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, 2023, 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 7 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, 2023, and the results of their operations and changes in their 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, 2023, 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 22, 2024

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

This page is intentionally left blank.

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

December 31, 2023

	AB VPS Sustainable Global Thematic Division		American Funds® ​American High-Income Trust Division		American Funds® ​Global Small Capitalization Division		American Funds® ​Growth Division
Assets:
Investments at fair value	$	635,460	$	692,523	$	73,276,691	$	309,678,035
Due from Metropolitan Life Insurance Company		—		—		—		328
Total Assets		635,460		692,523		73,276,691		309,678,363
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—
Total Liabilities		—		—		—		—
Net Assets	$	635,460	$	692,523	$	73,276,691	$	309,678,363

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	151,789,013	$	1,852,432	$	7,009,998	$	55,846	$	82,416
Due from Metropolitan Life Insurance Company		110		—		—		—		—
Total Assets		151,789,123		1,852,432		7,009,998		55,846		82,416
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	151,789,123	$	1,852,432	$	7,009,998	$	55,846	$	82,416

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

	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
Assets:
Investments at fair value	$	1,778,218	$	3,100,002	$	2,069,460	$	293,659	$	31,238,851
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		1,778,218		3,100,002		2,069,460		293,659		31,238,851
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		3
Total Liabilities		—		—		—		—		3
Net Assets	$	1,778,218	$	3,100,002	$	2,069,460	$	293,659	$	31,238,848

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

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

December 31, 2023

	BHFTI Brighthouse Balanced Plus Division		BHFTI Brighthouse Small Cap Value Division		BHFTI Brighthouse/ abrdn Emerging Markets Equity Division		BHFTI Brighthouse/ Templeton International Bond Division		BHFTI Brighthouse/ Wellington Large Cap Research Division
Assets:
Investments at fair value	$	451,864	$	1,335,008	$	1,710,026	$	331,563	$	604,262,977
Due from Metropolitan Life Insurance Company		—		—		—		—		17
Total Assets		451,864		1,335,008		1,710,026		331,563		604,262,994
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	451,864	$	1,335,008	$	1,710,026	$	331,563	$	604,262,994

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

	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
Assets:
Investments at fair value	$	27,500,616	$	40,259,132	$	72,050	$	68,309,982	$	8,815,373
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		27,500,616		40,259,132		72,050		68,309,982		8,815,373
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		41
Total Liabilities		—		—		—		—		41
Net Assets	$	27,500,616	$	40,259,132	$	72,050	$	68,309,982	$	8,815,332

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	180,173	$	701,351	$	397,793	$	60,020,659	$	207,433
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		180,173		701,351		397,793		60,020,659		207,433
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		1		—
Total Liabilities		—		—		—		1		—
Net Assets	$	180,173	$	701,351	$	397,793	$	60,020,658	$	207,433

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

	BHFTI MFS®​ Research International Division		BHFTI Morgan Stanley Discovery Division		BHFTI PanAgora Global Diversified Risk Division		BHFTI PIMCO Inflation Protected Bond Division		BHFTI PIMCO Total Return Division
Assets:
Investments at fair value	$	20,282,374	$	327,902,469	$	177,025	$	9,633,908	$	47,943,842
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		20,282,374		327,902,469		177,025		9,633,908		47,943,842
Liabilities:
Due to Metropolitan Life Insurance Company		1		1		—		5		—
Total Liabilities		1		1		—		5		—
Net Assets	$	20,282,373	$	327,902,468	$	177,025	$	9,633,903	$	47,943,842

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	152,260	$	8,406,854	$	8,562,046	$	3,655,543	$	48,021,108
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		152,260		8,406,854		8,562,046		3,655,543		48,021,108
Liabilities:
Due to Metropolitan Life Insurance Company		—		5		6		—		39
Total Liabilities		—		5		6		—		39
Net Assets	$	152,260	$	8,406,849	$	8,562,040	$	3,655,543	$	48,021,069

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

	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
Assets:
Investments at fair value	$	116,181,303	$	45,880,275	$	66,143,839	$	25,223,530	$	23,782,443
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		116,181,303		45,880,275		66,143,839		25,223,530		23,782,443
Liabilities:
Due to Metropolitan Life Insurance Company		71		—		—		—		—
Total Liabilities		71		—		—		—		—
Net Assets	$	116,181,232	$	45,880,275	$	66,143,839	$	25,223,530	$	23,782,443

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

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

December 31, 2023

	BHFTII Brighthouse Asset Allocation 20 Division		BHFTII Brighthouse Asset Allocation 40 Division		BHFTII Brighthouse Asset Allocation 60 Division		BHFTII Brighthouse Asset Allocation 80 Division		BHFTII Brighthouse/Artisan Mid Cap Value Division
Assets:
Investments at fair value	$	3,435,177	$	10,465,369	$	59,612,820	$	116,834,374	$	72,468,132
Due from Metropolitan Life Insurance Company		8		—		—		—		—
Total Assets		3,435,185		10,465,369		59,612,820		116,834,374		72,468,132
Liabilities:
Due to Metropolitan Life Insurance Company		—		4		29		7		301
Total Liabilities		—		4		29		7		301
Net Assets	$	3,435,185	$	10,465,365	$	59,612,791	$	116,834,367	$	72,467,831

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

	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
Assets:
Investments at fair value	$	350,011,157	$	101,645,372	$	286,178,087	$	54,274,013	$	28,865,660
Due from Metropolitan Life Insurance Company		—		—		1		—		—
Total Assets		350,011,157		101,645,372		286,178,088		54,274,013		28,865,660
Liabilities:
Due to Metropolitan Life Insurance Company		16		—		—		38		150
Total Liabilities		16		—		—		38		150
Net Assets	$	350,011,141	$	101,645,372	$	286,178,088	$	54,273,975	$	28,865,510

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	14,221,423	$	148,403,441	$	120,873,717	$	109,846,788	$	91,170,955
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		14,221,423		148,403,441		120,873,717		109,846,788		91,170,955
Liabilities:
Due to Metropolitan Life Insurance Company		2		—		23		—		—
Total Liabilities		2		—		23		—		—
Net Assets	$	14,221,421	$	148,403,441	$	120,873,694	$	109,846,788	$	91,170,955

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

	BHFTII MetLife Stock Index Division		BHFTII MFS®​ Total Return Division		BHFTII MFS®​ Value Division		BHFTII Neuberger Berman Genesis Division		BHFTII T. Rowe Price Large Cap Growth Division
Assets:
Investments at fair value	$	1,590,286,378	$	10,885,489	$	131,855,576	$	143,062,419	$	142,074,519
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		1,590,286,378		10,885,489		131,855,576		143,062,419		142,074,519
Liabilities:
Due to Metropolitan Life Insurance Company		38		22		—		—		—
Total Liabilities		38		22		—		—		—
Net Assets	$	1,590,286,340	$	10,885,467	$	131,855,576	$	143,062,419	$	142,074,519

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

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

December 31, 2023

	BHFTII T. Rowe Price Small Cap Growth Division		BHFTII VanEck 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
Assets:
Investments at fair value	$	146,336,492	$	457,893	$	46,427,186	$	15,739,667	$	2,432,442
Due from Metropolitan Life Insurance Company		—		—		—		1		—
Total Assets		146,336,492		457,893		46,427,186		15,739,668		2,432,442
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	146,336,492	$	457,893	$	46,427,186	$	15,739,668	$	2,432,442

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

	Fidelity®​ VIP Contrafund®​ Division		Fidelity®​ VIP Equity-Income Division		Fidelity®​ VIP Freedom 2010 Division		Fidelity®​ VIP Freedom 2020 Division		Fidelity®​ VIP Freedom 2025 Division
Assets:
Investments at fair value	$	4,579,006	$	651,846	$	158,655	$	750,584	$	672,306
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		4,579,006		651,846		158,655		750,584		672,306
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	4,579,006	$	651,846	$	158,655	$	750,584	$	672,306

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	482,961	$	522,329	$	293,053	$	6,488,430	$	17,553
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		482,961		522,329		293,053		6,488,430		17,553
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		20		—		—
Total Liabilities		—		—		20		—		—
Net Assets	$	482,961	$	522,329	$	293,033	$	6,488,430	$	17,553

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

	Fidelity®​ VIP Investment Grade Bond Division		Fidelity®​ VIP Mid Cap Division		FTVIPT Franklin Income VIP Division		FTVIPT Franklin Mutual Global Discovery VIP Division		FTVIPT Franklin Mutual Shares VIP Division
Assets:
Investments at fair value	$	1,034,160	$	338,290	$	8,316	$	76,863	$	82,574
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		1,034,160		338,290		8,316		76,863		82,574
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	1,034,160	$	338,290	$	8,316	$	76,863	$	82,574

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

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

December 31, 2023

	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. EQV International Equity Division
Assets:
Investments at fair value	$	6,418,651	$	1,055,509	$	3,667	$	139,573	$	420,467
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		6,418,651		1,055,509		3,667		139,573		420,467
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	6,418,651	$	1,055,509	$	3,667	$	139,573	$	420,467

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

	Janus Henderson Balanced Division		Janus Henderson Enterprise Division		Janus Henderson Forty Division		Janus Henderson Research Division		MFS®​ VIT Global Equity Division
Assets:
Investments at fair value	$	1,606,109	$	236,316	$	725,663	$	673,933	$	107,956
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		1,606,109		236,316		725,663		673,933		107,956
Liabilities:
Due to Metropolitan Life Insurance Company		—		—		—		—		—
Total Liabilities		—		—		—		—		—
Net Assets	$	1,606,109	$	236,316	$	725,663	$	673,933	$	107,956

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

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

December 31, 2023

	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
Assets:
Investments at fair value	$	23,115	$	170,286	$	508,762	$	4,518,054	$	27,264
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		23,115		170,286		508,762		4,518,054		27,264
Liabilities:
Due to Metropolitan Life Insurance Company		—		1		—		—		—
Total Liabilities		—		1		—		—		—
Net Assets	$	23,115	$	170,285	$	508,762	$	4,518,054	$	27,264

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

	PIMCO VIT CommodityRealReturn® ​Strategy Division		PIMCO VIT Low Duration Division		Pioneer Mid Cap Value VCT Division		Royce Micro-Cap Division		Royce Small-Cap Division
Assets:
Investments at fair value	$	16,485	$	801,933	$	21,696	$	16,974	$	18,180
Due from Metropolitan Life Insurance Company		—		—		—		—		—
Total Assets		16,485		801,933		21,696		16,974		18,180
Liabilities:
Due to Metropolitan Life Insurance Company		—		1		—		—		—
Total Liabilities		—		1		—		—		—
Net Assets	$	16,485	$	801,932	$	21,696	$	16,974	$	18,180

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
For the years ended December 31, 2023, 2022 and 2021

	AB VPS Sustainable Global Thematic Division								American Funds®​ American High-Income Trust Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	175		$	—		$	—	$	48,380		$	55,273		$	28,819
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		175			—			—		48,380			55,273			28,819
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		37,673			59,783			84,098		—			—			—
Realized gains (losses) on sale of investments		(6,723	)		(9,209	)		1,704		(11,020	)		(4,118	)		321
Net realized gains (losses)		30,950			50,574			85,802		(11,020	)		(4,118	)		321
Change in unrealized gains (losses) on investments		55,838			(252,999	)		13,004		43,248			(120,523	)		2,825
Net realized and changes in unrealized gains (losses) on investments		86,788			(202,425	)		98,806		32,228			(124,641	)		3,146
Net increase (decrease) in net assets resulting from operations	$	86,963		$	(202,425	)	$	98,806	$	80,608		$	(69,368	)	$	31,965

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

	American Funds®​ Global Small Capitalization Division
	2023			2022			2021
Investment Income:
Dividends	$	182,050		$	—		$	—
Expenses:
Mortality and expense risk charges		75,371			79,546			111,675
Net investment income (loss)		106,679			(79,546	)		(111,675	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		901,703			24,447,154			2,202,958
Realized gains (losses) on sale of investments		(1,077,890	)		(240,602	)		2,489,482
Net realized gains (losses)		(176,187	)		24,206,552			4,692,440
Change in unrealized gains (losses) on investments		10,418,956			(52,190,705	)		1,660,255
Net realized and changes in unrealized gains (losses) on investments		10,242,769			(27,984,153	)		6,352,695
Net increase (decrease) in net assets resulting from operations	$	10,349,448		$	(28,063,699	)	$	6,241,020

The accompanying notes are an integral part of these financial statements.
UL-23

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	American Funds®​ Growth Division							American Funds®​ Growth-Income Division
	2023		2022			2021		2023		2022			2021
Investment Income:
Dividends	$	995,047	$	875,598		$	731,225	$	1,907,914	$	1,748,598		$	1,715,449
Expenses:
Mortality and expense risk charges		234,779		240,577			297,098		126,564		125,958			142,145
Net investment income (loss)		760,268		635,021			434,127		1,781,350		1,622,640			1,573,304
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		15,479,651		39,365,636			42,795,355		7,311,703		13,499,470			1,490,438
Realized gains (losses) on sale of investments		3,221,151		3,284,883			11,188,301		1,870,774		1,739,733			3,439,613
Net realized gains (losses)		18,700,802		42,650,519			53,983,656		9,182,477		15,239,203			4,930,051
Change in unrealized gains (losses) on investments		69,205,509		(148,259,449	)		11,657,903		21,230,124		(43,425,314	)		25,918,314
Net realized and changes in unrealized gains (losses) on investments		87,906,311		(105,608,930	)		65,641,559		30,412,601		(28,186,111	)		30,848,365
Net increase (decrease) in net assets resulting from operations	$	88,666,579	$	(104,973,909	)	$	66,075,686	$	32,193,951	$	(26,563,471	)	$	32,421,669

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

	American Funds®​ International Division
	2023			2022			2021
Investment Income:
Dividends	$	23,320		$	31,957		$	58,048
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		23,320			31,957			58,048
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			253,750			—
Realized gains (losses) on sale of investments		(29,185	)		(10,305	)		14,231
Net realized gains (losses)		(29,185	)		243,445			14,231
Change in unrealized gains (losses) on investments		269,573			(738,762	)		(105,442	)
Net realized and changes in unrealized gains (losses) on investments		240,388			(495,317	)		(91,211	)
Net increase (decrease) in net assets resulting from operations	$	263,708		$	(463,360	)	$	(33,163	)

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	American Funds®​ The Bond Fund of America Division									American Funds®​ U.S. Government Securities Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	236,911		$	208,327		$	114,358		$	2,031		$	2,187		$	811
Expenses:
Mortality and expense risk charges		7,963			8,305			9,117			—			—			—
Net investment income (loss)		228,948			200,022			105,241			2,031			2,187			811
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			84,867			307,195			—			—			5,488
Realized gains (losses) on sale of investments		(137,480	)		(132,066	)		29,503			(448	)		(261	)		(20	)
Net realized gains (losses)		(137,480	)		(47,199	)		336,698			(448	)		(261	)		5,468
Change in unrealized gains (losses) on investments		230,378			(1,180,378	)		(480,389	)		44			(8,793	)		(6,687	)
Net realized and changes in unrealized gains (losses) on investments		92,898			(1,227,577	)		(143,691	)		(404	)		(9,054	)		(1,219	)
Net increase (decrease) in net assets resulting from operations	$	321,846		$	(1,027,555	)	$	(38,450	)	$	1,627		$	(6,867	)	$	(408	)

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

	BHFTI AB Global Dynamic Allocation Division
	2023			2022			2021
Investment Income:
Dividends	$	2,527		$	4,115		$	251
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		2,527			4,115			251
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			6,908			6,395
Realized gains (losses) on sale of investments		(4,338	)		(2,670	)		674
Net realized gains (losses)		(4,338	)		4,238			7,069
Change in unrealized gains (losses) on investments		10,544			(31,162	)		2,602
Net realized and changes in unrealized gains (losses) on investments		6,206			(26,924	)		9,671
Net increase (decrease) in net assets resulting from operations	$	8,733		$	(22,809	)	$	9,922

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI American Funds®​ Balanced Allocation Division								BHFTI American Funds®​ Growth Allocation Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	42,691		$	27,574		$	23,221	$	69,571		$	41,254		$	34,073
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		42,691			27,574			23,221		69,571			41,254			34,073
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		121,111			206,119			53,367		298,449			441,840			100,846
Realized gains (losses) on sale of investments		(13,814	)		(3,884	)		29,524		(47,967	)		(10,196	)		29,448
Net realized gains (losses)		107,297			202,235			82,891		250,482			431,644			130,294
Change in unrealized gains (losses) on investments		105,718			(526,661	)		82,717		228,116			(1,096,716	)		306,357
Net realized and changes in unrealized gains (losses) on investments		213,015			(324,426	)		165,608		478,598			(665,072	)		436,651
Net increase (decrease) in net assets resulting from operations	$	255,706		$	(296,852	)	$	188,829	$	548,169		$	(623,818	)	$	470,724

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

	BHFTI American Funds®​ Moderate Allocation Division
	2023			2022			2021
Investment Income:
Dividends	$	56,237		$	37,848		$	34,836
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		56,237			37,848			34,836
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		113,143			192,662			65,296
Realized gains (losses) on sale of investments		(12,679	)		(15,973	)		7,896
Net realized gains (losses)		100,464			176,689			73,192
Change in unrealized gains (losses) on investments		83,435			(515,528	)		75,627
Net realized and changes in unrealized gains (losses) on investments		183,899			(338,839	)		148,819
Net increase (decrease) in net assets resulting from operations	$	240,136		$	(300,991	)	$	183,655

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI BlackRock Global Tactical Strategies Division								BHFTI Brighthouse Asset Allocation 100 Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	9,537		$	12,903		$	10,075	$	864,461		$	467,816		$	465,915
Expenses:
Mortality and expense risk charges		—			—			—		14,765			14,556			16,987
Net investment income (loss)		9,537			12,903			10,075		849,696			453,260			448,928
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			20,609			28,511		4,348,651			2,509,727			2,622,421
Realized gains (losses) on sale of investments		(6,154	)		(53,169	)		5,497		(305,088	)		(24,857	)		680,164
Net realized gains (losses)		(6,154	)		(32,560	)		34,008		4,043,563			2,484,870			3,302,585
Change in unrealized gains (losses) on investments		32,696			(92,825	)		21,134		675,806			(10,016,419	)		2,026,367
Net realized and changes in unrealized gains (losses) on investments		26,542			(125,385	)		55,142		4,719,369			(7,531,549	)		5,328,952
Net increase (decrease) in net assets resulting from operations	$	36,079		$	(112,482	)	$	65,217	$	5,569,065		$	(7,078,289	)	$	5,777,880

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

	BHFTI Brighthouse Balanced Plus Division
	2023			2022			2021
Investment Income:
Dividends	$	13,293		$	10,810		$	11,412
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		13,293			10,810			11,412
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			42,191			16,775
Realized gains (losses) on sale of investments		(8,148	)		(6,016	)		1,115
Net realized gains (losses)		(8,148	)		36,175			17,890
Change in unrealized gains (losses) on investments		33,282			(161,614	)		6,919
Net realized and changes in unrealized gains (losses) on investments		25,134			(125,439	)		24,809
Net increase (decrease) in net assets resulting from operations	$	38,427		$	(114,629	)	$	36,221

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Brighthouse Small Cap Value Division								BHFTI Brighthouse/abrdn Emerging Markets Equity Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	12,142		$	7,649		$	10,711	$	19,029		$	14,674		$	5,628
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		12,142			7,649			10,711		19,029			14,674			5,628
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		102,415			214,689			579		—			241,811			—
Realized gains (losses) on sale of investments		(1,788	)		295			2,928		(10,170	)		(8,452	)		40,249
Net realized gains (losses)		100,627			214,984			3,507		(10,170	)		233,359			40,249
Change in unrealized gains (losses) on investments		51,185			(402,147	)		318,052		95,541			(768,158	)		(146,176	)
Net realized and changes in unrealized gains (losses) on investments		151,812			(187,163	)		321,559		85,371			(534,799	)		(105,927	)
Net increase (decrease) in net assets resulting from operations	$	163,954		$	(179,514	)	$	332,270	$	104,400		$	(520,125	)	$	(100,299	)

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

	BHFTI Brighthouse/Templeton International Bond Division
	2023			2022			2021
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		—			—			—
Realized gains (losses) on sale of investments		(3,305	)		(10,841	)		(1,491	)
Net realized gains (losses)		(3,305	)		(10,841	)		(1,491	)
Change in unrealized gains (losses) on investments		14,996			(3,545	)		(13,400	)
Net realized and changes in unrealized gains (losses) on investments		11,691			(14,386	)		(14,891	)
Net increase (decrease) in net assets resulting from operations	$	11,691		$	(14,386	)	$	(14,891	)

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Brighthouse/Wellington Large Cap Research Division							BHFTI CBRE Global Real Estate Division
	2023		2022			2021		2023			2022			2021
Investment Income:
Dividends	$	4,596,606	$	4,100,711		$	5,425,132	$	684,809		$	1,203,980		$	923,359
Expenses:
Mortality and expense risk charges		2,789,626		2,836,253			3,190,231		22,088			24,532			29,024
Net investment income (loss)		1,806,980		1,264,458			2,234,901		662,721			1,179,448			894,335
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		30,133,304		119,851,018			61,670,030		—			2,619,529			—
Realized gains (losses) on sale of investments		745,025		3,819,648			12,753,640		(237,751	)		(10,693	)		474,259
Net realized gains (losses)		30,878,329		123,670,666			74,423,670		(237,751	)		2,608,836			474,259
Change in unrealized gains (losses) on investments		92,089,119		(254,155,225	)		56,615,903		2,723,801			(11,912,020	)		7,531,715
Net realized and changes in unrealized gains (losses) on investments		122,967,448		(130,484,559	)		131,039,573		2,486,050			(9,303,184	)		8,005,974
Net increase (decrease) in net assets resulting from operations	$	124,774,428	$	(129,220,101	)	$	133,274,474	$	3,148,771		$	(8,123,736	)	$	8,900,309

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

	BHFTI Harris Oakmark International Division
	2023			2022			2021
Investment Income:
Dividends	$	825,876		$	906,798		$	378,177
Expenses:
Mortality and expense risk charges		46,361			44,351			55,275
Net investment income (loss)		779,515			862,447			322,902
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			2,002,137			—
Realized gains (losses) on sale of investments		(350,032	)		(363,463	)		391,341
Net realized gains (losses)		(350,032	)		1,638,674			391,341
Change in unrealized gains (losses) on investments		6,255,947			(9,311,810	)		2,895,287
Net realized and changes in unrealized gains (losses) on investments		5,905,915			(7,673,136	)		3,286,628
Net increase (decrease) in net assets resulting from operations	$	6,685,430		$	(6,810,689	)	$	3,609,530

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Invesco Balanced-Risk Allocation Division								BHFTI Invesco Global Equity Division
	2023			2022			2021		2023		2022			2021
Investment Income:
Dividends	$	2,595		$	4,889		$	2,701	$	228,348	$	—		$	102,667
Expenses:
Mortality and expense risk charges		—			—			—		155,724		156,962			210,936
Net investment income (loss)		2,595			4,889			2,701		72,624		(156,962	)		(108,269	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			4,656			2,676		3,532,514		8,477,838			3,255,285
Realized gains (losses) on sale of investments		(2,774	)		(422	)		189		595,769		766,676			3,265,283
Net realized gains (losses)		(2,774	)		4,234			2,865		4,128,283		9,244,514			6,520,568
Change in unrealized gains (losses) on investments		4,632			(19,689	)		2,660		13,814,493		(34,670,658	)		5,012,985
Net realized and changes in unrealized gains (losses) on investments		1,858			(15,455	)		5,525		17,942,776		(25,426,144	)		11,533,553
Net increase (decrease) in net assets resulting from operations	$	4,453		$	(10,566	)	$	8,226	$	18,015,400	$	(25,583,106	)	$	11,425,284

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

	BHFTI Invesco Small Cap Growth Division
	2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		10,062			11,212			16,422
Net investment income (loss)		(10,062	)		(11,212	)		(16,422	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			2,819,236			2,330,241
Realized gains (losses) on sale of investments		(608,941	)		(377,115	)		390,164
Net realized gains (losses)		(608,941	)		2,442,121			2,720,405
Change in unrealized gains (losses) on investments		1,609,356			(7,093,762	)		(1,866,700	)
Net realized and changes in unrealized gains (losses) on investments		1,000,415			(4,651,641	)		853,705
Net increase (decrease) in net assets resulting from operations	$	990,353		$	(4,662,853	)	$	837,283

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI JPMorgan Global Active Allocation Division								BHFTI JPMorgan Small Cap Value Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	3,062		$	4,598		$	1,074	$	8,785		$	7,799		$	8,181
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		3,062			4,598			1,074		8,785			7,799			8,181
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			23,388			11,782		54,317			221,551			17,725
Realized gains (losses) on sale of investments		(3,892	)		(1,097	)		1,789		(12,792	)		(1,329	)		50,115
Net realized gains (losses)		(3,892	)		22,291			13,571		41,525			220,222			67,840
Change in unrealized gains (losses) on investments		17,656			(65,711	)		5,880		33,881			(326,690	)		129,125
Net realized and changes in unrealized gains (losses) on investments		13,764			(43,420	)		19,451		75,406			(106,468	)		196,965
Net increase (decrease) in net assets resulting from operations	$	16,826		$	(38,822	)	$	20,525	$	84,191		$	(98,669	)	$	205,146

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

	BHFTI Loomis Sayles Global Allocation Division
	2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	4,713
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		—			—			4,713
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		14,194			48,196			43,687
Realized gains (losses) on sale of investments		(1,745	)		(274	)		38,790
Net realized gains (losses)		12,449			47,922			82,477
Change in unrealized gains (losses) on investments		62,269			(150,790	)		(23,466	)
Net realized and changes in unrealized gains (losses) on investments		74,718			(102,868	)		59,011
Net increase (decrease) in net assets resulting from operations	$	74,718		$	(102,868	)	$	63,724

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Loomis Sayles Growth Division								BHFTI MetLife Multi-Index Targeted Risk Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	115,550	$	4,258		$	3,579		$	3,798
Expenses:
Mortality and expense risk charges		45,648			39,396			50,175		—			—			—
Net investment income (loss)		(45,648	)		(39,396	)		65,375		4,258			3,579			3,798
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		3,061,973			4,078,235			1,762,143		—			18,661			7,951
Realized gains (losses) on sale of investments		357,564			(66,183	)		906,323		(1,375	)		(5,869	)		821
Net realized gains (losses)		3,419,537			4,012,052			2,668,466		(1,375	)		12,792			8,772
Change in unrealized gains (losses) on investments		17,568,319			(20,403,597	)		6,974,380		21,870			(65,780	)		7,435
Net realized and changes in unrealized gains (losses) on investments		20,987,856			(16,391,545	)		9,642,846		20,495			(52,988	)		16,207
Net increase (decrease) in net assets resulting from operations	$	20,942,208		$	(16,430,941	)	$	9,708,221	$	24,753		$	(49,409	)	$	20,005

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

	BHFTI MFS®​ Research International Division
	2023		2022			2021
Investment Income:
Dividends	$	324,321	$	422,126		$	278,094
Expenses:
Mortality and expense risk charges		16,116		16,527			20,214
Net investment income (loss)		308,205		405,599			257,880
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		376,989		1,446,611			913,077
Realized gains (losses) on sale of investments		80,901		(6,601	)		503,341
Net realized gains (losses)		457,890		1,440,010			1,416,418
Change in unrealized gains (losses) on investments		1,779,141		(6,232,375	)		1,126,705
Net realized and changes in unrealized gains (losses) on investments		2,237,031		(4,792,365	)		2,543,123
Net increase (decrease) in net assets resulting from operations	$	2,545,236	$	(4,386,766	)	$	2,801,003

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Morgan Stanley Discovery Division									BHFTI PanAgora Global Diversified Risk Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—		$	13,250		$	17,387		$	—
Expenses:
Mortality and expense risk charges		824,614			1,071,989			2,377,645			—			—			—
Net investment income (loss)		(824,614	)		(1,071,989	)		(2,377,645	)		13,250			17,387			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			141,771,781			367,030,776			—			11,388			64
Realized gains (losses) on sale of investments		(26,239,319	)		(17,614,592	)		26,060,316			(4,719	)		(1,648	)		10
Net realized gains (losses)		(26,239,319	)		124,157,189			393,091,092			(4,719	)		9,740			74
Change in unrealized gains (losses) on investments		124,449,759			(536,339,103	)		(469,811,228	)		(1,119	)		(57,045	)		(26	)
Net realized and changes in unrealized gains (losses) on investments		98,210,440			(412,181,914	)		(76,720,136	)		(5,838	)		(47,305	)		48
Net increase (decrease) in net assets resulting from operations	$	97,385,826		$	(413,253,903	)	$	(79,097,781	)	$	7,412		$	(29,918	)	$	48

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

	BHFTI PIMCO Inflation Protected Bond Division
	2023			2022			2021
Investment Income:
Dividends	$	225,961		$	691,624		$	103,150
Expenses:
Mortality and expense risk charges		14,353			15,788			16,805
Net investment income (loss)		211,608			675,836			86,345
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(108,396	)		(81,527	)		86,320
Net realized gains (losses)		(108,396	)		(81,527	)		86,320
Change in unrealized gains (losses) on investments		229,395			(1,924,923	)		411,083
Net realized and changes in unrealized gains (losses) on investments		120,999			(2,006,450	)		497,403
Net increase (decrease) in net assets resulting from operations	$	332,607		$	(1,330,614	)	$	583,748

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI PIMCO Total Return Division									BHFTI Schroders Global Multi-Asset Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	1,469,022		$	1,547,601		$	1,050,706		$	2,561		$	1,829		$	442
Expenses:
Mortality and expense risk charges		35,934			40,766			50,411			—			—			—
Net investment income (loss)		1,433,088			1,506,835			1,000,295			2,561			1,829			442
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			2,178,607			—			8,603			253
Realized gains (losses) on sale of investments		(715,193	)		(590,794	)		29,003			(310	)		(1,043	)		560
Net realized gains (losses)		(715,193	)		(590,794	)		2,207,610			(310	)		7,560			813
Change in unrealized gains (losses) on investments		2,035,691			(8,806,008	)		(3,833,399	)		17,176			(39,968	)		13,631
Net realized and changes in unrealized gains (losses) on investments		1,320,498			(9,396,802	)		(1,625,789	)		16,866			(32,408	)		14,444
Net increase (decrease) in net assets resulting from operations	$	2,753,586		$	(7,889,967	)	$	(625,494	)	$	19,427		$	(30,579	)	$	14,886

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

	BHFTI SSGA Growth and Income ETF Division
	2023			2022			2021
Investment Income:
Dividends	$	206,366		$	271,164		$	183,486
Expenses:
Mortality and expense risk charges		8,636			8,716			9,340
Net investment income (loss)		197,730			262,448			174,146
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			1,347,367			413,016
Realized gains (losses) on sale of investments		(134,654	)		(10,313	)		126,974
Net realized gains (losses)		(134,654	)		1,337,054			539,990
Change in unrealized gains (losses) on investments		997,111			(3,035,257	)		479,177
Net realized and changes in unrealized gains (losses) on investments		862,457			(1,698,203	)		1,019,167
Net increase (decrease) in net assets resulting from operations	$	1,060,187		$	(1,435,755	)	$	1,193,313

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI SSGA Growth ETF Division								BHFTI T. Rowe Price Large Cap Value Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	168,682		$	264,992		$	155,639	$	71,634		$	66,039		$	71,598
Expenses:
Mortality and expense risk charges		8,288			8,234			8,646		—			—			—
Net investment income (loss)		160,394			256,758			146,993		71,634			66,039			71,598
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		419,688			1,474,333			489,151		499,306			438,989			3,978
Realized gains (losses) on sale of investments		(276,515	)		(41,687	)		87,136		(2,454	)		4,847			43,993
Net realized gains (losses)		143,173			1,432,646			576,287		496,852			443,836			47,971
Change in unrealized gains (losses) on investments		901,362			(3,262,842	)		788,029		(233,257	)		(694,411	)		703,223
Net realized and changes in unrealized gains (losses) on investments		1,044,535			(1,830,196	)		1,364,316		263,595			(250,575	)		751,194
Net increase (decrease) in net assets resulting from operations	$	1,204,929		$	(1,573,438	)	$	1,511,309	$	335,229		$	(184,536	)	$	822,792

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

	BHFTI T. Rowe Price Mid Cap Growth Division
	2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		58,697			59,600			73,173
Net investment income (loss)		(58,697	)		(59,600	)		(73,173	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,214,572			7,706,413			4,823,048
Realized gains (losses) on sale of investments		(428,920	)		(257,519	)		1,087,377
Net realized gains (losses)		1,785,652			7,448,894			5,910,425
Change in unrealized gains (losses) on investments		6,504,434			(20,260,558	)		1,850,226
Net realized and changes in unrealized gains (losses) on investments		8,290,086			(12,811,664	)		7,760,651
Net increase (decrease) in net assets resulting from operations	$	8,231,389		$	(12,871,264	)	$	7,687,478

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTI Victory Sycamore Mid Cap Value Division								BHFTII Baillie Gifford International Stock Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	1,824,255		$	2,122,304		$	1,486,014	$	564,015		$	498,850		$	574,301
Expenses:
Mortality and expense risk charges		95,536			98,907			103,075		188,264			191,756			274,317
Net investment income (loss)		1,728,719			2,023,397			1,382,939		375,751			307,094			299,984
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		12,183,228			13,223,962			3,052,083		—			3,880,401			5,908,168
Realized gains (losses) on sale of investments		610,700			1,530,969			1,818,768		(558,301	)		(312,395	)		981,602
Net realized gains (losses)		12,793,928			14,754,931			4,870,851		(558,301	)		3,568,006			6,889,770
Change in unrealized gains (losses) on investments		(3,706,209	)		(20,038,123	)		24,609,507		7,369,136			(20,556,457	)		(7,825,840	)
Net realized and changes in unrealized gains (losses) on investments		9,087,719			(5,283,192	)		29,480,358		6,810,835			(16,988,451	)		(936,070	)
Net increase (decrease) in net assets resulting from operations	$	10,816,438		$	(3,259,795	)	$	30,863,297	$	7,186,586		$	(16,681,357	)	$	(636,086	)

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

	BHFTII BlackRock Bond Income Division
	2023			2022			2021
Investment Income:
Dividends	$	2,032,053		$	2,035,295		$	2,269,852
Expenses:
Mortality and expense risk charges		206,254			225,956			263,221
Net investment income (loss)		1,825,799			1,809,339			2,006,631
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			83,354			1,612,711
Realized gains (losses) on sale of investments		(682,125	)		(743,786	)		167,345
Net realized gains (losses)		(682,125	)		(660,432	)		1,780,056
Change in unrealized gains (losses) on investments		2,338,747			(12,592,363	)		(4,397,445	)
Net realized and changes in unrealized gains (losses) on investments		1,656,622			(13,252,795	)		(2,617,389	)
Net increase (decrease) in net assets resulting from operations	$	3,482,421		$	(11,443,456	)	$	(610,758	)

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII BlackRock Capital Appreciation Division									BHFTII BlackRock Ultra-Short Term Bond Division
	2023			2022			2021			2023		2022			2021
Investment Income:
Dividends	$	8,786		$	—		$	—		$	388,116	$	—		$	79,330
Expenses:
Mortality and expense risk charges		29,866			27,322			32,796			23,384		24,961			26,988
Net investment income (loss)		(21,080	)		(27,322	)		(32,796	)		364,732		(24,961	)		52,342
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		406,173			5,293,979			3,165,922			446		—			—
Realized gains (losses) on sale of investments		(355,527	)		(307,253	)		784,596			23,050		(7,828	)		(35,468	)
Net realized gains (losses)		50,646			4,986,726			3,950,518			23,496		(7,828	)		(35,468	)
Change in unrealized gains (losses) on investments		8,222,129			(15,099,533	)		713,678			732,977		336,633			(89,871	)
Net realized and changes in unrealized gains (losses) on investments		8,272,775			(10,112,807	)		4,664,196			756,473		328,805			(125,339	)
Net increase (decrease) in net assets resulting from operations	$	8,251,695		$	(10,140,129	)	$	4,631,400		$	1,121,205	$	303,844		$	(72,997	)

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

	BHFTII Brighthouse Asset Allocation 20 Division
	2023			2022			2021
Investment Income:
Dividends	$	121,072		$	116,742		$	157,661
Expenses:
Mortality and expense risk charges		5,098			6,463			9,013
Net investment income (loss)		115,974			110,279			148,648
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		71,523			107,174			61,659
Realized gains (losses) on sale of investments		(75,236	)		(92,141	)		61,198
Net realized gains (losses)		(3,713	)		15,033			122,857
Change in unrealized gains (losses) on investments		137,769			(671,321	)		(87,582	)
Net realized and changes in unrealized gains (losses) on investments		134,056			(656,288	)		35,275
Net increase (decrease) in net assets resulting from operations	$	250,030		$	(546,009	)	$	183,923

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII Brighthouse Asset Allocation 40 Division								BHFTII Brighthouse Asset Allocation 60 Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	350,076		$	288,533		$	338,545	$	1,881,603		$	1,390,665		$	1,505,134
Expenses:
Mortality and expense risk charges		13,852			15,138			17,919		77,493			79,578			91,658
Net investment income (loss)		336,224			273,395			320,626		1,804,110			1,311,087			1,413,476
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		493,090			555,229			414,922		4,561,287			4,369,459			3,355,143
Realized gains (losses) on sale of investments		(260,312	)		(113,893	)		79,360		(442,836	)		(281,147	)		447,015
Net realized gains (losses)		232,778			441,336			494,282		4,118,451			4,088,312			3,802,158
Change in unrealized gains (losses) on investments		407,929			(2,329,581	)		35,271		1,364,351			(15,439,414	)		1,508,580
Net realized and changes in unrealized gains (losses) on investments		640,707			(1,888,245	)		529,553		5,482,802			(11,351,102	)		5,310,738
Net increase (decrease) in net assets resulting from operations	$	976,931		$	(1,614,850	)	$	850,179	$	7,286,912		$	(10,040,015	)	$	6,724,214

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

	BHFTII Brighthouse Asset Allocation 80 Division
	2023			2022			2021
Investment Income:
Dividends	$	3,726,901		$	2,368,980		$	2,499,977
Expenses:
Mortality and expense risk charges		102,128			102,445			116,714
Net investment income (loss)		3,624,773			2,266,535			2,383,263
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		13,179,041			10,651,368			8,582,666
Realized gains (losses) on sale of investments		(1,425,685	)		64,750			1,489,416
Net realized gains (losses)		11,753,356			10,716,118			10,072,082
Change in unrealized gains (losses) on investments		2,667,347			(36,798,206	)		5,588,656
Net realized and changes in unrealized gains (losses) on investments		14,420,703			(26,082,088	)		15,660,738
Net increase (decrease) in net assets resulting from operations	$	18,045,476		$	(23,815,553	)	$	18,044,001

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII Brighthouse/Artisan Mid Cap Value Division								BHFTII Brighthouse/Wellington Balanced Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	569,173		$	663,818		$	694,726	$	7,120,587		$	5,917,327		$	7,150,851
Expenses:
Mortality and expense risk charges		55,560			58,767			67,105		1,682,071			1,766,815			2,019,781
Net investment income (loss)		513,613			605,051			627,621		5,438,516			4,150,512			5,131,070
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		8,648,912			10,044,787			1,584,381		2,503,943			46,151,659			33,436,852
Realized gains (losses) on sale of investments		(36,838	)		672,865			1,257,366		(1,046,634	)		517,028			5,008,964
Net realized gains (losses)		8,612,074			10,717,652			2,841,747		1,457,309			46,668,687			38,445,816
Change in unrealized gains (losses) on investments		2,446,559			(21,045,564	)		13,633,038		46,724,160			(120,706,380	)		5,661,022
Net realized and changes in unrealized gains (losses) on investments		11,058,633			(10,327,912	)		16,474,785		48,181,469			(74,037,693	)		44,106,838
Net increase (decrease) in net assets resulting from operations	$	11,572,246		$	(9,722,861	)	$	17,102,406	$	53,619,985		$	(69,887,181	)	$	49,237,908

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

	BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2023			2022			2021
Investment Income:
Dividends	$	1,400,983		$	1,489,971		$	1,445,942
Expenses:
Mortality and expense risk charges		67,092			71,675			75,094
Net investment income (loss)		1,333,891			1,418,296			1,370,848
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		10,342,743			18,337,046			5,279,880
Realized gains (losses) on sale of investments		(206,882	)		765,654			1,336,655
Net realized gains (losses)		10,135,861			19,102,700			6,616,535
Change in unrealized gains (losses) on investments		(4,263,901	)		(26,506,960	)		14,772,340
Net realized and changes in unrealized gains (losses) on investments		5,871,960			(7,404,260	)		21,388,875
Net increase (decrease) in net assets resulting from operations	$	7,205,851		$	(5,985,964	)	$	22,759,723

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII Frontier Mid Cap Growth Division									BHFTII Jennison Growth Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—		$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		1,802,565			1,935,629			2,514,460			36,540			36,477			47,471
Net investment income (loss)		(1,802,565	)		(1,935,629	)		(2,514,460	)		(36,540	)		(36,477	)		(47,471	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			82,370,850			48,719,945			—			10,471,163			13,731,985
Realized gains (losses) on sale of investments		(3,560,436	)		(662,263	)		8,113,010			(625,927	)		(552,206	)		3,391,629
Net realized gains (losses)		(3,560,436	)		81,708,587			56,832,955			(625,927	)		9,918,957			17,123,614
Change in unrealized gains (losses) on investments		48,649,081			(187,292,218	)		(6,118,297	)		19,882,520			(34,198,376	)		(6,638,182	)
Net realized and changes in unrealized gains (losses) on investments		45,088,645			(105,583,631	)		50,714,658			19,256,593			(24,279,419	)		10,485,432
Net increase (decrease) in net assets resulting from operations	$	43,286,080		$	(107,519,260	)	$	48,200,198		$	19,220,053		$	(24,315,896	)	$	10,437,961

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

	BHFTII Loomis Sayles Small Cap Core Division
	2023			2022			2021
Investment Income:
Dividends	$	52,566		$	—		$	26,040
Expenses:
Mortality and expense risk charges		26,373			27,059			31,363
Net investment income (loss)		26,193			(27,059	)		(5,323	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,281,203			5,158,765			1,891,834
Realized gains (losses) on sale of investments		(146,106	)		95			515,144
Net realized gains (losses)		1,135,097			5,158,860			2,406,978
Change in unrealized gains (losses) on investments		3,226,297			(10,113,360	)		3,710,756
Net realized and changes in unrealized gains (losses) on investments		4,361,394			(4,954,500	)		6,117,734
Net increase (decrease) in net assets resulting from operations	$	4,387,587		$	(4,981,559	)	$	6,112,411

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII Loomis Sayles Small Cap Growth Division									BHFTII MetLife Aggregate Bond Index Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—		$	4,076,719		$	4,165,512		$	3,924,150
Expenses:
Mortality and expense risk charges		10,393			10,827			14,666			33,151			35,510			41,534
Net investment income (loss)		(10,393	)		(10,827	)		(14,666	)		4,043,568			4,130,002			3,882,616
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			3,067,403			1,640,694			—			—			—
Realized gains (losses) on sale of investments		(139,943	)		(149,873	)		528,435			(2,061,924	)		(1,795,568	)		133,685
Net realized gains (losses)		(139,943	)		2,917,530			2,169,129			(2,061,924	)		(1,795,568	)		133,685
Change in unrealized gains (losses) on investments		1,680,796			(7,099,693	)		(421,818	)		5,191,491			(23,899,451	)		(6,996,622	)
Net realized and changes in unrealized gains (losses) on investments		1,540,853			(4,182,163	)		1,747,311			3,129,567			(25,695,019	)		(6,862,937	)
Net increase (decrease) in net assets resulting from operations	$	1,530,460		$	(4,192,990	)	$	1,732,645		$	7,173,135		$	(21,565,017	)	$	(2,980,321	)

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

	BHFTII MetLife Mid Cap Stock Index Division
	2023			2022			2021
Investment Income:
Dividends	$	1,467,945		$	1,299,104		$	1,407,346
Expenses:
Mortality and expense risk charges		74,844			77,374			88,670
Net investment income (loss)		1,393,101			1,221,730			1,318,676
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		7,075,898			18,681,228			6,165,233
Realized gains (losses) on sale of investments		(74,648	)		897,704			3,685,608
Net realized gains (losses)		7,001,250			19,578,932			9,850,841
Change in unrealized gains (losses) on investments		8,544,887			(38,563,519	)		16,510,327
Net realized and changes in unrealized gains (losses) on investments		15,546,137			(18,984,587	)		26,361,168
Net increase (decrease) in net assets resulting from operations	$	16,939,238		$	(17,762,857	)	$	27,679,844

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII MetLife MSCI EAFE®​ Index Division							BHFTII MetLife Russell 2000®​ Index Division
	2023		2022			2021		2023			2022			2021
Investment Income:
Dividends	$	2,566,943	$	3,750,308		$	2,024,586	$	1,101,917		$	930,787		$	1,045,599
Expenses:
Mortality and expense risk charges		39,730		38,690			45,301		52,398			57,145			69,009
Net investment income (loss)		2,527,213		3,711,618			1,979,285		1,049,519			873,642			976,590
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		2,644,726			—		1,448,529			15,364,360			5,261,059
Realized gains (losses) on sale of investments		1,161,300		488,336			1,567,680		(230,310	)		325,223			3,350,941
Net realized gains (losses)		1,161,300		3,133,062			1,567,680		1,218,219			15,689,583			8,612,000
Change in unrealized gains (losses) on investments		13,229,814		(23,369,773	)		7,727,026		11,056,087			(37,571,681	)		4,071,944
Net realized and changes in unrealized gains (losses) on investments		14,391,114		(20,236,711	)		9,294,706		12,274,306			(21,882,098	)		12,683,944
Net increase (decrease) in net assets resulting from operations	$	16,918,327	$	(16,525,093	)	$	11,273,991	$	13,323,825		$	(21,008,456	)	$	13,660,534

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

	BHFTII MetLife Stock Index Division
	2023		2022			2021
Investment Income:
Dividends	$	20,366,257	$	18,662,595		$	23,491,758
Expenses:
Mortality and expense risk charges		3,012,303		3,053,679			3,333,508
Net investment income (loss)		17,353,954		15,608,916			20,158,250
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		96,201,793		129,635,051			95,283,480
Realized gains (losses) on sale of investments		24,236,383		23,582,788			41,256,626
Net realized gains (losses)		120,438,176		153,217,839			136,540,106
Change in unrealized gains (losses) on investments		196,570,065		(481,618,289	)		229,936,134
Net realized and changes in unrealized gains (losses) on investments		317,008,241		(328,400,450	)		366,476,240
Net increase (decrease) in net assets resulting from operations	$	334,362,195	$	(312,791,534	)	$	386,634,490

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII MFS®​ Total Return Division								BHFTII MFS®​ Value Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	228,097		$	185,788		$	210,076	$	2,353,435		$	2,234,214		$	2,165,550
Expenses:
Mortality and expense risk charges		9,287			9,906			11,026		99,796			105,336			112,530
Net investment income (loss)		218,810			175,882			199,050		2,253,639			2,128,878			2,053,020
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		535,736			1,008,693			676,114		14,871,348			18,539,537			1,422,852
Realized gains (losses) on sale of investments		(54,093	)		4,753			227,017		(275,433	)		861,664			2,411,579
Net realized gains (losses)		481,643			1,013,446			903,131		14,595,915			19,401,201			3,834,431
Change in unrealized gains (losses) on investments		337,017			(2,312,792	)		399,170		(6,912,633	)		(30,558,662	)		25,108,361
Net realized and changes in unrealized gains (losses) on investments		818,660			(1,299,346	)		1,302,301		7,683,282			(11,157,461	)		28,942,792
Net increase (decrease) in net assets resulting from operations	$	1,037,470		$	(1,123,464	)	$	1,501,351	$	9,936,921		$	(9,028,583	)	$	30,995,812

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

	BHFTII Neuberger Berman Genesis Division
	2023		2022			2021
Investment Income:
Dividends	$	174,621	$	—		$	123,838
Expenses:
Mortality and expense risk charges		107,718		111,888			131,958
Net investment income (loss)		66,903		(111,888	)		(8,120	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		11,859,701		23,827,160			10,334,241
Realized gains (losses) on sale of investments		383,964		1,059,005			3,677,281
Net realized gains (losses)		12,243,665		24,886,165			14,011,522
Change in unrealized gains (losses) on investments		7,333,401		(57,421,782	)		13,338,038
Net realized and changes in unrealized gains (losses) on investments		19,577,066		(32,535,617	)		27,349,560
Net increase (decrease) in net assets resulting from operations	$	19,643,969	$	(32,647,505	)	$	27,341,440

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII T. Rowe Price Large Cap Growth Division									BHFTII T. Rowe Price Small Cap Growth Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	—		$	—		$	—		$	74,082		$	297,132		$	59,796
Expenses:
Mortality and expense risk charges		93,657			95,719			128,436			462,148			473,525			595,653
Net investment income (loss)		(93,657	)		(95,719	)		(128,436	)		(388,066	)		(176,393	)		(535,857	)
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			25,492,790			18,113,168			3,237,379			25,148,731			17,855,186
Realized gains (losses) on sale of investments		(831,665	)		(297,504	)		4,151,718			(601,233	)		74,646			3,927,740
Net realized gains (losses)		(831,665	)		25,195,286			22,264,886			2,636,146			25,223,377			21,782,926
Change in unrealized gains (losses) on investments		47,786,640			(96,271,789	)		8,318,298			24,029,801			(64,055,712	)		(2,889,313	)
Net realized and changes in unrealized gains (losses) on investments		46,954,975			(71,076,503	)		30,583,184			26,665,947			(38,832,335	)		18,893,613
Net increase (decrease) in net assets resulting from operations	$	46,861,318		$	(71,172,222	)	$	30,454,748		$	26,277,881		$	(39,008,728	)	$	18,357,756

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

	BHFTII VanEck Global Natural Resources Division
	2023			2022			2021
Investment Income:
Dividends	$	12,190		$	11,613		$	5,007
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		12,190			11,613			5,007
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		17,458			45,101			15,225
Net realized gains (losses)		17,458			45,101			15,225
Change in unrealized gains (losses) on investments		(41,068	)		(10,439	)		44,125
Net realized and changes in unrealized gains (losses) on investments		(23,610	)		34,662			59,350
Net increase (decrease) in net assets resulting from operations	$	(11,420	)	$	46,275		$	64,357

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	BHFTII Western Asset Management Strategic Bond Opportunities Division									BHFTII Western Asset Management U.S. Government Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	2,941,251		$	2,913,498		$	2,069,705		$	366,079		$	374,659		$	511,884
Expenses:
Mortality and expense risk charges		59,850			66,460			78,102			18,330			18,354			18,877
Net investment income (loss)		2,881,401			2,847,038			1,991,603			347,749			356,305			493,007
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			—			—			—
Realized gains (losses) on sale of investments		(616,372	)		(475,552	)		260,202			(261,962	)		(335,381	)		(11,455	)
Net realized gains (losses)		(616,372	)		(475,552	)		260,202			(261,962	)		(335,381	)		(11,455	)
Change in unrealized gains (losses) on investments		1,732,783			(11,619,678	)		(782,637	)		618,669			(1,670,214	)		(797,080	)
Net realized and changes in unrealized gains (losses) on investments		1,116,411			(12,095,230	)		(522,435	)		356,707			(2,005,595	)		(808,535	)
Net increase (decrease) in net assets resulting from operations	$	3,997,812		$	(9,248,192	)	$	1,469,168		$	704,456		$	(1,649,290	)	$	(315,528	)

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

	Fidelity®​ VIP Asset Manager: Growth Division
	2023		2022			2021
Investment Income:
Dividends	$	40,027	$	39,642		$	34,631
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		40,027		39,642			34,631
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		148,921			36,892
Realized gains (losses) on sale of investments		12,006		18,407			35,380
Net realized gains (losses)		12,006		167,328			72,272
Change in unrealized gains (losses) on investments		289,426		(659,729	)		223,941
Net realized and changes in unrealized gains (losses) on investments		301,432		(492,401	)		296,213
Net increase (decrease) in net assets resulting from operations	$	341,459	$	(452,759	)	$	330,844

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Contrafund®​ Division							Fidelity®​ VIP Equity-Income Division
	2023		2022			2021		2023			2022			2021
Investment Income:
Dividends	$	16,301	$	16,346		$	2,208	$	11,451		$	10,864		$	9,295
Expenses:
Mortality and expense risk charges		—		—			—		—			—			—
Net investment income (loss)		16,301		16,346			2,208		11,451			10,864			9,295
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		147,531		195,808			595,164		18,136			20,080			50,593
Realized gains (losses) on sale of investments		60,828		81,344			74,174		(483	)		(3,030	)		192
Net realized gains (losses)		208,359		277,152			669,338		17,653			17,050			50,785
Change in unrealized gains (losses) on investments		955,029		(1,637,622	)		481,333		33,190			(60,315	)		1,237
Net realized and changes in unrealized gains (losses) on investments		1,163,388		(1,360,470	)		1,150,671		50,843			(43,265	)		52,022
Net increase (decrease) in net assets resulting from operations	$	1,179,689	$	(1,344,124	)	$	1,152,879	$	62,294		$	(32,401	)	$	61,317

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

	Fidelity®​ VIP Freedom 2010 Division
	2023			2022			2021
Investment Income:
Dividends	$	6,058		$	3,450		$	1,873
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		6,058			3,450			1,873
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		10,253			9,488			5,954
Realized gains (losses) on sale of investments		(4,148	)		(1,938	)		1,719
Net realized gains (losses)		6,105			7,550			7,673
Change in unrealized gains (losses) on investments		1,708			(35,001	)		524
Net realized and changes in unrealized gains (losses) on investments		7,813			(27,451	)		8,197
Net increase (decrease) in net assets resulting from operations	$	13,871		$	(24,001	)	$	10,070

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Freedom 2020 Division								Fidelity®​ VIP Freedom 2025 Division
	2023			2022			2021		2023		2022			2021
Investment Income:
Dividends	$	22,951		$	15,220		$	8,783	$	18,352	$	12,684		$	7,319
Expenses:
Mortality and expense risk charges		—			—			—		—		—			—
Net investment income (loss)		22,951			15,220			8,783		18,352		12,684			7,319
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		4,896			73,576			40,159		—		40,715			23,717
Realized gains (losses) on sale of investments		(6,899	)		(12,407	)		8,329		2,198		2,079			3,959
Net realized gains (losses)		(2,003	)		61,169			48,488		2,198		42,794			27,676
Change in unrealized gains (losses) on investments		62,274			(207,090	)		12,505		60,078		(172,305	)		34,384
Net realized and changes in unrealized gains (losses) on investments		60,271			(145,921	)		60,993		62,276		(129,511	)		62,060
Net increase (decrease) in net assets resulting from operations	$	83,222		$	(130,701	)	$	69,776	$	80,628	$	(116,827	)	$	69,379

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

	Fidelity®​ VIP Freedom 2030 Division
	2023			2022			2021
Investment Income:
Dividends	$	11,147		$	8,244		$	4,365
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		11,147			8,244			4,365
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			25,536			17,903
Realized gains (losses) on sale of investments		(11,253	)		(13,071	)		38,625
Net realized gains (losses)		(11,253	)		12,465			56,528
Change in unrealized gains (losses) on investments		58,905			(95,126	)		(7,649	)
Net realized and changes in unrealized gains (losses) on investments		47,652			(82,661	)		48,879
Net increase (decrease) in net assets resulting from operations	$	58,799		$	(74,417	)	$	53,244

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Freedom 2040 Division								Fidelity®​ VIP Freedom 2050 Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	7,669		$	7,835		$	4,555	$	3,967		$	3,876		$	2,256
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		7,669			7,835			4,555		3,967			3,876			2,256
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		6,797			37,441			21,478		3,713			18,368			9,312
Realized gains (losses) on sale of investments		(1,344	)		(6,516	)		49,979		(1,949	)		(6,100	)		31,286
Net realized gains (losses)		5,453			30,925			71,457		1,764			12,268			40,598
Change in unrealized gains (losses) on investments		70,763			(131,477	)		11,939		39,985			(61,890	)		1,469
Net realized and changes in unrealized gains (losses) on investments		76,216			(100,552	)		83,396		41,749			(49,622	)		42,067
Net increase (decrease) in net assets resulting from operations	$	83,885		$	(92,717	)	$	87,951	$	45,716		$	(45,746	)	$	44,323

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

	Fidelity®​ VIP Government Money Market Division
	2023		2022		2021
Investment Income:
Dividends	$	318,534	$	85,076	$	519
Expenses:
Mortality and expense risk charges		—		—		—
Net investment income (loss)		318,534		85,076		519
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		—		—
Realized gains (losses) on sale of investments		—		—		—
Net realized gains (losses)		—		—		—
Change in unrealized gains (losses) on investments		—		—		—
Net realized and changes in unrealized gains (losses) on investments		—		—		—
Net increase (decrease) in net assets resulting from operations	$	318,534	$	85,076	$	519

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP High Income Division									Fidelity®​ VIP Investment Grade Bond Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	959		$	857		$	4,743		$	26,007		$	22,445		$	18,182
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		959			857			4,743			26,007			22,445			18,182
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			—			52,677			20,540
Realized gains (losses) on sale of investments		(96	)		(54	)		(11,667	)		(10,728	)		(10,480	)		526
Net realized gains (losses)		(96	)		(54	)		(11,667	)		(10,728	)		42,197			21,066
Change in unrealized gains (losses) on investments		806			(2,727	)		13,393			43,728			(205,509	)		(27,592	)
Net realized and changes in unrealized gains (losses) on investments		710			(2,781	)		1,726			33,000			(163,312	)		(6,526	)
Net increase (decrease) in net assets resulting from operations	$	1,669		$	(1,924	)	$	6,469		$	59,007		$	(140,867	)	$	11,656

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

	Fidelity®​ VIP Mid Cap Division
	2023		2022			2021
Investment Income:
Dividends	$	1,232	$	846		$	1,230
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		1,232		846			1,230
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		9,162		21,267			55,978
Realized gains (losses) on sale of investments		147		259			5,577
Net realized gains (losses)		9,309		21,526			61,555
Change in unrealized gains (losses) on investments		33,376		(76,123	)		11,950
Net realized and changes in unrealized gains (losses) on investments		42,685		(54,597	)		73,505
Net increase (decrease) in net assets resulting from operations	$	43,917	$	(53,751	)	$	74,735

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	FTVIPT Franklin Income VIP Division								FTVIPT Franklin Mutual Global Discovery VIP Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	414		$	412		$	425	$	2,742		$	1,418		$	2,717
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		414			412			425		2,742			1,418			2,717
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		501			167			—		5,967			8,477			—
Realized gains (losses) on sale of investments		(28	)		20			135		(1,011	)		(57	)		12,416
Net realized gains (losses)		473			187			135		4,956			8,420			12,416
Change in unrealized gains (losses) on investments		(220	)		(1,093	)		961		11,252			(14,834	)		84,002
Net realized and changes in unrealized gains (losses) on investments		253			(906	)		1,096		16,208			(6,414	)		96,418
Net increase (decrease) in net assets resulting from operations	$	667		$	(494	)	$	1,521	$	18,950		$	(4,996	)	$	99,135

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

	FTVIPT Franklin Mutual Shares VIP Division
	2023			2022			2021
Investment Income:
Dividends	$	1,493		$	1,623		$	2,833
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		1,493			1,623			2,833
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		6,870			9,802			—
Realized gains (losses) on sale of investments		(6,061	)		(385	)		(9	)
Net realized gains (losses)		809			9,417			(9	)
Change in unrealized gains (losses) on investments		8,256			(18,112	)		14,028
Net realized and changes in unrealized gains (losses) on investments		9,065			(8,695	)		14,019
Net increase (decrease) in net assets resulting from operations	$	10,558		$	(7,072	)	$	16,852

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	FTVIPT Templeton Foreign VIP Division								FTVIPT Templeton Global Bond VIP Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	199,458		$	178,136		$	120,502	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		199,458			178,136			120,502		—			—			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—		—			—			—
Realized gains (losses) on sale of investments		(64,565	)		(16,737	)		2,452		(9,405	)		(24,349	)		(5,752	)
Net realized gains (losses)		(64,565	)		(16,737	)		2,452		(9,405	)		(24,349	)		(5,752	)
Change in unrealized gains (losses) on investments		970,272			(591,489	)		122,188		42,010			(28,050	)		(47,292	)
Net realized and changes in unrealized gains (losses) on investments		905,707			(608,226	)		124,640		32,605			(52,399	)		(53,044	)
Net increase (decrease) in net assets resulting from operations	$	1,105,165		$	(430,090	)	$	245,142	$	32,605		$	(52,399	)	$	(53,044	)

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

	Goldman Sachs Small Cap Equity Insights Division
	2023			2022			2021
Investment Income:
Dividends	$	34		$	38		$	103
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		34			38			103
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			127			4,878
Realized gains (losses) on sale of investments		(50	)		59			2,258
Net realized gains (losses)		(50	)		186			7,136
Change in unrealized gains (losses) on investments		1,164			(4,151	)		(1,923	)
Net realized and changes in unrealized gains (losses) on investments		1,114			(3,965	)		5,213
Net increase (decrease) in net assets resulting from operations	$	1,148		$	(3,927	)	$	5,316

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Invesco V.I. Comstock Division								Invesco V.I. EQV International Equity Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	2,113		$	1,228		$	1,386	$	797		$	7,076		$	6,245
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		2,113			1,228			1,386		797			7,076			6,245
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		15,218			2,801			—		298			45,133			32,980
Realized gains (losses) on sale of investments		1,625			449			129,400		(2,091	)		(2,208	)		4,862
Net realized gains (losses)		16,843			3,250			129,400		(1,793	)		42,925			37,842
Change in unrealized gains (losses) on investments		(4,403	)		(3,745	)		25,084		67,689			(136,776	)		(17,233	)
Net realized and changes in unrealized gains (losses) on investments		12,440			(495	)		154,484		65,896			(93,851	)		20,609
Net increase (decrease) in net assets resulting from operations	$	14,553		$	733		$	155,870	$	66,693		$	(86,775	)	$	26,854

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

	Janus Henderson Balanced Division
	2023		2022			2021
Investment Income:
Dividends	$	27,978	$	17,550		$	11,727
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		27,978		17,550			11,727
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		46,306			12,876
Realized gains (losses) on sale of investments		45,807		12,337			13,540
Net realized gains (losses)		45,807		58,643			26,416
Change in unrealized gains (losses) on investments		150,801		(385,654	)		235,076
Net realized and changes in unrealized gains (losses) on investments		196,608		(327,011	)		261,492
Net increase (decrease) in net assets resulting from operations	$	224,586	$	(309,461	)	$	273,219

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Janus Henderson Enterprise Division									Janus Henderson Forty Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	193		$	202		$	769		$	803		$	304		$	—
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		193			202			769			803			304			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		15,188			44,200			29,024			—			100,199			93,752
Realized gains (losses) on sale of investments		(1,994	)		4,063			41,970			(1,625	)		(1,415	)		2,599
Net realized gains (losses)		13,194			48,263			70,994			(1,625	)		98,784			96,351
Change in unrealized gains (losses) on investments		20,903			(97,297	)		(19,152	)		208,396			(370,338	)		53,388
Net realized and changes in unrealized gains (losses) on investments		34,097			(49,034	)		51,842			206,771			(271,554	)		149,739
Net increase (decrease) in net assets resulting from operations	$	34,290		$	(48,832	)	$	52,611		$	207,574		$	(271,250	)	$	149,739

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

	Janus Henderson Research Division
	2023		2022			2021
Investment Income:
Dividends	$	829	$	855		$	623
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		829		855			623
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—		94,501			31,284
Realized gains (losses) on sale of investments		1,053		1,132			2,151
Net realized gains (losses)		1,053		95,633			33,435
Change in unrealized gains (losses) on investments		202,141		(299,888	)		81,603
Net realized and changes in unrealized gains (losses) on investments		203,194		(204,255	)		115,038
Net increase (decrease) in net assets resulting from operations	$	204,023	$	(203,400	)	$	115,661

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	MFS®​ VIT Global Equity Division								MFS®​ VIT New Discovery Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	725		$	303		$	700	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		725			303			700		—			—			—
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		6,416			13,761			9,716		—			8,576			6,270
Realized gains (losses) on sale of investments		(621	)		40			296		(715	)		(441	)		571
Net realized gains (losses)		5,795			13,801			10,012		(715	)		8,135			6,841
Change in unrealized gains (losses) on investments		10,742			(43,676	)		12,859		3,680			(17,884	)		(6,217	)
Net realized and changes in unrealized gains (losses) on investments		16,537			(29,875	)		22,871		2,965			(9,749	)		624
Net increase (decrease) in net assets resulting from operations	$	17,262		$	(29,572	)	$	23,571	$	2,965		$	(9,749	)	$	624

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

	MFS®​ VIT II High Yield Division
	2023			2022			2021
Investment Income:
Dividends	$	8,930		$	8,586		$	8,360
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		8,930			8,586			8,360
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—
Realized gains (losses) on sale of investments		(803	)		(614	)		(139	)
Net realized gains (losses)		(803	)		(614	)		(139	)
Change in unrealized gains (losses) on investments		10,928			(26,983	)		(2,893	)
Net realized and changes in unrealized gains (losses) on investments		10,125			(27,597	)		(3,032	)
Net increase (decrease) in net assets resulting from operations	$	19,055		$	(19,011	)	$	5,328

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2023			2022			2021			2023			2022			2021
Investment Income:
Dividends	$	44,972		$	40,256		$	37,404		$	69,083		$	19,014		$	47,349
Expenses:
Mortality and expense risk charges		—			—			—			—			—			—
Net investment income (loss)		44,972			40,256			37,404			69,083			19,014			47,349
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—			74,780			459,248			—
Realized gains (losses) on sale of investments		(24,412	)		(5,163	)		(4,949	)		(20,178	)		(13,989	)		81,302
Net realized gains (losses)		(24,412	)		(5,163	)		(4,949	)		54,602			445,259			81,302
Change in unrealized gains (losses) on investments		36,878			(155,964	)		(43,369	)		359,111			(1,859,803	)		293
Net realized and changes in unrealized gains (losses) on investments		12,466			(161,127	)		(48,318	)		413,713			(1,414,544	)		81,595
Net increase (decrease) in net assets resulting from operations	$	57,438		$	(120,871	)	$	(10,914	)	$	482,796		$	(1,395,530	)	$	128,944

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

	PIMCO VIT All Asset Division
	2023			2022			2021
Investment Income:
Dividends	$	779		$	2,061		$	3,073
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		779			2,061			3,073
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			2,149			—
Realized gains (losses) on sale of investments		(139	)		(63	)		40
Net realized gains (losses)		(139	)		2,086			40
Change in unrealized gains (losses) on investments		1,420			(7,583	)		938
Net realized and changes in unrealized gains (losses) on investments		1,281			(5,497	)		978
Net increase (decrease) in net assets resulting from operations	$	2,060		$	(3,436	)	$	4,051

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)
For the years ended December 31, 2023, 2022 and 2021

	PIMCO VIT CommodityRealReturn®​ Strategy Division								PIMCO VIT Low Duration Division
	2023			2022			2021		2023			2022			2021
Investment Income:
Dividends	$	5,613		$	9,406		$	1,611	$	28,255		$	13,453		$	4,480
Expenses:
Mortality and expense risk charges		—			—			—		—			—			—
Net investment income (loss)		5,613			9,406			1,611		28,255			13,453			4,480
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		—			—			—		—			—			—
Realized gains (losses) on sale of investments		(4,359	)		1,013			566		(1,636	)		(1,029	)		(62	)
Net realized gains (losses)		(4,359	)		1,013			566		(1,636	)		(1,029	)		(62	)
Change in unrealized gains (losses) on investments		(4,596	)		(6,767	)		8,452		11,642			(60,669	)		(12,342	)
Net realized and changes in unrealized gains (losses) on investments		(8,955	)		(5,754	)		9,018		10,006			(61,698	)		(12,404	)
Net increase (decrease) in net assets resulting from operations	$	(3,342	)	$	3,652		$	10,629	$	38,261		$	(48,245	)	$	(7,924	)

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

	Pioneer Mid Cap Value VCT Division
	2023			2022			2021
Investment Income:
Dividends	$	387		$	391		$	169
Expenses:
Mortality and expense risk charges		—			—			—
Net investment income (loss)		387			391			169
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		2,247			7,562			—
Realized gains (losses) on sale of investments		(39	)		(9	)		16
Net realized gains (losses)		2,208			7,553			16
Change in unrealized gains (losses) on investments		(203	)		(9,059	)		4,256
Net realized and changes in unrealized gains (losses) on investments		2,005			(1,506	)		4,272
Net increase (decrease) in net assets resulting from operations	$	2,392		$	(1,115	)	$	4,441

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Concluded)
For the years ended December 31, 2023, 2022 and 2021

	Royce Micro-Cap Division
	2023			2022			2021
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		—			4,690			813
Realized gains (losses) on sale of investments		(24	)		10			46
Net realized gains (losses)		(24	)		4,700			859
Change in unrealized gains (losses) on investments		2,717			(8,906	)		3,499
Net realized and changes in unrealized gains (losses) on investments		2,693			(4,206	)		4,358
Net increase (decrease) in net assets resulting from operations	$	2,693		$	(4,206	)	$	4,358

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

	Royce Small-Cap Division
	2023		2022			2021
Investment Income:
Dividends	$	139	$	61		$	241
Expenses:
Mortality and expense risk charges		—		—			—
Net investment income (loss)		139		61			241
Net Realized and Changes in Unrealized Gains (Losses) on Investments:
Realized gain distributions		1,447		275			—
Realized gains (losses) on sale of investments		41		(75	)		44
Net realized gains (losses)		1,488		200			44
Change in unrealized gains (losses) on investments		2,183		(1,931	)		3,763
Net realized and changes in unrealized gains (losses) on investments		3,671		(1,731	)		3,807
Net increase (decrease) in net assets resulting from operations	$	3,810	$	(1,670	)	$	4,048

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31, 2023, 2022 and 2021

	AB VPS Sustainable Global Thematic Division									American Funds®​ American High-Income Trust Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	175		$	—		$	—		$	48,380		$	55,273		$	28,819
Net realized gains (losses)		30,950			50,574			85,802			(11,020	)		(4,118	)		321
Change in unrealized gains (losses) on investments		55,838			(252,999	)		13,004			43,248			(120,523	)		2,825
Net increase (decrease) in net assets resulting from operations		86,963			(202,425	)		98,806			80,608			(69,368	)		31,965
Policy Transactions:
Premium payments received from policy owners		4,119			29,019			16,933			4,441			27,750			15,664
Net transfers (including fixed account)		9,452			15,705			608,550			(29,534	)		85,863			608,550
Policy charges		(10,924	)		(10,402	)		(7,651	)		(13,274	)		(16,514	)		(7,295	)
Transfers for policy benefits and terminations		(9,358	)		(21,105	)		(17,659	)		(37,955	)		(24,278	)		(12,616	)
Net increase (decrease) in net assets resulting from policy transactions		(6,711	)		13,217			600,173			(76,322	)		72,821			604,303
Net increase (decrease) in net assets		80,252			(189,208	)		698,979			4,286			3,453			636,268
Net Assets:
Beginning of year		555,208			744,416			45,437			688,237			684,784			48,516
End of year	$	635,460		$	555,208		$	744,416		$	692,523		$	688,237		$	684,784

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

	American Funds®​ Global Small Capitalization Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	106,679		$	(79,546	)	$	(111,675	)
Net realized gains (losses)		(176,187	)		24,206,552			4,692,440
Change in unrealized gains (losses) on investments		10,418,956			(52,190,705	)		1,660,255
Net increase (decrease) in net assets resulting from operations		10,349,448			(28,063,699	)		6,241,020
Policy Transactions:
Premium payments received from policy owners		3,193,703			3,322,024			3,467,587
Net transfers (including fixed account)		(590,921	)		1,560,276			57,506
Policy charges		(2,826,127	)		(2,862,035	)		(3,181,486	)
Transfers for policy benefits and terminations		(3,146,161	)		(2,353,943	)		(4,691,554	)
Net increase (decrease) in net assets resulting from policy transactions		(3,369,506	)		(333,678	)		(4,347,947	)
Net increase (decrease) in net assets		6,979,942			(28,397,377	)		1,893,073
Net Assets:
Beginning of year		66,296,749			94,694,126			92,801,053
End of year	$	73,276,691		$	66,296,749		$	94,694,126

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	American Funds®​ Growth Division									American Funds®​ Growth-Income Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	760,268		$	635,021		$	434,127		$	1,781,350		$	1,622,640		$	1,573,304
Net realized gains (losses)		18,700,802			42,650,519			53,983,656			9,182,477			15,239,203			4,930,051
Change in unrealized gains (losses) on investments		69,205,509			(148,259,449	)		11,657,903			21,230,124			(43,425,314	)		25,918,314
Net increase (decrease) in net assets resulting from operations		88,666,579			(104,973,909	)		66,075,686			32,193,951			(26,563,471	)		32,421,669
Policy Transactions:
Premium payments received from policy owners		7,449,418			7,761,779			7,909,770			4,714,194			4,899,386			5,024,658
Net transfers (including fixed account)		(2,037,569	)		1,661,977			(4,661,886	)		(1,170,387	)		(524,290	)		(2,509,143	)
Policy charges		(9,888,170	)		(9,736,317	)		(10,007,759	)		(5,666,357	)		(5,541,450	)		(5,306,219	)
Transfers for policy benefits and terminations		(12,714,018	)		(10,837,316	)		(16,434,259	)		(6,847,736	)		(5,584,723	)		(6,724,478	)
Net increase (decrease) in net assets resulting from policy transactions		(17,190,339	)		(11,149,877	)		(23,194,134	)		(8,970,286	)		(6,751,077	)		(9,515,182	)
Net increase (decrease) in net assets		71,476,240			(116,123,786	)		42,881,552			23,223,665			(33,314,548	)		22,906,487
Net Assets:
Beginning of year		238,202,123			354,325,909			311,444,357			128,565,458			161,880,006			138,973,519
End of year	$	309,678,363		$	238,202,123		$	354,325,909		$	151,789,123		$	128,565,458		$	161,880,006

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

	American Funds®​ International Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	23,320		$	31,957		$	58,048
Net realized gains (losses)		(29,185	)		243,445			14,231
Change in unrealized gains (losses) on investments		269,573			(738,762	)		(105,442	)
Net increase (decrease) in net assets resulting from operations		263,708			(463,360	)		(33,163	)
Policy Transactions:
Premium payments received from policy owners		4,496			14,922			3,435
Net transfers (including fixed account)		(67,591	)		18,524			100,782
Policy charges		(59,813	)		(60,408	)		(64,688	)
Transfers for policy benefits and terminations		(6,021	)		(91,928	)		(26,969	)
Net increase (decrease) in net assets resulting from policy transactions		(128,929	)		(118,890	)		12,560
Net increase (decrease) in net assets		134,779			(582,250	)		(20,603	)
Net Assets:
Beginning of year		1,717,653			2,299,903			2,320,506
End of year	$	1,852,432		$	1,717,653		$	2,299,903

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	American Funds®​ The Bond Fund of America Division									American Funds®​ U.S. Government Securities Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	228,948		$	200,022		$	105,241		$	2,031		$	2,187		$	811
Net realized gains (losses)		(137,480	)		(47,199	)		336,698			(448	)		(261	)		5,468
Change in unrealized gains (losses) on investments		230,378			(1,180,378	)		(480,389	)		44			(8,793	)		(6,687	)
Net increase (decrease) in net assets resulting from operations		321,846			(1,027,555	)		(38,450	)		1,627			(6,867	)		(408	)
Policy Transactions:
Premium payments received from policy owners		409,531			418,908			432,527			1,295			1,295			—
Net transfers (including fixed account)		497,639			(108,060	)		705,068			1			1			—
Policy charges		(350,370	)		(347,318	)		(312,504	)		(1,926	)		(1,884	)		(1,719	)
Transfers for policy benefits and terminations		(530,461	)		(479,725	)		(484,591	)		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		26,339			(516,195	)		340,500			(630	)		(588	)		(1,719	)
Net increase (decrease) in net assets		348,185			(1,543,750	)		302,050			997			(7,455	)		(2,127	)
Net Assets:
Beginning of year		6,661,813			8,205,563			7,903,513			54,849			62,304			64,431
End of year	$	7,009,998		$	6,661,813		$	8,205,563		$	55,846		$	54,849		$	62,304

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

	BHFTI AB Global Dynamic Allocation Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,527		$	4,115		$	251
Net realized gains (losses)		(4,338	)		4,238			7,069
Change in unrealized gains (losses) on investments		10,544			(31,162	)		2,602
Net increase (decrease) in net assets resulting from operations		8,733			(22,809	)		9,922
Policy Transactions:
Premium payments received from policy owners		8,680			9,539			9,953
Net transfers (including fixed account)		3,737			(1,865	)		3,172
Policy charges		(4,835	)		(6,109	)		(6,862	)
Transfers for policy benefits and terminations		(16,402	)		(9,966	)		(7,262	)
Net increase (decrease) in net assets resulting from policy transactions		(8,820	)		(8,401	)		(999	)
Net increase (decrease) in net assets		(87	)		(31,210	)		8,923
Net Assets:
Beginning of year		82,503			113,713			104,790
End of year	$	82,416		$	82,503		$	113,713

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI American Funds®​ Balanced Allocation Division									BHFTI American Funds®​ Growth Allocation Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	42,691		$	27,574		$	23,221		$	69,571		$	41,254		$	34,073
Net realized gains (losses)		107,297			202,235			82,891			250,482			431,644			130,294
Change in unrealized gains (losses) on investments		105,718			(526,661	)		82,717			228,116			(1,096,716	)		306,357
Net increase (decrease) in net assets resulting from operations		255,706			(296,852	)		188,829			548,169			(623,818	)		470,724
Policy Transactions:
Premium payments received from policy owners		108,617			107,256			122,099			206,080			174,081			201,398
Net transfers (including fixed account)		(38,367	)		25,895			42,862			(8,412	)		(2,812	)		321,896
Policy charges		(63,682	)		(66,051	)		(63,291	)		(113,390	)		(117,530	)		(120,757	)
Transfers for policy benefits and terminations		(18,619	)		(10,288	)		(3,829	)		(291,370	)		(59,395	)		(108,852	)
Net increase (decrease) in net assets resulting from policy transactions		(12,051	)		56,812			97,841			(207,092	)		(5,656	)		293,685
Net increase (decrease) in net assets		243,655			(240,040	)		286,670			341,077			(629,474	)		764,409
Net Assets:
Beginning of year		1,534,563			1,774,603			1,487,933			2,758,925			3,388,399			2,623,990
End of year	$	1,778,218		$	1,534,563		$	1,774,603		$	3,100,002		$	2,758,925		$	3,388,399

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

	BHFTI American Funds®​ Moderate Allocation Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	56,237		$	37,848		$	34,836
Net realized gains (losses)		100,464			176,689			73,192
Change in unrealized gains (losses) on investments		83,435			(515,528	)		75,627
Net increase (decrease) in net assets resulting from operations		240,136			(300,991	)		183,655
Policy Transactions:
Premium payments received from policy owners		192,845			200,297			239,014
Net transfers (including fixed account)		(302	)		(42,079	)		297
Policy charges		(102,691	)		(106,181	)		(107,608	)
Transfers for policy benefits and terminations		(38,399	)		(31,965	)		(58,758	)
Net increase (decrease) in net assets resulting from policy transactions		51,453			20,072			72,945
Net increase (decrease) in net assets		291,589			(280,919	)		256,600
Net Assets:
Beginning of year		1,777,871			2,058,790			1,802,190
End of year	$	2,069,460		$	1,777,871		$	2,058,790

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI BlackRock Global Tactical Strategies Division									BHFTI Brighthouse Asset Allocation 100 Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	9,537		$	12,903		$	10,075		$	849,696		$	453,260		$	448,928
Net realized gains (losses)		(6,154	)		(32,560	)		34,008			4,043,563			2,484,870			3,302,585
Change in unrealized gains (losses) on investments		32,696			(92,825	)		21,134			675,806			(10,016,419	)		2,026,367
Net increase (decrease) in net assets resulting from operations		36,079			(112,482	)		65,217			5,569,065			(7,078,289	)		5,777,880
Policy Transactions:
Premium payments received from policy owners		28,563			55,196			76,087			1,485,774			1,517,484			1,612,893
Net transfers (including fixed account)		9,965			(4,168	)		10,497			(618,919	)		(2,000,106	)		1,895,040
Policy charges		(16,404	)		(18,927	)		(23,226	)		(926,791	)		(961,021	)		(1,014,376	)
Transfers for policy benefits and terminations		(37,048	)		(265,246	)		(165,149	)		(1,122,531	)		(1,161,537	)		(1,580,892	)
Net increase (decrease) in net assets resulting from policy transactions		(14,924	)		(233,145	)		(101,791	)		(1,182,467	)		(2,605,180	)		912,665
Net increase (decrease) in net assets		21,155			(345,627	)		(36,574	)		4,386,598			(9,683,469	)		6,690,545
Net Assets:
Beginning of year		272,504			618,131			654,705			26,852,250			36,535,719			29,845,174
End of year	$	293,659		$	272,504		$	618,131		$	31,238,848		$	26,852,250		$	36,535,719

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

	BHFTI Brighthouse Balanced Plus Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	13,293		$	10,810		$	11,412
Net realized gains (losses)		(8,148	)		36,175			17,890
Change in unrealized gains (losses) on investments		33,282			(161,614	)		6,919
Net increase (decrease) in net assets resulting from operations		38,427			(114,629	)		36,221
Policy Transactions:
Premium payments received from policy owners		46,882			53,264			54,207
Net transfers (including fixed account)		2,097			(11,897	)		3,956
Policy charges		(28,689	)		(34,202	)		(38,201	)
Transfers for policy benefits and terminations		(13,868	)		(11,535	)		—
Net increase (decrease) in net assets resulting from policy transactions		6,422			(4,370	)		19,962
Net increase (decrease) in net assets		44,849			(118,999	)		56,183
Net Assets:
Beginning of year		407,015			526,014			469,831
End of year	$	451,864		$	407,015		$	526,014

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Brighthouse Small Cap Value Division									BHFTI Brighthouse/abrdn Emerging Markets Equity Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	12,142		$	7,649		$	10,711		$	19,029		$	14,674		$	5,628
Net realized gains (losses)		100,627			214,984			3,507			(10,170	)		233,359			40,249
Change in unrealized gains (losses) on investments		51,185			(402,147	)		318,052			95,541			(768,158	)		(146,176	)
Net increase (decrease) in net assets resulting from operations		163,954			(179,514	)		332,270			104,400			(520,125	)		(100,299	)
Policy Transactions:
Premium payments received from policy owners		3,992			31,742			26,221			48,183			102,347			76,478
Net transfers (including fixed account)		—			—			(226	)		23,302			86,363			35,236
Policy charges		(20,878	)		(19,868	)		(17,171	)		(32,640	)		(34,798	)		(41,350	)
Transfers for policy benefits and terminations		—			(28,513	)		(6	)		(20,258	)		(23,973	)		(11,842	)
Net increase (decrease) in net assets resulting from policy transactions		(16,886	)		(16,639	)		8,818			18,587			129,939			58,522
Net increase (decrease) in net assets		147,068			(196,153	)		341,088			122,987			(390,186	)		(41,777	)
Net Assets:
Beginning of year		1,187,940			1,384,093			1,043,005			1,587,039			1,977,225			2,019,002
End of year	$	1,335,008		$	1,187,940		$	1,384,093		$	1,710,026		$	1,587,039		$	1,977,225

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

	BHFTI Brighthouse/Templeton International Bond Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	—		$	—
Net realized gains (losses)		(3,305	)		(10,841	)		(1,491	)
Change in unrealized gains (losses) on investments		14,996			(3,545	)		(13,400	)
Net increase (decrease) in net assets resulting from operations		11,691			(14,386	)		(14,891	)
Policy Transactions:
Premium payments received from policy owners		30,491			34,799			36,064
Net transfers (including fixed account)		8,688			(33,363	)		29,683
Policy charges		(15,047	)		(16,622	)		(16,645	)
Transfers for policy benefits and terminations		(696	)		(8,047	)		(5,360	)
Net increase (decrease) in net assets resulting from policy transactions		23,436			(23,233	)		43,742
Net increase (decrease) in net assets		35,127			(37,619	)		28,851
Net Assets:
Beginning of year		296,436			334,055			305,204
End of year	$	331,563		$	296,436		$	334,055

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Brighthouse/Wellington Large Cap Research Division									BHFTI CBRE Global Real Estate Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,806,980		$	1,264,458		$	2,234,901		$	662,721		$	1,179,448		$	894,335
Net realized gains (losses)		30,878,329			123,670,666			74,423,670			(237,751	)		2,608,836			474,259
Change in unrealized gains (losses) on investments		92,089,119			(254,155,225	)		56,615,903			2,723,801			(11,912,020	)		7,531,715
Net increase (decrease) in net assets resulting from operations		124,774,428			(129,220,101	)		133,274,474			3,148,771			(8,123,736	)		8,900,309
Policy Transactions:
Premium payments received from policy owners		18,695,688			19,814,192			20,356,047			1,341,368			1,442,369			1,492,784
Net transfers (including fixed account)		(1,485,626	)		(2,339,731	)		(4,852,960	)		665,806			284,570			(1,109,763	)
Policy charges		(25,794,166	)		(25,708,796	)		(23,463,562	)		(1,095,722	)		(1,157,805	)		(1,111,861	)
Transfers for policy benefits and terminations		(25,921,385	)		(23,223,558	)		(28,262,125	)		(1,199,924	)		(981,531	)		(1,411,859	)
Net increase (decrease) in net assets resulting from policy transactions		(34,505,489	)		(31,457,893	)		(36,222,600	)		(288,472	)		(412,397	)		(2,140,699	)
Net increase (decrease) in net assets		90,268,939			(160,677,994	)		97,051,874			2,860,299			(8,536,133	)		6,759,610
Net Assets:
Beginning of year		513,994,055			674,672,049			577,620,175			24,640,317			33,176,450			26,416,840
End of year	$	604,262,994		$	513,994,055		$	674,672,049		$	27,500,616		$	24,640,317		$	33,176,450

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

	BHFTI Harris Oakmark International Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	779,515		$	862,447		$	322,902
Net realized gains (losses)		(350,032	)		1,638,674			391,341
Change in unrealized gains (losses) on investments		6,255,947			(9,311,810	)		2,895,287
Net increase (decrease) in net assets resulting from operations		6,685,430			(6,810,689	)		3,609,530
Policy Transactions:
Premium payments received from policy owners		1,835,863			1,886,153			2,006,696
Net transfers (including fixed account)		(1,514,406	)		262,844			(499,391	)
Policy charges		(1,588,164	)		(1,515,126	)		(1,551,357	)
Transfers for policy benefits and terminations		(1,635,562	)		(1,434,763	)		(1,851,054	)
Net increase (decrease) in net assets resulting from policy transactions		(2,902,269	)		(800,892	)		(1,895,106	)
Net increase (decrease) in net assets		3,783,161			(7,611,581	)		1,714,424
Net Assets:
Beginning of year		36,475,971			44,087,552			42,373,128
End of year	$	40,259,132		$	36,475,971		$	44,087,552

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Invesco Balanced-Risk Allocation Division									BHFTI Invesco Global Equity Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,595		$	4,889		$	2,701		$	72,624		$	(156,962	)	$	(108,269	)
Net realized gains (losses)		(2,774	)		4,234			2,865			4,128,283			9,244,514			6,520,568
Change in unrealized gains (losses) on investments		4,632			(19,689	)		2,660			13,814,493			(34,670,658	)		5,012,985
Net increase (decrease) in net assets resulting from operations		4,453			(10,566	)		8,226			18,015,400			(25,583,106	)		11,425,284
Policy Transactions:
Premium payments received from policy owners		7,168			10,572			11,332			2,733,426			2,762,252			2,809,998
Net transfers (including fixed account)		1,049			(3,020	)		1,280			(696,522	)		613,956			(615,492	)
Policy charges		(3,799	)		(5,080	)		(5,368	)		(2,343,044	)		(2,217,528	)		(2,219,124	)
Transfers for policy benefits and terminations		(11,204	)		(15,834	)		(1,126	)		(3,032,453	)		(2,939,293	)		(4,017,655	)
Net increase (decrease) in net assets resulting from policy transactions		(6,786	)		(13,362	)		6,118			(3,338,593	)		(1,780,613	)		(4,042,273	)
Net increase (decrease) in net assets		(2,333	)		(23,928	)		14,344			14,676,807			(27,363,719	)		7,383,011
Net Assets:
Beginning of year		74,383			98,311			83,967			53,633,175			80,996,894			73,613,883
End of year	$	72,050		$	74,383		$	98,311		$	68,309,982		$	53,633,175		$	80,996,894

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

	BHFTI Invesco Small Cap Growth Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(10,062	)	$	(11,212	)	$	(16,422	)
Net realized gains (losses)		(608,941	)		2,442,121			2,720,405
Change in unrealized gains (losses) on investments		1,609,356			(7,093,762	)		(1,866,700	)
Net increase (decrease) in net assets resulting from operations		990,353			(4,662,853	)		837,283
Policy Transactions:
Premium payments received from policy owners		342,648			371,773			375,966
Net transfers (including fixed account)		(339	)		207,036			1,054,139
Policy charges		(323,813	)		(337,079	)		(370,752	)
Transfers for policy benefits and terminations		(683,699	)		(384,038	)		(592,240	)
Net increase (decrease) in net assets resulting from policy transactions		(665,203	)		(142,308	)		467,113
Net increase (decrease) in net assets		325,150			(4,805,161	)		1,304,396
Net Assets:
Beginning of year		8,490,182			13,295,343			11,990,947
End of year	$	8,815,332		$	8,490,182		$	13,295,343

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI JPMorgan Global Active Allocation Division									BHFTI JPMorgan Small Cap Value Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,062		$	4,598		$	1,074		$	8,785		$	7,799		$	8,181
Net realized gains (losses)		(3,892	)		22,291			13,571			41,525			220,222			67,840
Change in unrealized gains (losses) on investments		17,656			(65,711	)		5,880			33,881			(326,690	)		129,125
Net increase (decrease) in net assets resulting from operations		16,826			(38,822	)		20,525			84,191			(98,669	)		205,146
Policy Transactions:
Premium payments received from policy owners		13,916			17,138			18,765			26,553			29,562			30,216
Net transfers (including fixed account)		6,721			(1,649	)		5,678			(5,983	)		(20,823	)		(25,696	)
Policy charges		(11,556	)		(12,395	)		(12,941	)		(33,029	)		(34,659	)		(32,553	)
Transfers for policy benefits and terminations		(11,599	)		(36,426	)		(14	)		(3,366	)		(10,291	)		(47,011	)
Net increase (decrease) in net assets resulting from policy transactions		(2,518	)		(33,332	)		11,488			(15,825	)		(36,211	)		(75,044	)
Net increase (decrease) in net assets		14,308			(72,154	)		32,013			68,366			(134,880	)		130,102
Net Assets:
Beginning of year		165,865			238,019			206,006			632,985			767,865			637,763
End of year	$	180,173		$	165,865		$	238,019		$	701,351		$	632,985		$	767,865

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

	BHFTI Loomis Sayles Global Allocation Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	—		$	4,713
Net realized gains (losses)		12,449			47,922			82,477
Change in unrealized gains (losses) on investments		62,269			(150,790	)		(23,466	)
Net increase (decrease) in net assets resulting from operations		74,718			(102,868	)		63,724
Policy Transactions:
Premium payments received from policy owners		29,374			32,702			39,197
Net transfers (including fixed account)		(6,202	)		(12,835	)		(122,831	)
Policy charges		(16,990	)		(18,514	)		(23,818	)
Transfers for policy benefits and terminations		(15,215	)		(18,715	)		(65,142	)
Net increase (decrease) in net assets resulting from policy transactions		(9,033	)		(17,362	)		(172,594	)
Net increase (decrease) in net assets		65,685			(120,230	)		(108,870	)
Net Assets:
Beginning of year		332,108			452,338			561,208
End of year	$	397,793		$	332,108		$	452,338

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Loomis Sayles Growth Division									BHFTI MetLife Multi-Index Targeted Risk Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(45,648	)	$	(39,396	)	$	65,375		$	4,258		$	3,579		$	3,798
Net realized gains (losses)		3,419,537			4,012,052			2,668,466			(1,375	)		12,792			8,772
Change in unrealized gains (losses) on investments		17,568,319			(20,403,597	)		6,974,380			21,870			(65,780	)		7,435
Net increase (decrease) in net assets resulting from operations		20,942,208			(16,430,941	)		9,708,221			24,753			(49,409	)		20,005
Policy Transactions:
Premium payments received from policy owners		1,924,495			1,990,102			2,109,209			18,623			19,474			21,498
Net transfers (including fixed account)		406,893			(184,135	)		(1,414,885	)		2,436			(6,835	)		(3,019	)
Policy charges		(2,084,962	)		(1,915,664	)		(1,935,784	)		(12,711	)		(15,777	)		(16,639	)
Transfers for policy benefits and terminations		(2,515,779	)		(1,635,777	)		(2,532,484	)		—			(2,106	)		—
Net increase (decrease) in net assets resulting from policy transactions		(2,269,353	)		(1,745,474	)		(3,773,944	)		8,348			(5,244	)		1,840
Net increase (decrease) in net assets		18,672,855			(18,176,415	)		5,934,277			33,101			(54,653	)		21,845
Net Assets:
Beginning of year		41,347,803			59,524,218			53,589,941			174,332			228,985			207,140
End of year	$	60,020,658		$	41,347,803		$	59,524,218		$	207,433		$	174,332		$	228,985

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

	BHFTI MFS®​ Research International Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	308,205		$	405,599		$	257,880
Net realized gains (losses)		457,890			1,440,010			1,416,418
Change in unrealized gains (losses) on investments		1,779,141			(6,232,375	)		1,126,705
Net increase (decrease) in net assets resulting from operations		2,545,236			(4,386,766	)		2,801,003
Policy Transactions:
Premium payments received from policy owners		696,616			722,218			784,016
Net transfers (including fixed account)		(1,947,049	)		194,333			(431,546	)
Policy charges		(771,587	)		(784,087	)		(776,914	)
Transfers for policy benefits and terminations		(675,698	)		(434,155	)		(801,362	)
Net increase (decrease) in net assets resulting from policy transactions		(2,697,718	)		(301,691	)		(1,225,806	)
Net increase (decrease) in net assets		(152,482	)		(4,688,457	)		1,575,197
Net Assets:
Beginning of year		20,434,855			25,123,312			23,548,115
End of year	$	20,282,373		$	20,434,855		$	25,123,312

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Morgan Stanley Discovery Division									BHFTI PanAgora Global Diversified Risk Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(824,614	)	$	(1,071,989	)	$	(2,377,645	)	$	13,250		$	17,387		$	—
Net realized gains (losses)		(26,239,319	)		124,157,189			393,091,092			(4,719	)		9,740			74
Change in unrealized gains (losses) on investments		124,449,759			(536,339,103	)		(469,811,228	)		(1,119	)		(57,045	)		(26	)
Net increase (decrease) in net assets resulting from operations		97,385,826			(413,253,903	)		(79,097,781	)		7,412			(29,918	)		48
Policy Transactions:
Premium payments received from policy owners		13,980,907			14,410,259			15,086,301			18,842			12,379			451
Net transfers (including fixed account)		(624,508	)		4,408,688			(1,930,172	)		6,616			188,192			—
Policy charges		(13,378,146	)		(14,530,062	)		(19,849,981	)		(8,041	)		(6,000	)		(149	)
Transfers for policy benefits and terminations		(12,263,599	)		(15,766,010	)		(42,022,801	)		(9,069	)		(4,592	)		(1	)
Net increase (decrease) in net assets resulting from policy transactions		(12,285,346	)		(11,477,125	)		(48,716,653	)		8,348			189,979			301
Net increase (decrease) in net assets		85,100,480			(424,731,028	)		(127,814,434	)		15,760			160,061			349
Net Assets:
Beginning of year		242,801,988			667,533,016			795,347,450			161,265			1,204			855
End of year	$	327,902,468		$	242,801,988		$	667,533,016		$	177,025		$	161,265		$	1,204

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

	BHFTI PIMCO Inflation Protected Bond Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	211,608		$	675,836		$	86,345
Net realized gains (losses)		(108,396	)		(81,527	)		86,320
Change in unrealized gains (losses) on investments		229,395			(1,924,923	)		411,083
Net increase (decrease) in net assets resulting from operations		332,607			(1,330,614	)		583,748
Policy Transactions:
Premium payments received from policy owners		551,598			575,515			634,964
Net transfers (including fixed account)		259,290			(275,594	)		439,963
Policy charges		(527,846	)		(534,398	)		(480,776	)
Transfers for policy benefits and terminations		(380,079	)		(520,097	)		(484,545	)
Net increase (decrease) in net assets resulting from policy transactions		(97,037	)		(754,574	)		109,606
Net increase (decrease) in net assets		235,570			(2,085,188	)		693,354
Net Assets:
Beginning of year		9,398,333			11,483,521			10,790,167
End of year	$	9,633,903		$	9,398,333		$	11,483,521

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI PIMCO Total Return Division									BHFTI Schroders Global Multi-Asset Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,433,088		$	1,506,835		$	1,000,295		$	2,561		$	1,829		$	442
Net realized gains (losses)		(715,193	)		(590,794	)		2,207,610			(310	)		7,560			813
Change in unrealized gains (losses) on investments		2,035,691			(8,806,008	)		(3,833,399	)		17,176			(39,968	)		13,631
Net increase (decrease) in net assets resulting from operations		2,753,586			(7,889,967	)		(625,494	)		19,427			(30,579	)		14,886
Policy Transactions:
Premium payments received from policy owners		2,309,266			2,488,614			2,641,106			18,409			20,304			18,928
Net transfers (including fixed account)		2,293,390			(1,481,837	)		4,399,072			778			193			548
Policy charges		(2,303,689	)		(2,302,483	)		(2,170,862	)		(6,942	)		(7,896	)		(8,411	)
Transfers for policy benefits and terminations		(1,858,522	)		(1,688,095	)		(1,997,978	)		(16	)		(10,040	)		(3,826	)
Net increase (decrease) in net assets resulting from policy transactions		440,445			(2,983,801	)		2,871,338			12,229			2,561			7,239
Net increase (decrease) in net assets		3,194,031			(10,873,768	)		2,245,844			31,656			(28,018	)		22,125
Net Assets:
Beginning of year		44,749,811			55,623,579			53,377,735			120,604			148,622			126,497
End of year	$	47,943,842		$	44,749,811		$	55,623,579		$	152,260		$	120,604		$	148,622

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

	BHFTI SSGA Growth and Income ETF Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	197,730		$	262,448		$	174,146
Net realized gains (losses)		(134,654	)		1,337,054			539,990
Change in unrealized gains (losses) on investments		997,111			(3,035,257	)		479,177
Net increase (decrease) in net assets resulting from operations		1,060,187			(1,435,755	)		1,193,313
Policy Transactions:
Premium payments received from policy owners		461,769			473,061			494,367
Net transfers (including fixed account)		5,613			(361,782	)		(314,193	)
Policy charges		(372,750	)		(381,042	)		(396,272	)
Transfers for policy benefits and terminations		(545,122	)		(382,493	)		(46,016	)
Net increase (decrease) in net assets resulting from policy transactions		(450,490	)		(652,256	)		(262,114	)
Net increase (decrease) in net assets		609,697			(2,088,011	)		931,199
Net Assets:
Beginning of year		7,797,152			9,885,163			8,953,964
End of year	$	8,406,849		$	7,797,152		$	9,885,163

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI SSGA Growth ETF Division									BHFTI T. Rowe Price Large Cap Value Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	160,394		$	256,758		$	146,993		$	71,634		$	66,039		$	71,598
Net realized gains (losses)		143,173			1,432,646			576,287			496,852			443,836			47,971
Change in unrealized gains (losses) on investments		901,362			(3,262,842	)		788,029			(233,257	)		(694,411	)		703,223
Net increase (decrease) in net assets resulting from operations		1,204,929			(1,573,438	)		1,511,309			335,229			(184,536	)		822,792
Policy Transactions:
Premium payments received from policy owners		547,822			589,794			571,299			2,860			30,554			28,493
Net transfers (including fixed account)		1,681			32,308			50,372			—			—			(231,460	)
Policy charges		(286,048	)		(307,389	)		(333,654	)		(47,821	)		(47,007	)		(44,033	)
Transfers for policy benefits and terminations		(1,265,937	)		(440,627	)		(332,062	)		(194,521	)		(25,196	)		—
Net increase (decrease) in net assets resulting from policy transactions		(1,002,482	)		(125,914	)		(44,045	)		(239,482	)		(41,649	)		(247,000	)
Net increase (decrease) in net assets		202,447			(1,699,352	)		1,467,264			95,747			(226,185	)		575,792
Net Assets:
Beginning of year		8,359,593			10,058,945			8,591,681			3,559,796			3,785,981			3,210,189
End of year	$	8,562,040		$	8,359,593		$	10,058,945		$	3,655,543		$	3,559,796		$	3,785,981

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

	BHFTI T. Rowe Price Mid Cap Growth Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(58,697	)	$	(59,600	)	$	(73,173	)
Net realized gains (losses)		1,785,652			7,448,894			5,910,425
Change in unrealized gains (losses) on investments		6,504,434			(20,260,558	)		1,850,226
Net increase (decrease) in net assets resulting from operations		8,231,389			(12,871,264	)		7,687,478
Policy Transactions:
Premium payments received from policy owners		1,525,403			1,545,249			1,533,739
Net transfers (including fixed account)		(281,142	)		(636,842	)		25,348
Policy charges		(1,718,116	)		(1,720,984	)		(1,717,332	)
Transfers for policy benefits and terminations		(2,121,474	)		(1,666,019	)		(2,710,301	)
Net increase (decrease) in net assets resulting from policy transactions		(2,595,329	)		(2,478,596	)		(2,868,546	)
Net increase (decrease) in net assets		5,636,060			(15,349,860	)		4,818,932
Net Assets:
Beginning of year		42,385,009			57,734,869			52,915,937
End of year	$	48,021,069		$	42,385,009		$	57,734,869

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTI Victory Sycamore Mid Cap Value Division									BHFTII Baillie Gifford International Stock Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,728,719		$	2,023,397		$	1,382,939		$	375,751		$	307,094		$	299,984
Net realized gains (losses)		12,793,928			14,754,931			4,870,851			(558,301	)		3,568,006			6,889,770
Change in unrealized gains (losses) on investments		(3,706,209	)		(20,038,123	)		24,609,507			7,369,136			(20,556,457	)		(7,825,840	)
Net increase (decrease) in net assets resulting from operations		10,816,438			(3,259,795	)		30,863,297			7,186,586			(16,681,357	)		(636,086	)
Policy Transactions:
Premium payments received from policy owners		3,882,562			4,032,178			4,155,478			2,492,524			2,616,034			2,668,896
Net transfers (including fixed account)		(445,874	)		(2,800,288	)		(2,014,266	)		(453,036	)		510,192			661,018
Policy charges		(4,584,315	)		(4,575,196	)		(4,040,162	)		(2,413,655	)		(2,310,945	)		(2,472,971	)
Transfers for policy benefits and terminations		(5,052,927	)		(4,629,661	)		(4,483,171	)		(1,662,636	)		(1,585,618	)		(2,422,069	)
Net increase (decrease) in net assets resulting from policy transactions		(6,200,554	)		(7,972,967	)		(6,382,121	)		(2,036,803	)		(770,337	)		(1,565,126	)
Net increase (decrease) in net assets		4,615,884			(11,232,762	)		24,481,176			5,149,783			(17,451,694	)		(2,201,212	)
Net Assets:
Beginning of year		111,565,348			122,798,110			98,316,934			40,730,492			58,182,186			60,383,398
End of year	$	116,181,232		$	111,565,348		$	122,798,110		$	45,880,275		$	40,730,492		$	58,182,186

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

	BHFTII BlackRock Bond Income Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,825,799		$	1,809,339		$	2,006,631
Net realized gains (losses)		(682,125	)		(660,432	)		1,780,056
Change in unrealized gains (losses) on investments		2,338,747			(12,592,363	)		(4,397,445	)
Net increase (decrease) in net assets resulting from operations		3,482,421			(11,443,456	)		(610,758	)
Policy Transactions:
Premium payments received from policy owners		4,425,107			4,734,089			4,944,595
Net transfers (including fixed account)		541,707			(1,221,903	)		(1,760,173	)
Policy charges		(4,296,628	)		(4,430,939	)		(4,283,550	)
Transfers for policy benefits and terminations		(2,584,731	)		(3,999,845	)		(2,897,959	)
Net increase (decrease) in net assets resulting from policy transactions		(1,914,545	)		(4,918,598	)		(3,997,087	)
Net increase (decrease) in net assets		1,567,876			(16,362,054	)		(4,607,845	)
Net Assets:
Beginning of year		64,575,963			80,938,017			85,545,862
End of year	$	66,143,839		$	64,575,963		$	80,938,017

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII BlackRock Capital Appreciation Division									BHFTII BlackRock Ultra-Short Term Bond Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(21,080	)	$	(27,322	)	$	(32,796	)	$	364,732		$	(24,961	)	$	52,342
Net realized gains (losses)		50,646			4,986,726			3,950,518			23,496			(7,828	)		(35,468	)
Change in unrealized gains (losses) on investments		8,222,129			(15,099,533	)		713,678			732,977			336,633			(89,871	)
Net increase (decrease) in net assets resulting from operations		8,251,695			(10,140,129	)		4,631,400			1,121,205			303,844			(72,997	)
Policy Transactions:
Premium payments received from policy owners		701,807			684,674			717,574			422,743			429,126			447,386
Net transfers (including fixed account)		1,443,909			617,914			1,061,640			592,833			(49,499	)		(1,109,049	)
Policy charges		(850,433	)		(789,654	)		(805,683	)		(882,155	)		(729,627	)		(779,639	)
Transfers for policy benefits and terminations		(874,306	)		(587,133	)		(1,084,359	)		(321,318	)		(688,289	)		(448,039	)
Net increase (decrease) in net assets resulting from policy transactions		420,977			(74,199	)		(110,828	)		(187,897	)		(1,038,289	)		(1,889,341	)
Net increase (decrease) in net assets		8,672,672			(10,214,328	)		4,520,572			933,308			(734,445	)		(1,962,338	)
Net Assets:
Beginning of year		16,550,858			26,765,186			22,244,614			22,849,135			23,583,580			25,545,918
End of year	$	25,223,530		$	16,550,858		$	26,765,186		$	23,782,443		$	22,849,135		$	23,583,580

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

	BHFTII Brighthouse Asset Allocation 20 Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	115,974		$	110,279		$	148,648
Net realized gains (losses)		(3,713	)		15,033			122,857
Change in unrealized gains (losses) on investments		137,769			(671,321	)		(87,582	)
Net increase (decrease) in net assets resulting from operations		250,030			(546,009	)		183,923
Policy Transactions:
Premium payments received from policy owners		325,229			347,452			402,525
Net transfers (including fixed account)		187,467			(504,169	)		191,211
Policy charges		(409,369	)		(436,883	)		(459,964	)
Transfers for policy benefits and terminations		(135,835	)		(310,441	)		(382,777	)
Net increase (decrease) in net assets resulting from policy transactions		(32,508	)		(904,041	)		(249,005	)
Net increase (decrease) in net assets		217,522			(1,450,050	)		(65,082	)
Net Assets:
Beginning of year		3,217,663			4,667,713			4,732,795
End of year	$	3,435,185		$	3,217,663		$	4,667,713

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII Brighthouse Asset Allocation 40 Division									BHFTII Brighthouse Asset Allocation 60 Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	336,224		$	273,395		$	320,626		$	1,804,110		$	1,311,087		$	1,413,476
Net realized gains (losses)		232,778			441,336			494,282			4,118,451			4,088,312			3,802,158
Change in unrealized gains (losses) on investments		407,929			(2,329,581	)		35,271			1,364,351			(15,439,414	)		1,508,580
Net increase (decrease) in net assets resulting from operations		976,931			(1,614,850	)		850,179			7,286,912			(10,040,015	)		6,724,214
Policy Transactions:
Premium payments received from policy owners		582,825			662,668			710,799			3,070,912			3,084,652			3,331,376
Net transfers (including fixed account)		438,217			6,772			10,424			246,533			190,974			(110,248	)
Policy charges		(690,456	)		(700,934	)		(688,443	)		(3,097,369	)		(3,131,516	)		(3,203,150	)
Transfers for policy benefits and terminations		(472,631	)		(437,132	)		(829,219	)		(1,718,763	)		(2,419,566	)		(2,231,846	)
Net increase (decrease) in net assets resulting from policy transactions		(142,045	)		(468,626	)		(796,439	)		(1,498,687	)		(2,275,456	)		(2,213,868	)
Net increase (decrease) in net assets		834,886			(2,083,476	)		53,740			5,788,225			(12,315,471	)		4,510,346
Net Assets:
Beginning of year		9,630,479			11,713,955			11,660,215			53,824,566			66,140,037			61,629,691
End of year	$	10,465,365		$	9,630,479		$	11,713,955		$	59,612,791		$	53,824,566		$	66,140,037

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

	BHFTII Brighthouse Asset Allocation 80 Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,624,773		$	2,266,535		$	2,383,263
Net realized gains (losses)		11,753,356			10,716,118			10,072,082
Change in unrealized gains (losses) on investments		2,667,347			(36,798,206	)		5,588,656
Net increase (decrease) in net assets resulting from operations		18,045,476			(23,815,553	)		18,044,001
Policy Transactions:
Premium payments received from policy owners		5,660,062			5,844,213			6,419,558
Net transfers (including fixed account)		(1,146,699	)		(530,467	)		(79,626	)
Policy charges		(4,715,485	)		(4,761,507	)		(4,897,568	)
Transfers for policy benefits and terminations		(8,630,656	)		(4,407,469	)		(8,075,064	)
Net increase (decrease) in net assets resulting from policy transactions		(8,832,778	)		(3,855,230	)		(6,632,700	)
Net increase (decrease) in net assets		9,212,698			(27,670,783	)		11,411,301
Net Assets:
Beginning of year		107,621,669			135,292,452			123,881,151
End of year	$	116,834,367		$	107,621,669		$	135,292,452

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII Brighthouse/Artisan Mid Cap Value Division									BHFTII Brighthouse/Wellington Balanced Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	513,613		$	605,051		$	627,621		$	5,438,516		$	4,150,512		$	5,131,070
Net realized gains (losses)		8,612,074			10,717,652			2,841,747			1,457,309			46,668,687			38,445,816
Change in unrealized gains (losses) on investments		2,446,559			(21,045,564	)		13,633,038			46,724,160			(120,706,380	)		5,661,022
Net increase (decrease) in net assets resulting from operations		11,572,246			(9,722,861	)		17,102,406			53,619,985			(69,887,181	)		49,237,908
Policy Transactions:
Premium payments received from policy owners		2,831,724			2,972,191			3,101,820			15,668,056			17,144,290			17,170,980
Net transfers (including fixed account)		(572,670	)		(1,419,670	)		(676,330	)		(848,895	)		(485,258	)		(1,212,756	)
Policy charges		(2,971,475	)		(2,969,845	)		(2,778,406	)		(19,853,104	)		(19,973,672	)		(19,012,591	)
Transfers for policy benefits and terminations		(3,162,139	)		(2,840,280	)		(3,210,105	)		(15,875,344	)		(14,813,849	)		(17,372,038	)
Net increase (decrease) in net assets resulting from policy transactions		(3,874,560	)		(4,257,604	)		(3,563,021	)		(20,909,287	)		(18,128,489	)		(20,426,405	)
Net increase (decrease) in net assets		7,697,686			(13,980,465	)		13,539,385			32,710,698			(88,015,670	)		28,811,503
Net Assets:
Beginning of year		64,770,145			78,750,610			65,211,225			317,300,443			405,316,113			376,504,610
End of year	$	72,467,831		$	64,770,145		$	78,750,610		$	350,011,141		$	317,300,443		$	405,316,113

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

	BHFTII Brighthouse/Wellington Core Equity Opportunities Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,333,891		$	1,418,296		$	1,370,848
Net realized gains (losses)		10,135,861			19,102,700			6,616,535
Change in unrealized gains (losses) on investments		(4,263,901	)		(26,506,960	)		14,772,340
Net increase (decrease) in net assets resulting from operations		7,205,851			(5,985,964	)		22,759,723
Policy Transactions:
Premium payments received from policy owners		3,231,658			3,353,149			3,501,046
Net transfers (including fixed account)		(776,067	)		(1,493,345	)		(1,951,239	)
Policy charges		(3,796,570	)		(3,856,873	)		(3,396,280	)
Transfers for policy benefits and terminations		(4,433,293	)		(4,836,781	)		(3,832,009	)
Net increase (decrease) in net assets resulting from policy transactions		(5,774,272	)		(6,833,850	)		(5,678,482	)
Net increase (decrease) in net assets		1,431,579			(12,819,814	)		17,081,241
Net Assets:
Beginning of year		100,213,793			113,033,607			95,952,366
End of year	$	101,645,372		$	100,213,793		$	113,033,607

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII Frontier Mid Cap Growth Division									BHFTII Jennison Growth Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(1,802,565	)	$	(1,935,629	)	$	(2,514,460	)	$	(36,540	)	$	(36,477	)	$	(47,471	)
Net realized gains (losses)		(3,560,436	)		81,708,587			56,832,955			(625,927	)		9,918,957			17,123,614
Change in unrealized gains (losses) on investments		48,649,081			(187,292,218	)		(6,118,297	)		19,882,520			(34,198,376	)		(6,638,182	)
Net increase (decrease) in net assets resulting from operations		43,286,080			(107,519,260	)		48,200,198			19,220,053			(24,315,896	)		10,437,961
Policy Transactions:
Premium payments received from policy owners		9,477,984			10,055,198			10,353,447			1,259,700			1,326,973			1,322,387
Net transfers (including fixed account)		(1,294,777	)		(314,312	)		(1,850,279	)		452,670			328,109			(7,632,261	)
Policy charges		(12,554,827	)		(12,631,087	)		(12,369,367	)		(1,750,587	)		(1,649,456	)		(1,724,938	)
Transfers for policy benefits and terminations		(12,034,395	)		(10,043,032	)		(16,930,815	)		(1,857,145	)		(1,879,403	)		(3,022,151	)
Net increase (decrease) in net assets resulting from policy transactions		(16,406,015	)		(12,933,233	)		(20,797,014	)		(1,895,362	)		(1,873,777	)		(11,056,963	)
Net increase (decrease) in net assets		26,880,065			(120,452,493	)		27,403,184			17,324,691			(26,189,673	)		(619,002	)
Net Assets:
Beginning of year		259,298,023			379,750,516			352,347,332			36,949,284			63,138,957			63,757,959
End of year	$	286,178,088		$	259,298,023		$	379,750,516		$	54,273,975		$	36,949,284		$	63,138,957

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

	BHFTII Loomis Sayles Small Cap Core Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	26,193		$	(27,059	)	$	(5,323	)
Net realized gains (losses)		1,135,097			5,158,860			2,406,978
Change in unrealized gains (losses) on investments		3,226,297			(10,113,360	)		3,710,756
Net increase (decrease) in net assets resulting from operations		4,387,587			(4,981,559	)		6,112,411
Policy Transactions:
Premium payments received from policy owners		871,773			899,777			997,473
Net transfers (including fixed account)		(359,788	)		(467,202	)		(582,057	)
Policy charges		(1,034,794	)		(1,041,299	)		(1,008,986	)
Transfers for policy benefits and terminations		(1,291,815	)		(1,034,068	)		(1,170,682	)
Net increase (decrease) in net assets resulting from policy transactions		(1,814,624	)		(1,642,792	)		(1,764,252	)
Net increase (decrease) in net assets		2,572,963			(6,624,351	)		4,348,159
Net Assets:
Beginning of year		26,292,547			32,916,898			28,568,739
End of year	$	28,865,510		$	26,292,547		$	32,916,898

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII Loomis Sayles Small Cap Growth Division									BHFTII MetLife Aggregate Bond Index Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(10,393	)	$	(10,827	)	$	(14,666	)	$	4,043,568		$	4,130,002		$	3,882,616
Net realized gains (losses)		(139,943	)		2,917,530			2,169,129			(2,061,924	)		(1,795,568	)		133,685
Change in unrealized gains (losses) on investments		1,680,796			(7,099,693	)		(421,818	)		5,191,491			(23,899,451	)		(6,996,622	)
Net increase (decrease) in net assets resulting from operations		1,530,460			(4,192,990	)		1,732,645			7,173,135			(21,565,017	)		(2,980,321	)
Policy Transactions:
Premium payments received from policy owners		495,748			522,329			562,223			7,584,562			7,878,189			8,046,174
Net transfers (including fixed account)		(23,369	)		(12,439	)		26,577			11,354,459			(5,719,179	)		19,618,331
Policy charges		(521,382	)		(522,737	)		(566,078	)		(7,757,432	)		(7,697,229	)		(7,374,286	)
Transfers for policy benefits and terminations		(449,396	)		(961,029	)		(1,256,918	)		(5,702,042	)		(4,728,573	)		(5,480,468	)
Net increase (decrease) in net assets resulting from policy transactions		(498,399	)		(973,876	)		(1,234,196	)		5,479,547			(10,266,792	)		14,809,751
Net increase (decrease) in net assets		1,032,061			(5,166,866	)		498,449			12,652,682			(31,831,809	)		11,829,430
Net Assets:
Beginning of year		13,189,360			18,356,226			17,857,777			135,750,759			167,582,568			155,753,138
End of year	$	14,221,421		$	13,189,360		$	18,356,226		$	148,403,441		$	135,750,759		$	167,582,568

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

	BHFTII MetLife Mid Cap Stock Index Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,393,101		$	1,221,730		$	1,318,676
Net realized gains (losses)		7,001,250			19,578,932			9,850,841
Change in unrealized gains (losses) on investments		8,544,887			(38,563,519	)		16,510,327
Net increase (decrease) in net assets resulting from operations		16,939,238			(17,762,857	)		27,679,844
Policy Transactions:
Premium payments received from policy owners		3,977,142			4,057,210			4,434,629
Net transfers (including fixed account)		(1,769,962	)		(1,651,848	)		(4,062,150	)
Policy charges		(4,546,086	)		(4,538,396	)		(4,424,851	)
Transfers for policy benefits and terminations		(4,808,673	)		(3,828,956	)		(5,019,637	)
Net increase (decrease) in net assets resulting from policy transactions		(7,147,579	)		(5,961,990	)		(9,072,009	)
Net increase (decrease) in net assets		9,791,659			(23,724,847	)		18,607,835
Net Assets:
Beginning of year		111,082,035			134,806,882			116,199,047
End of year	$	120,873,694		$	111,082,035		$	134,806,882

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII MetLife MSCI EAFE®​ Index Division									BHFTII MetLife Russell 2000®​ Index Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,527,213		$	3,711,618		$	1,979,285		$	1,049,519		$	873,642		$	976,590
Net realized gains (losses)		1,161,300			3,133,062			1,567,680			1,218,219			15,689,583			8,612,000
Change in unrealized gains (losses) on investments		13,229,814			(23,369,773	)		7,727,026			11,056,087			(37,571,681	)		4,071,944
Net increase (decrease) in net assets resulting from operations		16,918,327			(16,525,093	)		11,273,991			13,323,825			(21,008,456	)		13,660,534
Policy Transactions:
Premium payments received from policy owners		4,224,440			4,433,745			4,558,783			3,748,638			3,871,928			3,949,150
Net transfers (including fixed account)		(3,108,852	)		2,219,386			5,304,485			1,234,833			(327,817	)		813,853
Policy charges		(4,147,017	)		(4,054,017	)		(3,978,737	)		(3,286,976	)		(3,358,553	)		(3,382,238	)
Transfers for policy benefits and terminations		(4,753,291	)		(3,464,648	)		(5,042,285	)		(4,305,796	)		(3,678,451	)		(5,431,388	)
Net increase (decrease) in net assets resulting from policy transactions		(7,784,720	)		(865,534	)		842,246			(2,609,301	)		(3,492,893	)		(4,050,623	)
Net increase (decrease) in net assets		9,133,607			(17,390,627	)		12,116,237			10,714,524			(24,501,349	)		9,609,911
Net Assets:
Beginning of year		100,713,181			118,103,808			105,987,571			80,456,431			104,957,780			95,347,869
End of year	$	109,846,788		$	100,713,181		$	118,103,808		$	91,170,955		$	80,456,431		$	104,957,780

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

	BHFTII MetLife Stock Index Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	17,353,954		$	15,608,916		$	20,158,250
Net realized gains (losses)		120,438,176			153,217,839			136,540,106
Change in unrealized gains (losses) on investments		196,570,065			(481,618,289	)		229,936,134
Net increase (decrease) in net assets resulting from operations		334,362,195			(312,791,534	)		386,634,490
Policy Transactions:
Premium payments received from policy owners		47,873,507			50,707,288			52,019,007
Net transfers (including fixed account)		(9,614,508	)		1,093,178			(14,028,855	)
Policy charges		(49,947,264	)		(48,833,882	)		(44,773,415	)
Transfers for policy benefits and terminations		(76,486,155	)		(64,072,832	)		(71,631,007	)
Net increase (decrease) in net assets resulting from policy transactions		(88,174,420	)		(61,106,248	)		(78,414,270	)
Net increase (decrease) in net assets		246,187,775			(373,897,782	)		308,220,220
Net Assets:
Beginning of year		1,344,098,565			1,717,996,347			1,409,776,127
End of year	$	1,590,286,340		$	1,344,098,565		$	1,717,996,347

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII MFS®​ Total Return Division									BHFTII MFS®​ Value Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	218,810		$	175,882		$	199,050		$	2,253,639		$	2,128,878		$	2,053,020
Net realized gains (losses)		481,643			1,013,446			903,131			14,595,915			19,401,201			3,834,431
Change in unrealized gains (losses) on investments		337,017			(2,312,792	)		399,170			(6,912,633	)		(30,558,662	)		25,108,361
Net increase (decrease) in net assets resulting from operations		1,037,470			(1,123,464	)		1,501,351			9,936,921			(9,028,583	)		30,995,812
Policy Transactions:
Premium payments received from policy owners		385,343			765,225			437,220			5,051,453			5,234,906			5,390,814
Net transfers (including fixed account)		57,172			101,505			5,070			469,791			(3,004,318	)		(5,670,220	)
Policy charges		(572,338	)		(550,081	)		(507,899	)		(5,404,323	)		(5,420,765	)		(4,949,978	)
Transfers for policy benefits and terminations		(432,412	)		(317,599	)		(1,351,811	)		(5,978,614	)		(5,786,449	)		(6,418,771	)
Net increase (decrease) in net assets resulting from policy transactions		(562,235	)		(950	)		(1,417,420	)		(5,861,693	)		(8,976,626	)		(11,648,155	)
Net increase (decrease) in net assets		475,235			(1,124,414	)		83,931			4,075,228			(18,005,209	)		19,347,657
Net Assets:
Beginning of year		10,410,232			11,534,646			11,450,715			127,780,348			145,785,557			126,437,900
End of year	$	10,885,467		$	10,410,232		$	11,534,646		$	131,855,576		$	127,780,348		$	145,785,557

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

	BHFTII Neuberger Berman Genesis Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	66,903		$	(111,888	)	$	(8,120	)
Net realized gains (losses)		12,243,665			24,886,165			14,011,522
Change in unrealized gains (losses) on investments		7,333,401			(57,421,782	)		13,338,038
Net increase (decrease) in net assets resulting from operations		19,643,969			(32,647,505	)		27,341,440
Policy Transactions:
Premium payments received from policy owners		4,843,381			5,100,935			5,268,186
Net transfers (including fixed account)		(289,533	)		(1,329,777	)		(2,191,196	)
Policy charges		(5,773,730	)		(5,744,010	)		(5,646,009	)
Transfers for policy benefits and terminations		(6,386,518	)		(5,123,641	)		(6,964,973	)
Net increase (decrease) in net assets resulting from policy transactions		(7,606,400	)		(7,096,493	)		(9,533,992	)
Net increase (decrease) in net assets		12,037,569			(39,743,998	)		17,807,448
Net Assets:
Beginning of year		131,024,850			170,768,848			152,961,400
End of year	$	143,062,419		$	131,024,850		$	170,768,848

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII T. Rowe Price Large Cap Growth Division									BHFTII T. Rowe Price Small Cap Growth Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(93,657	)	$	(95,719	)	$	(128,436	)	$	(388,066	)	$	(176,393	)	$	(535,857	)
Net realized gains (losses)		(831,665	)		25,195,286			22,264,886			2,636,146			25,223,377			21,782,926
Change in unrealized gains (losses) on investments		47,786,640			(96,271,789	)		8,318,298			24,029,801			(64,055,712	)		(2,889,313	)
Net increase (decrease) in net assets resulting from operations		46,861,318			(71,172,222	)		30,454,748			26,277,881			(39,008,728	)		18,357,756
Policy Transactions:
Premium payments received from policy owners		3,683,200			3,895,374			4,024,411			6,009,371			6,109,989			6,203,457
Net transfers (including fixed account)		425,443			956,675			1,266,739			(1,106,792	)		(1,436,871	)		(1,671,100	)
Policy charges		(4,858,184	)		(4,661,748	)		(4,930,801	)		(5,028,783	)		(4,870,630	)		(4,488,738	)
Transfers for policy benefits and terminations		(5,866,454	)		(4,772,768	)		(7,452,839	)		(8,892,834	)		(7,082,510	)		(8,977,839	)
Net increase (decrease) in net assets resulting from policy transactions		(6,615,995	)		(4,582,467	)		(7,092,490	)		(9,019,038	)		(7,280,022	)		(8,934,220	)
Net increase (decrease) in net assets		40,245,323			(75,754,689	)		23,362,258			17,258,843			(46,288,750	)		9,423,536
Net Assets:
Beginning of year		101,829,196			177,583,885			154,221,627			129,077,649			175,366,399			165,942,863
End of year	$	142,074,519		$	101,829,196		$	177,583,885		$	146,336,492		$	129,077,649		$	175,366,399

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

	BHFTII VanEck Global Natural Resources Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	12,190		$	11,613		$	5,007
Net realized gains (losses)		17,458			45,101			15,225
Change in unrealized gains (losses) on investments		(41,068	)		(10,439	)		44,125
Net increase (decrease) in net assets resulting from operations		(11,420	)		46,275			64,357
Policy Transactions:
Premium payments received from policy owners		27,180			29,783			33,593
Net transfers (including fixed account)		53,826			(43,969	)		(5,143	)
Policy charges		(13,321	)		(15,258	)		(14,424	)
Transfers for policy benefits and terminations		(18,059	)		(3,933	)		(20,521	)
Net increase (decrease) in net assets resulting from policy transactions		49,626			(33,377	)		(6,495	)
Net increase (decrease) in net assets		38,206			12,898			57,862
Net Assets:
Beginning of year		419,687			406,789			348,927
End of year	$	457,893		$	419,687		$	406,789

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	BHFTII Western Asset Management Strategic Bond Opportunities Division									BHFTII Western Asset Management U.S. Government Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,881,401		$	2,847,038		$	1,991,603		$	347,749		$	356,305		$	493,007
Net realized gains (losses)		(616,372	)		(475,552	)		260,202			(261,962	)		(335,381	)		(11,455	)
Change in unrealized gains (losses) on investments		1,732,783			(11,619,678	)		(782,637	)		618,669			(1,670,214	)		(797,080	)
Net increase (decrease) in net assets resulting from operations		3,997,812			(9,248,192	)		1,469,168			704,456			(1,649,290	)		(315,528	)
Policy Transactions:
Premium payments received from policy owners		2,720,700			2,818,903			3,241,406			1,417,509			1,415,157			1,462,719
Net transfers (including fixed account)		877,012			(1,098,445	)		(168,381	)		306,974			(1,541,666	)		771,114
Policy charges		(2,170,568	)		(2,221,734	)		(2,159,530	)		(1,300,342	)		(1,276,073	)		(1,235,034	)
Transfers for policy benefits and terminations		(2,748,143	)		(2,258,048	)		(2,913,923	)		(838,212	)		(1,004,455	)		(1,161,447	)
Net increase (decrease) in net assets resulting from policy transactions		(1,320,999	)		(2,759,324	)		(2,000,428	)		(414,071	)		(2,407,037	)		(162,648	)
Net increase (decrease) in net assets		2,676,813			(12,007,516	)		(531,260	)		290,385			(4,056,327	)		(478,176	)
Net Assets:
Beginning of year		43,750,373			55,757,889			56,289,149			15,449,283			19,505,610			19,983,786
End of year	$	46,427,186		$	43,750,373		$	55,757,889		$	15,739,668		$	15,449,283		$	19,505,610

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

	Fidelity®​ VIP Asset Manager: Growth Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	40,027		$	39,642		$	34,631
Net realized gains (losses)		12,006			167,328			72,272
Change in unrealized gains (losses) on investments		289,426			(659,729	)		223,941
Net increase (decrease) in net assets resulting from operations		341,459			(452,759	)		330,844
Policy Transactions:
Premium payments received from policy owners		14,845			24,209			17,463
Net transfers (including fixed account)		22,301			—			2,000
Policy charges		(73,378	)		(70,620	)		(64,168	)
Transfers for policy benefits and terminations		—			(53,224	)		(56,968	)
Net increase (decrease) in net assets resulting from policy transactions		(36,232	)		(99,635	)		(101,673	)
Net increase (decrease) in net assets		305,227			(552,394	)		229,171
Net Assets:
Beginning of year		2,127,215			2,679,609			2,450,438
End of year	$	2,432,442		$	2,127,215		$	2,679,609

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Contrafund®​ Division									Fidelity®​ VIP Equity-Income Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	16,301		$	16,346		$	2,208		$	11,451		$	10,864		$	9,295
Net realized gains (losses)		208,359			277,152			669,338			17,653			17,050			50,785
Change in unrealized gains (losses) on investments		955,029			(1,637,622	)		481,333			33,190			(60,315	)		1,237
Net increase (decrease) in net assets resulting from operations		1,179,689			(1,344,124	)		1,152,879			62,294			(32,401	)		61,317
Policy Transactions:
Premium payments received from policy owners		22,004			34,203			37,112			—			27,750			13,875
Net transfers (including fixed account)		—			—			(3,880	)		—			—			561,724
Policy charges		(115,185	)		(108,911	)		(105,062	)		(6,814	)		(6,658	)		(4,143	)
Transfers for policy benefits and terminations		(154,483	)		(182,726	)		(79,018	)		—			(25,162	)		(1,944	)
Net increase (decrease) in net assets resulting from policy transactions		(247,664	)		(257,434	)		(150,848	)		(6,814	)		(4,070	)		569,512
Net increase (decrease) in net assets		932,025			(1,601,558	)		1,002,031			55,480			(36,471	)		630,829
Net Assets:
Beginning of year		3,646,981			5,248,539			4,246,508			596,366			632,837			2,008
End of year	$	4,579,006		$	3,646,981		$	5,248,539		$	651,846		$	596,366		$	632,837

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

	Fidelity®​ VIP Freedom 2010 Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	6,058		$	3,450		$	1,873
Net realized gains (losses)		6,105			7,550			7,673
Change in unrealized gains (losses) on investments		1,708			(35,001	)		524
Net increase (decrease) in net assets resulting from operations		13,871			(24,001	)		10,070
Policy Transactions:
Premium payments received from policy owners		36,799			31,908			40,896
Net transfers (including fixed account)		—			—			—
Policy charges		—			—			—
Transfers for policy benefits and terminations		(42,502	)		(38,465	)		(40,795	)
Net increase (decrease) in net assets resulting from policy transactions		(5,703	)		(6,557	)		101
Net increase (decrease) in net assets		8,168			(30,558	)		10,171
Net Assets:
Beginning of year		150,487			181,045			170,874
End of year	$	158,655		$	150,487		$	181,045

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Freedom 2020 Division									Fidelity®​ VIP Freedom 2025 Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	22,951		$	15,220		$	8,783		$	18,352		$	12,684		$	7,319
Net realized gains (losses)		(2,003	)		61,169			48,488			2,198			42,794			27,676
Change in unrealized gains (losses) on investments		62,274			(207,090	)		12,505			60,078			(172,305	)		34,384
Net increase (decrease) in net assets resulting from operations		83,222			(130,701	)		69,776			80,628			(116,827	)		69,379
Policy Transactions:
Premium payments received from policy owners		129,920			150,581			154,375			67,775			33,360			18,410
Net transfers (including fixed account)		(39	)		9,476			—			3,365			—			49
Policy charges		(9,003	)		(8,213	)		(7,258	)		(54,435	)		(35,103	)		(23,837	)
Transfers for policy benefits and terminations		(141,232	)		(151,759	)		(136,655	)		(6,759	)		(2,448	)		—
Net increase (decrease) in net assets resulting from policy transactions		(20,354	)		85			10,462			9,946			(4,191	)		(5,378	)
Net increase (decrease) in net assets		62,868			(130,616	)		80,238			90,574			(121,018	)		64,001
Net Assets:
Beginning of year		687,716			818,332			738,094			581,732			702,750			638,749
End of year	$	750,584		$	687,716		$	818,332		$	672,306		$	581,732		$	702,750

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

	Fidelity®​ VIP Freedom 2030 Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	11,147		$	8,244		$	4,365
Net realized gains (losses)		(11,253	)		12,465			56,528
Change in unrealized gains (losses) on investments		58,905			(95,126	)		(7,649	)
Net increase (decrease) in net assets resulting from operations		58,799			(74,417	)		53,244
Policy Transactions:
Premium payments received from policy owners		710,585			614,756			571,155
Net transfers (including fixed account)		(23,684	)		10,076			(57,654	)
Policy charges		—			—			—
Transfers for policy benefits and terminations		(686,558	)		(571,109	)		(551,681	)
Net increase (decrease) in net assets resulting from policy transactions		343			53,723			(38,180	)
Net increase (decrease) in net assets		59,142			(20,694	)		15,064
Net Assets:
Beginning of year		423,819			444,513			429,449
End of year	$	482,961		$	423,819		$	444,513

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP Freedom 2040 Division									Fidelity®​ VIP Freedom 2050 Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	7,669		$	7,835		$	4,555		$	3,967		$	3,876		$	2,256
Net realized gains (losses)		5,453			30,925			71,457			1,764			12,268			40,598
Change in unrealized gains (losses) on investments		70,763			(131,477	)		11,939			39,985			(61,890	)		1,469
Net increase (decrease) in net assets resulting from operations		83,885			(92,717	)		87,951			45,716			(45,746	)		44,323
Policy Transactions:
Premium payments received from policy owners		697,321			601,185			551,561			323,122			285,932			295,517
Net transfers (including fixed account)		(34,301	)		3,137			(74,276	)		(203	)		(976	)		(95,610	)
Policy charges		—			—			—			—			—			—
Transfers for policy benefits and terminations		(691,181	)		(577,365	)		(525,236	)		(307,258	)		(273,611	)		(217,126	)
Net increase (decrease) in net assets resulting from policy transactions		(28,161	)		26,957			(47,951	)		15,661			11,345			(17,219	)
Net increase (decrease) in net assets		55,724			(65,760	)		40,000			61,377			(34,401	)		27,104
Net Assets:
Beginning of year		466,605			532,365			492,365			231,656			266,057			238,953
End of year	$	522,329		$	466,605		$	532,365		$	293,033		$	231,656		$	266,057

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

	Fidelity®​ VIP Government Money Market Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	318,534		$	85,076		$	519
Net realized gains (losses)		—			—			—
Change in unrealized gains (losses) on investments		—			—			—
Net increase (decrease) in net assets resulting from operations		318,534			85,076			519
Policy Transactions:
Premium payments received from policy owners		2,105,256			2,100,678			649,882
Net transfers (including fixed account)		(1,624,206	)		(1,392,934	)		(248,028	)
Policy charges		(156,375	)		(138,633	)		(113,465	)
Transfers for policy benefits and terminations		(292,696	)		(18,461	)		(213,589	)
Net increase (decrease) in net assets resulting from policy transactions		31,979			550,650			74,800
Net increase (decrease) in net assets		350,513			635,726			75,319
Net Assets:
Beginning of year		6,137,917			5,502,191			5,426,872
End of year	$	6,488,430		$	6,137,917		$	5,502,191

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Fidelity®​ VIP High Income Division									Fidelity®​ VIP Investment Grade Bond Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	959		$	857		$	4,743		$	26,007		$	22,445		$	18,182
Net realized gains (losses)		(96	)		(54	)		(11,667	)		(10,728	)		42,197			21,066
Change in unrealized gains (losses) on investments		806			(2,727	)		13,393			43,728			(205,509	)		(27,592	)
Net increase (decrease) in net assets resulting from operations		1,669			(1,924	)		6,469			59,007			(140,867	)		11,656
Policy Transactions:
Premium payments received from policy owners		449			510			10,290			10,501			45,325			30,280
Net transfers (including fixed account)		1			1,200			(480,363	)		66,165			1,896			1,086,062
Policy charges		(579	)		(489	)		(2,024	)		(24,964	)		(21,461	)		(17,407	)
Transfers for policy benefits and terminations		—			—			—			(31,182	)		(37,832	)		(46,666	)
Net increase (decrease) in net assets resulting from policy transactions		(129	)		1,221			(472,097	)		20,520			(12,072	)		1,052,269
Net increase (decrease) in net assets		1,540			(703	)		(465,628	)		79,527			(152,939	)		1,063,925
Net Assets:
Beginning of year		16,013			16,716			482,344			954,633			1,107,572			43,647
End of year	$	17,553		$	16,013		$	16,716		$	1,034,160		$	954,633		$	1,107,572

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

	Fidelity®​ VIP Mid Cap Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,232		$	846		$	1,230
Net realized gains (losses)		9,309			21,526			61,555
Change in unrealized gains (losses) on investments		33,376			(76,123	)		11,950
Net increase (decrease) in net assets resulting from operations		43,917			(53,751	)		74,735
Policy Transactions:
Premium payments received from policy owners		1,110			1,203			1,018
Net transfers (including fixed account)		—			—			—
Policy charges		(6,869	)		(6,468	)		(5,940	)
Transfers for policy benefits and terminations		(154	)		(306	)		(15,414	)
Net increase (decrease) in net assets resulting from policy transactions		(5,913	)		(5,571	)		(20,336	)
Net increase (decrease) in net assets		38,004			(59,322	)		54,399
Net Assets:
Beginning of year		300,286			359,608			305,209
End of year	$	338,290		$	300,286		$	359,608

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	FTVIPT Franklin Income VIP Division									FTVIPT Franklin Mutual Global Discovery VIP Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	414		$	412		$	425		$	2,742		$	1,418		$	2,717
Net realized gains (losses)		473			187			135			4,956			8,420			12,416
Change in unrealized gains (losses) on investments		(220	)		(1,093	)		961			11,252			(14,834	)		84,002
Net increase (decrease) in net assets resulting from operations		667			(494	)		1,521			18,950			(4,996	)		99,135
Policy Transactions:
Premium payments received from policy owners		—			—			—			898			1,020			14,791
Net transfers (including fixed account)		46			(251	)		(2,629	)		—			—			(707,565	)
Policy charges		(355	)		(621	)		(774	)		(1,449	)		(1,256	)		(3,423	)
Transfers for policy benefits and terminations		—			—			(41	)		(41,433	)		—			—
Net increase (decrease) in net assets resulting from policy transactions		(309	)		(872	)		(3,444	)		(41,984	)		(236	)		(696,197	)
Net increase (decrease) in net assets		358			(1,366	)		(1,923	)		(23,034	)		(5,232	)		(597,062	)
Net Assets:
Beginning of year		7,958			9,324			11,247			99,897			105,129			702,191
End of year	$	8,316		$	7,958		$	9,324		$	76,863		$	99,897		$	105,129

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

	FTVIPT Franklin Mutual Shares VIP Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,493		$	1,623		$	2,833
Net realized gains (losses)		809			9,417			(9	)
Change in unrealized gains (losses) on investments		8,256			(18,112	)		14,028
Net increase (decrease) in net assets resulting from operations		10,558			(7,072	)		16,852
Policy Transactions:
Premium payments received from policy owners		—			—			—
Net transfers (including fixed account)		(8,713	)		(2,870	)		(1,539	)
Policy charges		(4,030	)		(5,100	)		(5,239	)
Transfers for policy benefits and terminations		—			(589	)		(88	)
Net increase (decrease) in net assets resulting from policy transactions		(12,743	)		(8,559	)		(6,866	)
Net increase (decrease) in net assets		(2,185	)		(15,631	)		9,986
Net Assets:
Beginning of year		84,759			100,390			90,404
End of year	$	82,574		$	84,759		$	100,390

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	FTVIPT Templeton Foreign VIP Division									FTVIPT Templeton Global Bond VIP Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	199,458		$	178,136		$	120,502		$	—		$	—		$	—
Net realized gains (losses)		(64,565	)		(16,737	)		2,452			(9,405	)		(24,349	)		(5,752	)
Change in unrealized gains (losses) on investments		970,272			(591,489	)		122,188			42,010			(28,050	)		(47,292	)
Net increase (decrease) in net assets resulting from operations		1,105,165			(430,090	)		245,142			32,605			(52,399	)		(53,044	)
Policy Transactions:
Premium payments received from policy owners		161,662			180,081			169,646			449			42,949			40,080
Net transfers (including fixed account)		28,718			—			51,156			29,840			(33,298	)		55,903
Policy charges		(147,970	)		(130,090	)		(126,927	)		(26,847	)		(30,833	)		(28,467	)
Transfers for policy benefits and terminations		(97,177	)		(99,895	)		(32,292	)		(8,307	)		(27,945	)		(1,929	)
Net increase (decrease) in net assets resulting from policy transactions		(54,767	)		(49,904	)		61,583			(4,865	)		(49,127	)		65,587
Net increase (decrease) in net assets		1,050,398			(479,994	)		306,725			27,740			(101,526	)		12,543
Net Assets:
Beginning of year		5,368,253			5,848,247			5,541,522			1,027,769			1,129,295			1,116,752
End of year	$	6,418,651		$	5,368,253		$	5,848,247		$	1,055,509		$	1,027,769		$	1,129,295

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

	Goldman Sachs Small Cap Equity Insights Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	34		$	38		$	103
Net realized gains (losses)		(50	)		186			7,136
Change in unrealized gains (losses) on investments		1,164			(4,151	)		(1,923	)
Net increase (decrease) in net assets resulting from operations		1,148			(3,927	)		5,316
Policy Transactions:
Premium payments received from policy owners		468			351			468
Net transfers (including fixed account)		—			—			—
Policy charges		(9,256	)		(7,962	)		(6,866	)
Transfers for policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		(8,788	)		(7,611	)		(6,398	)
Net increase (decrease) in net assets		(7,640	)		(11,538	)		(1,082	)
Net Assets:
Beginning of year		11,307			22,845			23,927
End of year	$	3,667		$	11,307		$	22,845

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Invesco V.I. Comstock Division									Invesco V.I. EQV International Equity Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,113		$	1,228		$	1,386		$	797		$	7,076		$	6,245
Net realized gains (losses)		16,843			3,250			129,400			(1,793	)		42,925			37,842
Change in unrealized gains (losses) on investments		(4,403	)		(3,745	)		25,084			67,689			(136,776	)		(17,233	)
Net increase (decrease) in net assets resulting from operations		14,553			733			155,870			66,693			(86,775	)		26,854
Policy Transactions:
Premium payments received from policy owners		—			—			15,440			898			1,020			1,281
Net transfers (including fixed account)		48,968			—			(847,135	)		2,652			(12,019	)		27,358
Policy charges		(6,234	)		(2,127	)		(4,492	)		(21,313	)		(19,558	)		(19,340	)
Transfers for policy benefits and terminations		(7,762	)		(1	)		—			—			—			(3,272	)
Net increase (decrease) in net assets resulting from policy transactions		34,972			(2,128	)		(836,187	)		(17,763	)		(30,557	)		6,027
Net increase (decrease) in net assets		49,525			(1,395	)		(680,317	)		48,930			(117,332	)		32,881
Net Assets:
Beginning of year		90,048			91,443			771,760			371,537			488,869			455,988
End of year	$	139,573		$	90,048		$	91,443		$	420,467		$	371,537		$	488,869

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

	Janus Henderson Balanced Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	27,978		$	17,550		$	11,727
Net realized gains (losses)		45,807			58,643			26,416
Change in unrealized gains (losses) on investments		150,801			(385,654	)		235,076
Net increase (decrease) in net assets resulting from operations		224,586			(309,461	)		273,219
Policy Transactions:
Premium payments received from policy owners		2,458			2,341			1,422
Net transfers (including fixed account)		—			—			10
Policy charges		(43,005	)		(39,916	)		(37,017	)
Transfers for policy benefits and terminations		(103,044	)		—			—
Net increase (decrease) in net assets resulting from policy transactions		(143,591	)		(37,575	)		(35,585	)
Net increase (decrease) in net assets		80,995			(347,036	)		237,634
Net Assets:
Beginning of year		1,525,114			1,872,150			1,634,516
End of year	$	1,606,109		$	1,525,114		$	1,872,150

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Janus Henderson Enterprise Division									Janus Henderson Forty Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	193		$	202		$	769		$	803		$	304		$	—
Net realized gains (losses)		13,194			48,263			70,994			(1,625	)		98,784			96,351
Change in unrealized gains (losses) on investments		20,903			(97,297	)		(19,152	)		208,396			(370,338	)		53,388
Net increase (decrease) in net assets resulting from operations		34,290			(48,832	)		52,611			207,574			(271,250	)		149,739
Policy Transactions:
Premium payments received from policy owners		—			—			—			3,596			3,779			2,875
Net transfers (including fixed account)		40,004			(100,207	)		11,319			—			3			13
Policy charges		(2,138	)		(2,615	)		(3,421	)		(12,343	)		(11,778	)		(12,515	)
Transfers for policy benefits and terminations		(23,658	)		(295	)		(64,437	)		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		14,208			(103,117	)		(56,539	)		(8,747	)		(7,996	)		(9,627	)
Net increase (decrease) in net assets		48,498			(151,949	)		(3,928	)		198,827			(279,246	)		140,112
Net Assets:
Beginning of year		187,818			339,767			343,695			526,836			806,082			665,970
End of year	$	236,316		$	187,818		$	339,767		$	725,663		$	526,836		$	806,082

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

	Janus Henderson Research Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	829		$	855		$	623
Net realized gains (losses)		1,053			95,633			33,435
Change in unrealized gains (losses) on investments		202,141			(299,888	)		81,603
Net increase (decrease) in net assets resulting from operations		204,023			(203,400	)		115,661
Policy Transactions:
Premium payments received from policy owners		—			—			—
Net transfers (including fixed account)		—			—			—
Policy charges		(4,647	)		(4,266	)		(4,725	)
Transfers for policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		(4,647	)		(4,266	)		(4,725	)
Net increase (decrease) in net assets		199,376			(207,666	)		110,936
Net Assets:
Beginning of year		474,557			682,223			571,287
End of year	$	673,933		$	474,557		$	682,223

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	MFS®​ VIT Global Equity Division									MFS®​ VIT New Discovery Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	725		$	303		$	700		$	—		$	—		$	—
Net realized gains (losses)		5,795			13,801			10,012			(715	)		8,135			6,841
Change in unrealized gains (losses) on investments		10,742			(43,676	)		12,859			3,680			(17,884	)		(6,217	)
Net increase (decrease) in net assets resulting from operations		17,262			(29,572	)		23,571			2,965			(9,749	)		624
Policy Transactions:
Premium payments received from policy owners		2,693			3,059			3,842			—			—			—
Net transfers (including fixed account)		—			4			—			—			—			—
Policy charges		(1,814	)		(1,662	)		(1,618	)		(1,362	)		(1,783	)		(1,941	)
Transfers for policy benefits and terminations		(46,584	)		—			—			—			—			(1	)
Net increase (decrease) in net assets resulting from policy transactions		(45,705	)		1,401			2,224			(1,362	)		(1,783	)		(1,942	)
Net increase (decrease) in net assets		(28,443	)		(28,171	)		25,795			1,603			(11,532	)		(1,318	)
Net Assets:
Beginning of year		136,399			164,570			138,775			21,512			33,044			34,362
End of year	$	107,956		$	136,399		$	164,570		$	23,115		$	21,512		$	33,044

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

	MFS®​ VIT II High Yield Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	8,930		$	8,586		$	8,360
Net realized gains (losses)		(803	)		(614	)		(139	)
Change in unrealized gains (losses) on investments		10,928			(26,983	)		(2,893	)
Net increase (decrease) in net assets resulting from operations		19,055			(19,011	)		5,328
Policy Transactions:
Premium payments received from policy owners		—			—			—
Net transfers (including fixed account)		—			1			—
Policy charges		(3,619	)		(3,128	)		(2,404	)
Transfers for policy benefits and terminations		(1	)		—			—
Net increase (decrease) in net assets resulting from policy transactions		(3,620	)		(3,127	)		(2,404	)
Net increase (decrease) in net assets		15,435			(22,138	)		2,924
Net Assets:
Beginning of year		154,850			176,988			174,064
End of year	$	170,285		$	154,850		$	176,988

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	44,972		$	40,256		$	37,404		$	69,083		$	19,014		$	47,349
Net realized gains (losses)		(24,412	)		(5,163	)		(4,949	)		54,602			445,259			81,302
Change in unrealized gains (losses) on investments		36,878			(155,964	)		(43,369	)		359,111			(1,859,803	)		293
Net increase (decrease) in net assets resulting from operations		57,438			(120,871	)		(10,914	)		482,796			(1,395,530	)		128,944
Policy Transactions:
Premium payments received from policy owners		2,126			2,126			2,126			5,768			6,580			3,925
Net transfers (including fixed account)		—			5,419			3,093			50,829			(2,678	)		1,124,005
Policy charges		(11,375	)		(8,447	)		(12,383	)		(85,753	)		(65,192	)		(92,484	)
Transfers for policy benefits and terminations		(51,633	)		(11,035	)		(10,016	)		(7,236	)		(78,004	)		(58,964	)
Net increase (decrease) in net assets resulting from policy transactions		(60,882	)		(11,937	)		(17,180	)		(36,392	)		(139,294	)		976,482
Net increase (decrease) in net assets		(3,444	)		(132,808	)		(28,094	)		446,404			(1,534,824	)		1,105,426
Net Assets:
Beginning of year		512,206			645,014			673,108			4,071,650			5,606,474			4,501,048
End of year	$	508,762		$	512,206		$	645,014		$	4,518,054		$	4,071,650		$	5,606,474

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

	PIMCO VIT All Asset Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	779		$	2,061		$	3,073
Net realized gains (losses)		(139	)		2,086			40
Change in unrealized gains (losses) on investments		1,420			(7,583	)		938
Net increase (decrease) in net assets resulting from operations		2,060			(3,436	)		4,051
Policy Transactions:
Premium payments received from policy owners		449			510			640
Net transfers (including fixed account)		—			—			1
Policy charges		(706	)		(669	)		(582	)
Transfers for policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		(257	)		(159	)		59
Net increase (decrease) in net assets		1,803			(3,595	)		4,110
Net Assets:
Beginning of year		25,461			29,056			24,946
End of year	$	27,264		$	25,461		$	29,056

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2023, 2022 and 2021

	PIMCO VIT CommodityRealReturn®​ Strategy Division									PIMCO VIT Low Duration Division
	2023			2022			2021			2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	5,613		$	9,406		$	1,611		$	28,255		$	13,453		$	4,480
Net realized gains (losses)		(4,359	)		1,013			566			(1,636	)		(1,029	)		(62	)
Change in unrealized gains (losses) on investments		(4,596	)		(6,767	)		8,452			11,642			(60,669	)		(12,342	)
Net increase (decrease) in net assets resulting from operations		(3,342	)		3,652			10,629			38,261			(48,245	)		(7,924	)
Policy Transactions:
Premium payments received from policy owners		686			686			686			—			—			—
Net transfers (including fixed account)		—			1,201			—			—			—			—
Policy charges		(5,554	)		(5,666	)		(4,806	)		(17,442	)		(15,519	)		(11,919	)
Transfers for policy benefits and terminations		(15,243	)		—			—			(1	)		(1	)		—
Net increase (decrease) in net assets resulting from policy transactions		(20,111	)		(3,779	)		(4,120	)		(17,443	)		(15,520	)		(11,919	)
Net increase (decrease) in net assets		(23,453	)		(127	)		6,509			20,818			(63,765	)		(19,843	)
Net Assets:
Beginning of year		39,938			40,065			33,556			781,114			844,879			864,722
End of year	$	16,485		$	39,938		$	40,065		$	801,932		$	781,114		$	844,879

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

	Pioneer Mid Cap Value VCT Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	387		$	391		$	169
Net realized gains (losses)		2,208			7,553			16
Change in unrealized gains (losses) on investments		(203	)		(9,059	)		4,256
Net increase (decrease) in net assets resulting from operations		2,392			(1,115	)		4,441
Policy Transactions:
Premium payments received from policy owners		449			510			640
Net transfers (including fixed account)		—			—			1
Policy charges		(149	)		(137	)		(123	)
Transfers for policy benefits and terminations		(1	)		—			—
Net increase (decrease) in net assets resulting from policy transactions		299			373			518
Net increase (decrease) in net assets		2,691			(742	)		4,959
Net Assets:
Beginning of year		19,005			19,747			14,788
End of year	$	21,696		$	19,005		$	19,747

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

METROPOLITAN LIFE SEPARATE ACCOUNT UL

OF METROPOLITAN LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the years ended December 31, 2023, 2022 and 2021

	Royce Micro-Cap Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	—		$	—		$	—
Net realized gains (losses)		(24	)		4,700			859
Change in unrealized gains (losses) on investments		2,717			(8,906	)		3,499
Net increase (decrease) in net assets resulting from operations		2,693			(4,206	)		4,358
Policy Transactions:
Premium payments received from policy owners		—			—			—
Net transfers (including fixed account)		—			—			—
Policy charges		(142	)		(137	)		(157	)
Transfers for policy benefits and terminations		(1	)		—			—
Net increase (decrease) in net assets resulting from policy transactions		(143	)		(137	)		(157	)
Net increase (decrease) in net assets		2,550			(4,343	)		4,201
Net Assets:
Beginning of year		14,424			18,767			14,566
End of year	$	16,974		$	14,424		$	18,767

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

	Royce Small-Cap Division
	2023			2022			2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	139		$	61		$	241
Net realized gains (losses)		1,488			200			44
Change in unrealized gains (losses) on investments		2,183			(1,931	)		3,763
Net increase (decrease) in net assets resulting from operations		3,810			(1,670	)		4,048
Policy Transactions:
Premium payments received from policy owners		1,110			1,203			1,018
Net transfers (including fixed account)		4			2			—
Policy charges		(2,167	)		(1,839	)		(1,472	)
Transfers for policy benefits and terminations		—			—			—
Net increase (decrease) in net assets resulting from policy transactions		(1,053	)		(634	)		(454	)
Net increase (decrease) in net assets		2,757			(2,304	)		3,594
Net Assets:
Beginning of year		15,423			17,727			14,133
End of year	$	18,180		$	15,423		$	17,727

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

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.

UL-162

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, 2023:

AB VPS Sustainable Global Thematic 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/abrdn 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 PIMCO Inflation Protected Bond Division
BHFTI PIMCO Total Return Division
BHFTI Schroders Global Multi-Asset Division
BHFTI SSGA Growth and Income ETF Division
BHFTI SSGA Growth ETF Division
BHFTI T. Rowe Price Large Cap Value Division
BHFTI T. Rowe Price Mid Cap Growth Division (a)
BHFTI Victory Sycamore Mid Cap Value Division
BHFTII Baillie Gifford International Stock Division
BHFTII BlackRock Bond Income Division
BHFTII BlackRock Capital Appreciation Division
BHFTII BlackRock Ultra-Short Term Bond Division
BHFTII Brighthouse Asset Allocation 20 Division (a)
BHFTII Brighthouse Asset Allocation 40 Division (a)
BHFTII Brighthouse Asset Allocation 60 Division (a)
BHFTII Brighthouse Asset Allocation 80 Division
BHFTII Brighthouse/Artisan Mid Cap Value Division (a)
BHFTII Brighthouse/Wellington Balanced Division
BHFTII Brighthouse/Wellington Core Equity Opportunities Division
BHFTII Frontier Mid Cap Growth Division
BHFTII Jennison Growth Division
BHFTII Loomis Sayles Small Cap Core Division
BHFTII Loomis Sayles Small Cap Growth Division
BHFTII MetLife Aggregate Bond Index Division
BHFTII MetLife Mid Cap Stock Index Division
BHFTII MetLife MSCI EAFE^®​ Index Division
BHFTII MetLife Russell 2000^®​ Index Division
BHFTII MetLife Stock Index Division
BHFTII MFS^®​ Total Return Division (a)
BHFTII MFS^®​ Value Division
BHFTII Neuberger Berman Genesis Division
BHFTII T. Rowe Price Large Cap Growth Division
BHFTII T. Rowe Price Small Cap Growth Division
BHFTII Van Eck Global Natural Resources Division
BHFTII Western Asset Management Strategic Bond Opportunities Division
BHFTII Western Asset Management U.S. Government Division
Fidelity^®​ VIP Asset Manager: Growth Division
Fidelity^®​ VIP Contrafund^®​ Division
Fidelity^®​ VIP Equity-Income Division
Fidelity^®​ VIP Freedom 2010 Division
Fidelity^®​ VIP Freedom 2020 Division
Fidelity^®​ VIP Freedom 2025 Division
Fidelity^®​ VIP Freedom 2030 Division
Fidelity^®​ VIP Freedom 2040 Division
Fidelity^®​ VIP Freedom 2050 Division
Fidelity^®​ VIP Government Money Market Division
Fidelity^®​ VIP High Income Division
Fidelity^®​ VIP Investment Grade Bond Division
Fidelity^®​ VIP Mid Cap Division
FTVIPT Franklin Income VIP Division
FTVIPT Franklin Mutual Global Discovery VIP Division

UL-163

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

2.  LIST OF DIVISIONS — (Concluded)

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. EQV International Equity 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, 2023:

PIMCO VIT Long-Term U.S. Government Division

Putnam VT International Value Division

3.  SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

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

Security Transactions

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

Security Valuation

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

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

UL-164

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

3.  SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

Federal Income Taxes

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

Premium Payments

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

Net Transfers

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

Use of Estimates

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

4.  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, 2023:

Mortality and Expense Risk 0.00 % - 0.90%

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

UL-165

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

4.  EXPENSES & POLICY CHARGES — (Concluded)

Separate Account charges referred to in this disclosure are for current charges of the Policies and can vary among products within the Separate Account. 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. Policy administrative charges range from $0 to $35 based on face amounts of Policies and are assessed monthly. A transfer fee of $25 may be deducted for each transfer made during the year. The Company is currently waiving the transfer fee, but reserves the right to impose such charges in the future. For certain Contracts, the Company reserves the right to assess a transaction charge on partial surrenders for the lesser of 2% of the amount withdrawn or $25. The Company did not impose this charge for the years reported.

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 or $156.99 for every $1,000 of the maximum surrender charge. 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, 2023, 2022 and 2021.

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 $61.44 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 $21.75 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, 2023, 2022 and 2021.

UL-166

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

5.  STATEMENTS OF INVESTMENTS

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2023		2023		2023		2022		2021		2023		2022		2021
AB VPS Sustainable Global Thematic Division		20,466		800,812		51,331		104,873		704,614		20,194		31,872		20,343
American Funds®​ American High-Income Trust Division		79,327		767,529		52,734		168,887		652,385		80,677		40,793		19,263
American Funds®​ Global Small Capitalization Division		4,187,239		83,097,632		2,317,930		27,428,714		4,640,192		4,679,054		3,394,783		6,896,856
American Funds®​ Growth Division		3,153,544		232,395,908		20,545,182		45,812,220		46,006,164		21,495,691		16,961,691		25,970,805
American Funds®​ Growth-Income Division		2,603,585		113,569,296		10,381,642		16,475,709		4,098,491		10,258,898		8,104,829		10,549,860
American Funds®​ International Division		106,400		2,119,558		33,023		333,250		165,452		138,632		166,434		94,844
American Funds®​ The Bond Fund of America Division		745,744		7,956,918		1,135,994		998,239		1,702,991		880,707		1,229,545		950,054
American Funds®​ U.S. Government Securities Division		5,710		68,589		3,326		3,482		6,299		1,926		1,883		1,719
BHFTI AB Global Dynamic Allocation Division		8,453		93,639		11,957		22,815		15,332		18,248		20,194		9,684
BHFTI American Funds®​ Balanced Allocation Division		201,841		1,966,271		237,391		332,985		483,440		85,640		42,479		309,012
BHFTI American Funds®​ Growth Allocation Division		365,136		3,349,934		490,344		571,639		620,905		329,416		94,203		192,299
BHFTI American Funds®​ Moderate Allocation Division		243,466		2,312,949		290,788		361,115		268,923		69,955		110,534		95,847
BHFTI BlackRock Global Tactical Strategies Division		32,629		320,489		35,487		83,241		110,675		40,873		282,874		173,880
BHFTI Brighthouse Asset Allocation 100 Division		3,032,922		34,142,243		6,439,270		4,319,069		7,640,042		2,423,389		3,961,260		3,656,026
BHFTI Brighthouse Balanced Plus Division		51,938		540,667		51,453		83,843		62,768		31,737		35,213		14,619
BHFTI Brighthouse Small Cap Value Division		96,460		1,370,425		118,498		253,988		37,511		20,828		48,288		17,403
BHFTI Brighthouse/abrdn Emerging Markets Equity Division		194,580		1,933,851		99,698		444,495		201,686		62,081		58,070		137,535
BHFTI Brighthouse/ Templeton International Bond Division		42,237		390,947		36,602		19,903		51,080		13,166		43,135		7,338

UL-167

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

5.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2023		2023		2023		2022		2021		2023		2022		2021
BHFTI Brighthouse/ Wellington Large Cap Research Division		43,723,804		541,100,365		35,792,454		125,410,907		68,444,691		38,357,726		35,753,262		40,762,369
BHFTI CBRE Global Real Estate Division		2,609,167		29,362,626		1,821,813		5,014,511		2,258,393		1,447,564		1,627,954		3,504,734
BHFTI Harris Oakmark International Division		3,068,531		40,268,296		2,813,808		4,881,296		3,158,224		4,936,562		2,817,604		4,730,449
BHFTI Invesco Balanced-Risk Allocation Division		8,906		82,326		10,265		21,437		14,878		14,456		25,254		3,383
BHFTI Invesco Global Equity Division		2,853,383		54,071,357		5,179,706		10,779,255		7,184,443		4,913,161		4,239,081		8,079,612
BHFTI Invesco Small Cap Growth Division		1,079,714		13,129,760		329,964		3,625,279		4,983,255		1,005,225		959,526		2,202,346
BHFTI JPMorgan Global Active Allocation Division		17,664		197,442		20,373		44,368		39,414		19,830		49,714		15,070
BHFTI JPMorgan Small Cap Value Division		62,121		836,736		98,774		252,892		209,780		51,497		59,752		258,918
BHFTI Loomis Sayles Global Allocation Division		26,068		399,801		30,472		69,414		72,336		25,311		38,580		196,531
BHFTI Loomis Sayles Growth Division		3,869,804		48,634,428		6,198,319		5,156,265		2,620,020		5,451,346		2,862,903		4,566,438
BHFTI MetLife Multi- Index Targeted Risk Division		20,218		232,346		19,104		39,607		26,489		6,498		22,610		12,900
BHFTI MFS®​ Research International Division		1,681,518		19,345,027		1,308,673		2,625,319		2,385,503		3,321,198		1,074,807		2,440,344
BHFTI Morgan Stanley Discovery Division		57,325,606		688,180,844		4,494,786		151,579,760		378,084,973		17,604,744		22,357,179		62,148,405
BHFTI PanAgora Global Diversified Risk Division		30,055		235,145		32,751		225,123		514		11,153		6,370		149
BHFTI PIMCO Inflation Protected Bond Division		1,014,096		10,571,087		1,047,601		1,698,044		2,130,571		933,029		1,776,776		1,934,620
BHFTI PIMCO Total Return Division		4,833,049		55,700,836		5,289,656		2,234,075		9,318,014		3,416,123		3,711,067		3,267,750
BHFTI Schroders Global Multi-Asset Division		13,368		155,924		17,603		32,133		16,381		2,814		19,140		8,447
BHFTI SSGA Growth and Income ETF Division		842,370		9,253,618		507,065		1,920,021		1,289,034		759,824		962,458		963,987
BHFTI SSGA Growth ETF Division		858,781		9,308,692		1,259,236		2,257,177		1,210,570		1,681,635		651,995		618,465
BHFTI T. Rowe Price Large Cap Value Division		138,730		3,787,764		573,694		535,849		103,614		242,237		72,470		275,039
BHFTI T. Rowe Price Mid Cap Growth Division		5,059,863		50,018,144		3,103,337		8,916,459		7,258,118		3,542,771		3,748,231		5,376,782

UL-168

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

5.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2023		2023		2023		2022		2021		2023		2022		2021
BHFTI Victory Sycamore Mid Cap Value Division		5,982,559		106,235,683		15,523,354		15,927,314		6,012,040		7,811,890		8,652,915		7,959,144
BHFTII Baillie Gifford International Stock Division		4,382,070		49,833,858		1,532,750		5,696,691		8,510,025		3,193,803		2,279,533		3,866,998
BHFTII BlackRock Bond Income Division		716,929		75,838,794		3,843,309		3,269,919		7,610,192		3,932,054		6,295,835		7,987,922
BHFTII BlackRock Capital Appreciation Division		696,014		24,522,226		3,588,067		6,802,512		5,691,636		2,781,998		1,610,054		2,669,348
BHFTII BlackRock Ultra-Short Term Bond Division		227,409		22,951,454		1,399,260		434,885		3,665,027		1,221,978		1,498,137		5,502,026
BHFTII Brighthouse Asset Allocation 20 Division		360,473		3,837,061		648,274		741,987		1,709,432		493,292		1,428,575		1,748,131
BHFTII Brighthouse Asset Allocation 40 Division		1,085,843		11,831,427		2,368,223		1,362,126		1,550,784		1,680,954		1,002,125		1,611,676
BHFTII Brighthouse Asset Allocation 60 Division		6,015,437		66,329,638		7,934,558		7,192,948		6,657,037		3,067,845		3,787,833		4,102,286
BHFTII Brighthouse Asset Allocation 80 Division		10,960,073		126,868,655		18,570,590		15,183,796		13,892,627		10,599,550		6,121,121		9,559,398
BHFTII Brighthouse/ Artisan Mid Cap Value Division		333,493		70,398,542		9,874,049		11,496,701		4,496,224		4,586,039		5,104,147		5,847,301
BHFTII Brighthouse/ Wellington Balanced Division		19,434,267		337,944,492		10,752,855		54,424,688		42,122,242		23,719,667		22,250,996		23,980,735
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division		3,564,003		103,701,130		13,574,702		21,183,079		7,706,968		7,672,342		8,261,587		6,734,726
BHFTII Frontier Mid Cap Growth Division		11,396,977		311,703,994		826,371		83,603,122		50,221,499		19,034,999		16,101,097		24,813,018
BHFTII Jennison Growth Division		3,787,440		52,742,042		1,682,775		12,473,137		16,959,360		3,614,664		3,912,199		14,331,823
BHFTII Loomis Sayles Small Cap Core Division		124,357		28,416,340		1,715,003		5,442,867		2,613,477		2,222,148		1,953,888		2,491,215
BHFTII Loomis Sayles Small Cap Growth Division		1,339,117		15,728,201		290,250		3,525,216		2,599,270		799,043		1,442,514		2,207,438
BHFTII MetLife Aggregate Bond Index Division		15,588,597		166,967,881		21,182,615		8,053,521		27,603,506		11,659,501		14,190,322		8,911,130
BHFTII MetLife Mid Cap Stock Index Division		7,160,765		110,373,542		11,670,957		21,718,071		11,966,063		10,349,535		7,777,082		13,554,167
BHFTII MetLife MSCI EAFE®​ Index Division		7,402,075		91,560,716		9,209,129		12,459,982		9,691,782		14,466,636		6,969,174		6,870,248

UL-169

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

5.  STATEMENTS OF INVESTMENTS — (Continued)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2023		2023		2023		2022		2021		2023		2022		2021
BHFTII MetLife Russell 2000®​ Index Division		5,224,697		85,173,972		6,157,521		18,743,753		12,306,245		6,268,773		5,998,629		10,119,230
BHFTII MetLife Stock Index Division		26,216,393		1,125,644,865		129,369,496		163,148,705		140,895,677		103,988,158		79,011,011		103,868,175
BHFTII MFS®​ Total Return Division		72,169		11,021,063		1,060,536		2,101,635		1,188,311		868,223		917,992		1,730,567
BHFTII MFS®​ Value Division		9,472,383		134,304,287		20,996,200		22,168,995		6,221,424		9,732,906		10,477,210		14,393,704
BHFTII Neuberger Berman Genesis Division		7,745,664		132,269,533		12,650,209		24,922,283		11,772,370		8,329,969		8,303,544		10,980,226
BHFTII T. Rowe Price Large Cap Growth Division		6,863,503		130,683,191		4,671,286		29,073,943		22,824,171		11,380,937		8,259,338		11,931,931
BHFTII T. Rowe Price Small Cap Growth Division		7,353,593		136,626,264		6,096,687		27,865,789		22,369,359		12,266,373		10,173,523		13,984,240
BHFTII VanEck Global Natural Resources Division		38,511		415,884		192,401		115,494		70,770		130,585		137,259		72,257
BHFTII Western Asset Management Strategic Bond Opportunities Division		4,232,196		53,240,518		4,941,777		3,907,892		5,171,620		3,381,376		3,820,221		5,180,403
BHFTII Western Asset Management U.S. Government Division		1,493,327		17,395,548		1,882,959		1,836,492		2,418,918		1,949,281		3,887,244		2,088,547
Fidelity®​ VIP Asset Manager: Growth Division		114,792		1,930,585		80,341		211,814		90,562		76,546		122,885		120,713
Fidelity®​ VIP Contrafund®​ Division		94,803		3,221,916		183,178		242,987		634,383		267,010		288,268		187,860
Fidelity®​ VIP Equity- Income Division		26,444		677,562		29,587		59,146		633,543		6,814		32,273		4,143
Fidelity®​ VIP Freedom 2010 Division		14,003		180,052		35,296		29,757		33,084		24,688		23,377		25,156
Fidelity®​ VIP Freedom 2020 Division		60,047		641,020		100,219		205,032		135,964		92,726		116,151		76,561
Fidelity®​ VIP Freedom 2025 Division		44,318		615,241		87,885		83,123		42,509		59,587		33,916		16,852
Fidelity®​ VIP Freedom 2030 Division		31,443		469,393		310,557		284,902		268,849		299,068		197,398		284,761
Fidelity®​ VIP Freedom 2040 Division		20,969		488,570		278,255		280,709		237,152		291,950		208,475		259,070
Fidelity®​ VIP Freedom 2050 Division		12,870		275,422		155,768		161,872		168,891		132,423		128,287		174,538
Fidelity®​ VIP Government Money Market Division		6,488,430		6,488,430		3,429,285		4,402,853		2,179,014		3,078,773		3,767,127		2,103,695
Fidelity®​ VIP High Income Division		3,816		20,100		1,408		2,488		15,001		579		409		482,355
Fidelity®​ VIP Investment Grade Bond Division		93,929		1,221,092		102,561		122,633		1,154,182		56,034		59,582		63,192

UL-170

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

5.  STATEMENTS OF INVESTMENTS — (Concluded)

	As of December 31				For the year ended December 31
	Shares		Cost ($)		Cost of Purchases ($)						Proceeds from Sales ($)
	2023		2023		2023		2022		2021		2023		2022		2021
Fidelity®​ VIP Mid Cap Division		9,752		312,524		10,951		23,225		57,835		6,472		6,683		20,963
FTVIPT Franklin Income VIP Division		586		8,779		999		585		474		393		878		3,493
FTVIPT Franklin Mutual Global Discovery VIP Division		4,182		76,285		9,606		10,735		17,414		42,881		1,076		710,894
FTVIPT Franklin Mutual Shares VIP Division		5,386		89,407		43,514		12,495		4,683		47,895		9,628		8,716
FTVIPT Templeton Foreign VIP Division		440,539		6,115,364		1,083,298		352,047		328,283		938,608		223,815		146,198
FTVIPT Templeton Global Bond VIP Division		77,783		1,276,409		30,280		41,730		95,730		35,145		90,857		30,144
Goldman Sachs Small Cap Equity Insights Division		299		3,328		502		516		5,449		9,256		7,962		6,866
Invesco V.I. Comstock Division		7,128		126,926		66,300		4,029		16,826		13,997		2,127		851,627
Invesco V.I. EQV International Equity Division		12,334		412,469		20,130		78,858		67,638		36,797		57,206		22,386
Janus Henderson Balanced Division		33,426		1,071,616		30,436		66,198		26,034		146,049		39,916		37,016
Janus Henderson Enterprise Division		3,456		239,195		78,026		68,462		132,151		48,437		127,177		158,895
Janus Henderson Forty Division		17,078		705,256		4,286		103,966		96,176		12,230		11,460		12,049
Janus Henderson Research Division		14,927		441,730		829		95,356		31,907		4,647		4,266		4,725
MFS®​ VIT Global Equity Division		5,080		105,438		9,834		16,842		14,120		48,398		1,378		1,480
MFS®​ VIT New Discovery Division		2,289		32,817		—		8,576		6,270		1,363		1,783		1,941
MFS®​ VIT II High Yield Division		34,471		199,327		8,930		8,586		8,360		3,619		3,128		2,404
Morgan Stanley VIF Emerging Markets Debt Division		92,502		674,278		47,098		44,382		135,149		63,008		16,063		114,926
Morgan Stanley VIF Emerging Markets Equity Division		350,237		5,210,930		199,621		489,103		1,426,157		92,150		150,135		402,326
PIMCO VIT All Asset Division		3,013		31,489		1,228		4,631		3,663		706		579		531
PIMCO VIT CommodityRealReturn®​ Strategy Division		3,081		20,183		5,807		10,802		1,931		20,306		5,176		4,439
PIMCO VIT Low Duration Division		83,535		864,908		28,255		13,453		4,480		17,442		15,520		11,920
Pioneer Mid Cap Value VCT Division		1,937		26,419		3,082		8,440		799		149		114		112
Royce Micro-Cap Division		1,851		17,769		—		4,690		813		142		137		157
Royce Small-Cap Division		1,896		16,636		2,238		1,449		1,166		1,705		1,747		1,379

UL-171

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

6.  SCHEDULES OF UNITS
For the years ended December 31, 2023, 2022 and 2021:

	AB VPS Sustainable Global Thematic Division									American Funds®​ American High-Income Trust Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		40,281			39,335			2,943			37,930			34,243			2,630
Units issued and transferred from other funding options		957			3,199			37,580			306			5,923			32,612
Units redeemed and transferred to other funding options		(1,392	)		(2,253	)		(1,188	)		(4,296	)		(2,236	)		(999	)
Units end of year		39,846			40,281			39,335			33,940			37,930			34,243
	American Funds®​ Growth-Income Division									American Funds®​ International Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		746,782			784,312			835,146			39,783			42,197			41,938
Units issued and transferred from other funding options		38,605			796,557			39,288			661			1,555			2,293
Units redeemed and transferred to other funding options		(86,278	)		(834,087	)		(90,122	)		(3,407	)		(3,969	)		(2,034	)
Units end of year		699,109			746,782			784,312			37,037			39,783			42,197
	BHFTI AB Global Dynamic Allocation Division									BHFTI American Funds®​ Balanced Allocation Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		5,328			5,843			5,884			66,330			64,025			60,418
Units issued and transferred from other funding options		585			693			473			2,971			4,081			15,969
Units redeemed and transferred to other funding options		(1,146	)		(1,208	)		(514	)		(3,448	)		(1,776	)		(12,362	)
Units end of year		4,767			5,328			5,843			65,853			66,330			64,025

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-172

	American Funds®​ Global Small Capitalization Division									American Funds®​ Growth Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,132,883			1,139,224			1,190,615			719,867			747,364			807,747
Units issued and transferred from other funding options		82,077			1,226,148			82,735			36,970	*		682,339			37,582
Units redeemed and transferred to other funding options		(136,853	)		(1,232,489	)		(134,126	)		(79,474	)		(709,836	)		(97,965	)
Units end of year		1,078,107			1,132,883			1,139,224			677,363			719,867			747,364
	American Funds®​ The Bond Fund of America Division									American Funds®​ U.S. Government Securities Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		423,959			455,889			435,425			2,184			2,209			2,271
Units issued and transferred from other funding options		80,057			491,535			123,121			55			46			—
Units redeemed and transferred to other funding options		(81,392	)		(523,465	)		(102,657	)		(77	)		(71	)		(62	)
Units end of year		422,624			423,959			455,889			2,162			2,184			2,209
	BHFTI American Funds®​ Growth Allocation Division									BHFTI American Funds®​ Moderate Allocation Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		108,585			108,861			97,971			84,899			84,150			81,015
Units issued and transferred from other funding options		4,443			3,379			17,472			5,522			5,981			7,181
Units redeemed and transferred to other funding options		(11,914	)		(3,655	)		(6,582	)		(3,144	)		(5,232	)		(4,046	)
Units end of year		101,114			108,585			108,861			87,277			84,899			84,150

UL-173

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	BHFTI BlackRock Global Tactical Strategies Division									BHFTI Brighthouse Asset Allocation 100 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		17,997			33,114			38,507			836,110			908,927			880,792
Units issued and transferred from other funding options		1,624			3,000			4,160			60,936			722,417			152,544
Units redeemed and transferred to other funding options		(2,506	)		(18,117	)		(9,553	)		(94,193	)		(795,234	)		(124,409	)
Units end of year		17,115			17,997			33,114			802,853			836,110			908,927
	BHFTI Brighthouse/abrdn Emerging Markets Equity Division									BHFTI Brighthouse/Templeton International Bond Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		95,390			87,255			83,457			23,371			25,173			21,919
Units issued and transferred from other funding options		5,268			11,478			8,724			2,895			1,571			3,794
Units redeemed and transferred to other funding options		(3,803	)		(3,343	)		(4,926	)		(1,058	)		(3,373	)		(540	)
Units end of year		96,855			95,390			87,255			25,208			23,371			25,173
	BHFTI Harris Oakmark International Division									BHFTI Invesco Balanced-Risk Allocation Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,021,747			1,041,451			1,098,169			48,650			56,319			52,763
Units issued and transferred from other funding options		94,419			989,301			120,614			4,882			7,347			5,567
Units redeemed and transferred to other funding options		(169,061	)		(1,009,005	)		(177,332	)		(9,258	)		(15,016	)		(2,011	)
Units end of year		947,105			1,021,747			1,041,451			44,274			48,650			56,319

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-174

	BHFTI Brighthouse Balanced Plus Division									BHFTI Brighthouse Small Cap Value Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		22,742			22,982			22,076			29,307			29,676			29,467
Units issued and transferred from other funding options		2,079			1,598			1,568			95			808			617
Units redeemed and transferred to other funding options		(1,708	)		(1,838	)		(662	)		(498	)		(1,177	)		(408	)
Units end of year		23,113			22,742			22,982			28,904			29,307			29,676
	BHFTI Brighthouse/Wellington Large Cap Research Division									BHFTI CBRE Global Real Estate Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		6,530,163			6,911,693			7,329,428			911,942			924,250			990,960
Units issued and transferred from other funding options		293,172			6,853,391			322,164			95,497			902,838			100,962
Units redeemed and transferred to other funding options		(680,580	)		(7,234,921	)		(739,899	)		(104,847	)		(915,146	)		(167,672	)
Units end of year		6,142,755			6,530,163			6,911,693			902,592			911,942			924,250
	BHFTI Invesco Global Equity Division									BHFTI Invesco Small Cap Growth Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,066,494			1,098,505			1,152,521			173,232			176,409			170,045
Units issued and transferred from other funding options		70,838			966,092			98,265			13,849			185,316			46,212
Units redeemed and transferred to other funding options		(130,902	)		(998,103	)		(152,281	)		(26,910	)		(188,493	)		(39,848	)
Units end of year		1,006,430			1,066,494			1,098,505			160,171			173,232			176,409

UL-175

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	BHFTI JPMorgan Global Active Allocation Division									BHFTI JPMorgan Small Cap Value Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		98,827			116,936			110,963			17,017			17,916			19,793
Units issued and transferred from other funding options		9,984			9,093			13,947			961			625			4,589
Units redeemed and transferred to other funding options		(11,665	)		(27,202	)		(7,974	)		(1,323	)		(1,524	)		(6,466	)
Units end of year		97,146			98,827			116,936			16,655			17,017			17,916
	BHFTI MetLife Multi-Index Targeted Risk Division									BHFTI MFS®​ Research International Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,120			1,161			1,152			759,529			771,897			810,239
Units issued and transferred from other funding options		91			104			78			44,511			514,563			64,984
Units redeemed and transferred to other funding options		(40	)		(145	)		(69	)		(141,763	)		(526,931	)		(103,326	)
Units end of year		1,171			1,120			1,161			662,277			759,529			771,897
	BHFTI PIMCO Inflation Protected Bond Division									BHFTI PIMCO Total Return Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		521,939			564,224			564,791			2,194,741			2,325,136			2,127,098
Units issued and transferred from other funding options		73,015			541,288			139,342			299,970			1,527,194			416,353
Units redeemed and transferred to other funding options		(78,827	)		(583,573	)		(139,909	)		(250,697	)		(1,657,589	)		(218,315	)
Units end of year		516,127			521,939			564,224			2,244,014			2,194,741			2,325,136

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-176

	BHFTI Loomis Sayles Global Allocation Division									BHFTI Loomis Sayles Growth Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		10,345			10,832			15,397			1,435,807			1,490,938			1,591,359
Units issued and transferred from other funding options		460			624			623			150,683			1,391,029			80,239
Units redeemed and transferred to other funding options		(691	)		(1,111	)		(5,188	)		(213,403	)		(1,446,160	)		(180,660	)
Units end of year		10,114			10,345			10,832			1,373,087			1,435,807			1,490,938
	BHFTI Morgan Stanley Discovery Division									BHFTI PanAgora Global Diversified Risk Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		6,944,567			7,148,412			7,603,605			130,761			726			548
Units issued and transferred from other funding options		567,922			7,414,200			375,051			15,575			135,254			270
Units redeemed and transferred to other funding options		(849,604	)		(7,618,045	)		(830,244	)		(9,254	)		(5,219	)		(92	)
Units end of year		6,662,885			6,944,567			7,148,412			137,082			130,761			726
	BHFTI Schroders Global Multi-Asset Division									BHFTI SSGA Growth and Income ETF Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		78,799			77,519			73,514			326,748			351,544			361,641
Units issued and transferred from other funding options		9,433			12,884			8,776			21,838			252,540			34,624
Units redeemed and transferred to other funding options		(1,740	)		(11,604	)		(4,771	)		(39,206	)		(277,336	)		(44,721	)
Units end of year		86,492			78,799			77,519			309,380			326,748			351,544

UL-177

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	BHFTI SSGA Growth ETF Division									BHFTI T. Rowe Price Large Cap Value Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		326,825			330,986			333,024			105,297			106,511			114,061
Units issued and transferred from other funding options		30,966			202,577			26,020			87			950			893
Units redeemed and transferred to other funding options		(68,511	)		(206,738	)		(28,058	)		(7,001	)		(2,164	)		(8,443	)
Units end of year		289,280			326,825			330,986			98,383			105,297			106,511
	BHFTII Baillie Gifford International Stock Division									BHFTII BlackRock Bond Income Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,906,504			1,934,614			1,983,009			2,201,543			2,364,397			2,497,234
Units issued and transferred from other funding options		166,226			1,911,336			174,638			216,313			2,135,944			296,903
Units redeemed and transferred to other funding options		(253,479	)		(1,939,446	)		(223,033	)		(273,182	)		(2,298,798	)		(429,740	)
Units end of year		1,819,251			1,906,504			1,934,614			2,144,674			2,201,543			2,364,397
	BHFTII Brighthouse Asset Allocation 20 Division									BHFTII Brighthouse Asset Allocation 40 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		161,003			205,170			215,846			354,693			373,672			405,649
Units issued and transferred from other funding options		37,820			204,996			91,261			80,952			365,498			48,465
Units redeemed and transferred to other funding options		(39,608	)		(249,163	)		(101,937	)		(87,484	)		(384,477	)		(80,442	)
Units end of year		159,215			161,003			205,170			348,161			354,693			373,672

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-178

	BHFTI T. Rowe Price Mid Cap Growth Division									BHFTI Victory Sycamore Mid Cap Value Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		994,708			1,050,561			1,107,534			1,596,435			1,711,609			1,808,639
Units issued and transferred from other funding options		61,246			1,014,736			93,467			93,160			1,662,951			119,226
Units redeemed and transferred to other funding options		(116,593	)		(1,070,589	)		(150,440	)		(179,897	)		(1,778,125	)		(216,256	)
Units end of year		939,361			994,708			1,050,561			1,509,698			1,596,435			1,711,609
	BHFTII BlackRock Capital Appreciation Division									BHFTII BlackRock Ultra-Short Term Bond Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		339,528			343,846			345,252			1,204,900			1,262,019			1,362,096
Units issued and transferred from other funding options		69,203			370,128			53,823			74,151			223,579			218,727
Units redeemed and transferred to other funding options		(61,833	)		(374,446	)		(55,229	)		(83,170	)		(280,698	)		(318,804	)
Units end of year		346,898			339,528			343,846			1,195,881			1,204,900			1,262,019
	BHFTII Brighthouse Asset Allocation 60 Division									BHFTII Brighthouse Asset Allocation 80 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		2,030,106			2,114,011			2,185,612			3,616,566			3,736,533			3,924,463
Units issued and transferred from other funding options		145,821			1,943,325			161,302			205,116			3,479,455			237,490
Units redeemed and transferred to other funding options		(200,062	)		(2,027,230	)		(232,903	)		(475,479	)		(3,599,422	)		(425,420	)
Units end of year		1,975,865			2,030,106			2,114,011			3,346,203			3,616,566			3,736,533

UL-179

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	BHFTII Brighthouse/Artisan Mid Cap Value Division									BHFTII Brighthouse/Wellington Balanced Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		112,226			119,694			129,202			5,459,333			5,757,787			6,068,802
Units issued and transferred from other funding options		6,520			107,052			10,261			326,408			5,701,231			336,269
Units redeemed and transferred to other funding options		(12,629	)		(114,520	)		(19,769	)		(647,595	)		(5,999,685	)		(647,284	)
Units end of year		106,117			112,226			119,694			5,138,146			5,459,333			5,757,787
	BHFTII Jennison Growth Division									BHFTII Loomis Sayles Small Cap Core Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		695,016			723,294			973,705			262,812			278,921			294,826
Units issued and transferred from other funding options		53,323			728,556			119,062			13,068	*		258,067			17,396
Units redeemed and transferred to other funding options		(82,522	)		(756,834	)		(369,473	)		(29,866	)		(274,176	)		(33,301	)
Units end of year		665,817			695,016			723,294			246,014			262,812			278,921
	BHFTII MetLife Mid Cap Stock Index Division									BHFTII MetLife MSCI EAFE®​ Index Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,755,165			1,847,012			1,980,000			4,490,291			4,501,021			4,476,776
Units issued and transferred from other funding options		123,378			1,631,812			162,884			461,454			3,884,927			521,843
Units redeemed and transferred to other funding options		(234,355	)		(1,723,659	)		(295,872	)		(800,103	)		(3,895,657	)		(497,598	)
Units end of year		1,644,188			1,755,165			1,847,012			4,151,642			4,490,291			4,501,021

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-180

	BHFTII Brighthouse/Wellington Core Equity Opportunities Division									BHFTII Frontier Mid Cap Growth Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		768,457			822,193			867,728			4,309,631			4,503,522			4,763,313
Units issued and transferred from other funding options		45,368			768,447			44,349			205,867			4,544,468			187,447
Units redeemed and transferred to other funding options		(89,049	)		(822,183	)		(89,884	)		(456,431	)		(4,738,359	)		(447,238	)
Units end of year		724,776			768,457			822,193			4,059,067			4,309,631			4,503,522
	BHFTII Loomis Sayles Small Cap Growth Division									BHFTII MetLife Aggregate Bond Index Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		311,640			333,987			357,529			5,940,962			6,374,351			5,813,302
Units issued and transferred from other funding options		18,839			327,108			31,255			1,044,084			4,533,630			1,217,746
Units redeemed and transferred to other funding options		(30,065	)		(349,455	)		(54,797	)		(811,418	)		(4,967,019	)		(656,697	)
Units end of year		300,414			311,640			333,987			6,173,628			5,940,962			6,374,351
	BHFTII MetLife Russell 2000®​ Index Division									BHFTII MetLife Stock Index Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,523,348			1,584,616			1,645,359			21,104,569			21,988,293			23,153,775
Units issued and transferred from other funding options		146,380			1,443,223			178,395			916,742			13,951,534			1,112,061
Units redeemed and transferred to other funding options		(194,096	)		(1,504,491	)		(239,138	)		(2,141,570	)		(14,835,258	)		(2,277,543	)
Units end of year		1,475,632			1,523,348			1,584,616			19,879,741			21,104,569			21,988,293

UL-181

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	BHFTII MFS®​ Total Return Division									BHFTII MFS®​ Value Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		324,989			328,139			370,848			2,785,286			2,983,303			3,223,534
Units issued and transferred from other funding options		19,936			301,256			87,154			204,596			2,822,303			228,887
Units redeemed and transferred to other funding options		(39,264	)		(304,406	)		(129,863	)		(336,184	)		(3,020,320	)		(469,118	)
Units end of year		305,661			324,989			328,139			2,653,698			2,785,286			2,983,303
	BHFTII T. Rowe Price Small Cap Growth Division									BHFTII VanEck Global Natural Resources Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,797,146			1,894,093			1,994,254			2,286			2,398			2,444
Units issued and transferred from other funding options		116,311			1,723,606			128,903			1,022			565			401
Units redeemed and transferred to other funding options		(231,917	)		(1,820,553	)		(229,064	)		(724	)		(677	)		(447	)
Units end of year		1,681,540			1,797,146			1,894,093			2,584			2,286			2,398
	Fidelity®​ VIP Asset Manager: Growth Division									Fidelity®​ VIP Contrafund®​ Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		90,405			94,576			98,498			71,544			75,799			78,321
Units issued and transferred from other funding options		1,790			1,148			906			450			706			738
Units redeemed and transferred to other funding options		(3,236	)		(5,319	)		(4,828	)		(4,625	)		(4,961	)		(3,260	)
Units end of year		88,959			90,405			94,576			67,369			71,544			75,799

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-182

	BHFTII Neuberger Berman Genesis Division									BHFTII T. Rowe Price Large Cap Growth Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		2,136,656			2,249,576			2,384,020			2,094,521			2,175,059			2,266,675
Units issued and transferred from other funding options		109,804			2,284,042			120,328			169,081			2,122,501			163,074
Units redeemed and transferred to other funding options		(225,844	)		(2,396,962	)		(254,772	)		(277,586	)		(2,203,039	)		(254,690	)
Units end of year		2,020,616			2,136,656			2,249,576			1,986,016			2,094,521			2,175,059
	BHFTII Western Asset Management Strategic Bond Opportunities Division									BHFTII Western Asset Management U.S. Government Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,413,577			1,517,593			1,547,262			808,864			904,209			913,585
Units issued and transferred from other funding options		173,738			1,424,078			210,370			141,813			913,711			150,441
Units redeemed and transferred to other funding options		(226,219	)		(1,528,094	)		(240,039	)		(162,099	)		(1,009,056	)		(159,817	)
Units end of year		1,361,096			1,413,577			1,517,593			788,578			808,864			904,209
	Fidelity®​ VIP Equity-Income Division									Fidelity®​ VIP Freedom 2010 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		15,867			15,981			63			7,961			8,282			8,277
Units issued and transferred from other funding options		—			780			16,028			2,094			1,931			2,155
Units redeemed and transferred to other funding options		(177	)		(894	)		(110	)		(2,388	)		(2,252	)		(2,150	)
Units end of year		15,690			15,867			15,981			7,667			7,961			8,282

UL-183

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	Fidelity®​ VIP Freedom 2020 Division									Fidelity®​ VIP Freedom 2025 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		26,859			26,866			26,351			19,371			19,556			19,701
Units issued and transferred from other funding options		6,661			9,470			7,646			2,261			1,003			550
Units redeemed and transferred to other funding options		(7,532	)		(9,477	)		(7,131	)		(1,928	)		(1,188	)		(695	)
Units end of year		25,988			26,859			26,866			19,704			19,371			19,556
	Fidelity®​ VIP Freedom 2050 Division									Fidelity®​ VIP Government Money Market Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		8,267			7,764			8,217			329,555			299,668			295,595
Units issued and transferred from other funding options		12,327			11,434			10,389			163,802			236,598			122,630
Units redeemed and transferred to other funding options		(11,839	)		(10,931	)		(10,842	)		(161,233	)		(206,711	)		(118,557	)
Units end of year		8,755			8,267			7,764			332,124			329,555			299,668
	Fidelity®​ VIP Mid Cap Division									FTVIPT Franklin Income VIP Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		4,224			4,302			4,575			62			69			97
Units issued and transferred from other funding options		46			49			37			1			—			—
Units redeemed and transferred to other funding options		(125	)		(127	)		(310	)		(3	)		(7	)		(28	)
Units end of year		4,145			4,224			4,302			60			62			69

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-184

	Fidelity®​ VIP Freedom 2030 Division									Fidelity®​ VIP Freedom 2040 Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		19,034			16,595			18,016			16,792			15,661			17,068
Units issued and transferred from other funding options		35,469			32,316			26,411			29,144			27,246			21,560
Units redeemed and transferred to other funding options		(35,593	)		(29,877	)		(27,832	)		(30,130	)		(26,115	)		(22,967	)
Units end of year		18,910			19,034			16,595			15,806			16,792			15,661
	Fidelity®​ VIP High Income Division									Fidelity®​ VIP Investment Grade Bond Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		648			600			18,065			52,411			52,887			2,069
Units issued and transferred from other funding options		18			68			386			4,080			3,526			53,840
Units redeemed and transferred to other funding options		(23	)		(20	)		(17,851	)		(2,989	)		(4,002	)		(3,022	)
Units end of year		643			648			600			53,502			52,411			52,887
	FTVIPT Franklin Mutual Global Discovery VIP Division									FTVIPT Franklin Mutual Shares VIP Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		2,647			2,654			21,114			157			172			184
Units issued and transferred from other funding options		22			27			412			64			2			4
Units redeemed and transferred to other funding options		(976	)		(34	)		(18,872	)		(86	)		(17	)		(16	)
Units end of year		1,693			2,647			2,654			135			157			172

UL-185

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

6.  SCHEDULES OF UNITS — (Continued)
For the years ended December 31, 2023, 2022 and 2021:

	FTVIPT Templeton Foreign VIP Division									FTVIPT Templeton Global Bond VIP Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		257,323			259,626			256,921			45,539			47,612			44,906
Units issued and transferred from other funding options		38,509			8,413			9,681			1,359			2,044			4,021
Units redeemed and transferred to other funding options		(41,750	)		(10,716	)		(6,976	)		(1,577	)		(4,117	)		(1,315	)
Units end of year		254,082			257,323			259,626			45,321			45,539			47,612
	Invesco V.I. EQV International Equity Division									Janus Henderson Balanced Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		11,679			12,554			12,399			37,368			38,249			39,040
Units issued and transferred from other funding options		562			838			750			58			51			34
Units redeemed and transferred to other funding options		(1,054	)		(1,713	)		(595	)		(3,246	)		(932	)		(825	)
Units end of year		11,187			11,679			12,554			34,180			37,368			38,249
	Janus Henderson Research Division									MFS®​ VIT Global Equity Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		13,549			13,656			13,761			3,328			3,295			3,248
Units issued and transferred from other funding options		—			—			—			62			72			82
Units redeemed and transferred to other funding options		(109	)		(107	)		(105	)		(1,077	)		(39	)		(35	)
Units end of year		13,440			13,549			13,656			2,313			3,328			3,295

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-186

	Goldman Sachs Small Cap Equity Insights Division									Invesco V.I. Comstock Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		324			528			684			2,578			2,640			29,639
Units issued and transferred from other funding options		13			10			12			1,377			—			524
Units redeemed and transferred to other funding options		(249	)		(214	)		(168	)		(391	)		(62	)		(27,523	)
Units end of year		88			324			528			3,564			2,578			2,640
	Janus Henderson Enterprise Division									Janus Henderson Forty Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		4,125			6,257			7,377			8,333			8,449			8,558
Units issued and transferred from other funding options		1,237			506			2,271			49			47			34
Units redeemed and transferred to other funding options		(955	)		(2,638	)		(3,391	)		(163	)		(163	)		(143	)
Units end of year		4,407			4,125			6,257			8,219			8,333			8,449
	MFS®​ VIT New Discovery Division									MFS®​ VIT II High Yield Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		456			490			518			6,622			6,753			6,846
Units issued and transferred from other funding options		—			—			—			—			—			—
Units redeemed and transferred to other funding options		(27	)		(34	)		(28	)		(148	)		(131	)		(93	)
Units end of year		429			456			490			6,474			6,622			6,753

UL-187

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

6.  SCHEDULES OF UNITS — (Concluded)
For the years ended December 31, 2023, 2022 and 2021:

	Morgan Stanley VIF Emerging Markets Debt Division									Morgan Stanley VIF Emerging Markets Equity Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		14,228			14,560			14,886			257,698			265,836			219,797
Units issued and transferred from other funding options		57			309			2,350			3,335			3,140			65,507
Units redeemed and transferred to other funding options		(1,649	)		(641	)		(2,676	)		(5,659	)		(11,278	)		(19,468	)
Units end of year		12,636			14,228			14,560			255,374			257,698			265,836
	PIMCO VIT Low Duration Division									Pioneer Mid Cap Value VCT Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		60,136			61,311			62,169			171			168			163
Units issued and transferred from other funding options		—			—			—			4			5			6
Units redeemed and transferred to other funding options		(1,322	)		(1,175	)		(858	)		(2	)		(2	)		(1	)
Units end of year		58,814			60,136			61,311			173			171			168

* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased
during the year ended December 31, 2023. There was no impact to the net assets of the Division.

UL-188

	PIMCO VIT All Asset Division									PIMCO VIT CommodityRealReturn®​ Strategy Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		1,447			1,456			1,453			3,302			3,598			4,019
Units issued and transferred from other funding options		25			28			34			60			142			60
Units redeemed and transferred to other funding options		(39	)		(37	)		(31	)		(1,883	)		(438	)		(481	)
Units end of year		1,433			1,447			1,456			1,479			3,302			3,598
	Royce Micro-Cap Division									Royce Small-Cap Division
	2023			2022			2021			2023			2022			2021
Units beginning of year		482			486			491			512			534			549
Units issued and transferred from other funding options		—			—			—			35			41			33
Units redeemed and transferred to other funding options		(5	)		(4	)		(5	)		(68	)		(63	)		(48	)
Units end of year		477			482			486			479			512			534

UL-189

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

7.  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, 2023:

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
AB VPS Sustainable Global	2023		39,846		15.95		635,460		0.03		0.00	15.70
Thematic Division	2022		40,281		13.78		555,208		—		0.00	(27.17)
	2021		39,335		18.92		744,416		—		0.00	22.57
	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
American Funds®​ American	2023		33,940		20.40		692,523		7.14		0.00	12.45
High-Income Trust Division	2022		37,930		18.15		688,237		7.95		0.00	(9.26)
	2021		34,243		20.00		684,784		5.72		0.00	8.42
	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
American Funds®​ Global	2023		1,078,107		56.67 - 79.87		73,276,691		0.26		0.00 - 0.90	15.13 - 16.17
Small Capitalization Division	2022		1,132,883		49.22 - 68.75		66,296,749		—		0.00 - 0.90	(30.18) - (29.55)
	2021		1,139,224		70.50 - 97.59		94,694,126		—		0.00 - 0.90	5.78 - 6.74
	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
American Funds®​ Growth	2023		677,363		117.44 - 522.31		309,678,363		0.36		0.00 - 0.90	37.25 - 38.48
Division4​	2022		719,867		84.81 - 377.17		238,202,123		0.32		0.00 - 0.90	(30.56) - (29.94)
	2021		747,364		121.05 - 538.33		354,325,909		0.22		0.00 - 0.90	20.90 - 21.99
	2020		807,747		99.23 - 441.30		311,444,357		0.32		0.00 - 0.90	50.71 - 52.08
	2019		771,615		65.25 - 713.73		223,225,743		0.75		0.00 - 0.90	29.60 - 30.77
American Funds®​	2023		699,109		177.06 - 661.18		151,789,123		1.38		0.00 - 0.90	25.01 - 26.14
Growth-Income Division	2022		746,782		141.63 - 524.18		128,565,458		1.28		0.00 - 0.90	(17.24) - (16.49)
	2021		784,312		171.14 - 627.71		161,880,006		1.13		0.00 - 0.90	22.98 - 24.10
	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
American Funds®​	2023		37,037		50.02		1,852,432		1.31		0.00	15.84
International Division	2022		39,783		43.18		1,717,653		1.74		0.00	(20.79)
	2021		42,197		54.50		2,299,903		2.44		0.00	(1.50)
	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
American Funds®​ The Bond	2023		422,624		13.64 - 26.88		7,009,998		3.49		0.00 - 0.90	4.08 - 5.02
Fund of America Division	2022		423,959		13.10 - 25.60		6,661,813		2.87		0.00 - 0.90	(13.36) - (12.58)
	2021		455,889		15.12 - 29.28		8,205,563		1.45		0.00 - 0.90	(1.20) - (0.31)
	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

UL-190

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
American Funds®​ U.S.	2023		2,162		25.84		55,846		3.75		0.00	2.89
Government Securities	2022		2,184		25.11		54,849		3.75		0.00	(10.95)
Division	2021		2,209		28.20		62,304		1.29		0.00	(0.62)
	2020		2,271		28.37		64,431		1.84		0.00	9.80
	2019		2,299		25.84		59,401		2.05		0.00	5.32
BHFTI AB Global Dynamic	2023		4,767		17.29		82,416		2.96		0.00	11.64
Allocation Division	2022		5,328		15.49		82,503		4.35		0.00	(20.43)
	2021		5,843		19.46		113,713		0.22		0.00	9.28
	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
BHFTI American Funds®​	2023		65,853		27.00		1,778,218		2.60		0.00	16.72
Balanced Allocation Division	2022		66,330		23.14		1,534,563		1.75		0.00	(16.53)
	2021		64,025		27.72		1,774,603		1.41		0.00	12.55
	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
BHFTI American Funds®​	2023		101,114		30.66		3,100,002		2.36		0.00	20.66
Growth Allocation Division	2022		108,585		25.41		2,758,925		1.43		0.00	(18.37)
	2021		108,861		31.13		3,388,399		1.06		0.00	16.21
	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
BHFTI American Funds®​	2023		87,277		23.71		2,069,460		2.93		0.00	13.23
Moderate Allocation Division	2022		84,899		20.94		1,777,871		2.04		0.00	(14.41)
	2021		84,150		24.47		2,058,790		1.79		0.00	9.98
	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
BHFTI BlackRock Global	2023		17,115		17.16		293,659		3.31		0.00	13.32
Tactical Strategies Division	2022		17,997		15.14		272,504		3.06		0.00	(18.89)
	2021		33,114		18.67		618,131		1.47		0.00	9.79
	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
BHFTI Brighthouse Asset	2023		802,853		32.84 - 370.53		31,238,848		2.97		0.00 - 0.90	20.02 - 21.10
Allocation 100 Division	2022		836,110		27.36 - 306.71		26,852,250		1.62		0.00 - 0.90	(20.60) - (19.89)
	2021		908,927		34.46 - 384.11		36,535,719		1.32		0.00 - 0.90	17.28 - 18.34
	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
BHFTI Brighthouse Balanced	2023		23,113		19.55		451,864		3.14		0.00	9.24
Plus Division	2022		22,742		17.90		407,015		2.44		0.00	(21.81)
	2021		22,982		22.89		526,014		2.29		0.00	7.54
	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
BHFTI Brighthouse Small Cap	2023		28,904		46.19		1,335,008		0.99		0.00	13.95
Value Division	2022		29,307		40.53		1,187,940		0.62		0.00	(13.09)
	2021		29,676		46.64		1,384,093		0.83		0.00	31.77
	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

UL-191

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTI Brighthouse/abrdn	2023		96,855		14.71 - 23.07		1,710,026		1.14		0.00	6.47 - 6.67
Emerging Markets Equity	2022		95,390		13.79 - 21.67		1,587,039		0.89		0.00	(25.81) - (25.58)
Division	2021		87,255		18.52 - 29.21		1,977,225		0.27		0.00	(5.07) - (4.81)
	2020		83,457		19.46 - 30.77		2,019,002		1.96		0.00	27.30 - 27.68
	2019		86,472		15.24 - 24.17		1,613,170		1.80		0.00	20.75 - 20.98
BHFTI Brighthouse/Templeton	2023		25,208		13.15		331,563		—		0.00	3.70
International Bond Division	2022		23,371		12.68		296,436		—		0.00	(4.42)
	2021		25,173		13.27		334,055		—		0.00	(4.69)
	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
BHFTI Brighthouse/Wellington	2023		6,142,755		38.64 - 153.62		604,262,994		0.83		0.00 - 0.90	24.72 - 25.84
Large Cap Research Division	2022		6,530,163		30.74 - 123.17		513,994,055		0.73		0.00 - 0.90	(19.68) - (18.96)
	2021		6,911,693		37.96 - 153.36		674,672,049		0.86		0.00 - 0.90	23.37 - 24.48
	2020		7,329,428		30.52 - 124.30		577,620,175		1.13		0.00 - 0.90	21.27 - 22.37
	2019		7,682,381		24.96 - 102.50		499,000,336		1.15		0.00 - 0.90	30.99 - 32.17
BHFTI CBRE Global Real	2023		902,592		26.05 - 31.09		27,500,616		2.73		0.00 - 0.90	11.86 - 12.87
Estate Division	2022		911,942		23.29 - 27.55		24,640,317		4.42		0.00 - 0.90	(25.39) - (24.71)
	2021		924,250		31.21 - 36.59		33,176,450		3.05		0.00 - 0.90	33.49 - 34.70
	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
BHFTI Harris Oakmark	2023		947,105		22.65 - 44.40		40,259,132		2.12		0.00 - 0.90	18.19 - 19.26
International Division	2022		1,021,747		18.99 - 37.23		36,475,971		2.44		0.00 - 0.90	(16.54) - (15.78)
	2021		1,041,451		22.55 - 44.21		44,087,552		0.84		0.00 - 0.90	7.69 - 8.66
	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
BHFTI Invesco Balanced-Risk	2023		44,274		1.63		72,050		3.36		0.00	6.44
Allocation Division	2022		48,650		1.53		74,383		5.95		0.00	(12.41)
	2021		56,319		1.75		98,311		2.96		0.00	9.69
	2020		52,763		1.59		83,967		5.35		0.00	10.14
	2019		48,880		1.44		70,629		—		0.00	15.28
BHFTI Invesco Global Equity	2023		1,006,430		60.49 - 76.99		68,309,982		0.37		0.00 - 0.90	33.78 - 34.99
Division	2022		1,066,494		45.21 - 57.03		53,633,175		—		0.00 - 0.90	(32.31) - (31.70)
	2021		1,098,505		66.79 - 83.50		80,996,894		0.13		0.00 - 0.90	14.72 - 15.76
	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
BHFTI Invesco Small Cap	2023		160,171		46.26 - 63.69		8,815,332		—		0.00 - 0.90	11.33 - 12.33
Growth Division	2022		173,232		41.55 - 56.70		8,490,182		—		0.00 - 0.90	(35.62) - (35.04)
	2021		176,409		64.55 - 87.28		13,295,343		—		0.00 - 0.90	6.16 - 7.12
	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
BHFTI JPMorgan Global	2023		97,146		1.85		180,173		1.74		0.00	10.51
Active Allocation Division	2022		98,827		1.68		165,865		2.49		0.00	(17.54)
	2021		116,936		2.04		238,019		0.48		0.00	9.64
	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

UL-192

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTI JPMorgan Small Cap	2023		16,655		42.11		701,351		1.36		0.00	13.21
Value Division	2022		17,017		37.20		632,985		1.15		0.00	(13.21)
	2021		17,916		42.86		767,865		1.12		0.00	33.01
	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
BHFTI Loomis Sayles Global	2023		10,114		39.33		397,793		—		0.00	22.51
Allocation Division	2022		10,345		32.10		332,108		—		0.00	(23.12)
	2021		10,832		41.76		452,338		1.01		0.00	14.57
	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
BHFTI Loomis Sayles Growth	2023		1,373,087		36.41 - 45.32		60,020,658		—		0.00 - 0.90	50.71 - 52.06
Division	2022		1,435,807		24.16 - 29.81		41,347,803		—		0.00 - 0.90	(28.51) - (27.86)
	2021		1,490,938		33.79 - 41.32		59,524,218		0.20		0.00 - 0.90	17.60 - 18.66
	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
BHFTI MetLife Multi-Index	2023		1,171		177.16		207,433		2.27		0.00	13.82
Targeted Risk Division	2022		1,120		155.65		174,332		1.84		0.00	(21.09)
	2021		1,161		197.25		228,985		1.75		0.00	9.72
	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
BHFTI MFS®​ Research	2023		662,277		26.85 - 32.92		20,282,373		1.61		0.00 - 0.90	12.04 - 13.05
International Division	2022		759,529		23.97 - 29.12		20,434,855		2.01		0.00 - 0.90	(18.04) - (17.30)
	2021		771,897		29.24 - 35.22		25,123,312		1.10		0.00 - 0.90	10.98 - 11.98
	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
BHFTI Morgan Stanley	2023		6,662,885		22.01 - 61.78		327,902,468		—		0.00 - 0.90	39.98 - 41.23
Discovery Division	2022		6,944,567		15.58 - 43.74		242,801,988		—		0.00 - 0.90	(62.81) - (62.47)
	2021		7,148,412		41.52 - 116.54		667,533,016		—		0.00 - 0.90	(11.34) - (10.54)
	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
BHFTI PanAgora Global	2023		137,082		1.29		177,025		7.68		0.00	4.71
Diversified Risk Division	2022		130,761		1.23		161,265		14.98		0.00	(25.66)
	2021		726		1.66		1,204		—		0.00	6.39
	2020		548		1.56		855		3.27		0.00	11.85
	2019		484		1.39		674		3.07		0.00	21.99
BHFTI PIMCO Inflation	2023		516,127		14.47 - 21.81		9,633,903		2.36		0.00 - 0.90	2.82 - 3.74
Protected Bond Division	2022		521,939		13.95 - 21.02		9,398,333		6.61		0.00 - 0.90	(12.39) - (11.60)
	2021		564,224		15.78 - 23.78		11,483,521		0.94		0.00 - 0.90	4.67 - 5.61
	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
BHFTI PIMCO Total Return	2023		2,244,014		13.96 - 25.82		47,943,842		3.15		0.00 - 0.90	5.27 - 6.22
Division	2022		2,194,741		13.15 - 24.31		44,749,811		3.19		0.00 - 0.90	(15.11) - (14.34)
	2021		2,325,136		15.35 - 28.38		55,623,579		1.98		0.00 - 0.90	(2.02) - (1.13)
	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

UL-193

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTI Schroders Global	2023		86,492		1.76		152,260		1.88		0.00	15.02
Multi-Asset Division	2022		78,799		1.53		120,604		1.41		0.00	(20.17)
	2021		77,519		1.92		148,622		0.32		0.00	11.42
	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
BHFTI SSGA Growth and	2023		309,380		23.23 - 28.91		8,406,849		2.55		0.00 - 0.90	13.10 - 14.12
Income ETF Division	2022		326,748		20.54 - 25.33		7,797,152		3.26		0.00 - 0.90	(15.85) - (15.09)
	2021		351,544		24.41 - 29.83		9,885,163		1.94		0.00 - 0.90	12.59 - 13.61
	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
BHFTI SSGA Growth ETF	2023		289,280		24.82 - 31.47		8,562,040		2.06		0.00 - 0.90	15.09 - 16.13
Division	2022		326,825		21.57 - 27.10		8,359,593		3.03		0.00 - 0.90	(16.43) - (15.67)
	2021		330,986		25.81 - 32.14		10,058,945		1.65		0.00 - 0.90	16.83 - 17.88
	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
BHFTI T. Rowe Price Large	2023		98,383		37.16		3,655,543		2.05		0.00	9.91
Cap Value Division	2022		105,297		33.81		3,559,796		1.84		0.00	(4.89)
	2021		106,511		35.55		3,785,981		2.00		0.00	26.30
	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
BHFTI T. Rowe Price Mid Cap	2023		939,361		42.93 - 75.65		48,021,069		—		0.00 - 0.90	19.04 - 20.11
Growth Division	2022		994,708		36.07 - 63.12		42,385,009		—		0.00 - 0.90	(23.03) - (22.33)
	2021		1,050,561		46.86 - 81.48		57,734,869		—		0.00 - 0.90	14.11 - 15.15
	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
BHFTI Victory Sycamore Mid	2023		1,509,698		45.87 - 97.72		116,181,232		1.64		0.00 - 0.90	9.22 - 10.20
Cap Value Division	2022		1,596,435		41.62 - 88.68		111,565,348		1.87		0.00 - 0.90	(3.32) - (2.45)
	2021		1,711,609		42.67 - 90.90		122,798,110		1.29		0.00 - 0.90	30.95 - 32.13
	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
BHFTII Baillie Gifford	2023		1,819,251		21.73 - 32.88		45,880,275		1.30		0.00 - 0.90	17.53 - 18.59
International Stock Division	2022		1,906,504		18.33 - 27.73		40,730,492		1.14		0.00 - 0.90	(29.24) - (28.60)
	2021		1,934,614		25.67 - 38.84		58,182,186		0.94		0.00 - 0.90	(1.64) - (0.76)
	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
BHFTII BlackRock Bond	2023		2,144,674		24.77 - 117.32		66,143,839		3.13		0.00 - 0.90	4.89 - 5.84
Income Division	2022		2,201,543		23.41 - 110.85		64,575,963		2.90		0.00 - 0.90	(14.91) - (14.15)
	2021		2,364,397		27.26 - 129.11		80,938,017		2.73		0.00 - 0.90	(1.33) - (0.44)
	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
BHFTII BlackRock Capital	2023		346,898		48.11 - 193.67		25,223,530		0.04		0.00 - 0.90	48.28 - 49.61
Appreciation Division	2022		339,528		32.16 - 129.45		16,550,858		—		0.00 - 0.90	(38.17) - (37.61)
	2021		343,846		51.54 - 207.48		26,765,186		—		0.00 - 0.90	20.12 - 21.20
	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

UL-194

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTII BlackRock	2023		1,195,881		17.67 - 20.22		23,782,443		1.67		0.00 - 0.90	4.11 - 5.05
Ultra-Short Term Bond	2022		1,204,900		16.97 - 19.25		22,849,135		—		0.00 - 0.90	0.54 - 1.44
Division	2021		1,262,019		16.88 - 18.97		23,583,580		0.33		0.00 - 0.90	(1.09) - (0.19)
	2020		1,362,096		17.07 - 19.01		25,545,918		2.13		0.00 - 0.90	(0.47) - 0.43
	2019		1,501,263		17.15 - 18.93		28,087,767		1.80		0.00 - 0.90	1.21 - 2.13
BHFTII Brighthouse Asset	2023		159,215		18.72 - 211.52		3,435,185		3.70		0.00 - 0.90	7.11 - 8.08
Allocation 20 Division	2022		161,003		17.48 - 196.17		3,217,663		3.21		0.00 - 0.90	(13.33) - (12.54)
	2021		205,170		20.17 - 224.68		4,667,713		3.25		0.00 - 0.90	3.07 - 4.01
	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
BHFTII Brighthouse Asset	2023		348,161		22.31 - 251.54		10,465,365		3.57		0.00 - 0.90	9.83 - 10.82
Allocation 40 Division	2022		354,693		20.31 - 227.60		9,630,479		2.80		0.00 - 0.90	(14.40) - (13.63)
	2021		373,672		23.73 - 264.15		11,713,955		2.85		0.00 - 0.90	6.72 - 7.68
	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
BHFTII Brighthouse Asset	2023		1,975,865		26.21 - 295.85		59,612,791		3.35		0.00 - 0.90	12.91 - 13.93
Allocation 60 Division	2022		2,030,106		23.21 - 260.45		53,824,566		2.43		0.00 - 0.90	(15.93) - (15.17)
	2021		2,114,011		27.61 - 307.61		66,140,037		2.32		0.00 - 0.90	10.18 - 11.17
	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
BHFTII Brighthouse Asset	2023		3,346,203		30.07 - 35.57		116,834,367		3.30		0.00 - 0.90	16.46 - 17.51
Allocation 80 Division	2022		3,616,566		25.82 - 30.27		107,621,669		2.08		0.00 - 0.90	(18.45) - (17.71)
	2021		3,736,533		31.66 - 36.79		135,292,452		1.88		0.00 - 0.90	13.85 - 14.87
	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
BHFTII Brighthouse/Artisan	2023		106,117		53.49 - 786.90		72,467,831		0.84		0.00 - 0.90	17.47 - 18.53
Mid Cap Value Division	2022		112,226		45.24 - 663.88		64,770,145		0.96		0.00 - 0.90	(13.40) - (12.62)
	2021		119,694		51.90 - 759.76		78,750,610		0.93		0.00 - 0.90	25.77 - 26.91
	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
BHFTII Brighthouse/Wellington	2023		5,138,146		45.65 - 184.71		350,011,141		2.15		0.00 - 0.90	17.05 - 18.10
Balanced Division	2022		5,459,333		38.65 - 156.40		317,300,443		1.72		0.00 - 0.90	(17.82) - (17.08)
	2021		5,757,787		46.61 - 188.61		405,316,113		1.83		0.00 - 0.90	13.00 - 14.02
	2020		6,068,802		40.88 - 165.41		376,504,610		2.21		0.00 - 0.90	16.67 - 17.72
	2019		6,391,352		34.72 - 140.51		339,265,361		2.20		0.00 - 0.90	21.89 - 22.99
BHFTII Brighthouse/Wellington	2023		724,776		50.56 - 167.04		101,645,372		1.43		0.00 - 0.90	6.70 - 7.66
Core Equity Opportunities	2022		768,457		46.97 - 155.16		100,213,793		1.47		0.00 - 0.90	(5.93) - (5.08)
Division	2021		822,193		49.48 - 163.46		113,033,607		1.39		0.00 - 0.90	23.31 - 24.43
	2020		867,728		39.77 - 131.37		95,952,366		1.61		0.00 - 0.90	10.27 - 11.27
	2019		909,178		35.74 - 118.06		90,517,969		1.61		0.00 - 0.90	29.76 - 30.94
BHFTII Frontier Mid Cap	2023		4,059,067		59.52 - 226.81		286,178,088		—		0.00 - 0.90	16.94 - 18.00
Growth Division	2022		4,309,631		50.44 - 192.22		259,298,023		—		0.00 - 0.90	(28.79) - (28.15)
	2021		4,503,522		70.20 - 267.51		379,750,516		—		0.00 - 0.90	13.65 - 14.68
	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

UL-195

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTII Jennison Growth	2023		665,817		39.16 - 86.44		54,273,975		—		0.00 - 0.90	51.90 - 53.26
Division	2022		695,016		25.55 - 56.40		36,949,284		—		0.00 - 0.90	(39.42) - (38.87)
	2021		723,294		41.80 - 92.26		63,138,957		—		0.00 - 0.90	16.12 - 17.17
	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
BHFTII Loomis Sayles Small	2023		246,014		55.76 - 162.76		28,865,510		0.19		0.00 - 0.90	16.42 - 17.46
Cap Core Division4​	2022		262,812		47.47 - 138.56		26,292,547		—		0.00 - 0.90	(15.82) - (15.06)
	2021		278,921		55.89 - 163.13		32,916,898		0.08		0.00 - 0.90	20.86 - 21.95
	2020		294,826		45.83 - 133.77		28,568,739		0.13		0.00 - 0.90	11.06 - 12.07
	2019		56,229		40.90 - 905.79		26,944,849		0.03		0.00 - 0.90	24.41 - 25.54
BHFTII Loomis Sayles Small	2023		300,414		39.34 - 48.23		14,221,421		—		0.00 - 0.90	10.91 - 11.91
Cap Growth Division	2022		311,640		35.47 - 43.10		13,189,360		—		0.00 - 0.90	(23.65) - (22.96)
	2021		333,987		46.45 - 55.94		18,356,226		—		0.00 - 0.90	9.02 - 10.00
	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
BHFTII MetLife Aggregate	2023		6,173,628		19.00 - 24.36		148,403,441		2.87		0.00 - 0.90	4.26 - 5.20
Bond Index Division	2022		5,940,962		18.23 - 23.16		135,750,759		2.85		0.00 - 0.90	(13.87) - (13.09)
	2021		6,374,351		21.16 - 26.65		167,582,568		2.50		0.00 - 0.90	(2.81) - (1.93)
	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
BHFTII MetLife Mid Cap	2023		1,644,188		60.99 - 75.33		120,873,694		1.30		0.00 - 0.90	15.05 - 16.08
Stock Index Division	2022		1,755,165		53.01 - 64.89		111,082,035		1.12		0.00 - 0.90	(14.03) - (13.26)
	2021		1,847,012		61.67 - 74.81		134,806,882		1.08		0.00 - 0.90	23.28 - 24.40
	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
BHFTII MetLife MSCI EAFE®​	2023		4,151,642		18.75 - 29.63		109,846,788		2.50		0.00 - 0.90	16.88 - 17.93
Index Division	2022		4,490,291		16.04 - 25.13		100,713,181		3.70		0.00 - 0.90	(15.24) - (14.47)
	2021		4,501,021		18.92 - 29.38		118,103,808		1.79		0.00 - 0.90	9.73 - 10.72
	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
BHFTII MetLife Russell 2000®​	2023		1,475,632		42.16 - 68.49		91,170,955		1.32		0.00 - 0.90	15.76 - 16.80
Index Division	2022		1,523,348		36.42 - 58.64		80,456,431		1.07		0.00 - 0.90	(20.94) - (20.23)
	2021		1,584,616		46.06 - 73.51		104,957,780		0.99		0.00 - 0.90	13.49 - 14.52
	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
BHFTII MetLife Stock Index	2023		19,879,741		58.05 - 260.01		1,590,286,340		1.39		0.00 - 0.90	24.81 - 25.94
Division	2022		21,104,569		46.09 - 206.46		1,344,098,565		1.28		0.00 - 0.90	(19.03) - (18.30)
	2021		21,988,293		56.42 - 252.69		1,717,996,347		1.50		0.00 - 0.90	27.21 - 28.36
	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
BHFTII MFS®​ Total Return	2023		305,661		29.23 - 170.63		10,885,467		2.17		0.00 - 0.90	9.42 - 10.40
Division	2022		324,989		26.72 - 154.55		10,410,232		1.79		0.00 - 0.90	(10.44) - (9.63)
	2021		328,139		29.83 - 171.03		11,534,646		1.84		0.00 - 0.90	13.19 - 14.22
	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

UL-196

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
BHFTII MFS®​ Value Division	2023		2,653,698		45.46 - 66.84		131,855,576		1.87		0.00 - 0.90	7.18 - 8.15
	2022		2,785,286		42.03 - 61.81		127,780,348		1.72		0.00 - 0.90	(6.82) - (5.98)
	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
BHFTII Neuberger Berman	2023		2,020,616		58.51 - 72.27		143,062,419		0.13		0.00 - 0.90	14.49 - 15.53
Genesis Division	2022		2,136,656		51.10 - 62.55		131,024,850		—		0.00 - 0.90	(19.88) - (19.15)
	2021		2,249,576		63.78 - 77.37		170,768,848		0.08		0.00 - 0.90	17.35 - 18.41
	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
BHFTII T. Rowe Price Large	2023		1,986,016		49.00 - 86.46		142,074,519		—		0.00 - 0.90	45.50 - 46.81
Cap Growth Division	2022		2,094,521		33.68 - 58.89		101,829,196		—		0.00 - 0.90	(41.00) - (40.46)
	2021		2,175,059		57.08 - 98.92		177,583,885		—		0.00 - 0.90	19.15 - 20.22
	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
BHFTII T. Rowe Price Small	2023		1,681,540		74.88 - 96.85		146,336,492		0.05		0.00 - 0.90	20.48 - 21.57
Cap Growth Division	2022		1,797,146		62.15 - 79.67		129,077,649		0.21		0.00 - 0.90	(22.85) - (22.15)
	2021		1,894,093		80.56 - 102.35		175,366,399		0.03		0.00 - 0.90	10.67 - 11.67
	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
BHFTII VanEck Global	2023		2,584		177.21		457,893		2.87		0.00	(3.49)
Natural Resources Division	2022		2,286		183.62		419,687		2.72		0.00	8.24
	2021		2,398		169.65		406,789		1.25		0.00	18.82
	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
BHFTII Western Asset	2023		1,361,096		12.51 - 53.43		46,427,186		6.55		0.00 - 0.90	8.46 - 9.44
Management Strategic Bond	2022		1,413,577		11.44 - 48.83		43,750,373		6.07		0.00 - 0.90	(17.40) - (16.66)
Opportunities Division	2021		1,517,593		13.72 - 58.58		55,757,889		3.74		0.00 - 0.90	1.90 - 2.82
	2020		1,547,262		13.34 - 56.98		56,289,149		5.86		0.00 - 0.90	5.95 - 6.92
	2019		1,645,761		12.48 - 53.29		56,510,228		4.91		0.00 - 0.90	13.46 - 14.49
BHFTII Western Asset	2023		788,578		16.41 - 27.72		15,739,668		2.32		0.00 - 0.90	3.93 - 4.87
Management U.S. Government	2022		808,864		15.79 - 26.44		15,449,283		2.26		0.00 - 0.90	(9.82) - (9.01)
Division	2021		904,209		17.51 - 29.05		19,505,610		2.65		0.00 - 0.90	(2.40) - (1.52)
	2020		913,585		17.94 - 29.50		19,983,786		3.13		0.00 - 0.90	4.30 - 5.24
	2019		803,446		17.20 - 28.03		16,117,304		2.72		0.00 - 0.90	5.08 - 6.03
Fidelity®​ VIP Asset	2023		88,959		27.34		2,432,442		1.76		0.00	16.21
Manager: Growth Division	2022		90,405		23.53		2,127,215		1.73		0.00	(16.95)
	2021		94,576		28.33		2,679,609		1.35		0.00	13.89
	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
Fidelity®​ VIP Contrafund®​	2023		67,369		67.97		4,579,006		0.39		0.00	33.34
Division	2022		71,544		50.98		3,646,981		0.40		0.00	(26.38)
	2021		75,799		69.24		5,248,539		0.05		0.00	27.71
	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

UL-197

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
Fidelity®​ VIP	2023		15,690		41.54		651,846		1.88		0.00	10.53
Equity-Income Division	2022		15,867		37.59		596,366		1.85		0.00	(5.09)
	2021		15,981		39.60		632,837		2.19		0.00	24.83
	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
Fidelity®​ VIP Freedom 2010	2023		7,667		20.69		158,655		3.97		0.00	9.48
Division	2022		7,961		18.90		150,487		2.17		0.00	(13.53)
	2021		8,282		21.86		181,045		1.06		0.00	5.89
	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
Fidelity®​ VIP Freedom 2020	2023		25,988		22.76 - 31.09		750,584		3.20		0.00	12.40
Division	2022		26,859		20.25 - 27.66		687,716		2.09		0.00	(15.69)
	2021		26,866		24.02 - 32.80		818,332		1.13		0.00	9.47
	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
Fidelity®​ VIP Freedom 2025	2023		19,704		34.12		672,306		2.85		0.00	13.62
Division	2022		19,371		30.03		581,732		2.05		0.00	(16.43)
	2021		19,556		35.93		702,750		1.07		0.00	10.83
	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
Fidelity®​ VIP Freedom 2030	2023		18,910		25.54		482,961		2.41		0.00	14.70
Division	2022		19,034		22.27		423,819		2.02		0.00	(16.87)
	2021		16,595		26.79		444,513		0.95		0.00	12.37
	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
Fidelity®​ VIP Freedom 2040	2023		15,806		33.05		522,329		1.61		0.00	18.93
Division	2022		16,792		27.79		466,605		1.70		0.00	(18.25)
	2021		15,661		33.99		532,365		0.84		0.00	17.83
	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
Fidelity®​ VIP Freedom 2050	2023		8,755		33.47		293,033		1.54		0.00	19.45
Division	2022		8,267		28.02		231,656		1.69		0.00	(18.22)
	2021		7,764		34.27		266,057		0.82		0.00	17.83
	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
Fidelity®​ VIP Government	2023		332,124		19.54		6,488,430		4.79		0.00	4.89
Money Market Division	2022		329,555		18.62		6,137,917		1.44		0.00	1.44
	2021		299,668		18.36		5,502,191		0.01		0.00	0.01
	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
Fidelity®​ VIP High Income	2023		643		27.30		17,553		5.79		0.00	10.48
Division	2022		648		24.71		16,013		5.33		0.00	(11.37)
	2021		600		27.88		16,716		3.05		0.00	4.41
	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

UL-198

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
Fidelity®​ VIP Investment	2023		53,502		19.33		1,034,160		2.56		0.00	6.12
Grade Bond Division	2022		52,411		18.21		954,633		2.27		0.00	(13.03)
	2021		52,887		20.94		1,107,572		2.14		0.00	(0.72)
	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
Fidelity®​ VIP Mid Cap	2023		4,145		81.60		338,290		0.39		0.00	14.80
Division	2022		4,224		71.08		300,286		0.27		0.00	(14.97)
	2021		4,302		83.59		359,608		0.37		0.00	25.31
	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
FTVIPT Franklin Income VIP	2023		60		138.79		8,316		5.14		0.00	8.62
Division	2022		62		127.78		7,958		4.87		0.00	(5.47)
	2021		69		135.18		9,324		4.43		0.00	16.75
	2020		97		115.78		11,247		4.88		0.00	0.69
	2019		154		114.98		17,748		5.42		0.00	16.06
FTVIPT Franklin Mutual	2023		1,693		45.40		76,863		2.57		0.00	20.31
Global Discovery VIP Division	2022		2,647		37.74		99,897		1.42		0.00	(4.75)
	2021		2,654		39.62		105,129		0.92		0.00	19.13
	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
FTVIPT Franklin Mutual	2023		135		613.63		82,574		1.93		0.00	13.46
Shares VIP Division	2022		157		540.82		84,759		1.83		0.00	(7.43)
	2021		172		584.23		100,390		2.89		0.00	19.17
	2020		184		490.26		90,404		2.96		0.00	(5.04)
	2019		181		516.30		93,359		1.72		0.00	22.57
FTVIPT Templeton Foreign	2023		254,082		25.26		6,418,651		3.35		0.00	21.09
VIP Division	2022		257,323		20.86		5,368,253		3.33		0.00	(7.39)
	2021		259,626		22.53		5,848,247		2.01		0.00	4.44
	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
FTVIPT Templeton Global	2023		45,321		23.29		1,055,509		—		0.00	3.19
Bond VIP Division	2022		45,539		22.57		1,027,769		—		0.00	(4.85)
	2021		47,612		23.72		1,129,295		—		0.00	(4.62)
	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
Goldman Sachs Small Cap	2023		88		41.63		3,667		0.47		0.00	19.28
Equity Insights Division	2022		324		34.90		11,307		0.24		0.00	(19.38)
	2021		528		43.29		22,845		0.42		0.00	23.79
	2020		684		34.97		23,927		0.28		0.00	8.58
	2019		236		32.21		7,614		0.47		0.00	24.84
Invesco V.I. Comstock	2023		3,564		39.16		139,573		1.59		0.00	12.09
Division	2022		2,578		34.94		90,048		1.37		0.00	0.85
	2021		2,640		34.64		91,443		0.44		0.00	33.04
	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

UL-199

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
Invesco V.I. EQV	2023		11,187		37.58		420,467		0.20		0.00	18.15
International Equity Division	2022		11,679		31.81		371,537		1.77		0.00	(18.31)
	2021		12,554		38.94		488,869		1.32		0.00	5.89
	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
Janus Henderson Balanced	2023		34,180		46.99		1,606,109		1.75		0.00	15.13
Division	2022		37,368		40.81		1,525,114		1.09		0.00	(16.62)
	2021		38,249		48.95		1,872,150		0.67		0.00	16.91
	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
Janus Henderson Enterprise	2023		4,407		53.62		236,316		0.10		0.00	17.78
Division	2022		4,125		45.53		187,818		0.08		0.00	(16.15)
	2021		6,257		54.30		339,767		0.23		0.00	16.54
	2020		7,377		46.59		343,695		—		0.00	19.18
	2019		11,228		39.09		438,944		0.05		0.00	35.16
Janus Henderson Forty	2023		8,219		88.29		725,663		0.13		0.00	39.65
Division	2022		8,333		63.22		526,836		0.05		0.00	(33.73)
	2021		8,449		95.40		806,082		—		0.00	22.60
	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
Janus Henderson Research	2023		13,440		50.14		673,933		0.14		0.00	43.17
Division	2022		13,549		35.02		474,557		0.16		0.00	(29.89)
	2021		13,656		49.96		682,223		0.10		0.00	20.33
	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
MFS®​ VIT Global Equity	2023		2,313		46.67		107,956		0.50		0.00	13.88
Division	2022		3,328		40.98		136,399		0.22		0.00	(17.94)
	2021		3,295		49.94		164,570		0.46		0.00	16.88
	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
MFS®​ VIT New Discovery	2023		429		53.91		23,115		—		0.00	14.25
Division	2022		456		47.19		21,512		—		0.00	(29.99)
	2021		490		67.41		33,044		—		0.00	1.57
	2020		518		66.36		34,362		—		0.00	45.58
	2019		545		45.58		24,852		—		0.00	41.27
MFS®​ VIT II High Yield	2023		6,474		26.30		170,285		5.56		0.00	12.48
Division	2022		6,622		23.38		154,850		5.36		0.00	(10.78)
	2021		6,753		26.21		176,988		4.76		0.00	3.08
	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
Morgan Stanley VIF Emerging	2023		12,636		40.26		508,762		8.64		0.00	11.84
Markets Debt Division	2022		14,228		36.00		512,206		7.52		0.00	(18.74)
	2021		14,560		44.30		645,014		5.45		0.00	(2.02)
	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

UL-200

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

7.  FINANCIAL HIGHLIGHTS — (Continued)

		As of December 31						For the year ended December 31
		Units		Unit Value Lowest to Highest ($)		Net Assets ($)		Investment1​ Income Ratio (%)		Expense Ratio2​ Lowest to Highest (%)		Total Return3​ Lowest to Highest (%)
Morgan Stanley VIF Emerging	2023		255,374		17.69		4,518,054		1.62		0.00	11.97
Markets Equity Division	2022		257,698		15.80		4,071,650		0.43		0.00	(25.08)
	2021		265,836		21.09		5,606,474		0.85		0.00	2.99
	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
PIMCO VIT All Asset Division	2023		1,433		19.03		27,264		2.99		0.00	8.14
	2022		1,447		17.60		25,461		7.77		0.00	(11.84)
	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
PIMCO VIT	2023		1,479		11.14		16,485		16.48		0.00	(7.85)
CommodityRealReturn®​	2022		3,302		12.09		39,938		21.02		0.00	8.61
Strategy Division	2021		3,598		11.13		40,065		4.21		0.00	33.34
	2020		4,019		8.35		33,556		6.78		0.00	1.35
	2019		2,908		8.24		23,957		4.48		0.00	11.43
PIMCO VIT Low Duration	2023		58,814		13.64		801,932		3.60		0.00	4.97
Division	2022		60,136		12.99		781,114		1.68		0.00	(5.74)
	2021		61,311		13.78		844,879		0.52		0.00	(0.93)
	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
Pioneer Mid Cap Value VCT	2023		173		125.10		21,696		1.95		0.00	12.46
Division	2022		171		111.24		19,005		2.08		0.00	(5.64)
	2021		168		117.89		19,747		0.95		0.00	29.67
	2020		163		90.92		14,788		1.28		0.00	2.14
	2019		139		89.01		12,380		—		0.00	28.44
Royce Micro-Cap Division	2023		477		35.56		16,974		—		0.00	18.78
	2022		482		29.94		14,424		—		0.00	(22.43)
	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
Royce Small-Cap Division	2023		479		37.93		18,180		0.87		0.00	25.93
	2022		512		30.12		15,423		0.39		0.00	(9.20)
	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

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.

UL-201

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

7.  FINANCIAL HIGHLIGHTS — (Concluded)

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.

4  Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased during the year ended December 31, 2023. There was no impact to the net assets of the division.

UL-202

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)	MLIC - 2
Financial Statements at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021:
Consolidated Balance Sheets	MLIC - 5
Consolidated Statements of Operations	MLIC - 6
Consolidated Statements of Comprehensive Income (Loss)	MLIC - 7
Consolidated Statements of Equity	MLIC - 8
Consolidated Statements of Cash Flows	MLIC - 9
Notes to the Consolidated Financial Statements	MLIC - 11
Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	MLIC - 11
Note 2 — Segment Information	MLIC - 37
Note 3 — Future Policy Benefits	MLIC - 42
Note 4 — Policyholder Account Balances	MLIC - 56
Note 5 — Market Risk Benefits	MLIC - 64
Note 6 — Separate Accounts	MLIC - 68
Note 7 — Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles	MLIC - 72
Note 8 — Reinsurance	MLIC - 74
Note 9 — Closed Block	MLIC - 80
Note 10 — Investments	MLIC - 82
Note 11 — Derivatives	MLIC - 100
Note 12 — Fair Value	MLIC - 114
Note 13 — Leases	MLIC - 128
Note 14 — Long-term and Short-term Debt	MLIC - 129
Note 15 — Equity	MLIC - 130
Note 16 — Other Revenues and Other Expenses	MLIC - 134
Note 17 — Employee Benefit Plans	MLIC - 135
Note 18 — Income Tax	MLIC - 138
Note 19 — Contingencies, Commitments and Guarantees	MLIC - 141
Note 20 — Quarterly Results of Operations (Unaudited)	MLIC - 145
Note 21 — Related Party Transactions	MLIC - 145
Financial Statement Schedules at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021:
Schedule I — Consolidated Summary of Investments — Other Than Investments in Related Parties	MLIC - 146
Schedule III — Consolidated Supplementary Insurance Information	MLIC - 147
Schedule IV — Consolidated Reinsurance	MLIC - 149

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, 2023 and 2022, 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, 2023, 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, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Adoption of New Accounting Standard

As discussed in Note 1 to the financial statements, the Company has changed its method of accounting and presentation related to long-duration insurance contracts and certain related balances effective January 1, 2023, due to the adoption of Accounting Standards Update No. 2018-12, Financial Services— Insurance (Topic 944):Targeted Improvements to the Accounting for Long-Duration Contracts, as amended (“ASU 2018-12”), with a transition date of January 1, 2021. Also see Critical Audit Matters section below.

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.

MLIC - 2

Fixed Maturity Securities Available-for-Sale – Fair Value of Level 3 Fixed Maturity Securities — Refer to Notes 1, 10, and 12 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.

We have determined that the fair value of Level 3 fixed maturity securities valued using internal matrix pricing or discounted cash flow techniques, is a critical audit matter because of the critical judgments made by management. This required complex auditor judgment and an increased extent of effort, including the use of fair value specialists in performing audit procedures to evaluate the estimate of fair value of these securities.

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.

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. Management’s estimate of future policy benefits for long-term care insurance in the MetLife Holdings segment was $15,240 million as of December 31, 2023.

Management applies considerable judgment in evaluating actual experience and other information to determine current best estimate assumptions. Principal assumptions used in the valuation of future policy benefits for long-term care insurance include incidence, claim terminations, utilization, premium rate increases and mortality.

We have determined that future policy benefits for long-term care insurance is a critical audit matter because of the significant judgments made by management when estimating future policy benefits liability. This required subjective auditor judgment and an increased extent of effort, including the involvement of actuarial specialists, when performing audit procedures to evaluate the judgments made and the reasonableness of the principal assumptions used in the valuation.

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

MLIC - 3

•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.

◦evaluated that principal assumptions were applied in the valuation model as intended, on a sample basis.

Market Risk Benefits – Valuation of Market Risk Benefits for MetLife Holdings — Refer to Notes 1, 5, and 12 to the financial statements

Critical Audit Matter Description

Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance which, expose insurance companies to other than nominal capital market risk and protect the contractholder from the same risk. The Company adopted ASU 2018-12, effective January 1, 2023 with a transition date of January 1, 2021 (see Adoption of New Accounting Standard explanatory paragraph above).As part of the adoption, market risk benefits were required to be measured at fair value, using a full retrospective transition method.Management’s estimates of market risk benefits in the MetLife Holdings segment were $2,858 million in liabilities and $156 million in assets as of December 31, 2023.

Management applies considerable judgment in determining the actuarial and capital market assumptions to be used in the valuation models to estimate the fair value of market risk benefits. In addition, at the transition date, management judgment was involved in estimating the assumptions at contract inception for the market risk benefits not previously accounted for as embedded derivatives. Principal assumptions include mortality, withdrawal, utilization, lapse and implied volatility.

We have identified the valuation of MetLife Holdings’ market risk benefits as a critical audit matter due to the high degree of auditor judgment and an increased extent of effort, including the use of specialists, when performing audit procedures to evaluate the judgments made by management to estimate the fair value of market risk benefits.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of market risk benefits included, among others, the following:

•We tested the effectiveness of controls over valuation of market risk benefits under ASU 2018-12, including the related methodologies, models and assumptions used for determining fair value.

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

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

◦developed an independent estimate, on a sample basis, of the market risk benefits and evaluated differences.

/s/ DELOITTE & TOUCHE LLP

New York, New York

March 6, 2024

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, 2023 and 2022

(In millions, except share and per share data)

	2023		2022
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $132 and $114, respectively); and amortized cost: $152,080 and $160,477, respectively	$	142,805	$	145,576
Mortgage loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest entities)	62,584		62,570
Policy loans	5,671		5,729
Real estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299, respectively, under the fair value option)	8,690		8,416
Other limited partnership interests	7,765		7,887
Short-term investments, at estimated fair value	3,048		2,759
Other invested assets (net of allowance for credit loss of $14 and $19, respectively; includes $805 and $858, respectively, of leveraged and direct financing leases; $117 and $161, respectively, relating to variable interest entities)	17,040		19,148
Total investments	247,603		252,085
Cash and cash equivalents, principally at estimated fair value	6,795		9,405
Accrued investment income	2,026		1,949
Premiums, reinsurance and other receivables	28,236		20,791
Market risk benefits, at estimated fair value	177		174
Deferred policy acquisition costs and value of business acquired	3,305		3,757
Current income tax recoverable	112		165
Deferred income tax asset	2,922		2,920
Other assets	4,312		4,352
Separate account assets	83,197		89,241
Total assets	$	378,685	$	384,839
Liabilities and Equity
Liabilities
Future policy benefits	$	129,182	$	126,914
Policyholder account balances	103,894		103,407
Market risk benefits, at estimated fair value	2,878		3,270
Other policy-related balances	8,289		7,931
Policyholder dividends payable	233		240
Payables for collateral under securities loaned and other transactions	11,790		14,171
Short-term debt	—		99
Long-term debt	1,887		1,676
Other liabilities	23,719		24,495
Separate account liabilities	83,197		89,241
Total liabilities	365,069		371,444
Contingencies, Commitments and Guarantees (Note 19)
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	12,475		12,476
Retained earnings	7,645		9,022
Accumulated other comprehensive income (loss)	(6,872)		(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	13,253		13,183
Noncontrolling interests	363		212
Total equity	13,616		13,395
Total liabilities and equity	$	378,685	$	384,839

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

Years Ended December 31, 2023, 2022 and 2021

(In millions)

	2023		2022		2021
Revenues
Premiums	$	24,718	$	31,189	$	26,188
Universal life and investment-type product policy fees	1,664		1,817		1,874
Net investment income	11,206		10,122		12,486
Other revenues	1,673		1,694		1,616
Net investment gains (losses)	(1,375)		(127)		652
Net derivative gains (losses)	(1,537)		752		(1,629)
Total revenues	36,349		45,447		41,187
Expenses
Policyholder benefits and claims	26,150		33,133		29,084
Policyholder liability remeasurement (gains) losses	(150)		(11)		—
Market risk benefit remeasurement (gains) losses	(703)		(3,379)		(758)
Interest credited to policyholder account balances	3,602		2,509		2,185
Policyholder dividends	470		563		732
Other expenses	5,785		5,703		5,700
Total expenses	35,154		38,518		36,943
Income (loss) before provision for income tax	1,195		6,929		4,244
Provision for income tax expense (benefit)	60		1,273		529
Net income (loss)	1,135		5,656		3,715
Less: Net income (loss) attributable to noncontrolling interests	41		28		5
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,094	$	5,628	$	3,710

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)

Years Ended December 31, 2023, 2022 and 2021

(In millions)

	2023		2022		2021
Net income (loss)	$	1,135	$	5,656	$	3,715
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related offsets	5,841		(30,335)		(5,341)
Deferred gains (losses) on derivatives	(1,078)		(399)		111
Future policy benefits discount rate remeasurement gains (losses)	(2,957)		21,623		5,118
Market risk benefit instrument-specific credit risk remeasurement gains (losses)	(59)		(236)		311
Foreign currency translation adjustments	56		(177)		9
Defined benefit plans adjustment	(34)		325		82
Other comprehensive income (loss), before income tax	1,769		(9,199)		290
Income tax (expense) benefit related to items of other comprehensive income (loss)	(321)		1,934		(20)
Other comprehensive income (loss), net of income tax	1,448		(7,265)		270
Comprehensive income (loss)	2,583		(1,609)		3,985
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax	41		28		5
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	2,542	$	(1,637)	$	3,980

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

Years Ended December 31, 2023, 2022 and 2021

(In millions)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Metropolitan Life Insurance Company Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2020	$	5	$	12,460	$	10,548	$	11,662	$	34,675	$	183	$	34,858
Cumulative effects of changes in accounting principles, net of income tax					(3,932)		(12,987)		(16,919)				(16,919)
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)					3,710				3,710		5		3,715
Other comprehensive income (loss), net of income tax							270		270				270
Balance at December 31, 2021	5		12,464		6,933		(1,055)		18,347		174		18,521
Capital contributions from MetLife, Inc.			12						12				12
Dividends to MetLife, Inc.					(3,539)				(3,539)				(3,539)
Change in equity of noncontrolling interests									—		10		10
Net income (loss)					5,628				5,628		28		5,656
Other comprehensive income (loss), net of income tax							(7,265)		(7,265)				(7,265)
Balance at December 31, 2022	5		12,476		9,022		(8,320)		13,183		212		13,395
Returns of capital			(1)						(1)				(1)
Dividends to MetLife, Inc.					(2,471)				(2,471)				(2,471)
Change in equity of noncontrolling interests									—		110		110
Net income (loss)					1,094				1,094		41		1,135
Other comprehensive income (loss), net of income tax							1,448		1,448				1,448
Balance at December 31, 2023	$	5	$	12,475	$	7,645	$	(6,872)	$	13,253	$	363	$	13,616

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

Years Ended December 31, 2023, 2022 and 2021

(In millions)

	2023		2022		2021
Cash flows from operating activities
Net income (loss)	$	1,135	$	5,656	$	3,715
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses	124		127		136
Amortization of premiums and accretion of discounts associated with investments, net	(858)		(595)		(656)
(Gains) losses on investments and from sales of businesses, net	1,353		127		(652)
(Gains) losses on derivatives, net	2,461		935		2,712
(Income) loss from equity method investments, net of dividends or distributions	1,098		890		(1,873)
Interest credited to policyholder account balances	3,623		2,293		2,104
Universal life and investment-type product policy fees	(1,175)		(1,163)		(1,091)
Change in fair value option and trading securities	39		123		(125)
Change in accrued investment income	(146)		(230)		69
Change in premiums, reinsurance and other receivables	(992)		215		590
Change in market risk benefits	(455)		(3,141)		(476)
Change in deferred policy acquisition costs and value of business acquired, net	452		108		278
Change in income tax	(267)		853		4
Change in other assets	(77)		187		(303)
Change in insurance-related liabilities and policy-related balances	(1,546)		(1,330)		(257)
Change in other liabilities	84		(63)		(372)
Other, net	(18)		148		(74)
Net cash provided by (used in) operating activities	4,835		5,140		3,729
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale	30,090		54,515		51,010
Equity securities	104		213		565
Mortgage loans	6,129		8,912		16,790
Real estate and real estate joint ventures	354		925		1,329
Other limited partnership interests	415		992		541
Short-term investments	7,271		8,914		10,309
Purchases and originations of:
Fixed maturity securities available-for-sale	(27,700)		(49,620)		(52,513)
Equity securities	(162)		(127)		(48)
Mortgage loans	(6,087)		(12,083)		(10,502)
Real estate and real estate joint ventures	(931)		(589)		(1,042)
Other limited partnership interests	(715)		(1,036)		(1,896)
Short-term investments	(7,438)		(6,727)		(12,604)
Cash received in connection with freestanding derivatives	1,628		2,967		1,720
Cash paid in connection with freestanding derivatives	(2,998)		(3,971)		(5,181)
Cash received from the redemption of an investment in affiliated preferred stock	—		—		315
Receipts on loans to affiliates	100		—		87
Purchases of loans to affiliates	—		(19)		(15)
Net change in policy loans	58		87		157
Net change in other invested assets	6		114		74
Net change in property, equipment and leasehold improvements	2		12		15
Other, net	41		19		14
Net cash provided by (used in) investing activities	$	167	$	3,498	$	(875)

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)

Years Ended December 31, 2023, 2022 and 2021

(In millions)

	2023		2022		2021
Cash flows from financing activities
Policyholder account balances:
Deposits	$	69,794	$	85,285	$	78,129
Withdrawals	(72,788)		(80,492)		(80,850)
Net change in payables for collateral under securities loaned and other transactions	(2,381)		(10,695)		1,744
Long-term debt issued	210		64		35
Long-term debt repaid	—		(57)		(26)
Derivatives with certain financing elements and other derivative related transactions, net	24		308		173
Dividends paid to MetLife, Inc.	(2,471)		(3,539)		(3,393)
Other, net	(2)		(57)		(42)
Net cash provided by (used in) financing activities	(7,614)		(9,183)		(4,230)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	2		(7)		(4)
Change in cash and cash equivalents	(2,610)		(552)		(1,380)
Cash and cash equivalents, beginning of year	9,405		9,957		11,337
Cash and cash equivalents, end of year	$	6,795	$	9,405	$	9,957
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	131	$	102	$	95
Income tax	$	374	$	344	$	388
Non-cash transactions:
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction	$	6,527	$	—	$	—
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions	$	1,113	$	7,450	$	—
Fixed maturity securities available-for-sale received from an affiliate	$	502	$	139	$	—
Policyholder account balances received in connection with affiliated reinsurance transactions	$	502	$	—	$	—
Mortgage loans disposed of in connection with a reinsurance transaction	$	110	$	—	$	—
Equity securities received due to in-kind distributions from other limited partnership interests	$	64	$	84	$	337
Real estate and real estate joint ventures acquired in satisfaction of debt	$	34	$	313	$	174
Fixed maturity securities available-for-sale transferred to an affiliate	$	—	$	328	$	—
Fair value option securities received from an affiliate	$	—	$	186	$	—
Real estate and real estate joint ventures received from an affiliate	$	—	$	144	$	—
Real estate and real estate joint ventures transferred to an affiliate	$	—	$	144	$	—
Other invested assets received in connection with an affiliated reinsurance transaction	$	—	$	—	$	3,140

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. In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits; Retirement and Income Solutions (“RIS”); and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 2 for further information on the Company’s segments and Corporate & Other. 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. 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.

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date; ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application; and ASU 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts (“LDTI”), with a transition date of January 1, 2021 (the “Transition Date”). Adoption of LDTI impacted the Company’s accounting and presentation related to long-duration insurance contracts and certain related balances for the years ended December 31, 2022 and 2021. Amounts within these consolidated financial statements which were previously presented, have been revised to conform with the current year accounting and presentation under LDTI. Disclosures as of the Transition Date are reflected in summary within “— Recent Accounting Pronouncements — Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts,” and in further detail (at the disaggregated level) within Notes 3, 4, 5 and 7.

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.

The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

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.

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)

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 separate account assets and liabilities, investments held in separate accounts and corresponding policyholder liabilities of the same amount if all of the following criteria are met:

•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 not reported as separate account assets and liabilities and 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.

Summary of Significant Accounting Policies

The following table presents the Company’s significant accounting policies with cross-references to the notes which provide additional information on such policies.

Accounting Policy	Note
Future Policy Benefit Liabilities	3
Policyholder Account Balances	4
Market Risk Benefits	5
Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles	7
Reinsurance	8
Investments	10
Derivatives	11
Fair Value	12
Employee Benefit Plans	17
Income Tax	18
Litigation Contingencies	19

Future Policy Benefit Liabilities

Traditional Non-participating and Limited-payment Long-duration products

The Company establishes future policy benefit liabilities (“FPBs”) for amounts payable under traditional non-participating and limited-payment long-duration insurance and reinsurance policies which include, but are not limited to, pension risk transfers, structured settlements, institutional income annuities, long-term care, individual disability, as well as whole and term life products. Generally, amounts are payable over an extended period of time and the related liabilities are calculated as the present value of future expected benefits and claim settlement expenses to be paid, reduced by the present value of future expected net premiums.

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)

FPBs are measured as cohorts (e.g., groups of long-duration contracts), with the exception of pension risk transfers and longevity reinsurance solutions contracts, each of which is generally considered its own cohort. Contracts from different subsidiaries or branches, issue years, benefit currencies and product types are not grouped together in the same cohort.

Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. A net premium ratio (“NPR”) approach is utilized, where net premiums (i.e., the portion of gross premiums required to fund expected insurance benefits and claim settlement expenses) are accrued each period as FPBs. The NPR used to accrue the FPB in each period is determined by using the historical and present value of expected future benefits and claim settlement expenses for the cohort divided by the historical and present value of expected future gross premiumsfor the cohort.

Cash flow assumptions are incorporated into the calculation of a cohort's NPR and FPB reserve. These assumptions are used to project the amount and timing of expected benefits and claim settlement expenses to be paid and the expected amount of premiums to be collected for a cohort. The principal inputs and assumptions used in the establishment of FPBs are actual premiums, actual benefits, in-force policies, and best estimate cash flow assumptions to project future premium and benefit amounts. The Company’s primary best estimate cash flow assumptions include expectations related to mortality, morbidity, termination, claim settlement expense, policy lapse, renewal, retirement, disability incidence, disability terminations, inflation and other contingent events as appropriate to the respective product type and geographical area. Generally, the NPR and FPB reserve are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions, except for claim settlement expenses, for which the Company has elected to lock in assumptions at the Transition Date or inception (for contracts sold after the Transition Date), as allowed by LDTI. The resulting remeasurement (gain) loss is recorded through net income and reflects the impact of the change in the NPR based on experience at the end of the quarter applied to the cumulative premiums received from the inception of the cohort (or from the Transition Date for contracts issued prior to the Transition Date) to the beginning of the quarter. The total contractual profit pattern is recognized over the expected life of the cohort by retrospectively updating the NPR. If net premiums exceed gross premiums (i.e., expected benefits exceed expected gross premiums), the FPB is increased, and a corresponding adjustment is recognized immediately in net income.

The change in FPB reflected in the statement of operations is calculated using a locked-in discount rate. For products issued prior to the Transition Date, a cohort level locked-in discount rate was developed that reflected the interest accretion rates that were locked in at inception of the underlying contracts (unless there was a historical premium deficiency event that resulted in updating the interest accretion rate prior to the Transition Date), or the acquisition date for contracts acquired through an assumed in-force reinsurance transaction or a business combination. For contracts issued subsequent to the Transition Date, the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original upper-medium grade discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income (loss) (“OCI”).

The Company generally interprets the upper-medium grade discount rate to be a rate comparable to that of a corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate for the products that are included in the disaggregated rollforwards in Note 3 which are issued in the U.S. is determined by using observable market data, including published single A base curves. The last liquid point on the upper-medium grade discount curve grades to an ultimate forward rate, which is derived using assumptions of economic growth, inflation, and a long-term upper-medium grade spread.

For limited-payment long-duration contracts, the collection of premiums does not represent the completion of the earnings process, therefore, any gross premiums received in excess of net premiums is deferred and amortized as a deferred profit liability (“DPL”). The DPL is presented within FPBs and is amortized in proportion to either the present value of expected benefit payments or insurance in-force of each cohort to ensure that profits are recognized over the life of the underlying policies in that cohort, regardless of when premiums are received. This amortization of the DPL is recorded through net income within policyholder benefits and claims. Consistent with the Company’s measurement of traditional long-duration products, management also recognizes a FPB reserve for limited-payment contracts that is representative of the difference between the present value of expected future benefits and the present value of expected

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)

future net premiums, subject to retrospective remeasurement through net income and OCI, as described above. The DPL is also subject to retrospective remeasurement through net income, however, it is not remeasured for changes in discount rates.

When a cohort’s present value of future net premiums exceeds the present value of future benefits, a “flooring” adjustment is required. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero, and is reported in net income or OCI, depending on whether the flooring relates to the FPB discounted at the locked-in discount rate versus the current upper-medium grade discount rate, respectively.

Traditional Participating Products

The Company establishes FPBs for traditional participating contracts in the U.S., which include whole and term life participating contracts in both the open and closed block using a net premium approach, similar to traditional non-participating contracts. However, for participating contracts, the discount rate and actuarial assumptions are locked in at inception, include a provision for adverse deviation, and all changes in the associated FPBs are reported within policyholder benefits and claims. See Note 9 for additional information on the closed block. For traditional participating contracts, the Company reviews its estimates of actuarial liabilities for future benefits and compares them with current best estimate assumptions. The Company revises estimates, to increase FPBs, if the Company determines that the liabilities previously established for future benefit payments less future expected net premiums in the aggregate for this line of business prove inadequate.

Additional Insurance Liabilities

Liabilities for universal and variable universal life policies with secondary guarantees (“ULSG”) 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 additional insurance liabilities are updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in future cash flow assumptions. The assumptions used in estimating the secondary and paid-up guarantee liabilities are investment income, mortality, lapse, and premium payment pattern and persistency. 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 resulting adjustments are recorded as policyholder liability remeasurement (gains) losses in the statement of operations reflecting the impact on the change in the ratio of benefits payable to total assessments over the life of the contract based on experience at the end of the quarter applied to the cumulative assessments received as of the beginning of the quarter.

Premium Deficiency Reserves

Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses and certain expenses that exceed unearned premiums. 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. For universal life-type and certain participating contracts, a premium deficiency reserve may be established when existing contract liabilities together with the present value of future fees and/or premiums are not sufficient to cover the present value of future benefits and settlement costs.Anticipated investment income is also considered in the calculations of premium deficiency reserves for short-duration contracts, as well as universal life-type and certain participating contracts.

Policyholder Account Balances

Policyholder account balances (“PABs”) represent the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder’s account balance, net of charges assessed against the account balance, and any policyholder withdrawals. This balance also includes liabilities for structured settlement and institutional income annuities, and certain other contracts, that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

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)

Market Risk Benefits

As defined by LDTI, market risk benefits (“MRBs”) are contracts or contract features that guarantee benefits, such as guaranteed minimum benefits, in addition to an account balance, which expose insurance companies to other than nominal capital market risk (e.g., equity price, interest rate, and/or foreign currency exchange risk) and subsequently protect the contractholder from the same risk. These contracts and contract features were generally recorded as embedded derivatives or additional insurance liabilities prior to the Transition Date. Certain contracts may have multiple contract features or guarantees. In these cases, each feature is separately evaluated to determine whether it meets the definition of an MRB at contract inception. If a contract includes multiple benefits that meet the definition of an MRB, those benefits are aggregated and measured as a single compound MRB.

All identified MRBs are required to be measured at estimated fair value, whether the contract or contract feature represents a direct, assumed or ceded capital market risk. All MRBs in an asset position are aggregated and presented as an asset, and all MRBs in a liability position are aggregated and presented as a liability. Changes in the estimated fair value of MRBs are recognized in net income, except for the portion of the fair value change attributable to the change in nonperformance risk of the Company which is recorded as a separate component of OCI.

The Company generally uses an attributed fee approach to value MRBs, where the attributed fee is determined at contract inception by estimating the fair value of expected future benefits and the expected future fees. The attributed fee percentage is the portion of the expected future fees due from contractholders deemed necessary at contract inception to fund all future expected benefits. This typically results in a zero fair value for the MRB at inception. The estimated fair value of the expected future benefits is estimated using a stochastically-generated set of risk-neutral scenarios. Once calculated, the attributed fee percentage is fixed and does not change over the life of the contract. All fees due from contractholders in excess of the attributed fees 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 (“UREV”) 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, generally 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 UREV 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 UREV and amortized on a basis consistent with the methodologies and assumptions used for amortizing deferred policy acquisition costs (“DAC”) for the related contracts. Changes in the UREV liability for each period (representing deferrals less amortization) are reported in universal life and investment-type product policy fees.

Recognition of Insurance Revenues and Deposits

Premiums related to long-duration individual and group fixed annuities (including pension risk transfers, certain structured settlements and certain income annuities), long-term care, individual disability, whole and term life, and participating products 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 as a DPL and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the present value of expected future policy benefit payments.

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 related to short-duration group term life, dental, disability, and legal plan contracts are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned.

Deposits related to universal life and investment-type products are credited to PABs. 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. All fees due from contractholders in excess of the attributed fees on contracts with MRBs are reported in universal life and investment-type product policy fees. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs.

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. VOBA is subject to periodic recoverability testing for traditional life and limited-payment contracts, as well as universal life type contracts.

DAC and VOBA for most long-duration products are amortized on a constant-level basis that approximates straight-line amortization on an individual contract basis. The DAC and VOBA related to RIS annuities are amortized over expected benefit payments, and for all other long-duration products are generally amortized in proportion to policy count. For short-duration products, DAC and VOBA are amortized in proportion to actual and expected future earned premiums.

DAC and VOBA are aggregated on the financial statements for reporting purposes. Amortization of DAC and VOBA is included in other expenses.

The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodologies and assumptions used to amortize DAC for the related contracts. The amortization of deferred sales inducements (“DSI”) is included in policyholder benefits and claims. DSI assets were $45 million and $49 million at December 31, 2023 and 2022, respectively.

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)

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 reinsured 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 accounting for in-force blocks and new business assumed is the same as if the business was directly sold by the Company.

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.

The reinsurance recoverable for traditional non-participating and limited-payment contracts is generally measured using a net premium methodology to accrue the projected net gain or loss on reinsurance in proportion to the gross premiums of the underlying reinsured cohorts; and is updated retrospectively on a quarterly basis for actual experience and at least once a year for any changes in cash flow assumptions. The locked-in discount rate used to measure changes in the reinsurance recoverable recorded in net income was established at the Transition Date, or at the inception of the reinsurance coverage for new reinsurance agreements entered into subsequent to the Transition Date. The reinsurance recoverable is remeasured to an upper-medium grade discount rate through OCI at each reporting date, similar to the underlying reinsured contracts. The reinsurance recoverable for other long-duration contracts and associated contract features is measured using assumptions and methods generally consistent with the underlying direct policies.

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, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, 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”).

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 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.

Premiums, fees, policyholder liability remeasurement (gains) losses, 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 expenses.

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, (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 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 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 - 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)

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 10 “— 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 10 “— Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss.”

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.

For purchased credit deteriorated (“PCD”) fixed maturity securities AFS and financing receivables, an ACL is established 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

The Company may originate or acquire mortgage loans and in certain cases transfer an interest under participation agreements. The Company accounts for transfers of an interest in a mortgage loan as sales if the transfers meet both the conditions of a participating interest and the conditions for sale accounting. The Company also acquires mortgage loans through an affiliate. The affiliate originates and acquires mortgage loans and the Company simultaneously purchases participation interests under a participation agreement. Mortgage loans acquired from affiliates that do not meet the conditions for sale accounting are treated as mortgage secured loans and reported within mortgage loans on the balance sheet.

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 10.

The Company recognizes an ACL in earnings within net investment gains (losses) at time of purchase or origination based on expected lifetime credit loss on financing receivables carried at amortized cost, including, but not limited to, mortgage loans, 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.

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 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).

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.

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 an 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 its share of the investee's earnings within net investment income. 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.

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)

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 consolidated real estate joint ventures and other limited partnership interests are initially recorded at estimated fair value. The Company elects the FVO for certain real estate joint ventures that are managed on a total return basis. Unrealized gains (losses) representing changes in estimated fair value for real estate joint ventures and other limited partnership interests recorded at estimated fair value are recognized in net investment income.

The Company routinely evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount is not recoverable and exceeds its estimated fair value. When it is determined an equity method investment has had a loss in value that is other than temporary, an impairment is recognized. 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.

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)

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.

•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.

•Affiliated investments are comprised of affiliated loans which 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.

•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. The Company accounts for its tax credit and renewable energy investments under the equity method. See Note 18.

•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.

•Net investment in leveraged leases 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 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 of New York (“FHLBNY”) common stock are carried at redemption value and are considered restricted investments until redeemed by FHLBNY. 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.

•Company-owned life insurance policies (“COLI”) are carried at cash surrender value.

•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.

•Net investment in direct financing leases is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL. Income is recognized 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.

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)

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.

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:
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.

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)

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. The changes in estimated fair value of derivatives related to discontinued cash flow hedges remain in OCI unless it is probable that the hedged forecasted transaction will not occur.

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 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 contract or contract feature does not meet the definition of a MRB;

•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.

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)

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 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.

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 eligible MetLife employees. A December 31 measurement date is used for the Company’s defined benefit pension plan.

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, in other liabilities.

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.

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)

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;

•future reversals of existing taxable temporary differences;

•taxable income in prior carryback years; and

•tax planning strategies, including the intent and ability to hold certain AFS debt securities until they recover in value.

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.

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)

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 19, 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 $67 million, $67 million and $59 million for the years ended December 31, 2023, 2022 and 2021, 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 and amortization on property and equipment are determined using the straight-line method over the estimated useful lives of the assets, generally ranging from four to 40 years. Leasehold improvements are amortized over the shorter of the useful life or remaining lease term up to 20 years. The cost basis of the property, equipment and leasehold improvements was $826 million and $840 million at December 31, 2023 and 2022, respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $727 million and $719 million at December 31, 2023 and 2022, respectively.

Leases

The Company, as lessee, has entered into various lease and sublease agreements for office space and equipment. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes the 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 exclude 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.

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)

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 interest on ceded reinsurance deposit assets. These amounts 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, as well as investments accounted for under the equity method, 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. For most of the Company’s foreign operations, the local currency is the functional currency. 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 the cost of the acquired entity over the estimated fair value of such assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment at least annually, or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event.

For the 2023 annual goodwill impairment tests, the Company concluded that goodwill was not impaired. The goodwill balance was $84 million, $2 million and $31 million in the Group Benefits, RIS and MetLife Holdings segments, respectively, at both December 31, 2023 and 2022.

Recent Accounting Pronouncements

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

Adoption of ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

The Company adopted LDTI effective January 1, 2023 with a Transition Date of January 1, 2021. The standard required a full retrospective transition approach for MRBs, and allowed for a transition method election for FPBs and DAC, as well as other balances that have historically been amortized in a manner consistent with DAC. The Company has elected the modified retrospective transition approach for all FPBs, DAC, and related balances on all long-duration contracts, subject to the transition provisions. Additionally, an amendment in LDTI allowed entities to make an accounting policy election to exclude certain sold or disposed contracts or legal entities from application of the transition guidance. The Company did not make such an election.

MLIC - 28

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)

Under the modified retrospective approach, the Company was required to establish LDTI-compliant FPBs, DAC and related balances for the Company’s Transition Date opening balance sheet by utilizing the Company’s December 31, 2020 balances with certain adjustments as described below.

MLIC - 29

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 following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Deferred Tax Asset		Other Assets		Future Policy Benefits		Policyholder Account Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	21,478	$	2,649	$	—	$	4,276	$	133,921	$	96,635	$	—	$	1,980	$	10,548	$	11,662
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	(59)		—		—		—		(1,447)		(495)		1,883		—		—		—
Adjustments for the difference between previous carrying amounts and fair value measurements for market risk benefits	—		—		—		—		—		—		4,906		(1,030)		(3,897)		21
Removal of related amounts in accumulated other comprehensive income	—		1,482		—		29		(6,835)		—		—		1,751		—		6,595
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		—		89		—		—		(12)		(45)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	403		—		—		—		25,208		—		—		(5,209)		—		(19,596)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	29		—		—		—		36		—		—		—		—		(7)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	2		12		2,518		—		(4,794)		4,794		—		2,520		10		—
Balances as adjusted, January 1, 2021	$	21,885	$	4,143	$	2,518	$	4,305	$	146,178	$	100,934	$	6,789	$	—	$	6,616	$	(1,325)

MLIC - 30

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 Transition Date impacts associated with the implementation of LDTI were applied as follows:

Market Risk Benefits (See Note 5)

The full retrospective transition approach for MRBs required assessing products to determine whether contract or contract features expose the Company to other than nominal capital market risk. The population of MRBs identified was then reviewed to determine the historical measurement model prior to adoption of LDTI. If the MRB was a bifurcated embedded derivative prior to the adoption of LDTI, the existing measurement approach was retained, except that the fair value of the MRB at inception was recalculated to isolate the contract issue date nonperformance risk of the Company.

If, prior to the adoption of LDTI, the MRB was partially a bifurcated embedded derivative (e.g., a contract with multiple features where one was a bifurcated embedded derivative and one was an additional insurance liability), or was accounted for under a different model, the at-inception attributed fee ratio was calculated for every identified MRB, and using the at inception attributed fee ratio, the fair value of the MRB at the contract issue date was calculated to isolate the contract issue date nonperformance risk of the Company.

At the Transition Date, the impacts to the financial statements of the full retrospective approach for MRBs include the following:

•The amounts previously recorded for these contracts within additional insurance liabilities, embedded derivatives, and other insurance liabilities were reclassified to MRB liabilities;

•The difference between the fair value of the MRBs and the previously recorded carrying value at the Transition Date, excluding the cumulative effect of changes in nonperformance risk of the Company, was recorded as an adjustment to the opening balance of retained earnings; and

•The cumulative effect of changes in nonperformance risk between the contract issue date and the Transition Date was recorded as an adjustment to opening AOCI as of the Transition Date.

Future Policy Benefits (See Note 3)

Traditional Non-participating Long-duration products

•Loss recognition balances related to unrealized investment gains associated with certain long-duration products previously recorded in AOCI were removed;

•Contracts in-force as of the Transition Date were grouped into cohorts; a revised NPR was calculated for each cohort using the existing Transition Date balance, best estimate cash flow assumptions without a provision for adverse deviation, and the historical discount rates used for the contracts within the cohort prior to the adoption of LDTI (the “locked-in” discount rate). For any cohorts where the net premiums exceeded gross premiums (NPR exceeded 100%), the FPB was increased for the excess of net premiums over gross premiums, with a corresponding adjustment recorded to opening retained earnings as of the Transition Date;

•The difference between the FPB balance calculated at the current upper-medium grade discount rate and the FPB balance calculated at the locked-in discount rate was recorded as an adjustment to opening AOCI as of the Transition Date; and

•Corresponding adjustments were made to ceded reinsurance balances.

Limited-payment Long-duration products

Limited-payment long-duration products transition to LDTI follows a similar approach to traditional non-participating products, except that these product cohorts may have a DPL which is adjusted at the Transition Date. If an increase to FPB depleted the DPL, the remaining adjustment was recorded to opening retained earnings as of the Transition Date.

MLIC - 31

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)

Additional insurance liabilities

•The contracts and contract features that met the definition of a MRB were reclassified;

•The impact of updating assessments used in the calculation of the additional insurance liabilities to reflect the constant margin amortization basis for UREV liabilities was recorded as an adjustment to opening retained earnings and AOCI; and

•Corresponding adjustments were made to ceded reinsurance balances.

DAC and other balances to be amortized in a manner consistent with DAC (VOBA, DSI and UREV) (See Note 7 for information on DAC, VOBA and UREV)

The opening balances of these accounts were adjusted for removal of the related amounts in AOCI, as these balances are no longer amortized using expected future gross premiums, margins, profits or earned premiums.

Other balance sheet reclassifications and adjustments at LDTI adoption (See Notes 3, 4 and 7)

Individual income annuities reclassification

Prior to the Transition Date, the Company classified all structured settlement and institutional income annuity products within FPBs. While the pre-LDTI GAAP reserving model was the same for these products, upon transition to LDTI, the reserving model for a subset of these products changed, requiring the Company to reclassify $4.7 billion of FPBs to PABs at the Transition Date.

Other reclassifications and adjustments

Other minor reclassifications and adjustments were made to conform to LDTI presentation requirements.

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	20,704	$	87	$	20,791
Market risk benefits	$	—	$	174	$	174
Deferred policy acquisition costs and value of business acquired	$	5,263	$	(1,506)	$	3,757
Deferred income tax asset	$	2,661	$	259	$	2,920
Other assets	$	4,367	$	(15)	$	4,352
Total assets	$	385,840	$	(1,001)	$	384,839
Liabilities
Future policy benefits	$	133,725	$	(6,811)	$	126,914
Policyholder account balances	$	99,967	$	3,440	$	103,407
Market risk benefits	$	—	$	3,270	$	3,270
Other policy-related balances	$	7,863	$	68	$	7,931
Other liabilities	$	24,489	$	6	$	24,495
Total liabilities	$	371,471	$	(27)	$	371,444
Equity
Retained earnings	$	10,572	$	(1,550)	$	9,022
Accumulated other comprehensive income (loss)	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company stockholder’s equity	$	14,157	$	(974)	$	13,183
Total equity	$	14,369	$	(974)	$	13,395
Total liabilities and equity	$	385,840	$	(1,001)	$	384,839

MLIC - 32

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 following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of operations:

	December 31,
		2022						2021
		As Previously Reported		Adoption Adjustment		Post  Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums		$	31,198	$	(9)	$	31,189	$	26,191	$	(3)	$	26,188
Universal life and investment-type product policy fees		$	1,997	$	(180)	$	1,817	$	2,062	$	(188)	$	1,874
Other revenues		$	1,698	$	(4)	$	1,694	$	1,616	$	—	$	1,616
Net derivative gains (losses)		$	472	$	280	$	752	$	(964)	$	(665)	$	(1,629)
Total revenues		$	45,360	$	87	$	45,447	$	42,043	$	(856)	$	41,187
Expenses
Policyholder benefits and claims		$	32,954	$	179	$	33,133	$	29,423	$	(339)	$	29,084
Policyholder liability remeasurement (gains) losses		$	—	$	(11)	$	(11)	$	—	$	—	$	—
Market risk benefits remeasurement (gains) losses		$	—	$	(3,379)	$	(3,379)	$	—	$	(758)	$	(758)
Interest credited to policyholder account balances		$	2,382	$	127	$	2,509	$	2,027	$	158	$	2,185
Policyholder dividends		$	559	$	4	$	563	$	728	$	4	$	732
Other expenses		$	5,555	$	148	$	5,703	$	5,617	$	83	$	5,700
Total expenses		$	41,450	$	(2,932)	$	38,518	$	37,795	$	(852)	$	36,943
Income (loss) before provision for income tax		$	3,910	$	3,019	$	6,929	$	4,248	$	(4)	$	4,244
Provision for income tax expense (benefit)		$	639	$	634	$	1,273	$	530	$	(1)	$	529
Net income (loss)		$	3,271	$	2,385	$	5,656	$	3,718	$	(3)	$	3,715
Net income (loss) attributable to Metropolitan Life Insurance Company		$	3,243	$	2,385	$	5,628	$	3,713	$	(3)	$	3,710

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of comprehensive income:

	December 31,
	2022						2021
	As Previously Reported		Adoption Adjustment		Post  Adoption		As Previously Reported		Adoption Adjustment		Post  Adoption
	(In millions)
Net income (loss)	$	3,271	$	2,385	$	5,656	$	3,718	$	(3)	$	3,715
Unrealized investment gains (losses), net of related offsets	$	(23,566)	$	(6,769)	$	(30,335)	$	(2,462)	$	(2,879)	$	(5,341)
Future policy benefits discount rate remeasurement gains (losses)	$	—	$	21,623	$	21,623	$	—	$	5,118	$	5,118
Market risk benefits instrument-specific credit risk remeasurement gains (losses)	$	—	$	(236)	$	(236)	$	—	$	311	$	311
Other comprehensive income (loss), before income tax	$	(23,817)	$	14,618	$	(9,199)	$	(2,260)	$	2,550	$	290
Income tax (expense) benefit related to items of other comprehensive income (loss)	$	5,004	$	(3,070)	$	1,934	$	515	$	(535)	$	(20)
Other comprehensive income (loss), net of income tax	$	(18,813)	$	11,548	$	(7,265)	$	(1,745)	$	2,015	$	270
Comprehensive income (loss)	$	(15,542)	$	13,933	$	(1,609)	$	1,973	$	2,012	$	3,985
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company	$	(15,570)	$	13,933	$	(1,637)	$	1,968	$	2,012	$	3,980

MLIC - 33

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 following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of equity:

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2020	$	10,548	$	—	$	10,548
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(3,932)	$	(3,932)
Net income (loss)	$	3,713	$	(3)	$	3,710
Balance at December 31, 2021	$	10,868	$	(3,935)	$	6,933
Net income (loss)	$	3,243	$	2,385	$	5,628
Balance at December 31, 2022	$	10,572	$	(1,550)	$	9,022
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	11,662	$	—	$	11,662
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(12,987)	$	(12,987)
Other comprehensive income (loss), net of income tax	$	(1,745)	$	2,015	$	270
Balance at December 31, 2021	$	9,917	$	(10,972)	$	(1,055)
Other comprehensive income (loss), net of income tax	$	(18,813)	$	11,548	$	(7,265)
Balance at December 31, 2022	$	(8,896)	$	576	$	(8,320)
Total Metropolitan Life Insurance Company Stockholder’s Equity
Balance at December 31, 2020	$	34,675	$	—	$	34,675
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(16,919)	$	(16,919)
Net income (loss)	$	3,713	$	(3)	$	3,710
Other comprehensive income (loss), net of income tax	$	(1,745)	$	2,015	$	270
Balance at December 31, 2021	$	33,254	$	(14,907)	$	18,347
Net income (loss)	$	3,243	$	2,385	$	5,628
Other comprehensive income (loss), net of income tax	$	(18,813)	$	11,548	$	(7,265)
Balance at December 31, 2022	$	14,157	$	(974)	$	13,183
Total Equity
Balance at December 31, 2020	$	34,858	$	—	$	34,858
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(16,919)	$	(16,919)
Net income (loss)	$	3,718	$	(3)	$	3,715
Other comprehensive income (loss), net of income tax	$	(1,745)	$	2,015	$	270
Balance at December 31, 2021	$	33,428	$	(14,907)	$	18,521
Change in equity of noncontrolling interests	$	10	$	—	$	10
Net income (loss)	$	3,271	$	2,385	$	5,656
Other comprehensive income (loss), net of income tax	$	(18,813)	$	11,548	$	(7,265)
Balance at December 31, 2022	$	14,369	$	(974)	$	13,395

MLIC - 34

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 following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of cash flows:

	December 31,
	2022						2021
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post  Adoption
	(In millions)
Cash flows from operating activities
Net income (loss)	$	3,271	$	2,385	$	5,656	$	3,718	$	(3)	$	3,715
(Gains) losses on derivatives, net	$	1,122	$	(187)	$	935	$	2,480	$	232	$	2,712
Interest credited to policyholder account balances	$	2,344	$	(51)	$	2,293	$	1,988	$	116	$	2,104
Universal life and investment-type product policy fees	$	(1,162)	$	(1)	$	(1,163)	$	(1,070)	$	(21)	$	(1,091)
Change in premiums, reinsurance and other receivables	$	146	$	69	$	215	$	752	$	(162)	$	590
Change in market risk benefits	$	—	$	(3,141)	$	(3,141)	$	—	$	(476)	$	(476)
Change in deferred policy acquisition costs and value of business acquired, net	$	(39)	$	147	$	108	$	194	$	84	$	278
Change in income tax	$	219	$	634	$	853	$	5	$	(1)	$	4
Change in other assets	$	201	$	(14)	$	187	$	(308)	$	5	$	(303)
Change in insurance-related liabilities and policy-related balances	$	(1,958)	$	628	$	(1,330)	$	(957)	$	700	$	(257)
Change in other liabilities	$	(67)	$	4	$	(63)	$	(370)	$	(2)	$	(372)
Net cash provided by (used in) operating activities	$	4,667	$	473	$	5,140	$	3,257	$	472	$	3,729
Cash flows from financing activities
Policyholder account balances - deposits	$	85,294	$	(9)	$	85,285	$	78,129	$	—	$	78,129
Policyholder account balances - withdrawals	$	(80,028)	$	(464)	$	(80,492)	$	(80,378)	$	(472)	$	(80,850)
Net cash provided by (used in) financing activities	$	(8,710)	$	(473)	$	(9,183)	$	(3,758)	$	(472)	$	(4,230)

Other Adopted Accounting Pronouncements

The table below describes the impacts of the other ASUs adopted by the Company.

Standard	Description	Effective Date and Method of Adoption	Impact on Financial Statements
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases.	January 1, 2023, the Company adopted, using a prospective approach.	The new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements, other than expanded disclosures in Note 10.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope; as amended by ASU 2022-06, Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief. The amendments in ASU 2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024.	Effective for contract modifications made between March 12, 2020 and December 31, 2024.	The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate, affected by reference rate reform. Contract modifications to replace reference rates affected by the reform occurred during 2021, 2022 and 2023. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements.

MLIC - 35

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

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

Future Adoption of 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, 2023 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 Method of Adoption	Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received).	Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).	The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM.	Effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).	The Company is evaluating the impact of the guidance on its annual disclosures to be included in its 2024 consolidated financial statements and interim condensed consolidated financial statements to be issued thereafter.
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method	The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.	January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions (with early adoption permitted).	Effective January 1, 2024, the Company will elect to account for its tax equity investments using the proportional amortization method if certain criteria are met. The adoption of the proportional amortization method will be applied on a modified retrospective basis and the Company estimates that the January 1, 2024 transition date impact from adoption will result in a decrease to total equity not to exceed $250 million, net of income tax.

MLIC - 36

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information

In the fourth quarter of 2023, MLIC reorganized from two segments into the following three segments to reflect changes in management’s responsibilities: Group Benefits, RIS and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

Group Benefits

The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability and accident & health insurance.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include 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 in the United States. 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 initiatives), 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 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.

The adoption of LDTI impacted the Company’s calculation of adjusted earnings. With the adoption of LDTI, the measurement model was simplified for DAC and VOBA, and most embedded derivatives were reclassified as MRBs. As a result, the Company updated its calculation of adjusted earnings to remove certain adjustments related to the amortization of DAC, VOBA and related intangibles and adjusted for changes in measurement of certain guarantees. Under LDTI, adjusted earnings excludes changes in fair value associated with MRBs, changes in discount rates on certain annuitization guarantees, losses at contract inception for certain single premium business, and asymmetrical accounting associated with in-force reinsurance. All periods presented herein reflect the updated calculation of adjusted earnings.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), MRB remeasurement gains (losses) and goodwill impairments.

MLIC - 37

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information (continued)

Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.

Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.

•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.

•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.

•Interest credited to PABs excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.

Divested businesses are those that have been or will be sold or exited by MLIC but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MLIC that do not meet the criteria to be included in results of discontinued operations under GAAP.

Other adjustments are made to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.

•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.

•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from 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, 2023, 2022 and 2021 and at December 31, 2023 and 2022. 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.

MLIC - 38

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information (continued)

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. The adoption of LDTI resulted in changes to the economic capital model. The changes related to this adoption do not represent a change in the composition of the segments and, in accordance with GAAP guidance for segment reporting, the Company will apply the changes to the economic capital model prospectively and did not update the economic capital model for 2022 and 2021.

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. With the adoption of LDTI, net investment income was reallocated for certain segments to reflect the impact of the change to certain liability balances, with no impact to consolidated net investment income. 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.

Year Ended December 31, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	20,593	$	1,776	$	2,346	$	3	$	24,718	$	—	$	24,718
Universal life and investment-type product policy fees	878		264		519		3		1,664		—		1,664
Net investment income (1)	1,272		6,508		3,991		224		11,995		(789)		11,206
Other revenues	711		256		197		499		1,663		10		1,673
Net investment gains (losses)	—		—		—		—		—		(1,375)		(1,375)
Net derivative gains (losses)	—		—		—		—		—		(1,537)		(1,537)
Total revenues	23,454		8,804		7,053		729		40,040		(3,691)		36,349
Expenses
Policyholder benefits and claims and policyholder dividends	17,976		4,163		4,462		1		26,602		18		26,620
Policyholder liability remeasurement (gains) losses	(26)		(158)		34		—		(150)		—		(150)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(703)		(703)
Interest credited to policyholder account balances	193		2,492		582		317		3,584		18		3,602
Capitalization of DAC	(18)		(46)		1		(55)		(118)		—		(118)
Amortization of DAC and VOBA	26		31		224		17		298		—		298
Interest expense on debt	2		14		13		103		132		—		132
Other expenses	3,318		559		794		852		5,523		(50)		5,473
Total expenses	21,471		7,055		6,110		1,235		35,871		(717)		35,154
Provision for income tax expense (benefit)	416		365		182		(283)		680		(620)		60
Adjusted earnings	$	1,567	$	1,384	$	761	$	(223)	3,489
Adjustments to:
Total revenues									(3,691)
Total expenses									717
Provision for income tax (expense) benefit									620
Net income (loss)									$	1,135			$	1,135

MLIC - 39

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information (continued)

At December 31, 2023	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	34,185	$	180,625	$	133,219	$	30,656	$	378,685
Separate account assets	$	1,159	$	47,310	$	34,728	$	—	$	83,197
Separate account liabilities	$	1,159	$	47,310	$	34,728	$	—	$	83,197

__________________

(1)Net investment income from equity method invested assets represents 0%, 1% and 2% of segment net investment income, and equity method invested assets represent 1%, 3% and 4% of segment total assets for the Group Benefits, RIS and MetLife Holdings segments, respectively.

Year Ended December 31, 2022	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	20,269	$	8,425	$	2,495	$	—	$	31,189	$	—	$	31,189
Universal life and investment-type product policy fees	855		267		695		—		1,817		—		1,817
Net investment income (1)	1,126		5,236		4,393		(45)		10,710		(588)		10,122
Other revenues	653		407		149		485		1,694		—		1,694
Net investment gains (losses)	—		—		—		—		—		(127)		(127)
Net derivative gains (losses)	—		—		—		—		—		752		752
Total revenues	22,903		14,335		7,732		440		45,410		37		45,447
Expenses
Policyholder benefits and claims and policyholder dividends	18,157		10,666		4,757		—		33,580		116		33,696
Policyholder liability remeasurement (gains) losses	7		(85)		67		—		(11)		—		(11)
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(3,379)		(3,379)
Interest credited to policyholder account balances	143		1,687		643		67		2,540		(31)		2,509
Capitalization of DAC	(18)		(51)		—		(120)		(189)		—		(189)
Amortization of DAC and VOBA	26		28		237		6		297		—		297
Interest expense on debt	1		8		8		87		104		—		104
Other expenses	3,073		391		801		1,249		5,514		(23)		5,491
Total expenses	21,389		12,644		6,513		1,289		41,835		(3,317)		38,518
Provision for income tax expense (benefit)	318		350		240		(339)		569		704		1,273
Adjusted earnings	$	1,196	$	1,341	$	979	$	(510)	3,006
Adjustments to:
Total revenues									37
Total expenses									3,317
Provision for income tax (expense) benefit									(704)
Net income (loss)									$	5,656			$	5,656

At December 31, 2022	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total
	(In millions)
Total assets	$	33,179	$	187,479	$	133,393	$	30,788	$	384,839
Separate account assets	$	990	$	55,020	$	33,231	$	—	$	89,241
Separate account liabilities	$	990	$	55,020	$	33,231	$	—	$	89,241

__________________

(1)Net investment income from equity method invested assets represents 1%, 5% and 7% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively.

MLIC - 40

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information (continued)

Year Ended December 31, 2021	Group Benefits		RIS		MetLife Holdings		Corporate & Other		Total		Adjustments		Total Consolidated
	(In millions)
Revenues
Premiums	$	19,640	$	3,823	$	2,725	$	—	$	26,188	$	—	$	26,188
Universal life and investment-type product policy fees	829		272		773		—		1,874		—		1,874
Net investment income (1)	1,152		6,097		5,768		48		13,065		(579)		12,486
Other revenues	617		244		243		512		1,616		—		1,616
Net investment gains (losses)	—		—		—		—		—		652		652
Net derivative gains (losses)	—		—		—		—		—		(1,629)		(1,629)
Total revenues	22,238		10,436		9,509		560		42,743		(1,556)		41,187
Expenses
Policyholder benefits and claims and policyholder dividends	18,820		5,813		5,154		—		29,787		29		29,816
Policyholder liability remeasurement (gains) losses	(4)		(11)		15		—		—		—		—
Market risk benefit remeasurement (gains) losses	—		—		—		—		—		(758)		(758)
Interest credited to policyholder account balances	127		1,397		666		1		2,191		(6)		2,185
Capitalization of DAC	(19)		(40)		2		(6)		(63)		—		(63)
Amortization of DAC and VOBA	26		29		286		—		341		—		341
Interest expense on debt	1		5		5		85		96		—		96
Other expenses	2,819		447		839		1,230		5,335		(9)		5,326
Total expenses	21,770		7,640		6,967		1,310		37,687		(744)		36,943
Provision for income tax expense (benefit)	100		580		514		(505)		689		(160)		529
Adjusted earnings	$	368	$	2,216	$	2,028	$	(245)	4,367
Adjustments to:
Total revenues									(1,556)
Total expenses									744
Provision for income tax (expense) benefit									160
Net income (loss)									$	3,715			$	3,715

__________________

(1)Net investment income from equity method invested assets represents 5%, 26% and 28% of segment net investment income for the Group Benefits, RIS and MetLife Holdings segments, respectively.

MLIC - 41

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

2. Segment Information (continued)

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,
	2023		2022		2021
	(In millions)
Life insurance	$	14,721	$	14,809	$	15,396
Accident & health insurance	10,460		10,111		9,493
Annuities	2,412		9,346		4,386
Other	462		434		403
Total	$	28,055	$	34,700	$	29,678

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 RIS customer were $8.1 billion for the year ended December 31, 2022, which represented 23%, of consolidated premiums, universal life and investment-type product policy fees and other revenues. The revenue was from a single premium received for a pension risk transfer. Revenues derived from one Group Benefits customer were $3.6 billion, $3.8 billion and $3.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which represented 13%, 11% and 13% 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, 2023, 2022 or 2021.

3. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date:

MLIC - 42

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

	RIS Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	54,535	$	14,281	$	45,349	$	9,625	$	10,131	$	133,921
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		(2,925)		—		(2,929)
Subtotal - pre-adoption balance, excluding additional liabilities	54,531		14,281		45,349		6,700		10,131		130,992
Removal of related amounts in AOCI	(5,571)		(1,210)		—		(54)		—		(6,835)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	41		—		—		48		—		89
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,011		8,270		—		1,927		—		25,208
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(4,747)		—		—		(47)		—		(4,794)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,413)		—		—		(250)		—		(2,663)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	56,852	$	21,341	$	45,349	$	8,324	$	10,131	$	141,997
Balance, deferred profit liabilities at January 1, 2021	$	2,413	$	—	$	—	$	250	$	—	$	2,663
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—			$	752			$	955
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		—				268				403
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—				20				26
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	—			$	1,072			$	1,416

__________________

(1)LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date.

MLIC - 43

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

	MetLife Holdings Universal and Variable  Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,478	$	1,451	$	2,929
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		(1,447)		(1,447)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	36		—		36
Additional insurance liabilities at January 1, 2021	$	1,514	$	4	$	1,518
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	554	$	—	$	554
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	9		—		9
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	563	$	—	$	563
Balance, traditional and limited-payment contracts, at January 1, 2021					$	141,997
Balance, deferred profit liabilities at January 1, 2021					2,663
Balance, additional insurance liabilities at January 1, 2021					1,518
Total future policy benefits at January 1, 2021					$	146,178

The Company’s future policy benefits on the consolidated balance sheets was as follows at:

	December 31,
	2023		2022
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	48,695	$	47,990
MetLife Holdings - Long-term care	15,240		13,845
Deferred Profit Liabilities:
RIS - Annuities	3,000		2,699
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	1,841		1,641
MetLife Holdings - Participating life	43,586		44,434
Other long-duration (1)	6,605		6,297
Short-duration and other	10,215		10,008
Total	$	129,182	$	126,914

__________________

(1) This balance represents liabilities for various smaller product lines across all segments.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable. See Note 8 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

MLIC - 44

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—
Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	(44)			—			—
Adjusted balance	(44)			—			—
Issuances	1,607			8,326			3,370
Net premiums collected	(1,563)			(8,326)			(3,370)
Balance at December 31, at original discount rate	—			—			—
Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date	$	48,190		$	54,172		$	55,778
Balance at January 1, at original discount rate	$	49,194		$	42,453		$	40,767
Effect of changes in cash flow assumptions (1)	(193)			(99)			(112)
Effect of actual variances from expected experience (2)	(411)			(136)			(183)
Adjusted balance	48,590			42,218			40,472
Issuances	1,642			8,427			3,419
Interest accrual	2,377			2,182			2,098
Benefit payments	(4,618)			(3,633)			(3,536)
Balance at December 31, at original discount rate	47,991			49,194			42,453
Effect of changes in discount rate assumptions	895			(1,004)			11,719
Balance at December 31, at current discount rate at balance sheet date	48,886			48,190			54,172
Cumulative amount of fair value hedging adjustments	(191)			(200)			727
Net liability for future policy benefits	48,695			47,990			54,899
Less: Reinsurance recoverables	—			—			312
Net liability for future policy benefits, net of reinsurance	$	48,695		$	47,990		$	54,587
Undiscounted - Expected future benefit payments	$	93,959		$	95,493		$	80,524
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	48,886		$	48,190		$	54,172
Weighted-average duration of the liability	9 years			9 years			12 years
Weighted-average interest accretion (original locked-in) rate	5.0		%	4.9		%	5.2		%
Weighted-average current discount rate at balance sheet date	5.1		%	5.5		%	2.9		%

__________________

(1)    For the years ended December 31, 2023 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $136 million and $95 million, respectively.For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $113 million.

MLIC - 45

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

(2)    For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $269 million. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $51 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $188 million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

For each of the years ended December 31, 2023, 2022 and 2021, the net effect of changes in cash flow assumptions was primarily driven by updates in biometric assumptions related to mortality.

For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality, an amendment of an affiliated reinsurance treaty and model refinements. For the years ended December 31, 2022 and 2021, the net effect of actual variances from expected experience was primarily driven by favorable mortality.

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2022, the Company incurred a loss at issue of $91 million and recognized a net remeasurement gain of $8 million attributable to cohorts with no DPL or where the DPL was depleted during the year.

MLIC - 46

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Years Ended December 31,
		2023			2022			2021
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date		$	5,775		$	7,058		$	7,142
Balance at January 1, at original discount rate		$	5,807		$	5,699		$	5,516
Effect of changes in cash flow assumptions		(152)			272			270
Effect of actual variances from expected experience		199			120			183
Adjusted balance		5,854			6,091			5,969
Interest accrual		294			298			287
Net premiums collected		(582)			(582)			(557)
Balance at December 31, at original discount rate		5,566			5,807			5,699
Effect of changes in discount rate assumptions		121			(32)			1,359
Balance at December 31, at current discount rate at balance sheet date		$	5,687		$	5,775		$	7,058
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date		$	19,619		$	27,627		$	28,483
Balance at January 1, at original discount rate		$	20,165		$	19,406		$	18,586
Effect of changes in cash flow assumptions		(190)			301			276
Effect of actual variances from expected experience		223			115			188
Adjusted balance		20,198			19,822			19,050
Interest accrual		1,070			1,043			998
Benefit payments		(774)			(700)			(642)
Balance at December 31, at original discount rate		20,494			20,165			19,406
Effect of changes in discount rate assumptions		433			(546)			8,221
Balance at December 31, at current discount rate at balance sheet date		20,927			19,619			27,627
Other adjustments		—			1			—
Net liability for future policy benefits		$	15,240		$	13,845		$	20,569
Undiscounted:
Expected future gross premiums		$	10,603		$	11,201		$	11,404
Expected future benefit payments		$	45,016		$	45,872		$	45,835
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,139		$	7,200		$	9,049
Expected future benefit payments		$	20,927		$	19,619		$	27,627
Weighted-average duration of the liability		15 years			15 years			18 years
Weighted -average interest accretion (original locked-in) rate		5.4		%	5.5		%	5.5		%
Weighted-average current discount rate at balance sheet date		5.2		%	5.6		%	3.0		%

MLIC - 47

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in biometric assumptions associated with an increase in incidence rates. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to inflation, which increased the expected cost of care.

For the year ended December 31, 2021, the net effect of actual variances from expected experience was primarily driven by a model refinement resulting in unfavorable claim utilization expectations, largely offset by higher than expected claim terminations and mortality.

Rollforward - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for universal life and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes a disaggregated rollforward. The products grouped within the rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforward and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 8 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

MLIC - 48

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Years Ended December 31,
	2023			2022			2021
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1	$	1,642		$	1,623		$	1,514
Less: AOCI adjustment	(63)			66			78
Balance, at January 1, before AOCI adjustment	1,705			1,557			1,436
Effect of changes in cash flow assumptions	26			18			—
Effect of actual variances from expected experience	16			31			13
Adjusted balance	1,747			1,606			1,449
Assessments accrual	91			90			100
Interest accrual	90			82			75
Excess benefits paid	(73)			(73)			(67)
Balance, at December 31, before AOCI adjustment	1,855			1,705			1,557
Add: AOCI adjustment	(14)			(63)			66
Balance, at December 31	1,841			1,642			1,623
Less: Reinsurance recoverables	1,841			627			605
Balance, at December 31, net of reinsurance	$	—		$	1,015		$	1,018
Weighted-average duration of the liability	17 years			18 years			18 years
Weighted-average interest accretion rate	5.2		%	5.2		%	5.2		%

Significant Methodologies and Assumptions

Liabilities for ULSG 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 guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

MLIC - 49

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

	Years Ended December 31,
	2023				2022				2021
	Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	1,584	$	2,377	$	8,353	$	2,182	$	3,383	$	2,098
MetLife Holdings - Long-term care	731		776		734		745		736		711
Deferred Profit Liabilities:
RIS - Annuities	N/A		144		N/A		136		N/A		132
Additional Insurance Liabilities:
MetLife Holdings - Universal and variable universal life	452		90		470		82		535		75
Other long-duration	887		304		821		301		1,131		304
Total	$	3,654	$	3,691	$	10,378	$	3,446	$	5,785	$	3,320

__________________

(1) Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2) Interest expense is included in policyholder benefits and claims.

Participating Business

Participating business represented 2% and 3% of the Company’s life insurance in-force at December 31, 2023 and 2022, respectively. Participating policies represented 11%, 13% and 14% of gross traditional life insurance premiums for the years ended December 31, 2023, 2022 and 2021, respectively.

Liabilities for Unpaid Claims and Claim Expenses

The following is information about incurred and paid claims development by segment at December 31, 2023. 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 2023 is presented as supplementary information.

MLIC - 50

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

Group Benefits

Group Life - Term

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	6,986	$	6,919	$	6,913	$	6,910	$	6,914	$	6,919	$	6,920	$	6,918	$	6,920	$	6,921	$	1	216,354
2015			7,040		7,015		7,014		7,021		7,024		7,025		7,026		7,026		7,028		1		219,102
2016					7,125		7,085		7,095		7,104		7,105		7,104		7,107		7,109		2		221,155
2017							7,432		7,418		7,425		7,427		7,428		7,428		7,432		2		264,341
2018									7,757		7,655		7,646		7,650		7,651		7,652		2		252,744
2019											7,935		7,900		7,907		7,917		7,914		4		254,564
2020													8,913		9,367		9,389		9,384		11		299,634
2021															10,555		10,795		10,777		23		332,964
2022																	9,640		9,653		44		331,022
2023																			9,584		1,198		263,329
Total																			83,454
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(80,287)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			20
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	3,187

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	5,428	$	6,809	$	6,858	$	6,869	$	6,902	$	6,912	$	6,915	$	6,916	$	6,917	$	6,919
2015			5,524		6,913		6,958		6,974		7,008		7,018		7,022		7,024		7,027
2016					5,582		6,980		7,034		7,053		7,086		7,096		7,100		7,106
2017							5,761		7,292		7,355		7,374		7,400		7,414		7,427
2018									6,008		7,521		7,578		7,595		7,629		7,646
2019											6,178		7,756		7,820		7,853		7,898
2020													6,862		9,103		9,242		9,296
2021															8,008		10,476		10,640
2022																	7,101		9,399
2023																			6,929
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	80,287

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	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	76.3%	21.1%	0.9%	0.3%	0.5%	0.2%	0.1%	—%	—%	—%

MLIC - 51

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

Group Long-Term Disability

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	1,076	$	1,077	$	1,079	$	1,101	$	1,109	$	1,098	$	1,097	$	1,081	$	1,078	$	1,071	$	—	22,854
2015			1,082		1,105		1,093		1,100		1,087		1,081		1,067		1,086		1,078		—		21,218
2016					1,131		1,139		1,159		1,162		1,139		1,124		1,123		1,086		—		17,974
2017							1,244		1,202		1,203		1,195		1,165		1,181		1,101		—		16,329
2018									1,240		1,175		1,163		1,147		1,170		1,102		—		15,215
2019											1,277		1,212		1,169		1,177		1,103		—		15,408
2020													1,253		1,223		1,155		1,100		—		15,773
2021															1,552		1,608		1,477		9		19,557
2022																	1,641		1,732		46		18,006
2023																			1,725		793		10,994
Total																			12,575
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,295)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			1,477
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	7,757

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	51	$	266	$	428	$	526	$	609	$	677	$	732	$	778	$	818	$	850
2015			50		264		427		524		601		665		718		764		801
2016					49		267		433		548		628		696		750		769
2017							56		290		476		579		655		719		718
2018									54		314		497		594		666		663
2019											57		342		522		620		621
2020													59		355		535		560
2021															95		505		620
2022																	76		609
2023																			84
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,295

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	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	5.0%	24.0%	14.9%	8.3%	6.0%	4.8%	3.7%	3.4%	3.6%	3.0%

MLIC - 52

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (continued)

Significant Methodologies and Assumptions

Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure.

For Group Life - Term, first year incurred claims and allocated loss adjustment expenses decreased in 2023 compared to the 2022 incurral year due to the decline in COVID-19 related death claims. For Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2023 compared to 2022 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 the 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 $6.7 billion and $6.5 billion at December 31, 2023 and 2022, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.3 billion and $1.2 billion at December 31, 2023 and 2022, respectively. The amount of interest accretion recognized was $516 million, $461 million and $518 million for the years ended December 31, 2023, 2022 and 2021, 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 - 53

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (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, 2023
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
Group Benefits:
Group Life - Term	$	3,187
Group Long-Term Disability	7,757
Total			$	10,944
Other insurance lines - all segments combined			894
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			11,838
Reinsurance recoverables on unpaid claims:
Group Benefits:
Group Life - Term	8
Group Long-Term Disability	272
Total			280
Other insurance lines - all segments combined			31
Total reinsurance recoverable on unpaid claims			311
Total unpaid claims and allocated claims adjustment expense			12,149
Discounting			(1,325)
Liability for unpaid claims and claim adjustment liabilities - short-duration			10,824
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			785
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances)			$	11,609

MLIC - 54

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

3. Future Policy Benefits — (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,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	11,300	$	10,820	$	9,791
Less: Reinsurance recoverables	1,633		1,857		1,209
Net balance at January 1,	9,667		8,963		8,582
Incurred related to:
Current year	19,983		19,997		19,876
Prior years (1)	14		359		567
Total incurred	19,997		20,356		20,443
Paid related to:
Current year	(14,484)		(14,439)		(15,331)
Prior years	(5,311)		(5,213)		(4,731)
Total paid	(19,795)		(19,652)		(20,062)
Net balance at December 31,	9,869		9,667		8,963
Add: Reinsurance recoverables	1,740		1,633		1,857
Balance at December 31,	$	11,609	$	11,300	$	10,820

______________

(1)For the year ended December 31, 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the years ended December 31, 2022 and 2021, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 and 2021 which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.

MLIC - 55

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

4. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:

	Group Benefits Group Life		RIS Capital Markets Investment Products and Stable Value GICs		RIS Annuities and Risk Solutions		MetLife Holdings Annuities		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,585	$	60,641	$	5,316	$	15,012	$	8,081	$	96,635
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		(1)		(494)		—		(495)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	—		—		4,747		—		47		4,794
Balance at January 1, 2021	$	7,585	$	60,641	$	10,062	$	14,518	$	8,128	$	100,934

The Company’s PABs on the consolidated balance sheets were as follows at:

	December 31, 2023		December 31, 2022
	(In millions)
Group Benefits - Group Life	$	7,605	$	7,954
RIS:
Capital Markets Investment Products and Stable Value GICs	58,554		58,508
Annuities and Risk Solutions	10,650		10,244
MetLife Holdings - Annuities	10,888		12,598
Other	16,197		14,103
Total	$	103,894	$	103,407

MLIC - 56

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance at January 1,	$	7,954		$	7,889		$	7,585
Deposits	3,227			3,227			3,444
Policy charges	(635)			(612)			(589)
Surrenders and withdrawals	(3,121)			(2,680)			(2,667)
Benefit payments	(12)			(10)			(9)
Net transfers from (to) separate accounts	—			(2)			(1)
Interest credited	192			142			126
Balance at December 31,	$	7,605		$	7,954		$	7,889
Weighted-average annual crediting rate	2.5		%	1.8		%	1.6		%
At period end:
Cash surrender value	$	7,543		$	7,900		$	7,837
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	250,033		$	244,638		$	238,062

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

MLIC - 57

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	863	$	4,558	$	5,421
Equal to or greater than 2% but less than 4%	1,196		9		62		2		1,269
Equal to or greater than 4%	727		1		43		34		805
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		110
Total	$	1,923	$	10	$	968	$	4,594	$	7,605
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	899	$	4,471	$	236	$	5,606
Equal to or greater than 2% but less than 4%	1,303		52		21		—		1,376
Equal to or greater than 4%	803		1		11		30		845
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		127
Total	$	2,106	$	952	$	4,503	$	266	$	7,954
December 31, 2021
Equal to or greater than 0% but less than 2%	$	5,228	$	132	$	—	$	131	$	5,491
Equal to or greater than 2% but less than 4%	1,374		50		23		—		1,447
Equal to or greater than 4%	793		—		—		29		822
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		129
Total	$	7,395	$	182	$	23	$	160	$	7,889

MLIC - 58

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements.

In addition, the Company has entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $13.0 billion and $13.5 billion at December 31, 2023 and 2022, respectively. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $15.9 billion at both December 31, 2023 and 2022. The Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, FHLBNY’s recovery on the collateral is limited to the amount of the Company’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2023 and 2022. The obligations under the Farmer Mac 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 carrying value of such collateral was $2.2 billion and $2.1 billion at December 31, 2023 and 2022, respectively.

Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance at January 1,	$	58,508		$	58,495		$	60,641
Deposits	62,605			74,689			72,504
Surrenders and withdrawals	(65,444)			(75,129)			(75,079)
Interest credited	1,907			1,190			885
Effect of foreign currency translation and other, net	978			(737)			(456)
Balance at December 31,	$	58,554		$	58,508		$	58,495
Weighted-average annual crediting rate	3.3		%	2.1		%	1.5		%
Cash surrender value at period end	$	1,583		$	1,706		$	1,571

MLIC - 59

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,621	$	2,622
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,932
Total	$	—	$	—	$	1	$	2,621	$	58,554
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	3,053	$	3,054
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		55,454
Total	$	—	$	—	$	1	$	3,053	$	58,508
December 31, 2021
Equal to or greater than 0% but less than 2%	$	—	$	632	$	3,542	$	10	$	4,184
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		54,311
Total	$	—	$	632	$	3,542	$	10	$	58,495

MLIC - 60

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

Annuities and Risk Solutions

The RIS segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance at January 1,	$	10,244		$	10,009		$	10,062
Deposits	850			912			754
Policy charges	(160)			(135)			(108)
Surrenders and withdrawals	(215)			(176)			(444)
Benefit payments	(547)			(555)			(570)
Net transfers from (to) separate accounts	53			(1)			10
Interest credited	427			396			388
Other	(2)			(206)			(83)
Balance at December 31,	$	10,650		$	10,244		$	10,009
Weighted-average annual crediting rate	4.2		%	4.0		%	4.0		%
At period end:
Cash surrender value	$	6,798		$	6,365		$	5,637
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	33,148		$	33,908		$	32,158

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

MLIC - 61

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

The RIS segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,490	$	1,510
Equal to or greater than 2% but less than 4%	249		34		7		432		722
Equal to or greater than 4%	3,607		—		165		5		3,777
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,641
Total	$	3,856	$	34	$	192	$	1,927	$	10,650
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	64	$	1,201	$	1,265
Equal to or greater than 2% but less than 4%	301		39		40		375		755
Equal to or greater than 4%	3,657		122		1		4		3,784
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,440
Total	$	3,958	$	161	$	105	$	1,580	$	10,244
December 31, 2021
Equal to or greater than 0% but less than 2%	$	—	$	—	$	114	$	490	$	604
Equal to or greater than 2% but less than 4%	258		36		41		469		804
Equal to or greater than 4%	3,650		126		1		5		3,782
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		4,819
Total	$	3,908	$	162	$	156	$	964	$	10,009

MLIC - 62

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Balance at January 1,	$	12,598		$	13,692		$	14,518
Deposits	172			229			274
Policy charges	(12)			(13)			(13)
Surrenders and withdrawals	(1,916)			(1,453)			(1,341)
Benefit payments	(408)			(406)			(404)
Net transfers from (to) separate accounts	72			198			237
Interest credited	359			375			394
Other	23			(24)			27
Balance at December 31,	$	10,888		$	12,598		$	13,692
Weighted-average annual crediting rate	3.1		%	2.9		%	2.9		%
At period end:
Cash surrender value	$	10,181		$	11,688		$	12,554
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death (2)	$	2,821		$	4,354		$	1,119
At annuitization or exercise of other living benefits (3)	$	646		$	917		$	538

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

MLIC - 63

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

4. Policyholder Account Balances (continued)

The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR	At GMCR		Greater than  0% but less  than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50%  above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	36	$	307	$	378	$	252	$	973
Equal to or greater than 2% but less than 4%	1,033		7,197		454		202		8,886
Equal to or greater than 4%	426		145		27		—		598
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		431
Total	$	1,495	$	7,649	$	859	$	454	$	10,888
December 31, 2022
Equal to or greater than 0% but less than 2%	$	934	$	4	$	8	$	16	$	962
Equal to or greater than 2% but less than 4%	9,381		892		186		12		10,471
Equal to or greater than 4%	593		43		—		—		636
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		529
Total	$	10,908	$	939	$	194	$	28	$	12,598
December 31, 2021
Equal to or greater than 0% but less than 2%	$	1,066	$	7	$	14	$	11	$	1,098
Equal to or greater than 2% but less than 4%	10,671		299		192		1		11,163
Equal to or greater than 4%	623		40		—		—		663
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		768
Total	$	12,360	$	346	$	206	$	12	$	13,692

5. Market Risk Benefits

The Company establishes liabilities for variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date:

	MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	1,882		1		1,883
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(9)		(17)		(26)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	4,728		204		4,932
Direct and assumed MRB liabilities at January 1, 2021	$	6,601	$	188	$	6,789

MLIC - 64

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

5. Market Risk Benefits (continued)

The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at:

	December 31,
	2023						2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
MetLife Holdings - Annuities	$	156	$	2,858	$	2,702	$	153	$	3,224	$	3,071
Other	21		20		(1)		21		46		25
Total	$	177	$	2,878	$	2,701	$	174	$	3,270	$	3,096

Rollforwards

The following information about the direct liability for MRBs includes a disaggregated rollforward. The products grouped within this rollforward were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. Information regarding MetLife Holdings annuity products was as follows:

MLIC - 65

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

5. Market Risk Benefits (continued)

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	3,071	$	5,715	$	6,601
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	3,164	$	6,017	$	6,610
Attributed fees collected	315		316		320
Benefit payments	(57)		(42)		(41)
Effect of changes in interest rates	(156)		(3,584)		(524)
Effect of changes in capital markets	(734)		896		(934)
Effect of changes in equity index volatility	(120)		41		20
Actual policyholder behavior different from expected behavior	115		3		(46)
Effect of changes in future expected policyholder behavior and other assumptions (1)	9		(317)		557
Effect of foreign currency translation and other, net (2)	219		72		399
Effect of changes in risk margin	(14)		(238)		(344)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2,741		3,164		6,017
Cumulative effect of changes in the instrument-specific credit risk	(39)		(93)		(302)
Balance at December 31,	$	2,702	$	3,071	$	5,715
At period end:
Net amount at risk, excluding offsets from hedging (3):
In the event of death (4)	$	2,821	$	4,354	$	1,119
At annuitization or exercise of other living benefits (5)	$	646	$	917	$	538
Weighted-average attained age of contractholders:
In the event of death (4)	70 years		69 years		70 years
At annuitization or exercise of other living benefits (5)	70 years		69 years		67 years

__________________

(1)    For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities.

(2)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(3)    Includes amounts for certain variable annuities guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 4.

(4)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(5)    For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally 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 or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

MLIC - 66

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

5. Market Risk Benefits (continued)

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed 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 MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment 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 at 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 changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

MLIC - 67

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

5. Market Risk Benefits (continued)

Other

In addition to the disaggregated MRB product rollforward above, the Company offers other products with guaranteed minimum benefit features. These MRBs are measured at estimated fair value with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	25	$	286	$	188
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	34	$	322	$	205
Attributed fees collected	2		2		2
Effect of changes in interest rates	(9)		(156)		(63)
Effect of changes in capital markets	—		(2)		(5)
Actual policyholder behavior different from expected behavior	(26)		(5)		(4)
Effect of changes in future expected policyholder behavior and other assumptions	1		(2)		63
Effect of foreign currency translation and other, net	—		(125)		124
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2		34		322
Cumulative effect of changes in the instrument-specific credit risk	(3)		(9)		(36)
Balance at December 31,	$	(1)	$	25	$	286

6. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $54.7 billion and $52.4 billion at December 31, 2023 and 2022, respectively, for which the contractholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the contractholder which totaled $28.5 billion and $36.8 billion at December 31, 2023 and 2022, respectively. The latter category consisted primarily of GICs. The average interest rate credited on these contracts was 2.6% and 2.5% at December 31, 2023 and 2022, respectively.

Separate Account Liabilities

The Company’s separate account liabilities on the consolidated balance sheets were as follows at:

	December 31, 2023		December 31, 2022
	(In millions)
RIS:
Stable Value and Risk Solutions	$	35,562	$	43,249
Annuities	11,659		11,694
MetLife Holdings - Annuities	29,162		28,443
Other	6,814		5,855
Total	$	83,197	$	89,241

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

MLIC - 68

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

6. Separate Accounts (continued)

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

	RIS Stable Value and Risk Solutions		RIS Annuities		MetLife Holdings Annuities
	(In millions)
Balance, January 1, 2021	$	58,704	$	21,895	$	40,755
Premiums and deposits	3,411		944		298
Policy charges	(263)		(35)		(788)
Surrenders and withdrawals	(8,170)		(2,457)		(4,454)
Benefit payments	(137)		—		(500)
Investment performance	400		1,189		5,023
Net transfers from (to) general account	(41)		30		(237)
Other	487		(274)		(1)
Balance, December 31, 2021	$	54,391	$	21,292	$	40,096
Premiums and deposits	4,329		1,233		266
Policy charges	(263)		(25)		(665)
Surrenders and withdrawals	(5,882)		(7,481)		(2,906)
Benefit payments	(108)		—		(431)
Investment performance	(4,492)		(2,823)		(7,722)
Net transfers from (to) general account	57		(56)		(199)
Other (1)	(4,783)		(446)		4
Balance, December 31, 2022	$	43,249	$	11,694	$	28,443
Premiums and deposits	1,643		175		256
Policy charges	(232)		(21)		(608)
Surrenders and withdrawals	(11,087)		(944)		(2,942)
Benefit payments	(95)		—		(464)
Investment performance	2,241		774		4,548
Net transfers from (to) general account	(56)		3		(73)
Other	(101)		(22)		2
Balance, December 31, 2023	$	35,562	$	11,659	$	29,162
Cash surrender value at December 31, 2021 (2)	$	44,774	N/A		$	39,855
Cash surrender value at December 31, 2022 (2)	$	38,420	N/A		$	28,292
Cash surrender value at December 31, 2023 (2)	$	30,841	N/A		29,016

_____________

(1)    Other for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

MLIC - 69

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

6. Separate Accounts (continued)

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

	December 31, 2023
	Group Benefits		RIS		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	509	$	—	$	509
U.S. government and agency	—		9,603		—		9,603
Public utilities	—		1,066		—		1,066
Municipals	—		346		—		346
Corporate bonds:
Materials	—		143		—		143
Communications	—		883		—		883
Consumer	—		1,843		—		1,843
Energy	—		906		—		906
Financial	—		2,670		—		2,670
Industrial and other	—		757		—		757
Technology	—		541		—		541
Foreign	—		1,889		—		1,889
Total corporate bonds	—		9,632		—		9,632
Total bonds	—		21,156		—		21,156
Mortgage-backed securities	—		9,515		—		9,515
Asset-backed securities and collateralized loan obligations	—		2,341		—		2,341
Redeemable preferred stock	—		9		—		9
Total fixed maturity securities	—		33,021		—		33,021
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,338		—		2,338
Banks, trust and insurance companies	—		716		—		716
Public utilities	—		65		—		65
Non-redeemable preferred stock	—		—		—		—
Mutual funds	1,159		3,672		34,728		39,559
Total equity securities	1,159		6,791		34,728		42,678
Other invested assets	—		1,425		—		1,425
Total investments	1,159		41,237		34,728		77,124
Other assets	—		6,073		—		6,073
Total	$	1,159	$	47,310	$	34,728	$	83,197

MLIC - 70

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements  — (continued)

6. Separate Accounts (continued)

	December 31, 2022
	Group Benefits (1)		RIS (1)		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	588	$	—	$	588
U.S. government and agency	—		11,189		—		11,189
Public utilities	—		1,174		—		1,174
Municipals	—		475		—		475
Corporate bonds:
Materials	—		242		—		242
Communications	—		1,174		—		1,174
Consumer	—		2,365		—		2,365
Energy	—		861		—		861
Financial	—		3,495		—		3,495
Industrial and other	—		876		—		876
Technology	—		711		—		711
Foreign	—		2,451		—		2,451
Total corporate bonds	—		12,175		—		12,175
Total bonds	—		25,601		—		25,601
Mortgage-backed securities	—		12,202		—		12,202
Asset-backed securities and collateralized loan obligations	—		2,763		—		2,763
Redeemable preferred stock	—		4		—		4
Total fixed maturity securities	—		40,570		—		40,570
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,853		—		2,853
Banks, trust and insurance companies	—		586		—		586
Public utilities	—		94		—		94
Non-redeemable preferred stock	—		2		—		2
Mutual funds	988		3,367		33,231		37,586
Total equity securities	988		6,902		33,231		41,121
Other invested assets	2		1,634		—		1,636
Total investments	990		49,106		33,231		83,327
Other assets	—		5,914		—		5,914
Total	$	990	$	55,020	$	33,231	$	89,241

__________________

(1)See Note 2 for information on the reorganization of the Company’s segments.

MLIC - 71

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles

The transition adjustments related to DAC, VOBA, and UREV, as described in Note 1, were as follows at the Transition Date:

	Group Benefits (1)		RIS (1)		MetLife Holdings		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	278	$	100	$	2,248	$	2,626
Removal of related amounts in AOCI	—		—		1,480		1,480
Other adjustments upon adoption of the LDTI standard	—		—		12		12
Balance at January 1, 2021	$	278	$	100	$	3,740	$	4,118
VOBA:
Balance at December 31, 2020	$	—	$	20	$	3	$	23
Removal of related amounts in AOCI	—		—		2		2
Balance at January 1, 2021	$	—	$	20	$	5	$	25
UREV:
Balance at December 31, 2020	$	—	$	22	$	157	$	179
Removal of related amounts in AOCI	—		—		—		—
Balance at January 1, 2021	$	—	$	22	$	157	$	179

__________________

(1)See Note 2 for information on the reorganization of the Company’s segments.

DAC and VOBA

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

	Group Benefits (1)		RIS (1)		MetLife Holdings (2)		Corporate & Other		Total
	(In millions)
DAC:
Balance at January 1, 2021	$	278	$	100	$	3,740	$	—	$	4,118
Capitalizations	19		40		(2)		6		63
Amortization	(25)		(28)		(281)		—		(334)
Balance at December 31, 2021	272		112		3,457		6		3,847
Capitalizations	18		51		—		120		189
Amortization	(26)		(26)		(237)		(6)		(295)
Balance at December 31, 2022	264		137		3,220		120		3,741
Capitalizations	18		46		(1)		55		118
Amortization	(27)		(28)		(224)		(17)		(296)
Other (3)	—		—		(272)		—		(272)
Balance at December 31, 2023	$	255	$	155	$	2,723	$	158	$	3,291
Total DAC and VOBA:
Balance at December 31, 2021									$	3,865
Balance at December 31, 2022									$	3,757
Balance at December 31, 2023									$	3,305

__________________

(1)See Note 2 for information on the reorganization of the Company’s segments.

MLIC - 72

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

7. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles (continued)

(2)Includes DAC balances primarily related to whole life, variable annuities, disability income, term life, long-term care, and universal life products.

(3)MetLife Holdings segment includes activity for total DAC ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction.

Significant Methodologies and Assumptions

The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for RIS annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities.

The Company amortizes DAC for short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term.

Information regarding other intangibles was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
VODA and VOCRA:
Balance at January 1,	$	99	$	116	$	135
Amortization	(15)		(17)		(19)
Balance at December 31,	$	84	$	99	$	116
Accumulated amortization	$	373	$	358	$	341

Unearned Revenue

Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

	RIS (1)		MetLife Holdings		Total
	(In millions)
Balance at January 1, 2021	$	22	$	157	$	179
Deferrals	3		49		52
Amortization	(4)		(11)		(15)
Balance at December 31, 2021	21		195		216
Deferrals	1		45		46
Amortization	(4)		(13)		(17)
Balance at December 31, 2022	18		227		245
Deferrals	2		33		35
Amortization	(4)		(14)		(18)
Other (2)	—		(241)		(241)
Balance at December 31, 2023	$	16	$	5	$	21

__________________

(1)     See Note 2 for information on the reorganization of the Company’s segments.

(2)MetLife Holdings segment includes activity for total UREV ceded at the date of inception related to a reinsurance agreement. See Note 8 for further information on the transaction.

Significant Methodologies and Assumptions

UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”

MLIC - 73

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. 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 “— Fixed Maturity Securities AFS – Evaluation of Fixed Maturity Securities AFS for Credit Loss” in Note 10.

Group Benefits

For its Group Benefits segment, 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 and a 50% quota share of its Group Dental business for capital management purposes. The majority of the Company’s other reinsurance activity within this segment 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.

RIS

The Company’s RIS segment has engaged in reinsurance activities on an opportunistic basis. Also, the Company assumes certain group annuity contracts issued in connection with pension risk transfers 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. In 2023, the Company reinsured an in-force block of universal life, variable universal life, universal life with secondary guarantees and fixed annuities to a third party on a 100% quota share basis.

Catastrophe Coverage

The Company has exposure to catastrophes which could contribute to significant fluctuations in its results of operations. For its Group Benefits segment, the Company purchases catastrophe coverage to reinsure risks issued within territories that it believes are subject to the greatest catastrophic risks. For its other segments, 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.

MLIC - 74

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. Reinsurance (continued)

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, 2023 and 2022, 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 $1.4 billion and $1.3 billion of unsecured unaffiliated reinsurance recoverable balances at December 31, 2023 and 2022, respectively.

At December 31, 2023, the Company had $9.6 billion of net unaffiliated ceded reinsurance recoverables. Of this total, $8.9 billion, or 93%, were with the Company’s five largest unaffiliated ceded reinsurers, including $925 million of net unaffiliated ceded reinsurance recoverables which were unsecured. At December 31, 2022, the Company had $2.0 billion of net unaffiliated ceded reinsurance recoverables. Of this total, $1.6 billion, or 80%, were with the Company’s five largest unaffiliated ceded reinsurers, including $1.1 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 liability with the deposit recoverable.

The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:

MLIC - 75

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. Reinsurance (continued)

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums
Direct premiums	$	25,027	$	31,265	$	23,005
Reinsurance assumed	847		872		4,121
Reinsurance ceded	(1,156)		(948)		(938)
Net premiums	$	24,718	$	31,189	$	26,188
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	2,019	$	2,079	$	2,173
Reinsurance assumed	(17)		30		(16)
Reinsurance ceded	(338)		(292)		(283)
Net universal life and investment-type product policy fees	$	1,664	$	1,817	$	1,874
Other revenues
Direct other revenues	$	1,025	$	1,025	$	1,066
Reinsurance assumed	125		54		13
Reinsurance ceded	523		615		537
Net other revenues	$	1,673	$	1,694	$	1,616
Policyholder benefits and claims
Direct policyholder benefits and claims	$	26,768	$	33,433	$	26,322
Reinsurance assumed	708		856		3,962
Reinsurance ceded	(1,326)		(1,156)		(1,200)
Net policyholder benefits and claims	$	26,150	$	33,133	$	29,084
Policyholder liability remeasurement (gains) losses
Direct policyholder liability remeasurement (gains) losses	$	(87)	$	43	$	(19)
Reinsurance assumed	(48)		(39)		31
Reinsurance ceded	(15)		(15)		(12)
Net policyholder liability remeasurement (gains) losses	$	(150)	$	(11)	$	—
Market risk benefits remeasurement (gains) losses
Direct market risk benefits remeasurement (gains) losses	$	(701)	$	(3,389)	$	(758)
Reinsurance assumed	(2)		10		—
Reinsurance ceded	—		—		—
Net market risk benefits remeasurement (gains) losses	$	(703)	$	(3,379)	$	(758)
Interest credited to policyholder account balances
Direct interest credited to policyholder account balances	$	3,276	$	2,418	$	2,157
Reinsurance assumed	354		109		43
Reinsurance ceded	(28)		(18)		(15)
Net interest credited to policyholder account balances	$	3,602	$	2,509	$	2,185
Other expenses
Direct other expenses	$	5,365	$	5,026	$	4,551
Reinsurance assumed	280		97		162
Reinsurance ceded	140		580		987
Net other expenses	$	5,785	$	5,703	$	5,700

MLIC - 76

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. 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,
	2023								2022
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	3,287	$	736	$	24,213	$	28,236	$	2,952	$	1,302	$	16,537	$	20,791
Market risk benefits	170		7		—		177		167		7		—		174
Deferred policy acquisition costs and value of business acquired	3,628		158		(481)		3,305		3,860		120		(223)		3,757
Total assets	$	7,085	$	901	$	23,732	$	31,718	$	6,979	$	1,429	$	16,314	$	24,722
Liabilities
Future policy benefits	$	125,885	$	3,297	$	—	$	129,182	$	123,335	$	3,579	$	—	$	126,914
Policyholder account balances	94,825		9,069		—		103,894		97,162		6,245		—		103,407
Market risk benefits	2,863		15		—		2,878		3,255		15		—		3,270
Other policy-related balances	8,186		384		(281)		8,289		7,596		358		(23)		7,931
Other liabilities	7,800		2,112		13,807		23,719		8,718		2,160		13,617		24,495
Total liabilities	$	239,559	$	14,877	$	13,526	$	267,962	$	240,066	$	12,357	$	13,594	$	266,017

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. Included in the above table are deposit assets on reinsurance of $14.3 billion and $11.6 billion at December 31, 2023 and 2022, respectively. Also, included in the table above are deposit liabilities on reinsurance of $1.5 billion and $1.7 billion at December 31, 2023 and 2022, respectively.

In November 2023, the Company completed a risk transfer transaction with a subsidiary of Global Atlantic Financial Group, a retirement and life insurance company, to reinsure an in-force block of universal life, variable universal life, universal life with secondary guarantees, and fixed annuities, which are reported in the MetLife Holdings segment. The Company entered into a reinsurance agreement on a coinsurance basis for the general account products and on a modified coinsurance basis for the separate account products. The Company recorded reinsurance recoverables and deposit receivables of $7.5 billion at December 31, 2023 reported in premiums, reinsurance and other receivables. At inception of the agreement, in addition to recording the amount recoverable, the Company i) transferred to the reinsurer $7.2 billion of assets primarily consisting of fixed maturity securities AFS and mortgage loans supporting the general account liabilities reduced by a $1.7 billion pre-tax ceding commission, ii) retained $4.5 billion separate account assets under the modified coinsurance arrangement and iii) recorded the net cost of reinsurance of $240 million within other liabilities, related to universal life, variable universal life and universal life with secondary guarantees reinsured. The net cost of reinsurance will be amortized on a basis consistent with the methodologies and assumptions used for amortizing DAC related to the underlying reinsured contracts in policyholder benefits and claims.

As part of this transaction, an affiliate entered into investment advisory and other agreements with a subsidiary of Global Atlantic Financial Group to serve as the investment manager for certain of the transferred general account assets. With certain exceptions, the agreements contemplate a term of five years.

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”), Superior Vision Insurance, Inc. and MetLife Insurance K.K., all of which are related parties.

MLIC - 77

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. Reinsurance (continued)

Information regarding the significant effects of affiliated reinsurance included on the consolidated statements of operations was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums
Reinsurance assumed	$	(19)	$	7	$	3,237
Reinsurance ceded	(372)		(139)		(114)
Net premiums	$	(391)	$	(132)	$	3,123
Universal life and investment-type product policy fees
Reinsurance assumed	$	4	$	—	$	1
Reinsurance ceded	(6)		(4)		(9)
Net universal life and investment-type product policy fees	$	(2)	$	(4)	$	(8)
Other revenues
Reinsurance assumed	$	91	$	78	$	(11)
Reinsurance ceded	471		472		505
Net other revenues	$	562	$	550	$	494
Policyholder benefits and claims
Reinsurance assumed	$	(121)	$	52	$	3,141
Reinsurance ceded	(310)		(142)		(146)
Net policyholder benefits and claims	$	(431)	$	(90)	$	2,995
Policyholder liability remeasurement (gains) losses
Reinsurance assumed	$	(40)	$	(47)	$	10
Reinsurance ceded	(11)		(9)		(2)
Net policyholder liability remeasurement (gains) losses	$	(51)	$	(56)	$	8
Interest credited to policyholder account balances
Reinsurance assumed	$	344	$	97	$	31
Reinsurance ceded	(11)		(12)		(12)
Net interest credited to policyholder account balances	$	333	$	85	$	19
Other expenses
Reinsurance assumed	$	239	$	36	$	89
Reinsurance ceded	220		651		1,065
Net other expenses	$	459	$	687	$	1,154

MLIC - 78

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

8. Reinsurance (continued)

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

	December 31,
	2023					2022
		Assumed		Ceded		Assumed		Ceded
	(In millions)
Assets
Premiums, reinsurance and other receivables		$	164	$	11,302	$	723	$	11,303
Deferred policy acquisition costs and value of business acquired		158		(160)		120		(164)
Total assets		$	322	$	11,142	$	843	$	11,139
Liabilities
Future policy benefits		$	2,236	$	—	$	2,484	$	—
Policyholder account balances		9,040		—		6,216		—
Other policy-related balances		65		(35)		61		(23)
Other liabilities		957		10,267		910		10,380
Total liabilities		$	12,298	$	10,232	$	9,671	$	10,357

Effective April 1, 2021, the Company, through its wholly-owned subsidiary, Missouri Reinsurance, Inc. (“MoRe”), 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 in future policy benefits of $2.2 billion and $2.4 billion and other invested assets of $2.8 billion and $3.0 billion at December 31, 2023 and 2022, respectively. Also, the Company recorded policyholder benefits and claims of ($130) million, $50 million and $3.1 billion and other expenses of $194 million, $24 million and $89 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company ceded two blocks of business to an affiliate on a 75% coinsurance with funds withheld basis. Certain contractual features of this agreement 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 this reinsurance agreement are included within other liabilities and were ($39) million and ($28) million at December 31, 2023 and 2022, respectively. Net derivative gains (losses) associated with these embedded derivatives were $11 million, $59 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Certain contractual features of the closed block agreement with MRC qualify as embedded derivatives, which are 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 was included within other liabilities and was ($265) million and ($423) million at December 31, 2023 and 2022, respectively. Net derivative gains (losses) associated with the embedded derivative were ($158) million, $1.5 billion and $341 million for the years ended December 31, 2023, 2022 and 2021, 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 $822 million and $757 million of unsecured affiliated reinsurance recoverable balances at December 31, 2023 and 2022, 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. Included in the above table are deposit assets on affiliated reinsurance of $9.6 billion and $9.7 billion at December 31, 2023 and 2022, respectively. Also, included in the table above are deposit liabilities on affiliated reinsurance of $764 million and $874 million at December 31, 2023 and 2022, respectively.

MLIC - 79

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

9. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations, attributed net of income tax, to 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.

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.

At least annually, management performs a premium deficiency test using best estimate assumptions to determine whether the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits. The most recent deficiency test demonstrated that the projected future earnings of the closed block are sufficient to support the payment of future closed block contractual benefits.

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 policy count within the closed block.

MLIC - 80

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

9. Closed Block (continued)

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.

Information regarding the liabilities and assets designated to the closed block was as follows at:

	December 31,
	2023		2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,142	$	37,222
Other policy-related balances	319		273
Policyholder dividends payable	174		181
Other liabilities	668		455
Total closed block liabilities	37,303		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,939		19,648
Mortgage loans	6,151		6,564
Policy loans	3,960		4,084
Real estate and real estate joint ventures	668		635
Other invested assets	506		705
Total investments	31,224		31,636
Cash and cash equivalents	717		437
Accrued investment income	383		375
Premiums, reinsurance and other receivables	54		52
Current income tax recoverable	3		88
Deferred income tax asset	312		423
Total assets designated to the closed block	32,693		33,011
Excess of closed block liabilities over assets designated to the closed block	4,610		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(820)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	130		262
Total amounts included in AOCI	(690)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,920	$	4,025

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	—	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	—		(1,682)		(1,287)
Balance at December 31,	$	—	$	—	$	1,682

MLIC - 81

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

9. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Revenues
Premiums	$	922	$	1,104	$	1,298
Net investment income	1,362		1,382		1,541
Net investment gains (losses)	7		(51)		(36)
Net derivative gains (losses)	—		33		18
Total revenues	2,291		2,468		2,821
Expenses
Policyholder benefits and claims	1,706		1,890		2,150
Policyholder dividends	366		458		626
Other expenses	86		90		96
Total expenses	2,158		2,438		2,872
Revenues, net of expenses before provision for income tax expense (benefit)	133		30		(51)
Provision for income tax expense (benefit)	28		6		(11)
Revenues, net of expenses and provision for income tax expense (benefit)	$	105	$	24	$	(40)

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.

10. Investments

See Note 12 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 and collateralized loan obligations (“ABS & CLO”), 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.

MLIC - 82

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank 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 & CLO and CMBS are, collectively, “Structured Products.”

	December 31,
	2023										2022
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost				Gross Unrealized				Estimated Fair Value
Sector			Allowance for Credit Loss		Gains		Losses						Allowance for Credit Loss		Gains		Losses
	(In millions)
U.S. corporate	$	52,479	$	(62)	$	1,126	$	3,050	$	50,493	$	55,280	$	(28)	$	649	$	4,811	$	51,090
Foreign corporate	27,520		(2)		536		2,839		25,215		28,328		(3)		206		4,538		23,993
U.S. government and agency	23,100		—		243		2,283		21,060		24,409		—		333		2,384		22,358
RMBS	20,700		(1)		228		1,979		18,948		21,539		—		177		2,383		19,333
ABS & CLO	12,049		(6)		30		432		11,641		12,639		—		9		812		11,836
Municipals	6,429		—		318		428		6,319		7,880		—		256		672		7,464
CMBS	6,387		(11)		28		570		5,834		6,691		(15)		7		640		6,043
Foreign government	3,416		(50)		156		227		3,295		3,711		(68)		140		324		3,459
Total fixed maturity securities AFS	$	152,080	$	(132)	$	2,665	$	11,808	$	142,805	$	160,477	$	(114)	$	1,777	$	16,564	$	145,576

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, 2023:

	Due in One Year or Less		Due After One Year Through Five Years		Due After Five Years Through Ten Years		Due After Ten Years		Structured Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost, net of ACL	$	4,011	$	24,416	$	27,330	$	57,073	$	39,118	$	151,948
Estimated fair value	$	3,949	$	23,787	$	26,459	$	52,187	$	36,423	$	142,805

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 - 83

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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,
	2023								2022
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
Sector & Credit Quality	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(Dollars in millions)
U.S. corporate	$	3,537	$	95	$	25,752	$	2,924	$	34,358	$	3,953	$	3,383	$	856
Foreign corporate	714		64		16,982		2,775		16,834		3,350		3,977		1,188
U.S. government and agency	4,322		228		9,980		2,055		13,489		1,895		2,756		489
RMBS	1,470		37		12,813		1,941		11,622		1,280		4,585		1,103
ABS & CLO	937		20		8,250		410		7,725		499		3,009		313
Municipals	262		10		2,102		418		3,526		616		133		56
CMBS	587		23		4,096		542		4,376		426		1,254		213
Foreign government	431		12		1,452		212		1,803		209		306		115
Total fixed maturity securities AFS	$	12,260	$	489	$	81,427	$	11,277	$	93,733	$	12,228	$	19,403	$	4,333
Investment grade	$	11,499	$	453	$	77,325	$	10,849	$	88,059	$	11,710	$	17,470	$	3,897
Below investment grade	761		36		4,102		428		5,674		518		1,933		436
Total fixed maturity securities AFS	$	12,260	$	489	$	81,427	$	11,277	$	93,733	$	12,228	$	19,403	$	4,333
Total number of securities in an unrealized loss position	1,679				8,441				10,688				2,110

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, including transfers in connection with reinsurance transactions, 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 - 84

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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 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.

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.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $4.8 billion for the year ended December 31, 2023 to $11.8 billion primarily due to interest rate volatility, narrowing credit spreads, impairments in connection with a reinsurance transaction and, to a lesser extent, the strengthening of foreign currencies on certain non-functional currency denominated fixed maturity securities.

As shown above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at December 31, 2023 relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of December 31, 2023, $428 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 on below investment grade securities were concentrated in the transportation, consumer and communications sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher

MLIC - 85

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

At December 31, 2023, the Company did not intend to sell its securities in an unrealized loss position without an ACL, 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. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at December 31, 2023.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Year Ended December 31, 2023	(In millions)
Balance at January 1,	$	28	$	3	$	68	$	—	$	—	$	15	$	114
ACL not previously recorded	31		—		—		2		6		1		40
Changes for securities with previously recorded ACL	7		(1)		(2)		(1)		—		5		8
Securities sold or exchanged	(4)		—		(16)		—		—		(10)		(30)
Write-offs	—		—		—		—		—		—		—
Balance at December 31,	$	62	$	2	$	50	$	1	$	6	$	11	$	132

	U.S.  Corporate		Foreign Corporate		Foreign Government		RMBS		ABS & CLO		CMBS		Total
Year Ended December 31, 2022	(In millions)
Balance at January 1,	$	30	$	10	$	—	$	—	$	—	$	13	$	53
ACL not previously recorded	13		12		103		—		—		2		130
Changes for securities with previously recorded ACL	17		3		(15)		—		—		—		5
Securities sold or exchanged	(10)		(22)		(20)		—		—		—		(52)
Write-offs	(22)		—		—		—		—		—		(22)
Balance at December 31,	$	28	$	3	$	68	$	—	$	—	$	15	$	114

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

	December 31,
	2023				2022
Portfolio Segment	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	37,129	59.3	%	$	37,196	59.4	%
Agricultural	15,831		25.3		15,869		25.4
Residential	10,133		16.2		9,953		15.9
Total amortized cost	63,093		100.8		63,018		100.7
Allowance for credit loss	(509)		(0.8)		(448)		(0.7)
Total mortgage loans	$	62,584	100.0	%	$	62,570	100.0	%

MLIC - 86

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($720) million and ($717) million at December 31, 2023 and 2022, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $196 million, $166 million and $79 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2022 was $171 million, $147 million and $70 million, respectively.

Purchases of mortgage loans from unaffiliated parties, consisting primarily of residential mortgage loans, were $1.1 billion, $2.3 billion and $1.4 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

During the year ended December 31, 2023, the Company disposed of commercial mortgage loans with an amortized cost of $141 million in connection with a reinsurance transaction. The disposition resulted in a loss of $31 million for the year ended December 31, 2023.

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, 2023, 2022 and 2021 was $22 million, $167 million and $277 million, respectively. In connection with the mortgage loan participations, the Company collected principal and interest payments from unaffiliated borrowers on behalf of affiliates and remitted such receipts to the affiliates in the amount of $536 million, $576 million and $1.0 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company acquires mortgage loans from its affiliated mortgage origination company. 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 and mortgage secured loan participation interests purchased by the Company from such affiliate for the years ended December 31, 2023, 2022 and 2021 was $2.1 billion, $4.8 billion and $4.7 billion, respectively. In connection with mortgage loan and mortgage secured loan participations, the affiliate collected principal and interest payments on the Company’s behalf and the affiliate remitted such payments to the Company in the amount of $2.5 billion, $2.6 billion and $1.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

During the second quarter of 2023, the Company assigned mortgage loans with a previously recorded amortized cost of $5.3 billion to its affiliated mortgage origination company. In connection with the assignment, this affiliate contemporaneously assumed the Company’s rights and obligations associated with the assigned mortgage loans. In exchange, the Company received $5.3 billion of mortgage secured loans from this affiliate, secured by the same mortgage loans assigned. As of December 31, 2023, the Company’s aggregate participation interests in affiliated mortgage secured loans included in commercial and agricultural mortgage loans was $13.1 billion.

During the years ended December 31, 2023 and 2022, the Company contributed commercial mortgage loans with an amortized cost of $14 million and $306 million, respectively, to joint ventures in anticipation of subsequent foreclosure or deed-in-lieu of foreclosure transactions. During the years ended December 31, 2023 and 2022, the joint ventures completed foreclosure or deed-in-lieu of foreclosure transactions on loans with an amortized cost of $35 million and $285 million, respectively. During the year ended December 31, 2023, no gains or losses were recognized on foreclosures or deed-in-lieu of foreclosures within joint ventures as the estimated fair value of the real estate collateralizing the foreclosures or deed-in-lieu of foreclosures approximated amortized cost. The real estate collateralizing the 2022 foreclosures or deed-in-lieu of foreclosures had an estimated fair value in excess of amortized cost. Therefore, during the year ended December 31, 2022, the Company recognized its pro rata share of $19 million within net investment gains (losses) upon consummation of the foreclosures or deed-in-lieu of foreclosures. See “— Real Estate and Real Estate Joint Ventures” for the carrying value of wholly-owned real estate acquired through foreclosure.

MLIC - 87

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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:

	Years Ended December 31,
	2023								2022								2021
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance at January 1,	$	174	$	105	$	169	$	448	$	260	$	79	$	197	$	536	$	199	$	97	$	221	$	517
Provision (release)	50		83		(22)		111		(3)		47		(20)		24		61		6		(25)		42
Initial credit losses on PCD loans (1)	—		—		—		—		—		—		—		—		—		—		3		3
Charge-offs, net of recoveries	(14)		(36)		—		(50)		(83)		(21)		(8)		(112)		—		(24)		(2)		(26)
Balance at December 31,	$	210	$	152	$	147	$	509	$	174	$	105	$	169	$	448	$	260	$	79	$	197	$	536

__________________

(1)Represents the initial credit losses on purchased mortgage loans accounted for as PCD.

Allowance for Credit Loss Methodology

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), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), 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).

MLIC - 88

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

MLIC - 89

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

After commercial and agricultural mortgage 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 is 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 reverts to industry historical loss experience using a straight-line basis over one year.

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.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted are considered in determining any ACL recorded. Mortgage loans are summarized as follows at:

	December 31, 2023
	Maturity Extension		Weighted Average Life Increase	% of Total BV
	Amortized Cost		Affected Loans (in Years)
	(Dollars in millions)
Commercial	$	419	Less than one year	1.0	%

For the year ended December 31, 2023, the Company did not have a significant amount of mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

MLIC - 90

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	1,609	$	1,228	$	1,795	$	989	$	1,980	$	8,873	$	2,698	$	19,172	51.7	%
65% to 75%	226		3,030		1,416		937		1,024		3,549		—		10,182		27.4
76% to 80%	—		359		227		111		843		996		—		2,536		6.8
Greater than 80%	31		587		723		611		659		2,628		—		5,239		14.1
Total	$	1,866	$	5,204	$	4,161	$	2,648	$	4,506	$	16,046	$	2,698	$	37,129	100.0	%
DSCR:
> 1.20x	$	1,309	$	4,221	$	3,777	$	2,375	$	3,963	$	13,609	$	2,698	$	31,952	86.1	%
1.00x - 1.20x	459		393		368		—		331		1,427		—		2,978		8.0
<1.00x	98		590		16		273		212		1,010		—		2,199		5.9
Total	$	1,866	$	5,204	$	4,161	$	2,648	$	4,506	$	16,046	$	2,698	$	37,129	100.0	%

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
LTV ratios:
Less than 65%	$	772	$	1,985	$	1,474	$	1,977	$	1,512	$	5,596	$	1,293	$	14,609	92.3	%
65% to 75%	22		82		201		126		24		489		118		1,062		6.7
76% to 80%	—		—		—		—		—		—		—		—		—
Greater than 80%	5		—		—		5		133		12		5		160		1.0
Total	$	799	$	2,067	$	1,675	$	2,108	$	1,669	$	6,097	$	1,416	$	15,831	100.0	%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2023:

Credit Quality Indicator	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	243	$	1,855	$	880	$	151	$	565	$	6,096	$	—	$	9,790	96.6	%
Nonperforming (1)	1		32		15		8		32		255		—		343		3.4
Total	$	244	$	1,887	$	895	$	159	$	597	$	6,351	$	—	$	10,133	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $134 million and $143 million at December 31, 2023 and 2022, 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 $1.0 billion, or 2%, of total commercial and agricultural mortgage loans at December 31, 2023.

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, 2023 and 2022. The Company defines delinquency consistent with industry practice,

MLIC - 91

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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:

	Past Due				Past Due and Still Accruing Interest				Nonaccrual
Portfolio Segment	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(In millions)
Commercial	$	19	$	—	$	—	$	—	$	303	$	158
Agricultural	40		120		—		18		206		131
Residential	343		428		—		—		343		429
Total	$	402	$	548	$	—	$	18	$	852	$	718

Real Estate and Real Estate Joint Ventures

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

	December 31,				Years Ended December 31,
	2023		2022		2023		2022		2021
Income Type	Carrying Value				Income
	(In millions)
Wholly-owned real estate:
Leased real estate	$	1,594	$	1,618	$	171	$	198	$	209
Other real estate	506		487		287		243		186
Real estate joint ventures	6,590		6,311		(75)		308		180
Total real estate and real estate joint ventures	$	8,690	$	8,416	$	383	$	749	$	575

The carrying value of wholly-owned real estate acquired through foreclosure was $190 million and $179 million at December 31, 2023 and 2022, respectively. Depreciation expense on real estate investments was $81 million, $86 million and $86 million for the years ended December 31, 2023, 2022 and 2021, respectively. Real estate investments were net of accumulated depreciation of $638 million and $566 million at December 31, 2023 and 2022, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office, apartment 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:

MLIC - 92

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

	December 31,				Years Ended December 31,
	2023		2022		2023		2022		2021
Property Type	Carrying Value				Income
	(In millions)
Leased real estate investments:
Office	$	848	$	797	$	114	$	74	$	73
Apartment	324		328		23		34		40
Retail	280		298		23		35		44
Industrial	119		171		11		55		52
Land	23		24		—		—		—
Total leased real estate investments	$	1,594	$	1,618	$	171	$	198	$	209

Future contractual receipts under operating leases at December 31, 2023 were $99 million in 2024, $101 million in 2025, $93 million in 2026, $84 million in 2027, $71 million in 2028, $223 million thereafter and, in total, were $671 million.

Other Invested Assets

Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 11), funds withheld (see Note 1), annuities funding structured settlement claims (see Note 1), affiliated investments (see “— Related Party Investment Transactions”), tax credit and renewable energy partnerships (see Note 1), FVO securities and equity securities (see “— FVO Securities and Equity Securities”), leveraged and direct financing leases (see Note 1), FHLBNY common stock (see “— Invested Assets on Deposit and Pledged as Collateral”), an operating joint venture (see Note 1) and COLI (see Note 1).

Tax Credit Partnerships

The carrying value of tax credit partnerships was $518 million and $749 million at December 31, 2023 and 2022, respectively. Losses from tax credit partnerships included within net investment income were $145 million, $175 million and $197 million for the years ended December 31, 2023, 2022 and 2021, respectively.

FVO Securities and Equity Securities

The following table presents FVO securities and equity securities by security type. Common stock includes common stock and certain mutual funds. FVO securities includes fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

	December 31,
	2023						2022
	Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value		Cost		Net Unrealized Gains (Losses) (1)		Estimated Fair Value
Security Type
			(In millions)
FVO securities	$	379	$	367	$	746	$	673	$	171	$	844
Equity securities
Common stock	$	118	$	45	$	163	$	119	$	47	$	166
Non-redeemable preferred stock	177		7		184		77		(3)		74
Total equity securities	$	295	$	52	$	347	$	196	$	44	$	240

__________________

(1) Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

MLIC - 93

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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 $3.5 billion and $6.6 billion, principally at estimated fair value, at December 31, 2023 and 2022, respectively.

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, 2023 and 2022.

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,
	2023							2022
	Securities (1)							Securities (1)
Agreement Type		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2)		Reinvestment Portfolio at Estimated Fair Value
						(In millions)
Securities lending		$	5,528	$	5,684	$	5,565	$	6,601	$	6,773	$	6,625
Repurchase agreements		$	3,029	$	2,975	$	2,913	$	3,176	$	3,125	$	3,057

__________________

(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2023 and within fixed maturity securities AFS and short-term investments at December 31, 2022.

(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,
	2023										2022
	Remaining Maturities										Remaining Maturities
Security Type	Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 Month to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency	$	943	$	2,523	$	2,218	$	—	$	5,684	$	935	$	4,233	$	1,605	$	—	$	6,773
Repurchase agreements:
U.S. government and agency	$	—	$	2,975	$	—	$	—	$	2,975	$	—	$	3,125	$	—	$	—	$	3,125

________________

(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.

MLIC - 94

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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 in 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.

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,
	2023		2022
	(In millions)
Invested assets on deposit (regulatory deposits)	$	105	$	98
Invested assets pledged as collateral (1)	21,177		20,612
Total invested assets on deposit and pledged as collateral	$	21,282	$	20,710

__________________

(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 11) and secured debt (see Note 14).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in FHLBNY common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $637 million and $659 million, at redemption value, at December 31, 2023 and 2022, respectively.

Collectively Significant Equity Method Investments

The Company held equity method investments of $16.0 billion at December 31, 2023, comprised primarily of other limited partnership interests (private equity funds and hedge funds), real estate joint ventures (including real estate funds), tax credit and renewable energy partnerships and an operating joint venture. The Company’s maximum exposure to loss related to these equity method investments was limited to the carrying value of these investments plus $3.0 billion of unfunded commitments at December 31, 2023.

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 two of the three most recent annual periods: 2022 and 2021.

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 $991.6 billion and $1.0 trillion at December 31, 2023 and 2022, respectively. Aggregate total liabilities of these entities totaled $114.1 billion and $119.8 billion at December 31, 2023 and 2022, respectively. Aggregate net income (loss) of these entities totaled $24.7 billion, ($8.3) billion and $218.6 billion for the years ended December 31, 2023, 2022 and 2021, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income (loss) and realized and unrealized investment gains (losses).

MLIC - 95

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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.

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,
	2023				2022
Asset Type	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures	$	1,427	$	—	$	1,357	$	—
Mortgage loan joint ventures	171		—		147		—
Renewable energy partnership (primarily other invested assets)	65		—		76		—
Investment funds (primarily other invested assets)	61		—		98		—
Total	$	1,724	$	—	$	1,678	$	—

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,
	2023				2022
Asset Type	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS (2)	$	35,370	$	35,370	$	35,813	$	35,813
Other limited partnership interests	7,319		9,452		7,299		9,716
Other invested assets	1,318		1,405		1,342		1,509
Real estate joint ventures	104		267		86		88
Total	$	44,111	$	46,494	$	44,540	$	47,126

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests (“OLPI”) and real estate joint ventures (“REJV”) 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. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

MLIC - 96

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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 19, 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, 2023, 2022 and 2021.

Net Investment Income

The composition of net investment income by asset type was as follows:

	Years Ended December 31,
Asset Type	2023		2022		2021
	(In millions)
Fixed maturity securities AFS	$	7,492	$	6,458	$	6,101
Mortgage loans	3,302		2,615		2,661
Policy loans	294		288		292
Real estate and REJV	383		749		575
OLPI	191		433		3,161
Cash, cash equivalents and short-term investments	382		147		11
FVO securities	147		(143)		102
Operating joint venture	18		34		65
Equity securities	7		11		16
Other	297		410		142
Subtotal investment income	12,513		11,002		13,126
Less: Investment expenses	1,307		880		640
Net investment income	$	11,206	$	10,122	$	12,486
Net Investment Income (“NII”) Information
Net realized and unrealized gains (losses) recognized in NII:
Net realized gains (losses) from sales and disposals (primarily Residential - FVO mortgage loans and FVO securities)	$	—	$	(13)	$	22
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV)	216		(33)		168
Net realized and unrealized gains (losses) recognized in NII	$	216	$	(46)	$	190
Changes in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII:	$	140	$	(145)	$	77
Equity method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture)	$	51	$	625	$	3,235

MLIC - 97

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

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	2023		2022		2021
	(In millions)
Fixed maturity securities AFS (1)	$	(1,284)	$	(851)	$	(49)
Equity securities	5		6		40
Mortgage loans (1)	(174)		(42)		(34)
Real estate and REJV (excluding changes in estimated fair value)	102		561		568
OLPI (excluding changes in estimated fair value)	9		4		(15)
Other gains (losses)	18		72		109
Subtotal	(1,324)		(250)		619
Change in estimated fair value of OLPI and REJV	(6)		(14)		45
Non-investment portfolio gains (losses)	(45)		137		(12)
Subtotal	(51)		123		33
Net investment gains (losses)	$	(1,375)	$	(127)	$	652
Transaction Type
Realized gains (losses) on investments sold or disposed	$	(193)	$	(146)	$	579
Impairment (losses) (1)	(994)		(38)		(24)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings	(144)		(77)		(41)
Unrealized net gains (losses) recognized in earnings	1		(3)		150
Total recognized gains (losses)	(1,330)		(264)		664
Non-investment portfolio gains (losses)	(45)		137		(12)
Net investment gains (losses)	$	(1,375)	$	(127)	$	652
Net Investment Gains (Losses) (“NIGL”) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL	$	7	$	8	$	10
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship	$	(10)	$	48	$	91
Gains (losses) on leveraged leases and renewable energy partnerships	$	26	$	33	$	12
Foreign currency gains (losses)	$	(61)	$	97	$	62
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments:
Recognized in NIGL	$	(193)	$	(146)	$	579
Recognized in NII	—		(13)		22
Net realized investment gains (losses) from sales and disposals of investments	$	(193)	$	(159)	$	601

__________________

MLIC - 98

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. Investments (continued)

(1)Includes a net loss of $895 million during the year ended December 31, 2023 for investments disposed of in connection with a reinsurance transaction. The net loss was comprised of ($946) million of impairments and $82 million of realized gains on disposal for fixed maturity securities AFS, ($29) million of adjustments to mortgage loans, reflected as impairments, (calculated at lower of amortized cost or estimated fair value) and ($2) million of realized losses on disposal for mortgage loans. See Note 8 for further information on this reinsurance transaction.

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:

	Years Ended December 31,
Fixed Maturity Securities AFS	2023		2022		2021
	(In millions)
Proceeds	$	19,803	$	42,903	$	27,587
Gross investment gains	$	354	$	469	$	232
Gross investment (losses)	(655)		(1,221)		(256)
Realized gains (losses) on sales and disposals	(301)		(752)		(24)
Net credit loss (provision) release (change in ACL recognized in earnings)	(18)		(61)		(1)
Impairment (losses)	(965)		(38)		(24)
Net credit loss (provision) release and impairment (losses)	(983)		(99)		(25)
Net investment gains (losses)	$	(1,284)	$	(851)	$	(49)
Equity Securities
Realized gains (losses) on sales and disposals	$	(2)	$	(6)	$	(61)
Unrealized net gains (losses) recognized in earnings	7		12		101
Net investment gains (losses)	$	5	$	6	$	40

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,
	2023		2022		2021
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	718	$	472	$	795
Amortized cost of invested assets transferred to affiliates	$	756	$	432	$	776
Net investment gains (losses) recognized on transfers	$	(38)	$	40	$	19
Estimated fair value of invested assets transferred from affiliates	$	1,178	$	497	$	1,346
Estimated fair value of derivative liabilities transferred from affiliates	$	—	$	64	$	—

MLIC - 99

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

10. 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,
		2023		2022		2023		2022		2021
Investment Type/Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1)	MetLife, Inc.	$	1,130	$	1,207	$	20	$	16	$	31
Affiliated investments (2)	American Life Insurance Company	—		100		1		1		2
Affiliated investments (3)	Metropolitan General Insurance Company	150		—		—		—		—
Other invested assets		$	1,280	$	1,307	$	21	$	17	$	33

________________

(1)Represents an investment in affiliated senior unsecured notes which have maturity dates from July 2026 to December 2031 and bear interest, payable semi-annually, at rates per annum ranging from 1.61% to 2.16%. In July 2023, ¥37.3 billion (the equivalent of $258 million) of 1.60% affiliated senior unsecured notes matured and were refinanced with ¥37.3 billion 2.16% affiliated senior unsecured notes due July 2030.

(2)Represents an affiliated surplus note which was prepaid in June 2023. The surplus note had an original maturity date in June 2025 and bore interest, payable semi-annually, at a rate per annum of 1.88%.

(3)Represents an investment in affiliated preferred stock with a dividend yield of 7.50% that will be cumulative and payable annually in arrears. The shares can be redeemed, at MetLife General Insurance Company’s option, after December 15, 2028.

The Company incurred investment advisory charges from an affiliate of $301 million, $272 million and $292 million for the years ended December 31, 2023, 2022, and 2021, respectively.

See “— Variable Interest Entities” for information on investments in affiliated real estate joint ventures and affiliated mortgage loan joint ventures.

See Note 8 “— Related Party Reinsurance Transactions” for information about affiliated funds withheld.

11. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards.

MLIC - 100

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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.

Synthetic GICs are contracts that simulate the performance of traditional GICs through the use of financial instruments. The contractholder owns the underlying assets, and the Company provides a guarantee (or “wrap”) on the participant funds for an annual risk charge. The Company’s maximum exposure to loss on synthetic GICs is the notional amount, in the event the values of all of the underlying assets were reduced to zero. The Company’s risk is substantially lower due to contractual provisions that limit the portfolio to high quality assets, which are pre-approved and monitored for compliance, as well as the collection of risk charges. In addition, the crediting rates reset periodically to amortize market value gains and losses over a period equal to the duration of the wrapped portfolio, subject to a 0% floor. While plan participants may transact at book value, contractholder withdrawals may only occur immediately at market value, or at book value paid over a period of time per contract provisions. Synthetic GICs are not designated as hedging instruments.

MLIC - 101

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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 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.

MLIC - 102

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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 - 103

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. 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:

	Primary Underlying Risk Exposure	December 31,
		2023						2022
				Estimated Fair Value						Estimated Fair Value
		Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps	Interest rate	$	4,443	$	1,257	$	508	$	4,036	$	1,353	$	443
Foreign currency swaps	Foreign currency exchange rate	1,459		55		1		565		74		—
Subtotal		5,902		1,312		509		4,601		1,427		443
Cash flow hedges:
Interest rate swaps	Interest rate	3,789		1		246		3,739		7		239
Interest rate forwards	Interest rate	970		—		175		2,227		—		404
Foreign currency swaps	Foreign currency exchange rate	30,342		1,977		846		29,290		2,453		1,364
Subtotal		35,101		1,978		1,267		35,256		2,460		2,007
Total qualifying hedges		41,003		3,290		1,776		39,857		3,887		2,450
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	15,516		1,476		638		15,358		1,579		704
Interest rate floors	Interest rate	13,921		39		—		23,371		114		—
Interest rate caps	Interest rate	28,890		355		—		46,666		903		—
Interest rate futures	Interest rate	25		—		—		414		—		1
Interest rate options	Interest rate	39,226		361		27		39,712		434		36
Synthetic GICs	Interest rate	6,145		—		—		13,044		—		—
Foreign currency swaps	Foreign currency exchange rate	4,304		446		24		4,739		720		5
Foreign currency forwards	Foreign currency exchange rate	1,176		8		10		1,328		16		25
Credit default swaps — purchased	Credit	809		3		7		843		16		—
Credit default swaps — written	Credit	10,007		186		4		9,074		113		26
Equity futures	Equity market	941		3		—		1,063		2		—
Equity index options	Equity market	17,703		339		193		14,143		585		179
Equity variance swaps	Equity market	—		—		—		90		4		—
Equity total return swaps	Equity market	1,912		—		218		1,922		23		103
Total non-designated or nonqualifying derivatives		140,575		3,216		1,121		171,767		4,509		1,079
Total		$	181,578	$	6,506	$	2,897	$	211,624	$	8,396	$	3,529

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, 2023 and 2022. 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 MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs 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 - 104

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. 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, 2023
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	(3)	$	—	N/A		$	—	$	29	N/A
Hedged items	3		—		N/A		(26)		(31)		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	(39)		—		N/A		—		20		N/A
Hedged items	38		—		N/A		—		(24)		N/A
Subtotal	(1)		—		N/A		(26)		(6)		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		$	(75)
Amount of gains (losses) reclassified from AOCI into income	50		87		—		—		—		(137)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		(177)
Amount of gains (losses) reclassified from AOCI into income	4		684		—		—		—		(688)
Foreign currency transaction gains (losses) on hedged items	—		(671)		—		—		—		—
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	54		101		—		—		—		(1,078)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	—		N/A		(842)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		(288)		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		(22)		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		113		N/A		N/A		N/A
Equity derivatives (1)	(52)		N/A		(1,042)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		85		N/A		N/A		N/A
Subtotal	(52)		N/A		(1,996)		N/A		N/A		N/A
Earned income on derivatives	184		—		808		4		(145)		—
Synthetic GICs	N/A		N/A		17		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		(366)		N/A		N/A		N/A
Total	$	185	$	101	$	(1,537)	$	(22)	$	(151)	$	(1,078)

MLIC - 105

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

	Year Ended December 31, 2022
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	8	$	—	N/A		$	(959)	$	(231)	N/A
Hedged items	(8)		—		N/A		905		226		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	105		—		N/A		—		—		N/A
Hedged items	(105)		—		N/A		—		—		N/A
Subtotal	—		—		N/A		(54)		(5)		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		$	(1,467)
Amount of gains (losses) reclassified from AOCI into income	59		51		—		—		—		(110)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI	N/A		N/A		N/A		N/A		N/A		766
Amount of gains (losses) reclassified from AOCI into income	5		(417)		—		—		—		412
Foreign currency transaction gains (losses) on hedged items	—		411		—		—		—		—
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	64		45		—		—		—		(399)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)	3		N/A		(2,190)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	2		N/A		564		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		44		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		(66)		N/A		N/A		N/A
Equity derivatives (1)	29		N/A		491		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(300)		N/A		N/A		N/A
Subtotal	34		N/A		(1,457)		N/A		N/A		N/A
Earned income on derivatives	370		—		599		112		(120)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		1,610		N/A		N/A		N/A
Total	$	468	$	45	$	752	$	58	$	(125)	$	(399)

MLIC - 106

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

	Year Ended December 31, 2021
	Net Investment Income		Net Investment Gains (Losses)		Net Derivative Gains (Losses)		Policyholder Benefits and Claims		Interest Credited to Policyholder Account Balances		OCI
	(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)	$	6	$	—	N/A		$	(372)	$	(83)	N/A
Hedged items	(6)		—		N/A		327		78		N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)	49		—		N/A		—		—		N/A
Hedged items	(43)		—		N/A		—		—		N/A
Subtotal	6		—		N/A		(45)		(5)		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		N/A		(1,523)		N/A		N/A		N/A
Foreign currency exchange rate derivatives (1)	—		N/A		264		N/A		N/A		N/A
Credit derivatives — purchased (1)	—		N/A		2		N/A		N/A		N/A
Credit derivatives — written (1)	—		N/A		23		N/A		N/A		N/A
Equity derivatives (1)	(1)		N/A		(1,308)		N/A		N/A		N/A
Foreign currency transaction gains (losses) on hedged items	—		N/A		(65)		N/A		N/A		N/A
Subtotal	1		N/A		(2,607)		N/A		N/A		N/A
Earned income on derivatives	167		—		648		168		(121)		—
Synthetic GICs	N/A		N/A		—		N/A		N/A		N/A
Embedded derivatives	N/A		N/A		330		—		N/A		N/A
Total	$	235	$	85	$	(1,629)	$	123	$	(126)	$	111

__________________

(1)Excludes earned income on derivatives.

MLIC - 107

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. 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:

Balance Sheet Line Item	Carrying Amount of the Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(In millions)
Fixed maturity securities AFS	$	120	$	247	$	1	$	1
Mortgage loans	$	345	$	319	$	(10)	$	(18)
Future policy benefits	$	(2,863)	$	(2,816)	$	191	$	200
Policyholder account balances	$	(1,844)	$	(1,735)	$	2	$	80

__________________

(1)Includes ($113) million and ($136) million of hedging adjustments on discontinued hedging relationships at December 31, 2023 and 2022, 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 $23 million, $25 million, and $6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

At December 31, 2023 and 2022, 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 five years and six years, respectively.

At December 31, 2023 and 2022, the balance in AOCI associated with cash flow hedges was $894 million and $2.0 billion, respectively.

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

At December 31, 2023, the Company expected to reclassify $210 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

MLIC - 108

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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.

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,
	2023					2022
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)	$	—	$	10	0.5	$	1	$	10	1.5
Credit default swaps referencing indices	80		3,831		2.7	79		4,251		3.4
Subtotal	80		3,841		2.7	80		4,261		3.4
Baa
Single name credit default swaps (3)	1		55		2.3	—		40		2.5
Credit default swaps referencing indices	102		5,982		5.6	13		4,598		5.9
Subtotal	103		6,037		5.5	13		4,638		5.8
Ba
Single name credit default swaps (3)	—		—		0.0	1		45		0.7
Credit default swaps referencing indices	2		25		3.0	2		25		4.0
Subtotal	2		25		3.0	3		70		1.9
B
Credit default swaps referencing indices	1		74		5.0	1		75		4.5
Subtotal	1		74		5.0	1		75		4.5
Caa
Credit default swaps referencing indices	(4)		30		2.5	(10)		30		3.5
Subtotal	(4)		30		2.5	(10)		30		3.5
Total	$	182	$	10,007	4.4	$	87	$	9,074	4.6

__________________

(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.

MLIC - 109

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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 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 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, 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 12 for a description of the impact of credit risk on the valuation of derivatives.

MLIC - 110

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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,
	2023				2022
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)	$	6,534	$	2,892	$	8,456	$	3,499
OTC-cleared (1)	112		13		57		29
Exchange-traded	3		—		2		1
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1)	6,649		2,905		8,515		3,529
Gross amounts not offset on the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral	(2,350)		(2,350)		(3,317)		(3,317)
OTC-cleared	(4)		(4)		(14)		(14)
Cash collateral: (3), (4)
OTC-bilateral	(2,872)		—		(4,044)		—
OTC-cleared	(105)		(1)		(18)		(1)
Securities collateral: (5)
OTC-bilateral	(1,283)		(542)		(1,078)		(182)
OTC-cleared	—		(8)		—		(14)
Exchange-traded	—		—		—		(1)
Net amount after application of master netting agreements and collateral	$	35	$	—	$	44	$	—

__________________

(1)At December 31, 2023 and 2022, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $143 million and $119 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $8 million and $0, 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 central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2023 and 2022, the Company received excess cash collateral of $154 million and $210 million, respectively, and provided excess cash collateral of $4 million and $1 million, respectively, which are not included in the table above due to the foregoing limitation.

MLIC - 111

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2023, 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, 2023 and 2022, the Company received excess securities collateral with an estimated fair value of $286 million and $366 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2023 and 2022, the Company provided excess securities collateral with an estimated fair value of $1.1 billion and $934 million, respectively, for its OTC-bilateral derivatives, $495 million and $442 million, respectively, for its OTC-cleared derivatives, and $56 million and $96 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,
	2023		2022
	Derivatives Subject to Financial Strength-Contingent Provisions
	(In millions)
Estimated fair value of derivatives in a net liability position (1)	$	542	$	182
Estimated fair value of collateral provided:
Fixed maturity securities AFS	$	896	$	221

__________________

(1)After taking into consideration the existence of netting agreements.

MLIC - 112

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

11. Derivatives (continued)

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.

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	2023		2022
		(In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance	Other invested assets	$	41	$	149
Funds withheld on affiliated reinsurance	Other invested assets	(26)		—
Total		$	15	$	149
Embedded derivatives within liability host contracts:
Assumed on affiliated reinsurance	Other liabilities	$	104	$	—
Funds withheld on affiliated reinsurance	Other liabilities	(304)		(450)
Fixed annuities with equity indexed returns	Policyholder account balances	163		141
Total		$	(37)	$	(309)

MLIC - 113

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. 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 - 114

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. 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, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	41,718	$	8,775	$	50,493
Foreign corporate	—		16,875		8,340		25,215
U.S. government and agency	8,963		12,097		—		21,060
RMBS	3		17,616		1,329		18,948
ABS & CLO	—		10,109		1,532		11,641
Municipals	—		6,319		—		6,319
CMBS	—		5,499		335		5,834
Foreign government	—		3,281		14		3,295
Total fixed maturity securities AFS	8,966		113,514		20,325		142,805
Short-term investments	2,745		288		15		3,048
Other investments	76		77		1,317		1,470
Derivative assets: (1)
Interest rate	—		3,489		—		3,489
Foreign currency exchange rate	—		2,486		—		2,486
Credit	—		181		8		189
Equity market	3		332		7		342
Total derivative assets	3		6,488		15		6,506
Embedded derivatives within asset host contracts (4)	—		—		15		15
Market risk benefits	—		—		177		177
Separate account assets (2)	13,945		68,284		968		83,197
Total assets (3)	$	25,735	$	188,651	$	22,832	$	237,218
Liabilities
Derivative liabilities: (1)
Interest rate	$	—	$	1,419	$	175	$	1,594
Foreign currency exchange rate	—		881		—		881
Credit	—		11		—		11
Equity market	—		411		—		411
Total derivative liabilities	—		2,722		175		2,897
Embedded derivatives within liability host contracts (4)	—		—		(37)		(37)
Market risk benefits	—		—		2,878		2,878
Separate account liabilities (2)	4		4		—		8
Total liabilities	$	4	$	2,726	$	3,016	$	5,746

MLIC - 115

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

	December 31, 2022
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	43,147	$	7,943	$	51,090
Foreign corporate	—		17,203		6,790		23,993
U.S. government and agency	9,126		13,232		—		22,358
RMBS	4		17,804		1,525		19,333
ABS & CLO	—		10,329		1,507		11,836
Municipals	—		7,464		—		7,464
CMBS	—		5,702		341		6,043
Foreign government	—		3,444		15		3,459
Total fixed maturity securities AFS	9,130		118,325		18,121		145,576
Short-term investments	2,677		35		47		2,759
Other investments	246		212		1,022		1,480
Derivative assets: (1)
Interest rate	—		4,390		—		4,390
Foreign currency exchange rate	—		3,263		—		3,263
Credit	—		47		82		129
Equity market	2		605		7		614
Total derivative assets	2		8,305		89		8,396
Embedded derivatives within asset host contracts (4)	—		—		149		149
Market risk benefits	—		—		174		174
Separate account assets (2)	16,206		72,022		1,013		89,241
Total assets (3)	$	28,261	$	198,899	$	20,615	$	247,775
Liabilities
Derivative liabilities: (1)
Interest rate	$	1	$	1,421	$	405	$	1,827
Foreign currency exchange rate	—		1,394		—		1,394
Credit	—		11		15		26
Equity market	—		282		—		282
Total derivative liabilities	1		3,108		420		3,529
Embedded derivatives within liability host contracts (4)	—		—		(309)		(309)
Market risk benefits	—		—		3,270		3,270
Separate account liabilities (2)	8		15		18		41
Total liabilities	$	9	$	3,123	$	3,399	$	6,531

__________________

(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.

MLIC - 116

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

(3)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At December 31, 2023 and2022, the estimated fair value of such investments was $48 million and$61 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs 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 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.

MLIC - 117

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

Instrument		Level 2 Observable Inputs		Level 3 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 not active		•	illiquidity premium
	•	benchmark yields; spreads off benchmark yields; new issuances; issuer ratings		•	delta spread adjustments to reflect specific credit-related issues
	•	trades of identical or comparable securities; duration		•	credit spreads
	•	privately-placed securities are valued using the additional key inputs:		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
		•	market yield curve; call provisions
		•	observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector 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 not active		•	independent non-binding broker quotations
	•	benchmark U.S. Treasury yield or other yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	the spread off the U.S. Treasury yield curve for the identical security
	•	issuer ratings and issuer spreads; broker-dealer quotations		•	credit spreads
	•	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 not active		•	credit spreads
	•	spreads for actively traded securities; spreads off benchmark yields		•	quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
	•	expected prepayment speeds and volumes
	•	current and forecasted loss severity; ratings; geographic region		•	independent non-binding broker quotations
	•	weighted average coupon and weighted average maturity		•	credit ratings
	•	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

MLIC - 118

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

Instrument	Level 2 Observable Inputs		Level 3 Unobservable Inputs
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 described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active.	•	Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
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
OLPI
	•	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, OLPI, 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. With respect to certain OTC-bilateral and OTC-cleared derivatives, management 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.

MLIC - 119

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

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:

Instrument		Interest Rate		Foreign Currency Exchange Rate		Credit		Equity Market
Inputs common to Level 2 and Level 3 by instrument type	•	swap yield curves	•	swap yield curves	•	swap yield curves	•	swap yield curves
	•	basis curves	•	basis curves	•	credit curves	•	spot equity index levels
	•	interest rate volatility (1)	•	currency spot rates	•	recovery rates	•	dividend yield curves
			•	cross currency basis curves			•	equity volatility (1)
Level 3	•	swap yield curves (2)	•	swap yield curves (2)	•	swap yield curves (2)	•	dividend yield curves (2)
	•	basis curves (2)	•	basis curves (2)	•	credit curves (2)	•	equity volatility (1), (2)
	•	repurchase rates	•	cross currency basis curves (2)	•	credit spreads	•	correlation between model inputs (1)
	•	interest rate volatility (1), (2)	•	currency correlation	•	repurchase rates
					•	independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

MLIC - 120

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contractsand 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 estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance and experience refund related to certain assumed 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 reinsurance 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 underlying host contracts, in other liabilities and other invested assets 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 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.

Market Risk Benefits

See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs.

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.

MLIC - 121

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

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, 2023				December 31, 2022				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	4	-	131	95	—	-	126	89	Increase
	•	Market pricing	•	Quoted prices (4)	—	-	110	93	20	-	107	92	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	112	93	—	-	106	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	78	-	101	94	74	-	101	91	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	367	-	399	385	372	-	392	381	Increase (7)
Credit	•	Present value techniques	•	Credit spreads (8)	—	-	—	—	84	-	138	101	Decrease (7)
	•	Consensus pricing	•	Offered quotes (9)
Market Risk Benefits
Direct and assumed guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0.01%	-	0.13%	0.05%	0.01%	-	0.08%	0.05%	(10)
				Ages 41 - 60	0.05%	-	0.67%	0.22%	0.05%	-	0.43%	0.20%	(10)
				Ages 61 - 115	0.35%	-	100%	1.23%	0.34%	-	100%	1.44%	(10)
			•	Lapse rates:
				Durations 1 - 10	0.80%	-	20.10%	8.72%	0.50%	-	37.50%	8.96%	Decrease (11)
				Durations 11 - 20	3.10%	-	10.10%	4.34%	0.70%	-	35.75%	6.52%	Decrease (11)
				Durations 21 - 116	0.10%	-	10.10%	4.59%	1.60%	-	35.75%	2.89%	Decrease (11)
			•	Utilization rates	0.20%	-	22%	0.44%	0.20%	-	22%	0.38%	Increase (12)
			•	Withdrawal rates	0.25%	-	7.75%	4.47%	0.25%	-	10%	4.02%	(13)
			•	Long-term equity volatilities	16.37%	-	21.85%	18.55%	16.46%	-	22.01%	18.49%	Increase (14)
			•	Nonperformance risk spread	0.38%	-	0.70%	0.73%	0.34%	-	0.74%	0.75%	Decrease (15)

__________________

(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 MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, 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.

MLIC - 122

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

(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)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.

(9)At December 31, 2023 and 2022, independent non-binding broker quotations were used in the determination of less than 1% and 1%, respectively, of the total net derivative estimated fair value.

(10)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 MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(11)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 MRBs.

(12)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 MRBs.

(13)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 MRB. 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.

(14)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 MRBs.

(15)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 MRBs.

All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above 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 - 123

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. 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
	Corporate (6)		Structured Products		Foreign Government		Short-term Investments
	(In millions)
Balance, January 1, 2022	$	14,935	$	4,600	$	12	$	2
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(25)		38		(37)		—
Total realized/unrealized gains (losses) included in AOCI	(3,334)		(356)		6		—
Purchases (3)	3,168		750		—		47
Sales (3)	(1,231)		(795)		(2)		(2)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	1,614		204		45		—
Transfers out of Level 3 (4)	(394)		(1,068)		(9)		—
Balance, December 31, 2022	14,733		3,373		15		47
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(46)		(2)		2		—
Total realized/unrealized gains (losses) included in AOCI	881		44		(3)		1
Purchases (3)	3,402		268		—		15
Sales (3)	(1,673)		(609)		—		(48)
Issuances (3)	—		—		—		—
Settlements (3)	—		—		—		—
Transfers into Level 3 (4)	221		195		—		—
Transfers out of Level 3 (4)	(403)		(73)		—		—
Balance, December 31, 2023	$	17,115	$	3,196	$	14	$	15
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 net income (loss) for the instruments still held at December 31, 2022: (5)	$	(21)	$	32	$	(37)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5)	$	(24)	$	16	$	2	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2021: (5)	$	(731)	$	10	$	(1)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2022: (5)	$	(3,326)	$	(341)	$	7	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023: (5)	$	844	$	24	$	(3)	$	—
Gains (Losses) Data for the year ended  December 31, 2021
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)	$	—

MLIC - 124

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Residential Mortgage Loans - FVO		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Balance, January 1, 2022	$	127	$	894	$	86	$	(1,236)	$	1,958
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(8)		(16)		(140)		1,610		25
Total realized/unrealized gains (losses) included in AOCI	—		—		(547)		—		—
Purchases (3)	—		262		82		—		196
Sales (3)	(108)		(19)		—		—		(1,164)
Issuances (3)	—		—		(3)		—		(2)
Settlements (3)	(11)		—		191		84		4
Transfers into Level 3 (4)	—		3		—		—		1
Transfers out of Level 3 (4)	—		(102)		—		—		(23)
Balance, December 31, 2022	—		1,022		(331)		458		995
Total realized/unrealized gains (losses) included in  net income (loss) (1), (2)	—		147		(24)		(366)		(27)
Total realized/unrealized gains (losses) included in AOCI	—		—		(5)		—		—
Purchases (3)	—		152		—		—		166
Sales (3)	—		(4)		—		—		(176)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		201		(40)		1
Transfers into Level 3 (4)	—		—		—		—		13
Transfers out of Level 3 (4)	—		—		(1)		—		(4)
Balance, December 31, 2023	$	—	$	1,317	$	(160)	$	52	$	968
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5)	$	(10)	$	170	$	(7)	$	330	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5)	$	—	$	(22)	$	(17)	$	1,610	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5)	$	—	$	150	$	(24)	$	(366)	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2021: (5)	$	—	$	—	$	(128)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2022: (5)	$	—	$	—	$	(454)	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at December 31, 2023: (5)	$	—	$	—	$	(5)	$	—	$	—
Gains (Losses) Data for the year ended December 31, 2021
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	$	(5)	$	183	$	(69)	$	330	$	8
Total realized/unrealized gains (losses) included in AOCI	$	—	$	—	$	(352)	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain 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).

MLIC - 125

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. Fair Value (continued)

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

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

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

(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.

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).

	December 31,
	2023		2022
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	295	$	222

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(162)	$	(13)	$	(91)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

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 - 126

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

12. 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, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,584	$	—	$	—	$	59,511	$	59,511
Policy loans	$	5,671	$	—	$	—	$	6,042	$	6,042
Other invested assets	$	1,778	$	—	$	1,794	$	—	$	1,794
Premiums, reinsurance and other receivables	$	14,028	$	—	$	221	$	14,053	$	14,274
Liabilities
Policyholder account balances	$	87,518	$	—	$	—	$	86,093	$	86,093
Long-term debt	$	1,886	$	—	$	1,958	$	—	$	1,958
Other liabilities	$	11,481	$	—	$	141	$	11,333	$	11,474
Separate account liabilities	$	29,204	$	—	$	29,204	$	—	$	29,204

	December 31, 2022
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans (1)	$	62,570	$	—	$	—	$	58,858	$	58,858
Policy loans	$	5,729	$	—	$	—	$	6,143	$	6,143
Other invested assets	$	1,978	$	—	$	1,979	$	—	$	1,979
Premiums, reinsurance and other receivables	$	12,036	$	—	$	454	$	11,826	$	12,280
Liabilities
Policyholder account balances	$	85,957	$	—	$	—	$	83,594	$	83,594
Long-term debt	$	1,676	$	—	$	1,758	$	—	$	1,758
Other liabilities	$	12,546	$	—	$	671	$	11,842	$	12,513
Separate account liabilities	$	38,391	$	—	$	38,391	$	—	$	38,391

_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring basis.

MLIC - 127

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

13. Leases

The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases and subleases with remaining lease terms of less than one year to seven years.

ROU assets and lease liabilities for operating leases were:

	December 31, 2023		December 31, 2022
	(In millions)
ROU assets	$	416	$	498
Lease liabilities	$	498	$	589

Lease Costs

The components of operating lease costs were as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Operating lease cost	$	104	$	116	$	120
Sublease income	(87)		(73)		(91)

Other Information

Supplemental other information related to operating leases was as follows:

	December 31, 2023			December 31, 2022
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows	$	114		$	124
ROU assets obtained in exchange for new lease liabilities	$	3		$	4
Weighted-average remaining lease term	6 years			6 years
Weighted-average discount rate	4.0		%	4.0		%

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:

	December 31, 2023
	(In millions)
2024	$	107
2025	107
2026	104
2027	93
2028	70
Thereafter	88
Total undiscounted cash flows	569
Less: interest	71
Present value of lease liability	$	498

See Note 10 for information about the Company’s investments in leased real estate.

MLIC - 128

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

14. Long-term and Short-term Debt

Long-term and short-term debt outstanding was as follows:

							December 31,
	Interest Rates (1)						2023						2022
	Range			Maturity			Face Value		Unamortized Discount and Issuance Costs		Carrying Value		Face Value		Unamortized Discount and Issuance Costs		Carrying Value
							(In millions)
Surplus notes - affiliated	7.38%	-	7.38%	2037			$	700	$	(7)	$	693	$	700	$	(7)	$	693
Surplus notes	7.80%	-	7.88%	2024	-	2025	400		—		400		400		(1)		399
Other notes	2.12%	-	8.43%	2024	-	2038	796		(3)		793		586		(2)		584
Financing lease obligations							1		—		1		—		—		—
Total long-term debt							1,897		(10)		1,887		1,686		(10)		1,676
Total short-term debt							—		—		—		99		—		99
Total							$	1,897	$	(10)	$	1,887	$	1,785	$	(10)	$	1,775

__________________

(1)Range of interest rates are for the year ended December 31, 2023.

The aggregate maturities of long-term debt at December 31, 2023 for the next five years and thereafter are $335 million in 2024, $250 million in 2025, $0 in 2026, $51 million in 2027, $427 million in 2028 and $824 million thereafter.

Financing lease obligations are collateralized and rank highest in priority, followed by other notes. Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of Metropolitan Life Insurance Company, and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the New York State Department of Financial Services (“NYDFS”).

Other Notes

In March 2023, MoRe borrowed funds from MetLife, Inc. under a term loan agreement, interest on which is payable semi-annually. The terms of the promissory notes are as follows:

•$80 million 5.34% fixed rate due March 2028;

•$80 million 5.68% fixed rate due March 2033; and

•$50 million 6.05% fixed rate due March 2038.

In December 2022 and 2021, MoRe issued to MetLife, Inc. a $60 million 5.23% promissory note and a $35 million 2.12% promissory note, respectively. Both notes are payable semi-annually and mature in December 2024.

Short-term Debt

Short-term debt with maturities of one year or less was as follows:

	December 31,
	2023		2022
	(Dollars in millions)
Commercial paper	$	—	$	99
Average daily balance	$	54	$	100
Average days outstanding	80 days		131 days

For the years ended December 31, 2023, 2022 and 2021, the weighted average interest rate on short-term debt was 4.80%, 1.60% and 0.23%, respectively.

MLIC - 129

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

14. Long-term and Short-term Debt (continued)

Interest Expense

Interest expense included in other expenses was $132 million, $104 million and $96 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts include $65 million, $53 million and $52 million of interest expense related to affiliated debt for the years ended December 31, 2023, 2022 and 2021, respectively.

Credit Facility

At December 31, 2023, 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. The Company’s total fees associated with the Credit Facility were $2 million, $4 million and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in other expenses.

Information on the Credit Facility at December 31, 2023 was as follows:

Borrower(s)	Expiration	Maximum Capacity		Letters of Credit Used by the Company (1)		Letters of Credit Used by Affiliates (1)		Drawdowns		Unused Commitments
		(In millions)
MetLife, Inc. and MetLife Funding, Inc.	May 2028 (2)	$	3,000	$	7	$	290	$	—	$	2,703

__________________

(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, 2023 and is not responsible for any reimbursement obligations under such letters of credit.

(2)In May 2023, the Credit Facility was amended and restated to, among other things, extend the maturity date. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

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, 2023.

15. 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 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 370% and in excess of 340% at December 31, 2023 and 2022, respectively.

MLIC - 130

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

15. 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 $293 million and the aggregate actual regulatory capital and surplus of such operations was $1.5 billion as of the date of the most recently 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 FPBs 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 $1.4 billion and $1.3 billion at December 31, 2023 and 2022, respectively, compared to what capital and surplus would have been had it been measured under NAIC guidance.

Statutory net income (loss) of Metropolitan Life Insurance Company, a New York domiciled insurer, was $3.4 billion, $2.7 billion and $3.5 billion at December 31, 2023, 2022 and 2021, respectively. Statutory capital and surplus, including the aforementioned prescribed practice, was $11.6 billion and $10.9 billion at December 31, 2023 and 2022, 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 $2.5 billion and $3.5 billion in dividends to MetLife, Inc. for the years ended December 31, 2023 and 2022, respectively, including amounts where regulatory approval was obtained as required. Under

MLIC - 131

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

15. Equity (continued)

New 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 2024.

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 Investment Gains (Losses), Net of Related Offsets (1)		Deferred Gains (Losses) on Derivatives		Future Policy Benefits Discount Rate Remeasurement Gains (Losses)		Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains(Losses)		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total
	(In millions)
Balance at December 31, 2020	$	10,384	$	1,791	$	—	$	—	$	(53)	$	(460)	$	11,662
Cumulative effects of changes in accounting principles, net of income tax	6,588		—		(19,596)		21		—		—		(12,987)
Balance at January 1, 2021	16,972		1,791		(19,596)		21		(53)		(460)		(1,325)
OCI before reclassifications	(5,443)		30		5,118		311		9		44		69
Deferred income tax benefit (expense)	1,191		(8)		(1,075)		(65)		(1)		(9)		33
AOCI before reclassifications, net of income tax	12,720		1,813		(15,553)		267		(45)		(425)		(1,223)
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	12,799		1,872		(15,553)		267		(45)		(395)		(1,055)
OCI before reclassifications	(31,197)		(701)		21,623		(236)		(177)		278		(10,410)
Deferred income tax benefit (expense)	6,556		147		(4,541)		49		35		(58)		2,188
AOCI before reclassifications, net of income tax	(11,842)		1,318		1,529		80		(187)		(175)		(9,277)
Amounts reclassified from AOCI	862		302		—		—		—		47		1,211
Deferred income tax benefit (expense)	(181)		(63)		—		—		—		(10)		(254)
Amounts reclassified from AOCI, net of income tax	681		239		—		—		—		37		957
Balance at December 31, 2022	(11,161)		1,557		1,529		80		(187)		(138)		(8,320)
OCI before reclassifications	4,420		(252)		(2,957)		(59)		56		(44)		1,164
Deferred income tax benefit (expense)	(889)		53		621		12		(12)		9		(206)
AOCI before reclassifications, net of income tax	(7,630)		1,358		(807)		33		(143)		(173)		(7,362)
Amounts reclassified from AOCI	1,421		(826)		—		—		—		10		605
Deferred income tax benefit (expense)	(286)		173		—		—		—		(2)		(115)
Amounts reclassified from AOCI, net of income tax	1,135		(653)		—		—		—		8		490
Balance at December 31, 2023	$	(6,495)	$	705	$	(807)	$	33	$	(143)	$	(165)	$	(6,872)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

MLIC - 132

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

15. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:

	Years Ended December 31,
	2023		2022		2021
AOCI Components	Amounts Reclassified from AOCI						Consolidated Statements of Operations Locations
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	(1,404)	$	(810)	$	(67)	Net investment gains (losses)
Net unrealized investment gains (losses)	5		6		(13)		Net investment income
Net unrealized investment gains (losses)	(22)		(58)		(22)		Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax	(1,421)		(862)		(102)
Income tax (expense) benefit	286		181		23
Net unrealized investment gains (losses), net of income tax	(1,135)		(681)		(79)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives	50		59		57		Net investment income
Interest rate derivatives	87		51		87		Net investment gains (losses)
Foreign currency exchange rate derivatives	4		5		4		Net investment income
Foreign currency exchange rate derivatives	684		(417)		(229)		Net investment gains (losses)
Credit derivatives	1		—		—		Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax	826		(302)		(81)
Income tax (expense) benefit	(173)		63		22
Gains (losses) on cash flow hedges, net of income tax	653		(239)		(59)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	(12)		(49)		(43)
Amortization of prior service (costs) credit	2		2		5
Amortization of defined benefit plan items, before income tax	(10)		(47)		(38)
Income tax (expense) benefit	2		10		8
Amortization of defined benefit plan items, net of income tax	(8)		(37)		(30)
Total reclassifications, net of income tax	$	(490)	$	(957)	$	(168)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 17.

MLIC - 133

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

16. 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,
	2023		2022		2021
	(In millions)
Prepaid legal plans	$	446	$	421	$	395
Administrative services-only contracts	250		226		219
Recordkeeping and administrative services (1)	148		166		211
Other revenue from service contracts from customers	43		34		35
Total revenues from service contracts from customers	887		847		860
Other (2)	786		847		756
Total other revenues	$	1,673	$	1,694	$	1,616

__________________

(1) Related to products and businesses no longer actively marketed by the Company.

(2) Primarily includes reinsurance ceded. See Note 8.

Other Expenses

Information on other expenses was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
General and administrative expenses (1)	$	2,799	$	2,743	$	2,331
Pension, postretirement and postemployment benefit costs	199		116		112
Premium taxes, other taxes, and licenses & fees	377		342		332
Commissions and other variable expenses	2,098		2,290		2,551
Capitalization of DAC	(118)		(189)		(63)
Amortization of DAC and VOBA	298		297		341
Interest expense on debt	132		104		96
Total other expenses	$	5,785	$	5,703	$	5,700

__________________

(1)Includes ($116) million, $52 million and ($113) million for the years ended December 31, 2023, 2022 and 2021, 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 7 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 9 for a description of the DAC amortization impact associated with the closed block.

Expenses related to Debt

See Note 14 for additional information on interest expense on debt, including affiliated interest expense.

Affiliated Expenses

See Notes 8 and 21 for a discussion of affiliated expenses related to reinsurance and service agreement transactions, respectively, included in the table above.

MLIC - 134

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

17. 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,
	2023		2022
	Pension Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	962	$	1,274
Service costs	10		15
Interest costs	52		37
Net actuarial (gains) losses (1)	43		(280)
Settlements and curtailments	—		—
Benefits paid	(79)		(84)
Benefit obligations at December 31,	988		962
Change in plan assets:
Estimated fair value of plan assets at January 1,	—		—
Employer contributions	79		84
Benefits paid	(79)		(84)
Estimated fair value of plan assets at December 31,	—		—
Over (under) funded status at December 31,	$	(988)	$	(962)
Amounts recognized on the consolidated balance sheets:
Other liabilities	$	(988)	$	(962)
Amount recognized	$	(988)	$	(962)
AOCI:
Net actuarial (gains) losses	$	220	$	189
Prior service costs (credit)	(5)		(7)
AOCI, before income tax	$	215	$	182
Accumulated benefit obligation	$	967	$	940

__________________

(1)For the years ended December 31, 2023 and 2022, significant sources of actuarial (gains) losses for pension benefits include the impact of changes to the financial assumptions of $32 million and ($291) million, respectively, plan experience of $21 million and $11 million, respectively, and demographic assumptions of ($10) million and $0, respectively.

MLIC - 135

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

17. Employee Benefit Plans (continued)

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

	December 31,
	2023		2022		2023		2022
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
Projected benefit obligations	$	988	$	961	$	988	$	961
Accumulated benefit obligations	$	967	$	940	$	967	$	940

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,
	2023		2022		2021
	(In millions)
Net periodic benefit costs:
Service costs	$	10	$	15	$	17
Interest costs	52		37		37
Settlement and curtailment (gains) losses	—		—		(3)
Amortization of net actuarial (gains) losses	12		41		43
Amortization of prior service costs (credit)	(2)		(2)		(2)
Total net periodic benefit costs (credit)	72		91		92
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	43		(280)		(42)
Prior service costs (credit)	—		—		—
Settlement and curtailment (gains) losses	—		—		1
Amortization of net actuarial gains (losses)	(12)		(41)		(43)
Amortization of prior service (costs) credit	2		2		2
Total recognized in OCI	33		(319)		(82)
Total recognized in net periodic benefit costs and OCI	$	105	$	(228)	$	10

Assumptions

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

	Pension Benefits
December 31, 2023
Weighted average discount rate	5.25%
Weighted average interest crediting rate	4.00%
Rate of compensation increase	2.50%	-	8.00%
December 31, 2022
Weighted average discount rate	5.60%
Weighted average interest crediting rate	4.00%
Rate of compensation increase	2.50%	-	8.00%

MLIC - 136

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

17. 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, 2023
Weighted average discount rate	5.60%
Weighted average interest crediting rate	4.00%
Rate of compensation increase	2.50%	-	8.00%
Year Ended December 31, 2022
Weighted average discount rate	2.95%
Weighted average interest crediting rate	3.46%
Rate of compensation increase	2.50%	-	8.00%
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%

The weighted average discount rate for the plan 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 2024.

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)
2024	$	78
2025	$	73
2026	$	73
2027	$	74
2028	$	79
2029-2033	$	399

MLIC - 137

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

18. Income Tax

The Company’s provision for income tax was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Current:
U.S. federal	$	353	$	309	$	(89)
U.S. state and local	14		11		5
Non-U.S.	14		14		43
Subtotal	381		334		(41)
Deferred:
U.S. federal	(321)		939		576
Non-U.S.	—		—		(6)
Subtotal	(321)		939		570
Provision for income tax expense (benefit)	$	60	$	1,273	$	529

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Income (loss):
U.S.	$	1,176	$	6,895	$	4,139
Non-U.S.	19		34		105
Total	$	1,195	$	6,929	$	4,244

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,
	2023		2022		2021
	(In millions)
Tax provision at U.S. statutory rate	$	251	$	1,455	$	891
Tax effect of:
Dividend received deduction	(17)		(19)		(39)
Tax-exempt income	(28)		7		(27)
Prior year tax	8		22		(13)
Low income housing tax credits	(116)		(143)		(178)
Other tax credits	(30)		(36)		(38)
Foreign tax rate differential	1		(10)		(7)
Other, net (1)	(9)		(3)		(60)
Provision for income tax expense (benefit)	$	60	$	1,273	$	529

__________________

(1)For the year ended December 31, 2021, Other, net primarily includes a tax benefit of $53 million related to a non-cash transfer of assets from a wholly-owned United Kingdom subsidiary to Metropolitan Life Insurance Company.

MLIC - 138

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

18. Income Tax (continued)

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:

	December 31,
	2023		2022
	(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables	$	1,591	$	772
Net operating loss carryforwards (1)	76		72
Employee benefits	473		457
Tax credit carryforwards	—		508
Litigation-related and government mandated	83		74
Net unrealized investment losses	1,741		2,699
Other	204		76
Total gross deferred income tax assets	4,168		4,658
Less: Valuation allowance	75		71
Total net deferred income tax assets	4,093		4,587
Deferred income tax liabilities:
Investments, including derivatives	1,005		1,441
Intangibles	20		23
DAC	146		203
Total deferred income tax liabilities	1,171		1,667
Net deferred income tax asset (liability)	$	2,922	$	2,920

__________________

(1)The Company has recorded a deferred tax asset of $76 million primarily related to U.S. state net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2023. U.S. state net operating loss carryforwards will expire between 2024 and 2042, whereas other jurisdictions have an unlimited carryforward period.    

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 from MetLife, Inc. included $57 million and $52 million at December 31, 2023 and 2022, 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 2017.

In 2022, the IRS began a federal income tax audit of MetLife, Inc. and subsidiaries for tax years 2017-2019. The audit is ongoing and to date, no material issues have been raised and no adjustments have been proposed.

In 2021, the Company filed amended federal income tax returns with the IRS for MetLife, Inc. and subsidiaries for tax years 2014 through 2016. In 2022, the IRS reviewed and acknowledged acceptance of the 2014 through 2016 amended federal income tax returns and closed the years to further audit.

MLIC - 139

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

18. Income Tax (continued)

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,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	37	$	23	$	35
Additions for tax positions of prior years	—		24		—
Reductions for tax positions of prior years (1)	—		(12)		(14)
Additions for tax positions of current year	2		2		2
Balance at December 31,	$	39	$	37	$	23
Unrecognized tax benefits that, if recognized, would impact the effective rate	$	39	$	37	$	23

__________________

(1)The decreases in 2022 and 2021 are primarily related to non-cash benefits from tax audit settlements.

The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses.

MLIC - 140

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

19. 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. 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, 2023. 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 matters, 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, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions 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.

MLIC - 141

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

19. Contingencies, Commitments and Guarantees (continued)

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,
	2023		2022		2021
	(In millions, except number of claims)
Asbestos personal injury claims at year end	57,488		58,073		58,785
Number of new claims during the year	2,565		2,610		2,824
Settlement payments during the year (1)	$	50.6	$	50.5	$	53.0

__________________

(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.

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.

MLIC - 142

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

19. Contingencies, Commitments and Guarantees (continued)

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. The frequency of severe claims relating to asbestos has not declined as expected, and MLIC has reflected this in its provisions. Accordingly, MLIC increased its recorded liability for asbestos-related claims to $364 million at December 31, 2023. The recorded liability was $320 million at December 31, 2022.

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.

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 the issue and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the 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 $3.3 billion and $2.7 billion at December 31, 2023 and 2022, 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 $4.4 billion and $4.8 billion at December 31, 2023 and 2022, respectively.

MLIC - 143

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

19. Contingencies, Commitments and Guarantees (continued)

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees 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 $208 million, with a cumulative maximum of $306 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 or guarantees.

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 at both December 31, 2023 and 2022, for indemnities and guarantees.

MLIC - 144

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Notes to the Consolidated Financial Statements — (continued)

20. Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for 2023 and 2022 are summarized in the table below:

	Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	(In millions)
2023
Total revenues	$	8,717	$	8,776	$	9,324	$	9,532
Total expenses	$	8,912	$	8,188	$	7,634	$	10,420
Net income (loss)	$	(91)	$	510	$	1,379	$	(663)
Less: Net income (loss) attributable to noncontrolling interests	$	(2)	$	43	$	—	$	—
Net income (loss) attributable to Metropolitan Life Insurance Company	$	(89)	$	467	$	1,379	$	(663)
2022
Total revenues	$	9,517	$	9,448	$	17,646	$	8,836
Total expenses	$	7,232	$	7,379	$	15,793	$	8,114
Net income (loss)	$	1,882	$	1,684	$	1,510	$	580
Less: Net income (loss) attributable to noncontrolling interests	$	—	$	2	$	2	$	24
Net income (loss) attributable to Metropolitan Life Insurance Company	$	1,882	$	1,682	$	1,508	$	556

21. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual cost incurred by the Company and/or its affiliates. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $3.0 billion, $2.7 billion and $2.5 billion for the years ended December 31, 2023, 2022 and 2021, respectively. Total revenues received from affiliates related to these agreements were $52 million, $48 million and $40 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company had net payables to affiliates, related to the items discussed above, of $56 million and $188 million at December 31, 2023 and 2022, respectively.

See Notes 1, 8, 10, 14 and 15 for additional information on related party transactions.

MLIC - 145

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Schedule I

Consolidated Summary of Investments —

Other Than Investments in Related Parties (1)

December 31, 2023

(In millions)

Types of Investments	Cost or Amortized Cost (2)		Estimated Fair Value		Amount at Which Shown on Balance Sheet
Fixed maturity securities AFS:
Bonds:
U.S. government and agency	$	23,100	$	21,060	$	21,060
Public utilities	5,569		5,385		5,385
Municipals	6,429		6,319		6,319
Foreign government	3,416		3,295		3,295
All other corporate bonds	73,720		69,596		69,596
Total bonds	112,234		105,655		105,655
Mortgage-backed, asset-backed and collateralized loan obligations securities	39,136		36,423		36,423
Redeemable preferred stock	710		727		727
Total fixed maturity securities AFS	152,080		142,805		142,805
Mortgage loans	63,093				62,584
Policy loans	5,671				5,671
Real estate and real estate joint ventures	8,500				8,500
Real estate acquired in satisfaction of debt	190				190
Other limited partnership interests	7,765				7,765
Short-term investments	3,008				3,048
Other invested assets	17,054				17,040
Total investments	$	257,361			$	247,603

______________

(1)Includes investments in related parties of $4.1 billion; see Notes 8, 10 and 11 of the Notes to Consolidated Financial Statements for further information.

(2)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 and adjusted for equity in earnings and distributions.

MLIC - 146

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Schedule III

Consolidated Supplementary Insurance Information

December 31, 2023 and 2022

(In millions)

Segment	DAC and VOBA		Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation		Policyholder Account Balances		Market Risk Benefits (Assets) Liabilities (1)		Policyholder Dividends Payable		Unearned Premiums (2), (3)		Unearned Revenue (2)
2023
Group Benefits (4)	$	255	$	17,547	$	7,605	$	—	$	—	$	359	$	—
RIS (4)	169		54,367		69,758		(1)		—		—		16
MetLife Holdings	2,723		65,434		17,598		2,702		233		152		5
Corporate & Other	158		123		8,933		—		—		—		—
Total	$	3,305	$	137,471	$	103,894	$	2,701	$	233	$	511	$	21
2022
Group Benefits (4)	$	263	$	16,727	$	7,954	$	—	$	—	$	298	$	—
RIS (4)	154		53,116		69,545		25		—		2		18
MetLife Holdings	3,220		64,871		19,828		3,071		240		155		227
Corporate & Other	120		131		6,080		—		—		—		—
Total	$	3,757	$	134,845	$	103,407	$	3,096	$	240	$	455	$	245

_____________

(1)MRBs assets and liabilities are presented net.

(2)Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column.

(3)Includes premiums received in advance.

(4)See Note 2 for information on the reorganization of the Company’s segments.

MLIC - 147

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Schedule III

Consolidated Supplementary Insurance Information — (continued)

Years Ended December 31, 2023, 2022 and 2021

(In millions)

Segment	Premiums and Universal Life and Investment-Type Product Policy Fees		Net Investment Income		Policyholder Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances		Market Risk Benefit Remeasurement (Gains) Losses		Amortization of DAC and  VOBA Charged to Other  Expenses		Other Expenses (1)
2023
Group Benefits (2)	$	21,472	$	1,127	$	18,143	$	—	$	26	$	3,302
RIS (2)	2,039		6,111		6,527		(34)		31		527
MetLife Holdings	2,865		3,757		4,617		(669)		224		1,278
Corporate & Other	6		211		315		—		17		850
Total	$	26,382	$	11,206	$	29,602	$	(703)	$	298	$	5,957
2022
Group Benefits (2)	$	21,124	$	1,076	$	18,307	$	—	$	26	$	3,056
RIS (2)	8,692		4,980		12,353		(290)		28		347
MetLife Holdings	3,190		4,132		4,904		(3,089)		237		1,372
Corporate & Other	—		(66)		67		—		6		1,194
Total	$	33,006	$	10,122	$	35,631	$	(3,379)	$	297	$	5,969
2021
Group Benefits (2)	$	20,468	$	1,105	$	18,943	$	—	$	26	$	2,799
RIS (2)	4,095		5,855		7,222		117		29		412
MetLife Holdings	3,499		5,496		5,104		(875)		286		1,579
Corporate & Other	—		30		—		—		—		1,301
Total	$	28,062	$	12,486	$	31,269	$	(758)	$	341	$	6,091

_____________

(1)Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses.

(2)See Note 2 for information on the reorganization of the Company’s segments.

MLIC - 148

Metropolitan Life Insurance Company

(A Wholly-Owned Subsidiary of MetLife, Inc.)

Schedule IV

Consolidated Reinsurance

December 31, 2023, 2022 and 2021

(Dollars in millions)

	Gross Amount		Ceded (1)		Assumed (1)		Net Amount		% Amount Assumed to Net
2023
Life insurance in-force	$	4,276,976	$	160,983	$	660,504	$	4,776,497	13.8	%
Insurance premium
Life insurance (2)	$	14,418	$	704	$	807	$	14,521	5.6	%
Accident & health insurance	10,609		452		40		10,197		0.4	%
Total insurance premium	$	25,027	$	1,156	$	847	$	24,718	3.4	%
2022
Life insurance in-force	$	4,074,989	$	149,129	$	538,168	$	4,464,028	12.1	%
Insurance premium
Life insurance (2)	$	21,248	$	769	$	830	$	21,309	3.9	%
Accident & health insurance	10,017		179		42		9,880		0.4	%
Total insurance premium	$	31,265	$	948	$	872	$	31,189	2.8	%
2021
Life insurance in-force	$	3,991,763	$	164,834	$	546,176	$	4,373,105	12.5	%
Insurance premium
Life insurance (2)	$	13,628	$	792	$	4,080	$	16,916	24.1	%
Accident & health insurance	9,377		146		41		9,272		0.4	%
Total insurance premium	$	23,005	$	938	$	4,121	$	26,188	15.7	%

______________

(1)    For the year ended December 31, 2023, reinsurance ceded and assumed included affiliated transactions for life insurance in-force of $12.1 billion and $338 million, respectively, and life insurance premiums of $372 million and ($19) million, respectively. For the year ended December 31, 2022, reinsurance ceded and assumed included affiliated transactions for life insurance in-force of $12.7 billion and $2.0 billion, respectively, and life insurance premiums of $139 million and $7 million, respectively. 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.

(2)    Includes annuities with life contingencies.

MLIC - 149