Updating Summary Prospectus For Investors In MetFlex
Flexible Premium Variable Life Insurance Policy and MetFlex C Flexible Premium Variable Life Insurance Policy (Referred to herein as the “Policy”)
Issued by Separate Account UL Of Metropolitan Life
Insurance Company (“MetLife”)
This Updating Summary Prospectus
summarizes key features of MetFlex and MetFlex C Policies, issued by Metropolitan Life Insurance Company (“Metropolitan Life”, “MetLife”, “we”, “our”, “us” or “the
Company”).
The prospectus
for the Policies contains more information about the Policies, including features, benefits, and risks. You can find the current prospectus and other information about the Policies online at dfinview.com/metlife/tahd/MET000229. You can also obtain
this information at no cost by calling 1-877-638-3932 or by contracting us through our website at https://sbr.metlife.com.
Additional information about certain
investment products, including variable life insurance contracts, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Please note that the Policies and the
Portfolios are not guaranteed to achieve their goals, are not federally insured, are not endorsed by any bank or government agency, and are subject to risks, including the loss of the amount invested.
The Securities and Exchange Commission
(“SEC”) has not approved or disapproved the Policies or determined that this Prospectus is adequate or complete. Any representation to the contrary is a criminal offense.
IMPORTANT INFORMATION
Beginning on January 1, 2021, as
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Portfolio’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from us.
Instead, the shareholder reports will be
made available on dfinview.com/metlife/tahd/MET000229 and you will be notified by mail each time a shareholder report is posted and provided with a website link to access the shareholder report.
If you already elected to receive your
shareholder report electronically, you will not be affected by this change, and you need not take any action. You may elect to receive shareholder reports and other communications electronically, including Portfolio prospectuses and other
information we send you by calling us at 1-877-638-3932.
If you wish to continue to receive
shareholder reports in paper on and after January 1, 2021, we will continue to send you all future reports in paper, free of charge. Please call 1-877-638-3932 if you wish to continue receiving paper copies of the Portfolios’ shareholder
reports. Your election to receive shareholder reports in paper will apply to all Portfolios available under your Policies.
UPDATED
INFORMATION ABOUT YOUR POLICY
The information
in this Updating Summary Prospectus is a summary of certain Policy features that have changed since you last received the Prospectus dated May 1, 2020. This may not reflect all of the changes that have occurred since you entered into your
Policy:
| • | For changes in the names of certain Portfolios please refer to Appendix A. |
| • | For updated Portfolio expense information please refer to “Important Information You Should Consider About the Policy” and Appendix A. |
| • | For updated Portfolio performance information please refer to Appendix A. |
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE
POLICY
| FEES AND EXPENSES | LOCATION
IN PROSPECTUS | |||
| Charges for Early Withdrawal | None | |||
| Transaction Charges | You may be charged for certain transactions, such as sales charges, underwriting charges on increases in specified face amount, charges to pay for certain taxes when you make a premium payment or transfer cash value between investment options or increase your specified face amount. | “Charges and Deductions — Sales Charge; Administrative Charge; Charge for Average Expected State and Local Taxes Attributable to Premiums; Charge for Expected Federal Taxes Attributable to Premiums; and Other Charges” | ||
| Ongoing Fees and Expenses (annual charges) | In
addition to charges described above, an investment in the Policy is subject to certain ongoing fees and expenses, including a mortality and expense risk charge, a monthly deduction covering the cost of insurance under the Policy and optional
benefits added by rider, and such fees and expenses are set based on characteristics of the insured (e.g., the insured’s sex (if permitted by law and applicable under your Policy), age underwriting class and rate class. Please refer to the
specifications page of your Policy for applicable rates. You will also bear expenses associated with the Portfolios available under your Policy, as shown in the following table: |
“Charges
and Deductions– Charges Included in the Monthly Deduction” “Charges and Deductions – Charges Included in the Monthly Deduction “ “Charges and Deductions –Portfolio Company Charges” | ||
|
ANNUAL FEE |
MIN |
MAX | ||
|
Investment options (Portfolio fees and charges) |
0.24% |
1.52% | ||
| RISKS | LOCATION
IN PROSPECTUS | |||
| Risk of Loss | You can lose money by investing in this Policy. | “Principal Risks of a Policy” | ||
| Not a Short-Term Investment | The Policy is designed to provide lifetime insurance protection. They should not be used as a short-term investment or if you need ready access to cash because you will be charged when you make premium payments. | “Principal Risks of a Policy” | ||
3
| RISKS | LOCATION
IN PROSPECTUS | |||
| Risks Associated with Investment Options | An investment in this Policy is subject to the risk of poor investment performance and can vary depending on the performance of the Portfolios available under the Policy. Each investment option (including any Fixed Account investment option) has its own unique risks. You should review the investment options before making an investment decision. | “Principal Risks of a Policy” | ||
| Insurance Company Risks | An investment in this Policy is subject to the risks related to Metropolitan Life, including any obligations (including under any Fixed Account investment options), guarantees, and benefits of the Policy are subject to the claims paying ability of Metropolitan Life. If Metropolitan Life experiences financial distress, it may not be able to meet its obligations to you. More information about Metropolitan Life, including its financial strength ratings, is available upon request by calling 1-877-638-3932 or by visiting https://www.metlife.com/about-us/corporate-profile/ratings/. | “Principal Risks of a Policy” | ||
| Contract Lapse | Your Policy may lapse if you have paid an insufficient amount of premiums or if the investment experience of the Portfolios is poor and the cash surrender value under your Policy is insufficient to cover the monthly deduction. Lapse of a Policy on which there is an outstanding loan may have adverse tax consequences. If the Policy lapses, no death benefit will be paid. A Policy may be reinstated if the conditions for reinstatement are met including the payment of required premiums. | “Principal Risks of a Policy” | ||
| RESTRICTIONS | LOCATION
IN PROSPECTUS | |||
| Investments | At
the present time, no charge is assessed against the cash value of a Policy when amounts are transferred among the investment divisions of the Separate Account and between the investment divisions and the Fixed Account. Policy owners may transfer
cash value between and among the investment divisions and the Fixed Account. The minimum amount you may transfer is $50 or, if less, the total amount in an investment option. You may make transfers at any time. The maximum amount that you may
transfer or withdraw from the Fixed Account in any Policy year is the greater of $50 and 25% of the largest amount in the Fixed Account over the last four Policy years. Metropolitan Life reserves to impose a charge of $25 per transfer. Restrictions
may apply to frequent transfers. Metropolitan Life reserves the right to remove or substitute portfolio companies as investment options that are available under the Policy. |
“Cash Value, Transfers and Withdrawals – Cash Value Transfers” | ||
| Optional Benefits | Rider availability is subject to your employer making the rider available. | “Optional Benefits” | ||
| TAXES | LOCATION
IN PROSPECTUS | |||
| Tax Implications | Consult
with a tax professional to determine the tax implications of an investment in and payments received under this Policy. Withdrawals will be subject to ordinary income tax, and may be subject to tax penalties. Lapse of a Policy on which there is an outstanding loan may have adverse tax consequences |
“Federal Tax Matters” | ||
4
| CONFLICTS OF INTEREST | LOCATION
IN PROSPECTUS | |||
| Investment Professional Compensation | Your investment professional may receive compensation relating to your ownership of Policy, both in the form of commissions and continuing payments. These investment professionals may have a financial incentive to offer or recommend the Policy over another investment. | “Sales of the Policy” | ||
| Exchanges | Some investment professionals may have a financial incentive to offer you a new policy in place of your current Policy. You should only exchange your Policy if you determine, after comparing the features, fees, and risks of both policies, that it is better for you to purchase the new policy rather than continue to own your existing Policy. | “Sales of The Policy” | ||
5
APPENDIX A:
PORTFOLIOS AVAILABLE UNDER THE POLICY
The
following is a list of the Portfolios currently available under the Policy. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at
dfinview.com/metlife/tahd/MET000229. You can also request this information at no cost by calling 1-877-638-3932 or by contacting us at sbrservice@metlife.com.
The current expenses and performance information
below reflects fees and expenses of the Portfolios, but does not reflect the other fees and expenses that the Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s
past performance is not necessarily an indication of future performance.
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks long-term growth of capital. | AB
VPS Global Thematic Growth Portfolio* - Class B AllianceBernstein L.P. |
1.20% | 39.08% | 17.03% | 9.67% |
| Seeks to generate income and price appreciation without assuming what the Adviser considers undue risk. | AB
VPS Intermediate Bond Portfolio - Class B AllianceBernstein L.P. |
1.52% | 5.64% | 4.01% | 3.56% |
| Seeks a high level of current income. Its secondary investment objective is capital appreciation. | American
Funds American High-Income Trust* (formerly known as American Funds High-Income Bond Fund) - Class 2 Capital Research and Management CompanySM |
0.58% | 7.94% | 8.34% | 5.57% |
| Seeks growth of capital. | American
Funds Growth Fund - Class 2 Capital Research and Management CompanySM |
0.61% | 52.10% | 22.75% | 16.85% |
| Seeks long-term growth of capital. | American
Funds International Fund - Class 2 Capital Research and Management CompanySM |
0.80% | 13.97% | 10.73% | 6.68% |
| Seeks a high level of current income consistent with prudent investment risk and preservation of capital. | American
Funds U.S. Government Securities Fund* (formerly known as American Funds U.S. Government/AAA-Rated Securities Fund) - Class 2 Capital Research and Management CompanySM |
0.48% | 9.80% | 3.67% | 3.10% |
| Seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments. | Asset
Manager: Growth Portfolio - Service Class Fidelity Management & Research Company LLC |
0.79% | 17.09% | 10.00% | 8.45% |
| Seeks long-term growth of capital. | Baillie
Gifford International Stock Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Baillie Gifford Overseas Limited |
0.72% | 26.58% | 14.72% | 7.64% |
A-1
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks a competitive total return primarily from investing in fixed-income securities. | BlackRock
Bond Income Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.39% | 8.60% | 4.99% | 4.57% |
| Seeks long-term growth of capital. | BlackRock
Capital Appreciation Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.63% | 40.66% | 20.74% | 15.29% |
| Seeks a high level of current income consistent with preservation of capital. | BlackRock
Ultra-Short Term Bond Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.36% | 0.43% | 1.12% | 0.56% |
| Seeks growth of capital. | Brighthouse
Asset Allocation 100 Portfolio - Class B Brighthouse Investment Advisers, LLC |
0.99% | 18.91% | 12.80% | 10.36% |
| Seeks a high level of current income, with growth of capital as a secondary objective. | Brighthouse
Asset Allocation 20 Portfolio* - Class B Brighthouse Investment Advisers, LLC |
0.89% | 9.52% | 5.90% | 4.98% |
| Seeks high total return in the form of income and growth of capital, with a greater emphasis on income. | Brighthouse
Asset Allocation 40 Portfolio - Class B Brighthouse Investment Advisers, LLC |
0.88% | 11.04% | 7.57% | 6.45% |
| Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | Brighthouse
Asset Allocation 60 Portfolio - Class B Brighthouse Investment Advisers, LLC |
0.90% | 13.85% | 9.42% | 7.92% |
| Seeks long-term capital appreciation. | Brighthouse
Small Cap Value Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Delaware Investments Fund Advisers; Wells Capital Management Incorporated |
1.11% | -0.57% | 9.74% | 8.09% |
| Seeks capital appreciation. | Brighthouse/Aberdeen
Emerging Markets Equity Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Aberdeen Asset Managers Limited |
1.19% | 27.30% | 13.55% | 3.40% |
| Seeks long-term capital growth. | Brighthouse/Artisan
Mid Cap Value Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Artisan Partners Limited Partnership |
1.03% | 5.98% | 9.35% | 8.82% |
A-2
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks long-term capital appreciation with some current income. | Brighthouse/Wellington
Balanced Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.53% | 17.72% | 11.41% | 10.60% |
| Seeks to provide a growing stream of income over time and, secondarily, long-term capital appreciation and current income. | Brighthouse/Wellington
Core Equity Opportunities Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.61% | 11.27% | 13.22% | 11.80% |
| Seeks long-term capital appreciation. | Brighthouse/Wellington
Large Cap Research Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.55% | 22.27% | 14.95% | 13.87% |
| Seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income. | Clarion
Global Real Estate Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: CBRE Clarion Securities LLC |
0.64% | -4.78% | 4.15% | 5.50% |
| Seeks long-term capital appreciation. | Contrafund
® Portfolio - Service Class Fidelity Management & Research Company LLC |
0.71% | 30.43% | 16.07% | 13.40% |
| Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries. | Emerging
Markets Debt Portfolio - Class I Morgan Stanley Investment Management Inc. Subadviser: Morgan Stanley Investment Management Limited |
1.15% | 5.55% | 6.36% | 4.79% |
| Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries. | Emerging
Markets Equity Portfolio* - Class I Morgan Stanley Investment Management Inc. Subadviser: Morgan Stanley Investment Management Company |
1.25% | 14.44% | 10.24% | 3.04% |
A-3
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index. | Equity-Income
Portfolio - Service Class Fidelity Management & Research Company LLC |
0.63% | 6.55% | 10.57% | 10.05% |
| Seeks capital appreciation. | Franklin
Mutual Global Discovery VIP Fund - Class 2 Franklin Mutual Advisers, LLC |
1.22% | -4.46% | 5.14% | 6.27% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2020 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.53% | 15.06% | 10.00% | 8.16% |
| Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. | Freedom
2025 Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.56% | 15.95% | 10.58% | 8.89% |
| Seeks maximum capital appreciation. | Frontier
Mid Cap Growth Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Frontier Capital Management Company, LLC |
0.73% | 31.70% | 16.91% | 13.57% |
| Seeks long-term growth of capital. | Goldman
Sachs Small Cap Equity Insights Fund* - Institutional Shares Goldman Sachs Asset Management, L.P. |
0.81% | 8.56% | 11.22% | 10.62% |
| Seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Government
Money Market Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.24% | 0.32% | 0.97% | 0.52% |
| Seeks long-term capital appreciation. | Harris
Oakmark International Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Harris Associates L.P. |
0.76% | 5.37% | 7.30% | 6.48% |
| Seeks a high level of current income, while also considering growth of capital. | High
Income Portfolio - Initial Class Fidelity Management & Research Company LLC |
0.67% | 2.72% | 6.99% | 5.58% |
| Seeks capital appreciation. | Invesco
Global Equity Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.57% | 27.92% | 15.13% | 11.83% |
A-4
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks long-term growth of capital. | Invesco
Small Cap Growth Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
1.06% | 56.76% | 19.89% | 15.72% |
| Seeks capital growth and income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks. | Invesco
V.I. Comstock Fund - Series II Invesco Advisers, Inc. |
1.01% | -1.09% | 8.30% | 9.18% |
| Seeks long-term growth of capital. | Invesco
V.I. International Growth Fund - Series I Invesco Advisers, Inc. |
0.92% | 14.00% | 8.82% | 6.72% |
| Seeks as high a level of current income as is consistent with the preservation of capital. | Investment
Grade Bond Portfolio - Service Class Fidelity Management & Research Company LLC |
0.49% | 9.33% | 5.35% | 4.25% |
| Seeks long-term capital growth, consistent with preservation of capital and balanced by current income. | Janus
Henderson Balanced Portfolio - Service Shares Janus Capital Management LLC |
0.87% | 14.03% | 11.53% | 9.95% |
| Seeks long-term growth of capital. | Janus
Henderson Enterprise Portfolio - Service Shares Janus Capital Management LLC |
0.97% | 19.18% | 17.92% | 14.97% |
| Seeks long-term growth of capital. | Janus
Henderson Forty Portfolio - Service Shares Janus Capital Management LLC |
1.01% | 39.03% | 20.73% | 16.73% |
| Seeks long-term growth of capital. | Janus
Henderson Research Portfolio - Institutional Shares Janus Capital Management LLC |
0.60% | 32.95% | 17.67% | 14.67% |
| Seeks long-term growth of capital. | Jennison
Growth Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Jennison Associates LLC |
0.54% | 56.80% | 23.52% | 18.67% |
| Seeks long-term capital growth. | JPMorgan
Small Cap Value Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: J.P. Morgan Investment Management Inc. |
0.75% | 6.34% | 8.25% | 7.17% |
| Seeks long-term growth of capital. | Loomis
Sayles Growth Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
0.57% | 32.54% | 13.33% | 14.42% |
| Seeks long-term capital growth from investments in common stocks or other equity securities. | Loomis
Sayles Small Cap Core Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
0.90% | 12.07% | 11.45% | 11.07% |
A-5
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks to track the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. | MetLife
Aggregate Bond Index Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.27% | 7.21% | 4.21% | 3.58% |
| Seeks to track the performance of the Standard & Poor’s MidCap 400® Composite Stock Price Index. | MetLife
Mid Cap Stock Index Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.32% | 13.39% | 12.08% | 11.25% |
| Seeks to track the performance of the MSCI EAFE® Index. | MetLife
MSCI EAFE® Index Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.39% | 7.85% | 7.46% | 5.33% |
| Seeks to track the performance of the Russell 2000® Index. | MetLife
Russell 2000® Index Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.33% | 19.62% | 13.22% | 11.21% |
| Seeks to track the performance of the Standard & Poor’s 500® Composite Stock Price Index. | MetLife
Stock Index Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Advisors, LLC |
0.27% | 18.10% | 14.93% | 13.60% |
| Seeks capital appreciation. | MFS
® Global Equity Series* - Service Class Massachusetts Financial Services Company |
1.17% | 13.04% | 11.92% | 10.36% |
| Seeks total return with an emphasis on high current income, but also considering capital appreciation. | MFS
® High Yield Portfolio* - Service Class Massachusetts Financial Services Company |
0.97% | 4.85% | 7.00% | 5.66% |
| Seeks capital appreciation. | MFS
® New Discovery Series* - Service Class Massachusetts Financial Services Company |
1.12% | 45.58% | 22.68% | 14.41% |
| Seeks capital appreciation. | MFS
® Research International Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.89% | 13.02% | 9.64% | 6.05% |
| Seeks a favorable total return through investment in a diversified portfolio. | MFS
® Total Return Portfolio* - Class B Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.86% | 9.49% | 8.63% | 8.22% |
| Seeks capital appreciation. | MFS
® Value Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.58% | 3.96% | 10.43% | 11.24% |
| Seeks long-term growth of capital. | Mid
Cap Portfolio - Service Class 2 Fidelity Management & Research Company LLC |
0.87% | 17.87% | 10.79% | 9.22% |
| Seeks capital appreciation. | Morgan
Stanley Discovery Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Morgan Stanley Investment Management Inc. |
0.63% | 153.77% | 38.34% | 21.41% |
A-6
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks high total return, consisting principally of capital appreciation. | Neuberger
Berman Genesis Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Neuberger Berman Investment Advisers LLC |
0.85% | 25.11% | 15.77% | 12.93% |
| Seeks maximum real return consistent with preservation of real capital and prudent investment management. | PIMCO
All Asset Portfolio* - Administrative Class Pacific Investment Management Company LLC Subadviser: Research Affiliates, LLC |
1.28% | 8.01% | 7.95% | 4.65% |
| Seeks maximum real return, consistent with prudent investment management. | PIMCO
CommodityRealReturn® Strategy Portfolio* - Administrative Class Pacific Investment Management Company LLC |
1.24% | 1.35% | 2.67% | -5.39% |
| Seeks maximum real return, consistent with preservation of capital and prudent investment management. | PIMCO
Inflation Protected Bond Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.78% | 11.85% | 5.33% | 3.72% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO
Long-Term U.S. Government Portfolio - Administrative Class Pacific Investment Management Company LLC |
0.85% | 17.39% | 7.33% | 7.31% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO
Low Duration Portfolio - Administrative Class Pacific Investment Management Company LLC |
0.69% | 2.99% | 2.01% | 1.79% |
| Seeks maximum total return, consistent with the preservation of capital and prudent investment management. | PIMCO
Total Return Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.56% | 8.82% | 4.98% | 4.05% |
| Seeks capital appreciation by investing in a diversified portfolio of securities consisting primarily of common stocks. | Pioneer
Mid Cap Value VCT Portfolio - Class I Amundi Asset Management US, Inc. |
0.74% | 2.14% | 6.90% | 7.72% |
| Seeks capital growth. Current income is a secondary objective. | Putnam
VT International Value Fund - Class IB Putnam Investment Management, LLC Subadviser: B |
1.19% | 3.94% | 5.35% | 3.97% |
| Seeks long-term growth of capital. | Royce
Micro-Cap Portfolio* - Investment Class Royce Investment Partners |
1.33% | 23.79% | 11.13% | 5.05% |
| Seeks long-term growth of capital. | Royce
Small-Cap Portfolio* - Investment Class Royce Investment Partners |
1.08% | -7.15% | 5.18% | 5.56% |
A-7
| INVESTMENT
OBJECTIVE |
PORTFOLIO
AND ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE
ANNUAL TOTAL RETURNS (as of 12/31/2020) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Seeks long-term growth of capital. | T.
Rowe Price Large Cap Growth Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.58% | 36.95% | 19.34% | 16.96% |
| Seeks long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective. | T.
Rowe Price Large Cap Value Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.53% | 3.15% | 10.17% | 10.52% |
| Seeks long-term capital growth. | T.
Rowe Price Small Cap Growth Portfolio - Class A Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.50% | 24.34% | 16.27% | 14.83% |
| Seeks long-term capital growth. | Templeton
Foreign VIP Fund* - Class 1 Templeton Investment Counsel, LLC |
0.86% | -0.92% | 3.57% | 2.68% |
| Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration. | Templeton
Global Bond VIP Fund* - Class 1 Franklin Advisers, Inc. |
0.49% | -4.73% | 0.91% | 1.81% |
| Seeks high total return by investing in equity securities of mid-sized companies. | Victory
Sycamore Mid Cap Value Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Victory Capital Management Inc. |
0.60% | 7.87% | 9.81% | 8.80% |
| Seeks to maximize total return consistent with preservation of capital. | Western
Asset Management Strategic Bond Opportunities Portfolio* - Class A Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company |
0.55% | 6.92% | 6.71% | 5.55% |
| * | The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses shown reflect temporary fee reductions. |
The fee and expense information regarding the
Portfolios was provided by those Portfolios.
A-8
To learn more about the Policy, you should read the Prospectus and
SAI dated the same date as this Updating Summary Prospectus which are incorporated herein by reference and are legally a part of this Updating Summary Prospectus. They include additional information about the Policies and the Separate Account. You
can find these documents on line at dfinview.com/metlife/tahd/MET000229. For a free copy of the Prospectus and SAI, to receive free personalized illustrations of death benefits and Cash Values, and to request other information about the Policy,
please call 1-877-638-3932 or contact us through our website at https://sbr.metlife.com.
EDGAR ID: C000011872 (MetFlex) & C000028813
(MetFlex C)