gains (losses) on sale of investments		447,015		23,406		152,202		1,489,416		226,887		794,324
Net realized gains (losses)		3,802,158		3,791,202		4,477,995		10,072,082		10,098,605		11,278,358
Change in unrealized gains (losses) on investments		1,508,580		2,402,880		4,107,625		5,588,656		5,611,353		8,872,398
Net realized and changes in unrealized gains (losses) on investments		5,310,738		6,194,082		8,585,620		15,660,738		15,709,958		20,150,756
Net increase (decrease) in net assets resulting from operations	$	6,724,214	$	7,451,054	$	9,709,708	$	18,044,001	$	17,810,751	$	22,156,050

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

	BHFTII Brighthouse/Artisan Mid Cap Value Division
	2021		2020			2019
Investment Income:
Dividends	$	694,726	$	523,858		$	459,916
Expenses:
Mortality and expense risk charges		67,105		46,844			52,118
Net investment income (loss)		627,621		477,014			407,798
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,584,381		1,151,424			7,064,734
Realized gains (losses) on sale of investments		1,257,366		(290,282	)		233,732
Net realized gains (losses)		2,841,747		861,142			7,298,466
Change in unrealized gains (losses) on investments		13,633,038		2,730,620			4,852,816
Net realized and changes in unrealized gains (losses) on investments		16,474,785		3,591,762			12,151,282
Net increase (decrease) in net assets resulting from operations	$	17,102,406	$	4,068,776		$	12,559,080

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Brighthouse/Wellington Balanced Division						BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2021		2020		2019		2021		2020			2019
Investment Income:
Dividends	$	7,150,851	$	7,475,864	$	7,100,724	$	1,445,942	$	1,381,203		$	1,373,185
Expenses:
Mortality and expense risk charges		2,019,781		1,753,307		1,677,435		75,094		63,132			63,496
Net investment income (loss)		5,131,070		5,722,557		5,423,289		1,370,848		1,318,071			1,309,689
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		33,436,852		14,674,239		19,282,553		5,279,880		9,229,396			6,923,541
Realized gains (losses) on sale of investments		5,008,964		2,844,874		2,392,122		1,336,655		585,433			1,034,821
Net realized gains (losses)		38,445,816		17,519,113		21,674,675		6,616,535		9,814,829			7,958,362
Change in unrealized gains (losses) on investments		5,661,022		32,022,888		36,982,209		14,772,340		(1,629,188	)		13,108,141
Net realized and changes in unrealized gains (losses) on investments		44,106,838		49,542,001		58,656,884		21,388,875		8,185,641			21,066,503
Net increase (decrease) in net assets resulting from operations	$	49,237,908	$	55,264,558	$	64,080,173	$	22,759,723	$	9,503,712		$	22,376,192

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

	BHFTII Frontier Mid Cap Growth Division
	2021			2020			2019
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		2,514,460			1,928,363			1,808,302
Net investment income (loss)		(2,514,460	)		(1,928,363	)		(1,808,302	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		48,719,945			30,901,337			34,434,199
Realized gains (losses) on sale of investments		8,113,010			4,124,089			4,203,173
Net realized gains (losses)		56,832,955			35,025,426			38,637,372
Change in unrealized gains (losses) on investments		(6,118,297	)		50,718,940			35,345,162
Net realized and changes in unrealized gains (losses) on investments		50,714,658			85,744,366			73,982,534
Net increase (decrease) in net assets resulting from operations	$	48,200,198		$	83,816,003		$	72,174,232

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Jennison Growth Division							BHFTII Loomis Sayles Small Cap Core Division
	2021			2020		2019		2021			2020			2019
Investment Income:
Dividends	$	—		$	108,161	$	195,127	$	26,040		$	32,087		$	7,499
Expenses:
Mortality and expense risk charges		47,471			33,103		25,076		31,363			23,993			25,945
Net investment income (loss)		(47,471	)		75,058		170,051		(5,323	)		8,094			(18,446	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		13,731,985			5,355,244		6,383,428		1,891,834			2,004,708			2,683,546
Realized gains (losses) on sale of investments		3,391,629			1,385,331		420,812		515,144			(27,486	)		151,478
Net realized gains (losses)		17,123,614			6,740,575		6,804,240		2,406,978			1,977,222			2,835,024
Change in unrealized gains (losses) on investments		(6,638,182	)		16,290,613		5,030,053		3,710,756			1,180,189			2,924,448
Net realized and changes in unrealized gains (losses) on investments		10,485,432			23,031,188		11,834,293		6,117,734			3,157,411			5,759,472
Net increase (decrease) in net assets resulting from operations	$	10,437,961		$	23,106,246	$	12,004,344	$	6,112,411		$	3,165,505		$	5,741,026

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

	BHFTII Loomis Sayles Small Cap Growth Division
	2021			2020			2019
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		14,666			11,815			11,876
Net investment income (loss)		(14,666	)		(11,815	)		(11,876	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,640,694			1,860,329			2,354,174
Realized gains (losses) on sale of investments		528,435			256,425			226,813
Net realized gains (losses)		2,169,129			2,116,754			2,580,987
Change in unrealized gains (losses) on investments		(421,818	)		2,643,546			820,229
Net realized and changes in unrealized gains (losses) on investments		1,747,311			4,760,300			3,401,216
Net increase (decrease) in net assets resulting from operations	$	1,732,645		$	4,748,485		$	3,389,340

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MetLife Aggregate Bond Index Division							BHFTII MetLife Mid Cap Stock Index Division
	2021			2020		2019		2021		2020		2019
Investment Income:
Dividends	$	3,924,150		$	4,053,851	$	4,093,397	$	1,407,346	$	1,405,574	$	1,397,554
Expenses:
Mortality and expense risk charges		41,534			41,396		38,274		88,670		66,645		70,708
Net investment income (loss)		3,882,616			4,012,455		4,055,123		1,318,676		1,338,929		1,326,846
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—		—		6,165,233		6,348,706		9,734,869
Realized gains (losses) on sale of investments		133,685			1,271,832		4,630		3,685,608		1,168,621		944,006
Net realized gains (losses)		133,685			1,271,832		4,630		9,850,841		7,517,327		10,678,875
Change in unrealized gains (losses) on investments		(6,996,622	)		4,614,207		6,573,697		16,510,327		6,770,352		10,598,269
Net realized and changes in unrealized gains (losses) on investments		(6,862,937	)		5,886,039		6,578,327		26,361,168		14,287,679		21,277,144
Net increase (decrease) in net assets resulting from operations	$	(2,980,321	)	$	9,898,494	$	10,633,450	$	27,679,844	$	15,626,608	$	22,603,990

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

	BHFTII MetLife MSCI EAFE® Index Division
	2021		2020		2019
Investment Income:
Dividends	$	2,024,586	$	2,938,802	$	2,387,869
Expenses:
Mortality and expense risk charges		45,301		37,349		38,450
Net investment income (loss)		1,979,285		2,901,453		2,349,419
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		480,243		645,899
Realized gains (losses) on sale of investments		1,567,680		911,478		739,520
Net realized gains (losses)		1,567,680		1,391,721		1,385,419
Change in unrealized gains (losses) on investments		7,727,026		4,650,376		14,100,152
Net realized and changes in unrealized gains (losses) on investments		9,294,706		6,042,097		15,485,571
Net increase (decrease) in net assets resulting from operations	$	11,273,991	$	8,943,550	$	17,834,990

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MetLife Russell 2000® Index Division						BHFTII MetLife Stock Index Division
	2021		2020		2019		2021		2020		2019
Investment Income:
Dividends	$	1,045,599	$	1,040,470	$	944,809	$	23,491,758	$	22,860,166	$	24,301,379
Expenses:
Mortality and expense risk charges		69,009		49,314		52,038		3,333,508		2,634,751		2,501,274
Net investment income (loss)		976,590		991,156		892,771		20,158,250		20,225,415		21,800,105
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		5,261,059		4,370,810		7,573,708		95,283,480		76,149,215		84,711,821
Realized gains (losses) on sale of investments		3,350,941		1,650,014		1,796,600		41,256,626		27,456,609		27,102,836
Net realized gains (losses)		8,612,000		6,020,824		9,370,308		136,540,106		103,605,824		111,814,657
Change in unrealized gains (losses) on investments		4,071,944		9,837,222		7,594,549		229,936,134		91,900,637		171,992,283
Net realized and changes in unrealized gains (losses) on investments		12,683,944		15,858,046		16,964,857		366,476,240		195,506,461		283,806,940
Net increase (decrease) in net assets resulting from operations	$	13,660,534	$	16,849,202	$	17,857,628	$	386,634,490	$	215,731,876	$	305,607,045

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

	BHFTII MFS® Total Return Division
	2021		2020		2019
Investment Income:
Dividends	$	210,076	$	253,107	$	707,106
Expenses:
Mortality and expense risk charges		11,026		9,453		9,502
Net investment income (loss)		199,050		243,654		697,604
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		676,114		443,468		1,278,480
Realized gains (losses) on sale of investments		227,017		53,723		(773,756	)
Net realized gains (losses)		903,131		497,191		504,724
Change in unrealized gains (losses) on investments		399,170		219,396		3,070,709
Net realized and changes in unrealized gains (losses) on investments		1,302,301		716,587		3,575,433
Net increase (decrease) in net assets resulting from operations	$	1,501,351	$	960,241	$	4,273,037

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MFS® Value Division							BHFTII Neuberger Berman Genesis Division
	2021		2020			2019		2021			2020		2019
Investment Income:
Dividends	$	2,165,550	$	2,292,654		$	2,313,890	$	123,838		$	225,190	$	289,917
Expenses:
Mortality and expense risk charges		112,530		92,817			96,478		131,958			104,312		102,653
Net investment income (loss)		2,053,020		2,199,837			2,217,412		(8,120	)		120,878		187,264
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,422,852		7,225,332			7,945,106		10,334,241			8,922,376		16,720,383
Realized gains (losses) on sale of investments		2,411,579		(101,975	)		488,474		3,677,281			1,626,345		1,848,685
Net realized gains (losses)		3,834,431		7,123,357			8,433,580		14,011,522			10,548,721		18,569,068
Change in unrealized gains (losses) on investments		25,108,361		(4,694,024	)		20,526,971		13,338,038			20,135,702		12,124,576
Net realized and changes in unrealized gains (losses) on investments		28,942,792		2,429,333			28,960,551		27,349,560			30,684,423		30,693,644
Net increase (decrease) in net assets resulting from operations	$	30,995,812	$	4,629,170		$	31,177,963	$	27,341,440		$	30,805,301	$	30,880,908

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

	BHFTII T. Rowe Price Large Cap Growth Division
	2021			2020		2019
Investment Income:
Dividends	$	—		$	299,592	$	473,244
Expenses:
Mortality and expense risk charges		128,436			96,288		82,157
Net investment income (loss)		(128,436	)		203,304		391,087
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		18,113,168			9,977,938		16,761,108
Realized gains (losses) on sale of investments		4,151,718			2,416,888		1,511,661
Net realized gains (losses)		22,264,886			12,394,826		18,272,769
Change in unrealized gains (losses) on investments		8,318,298			29,605,524		10,875,848
Net realized and changes in unrealized gains (losses) on investments		30,583,184			42,000,350		29,148,617
Net increase (decrease) in net assets resulting from operations	$	30,454,748		$	42,203,654	$	29,539,704

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2021			2020			2019			2021		2020			2019
Investment Income:
Dividends	$	59,796		$	277,409		$	64,058		$	5,007	$	4,151		$	1,794
Expenses:
Mortality and expense risk charges		595,653			469,588			455,772			—		—			—
Net investment income (loss)		(535,857	)		(192,179	)		(391,714	)		5,007		4,151			1,794
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		17,855,186			13,904,442			18,395,410			—		—			—
Realized gains (losses) on sale of investments		3,927,740			3,433,904			2,742,690			15,225		(40,470	)		(9,662	)
Net realized gains (losses)		21,782,926			17,338,346			21,138,100			15,225		(40,470	)		(9,662	)
Change in unrealized gains (losses) on investments		(2,889,313	)		14,714,214			16,651,176			44,125		105,310			45,337
Net realized and changes in unrealized gains (losses) on investments		18,893,613			32,052,560			37,789,276			59,350		64,840			35,675
Net increase (decrease) in net assets resulting from operations	$	18,357,756		$	31,860,381		$	37,397,562		$	64,357	$	68,991		$	37,469

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

	BHFTII Western Asset Management Strategic Bond Opportunities Division
	2021			2020			2019
Investment Income:
Dividends	$	2,069,705		$	3,081,744		$	2,611,420
Expenses:
Mortality and expense risk charges		78,102			74,336			76,795
Net investment income (loss)		1,991,603			3,007,408			2,534,625
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		260,202			(32,033	)		153,935
Net realized gains (losses)		260,202			(32,033	)		153,935
Change in unrealized gains (losses) on investments		(782,637	)		210,701			4,329,971
Net realized and changes in unrealized gains (losses) on investments		(522,435	)		178,668			4,483,906
Net increase (decrease) in net assets resulting from operations	$	1,469,168		$	3,186,076		$	7,018,531

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Western Asset Management U.S. Government Division								Fidelity® VIP Asset Manager: Growth Division
	2021			2020		2019			2021		2020		2019
Investment Income:
Dividends	$	511,884		$	587,880	$	432,382		$	34,631	$	22,480	$	30,328
Expenses:
Mortality and expense risk charges		18,877			19,104		17,471			—		—		—
Net investment income (loss)		493,007			568,776		414,911			34,631		22,480		30,328
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—		—			36,892		30,525		108,882
Realized gains (losses) on sale of investments		(11,455	)		25,440		(53,391	)		35,380		18,896		21,653
Net realized gains (losses)		(11,455	)		25,440		(53,391	)		72,272		49,421		130,535
Change in unrealized gains (losses) on investments		(797,080	)		291,578		547,272			223,941		280,077		255,311
Net realized and changes in unrealized gains (losses) on investments		(808,535	)		317,018		493,881			296,213		329,498		385,846
Net increase (decrease) in net assets resulting from operations	$	(315,528	)	$	885,794	$	908,792		$	330,844	$	351,978	$	416,174

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

	Fidelity® VIP Contrafund® Division
	2021		2020		2019
Investment Income:
Dividends	$	2,208	$	5,218	$	10,856
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		2,208		5,218		10,856
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		595,164		17,781		345,025
Realized gains (losses) on sale of investments		74,174		41,914		123,721
Net realized gains (losses)		669,338		59,695		468,746
Change in unrealized gains (losses) on investments		481,333		895,831		377,490
Net realized and changes in unrealized gains (losses) on investments		1,150,671		955,526		846,236
Net increase (decrease) in net assets resulting from operations	$	1,152,879	$	960,744	$	857,092

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Equity-Income Division							Fidelity® VIP Freedom 2010 Division
	2021		2020			2019		2021		2020			2019
Investment Income:
Dividends	$	9,295	$	550		$	2,569	$	1,873	$	2,082		$	3,334
Expenses:
Mortality and expense risk charges		—		—			—		—		—			—
Net investment income (loss)		9,295		550			2,569		1,873		2,082			3,334
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		50,593		7,443			415		5,954		10,217			6,365
Realized gains (losses) on sale of investments		192		(24,199	)		27		1,719		(1,376	)		(1,009	)
Net realized gains (losses)		50,785		(16,756	)		442		7,673		8,841			5,356
Change in unrealized gains (losses) on investments		1,237		(14,582	)		14,839		524		8,692			14,163
Net realized and changes in unrealized gains (losses) on investments		52,022		(31,338	)		15,281		8,197		17,533			19,519
Net increase (decrease) in net assets resulting from operations	$	61,317	$	(30,788	)	$	17,850	$	10,070	$	19,615		$	22,853

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

	Fidelity® VIP Freedom 2020 Division
	2021		2020		2019
Investment Income:
Dividends	$	8,783	$	8,670	$	12,592
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		8,783		8,670		12,592
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		40,159		35,768		30,193
Realized gains (losses) on sale of investments		8,329		2,817		2,981
Net realized gains (losses)		48,488		38,585		33,174
Change in unrealized gains (losses) on investments		12,505		46,942		59,075
Net realized and changes in unrealized gains (losses) on investments		60,993		85,527		92,249
Net increase (decrease) in net assets resulting from operations	$	69,776	$	94,197	$	104,841

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Freedom 2025 Division						Fidelity® VIP Freedom 2030 Division
	2021		2020		2019		2021			2020		2019
Investment Income:
Dividends	$	7,319	$	7,093	$	10,696	$	4,365		$	4,530	$	6,478
Expenses:
Mortality and expense risk charges		—		—		—		—			—		—
Net investment income (loss)		7,319		7,093		10,696		4,365			4,530		6,478
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		23,717		24,466		14,406		17,903			17,533		9,464
Realized gains (losses) on sale of investments		3,959		1,286		972		38,625			8,934		2,735
Net realized gains (losses)		27,676		25,752		15,378		56,528			26,467		12,199
Change in unrealized gains (losses) on investments		34,384		55,062		75,905		(7,649	)		30,990		43,948
Net realized and changes in unrealized gains (losses) on investments		62,060		80,814		91,283		48,879			57,457		56,147
Net increase (decrease) in net assets resulting from operations	$	69,379	$	87,907	$	101,979	$	53,244		$	61,987	$	62,625

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

	Fidelity® VIP Freedom 2040 Division
	2021		2020		2019
Investment Income:
Dividends	$	4,555	$	4,074	$	5,643
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		4,555		4,074		5,643
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		21,478		17,833		9,735
Realized gains (losses) on sale of investments		49,979		9,859		5,694
Net realized gains (losses)		71,457		27,692		15,429
Change in unrealized gains (losses) on investments		11,939		46,275		51,562
Net realized and changes in unrealized gains (losses) on investments		83,396		73,967		66,991
Net increase (decrease) in net assets resulting from operations	$	87,951	$	78,041	$	72,634

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Freedom 2050 Division						Fidelity® VIP Government Money Market Division
	2021		2020		2019		2021		2020		2019
Investment Income:
Dividends	$	2,256	$	1,922	$	3,915	$	519	$	14,310	$	78,815
Expenses:
Mortality and expense risk charges		—		—		—		—		—		—
Net investment income (loss)		2,256		1,922		3,915		519		14,310		78,815
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		9,312		10,235		7,066		—		—		—
Realized gains (losses) on sale of investments		31,286		15,226		6,247		—		—		—
Net realized gains (losses)		40,598		25,461		13,313		—		—		—
Change in unrealized gains (losses) on investments		1,469		12,909		38,724		—		—		—
Net realized and changes in unrealized gains (losses) on investments		42,067		38,370		52,037		—		—		—
Net increase (decrease) in net assets resulting from operations	$	44,323	$	40,292	$	55,952	$	519	$	14,310	$	78,815

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

	Fidelity® VIP High Income Division
	2021			2020			2019
Investment Income:
Dividends	$	4,743		$	22,778		$	22,492
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		4,743			22,778			22,492
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(11,667	)		(329	)		(8,256	)
Net realized gains (losses)		(11,667	)		(329	)		(8,256	)
Change in unrealized gains (losses) on investments		13,393			(7,991	)		48,742
Net realized and changes in unrealized gains (losses) on investments		1,726			(8,320	)		40,486
Net increase (decrease) in net assets resulting from operations	$	6,469		$	14,458		$	62,978

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Investment Grade Bond Division									Fidelity® VIP Mid Cap Division
	2021			2020			2019			2021		2020			2019
Investment Income:
Dividends	$	18,182		$	1,339		$	17,697		$	1,230	$	985		$	1,650
Expenses:
Mortality and expense risk charges		—			—			—			—		—			—
Net investment income (loss)		18,182			1,339			17,697			1,230		985			1,650
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		20,540			47			—			55,978		—			26,301
Realized gains (losses) on sale of investments		526			17,576			(9,542	)		5,577		(1,177	)		(46	)
Net realized gains (losses)		21,066			17,623			(9,542	)		61,555		(1,177	)		26,255
Change in unrealized gains (losses) on investments		(27,592	)		(4,476	)		64,066			11,950		44,127			20,941
Net realized and changes in unrealized gains (losses) on investments		(6,526	)		13,147			54,524			73,505		42,950			47,196
Net increase (decrease) in net assets resulting from operations	$	11,656		$	14,486		$	72,221		$	74,735	$	43,935		$	48,846

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

	FTVIPT Franklin Income VIP Division
	2021		2020			2019
Investment Income:
Dividends	$	425	$	615		$	2,119
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		425		615			2,119
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		9			640
Realized gains (losses) on sale of investments		135		(530	)		1,952
Net realized gains (losses)		135		(521	)		2,592
Change in unrealized gains (losses) on investments		961		(738	)		3,455
Net realized and changes in unrealized gains (losses) on investments		1,096		(1,259	)		6,047
Net increase (decrease) in net assets resulting from operations	$	1,521	$	(644	)	$	8,166

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	FTVIPT Franklin Mutual Global Discovery VIP Division								FTVIPT Franklin Mutual Shares VIP Division
	2021		2020			2019			2021			2020			2019
Investment Income:
Dividends	$	2,717	$	14,742		$	11,418		$	2,833		$	2,376		$	1,632
Expenses:
Mortality and expense risk charges		—		—			—			—			—			—
Net investment income (loss)		2,717		14,742			11,418			2,833			2,376			1,632
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		11,808			71,726			—			3,303			8,727
Realized gains (losses) on sale of investments		12,416		(3,099	)		(13,785	)		(9	)		(2,596	)		(2,853	)
Net realized gains (losses)		12,416		8,709			57,941			(9	)		707			5,874
Change in unrealized gains (losses) on investments		84,002		(44,312	)		77,099			14,028			(5,735	)		12,534
Net realized and changes in unrealized gains (losses) on investments		96,418		(35,603	)		135,040			14,019			(5,028	)		18,408
Net increase (decrease) in net assets resulting from operations	$	99,135	$	(20,861	)	$	146,458		$	16,852		$	(2,652	)	$	20,040

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

	FTVIPT Templeton Foreign VIP Division
	2021		2020			2019
Investment Income:
Dividends	$	120,502	$	208,928		$	135,594
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		120,502		208,928			135,594
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—			69,198
Realized gains (losses) on sale of investments		2,452		(186,933	)		(44,427	)
Net realized gains (losses)		2,452		(186,933	)		24,771
Change in unrealized gains (losses) on investments		122,188		2,570			684,100
Net realized and changes in unrealized gains (losses) on investments		124,640		(184,363	)		708,871
Net increase (decrease) in net assets resulting from operations	$	245,142	$	24,565		$	844,465

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	FTVIPT Templeton Global Bond VIP Division									Goldman Sachs Small Cap Equity Insights Division
	2021			2020			2019			2021			2020		2019
Investment Income:
Dividends	$	—		$	82,669		$	67,748		$	103		$	46	$	35
Expenses:
Mortality and expense risk charges		—			—			—			—			—		—
Net investment income (loss)		—			82,669			67,748			103			46		35
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			4,878			283		156
Realized gains (losses) on sale of investments		(5,752	)		(7,039	)		322			2,258			39		(138	)
Net realized gains (losses)		(5,752	)		(7,039	)		322			7,136			322		18
Change in unrealized gains (losses) on investments		(47,292	)		(127,688	)		(49,912	)		(1,923	)		5,290		1,566
Net realized and changes in unrealized gains (losses) on investments		(53,044	)		(134,727	)		(49,590	)		5,213			5,612		1,584
Net increase (decrease) in net assets resulting from operations	$	(53,044	)	$	(52,058	)	$	18,158		$	5,316		$	5,658	$	1,619

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

	Invesco V.I. Comstock Division
	2021		2020			2019
Investment Income:
Dividends	$	1,386	$	14,525		$	10,095
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		1,386		14,525			10,095
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		18,060			77,087
Realized gains (losses) on sale of investments		129,400		(1,416	)		417
Net realized gains (losses)		129,400		16,644			77,504
Change in unrealized gains (losses) on investments		25,084		(25,474	)		32,442
Net realized and changes in unrealized gains (losses) on investments		154,484		(8,830	)		109,946
Net increase (decrease) in net assets resulting from operations	$	155,870	$	5,695		$	120,041

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Invesco V.I. International Growth Division							Janus Henderson Balanced Division
	2021			2020		2019		2021		2020		2019
Investment Income:
Dividends	$	6,245		$	9,489	$	5,657	$	11,727	$	22,288	$	22,745
Expenses:
Mortality and expense risk charges		—			—		—		—		—		—
Net investment income (loss)		6,245			9,489		5,657		11,727		22,288		22,745
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		32,980			9,142		22,850		12,876		22,237		35,536
Realized gains (losses) on sale of investments		4,862			2,354		4,744		13,540		14,739		29,699
Net realized gains (losses)		37,842			11,496		27,594		26,416		36,976		65,235
Change in unrealized gains (losses) on investments		(17,233	)		38,391		56,665		235,076		141,774		195,105
Net realized and changes in unrealized gains (losses) on investments		20,609			49,887		84,259		261,492		178,750		260,340
Net increase (decrease) in net assets resulting from operations	$	26,854		$	59,376	$	89,916	$	273,219	$	201,038	$	283,085

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

	Janus Henderson Enterprise Division
	2021			2020		2019
Investment Income:
Dividends	$	769		$	—	$	204
Expenses:
Mortality and expense risk charges		—			—		—
Net investment income (loss)		769			—		204
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		29,024			26,706		23,873
Realized gains (losses) on sale of investments		41,970			34,665		11,008
Net realized gains (losses)		70,994			61,371		34,881
Change in unrealized gains (losses) on investments		(19,152	)		1,322		82,268
Net realized and changes in unrealized gains (losses) on investments		51,842			62,693		117,149
Net increase (decrease) in net assets resulting from operations	$	52,611		$	62,693	$	117,353

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Janus Henderson Forty Division						Janus Henderson Research Division
	2021		2020		2019		2021		2020		2019
Investment Income:
Dividends	$	—	$	893	$	97	$	623	$	1,968	$	1,819
Expenses:
Mortality and expense risk charges		—		—		—		—		—		—
Net investment income (loss)		—		893		97		623		1,968		1,819
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		93,752		40,925		34,059		31,284		38,072		40,577
Realized gains (losses) on sale of investments		2,599		89,284		786		2,151		4,850		8,576
Net realized gains (losses)		96,351		130,209		34,845		33,435		42,922		49,153
Change in unrealized gains (losses) on investments		53,388		49,782		88,897		81,603		96,036		65,232
Net realized and changes in unrealized gains (losses) on investments		149,739		179,991		123,742		115,038		138,958		114,385
Net increase (decrease) in net assets resulting from operations	$	149,739	$	180,884	$	123,839	$	115,661	$	140,926	$	116,204

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

	MFS® VIT Global Equity Division
	2021		2020		2019
Investment Income:
Dividends	$	700	$	1,162	$	412
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		700		1,162		412
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		9,716		4,613		2,895
Realized gains (losses) on sale of investments		296		242		139
Net realized gains (losses)		10,012		4,855		3,034
Change in unrealized gains (losses) on investments		12,859		9,767		11,154
Net realized and changes in unrealized gains (losses) on investments		22,871		14,622		14,188
Net increase (decrease) in net assets resulting from operations	$	23,571	$	15,784	$	14,600

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	MFS® VIT New Discovery Division							MFS® VIT II High Yield Division
	2021			2020		2019		2021			2020			2019
Investment Income:
Dividends	$	—		$	—	$	—	$	8,360		$	8,931		$	8,930
Expenses:
Mortality and expense risk charges		—			—		—		—			—			—
Net investment income (loss)		—			—		—		8,360			8,931			8,930
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		6,270			2,796		4,660		—			—			—
Realized gains (losses) on sale of investments		571			180		942		(139	)		(285	)		(222	)
Net realized gains (losses)		6,841			2,976		5,602		(139	)		(285	)		(222	)
Change in unrealized gains (losses) on investments		(6,217	)		7,845		2,141		(2,893	)		(661	)		12,834
Net realized and changes in unrealized gains (losses) on investments		624			10,821		7,743		(3,032	)		(946	)		12,612
Net increase (decrease) in net assets resulting from operations	$	624		$	10,821	$	7,743	$	5,328		$	7,985		$	21,542

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

	Morgan Stanley VIF Emerging Markets Debt Division
	2021			2020			2019
Investment Income:
Dividends	$	37,404		$	30,772		$	52,530
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		37,404			30,772			52,530
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(4,949	)		(63,119	)		(25,748	)
Net realized gains (losses)		(4,949	)		(63,119	)		(25,748	)
Change in unrealized gains (losses) on investments		(43,369	)		42,820			107,048
Net realized and changes in unrealized gains (losses) on investments		(48,318	)		(20,299	)		81,300
Net increase (decrease) in net assets resulting from operations	$	(10,914	)	$	10,473		$	133,830

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Morgan Stanley VIF Emerging Markets Equity Division							PIMCO VIT All Asset Division
	2021		2020		2019			2021		2020			2019
Investment Income:
Dividends	$	47,349	$	49,411	$	50,609		$	3,073	$	2,645		$	2,217
Expenses:
Mortality and expense risk charges		—		—		—			—		—			—
Net investment income (loss)		47,349		49,411		50,609			3,073		2,645			2,217
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		59,959		326,042			—		—			—
Realized gains (losses) on sale of investments		81,302		11,454		(12,040	)		40		(4,167	)		(3,753	)
Net realized gains (losses)		81,302		71,413		314,002			40		(4,167	)		(3,753	)
Change in unrealized gains (losses) on investments		293		512,919		424,306			938		21			12,666
Net realized and changes in unrealized gains (losses) on investments		81,595		584,332		738,308			978		(4,146	)		8,913
Net increase (decrease) in net assets resulting from operations	$	128,944	$	633,743	$	788,917		$	4,051	$	(1,501	)	$	11,130

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

	PIMCO VIT CommodityRealReturn® Strategy Division
	2021		2020			2019
Investment Income:
Dividends	$	1,611	$	1,576		$	1,113
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		1,611		1,576			1,113
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—			—
Realized gains (losses) on sale of investments		566		(3,179	)		(679	)
Net realized gains (losses)		566		(3,179	)		(679	)
Change in unrealized gains (losses) on investments		8,452		2,517			2,187
Net realized and changes in unrealized gains (losses) on investments		9,018		(662	)		1,508
Net increase (decrease) in net assets resulting from operations	$	10,629	$	914		$	2,621

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	PIMCO VIT Low Duration Division									Pioneer Mid Cap Value VCT Division
	2021			2020			2019			2021		2020			2019
Investment Income:
Dividends	$	4,480		$	10,732		$	25,038		$	169	$	153		$	—
Expenses:
Mortality and expense risk charges		—			—			—			—		—			—
Net investment income (loss)		4,480			10,732			25,038			169		153			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			—		407			—
Realized gains (losses) on sale of investments		(62	)		(334	)		(3,978	)		16		(8	)		—
Net realized gains (losses)		(62	)		(334	)		(3,978	)		16		399			—
Change in unrealized gains (losses) on investments		(12,342	)		16,064			14,745			4,256		42			241
Net realized and changes in unrealized gains (losses) on investments		(12,404	)		15,730			10,767			4,272		441			241
Net increase (decrease) in net assets resulting from operations	$	(7,924	)	$	26,462		$	35,805		$	4,441	$	594		$	241

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

	Royce Micro-Cap Division
	2021		2020			2019
Investment Income:
Dividends	$	—	$	—		$	—
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		—		—			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		813		186			1,056
Realized gains (losses) on sale of investments		46		(15	)		(5	)
Net realized gains (losses)		859		171			1,051
Change in unrealized gains (losses) on investments		3,499		2,620			898
Net realized and changes in unrealized gains (losses) on investments		4,358		2,791			1,949
Net increase (decrease) in net assets resulting from operations	$	4,358	$	2,791		$	1,949

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Concluded)
For the years ended December 31, 2021, 2020 and 2019

	Royce Small-Cap Division
	2021		2020			2019
Investment Income:
Dividends	$	241	$	126		$	100
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		241		126			100
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		229			1,787
Realized gains (losses) on sale of investments		44		(571	)		(98	)
Net realized gains (losses)		44		(342	)		1,689
Change in unrealized gains (losses) on investments		3,763		(864	)		695
Net realized and changes in unrealized gains (losses) on investments		3,807		(1,206	)		2,384
Net increase (decrease) in net assets resulting from operations	$	4,048	$	(1,080	)	$	2,484

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

This page is intentionally left blank.

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2021, 2020 and 2019

	AB VPS Global Thematic Growth Division									AB VPS Intermediate Bond Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	166		$	62		$	2,076		$	5,039		$	4,181
Net realized gains (losses)		85,802			3,720			7,631			4,419			(26	)		(547	)
Change in unrealized gains (losses) on investments		13,004			9,146			1,729			(9,160	)		3,697			8,336
Net increase (decrease) in net assets resulting from operations		98,806			13,032			9,422			(2,665	)		8,710			11,970
Policy Transactions:
Premium payments received from Policy owners		16,933			1,269			1,269			—			644			644
Net transfers (including fixed account)		608,550			217			—			—			(2,981	)		1,390
Policy charges		(7,651	)		(741	)		(835	)		(1,956	)		(2,312	)		(2,554	)
Transfers for Policy benefits and terminations		(17,659	)		—			(9,863	)		—			(1	)		(5,959	)
Net increase (decrease) in net assets resulting from Policy transactions		600,173			745			(9,429	)		(1,956	)		(4,650	)		(6,479	)
Net increase (decrease) in net assets		698,979			13,777			(7	)		(4,621	)		4,060			5,491
Net Assets:
Beginning of year		45,437			31,660			31,667			162,971			158,911			153,420
End of year	$	744,416		$	45,437		$	31,660		$	158,350		$	162,971		$	158,911

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

	American Funds® American High-Income Trust Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	28,819		$	3,735		$	2,102
Net realized gains (losses)		321			(20	)		(4	)
Change in unrealized gains (losses) on investments		2,825			195			343
Net increase (decrease) in net assets resulting from operations		31,965			3,910			2,441
Policy Transactions:
Premium payments received from Policy owners		15,664			—			—
Net transfers (including fixed account)		608,550			11,087			23,633
Policy charges		(7,295	)		(492	)		(325	)
Transfers for Policy benefits and terminations		(12,616	)		(24	)		—
Net increase (decrease) in net assets resulting from Policy transactions		604,303			10,571			23,308
Net increase (decrease) in net assets		636,268			14,481			25,749
Net Assets:
Beginning of year		48,516			34,035			8,286
End of year	$	684,784		$	48,516		$	34,035

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	American Funds® Global Small Capitalization Division									American Funds® Growth Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(111,675	)	$	37,611		$	29,519		$	434,127		$	566,198		$	1,363,259
Net realized gains (losses)		4,692,440			5,952,577			5,432,836			53,983,656			15,643,297			25,197,422
Change in unrealized gains (losses) on investments		1,660,255			15,651,566			13,829,624			11,657,903			93,055,316			28,236,428
Net increase (decrease) in net assets resulting from operations		6,241,020			21,641,754			19,291,979			66,075,686			109,264,811			54,797,109
Policy Transactions:
Premium payments received from Policy owners		3,467,587			3,669,838			3,933,321			7,909,770			8,352,874			8,690,152
Net transfers (including fixed account)		57,506			(3,410,636	)		(1,689,820	)		(4,661,886	)		(7,920,909	)		(3,398,833	)
Policy charges		(3,181,486	)		(3,172,577	)		(3,262,145	)		(10,007,759	)		(9,681,621	)		(8,977,904	)
Transfers for Policy benefits and terminations		(4,691,554	)		(2,957,495	)		(4,751,126	)		(16,434,259	)		(11,796,541	)		(12,956,709	)
Net increase (decrease) in net assets resulting from Policy transactions		(4,347,947	)		(5,870,870	)		(5,769,770	)		(23,194,134	)		(21,046,197	)		(16,643,294	)
Net increase (decrease) in net assets		1,893,073			15,770,884			13,522,209			42,881,552			88,218,614			38,153,815
Net Assets:
Beginning of year		92,801,053			77,030,169			63,507,960			311,444,357			223,225,743			185,071,928
End of year	$	94,694,126		$	92,801,053		$	77,030,169		$	354,325,909		$	311,444,357		$	223,225,743

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

	American Funds® Growth-Income Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,573,304		$	1,577,350		$	1,919,534
Net realized gains (losses)		4,930,051			4,636,524			13,804,840
Change in unrealized gains (losses) on investments		25,918,314			10,074,027			12,081,513
Net increase (decrease) in net assets resulting from operations		32,421,669			16,287,901			27,805,887
Policy Transactions:
Premium payments received from Policy owners		5,024,658			5,296,613			5,568,468
Net transfers (including fixed account)		(2,509,143	)		(1,420,840	)		(948,002	)
Policy charges		(5,306,219	)		(5,438,173	)		(5,669,052	)
Transfers for Policy benefits and terminations		(6,724,478	)		(5,475,932	)		(6,854,289	)
Net increase (decrease) in net assets resulting from Policy transactions		(9,515,182	)		(7,038,332	)		(7,902,875	)
Net increase (decrease) in net assets		22,906,487			9,249,569			19,903,012
Net Assets:
Beginning of year		138,973,519			129,723,950			109,820,938
End of year	$	161,880,006		$	138,973,519		$	129,723,950

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	American Funds® International Division									American Funds® The Bond Fund of America Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	58,048		$	13,039		$	28,874		$	105,241		$	147,903		$	162,862
Net realized gains (losses)		14,231			(3,558	)		36,189			336,698			154,426			15,843
Change in unrealized gains (losses) on investments		(105,442	)		280,912			343,260			(480,389	)		363,271			366,899
Net increase (decrease) in net assets resulting from operations		(33,163	)		290,393			408,323			(38,450	)		665,600			545,604
Policy Transactions:
Premium payments received from Policy owners		3,435			71,809			59,659			432,527			459,701			504,610
Net transfers (including fixed account)		100,782			(19,738	)		(74,875	)		705,068			863,960			902,936
Policy charges		(64,688	)		(57,365	)		(61,778	)		(312,504	)		(343,305	)		(329,505	)
Transfers for Policy benefits and terminations		(26,969	)		(70,869	)		(62,117	)		(484,591	)		(598,459	)		(463,660	)
Net increase (decrease) in net assets resulting from Policy transactions		12,560			(76,163	)		(139,111	)		340,500			381,897			614,381
Net increase (decrease) in net assets		(20,603	)		214,230			269,212			302,050			1,047,497			1,159,985
Net Assets:
Beginning of year		2,320,506			2,106,276			1,837,064			7,903,513			6,856,016			5,696,031
End of year	$	2,299,903		$	2,320,506		$	2,106,276		$	8,205,563		$	7,903,513		$	6,856,016

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

	American Funds® U.S. Government Securities Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	811		$	1,157		$	1,186
Net realized gains (losses)		5,468			1,408			(20	)
Change in unrealized gains (losses) on investments		(6,687	)		3,212			1,822
Net increase (decrease) in net assets resulting from operations		(408	)		5,777			2,988
Policy Transactions:
Premium payments received from Policy owners		—			1,295			3,423
Net transfers (including fixed account)		—			1			1
Policy charges		(1,719	)		(2,043	)		(1,823	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(1,719	)		(747	)		1,601
Net increase (decrease) in net assets		(2,127	)		5,030			4,589
Net Assets:
Beginning of year		64,431			59,401			54,812
End of year	$	62,304		$	64,431		$	59,401

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI AB Global Dynamic Allocation Division									BHFTI American Funds® Balanced Allocation Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	251		$	1,547		$	2,929		$	23,221		$	25,148		$	27,411
Net realized gains (losses)		7,069			5,432			2,079			82,891			90,649			92,845
Change in unrealized gains (losses) on investments		2,602			(1,285	)		8,823			82,717			83,599			117,054
Net increase (decrease) in net assets resulting from operations		9,922			5,694			13,831			188,829			199,396			237,310
Policy Transactions:
Premium payments received from Policy owners		9,953			10,385			11,573			122,099			119,093			130,668
Net transfers (including fixed account)		3,172			5,802			2,118			42,862			2,561			(8,786	)
Policy charges		(6,862	)		(8,752	)		(8,744	)		(63,291	)		(60,853	)		(80,178	)
Transfers for Policy benefits and terminations		(7,262	)		(19	)		(4,847	)		(3,829	)		(217,869	)		(12,849	)
Net increase (decrease) in net assets resulting from Policy transactions		(999	)		7,416			100			97,841			(157,068	)		28,855
Net increase (decrease) in net assets		8,923			13,110			13,931			286,670			42,328			266,165
Net Assets:
Beginning of year		104,790			91,680			77,749			1,487,933			1,445,605			1,179,440
End of year	$	113,713		$	104,790		$	91,680		$	1,774,603		$	1,487,933		$	1,445,605

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

	BHFTI American Funds® Growth Allocation Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	34,073		$	41,435		$	41,457
Net realized gains (losses)		130,294			167,789			190,419
Change in unrealized gains (losses) on investments		306,357			182,488			243,425
Net increase (decrease) in net assets resulting from operations		470,724			391,712			475,301
Policy Transactions:
Premium payments received from Policy owners		201,398			178,040			219,011
Net transfers (including fixed account)		321,896			(22,973	)		(24,102	)
Policy charges		(120,757	)		(127,932	)		(137,893	)
Transfers for Policy benefits and terminations		(108,852	)		(41,409	)		(427,510	)
Net increase (decrease) in net assets resulting from Policy transactions		293,685			(14,274	)		(370,494	)
Net increase (decrease) in net assets		764,409			377,438			104,807
Net Assets:
Beginning of year		2,623,990			2,246,552			2,141,745
End of year	$	3,388,399		$	2,623,990		$	2,246,552

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI American Funds® Moderate Allocation Division									BHFTI BlackRock Global Tactical Strategies Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	34,836		$	36,375		$	34,529		$	10,075		$	8,842		$	1,019
Net realized gains (losses)		73,192			74,474			80,295			34,008			48,443			166
Change in unrealized gains (losses) on investments		75,627			104,275			117,199			21,134			(26,273	)		92,537
Net increase (decrease) in net assets resulting from operations		183,655			215,124			232,023			65,217			31,012			93,722
Policy Transactions:
Premium payments received from Policy owners		239,014			229,783			247,288			76,087			79,537			80,376
Net transfers (including fixed account)		297			(9,955	)		398			10,497			12,569			12,738
Policy charges		(107,608	)		(116,131	)		(122,964	)		(23,226	)		(27,442	)		(28,052	)
Transfers for Policy benefits and terminations		(58,758	)		(144,261	)		(142,966	)		(165,149	)		(8,904	)		(12,344	)
Net increase (decrease) in net assets resulting from Policy transactions		72,945			(40,564	)		(18,244	)		(101,791	)		55,760			52,718
Net increase (decrease) in net assets		256,600			174,560			213,779			(36,574	)		86,772			146,440
Net Assets:
Beginning of year		1,802,190			1,627,630			1,413,851			654,705			567,933			421,493
End of year	$	2,058,790		$	1,802,190		$	1,627,630		$	618,131		$	654,705		$	567,933

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

	BHFTI Brighthouse Asset Allocation 100 Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	448,928		$	335,713		$	422,985
Net realized gains (losses)		3,302,585			2,615,526			2,699,583
Change in unrealized gains (losses) on investments		2,026,367			1,910,725			2,812,582
Net increase (decrease) in net assets resulting from operations		5,777,880			4,861,964			5,935,150
Policy Transactions:
Premium payments received from Policy owners		1,612,893			1,701,383			1,818,543
Net transfers (including fixed account)		1,895,040			(442,388	)		(1,226,029	)
Policy charges		(1,014,376	)		(1,015,799	)		(1,071,709	)
Transfers for Policy benefits and terminations		(1,580,892	)		(1,499,376	)		(1,894,123	)
Net increase (decrease) in net assets resulting from Policy transactions		912,665			(1,256,180	)		(2,373,318	)
Net increase (decrease) in net assets		6,690,545			3,605,784			3,561,832
Net Assets:
Beginning of year		29,845,174			26,239,390			22,677,558
End of year	$	36,535,719		$	29,845,174		$	26,239,390

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Brighthouse Balanced Plus Division									BHFTI Brighthouse Small Cap Value Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	11,412		$	10,930		$	8,336		$	10,711		$	10,871		$	8,105
Net realized gains (losses)		17,890			44,342			(708	)		3,507			33,181			82,688
Change in unrealized gains (losses) on investments		6,919			(3,455	)		78,503			318,052			(40,130	)		159,172
Net increase (decrease) in net assets resulting from operations		36,221			51,817			86,131			332,270			3,922			249,965
Policy Transactions:
Premium payments received from Policy owners		54,207			54,689			61,680			26,221			45,996			47,485
Net transfers (including fixed account)		3,956			(17,443	)		360			(226	)		318			(178,028	)
Policy charges		(38,201	)		(41,157	)		(42,544	)		(17,171	)		(13,500	)		(15,289	)
Transfers for Policy benefits and terminations		—			(41,254	)		(7,853	)		(6	)		—			(25,577	)
Net increase (decrease) in net assets resulting from Policy transactions		19,962			(45,165	)		11,643			8,818			32,814			(171,409	)
Net increase (decrease) in net assets		56,183			6,652			97,774			341,088			36,736			78,556
Net Assets:
Beginning of year		469,831			463,179			365,405			1,043,005			1,006,269			927,713
End of year	$	526,014		$	469,831		$	463,179		$	1,384,093		$	1,043,005		$	1,006,269

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

	BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,628		$	30,345		$	25,684
Net realized gains (losses)		40,249			(2,163	)		8,040
Change in unrealized gains (losses) on investments		(146,176	)		393,658			228,830
Net increase (decrease) in net assets resulting from operations		(100,299	)		421,840			262,554
Policy Transactions:
Premium payments received from Policy owners		76,478			98,163			126,985
Net transfers (including fixed account)		35,236			(75,497	)		105,430
Policy charges		(41,350	)		(38,674	)		(42,996	)
Transfers for Policy benefits and terminations		(11,842	)		—			(27,681	)
Net increase (decrease) in net assets resulting from Policy transactions		58,522			(16,008	)		161,738
Net increase (decrease) in net assets		(41,777	)		405,832			424,292
Net Assets:
Beginning of year		2,019,002			1,613,170			1,188,878
End of year	$	1,977,225		$	2,019,002		$	1,613,170

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Brighthouse/Templeton International Bond Division									BHFTI Brighthouse/Wellington Large Cap Research Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	18,837		$	23,805		$	2,234,901		$	3,057,045		$	2,957,079
Net realized gains (losses)		(1,491	)		(8,714	)		217			74,423,670			37,156,301			59,055,314
Change in unrealized gains (losses) on investments		(13,400	)		(27,667	)		(20,553	)		56,615,903			63,257,826			61,834,004
Net increase (decrease) in net assets resulting from operations		(14,891	)		(17,544	)		3,469			133,274,474			103,471,172			123,846,397
Policy Transactions:
Premium payments received from Policy owners		36,064			35,097			37,502			20,356,047			20,918,935			21,717,650
Net transfers (including fixed account)		29,683			13,024			35,146			(4,852,960	)		(1,143,172	)		(3,260,747	)
Policy charges		(16,645	)		(20,753	)		(21,925	)		(23,463,562	)		(24,441,731	)		(25,057,714	)
Transfers for Policy benefits and terminations		(5,360	)		(8,518	)		(7,897	)		(28,262,125	)		(20,185,365	)		(23,655,593	)
Net increase (decrease) in net assets resulting from Policy transactions		43,742			18,850			42,826			(36,222,600	)		(24,851,333	)		(30,256,404	)
Net increase (decrease) in net assets		28,851			1,306			46,295			97,051,874			78,619,839			93,589,993
Net Assets:
Beginning of year		305,204			303,898			257,603			577,620,175			499,000,336			405,410,343
End of year	$	334,055		$	305,204		$	303,898		$	674,672,049		$	577,620,175		$	499,000,336

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

	BHFTI CBRE Global Real Estate Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	894,335		$	1,147,509		$	896,717
Net realized gains (losses)		474,259			77,188			102,738
Change in unrealized gains (losses) on investments		7,531,715			(2,720,655	)		5,116,259
Net increase (decrease) in net assets resulting from operations		8,900,309			(1,495,958	)		6,115,714
Policy Transactions:
Premium payments received from Policy owners		1,492,784			1,581,826			1,684,287
Net transfers (including fixed account)		(1,109,763	)		(1,036,383	)		(136,008	)
Policy charges		(1,111,861	)		(1,088,918	)		(1,320,872	)
Transfers for Policy benefits and terminations		(1,411,859	)		(1,172,357	)		(1,793,340	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,140,699	)		(1,715,832	)		(1,565,933	)
Net increase (decrease) in net assets		6,759,610			(3,211,790	)		4,549,781
Net Assets:
Beginning of year		26,416,840			29,628,630			25,078,849
End of year	$	33,176,450		$	26,416,840		$	29,628,630

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Harris Oakmark International Division									BHFTI Invesco Balanced-Risk Allocation Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	322,902		$	1,127,646		$	911,026		$	2,701		$	3,869		$	—
Net realized gains (losses)		391,341			(177,207	)		2,633,669			2,865			3,564			(81	)
Change in unrealized gains (losses) on investments		2,895,287			1,704,944			5,117,038			2,660			609			8,923
Net increase (decrease) in net assets resulting from operations		3,609,530			2,655,383			8,661,733			8,226			8,042			8,842
Policy Transactions:
Premium payments received from Policy owners		2,006,696			2,151,163			2,324,216			11,332			10,742			10,796
Net transfers (including fixed account)		(499,391	)		(1,731,567	)		(715,948	)		1,280			423			1,041
Policy charges		(1,551,357	)		(1,513,660	)		(1,728,259	)		(5,368	)		(5,869	)		(5,742	)
Transfers for Policy benefits and terminations		(1,851,054	)		(1,351,175	)		(2,481,689	)		(1,126	)		—			(1	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,895,106	)		(2,445,239	)		(2,601,680	)		6,118			5,296			6,094
Net increase (decrease) in net assets		1,714,424			210,144			6,060,053			14,344			13,338			14,936
Net Assets:
Beginning of year		42,373,128			42,162,984			36,102,931			83,967			70,629			55,693
End of year	$	44,087,552		$	42,373,128		$	42,162,984		$	98,311		$	83,967		$	70,629

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

	BHFTI Invesco Global Equity Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(108,269	)	$	389,858		$	457,213
Net realized gains (losses)		6,520,568			2,095,511			8,606,225
Change in unrealized gains (losses) on investments		5,012,985			14,028,107			6,426,053
Net increase (decrease) in net assets resulting from operations		11,425,284			16,513,476			15,489,491
Policy Transactions:
Premium payments received from Policy owners		2,809,998			2,904,758			3,026,150
Net transfers (including fixed account)		(615,492	)		(2,525,004	)		(1,762,778	)
Policy charges		(2,219,124	)		(2,196,743	)		(2,260,272	)
Transfers for Policy benefits and terminations		(4,017,655	)		(2,789,005	)		(3,403,128	)
Net increase (decrease) in net assets resulting from Policy transactions		(4,042,273	)		(4,605,994	)		(4,400,028	)
Net increase (decrease) in net assets		7,383,011			11,907,482			11,089,463
Net Assets:
Beginning of year		73,613,883			61,706,401			50,616,938
End of year	$	80,996,894		$	73,613,883		$	61,706,401

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Invesco Small Cap Growth Division									BHFTI JPMorgan Global Active Allocation Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(16,422	)	$	(3,242	)	$	(9,658	)	$	1,074		$	3,958		$	6,307
Net realized gains (losses)		2,720,405			529,157			1,106,465			13,571			5,266			1,202
Change in unrealized gains (losses) on investments		(1,866,700	)		3,751,662			530,138			5,880			12,671			24,387
Net increase (decrease) in net assets resulting from operations		837,283			4,277,577			1,626,945			20,525			21,895			31,896
Policy Transactions:
Premium payments received from Policy owners		375,966			331,678			338,922			18,765			18,739			34,300
Net transfers (including fixed account)		1,054,139			412,268			(183,134	)		5,678			4,307			(73,534	)
Policy charges		(370,752	)		(289,758	)		(292,600	)		(12,941	)		(17,668	)		(21,233	)
Transfers for Policy benefits and terminations		(592,240	)		(484,382	)		(558,343	)		(14	)		(1,760	)		(4,201	)
Net increase (decrease) in net assets resulting from Policy transactions		467,113			(30,194	)		(695,155	)		11,488			3,618			(64,668	)
Net increase (decrease) in net assets		1,304,396			4,247,383			931,790			32,013			25,513			(32,772	)
Net Assets:
Beginning of year		11,990,947			7,743,564			6,811,774			206,006			180,493			213,265
End of year	$	13,295,343		$	11,990,947		$	7,743,564		$	238,019		$	206,006		$	180,493

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

	BHFTI JPMorgan Small Cap Value Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,181		$	7,026		$	6,510
Net realized gains (losses)		67,840			(4,871	)		42,503
Change in unrealized gains (losses) on investments		129,125			72,298			23,626
Net increase (decrease) in net assets resulting from operations		205,146			74,453			72,639
Policy Transactions:
Premium payments received from Policy owners		30,216			33,963			36,140
Net transfers (including fixed account)		(25,696	)		46,034			96,207
Policy charges		(32,553	)		(26,930	)		(26,937	)
Transfers for Policy benefits and terminations		(47,011	)		(7,325	)		(14,860	)
Net increase (decrease) in net assets resulting from Policy transactions		(75,044	)		45,742			90,550
Net increase (decrease) in net assets		130,102			120,195			163,189
Net Assets:
Beginning of year		637,763			517,568			354,379
End of year	$	767,865		$	637,763		$	517,568

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Loomis Sayles Global Allocation Division									BHFTI Loomis Sayles Growth Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,713		$	4,593		$	7,435		$	65,375		$	345,842		$	402,868
Net realized gains (losses)		82,477			34,869			41,066			2,668,466			16,731,527			6,461,674
Change in unrealized gains (losses) on investments		(23,466	)		37,680			51,557			6,974,380			(3,812,485	)		1,909,460
Net increase (decrease) in net assets resulting from operations		63,724			77,142			100,058			9,708,221			13,264,884			8,774,002
Policy Transactions:
Premium payments received from Policy owners		39,197			47,705			59,669			2,109,209			2,198,856			2,405,776
Net transfers (including fixed account)		(122,831	)		5,872			1,995			(1,414,885	)		(1,624,763	)		(910,276	)
Policy charges		(23,818	)		(24,840	)		(25,588	)		(1,935,784	)		(2,015,269	)		(2,006,189	)
Transfers for Policy benefits and terminations		(65,142	)		(3,334	)		(27,812	)		(2,532,484	)		(2,248,730	)		(2,330,394	)
Net increase (decrease) in net assets resulting from Policy transactions		(172,594	)		25,403			8,264			(3,773,944	)		(3,689,906	)		(2,841,083	)
Net increase (decrease) in net assets		(108,870	)		102,545			108,322			5,934,277			9,574,978			5,932,919
Net Assets:
Beginning of year		561,208			458,663			350,341			53,589,941			44,014,963			38,082,044
End of year	$	452,338		$	561,208		$	458,663		$	59,524,218		$	53,589,941		$	44,014,963

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

	BHFTI MetLife Multi-Index Targeted Risk Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,798		$	4,135		$	3,660
Net realized gains (losses)		8,772			16,750			195
Change in unrealized gains (losses) on investments		7,435			(8,247	)		29,440
Net increase (decrease) in net assets resulting from operations		20,005			12,638			33,295
Policy Transactions:
Premium payments received from Policy owners		21,498			20,267			19,935
Net transfers (including fixed account)		(3,019	)		1,101			182
Policy charges		(16,639	)		(15,693	)		(15,592	)
Transfers for Policy benefits and terminations		—			(1,558	)		(168	)
Net increase (decrease) in net assets resulting from Policy transactions		1,840			4,117			4,357
Net increase (decrease) in net assets		21,845			16,755			37,652
Net Assets:
Beginning of year		207,140			190,385			152,733
End of year	$	228,985		$	207,140		$	190,385

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI MFS® Research International Division									BHFTI Morgan Stanley Discovery Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	257,880		$	423,466		$	259,139		$	(2,377,645	)	$	(1,574,613	)	$	(994,679	)
Net realized gains (losses)		1,416,418			1,072,968			957,108			393,091,092			96,436,613			69,763,510
Change in unrealized gains (losses) on investments		1,126,705			1,198,690			3,282,254			(469,811,228	)		401,073,569			33,805,835
Net increase (decrease) in net assets resulting from operations		2,801,003			2,695,124			4,498,501			(79,097,781	)		495,935,569			102,574,666
Policy Transactions:
Premium payments received from Policy owners		784,016			800,069			845,109			15,086,301			15,001,183			15,481,836
Net transfers (including fixed account)		(431,546	)		1,564,323			(61,003	)		(1,930,172	)		(11,322,932	)		(1,772,966	)
Policy charges		(776,914	)		(627,613	)		(765,516	)		(19,849,981	)		(18,629,819	)		(15,584,046	)
Transfers for Policy benefits and terminations		(801,362	)		(553,495	)		(1,095,738	)		(42,022,801	)		(24,953,869	)		(19,888,869	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,225,806	)		1,183,284			(1,077,148	)		(48,716,653	)		(39,905,437	)		(21,764,045	)
Net increase (decrease) in net assets		1,575,197			3,878,408			3,421,353			(127,814,434	)		456,030,132			80,810,621
Net Assets:
Beginning of year		23,548,115			19,669,707			16,248,354			795,347,450			339,317,318			258,506,697
End of year	$	25,123,312		$	23,548,115		$	19,669,707		$	667,533,016		$	795,347,450		$	339,317,318

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

	BHFTI PanAgora Global Diversified Risk Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	25		$	18
Net realized gains (losses)		74			55			6
Change in unrealized gains (losses) on investments		(26	)		18			81
Net increase (decrease) in net assets resulting from operations		48			98			105
Policy Transactions:
Premium payments received from Policy owners		451			230			306
Net transfers (including fixed account)		—			—			—
Policy charges		(149	)		(147	)		(142	)
Transfers for Policy benefits and terminations		(1	)		—			(1	)
Net increase (decrease) in net assets resulting from Policy transactions		301			83			163
Net increase (decrease) in net assets		349			181			268
Net Assets:
Beginning of year		855			674			406
End of year	$	1,204		$	855		$	674

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI PanAgora Global Diversified Risk II Division									BHFTI PIMCO Inflation Protected Bond Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	4,229		$	4,902		$	86,345		$	284,924		$	338,397
Net realized gains (losses)		6,332			16,363			(1,016	)		86,320			(23,411	)		(70,827	)
Change in unrealized gains (losses) on investments		17,933			(14,639	)		25,631			411,083			837,367			505,478
Net increase (decrease) in net assets resulting from operations		24,265			5,953			29,517			583,748			1,098,880			773,048
Policy Transactions:
Premium payments received from Policy owners		21,287			24,202			27,800			634,964			611,152			680,856
Net transfers (including fixed account)		2,460			1,233			(1,011	)		439,963			231,386			405,170
Policy charges		(10,504	)		(13,414	)		(13,910	)		(480,776	)		(536,700	)		(542,607	)
Transfers for Policy benefits and terminations		(23,348	)		(3,439	)		(3,088	)		(484,545	)		(539,085	)		(795,658	)
Net increase (decrease) in net assets resulting from Policy transactions		(10,105	)		8,582			9,791			109,606			(233,247	)		(252,239	)
Net increase (decrease) in net assets		14,160			14,535			39,308			693,354			865,633			520,809
Net Assets:
Beginning of year		198,710			184,175			144,867			10,790,167			9,924,534			9,403,725
End of year	$	212,870		$	198,710		$	184,175		$	11,483,521		$	10,790,167		$	9,924,534

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

	BHFTI PIMCO Total Return Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,000,295		$	1,962,904		$	1,446,392
Net realized gains (losses)		2,207,610			611,760			34,984
Change in unrealized gains (losses) on investments		(3,833,399	)		1,614,317			2,500,341
Net increase (decrease) in net assets resulting from operations		(625,494	)		4,188,981			3,981,717
Policy Transactions:
Premium payments received from Policy owners		2,641,106			2,748,340			2,939,140
Net transfers (including fixed account)		4,399,072			1,520,865			1,027,214
Policy charges		(2,170,862	)		(2,442,154	)		(2,570,036	)
Transfers for Policy benefits and terminations		(1,997,978	)		(2,274,887	)		(2,622,298	)
Net increase (decrease) in net assets resulting from Policy transactions		2,871,338			(447,836	)		(1,225,980	)
Net increase (decrease) in net assets		2,245,844			3,741,145			2,755,737
Net Assets:
Beginning of year		53,377,735			49,636,590			46,880,853
End of year	$	55,623,579		$	53,377,735		$	49,636,590

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI Schroders Global Multi-Asset Division									BHFTI SSGA Growth and Income ETF Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	442		$	1,986		$	1,541		$	174,146		$	232,238		$	208,434
Net realized gains (losses)		813			6,246			466			539,990			284,122			405,520
Change in unrealized gains (losses) on investments		13,631			(5,523	)		17,790			479,177			300,438			865,423
Net increase (decrease) in net assets resulting from operations		14,886			2,709			19,797			1,193,313			816,798			1,479,377
Policy Transactions:
Premium payments received from Policy owners		18,928			19,422			22,305			494,367			500,422			549,083
Net transfers (including fixed account)		548			4,541			(520	)		(314,193	)		(166,554	)		93,528
Policy charges		(8,411	)		(9,583	)		(9,655	)		(396,272	)		(428,709	)		(443,444	)
Transfers for Policy benefits and terminations		(3,826	)		(3,255	)		(7,942	)		(46,016	)		(542,573	)		(640,419	)
Net increase (decrease) in net assets resulting from Policy transactions		7,239			11,125			4,188			(262,114	)		(637,414	)		(441,252	)
Net increase (decrease) in net assets		22,125			13,834			23,985			931,199			179,384			1,038,125
Net Assets:
Beginning of year		126,497			112,663			88,678			8,953,964			8,774,580			7,736,455
End of year	$	148,622		$	126,497		$	112,663		$	9,885,163		$	8,953,964		$	8,774,580

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

	BHFTI SSGA Growth ETF Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	146,993		$	184,732		$	158,049
Net realized gains (losses)		576,287			274,093			488,893
Change in unrealized gains (losses) on investments		788,029			391,732			831,026
Net increase (decrease) in net assets resulting from operations		1,511,309			850,557			1,477,968
Policy Transactions:
Premium payments received from Policy owners		571,299			585,182			640,336
Net transfers (including fixed account)		50,372			(101,684	)		(214,766	)
Policy charges		(333,654	)		(338,591	)		(344,647	)
Transfers for Policy benefits and terminations		(332,062	)		(176,512	)		(513,353	)
Net increase (decrease) in net assets resulting from Policy transactions		(44,045	)		(31,605	)		(432,430	)
Net increase (decrease) in net assets		1,467,264			818,952			1,045,538
Net Assets:
Beginning of year		8,591,681			7,772,729			6,727,191
End of year	$	10,058,945		$	8,591,681		$	7,772,729

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTI T. Rowe Price Large Cap Value Division									BHFTI T. Rowe Price Mid Cap Growth Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	71,598		$	70,047		$	63,674		$	(73,173	)	$	51,247		$	58,660
Net realized gains (losses)		47,971			200,405			360,960			5,910,425			4,668,594			7,646,345
Change in unrealized gains (losses) on investments		703,223			(170,812	)		266,789			1,850,226			5,630,192			4,165,082
Net increase (decrease) in net assets resulting from operations		822,792			99,640			691,423			7,687,478			10,350,033			11,870,087
Policy Transactions:
Premium payments received from Policy owners		28,493			62,937			62,541			1,533,739			1,684,651			1,849,961
Net transfers (including fixed account)		(231,460	)		(16,613	)		(306,820	)		25,348			(1,957,635	)		(1,204,020	)
Policy charges		(44,033	)		(38,273	)		(38,673	)		(1,717,332	)		(1,768,781	)		(1,864,791	)
Transfers for Policy benefits and terminations		—			—			(179,581	)		(2,710,301	)		(2,250,395	)		(2,736,079	)
Net increase (decrease) in net assets resulting from Policy transactions		(247,000	)		8,051			(462,533	)		(2,868,546	)		(4,292,160	)		(3,954,929	)
Net increase (decrease) in net assets		575,792			107,691			228,890			4,818,932			6,057,873			7,915,158
Net Assets:
Beginning of year		3,210,189			3,102,498			2,873,608			52,915,937			46,858,064			38,942,906
End of year	$	3,785,981		$	3,210,189		$	3,102,498		$	57,734,869		$	52,915,937		$	46,858,064

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

	BHFTI Victory Sycamore Mid Cap Value Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,382,939		$	1,294,913		$	1,082,128
Net realized gains (losses)		4,870,851			4,594,922			2,912,190
Change in unrealized gains (losses) on investments		24,609,507			1,357,715			18,174,933
Net increase (decrease) in net assets resulting from operations		30,863,297			7,247,550			22,169,251
Policy Transactions:
Premium payments received from Policy owners		4,155,478			4,336,043			4,579,280
Net transfers (including fixed account)		(2,014,266	)		(688,298	)		(915,540	)
Policy charges		(4,040,162	)		(3,839,909	)		(4,200,888	)
Transfers for Policy benefits and terminations		(4,483,171	)		(3,240,941	)		(4,840,383	)
Net increase (decrease) in net assets resulting from Policy transactions		(6,382,121	)		(3,433,105	)		(5,377,531	)
Net increase (decrease) in net assets		24,481,176			3,814,445			16,791,720
Net Assets:
Beginning of year		98,316,934			94,502,489			77,710,769
End of year	$	122,798,110		$	98,316,934		$	94,502,489

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Baillie Gifford International Stock Division									BHFTII BlackRock Bond Income Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	299,984		$	752,604		$	402,625		$	2,006,631		$	2,737,694		$	2,602,782
Net realized gains (losses)		6,889,770			3,483,633			3,109,098			1,780,056			246,032			(16,881	)
Change in unrealized gains (losses) on investments		(7,825,840	)		8,417,551			9,101,083			(4,397,445	)		3,486,389			4,310,845
Net increase (decrease) in net assets resulting from operations		(636,086	)		12,653,788			12,612,806			(610,758	)		6,470,115			6,896,746
Policy Transactions:
Premium payments received from Policy owners		2,668,896			2,789,905			2,870,156			4,944,595			5,091,306			5,375,147
Net transfers (including fixed account)		661,018			(534,638	)		(627,880	)		(1,760,173	)		(282,495	)		6,796,774
Policy charges		(2,472,971	)		(2,576,664	)		(2,540,729	)		(4,283,550	)		(4,917,994	)		(4,908,653	)
Transfers for Policy benefits and terminations		(2,422,069	)		(1,882,917	)		(2,643,964	)		(2,897,959	)		(3,074,591	)		(3,726,083	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,565,126	)		(2,204,314	)		(2,942,417	)		(3,997,087	)		(3,183,774	)		3,537,185
Net increase (decrease) in net assets		(2,201,212	)		10,449,474			9,670,389			(4,607,845	)		3,286,341			10,433,931
Net Assets:
Beginning of year		60,383,398			49,933,924			40,263,535			85,545,862			82,259,521			71,825,590
End of year	$	58,182,186		$	60,383,398		$	49,933,924		$	80,938,017		$	85,545,862		$	82,259,521

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

	BHFTII BlackRock Capital Appreciation Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(32,796	)	$	(23,495	)	$	13,248
Net realized gains (losses)		3,950,518			2,637,628			2,731,347
Change in unrealized gains (losses) on investments		713,678			3,629,451			1,309,526
Net increase (decrease) in net assets resulting from operations		4,631,400			6,243,584			4,054,121
Policy Transactions:
Premium payments received from Policy owners		717,574			698,795			713,852
Net transfers (including fixed account)		1,061,640			955,631			99,899
Policy charges		(805,683	)		(741,830	)		(685,277	)
Transfers for Policy benefits and terminations		(1,084,359	)		(843,390	)		(757,748	)
Net increase (decrease) in net assets resulting from Policy transactions		(110,828	)		69,206			(629,274	)
Net increase (decrease) in net assets		4,520,572			6,312,790			3,424,847
Net Assets:
Beginning of year		22,244,614			15,931,824			12,506,977
End of year	$	26,765,186		$	22,244,614		$	15,931,824

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII BlackRock Ultra-Short Term Bond Division									BHFTII Brighthouse Asset Allocation 20 Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	52,342		$	621,142		$	503,725		$	148,648		$	114,390		$	94,200
Net realized gains (losses)		(35,468	)		(37,448	)		77,768			122,857			102,590			71,602
Change in unrealized gains (losses) on investments		(89,871	)		(501,117	)		14,618			(87,582	)		175,734			319,183
Net increase (decrease) in net assets resulting from operations		(72,997	)		82,577			596,111			183,923			392,714			484,985
Policy Transactions:
Premium payments received from Policy owners		447,386			413,373			447,880			402,525			403,756			437,434
Net transfers (including fixed account)		(1,109,049	)		(1,966,518	)		(216,413	)		191,211			45,535			49,639
Policy charges		(779,639	)		(903,511	)		(908,118	)		(459,964	)		(435,276	)		(452,143	)
Transfers for Policy benefits and terminations		(448,039	)		(167,770	)		(147,916	)		(382,777	)		(190,374	)		(83,549	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,889,341	)		(2,624,426	)		(824,567	)		(249,005	)		(176,359	)		(48,619	)
Net increase (decrease) in net assets		(1,962,338	)		(2,541,849	)		(228,456	)		(65,082	)		216,355			436,366
Net Assets:
Beginning of year		25,545,918			28,087,767			28,316,223			4,732,795			4,516,440			4,080,074
End of year	$	23,583,580		$	25,545,918		$	28,087,767		$	4,667,713		$	4,732,795		$	4,516,440

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

	BHFTII Brighthouse Asset Allocation 40 Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	320,626		$	287,349		$	248,442
Net realized gains (losses)		494,282			471,367			521,133
Change in unrealized gains (losses) on investments		35,271			387,704			805,166
Net increase (decrease) in net assets resulting from operations		850,179			1,146,420			1,574,741
Policy Transactions:
Premium payments received from Policy owners		710,799			722,614			749,735
Net transfers (including fixed account)		10,424			126,964			500,636
Policy charges		(688,443	)		(694,369	)		(769,314	)
Transfers for Policy benefits and terminations		(829,219	)		(803,021	)		(886,721	)
Net increase (decrease) in net assets resulting from Policy transactions		(796,439	)		(647,812	)		(405,664	)
Net increase (decrease) in net assets		53,740			498,608			1,169,077
Net Assets:
Beginning of year		11,660,215			11,161,607			9,992,530
End of year	$	11,713,955		$	11,660,215		$	11,161,607

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Brighthouse Asset Allocation 60 Division									BHFTII Brighthouse Asset Allocation 80 Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,413,476		$	1,256,972		$	1,124,088		$	2,383,263		$	2,100,793		$	2,005,294
Net realized gains (losses)		3,802,158			3,791,202			4,477,995			10,072,082			10,098,605			11,278,358
Change in unrealized gains (losses) on investments		1,508,580			2,402,880			4,107,625			5,588,656			5,611,353			8,872,398
Net increase (decrease) in net assets resulting from operations		6,724,214			7,451,054			9,709,708			18,044,001			17,810,751			22,156,050
Policy Transactions:
Premium payments received from Policy owners		3,331,376			3,440,357			3,550,542			6,419,558			6,564,241			6,859,607
Net transfers (including fixed account)		(110,248	)		(158,552	)		207,150			(79,626	)		(1,173,717	)		(923,386	)
Policy charges		(3,203,150	)		(3,326,630	)		(3,366,738	)		(4,897,568	)		(4,944,483	)		(5,085,873	)
Transfers for Policy benefits and terminations		(2,231,846	)		(3,211,841	)		(3,136,606	)		(8,075,064	)		(4,972,580	)		(7,354,049	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,213,868	)		(3,256,666	)		(2,745,652	)		(6,632,700	)		(4,526,539	)		(6,503,701	)
Net increase (decrease) in net assets		4,510,346			4,194,388			6,964,056			11,411,301			13,284,212			15,652,349
Net Assets:
Beginning of year		61,629,691			57,435,303			50,471,247			123,881,151			110,596,939			94,944,590
End of year	$	66,140,037		$	61,629,691		$	57,435,303		$	135,292,452		$	123,881,151		$	110,596,939

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

	BHFTII Brighthouse/Artisan Mid Cap Value Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	627,621		$	477,014		$	407,798
Net realized gains (losses)		2,841,747			861,142			7,298,466
Change in unrealized gains (losses) on investments		13,633,038			2,730,620			4,852,816
Net increase (decrease) in net assets resulting from operations		17,102,406			4,068,776			12,559,080
Policy Transactions:
Premium payments received from Policy owners		3,101,820			3,202,415			3,395,707
Net transfers (including fixed account)		(676,330	)		(434,964	)		(467,707	)
Policy charges		(2,778,406	)		(2,591,864	)		(2,936,521	)
Transfers for Policy benefits and terminations		(3,210,105	)		(2,340,663	)		(3,414,345	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,563,021	)		(2,165,076	)		(3,422,866	)
Net increase (decrease) in net assets		13,539,385			1,903,700			9,136,214
Net Assets:
Beginning of year		65,211,225			63,307,525			54,171,311
End of year	$	78,750,610		$	65,211,225		$	63,307,525

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Brighthouse/Wellington Balanced Division									BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,131,070		$	5,722,557		$	5,423,289		$	1,370,848		$	1,318,071		$	1,309,689
Net realized gains (losses)		38,445,816			17,519,113			21,674,675			6,616,535			9,814,829			7,958,362
Change in unrealized gains (losses) on investments		5,661,022			32,022,888			36,982,209			14,772,340			(1,629,188	)		13,108,141
Net increase (decrease) in net assets resulting from operations		49,237,908			55,264,558			64,080,173			22,759,723			9,503,712			22,376,192
Policy Transactions:
Premium payments received from Policy owners		17,170,980			17,962,870			18,822,812			3,501,046			3,641,774			3,809,398
Net transfers (including fixed account)		(1,212,756	)		(1,160,188	)		580,343			(1,951,239	)		(556,085	)		(1,443,195	)
Policy charges		(19,012,591	)		(20,436,577	)		(20,841,596	)		(3,396,280	)		(3,601,370	)		(3,774,981	)
Transfers for Policy benefits and terminations		(17,372,038	)		(14,391,414	)		(16,712,521	)		(3,832,009	)		(3,553,634	)		(5,587,660	)
Net increase (decrease) in net assets resulting from Policy transactions		(20,426,405	)		(18,025,309	)		(18,150,962	)		(5,678,482	)		(4,069,315	)		(6,996,438	)
Net increase (decrease) in net assets		28,811,503			37,239,249			45,929,211			17,081,241			5,434,397			15,379,754
Net Assets:
Beginning of year		376,504,610			339,265,361			293,336,150			95,952,366			90,517,969			75,138,215
End of year	$	405,316,113		$	376,504,610		$	339,265,361		$	113,033,607		$	95,952,366		$	90,517,969

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

	BHFTII Frontier Mid Cap Growth Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(2,514,460	)	$	(1,928,363	)	$	(1,808,302	)
Net realized gains (losses)		56,832,955			35,025,426			38,637,372
Change in unrealized gains (losses) on investments		(6,118,297	)		50,718,940			35,345,162
Net increase (decrease) in net assets resulting from operations		48,200,198			83,816,003			72,174,232
Policy Transactions:
Premium payments received from Policy owners		10,353,447			10,625,315			11,136,418
Net transfers (including fixed account)		(1,850,279	)		(3,164,638	)		(1,667,175	)
Policy charges		(12,369,367	)		(12,628,767	)		(12,904,923	)
Transfers for Policy benefits and terminations		(16,930,815	)		(10,953,359	)		(12,611,672	)
Net increase (decrease) in net assets resulting from Policy transactions		(20,797,014	)		(16,121,449	)		(16,047,352	)
Net increase (decrease) in net assets		27,403,184			67,694,554			56,126,880
Net Assets:
Beginning of year		352,347,332			284,652,778			228,525,898
End of year	$	379,750,516		$	352,347,332		$	284,652,778

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Jennison Growth Division									BHFTII Loomis Sayles Small Cap Core Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(47,471	)	$	75,058		$	170,051		$	(5,323	)	$	8,094		$	(18,446	)
Net realized gains (losses)		17,123,614			6,740,575			6,804,240			2,406,978			1,977,222			2,835,024
Change in unrealized gains (losses) on investments		(6,638,182	)		16,290,613			5,030,053			3,710,756			1,180,189			2,924,448
Net increase (decrease) in net assets resulting from operations		10,437,961			23,106,246			12,004,344			6,112,411			3,165,505			5,741,026
Policy Transactions:
Premium payments received from Policy owners		1,322,387			1,327,072			1,321,635			997,473			1,038,201			1,064,480
Net transfers (including fixed account)		(7,632,261	)		(3,785,157	)		(1,180,497	)		(582,057	)		(576,291	)		(260,798	)
Policy charges		(1,724,938	)		(1,651,450	)		(1,488,430	)		(1,008,986	)		(995,140	)		(1,114,351	)
Transfers for Policy benefits and terminations		(3,022,151	)		(1,824,867	)		(2,505,284	)		(1,170,682	)		(1,008,385	)		(1,631,872	)
Net increase (decrease) in net assets resulting from Policy transactions		(11,056,963	)		(5,934,402	)		(3,852,576	)		(1,764,252	)		(1,541,615	)		(1,942,541	)
Net increase (decrease) in net assets		(619,002	)		17,171,844			8,151,768			4,348,159			1,623,890			3,798,485
Net Assets:
Beginning of year		63,757,959			46,586,115			38,434,347			28,568,739			26,944,849			23,146,364
End of year	$	63,138,957		$	63,757,959		$	46,586,115		$	32,916,898		$	28,568,739		$	26,944,849

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

	BHFTII Loomis Sayles Small Cap Growth Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(14,666	)	$	(11,815	)	$	(11,876	)
Net realized gains (losses)		2,169,129			2,116,754			2,580,987
Change in unrealized gains (losses) on investments		(421,818	)		2,643,546			820,229
Net increase (decrease) in net assets resulting from operations		1,732,645			4,748,485			3,389,340
Policy Transactions:
Premium payments received from Policy owners		562,223			609,271			644,227
Net transfers (including fixed account)		26,577			(1,225,385	)		(151,037	)
Policy charges		(566,078	)		(595,520	)		(625,777	)
Transfers for Policy benefits and terminations		(1,256,918	)		(780,000	)		(1,183,986	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,234,196	)		(1,991,634	)		(1,316,573	)
Net increase (decrease) in net assets		498,449			2,756,851			2,072,767
Net Assets:
Beginning of year		17,857,777			15,100,926			13,028,159
End of year	$	18,356,226		$	17,857,777		$	15,100,926

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MetLife Aggregate Bond Index Division									BHFTII MetLife Mid Cap Stock Index Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,882,616		$	4,012,455		$	4,055,123		$	1,318,676		$	1,338,929		$	1,326,846
Net realized gains (losses)		133,685			1,271,832			4,630			9,850,841			7,517,327			10,678,875
Change in unrealized gains (losses) on investments		(6,996,622	)		4,614,207			6,573,697			16,510,327			6,770,352			10,598,269
Net increase (decrease) in net assets resulting from operations		(2,980,321	)		9,898,494			10,633,450			27,679,844			15,626,608			22,603,990
Policy Transactions:
Premium payments received from Policy owners		8,046,174			8,456,002			8,731,031			4,434,629			4,516,467			4,754,824
Net transfers (including fixed account)		19,618,331			6,265,194			19,756,870			(4,062,150	)		(1,018,388	)		(1,357,811	)
Policy charges		(7,374,286	)		(7,672,535	)		(7,861,853	)		(4,424,851	)		(4,200,454	)		(4,549,682	)
Transfers for Policy benefits and terminations		(5,480,468	)		(6,507,361	)		(7,227,092	)		(5,019,637	)		(3,855,391	)		(5,943,152	)
Net increase (decrease) in net assets resulting from Policy transactions		14,809,751			541,300			13,398,956			(9,072,009	)		(4,557,766	)		(7,095,821	)
Net increase (decrease) in net assets		11,829,430			10,439,794			24,032,406			18,607,835			11,068,842			15,508,169
Net Assets:
Beginning of year		155,753,138			145,313,344			121,280,938			116,199,047			105,130,205			89,622,036
End of year	$	167,582,568		$	155,753,138		$	145,313,344		$	134,806,882		$	116,199,047		$	105,130,205

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

	BHFTII MetLife MSCI EAFE® Index Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,979,285		$	2,901,453		$	2,349,419
Net realized gains (losses)		1,567,680			1,391,721			1,385,419
Change in unrealized gains (losses) on investments		7,727,026			4,650,376			14,100,152
Net increase (decrease) in net assets resulting from operations		11,273,991			8,943,550			17,834,990
Policy Transactions:
Premium payments received from Policy owners		4,558,783			4,784,351			5,124,787
Net transfers (including fixed account)		5,304,485			378,512			5,554,096
Policy charges		(3,978,737	)		(4,001,707	)		(4,133,071	)
Transfers for Policy benefits and terminations		(5,042,285	)		(4,459,845	)		(5,659,322	)
Net increase (decrease) in net assets resulting from Policy transactions		842,246			(3,298,689	)		886,490
Net increase (decrease) in net assets		12,116,237			5,644,861			18,721,480
Net Assets:
Beginning of year		105,987,571			100,342,710			81,621,230
End of year	$	118,103,808		$	105,987,571		$	100,342,710

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MetLife Russell 2000® Index Division									BHFTII MetLife Stock Index Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	976,590		$	991,156		$	892,771		$	20,158,250		$	20,225,415		$	21,800,105
Net realized gains (losses)		8,612,000			6,020,824			9,370,308			136,540,106			103,605,824			111,814,657
Change in unrealized gains (losses) on investments		4,071,944			9,837,222			7,594,549			229,936,134			91,900,637			171,992,283
Net increase (decrease) in net assets resulting from operations		13,660,534			16,849,202			17,857,628			386,634,490			215,731,876			305,607,045
Policy Transactions:
Premium payments received from Policy owners		3,949,150			4,120,686			4,309,662			52,019,007			54,195,235			56,520,063
Net transfers (including fixed account)		813,853			(2,247,454	)		(1,813,837	)		(14,028,855	)		(6,386,596	)		(5,614,287	)
Policy charges		(3,382,238	)		(3,179,548	)		(3,425,307	)		(44,773,415	)		(44,613,578	)		(46,139,850	)
Transfers for Policy benefits and terminations		(5,431,388	)		(3,465,370	)		(5,588,916	)		(71,631,007	)		(62,191,713	)		(72,813,081	)
Net increase (decrease) in net assets resulting from Policy transactions		(4,050,623	)		(4,771,686	)		(6,518,398	)		(78,414,270	)		(58,996,652	)		(68,047,155	)
Net increase (decrease) in net assets		9,609,911			12,077,516			11,339,230			308,220,220			156,735,224			237,559,890
Net Assets:
Beginning of year		95,347,869			83,270,353			71,931,123			1,409,776,127			1,253,040,903			1,015,481,013
End of year	$	104,957,780		$	95,347,869		$	83,270,353		$	1,717,996,347		$	1,409,776,127		$	1,253,040,903

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

	BHFTII MFS® Total Return Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	199,050		$	243,654		$	697,604
Net realized gains (losses)		903,131			497,191			504,724
Change in unrealized gains (losses) on investments		399,170			219,396			3,070,709
Net increase (decrease) in net assets resulting from operations		1,501,351			960,241			4,273,037
Policy Transactions:
Premium payments received from Policy owners		437,220			461,570			697,416
Net transfers (including fixed account)		5,070			(37,251	)		(22,749,232	)
Policy charges		(507,899	)		(587,907	)		(753,209	)
Transfers for Policy benefits and terminations		(1,351,811	)		(668,364	)		(486,002	)
Net increase (decrease) in net assets resulting from Policy transactions		(1,417,420	)		(831,952	)		(23,291,027	)
Net increase (decrease) in net assets		83,931			128,289			(19,017,990	)
Net Assets:
Beginning of year		11,450,715			11,322,426			30,340,416
End of year	$	11,534,646		$	11,450,715		$	11,322,426

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII MFS® Value Division									BHFTII Neuberger Berman Genesis Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,053,020		$	2,199,837		$	2,217,412		$	(8,120	)	$	120,878		$	187,264
Net realized gains (losses)		3,834,431			7,123,357			8,433,580			14,011,522			10,548,721			18,569,068
Change in unrealized gains (losses) on investments		25,108,361			(4,694,024	)		20,526,971			13,338,038			20,135,702			12,124,576
Net increase (decrease) in net assets resulting from operations		30,995,812			4,629,170			31,177,963			27,341,440			30,805,301			30,880,908
Policy Transactions:
Premium payments received from Policy owners		5,390,814			5,658,098			5,982,626			5,268,186			5,505,689			5,781,647
Net transfers (including fixed account)		(5,670,220	)		(3,622,664	)		(1,749,514	)		(2,191,196	)		(1,904,917	)		(1,062,638	)
Policy charges		(4,949,978	)		(5,107,055	)		(5,504,691	)		(5,646,009	)		(5,645,681	)		(5,798,803	)
Transfers for Policy benefits and terminations		(6,418,771	)		(4,828,367	)		(7,159,399	)		(6,964,973	)		(5,414,146	)		(6,983,627	)
Net increase (decrease) in net assets resulting from Policy transactions		(11,648,155	)		(7,899,988	)		(8,430,978	)		(9,533,992	)		(7,459,055	)		(8,063,421	)
Net increase (decrease) in net assets		19,347,657			(3,270,818	)		22,746,985			17,807,448			23,346,246			22,817,487
Net Assets:
Beginning of year		126,437,900			129,708,718			106,961,733			152,961,400			129,615,154			106,797,667
End of year	$	145,785,557		$	126,437,900		$	129,708,718		$	170,768,848		$	152,961,400		$	129,615,154

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

	BHFTII T. Rowe Price Large Cap Growth Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(128,436	)	$	203,304		$	391,087
Net realized gains (losses)		22,264,886			12,394,826			18,272,769
Change in unrealized gains (losses) on investments		8,318,298			29,605,524			10,875,848
Net increase (decrease) in net assets resulting from operations		30,454,748			42,203,654			29,539,704
Policy Transactions:
Premium payments received from Policy owners		4,024,411			4,139,579			4,384,160
Net transfers (including fixed account)		1,266,739			(834,658	)		(1,140,169	)
Policy charges		(4,930,801	)		(4,902,349	)		(4,832,213	)
Transfers for Policy benefits and terminations		(7,452,839	)		(6,442,633	)		(6,169,322	)
Net increase (decrease) in net assets resulting from Policy transactions		(7,092,490	)		(8,040,061	)		(7,757,544	)
Net increase (decrease) in net assets		23,362,258			34,163,593			21,782,160
Net Assets:
Beginning of year		154,221,627			120,058,034			98,275,874
End of year	$	177,583,885		$	154,221,627		$	120,058,034

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(535,857	)	$	(192,179	)	$	(391,714	)	$	5,007		$	4,151		$	1,794
Net realized gains (losses)		21,782,926			17,338,346			21,138,100			15,225			(40,470	)		(9,662	)
Change in unrealized gains (losses) on investments		(2,889,313	)		14,714,214			16,651,176			44,125			105,310			45,337
Net increase (decrease) in net assets resulting from operations		18,357,756			31,860,381			37,397,562			64,357			68,991			37,469
Policy Transactions:
Premium payments received from Policy owners		6,203,457			6,357,587			6,549,545			33,593			41,596			48,905
Net transfers (including fixed account)		(1,671,100	)		(5,269,403	)		(2,713,703	)		(5,143	)		(89,592	)		43,492
Policy charges		(4,488,738	)		(4,561,232	)		(5,048,309	)		(14,424	)		(15,429	)		(19,894	)
Transfers for Policy benefits and terminations		(8,977,839	)		(7,666,396	)		(8,423,473	)		(20,521	)		(7,127	)		(25,396	)
Net increase (decrease) in net assets resulting from Policy transactions		(8,934,220	)		(11,139,444	)		(9,635,940	)		(6,495	)		(70,552	)		47,107
Net increase (decrease) in net assets		9,423,536			20,720,937			27,761,622			57,862			(1,561	)		84,576
Net Assets:
Beginning of year		165,942,863			145,221,926			117,460,304			348,927			350,488			265,912
End of year	$	175,366,399		$	165,942,863		$	145,221,926		$	406,789		$	348,927		$	350,488

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

	BHFTII Western Asset Management Strategic Bond Opportunities Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,991,603		$	3,007,408		$	2,534,625
Net realized gains (losses)		260,202			(32,033	)		153,935
Change in unrealized gains (losses) on investments		(782,637	)		210,701			4,329,971
Net increase (decrease) in net assets resulting from operations		1,469,168			3,186,076			7,018,531
Policy Transactions:
Premium payments received from Policy owners		3,241,406			3,082,054			3,288,082
Net transfers (including fixed account)		(168,381	)		(1,247,953	)		3,404,504
Policy charges		(2,159,530	)		(2,448,276	)		(2,578,857	)
Transfers for Policy benefits and terminations		(2,913,923	)		(2,792,980	)		(3,257,665	)
Net increase (decrease) in net assets resulting from Policy transactions		(2,000,428	)		(3,407,155	)		856,064
Net increase (decrease) in net assets		(531,260	)		(221,079	)		7,874,595
Net Assets:
Beginning of year		56,289,149			56,510,228			48,635,633
End of year	$	55,757,889		$	56,289,149		$	56,510,228

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	BHFTII Western Asset Management U.S. Government Division									Fidelity® VIP Asset Manager: Growth Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	493,007		$	568,776		$	414,911		$	34,631		$	22,480		$	30,328
Net realized gains (losses)		(11,455	)		25,440			(53,391	)		72,272			49,421			130,535
Change in unrealized gains (losses) on investments		(797,080	)		291,578			547,272			223,941			280,077			255,311
Net increase (decrease) in net assets resulting from operations		(315,528	)		885,794			908,792			330,844			351,978			416,174
Policy Transactions:
Premium payments received from Policy owners		1,462,719			1,477,731			1,516,917			17,463			22,471			24,700
Net transfers (including fixed account)		771,114			3,592,926			(23,131	)		2,000			(19,343	)		(4,570	)
Policy charges		(1,235,034	)		(1,310,113	)		(1,244,092	)		(64,168	)		(70,022	)		(67,988	)
Transfers for Policy benefits and terminations		(1,161,447	)		(779,856	)		(1,080,281	)		(56,968	)		(1,822	)		(95,526	)
Net increase (decrease) in net assets resulting from Policy transactions		(162,648	)		2,980,688			(830,587	)		(101,673	)		(68,716	)		(143,384	)
Net increase (decrease) in net assets		(478,176	)		3,866,482			78,205			229,171			283,262			272,790
Net Assets:
Beginning of year		19,983,786			16,117,304			16,039,099			2,450,438			2,167,176			1,894,386
End of year	$	19,505,610		$	19,983,786		$	16,117,304		$	2,679,609		$	2,450,438		$	2,167,176

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

	Fidelity® VIP Contrafund® Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,208		$	5,218		$	10,856
Net realized gains (losses)		669,338			59,695			468,746
Change in unrealized gains (losses) on investments		481,333			895,831			377,490
Net increase (decrease) in net assets resulting from operations		1,152,879			960,744			857,092
Policy Transactions:
Premium payments received from Policy owners		37,112			39,074			49,525
Net transfers (including fixed account)		(3,880	)		141,868			226,131
Policy charges		(105,062	)		(103,138	)		(94,640	)
Transfers for Policy benefits and terminations		(79,018	)		—			(533,843	)
Net increase (decrease) in net assets resulting from Policy transactions		(150,848	)		77,804			(352,827	)
Net increase (decrease) in net assets		1,002,031			1,038,548			504,265
Net Assets:
Beginning of year		4,246,508			3,207,960			2,703,695
End of year	$	5,248,539		$	4,246,508		$	3,207,960

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Equity-Income Division									Fidelity® VIP Freedom 2010 Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	9,295		$	550		$	2,569		$	1,873		$	2,082		$	3,334
Net realized gains (losses)		50,785			(16,756	)		442			7,673			8,841			5,356
Change in unrealized gains (losses) on investments		1,237			(14,582	)		14,839			524			8,692			14,163
Net increase (decrease) in net assets resulting from operations		61,317			(30,788	)		17,850			10,070			19,615			22,853
Policy Transactions:
Premium payments received from Policy owners		13,875			216			37			40,896			61,674			63,532
Net transfers (including fixed account)		561,724			(144,071	)		159,368			—			(18,780	)		—
Policy charges		(4,143	)		(860	)		(1,220	)		—			—			—
Transfers for Policy benefits and terminations		(1,944	)		—			(32	)		(40,795	)		(58,329	)		(64,653	)
Net increase (decrease) in net assets resulting from Policy transactions		569,512			(144,715	)		158,153			101			(15,435	)		(1,121	)
Net increase (decrease) in net assets		630,829			(175,503	)		176,003			10,171			4,180			21,732
Net Assets:
Beginning of year		2,008			177,511			1,508			170,874			166,694			144,962
End of year	$	632,837		$	2,008		$	177,511		$	181,045		$	170,874		$	166,694

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

	Fidelity® VIP Freedom 2020 Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,783		$	8,670		$	12,592
Net realized gains (losses)		48,488			38,585			33,174
Change in unrealized gains (losses) on investments		12,505			46,942			59,075
Net increase (decrease) in net assets resulting from operations		69,776			94,197			104,841
Policy Transactions:
Premium payments received from Policy owners		154,375			172,902			196,104
Net transfers (including fixed account)		—			4,449			11,264
Policy charges		(7,258	)		(7,708	)		(7,361	)
Transfers for Policy benefits and terminations		(136,655	)		(168,394	)		(181,886	)
Net increase (decrease) in net assets resulting from Policy transactions		10,462			1,249			18,121
Net increase (decrease) in net assets		80,238			95,446			122,962
Net Assets:
Beginning of year		738,094			642,648			519,686
End of year	$	818,332		$	738,094		$	642,648

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Freedom 2025 Division									Fidelity® VIP Freedom 2030 Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	7,319		$	7,093		$	10,696		$	4,365		$	4,530		$	6,478
Net realized gains (losses)		27,676			25,752			15,378			56,528			26,467			12,199
Change in unrealized gains (losses) on investments		34,384			55,062			75,905			(7,649	)		30,990			43,948
Net increase (decrease) in net assets resulting from operations		69,379			87,907			101,979			53,244			61,987			62,625
Policy Transactions:
Premium payments received from Policy owners		18,410			—			—			571,155			571,024			526,248
Net transfers (including fixed account)		49			—			—			(57,654	)		(8,610	)		(1,305	)
Policy charges		(23,837	)		(11,472	)		(11,189	)		—			—			—
Transfers for Policy benefits and terminations		—			(1	)		—			(551,681	)		(566,199	)		(463,890	)
Net increase (decrease) in net assets resulting from Policy transactions		(5,378	)		(11,473	)		(11,189	)		(38,180	)		(3,785	)		61,053
Net increase (decrease) in net assets		64,001			76,434			90,790			15,064			58,202			123,678
Net Assets:
Beginning of year		638,749			562,315			471,525			429,449			371,247			247,569
End of year	$	702,750		$	638,749		$	562,315		$	444,513		$	429,449		$	371,247

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

	Fidelity® VIP Freedom 2040 Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,555		$	4,074		$	5,643
Net realized gains (losses)		71,457			27,692			15,429
Change in unrealized gains (losses) on investments		11,939			46,275			51,562
Net increase (decrease) in net assets resulting from operations		87,951			78,041			72,634
Policy Transactions:
Premium payments received from Policy owners		551,561			502,721			445,678
Net transfers (including fixed account)		(74,276	)		17,301			(17	)
Policy charges		—			—			—
Transfers for Policy benefits and terminations		(525,236	)		(463,871	)		(409,650	)
Net increase (decrease) in net assets resulting from Policy transactions		(47,951	)		56,151			36,011
Net increase (decrease) in net assets		40,000			134,192			108,645
Net Assets:
Beginning of year		492,365			358,173			249,528
End of year	$	532,365		$	492,365		$	358,173

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Freedom 2050 Division									Fidelity® VIP Government Money Market Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,256		$	1,922		$	3,915		$	519		$	14,310		$	78,815
Net realized gains (losses)		40,598			25,461			13,313			—			—			—
Change in unrealized gains (losses) on investments		1,469			12,909			38,724			—			—			—
Net increase (decrease) in net assets resulting from operations		44,323			40,292			55,952			519			14,310			78,815
Policy Transactions:
Premium payments received from Policy owners		295,517			295,952			256,012			649,882			2,046,682			1,624,900
Net transfers (including fixed account)		(95,610	)		(39,013	)		(919	)		(248,028	)		(277,248	)		(384,823	)
Policy charges		—			—			—			(113,465	)		(94,387	)		(98,124	)
Transfers for Policy benefits and terminations		(217,126	)		(313,260	)		(262,224	)		(213,589	)		(403,573	)		(70,583	)
Net increase (decrease) in net assets resulting from Policy transactions		(17,219	)		(56,321	)		(7,131	)		74,800			1,271,474			1,071,370
Net increase (decrease) in net assets		27,104			(16,029	)		48,821			75,319			1,285,784			1,150,185
Net Assets:
Beginning of year		238,953			254,982			206,161			5,426,872			4,141,088			2,990,903
End of year	$	266,057		$	238,953		$	254,982		$	5,502,191		$	5,426,872		$	4,141,088

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

	Fidelity® VIP High Income Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,743		$	22,778		$	22,492
Net realized gains (losses)		(11,667	)		(329	)		(8,256	)
Change in unrealized gains (losses) on investments		13,393			(7,991	)		48,742
Net increase (decrease) in net assets resulting from operations		6,469			14,458			62,978
Policy Transactions:
Premium payments received from Policy owners		10,290			42,437			45,376
Net transfers (including fixed account)		(480,363	)		530			(159,622	)
Policy charges		(2,024	)		(5,563	)		(6,232	)
Transfers for Policy benefits and terminations		—			—			(22	)
Net increase (decrease) in net assets resulting from Policy transactions		(472,097	)		37,404			(120,500	)
Net increase (decrease) in net assets		(465,628	)		51,862			(57,522	)
Net Assets:
Beginning of year		482,344			430,482			488,004
End of year	$	16,716		$	482,344		$	430,482

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Fidelity® VIP Investment Grade Bond Division									Fidelity® VIP Mid Cap Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	18,182		$	1,339		$	17,697		$	1,230		$	985		$	1,650
Net realized gains (losses)		21,066			17,623			(9,542	)		61,555			(1,177	)		26,255
Change in unrealized gains (losses) on investments		(27,592	)		(4,476	)		64,066			11,950			44,127			20,941
Net increase (decrease) in net assets resulting from operations		11,656			14,486			72,221			74,735			43,935			48,846
Policy Transactions:
Premium payments received from Policy owners		30,280			925			694			1,018			1,110			925
Net transfers (including fixed account)		1,086,062			(507,284	)		(500,326	)		—			8,489			(891	)
Policy charges		(17,407	)		(2,359	)		(8,726	)		(5,940	)		(4,791	)		(4,690	)
Transfers for Policy benefits and terminations		(46,666	)		(36,271	)		(167,050	)		(15,414	)		—			(8	)
Net increase (decrease) in net assets resulting from Policy transactions		1,052,269			(544,989	)		(675,408	)		(20,336	)		4,808			(4,664	)
Net increase (decrease) in net assets		1,063,925			(530,503	)		(603,187	)		54,399			48,743			44,182
Net Assets:
Beginning of year		43,647			574,150			1,177,337			305,209			256,466			212,284
End of year	$	1,107,572		$	43,647		$	574,150		$	359,608		$	305,209		$	256,466

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

	FTVIPT Franklin Income VIP Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	425		$	615		$	2,119
Net realized gains (losses)		135			(521	)		2,592
Change in unrealized gains (losses) on investments		961			(738	)		3,455
Net increase (decrease) in net assets resulting from operations		1,521			(644	)		8,166
Policy Transactions:
Premium payments received from Policy owners		—			—			1,695
Net transfers (including fixed account)		(2,629	)		(4,517	)		(55,336	)
Policy charges		(774	)		(1,040	)		(2,500	)
Transfers for Policy benefits and terminations		(41	)		(300	)		(1,738	)
Net increase (decrease) in net assets resulting from Policy transactions		(3,444	)		(5,857	)		(57,879	)
Net increase (decrease) in net assets		(1,923	)		(6,501	)		(49,713	)
Net Assets:
Beginning of year		11,247			17,748			67,461
End of year	$	9,324		$	11,247		$	17,748

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	FTVIPT Franklin Mutual Global Discovery VIP Division									FTVIPT Franklin Mutual Shares VIP Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,717		$	14,742		$	11,418		$	2,833		$	2,376		$	1,632
Net realized gains (losses)		12,416			8,709			57,941			(9	)		707			5,874
Change in unrealized gains (losses) on investments		84,002			(44,312	)		77,099			14,028			(5,735	)		12,534
Net increase (decrease) in net assets resulting from operations		99,135			(20,861	)		146,458			16,852			(2,652	)		20,040
Policy Transactions:
Premium payments received from Policy owners		14,791			59,672			63,421			—			—			5,550
Net transfers (including fixed account)		(707,565	)		(4,918	)		(166,891	)		(1,539	)		10,902			(22,823	)
Policy charges		(3,423	)		(7,314	)		(8,220	)		(5,239	)		(5,509	)		(7,030	)
Transfers for Policy benefits and terminations		—			—			(372	)		(88	)		(5,696	)		(6,389	)
Net increase (decrease) in net assets resulting from Policy transactions		(696,197	)		47,440			(112,062	)		(6,866	)		(303	)		(30,692	)
Net increase (decrease) in net assets		(597,062	)		26,579			34,396			9,986			(2,955	)		(10,652	)
Net Assets:
Beginning of year		702,191			675,612			641,216			90,404			93,359			104,011
End of year	$	105,129		$	702,191		$	675,612		$	100,390		$	90,404		$	93,359

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

	FTVIPT Templeton Foreign VIP Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	120,502		$	208,928		$	135,594
Net realized gains (losses)		2,452			(186,933	)		24,771
Change in unrealized gains (losses) on investments		122,188			2,570			684,100
Net increase (decrease) in net assets resulting from operations		245,142			24,565			844,465
Policy Transactions:
Premium payments received from Policy owners		169,646			116,692			188,939
Net transfers (including fixed account)		51,156			(1,270,200	)		(355,250	)
Policy charges		(126,927	)		(135,975	)		(147,587	)
Transfers for Policy benefits and terminations		(32,292	)		—			(205,431	)
Net increase (decrease) in net assets resulting from Policy transactions		61,583			(1,289,483	)		(519,329	)
Net increase (decrease) in net assets		306,725			(1,264,918	)		325,136
Net Assets:
Beginning of year		5,541,522			6,806,440			6,481,304
End of year	$	5,848,247		$	5,541,522		$	6,806,440

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	FTVIPT Templeton Global Bond VIP Division									Goldman Sachs Small Cap Equity Insights Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	82,669		$	67,748		$	103		$	46		$	35
Net realized gains (losses)		(5,752	)		(7,039	)		322			7,136			322			18
Change in unrealized gains (losses) on investments		(47,292	)		(127,688	)		(49,912	)		(1,923	)		5,290			1,566
Net increase (decrease) in net assets resulting from operations		(53,044	)		(52,058	)		18,158			5,316			5,658			1,619
Policy Transactions:
Premium payments received from Policy owners		40,080			76,873			72,622			468			1,112			1,112
Net transfers (including fixed account)		55,903			93,957			104,993			—			14,022			—
Policy charges		(28,467	)		(29,536	)		(29,394	)		(6,866	)		(4,479	)		(1,740	)
Transfers for Policy benefits and terminations		(1,929	)		(6	)		(199	)		—			—			(1	)
Net increase (decrease) in net assets resulting from Policy transactions		65,587			141,288			148,022			(6,398	)		10,655			(629	)
Net increase (decrease) in net assets		12,543			89,230			166,180			(1,082	)		16,313			990
Net Assets:
Beginning of year		1,116,752			1,027,522			861,342			23,927			7,614			6,624
End of year	$	1,129,295		$	1,116,752		$	1,027,522		$	22,845		$	23,927		$	7,614

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

	Invesco V.I. Comstock Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,386		$	14,525		$	10,095
Net realized gains (losses)		129,400			16,644			77,504
Change in unrealized gains (losses) on investments		25,084			(25,474	)		32,442
Net increase (decrease) in net assets resulting from operations		155,870			5,695			120,041
Policy Transactions:
Premium payments received from Policy owners		15,440			67,207			67,207
Net transfers (including fixed account)		(847,135	)		67,419			62
Policy charges		(4,492	)		(8,622	)		(7,665	)
Transfers for Policy benefits and terminations		—			(297	)		—
Net increase (decrease) in net assets resulting from Policy transactions		(836,187	)		125,707			59,604
Net increase (decrease) in net assets		(680,317	)		131,402			179,645
Net Assets:
Beginning of year		771,760			640,358			460,713
End of year	$	91,443		$	771,760		$	640,358

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Invesco V.I. International Growth Division									Janus Henderson Balanced Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	6,245		$	9,489		$	5,657		$	11,727		$	22,288		$	22,745
Net realized gains (losses)		37,842			11,496			27,594			26,416			36,976			65,235
Change in unrealized gains (losses) on investments		(17,233	)		38,391			56,665			235,076			141,774			195,105
Net increase (decrease) in net assets resulting from operations		26,854			59,376			89,916			273,219			201,038			283,085
Policy Transactions:
Premium payments received from Policy owners		1,281			866			74			1,422			3,102			8,633
Net transfers (including fixed account)		27,358			11,943			6,603			10			(21,205	)		(99,321	)
Policy charges		(19,340	)		(18,638	)		(17,315	)		(37,017	)		(35,900	)		(33,924	)
Transfers for Policy benefits and terminations		(3,272	)		—			(110	)		—			(21	)		(1	)
Net increase (decrease) in net assets resulting from Policy transactions		6,027			(5,829	)		(10,748	)		(35,585	)		(54,024	)		(124,613	)
Net increase (decrease) in net assets		32,881			53,547			79,168			237,634			147,014			158,472
Net Assets:
Beginning of year		455,988			402,441			323,273			1,634,516			1,487,502			1,329,030
End of year	$	488,869		$	455,988		$	402,441		$	1,872,150		$	1,634,516		$	1,487,502

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

	Janus Henderson Enterprise Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	769		$	—		$	204
Net realized gains (losses)		70,994			61,371			34,881
Change in unrealized gains (losses) on investments		(19,152	)		1,322			82,268
Net increase (decrease) in net assets resulting from operations		52,611			62,693			117,353
Policy Transactions:
Premium payments received from Policy owners		—			—			—
Net transfers (including fixed account)		11,319			(64,082	)		61,902
Policy charges		(3,421	)		(3,736	)		(4,251	)
Transfers for Policy benefits and terminations		(64,437	)		(90,124	)		(99,444	)
Net increase (decrease) in net assets resulting from Policy transactions		(56,539	)		(157,942	)		(41,793	)
Net increase (decrease) in net assets		(3,928	)		(95,249	)		75,560
Net Assets:
Beginning of year		343,695			438,944			363,384
End of year	$	339,767		$	343,695		$	438,944

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Janus Henderson Forty Division									Janus Henderson Research Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	893		$	97		$	623		$	1,968		$	1,819
Net realized gains (losses)		96,351			130,209			34,845			33,435			42,922			49,153
Change in unrealized gains (losses) on investments		53,388			49,782			88,897			81,603			96,036			65,232
Net increase (decrease) in net assets resulting from operations		149,739			180,884			123,839			115,661			140,926			116,204
Policy Transactions:
Premium payments received from Policy owners		2,875			3,548			4,488			—			4,956			7,520
Net transfers (including fixed account)		13			1,163			36,386			—			—			—
Policy charges		(12,515	)		(8,771	)		(7,861	)		(4,725	)		(11,757	)		(11,575	)
Transfers for Policy benefits and terminations		—			—			(119	)		—			(5,404	)		(53	)
Net increase (decrease) in net assets resulting from Policy transactions		(9,627	)		(4,060	)		32,894			(4,725	)		(12,205	)		(4,108	)
Net increase (decrease) in net assets		140,112			176,824			156,733			110,936			128,721			112,096
Net Assets:
Beginning of year		665,970			489,146			332,413			571,287			442,566			330,470
End of year	$	806,082		$	665,970		$	489,146		$	682,223		$	571,287		$	442,566

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

	MFS® VIT Global Equity Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	700		$	1,162		$	412
Net realized gains (losses)		10,012			4,855			3,034
Change in unrealized gains (losses) on investments		12,859			9,767			11,154
Net increase (decrease) in net assets resulting from operations		23,571			15,784			14,600
Policy Transactions:
Premium payments received from Policy owners		3,842			2,598			222
Net transfers (including fixed account)		—			(4,129	)		72,771
Policy charges		(1,618	)		(1,436	)		(991	)
Transfers for Policy benefits and terminations		—			—			(464	)
Net increase (decrease) in net assets resulting from Policy transactions		2,224			(2,967	)		71,538
Net increase (decrease) in net assets		25,795			12,817			86,138
Net Assets:
Beginning of year		138,775			125,958			39,820
End of year	$	164,570		$	138,775		$	125,958

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	MFS® VIT New Discovery Division									MFS® VIT II High Yield Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	—		$	—		$	8,360		$	8,931		$	8,930
Net realized gains (losses)		6,841			2,976			5,602			(139	)		(285	)		(222	)
Change in unrealized gains (losses) on investments		(6,217	)		7,845			2,141			(2,893	)		(661	)		12,834
Net increase (decrease) in net assets resulting from operations		624			10,821			7,743			5,328			7,985			21,542
Policy Transactions:
Premium payments received from Policy owners		—			—			—			—			—			—
Net transfers (including fixed account)		—			217			—			—			—			—
Policy charges		(1,941	)		(1,528	)		(1,339	)		(2,404	)		(2,954	)		(2,859	)
Transfers for Policy benefits and terminations		(1	)		—			(918	)		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(1,942	)		(1,311	)		(2,257	)		(2,404	)		(2,954	)		(2,859	)
Net increase (decrease) in net assets		(1,318	)		9,510			5,486			2,924			5,031			18,683
Net Assets:
Beginning of year		34,362			24,852			19,366			174,064			169,033			150,350
End of year	$	33,044		$	34,362		$	24,852		$	176,988		$	174,064		$	169,033

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

	Morgan Stanley VIF Emerging Markets Debt Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	37,404		$	30,772		$	52,530
Net realized gains (losses)		(4,949	)		(63,119	)		(25,748	)
Change in unrealized gains (losses) on investments		(43,369	)		42,820			107,048
Net increase (decrease) in net assets resulting from operations		(10,914	)		10,473			133,830
Policy Transactions:
Premium payments received from Policy owners		2,126			2,126			2,126
Net transfers (including fixed account)		3,093			(301,364	)		(226,515	)
Policy charges		(12,383	)		(14,930	)		(18,589	)
Transfers for Policy benefits and terminations		(10,016	)		—			—
Net increase (decrease) in net assets resulting from Policy transactions		(17,180	)		(314,168	)		(242,978	)
Net increase (decrease) in net assets		(28,094	)		(303,695	)		(109,148	)
Net Assets:
Beginning of year		673,108			976,803			1,085,951
End of year	$	645,014		$	673,108		$	976,803

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	Morgan Stanley VIF Emerging Markets Equity Division									PIMCO VIT All Asset Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	47,349		$	49,411		$	50,609		$	3,073		$	2,645		$	2,217
Net realized gains (losses)		81,302			71,413			314,002			40			(4,167	)		(3,753	)
Change in unrealized gains (losses) on investments		293			512,919			424,306			938			21			12,666
Net increase (decrease) in net assets resulting from operations		128,944			633,743			788,917			4,051			(1,501	)		11,130
Policy Transactions:
Premium payments received from Policy owners		3,925			17,957			15,857			640			2,801			9,847
Net transfers (including fixed account)		1,124,005			(347,419	)		(822,568	)		1			(65,384	)		(67,071	)
Policy charges		(92,484	)		(69,509	)		(83,076	)		(582	)		(1,266	)		(4,047	)
Transfers for Policy benefits and terminations		(58,964	)		(23,493	)		(11,075	)		—			—			(1	)
Net increase (decrease) in net assets resulting from Policy transactions		976,482			(422,464	)		(900,862	)		59			(63,849	)		(61,272	)
Net increase (decrease) in net assets		1,105,426			211,279			(111,945	)		4,110			(65,350	)		(50,142	)
Net Assets:
Beginning of year		4,501,048			4,289,769			4,401,714			24,946			90,296			140,438
End of year	$	5,606,474		$	4,501,048		$	4,289,769		$	29,056		$	24,946		$	90,296

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

	PIMCO VIT CommodityRealReturn® Strategy Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,611		$	1,576		$	1,113
Net realized gains (losses)		566			(3,179	)		(679	)
Change in unrealized gains (losses) on investments		8,452			2,517			2,187
Net increase (decrease) in net assets resulting from operations		10,629			914			2,621
Policy Transactions:
Premium payments received from Policy owners		686			1,974			1,288
Net transfers (including fixed account)		—			10,256			—
Policy charges		(4,806	)		(3,545	)		(4,077	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(4,120	)		8,685			(2,789	)
Net increase (decrease) in net assets		6,509			9,599			(168	)
Net Assets:
Beginning of year		33,556			23,957			24,125
End of year	$	40,065		$	33,556		$	23,957

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)
For the years ended December 31, 2021, 2020 and 2019

	PIMCO VIT Low Duration Division									Pioneer Mid Cap Value VCT Division
	2021			2020			2019			2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,480		$	10,732		$	25,038		$	169		$	153		$	—
Net realized gains (losses)		(62	)		(334	)		(3,978	)		16			399			—
Change in unrealized gains (losses) on investments		(12,342	)		16,064			14,745			4,256			42			241
Net increase (decrease) in net assets resulting from operations		(7,924	)		26,462			35,805			4,441			594			241
Policy Transactions:
Premium payments received from Policy owners		—			—			3,335			640			433			37
Net transfers (including fixed account)		—			(43,993	)		(75,623	)		1			1,501			12,129
Policy charges		(11,919	)		(15,954	)		(16,147	)		(123	)		(82	)		(7	)
Transfers for Policy benefits and terminations		—			(1	)		(8,284	)		—			(38	)		(20	)
Net increase (decrease) in net assets resulting from Policy transactions		(11,919	)		(59,948	)		(96,719	)		518			1,814			12,139
Net increase (decrease) in net assets		(19,843	)		(33,486	)		(60,914	)		4,959			2,408			12,380
Net Assets:
Beginning of year		864,722			898,208			959,122			14,788			12,380			—
End of year	$	844,879		$	864,722		$	898,208		$	19,747		$	14,788		$	12,380

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

	Royce Micro-Cap Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	—		$	—
Net realized gains (losses)		859			171			1,051
Change in unrealized gains (losses) on investments		3,499			2,620			898
Net increase (decrease) in net assets resulting from operations		4,358			2,791			1,949
Policy Transactions:
Premium payments received from Policy owners		—			—			—
Net transfers (including fixed account)		—			—			—
Policy charges		(157	)		(92	)		(90	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(157	)		(92	)		(90	)
Net increase (decrease) in net assets		4,201			2,699			1,859
Net Assets:
Beginning of year		14,566			11,867			10,008
End of year	$	18,767		$	14,566		$	11,867

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)
For the years ended December 31, 2021, 2020 and 2019

	Royce Small-Cap Division
	2021			2020			2019
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	241		$	126		$	100
Net realized gains (losses)		44			(342	)		1,689
Change in unrealized gains (losses) on investments		3,763			(864	)		695
Net increase (decrease) in net assets resulting from operations		4,048			(1,080	)		2,484
Policy Transactions:
Premium payments received from Policy owners		1,018			1,110			925
Net transfers (including fixed account)		—			3			1
Policy charges		(1,472	)		(1,344	)		(1,486	)
Transfers for Policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from Policy transactions		(454	)		(231	)		(560	)
Net increase (decrease) in net assets		3,594			(1,311	)		1,924
Net Assets:
Beginning of year		14,133			15,444			13,520
End of year	$	17,727		$	14,133		$	15,444

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

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.

167

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

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, 2021:

AB VPS Global Thematic Growth Division

AB VPS Intermediate Bond Division

American Funds^® American High-Income Trust Division

American Funds^® Global Small Capitalization Division

American Funds^® Growth Division

American Funds^® Growth-Income Division

American Funds^® International Division

American Funds^® The Bond Fund of America Division

American Funds^® U.S. Government 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 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 CBRE Global Real Estate Division

BHFTI Harris Oakmark International Division

BHFTI Invesco Balanced-Risk Allocation Division

BHFTI Invesco Global Equity Division

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 PanAgora Global Diversified Risk II 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

168

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

2.  LIST OF DIVISIONS — (Concluded)

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

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. The following Divisions had no net assets as of December 31, 2021:

Janus Henderson Overseas Division

PIMCO VIT Long-Term U.S. Government Division

Putnam VT International Value Division

3.  PORTFOLIO CHANGES

The operations of the Divisions were affected by the following changes that occurred during the year ended December 31, 2021:

Name Changes:

Former Name

American Funds^® Bond Fund

American Funds^® High-Income Bond Fund

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

BHFTI AQR Global Risk Balanced Portfolio

BHFTI Clarion Global Real Estate Portfolio

New Name

American Funds^® The Bond Fund of America

American Funds^® American High-Income Trust

American Funds^® U.S. Government Securities Fund

BHFTI PanAgora Global Diversified Risk II Portfolio

BHFTI CBRE Global Real Estate Portfolio

169

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

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.

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.

170

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

4.  SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

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 COVID-19 pandemic has caused volatility within the global economy and financial markets. This pandemic may last for an extended period of time and may continue to impact the economy for the foreseeable future. These events may negatively affect the Separate Account's operations or financial results.

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, 2021:

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.

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. For certain Policies, an administrative charge ranging from 0.55% to 1.05% is assessed. A transfer fee of $25 may be deducted after twelve transfers made in a Policy year. The Company is currently waiving the transfer fee, but reserves the right to impose such charges in the future. Policy administrative charges range from $0 to $35 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 of $40.00 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, assessed through redemption of units, and recorded as Policy charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2021, 2020 and 2019.

171

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

5.  EXPENSES & POLICY CHARGES — (Concluded)

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. The charge for riders providing benefits of a disability wavier of monthly deductions in the event of disability can range from $0.00 to $21.75 per $100 of the benefit provided or $0.01 to $0.45 per $1,000 of benefit provided depending on the Policy. The charge for riders providing benefits of a disability wavier of premium benefit in the event of disability can range from $0.00 to $61.44 per $100 of the benefit provided depending on the Policy. 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, 2021, 2020 and 2019.

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 ($)
	2021		2021		2021		2020		2019		2021		2020		2019
AB VPS Global Thematic Growth Division		16,996		712,607		704,614		5,137		8,516		20,343		736		15,703
AB VPS Intermediate Bond Division		15,434		164,353		6,509		5,683		13,348		1,956		5,293		15,645
American Funds® American High-Income Trust Division		68,616		682,517		652,385		14,798		25,735		19,263		492		325
American Funds® Global Small Capitalization Division		2,874,746		62,743,318		4,640,192		6,694,687		5,423,055		6,896,856		7,872,365		6,581,286
American Funds® Growth Division		2,805,875		197,989,855		46,006,164		21,407,104		24,640,273		25,970,805		36,046,153		18,226,695
American Funds® Growth-Income Division		2,436,485		101,465,164		4,098,491		6,887,513		15,503,283		10,549,860		9,087,463		9,209,449
American Funds® International Division		101,766		2,097,840		165,452		145,828		140,925		94,844		208,952		201,259
American Funds® The Bond Fund of America Division		741,914		8,202,483		1,702,991		2,332,672		1,816,918		950,054		1,733,148		1,039,676
American Funds® U.S. Government Securities Division		5,404		66,298		6,299		3,765		4,609		1,719		2,043		1,823
BHFTI AB Global Dynamic Allocation Division		8,863		104,318		15,332		21,014		13,822		9,684		6,680		9,136
BHFTI American Funds® Balanced Allocation Division		149,252		1,541,713		483,440		319,365		201,961		309,012		381,321		54,037
BHFTI American Funds® Growth Allocation Division		283,548		2,769,732		620,905		302,305		418,635		192,299		108,510		575,140
BHFTI American Funds® Moderate Allocation Division		186,654		1,870,185		268,923		243,397		265,804		95,847		171,899		166,002
BHFTI BlackRock Global Tactical Strategies Division		57,287		584,832		110,675		150,812		78,541		173,880		37,789		24,804
BHFTI Brighthouse Asset Allocation 100 Division		2,528,441		30,098,498		7,640,042		6,151,229		4,182,599		3,656,026		4,423,886		3,540,964
BHFTI Brighthouse Balanced Plus Division		43,798		486,486		62,768		89,436		43,872		14,619		78,308		23,894
BHFTI Brighthouse Small Cap Value Division		72,809		1,068,548		37,511		93,062		138,155		17,403		13,312		223,108
BHFTI Brighthouse/ Aberdeen Emerging Markets Equity Division		148,498		1,528,432		201,686		178,415		288,734		137,535		164,079		101,311
BHFTI Brighthouse/ Templeton International Bond Division		42,179		404,891		51,080		83,803		75,982		7,338		46,116		8,805
BHFTI Brighthouse/ Wellington Large Cap Research Division		35,471,716		449,443,318		68,444,691		40,932,335		59,684,061		40,762,369		31,078,785		33,896,577
BHFTI CBRE Global Real Estate Division		2,207,350		25,850,264		2,258,393		4,808,218		2,237,717		3,504,734		4,864,001		2,906,934
BHFTI Harris Oakmark International Division		3,040,521		41,040,853		3,158,224		5,231,700		5,126,372		4,730,449		5,640,154		3,801,215
BHFTI Invesco Balanced-Risk Allocation Division		9,610		93,530		14,878		15,991		8,552		3,383		3,088		2,458
BHFTI Invesco Global Equity Division		2,480,765		45,902,192		7,184,443		3,766,145		9,782,972		8,079,612		7,831,798		6,542,629

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 ($)
	2021		2021		2021		2020		2019		2021		2020		2019
BHFTI Invesco Small Cap Growth Division		782,282		12,125,324		4,983,255		2,201,735		1,665,231		2,202,346		1,756,812		1,132,741
BHFTI JPMorgan Global Active Allocation Division		17,618		207,232		39,414		45,532		45,987		15,070		33,417		104,349
BHFTI JPMorgan Small Cap Value Division		38,355		610,442		209,780		113,264		193,731		258,918		60,497		47,982
BHFTI Loomis Sayles Global Allocation Division		22,857		365,825		72,336		94,684		88,592		196,531		32,728		36,258
BHFTI Loomis Sayles Growth Division		3,587,958		45,302,712		2,620,020		17,607,875		6,947,060		4,566,438		4,867,838		3,813,230
BHFTI MetLife Multi-Index Targeted Risk Division		17,295		209,987		26,489		39,737		17,607		12,900		15,143		9,590
BHFTI MFS® Research International Division		1,702,371		19,732,738		2,385,503		5,870,281		1,570,671		2,440,344		3,636,856		1,560,226
BHFTI Morgan Stanley Discovery Division		30,001,488		615,922,133		378,084,973		78,581,395		62,754,640		62,148,405		46,636,989		26,148,335
BHFTI PanAgora Global Diversified Risk Division		104		1,161		514		293		324		149		135		142
BHFTI PanAgora Global Diversified Risk II Division		23,811		215,470		27,885		44,543		25,618		29,687		13,182		10,925
BHFTI PIMCO Inflation Protected Bond Division		1,011,764		10,725,171		2,130,571		2,018,598		1,049,053		1,934,620		1,966,920		962,894
BHFTI PIMCO Total Return Division		4,782,769		56,610,282		9,318,014		14,077,027		3,985,112		3,267,750		12,561,957		3,764,701
BHFTI Schroders Global Multi-Asset Division		10,785		129,495		16,381		28,685		19,343		8,447		9,652		13,614
BHFTI SSGA Growth and Income ETF Division		744,926		8,693,781		1,289,034		1,100,249		1,087,988		963,987		1,221,256		907,905
BHFTI SSGA Growth ETF Division		725,754		8,444,112		1,210,570		1,070,627		1,270,542		618,465		634,570		1,069,547
BHFTI T. Rowe Price Large Cap Value Division		106,437		2,990,534		103,614		338,749		456,755		275,039		54,544		537,243
BHFTI T. Rowe Price Mid Cap Growth Division		4,413,305		45,975,789		7,258,118		6,955,959		8,599,988		5,376,782		6,665,870		5,312,678
BHFTI Victory Sycamore Mid Cap Value Division		5,086,914		89,108,150		6,012,040		8,535,900		4,760,437		7,959,144		5,825,537		6,206,952
BHFTII Baillie Gifford International Stock Division		4,144,030		48,948,448		8,510,025		5,502,277		4,243,165		3,866,998		4,076,434		4,095,527
BHFTII BlackRock Bond Income Division		748,387		80,379,367		7,610,192		8,980,235		11,357,328		7,987,922		9,426,318		5,217,370
BHFTII BlackRock Capital Appreciation Division		476,249		19,186,479		5,691,636		5,487,010		3,489,462		2,669,348		3,379,735		1,668,009
BHFTII BlackRock Ultra-Short Term Bond Division		236,261		23,822,201		3,665,027		19,092,049		6,553,360		5,502,026		21,095,332		6,874,202
BHFTII Brighthouse Asset Allocation 20 Division		406,613		4,536,045		1,709,432		1,274,817		739,432		1,748,131		1,248,834		613,038
BHFTII Brighthouse Asset Allocation 40 Division		970,911		11,158,360		1,550,784		1,468,646		1,763,446		1,611,676		1,339,932		1,376,047
BHFTII Brighthouse Asset Allocation 60 Division		5,119,214		58,781,793		6,657,037		6,478,700		7,209,544		4,102,286		4,710,599		4,505,315
BHFTII Brighthouse Asset Allocation 80 Division		9,222,389		111,195,875		13,892,627		14,465,558		14,458,288		9,559,398		7,019,585		8,472,662
BHFTII Brighthouse/Artisan Mid Cap Value Division		270,997		58,081,952		4,496,224		3,965,888		8,065,497		5,847,301		4,502,533		4,015,788

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 ($)
	2021		2021		2021		2020		2019		2021		2020		2019
BHFTII Brighthouse/ Wellington Balanced Division		17,958,179		319,267,218		42,122,242		25,608,624		30,060,296		23,980,735		23,237,136		23,505,436
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division		2,827,961		84,318,506		7,706,968		13,054,670		9,322,564		6,734,726		6,576,512		8,085,758
BHFTII Frontier Mid Cap Growth Division		8,681,996		266,633,297		50,221,499		33,139,878		35,214,753		24,813,018		20,288,351		18,636,268
BHFTII Jennison Growth Division		3,028,247		47,291,126		16,959,360		9,658,535		7,751,881		14,331,823		10,162,624		5,050,978
BHFTII Loomis Sayles Small Cap Core Division		107,186		25,580,517		2,613,477		2,973,140		3,014,928		2,491,215		2,501,957		2,292,228
BHFTII Loomis Sayles Small Cap Growth Division		1,126,149		14,444,107		2,599,270		2,523,891		2,831,850		2,207,438		2,667,010		1,806,127
BHFTII MetLife Aggregate Bond Index Division		15,179,581		167,439,058		27,603,506		31,916,931		28,316,449		8,911,130		27,363,175		10,862,366
BHFTII MetLife Mid Cap Stock Index Division		6,047,864		94,288,074		11,966,063		20,996,786		16,329,218		13,554,167		17,866,915		12,363,323
BHFTII MetLife MSCI EAFE® Index Division		7,303,884		89,677,778		9,691,782		13,081,751		12,009,660		6,870,248		12,998,744		8,127,844
BHFTII MetLife Russell 2000® Index Division		4,329,941		72,445,188		12,306,245		12,497,868		11,535,794		10,119,230		11,907,590		9,587,694
BHFTII MetLife Stock Index Division		23,904,222		968,306,662		140,895,677		136,710,082		126,537,714		103,868,175		99,332,093		88,072,965
BHFTII MFS® Total Return Division		62,162		9,694,447		1,188,311		1,092,240		2,736,787		1,730,567		1,237,068		24,051,730
BHFTII MFS® Value Division		7,624,768		110,762,977		6,221,424		15,430,830		11,629,824		14,393,704		13,905,647		9,898,264
BHFTII Neuberger Berman Genesis Division		6,427,130		109,887,586		11,772,370		10,743,267		17,674,000		10,980,226		9,159,079		8,829,745
BHFTII T. Rowe Price Large Cap Growth Division		5,763,839		117,707,407		22,824,171		13,721,898		18,601,560		11,931,931		11,580,716		9,206,900
BHFTII T. Rowe Price Small Cap Growth Division		6,490,245		125,630,271		22,369,359		31,589,411		21,091,527		13,984,240		29,016,588		12,723,797
BHFTII Van Eck Global Natural Resources Division		33,675		313,273		70,770		103,284		85,714		72,257		169,685		36,814
BHFTII Western Asset Management Strategic Bond Opportunities Division		4,061,029		52,684,370		5,171,620		7,799,220		8,197,998		5,180,403		8,198,965		4,807,303
BHFTII Western Asset Management U.S. Government Division		1,684,424		20,109,965		2,418,918		6,182,507		1,846,747		2,088,547		2,633,036		2,262,423
Fidelity® VIP Asset Manager: Growth Division		110,911		1,807,449		90,562		108,905		163,944		120,713		124,616		168,119
Fidelity® VIP Contrafund® Division		97,195		3,208,856		634,383		265,699		764,751		187,860		164,896		761,697
Fidelity® VIP Equity-Income Division		24,368		631,429		633,543		8,165		162,357		4,143		144,887		1,220
Fidelity® VIP Freedom 2010 Division		12,529		169,148		33,084		138,299		50,023		25,156		141,436		41,445
Fidelity® VIP Freedom 2020 Division		53,070		563,951		135,964		143,931		154,689		76,561		98,244		93,783
Fidelity® VIP Freedom 2025 Division		39,436		533,459		42,509		31,559		25,102		16,852		11,473		11,189
Fidelity® VIP Freedom 2030 Division		24,792		394,725		268,849		280,248		232,170		284,761		261,969		155,175
Fidelity® VIP Freedom 2040 Division		18,332		437,891		237,152		244,672		191,884		259,070		166,615		140,495

175

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 ($)
	2021		2021		2021		2020		2019		2021		2020		2019
Fidelity® VIP Freedom 2050 Division		10,094		226,541		168,891		184,959		153,698		174,538		229,119		149,846
Fidelity® VIP Government Money Market Division		5,502,191		5,502,191		2,179,014		6,281,176		3,767,089		2,103,695		4,995,392		2,616,903
Fidelity® VIP High Income Division		3,184		17,341		15,001		65,577		79,975		482,355		5,396		177,982
Fidelity® VIP Investment Grade Bond Division		84,034		1,132,723		1,154,182		222,151		191,421		63,192		765,753		849,132
Fidelity® VIP Mid Cap Division		9,129		291,097		57,835		14,895		28,876		20,963		9,101		5,589
FTVIPT Franklin Income VIP Division		556		8,474		474		926		4,099		3,493		6,161		59,218
FTVIPT Franklin Mutual Global Discovery VIP Division		5,361		100,969		17,414		85,957		146,620		710,894		11,968		175,537
FTVIPT Franklin Mutual Shares VIP Division		5,229		97,367		4,683		17,824		35,387		8,716		12,448		55,720
FTVIPT Templeton Foreign VIP Division		420,737		5,923,743		328,283		1,078,600		552,990		146,198		2,159,156		867,527
FTVIPT Templeton Global Bond VIP Division		81,715		1,364,155		95,730		278,685		289,733		30,144		54,727		73,962
Goldman Sachs Small Cap Equity Insights Division		1,747		19,518		5,449		15,467		1,303		6,866		4,483		1,740
Invesco V.I. Comstock Division		4,344		70,648		16,826		166,914		154,453		851,627		8,622		7,665
Invesco V.I. International Growth Division		11,806		411,784		67,638		37,717		56,397		22,386		24,915		38,638
Janus Henderson Balanced Division		35,231		1,102,804		26,034		47,636		66,915		37,016		57,135		133,246
Janus Henderson Enterprise Division		3,674		266,252		132,151		191,673		61,835		158,895		322,908		79,552
Janus Henderson Forty Division		14,232		623,734		96,176		581,268		74,912		12,049		543,510		7,861
Janus Henderson Research Division		12,115		352,273		31,907		44,277		63,792		4,725		16,442		25,503
MFS® VIT Global Equity Division		6,178		129,119		14,120		8,248		75,837		1,480		5,439		992
MFS® VIT New Discovery Division		1,666		28,543		6,270		3,008		9,663		1,941		1,523		7,260
MFS® VIT II High Yield Division		32,121		189,975		8,360		8,931		8,931		2,404		2,954		2,859
Morgan Stanley VIF Emerging Markets Debt Division		89,585		691,443		135,149		322,745		99,623		114,926		606,140		290,071
Morgan Stanley VIF Emerging Markets Equity Division		309,579		4,798,657		1,426,157		1,743,886		938,639		402,326		2,056,980		1,462,851
PIMCO VIT All Asset Division		2,524		27,118		3,663		5,228		84,836		531		66,432		143,890
PIMCO VIT CommodityRealReturn® Strategy Division		5,176		32,402		1,931		18,823		2,401		4,439		8,564		4,077
PIMCO VIT Low Duration Division		82,588		858,827		4,480		10,733		71,111		11,920		59,947		142,792
Pioneer Mid Cap Value VCT Division		856		15,208		799		2,450		12,146		112		76		7
Royce Micro-Cap Division		1,271		13,373		813		186		1,056		157		92		90
Royce Small-Cap Division		1,884		16,435		1,166		1,558		2,904		1,379		1,434		1,577

176

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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, 2021, 2020 and 2019:

	AB VPS Global Thematic Growth Division									AB VPS Intermediate Bond Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		2,943			2,852			3,702			8,355			8,607			8,974
Units issued and transferred from other funding options		37,580			154			605			—			34			538
Units redeemed and transferred to other funding options		(1,188	)		(63	)		(1,455	)		(101	)		(286	)		(905	)
Units end of year		39,335			2,943			2,852			8,254			8,355			8,607
	American Funds® Growth Division									American Funds® Growth-Income Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		807,747			771,615			836,344			835,146			883,644			944,058
Units issued and transferred from other funding options		37,582			278,019	*		48,368			39,288			64,550			62,135
Units redeemed and transferred to other funding options		(97,965	)		(241,887	)		(113,097	)		(90,122	)		(113,048	)		(122,549	)
Units end of year		747,364			807,747			771,615			784,312			835,146			883,644
	American Funds® U.S. Government Securities Division									BHFTI AB Global Dynamic Allocation Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		2,271			2,299			2,234			5,884			5,461			5,469
Units issued and transferred from other funding options		—			46			137			473			845			585
Units redeemed and transferred to other funding options		(62	)		(74	)		(72	)		(514	)		(422	)		(593	)
Units end of year		2,209			2,271			2,299			5,843			5,884			5,461

* 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.

178

	American Funds® American High-Income Trust Division									American Funds® Global Small Capitalization Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		2,630			1,992			546			1,190,615			1,280,303			1,386,320
Units issued and transferred from other funding options		32,612			668			1,466			82,735			115,958			98,762
Units redeemed and transferred to other funding options		(999	)		(30	)		(20	)		(134,126	)		(205,646	)		(204,779	)
Units end of year		34,243			2,630			1,992			1,139,224			1,190,615			1,280,303
	American Funds® International Division									American Funds® The Bond Fund of America Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		41,938			43,385			46,499			435,425			414,967			376,098
Units issued and transferred from other funding options		2,293			3,418			1,907			123,121			178,829			133,544
Units redeemed and transferred to other funding options		(2,034	)		(4,865	)		(5,021	)		(102,657	)		(158,371	)		(94,675	)
Units end of year		42,197			41,938			43,385			455,889			435,425			414,967
	BHFTI American Funds® Balanced Allocation Division									BHFTI American Funds® Growth Allocation Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		60,418			67,995			66,505			97,971			98,420			116,394
Units issued and transferred from other funding options		15,969			9,639			4,212			17,472			4,201			9,785
Units redeemed and transferred to other funding options		(12,362	)		(17,216	)		(2,722	)		(6,582	)		(4,650	)		(27,759	)
Units end of year		64,025			60,418			67,995			108,861			97,971			98,420

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, 2021, 2020 and 2019:

	BHFTI American Funds® Moderate Allocation Division									BHFTI BlackRock Global Tactical Strategies Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		81,015			82,898			83,960			38,507			34,843			31,192
Units issued and transferred from other funding options		7,181			6,586			8,035			4,160			6,092			5,274
Units redeemed and transferred to other funding options		(4,046	)		(8,469	)		(9,097	)		(9,553	)		(2,428	)		(1,623	)
Units end of year		84,150			81,015			82,898			33,114			38,507			34,843
	BHFTI Brighthouse Small Cap Value Division									BHFTI Brighthouse/Aberdeen Emerging Markets Equity Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		29,467			28,267			33,559			83,457			86,472			77,696
Units issued and transferred from other funding options		617			1,672			1,636			8,724			9,239			15,340
Units redeemed and transferred to other funding options		(408	)		(472	)		(6,928	)		(4,926	)		(12,254	)		(6,564	)
Units end of year		29,676			29,467			28,267			87,255			83,457			86,472
	BHFTI CBRE Global Real Estate Division									BHFTI Harris Oakmark International Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		990,960			1,058,412			1,119,415			1,098,169			1,149,294			1,222,892
Units issued and transferred from other funding options		100,962			542,417			118,771			120,614			198,339			111,388
Units redeemed and transferred to other funding options		(167,672	)		(609,869	)		(179,774	)		(177,332	)		(249,464	)		(184,986	)
Units end of year		924,250			990,960			1,058,412			1,041,451			1,098,169			1,149,294

* 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.

180

	BHFTI Brighthouse Asset Allocation 100 Division									BHFTI Brighthouse Balanced Plus Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		880,792			923,654			1,019,388			22,076			24,489			23,872
Units issued and transferred from other funding options		152,544			148,064			87,615			1,568			1,742			2,047
Units redeemed and transferred to other funding options		(124,409	)		(190,926	)		(183,349	)		(662	)		(4,155	)		(1,430	)
Units end of year		908,927			880,792			923,654			22,982			22,076			24,489
	BHFTI Brighthouse/Templeton International Bond Division									BHFTI Brighthouse/Wellington Large Cap Research Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		21,919			20,570			17,688			7,329,428			7,682,381			8,203,510
Units issued and transferred from other funding options		3,794			4,668			3,473			322,164			541,345			491,293
Units redeemed and transferred to other funding options		(540	)		(3,319	)		(591	)		(739,899	)		(894,298	)		(1,012,422	)
Units end of year		25,173			21,919			20,570			6,911,693			7,329,428			7,682,381
	BHFTI Invesco Balanced-Risk Allocation Division									BHFTI Invesco Global Equity Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		52,763			48,880			44,433			1,152,521			1,230,393			1,327,490
Units issued and transferred from other funding options		5,567			6,102			6,242			98,265			171,312			201,727
Units redeemed and transferred to other funding options		(2,011	)		(2,219	)		(1,795	)		(152,281	)		(249,184	)		(298,824	)
Units end of year		56,319			52,763			48,880			1,098,505			1,152,521			1,230,393

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, 2021, 2020 and 2019:

	BHFTI Invesco Small Cap Growth Division									BHFTI JPMorgan Global Active Allocation Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		170,045			172,676			189,081			110,963			109,106			150,720
Units issued and transferred from other funding options		46,212			41,501			20,954			13,947			22,853			25,625
Units redeemed and transferred to other funding options		(39,848	)		(44,132	)		(37,359	)		(7,974	)		(20,996	)		(67,239	)
Units end of year		176,409			170,045			172,676			116,936			110,963			109,106
	BHFTI Loomis Sayles Growth Division									BHFTI MetLife Multi-Index Targeted Risk Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,591,359			1,729,858			1,851,832			1,152			1,128			1,102
Units issued and transferred from other funding options		80,239			131,564			143,376			78			116			90
Units redeemed and transferred to other funding options		(180,660	)		(270,063	)		(265,350	)		(69	)		(92	)		(64	)
Units end of year		1,490,938			1,591,359			1,729,858			1,161			1,152			1,128
	BHFTI PanAgora Global Diversified Risk Division									BHFTI PanAgora Global Diversified Risk II Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		548			484			355			15,032			14,354			13,539
Units issued and transferred from other funding options		270			160			238			1,406			1,752			1,724
Units redeemed and transferred to other funding options		(92	)		(96	)		(109	)		(2,142	)		(1,074	)		(909	)
Units end of year		726			548			484			14,296			15,032			14,354

* 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.

182

	BHFTI JPMorgan Small Cap Value Division									BHFTI Loomis Sayles Global Allocation Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		19,793			17,082			13,980			15,397			14,485			14,146
Units issued and transferred from other funding options		4,589			5,033			4,823			623			1,941			1,559
Units redeemed and transferred to other funding options		(6,466	)		(2,322	)		(1,721	)		(5,188	)		(1,029	)		(1,220	)
Units end of year		17,916			19,793			17,082			10,832			15,397			14,485
	BHFTI MFS® Research International Division									BHFTI Morgan Stanley Discovery Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		810,239			757,602			802,391			7,603,605			8,205,516			8,757,498
Units issued and transferred from other funding options		64,984			411,321			55,779			375,051			578,850			607,006
Units redeemed and transferred to other funding options		(103,326	)		(358,684	)		(100,568	)		(830,244	)		(1,180,761	)		(1,158,988	)
Units end of year		771,897			810,239			757,602			7,148,412			7,603,605			8,205,516
	BHFTI PIMCO Inflation Protected Bond Division									BHFTI PIMCO Total Return Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		564,791			584,141			599,323			2,127,098			2,140,981			2,196,080
Units issued and transferred from other funding options		139,342			132,974			86,749			416,353			884,650			227,323
Units redeemed and transferred to other funding options		(139,909	)		(152,324	)		(101,931	)		(218,315	)		(898,533	)		(282,422	)
Units end of year		564,224			564,791			584,141			2,325,136			2,127,098			2,140,981

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, 2021, 2020 and 2019:

	BHFTI Schroders Global Multi-Asset Division									BHFTI SSGA Growth and Income ETF Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		73,514			66,855			63,931			361,641			389,915			411,604
Units issued and transferred from other funding options		8,776			12,605			11,663			34,624			37,404			33,816
Units redeemed and transferred to other funding options		(4,771	)		(5,946	)		(8,739	)		(44,721	)		(65,678	)		(55,505	)
Units end of year		77,519			73,514			66,855			351,544			361,641			389,915
	BHFTI T. Rowe Price Mid Cap Growth Division									BHFTI Victory Sycamore Mid Cap Value Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,107,534			1,217,875			1,327,338			1,808,639			1,873,760			1,995,325
Units issued and transferred from other funding options		93,467			141,781			105,769			119,226			180,250			145,998
Units redeemed and transferred to other funding options		(150,440	)		(252,122	)		(215,232	)		(216,256	)		(245,371	)		(267,563	)
Units end of year		1,050,561			1,107,534			1,217,875			1,711,609			1,808,639			1,873,760
	BHFTII BlackRock Capital Appreciation Division									BHFTII BlackRock Ultra-Short Term Bond Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		345,252			346,393			361,309			1,362,096			1,501,263			1,542,974
Units issued and transferred from other funding options		53,823			102,537			47,005			218,727			1,932,378			355,734
Units redeemed and transferred to other funding options		(55,229	)		(103,678	)		(61,921	)		(318,804	)		(2,071,545	)		(397,445	)
Units end of year		343,846			345,252			346,393			1,262,019			1,362,096			1,501,263

* 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.

184

	BHFTI SSGA Growth ETF Division									BHFTI T. Rowe Price Large Cap Value Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		333,024			334,933			356,198			114,061			113,705			133,556
Units issued and transferred from other funding options		26,020			36,919			38,660			893			2,774			4,307
Units redeemed and transferred to other funding options		(28,058	)		(38,828	)		(59,925	)		(8,443	)		(2,418	)		(24,158	)
Units end of year		330,986			333,024			334,933			106,511			114,061			113,705
	BHFTII Baillie Gifford International Stock Division									BHFTII BlackRock Bond Income Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,983,009			2,066,442			2,204,495			2,497,234			2,580,447			2,438,867
Units issued and transferred from other funding options		174,638			302,563			202,103			296,903			698,610			537,636
Units redeemed and transferred to other funding options		(223,033	)		(385,996	)		(340,156	)		(429,740	)		(781,823	)		(396,056	)
Units end of year		1,934,614			1,983,009			2,066,442			2,364,397			2,497,234			2,580,447
	BHFTII Brighthouse Asset Allocation 20 Division									BHFTII Brighthouse Asset Allocation 40 Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		215,846			225,662			228,095			405,649			437,228			455,924
Units issued and transferred from other funding options		91,261			75,397			49,026			48,465			48,163			69,946
Units redeemed and transferred to other funding options		(101,937	)		(85,213	)		(51,459	)		(80,442	)		(79,742	)		(88,642	)
Units end of year		205,170			215,846			225,662			373,672			405,649			437,228

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, 2021, 2020 and 2019:

	BHFTII Brighthouse Asset Allocation 60 Division									BHFTII Brighthouse Asset Allocation 80 Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		2,185,612			2,321,571			2,440,917			3,924,463			4,095,013			4,357,846
Units issued and transferred from other funding options		161,302			177,968			212,672			237,490			297,963			320,207
Units redeemed and transferred to other funding options		(232,903	)		(313,927	)		(332,018	)		(425,420	)		(468,513	)		(583,040	)
Units end of year		2,114,011			2,185,612			2,321,571			3,736,533			3,924,463			4,095,013
	BHFTII Brighthouse/Wellington Core Equity Opportunities Division									BHFTII Frontier Mid Cap Growth Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		867,728			909,178			1,000,401			4,763,313			5,034,751			5,346,436
Units issued and transferred from other funding options		44,349			72,150			63,586			187,447			312,533			288,492
Units redeemed and transferred to other funding options		(89,884	)		(113,600	)		(154,809	)		(447,238	)		(583,971	)		(600,177	)
Units end of year		822,193			867,728			909,178			4,503,522			4,763,313			5,034,751
	BHFTII Loomis Sayles Small Cap Growth Division									BHFTII MetLife Aggregate Bond Index Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		357,529			405,373			443,647			5,813,302			5,812,785			5,275,887
Units issued and transferred from other funding options		31,255			39,048			35,033			1,217,746			2,864,213			1,345,846
Units redeemed and transferred to other funding options		(54,797	)		(86,892	)		(73,307	)		(656,697	)		(2,863,696	)		(808,948	)
Units end of year		333,987			357,529			405,373			6,374,351			5,813,302			5,812,785

* 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.

186

	BHFTII Brighthouse/Artisan Mid Cap Value Division									BHFTII Brighthouse/Wellington Balanced Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		129,202			132,110			139,029			6,068,802			6,391,352			6,756,248
Units issued and transferred from other funding options		10,261			18,309			9,865			336,269			520,612			530,532
Units redeemed and transferred to other funding options		(19,769	)		(21,217	)		(16,784	)		(647,284	)		(843,162	)		(895,428	)
Units end of year		119,694			129,202			132,110			5,757,787			6,068,802			6,391,352
	BHFTII Jennison Growth Division									BHFTII Loomis Sayles Small Cap Core Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		973,705			1,219,293			1,343,448			294,826			56,229			58,707
Units issued and transferred from other funding options		119,062			625,873			989,355			17,396			284,795	*		3,429
Units redeemed and transferred to other funding options		(369,473	)		(871,461	)		(1,113,510	)		(33,301	)		(46,198	)		(5,907	)
Units end of year		723,294			973,705			1,219,293			278,921			294,826			56,229
	BHFTII MetLife Mid Cap Stock Index Division									BHFTII MetLife MSCI EAFE® Index Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,980,000			2,028,102			2,176,295			4,476,776			4,565,504			4,552,151
Units issued and transferred from other funding options		162,884			622,162			353,710			521,843			1,390,489			963,856
Units redeemed and transferred to other funding options		(295,872	)		(670,264	)		(501,903	)		(497,598	)		(1,479,217	)		(950,503	)
Units end of year		1,847,012			1,980,000			2,028,102			4,501,021			4,476,776			4,565,504

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, 2021, 2020 and 2019:

	BHFTII MetLife Russell 2000® Index Division									BHFTII MetLife Stock Index Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,645,359			1,720,023			1,863,483			23,153,775			24,254,257			25,803,037
Units issued and transferred from other funding options		178,395			346,012			174,729			1,112,061			2,144,182			1,624,476
Units redeemed and transferred to other funding options		(239,138	)		(420,676	)		(318,189	)		(2,277,543	)		(3,244,664	)		(3,173,256	)
Units end of year		1,584,616			1,645,359			1,720,023			21,988,293			23,153,775			24,254,257
	BHFTII Neuberger Berman Genesis Division									BHFTII T. Rowe Price Large Cap Growth Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		2,384,020			2,525,813			2,696,612			2,266,675			2,411,422			2,584,754
Units issued and transferred from other funding options		120,328			183,570			172,138			163,074			217,243			167,674
Units redeemed and transferred to other funding options		(254,772	)		(325,363	)		(342,937	)		(254,690	)		(361,990	)		(341,006	)
Units end of year		2,249,576			2,384,020			2,525,813			2,175,059			2,266,675			2,411,422
	BHFTII Western Asset Management Strategic Bond Opportunities Division									BHFTII Western Asset Management U.S. Government Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,547,262			1,645,761			1,639,816			913,585			803,446			845,377
Units issued and transferred from other funding options		210,370			328,833			284,741			150,441			311,773			143,181
Units redeemed and transferred to other funding options		(240,039	)		(427,332	)		(278,796	)		(159,817	)		(201,634	)		(185,112	)
Units end of year		1,517,593			1,547,262			1,645,761			904,209			913,585			803,446

* 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.

188

	BHFTII MFS® Total Return Division									BHFTII MFS® Value Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		370,848			402,049			1,343,444			3,223,534			3,412,658			3,661,165
Units issued and transferred from other funding options		87,154			30,667			1,140,538			228,887			597,982			501,248
Units redeemed and transferred to other funding options		(129,863	)		(61,868	)		(2,081,933	)		(469,118	)		(787,106	)		(749,755	)
Units end of year		328,139			370,848			402,049			2,983,303			3,223,534			3,412,658
	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII Van Eck Global Natural Resources Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,994,254			2,156,978			2,312,969			2,444			2,985			2,550
Units issued and transferred from other funding options		128,903			467,077			287,625			401			1,122			763
Units redeemed and transferred to other funding options		(229,064	)		(629,801	)		(443,616	)		(447	)		(1,663	)		(328	)
Units end of year		1,894,093			1,994,254			2,156,978			2,398			2,444			2,985
	Fidelity® VIP Asset Manager: Growth Division									Fidelity® VIP Contrafund® Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		98,498			102,055			109,421			78,321			77,171			85,494
Units issued and transferred from other funding options		906			2,932			1,452			738			5,354			11,649
Units redeemed and transferred to other funding options		(4,828	)		(6,489	)		(8,818	)		(3,260	)		(4,204	)		(19,972	)
Units end of year		94,576			98,498			102,055			75,799			78,321			77,171

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, 2021, 2020 and 2019:

	Fidelity® VIP Equity-Income Division									Fidelity® VIP Freedom 2010 Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		63			5,962			64			8,277			9,084			9,170
Units issued and transferred from other funding options		16,028			8			5,943			2,155			8,809			5,829
Units redeemed and transferred to other funding options		(110	)		(5,907	)		(45	)		(2,150	)		(9,616	)		(5,915	)
Units end of year		15,981			63			5,962			8,282			8,277			9,084
	Fidelity® VIP Freedom 2030 Division									Fidelity® VIP Freedom 2040 Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		18,016			18,205			15,105			17,068			14,810			13,260
Units issued and transferred from other funding options		26,411			32,591			33,924			21,560			26,991			26,213
Units redeemed and transferred to other funding options		(27,832	)		(32,780	)		(30,824	)		(22,967	)		(24,733	)		(24,663	)
Units end of year		16,595			18,016			18,205			15,661			17,068			14,810
	Fidelity® VIP High Income Division									Fidelity® VIP Investment Grade Bond Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		18,065			16,565			21,615			2,069			29,736			66,819
Units issued and transferred from other funding options		386			1,722			2,309			53,840			11,139			9,647
Units redeemed and transferred to other funding options		(17,851	)		(222	)		(7,359	)		(3,022	)		(38,806	)		(46,730	)
Units end of year		600			18,065			16,565			52,887			2,069			29,736

* 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.

190

	Fidelity® VIP Freedom 2020 Division									Fidelity® VIP Freedom 2025 Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		26,351			26,304			25,229			19,701			20,110			20,549
Units issued and transferred from other funding options		7,646			11,533			15,400			550			—			—
Units redeemed and transferred to other funding options		(7,131	)		(11,486	)		(14,325	)		(695	)		(409	)		(439	)
Units end of year		26,866			26,351			26,304			19,556			19,701			20,110
	Fidelity® VIP Freedom 2050 Division									Fidelity® VIP Government Money Market Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		8,217			10,458			10,867			295,595			226,282			166,726
Units issued and transferred from other funding options		10,389			14,929			15,935			122,630			342,727			206,921
Units redeemed and transferred to other funding options		(10,842	)		(17,170	)		(16,344	)		(118,557	)		(273,414	)		(147,365	)
Units end of year		7,764			8,217			10,458			299,668			295,595			226,282
	Fidelity® VIP Mid Cap Division									FTVIPT Franklin Income VIP Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		4,575			4,531			4,620			97			154			681
Units issued and transferred from other funding options		37			270			49			—			3			12
Units redeemed and transferred to other funding options		(310	)		(226	)		(138	)		(28	)		(60	)		(539	)
Units end of year		4,302			4,575			4,531			69			97			154

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, 2021, 2020 and 2019:

	FTVIPT Franklin Mutual Global Discovery VIP Division									FTVIPT Franklin Mutual Shares VIP Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		21,114			19,409			22,909			184			181			247
Units issued and transferred from other funding options		412			2,255			1,986			4			32			52
Units redeemed and transferred to other funding options		(18,872	)		(550	)		(5,486	)		(16	)		(29	)		(118	)
Units end of year		2,654			21,114			19,409			172			184			181
	Goldman Sachs Small Cap Equity Insights Division									Invesco V.I. Comstock Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		684			236			257			29,639			24,325			21,865
Units issued and transferred from other funding options		12			722			39			524			5,708			2,780
Units redeemed and transferred to other funding options		(168	)		(274	)		(60	)		(27,523	)		(394	)		(320	)
Units end of year		528			684			236			2,640			29,639			24,325
	Janus Henderson Enterprise Division									Janus Henderson Forty Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		7,377			11,228			12,563			8,558			8,740			8,128
Units issued and transferred from other funding options		2,271			5,239			3,909			34			11,411			772
Units redeemed and transferred to other funding options		(3,391	)		(9,090	)		(5,244	)		(143	)		(11,593	)		(160	)
Units end of year		6,257			7,377			11,228			8,449			8,558			8,740

* 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.

192

	FTVIPT Templeton Foreign VIP Division									FTVIPT Templeton Global Bond VIP Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		256,921			312,678			335,963			44,906			39,222			33,621
Units issued and transferred from other funding options		9,681			49,535			307,542			4,021			7,883			8,397
Units redeemed and transferred to other funding options		(6,976	)		(105,292	)		(330,827	)		(1,315	)		(2,199	)		(2,796	)
Units end of year		259,626			256,921			312,678			47,612			44,906			39,222
	Invesco V.I. International Growth Division									Janus Henderson Balanced Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		12,399			12,475			12,884			39,040			40,513			44,259
Units issued and transferred from other funding options		750			738			903			34			80			277
Units redeemed and transferred to other funding options		(595	)		(814	)		(1,312	)		(825	)		(1,553	)		(4,023	)
Units end of year		12,554			12,399			12,475			38,249			39,040			40,513
	Janus Henderson Research Division									MFS® VIT Global Equity Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		13,761			14,173			14,343			3,248			3,332			1,371
Units issued and transferred from other funding options		—			173			770			82			172			1,990
Units redeemed and transferred to other funding options		(105	)		(585	)		(940	)		(35	)		(256	)		(29	)
Units end of year		13,656			13,761			14,173			3,295			3,248			3,332

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, 2021, 2020 and 2019:

	MFS® VIT New Discovery Division									MFS® VIT II High Yield Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		518			545			600			6,846			6,970			7,095
Units issued and transferred from other funding options		—			5			118			—			—			—
Units redeemed and transferred to other funding options		(28	)		(32	)		(173	)		(93	)		(124	)		(125	)
Units end of year		490			518			545			6,753			6,846			6,970
	PIMCO VIT All Asset Division									PIMCO VIT CommodityRealReturn® Strategy Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		1,453			5,679			9,883			4,019			2,908			3,263
Units issued and transferred from other funding options		34			183			5,343			60			2,405			164
Units redeemed and transferred to other funding options		(31	)		(4,409	)		(9,547	)		(481	)		(1,294	)		(519	)
Units end of year		1,456			1,453			5,679			3,598			4,019			2,908

	Royce Micro-Cap Division									Royce Small-Cap Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		491			495			499			549			557			578
Units issued and transferred from other funding options		—			—			—			33			64			40
Units redeemed and transferred to other funding options		(5	)		(4	)		(4	)		(48	)		(72	)		(61	)
Units end of year		486			491			495			534			549			557

* 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.

194

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		14,886			22,801			28,961			219,797			239,727			294,163
Units issued and transferred from other funding options		2,350			28,463			1,143			65,507			283,687			36,215
Units redeemed and transferred to other funding options		(2,676	)		(36,378	)		(7,303	)		(19,468	)		(303,617	)		(90,651	)
Units end of year		14,560			14,886			22,801			265,836			219,797			239,727
	PIMCO VIT Low Duration Division									Pioneer Mid Cap Value VCT Division
	2021			2020			2019			2021			2020			2019
Units beginning of year		62,169			66,507			73,877			163			139			—
Units issued and transferred from other funding options		—			—			3,972			6			25			139
Units redeemed and transferred to other funding options		(858	)		(4,338	)		(11,342	)		(1	)		(1	)		—
Units end of year		61,311			62,169			66,507			168			163			139

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 five years ended December 31, 2021:

		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	2021		39,335		18.92			744,416		—		0.00	22.57
Growth Division	2020		2,943		15.44			45,437		0.46		0.00	39.08
	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
AB VPS Intermediate Bond	2021		8,254		19.18			158,350		1.30		0.00	(1.64)
Division	2020		8,355		19.50			162,971		3.16		0.00	5.64
	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
American Funds® American	2021		34,243		20.00			684,784		5.72		0.00	8.42
High-Income Trust Division	2020		2,630		18.44			48,516		9.42		0.00	7.94
	2019		1,992		17.09			34,035		7.35		0.00	12.55
	2018		546		15.18			8,286		6.15		0.00	(2.34)
	2017		557		15.55			8,652		5.42		0.00	6.89
American Funds® Global	2021		1,139,224		70.50 - 97.59			94,694,126		—		0.00 - 0.90	5.78 - 6.74
Small Capitalization Division	2020		1,190,615		66.65 - 91.43			92,801,053		0.17		0.00 - 0.90	28.56 - 29.72
	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
American Funds® Growth	2021		747,364		121.05 - 538.33			354,325,909		0.22		0.00 - 0.90	20.90 - 21.99
Division	2020		807,747		99.23 - 441.30	*		311,444,357		0.32		0.00 - 0.90	50.71 - 52.08
* Due to system limitations, the	2019		771,615		65.25 - 713.73			223,225,743		0.75		0.00 - 0.90	29.60 - 30.77
Units Outstanding for this fund	2018		836,344		49.89 - 545.78			185,071,928		0.43		0.00 - 0.90	(1.15) - (0.25)
were increased and accordingly	2017		903,104		50.02 - 547.13			200,354,614		0.50		0.00 - 0.90	27.15 - 28.29
the Unit Values decreased during
the year ended December 31,
2020. There was no impact to
the net assets of the Division.
American Funds®	2021		784,312		171.14 - 627.71			161,880,006		1.13		0.00 - 0.90	22.98 - 24.10
Growth-Income Division	2020		835,146		139.15 - 505.83			138,973,519		1.37		0.00 - 0.90	12.53 - 13.55
	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
American Funds®	2021		42,197		54.50			2,299,903		2.44		0.00	(1.50)
International Division	2020		41,938		55.33			2,320,506		0.67		0.00	13.97
	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

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® The Bond	2021		455,889		15.12 - 29.28		8,205,563		1.45		0.00 - 0.90	(1.20) - (0.31)
Fund of America Division	2020		435,425		15.31 - 29.37		7,903,513		2.12		0.00 - 0.90	8.75 - 9.73
	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
American Funds® U.S.	2021		2,209		28.20		62,304		1.29		0.00	(0.62)
Government Securities	2020		2,271		28.37		64,431		1.84		0.00	9.80
Division	2019		2,299		25.84		59,401		2.05		0.00	5.32
	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
BHFTI AB Global Dynamic	2021		5,843		19.46		113,713		0.22		0.00	9.28
Allocation Division	2020		5,884		17.81		104,790		1.69		0.00	6.09
	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
BHFTI American Funds®	2021		64,025		27.72		1,774,603		1.41		0.00	12.55
Balanced Allocation Division	2020		60,418		24.63		1,487,933		1.96		0.00	15.84
	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
BHFTI American Funds®	2021		108,861		31.13		3,388,399		1.06		0.00	16.21
Growth Allocation Division	2020		97,971		26.78		2,623,990		1.85		0.00	17.34
	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
BHFTI American Funds®	2021		84,150		24.47		2,058,790		1.79		0.00	9.98
Moderate Allocation Division	2020		81,015		22.25		1,802,190		2.20		0.00	13.30
	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
BHFTI BlackRock Global	2021		33,114		18.67		618,131		1.47		0.00	9.79
Tactical Strategies Division	2020		38,507		17.00		654,705		1.54		0.00	4.31
	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
BHFTI Brighthouse Asset	2021		908,927		34.46 - 384.11		36,535,719		1.32		0.00 - 0.90	17.28 - 18.34
Allocation 100 Division	2020		880,792		29.39 - 325.17		29,845,174		1.37		0.00 - 0.90	18.16 - 19.23
	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
BHFTI Brighthouse Balanced	2021		22,982		22.89		526,014		2.29		0.00	7.54
Plus Division	2020		22,076		21.28		469,831		2.45		0.00	12.52
	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

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 Small Cap	2021		29,676		46.64		1,384,093		0.83		0.00	31.77
Value Division	2020		29,467		35.40		1,043,005		1.30		0.00	(0.57)
	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
BHFTI Brighthouse/Aberdeen	2021		87,255		18.52 - 29.21		1,977,225		0.27		0.00	(5.07) - (4.81)
Emerging Markets Equity	2020		83,457		19.46 - 30.77		2,019,002		1.96		0.00	27.30 - 27.68
Division	2019		86,472		15.24 - 24.17		1,613,170		1.80		0.00	20.75 - 20.98
	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
BHFTI Brighthouse/Templeton	2021		25,173		13.27		334,055		—		0.00	(4.69)
International Bond Division	2020		21,919		13.92		305,204		6.58		0.00	(5.75)
	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
BHFTI	2021		6,911,693		37.96 - 153.36		674,672,049		0.86		0.00 - 0.90	23.37 - 24.48
Brighthouse/Wellington Large	2020		7,329,428		30.52 - 124.30		577,620,175		1.13		0.00 - 0.90	21.27 - 22.37
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
BHFTI CBRE Global Real	2021		924,250		31.21 - 36.59		33,176,450		3.05		0.00 - 0.90	33.49 - 34.70
Estate Division	2020		990,960		23.38 - 27.16		26,416,840		4.69		0.00 - 0.90	(5.63) - (4.78)
	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
BHFTI Harris Oakmark	2021		1,041,451		22.55 - 44.21		44,087,552		0.84		0.00 - 0.90	7.69 - 8.66
International Division	2020		1,098,169		20.75 - 40.68		42,373,128		3.34		0.00 - 0.90	4.42 - 5.37
	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
BHFTI Invesco Balanced-Risk	2021		56,319		1.75		98,311		2.96		0.00	9.69
Allocation Division	2020		52,763		1.59		83,967		5.35		0.00	10.14
	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
BHFTI Invesco Global Equity	2021		1,098,505		66.79 - 83.50		80,996,894		0.13		0.00 - 0.90	14.72 - 15.76
Division	2020		1,152,521		58.22 - 72.13		73,613,883		0.89		0.00 - 0.90	26.77 - 27.92
	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
BHFTI Invesco Small Cap	2021		176,409		64.55 - 87.28		13,295,343		—		0.00 - 0.90	6.16 - 7.12
Growth Division	2020		170,045		60.80 - 81.48		11,990,947		0.09		0.00 - 0.90	55.83 - 57.24
	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

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 JPMorgan Global	2021		116,936		2.04		238,019		0.48		0.00	9.64
Active Allocation Division	2020		110,963		1.86		206,006		2.17		0.00	12.23
	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
BHFTI JPMorgan Small Cap	2021		17,916		42.86		767,865		1.12		0.00	33.01
Value Division	2020		19,793		32.22		637,763		1.41		0.00	6.34
	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
BHFTI Loomis Sayles Global	2021		10,832		41.76		452,338		1.01		0.00	14.57
Allocation Division	2020		15,397		36.45		561,208		0.94		0.00	15.11
	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
BHFTI Loomis Sayles Growth	2021		1,490,938		33.79 - 41.32		59,524,218		0.20		0.00 - 0.90	17.60 - 18.66
Division	2020		1,591,359		28.74 - 34.82		53,589,941		0.83		0.00 - 0.90	31.35 - 32.54
	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
BHFTI MetLife Multi-Index	2021		1,161		197.25		228,985		1.75		0.00	9.72
Targeted Risk Division	2020		1,152		179.78		207,140		2.20		0.00	6.56
	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
BHFTI MFS® Research	2021		771,897		29.24 - 35.22		25,123,312		1.10		0.00 - 0.90	10.98 - 11.98
International Division	2020		810,239		26.35 - 31.45		23,548,115		2.30		0.00 - 0.90	12.26 - 13.27
	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
BHFTI Morgan Stanley	2021		7,148,412		41.52 - 116.54		667,533,016		—		0.00 - 0.90	(11.34) - (10.54)
Discovery Division	2020		7,603,605		46.41 - 130.27		795,347,450		—		0.00 - 0.90	151.49 - 153.77
	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
BHFTI PanAgora Global	2021		726		1.66		1,204		—		0.00	6.39
Diversified Risk Division	2020		548		1.56		855		3.27		0.00	11.85
	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
BHFTI PanAgora Global	2021		14,296		14.89		212,870		—		0.00	12.64
Diversified Risk II Division	2020		15,032		13.22		198,710		2.33		0.00	3.02
	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

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	2021		564,224		15.78 - 23.78		11,483,521		0.94		0.00 - 0.90	4.67 - 5.61
Protected Bond Division	2020		564,791		14.94 - 22.52		10,790,167		2.99		0.00 - 0.90	10.85 - 11.85
	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
BHFTI PIMCO Total Return	2021		2,325,136		15.35 - 28.38		55,623,579		1.98		0.00 - 0.90	(2.02) - (1.13)
Division	2020		2,127,098		15.52 - 28.70		53,377,735		3.96		0.00 - 0.90	7.84 - 8.82
	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
BHFTI Schroders Global	2021		77,519		1.92		148,622		0.32		0.00	11.42
Multi-Asset Division	2020		73,514		1.72		126,497		1.74		0.00	2.11
	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
BHFTI SSGA Growth and	2021		351,544		24.41 - 29.83		9,885,163		1.94		0.00 - 0.90	12.59 - 13.61
Income ETF Division	2020		361,641		21.68 - 26.26		8,953,964		2.89		0.00 - 0.90	9.15 - 10.14
	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
BHFTI SSGA Growth ETF	2021		330,986		25.81 - 32.14		10,058,945		1.65		0.00 - 0.90	16.83 - 17.88
Division	2020		333,024		22.09 - 27.27		8,591,681		2.60		0.00 - 0.90	10.06 - 11.06
	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
BHFTI T. Rowe Price Large	2021		106,511		35.55		3,785,981		2.00		0.00	26.30
Cap Value Division	2020		114,061		28.14		3,210,189		2.58		0.00	3.15
	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
BHFTI T. Rowe Price Mid Cap	2021		1,050,561		46.86 - 81.48		57,734,869		—		0.00 - 0.90	14.11 - 15.15
Growth Division	2020		1,107,534		41.06 - 70.87		52,915,937		0.25		0.00 - 0.90	23.19 - 24.30
	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
BHFTI Victory Sycamore Mid	2021		1,711,609		42.67 - 90.90		122,798,110		1.29		0.00 - 0.90	30.95 - 32.13
Cap Value Division	2020		1,808,639		32.29 - 68.80		98,316,934		1.63		0.00 - 0.90	6.90 - 7.87
	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
BHFTII Baillie Gifford	2021		1,934,614		25.67 - 38.84		58,182,186		0.94		0.00 - 0.90	(1.64) - (0.76)
International Stock Division	2020		1,983,009		25.86 - 39.13		60,383,398		1.95		0.00 - 0.90	25.44 - 26.58
	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

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	2021		2,364,397		27.26 - 129.11		80,938,017		2.73		0.00 - 0.90	(1.33) - (0.44)
Income Division	2020		2,497,234		27.38 - 129.68		85,545,862		3.61		0.00 - 0.90	7.62 - 8.60
	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
BHFTII BlackRock Capital	2021		343,846		51.54 - 207.48		26,765,186		—		0.00 - 0.90	20.12 - 21.20
Appreciation Division	2020		345,252		42.53 - 171.19		22,244,614		—		0.00 - 0.90	39.40 - 40.66
	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
BHFTII BlackRock	2021		1,262,019		16.88 - 18.97		23,583,580		0.33		0.00 - 0.90	(1.09) - (0.19)
Ultra-Short Term Bond	2020		1,362,096		17.07 - 19.01		25,545,918		2.13		0.00 - 0.90	(0.47) - 0.43
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
BHFTII Brighthouse Asset	2021		205,170		20.17 - 224.68		4,667,713		3.25		0.00 - 0.90	3.07 - 4.01
Allocation 20 Division	2020		215,846		19.57 - 216.69		4,732,795		2.92		0.00 - 0.90	8.72 - 9.70
	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
BHFTII Brighthouse Asset	2021		373,672		23.73 - 264.15		11,713,955		2.85		0.00 - 0.90	6.72 - 7.68
Allocation 40 Division	2020		405,649		22.23 - 245.90		11,660,215		2.87		0.00 - 0.90	10.31 - 11.31
	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
BHFTII Brighthouse Asset	2021		2,114,011		27.61 - 307.61		66,140,037		2.32		0.00 - 0.90	10.18 - 11.17
Allocation 60 Division	2020		2,185,612		25.06 - 277.36		61,629,691		2.44		0.00 - 0.90	13.06 - 14.09
	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
BHFTII Brighthouse Asset	2021		3,736,533		31.66 - 36.79		135,292,452		1.88		0.00 - 0.90	13.85 - 14.87
Allocation 80 Division	2020		3,924,463		27.81 - 32.02		123,881,151		2.06		0.00 - 0.90	15.96 - 17.01
	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
BHFTII Brighthouse/Artisan	2021		119,694		51.90 - 759.76		78,750,610		0.93		0.00 - 0.90	25.77 - 26.91
Mid Cap Value Division	2020		129,202		41.00 - 598.68		65,211,225		0.96		0.00 - 0.90	5.29 - 6.25
	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
BHFTII	2021		5,757,787		46.61 - 188.61		405,316,113		1.83		0.00 - 0.90	13.00 - 14.02
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

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	2021		822,193		49.48 - 163.46			113,033,607		1.39		0.00 - 0.90	23.31 - 24.43
Brighthouse/Wellington Core	2020		867,728		39.77 - 131.37			95,952,366		1.61		0.00 - 0.90	10.27 - 11.27
Equity Opportunities Division	2019		909,178		35.74 - 118.06			90,517,969		1.61		0.00 - 0.90	29.76 - 30.94
	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
BHFTII Frontier Mid Cap	2021		4,503,522		70.20 - 267.51			379,750,516		—		0.00 - 0.90	13.65 - 14.68
Growth Division	2020		4,763,313		61.21 - 233.26			352,347,332		—		0.00 - 0.90	30.51 - 31.70
	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
BHFTII Jennison Growth	2021		723,294		41.80 - 92.26			63,138,957		—		0.00 - 0.90	16.12 - 17.17
Division	2020		973,705		35.67 - 78.74			63,757,959		0.21		0.00 - 0.90	55.39 - 56.80
	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
BHFTII Loomis Sayles Small	2021		278,921		55.89 - 163.13			32,916,898		0.08		0.00 - 0.90	20.86 - 21.95
Cap Core Division	2020		294,826		45.83 - 133.77	*		28,568,739		0.13		0.00 - 0.90	11.06 - 12.07
* Due to system limitations, the	2019		56,229		40.90 - 905.79			26,944,849		0.03		0.00 - 0.90	24.41 - 25.54
Units Outstanding for this fund	2018		58,707		32.58 - 721.52			23,146,364		0.02		0.00 - 0.90	(11.87) - (11.07)
were increased and accordingly	2017		61,308		36.63 - 811.35			27,323,892		0.29		0.00 - 0.90	14.21 - 15.24
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 Small	2021		333,987		46.45 - 55.94			18,356,226		—		0.00 - 0.90	9.02 - 10.00
Cap Growth Division	2020		357,529		42.61 - 50.85			17,857,777		—		0.00 - 0.90	33.14 - 34.34
	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
BHFTII MetLife Aggregate	2021		6,374,351		21.16 - 26.65			167,582,568		2.50		0.00 - 0.90	(2.81) - (1.93)
Bond Index Division	2020		5,813,302		21.77 - 27.17			155,753,138		2.80		0.00 - 0.90	6.25 - 7.21
	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
BHFTII MetLife Mid Cap	2021		1,847,012		61.67 - 74.81			134,806,882		1.08		0.00 - 0.90	23.28 - 24.40
Stock Index Division	2020		1,980,000		50.02 - 60.14			116,199,047		1.43		0.00 - 0.90	12.38 - 13.39
	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
BHFTII MetLife MSCI EAFE®	2021		4,501,021		18.92 - 29.38			118,103,808		1.79		0.00 - 0.90	9.73 - 10.72
Index Division	2020		4,476,776		17.25 - 26.53			105,987,571		3.13		0.00 - 0.90	6.88 - 7.85
	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

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®	2021		1,584,616		46.06 - 73.51		104,957,780		0.99		0.00 - 0.90	13.49 - 14.52
Index Division	2020		1,645,359		40.59 - 64.19		95,347,869		1.36		0.00 - 0.90	18.55 - 19.62
	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
BHFTII MetLife Stock Index	2021		21,988,293		56.42 - 252.69		1,717,996,347		1.50		0.00 - 0.90	27.21 - 28.36
Division	2020		23,153,775		43.95 - 196.87		1,409,776,127		1.86		0.00 - 0.90	17.04 - 18.10
	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
BHFTII MFS® Total Return	2021		328,139		29.83 - 171.03		11,534,646		1.84		0.00 - 0.90	13.19 - 14.22
Division	2020		370,848		26.35 - 149.74		11,450,715		2.39		0.00 - 0.90	8.78 - 9.76
	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
BHFTII MFS® Value Division	2021		2,983,303		44.70 - 65.73		145,785,557		1.56		0.00 - 0.90	24.42 - 25.54
	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
BHFTII Neuberger Berman	2021		2,249,576		63.78 - 77.37		170,768,848		0.08		0.00 - 0.90	17.35 - 18.41
Genesis Division	2020		2,384,020		54.35 - 65.34		152,961,400		0.18		0.00 - 0.90	23.98 - 25.11
	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
BHFTII T. Rowe Price Large	2021		2,175,059		57.08 - 98.92		177,583,885		—		0.00 - 0.90	19.15 - 20.22
Cap Growth Division	2020		2,266,675		47.91 - 82.28		154,221,627		0.23		0.00 - 0.90	35.72 - 36.95
	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
BHFTII T. Rowe Price Small	2021		1,894,093		80.56 - 102.35		175,366,399		0.03		0.00 - 0.90	10.67 - 11.67
Cap Growth Division	2020		1,994,254		72.80 - 91.65		165,942,863		0.20		0.00 - 0.90	23.22 - 24.34
	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
BHFTII Van Eck Global	2021		2,398		169.65		406,789		1.25		0.00	18.82
Natural Resources Division	2020		2,444		142.77		348,927		1.38		0.00	21.58
	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)
BHFTII Western Asset	2021		1,517,593		13.72 - 58.58		55,757,889		3.74		0.00 - 0.90	1.90 - 2.82
Management Strategic Bond	2020		1,547,262		13.34 - 56.98		56,289,149		5.86		0.00 - 0.90	5.95 - 6.92
Opportunities Division	2019		1,645,761		12.48 - 53.29		56,510,228		4.91		0.00 - 0.90	13.46 - 14.49
	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

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	2021		904,209		17.51 - 29.05		19,505,610		2.65		0.00 - 0.90	(2.40) - (1.52)
Management U.S. Government	2020		913,585		17.94 - 29.50		19,983,786		3.13		0.00 - 0.90	4.30 - 5.24
Division	2019		803,446		17.20 - 28.03		16,117,304		2.72		0.00 - 0.90	5.08 - 6.03
	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
Fidelity® VIP Asset	2021		94,576		28.33		2,679,609		1.35		0.00	13.89
Manager: Growth Division	2020		98,498		24.88		2,450,438		1.06		0.00	17.15
	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
Fidelity® VIP Contrafund®	2021		75,799		69.24		5,248,539		0.05		0.00	27.71
Division	2020		78,321		54.22		4,246,508		0.15		0.00	30.43
	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
Fidelity® VIP	2021		15,981		39.60		632,837		2.19		0.00	24.83
Equity-Income Division	2020		63		31.72		2,008		0.92		0.00	6.55
	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
Fidelity® VIP Freedom 2010	2021		8,282		21.86		181,045		1.06		0.00	5.89
Division	2020		8,277		20.64		170,874		1.18		0.00	12.49
	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
Fidelity® VIP Freedom 2020	2021		26,866		24.02 - 32.80		818,332		1.13		0.00	9.47
Division	2020		26,351		21.94 - 29.96		738,094		1.36		0.00	15.06
	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
Fidelity® VIP Freedom 2025	2021		19,556		35.93		702,750		1.07		0.00	10.83
Division	2020		19,701		32.42		638,749		1.26		0.00	15.95
	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
Fidelity® VIP Freedom 2030	2021		16,595		26.79		444,513		0.95		0.00	12.37
Division	2020		18,016		23.84		429,449		1.19		0.00	16.89
	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
Fidelity® VIP Freedom 2040	2021		15,661		33.99		532,365		0.84		0.00	17.83
Division	2020		17,068		28.85		492,365		1.08		0.00	19.28
	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

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 2050	2021		7,764		34.27		266,057		0.82		0.00	17.83
Division	2020		8,217		29.08		238,953		0.88		0.00	19.28
	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
Fidelity® VIP Government	2021		299,668		18.36		5,502,191		0.01		0.00	0.01
Money Market Division	2020		295,595		18.36		5,426,872		0.33		0.00	0.32
	2019		226,282		18.30		4,141,088		1.94		0.00	2.02
	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
Fidelity® VIP High Income	2021		600		27.88		16,716		3.05		0.00	4.41
Division	2020		18,065		26.70		482,344		5.29		0.00	2.75
	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
Fidelity® VIP Investment	2021		52,887		20.94		1,107,572		2.14		0.00	(0.72)
Grade Bond Division	2020		2,069		21.09		43,647		1.19		0.00	9.25
	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
Fidelity® VIP Mid Cap	2021		4,302		83.59		359,608		0.37		0.00	25.31
Division	2020		4,575		66.71		305,209		0.42		0.00	17.87
	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
FTVIPT Franklin Income VIP	2021		69		135.18		9,324		4.43		0.00	16.75
Division	2020		97		115.78		11,247		4.88		0.00	0.69
	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
FTVIPT Franklin Mutual	2021		2,654		39.62		105,129		0.92		0.00	19.13
Global Discovery VIP Division	2020		21,114		33.26		702,191		2.51		0.00	(4.46)
	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
FTVIPT Franklin Mutual	2021		172		584.23		100,390		2.89		0.00	19.17
Shares VIP Division	2020		184		490.26		90,404		2.96		0.00	(5.04)
	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
FTVIPT Templeton Foreign	2021		259,626		22.53		5,848,247		2.01		0.00	4.44
VIP Division	2020		256,921		21.57		5,541,522		3.44		0.00	(0.92)
	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

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 Global	2021		47,612		23.72		1,129,295		—		0.00	(4.62)
Bond VIP Division	2020		44,906		24.87		1,116,752		8.11		0.00	(5.07)
	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
Goldman Sachs Small Cap	2021		528		43.29		22,845		0.42		0.00	23.79
Equity Insights Division	2020		684		34.97		23,927		0.28		0.00	8.58
	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
Invesco V.I. Comstock	2021		2,640		34.64		91,443		0.44		0.00	33.04
Division	2020		29,639		26.04		771,760		2.33		0.00	(1.09)
	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
Invesco V.I. International	2021		12,554		38.94		488,869		1.32		0.00	5.89
Growth Division	2020		12,399		36.78		455,988		2.43		0.00	14.00
	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
Janus Henderson Balanced	2021		38,249		48.95		1,872,150		0.67		0.00	16.91
Division	2020		39,040		41.87		1,634,516		1.50		0.00	14.03
	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
Janus Henderson Enterprise	2021		6,257		54.30		339,767		0.23		0.00	16.54
Division	2020		7,377		46.59		343,695		—		0.00	19.18
	2019		11,228		39.09		438,944		0.05		0.00	35.16
	2018		12,563		28.92		363,384		0.11		0.00	(0.66)
	2017		12,025		29.12		350,154		0.16		0.00	27.09
Janus Henderson Forty	2021		8,449		95.40		806,082		—		0.00	22.60
Division	2020		8,558		77.81		665,970		0.16		0.00	39.03
	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
Janus Henderson Research	2021		13,656		49.96		682,223		0.10		0.00	20.33
Division	2020		13,761		41.52		571,287		0.41		0.00	32.95
	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
MFS® VIT Global Equity	2021		3,295		49.94		164,570		0.46		0.00	16.88
Division	2020		3,248		42.73		138,775		0.98		0.00	13.04
	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

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 New Discovery	2021		490		67.41		33,044		—		0.00	1.57
Division	2020		518		66.36		34,362		—		0.00	45.58
	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
MFS® VIT II High Yield	2021		6,753		26.21		176,988		4.76		0.00	3.08
Division	2020		6,846		25.43		174,064		5.42		0.00	4.85
	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
Morgan Stanley VIF Emerging	2021		14,560		44.30		645,014		5.45		0.00	(2.02)
Markets Debt Division	2020		14,886		45.22		673,108		4.03		0.00	5.55
	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
Morgan Stanley VIF Emerging	2021		265,836		21.09		5,606,474		0.85		0.00	2.99
Markets Equity Division	2020		219,797		20.48		4,501,048		1.28		0.00	14.44
	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
PIMCO VIT All Asset Division	2021		1,456		19.96		29,056		11.10		0.00	16.23
	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
PIMCO VIT	2021		3,598		11.13		40,065		4.21		0.00	33.34
CommodityRealReturn®	2020		4,019		8.35		33,556		6.78		0.00	1.35
Strategy Division	2019		2,908		8.24		23,957		4.48		0.00	11.43
	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
PIMCO VIT Low Duration	2021		61,311		13.78		844,879		0.52		0.00	(0.93)
Division	2020		62,169		13.91		864,722		1.20		0.00	2.99
	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
Pioneer Mid Cap Value VCT	2021		168		117.89		19,747		0.95		0.00	29.67
Division	2020		163		90.92		14,788		1.28		0.00	2.14
(Had no net assets at	2019		139		89.01		12,380		—		0.00	28.44
December 31, 2017 and 2018)	2018		—		69.30		—		—		0.00	(20.25)
	2017		—		86.90		—		—		0.00	14.46
Royce Micro-Cap Division	2021		486		38.60		18,767		—		0.00	29.98
	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

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 (%)
Royce Small-Cap Division	2021		534		33.17		17,727		1.43		0.00	28.82
	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

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.

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 (PCAOB ID 34)....      2
Financial Statements at December 31, 2021 and 2020 and for the Years
  Ended December 31, 2021, 2020 and 2019:
  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....................................     43
     Note 5 -- Reinsurance...............................................     46
     Note 6 -- Closed Block..............................................     51
     Note 7 -- Investments...............................................     54
     Note 8 -- Derivatives...............................................     75
     Note 9 -- Fair Value................................................     87
     Note 10 -- Leases...................................................    101
     Note 11 -- Long-term and Short-term Debt............................    103
     Note 12 -- Equity...................................................    104
     Note 13 -- Other Revenues and Other Expenses........................    108
     Note 14 -- Employee Benefit Plans...................................    109
     Note 15 -- Income Tax...............................................    112
     Note 16 -- Contingencies, Commitments and Guarantees................    115
     Note 17 -- Related Party Transactions...............................    118
Financial Statement Schedules at December 31, 2021 and 2020 and for
  the Years Ended December 31, 2021, 2020 and 2019:
  Schedule I -- Consolidated Summary of Investments -- Other Than
   Investments in Related Parties........................................    120
  Schedule III -- Consolidated Supplementary Insurance Information.......    121
  Schedule IV -- Consolidated Reinsurance................................    123

                                    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, 2021
and 2020, 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, 2021, 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, 2021 and 2020, and the results of its operations
and its cash flows for each of the three years in the period ended December 31,
2021, 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 $4.3 billion as of December 31, 2021.

                                    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, among others, the following:

    .  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, 2021.

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 $14.4 billion as of December 31, 2021.

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 $1.5
billion as of December 31, 2021.

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 7, 2022

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, 2021 and 2020

                (In millions, except share and per share data)

                                                        2021          2020
                                                    ------------- -------------
 Assets
 Investments:
 Fixed maturity securities available-for-sale, at
  estimated fair value (amortized cost: $158,354
  and $156,423, respectively; allowance for credit
  loss of $53 and $51, respectively)...............  $    175,885  $    181,340
 Mortgage loans (net of allowance for credit loss
  of $536 and $517, respectively; includes $224
  and $199, respectively, relating to variable
  interest entities and $127 and $165,
  respectively, under the fair value option).......        60,219        66,405
 Policy loans......................................         5,816         5,973
 Real estate and real estate joint ventures
  (includes $1,094 and $1,435, respectively,
  relating to variable interest entities, $240 and
  $169, respectively, under the fair value option
  and $175 and $128, respectively, of real estate
  held-for-sale)...................................         7,873         7,478
 Other limited partnership interests...............         8,754         5,775
 Short-term investments, at estimated fair value...         4,866         2,623
 Other invested assets (includes $924 and $992,
  respectively, of leveraged and direct financing
  leases; $171 and $79, respectively, relating to
  variable interest entities and allowance for
  credit loss of $32 and $38, respectively)........        19,860        17,723
                                                    ------------- -------------
   Total investments...............................       283,273       287,317
 Cash and cash equivalents, principally at
  estimated fair value.............................         9,957        11,337
 Accrued investment income.........................         1,767         1,904
 Premiums, reinsurance and other receivables.......        20,505        21,478
 Deferred policy acquisition costs and value of
  business acquired................................         2,598         2,649
 Current income tax recoverable....................            80            --
 Other assets......................................         4,526         4,276
 Separate account assets...........................       123,851       128,646
                                                    ------------- -------------
   Total assets....................................  $    446,557  $    457,607
                                                    ============= =============
 Liabilities and Equity
 Liabilities
 Future policy benefits............................  $    132,274  $    133,921
 Policyholder account balances.....................        94,459        96,635
 Other policy-related balances.....................         8,094         7,430
 Policyholder dividends payable....................           312           397
 Policyholder dividend obligation..................         1,682         2,969
 Payables for collateral under securities loaned
  and other transactions...........................        24,866        23,122
 Short-term debt...................................           100           120
 Long-term debt....................................         1,659         1,619
 Current income tax payable........................            --           486
 Deferred income tax liability.....................         2,036         1,980
 Other liabilities.................................        23,796        25,424
 Separate account liabilities......................       123,851       128,646
                                                    ------------- -------------
   Total liabilities...............................       413,129       422,749
                                                    ------------- -------------
 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........................        12,464        12,460
 Retained earnings.................................        10,868        10,548
 Accumulated other comprehensive income (loss).....         9,917        11,662
                                                    ------------- -------------
   Total Metropolitan Life Insurance Company
    stockholder's equity...........................        33,254        34,675
 Noncontrolling interests..........................           174           183
                                                    ------------- -------------
   Total equity....................................        33,428        34,858
                                                    ------------- -------------
   Total liabilities and equity....................  $    446,557  $    457,607
                                                    ============= =============

       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, 2021, 2020 and 2019

                                 (In millions)

                                                       2021          2020          2019
                                                   ------------  ------------  ------------
Revenues
Premiums..........................................  $    26,191   $    20,741   $    21,608
Universal life and investment-type product policy
 fees.............................................        2,062         1,996         2,037
Net investment income.............................       12,486        10,250        10,973
Other revenues....................................        1,616         1,661         1,573
Net investment gains (losses).....................          652           (73)          346
Net derivative gains (losses).....................         (964)          738          (288)
                                                   ------------  ------------  ------------
 Total revenues...................................       42,043        35,313        36,249
                                                   ------------  ------------  ------------
Expenses
Policyholder benefits and claims..................       29,423        23,074        24,051
Interest credited to policyholder account balances        2,027         2,247         2,624
Policyholder dividends............................          728           901         1,038
Other expenses....................................        5,617         5,013         4,976
                                                   ------------  ------------  ------------
 Total expenses...................................       37,795        31,235        32,689
                                                   ------------  ------------  ------------
 Income (loss) before provision for income tax....        4,248         4,078         3,560
Provision for income tax expense (benefit)........          530           534           148
                                                   ------------  ------------  ------------
 Net income (loss)................................        3,718         3,544         3,412
Less: Net income (loss) attributable to
 noncontrolling interests.........................            5            (6)           (6)
                                                   ------------  ------------  ------------
 Net income (loss) attributable to Metropolitan
   Life Insurance Company.........................  $     3,713   $     3,550   $     3,418
                                                   ============  ============  ============

       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, 2021, 2020 and 2019

                                 (In millions)

                                                       2021         2020         2019
                                                   -----------  -----------  -----------
Net income (loss).................................  $    3,718   $    3,544   $    3,412
Other comprehensive income (loss):
Unrealized investment gains (losses), net of
 related offsets..................................      (2,462)       1,911        8,053
Unrealized gains (losses) on derivatives..........         111          216          279
Foreign currency translation adjustments..........           9           54          (32)
Defined benefit plans adjustment..................          82         (108)        (143)
                                                   -----------  -----------  -----------
 Other comprehensive income (loss), before income
   tax............................................      (2,260)       2,073        8,157
Income tax (expense) benefit related to items of
 other comprehensive income (loss)................         515         (436)      (1,711)
                                                   -----------  -----------  -----------
 Other comprehensive income (loss), net of income
   tax............................................      (1,745)       1,637        6,446
                                                   -----------  -----------  -----------
Comprehensive income (loss).......................       1,973        5,181        9,858
Less: Comprehensive income (loss) attributable to
 noncontrolling interest, net of income tax.......           5           (6)          (6)
                                                   -----------  -----------  -----------
 Comprehensive income (loss) attributable to
   Metropolitan Life Insurance Company............  $    1,968   $    5,187   $    9,864
                                                   ===========  ===========  ===========

       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, 2021, 2020 and 2019

                                 (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, 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............                             (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
Capital contributions from
 MetLife, Inc.................                    4                                             4                             4
Dividends to MetLife, Inc.....                           (3,393)                           (3,393)                       (3,393)
Change in equity of
 noncontrolling interests.....                                                                 --              (14)         (14)
Net income (loss).............                            3,713                             3,713                5        3,718
Other comprehensive income
 (loss), net of income tax....                                         (1,745)             (1,745)                       (1,745)
                               -------- ----------- -----------    ----------      --------------        ---------    ---------
Balance at December 31, 2021.. $      5 $    12,464 $    10,868    $    9,917      $       33,254        $     174    $  33,428
                               ======== =========== ===========    ==========      ==============        =========    =========

       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, 2021, 2020 and 2019

                                 (In millions)

                                                       2021           2020           2019
                                                  -------------  -------------  -------------
Cash flows from operating activities
Net income (loss)................................ $       3,718  $       3,544  $       3,412
Adjustments to reconcile net income (loss) to
 net cash provided by (used in) operating
 activities:
 Depreciation and amortization expenses..........           136            125             99
 Amortization of premiums and accretion of
  discounts associated with investments, net.....          (656)          (651)          (823)
 (Gains) losses on investments and from sales of
  businesses, net................................          (652)            73           (346)
 (Gains) losses on derivatives, net..............         2,480           (299)           499
 (Income) loss from equity method investments,
  net of dividends or distributions..............        (1,873)           238            366
 Interest credited to policyholder account
  balances.......................................         1,988          2,213          2,624
 Universal life and investment-type product
  policy fees....................................        (1,070)        (1,130)        (2,037)
 Change in fair value option and trading
  securities.....................................          (125)          (171)          (151)
 Change in accrued investment income.............            69             72             45
 Change in premiums, reinsurance and other
  receivables....................................           752            826           (200)
 Change in deferred policy acquisition costs and
  value of business acquired, net................           194            355            197
 Change in income tax............................             5            104           (351)
 Change in other assets..........................          (308)            90            961
 Change in insurance-related liabilities and
  policy-related balances........................          (957)        (1,256)         1,571
 Change in other liabilities.....................          (370)        (1,372)           277
 Other, net......................................           (74)           176             (1)
                                                  -------------  -------------  -------------
  Net cash provided by (used in) operating
    activities...................................         3,257          2,937          6,142
                                                  -------------  -------------  -------------
Cash flows from investing activities
Sales, maturities and repayments of:
 Fixed maturity securities available-for-sale....        51,010         46,700         49,464
 Equity securities...............................           565            310            183
 Mortgage loans..................................        16,790          9,963         11,482
 Real estate and real estate joint ventures......         1,329             81          1,101
 Other limited partnership interests.............           541            464            494
Purchases and originations of:
 Fixed maturity securities available-for-sale....       (52,513)       (48,561)       (48,421)
 Equity securities...............................           (48)          (106)           (49)
 Mortgage loans..................................       (10,502)       (10,931)       (13,458)
 Real estate and real estate joint ventures......        (1,042)          (768)        (1,443)
 Other limited partnership interests.............        (1,896)        (1,071)          (971)
Cash received in connection with freestanding
 derivatives.....................................         1,720          3,823          1,759
Cash paid in connection with freestanding
 derivatives.....................................        (5,181)        (2,886)        (1,957)
Cash received from the redemption of an
 investment in affiliated preferred stock........           315             --             --
Receipts on loans to affiliates..................            87            251             --
Purchases of loans to affiliates.................           (15)            --             --
Net change in policy loans.......................           157            127            (39)
Net change in short-term investments.............        (2,295)          (714)          (377)
Net change in other invested assets..............            74             44             (8)
Net change in property, equipment and leasehold
 improvements....................................            15             18             60
Other, net.......................................            14             21             (4)
                                                  -------------  -------------  -------------
 Net cash provided by (used in) investing
  activities..................................... $        (875) $      (3,235) $      (2,184)
                                                  -------------  -------------  -------------

       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, 2021, 2020 and 2019

                                 (In millions)

                                                       2021          2020           2019
                                                  -------------  ------------  -------------
Cash flows from financing activities
Policyholder account balances:
  Deposits....................................... $      78,129  $     77,446  $      74,049
  Withdrawals....................................       (80,378)      (74,655)       (74,571)
Net change in payables for collateral under
 securities loaned and other transactions........         1,744         2,757          1,893
Long-term debt issued............................            35           128             --
Long-term debt repaid............................           (26)          (97)           (28)
Financing element on certain derivative
 instruments and other derivative related
 transactions, net...............................           173           (40)          (175)
Dividends paid to MetLife, Inc...................        (3,393)       (2,832)        (3,065)
Other, net.......................................           (42)           (3)           (19)
                                                  -------------  ------------  -------------
  Net cash provided by (used in) financing
   activities....................................        (3,758)        2,704         (1,916)
                                                  -------------  ------------  -------------
Effect of change in foreign currency exchange
 rates on cash and cash equivalents balances.....            (4)            4              3
                                                  -------------  ------------  -------------
  Change in cash and cash equivalents............        (1,380)        2,410          2,045
Cash and cash equivalents, beginning of year.....        11,337         8,927          6,882
                                                  -------------  ------------  -------------
  Cash and cash equivalents, end of year......... $       9,957  $     11,337  $       8,927
                                                  =============  ============  =============
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest......................................... $          95  $         99  $         104
                                                  =============  ============  =============
Income tax....................................... $         388  $         45  $         552
                                                  =============  ============  =============
Non-cash transactions:
Capital contributions from MetLife, Inc.......... $           4  $          5  $           5
                                                  =============  ============  =============
Real estate and real estate joint ventures
 acquired in satisfaction of debt................ $         174  $         10  $          32
                                                  =============  ============  =============
Increase in equity securities due to in-kind
 distributions received from other limited
 partnership interests........................... $         337  $        100  $          41
                                                  =============  ============  =============
Increase in other invested assets in connection
 with affiliated reinsurance transactions........ $       3,140  $         --  $          --
                                                  =============  ============  =============
Operating lease liability associated with the
 recognition of right-of-use assets.............. $           4  $         --  $         152
                                                  =============  ============  =============
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  $          --
                                                  =============  ============  =============

       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 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 a controlling
  financial interest, 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.

                                    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)


     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.

     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

                                    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)

  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 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. Ceded
  (assumed) 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, consistent with credit loss
  guidance which requires recording an allowance for credit loss ("ACL").

    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.
  See "-- Investments -- Other Invested Assets" for information on funds
  withheld assets.

                                    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)


    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 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

     Net investment income includes primarily interest income, including
   amortization of premium and accretion of discount, prepayment fees, dividend
   income, rental income and equity method income and is net of related
   investment expenses. Net investment income also includes, to a lesser
   extent, (i) realized gains (losses) on investments sold or disposed and
   (ii) unrealized gains (losses) recognized in earnings, representing changes
   in estimated fair value, primarily for fair value option ("FVO") securities
   ("FVO Securities").

   Net Investment Gains (Losses)

     Net investment gains (losses) include primarily (i) realized gains
   (losses) from sales and disposals of investments, which are determined by
   specific identification, (ii) intent-to-sell impairment losses on fixed
   maturity securities available-for-sale ("AFS") and impairment losses on all
   other asset classes, and to a lesser extent, (iii) recognized gains
   (losses). Recognized gains (losses) are primarily comprised of the change in
   the ACL and unrealized gains (losses) for certain investments for which
   changes in estimated fair value are recognized in earnings. Changes in the
   ACL includes both (i) provisions for credit loss on fixed maturity
   securities AFS, mortgage loans and leveraged and direct financing leases and
   (ii) subsequent changes in the ACL. Unrealized gains (losses), representing
   changes in estimated fair value recognized in earnings, primarily relate to
   equity securities and certain other limited partnership interests and real
   estate joint ventures.

     Net investment gains (losses) also include non-investment portfolio gains
   (losses) which do not relate to the performance of the investment portfolio,
   including gains (losses) from sales and divestitures of businesses and
   impairment of property, equipment, leasehold improvements and right-of-use
   ("ROU") lease assets.

   Accrued Investment Income

     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 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. Changes in the estimated
   fair value of these securities not recognized in earnings representing
   unrecognized unrealized investment gains (losses) 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.

                                    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)


     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. Generally,
   the accrual of income is ceased and accrued investment income that is
   considered uncollectible is recognized as a charge within net investment
   gains (losses) when securities are impaired.

     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."

     After adoption of credit loss guidance on January 1, 2020, 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, excluding accrued investment income, 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 in earnings as a credit loss by establishing an ACL with a
   corresponding charge recorded 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 as an
   unrecognized loss.

     During the year ended December 31, 2019, prior to the adoption of credit
   loss guidance on 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 noncredit loss was
   recorded in OCI as an unrecognized loss.

     The credit loss guidance adopted on January 1, 2020, replaced 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 and is not recognized in earnings.

   Mortgage Loans

     After adoption of credit loss guidance on January 1, 2020, the Company
   recognizes an ACL in earnings within net investment gains (losses) at time
   of purchase 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, in an amount that represents the
   portion of the amortized cost basis of such financing receivables that the
   Company does not expect to collect, resulting in financing receivables being
   presented at the net amount expected to be collected.

     During the year ended December 31, 2019, prior to the adoption of credit
   loss guidance on January 1, 2020, the Company applied incurred loss guidance
   where credit loss was recognized in earnings within net investment gains
   (losses) when incurred (when it was probable, based on current information
   and events, that all amounts due under the loan agreement would not be
   collected).

                                    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)


     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 deferred expenses and accretion of discount
   and deferred fees.

     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 non-accrual 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 of mortgage loan balances not considered collectible
   upon the realization of a credit loss, for commercial and agricultural
   mortgage loans typically through foreclosure or after a decision is made to
   sell a loan, and for residential mortgage loans, typically after considering
   the individual consumer's financial status. The charge-off is recorded in
   net investment gains (losses), net of amounts recognized in ACL. Cash
   recoveries on principal amounts previously charged-off are generally
   reported in net investment gains (losses).

     Also included in mortgage loans are residential mortgage loans for which
   the 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 are designated as held-for-sale, are carried at the
   lower of amortized cost or estimated fair value.

   Policy Loans

     Policy loans are stated at unpaid principal balances. Interest income is
   recognized 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.

   Real Estate

     Real estate is stated at cost less accumulated depreciation. Depreciation
   is recognized on a straight-line basis, without any provision for salvage
   value, over the estimated useful life of the asset (typically up 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
   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 estimated 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 and is
   not depreciated. Real estate held-for-sale is stated at the lower of
   depreciated cost or estimated fair value less expected disposition costs.

   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 but does not hold a controlling
   financial interest, including when the Company is not deemed the primary
   beneficiary of a VIE. Under the equity method, the Company recognizes in
   earnings within net investment

                                    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)

   income its share of the investee's earnings. Contributions paid by the
   Company increase carrying value and distributions received by the Company
   reduce carrying value. The Company generally recognizes its share of the
   investee's earnings 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. Unrealized gains
   (losses), representing changes in estimated fair value of these investments,
   are recognized in earnings within net investment gains (losses). Due to the
   nature and structure of these investments, they do not meet the
   characteristics of an equity security in accordance with applicable
   accounting guidance.

     The Company consolidates real estate joint ventures and other limited
   partnership interests of which it holds a controlling financial interest, or
   it is deemed the primary beneficiary of a VIE. Assets of certain of these
   consolidated other limited partnership interests and real estate joint
   ventures are recorded at estimated fair value. Unrealized gains (losses)
   representing changes in estimated fair value are recognized in net
   investment income.

     The Company routinely evaluates its equity method investments for
   impairment. When it is determined an equity method investment has had a loss
   in value that is other than temporary, it is impaired. Such an impairment is
   charged to net investment gains (losses).

   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.

   Other Invested Assets

      Other invested assets consist principally of the following:

   .  Freestanding derivatives with positive estimated fair values which are
      described in "-- Derivatives" below.

   .  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.

   .  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.

   .  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.

   .  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.

   .  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.

   .  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 reported net of non-recourse debt. Income is
      recognized by applying

                                    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)

      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 benefit. 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. 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.

   .  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.

   .  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 Transactions 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. The securities loaned or sold under
   these agreements are included in invested assets. Income and expenses
   associated with securities lending transactions and repurchase agreements
   are recognized as investment income and investment expense, respectively,
   within net investment income.

   Securities Lending Transactions

     The Company enters into securities lending transactions, whereby
   securities are loaned to unaffiliated financial institutions. 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.

   Repurchase Agreements

     The Company participates in short-term repurchase agreements with
   unaffiliated financial institutions. Under these agreements, the Company
   sells securities and receives cash in an amount generally equal to 85% to
   100% of the estimated fair value of the securities sold at the inception of
   the transaction, with a simultaneous agreement to repurchase such securities
   at a future date or on demand in an amount equal to the cash initially
   received plus interest. The Company monitors the ratio of the cash held to
   the estimated fair value of the securities sold throughout the duration of
   the transaction and additional cash or securities are obtained as necessary.
   Securities sold 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.

                                    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)


     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 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.

                                    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)


     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.

  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 significant management judgment
  are used to determine the estimated fair value of assets and liabilities.
  These unobservable inputs can be based on management's judgment, assumptions
  or estimation and may not be observable in market activity. Unobservable
  inputs are based on management's assumptions about the inputs market
  participants would use in pricing the assets.

  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. A December 31 measurement date is
  used for the Company's defined benefit pension plan.

                                    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)


    The Company recognizes the funded status of its defined benefit pension
  plan, 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.

    Actuarial gains and losses result from differences between the plan's
  actual experience and the assumed experience on PBO during a particular
  period and are recorded in accumulated OCI ("AOCI"). To the extent such gains
  and losses exceed 10% of the PBO, 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, amortization of net actuarial (gains)
  losses, and amortization of prior service costs (credit).

    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.

  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 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;

                                    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)


  .   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.

  Litigation Contingencies

    The Company is a defendant in a large number of litigation matters and is
  involved in a number of regulatory investigations. 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 does not issue any awards payable in its common stock or
   options to purchase its common stock. MetLife, Inc. grants certain employees
   stock-based compensation awards under various plans subject to vesting
   conditions. In accordance with a services agreement with an affiliate, the
   Company bears a proportionate share of stock-based compensation expense. The
   Company's expense related to stock-based compensation included in other
   expenses was $59 million, $44 million and $57 million for the years ended
   December 31, 2021, 2020 and 2019, respectively.

   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 and Leasehold Improvements

     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 $852 million and $856 million at December 31,
   2021 and 2020, respectively. Accumulated depreciation and amortization of
   property, equipment and leasehold improvements was $695 million and
   $657 million at December 31, 2021 and 2020, respectively.

                                    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)


   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 ROU asset in other assets and the lease liability in
   other liabilities. The Company evaluates whether a ROU asset is impaired
   when events or changes in circumstances indicate that its carrying amount
   may not be recoverable. Leases with an initial term of 12 months or less are
   not recorded on the balance sheet and the associated lease costs are
   recorded as an expense on a straight-line basis over the lease term.

     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

     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

                                    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)

   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. 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 2021 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, 2021 and 2020. The goodwill balance was $31
   million in the MetLife Holdings segment at both December 31, 2021 and 2020.

Recent Accounting Pronouncements

  Changes to GAAP are established by the Financial Accounting Standards Board
("FASB") in the form of accounting standards update ("ASUs") to the FASB
Accounting Standards Codification. The Company considers the applicability and
impact of all ASUs. The following tables provide a description of ASUs recently
issued by the FASB and the impact of their adoption on the Company's
consolidated financial statements.

  Adopted Accounting Pronouncements

    The table below describes the impacts of the ASUs adopted by the Company,
  effective January 1, 2021.

      Standard                      Description                  Effective Date and       Impact on Financial Statements
                                                                 Method of Adoption
-----------------------------------------------------------------------------------------------------------------------------
ASU 2020-04,          The guidance provides optional           Effective for contract  The guidance has reduced 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                            Contract modifications for invested
as clarified and      the amendments do not apply to contract                          assets and derivative instruments
amended by ASU        modifications made and hedging                                   have occurred during 2021 and are
2021-01, Reference    relationships entered into or evaluated                          expected to continue into 2022.
Rate Reform (Topic    after December 31, 2022, with certain                            Based on actions taken to date, the
848): Scope           exceptions. ASU 2021-01 amends the                               adoption of the guidance has not had
                      scope of the recent reference rate                               a material impact on the Company's
                      reform guidance. New optional                                    consolidated financial statements.
                      expedients allow derivative instruments                          The Company does not expect the
                      impacted by changes in the interest                              adoption of this guidance to have a
                      rate used for margining, discounting,                            material ongoing impact and will
                      or contract price alignment to qualify                           continue to evaluate the impacts of
                      for certain optional relief.                                     reference rate reform on contract
                                                                                       modifications and hedging
                                                                                       relationships through December 31,
                                                                                       2022.

                                    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 2019-12,           The guidance simplifies the accounting   January 1, 2021. The  The adoption of the guidance did not
Income Taxes (Topic    for income taxes by removing certain     Company adopted,      have a material impact on the
740): Simplifying the  exceptions to the tax accounting         using a prospective   Company's consolidated financial
Accounting for         guidance and providing clarification to  approach.             statements.
Income Taxes           other specific tax accounting guidance
                       to eliminate variations in practice.
                       Specifically, it removes the exceptions
                       related to the a) incremental approach
                       for intraperiod tax allocation when
                       there is a loss from continuing
                       operations and income or a gain from
                       other items, 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.
---------------------------------------------------------------------------------------------------------------------------

Future Adoption of 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, 2021 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.

     Standard                      Description                  Effective Date and        Impact on Financial Statements
                                                                Method of Adoption
-----------------------------------------------------------------------------------------------------------------------------
ASU 2018-12,         The guidance (i) prescribes the          January 1, 2023, to be   The Company's implementation
Financial Services-- discount rate to be used in measuring    applied retrospectively  efforts and the evaluation of the
Insurance (Topic     the liability for future policy          to January 1, 2021       impacts of the guidance continue to
944): Targeted       benefits for traditional and limited     (with early adoption     progress. Given the nature and extent
Improvements to the  payment long-duration contracts, and     permitted).              of the required changes to a
Accounting for Long- requires assumptions for those                                    significant portion of the Company's
Duration Contracts,  liability valuations to be updated                                operations, the adoption of this
as amended by ASU    after contract inception, (ii) requires                           guidance is expected to have a
2019-09, Financial   more market-based product guarantees on                           material impact on its financial
Services--Insurance  certain separate account and other                                position, results of operations, and
(Topic 944):         account balance long-duration contracts                           disclosures, as well as systems,
Effective Date, as   to be accounted for at fair value,                                processes, and controls.
amended by ASU       (iii) simplifies the amortization of                              The Company expects to adopt the
2020-11, Financial   DAC for virtually all long-duration                               guidance effective January 1, 2023.
Services--Insurance  contracts, and (iv) introduces certain                            The modified retrospective approach
(Topic 944):         financial statement presentation                                  will be used, except in regard to
Effective Date and   requirements, as well as significant                              market risk benefits where the
Early Application    additional quantitative and qualitative                           Company will use the full
                     disclosures. The amendments in ASU                                retrospective approach.
                     2019-09 defer the effective date of ASU                           The Company has created a
                     2018-12 to January 1, 2022 for all                                governance framework and is
                     entities, and the amendments in ASU                               managing a detailed implementation
                     2020-11 further defer the effective                               plan to support timely application of
                     date of ASU 2018-12 for an additional                             the guidance. The Company has
                     year to January 1, 2023 for all                                   made progress and continues to
                     entities.                                                         refine key accounting policy
                                                                                       decisions, technology solutions and
                                                                                       internal controls. These activities
                                                                                       include, but are not limited to,
                                                                                       modifications of actuarial valuation,
                                                                                       accounting and financial reporting
                                                                                       processes and systems including
                                                                                       internal controls.

                                    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)

      Standard                     Description                  Effective Date and          Impact on Financial Statements
                                                                Method of Adoption
---------------------------------------------------------------------------------------------------------------------------------
                                                                                      The most significant transition impacts
                                                                                      are expected to be from: (i) the
                                                                                      requirement to account for variable
                                                                                      annuity guarantees as market risk
                                                                                      benefits measured at fair value, (except
                                                                                      for the changes in fair value already
                                                                                      recognized under an existing accounting
                                                                                      model) and (ii) adjustments to AOCI for
                                                                                      the change in the current discount rate
                                                                                      to be used in measuring the liability for
                                                                                      future policy benefits for traditional and
                                                                                      limited payment contracts and the
                                                                                      removal of shadow account balances
                                                                                      associated with long-duration products.
                                                                                      Based on factors such as: (i) the
                                                                                      measurement of market risk benefits at
                                                                                      fair value; and (ii) the difference
                                                                                      between the discount rate currently used
                                                                                      for measuring the liability for future
                                                                                      policy benefits for traditional and
                                                                                      limited payment contracts compared to
                                                                                      the observed upper medium grade
                                                                                      investment yield at the date of transition
                                                                                      for this guidance, the Company's
                                                                                      expected impact of adopting this
                                                                                      guidance is anticipated to result in a
                                                                                      reduction of total equity. The Company
                                                                                      continues to evaluate the impact of the
                                                                                      guidance on its consolidated financial
                                                                                      statements.
---------------------------------------------------------------------------------------------------------------------------------
ASU 2021-10,          The guidance requires entities to       Annual periods          The Company is currently evaluating the
Government            provide annual disclosures about        beginning January 1,    impact of the guidance on its annual
Assistance (Topic     transactions with a government that     2022, to be applied     disclosures to be included in its 2022
832): Disclosures by  are accounted for by applying a grant   prospectively (with     consolidated financial statements.
Business Entities     or contribution accounting model by     early adoption
about Government      analogy and can include tax credits     permitted).
Assistance            and other forms of government
                      assistance. Entities are required to
                      disclose information about (i) the
                      nature of the transactions and the
                      related accounting policy used to
                      account for the transactions; (ii) the
                      line items on the balance sheet and
                      income statement that are affected by
                      the transactions, including the
                      associated amounts; and (iii) the
                      significant terms and conditions of
                      the transactions, including
                      commitments and contingencies.
---------------------------------------------------------------------------------------------------------------------------------
ASU 2021-08,          The guidance indicates how to           January 1, 2023, to be  The Company is currently evaluating
Business              determine whether a contract liability  applied prospectively   the impact of the guidance on its
Combinations (Topic   is recognized by the acquirer in a      (with early adoption    consolidated financial statements.
805): Accounting for  business combination and provides       permitted).
Contract Assets and   specific guidance on how to recognize
Contract Liabilities  and measure acquired contract assets
from Contracts with   and contract liabilities from revenue
Customers             contracts in a business combination.

                                    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 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, benefit
     funding solutions and capital markets investment products.

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, including the Company's ancillary non-U.S. operations. 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), 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).

  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

                                    MLIC-29

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

         Notes to the Consolidated Financial Statements -- (continued)

2. Segment Information (continued)

     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, 2021, 2020 and 2019 and at December 31, 2021 and 2020. 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.

  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.

                                    MLIC-30

                      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, 2021                 U.S.        Holdings      & Other        Total      Adjustments  Consolidated
---------------------------------------  ------------  ------------ ------------  ------------  ------------  ------------
                                                                           (In millions)
Revenues
Premiums................................  $    23,466   $     2,725  $        --   $    26,191   $        --   $    26,191
Universal life and investment-type
 product policy fees....................        1,101           881           --         1,982            80         2,062
Net investment income (1)...............        7,249         5,833          (17)       13,065          (579)       12,486
Other revenues..........................          861           243          512         1,616            --         1,616
Net investment gains (losses)...........           --            --           --            --           652           652
Net derivative gains (losses)...........           --            --           --            --          (964)         (964)
                                         ------------  ------------ ------------  ------------  ------------  ------------
 Total revenues.........................       32,677         9,682          495        42,854          (811)       42,043
                                         ------------  ------------ ------------  ------------  ------------  ------------
Expenses
Policyholder benefits and claims and
 policyholder dividends.................       24,504         5,281           --        29,785           366        30,151
Interest credited to policyholder
 account balances.......................        1,362           666            1         2,029            (2)        2,027
Capitalization of DAC...................          (59)            1           (6)          (64)           --           (64)
Amortization of DAC and VOBA............           56           171           --           227            32           259
Interest expense on debt................            6             5           85            96            --            96
Other expenses..........................        3,266           839        1,230         5,335            (9)        5,326
                                         ------------  ------------ ------------  ------------  ------------  ------------
 Total expenses.........................       29,135         6,963        1,310        37,408           387        37,795
                                         ------------  ------------ ------------  ------------  ------------  ------------
Provision for income tax expense
 (benefit)..............................          738           551         (518)          771          (241)          530
                                         ------------  ------------ ------------  ------------                ------------
 Adjusted earnings......................  $     2,804   $     2,168  $      (297)        4,675
                                         ============  ============ ============
Adjustments to:
Total revenues..........................                                                  (811)
Total expenses..........................                                                  (387)
Provision for income tax (expense)
 benefit................................                                                   241
                                                                                  ------------
 Net income (loss)......................                                           $     3,718                 $     3,718
                                                                                  ============                ============

                                                         MetLife      Corporate
At December 31, 2021                         U.S.        Holdings      & Other        Total
---------------------------------------  ------------- ------------- ------------ -------------
                                                             (In millions)
Total assets............................  $    256,381  $    161,614  $    28,562  $    446,557
Separate account assets.................  $     77,130  $     46,721  $        --  $    123,851
Separate account liabilities............  $     77,130  $     46,721  $        --  $    123,851

--------
(1) Net investment income from equity method investments represents 22% and 27%
    of segment net investment income for the U.S. and MetLife Holdings
    segments, respectively.

                                    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
For the 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 (1)..................        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

--------
(1) Net investment income from equity method investments represents 5% and 6%
    of segment net investment income for the U.S. and MetLife Holdings
    segments, respectively.

                                    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
For the 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 (1)..................        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
                                                                                     ============                ============

--------
(1) Net investment income from equity method investments represents 5% of
    segment net investment income for both the U.S. and MetLife Holdings
    segments.

   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,
                                              --------------------------------------
                                                  2021         2020         2019
                                              ------------ ------------ ------------
                                                          (In millions)
Life insurance...............................  $    15,432  $    14,018  $    13,413
Accident & health insurance..................        9,493        8,650        8,556
Annuities....................................        4,541        1,352        2,917
Other........................................          403          378          332
                                              ------------ ------------ ------------
 Total.......................................  $    29,869  $    24,398  $    25,218
                                              ============ ============ ============

  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 $3.9 billion, $3.3
billion and $3.0 billion for the years ended December 31, 2021, 2020 and 2019,
respectively, which represented 13%, 14% and 12% of the consolidated premiums,
universal life and investment-type product policy fees and other revenues,
respectively. 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, 2021, 2020 and 2019.

                                    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,
                                         -----------------
                                           2021     2020
                                         -------- --------
                                           (In millions)
                      U.S............... $145,463 $147,557
                      MetLife Holdings..   88,991   90,259
                      Corporate & Other.      373      170
                                         -------- --------
                        Total........... $234,827 $237,986
                                         ======== ========

  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, 2021 and 2020. Participating policies represented
14%, 17% and 19% of gross traditional life insurance premiums for the years
ended December 31, 2021, 2020 and 2019, 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, 2019...  $        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
Incurred guaranteed benefits.           123             82            164             16            385
Paid guaranteed benefits.....           (14)            (7)           (52)           (15)           (88)
                              -------------  -------------  -------------  -------------  -------------
Balance at December 31, 2021.  $        602   $      1,034   $      1,463   $        141   $      3,240
                              =============  =============  =============  =============  =============
Ceded:
Balance at January 1, 2019...  $         --   $         --   $        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
Incurred guaranteed benefits.            --             --             63             10             73
Paid guaranteed benefits.....            --             --            (32)           (10)           (42)
                              -------------  -------------  -------------  -------------  -------------
Balance at December 31, 2021.  $         --   $         --   $        500   $         99   $        599
                              =============  =============  =============  =============  =============
Net:
Balance at January 1, 2019...  $        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
Incurred guaranteed benefits.           123             82            101              6            312
Paid guaranteed benefits.....           (14)            (7)           (20)            (5)           (46)
                              -------------  -------------  -------------  -------------  -------------
Balance at December 31, 2021.  $        602   $      1,034   $        963   $         42   $      2,641
                              =============  =============  =============  =============  =============

                                    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,
                                         -----------------------------------------------------------------------
                                                         2021                                  2020
                                         ---------------------------------     ---------------------------------
                                              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)..........  $      48,868      $      20,140      $      50,047      $      21,229
  Separate account value (1)............  $      39,882      $      19,347      $      40,583      $      20,368
  Net amount at risk....................  $       1,160 (3)  $         461 (4)  $       1,178 (3)  $         552 (4)
Average attained age of contractholders.       69 years           66 years           68 years           67 years
Other Annuity Guarantees:
  Total account value (1), (2)..........            N/A      $         135                N/A      $         142
  Net amount at risk....................            N/A      $          70 (5)            N/A      $          74 (5)
Average attained age of contractholders.            N/A           55 years                N/A           55 years

                                                                        December 31,
                                         -----------------------------------------------------------------------
                                                         2021                                  2020
                                         ---------------------------------     ---------------------------------
                                            Secondary            Paid-Up          Secondary            Paid-Up
                                             Guarantees         Guarantees         Guarantees        Guarantees
                                         ----------------   ---------------    ----------------   ---------------
                                                                    (Dollars in millions)
Universal and Variable Life Contracts:
  Total account value (1), (2)..........  $       5,935      $         826      $       5,607      $         861
  Net amount at risk (6)................  $      37,482      $       5,181      $      39,134      $       5,525
Average attained age of policyholders...       59 years           65 years           58 years           65 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,
                                  -----------------------------
                                       2021           2020
                                  -------------- --------------
                                          (In millions)
                 Fund Groupings:
                 Equity..........  $      24,519  $      23,891
                 Balanced........         16,228         16,992
                 Bond............          2,874          3,052
                 Money Market....             41             52
                                  -------------- --------------
                   Total.........  $      43,662  $      43,987
                                  ============== ==============

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, 2021 and 2020. 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, 2021, 2020 and 2019,
the Company issued $39.5 billion, $39.3 billion and $37.3 billion,
respectively, and repaid $41.2 billion, $36.7 billion and $36.4 billion,
respectively, of such funding agreements. At December 31, 2021 and 2020,
liabilities for funding agreements outstanding, which are included in
policyholder account balances, were $37.2 billion and $38.8 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 $718 million and $765 million at December 31, 2021 and 2020,
respectively.

   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,
                      -------------------------------------------------------
                          2021         2020           2021             2020
                      ------------ ------------ ------------     ------------
                                             (In millions)
FHLB of New York (1). $     14,745 $     15,245 $     16,645 (2) $     17,258 (2)
Farmer Mac (3)....... $      2,050 $      2,375 $      2,159     $      2,450
--------
(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

                                    MLIC-38

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

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)

    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, 2021. 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 2021 is
presented as supplementary information.

  U.S.

   Group Life - Term

                 Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance             At December 31, 2021
         ------------------------------------------------------------------------------------------  ---------------------------
                                      For the Years Ended December 31,
         ------------------------------------------------------------------------------------------     Total IBNR
                                           (Unaudited)                                               Liabilities Plus
         --------------------------------------------------------------------------------                Expected     Cumulative
                                                                                                      Development on  Number of
Incurral                                                                                                 Reported      Reported
  Year     2012     2013     2014     2015     2016     2017     2018     2019     2020      2021         Claims        Claims
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ---------  ---------------- ----------
                                                          (Dollars in millions)
  2012.. $  6,503 $  6,579 $  6,569 $  6,546 $  6,568 $  6,569 $  6,569 $  6,572 $  6,574  $  6,575       $    1       210,236
  2013..             6,637    6,713    6,719    6,720    6,730    6,720    6,723    6,724     6,726            2       212,892
  2014..                      6,986    6,919    6,913    6,910    6,914    6,919    6,920     6,918            1       215,694
  2015..                               7,040    7,015    7,014    7,021    7,024    7,025     7,026            2       218,188
  2016..                                        7,125    7,085    7,095    7,104    7,105     7,104            3       219,581
  2017..                                                 7,432    7,418    7,425    7,427     7,428            6       260,807
  2018..                                                          7,757    7,655    7,646     7,650           10       246,519
  2019..                                                                   7,935    7,900     7,907           13       246,245
  2020..                                                                            8,913     9,367           27       281,696
  2021..                                                                                     10,555        1,029       221,955
                                                                                          ---------
 Total..................................................................................     77,256
Cumulative paid claims and paid allocated claim adjustment expenses, net of
 reinsurance.............................................................................   (74,255)
All outstanding liabilities for incurral years prior to 2012, net of reinsurance.........        21
                                                                                          ---------
 Total unpaid claims and claim adjustment expenses, net of reinsurance..................   $  3,022
                                                                                          =========

                 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
               -------------------------------------------------------------------------------------------
                                            For the Years Ended December 31,
               -------------------------------------------------------------------------------------------
                                                 (Unaudited)
               --------------------------------------------------------------------------------
Incurral Year    2012     2013     2014     2015     2016     2017     2018     2019     2020      2021
-------------  -------- -------- -------- -------- -------- -------- -------- -------- -------- ----------
                                                      (In millions)
    2012...... $  5,132 $  6,472 $  6,518 $  6,532 $  6,558 $  6,565 $  6,566 $  6,569 $  6,572  $   6,572
    2013......             5,216    6,614    6,664    6,678    6,711    6,715    6,720    6,721      6,723
    2014......                      5,428    6,809    6,858    6,869    6,902    6,912    6,915      6,916
    2015......                               5,524    6,913    6,958    6,974    7,008    7,018      7,022
    2016......                                        5,582    6,980    7,034    7,053    7,086      7,096
    2017......                                                 5,761    7,292    7,355    7,374      7,400
    2018......                                                          6,008    7,521    7,578      7,595
    2019......                                                                   6,178    7,756      7,820
    2020......                                                                            6,862      9,103
    2021......                                                                                       8,008
                                                                                                ----------
 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance   $  74,255
                                                                                                ==========

                                    MLIC-39

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

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)


   Average Annual Percentage Payout

     The following is supplementary information about average historical claims
   duration at December 31, 2021:

                          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. 77.5%     20.5%    0.7%    0.2%    0.4%    0.1%    --%    --%    --%    --%

   Group Long-Term Disability

                    Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance        At December 31, 2021
                ---------------------------------------------------------------------------------  ---------------------------
                                         For the Years Ended December 31,                             Total IBNR
                ---------------------------------------------------------------------------------  Liabilities Plus
                                              (Unaudited)                                              Expected     Cumulative
                -----------------------------------------------------------------------             Development on  Number of
Incurral                                                                                               Reported      Reported
 Year            2012    2013    2014    2015    2016    2017    2018    2019    2020      2021         Claims        Claims
--------        ------- ------- ------- ------- ------- ------- ------- ------- ------- ---------  ---------------- ----------
                                                            (Dollars in millions)
  2012......... $   966 $   979 $   980 $ 1,014 $ 1,034 $ 1,037 $ 1,021 $ 1,015 $ 1,011  $  1,007        $ --         20,086
  2013.........           1,008   1,027   1,032   1,049   1,070   1,069   1,044   1,032     1,025          --         21,139
  2014.........                   1,076   1,077   1,079   1,101   1,109   1,098   1,097     1,081          --         22,853
  2015.........                           1,082   1,105   1,093   1,100   1,087   1,081     1,067          --         21,213
  2016.........                                   1,131   1,139   1,159   1,162   1,139     1,124          --         17,971
  2017.........                                           1,244   1,202   1,203   1,195     1,165          --         16,324
  2018.........                                                   1,240   1,175   1,163     1,147          --         15,172
  2019.........                                                           1,277   1,212     1,169           7         15,318
  2020.........                                                                   1,253     1,223          30         15,381
  2021.........                                                                             1,552         687         10,503
                                                                                        ---------
 Total................................................................................     11,560
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance    (5,943)
All outstanding liabilities for incurral years prior to 2012, net of reinsurance.......     1,559
                                                                                        ---------
 Total unpaid claims and claim adjustment expenses, net of reinsurance................   $  7,176
                                                                                        =========

                 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
               --------------------------------------------------------------------------------------------
                                             For the Years Ended December 31,
               --------------------------------------------------------------------------------------------
                                                 (Unaudited)
               --------------------------------------------------------------------------------
Incurral Year    2012     2013     2014     2015     2016     2017     2018     2019     2020      2021
-------------  -------- -------- -------- -------- -------- -------- -------- -------- -------- -----------
                                                      (In millions)
    2012...... $     43 $    229 $    365 $    453 $    524 $    591 $    648 $    694 $    730  $      766
    2013......                43      234      382      475      551      622      676      722         764
    2014......                         51      266      428      526      609      677      732         778
    2015......                                  50      264      427      524      601      665         718
    2016......                                           49      267      433      548      628         696
    2017......                                                    56      290      476      579         655
    2018......                                                             54      314      497         594
    2019......                                                                      57      342         522
    2020......                                                                               59         355
    2021......                                                                                           95
                                                                                                -----------
 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance   $    5,943
                                                                                                ===========

   Average Annual Percentage Payout

     The following is supplementary information about average historical claims
   duration at December 31, 2021:

                            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. 4.8%    20.9%    15.0%    9.1%    7.2%    6.4%    5.2%    4.4%   3.8%   3.6%

  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

                                    MLIC-40

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

         Notes to the Consolidated Financial Statements -- (continued)

3. Insurance (continued)

   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 2021 compared to
   the 2020 incurral year due to the growth in the size of the business.

     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.

     Certain of our Group Life - Term customers have experience-rated
   contracts, whereby the group sponsor participates in the favorable and/or
   adverse claim experience, including favorable and/or adverse prior year
   development. Claim experience adjustments on these contracts are not
   reflected in the foregoing incurred and paid claim development tables, but
   are instead reflected as an increase (adverse experience) or decrease
   (favorable experience) to premiums on the consolidated statements of
   operations.

     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 $6.2 billion and $6.0 billion at December 31, 2021
   and 2020, respectively. Using interest rates ranging from 2% to 8%, based on
   the incurral year, the total discount applied to these liabilities was
   $1.1 billion and $1.2 billion at December 31, 2021 and 2020, respectively.
   The amount of interest accretion recognized was $518 million, $452 million
   and $470 million for the years ended December 31, 2021, 2020 and 2019,
   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-41

                      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, 2021
                                                                                              --------------------------------
                                                                                                        (In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
U.S.:
Group Life - Term............................................................................  $        3,022
Group Long-Term Disability...................................................................           7,176
                                                                                              ---------------
  Total......................................................................................                  $        10,198
Other insurance lines - all segments combined................................................                              864
                                                                                                              ----------------
  Total unpaid claims and allocated claims adjustment expenses, net of reinsurance...........                           11,062
                                                                                                              ----------------
Reinsurance recoverables on unpaid claims:
U.S.:
Group Life - Term............................................................................              14
Group Long-Term Disability...................................................................             166
                                                                                              ---------------
  Total......................................................................................                              180
Other insurance lines - all segments combined................................................                               29
                                                                                                              ----------------
  Total reinsurance recoverable on unpaid claims.............................................                              209
                                                                                                              ----------------
  Total unpaid claims and allocated claims adjustment expense................................                           11,271
Discounting..................................................................................                           (1,133)
                                                                                                              ----------------
Liability for unpaid claims and claim adjustment liabilities - short-duration................                           10,138
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines.......                            4,921
                                                                                                              ----------------
  Total liability for unpaid claims and claim adjustment expense (included in future policy
   benefits and other policy-related balances)...............................................                  $        15,059
                                                                                                              ================

                                    MLIC-42

                      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,
                                  ----------------------------------------------------
                                        2021              2020              2019
                                  ----------------  ----------------  ----------------
                                                      (In millions)
Balance at January 1,............  $        13,523   $        13,140   $        12,590
  Less: Reinsurance recoverables.            1,639             1,525             1,497
                                  ----------------  ----------------  ----------------
Net balance at January 1,........           11,884            11,615            11,093
Incurred related to:
  Current year...................           21,201            18,620            17,711
  Prior years (1)................              582               (19)               44
                                  ----------------  ----------------  ----------------
    Total incurred...............           21,783            18,601            17,755
Paid related to:
  Current year...................          (15,405)          (13,854)          (12,934)
  Prior years....................           (5,466)           (4,478)           (4,299)
                                  ----------------  ----------------  ----------------
    Total paid...................          (20,871)          (18,332)          (17,233)
                                  ----------------  ----------------  ----------------
Net balance at December 31,......           12,796            11,884            11,615
  Add: Reinsurance recoverables..            2,263             1,639             1,525
                                  ----------------  ----------------  ----------------
Balance at December 31,..........  $        15,059   $        13,523   $        13,140
                                  ================  ================  ================
--------
(1) For the year ended December 31, 2021, the increase in incurred claim
    activity and claim adjustment expenses associated with prior years
    increased primarily due to the impacts from the COVID-19 pandemic, which
    are partially offset by additional premiums recorded for experience-rated
    contracts and are not reflected in the table above. 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, 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 $78.8 billion and $78.0 billion
at December 31, 2021 and 2020, 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 $45.0 billion and $50.6 billion at December 31, 2021 and 2020,
respectively. The latter category consisted primarily of guaranteed interest
contracts ("GICs"). The average interest rate credited on these contracts was
2.16% and 2.54% at December 31, 2021 and 2020, respectively.

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-43

                      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-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)


  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,
                                                                 -------------------------------------------------
                                                                       2021             2020             2019
                                                                 ---------------  ---------------  ---------------
                                                                                   (In millions)
DAC:
Balance at January 1,...........................................  $        2,626   $        3,427   $        4,089
Capitalizations.................................................              64               51               43
Amortization related to:
Net investment gains (losses) and net derivative gains (losses).             (38)             (56)              25
Other expenses..................................................            (215)            (348)            (263)
                                                                 ---------------  ---------------  ---------------
  Total amortization............................................            (253)            (404)            (238)
                                                                 ---------------  ---------------  ---------------
Unrealized investment gains (losses)............................             142             (448)            (467)
                                                                 ---------------  ---------------  ---------------
Balance at December 31,.........................................           2,579            2,626            3,427
                                                                 ---------------  ---------------  ---------------
VOBA:
Balance at January 1,...........................................              23               26               28
Amortization related to other expenses..........................              (6)              (2)              (1)
Unrealized investment gains (losses)............................               2               (1)              (1)
                                                                 ---------------  ---------------  ---------------
Balance at December 31,.........................................              19               23               26
                                                                 ---------------  ---------------  ---------------
Total DAC and VOBA:
Balance at December 31,.........................................  $        2,598   $        2,649   $        3,453
                                                                 ===============  ===============  ===============

  Information regarding total DAC and VOBA by segment, as well as Corporate &
Other, was as follows:

                                           December 31,
                                    ---------------------------
                                        2021          2020
                                    ------------- -------------
                                           (In millions)
                 U.S...............  $        401  $        398
                 MetLife Holdings..         2,191         2,251
                 Corporate & Other.             6            --
                                    ------------- -------------
                   Total...........  $      2,598  $      2,649
                                    ============= =============

                                    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)


  Information regarding other intangibles was as follows:

                                              Years Ended December 31,
                                         ----------------------------------
                                            2021        2020        2019
                                         ----------  ----------  ----------
                                                    (In millions)
   DSI:
   Balance at January 1,................ $       30  $       62  $       93
   Capitalization.......................         --          --           1
   Amortization.........................          2         (21)        (20)
   Unrealized investment gains (losses).         10         (11)        (12)
                                         ----------  ----------  ----------
   Balance at December 31,.............. $       42  $       30  $       62
                                         ==========  ==========  ==========
   VODA and VOCRA:
   Balance at January 1,................ $      135  $      157  $      181
   Amortization.........................        (19)        (22)        (24)
                                         ----------  ----------  ----------
   Balance at December 31,.............. $      116  $      135  $      157
                                         ==========  ==========  ==========
   Accumulated amortization............. $      341  $      322  $      300
                                         ==========  ==========  ==========

  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)
 2022.............................................. $          1 $          17
 2023.............................................. $          2 $          15
 2024.............................................. $          2 $          13
 2025.............................................. $          2 $          12
 2026.............................................. $          2 $          11

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, with the exception of its Group Term Life business and certain client
arrangements.

  The Company reinsures an 80% quota share of its Group Term Life business for
capital management purposes. The majority of the Company's other 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 and the Company may cede up to 100%
of all the risks of these policies.

                                    MLIC-46

                      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. Also, the Company assumes certain group annuity contracts
from an affiliate.

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, 2021 and 2020 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 $1.5 billion and $1.7 billion of
unsecured unaffiliated reinsurance recoverable balances at December 31, 2021
and 2020, respectively.

  At December 31, 2021, the Company had $2.3 billion of net unaffiliated ceded
reinsurance recoverables. Of this total, $1.8 billion, or 78%, 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, 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.

  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-47

                      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,
                                                               ----------------------------------------------
                                                                    2021            2020            2019
                                                               --------------  --------------  --------------
                                                                                (In millions)
Premiums
Direct premiums...............................................  $      23,008   $      20,821   $      21,804
Reinsurance assumed...........................................          4,121             909             811
Reinsurance ceded.............................................           (938)           (989)         (1,007)
                                                               --------------  --------------  --------------
  Net premiums................................................  $      26,191   $      20,741   $      21,608
                                                               ==============  ==============  ==============
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees.  $       2,371   $       2,290   $       2,331
Reinsurance assumed...........................................            (16)            (16)            (15)
Reinsurance ceded.............................................           (293)           (278)           (279)
                                                               --------------  --------------  --------------
  Net universal life and investment-type product policy fees..  $       2,062   $       1,996   $       2,037
                                                               ==============  ==============  ==============
Other revenues
Direct other revenues.........................................  $       1,066   $       1,043   $       1,007
Reinsurance assumed...........................................             13              10              (5)
Reinsurance ceded.............................................            537             608             571
                                                               --------------  --------------  --------------
  Net other revenues..........................................  $       1,616   $       1,661   $       1,573
                                                               ==============  ==============  ==============
Policyholder benefits and claims
Direct policyholder benefits and claims.......................  $      26,672   $      23,488   $      24,469
Reinsurance assumed...........................................          3,964             811             728
Reinsurance ceded.............................................         (1,213)         (1,225)         (1,146)
                                                               --------------  --------------  --------------
  Net policyholder benefits and claims........................  $      29,423   $      23,074   $      24,051
                                                               ==============  ==============  ==============
Interest credited to policyholder account balances
Direct interest credited to policyholder account balances.....  $       1,996   $       2,218   $       2,592
Reinsurance assumed...........................................             43              42              44
Reinsurance ceded.............................................            (12)            (13)            (12)
                                                               --------------  --------------  --------------
  Net interest credited to policyholder account balances......  $       2,027   $       2,247   $       2,624
                                                               ==============  ==============  ==============
Other expenses
Direct other expenses.........................................  $       4,459   $       4,469   $       4,464
Reinsurance assumed...........................................            163              71              50
Reinsurance ceded.............................................            995             473             462
                                                               --------------  --------------  --------------
  Net other expenses..........................................  $       5,617   $       5,013   $       4,976
                                                               ==============  ==============  ==============

                                    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 balance sheets include the impact of
reinsurance. Information regarding the significant effects of reinsurance was
as follows at:

                                                                            December 31,
                                             ---------------------------------------------------------------------------
                                                             2021                                  2020
                                             ------------------------------------- -------------------------------------
                                                                           Total                                 Total
                                                                          Balance                               Balance
                                              Direct   Assumed   Ceded     Sheet    Direct   Assumed   Ceded     Sheet
                                             --------- ------- --------  --------- --------- ------- --------  ---------
                                                                            (In millions)
Assets
Premiums, reinsurance and other
 receivables................................  $  2,778  $  636  $17,091   $ 20,505  $  2,509  $  831  $18,138   $ 21,478
Deferred policy acquisition costs and value
 of business acquired.......................     2,805      18     (225)     2,598     2,864      13     (228)     2,649
                                             --------- ------- --------  --------- --------- ------- --------  ---------
  Total assets..............................  $  5,583  $  654  $16,866   $ 23,103  $  5,373  $  844  $17,910   $ 24,127
                                             ========= ======= ========  ========= ========= ======= ========  =========
Liabilities
Future policy benefits......................  $128,086  $4,198  $   (10)  $132,274  $132,776  $1,159  $   (14)  $133,921
Policyholder account balances...............    94,059     400       --     94,459    96,479     156       --     96,635
Other policy-related balances...............     7,757     337       --      8,094     7,103     322        5      7,430
Other liabilities...........................     6,259   2,213   15,324     23,796     7,027   2,406   15,991     25,424
                                             --------- ------- --------  --------- --------- ------- --------  ---------
  Total liabilities.........................  $236,161  $7,148  $15,314   $258,623  $243,385  $4,043  $15,982   $263,410
                                             ========= ======= ========  ========= ========= ======= ========  =========

  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
$11.9 billion and $12.8 billion at December 31, 2021 and 2020, respectively.
The deposit liabilities on reinsurance were $1.7 billion and $1.8 billion at
December 31, 2021 and 2020, 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, Metropolitan Tower Life Insurance
Company ("MTL"), and MetLife Insurance K.K., all of which are related parties.

                                    MLIC-49

                      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,
                                                              -------------------------------------
                                                                  2021         2020         2019
                                                              -----------  -----------  -----------
                                                                          (In millions)
Premiums
Reinsurance assumed..........................................  $    3,237   $        8   $        9
Reinsurance ceded............................................        (114)        (113)        (115)
                                                              -----------  -----------  -----------
  Net premiums...............................................  $    3,123   $     (105)  $     (106)
                                                              ===========  ===========  ===========
Universal life and investment-type product policy fees
Reinsurance assumed..........................................  $        1   $        1   $        1
Reinsurance ceded............................................         (19)          (7)         (17)
                                                              -----------  -----------  -----------
  Net universal life and investment-type product policy fees.  $      (18)  $       (6)  $      (16)
                                                              ===========  ===========  ===========
Other revenues
Reinsurance assumed..........................................  $      (11)  $      (12)  $      (19)
Reinsurance ceded............................................         505          572          533
                                                              -----------  -----------  -----------
  Net other revenues.........................................  $      494   $      560   $      514
                                                              ===========  ===========  ===========
Policyholder benefits and claims
Reinsurance assumed..........................................  $    3,138   $        1   $        4
Reinsurance ceded............................................        (152)        (145)        (153)
                                                              -----------  -----------  -----------
  Net policyholder benefits and claims.......................  $    2,986   $     (144)  $     (149)
                                                              ===========  ===========  ===========
Interest credited to policyholder account balances
Reinsurance assumed..........................................  $       31   $       29   $       30
Reinsurance ceded............................................         (12)         (13)         (12)
                                                              -----------  -----------  -----------
  Net interest credited to policyholder account balances.....  $       19   $       16   $       18
                                                              ===========  ===========  ===========
Other expenses
Reinsurance assumed..........................................  $       89   $       --   $       --
Reinsurance ceded............................................       1,055          516          533
                                                              -----------  -----------  -----------
  Net other expenses.........................................  $    1,144   $      516   $      533
                                                              ===========  ===========  ===========

   Information regarding the significant effects of affiliated reinsurance
included on the consolidated balance sheets was as follows at:

                                                                             December 31,
                                                         ---------------------------------------------------
                                                                    2021                      2020
                                                         -------------------------  ------------------------
                                                           Assumed        Ceded       Assumed       Ceded
                                                         ------------ ------------  ----------- ------------
                                                                            (In millions)
Assets
Premiums, reinsurance and other receivables.............   $       25  $    11,710   $        1  $    12,453
Deferred policy acquisition costs and value of business
 acquired...............................................            6         (139)          --         (145)
                                                         ------------ ------------  ----------- ------------
  Total assets..........................................   $       31  $    11,571   $        1  $    12,308
                                                         ============ ============  =========== ============
Liabilities
Future policy benefits..................................   $    3,139  $       (10)  $       48  $       (14)
Policyholder account balances...........................          366           --          123           --
Other policy-related balances...........................           14           --            1            5
Other liabilities.......................................          894       12,190          864       12,816
                                                         ------------ ------------  ----------- ------------
  Total liabilities.....................................   $    4,413  $    12,180   $    1,036  $    12,807
                                                         ============ ============  =========== ============


                                    MLIC-50

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

         Notes to the Consolidated Financial Statements -- (continued)

5. Reinsurance (continued)

  Effective April 1, 2021, the Company, through its wholly-owned subsidiary
Missouri Reinsurance, Inc., entered into an agreement to assume certain group
annuity contracts issued in connection with a qualifying pension risk transfer
on a modified coinsurance basis from MTL. The significant reinsurance effects
to the Company were primarily increases in future policy benefits of
$3.1 billion at December 31, 2021, as well as premiums of $3.2 billion and
policyholder benefits and claims of $3.1 billion for the year ended
December 31, 2021. Also, as a result of this agreement, other invested assets
increased by $3.2 billion at December 31, 2021.

  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 $31 million and
$45 million at December 31, 2021 and 2020, respectively. Net derivative gains
(losses) associated with these embedded derivatives were $15 million,
($24) million and ($17) million for the years ended December 31, 2021, 2020 and
2019, 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 $1.0 billion and $1.4 billion at December 31,
2021 and 2020, respectively. Net derivative gains (losses) associated with the
embedded derivative were $341 million, ($387) million and ($535) million for
the years ended December 31, 2021, 2020 and 2019, 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 $677 million and $606 million of
unsecured affiliated reinsurance recoverable balances at December 31, 2021 and
2020, 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 $10.1 billion and $11.0 billion at December 31, 2021 and 2020,
respectively. The deposit liabilities on affiliated reinsurance were
$892 million and $863 million at December 31, 2021 and 2020, 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.

                                    MLIC-51

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

         Notes to the Consolidated Financial Statements -- (continued)

6. Closed Block (continued)


  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 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-52

                      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,
                                                                                     ----------------------------
                                                                                          2021           2020
                                                                                     -------------  -------------
                                                                                             (In millions)
Closed Block Liabilities
Future policy benefits.............................................................. $      38,046  $      38,758
Other policy-related balances.......................................................           290            321
Policyholder dividends payable......................................................           253            337
Policyholder dividend obligation....................................................         1,682          2,969
Deferred income tax liability.......................................................           210            130
Other liabilities...................................................................           263            172
                                                                                     -------------  -------------
  Total closed block liabilities....................................................        40,744         42,687
                                                                                     -------------  -------------
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value...............        25,669         27,186
Mortgage loans......................................................................         6,417          6,807
Policy loans........................................................................         4,191          4,355
Real estate and real estate joint ventures..........................................           565            559
Other invested assets...............................................................           556            492
                                                                                     -------------  -------------
  Total investments.................................................................        37,398         39,399
Cash and cash equivalents...........................................................           126             --
Accrued investment income...........................................................           384            402
Premiums, reinsurance and other receivables.........................................            50             50
Current income tax recoverable......................................................            81             28
                                                                                     -------------  -------------
  Total assets designated to the closed block.......................................        38,039         39,879
                                                                                     -------------  -------------
  Excess of closed block liabilities over assets designated to the closed block.....         2,705          2,808
                                                                                     -------------  -------------
AOCI:
Unrealized investment gains (losses), net of income tax.............................         2,562          3,524
Unrealized gains (losses) on derivatives, net of income tax.........................           107             23
Allocated to policyholder dividend obligation, net of income tax....................        (1,329)        (2,346)
                                                                                     -------------  -------------
  Total amounts included in AOCI....................................................         1,340          1,201
                                                                                     -------------  -------------
  Maximum future earnings to be recognized from closed block assets and liabilities. $       4,045  $       4,009
                                                                                     =============  =============

   Information regarding the closed block policyholder dividend obligation was
as follows:

                                                       Years Ended December 31,
                                              ------------------------------------------
                                                   2021          2020          2019
                                              -------------  ------------- -------------
                                                            (In millions)
Balance at January 1,........................  $      2,969   $      2,020  $        428
Change in unrealized investment and
 derivative gains (losses)...................        (1,287)           949         1,592
                                              -------------  ------------- -------------
Balance at December 31,......................  $      1,682   $      2,969  $      2,020
                                              =============  ============= =============

                                    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 revenues and expenses was as follows:

                                                      Years Ended December 31,
                                              ----------------------------------------
                                                  2021          2020          2019
                                              ------------  ------------  ------------
                                                            (In millions)
Revenues
Premiums..................................... $      1,298  $      1,498  $      1,580
Net investment income........................        1,541         1,596         1,740
Net investment gains (losses)................          (36)          (25)           (7)
Net derivative gains (losses)................           18           (17)           12
                                              ------------  ------------  ------------
 Total revenues..............................        2,821         3,052         3,325
                                              ------------  ------------  ------------
Expenses
Policyholder benefits and claims.............        2,150         2,330         2,291
Policyholder dividends.......................          621           791           924
Other expenses...............................           96           104           111
                                              ------------  ------------  ------------
 Total expenses..............................        2,867         3,225         3,326
                                              ------------  ------------  ------------
 Revenues, net of expenses before provision
   for income tax expense (benefit)..........          (46)         (173)           (1)
Provision for income tax expense (benefit)...          (10)          (36)           (2)
                                              ------------  ------------  ------------
 Revenues, net of expenses and provision for
   income tax expense (benefit).............. $        (36) $       (137) $          1
                                              ============  ============  ============

  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 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.

                                    MLIC-54

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

  ABS includes securities collateralized by corporate loans and consumer loans.
  Municipals includes taxable and tax-exempt 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."

                                                               December 31,
                      ----------------------------------------------------------------------------------------------
                                           2021                                            2020
                      ----------------------------------------------- ----------------------------------------------
                                     Gross Unrealized                                Gross Unrealized
                                ---------------------------                     --------------------------
                                Allowance                   Estimated           Allowance                  Estimated
                      Amortized for Credit                    Fair    Amortized for Credit                   Fair
Sector                  Cost       Loss     Gains   Losses    Value     Cost       Loss     Gains   Losses   Value
------                --------- ---------- -------- ------- --------- --------- ---------- -------- ------ ---------
                                                              (In millions)
U.S. corporate....... $  51,328  $   (30)  $  7,257 $   153 $  58,402 $  50,989   $  (43)  $  9,618 $  155 $  60,409
U.S. government and
 agency..............    26,782       --      4,568     128    31,222    24,620       --      6,178     27    30,771
Foreign corporate....    27,475      (10)     2,651     431    29,685    28,093       (8)     4,478    284    32,279
RMBS.................    22,082       --      1,198     135    23,145    22,552       --      1,706     32    24,226
ABS..................    12,787       --        127      35    12,879    12,456       --        169     50    12,575
Municipals...........     6,884       --      1,849       5     8,728     6,888       --      2,096      1     8,983
CMBS.................     6,686      (13)       237      32     6,878     6,503       --        381     55     6,829
Foreign government...     4,330       --        698      82     4,946     4,322       --        978     32     5,268
                      ---------  -------   -------- ------- --------- ---------   ------   -------- ------ ---------
 Total fixed
   maturity
   securities AFS.... $ 158,354  $  (53)   $ 18,585 $ 1,001 $ 175,885 $ 156,423    $ (51)  $ 25,604 $  636 $ 181,340
                      =========  =======   ======== ======= ========= =========   ======   ======== ====== =========

  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,
  2021:

                                                       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.  $    2,967   $    29,155   $    27,945    $    56,692  $    41,542  $    158,301
Estimated fair value.......  $    2,938   $    29,975   $    30,739    $    69,331  $    42,902  $    175,885

    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.

                                    MLIC-55

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  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
  without an ACL by sector and aggregated by length of time that the securities
  have been in a continuous unrealized loss position.

                                                                        December 31,
                                    -------------------------------------------------------------------------------------
                                                       2021                                       2020
                                    ------------------------------------------ ------------------------------------------
                                                          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
Sector & Credit Quality               Value      Losses     Value     Losses     Value      Losses     Value     Losses
-----------------------             ---------- ---------- --------- ---------- ---------- ---------- --------- ----------
                                                                    (Dollars in millions)
U.S. Corporate..................... $    4,503  $    83   $     784  $    70   $    2,351  $   112   $     230  $    36
U.S. government and agency.........     10,063       78         523       49        1,686       27          --       --
Foreign Corporate..................      4,079      199       1,348      232        2,431      225          34       59
RMBS...............................      7,481      111         314       24        1,119       20         128       12
ABS................................      5,643       25         593       10        2,561       18       2,233       32
Municipals.........................        154        4          17        1           51        1          --       --
CMBS...............................      1,613       20         355       12        1,110       41         306       14
Foreign Government.................        497       37         148       45          110        6         115       27
                                    ----------  -------   ---------  -------   ----------  -------   ---------  -------
  Total fixed maturity securities
   AFS............................. $   34,033  $   557   $   4,082  $   443   $   11,419  $   450   $   3,046  $   180
                                    ==========  =======   =========  =======   ==========  =======   =========  =======
Investment grade................... $   31,419  $   454   $   3,273  $   353   $    9,012  $   297   $   2,841  $   158
Below investment grade.............      2,614      103         809       90        2,407      153         205       22
                                    ----------  -------   ---------  -------   ----------  -------   ---------  -------
  Total fixed maturity securities
   AFS............................. $   34,033  $   557   $   4,082  $   443   $   11,419  $   450   $   3,046  $   180
                                    ==========  =======   =========  =======   ==========  =======   =========  =======
Total number of securities in an
 unrealized loss position..........      2,549                  427                   984                  385
                                    ==========            =========            ==========            =========

  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.

                                    MLIC-56

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


     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 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 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 recognized in earnings and reported 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.

     Methodologies used during the year ended December 31, 2019 to evaluate the
   recoverability of a security in an unrealized loss position using OTTI
   guidance were similar to those used after the adoption of credit loss
   guidance on January 1, 2020, 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 in earnings, (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 unrecognized 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.

                                    MLIC-57

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

     Gross unrealized losses on securities without an ACL increased
   $370 million for the year ended December 31, 2021 to $1.0 billion primarily
   due to increases in interest rates and widening of 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
   $443 million at December 31, 2021, or 44% of the total gross unrealized
   losses on securities without an ACL.

   Investment Grade Fixed Maturity Securities AFS

     Of the $443 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, $353 million, or 80%, were related to 328 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 $443 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, $90 million, or 20%, were related to 99 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) 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.
   and foreign corporate securities based on several factors such as expected
   cash flows, financial condition and near-term and long-term prospects of the
   issuers.

   Current Period Evaluation

     At December 31, 2021, 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, 2021.

     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.

Mortgage Loans

  Mortgage Loans by Portfolio Segment

    Mortgage loans are summarized as follows at:

                                                 December 31,
                               ------------------------------------------------
                                         2021                    2020
                               ------------------------ -----------------------
                                 Carrying      % of       Carrying      % of
 Portfolio Segment                Value        Total       Value        Total
 -----------------             ------------  ---------- ------------  ---------
                                            (Dollars in millions)
 Commercial...................  $    35,772       59.4%  $    38,528      58.0%
 Agricultural.................       15,450        25.7       16,426       24.7
 Residential..................        9,406        15.6       11,803       17.8
                               ------------  ---------- ------------  ---------
   Total amortized cost.......       60,628       100.7       66,757      100.5
 Allowance for credit loss....         (536)      (0.9)         (517)     (0.8)
                               ------------  ---------- ------------  ---------
 Subtotal mortgage loans, net.       60,092        99.8       66,240       99.7
 Residential -- FVO...........          127         0.2          165        0.3
                               ------------  ---------- ------------  ---------
   Total mortgage loans, net..  $    60,219      100.0%  $    66,405     100.0%
                               ============  ========== ============  =========

                                    MLIC-58

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    The Company elects the FVO for certain residential mortgage loans that are
  managed on a total return basis, with changes in estimated fair value
  included in net investment income. See Note 9 for further information.

    The amount of net (discounts) premiums and deferred (fees) expenses,
  included within total amortized cost, primarily attributable to residential
  mortgage loans was ($736) million and ($925) million at December 31, 2021 and
  2020, respectively. The accrued interest income excluded from total amortized
  cost for commercial, agricultural and residential mortgage loans at
  December 31, 2021 was $140 million, $136 million and $77 million,
  respectively. The accrued interest income excluded from total amortized cost
  for commercial, agricultural and residential mortgage loans at
  December 31, 2020 was $164 million, $158 million, $101 million, respectively.

    Purchases of unaffiliated mortgage loans, consisting primarily of
  residential mortgage loans, were $1.4 billion, $2.8 billion and $4.0 billion
  for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019 was $277 million, $59 million and
  $100 million, 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 $1.0 billion, $540 million
  and $951 million for the years ended December 31, 2021, 2020 and 2019,
  respectively.

    The Company originates mortgage loans through an affiliate. The affiliate
  originates and acquires mortgage loans and the Company simultaneously
  purchases participation interests under a master participation agreement. The
  aggregate amount of mortgage loan participation interests purchased by the
  Company from such affiliate for the years ended December 31, 2021, 2020 and
  2019 was $4.7 billion and $3.8 billion and $4.1 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
  $1.9 billion, $696 million and $403 million for the years ended December 31,
  2021, 2020 and 2019, respectively.

  Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio
  Segment

    The rollforward of ACL for mortgage loans, by portfolio segment, is as
  follows:

                                                                                     For the Years Ended December 31,
                                    ---------------------------------------------------------------------------------------
                                                       2021                                        2020
                                    ------------------------------------------  ------------------------------------------
                                    Commercial Agricultural Residential  Total  Commercial Agricultural Residential  Total
                                    ---------- ------------ ----------- ------  ---------- ------------ ----------- ------
                                                                                               (In millions)
Balance at January 1,..............   $  199      $  97       $  221    $  517    $  186      $  49       $   54    $  289
Adoption of credit loss guidance...       --         --           --        --       (87)        32          154        99
Provision (release)................       61          6          (25)       42       100         18           27       145
Initial credit losses on PCD
 loans (1).........................       --         --            3         3        --         --           18        18
Charge-offs, net of recoveries.....       --        (24)          (2)      (26)       --         (2)         (32)      (34)
                                      ------      -----       ------    ------    ------      -----       ------    ------
Balance at December 31,............   $  260      $  79       $  197    $  536    $  199      $  97       $  221    $  517
                                      ======      =====       ======    ======    ======      =====       ======    ======

                                    -------------------------------------------
                                                       2019
                                    ------------------------------------------
                                    Commercial Agricultural Residential  Total
                                    ---------- ------------ ----------- ------

Balance at January 1,..............   $  190      $  44        $  57    $  291
Adoption of credit loss guidance...       --         --           --        --
Provision (release)................       (4)        10            7        13
Initial credit losses on PCD
 loans (1).........................       --         --           --        --
Charge-offs, net of recoveries.....       --         (5)         (10)      (15)
                                      ------      -----        -----    ------
Balance at December 31,............   $  186      $  49        $  54    $  289
                                      ======      =====        =====    ======
--------
(1) Represents the initial credit losses accounted for as purchased financial
    assets with credit deterioration ("PCD").

                                    MLIC-59

                      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 Methodology

     After the adoption of credit loss guidance on January 1, 2020, the Company
   records an allowance for expected lifetime credit loss in earnings within
   net investment gains (losses) 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
   applies significant judgment to estimate expected lifetime credit loss,
   including: (i) pooling mortgage loans that share similar risk
   characteristics, (ii) considering expected lifetime credit loss over the
   contractual term of its mortgage loans adjusted for expected prepayments and
   any extensions, and (iii) considering 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).

     During the year ended December 31, 2019, prior to the adoption of credit
   loss guidance on January 1, 2020, evaluation and measurement methodologies
   in determining the ACL were similar, except: (i) credit loss was recognized
   in earnings within net investment gains (losses) 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.

   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

                                    MLIC-60

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

   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 that are not
   unconditionally cancellable is recognized in earnings and is reported 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.

   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.

                                    MLIC-61

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


     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, in
   2021 and 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
   through earnings, which is reported within net investment gains (losses).

   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 $23 million at
   December 31, 2021.

   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 twelve
   months, and covenant changes and, to a much lesser extent, maturity date
   extensions. Deferred agricultural mortgage loan interest and principal
   payments were $4 million at December 31, 2021.

   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 $15 million at December 31, 2021.

   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
   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, 2021 and 2020, the Company did not have
   any commercial mortgage loans modified in a TDR; and did not have a
   significant amount of agricultural and residential mortgage loans modified
   in a TDR.

     For both years ended December 31, 2021 and 2020, the Company did not have
   a significant amount of mortgage loans modified in a TDR with subsequent
   payment default.

                                    MLIC-62

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  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, 2021:

                                                                                             Revolving                % of
Credit Quality Indicator     2021       2020       2019       2018       2017       Prior      Loans       Total      Total
------------------------  ---------- ---------- ---------- ---------- ---------- ----------- ---------- ----------- ---------
                                                                 (Dollars in millions)
   LTV ratios:
   Less than 65%.........  $   3,402  $   3,128  $   2,938  $   3,730  $   2,760  $    8,859  $   2,443  $   27,260     76.2%
   65% to 75%............      1,017        551      2,021        933        337       1,611         --       6,470      18.1
   76% to 80%............         --         18        138        198        149         180         --         683       1.9
   Greater than 80%......         --         --         --         49        284       1,026         --       1,359       3.8
                          ---------- ---------- ---------- ---------- ---------- ----------- ---------- ----------- ---------
     Total...............  $   4,419  $   3,697  $   5,097  $   4,910  $   3,530  $   11,676  $   2,443  $   35,772    100.0%
                          ========== ========== ========== ========== ========== =========== ========== =========== =========
   DSCR:
    1.20x...............  $   4,018  $   3,306  $   4,698  $   4,500  $   3,190  $    9,101  $   2,164  $   30,977     86.6%
   1.00x - 1.20x.........        156         69          9        134         27         882         --       1,277       3.6
   <1.00x................        245        322        390        276        313       1,693        279       3,518       9.8
                          ---------- ---------- ---------- ---------- ---------- ----------- ---------- ----------- ---------
     Total...............  $   4,419  $   3,697  $   5,097  $   4,910  $   3,530  $   11,676  $   2,443  $   35,772    100.0%
                          ========== ========== ========== ========== ========== =========== ========== =========== =========

    The amortized cost of agricultural mortgage loans by credit quality
  indicator and vintage year was as follows at December 31, 2021:

                                                                                          Revolving                % of
Credit Quality Indicator     2021       2020       2019       2018      2017     Prior      Loans       Total      Total
------------------------  ---------- ---------- ---------- ---------- -------- ---------- ---------- ----------- ---------
                                                               (Dollars in millions)
   LTV ratios:
   Less than 65%.........  $   1,399  $   2,221  $   1,685  $   2,264  $   878  $   4,286  $     947  $   13,680     88.5%
   65% to 75%............        237        335        198        150       37        571        112       1,640      10.6
   76% to 80%............         --         --         --         --       --         11         --          11       0.1
   Greater than 80%......         --         --         76         --       --         43         --         119       0.8
                          ---------- ---------- ---------- ---------- -------- ---------- ---------- ----------- ---------
     Total...............  $   1,636  $   2,556  $   1,959  $   2,414  $   915  $   4,911  $   1,059  $   15,450    100.0%
                          ========== ========== ========== ========== ======== ========== ========== =========== =========

    The amortized cost of residential mortgage loans by credit quality
  indicator and vintage year was as follows at December 31, 2021:

                                                                                  Revolving             % of
Credit Quality Indicator    2021     2020     2019     2018     2017     Prior      Loans     Total     Total
------------------------  -------- -------- -------- -------- -------- ---------- --------- ---------- --------
                                                          (Dollars in millions)
Performance indicators:
Performing...............  $   277  $   200  $   811  $   470  $   194  $   7,036   $   --   $   8,988    95.6%
Nonperforming (1)........       --        3       46       15        1        353       --         418      4.4
                          -------- -------- -------- -------- -------- ----------  -------  ---------- --------
  Total..................  $   277  $   203  $   857  $   485  $   195  $   7,389   $   --   $   9,406   100.0%
                          ======== ======== ======== ======== ======== ==========  =======  ========== ========
--------
(1)Includes residential mortgage loans in process of foreclosure of $69 million
   and $102 million at December 31, 2021 and 2020, respectively.

    LTV ratios compare the unpaid principal balance of the loan to the
  estimated fair value of the underlying collateral. The amortized cost of
  commercial and agricultural mortgage loans with an LTV ratio in excess of
  100% was $680 million, or 1% of total commercial and agricultural mortgage
  loans at December 31, 2021.

                                    MLIC-63

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  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,
  2021 and 2020. 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, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
-----------------  ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
                                                                  (In millions)
  Commercial......              $ --              $ --               $--               $--              $146            $  293
  Agricultural....               124               251                16                20               225               261
  Residential.....               418               516                --                54               418               503
                   ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
    Total.........              $542              $767               $16               $74              $789            $1,057
                   ================= ================= ================= ================= ================= =================

     The amortized cost for nonaccrual commercial, agricultural and residential
   mortgage loans at beginning of year 2020 was $167 million, $137 million and
   $377 million, respectively. The amortized cost for nonaccrual commercial
   mortgage loans with no ACL was $0 and $156 million at December 31, 2021 and
   2020, respectively. The amortized cost for nonaccrual agricultural mortgage
   loans with no ACL was $134 million and $173 million at December 31, 2021 and
   2020, respectively. There were no nonaccrual residential mortgage loans
   without an ACL at either December 31, 2021 or 2020.

  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 recognized in earnings and are reported in net
   investment gains (losses). The non-credit discount or premium is accreted or
   amortized to net investment income on an effective yield basis.

    The following table reconciles the contractual principal to the purchase
  price of PCD investments:

                                     For the Year Ended December 31, 2021
                                 ---------------------------------------------
                                                         Non-Credit
                                 Contractual   ACL at    (Discount)  Purchase
                                  Principal  Acquisition  Premium     Price
                                 ----------- ----------- ---------- ----------
                                                 (In millions)
 PCD residential mortgage loans.  $    514   $      (3)  $      32  $      543

    Prior to the adoption of 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 for the year ended December 31, 2019.

                                    MLIC-64

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


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,           For the Years Ended December 31,
                                                    --------------------------- ------------------------------------
                                                        2021          2020         2021         2020        2019
                                                    ------------- ------------- ----------- -----------  -----------
Income Type                                               Carrying Value                       Income
-----------                                         --------------------------- ------------------------------------
                                                                             (In millions)
Leased real estate investments.....................  $      1,934  $      1,965  $      209  $      188   $      165
Other real estate investments......................           473           418         186         127          174
Real estate joint ventures.........................         5,466         5,095         180         (59)          62
                                                    ------------- ------------- ----------- -----------  -----------
  Total real estate and real estate joint ventures.  $      7,873  $      7,478  $      575  $      256   $      401
                                                    ============= ============= =========== ===========  ===========

   The carrying value of real estate investments acquired through foreclosure
 was $180 million and $18 million at December 31, 2021 and 2020, respectively.
 Depreciation expense on real estate investments was $86 million, $73 million
 and $62 million for the years ended December 31, 2021, 2020 and 2019,
 respectively. Real estate investments were net of accumulated depreciation of
 $581 million and $789 million at December 31, 2021 and 2020, respectively.

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 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,          For the Years Ended December 31,
                                            --------------------------- -----------------------------------
                                                2021          2020         2021        2020        2019
                                            ------------- ------------- ----------- ----------- -----------
Property Type                                     Carrying Value                      Income
-------------                               --------------------------- -----------------------------------
                                                                     (In millions)
Leased real estate investments:
  Office...................................  $        782  $        661  $       73  $       31  $       49
  Apartment................................           506           516          40          40           3
  Retail...................................           363           498          44          66          70
  Industrial...............................           260           258          52          50          42
  Land.....................................            23            23          --           1          --
  Other....................................            --             9          --          --           1
                                            ------------- ------------- ----------- ----------- -----------
    Total leased real estate investments...  $      1,934  $      1,965  $      209  $      188  $      165
                                            ============= ============= =========== =========== ===========

    Future contractual receipts under operating leases at December 31, 2021
  were $141 million in 2022, $140 million in 2023, $122 million in 2024, $109
  million in 2025, $93 million in 2026, $243 million thereafter and, in total,
  were $848 million.

                                    MLIC-65

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  Leveraged and Direct Financing Leases

    The Company has diversified leveraged 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. 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, 2021         December 31, 2020
                                    ------------------------  ------------------------
                                                   Direct                    Direct
                                     Leveraged    Financing    Leveraged    Financing
                                      Leases       Leases       Leases       Leases
                                    -----------  -----------  -----------  -----------
                                                       (In millions)
Lease receivables, net (1).........  $      542   $      141   $      597   $      210
Estimated residual values..........         560           39          573           42
                                    -----------  -----------  -----------  -----------
  Subtotal.........................       1,102          180        1,170          252
Unearned income....................        (284)         (42)        (318)         (74)
                                    -----------  -----------  -----------  -----------
  Investment in leases, before ACL.         818          138          852          178
ACL................................         (31)          (1)         (36)          (2)
                                    -----------  -----------  -----------  -----------
  Investment in leases, net of ACL.  $      787   $      137   $      816   $      176
                                    ===========  ===========  ===========  ===========
--------
(1) Future contractual receipts under direct financing leases at December 31,
    2021 were $18 million in 2022, $18 million in 2023, $18 million in 2024,
    $18 million in 2025, $16 million in 2026, $53 million thereafter and, in
    total, were $141 million.

    Lease receivables are generally due in periodic installments. The payment
  periods for leveraged leases generally range from one to 10 years, but in
  certain circumstances can be over 10 years, while the payment periods for
  direct financing leases generally range from one to 12 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 receivables as those that are
  90 days or more past due. At both December 31, 2021 and 2020, all lease
  receivables were performing.

    The deferred income tax liability related to leveraged leases was
  $272 million and $287 million at December 31, 2021 and 2020, respectively.

    The components of income from investment in leveraged and direct financing
  leases, excluding net investment gains (losses), were as follows:

                                                             For the Years Ended December 31,
                                              --------------------------------------------------------------
                                                      2021                 2020                 2019
                                              -------------------- -------------------- --------------------
                                                          Direct               Direct               Direct
                                              Leveraged  Financing Leveraged  Financing Leveraged  Financing
                                               Leases     Leases    Leases     Leases    Leases     Leases
                                              ---------- --------- ---------- --------- ---------- ---------
                                                                      (In millions)
Lease investment income......................  $      34  $     11  $      36  $     11  $      37  $     12
Less: Income tax expense.....................          7         2          8         2          8         3
                                              ---------- --------- ---------- --------- ---------- ---------
  Lease investment income, net of income tax.  $      27  $      9  $      28  $      9  $      29  $      9
                                              ========== ========= ========== ========= ========== =========

                                    MLIC-66

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    After the adoption of credit loss guidance on January 1, 2020, the Company
  records an allowance for expected lifetime credit loss in earnings within
  investment gains (losses) 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 applies significant judgment to
  estimate expected lifetime credit loss, including: (i) pooling leases that
  share similar risk characteristics, (ii) considering expected lifetime credit
  loss over the contractual term of the lease, and (iii) considering 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.

    During the year ended December 31, 2019, prior to the adoption of credit
  loss guidance on January 1, 2020, lease impairment losses were recognized in
  earnings within investment gains (losses) 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
  recognized in earnings. The impairment loss was recorded as a reduction of
  the investment in lease and within net investment gains (losses).

 Other Invested Assets

   Other invested assets is comprised primarily of freestanding derivatives
 with positive estimated fair values (see Note 8), affiliated investments (see
 "-- Related Party Investment Transactions"), tax credit and renewable energy
 partnerships, annuities funding structured settlement claims (see Note 1),
 leveraged and direct financing leases (see "-- Leases -- Leveraged and Direct
 Financing Leases"), operating joint ventures (see Note 1) and FHLB common
 stock (see "-- Invested Assets on Deposit and Pledged as Collateral") FVO
 Securities and equity securities. See "-- Related Party Investment
 Transactions" for information regarding affiliated investments.

  Tax Credit Partnerships

   The carrying value of tax credit partnerships was $937 million and
 $1.1 billion at December 31, 2021 and 2020, respectively. Losses from tax
 credit partnerships included within net investment income were $197 million,
 $225 million and $240 million for the years ended December 31, 2021, 2020 and
 2019, respectively.

  FVO Securities and Equity Securities

   The following table presents FVO Securities and equity securities by
 security type. Common stock includes common stock and mutual funds.

                                                                   December 31,
                                  -------------------------------------------------------------------------------
                                                   2021                                    2020
                                  --------------------------------------- ---------------------------------------
                                              Net Unrealized   Estimated              Net Unrealized   Estimated
Security Type                       Cost    Gains (Losses) (1) Fair Value   Cost    Gains (Losses) (1) Fair Value
-------------                     --------- ------------------ ---------- --------- ------------------ ----------
                                                                   (In millions)
FVO Securities...................  $    598       $   250       $    848   $    544      $    144       $    688
                                  =========      ========      =========  =========     =========      =========
Equity securities
  Common stock...................  $     88       $    32       $    120   $    291      $    (73)      $    218
  Non-redeemable preferred stock.       107            (1)           106        189             2            191
                                  ---------      --------      ---------  ---------     ---------      ---------
    Total equity securities......  $    195       $    31       $    226   $    480      $    (71)      $    409
                                  =========      ========      =========  =========     =========      =========
--------
(1)Represents cumulative changes in estimated fair value, recognized in
   earnings, and not in OCI.

                                    MLIC-67

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


Cash Equivalents

  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 $4.7 billion and $6.8 billion, principally at estimated fair value, at
December 31, 2021 and 2020, respectively.

Net Unrealized Investment Gains (Losses)

  Unrealized investment gains (losses) on fixed maturity securities AFS and
derivatives and the effect on policyholder liabilities, DAC, VOBA and DSI 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:

                                                       December 31,
                                         ----------------------------------------
                                             2021          2020          2019
                                         ------------  ------------  ------------
                                                       (In millions)
Fixed maturity securities AFS...........  $    17,586   $    24,954   $    15,177
Derivatives.............................        2,370         2,259         2,043
Other...................................          377           235           210
                                         ------------  ------------  ------------
 Subtotal...............................       20,333        27,448        17,430
                                         ------------  ------------  ------------
Amounts allocated from:
Policyholder liabilities................       (5,962)      (10,572)       (3,141)
DAC, VOBA and DSI.......................       (1,357)       (1,511)       (1,051)
                                         ------------  ------------  ------------
 Subtotal...............................       (7,319)      (12,083)       (4,192)
Deferred income tax benefit (expense)...       (2,657)       (3,190)       (2,742)
                                         ------------  ------------  ------------
Net unrealized investment gains (losses)  $    10,357   $    12,175   $    10,496
                                         ============  ============  ============

  The changes in net unrealized investment gains (losses) were as follows:

                                                                                   Years Ended December 31,
                                                                           ---------------------------------------
                                                                               2021          2020          2019
                                                                           ------------  ------------  -----------
                                                                                        (In millions)
Balance at January 1,.....................................................  $    12,175   $    10,496   $    3,897
Cumulative effects of changes in accounting principles, net of income tax.           --            --           17
Unrealized investment gains (losses) during the year......................       (7,115)       10,018       11,520
Unrealized investment gains (losses) relating to:
Policyholder liabilities..................................................        4,610        (7,431)      (2,708)
DAC, VOBA and DSI.........................................................          154          (460)        (480)
Deferred income tax benefit (expense).....................................          533          (448)      (1,750)
                                                                           ------------  ------------  -----------
Balance at December 31,...................................................  $    10,357   $    12,175   $   10,496
                                                                           ============  ============  ===========
Change in net unrealized investment gains (losses)........................  $    (1,818)  $     1,679   $    6,599
                                                                           ============  ============  ===========

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, 2021 and 2020.

                                    MLIC-68

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


Securities Lending Transactions and Repurchase Agreements

  Securities, Collateral and Reinvestment Portfolio

  A summary of these transactions and agreements accounted for as secured
borrowings were as follows:

                                                                December 31,
                       ----------------------------------------------------------------------------------------------
                                            2021                                            2020
                       ----------------------------------------------- ----------------------------------------------
                           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)        Fair Value       Fair Value          (2)        Fair Value
--------------         ------------------ -------------- ------------- ------------------ -------------- ------------
                                                         (In millions)
Securities lending....    $    14,689      $    14,977    $    15,116     $    13,289      $    13,566   $    13,739
Repurchase agreements.    $     3,416      $     3,325    $     3,357     $     3,276      $     3,210   $     3,251

--------
(1)These securities are included within fixed maturity securities AFS and
   short-term investments.

(2)The liability for cash collateral is included within payables for collateral
   under securities loaned and other transactions.

Contractual Maturities

      Contractual maturities of these transactions and agreements accounted for
   as secured borrowings were as follows:

                                                                         December 31,
                                       ---------------------------------------------------------------------------------
                                                         2021                                     2020
                                       ---------------------------------------- ----------------------------------------
                                                 Remaining Maturities                     Remaining Maturities
                                       ---------------------------------------- ----------------------------------------
                                                        Over 1  Over 6                           Over 1  Over 6
                                                        Month   Months                           Month   Months
                                                1 Month  to 6    to 1                    1 Month  to 6    to 1
Security Type                          Open (1) or Less Months   Year   Total   Open (1) or Less Months   Year   Total
-------------                          -------- ------- ------- ------ -------- -------- ------- ------- ------ --------
                                                                         (In millions)
Cash collateral liability by security
 type:
  Securities lending:
    U.S. government and agency........ $ 3,996  $ 5,279 $ 5,702  $ --  $ 14,977 $ 1,705  $ 8,768 $ 3,093  $ --  $ 13,566

  Repurchase agreements:
    U.S. government and agency........ $    --  $ 3,325 $    --  $ --  $  3,325 $    --  $ 3,210 $    --  $ --  $  3,210

--------
(1)The related 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 investments to meet the return
obligation, it may have difficulty selling such collateral that is invested in
a timely manner, be forced to sell investments 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 or the reinvestment portfolio become less liquid, liquidity
resources within the general account are available to meet any potential cash
demands when securities are put back by the counterparty.

                                    MLIC-69

                      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 and were as follows at:

                                                                   December 31,
                                                              -----------------------
                                                                 2021        2020
                                                              ----------- -----------
                                                                   (In millions)
Invested assets on deposit (regulatory deposits)............. $       118 $       123
Invested assets pledged as collateral (1)....................      20,390      22,405
                                                              ----------- -----------
  Total invested assets on deposit and pledged as collateral. $    20,508 $    22,528
                                                              =========== ===========
--------
(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 Transactions and Repurchase Agreements" for
information regarding securities supporting securities lending transactions and
repurchase agreements and Note 6 for information regarding investments
designated to the closed block. In addition, the Company's investment in FHLB
common stock, included within other invested assets, which is considered
restricted until redeemed by the issuers, was $718 million and $765 million, at
redemption value, at December 31, 2021 and 2020, 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 private equity
funds, hedge funds, real estate joint ventures and real estate funds. The
portion of these investments accounted for under the equity method had a
carrying value of $16.1 billion at December 31, 2021. 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 $3.3 billion
at December 31, 2021. 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 recognizes its share of
earnings in its equity method investments within net investment income using 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. Aggregate net investment income from these equity
method investments exceeded 10% of the Company's consolidated pre-tax income
(loss) for the three most recent annual periods.

  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 $1.0 trillion and
$593.9 billion at December 31, 2021 and 2020, respectively. Aggregate total
liabilities of these entities totaled $126.4 billion and $80.5 billion at
December 31, 2021 and 2020, respectively. Aggregate net income (loss) of these
entities totaled $218.6 billion, $34.4 billion and $40.9 billion for the years
ended December 31, 2021, 2020 and 2019, 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.

                                    MLIC-70

                      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,
                                                                       ---------------------------------------------
                                                                                2021                   2020
                                                                       ---------------------- ----------------------
                                                                         Total       Total      Total       Total
Asset Type                                                               Assets   Liabilities   Assets   Liabilities
----------                                                             ---------- ----------- ---------- -----------
                                                                                       (In millions)
Real estate joint ventures (1)........................................ $    1,094   $    --   $    1,435   $   --
Investment funds (primarily mortgage loans) (2).......................        226        --          201       --
Other (primarily other invested assets and cash and cash equivalents).        101        --            4        5
Renewable energy partnership (primarily other invested assets)........         79        --           87       --
                                                                       ---------- ----------- ---------- -----------
  Total............................................................... $    1,500   $    --   $    1,727   $    5
                                                                       ========== =========== ========== ===========
--------
(1) The Company's investment in affiliated real estate joint ventures was $1.0
    billion and $1.3 billion at December 31, 2021 and 2020, respectively. Other
    affiliates' investments in these affiliated real estate joint ventures were
    $112 million and $130 million at December 31, 2021 and 2020, respectively.

(2) The Company's investment in affiliated investment funds was $187 million
    and $164 million, at December 31, 2021 and 2020, respectively. Other
    affiliates' investments in these affiliated investment funds were $39
    million and $37 million at December 31, 2021 and 2020, respectively.

  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,
                                     -------------------------------------------------------
                                                2021                        2020
                                     --------------------------- ---------------------------
                                                      Maximum                     Maximum
                                        Carrying     Exposure       Carrying     Exposure
Asset Type                              Amount       to Loss (1)    Amount       to Loss (1)
----------                           ------------- ------------- ------------- -------------
                                                          (In millions)
Fixed maturity securities AFS (2)... $      43,653 $      43,653 $      43,708 $      43,708
Other limited partnership interests.         8,005        11,057         5,247         8,589
Other invested assets...............         1,605         1,815         1,436         1,517
Real estate joint ventures..........            97           100            18            21
                                     ------------- ------------- ------------- -------------
  Total............................. $      53,360 $      56,625 $      50,409 $      53,835
                                     ============= ============= ============= =============
--------
(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 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 $5 million and $3 million at December 31,
    2021 and 2020, respectively. Such a maximum loss would be expected to occur
    only upon bankruptcy of the issuer or investee.

                                    MLIC-71

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


(2) For variable interests in Structured Products included within fixed
    maturity securities AFS, 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, 2021, 2020 and
  2019.

    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 Company did not securitize any loans during 2021. The carrying value
  and the estimated fair value of residential mortgage loans securitized during
  the year ended December 31, 2020 were $308 million and $313 million,
  respectively. Gains on securitizations were $5 million and $24 million for
  the years ended December 31, 2020 and 2019, respectively, which are included
  within net investment gains (losses). The estimated fair value of RMBS
  acquired in connection with these securitizations was $0 and $43 million at
  December 31, 2021 and 2020, 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 composition of net investment income by asset type was as follows:

                                                       For the Years Ended December 31,
                                                   -----------------------------------------
Asset Type                                             2021          2020          2019
----------                                         ------------- ------------- -------------
                                                                 (In millions)
Fixed maturity securities AFS.....................   $     6,101   $     6,535   $     7,015
Equity securities.................................            16            25            35
Mortgage loans....................................         2,661         2,836         3,147
Policy loans......................................           292           305           307
Real estate and real estate joint ventures........           575           256           401
Other limited partnership interests...............         3,161           633           545
Cash, cash equivalents and short-term investments.            11            77           183
FVO Securities....................................           102            48            74
Operating joint venture...........................            65            80            69
Other.............................................           142           154           221
                                                   ------------- ------------- -------------
  Subtotal investment income......................        13,126        10,949        11,997
Less: Investment expenses.........................           640           699         1,024
                                                   ------------- ------------- -------------
  Net investment income...........................   $    12,486   $    10,250   $    10,973
                                                   ============= ============= =============

    Net investment income included realized and unrealized gains (losses),
  recognized in earnings, of $190 million,$96 million, and $108 million for the
  years ended December 31, 2021, 2020 and 2019, respectively. The amount
  includes realized gains (losses) on sales and disposals, primarily related to
  FVO Securities, of $22 million, $2 million and $20 million for the years
  ended December 31, 2021, 2020 and 2019, respectively. The amount also
  includes unrealized gains (losses), representing changes in estimated fair
  value, recognized in earnings, primarily related to FVO Securities, of
  $168 million, $94 million, and $88 million for the years ended December 31,
  2021, 2020 and 2019, respectively.

                                    MLIC-72

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


    Changes in estimated fair value subsequent to purchase of equity-linked
  notes included within FVO Securities, still held at the end of the respective
  periods and included in net investment income were $77 million, $46 million
  and $74 million for the years ended December 31, 2021, 2020 and 2019,
  respectively.

    See "-- Related Party Investment Transactions" for discussion of affiliated
  net investment income and investment expenses.

    Net investment income from equity method investments, comprised primarily
  of real estate joint ventures, other limited partnership interests, tax
  credit and renewable energy partnerships and an operating joint venture, was
  $3.2 billion, $427 million and $458 million for the years ended December 31,
  2021, 2020 and 2019, respectively.

Net Investment Gains (Losses)

  Net Investment Gains (Losses) by Asset Type and Transaction Type

    The composition of net investment gains (losses) by asset type and
  transaction type was as follows:

                                                                                                 Years Ended December 31,
                                                                                             --------------------------
Asset Type                                                                                      2021      2020     2019
----------                                                                                   --------   ------  --------
                                                                                                    (In millions)
Fixed maturity securities AFS...............................................................  $   (49)   $ (58)  $    12
Equity securities...........................................................................       40      (76)       50
Mortgage loans..............................................................................      (34)    (188)      (13)
Real estate and real estate joint ventures (excluding changes in estimated fair value)......      568        7       396
Other limited partnership interests (excluding changes in estimated fair value).............      (15)     (12)        3
Other gains (losses)........................................................................      109      293       (46)
                                                                                             --------   ------  --------
  Subtotal..................................................................................      619      (34)      402
Change in estimated fair value of other limited partnership interests and real estate joint
 ventures...................................................................................       45       (5)      (15)
Non-investment portfolio gains (losses).....................................................      (12)     (34)      (41)
                                                                                             --------   ------  --------
  Subtotal..................................................................................       33      (39)      (56)
                                                                                             --------   ------  --------
    Net investment gains (losses)...........................................................  $   652    $ (73)  $   346
                                                                                             ========   ======  ========

Transaction Type
----------------
Realized gains (losses) on investments sold or disposed.....................................  $   579    $ 306   $   517
Impairment (losses).........................................................................      (24)     (50)     (142)
Recognized gains (losses):
  Change in allowance for credit loss recognized in earnings................................      (41)    (204)      (10)
  Unrealized net gains (losses) recognized in earnings......................................      150      (91)       22
                                                                                             --------   ------  --------
    Total recognized gains (losses).........................................................      664      (39)      387
                                                                                             --------   ------  --------
Non-investment portfolio gains (losses).....................................................      (12)     (34)      (41)
                                                                                             --------   ------  --------
    Net investment gains (losses)...........................................................  $   652    $ (73)  $   346
                                                                                             ========   ======  ========

   Net realized investment gains (losses) of $601 million, $308 million and
$537 million for the years ended December 31, 2021, 2020 and 2019,
respectively, represent realized gains (losses) on sales and disposals from all
invested asset classes, including realized gains (losses) on sales and
disposals recognized in net investment income, primarily related to FVO
Securities.

  Changes in estimated fair value subsequent to purchase of equity securities
still held as of the end of the period included in net investment gains
(losses) were $10 million, ($80) million and $31 million for the years ended
December 31, 2021, 2020 and 2019, respectively.

  Other gains (losses) included $91 million and $128 million reclassified from
AOCI to earnings due to the sale of certain investments that were hedged in
qualifying cash flow hedges for the years ended December 31, 2021 and 2020,
respectively.

                                    MLIC-73

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)

Other gains (losses) also included a leveraged lease gain of $87 million for
the year ended December 31, 2020; and 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.

    See "-- Related Party Investment Transactions" for discussion of affiliated
  net investment gains (losses) related to transfers of invested assets to
  affiliates.

    Net investment gains (losses) includes gains (losses) from foreign currency
  transactions of $62 million, ($19) million and ($57) million for the years
  ended December 31, 2021, 2020 and 2019, respectively.

  Fixed Maturity Securities AFS and Equity Securities -- Composition of Net
  Investment Gains (Losses)

    The composition of net investment gains (losses) for these securities is as
  follows:

                                                                               For the Years Ended December 31,
                                                                            -------------------------------------
Fixed Maturity Securities AFS                                                   2021         2020         2019
-----------------------------                                               -----------  -----------  -----------
                                                                                        (In millions)
Proceeds...................................................................  $   27,587   $   20,453   $   32,175
                                                                            ===========  ===========  ===========
Gross investment gains.....................................................  $      232   $      419   $      392
Gross investment (losses)..................................................        (256)        (376)        (341)
                                                                            -----------  -----------  -----------
  Realized gains (losses) on sales and disposals...........................         (24)          43           51
Net credit loss (provision) release (change in ACL recognized in earnings).          (1)         (51)          --
Impairment (loss) (1), (2).................................................         (24)         (50)         (39)
                                                                            -----------  -----------  -----------
  Net credit loss (provision) release and impairment (loss)................         (25)        (101)         (39)
                                                                            -----------  -----------  -----------
    Net investment gains (losses)..........................................  $      (49)  $      (58)  $       12
                                                                            ===========  ===========  ===========

Equity Securities
-----------------
Realized gains (losses) on sales and disposals.............................  $      (61)  $       10   $       12
Unrealized net gains (losses) recognized in earnings.......................         101          (86)          38
                                                                            -----------  -----------  -----------
Net investment gains (losses)..............................................  $       40   $      (76)  $       50
                                                                            ===========  ===========  ===========
--------
(1) Impairment (loss) 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. Due to the adoption of credit loss guidance on January 1,
    2020, prior period OTTI (loss) is presented as impairment (loss).

(2) After adoption of new guidance on January 1, 2020, impairment (loss) was
    comprised of intent-to-sell and direct write down losses; prior to
    January 1, 2020, it was comprised of OTTI losses and intent-to-sell losses.

  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,
                                                                     ----------------------------
                                                                      2021      2020     2019
                                                                      -------    -----    -----
                                                                        (In millions)
Estimated fair value of invested assets transferred to affiliates...  $  795     $393     $ --
Amortized cost of invested assets transferred to affiliates.........  $  776     $379     $ --
Net investment gains (losses) recognized on transfers...............  $   19     $ 14     $ --
Estimated fair value of invested assets transferred from affiliates.  $1,346     $381     $ 46

                                    MLIC-74

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

         Notes to the Consolidated Financial Statements -- (continued)

7. Investments (continued)


  Recurring related party investments and related net investment income were as
follows at and for the periods ended:

                                                                     December 31,    Years Ended December 31,
                                                                   ----------------- ------------------------
                                                                     2021     2020    2021     2020    2019
                                                                   -------- -------- -----    -----   -----
Investment Type/Balance Sheet
Category                                 Related Party              Carrying Value   Net Investment Income
-----------------------------  ----------------------------------- ----------------- ------------------------
                                                                              (In millions)
 Affiliated investments (1)... MetLife, Inc.                       $  1,399 $  1,643 $  31    $  35   $  34
 Affiliated investments (2)... American Life Insurance Company          100      100     2        3       3
                               Metropolitan Property and Casualty
 Affiliated investments (3)... Insurance Company                         --      315     1        6      11
                                                                   -------- --------  -----    -----   -----
 Other invested assets........                                     $  1,499 $  2,058 $  34    $  44   $  48
                                                                   ======== ========  =====    =====   =====
--------
(1) Represents an investment in affiliated senior unsecured notes which have
    maturity dates from July 2023 to December 2031 and bear interest, payable
    semi-annually, at rates per annum ranging from 1.60% to 1.85%. In July
    2021, (Yen)38.4 billion (the equivalent of $351 million) of 2.97%
    affiliated senior unsecured notes matured and were refinanced with the
    following senior unsecured notes: (i) (Yen)7.8 billion 1.61% due July 2026,
    (ii) (Yen)11.5 billion 1.76% due July 2028 and (iii) (Yen)19.1 billion
    1.85% due July 2031. In December 2021, (Yen)51.0 billion (the equivalent of
    $467 million) of 3.14% affiliated senior unsecured notes matured of which
    (Yen)40.9 billion (the equivalent of $372 million) were refinanced with the
    following senior unsecured notes: (i) (Yen)19.1 billion 1.72% due December
    2028, (ii) (Yen)21.8 billion 1.85% due December 2031, and, of which
    (Yen)10.1 billion (the equivalent of $95 million) were paid off at maturity.

(2) Represents an affiliated surplus note which matures in June 2025 and bears
    interest, payable semi-annually, at a rate per annum of 1.88%.

(3) Represents an investment in affiliated preferred stock which was redeemed
    at par plus accrued dividends in April 2021.

  The Company incurred investment advisory charges from an affiliate of
$292 million, $280 million and $299 million for the years ended December 31,
2021, 2020, and 2019, respectively.

    See "-- Variable Interest Entities" for information on investments in
  affiliated real estate joint ventures and affiliated investment funds.

    See Note 5 "-- Related Party Reinsurance Transactions" for information
  about affiliated funds withheld.

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.

                                    MLIC-75

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

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


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 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

                                    MLIC-76

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

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

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
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
relevant third party, Credit Derivatives Determinations Committee determines
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

                                    MLIC-77

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

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

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,
                                                            -------------------------------------------------------------------
                                                                          2021                              2020
                                                            --------------------------------- ---------------------------------
                                                                        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                      $   3,540  $  2,163   $      6    $   3,175  $  3,224   $      4
Foreign currency swaps... Foreign currency exchange rate           764         8         22        1,049         5         76
                                                            ---------- ---------  ---------   ---------- ---------  ---------
 Subtotal................                                        4,304     2,171         28        4,224     3,229         80
                                                            ---------- ---------  ---------   ---------- ---------  ---------
Cash flow hedges:
Interest rate swaps...... Interest rate                          4,079         4          1        4,400        14         --
Interest rate forwards... Interest rate                          3,058        69          1        5,081       489         --
Foreign currency swaps... Foreign currency exchange rate        28,772     1,317        966       28,017     1,102      1,353
                                                            ---------- ---------  ---------   ---------- ---------  ---------
 Subtotal................                                       35,909     1,390        968       37,498     1,605      1,353
                                                            ---------- ---------  ---------   ---------- ---------  ---------
 Total qualifying hedges.                                       40,213     3,561        996       41,722     4,834      1,433
                                                            ---------- ---------  ---------   ---------- ---------  ---------
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps...... Interest rate                         21,565     3,206         59       30,512     3,041          7
Interest rate floors..... Interest rate                          7,701       145         --       12,701       350         --
Interest rate caps....... Interest rate                         64,309       117         --       40,104        13         --
Interest rate futures.... Interest rate                            515        --         --          406        --         --
Interest rate options.... Interest rate                          9,703       364         --       15,337       174         --
Interest rate forwards... Interest rate                            265        --         20          265        --          9
Interest rate total
 return swaps............ Interest rate                          1,048         9          4        1,048        --         59
Synthetic GICs........... Interest rate                         11,307        --         --       11,739        --         --
Foreign currency swaps... Foreign currency exchange rate         4,800       340         75        5,596       292        238
Foreign currency forwards Foreign currency exchange rate         1,902        11         13        1,236         9         18
Credit default swaps --
 purchased............... Credit                                   956        12          8          886         8          9
Credit default swaps --
 written................. Credit                                 6,074       111         12        6,961       126         --
Equity futures........... Equity market                          1,751         5         --        2,591        --         16
Equity index options..... Equity market                         26,800       714        166       19,601       459        189
Equity variance swaps.... Equity market                            425        12         10          425        11          9
Equity total return swaps Equity market                          2,148        11         46        2,542         1        274
                                                            ---------- ---------  ---------   ---------- ---------  ---------
 Total non-designated or nonqualifying derivatives........     161,269     5,057        413      151,950     4,484        828
                                                            ---------- ---------  ---------   ---------- ---------  ---------
 Total....................................................   $ 201,482  $  8,618   $  1,409    $ 193,672  $  9,318   $  2,261
                                                            ========== =========  =========   ========== =========  =========

  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, 2021 and 2020. 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, 2021
                                                       -------------------------------------------------------------------
                                                                                                       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).....  $      6   $    --    $     --    $   (455)   $      --        N/A
Hedged items..........................................        (6)       --          --         405           --        N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1).....        49        --          --          --           --        N/A
Hedged items..........................................       (43)       --          --          --           --        N/A
                                                       ---------- ---------- ---------- ------------ ------------ --------
  Subtotal............................................         6        --          --         (50)          --        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   $   (570)
Amount of gains (losses) reclassified from AOCI into
 income...............................................        57        87          --          --           --       (144)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI.............       N/A       N/A         N/A         N/A          N/A        600
Amount of gains (losses) reclassified from AOCI into
 income...............................................         4      (229)         --          --           --        225
Foreign currency transaction gains (losses) on hedged
 items................................................        --       227          --          --           --         --
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............................................        61        85          --          --           --        111
Gain (Loss) on Derivatives Not Designated or Not
 Qualifying as Hedging Instruments:
Interest rate derivatives (1).........................         2        --      (1,523)         --           --        N/A
Foreign currency exchange rate derivatives (1)........        --        --         264          --           --        N/A
Credit derivatives -- purchased (1)...................        --        --           2          --           --        N/A
Credit derivatives -- written (1).....................        --        --          23          --           --        N/A
Equity derivatives (1)................................        (1)       --      (1,043)       (265)          --        N/A
Foreign currency transaction gains (losses) on hedged
 items................................................        --        --         (65)         --           --        N/A
                                                        --------   -------    --------    --------    ---------   --------
  Subtotal............................................         1        --      (2,342)       (265)          --        N/A
Earned income on derivatives..........................       167        --         645         206         (159)        --
Embedded derivatives (2)..............................       N/A       N/A         733          --          N/A        N/A
                                                       ---------- ---------- ---------- ------------ ------------ --------
  Total...............................................  $    235   $    85    $   (964)   $   (109)   $    (159)  $    111
                                                       ========== ========== ========== ============ ============ ========

                                    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, 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-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, 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
                                                    ========   ========   ========    ========     ========   ========

--------
(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 $27 million, $7 million and ($16)
   million for the years ended December 31, 2021, 2020 and 2019, 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 Amount of
                                             Hedged                              Hedged
Balance Sheet Line Item               Assets/(Liabilities)              Assets/(Liabilities) (1)
------------------------------ ----------------------------------  ----------------------------------
                               December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020
                               ----------------- ----------------- ----------------- -----------------
                                                            (In millions)
Fixed maturity securities AFS.     $    366          $    461           $    (1)         $     (1)
Mortgage loans................     $    617          $    925           $     3          $     20
Future policy benefits........     $ (4,735)         $ (5,512)          $  (877)         $ (1,307)
-------------
(1)Includes ($161) million and ($1) million of hedging adjustments on
   discontinued hedging relationships at December 31, 2021 and 2020,
   respectively.

  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 $6 million, $45 million, and
$51 million for the years ended December 31, 2021, 2020 and 2019, respectively.

  At December 31, 2021 and 2020, 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 seven years and eight years,
respectively.

  At December 31, 2021 and 2020, the balance in AOCI associated with cash flow
hedges was $2.4 billion and $2.3 billion, respectively.

  All components of each derivative's gain or loss were included in the
assessment of hedge effectiveness.

  At December 31, 2021, the Company expected to reclassify ($21) 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 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.

                                    MLIC-83

                      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, maximum amount of
future payments and weighted average years to maturity of written credit
default swaps at:

                                                                          December 31,
                                          -----------------------------------------------------------------------------
                                                           2021                                   2020
                                          -------------------------------------- --------------------------------------
                                                        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).....  $     --   $         10         2.5    $     --   $         54         0.6
Credit default swaps referencing indices.        17          1,191         2.5          27          1,779         2.5
                                          ---------  -------------               ---------  -------------
  Subtotal...............................        17          1,201         2.5          27          1,833         2.4
                                          ---------  -------------               ---------  -------------
Baa
Single name credit default swaps (3).....         1             60         3.3           2            174         2.1
Credit default swaps referencing indices.        90          4,698         5.1          97          4,954         5.3
                                          ---------  -------------               ---------  -------------
  Subtotal...............................        91          4,758         5.1          99          5,128         5.2
                                          ---------  -------------               ---------  -------------
Ba
Single name credit default swaps (3).....         1             65         0.5          --             --          --
Credit default swaps referencing indices.       (1)             20         5.0          --             --          --
                                          ---------  -------------               ---------  -------------
  Subtotal...............................        --             85         1.5          --             --          --
                                          ---------  -------------               ---------  -------------
Caa3
Credit default swaps referencing indices.       (9)             30         4.5          --             --          --
                                          ---------  -------------               ---------  -------------
  Subtotal...............................       (9)             30         4.5          --             --          --
                                          ---------  -------------               ---------  -------------
  Total..................................  $     99   $      6,074         4.6    $    126   $      6,961         4.5
                                          =========  =============               =========  =============
-------------
(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 in jurisdictions in which it
understands that close-out netting should be enforceable and establishing and
monitoring exposure limits. The Company's OTC-bilateral derivative transactions
are governed by the International Swaps and Derivatives Association, Inc.
("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, close-out netting
permits the Company (subject to financial regulations such as the Orderly
Liquidation Authority under Title II of Dodd-Frank) to set off receivables from
the counterparty against payables to the same counterparty arising out of all
included transactions and to apply collateral to the

                                    MLIC-84

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

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)

obligations without application of the automatic stay, upon the counterparty's
bankruptcy. 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 as required by
applicable law. Additionally, effective September 1, 2021, the Company is
required to pledge initial margin for certain new OTC-bilateral derivative
transactions to third party custodians.

  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
brokers and central clearinghouses 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,
                                                                               --------------------------------------------------
                                                                                         2021                      2020
                                                                               ------------------------  ------------------------
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).............................................................  $    8,602   $    1,379   $    9,244   $    2,192
OTC-cleared (1)...............................................................         104            8          139            6
Exchange-traded...............................................................           5           --           --           16
                                                                               -----------  -----------  -----------  -----------
 Total gross estimated fair value of derivatives presented on the
   consolidated balance sheets (1)............................................       8,711        1,387        9,383        2,214
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral.................................................................      (1,364)      (1,364)      (1,996)     (1,996)
OTC-cleared...................................................................          (3)          (3)          (5)         (5)
Cash collateral: (3), (4)
OTC-bilateral.................................................................      (6,414)          --       (6,073)          --
OTC-cleared...................................................................         (91)          --          (98)          --
Securities collateral: (5)
OTC-bilateral.................................................................        (767)         (14)      (1,115)       (188)
OTC-cleared...................................................................          --           (5)          --          (1)
Exchange-traded...............................................................          --           --           --         (16)
                                                                               -----------  -----------  -----------  -----------
 Net amount after application of master netting agreements and collateral.....  $       72   $        1   $       96   $        8
                                                                               ===========  ===========  ===========  ===========
--------
(1)At December 31, 2021 and 2020, derivative assets included income (expense)
   accruals reported in accrued investment income or in other liabilities of
   $93 million and $65 million, respectively, and derivative liabilities
   included (income) expense accruals reported in accrued investment income or
   in other liabilities of ($22) million and ($47) 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.

                                    MLIC-85

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

         Notes to the Consolidated Financial Statements -- (continued)

8. Derivatives (continued)


(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, 2021 and 2020, the Company received
   excess cash collateral of $60 million and $175 million, respectively, and
   provided no excess cash collateral for either period.

(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, 2021, 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, 2021
   and 2020, the Company received excess securities collateral with an
   estimated fair value of $47 million and $150 million, respectively, for its
   OTC-bilateral derivatives, which are not included in the table above due to
   the foregoing limitation. At December 31, 2021 and 2020, the Company
   provided excess securities collateral with an estimated fair value of $95
   million and $185 million, respectively, for its OTC-bilateral derivatives,
   $584 million and $1.4 billion, respectively, for its OTC-cleared
   derivatives, and $106 million and $188 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,
                                                                     --------------------------------
                                                                         2021             2020
                                                                     --------         --------
                                                                     Derivatives Subject to Financial
                                                                     Strength-Contingent Provisions
                                                                     --------------------------------
                                                                       (In millions)
Estimated fair value of derivatives in a net liability position (1). $    15          $    196
Estimated fair value of collateral provided:
Fixed maturity securities AFS....................................... $    17          $    239
-------------
(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         2021       2020
                                                       ------------------------------ ---------- ----------
                                                                                          (In millions)
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits.................... Policyholder account balances.  $     257  $     488
Assumed guaranteed minimum benefits................... Policyholder account balances.          5          5
Funds withheld on ceded reinsurance (including
 affiliated).......................................... Other liabilities.............      1,072      1,428
Fixed annuities with equity indexed returns........... Policyholder account balances.        165        139
Other guarantees...................................... Policyholder account balances.         --          1
                                                                                      ---------- ----------
  Embedded derivatives within liability host contracts.............................    $   1,499  $   2,061
                                                                                      ========== ==========

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, 2021
                                                          ---------------------------------------------------------------------
                                                                         Fair Value Hierarchy
                                                          ---------------------------------------------------
                                                                                                                   Total
                                                                                                                 Estimated
                                                              Level 1           Level 2          Level 3         Fair Value
                                                          ---------------- ----------------- ---------------- -----------------
                                                                                      (In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate...........................................  $            --  $         51,290  $         7,112  $         58,402
U.S. government and agency...............................           15,041            16,181               --            31,222
Foreign corporate........................................               --            21,862            7,823            29,685
RMBS.....................................................                7            20,333            2,805            23,145
ABS......................................................               --            11,455            1,424            12,879
Municipals...............................................               --             8,728               --             8,728
CMBS.....................................................               --             6,507              371             6,878
Foreign government.......................................               --             4,934               12             4,946
                                                          ---------------- ----------------- ---------------- -----------------
  Total fixed maturity securities AFS....................           15,048           141,290           19,547           175,885
                                                          ---------------- ----------------- ---------------- -----------------
Short-term investments...................................            4,187               677                2             4,866
Residential mortgage loans -- FVO........................               --                --              127               127
Other investments........................................              328               192              894             1,414
Derivative assets: (1)
Interest rate............................................               --             5,982               95             6,077
Foreign currency exchange rate...........................               --             1,676               --             1,676
Credit...................................................               --               106               17               123
Equity market............................................                5               730                7               742
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative assets................................                5             8,494              119             8,618
                                                          ---------------- ----------------- ---------------- -----------------
Separate account assets (2)..............................           28,231            93,656            1,964           123,851
                                                          ---------------- ----------------- ---------------- -----------------
  Total assets (3).......................................  $        47,799  $        244,309  $        22,653  $        314,761
                                                          ================ ================= ================ =================
Liabilities
Derivative liabilities: (1)
Interest rate............................................               --                70               21                91
Foreign currency exchange rate...........................               --             1,076               --             1,076
Credit...................................................               --                 8               12                20
Equity market............................................               --               222               --               222
                                                          ---------------- ----------------- ---------------- -----------------
  Total derivative liabilities...........................               --             1,376               33             1,409
                                                          ---------------- ----------------- ---------------- -----------------
Embedded derivatives within liability host contracts (4).               --                --            1,499             1,499
Separate account liabilities (2).........................                7                12                6                25
                                                          ---------------- ----------------- ---------------- -----------------
  Total liabilities......................................  $             7  $          1,388  $         1,538  $          2,933
                                                          ================ ================= ================ =================

                                    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, 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
U.S. government and agency...............................           12,697            18,074               --            30,771
Foreign corporate........................................               --            24,098            8,181            32,279
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
                                                          ================ ================= ================ =================
--------
(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, 2021 and 2020, the estimated fair value of such investments
   was $95 million and $70 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 of securities 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. Unobservable inputs are based on management's assumptions about
   the inputs market participants would use in pricing such investments.

     The estimated fair value of short-term investments and other investments
   is determined on a basis consistent with the methodologies described herein.

     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
            market and income approaches.          Valuation Approaches: Principally the 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 specific credit-related issues
              benchmark yields; new issuances;
              issuer ratings
            . trades of identical or comparable    .credit spreads
              securities; duration
            . privately-placed securities are
              valued using the additional key
              inputs:
            . market yield curve; call provisions
             . observable prices and spreads for
               similar public or private           . quoted prices in markets that are not active for identical or similar
               securities that incorporate the       securities that are less liquid and based on lower levels of trading
               credit quality and industry sector    activity than securities classified in Level 2
               of the issuer                       .independent non-binding broker 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
            market approach.                       Valuation Approaches: Principally the market approach.
            Key Inputs:                            Key Inputs:
            .quoted prices in markets that are     .independent non-binding broker quotations
             not active
            .benchmark U.S. Treasury yield or
             other yields
            .the spread off the U.S. Treasury      . quoted prices in markets that are not active for identical or similar
             yield curve for the identical           securities that are less liquid and based on lower levels of trading
             security                                activity than securities classified 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
            market and income approaches.          Valuation Approaches: Principally the market and income approaches.
            Key Inputs:                            Key Inputs:
            .quoted prices in markets that are     .credit spreads
             not active
            .spreads for actively traded
             securities; spreads off benchmark
             yields                                . quoted prices in markets that are not active for identical or similar
            .expected prepayment speeds and          securities that are less liquid and based on lower levels of trading
             volumes                                 activity than securities classified in Level 2
            .current and forecasted loss           .independent non-binding broker quotations
             severity; ratings; geographic region
            .weighted average coupon and weighted  .credit ratings
             average maturity
            .average delinquency rates; DSCR
            .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 other investments are of a
               similar nature and class to the
               fixed maturity securities AFS        . Certain short-term investments and certain other investments are of a
               described above; while certain         similar nature and class to the fixed maturity securities AFS
               other investments are similar to       described above, while certain other investments are similar to
               equity securities. The valuation       equity securities. The valuation approaches and unobservable
               approaches and observable inputs       inputs used in their valuation are also similar to those described
               used in their valuation are also       above. Other investments contain equity securities that use key
               similar to those described above.      unobservable inputs such as credit ratings; issuance structures, in
               Other investments contain equity       addition to those described above for fixed maturities AFS. Other
               securities valued using quoted         investments also include certain real estate joint ventures and use
               prices in markets that are not         the valuation approach and key inputs as described for other
               considered active.                     limited partnership interests below.
----------------------------------------------------------------------------------------------------------------------------
  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.
----------------------------------------------------------------------------------------------------------------------------

                                    MLIC-91

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)

-----------------------------------------------------------------------------------------------------------------------
                           Level 2                                              Level 3
Instrument            Observable Inputs                                    Unobservable Inputs
-----------------------------------------------------------------------------------------------------------------------
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
-           -----------------------------------------------------------------------------------------------------------
--------
(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.
   The estimated fair value of fixed maturity securities, equity securities,
   derivatives, short-term investments and cash and cash equivalents is
   determined on a basis consistent with the assets 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. Unobservable inputs are based on management's assumptions
  about the inputs market participants would use in pricing such derivatives.

    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.

                                    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

   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.

    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 by  swap yield curves               swap yield curves        swap yield curves
 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
                                         interest rate                    curves (2)              repurchase rates
                                          volatility (1), (2)            currency correlation     independent non-binding
                                                                                                   broker quotations
-                                        -                               -                        -
----------------------------------------------------------------------

              Instrument                        Equity Market
----------------------------------------------------------------------
Inputs common to Level 2 and Level 3 by  swap yield curves
 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

                                    MLIC-93

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)

  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 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.

                                    MLIC-94

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


    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.

  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, 2021
                                                                                                 ---------------------------
                                                                        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)                  1    -    165      110
                                Market pricing                 Quoted prices (4)                   --   -    117      101
                                -----------------------------------------------------------------------------------------------
RMBS........................... Market pricing                 Quoted prices (4)                   --   -    121       99
                                -----------------------------------------------------------------------------------------------
ABS............................ Market pricing                 Quoted prices (4)                   91   -    110      102
                                -----------------------------------------------------------------------------------------------
Derivatives
Interest rate.................. Present value techniques       Swap yield (6)                     151   -    200      188
                                                               Repurchase rates (8)                --   -     --       --
                                                               Volatility (9)                      1%   -     1%       1%

                                -----------------------------------------------------------------------------------------------
Foreign currency exchange rate. Present value techniques       Swap yield (6)                      --   -     --       --
                                -----------------------------------------------------------------------------------------------
Credit......................... Present value techniques       Credit spreads (10)                 96   -    133      109
                                Consensus pricing              Offered quotes (11)
                                -----------------------------------------------------------------------------------------------
Equity market.................. Present value techniques or    Volatility (12)                     --   -     --       --
                                  option pricing models
                                                               Correlation (13)                    --   -     --       --
                                -----------------------------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed   Option pricing techniques      Mortality rates:
 minimum benefits..............
                                                                  Ages 0 - 40                    0.01%  -   0.12%    0.08%
                                                                  Ages 41 - 60                   0.05%  -   0.65%    0.27%
                                                                  Ages 61 - 115                  0.32%  -    100%    2.08%
                                                               Lapse rates:
                                                                  Durations 1 - 10               0.25%  -    100%    6.30%
                                                                  Durations 11 - 20              0.70%  -    100%    5.22%
                                                                  Durations 21 - 116             1.60%  -    100%    5.22%
                                                               Utilization rates                   0%   -    22%     0.22%
                                                               Withdrawal rates                  0.25%  -    10%     3.72%
                                                               Long-term equity volatilities     16.44% -   22.16%   18.60%
                                                               Nonperformance risk spread        0.04%  -   0.40%    0.35%
                                                                                                      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)
                                                               Volatility (9)                      --   -     --       --

                                -----------------------------------------------------------------------------------------------
Foreign currency exchange rate. Present value techniques       Swap yield (6)                     (31)  -    (13)     (20)
                                -----------------------------------------------------------------------------------------------
Credit......................... Present value techniques       Credit spreads (10)                 96   -     99       98
                                Consensus pricing              Offered quotes (11)
                                -----------------------------------------------------------------------------------------------
Equity market.................. Present value techniques or    Volatility (12)                    21%   -    28%      28%
                                  option pricing models
                                                               Correlation (13)                   10%   -    30%      10%
                                -----------------------------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed   Option pricing techniques      Mortality rates:
 minimum benefits..............
                                                                  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 volatilities     16.66% -   22.21%   18.70%
                                                               Nonperformance risk spread        0.04%  -   0.39%    0.40%
                                                                                                    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)
                                                               Volatility (9)                     Increase (7)
                                                                                                 ------------------
                                -----------------------------------------------------------------
Foreign currency exchange rate. Present value techniques       Swap yield (6)                     Increase (7)
                                -----------------------------------------------------------------------------------
Credit......................... Present value techniques       Credit spreads (10)                Decrease (7)
                                Consensus pricing              Offered quotes (11)
                                -----------------------------------------------------------------------------------
Equity market.................. Present value techniques or    Volatility (12)                    Increase (7)
                                  option pricing models
                                                               Correlation (13)
                                -----------------------------------------------------------------------------------
Embedded derivatives
Direct and assumed guaranteed   Option pricing techniques      Mortality rates:
 minimum benefits..............
                                                                  Ages 0 - 40                     Decrease (14)
                                                                  Ages 41 - 60                    Decrease (14)
                                                                  Ages 61 - 115                   Decrease (14)
                                                               Lapse rates:
                                                                  Durations 1 - 10                Decrease (15)
                                                                  Durations 11 - 20               Decrease (15)
                                                                  Durations 21 - 116              Decrease (15)
                                                               Utilization rates                  Increase (16)
                                                               Withdrawal rates                       (17)
                                                               Long-term equity volatilities      Increase (18)
                                                               Nonperformance risk spread         Decrease (19)

--------
(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) Ranges represent the underlying interest rate volatility quoted in
    percentage points. Since this valuation methodology uses an equivalent of
    LIBOR for secured overnight financing rate volatility, presenting a range
    is more representative of the unobservable input used in the valuation.

(10)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.

(11)At both December 31, 2021 and 2020, independent non-binding broker
    quotations were used in the determination of less than 1% of the total net
    derivative estimated fair value.

(12)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.

(13)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.

(14)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.

(15)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.

(16)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.

                                    MLIC-96

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


(17)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 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.

(18)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.

(19)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."

                                    MLIC-97

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


  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, 2020................ $       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
Total realized/unrealized gains
 (losses) included in net income (loss)
 (1), (2)...............................           (40)             45           --           --           --
Total realized/unrealized gains
 (losses) included in AOCI..............          (745)              8           --           (1)          --
Purchases (3)...........................         2,369           1,247           --           --            2
Sales (3)...............................        (1,211)         (1,239)          --           (2)          --
Issuances (3)...........................            --              --           --           --           --
Settlements (3).........................            --              --           --           --           --
Transfers into Level 3 (4)..............           162             332           --           10           --
Transfers out of Level 3 (4)............          (473)           (258)          --           --           (1)
                                         -------------    ------------    ---------    ---------     --------
Balance, December 31, 2021.............. $      14,935    $      4,600    $      --    $      12     $      2
                                         =============    ============    =========    =========     ========
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 net income (loss) for the
 instruments still held at
 December 31, 2021 (5).................. $          (7)   $         41    $      --    $      --     $     --
                                         =============    ============    =========    =========     ========
Changes in unrealized gains (losses)
 included in AOCI for the instruments
 still held at December 31, 2020: (5)... $         963    $         22    $      --    $      --     $     --
                                         =============    ============    =========    =========     ========
Changes in unrealized gains (losses)
 included in AOCI for the instruments
 still held at December 31, 2021: (5)... $        (731)   $         10    $      --    $      (1)    $     --
                                         =============    ============    =========    =========     ========
Gains (Losses) Data for the year ended
 December 31, 2019
Total realized/unrealized gains
 (losses) included in net income (loss)
 (1), (2)............................... $         (41)   $         43    $      --    $      --     $     --
Total realized/unrealized gains
 (losses) included in AOCI.............. $         564    $         30    $      --    $      --     $     --

                                    MLIC-98

                      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
                                                         Mortgage        Other          Net        Net Embedded     Separate
                                                        Loans - FVO   Investments Derivatives (7) Derivatives (8) Accounts (9)
                                                        -----------   ----------- --------------- --------------- ------------
                                                                                    (In millions)
Balance, January 1, 2020............................... $      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
Total realized/unrealized gains (losses) included in
 net income (loss) (1), (2)............................         (5)          183           (69)              733             8
Total realized/unrealized gains (losses) included in
 AOCI..................................................         --            --          (352)               --            --
Purchases (3)..........................................         --           139            28                --         1,044
Sales (3)..............................................        (11)          (38)           --                --           (44)
Issuances (3)..........................................         --            --           (13)               --            (2)
Settlements (3)........................................        (22)           --            38              (171)            6
Transfers into Level 3 (4).............................         --            74             1                --            10
Transfers out of Level 3 (4)...........................         --           (29)            1                --            (3)
                                                        ----------    ----------     ---------     -------------  ------------
Balance, December 31, 2021............................. $      127    $      894     $      86     $      (1,499) $      1,958
                                                        ==========    ==========     =========     =============  ============
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 net
 income (loss) for the instruments still held at
 December 31, 2021: (5)................................ $      (10)   $      170     $      (7)    $         735  $         --
                                                        ==========    ==========     =========     =============  ============
Changes in unrealized gains (losses) included in AOCI
 for the instruments still held at December 31, 2020:
 (5)................................................... $       --    $       --     $     579     $          --  $         --
                                                        ==========    ==========     =========     =============  ============
Changes in unrealized gains (losses) included in AOCI
 for the instruments still held at December 31, 2021:
 (5)................................................... $       --    $       --     $    (128)    $          --  $         --
                                                        ==========    ==========     =========     =============  ============
Gains (Losses) Data for the year ended December 31,
 2019
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     $          --  $         --
--------
(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).

                                    MLIC-99

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

         Notes to the Consolidated Financial Statements -- (continued)

9. Fair Value (continued)


(6) Comprised of U.S. and foreign corporate securities.

(7) Freestanding derivative assets and liabilities are presented net for
    purposes of the rollforward.

(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 income (loss). 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,
                                                                                                   ----------------------
                                                                                                      2021        2020
                                                                                                   ----------  ----------
                                                                                                        (In millions)
Unpaid principal balance.......................................................................... $      130  $      172
Difference between estimated fair value and unpaid principal balance..............................         (3)         (7)
                                                                                                   ----------  ----------
Carrying value at estimated fair value............................................................ $      127  $      165
                                                                                                   ==========  ==========
Loans in nonaccrual status........................................................................ $       32  $       45
Loans more than 90 days past due.................................................................. $       14  $       27
Loans in nonaccrual status or more than 90 days past due, or both -- difference between aggregate
 estimated fair value and unpaid principal balance................................................ $       (7) $      (13)

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), using
significant unobservable inputs (Level 3).

                              At December 31,                 For the Years Ended December 31,
                             -------------------------------- --------------------------------
                               2021             2020            2021        2020       2019
                                 --------        --------     ---------  ----------  --------
                             Carrying Value After Measurement        Gains (Losses)
                             -------------------------------- --------------------------------
                                              (In millions)
    Mortgage loans, net (1). $    266         $    320        $    (91)  $    (110)  $    (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-100

                      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, 2021
                                             ------------------------------------------------
                                                          Fair Value Hierarchy
                                                       ---------------------------
                                                                                     Total
                                             Carrying                              Estimated
                                              Value    Level 1  Level 2   Level 3  Fair Value
                                             --------- ------- --------- --------- ----------
                                                              (In millions)
Assets
Mortgage loans (1).......................... $  60,092 $    -- $      -- $  63,094 $  63,094
Policy loans................................ $   5,816 $    -- $      -- $   6,710 $   6,710
Other invested assets....................... $   2,230 $    -- $   1,932 $     356 $   2,288
Premiums, reinsurance and other receivables. $  12,101 $    -- $     156 $  12,375 $  12,531
Liabilities
Policyholder account balances............... $  76,387 $    -- $      -- $  79,182 $  79,182
Long-term debt.............................. $   1,659 $    -- $   2,000 $      -- $   2,000
Other liabilities........................... $  12,357 $    -- $     159 $  12,412 $  12,571
Separate account liabilities................ $  54,254 $    -- $  54,254 $      -- $  54,254

                                                            December 31, 2020
                                             ------------------------------------------------
                                                          Fair Value Hierarchy
                                                       ---------------------------
                                                                                     Total
                                             Carrying                              Estimated
                                              Value    Level 1  Level 2   Level 3  Fair Value
                                             --------- ------- --------- --------- ----------
                                                              (In millions)
Assets
Mortgage loans (1).......................... $  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
--------
(1) Includes mortgage loans measured at estimated fair value on a nonrecurring
    basis and excludes mortgage loans measured at estimated fair value on a
    recurring basis.

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 9 years. The remaining lease
terms for the subleases are less than one year to 9 years.

ROU Assets and Lease Liabilities

   ROU assets and lease liabilities for operating leases were:

                                     December 31, December 31,
                                         2021         2020
                                     ------------ ------------
                                           (In millions)
                  ROU assets........    $  601       $  718
                  Lease liabilities.    $  701       $  795

                                   MLIC-101

                      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 Years Ended December 31,
                                       -------------------------------
                                        2021       2020       2019
                                        ------     ------     ------
                                            (In millions)
                 Operating lease cost. $  120     $  117     $  109
                 Variable lease cost..     14         15         20
                 Sublease income......    (91)       (89)       (80)
                                        ------     ------     ------
                  Net lease cost...... $   43     $   43     $   49
                                        ======     ======     ======

Other Information

   Supplemental other information related to operating leases was as follows:

                                                                                       December 31, December 31,
                                                                                           2021         2020
                                                                                       ------------ ------------
                                                                                         (Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash
  flows...............................................................................   $    122     $    125
ROU assets obtained in exchange for new lease liabilities.............................   $      4     $     --
Weighted-average remaining lease term.................................................    7 years      8 years
Weighted-average discount rate........................................................        4.0%         4.0%

Maturities of Lease Liabilities

   Maturities of operating lease liabilities were as follows:

                                                 December 31, 2021
                                                 -----------------
                                                   (In millions)
              2022..............................      $  126
              2023..............................         117
              2024..............................         108
              2025..............................         108
              2026..............................         103
              Thereafter........................         253
                                                      ------
               Total undiscounted cash flows....         815
              Less: interest....................         114
                                                      ------
               Present value of lease liability.      $  701
                                                      ======

  See Note 7 for information about the Company's investments in leased real
estate and leveraged and direct financing leases.

                                   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

   Long-term and short-term debt outstanding, excluding debt relating to
consolidated securitization entities, was as follows:

                                                                                     December 31,
                                                           -----------------------------------------------------------------

                      Interest Rates (1)                                 2021                             2020
                    ---------------------                  -------------------------------- --------------------------------

                                                                     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     $   (8)    $    692
Surplus notes...... 7.80% -   7.88%   7.83%  2024 -   2025      400         (1)         399      400         (2)         398
Other notes (2).... 0.08% -   3.75%   2.48%  2022 -   2058      571         (3)         568      527         (3)         524
                                                           --------     ------     -------- --------     ------     --------
 Total long-term
  debt.............                                           1,671        (12)       1,659    1,627        (13)       1,614
                                                           --------     ------     -------- --------     ------     --------
Total short-term
 debt..............                                             100         --          100      120         --          120
                                                           --------     ------     -------- --------     ------     --------
  Total............                                        $  1,771     $  (12)    $  1,759 $  1,747     $  (13)    $  1,734
                                                           ========     ======     ======== ========     ======     ========
--------
(1)Range of interest rates and weighted average interest rates are for the year
   ended December 31, 2021.

(2)During 2021, a subsidiary of Metropolitan Life Insurance Company issued
   $35 million of long-term debt to MetLife, Inc.

  The aggregate maturities of long-term debt at December 31, 2021 for the next
five years and thereafter are $82 million in 2022, $0 in 2023, $184 million in
2024, $250 million in 2025, $347 million in 2026 and $796 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, 2021, 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 September 2026. 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,
                                           --------------------
                                              2021        2020
                                           -----------  --------
                                           (Dollars in millions)
                Commercial paper.......... $       100  $    100
                Short-term borrowings (1).          --        20
                                           -----------  --------
                Total short-term debt..... $       100  $    120
                                           ===========  ========
                Average daily balance..... $       105  $    125
                Average days outstanding..    104 days   73 days
--------
(1) Represents short-term debt related to repurchase agreements, secured by
    assets consolidated by the Company.

   For the years ended December 31, 2021, 2020 and 2019, the weighted average
interest rate on short-term debt was 0.23%, 1.51% and 2.74%, respectively.

                                   MLIC-103

                      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 $96 million, $99 million
  and $105 million for the years ended December 31, 2021, 2020 and 2019,
  respectively. These amounts include $52 million of interest expense related
  to affiliated debt for each of the three years ended December 31, 2021, 2020
  and 2019.

Credit Facility

     At December 31, 2021, 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 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 for
  each of the years ended December 31, 2021, 2020 and 2019, respectively, and
  were included in other expenses.

     Information on the Credit Facility at December 31, 2021 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...... February 2026 (2)  $      3,000    $      412           $      47         $    --  $    2,541
--------
(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, 2021 and is not
    responsible for any reimbursement obligations under such letters of credit.

(2) In February 2021, the Credit Facility was amended and restated to, among
    other things, extend the maturity date. The Company incurred costs of
    $3 million related to the Credit Facility, which were capitalized and
    included in other assets. These costs are being amortized over the
    remaining term of the Credit Facility. 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, 2021.

12. Equity

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
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 360% and in excess of
350% at December 31, 2021 and 2020, respectively.

                                   MLIC-104

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

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)


  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 $430 million and the aggregate actual regulatory capital and
surplus of such operations was $722 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
$1.2 billion and $1.6 billion at December 31, 2021 and 2020, 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 $3.5 billion, $3.4 billion and $3.9 billion at
December 31, 2021, 2020 and 2019, respectively. Statutory capital and surplus
was $11.8 billion and $11.3 billion at December 31, 2021 and 2020,
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 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 $3.4 billion and $2.8 billion in
dividends to MetLife, Inc. for the years ended December 31, 2021 and 2020,
respectively, including amounts where regulatory approval was obtained as
required. Under New

                                   MLIC-105

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

         Notes to the Consolidated Financial Statements -- (continued)

12. Equity (continued)

York State Insurance Law, Metropolitan Life Insurance Company has calculated
that it may pay approximately $3.5 billion to MetLife, Inc. without prior
regulatory approval by the end of 2022.

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, 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
OCI before
 reclassifications...          (2,564)               30             9           44       (2,481)
Deferred income
 tax benefit
 (expense)...........             586                (8)           (1)          (9)         568
                          -----------       -----------    ----------   ----------  -----------
 AOCI before
   reclassifications,
   net of income
   tax...............           8,406             1,813           (45)        (425)       9,749
Amounts
 reclassified from
 AOCI................             102                81            --           38          221
Deferred income
 tax benefit
 (expense)...........             (23)              (22)           --           (8)         (53)
                          -----------       -----------    ----------   ----------  -----------
 Amounts
   reclassified
   from AOCI, net
   of income tax.....              79                59            --           30          168
                          -----------       -----------    ----------   ----------  -----------
Balance at
 December 31, 2021...      $    8,485        $    1,872     $    (45)    $    (395)  $    9,917
                          ===========       ===========    ==========   ==========  ===========
--------
(1)See Note 7 for information on offsets to investments related to policyholder
   liabilities, DAC, VOBA and DSI.

                                   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
-                                                  -----------------------------------     ------------------------------
                                                       2021         2020         2019
                                                   -----------   ----------   ----------
AOCI Components                                       Amounts Reclassified from AOCI
---------------                                    -----------------------------------
                                                              (In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)..........  $      (67)   $     (30)   $      17   Net investment gains (losses)
Net unrealized investment gains (losses)..........         (13)         (18)         (16)  Net investment income
Net unrealized investment gains (losses)..........         (22)         (11)         (61)  Net derivative gains (losses)
                                                   -----------   ----------   ----------
 Net unrealized investment gains (losses), before
   income tax.....................................        (102)         (59)         (60)
Income tax (expense) benefit......................          23           12           13
                                                   -----------   ----------   ----------
 Net unrealized investment gains (losses), net of
   income tax.....................................         (79)         (47)         (47)
                                                   -----------   ----------   ----------
Unrealized gains (losses) on derivatives - cash
 flow hedges:
Interest rate derivatives.........................          57           36           23   Net investment income
Interest rate derivatives.........................          87          121            4   Net investment gains (losses)
Foreign currency exchange rate derivatives........           4            3           (3)  Net investment income
Foreign currency exchange rate derivatives........        (229)         768          212   Net investment gains (losses)
Credit derivatives................................          --           --            1   Net investment income
                                                   -----------   ----------   ----------
 Gains (losses) on cash flow hedges, before
   income tax.....................................         (81)         928          237
Income tax (expense) benefit......................          22         (195)         (50)
                                                   -----------   ----------   ----------
 Gains (losses) on cash flow hedges, net of
   income tax.....................................         (59)         733          187
                                                   -----------   ----------   ----------
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)......         (43)         (39)         (27)
Amortization of prior service (costs) credit......           5            2            3
                                                   -----------   ----------   ----------
 Amortization of defined benefit plan items,
   before income tax..............................         (38)         (37)         (24)
Income tax (expense) benefit......................           8            8            5
                                                   -----------   ----------   ----------
 Amortization of defined benefit plan items, net
   of income tax..................................         (30)         (29)         (19)
                                                   -----------   ----------   ----------
 Total reclassifications, net of income tax.......  $     (168)   $     657    $     121
                                                   ===========   ==========   ==========
--------
(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,
                                                      --------------------------
                                                        2021     2020     2019
                                                      -------- -------- --------
                                                            (In millions)
Prepaid legal plans.................................. $    395 $    371 $    329
Recordkeeping and administrative services (1)........      211      194      204
Administrative services-only contracts...............      219      218      210
Other revenue from service contracts from customers..       35       36       39
                                                      -------- -------- --------
Total revenues from service contracts from customers.      860      819      782
Other (2)............................................      756      842      791
                                                      -------- -------- --------
  Total other revenues............................... $  1,616 $  1,661 $  1,573
                                                      ======== ======== ========
--------
(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,
                                                          ----------------------------
                                                            2021      2020      2019
                                                          --------  --------  --------
                                                                  (In millions)
General and administrative expenses (1).................. $  2,331  $  2,285  $  2,480
Pension, postretirement and postemployment benefit costs.      112        33       107
Premium taxes, other taxes, and licenses & fees..........      332       399       274
Commissions and other variable expenses..................    2,551     1,842     1,814
Capitalization of DAC....................................      (64)      (51)      (43)
Amortization of DAC and VOBA.............................      259       406       239
Interest expense on debt.................................       96        99       105
                                                          --------  --------  --------
  Total other expenses................................... $  5,617  $  5,013  $  4,976
                                                          ========  ========  ========
--------
(1)Includes ($113) million, ($104) million and ($165) million for the years
   ended December 31, 2021, 2020 and 2019, 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, including
affiliated interest expense.

Affiliated Expenses

  See Notes 5 and 17 for a discussion of affiliated expenses related to
reinsurance and service agreement transactions, respectively, 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 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.

  Obligations and Funded Status

                                                                December 31,
                                                        ----------------------------
                                                             2021           2020
                                                        -------------  -------------
                                                                Pension Benefits
                                                        ----------------------------
                                                                (In millions)
Change in benefit obligations:
Benefit obligations at January 1,......................  $      1,343   $      1,210
Service costs..........................................            17             17
Interest costs.........................................            37             40
Net actuarial (gains) losses (1).......................           (42)           143
Settlements and curtailments...........................            (1)            --
Benefits paid..........................................           (80)           (67)
                                                        -------------  -------------
Benefit obligations at December 31,....................         1,274          1,343
                                                        -------------  -------------
Change in plan assets:
Estimated fair value of plan assets at January 1,......            --             --
Employer contributions.................................            80             67
Benefits paid..........................................           (80)           (67)
                                                        -------------  -------------
Estimated fair value of plan assets at December 31,....            --             --
                                                        -------------  -------------
Over (under) funded status at December 31,.............  $     (1,274)  $     (1,343)
                                                        =============  =============
Amounts recognized on the consolidated balance sheets:
Other liabilities......................................  $     (1,274)  $     (1,343)
AOCI:..................................................
Net actuarial (gains) losses...........................  $        510   $        598
Prior service costs (credit)...........................            (9)           (14)
                                                        -------------  -------------
  AOCI, before income tax..............................  $        501   $        584
                                                        =============  =============
  Accumulated benefit obligation.......................  $      1,220   $      1,275
                                                        =============  =============
--------
(1)For the year ended December 31, 2021, significant sources of actuarial
   (gains) losses for pension benefits included the impact of changes to
   financial assumptions of ($47) million, and plan experience of $5 million.
   For the year ended December 31, 2020, significant sources of actuarial
   (gains) losses for pension benefits included the impact of changes to
   financial assumptions of $106 million, demographic assumptions of
   $5 million, and plan experience of $32 million.

                                   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)


  Information on pension plans with PBOs and/or accumulated benefit obligations
("ABO") in excess of plan assets was as follows at:

                                                  December 31,
                                           ---------------------------
                                            2021    2020   2021    2020
                                           ------  ------ ------  ------
                                            PBO Exceeds    ABO Exceeds
                                             Estimated    Estimated Fair
                                            Fair Value        Value
                                           of Plan Assets of Plan Assets
                                           -------------  -------------
                                                  (In millions)
          Projected benefit obligations... $1,274  $1,343 $1,274  $1,343
          Accumulated benefit obligations. $1,220  $1,275 $1,220  $1,275

  Net Periodic Benefit Costs

      The components of net periodic benefit costs and benefit obligations
   recognized in OCI were as follows for pension benefits:

                                                                           Years Ended December 31,
                                                                         -------------------------
                                                                         2021     2020     2019
                                                                         ----     ----     ----
                                                                           (In millions)
Net periodic benefit costs:
Service costs........................................................... $ 17     $ 17     $ 17
Interest costs..........................................................   37       40       46
Settlement and curtailment (gains) losses...............................   (3)      --       --
Amortization of net actuarial (gains) losses............................   43       39       27
Amortization of prior service costs (credit)............................   (2)      (2)      (3)
                                                                          ----     ----     ----
  Total net periodic benefit costs (credit).............................   92       94       87
                                                                          ----     ----     ----
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses............................................  (42)     143      161
Prior service costs (credit)............................................   --       --        3
Settlement and curtailment (gains) losses...............................    1       --       --
Amortization of net actuarial (gains) losses............................  (43)     (39)     (27)
Amortization of prior service (costs) credit............................    2        2        3
                                                                          ----     ----     ----
  Total recognized in OCI...............................................  (82)     106      140
                                                                          ----     ----     ----
  Total recognized in net periodic benefit costs and OCI................ $ 10     $200     $227
                                                                          ====     ====     ====

  Assumptions

     Assumptions used in determining the benefit obligation for the plan were
  as follows:

                                                     Pension Benefits
                                                     ----------------
           December 31, 2021
           Weighted average discount rate...........      2.95%
           Weighted average interest crediting rate.      3.18%
           Rate of compensation increase............ 2.50%  -  8.00%
           December 31, 2020
           Weighted average discount rate...........      2.65%
           Weighted average interest crediting rate.      3.46%
           Rate of compensation increase............ 2.50%  -  8.00%

                                   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)


     Assumptions used in determining the net periodic benefit cost for the plan
  were as follows:

                                                      Pension Benefits
                                                    ------------------
          Year Ended December 31, 2021
          Weighted average discount rate...........       3.01%
          Weighted average interest crediting rate.       3.24%
          Rate of compensation increase............  2.50%  -  8.00%
          Year Ended December 31, 2020
          Weighted average discount rate...........       3.30%
          Weighted average interest crediting rate.       3.38%
          Rate of compensation increase............  2.25%  -  8.50%
          Year Ended December 31, 2019
          Weighted average discount rate...........       4.35%
          Weighted average interest crediting rate.       4.01%
          Rate of compensation increase............  2.25%  -  8.50%

     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.

  Expected Future Contributions and Benefit Payments

     Benefit payments due under the nonqualified pension plan are primarily
  funded from the Company's general assets as they become due under the
  provisions of the plan. The Company expects to make benefit payments of
  $80 million in 2022.

     Gross benefit payments for the next 10 years, which reflect expected
  future service where appropriate, are expected to be as follows:

                                      Pension Benefits
                                    ------------------
                                      (In millions)
                         2022......       $   83
                         2023......       $   81
                         2024......       $   79
                         2025......       $   74
                         2026......       $   80
                         2027-2031.       $  407

Defined Contribution Plans

     The Company contributed to defined contribution plans $24 million,
  $23 million and $26 million for the years ended December 31, 2021, 2020 and
  2019, respectively.

                                   MLIC-111

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

         Notes to the Consolidated Financial Statements -- (continued)


15. Income Tax

   The provision for income tax was as follows:

                                                  Years Ended December 31,
                                                  -----------------------
                                                    2021    2020     2019
                                                  ------  ------  -------
                                                       (In millions)
     Current:
     U.S. federal................................ $  (89) $  527  $   280
     U.S. state and local........................      5       3        1
     Non-U.S.....................................     43      (2)      26
                                                  ------  ------  -------
      Subtotal...................................    (41)    528      307
                                                  ------  ------  -------
     Deferred:
     U.S. federal................................    577     (18)    (148)
     Non-U.S.....................................     (6)     24      (11)
                                                  ------  ------  -------
      Subtotal...................................    571       6     (159)
                                                  ------  ------  -------
      Provision for income tax expense (benefit). $  530  $  534  $   148
                                                  ======  ======  =======

  The Company's income (loss) before income tax expense (benefit) was as
follows:

                                    Years Ended December 31,
                                   --------------------------
                                      2021     2020     2019
                                   -------- -------- --------
                                         (In millions)
                   Income (loss):
                   U.S............ $  4,143 $  3,984 $  3,454
                   Non-U.S........      105       94      106
                                   -------- -------- --------
                    Total......... $  4,248 $  4,078 $  3,560
                                   ======== ======== ========

   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,
                                                   ----------------------
                                                    2021     2020    2019
                                                   ------   ------  ------
                                                        (In millions)
      Tax provision at U.S. statutory rate........  $ 892    $ 856   $ 748
      Tax effect of:
      Dividend received deduction.................    (39)     (32)    (36)
      Tax-exempt income...........................    (27)     (26)    (40)
      Prior year tax (1)..........................    (13)      22    (173)
      Low income housing tax credits..............   (178)    (202)   (254)
      Other tax credits...........................    (38)     (37)    (43)
      Foreign tax rate differential...............     (7)     (13)     (7)
      Change in valuation allowance...............     --       (1)     (7)
      U.S. Tax Reform impact (2)..................     --       --      (6)
      Other, net (3)..............................    (60)     (33)    (34)
                                                   ------   ------  ------
       Provision for income tax expense (benefit).  $ 530    $ 534   $ 148
                                                   ======   ======  ======
--------
(1)As discussed further below, prior year tax includes a non-cash benefit
   related to an uncertain tax position of $158 million for the year ended
   December 31, 2019.

                                   MLIC-112

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

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)


(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, 2021, other primarily includes a tax benefit
   of $53 million related to a non-cash transfer of assets from a wholly-owned
   United Kingdom ("U.K.") subsidiary to Metropolitan Life Insurance Company.

  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,
                                                      ----------------
                                                        2021     2020
                                                      -------  -------
                                                        (In millions)
        Deferred income tax assets:
        Policyholder liabilities and receivables..... $ 1,622  $ 1,475
        Net operating loss carryforwards (1).........      75       80
        Employee benefits............................     535      540
        Tax credit carryforwards (2).................     741      876
        Litigation-related and government mandated...      84       96
        Other........................................     118      379
                                                      -------  -------
          Total gross deferred income tax assets.....   3,175    3,446
        Less: Valuation allowance....................      74       79
                                                      -------  -------
          Total net deferred income tax assets.......   3,101    3,367
                                                      -------  -------
        Deferred income tax liabilities:
        Investments, including derivatives...........   2,147    1,738
        Intangibles..................................      28       32
        DAC..........................................     317      400
        Net unrealized investment gains..............   2,645    3,177
                                                      -------  -------
          Total deferred income tax liabilities......   5,137    5,347
                                                      -------  -------
          Net deferred income tax asset (liability).. $(2,036) $(1,980)
                                                      =======  =======
--------
(1) The Company has recorded a deferred tax asset of $75 million primarily
    related to U.S. state net operating loss carryforwards and an offsetting
    valuation allowance for the year ended December 31, 2021. U.S. state net
    operating loss carryforwards will expire between 2022 and 2041, whereas
    others have an unlimited carryforward period.

(2) Tax credit carryforwards for the year ended December 31, 2021 primarily
    reflect general business credits expiring between 2038 and 2041 and are
    reduced by $43 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 ($120) million and $183 million at
December 31, 2021 and 2020, 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 Internal Revenue Service
("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 2014.

  In 2021, the Company filed amended Federal income tax returns with the IRS
for MetLife, Inc. and subsidiaries for tax years 2010 through 2013. In 2021,
the IRS reviewed and acknowledged acceptance of the 2010 through 2013 amended
Federal income tax returns and closed the years to further audit.

                                   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 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 U.K. 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.

   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.

   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,
                                                                                -----------------------
                                                                                 2021    2020    2019
                                                                                -----    ----   ------
                                                                                   (In millions)
Balance at January 1,..........................................................  $ 35     $33    $ 442
Additions for tax positions of prior years.....................................    --       1       --
Reductions for tax positions of prior years (1)................................   (14)     --     (158)
Additions for tax positions of current year....................................     2       1        3
Settlements with tax authorities (2)...........................................    --      --     (254)
                                                                                -----    ----   ------
Balance at December 31,........................................................  $ 23     $35    $  33
                                                                                =====    ====   ======
Unrecognized tax benefits that, if recognized, would impact the effective rate.  $ 23     $35    $  33
                                                                                =====    ====   ======
--------
(1)The decreases in 2021 and 2019 are primarily related to non-cash benefits
   from tax audit settlements.

(2)The decrease in 2019 is primarily related to tax audit settlements, of which
   $251 million 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,
                                                                      -----------------------
                                                                      2021    2020    2019
                                                                      ----    ----   ------
                                                                        (In millions)
Interest expense (benefit) recognized on the consolidated statements
  of operations (1).................................................. $(9)      $4    $(187)

                                   MLIC-114

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

         Notes to the Consolidated Financial Statements -- (continued)

15. Income Tax (continued)

                                                                           December 31,
                                                                           ------------
                                                                           2021    2020
                                                                           ----    ----
                                                                           (In millions)
Interest included in other liabilities on the consolidated balance sheets.   $4     $13
--------
(1)The decrease in 2019 is primarily related to tax audit settlements, of which
   $68 million was recorded in other expenses and $119 million was reclassified
   to the current income tax payable account.

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.

    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, 2021. 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, 2021, the Company estimates the aggregate range of
  reasonably possible losses in excess of amounts accrued for these matters to
  be $0 to $100 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

                                   MLIC-115

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

         Notes to the Consolidated Financial Statements -- (continued)

16. Contingencies, Commitments and Guarantees (continued)

  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 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 or selling asbestos-containing products, nor has
   Metropolitan Life Insurance Company issued liability or workers'
   compensation insurance to companies in the business of manufacturing or
   selling 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's defenses include that:
   (i) Metropolitan Life Insurance Company owed no duty to the 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; and (iv) plaintiffs' exposure occurred
   after the dangers of asbestos were known. 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,
                                             --------------------------------------
                                                 2021         2020         2019
                                             ------------ ------------ ------------
                                             (In millions, except number of claims)
Asbestos personal injury claims at year end.       58,785       60,618       61,134
Number of new claims during the year........        2,824        2,496        3,187
Settlement payments during the year (1)..... $       53.0 $       52.9 $       49.4
-------------

(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.

      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.

                                   MLIC-116

                      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 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 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, but 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 covers pending claims, claims not yet asserted, and legal
   defense costs and is based on estimates and includes significant assumptions
   underlying its analysis.

      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. 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 $372 million at December 31, 2021. The recorded
   liability was $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 ("FLSA"), 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. The court denied
   the plaintiffs' motion to certify the class and the United States Circuit
   Court for the Second Circuit denied plaintiffs leave to appeal this ruling.
   The court granted Metropolitan Life Insurance Company's motion for summary
   judgment as to the lead plaintiff's FLSA claims and its motion to de-certify
   the class as a collective action. Plaintiffs' motion for interlocutory
   review of the de-certification ruling is still pending. The Company intends
   to defend this action vigorously.

   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. The Appellate Division of the New York State Supreme Court,
   First Department, reversed the court's order granting MetLife, Inc. and
   Metropolitan Life Insurance Company's motion to dismiss and remanded the
   case to the trial court where the Relator has filed an amended complaint.
   The Company intends to defend the action vigorously.

                                   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 (continued)


   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.

Commitments

  Mortgage Loan Commitments

     The Company commits to lend funds under mortgage loan commitments. The
  amounts of these mortgage loan commitments were $3.1 billion and $2.4 billion
  at December 31, 2021 and 2020, 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 $4.5 billion and
  $4.3 billion at December 31, 2021 and 2020, 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 $289 million, with a cumulative maximum of
$405 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 $2 million and $3 million at
December 31, 2021 and 2020, respectively, for indemnities, guarantees and
commitments.

17. 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

                                   MLIC-118

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

         Notes to the Consolidated Financial Statements -- (continued)

17. Related Party Transactions (continued)

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 $2.5 billion, $2.4 billion and $2.9 billion for the years ended
December 31, 2021, 2020 and 2019, respectively. Total revenues received from
affiliates related to these agreements were $40 million, $40 million and
$29 million for the years ended December 31, 2021, 2020 and 2019, respectively.

   The Company had net payables to affiliates, related to the items discussed
above, of $143 million and $198 million at December 31, 2021 and 2020,
respectively.

   See Notes 1, 5, 7, 11 and 12 for additional information on related party
transactions.

                                   MLIC-119

                      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, 2021

                                 (In millions)

                                                                           Estimated         Amount at
                                                     Cost or               Fair              Which Shown on
Types of Investments                              Amortized Cost (1)       Value           Balance Sheet
--------------------                          ---------------------- ------------------ --------------------
Fixed maturity securities AFS:
Bonds:
U.S. government and agency...................  $             26,782  $           31,222 $             31,222
Public utilities.............................                 6,104               7,279                7,279
Municipals...................................                 6,884               8,728                8,728
Foreign government...........................                 4,330               4,946                4,946
All other corporate bonds....................                72,005              80,002               80,002
                                              ---------------------- ------------------ --------------------
  Total bonds................................               116,105             132,177              132,177
Mortgage-backed and asset-backed securities..                41,555              42,902               42,902
Redeemable preferred stock...................                   694                 806                  806
                                              ---------------------- ------------------ --------------------
  Total fixed maturity securities AFS........               158,354             175,885              175,885
Mortgage loans...............................                60,755                                   60,219
Policy loans.................................                 5,816                                    5,816
Real estate and real estate joint ventures...                 7,692                                    7,692
Real estate acquired in satisfaction of debt.                   181                                      181
Other limited partnership interests..........                 8,754                                    8,754
Short-term investments.......................                 4,889                                    4,866
Other invested assets........................                19,860                                   19,860
                                              ----------------------                    --------------------
  Total investments..........................  $            266,301                     $            283,273
                                              ======================                    ====================
--------
(1) Amortized cost for fixed maturity securities AFS, mortgage loans, policy
    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-120

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

                                 Schedule III
               Consolidated Supplementary Insurance Information
                          December 31, 2021 and 2020

                                 (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)
------------------ -------- ----------------------- ------------  ------------ ----------------- ------------
2021
U.S............... $    401        $         72,530    $  72,933      $     --      $        304         $ 21
MetLife Holdings..    2,191                  69,367       21,306           312               154          158
Corporate & Other.        6                     153          220            --                --           --
                   -------- ----------------------- ------------  ------------ ----------------- ------------
  Total........... $  2,598        $        142,050    $  94,459      $    312      $        458         $179
                   ======== ======================= ============  ============ ================= ============
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
                   ======== ======================= ============  ============ ================= ============
--------
(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-121

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

                                 Schedule III
        Consolidated Supplementary Insurance Information -- (continued)
             For the Years Ended December 31, 2021, 2020 and 2019

                                 (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)
------------------ ------------------- -----------  ----------------- --------------- -------------
2021
U.S...............     $        24,566 $     6,960     $       25,893    $         56    $    3,212
MetLife Holdings..               3,687       5,561              5,557             203         1,574
Corporate & Other.                  --         (35)                --              --         1,300
                   ------------------- -----------  ----------------- --------------- -------------
  Total...........     $        28,253 $    12,486     $       31,450    $        259    $    6,086
                   =================== ===========  ================= =============== =============
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
                   =================== ===========  ================= =============== =============
--------
(1) Includes other expenses and policyholder dividends, excluding amortization
    of DAC and VOBA charged to other expenses.

                                   MLIC-122

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

                                  Schedule IV

                           Consolidated Reinsurance
                       December 31, 2021, 2020 and 2019

                             (Dollars in millions)

                                                                                   % Amount
                                                                                  Assumed
                              Gross Amount    Ceded       Assumed    Net Amount    to Net
                             ------------- ------------ ---------- ------------- ----------
2021
Life insurance in-force..... $   3,991,763 $    164,834 $  546,176 $   4,373,105      12.5%
                             ============= ============ ========== =============
Insurance premium
Life insurance (1).......... $      13,631 $        792 $    4,080 $      16,919      24.1%
Accident & health insurance.         9,377          146         41         9,272       0.4%
                             ------------- ------------ ---------- -------------
 Total insurance premium.... $      23,008 $        938 $    4,121 $      26,191      15.7%
                             ============= ============ ========== =============
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%
                             ============= ============ ========== =============
--------
(1) Includes annuities with life contingencies.

   For the year ended December 31, 2021, reinsurance ceded and assumed included
affiliated transactions for life insurance in-force of $13.7 billion and
$1.9 billion, respectively, and life insurance premiums of $114 million and
$3.2 billion, respectively. 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.

                                   MLIC-123

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