April 29, 2024
Updating Summary
Prospectus For Investors In
MetFlex Flexible Premium Variable Life Insurance Policy and
MetFlex C Flexible Premium Variable Life Insurance Policy
MetFlex Flexible Premium Variable Life Insurance Policy and
MetFlex C Flexible Premium Variable Life Insurance Policy
Issued by Separate Account UL Of Metropolitan Life Insurance
Company
This Updating Summary Prospectus summarizes key features of
MetFlex and MetFlex C Policies (the "Policy" or "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.
UPDATED INFORMATION ABOUT YOUR POLICY
•
For changes in the names of certain
Portfolios and any other changes to the
Portfolios please refer to 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 or other charges related to increases in
specified face amount, charges to pay for certain taxes
when you make a premium
payment or transfer cash value between
investment options. |
|||
| 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. Such fees and
expenses are set based on characteristics of the 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) |
0.27% |
2.27% | ||
| |
RISKS |
LOCATION IN
PROSPECTUS | ||
| Risk of Loss |
You can lose money by investing in this Policy, including loss of principal. |
“Principal Risks” | ||
3
| |
RISKS |
LOCATION IN
PROSPECTUS | ||
| Not a Short-Term
Investment |
“Principal Risks” | |||
| 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” | ||
| 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 option), guarantees, and benefits of
the Policy, including any death benefit, which 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” | ||
| 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,
you have taken partial withdrawals, 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” | ||
| |
RESTRICTIONS |
LOCATION IN
PROSPECTUS | ||
| Investments |
Policy owners may transfer
cash value between and among the
transfer is $50 or, if less, the total amount in an investment option.
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.
At the present time, no charge is assessed against the
cash value of a
Policy when amounts are transferred among the
Divisions of the
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
Portfolios
that are available under the Policy. |
|||
| Optional Benefits |
Restrictions or limitations may apply to certain optional benefits.
For example, benefits may be (i) no longer available,
(ii) available only when
you apply for a Policy, (iii) unavailable in certain
combinations, or (iv) available only if your employer
makes it available.
You should check with your employer regarding the
availability of riders. |
“Optional Benefits” | ||
4
| |
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 may 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” | ||
| |
CONFLICTS OF INTEREST |
LOCATION IN
PROSPECTUS | ||
| Investment
Professional
Compensation |
Your investment professional may receive compensation relating to
your ownership of the 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 |
“Sales of The Policy” | |||
5
GLOSSARY
Base Policy — The Policy without riders.
Beneficiary — The beneficiary is the person or persons designated by the Policy owner to receive insurance proceeds upon the death of
the insured. A beneficiary may
be changed as set forth in the Policy and this Prospectus. Unless otherwise stated in the Policy, the beneficiary has no rights in the Policy before the death of the
Insured. If there is more than one beneficiary at the death of the Insured, each will receive equal payments unless otherwise provided by the Policy owner.
Cash Surrender Value — The amount you receive if you surrender the Policy. It is equal to the Policy’s cash value reduced by any outstanding Policy loan and accrued and unpaid interest.
Cash Value — A Policy’s cash value includes the amount of its cash
value held in the Separate
Account, the amount held in the
Fixed Account, and if there is an outstanding Policy loan, the amount of its
cash value held in the loan account.
Date of Policy — The date on which coverage under the Policy and monthly deductions begin. If you make a premium payment with the application, unless
you request otherwise, the
date of Policy is generally the date the Policy application is approved. If you choose to pay the initial premium upon delivery of the Policy, unless you request otherwise, the
date of Policy is generally the date on which we receive your initial payment. The
Date of Policy
is used to measure Policy years, Policy months, and Policy anniversaries.
Designated Office — The office designated for receipt of Policy owner communications and requests is Metropolitan Life
Insurance Company — Specialized Benefit Resources, 700 Quaker Lane,
Warwick, RI 02886. The office designated for receipt of premium payments is: Metropolitan Life Insurance Company, P.O. Box 70501, Philadelphia, PA 19176-0501. Premium payments sent by express mail or courier service should be addressed to: Metropolitan Life Insurance Company, Lockbox #70501, Wells Fargo Bank MAC Y1372-045, 2005 Market Street, 5th Floor, Philadelphia, PA 19103-7042. We may name additional or alternate Designated Offices for communications, requests and payment of premiums. If we do, we will notify you in writing.
Division — A sub-account of the
Separate Account that invests in shares of an open-ended management investment company or other pools of investment assets.
Fixed Account — The Fixed Account is a part of our general
account to which you may allocate net premiums. It provides guarantees of principal and interest. Aspects of the
Fixed Account are briefly summarized in order to give a better understanding of how the Policy functions.
Fund — An underlying mutual fund in which the Separate Account assets are invested.
General Account — The asserts of Metropolitan Life other than those allocated to the Separate Account.
Indebtedness — The total of any unpaid Policy loan and loan interest.
Insured — The person upon whose life the Policy is issued.
6
Investment Start Date — The later of the policy date and the date we first receive a premium payment for the
Policy.
Loan Account — The account to which cash value from the Separate and/or Fixed Accounts
is transferred when a Policy loan is taken.
Monthly
Anniversary — The same date in each month as the policy date. For
purposes of the Separate Account, whenever the monthly anniversary date falls on a date other than a valuation date, the next valuation date will
be deemed to be the monthly
anniversary.
Net Cash Value — The Policy’s cash value less any outstanding loans and accrued loan interest.
Net Premium — The net premium is equal to the premium payment minus the sales charge, state tax charge and federal tax charge, administrative charges and any
rider charges.
Planned
Premium — The
planned premium is the premium payment schedule you choose to help meet your future goals under the Policy. The planned premium
consists of a first-year premium
amount and an amount for premium
payments in subsequent Policy years. It is subject to certain limits
under the Policy.
Portfolio
— A
portfolio represents a class (or series) of a Fund in which a
Division’s assets are invested.
Premiums — Premiums include all payments under the Policy, whether a planned premium or an unscheduled payment.
Separate Account — Metropolitan Life Separate Account
UL, a separate
account established by MetLife to receive and invest
premiums paid under the Policies and certain other variable life insurance policies, and to
provide variable benefits.
Target Premium — We use the target premium to determine the amount of Mortality and Expense Risk Charge imposed on the
Separate Account and the amount of sales charge imposed on
premium payments. The target premium varies
by issue age, sex (except for
unisex Policies), smoking status and any flat extras and substandard rating of the insured, and the Policy’s base face amount, with additional amounts for most
riders.
7
APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE POLICY
The following is a list of the Portfolios currently available. Not all Divisions may be available under your Policy.
You should check with your Employer as to which Divisions
are available under your 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.
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Global Equity |
AB VPS Sustainable Global Thematic Portfolio* -
Class B
AllianceBernstein L.P. |
1.17% |
15.70% |
13.27% |
9.33% |
| US Equity |
American Funds American High-Income Trust* -
Class 2
Capital Research and Management CompanySM |
0.57% |
12.45% |
6.09% |
4.41% |
| US Equity |
American Funds Growth Fund - Class 2
Capital Research and Management CompanySM |
0.59% |
38.49% |
18.68% |
14.36% |
| International Equity |
American Funds International Fund - Class 2
Capital Research and Management CompanySM |
0.78% |
15.84% |
4.83% |
3.41% |
| US Fixed Income |
American Funds U.S. Government Securities Fund*
- Class 2
Capital Research and Management CompanySM |
0.51% |
2.89% |
1.04% |
1.52% |
| Allocation |
Asset Manager: Growth Portfolio - Service Class
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.74% |
16.21% |
9.57% |
6.47% |
| International Equity |
Baillie Gifford International Stock Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Baillie Gifford Overseas Limited |
0.75% |
18.59% |
7.15% |
4.72% |
| US Fixed Income |
BlackRock Bond Income Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC |
0.39% |
5.84% |
1.53% |
2.20% |
| US Equity |
BlackRock Capital Appreciation Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC |
0.57% |
49.61% |
16.15% |
12.88% |
| US Fixed Income |
BlackRock Ultra-Short Term Bond Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC |
0.36% |
5.05% |
1.76% |
1.18% |
| Allocation |
Brighthouse Asset Allocation 100 Portfolio -
Class B
Brighthouse Investment Advisers, LLC |
0.99% |
20.81% |
11.55% |
7.92% |
A-1
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| Allocation |
Brighthouse Asset Allocation 20 Portfolio* - Class B
Brighthouse Investment Advisers, LLC |
0.89% |
7.83% |
3.62% |
3.05% |
| Allocation |
Brighthouse Asset Allocation 40 Portfolio - Class B
Brighthouse Investment Advisers, LLC |
0.89% |
10.52% |
5.60% |
4.34% |
| Allocation |
Brighthouse Asset Allocation 60 Portfolio - Class B
Brighthouse Investment Advisers, LLC |
0.91% |
13.59% |
7.72% |
5.67% |
| US Equity |
Brighthouse Small Cap Value Portfolio* - Class B
Brighthouse Investment Advisers, LLC
Subadviser: Delaware Investments Fund Advisers/Allspring Global Investments, LLC |
1.12% |
13.95% |
10.81% |
7.17% |
| International Equity |
Brighthouse/abrdn Emerging Markets Equity
Portfolio* - Class B
Brighthouse Investment Advisers, LLC
Subadviser: Aberdeen Asset Managers Limited |
1.21% |
6.47% |
2.88% |
1.30% |
| US Equity |
Brighthouse/Artisan Mid Cap Value Portfolio* -
Class B
Brighthouse Investment Advisers, LLC
Subadviser: Artisan Partners Limited Partnership |
1.02% |
18.24% |
11.28% |
6.48% |
| Allocation |
Brighthouse/Wellington Balanced Portfolio -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company LLP |
0.53% |
18.10% |
10.09% |
8.07% |
| US Equity |
Brighthouse/Wellington Core Equity Opportunities
Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company LLP |
0.61% |
7.66% |
13.12% |
10.36% |
| US Equity |
Brighthouse/Wellington Large Cap Research
Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management Company LLP |
0.54% |
25.74% |
15.38% |
11.71% |
| Sector |
CBRE Global Real Estate Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: CBRE Investment Management Listed Real Assets LLC |
0.65% |
12.87% |
6.40% |
4.65% |
| US Equity |
Contrafund® Portfolio - Service
Class Fidelity Management & Research Company
LLC Subadviser: FMR UK, FMR HK, FMR Japan |
0.66% |
33.34% |
16.54% |
11.50% |
| International Fixed
Income |
Emerging Markets Debt Portfolio* - Class I
Morgan Stanley Investment Management Inc.
Subadviser: Morgan Stanley Investment Management Limited |
1.10% |
11.84% |
1.43% |
2.12% |
A-2
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| International Equity |
Emerging Markets Equity Portfolio - Class I
Morgan Stanley Investment Management Inc.
Subadviser: Morgan Stanley Investment Management Company |
1.25% |
11.97% |
3.41% |
1.84% |
| US Equity |
Equity-Income Portfolio - Service Class
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.57% |
10.53% |
12.18% |
8.47% |
| Global Equity |
Franklin Mutual Global Discovery VIP Fund - Class
2
Franklin Mutual Advisers, LLC |
1.15% |
20.31% |
10.16% |
5.98% |
| Allocation |
Freedom 2020 Portfolio - Initial Class
Fidelity Management & Research Company LLC |
0.47% |
12.40% |
7.47% |
5.73% |
| Allocation |
Freedom 2025 Portfolio - Initial Class
Fidelity Management & Research Company LLC |
0.49% |
13.62% |
8.26% |
6.20% |
| US Equity |
Frontier Mid Cap Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital Management Company, LLC |
0.71% |
18.00% |
11.26% |
9.28% |
| US Equity |
Goldman Sachs Small Cap Equity Insights Fund* -
Institutional Shares
Goldman Sachs Asset Management, L.P. |
0.82% |
19.28% |
10.04% |
7.80% |
| US Fixed Income |
Government Money Market Portfolio - Initial Class
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.27% |
4.89% |
1.72% |
1.11% |
| International Equity |
Harris Oakmark International Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Harris Associates L.P. |
0.73% |
19.26% |
7.50% |
3.45% |
| US Fixed Income |
High Income Portfolio - Initial Class
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.77% |
10.48% |
3.87% |
3.40% |
| Global Equity |
Invesco Global Equity Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc. |
0.58% |
34.99% |
12.48% |
8.68% |
| US Equity |
Invesco Small Cap Growth Portfolio* - Class B
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc. |
1.06% |
11.90% |
8.64% |
7.39% |
| US Equity |
Invesco V.I. Comstock Fund - Series II
Invesco Advisers, Inc. |
1.00% |
12.10% |
13.20% |
8.65% |
| International Equity |
Invesco V.I. EQV International Equity Fund - Series
I
Invesco Advisers, Inc. |
0.90% |
18.15% |
8.42% |
4.33% |
| US Fixed Income |
Investment Grade Bond Portfolio - Service Class
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.48% |
6.12% |
1.87% |
2.24% |
| Allocation |
Janus Henderson Balanced Portfolio - Service
Shares
Janus Henderson Investors US LLC |
0.87% |
15.13% |
9.37% |
7.73% |
A-3
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| US Equity |
Janus Henderson Enterprise Portfolio - Service
Shares
Janus Henderson Investors US LLC |
0.97% |
17.78% |
13.14% |
11.82% |
| US Equity |
Janus Henderson Forty Portfolio - Service Shares
Janus Henderson Investors US LLC |
0.80% |
39.65% |
16.64% |
13.45% |
| US Equity |
Janus Henderson Research Portfolio - Institutional
Shares
Janus Henderson Investors US LLC |
0.57% |
43.17% |
16.83% |
12.49% |
| US Equity |
Jennison Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC |
0.55% |
53.26% |
17.98% |
14.32% |
| US Equity |
JPMorgan Small Cap Value Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: J.P. Morgan Investment Management Inc. |
0.77% |
13.21% |
10.68% |
6.55% |
| US Equity |
Loomis Sayles Growth Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company, L.P. |
0.55% |
52.06% |
16.39% |
10.80% |
| US Equity |
Loomis Sayles Small Cap Core Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles & Company, L.P. |
0.89% |
17.46% |
11.35% |
7.90% |
| US Fixed Income |
MetLife Aggregate Bond Index Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management, LLC |
0.28% |
5.20% |
0.87% |
1.57% |
| US Equity |
MetLife Mid Cap Stock Index Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management, LLC |
0.31% |
16.08% |
12.34% |
9.01% |
| International Equity |
MetLife MSCI EAFE® Index Portfolio - Class
A Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management, LLC |
0.39% |
17.93% |
7.99% |
4.05% |
| US Equity |
MetLife Russell 2000® Index Portfolio - Class
A Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management, LLC |
0.32% |
16.80% |
9.90% |
7.16% |
| US Equity |
MetLife Stock Index Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment Management, LLC |
0.26% |
25.94% |
15.39% |
11.75% |
| Global Equity |
MFS® Global Equity Series* -
Service Class Massachusetts Financial Services
Company |
1.17% |
13.88% |
9.96% |
6.93% |
| US Fixed Income |
MFS® High Yield Portfolio* -
Service Class Massachusetts Financial Services
Company |
0.97% |
12.48% |
4.42% |
3.58% |
| US Equity |
MFS® New Discovery Series* -
Service Class Massachusetts Financial Services
Company |
1.12% |
14.25% |
10.81% |
7.41% |
A-4
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| International Equity |
MFS® Research International
Portfolio* - Class B Brighthouse Investment Advisers,
LLC Subadviser: Massachusetts Financial Services Company |
0.90% |
12.82% |
8.54% |
4.17% |
| Allocation |
MFS® Total Return Portfolio* -
Class B Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial Services Company |
0.87% |
10.13% |
8.26% |
6.33% |
| US Equity |
MFS® Value Portfolio* - Class
A Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial Services Company |
0.58% |
8.15% |
11.55% |
8.78% |
| US Equity |
Mid Cap Portfolio - Service Class 2
Fidelity Management & Research Company LLC
Subadviser: FMR UK, FMR HK, FMR Japan |
0.82% |
14.80% |
12.17% |
7.85% |
| US Equity |
Morgan Stanley Discovery Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Morgan Stanley Investment Management Inc. |
0.67% |
41.23% |
11.07% |
8.77% |
| US Equity |
Neuberger Berman Genesis Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Neuberger Berman Investment Advisers LLC |
0.80% |
15.53% |
12.40% |
8.75% |
| Alternative |
PIMCO All Asset Portfolio* - Administrative Class
Pacific Investment Management Company LLC
Subadviser: Research Affiliates, LLC |
2.19% |
8.14% |
6.02% |
4.04% |
| Sector |
PIMCO CommodityRealReturn® Strategy Portfolio*
- Administrative Class
Pacific Investment Management Company LLC |
1.48% |
-7.85% |
8.55% |
-0.80% |
| US Fixed Income |
PIMCO Inflation Protected Bond Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment Management Company LLC |
0.68% |
3.74% |
3.28% |
2.32% |
| US Fixed Income |
PIMCO Long-Term U.S. Government Portfolio -
Administrative Class
Pacific Investment Management Company LLC |
2.01% |
3.99% |
-1.30% |
2.06% |
| US Fixed Income |
PIMCO Low Duration Portfolio - Administrative
Class
Pacific Investment Management Company LLC |
0.69% |
4.97% |
0.99% |
0.92% |
| US Fixed Income |
PIMCO Total Return Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment Management Company LLC |
0.55% |
6.22% |
1.25% |
1.86% |
| US Equity |
Pioneer Mid Cap Value VCT Portfolio - Class I
Amundi Asset Management US, Inc. |
0.80% |
12.16% |
12.74% |
7.64% |
A-5
| FUND
TYPE |
PORTFOLIO AND
ADVISER/SUBADVISER |
CURRENT
EXPENSES |
AVERAGE ANNUAL
TOTAL RETURNS
(as of 12/31/2023) | ||
| 1
YEAR |
5
YEAR |
10
YEAR | |||
| International Equity |
Putnam VT International Value Fund - Class IB
Putnam Investment Management, LLC
Subadviser: Disclosure B: Though the investment advisor has retained the services of both Putnam Investments Limited (PIL) and The Putnam Advisory Company, LLC (PAC), PIL and PAC do not currently manage any assets of the fund. |
1.13% |
18.68% |
9.70% |
3.88% |
| US Equity |
Royce Micro-Cap Portfolio - Investment Class
Royce Investment Partners |
1.18% |
18.78% |
12.13% |
5.53% |
| US Equity |
Royce Small-Cap Portfolio - Investment Class
Royce Investment Partners |
1.15% |
25.93% |
10.17% |
5.61% |
| US Equity |
T. Rowe Price Large Cap Growth Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.57% |
46.81% |
13.52% |
11.88% |
| US Equity |
T. Rowe Price Large Cap Value Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.53% |
9.91% |
11.55% |
8.93% |
| US Equity |
T. Rowe Price Mid Cap Growth Portfolio*(1) -
Class B
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. is the subadviser T. Rowe Price Investment Management, Inc. is the sub-subadviser |
0.95% |
19.84% |
11.63% |
10.45% |
| US Equity |
T. Rowe Price Small Cap Growth Portfolio - Class A
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.51% |
21.57% |
11.84% |
9.44% |
| International Equity |
Templeton Foreign VIP Fund* - Class 1
Templeton Investment Counsel, LLC |
0.82% |
21.09% |
5.54% |
1.54% |
| Global Fixed Income |
Templeton Global Bond VIP Fund* - Class 1
Franklin Advisers, Inc. |
0.50% |
3.19% |
-1.89% |
-0.41% |
| US Equity |
Victory Sycamore Mid Cap Value Portfolio* -
Class A
Brighthouse Investment Advisers, LLC
Subadviser: Victory Capital Management, Inc. |
0.60% |
10.20% |
14.66% |
8.57% |
| US Fixed Income |
Western Asset Management Strategic Bond
Opportunities Portfolio* - Class A
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset Management Company, LLC |
0.56% |
9.44% |
2.80% |
3.01% |
*
The Portfolio is subject to an expense reimbursement or fee waiver arrangement. The annual expenses
shown reflect temporary fee reductions.
(1)
Effective April 29, 2019, the Portfolio closed to new investments and
transfers.
The fee and expense
information regarding the Portfolios was provided by those Portfolios.
A-6
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, contact us through our
website at https://sbr.metlife.com.or write to us at the
Designated Office. The mailing address for your
Designated Office is MetLife – SBR 501 Route 22, Bridgewater, NJ 08807.
EDGAR ID: C000011872 (MetFlex) & C000028813 (MetFlex C)