# EDGAR Filing Document

**Accession Number:** 0001099219
**File Stem:** 0001099219-23-000039
**Filing Date:** 2023-2
**Character Count:** 426681
**Document Hash:** 8e2863b89267a15822cc9a55d8058e6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099219-23-000039.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001099219-23-000039

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20230201

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** METLIFE INC
- **CENTRAL INDEX KEY:** 0001099219
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 134075851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15787
- **FILM NUMBER:** 23577357

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-578-5500

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

?xml version="1.0" ? met-20230201

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): February 1, 2023**

**METLIFE, INC.**

**(Exact Name of Registrant as Specified in Its Charter)**

**Delaware** 

**(State or Other Jurisdiction of Incorporation)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1-15787** | **1-15787** | **1-15787** | **1-15787** | **13-4075851** |
| **(Commission File Number)** | **(Commission File Number)** | **(Commission File Number)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |
| | **200 Park Avenue,** | **New York,** | **NY** | **10166-0188** |
| **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(212**) **578-9500** 

**(Registrant's Telephone Number, Including Area Code)**

**N/A**

**(Former Name or Former Address, if Changed Since Last Report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $0.01 | MET | New York Stock Exchange |
| Floating Rate Non-Cumulative Preferred Stock,<br>Series A, par value $0.01 | MET PRA | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th<br>interest in a share of 5.625% Non-Cumulative <br>Preferred Stock, Series E | MET PRE | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th<br>interest in a share of 4.75% Non-Cumulative<br>Preferred Stock, Series F | MET PRF | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 1, 2023, MetLife, Inc. issued (i) a news release announcing its results for the quarter and full year ended December 31, 2022 (the "Earnings Release"), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended December 31, 2022 (the "Quarterly Financial Supplement"), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On February 1, 2023, MetLife, Inc. issued a supplemental slide presentation for the quarter and full year ended December 31, 2022, as well as outlook information (the "Supplemental Slides"), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The slides highlight information in MetLife, Inc.'s Earnings Release and Quarterly Financial Supplement and provide outlook information. The Supplemental Slides are furnished and not filed pursuant to instruction B.2 of Form 8-K.

**Item 8.01 Other Events.**

*As used herein, "MetLife," "we," and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.*

***Consolidated Company Outlook***

Our outlook reflects the impacts of the adoption of targeted improvements to the accounting for long-duration contracts ("LDTI"). We assume COVID-19 to be endemic consistent with the recent trends that we have been experiencing. We expect continued uncertainty to persist around inflation and a potential recession.

We expect interest rates to remain elevated relative to December 31, 2022. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios.

As of December 31, 2022, we had $5.4 billion of cash and liquid assets at the holding companies which is above the high end of our $3.0 billion to $4.0 billion holding company cash target. In 2023, we expect to maintain this holding company cash target.

Our continued capital stress testing and longstanding commitment to liquidity position us to withstand a variety of economic conditions. We do not expect any material liquidity deficiencies, and we expect to remain able to comply with the financial covenants of our credit agreements. We will continue reviewing accounting estimates, asset valuations and various financial scenarios for capital and liquidity implications.

Assuming (i) interest rates following the observable forward yield curves as of December 31, 2022, including a 10-year U.S. Treasury rate of 3.88% at December 31, 2022, and 3.84% at December 31, 2023, (ii) S&P 500 equity index annual return of 5% over the near-term, and (iii) private equity annual returns of 12% over the near-term consistent with historical long-term averages; we expect to maintain the two-year average annual ratio of free cash flow to adjusted earnings, excluding total notable items, at 65% to 75%.

Further, based on the aforementioned assumptions, the growing impact of our mix of business and higher new business returns over the last several years, as well as the impact of LDTI, we are increasing our target for adjusted return on equity, excluding accumulated other comprehensive income ("AOCI") other than foreign currency translation adjustments ("FCTA"), to 13% to 15% over the near-term. Lastly, we expect to exceed our goals to generate approximately $20.0 billion of free cash flow and make available an additional $1.0 billion to invest in growth and innovation, over the time period of 2020 through 2024.

Our full year direct expense ratio target, excluding total notable items related to direct expenses and pension risk transfers, is 12.6% over the near-term. This increase from the previous target of 12.3% reflects a reduction in adjusted premiums, fees and other revenues, excluding pension risk transfers, due to the impact of the adoption of LDTI. Since this change in accounting will be applied retrospectively to January 1, 2021, our previously reported direct expense ratios will likewise be re-calibrated to put 2021 and 2022 on the same basis as 2023 and beyond.

Our outlook relies on the accuracy of our assumptions about future economic and business conditions, which can be affected by known and unknown risks, uncertainties and other factors. We continually review our assumptions, implement mitigation plans, and take precautions. We may revise our outlook as we obtain more information regarding economic conditions, regulatory changes, and other events, and the impact of these events on our business operations, investment portfolio, derivatives, financial results and financial condition.

***Forward-Looking Statements***

The forward-looking statements in this Item 8.01 of MetLife, Inc.'s Current Report on Form 8-K, which contain words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "will," "would" and other words and terms of similar meaning or that are otherwise tied to

------

future periods or future performance, are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife becomes aware that such statement is not likely to be achieved.

We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

------

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| <u>[99.1](ex991earningsreleasetables.htm)</u> | <u>[News release of MetLife, Inc., dated February 1, 2023, announcing its results for the quarter and full year ended December 31, 2022](ex991earningsreleasetables.htm)</u> |

---

<u>[99.2](ex992qfsq422doc.htm)</u> <u>[Quarterly Financial Supplement for the quarter ended December 31, 2022](ex992qfsq422doc.htm)</u>

<u>[99.3](ex9934q22supplementalsli.htm)</u> <u>[Supplemental Slides for the quarter and full year ended December 31, 2022 and Outlook](ex9934q22supplementalsli.htm)</u>

101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| METLIFE, INC. | METLIFE, INC. | METLIFE, INC. |
| By: | /s/ Tamara L. Schock | /s/ Tamara L. Schock |
|  | Name: | Tamara L. Schock |
|  | Title: | Executive Vice President and<br>Chief Accounting Officer |

---

Date: February 1, 2023

## Exhibit 99.1

Exhibit 99.1

![mllogonewa22a.jpg](mllogonewa22a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Immediate Release İ Global Communications İ MetLife, Inc.

**METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER 2022 RESULTS**

**NEW YORK, February 1, 2023 -** MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2022 results.

**Full Year Results Summary**

• Net income of $2.4 billion, compared to net income of $6.4 billion for the full year 2021. Net income of $2.91 per share, down 60 percent from the prior year.

• Adjusted earnings of $5.5 billion, compared to adjusted earnings of $8.0 billion for the full year 2021. Adjusted earnings of $6.85 per share, down 25 percent from the prior year.

• Adjusted earnings, excluding total notable items, of $5.4 billion, compared to $7.9 billion for the full year 2021. On a per share basis, adjusted earnings, excluding total notable items, of $6.72, down 26 percent from $9.07 for the full year 2021.

• Book value of $29.81 per share, down 61 percent from $77.12 per share at December 31, 2021.

• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $56.34 per share, down 2 percent from $57.65 per share at December 31, 2021.

• Return on equity (ROE) of 6.1 percent.

• Adjusted ROE, excluding AOCI other than FCTA, of 12.3 percent.

• Holding company cash and liquid assets of $5.4 billion at December 31, 2022, which is above the target cash buffer of $3.0 - $4.0 billion.

**Fourth Quarter Results Summary**

• Net income of $1.3 billion, or $1.66 per share, compared to net income of $1.2 billion, or $1.39 per share, in the fourth quarter of 2021.

• Adjusted earnings of $1.2 billion, or $1.55 per share, compared to adjusted earnings of $1.8 billion, or $2.17 per share, in the fourth quarter of 2021.

• Adjusted earnings, excluding total notable items, of $1.2 billion, or $1.55 per share, compared to adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, in the fourth quarter of 2021.

• ROE of 23.6 percent.

• Adjusted ROE, excluding AOCI other than FCTA, of 11.3 percent.

Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "MetLife's strong underlying fundamentals were on full display in the fourth quarter and full year of 2022. With our great set of market-leading businesses, good growth prospects around the world, and the strength of our balance sheet and our free cash flow, I believe MetLife is very well-positioned for the future. As we begin 2023, we are raising the bar and setting our standards higher as we focus on creating value for all of our stakeholders."

Page 1 of 29

------

Page 2 of 29

------

**Fourth Quarter and Full Year 2022 Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($ in millions, except per share data) | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Three months ended<br>December 31,** | **Year ended<br>December 31,** | **Year ended<br>December 31,** | **Year ended<br>December 31,** |
|  | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| Premiums, fees and other revenues | $11335 | $15178 | (25)% | $57616 | $50384 | 14% |
| Net investment income | 4464 | 5233 | (15)% | 15916 | 21395 | (26)% |
| Net investment gains (losses) | 355 | (126) |  | (1262) | 1529 |  |
| Net derivative gains (losses) | 162 | (196) |  | (2372) | (2228) |  |
| Total revenues | $16316 | $20089 |  | $69898 | $71080 |  |
| Adjusted premiums, fees and other revenues | $11306 | $15010 | (25)% | $57359 | $48964 | 17% |
| Adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT) | $11375 | $11459 | (1)% | $45140 | $45451 | (1)% |
| Net income (loss) | $1314 | $1176 | 12% | $2354 | $6353 | (63)% |
| Net income (loss) per share | $1.66 | $1.39 | 19% | $2.91 | $7.31 | (60)% |
| Adjusted earnings | $1226 | $1838 | (33)% | $5545 | $7954 | (30)% |
| Adjusted earnings per share | $1.55 | $2.17 | (29)% | $6.85 | $9.15 | (25)% |
| Adjusted earnings, excluding total notable items | $1226 | $1698 | (28)% | $5434 | $7888 | (31)% |
| Adjusted earnings, excluding total notable items per share  | $1.55 | $2.01 | (23)% | $6.72 | $9.07 | (26)% |
| Book value per share | $29.81 | $77.12 | (61)% | $29.81 | $77.12 | (61)% |
| Book value per share, excluding AOCI other than FCTA | $56.34 | $57.65 | (2)% | $56.34 | $57.65 | (2)% |
| Expense ratio | 21.3% | 16.1% |  | 16.0% | 18.2% |  |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT | 13.1% | 12.9% |  | 12.2% | 11.6% |  |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | 20.7% | 20.4% |  | 19.8% | 19.3% |  |
| ROE | 23.6% | 7.3% |  | 6.1% | 9.7% |  |
| Adjusted ROE, excluding AOCI other than FCTA | 11.3% | 15.3% |  | 12.3% | 16.6% |  |
| Adjusted ROE, excluding total notable items (excludes AOCI other than FCTA) | 11.3% | 14.2% |  | 12.1% | 16.5% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in "Non-GAAP

Page 3 of 29

------

and Other Financial Disclosures" below and in the tables that accompany this news release.

Supplemental slides for the fourth quarter of 2022, titled "4Q22 Supplemental Slides and Outlook," are available on the MetLife Investor Relations website at https://investor.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings release. Additionally, further information is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

**Total Company Discussion**

MetLife reported fourth quarter 2022 premiums, fees and other revenues of $11.3 billion, down 25 percent from the fourth quarter of 2021. Adjusted premiums, fees and other revenues were $11.3 billion, down 25 percent on a reported basis and down 23 percent on a constant currency basis from the prior-year period.

Net investment income was $4.5 billion, down 15 percent from the fourth quarter of 2021, largely driven by lower variable investment income primarily due to lower private equity returns. Adjusted net investment income was $4.5 billion, down 13 percent from the prior-year period, driven by lower variable investment income primarily due to lower private equity returns.

Net derivative gains amounted to $162 million, or $128 million after tax during the quarter, primarily driven by a weakening of the U.S. dollar.

Net income was $1.3 billion, compared to net income of $1.2 billion in the fourth quarter of 2021, primarily driven by net investment and net derivative gains. On a per share basis, net income was $1.66, compared to net income of $1.39 in the prior-year period.

MetLife reported adjusted earnings of $1.2 billion, down 33 percent on a reported basis and down 32 percent on a constant currency basis from the fourth quarter of 2021. On a per share basis, adjusted earnings were $1.55, down 29 percent from the prior-year period.

**Adjusted Earnings by Segment Summary\***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>December 31, 2022** | **Three months ended <br>December 31, 2022** | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2022** |
| **Segment** | **Change from<br>prior-year period** | **Change from<br>prior-year<br>period (on a<br>constant<br>currency<br>basis)** | **Change from<br>prior-year** | **Change from<br>prior-year (on a<br>constant<br>currency<br>basis)** |
| U.S. | 20% |  | (7)% |  |
| Asia | (63)% | (62)% | (40)% | (38)% |
| Latin America | 45% | 51% | 162% | 201% |
| Europe, the Middle East and Africa (EMEA) | 67% | 112% | (18)% | —% |
| MetLife Holdings | (57)% |  | (55)% |  |

---

\* The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.

Page 4 of 29

------

**Business Discussions**

All comparisons of the results for the fourth quarter of 2022 in the business discussions that follow are with the fourth quarter of 2021, unless otherwise noted. There were no notable items in the fourth quarter of 2022, as indicated in the notable items table which follows the Business Discussions section of this release.

**U.S.**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $771 | $640 | 20% |
| Adjusted premiums, fees and other revenues | $6666 | $10100 | (34)% |
| Adjusted premiums, fees and other revenues, excluding PRT | $6735 | $6549 | 3% |
| Notable item(s) | $0 | $0 |  |

---

**• Adjusted earnings** were $771 million, up 20 percent, primarily driven by favorable underwriting and volume growth, partially offset by lower variable investment income.

• **Adjusted return on allocated equity** was 27.0 percent, and adjusted return on allocated tangible equity was 36.2 percent.

• **Adjusted premiums, fees and other revenues** were $6.7 billion, down 34 percent, primarily driven by higher pension risk transfer sales in the prior-year period.

Page 5 of 29

------

*Group Benefits*

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $400 | $20 | NM%\* |
| Adjusted premiums, fees and other revenues | $5799 | $5791 | —% |
| Notable item(s) | $0 | $0 |  |

---

\* Not meaningful. For more information, refer to "Non-GAAP and Other Financial Disclosures".

**• Adjusted earnings** were $400 million, compared to $20 million at 2021, primarily driven by favorable underwriting and volume growth.

• **Adjusted premiums, fees and other revenues** were $5.8 billion, essentially flat compared to the prior-year period, driven by solid growth across most products, offset by higher premiums in the prior year related to participating life contracts. Premiums, fees and other revenues from participating life contracts can fluctuate with claims experience.

• **Sales** were down 15 percent for the full year 2022 compared to 2021 due to lower jumbo case activity.

*Retirement and Income Solutions*

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $371 | $620 | (40)% |
| Adjusted premiums, fees and other revenues | $867 | $4309 | (80)% |
| Adjusted premiums, fees and other revenues, excluding PRT | $936 | $758 | 23% |
| Notable item(s) | $0 | $0 |  |

---

**• Adjusted earnings** were $371 million, down 40 percent, largely driven by lower variable investment income.

• **Adjusted premiums, fees and other revenues** were $867 million, compared to $4.3 billion in the fourth quarter of 2021, largely driven by higher pension risk transfer sales in the prior-year period.

• **Excluding pension risk transfers, adjusted premiums, fees and other revenues** were $936 million, up 23 percent, primarily driven by strong structured settlement sales.

• **Sales** were up 23 percent for the full year 2022, primarily driven by pension risk transfer transactions, stable value products and structured settlements.

Page 6 of 29

------

**ASIA**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $215 | $586 | (63)% |
| Adjusted earnings (constant currency) | $215 | $560 | (62)% |
| Adjusted premiums, fees and other revenues | $1770 | $2022 | (12)% |
| Notable item(s) | $0 | $0 |  |
| Asia general account assets under management (at amortized cost) | $126335 | $130310 | (3)% |

---

**• Adjusted earnings** were $215 million, down 63 percent on a reported basis and down 62 percent on a constant currency basis, largely driven by lower variable investment income.

• **Adjusted return on allocated equity** was 6.0 percent, and adjusted return on allocated tangible equity was 9.0 percent.

• **Adjusted premiums, fees and other revenues** were $1.8 billion, down 12 percent, and up 3 percent on a constant currency basis.

• **Asia general account assets under management (at amortized cost)** were $126.3 billion, down 3 percent, and up 4 percent on a constant currency basis.

• **Sales** were $618 million, up 12 percent on a constant currency basis, primarily driven by sales in Japan.

**LATIN AMERICA**

Page 7 of 29

------

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $181 | $125 | 45% |
| Adjusted earnings (constant currency) | $181 | $120 | 51% |
| Adjusted premiums, fees and other revenues | $1154 | $962 | 20% |
| Notable item(s) | $0 | $0 |  |

---

• **Adjusted earnings** were $181 million, up 45 percent on a reported basis, and up 51 percent on a constant currency basis, primarily driven by favorable underwriting and volume growth. Higher investment margins and Chilean encaje returns were offset by lower variable investment income.

• **Adjusted return on allocated equity** was 26.5 percent, and adjusted return on allocated tangible equity was 41.4 percent.

• **Adjusted premiums, fees and other revenues** were $1.2 billion, up 20 percent on both a reported and constant currency basis, driven by strong sales and solid persistency across the region.

• **Sales** were $297 million, up 22 percent on a constant currency basis, driven by growth across the region.

**EMEA**

Page 8 of 29

------

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $70 | $42 | 67% |
| Adjusted earnings (constant currency) | $70 | $33 | 112% |
| Adjusted premiums, fees and other revenues | $562 | $621 | (10)% |
| Notable item(s) | $0 | $0 |  |

---

**• Adjusted earnings** were $70 million, up 67 percent on a reported basis, and up 112 percent on a constant currency basis, primarily driven by favorable underwriting.

• **Adjusted return on allocated equity** was 12.4 percent, and adjusted return on allocated tangible equity was 18.4 percent.

• **Adjusted premiums, fees and other revenues** were $562 million, down 10 percent on a reported basis, but up 2 percent on a constant currency basis, primarily driven by sales growth.

• **Sales** were $185 million, up 13 percent on a constant currency basis, driven by growth across the region.

**METLIFE HOLDINGS** 

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $208 | $482 | (57)% |
| Adjusted premiums, fees and other revenues | $1051 | $1206 | (13)% |
| Notable item(s) | $0 | $0 |  |

---

**• Adjusted earnings** were $208 million, down 57 percent, largely driven by lower variable investment income.

• **Adjusted return on allocated equity** was 7.6 percent, and adjusted return on allocated tangible equity was 8.3 percent.

• **Adjusted premiums, fees and other revenues** were $1.1 billion, down 13 percent.

**CORPORATE & OTHER**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings | $(219) | $(37) |  |
| Notable item(s) | $0 | $140 |  |

---

**• Adjusted loss** of $219 million, compared to an adjusted loss of $37 million in the prior-year period.

Page 9 of 29

------

**INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted net investment income | &nbsp;&nbsp;$4530 | &nbsp;&nbsp;$5201 | (13)% |

---

**• Adjusted net investment income** was $4.5 billion, down 13 percent. Variable investment income was $24 million, compared to variable investment income of $1.3 billion in the prior-year period, primarily driven by lower private equity returns.

**FOURTH QUARTER 2022 NOTABLE ITEMS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ in millions)** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** | &nbsp;&nbsp;**Adjusted Earnings** |
| **($ in millions)** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** | &nbsp;&nbsp;**Three months ended December 31, 2022** |
| **Notable Items** | **U.S.** | **U.S.** | **Asia** | **Latin<br>America** | **EMEA** | **MetLife<br>Holdings** | **Corporate<br>&<br>Other** | **Total** |
| **Notable Items** | **Group Benefits** | **Retirement and Income Solutions** | **Asia** | **Latin<br>America** | **EMEA** | **MetLife<br>Holdings** | **Corporate<br>&<br>Other** | **Total** |
| Total notable items | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

###

Contacts: &nbsp;&nbsp;&nbsp;&nbsp;For Media:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian Blaser (212) 578-2415&nbsp;&nbsp;&nbsp;&nbsp;

For Investors: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Hall (212) 578-7888

<u>About MetLife</u>

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

<u>Conference Call</u>

MetLife will hold its combined fourth quarter and full year 2022 earnings and outlook conference call and audio webcast on Thursday, February 2, 2023, from 9-10 a.m. (ET). The conference call

Page 10 of 29

------

will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, click the link to the webcast on the MetLife Investor Relations web page (https://investor.metlife.com). Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, February 2, 2023, until Thursday, February 9, 2023, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 3034929. To access the replay of the conference call over the internet, visit the above-mentioned website.

<u>Non-GAAP and Other Financial Disclosures</u>

---

| | | | |
|:---|:---|:---|:---|
| **Any references in this news release (except in this section and the tables that accompany this release) to:** | **Any references in this news release (except in this section and the tables that accompany this release) to:** | **should be read as, respectively:** | **should be read as, respectively:** |
| (i) | net income (loss); | (i) | net income (loss) available to MetLife, Inc.'s common shareholders; |
| (ii) | net income (loss) per share; | (ii) | net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share; |
| (iii) | adjusted earnings; | (iii) | adjusted earnings available to common shareholders; |
| (iv) | adjusted earnings per share; | (iv) | adjusted earnings available to common shareholders per diluted common share; |
| (v) | book value per share; | (v) | book value per common share; |
| (vi) | book value per share, excluding AOCI other than FCTA; | (vi) | book value per common share, excluding AOCI other than FCTA; |
| (vii) | book value per share-tangible common stockholders' equity; | (vii) | book value per common share-tangible common stockholders' equity; |
| (viii) | return on equity; | (viii) | return on MetLife, Inc.'s common stockholders' equity; |
| (ix) | adjusted return on equity, excluding AOCI other than FCTA; and | (ix) | adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA; and |
| (x) | adjusted tangible return on equity. | (x) | adjusted return on MetLife, Inc.'s tangible common stockholders' equity. |

---

In this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:

---

| | |
|:---|:---|
| **Non-GAAP financial measures:** | **Comparable GAAP financial measures:** |

---

Page 11 of 29

------

(i) total adjusted revenues; (i) total revenues;

(ii) total adjusted expenses; (ii) total expenses;

(iii) adjusted premiums, fees and other revenues; (iii) premiums, fees and other revenues;

(iv) adjusted premiums, fees and other revenues, excluding PRT; (iv) premiums, fees and other revenues;

(v) adjusted net investment income; (v) net investment income;

(vi) adjusted capitalization of deferred policy acquisition costs (DAC); (vi) capitalization of DAC;

(vii) adjusted earnings available to common shareholders; (vii) net income (loss) available to MetLife, Inc.'s common shareholders;

(viii) adjusted earnings available to common shareholders, excluding total notable items; (viii) net income (loss) available to MetLife, Inc.'s common shareholders;

(ix) adjusted earnings available to common shareholders per diluted common share; (ix) net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share;

(x) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (x) net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share;

(xi) adjusted return on equity; (xi) return on equity;

(xii) adjusted return on equity, excluding AOCI other than FCTA; (xii) return on equity;

(xiii) adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA); (xiii) return on equity;

(xiv) adjusted tangible return on equity; (xiv) return on equity;

(xv) investment portfolio gains (losses); (xv) net investment gains (losses);

(xvi) derivative gains (losses); (xvi) net derivative gains (losses);

(xvii) total MetLife, Inc.'s tangible common stockholders' equity; (xvii) total MetLife, Inc.'s stockholders' equity;

(xviii) total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items; (xviii) total MetLife, Inc.'s stockholders' equity;

(xix) total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA; (xix) total MetLife, Inc.'s stockholders' equity;

(xx) total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA); (xx) total MetLife, Inc.'s stockholders' equity;

(xxi) book value per common share, excluding AOCI other than FCTA; (xxi) book value per common share;

(xxii) book value per common share - tangible common stockholders' equity; (xxii) book value per common share;

(xxiii) free cash flow of all holding companies; (xxiii) MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;

(xxiv) adjusted other expenses; (xxiv) other expenses;

(xxv) adjusted other expenses, net of adjusted capitalization of DAC; (xxv) other expenses, net of capitalization of DAC;<br>

Page 12 of 29

------

(xxvi) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xxvi) other expenses, net of capitalization of DAC;

(xxvii) adjusted expense ratio; (xxvii) expense ratio;

(xxviii) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xxviii) expense ratio;<br>

(xxix) direct expenses; (xxix) other expenses;

(xxx) direct expenses, excluding total notable items related to direct expenses; (xxx) other expenses;<br>

(xxxi) direct expense ratio; and (xxxi) expense ratio; and

(xxxii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xxxii) expense ratio.

Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period's quarterly financial supplement, which is available at <u>www.metlife.com</u>.

MetLife's definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

***Adjusted earnings and related measures***

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders, excluding total notable items;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders per diluted common share;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders on a constant currency basis per diluted common share;

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and

&nbsp;&nbsp;&nbsp;&nbsp;• adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife's GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as

Page 13 of 29

------

adjusted earnings less preferred stock dividends.

***Adjusted revenues and adjusted expenses***

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:

&nbsp;&nbsp;&nbsp;&nbsp;• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);

&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP (Certain partnership distributions); and

&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees).

The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:

&nbsp;&nbsp;&nbsp;&nbsp;• Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (PBC hedge adjustments), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of negative VOBA excludes amounts related to Market value adjustments;

Page 14 of 29

------

&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and

&nbsp;&nbsp;&nbsp;&nbsp;• Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

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 MetLife'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.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders.

***Investment portfolio gains (losses) and derivative gains (losses)***

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

***Return on equity, allocated equity, tangible equity and related measures***

&nbsp;&nbsp;&nbsp;&nbsp;• Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: total MetLife, Inc.'s common stockholders' equity, excluding net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;• Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): total MetLife, Inc.'s common stockholders' equity, excluding net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;• Return on MetLife, Inc.'s common stockholders' equity: net income (loss) available to MetLife, Inc.'s common shareholders divided by MetLife, Inc.'s average common stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA).

&nbsp;&nbsp;&nbsp;&nbsp;• Allocated equity: portion of MetLife, Inc.'s common stockholders' equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. 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. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by

Page 15 of 29

------

allocated equity. The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;• Total MetLife, Inc.'s tangible common stockholders' equity or tangible equity: total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements acquired (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;• Total MetLife, Inc.'s tangible common stockholders' equity, adjusted for total notable items: total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA, VOCRA and total notable items, all net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;• Allocated tangible equity: allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

***Expense ratio, direct expense ratio, adjusted expense ratio and related measures***

&nbsp;&nbsp;&nbsp;&nbsp;• Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.

&nbsp;&nbsp;&nbsp;&nbsp;• Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues.

&nbsp;&nbsp;&nbsp;&nbsp;• Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

***Asia General account (GA) assets under management (GA AUM) and related measures***

Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife's Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.

***Statistical sales information:***

Page 16 of 29

------

&nbsp;&nbsp;&nbsp;&nbsp;• U.S.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.

&nbsp;&nbsp;&nbsp;&nbsp;• Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

***The following additional information is relevant to an understanding of MetLife's performance results and outlook:***

&nbsp;&nbsp;&nbsp;&nbsp;• Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;• Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

&nbsp;&nbsp;&nbsp;&nbsp;• MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife's holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.

&nbsp;&nbsp;&nbsp;&nbsp;• Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example,

Page 17 of 29

------

---

| | | | |
|:---|:---|:---|:---|
| **($ in millions)** | **Three months ended December 31, 2022** | **Three months ended December 31, 2021** | **Change** |
| Adjusted earnings - Group Benefits | $400 | $20 | 1,900% |

---

<u>Forward-Looking Statements</u>

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "will," "would," and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial results.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors, including those relating to the COVID-19 pandemic, identified in MetLife, Inc.'s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

(1)economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change and terrorism and security;

(2)global capital and credit market adversity;

(3)credit facility inaccessibility;

(4)financial strength or credit ratings downgrades;

(5)unavailability, unaffordability, or inadequate reinsurance;

(6)statutory life insurance reserve financing costs or limited market capacity;

(7)legal, regulatory, and supervisory and enforcement policy changes;

(8)changes in tax rates, tax laws or interpretations;

(9)litigation and regulatory investigations;

(10)London Interbank Offered Rate discontinuation and transition to alternative reference rates;

(11)unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(12)MetLife, Inc.'s inability to pay dividends and repurchase common stock;

(13)MetLife, Inc.'s subsidiaries' inability to pay dividends to MetLife, Inc.;

(14)investment defaults, downgrades, or volatility;

(15)investment sales or lending difficulties;

(16)collateral or derivative-related payments;

(17)investment valuations, allowances, or impairments changes;

(18)claims or other results that differ from our estimates, assumptions, or models;

(19)global political, legal, or operational risks;

(20)business competition;

(21)technological changes;

(22)catastrophes;

(23)climate changes or responses to it;

(24)deficiencies in our closed block;

Page 18 of 29

------

(25)goodwill or other asset impairment, or deferred income tax asset allowance;

(26)impairment of VOBA, VODA or VOCRA;

(27)product guarantee volatility, costs, and counterparty risks;

(28)risk management failures;

(29)insufficient protection from operational risks;

(30)failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(31)accounting standards changes;

(32)excessive risk-taking;

(33)marketing and distribution difficulties;

(34)pension and other postretirement benefit assumption changes;

(35)inability to protect our intellectual property or avoid infringement claims;

(36)acquisition, integration, growth, disposition, or reorganization difficulties;

(37)Brighthouse Financial, Inc. separation risks;

(38)MetLife, Inc.'s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(39)legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

Page 19 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** | **GAAP Consolidated Statements of Operations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $9358 | $13095 | $49397 | $42009 |
| &nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees | 1349 | 1422 | 5585 | 5756 |
| &nbsp;&nbsp;&nbsp;Net investment income | 4464 | 5233 | 15916 | 21395 |
| &nbsp;&nbsp;&nbsp;Other revenues | 628 | 661 | 2634 | 2619 |
| &nbsp;&nbsp;&nbsp;Net investment gains (losses) | 355 | (126) | (1262) | 1529 |
| &nbsp;&nbsp;&nbsp;Net derivative gains (losses) | 162 | (196) | (2372) | (2228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 16316 | 20089 | 69898 | 71080 |
| &nbsp;&nbsp;&nbsp;Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder benefits and claims | 9636 | 13923 | 50612 | 43954 |
| &nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | 1590 | 1385 | 3692 | 5538 |
| &nbsp;&nbsp;&nbsp;Policyholder dividends | 155 | 204 | 701 | 876 |
| &nbsp;&nbsp;&nbsp;Capitalization of DAC | (671) | (666) | (2558) | (2718) |
| &nbsp;&nbsp;&nbsp;Amortization of DAC and VOBA | 560 | 612 | 1931 | 2555 |
| &nbsp;&nbsp;&nbsp;Amortization of negative VOBA | (10) | (9) | (41) | (34) |
| &nbsp;&nbsp;&nbsp;Interest expense on debt | 248 | 224 | 938 | 920 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3081 | 3110 | 11764 | 11863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 14589 | 18783 | 67039 | 62954 |
| &nbsp;&nbsp;&nbsp;Income (loss) before provision for income tax | 1727 | 1306 | 2859 | 8126 |
| &nbsp;&nbsp;&nbsp;Provision for income tax expense (benefit) | 381 | 95 | 301 | 1551 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 1346 | 1211 | 2558 | 6575 |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to noncontrolling interests | 3 | 6 | 19 | 21 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to MetLife, Inc. | 1343 | 1205 | 2539 | 6554 |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 29 | 29 | 185 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;Net income (loss) available to MetLife, Inc.'s common shareholders | $1314 | $1176 | $2354 | $6353 |
| See footnotes on last page. |  |  |  |  |

---

Page 20 of 29

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| **Reconciliation to Adjusted Earnings Available to Common Shareholders** |  | **Earnings Per <br>Weighted Average <br>Common Share Diluted (1)** |  | **Earnings Per <br>Weighted Average <br>Common Share Diluted (1)** |  | **Earnings Per <br>Weighted Average <br>Common Share Diluted (1)** |  | **Earnings Per <br>Weighted Average <br>Common Share Diluted (1)** |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1314 | $1.66 | $1176 | $1.39 | $2354 | $2.91 | $6353 | $7.31 |
| Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders: |  |  |  |  |  |  |  |  |
| Less: Net investment gains (losses) | 355 | 0.45 | (126) | (0.15) | (1262) | (1.56) | 1529 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | 162 | 0.21 | (196) | (0.23) | (2372) | (2.93) | (2228) | (2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums |  |  | 60 | 0.07 | 41 | 0.05 | 982 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees | 4 | 0.01 | 50 | 0.06 | 53 | 0.07 | 195 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (66) | (0.08) | 32 | 0.04 | (2273) | (2.81) | 115 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 25 | 0.03 | 58 | 0.07 | 163 | 0.20 | 243 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits and claims and policyholder dividends | (56) | (0.07) | (258) | (0.30) | 53 | 0.07 | (1179) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances | (180) | (0.24) | (251) | (0.30) | 1319 | 1.63 | (946) | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of DAC |  |  | 15 | 0.02 | 11 | 0.01 | 119 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC and VOBA |  |  | (82) | (0.10) | 106 | 0.13 | (219) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of negative VOBA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on debt |  |  |  |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | (57) | (0.08) | (125) | (0.15) | (263) | (0.33) | (564) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | (96) | (0.12) | 167 | 0.20 | 1252 | 1.55 | 380 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 3 |  | 6 | 0.01 | 19 | 0.02 | 21 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  |  |  |  |  | 6 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders | 1226 | 1.55 | 1838 | 2.17 | 5545 | 6.85 | 7954 | 9.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items (2) |  |  | 140 | 0.17 | 111 | 0.14 | 66 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders, excluding total notable items (2) | $1226 | $1.55 | $1698 | $2.01 | $5434 | $6.72 | $7888 | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders on a constant currency basis | $1226 | $1.55 | $1798 | $2.13 | $5545 | $6.85 | $7780 | $8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) | $1226 | $1.55 | $1658 | $1.96 | $5434 | $6.72 | 7714 | $8.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding - diluted |  | 790.2 |  | 845.2 |  | 808.9 |  | 869.4 |
| See footnotes on last page. |  |  |  |  |  |  |  |  |

---

Page 21 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Premiums, Fees and Other Revenues** |  |  |  |  |
| Premiums, fees and other revenues | $11335 | $15178 | $57616 | $50384 |
| Less: Unearned revenue adjustments | (14) | 13 | (42) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMIB fees | 18 | 24 | 84 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency earnings hedges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 25 | 53 | 160 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses |  | 78 | 55 | 1030 |
| Adjusted premiums, fees and other revenues | $11306 | $15010 | $57359 | $48964 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $11306 | $14632 | $57359 | $47519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT (3) | (69) | 3551 | 12219 | 3513 |
| Adjusted premiums, fees and other revenues, excluding PRT, on a constant currency basis | $11375 | $11081 | $45140 | $44006 |
| **Net Investment Income** |  |  |  |  |
| Net investment income | $4464 | $5233 | $15916 | $21395 |
| Less: Investment hedge adjustments | (277) | (235) | (976) | (895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating joint venture adjustments | 1 |  | (9) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 209 | 253 | (1298) | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitization entities income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain partnership distributions | 1 | (1) | (1) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses |  | 15 | 11 | 67 |
| Adjusted net investment income | $4530 | $5201 | $18189 | $21280 |
| **Revenues and Expenses** |  |  |  |  |
| Total revenues | $16316 | $20089 | $69898 | $71080 |
| Less: Net investment gains (losses) | 355 | (126) | (1262) | 1529 |
| Less: Net derivative gains (losses) | 162 | (196) | (2372) | (2228) |
| Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) | (14) | 13 | (42) | 71 |
| Less: Other adjustments to revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMIB fees | 18 | 24 | 84 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (277) | (235) | (976) | (895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating joint venture adjustments | 1 |  | (9) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 209 | 253 | (1298) | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitization entities income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain partnership distributions | 1 | (1) | (1) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency earnings hedges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 25 | 53 | 160 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses |  | 93 | 66 | 1097 |
| Total adjusted revenues | $15836 | $20211 | $75548 | $70244 |
| Total expenses | $14589 | $18783 | $67039 | $62954 |
| Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) | 8 | 63 | (105) | 100 |
| Less: Goodwill impairment |  |  |  |  |
| Less: Other adjustments to expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBC hedge adjustments | 6 | 7 | 25 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation and pass-through adjustments | 144 | 99 | 423 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs | (28) | 93 | (371) | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments | (74) | 23 | (162) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAB hedge adjustments |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract costs | 180 | 246 | (1322) | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitization entities debt expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | (5) | (9) | (24) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory implementation costs | 1 | 1 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and other costs | 15 | (1) | 49 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 25 | 53 | 160 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 21 | 126 | 97 | 1035 |
| Total adjusted expenses | $14296 | $18082 | $68265 | $60164 |
| See footnotes on last page. |  |  |  |  |

---

Page 22 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** | **(In millions, except per share and ratio data)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Expense Detail and Ratios** |  |  |  |  |
| **Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC** |  |  |  |  |
| Capitalization of DAC | $(671) | $(666) | $(2558) | $(2718) |
| &nbsp;&nbsp;&nbsp;Less: Divested businesses |  | (15) | (11) | (119) |
| Adjusted capitalization of DAC | $(671) | $(651) | $(2547) | $(2599) |
| **Reconciliation of Other Expenses to Adjusted Other Expenses** |  |  |  |  |
| Other expenses | $3081 | $3110 | $11764 | $11863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Noncontrolling interests | (5) | (9) | (24) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Regulatory implementation costs | 1 | 1 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition, integration and other costs | 15 | (1) | 49 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: TSA fees | 25 | 53 | 160 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses | 21 | 81 | 74 | 358 |
| Adjusted other expenses | $3024 | $2985 | $11501 | $11299 |
| **Other Detail and Ratios** |  |  |  |  |
| Other expenses | $3081 | $3110 | $11764 | $11863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of DAC | (671) | (666) | (2558) | (2718) |
| Other expenses, net of capitalization of DAC | $2410 | $2444 | $9206 | $9145 |
| Premiums, fees and other revenues | $11335 | $15178 | $57616 | $50384 |
| Expense ratio | 21.3% | 16.1% | 16.0% | 18.2% |
| Direct expenses | $1485 | $1483 | $5523 | $5196 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items related to direct expenses (2) |  |  |  | (84) |
| Direct expenses, excluding total notable items related to direct expenses (2) | $1485 | $1483 | $5523 | $5280 |
| Adjusted other expenses | $3024 | $2985 | $11501 | $11299 |
| &nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (671) | (651) | (2547) | (2599) |
| Adjusted other expenses, net of adjusted capitalization of DAC | 2353 | 2334 | 8954 | 8700 |
| &nbsp;&nbsp;&nbsp;Less: Total notable items related to adjusted other expenses (2) |  |  |  | (84) |
| Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (2) | $2353 | $2334 | $8954 | $8784 |
| Adjusted premiums, fees and other revenues | $11306 | $15010 | $57359 | $48964 |
| &nbsp;&nbsp;&nbsp;Less: PRT | (69) | 3551 | 12219 | 3513 |
| Adjusted premiums, fees and other revenues, excluding PRT | $11375 | $11459 | $45140 | $45451 |
| Direct expense ratio | 13.1% | 9.9% | 9.6% | 10.6% |
| Direct expense ratio, excluding total notable items related to direct expenses and PRT (2) | 13.1% | 12.9% | 12.2% | 11.6% |
| Adjusted expense ratio | 20.8% | 15.5% | 15.6% | 17.8% |
| Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (2) | 20.7% | 20.4% | 19.8% | 19.3% |
| See footnotes on last page. | See footnotes on last page. | See footnotes on last page. |  |  |

---

Page 23 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** | **(In millions, except per share data)** |
| | | | **December 31,** | **December 31,** |
| **Equity Details** |  |  | **2022** | **2021** |
| Total MetLife, Inc.'s stockholders' equity |  |  | $27040 | $67482 |
| Less: Preferred stock |  |  | 3818 | 3818 |
| MetLife, Inc.'s common stockholders' equity |  |  | 23222 | 63664 |
| Less: Net unrealized investment gains (losses), net of income tax |  |  | (19294) | 17671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax |  |  | (1377) | (1598) |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA |  |  | 43893 | 47591 |
| Less: Goodwill, net of income tax |  |  | 8964 | 9221 |
| &nbsp;&nbsp;&nbsp;&nbsp; VODA and VOCRA, net of income tax |  |  | 649 | 718 |
| Total MetLife, Inc.'s tangible common stockholders' equity |  |  | $34280 | $37652 |
|  |  |  | **December 31,** | **December 31,** |
|  |  |  | **2022** | **2021** |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA |  |  | $43893 | $47591 |
| Less: Accumulated year-to-date total notable items (2) |  |  | 111 | 66 |
| Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) |  |  | 43782 | 47525 |
| Less: Goodwill, net of income tax |  |  | 8964 | 9221 |
| &nbsp;&nbsp;&nbsp;&nbsp; VODA and VOCRA, net of income tax |  |  | 649 | 718 |
| Total MetLife, Inc.'s tangible common stockholders' equity, excluding total notable items (2) |  |  | $34169 | $37586 |
|  |  |  | **December 31,** | **December 31,** |
| **Book Value (4)** |  |  | **2022** | **2021** |
| Book value per common share |  |  | $29.81 | $77.12 |
| Less: Net unrealized investment gains (losses), net of income tax |  |  | (24.76) | 21.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax |  |  | (1.77) | (1.94) |
| Book value per common share, excluding AOCI other than FCTA |  |  | 56.34 | 57.65 |
| Less: Goodwill, net of income tax |  |  | 11.51 | 11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; VODA and VOCRA, net of income tax |  |  | 0.83 | 0.87 |
| Book value per common share - tangible common stockholders' equity |  |  | $44.00 | $45.61 |
| Common shares outstanding, end of period (5) |  |  | 779.1 | 825.5 |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Average Common Stockholders' Equity** | **2022** | **2021** | **2022** | **2021** |
| Average common stockholders' equity | $22240 | $64448 | $38315 | $65203 |
| Average common stockholders' equity, excluding AOCI other than FCTA | $43348 | $47985 | $45025 | $47917 |
| Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | $43237 | $47989 | $44965 | $47905 |
| Average tangible common stockholders' equity | $33868 | $37976 | $35371 | $37615 |
| Average tangible common stockholders' equity, excluding total notable items (2) | $33757 | $37980 | $35311 | $37604 |
| See footnotes on last page. |  |  |  |  |

---

Page 24 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31, (6)** | **December 31, (6)** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Return on Equity** |  |  |  |  |
| Return on MetLife, Inc.'s: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 23.6% | 7.3% | 6.1% | 9.7% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 22.1% | 11.4% | 14.5% | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding AOCI other than FCTA | 11.3% | 15.3% | 12.3% | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | 11.3% | 14.2% | 12.1% | 16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (7) | 14.7% | 19.6% | 15.9% | 21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity, excluding total notable items (2), (7) | 14.7% | 18.1% | 15.6% | 21.2% |
| Adjusted Return on Allocated Equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. | 27.0% | 27.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia | 6.0% | 16.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latin America | 26.5% | 18.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 12.4% | 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Holdings | 7.6% | 18.5% |  |  |
| Adjusted Return on Allocated Tangible Equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. | 36.2% | 32.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia | 9.0% | 23.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latin America | 41.4% | 28.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 18.4% | 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Holdings | 8.3% | 20.3% |  |  |
| See footnotes on last page. |  |  |  |  |

---

Page 25 of 29

------

---

| | | |
|:---|:---|:---|
| **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** | **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** | **Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc.** |
| **to Free Cash Flow of All Holding Companies** | **to Free Cash Flow of All Holding Companies** | **to Free Cash Flow of All Holding Companies** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(In billions, except ratios)** | **(In billions, except ratios)** |
| MetLife, Inc. (parent company only) net cash provided by operating activities | $4.4 | $3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments from net cash provided by operating activities to free cash flow: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Incremental debt to be at or below target leverage ratios | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Adjustments from net cash provided by operating activities to free cash flow (8) | (0.2) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. (parent company only) free cash flow | 5.2 | 3.5 |
| Other MetLife, Inc. holding companies free cash flow (9) | (0.5) | 0.3 |
| **Free cash flow of all holding companies** | $4.7 | $3.8 |
| &nbsp;&nbsp;&nbsp;**Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. (parent company only) net cash provided by operating activities | $4.4 | $3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income (loss) available to MetLife, Inc.'s common shareholders | $2.4 | $6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (10) | 188% | 59% |
| &nbsp;&nbsp;&nbsp;**Ratio of free cash flow to adjusted earnings available to common shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow of all holding companies (11) | $4.7 | $3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated adjusted earnings available to common shareholders (11) | $5.5 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders (11) | 84% | 48% |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **Cash & Capital (12), (13), (14)** | **(In billions)** | **(In billions)** |
| Holding Companies Cash & Liquid Assets | $5.4 | $5.4 |
| See footnotes on last page. |  |  |

---

Page 26 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** | **Adjusted Earnings Available to Common Shareholders** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| U.S. (3): |  |  |  |  |
| Adjusted earnings available to common shareholders | $771 | $640 | $2996 | $3221 |
| Less: Total notable items (2) |  |  | 91 |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $771 | $640 | $2905 | $3221 |
| Adjusted premiums, fees and other revenues | $6666 | $10100 | $38462 | $29036 |
| Less: PRT | (69) | 3551 | 12219 | 3513 |
| Adjusted premiums, fees and other revenues, excluding PRT | $6735 | $6549 | $26243 | $25523 |
| Group Benefits (3): |  |  |  |  |
| Adjusted earnings available to common shareholders | $400 | $20 | $1311 | $472 |
| Less: Total notable items (2) |  |  |  |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $400 | $20 | $1311 | $472 |
| Adjusted premiums, fees and other revenues (15) | $5799 | $5791 | $23266 | $22543 |
| Retirement & Income Solutions (3): |  |  |  |  |
| Adjusted earnings available to common shareholders | $371 | $620 | $1685 | $2749 |
| Less: Total notable items (2) |  |  | 91 |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $371 | $620 | $1594 | $2749 |
| Adjusted premiums, fees and other revenues | $867 | $4309 | $15196 | $6493 |
| Less: PRT | (69) | 3551 | 12219 | 3513 |
| Adjusted premiums, fees and other revenues, excluding PRT | $936 | $758 | $2977 | $2980 |
| See footnotes on last page. |  |  |  |  |

---

Page 27 of 29

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** | **Adjusted Earnings Available to Common Shareholders (Continued)** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Asia: |  |  |  |  |
| Adjusted earnings available to common shareholders | $215 | $586 | $1378 | $2298 |
| Less: Total notable items (2) |  |  | 23 | (79) |
| Adjusted earnings available to common shareholders, excluding total notable items (2), (16) | $215 | $586 | $1355 | $2377 |
| Adjusted earnings available to common shareholders on a constant currency basis | $215 | $560 | $1378 | $2218 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) | $215 | $560 | $1355 | $2297 |
| Adjusted premiums, fees and other revenues | $1770 | $2022 | $7498 | $8308 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $1770 | $1712 | $7498 | $7263 |
| Latin America: |  |  |  |  |
| Adjusted earnings available to common shareholders | $181 | $125 | $761 | $291 |
| Less: Total notable items (2) |  |  | 7 | (2) |
| Adjusted earnings available to common shareholders, excluding total notable items (2), (17) | $181 | $125 | $754 | $293 |
| Adjusted earnings available to common shareholders on a constant currency basis | $181 | $120 | $761 | $253 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) | $181 | $120 | $754 | $255 |
| Adjusted premiums, fees and other revenues | $1154 | $962 | $4440 | $3759 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $1154 | $965 | $4440 | $3643 |
| EMEA: |  |  |  |  |
| Adjusted earnings available to common shareholders | $70 | $42 | $246 | $301 |
| Less: Total notable items (2) |  |  | 4 | (6) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $70 | $42 | $242 | $307 |
| Adjusted earnings available to common shareholders on a constant currency basis | $70 | $33 | $246 | $245 |
| Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2) | $70 | $33 | $242 | $251 |
| Adjusted premiums, fees and other revenues | $562 | $621 | $2299 | $2713 |
| Adjusted premiums, fees and other revenues, on a constant currency basis | $562 | $550 | $2299 | $2429 |
| MetLife Holdings (3): |  |  |  |  |
| Adjusted earnings available to common shareholders | $208 | $482 | $1008 | $2242 |
| Less: Total notable items (2) |  |  | (14) | (53) |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $208 | $482 | $1022 | $2295 |
| Adjusted premiums, fees and other revenues | $1051 | $1206 | $4278 | $4691 |
| Corporate & Other (3): |  |  |  |  |
| Adjusted earnings available to common shareholders | $(219) | $(37) | $(844) | $(399) |
| Less: Total notable items (2) |  | 140 |  | 206 |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $(219) | $(177) | $(844) | $(605) |
| Adjusted premiums, fees and other revenues | $103 | $99 | $382 | $457 |
| See footnotes on last page. |  |  |  |  |

---

Page 28 of 29

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** |
| | **March 31, 2022** | **June 30, 2022** | **September 30, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Variable investment income <br>(post-tax, in millions) (18)** | | | | | |
| &nbsp;&nbsp;&nbsp;U.S. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Group Benefits | $12 | $7 | $(1) | $3 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement and Income Solutions | 277 | 75 | (35) | 5 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. | 289 | 82 | (36) | 8 | 343 |
| &nbsp;&nbsp;&nbsp;Asia | 288 | 101 | (18) | 4 | 375 |
| &nbsp;&nbsp;&nbsp;Latin America | 16 | 16 |  | (3) | 29 |
| &nbsp;&nbsp;&nbsp;EMEA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MetLife Holdings | 208 | 85 | (21) | 12 | 284 |
| &nbsp;&nbsp;&nbsp;Corporate & Other | 135 | 23 | 33 | (1) | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable investment income | $936 | $307 | $(42) | $20 | $1221 |
| **Average asset balances (in billions)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private equity |  |  |  |  | $14 |
| &nbsp;&nbsp;&nbsp;Real estate and other funds |  |  |  |  | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average asset balances |  |  |  |  | $18.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;See footnotes on last page. |  |  |  |  |  |

---

Page 29 of 29

------

---

| | |
|:---|:---|
| **MetLife, Inc.** | **MetLife, Inc.** |
| **(Unaudited)** | **(Unaudited)** |
| **Footnotes** | **Footnotes** |
| (1) | Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share. |
| (2) | Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. |
| (3) | Results on a constant currency basis are not included as constant currency impact is not significant. |
| (4) | Book values exclude $3,818 million of equity related to preferred stock at both December 31, 2022 and 2021, respectively. |
| (5) | There were share repurchases of $596 million and $3.3 billion for the three months and year ended December 31, 2022, respectively. |
| (6) | Annualized using quarter-to-date results. |
| (7) | Adjusted earnings available to common shareholders, used to calculate the adjusted return on tangible common stockholders' equity, excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2022 and 2021 of $18 million and $19 million, respectively and for the years ended December 31, 2022 and 2021 of $72 million and $79 million.<br>respectively. |
| (8) | Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. |
| (9) | Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. |
| (10) | Including the free cash flow of other MetLife, Inc. holding companies of ($0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively. |
| (11) | i) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%.<br>ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%. |
| (12) | The 2022 combined U.S. risk based capital ratio is estimated to be above MetLife's 360% target on an NAIC basis. This ratio includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. |
| (13) | The total U.S. statutory adjusted capital is expected to be approximately $18.3 billion at December 31, 2022, down 3% from September 30, 2022. This balance includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. |
| (14) | As of September 30, 2022, the solvency margin ratio of MetLife's insurance subsidiary in Japan was 456.9%, which is calculated quarterly and does not reflect conditions and factors occurring after September 30, 2022. The expected Japan solvency margin ratio will be approximately 700% at December 31, 2022. |
| (15) | For the full year ended 2022, Group Benefits adjusted premiums, fees and other revenues includes excess premiums from participating group life contracts of $750 million. |
| (16) | For the full year ended 2022, Asia adjusted earnings available to common shareholders, excluding total notable items includes COVID-19 claims of approximately $270 million. |
| (17) | For the full year ended 2022, Latin America adjusted earnings available to common shareholders, excluding total notable items includes favorable market impacts of approximately $80 million. |
| (18) | Assumes a 21% tax rate. |

---

Page 30 of 29

## Exhibit 99.2

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

Exhibit 99.2

![imagk05a.jpg](imagk05a.jpg)

**Fourth Quarter**

**Financial Supplement**

**December 31, 2022**

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>**TABLE OF CONTENTS**** | **METLIFE<br>**TABLE OF CONTENTS**** |
| **<u>[GAAP CONSOLIDATED STATEMENTS OF OPERATIONS](#i5bb3034d91954ba2be6a7db0411418dd_7)</u>** | **<u>[2](#i5bb3034d91954ba2be6a7db0411418dd_7)</u>** |
| **<u>[CORPORATE OVERVIEW](#i5bb3034d91954ba2be6a7db0411418dd_10)</u>** | **<u>[3](#i5bb3034d91954ba2be6a7db0411418dd_10)</u>** |
| **<u>[KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS](#i5bb3034d91954ba2be6a7db0411418dd_16)</u>** | **<u>[5](#i5bb3034d91954ba2be6a7db0411418dd_16)</u>** |
| **<u>[EXPENSE DETAIL AND RATIOS](#i5bb3034d91954ba2be6a7db0411418dd_22)</u>** | **<u>[7](#i5bb3034d91954ba2be6a7db0411418dd_22)</u>** |
| **<u>[CONSOLIDATED BALANCE SHEETS](#i5bb3034d91954ba2be6a7db0411418dd_25)</u>** | **<u>[8](#i5bb3034d91954ba2be6a7db0411418dd_25)</u>** |
| **<u>[SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS](#i5bb3034d91954ba2be6a7db0411418dd_43)</u>** | **<u>[9](#i5bb3034d91954ba2be6a7db0411418dd_43)</u>** |
| **<u>[ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY](#i5bb3034d91954ba2be6a7db0411418dd_46)</u>** | **<u>[10](#i5bb3034d91954ba2be6a7db0411418dd_46)</u>** |
| **<u>[U.S.](#i5bb3034d91954ba2be6a7db0411418dd_49)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_49)</u> | **<u>[11](#i5bb3034d91954ba2be6a7db0411418dd_49)</u>** |
| &nbsp;&nbsp;<u>[Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_52)</u> | **<u>[12](#i5bb3034d91954ba2be6a7db0411418dd_52)</u>** |
| &nbsp;&nbsp;<u>[Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_55)</u> | **<u>[13](#i5bb3034d91954ba2be6a7db0411418dd_55)</u>** |
| &nbsp;&nbsp;<u>[Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities](#i5bb3034d91954ba2be6a7db0411418dd_61)</u> | **<u>[14](#i5bb3034d91954ba2be6a7db0411418dd_61)</u>** |
| &nbsp;&nbsp;<u>[Group Benefits - Other Expenses by Major Category; and Other Statistical Information](#i5bb3034d91954ba2be6a7db0411418dd_64)</u> | **<u>[15](#i5bb3034d91954ba2be6a7db0411418dd_64)</u>** |
| &nbsp;&nbsp;<u>[Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity Reinsurance](#i5bb3034d91954ba2be6a7db0411418dd_67)</u> | **<u>[16](#i5bb3034d91954ba2be6a7db0411418dd_67)</u>** |
| &nbsp;&nbsp;<u>[Retirement and Income Solutions - Other Expenses by Major Category; and Spread](#i5bb3034d91954ba2be6a7db0411418dd_70)</u> | **<u>[17](#i5bb3034d91954ba2be6a7db0411418dd_70)</u>** |
| **<u>[ASIA](#i5bb3034d91954ba2be6a7db0411418dd_76)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_76)</u> | **<u>[18](#i5bb3034d91954ba2be6a7db0411418dd_76)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information](#i5bb3034d91954ba2be6a7db0411418dd_79)</u> | **<u>[19](#i5bb3034d91954ba2be6a7db0411418dd_79)</u>** |
| &nbsp;&nbsp;<u>[General Account Assets Under Management and Related Measures](#i5bb3034d91954ba2be6a7db0411418dd_82)</u> | **<u>[20](#i5bb3034d91954ba2be6a7db0411418dd_82)</u>** |
| **<u>[LATIN AMERICA](#i5bb3034d91954ba2be6a7db0411418dd_85)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_85)</u> | **<u>[21](#i5bb3034d91954ba2be6a7db0411418dd_85)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information](#i5bb3034d91954ba2be6a7db0411418dd_88)</u> | **<u>[22](#i5bb3034d91954ba2be6a7db0411418dd_88)</u>** |
| **<u>[EMEA](#i5bb3034d91954ba2be6a7db0411418dd_91)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_91)</u> | **<u>[23](#i5bb3034d91954ba2be6a7db0411418dd_91)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Statistical Information](#i5bb3034d91954ba2be6a7db0411418dd_94)</u> | **<u>[24](#i5bb3034d91954ba2be6a7db0411418dd_94)</u>** |
| **<u>[METLIFE HOLDINGS](#i5bb3034d91954ba2be6a7db0411418dd_97)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders](#i5bb3034d91954ba2be6a7db0411418dd_97)</u> | **<u>[25](#i5bb3034d91954ba2be6a7db0411418dd_97)</u>** |
| &nbsp;&nbsp;<u>[Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities](#i5bb3034d91954ba2be6a7db0411418dd_100)</u> | **<u>[26](#i5bb3034d91954ba2be6a7db0411418dd_100)</u>** |
| &nbsp;&nbsp;<u>[Other Expenses by Major Category; and Other Statistical Information](#i5bb3034d91954ba2be6a7db0411418dd_103)</u> | **<u>[27](#i5bb3034d91954ba2be6a7db0411418dd_103)</u>** |
| **<u>[CORPORATE & OTHER](#i5bb3034d91954ba2be6a7db0411418dd_106)</u>** |  |
| &nbsp;&nbsp;<u>[Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source](#i5bb3034d91954ba2be6a7db0411418dd_106)</u> | **<u>[28](#i5bb3034d91954ba2be6a7db0411418dd_106)</u>** |
| **<u>[INVESTMENTS](#i5bb3034d91954ba2be6a7db0411418dd_121)</u>** |  |
| &nbsp;&nbsp;<u>[Investment Portfolio Results by Asset Category and Annualized Yields](#i5bb3034d91954ba2be6a7db0411418dd_121)</u> | **<u>[29](#i5bb3034d91954ba2be6a7db0411418dd_121)</u>** |
| &nbsp;&nbsp;<u>[Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities Available-for-Sale](#i5bb3034d91954ba2be6a7db0411418dd_127)</u> | **<u>[30](#i5bb3034d91954ba2be6a7db0411418dd_127)</u>** |
| &nbsp;&nbsp;<u>[Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type](#i5bb3034d91954ba2be6a7db0411418dd_130)</u> | **<u>[31](#i5bb3034d91954ba2be6a7db0411418dd_130)</u>** |
| &nbsp;&nbsp;<u>[Footnotes](#i5bb3034d91954ba2be6a7db0411418dd_133)</u> | **<u>[32](#i5bb3034d91954ba2be6a7db0411418dd_133)</u>** |
| **<u>[APPENDIX](#i5bb3034d91954ba2be6a7db0411418dd_136)</u>** |  |
| &nbsp;&nbsp;<u>[Reconciliation Detail](#i5bb3034d91954ba2be6a7db0411418dd_139)</u> | **<u>[A-1](#i5bb3034d91954ba2be6a7db0411418dd_139)</u>** |
| &nbsp;&nbsp;<u>[Notable Items](#i5bb3034d91954ba2be6a7db0411418dd_142)</u> | **<u>[A-2](#i5bb3034d91954ba2be6a7db0411418dd_142)</u>** |
| &nbsp;&nbsp;<u>[Equity Details, Book Value Details and Return on Equity](#i5bb3034d91954ba2be6a7db0411418dd_148)</u> | **<u>[A-4](#i5bb3034d91954ba2be6a7db0411418dd_148)</u>** |
| &nbsp;&nbsp;<u>[Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis](#i5bb3034d91954ba2be6a7db0411418dd_154)</u> | **<u>[A-5](#i5bb3034d91954ba2be6a7db0411418dd_154)</u>** |
| &nbsp;&nbsp;<u>[Non-GAAP and Other Financial Disclosures](#i5bb3034d91954ba2be6a7db0411418dd_157)</u> | **<u>[A-6](#i5bb3034d91954ba2be6a7db0411418dd_157)</u>** |
| &nbsp;&nbsp;<u>[Acronyms](#i5bb3034d91954ba2be6a7db0411418dd_169)</u> | **<u>[A-9](#i5bb3034d91954ba2be6a7db0411418dd_169)</u>** |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **METLIFE** | | | | | | | |
| **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** | **As used in this QFS, "MetLife," "we" and "our" refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.** |
| **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | **GAAP CONSOLIDATED STATEMENTS OF OPERATIONS** | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| Unaudited (In millions) | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Revenues |  |  |  |  |  |  |  |
| Premiums | $13095 | $10771 | $11721 | $17547 | $9358 | $42009 | $49397 |
| Universal life and investment-type product policy fees | 1422 | 1418 | 1516 | 1302 | 1349 | 5756 | 5585 |
| Net investment income | 5233 | 4284 | 3583 | 3585 | 4464 | 21395 | 15916 |
| Other revenues | 661 | 660 | 616 | 730 | 628 | 2619 | 2634 |
| Net investment gains (losses) | (126) | (518) | (685) | (414) | 355 | 1529 | (1262) |
| Net derivative gains (losses) | (196) | (859) | (1195) | (480) | 162 | (2228) | (2372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 20089 | 15756 | 15556 | 22270 | 16316 | 71080 | 69898 |
| Expenses |  |  |  |  |  |  |  |
| Policyholder benefits and claims | 13923 | 11193 | 11790 | 17993 | 9636 | 43954 | 50612 |
| Interest credited to policyholder account balances | 1385 | 630 | 492 | 980 | 1590 | 5538 | 3692 |
| Policyholder dividends | 204 | 198 | 193 | 155 | 155 | 876 | 701 |
| Capitalization of DAC | (666) | (650) | (622) | (615) | (671) | (2718) | (2558) |
| Amortization of DAC and VOBA | 612 | 537 | 616 | 218 | 560 | 2555 | 1931 |
| Amortization of negative VOBA | (9) | (9) | (10) | (12) | (10) | (34) | (41) |
| Interest expense on debt | 224 | 225 | 226 | 239 | 248 | 920 | 938 |
| Other expenses | 3110 | 2917 | 2873 | 2893 | 3081 | 11863 | 11764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 18783 | 15041 | 15558 | 21851 | 14589 | 62954 | 67039 |
| Income (loss) before provision for income tax | 1306 | 715 | (2) | 419 | 1727 | 8126 | 2859 |
| Provision for income tax expense (benefit) | 95 | 41 | (140) | 19 | 381 | 1551 | 301 |
| Net income (loss) | 1211 | 674 | 138 | 400 | 1346 | 6575 | 2558 |
| Less: Net income (loss) attributable to noncontrolling interests | 6 | 5 | 6 | 5 | 3 | 21 | 19 |
| Net income (loss) attributable to MetLife, Inc. | 1205 | 669 | 132 | 395 | 1343 | 6554 | 2539 |
| Less: Preferred stock dividends | 29 | 63 | 29 | 64 | 29 | 195 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock redemption premium |  |  |  |  |  | 6 |  |
| **Net income (loss) available to MetLife, Inc.'s common shareholders** | $1176 | $606 | $103 | $331 | $1314 | $6353 | $2354 |
| Premiums, fees and other revenues | $15178 | $12849 | $13853 | $19579 | $11335 | $50384 | $57616 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** | **METLIFE<br>CORPORATE OVERVIEW** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions, except per share data)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1176 | $606 | $103 | $331 | $1314 |
| Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (126) | (518) | (685) | (414) | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (196) | (859) | (1195) | (480) | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) (1) | (501) | (183) | (253) | (24) | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 167 | 444 | 616 | 288 | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 6 | 5 | 6 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  |  |  |
| Adjusted earnings available to common shareholders | 1838 | 1727 | 1626 | 966 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items (2) | 140 |  | 77 | 34 |  |
| Adjusted earnings available to common shareholders, excluding total notable items (2) | $1698 | $1727 | $1549 | $932 | $1226 |
| Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share | $1.39 | $0.73 | $0.13 | $0.41 | $1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net investment gains (losses) | (0.15) | (0.62) | (0.84) | (0.52) | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net derivative gains (losses) | (0.23) | (1.03) | (1.47) | (0.60) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill impairment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other adjustments to net income (loss) | (0.59) | (0.22) | (0.31) | (0.03) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Provision for income tax (expense) benefit | 0.20 | 0.53 | 0.76 | 0.36 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interests | 0.01 | 0.01 | 0.01 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  |  |  |
| Adjusted earnings available to common shareholders per diluted common share | 2.17 | 2.08 | 2.00 | 1.21 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items per diluted common share (2) | 0.17 |  | 0.09 | 0.04 |  |
| Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3) | $2.01 | $2.08 | $1.90 | $1.16 | $1.55 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions, except per share data)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| *Notable items impacting adjusted earnings available to common shareholders (2):* |  |  |  |  |  |
| Actuarial assumption review and other insurance adjustments | $— | $— | $77 | $34 | $— |
| Tax adjustments | 140 |  |  |  |  |
| Total notable items | $140 | $— | $77 | $34 | $— |
| *Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):* |  |  |  |  |  |
| Actuarial assumption review and other insurance adjustments | $— | $— | $0.09 | $0.04 | $— |
| Tax adjustments | 0.17 |  |  |  |  |
| Total notable items | $0.17 | $— | $0.09 | $0.04 | $— |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Weighted average common shares outstanding - diluted | 845.2 | 830.5 | 814.5 | 800.7 | 790.2 |
| (1)See Page A-1 for further detail. | (1)See Page A-1 for further detail. | (1)See Page A-1 for further detail. | (1)See Page A-1 for further detail. | (1)See Page A-1 for further detail. | (1)See Page A-1 for further detail. |
| (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  | (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  | (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  | (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  | (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  | (2)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. See Page A-2 for further detail.  |
| (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  | (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  | (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  | (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  | (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  | (3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CORPORATE OVERVIEW (CONTINUED)** | | | | | |
| *Unaudited* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Book value per common share (1) | $77.12 | $61.55 | $41.73 | $27.00 | $29.81 |
| Book value per common share, excluding AOCI other than FCTA (1) | $57.65 | $57.12 | $55.54 | $54.37 | $56.34 |
| Book value per common share - tangible common stockholders' equity (1) | $45.61 | $45.02 | $43.62 | $42.49 | $44.00 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 7.3% | 4.3% | 1.0% | 4.9% | 23.6% |
| Adjusted return on MetLife, Inc.'s (2): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 11.4% | 12.1% | 15.6% | 14.2% | 22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding AOCI other than FCTA | 15.3% | 14.7% | 14.3% | 8.9% | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3) | 14.2% | 14.7% | 13.7% | 8.6% | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity | 19.6% | 18.8% | 18.4% | 11.5% | 14.7% |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Common shares outstanding, beginning of period | 844.5 | 825.5 | 814.8 | 797.6 | 787.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (19.4) | (13.6) | (17.3) | (10.3) | (8.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Newly issued shares | 0.4 | 2.9 | 0.1 |  | 0.3 |
| Common shares outstanding, end of period | 825.5 | 814.8 | 797.6 | 787.3 | 779.1 |
| Weighted average common shares outstanding - basic | 838.1 | 823.8 | 809.7 | 795.8 | 784.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of the exercise or issuance of stock-based awards | 7.1 | 6.7 | 4.8 | 4.9 | 6.0 |
| Weighted average common shares outstanding - diluted | 845.2 | 830.5 | 814.5 | 800.7 | 790.2 |
| MetLife Policyholder Trust Shares | 129.3 | 127.8 | 126.2 | 125.1 | 123.6 |
| (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. | (1) Calculated using common shares outstanding, end of period. |
| (2) Annualized using quarter-to-date results. See Page A-3 for further detail. | (2) Annualized using quarter-to-date results. See Page A-3 for further detail. | (2) Annualized using quarter-to-date results. See Page A-3 for further detail. | (2) Annualized using quarter-to-date results. See Page A-3 for further detail. | (2) Annualized using quarter-to-date results. See Page A-3 for further detail. | (2) Annualized using quarter-to-date results. See Page A-3 for further detail. |
| (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (3)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS** | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Total revenues** | $20089 | $15756 | $15556 | $22270 | $16316 | $71080 | $69898 |
| Less: Net investment gains (losses) | (126) | (518) | (685) | (414) | 355 | 1529 | (1262) |
| Less: Net derivative gains (losses) | (196) | (859) | (1195) | (480) | 162 | (2228) | (2372) |
| Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) | 13 | (8) | (11) | (9) | (14) | 71 | (42) |
| Less: Other adjustments to revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GMIB fees | 24 | 23 | 22 | 21 | 18 | 98 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (235) | (215) | (232) | (252) | (277) | (895) | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating joint venture adjustments |  | (6) | 1 | (5) | 1 | (1) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 253 | (498) | (688) | (321) | 209 | 952 | (1298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization entities income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain partnership distributions | (1) |  | (2) |  | 1 | (8) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency earnings hedges |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 53 | 47 | 48 | 40 | 25 | 221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 93 | 66 |  |  |  | 1097 | 66 |
| **Total adjusted revenues** | $20211 | $17724 | $18298 | $23690 | $15836 | $70244 | $75548 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Net investment income** | $5233 | $4284 | $3583 | $3585 | $4464 | $21395 | $15916 |
| Less: Adjustments to net investment income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment hedge adjustments | (235) | (215) | (232) | (252) | (277) | (895) | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating joint venture adjustments |  | (6) | 1 | (5) | 1 | (1) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract income | 253 | (498) | (688) | (321) | 209 | 952 | (1298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization entities income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certain partnership distributions | (1) |  | (2) |  | 1 | (8) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 15 | 11 |  |  |  | 67 | 11 |
| **Adjusted net investment income** | $5201 | $4992 | $4504 | $4163 | $4530 | $21280 | $18189 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Variable investment income (Included in net investment income above)** | $1269 | $1185 | $389 | $(53) | $24 | $5650 | $1545 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Premiums, fees and other revenues** | $15178 | $12849 | $13853 | $19579 | $11335 | $50384 | $57616 |
| Less: Adjustments to premiums, fees and other revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue adjustments | 13 | (8) | (11) | (9) | (14) | 71 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;GMIB fees | 24 | 23 | 22 | 21 | 18 | 98 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency earnings hedges |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 53 | 47 | 48 | 40 | 25 | 221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses | 78 | 55 |  |  |  | 1030 | 55 |
| **Adjusted premiums, fees and other revenues** | $15010 | $12732 | $13794 | $19527 | $11306 | $48964 | $57359 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $14632 | $12384 | $13601 | $19508 | $11306 |  |  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | **METLIFE<br>KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)** | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Total expenses** | $18783 | $15041 | $15558 | $21851 | $14589 | $62954 | $67039 |
| Less: Adjustments related to net investment gains (losses) and net derivative gains (losses) | 63 | (19) | 4 | (98) | 8 | 100 | (105) |
| Less: Goodwill impairment |  |  |  |  |  |  |  |
| Less: Other adjustments to expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PBC hedge adjustment | 7 | 7 | 6 | 6 | 6 | 32 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation and pass-through adjustments | 99 | 39 | 152 | 88 | 144 | 3 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs | 93 | (44) | (109) | (190) | (28) | 395 | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments | 23 | 12 | (34) | (66) | (74) | 83 | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;PAB hedge adjustments |  |  |  |  |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-linked contract costs | 246 | (505) | (695) | (302) | 180 | 938 | (1322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization entities debt expense |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | (9) | (7) | (4) | (8) | (5) | (28) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory implementation costs | 1 |  | 2 | 1 | 1 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and other costs | (1) | 7 | 13 | 14 | 15 | 9 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSA fees | 53 | 47 | 48 | 40 | 25 | 221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divested businesses  | 126 | 55 | 8 | 13 | 21 | 1035 | 97 |
| **Total adjusted expenses** | $18082 | $15449 | $16167 | $22353 | $14296 | $60164 | $68265 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Capitalization of DAC** | $(666) | $(650) | $(622) | $(615) | $(671) | $(2718) | $(2558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses | (15) | (11) |  |  |  | (119) | (11) |
| **Adjusted capitalization of DAC** | $(651) | $(639) | $(622) | $(615) | $(671) | $(2599) | $(2547) |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Other expenses** | $3110 | $2917 | $2873 | $2893 | $3081 | $11863 | $11764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Noncontrolling interests | (9) | (7) | (4) | (8) | (5) | (28) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Regulatory implementation costs | 1 |  | 2 | 1 | 1 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition, integration and other costs | (1) | 7 | 13 | 14 | 15 | 9 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: TSA fees | 53 | 47 | 48 | 40 | 25 | 221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses | 81 | 32 | 8 | 13 | 21 | 358 | 74 |
| **Adjusted other expenses** | $2985 | $2838 | $2806 | $2833 | $3024 | $11299 | $11501 |
| **Adjusted other expenses on a constant currency basis** | $2809 | $2686 | $2725 | $2823 | $3024 |  |  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | **METLIFE<br>EXPENSE DETAIL AND RATIOS** | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratio data)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Other expenses** | $3110 | $2917 | $2873 | $2893 | $3081 | $11863 | $11764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of DAC | (666) | (650) | (622) | (615) | (671) | (2718) | (2558) |
| **Other expenses, net of capitalization of DAC** | $2444 | $2267 | $2251 | $2278 | $2410 | $9145 | $9206 |
| **Premiums, fees and other revenues** | $15178 | $12849 | $13853 | $19579 | $11335 | $50384 | $57616 |
| **Expense ratio** | 16.1% | 17.6% | 16.2% | 11.6% | 21.3% | 18.2% | 16.0% |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted other expenses by major category** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct expenses | $1483 | $1337 | $1341 | $1360 | $1485 | $5196 | $5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension, postretirement and postemployment benefit costs | 52 | 25 | 24 | 24 | 25 | 164 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium taxes, other taxes, and licenses & fees | 147 | 151 | 137 | 172 | 146 | 607 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and other variable expenses | 1303 | 1325 | 1304 | 1277 | 1368 | 5332 | 5274 |
| **Adjusted other expenses** | 2985 | 2838 | 2806 | 2833 | 3024 | 11299 | 11501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted capitalization of DAC | (651) | (639) | (622) | (615) | (671) | (2599) | (2547) |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | 2334 | 2199 | 2184 | 2218 | 2353 | 8700 | 8954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to adjusted other expenses (1) |  |  |  |  |  | (84) |  |
| **Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)** | $2334 | $2199 | $2184 | $2218 | $2353 | $8784 | $8954 |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratio data)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee related costs | $906 | $899 | $866 | $875 | $864 | $3385 | $3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party staffing costs | 413 | 375 | 371 | 349 | 433 | 1395 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 164 | 63 | 104 | 136 | 188 | 416 | 491 |
| **Direct expenses** | 1483 | 1337 | 1341 | 1360 | 1485 | 5196 | 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to direct expenses (1) |  |  |  |  |  | (84) |  |
| **Direct expenses, excluding total notable items related to direct expenses (1)** | $1483 | $1337 | $1341 | $1360 | $1485 | $5280 | $5523 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $2334 | $2199 | $2184 | $2218 | $2353 | $8700 | $8954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Total notable items related to adjusted other expenses (1) |  |  |  |  |  | (84) |  |
| **Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)** | $2334 | $2199 | $2184 | $2218 | $2353 | $8784 | $8954 |
| **Adjusted premiums, fees and other revenues** | $15010 | $12732 | $13794 | $19527 | $11306 | $48964 | $57359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 3551 | 1258 | 2564 | 8466 | (69) | 3513 | 12219 |
| **Adjusted premiums, fees and other revenues, excluding PRT** | $11459 | $11474 | $11230 | $11061 | $11375 | $45451 | $45140 |
| **Direct expense ratio** | 9.9% | 10.5% | 9.7% | 7.0% | 13.1% | 10.6% | 9.6% |
| **Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)** | 12.9% | 11.7% | 11.9% | 12.3% | 13.1% | 11.6% | 12.2% |
| **Adjusted expense ratio** | 15.5% | 17.3% | 15.8% | 11.4% | 20.8% | 17.8% | 15.6% |
| **Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)** | 20.4% | 19.2% | 19.4% | 20.1% | 20.7% | 19.3% | 19.8% |
| (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (1)Notable items are related to "litigation reserves and settlement costs." Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>CONSOLIDATED BALANCE SHEETS** | | | | | |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **ASSETS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale, at estimated fair value | $340274 | $320079 | $284178 | $270765 | $276780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at estimated fair value | 1269 | 988 | 1085 | 973 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractholder-directed equity securities and fair value option securities, at estimated fair value | 12142 | 11418 | 9875 | 8954 | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 79353 | 79968 | 82055 | 82437 | 83763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 9111 | 9036 | 8876 | 8783 | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and real estate joint ventures | 12216 | 12379 | 12376 | 12532 | 13137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other limited partnership interests | 14625 | 14570 | 14636 | 14387 | 14414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, principally at estimated fair value | 7176 | 3146 | 3043 | 5266 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 18655 | 18696 | 19901 | 22299 | 20038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 494821 | 470280 | 436025 | 426396 | 433293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, principally at estimated fair value | 20047 | 23488 | 20548 | 22200 | 20195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 3185 | 3251 | 3154 | 3355 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, reinsurance and other receivables | 17149 | 17926 | 17769 | 17666 | 17461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs and value of business acquired | 16061 | 18409 | 20248 | 21523 | 22983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax recoverable | 184 | 39 | 274 | 194 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax asset | 189 | 225 | 616 | 2700 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 9535 | 9510 | 9151 | 9005 | 9297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale | 7238 | 4582 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 11426 | 11518 | 11279 | 11294 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 179873 | 165056 | 143829 | 135771 | 146038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $759708 | $724284 | $662893 | $650104 | $666611 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $199721 | $195789 | $193474 | $199671 | $204228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances | 203473 | 206762 | 200580 | 198251 | 203082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policy-related balances | 17751 | 19553 | 19284 | 19491 | 19651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends payable | 478 | 450 | 457 | 429 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividend obligation | 1682 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for collateral under securities loaned and other transactions | 31920 | 30481 | 23819 | 24890 | 20937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 341 | 323 | 196 | 183 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 13933 | 13848 | 13677 | 14520 | 14647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral financing arrangement | 766 | 754 | 741 | 729 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt securities | 3156 | 3156 | 3157 | 3158 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 9693 | 5690 | 1301 | 172 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held-for-sale | 6634 | 4297 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 22538 | 23888 | 25011 | 27509 | 25980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 179873 | 165056 | 143829 | 135771 | 146038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 691959 | 670047 | 625526 | 624774 | 639324 |
| &nbsp;&nbsp;&nbsp;**Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, at par value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, at par value | 12 | 12 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 33511 | 33531 | 33548 | 33589 | 33616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 41197 | 41406 | 41101 | 41032 | 41953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (18157) | (19072) | (20188) | (20862) | (21458) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 10919 | (1912) | (17372) | (28695) | (27083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total MetLife, Inc.'s stockholders' equity | 67482 | 53965 | 37101 | 25076 | 27040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 267 | 272 | 266 | 254 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 67749 | 54237 | 37367 | 25330 | 27287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $759708 | $724284 | $662893 | $650104 | $666611 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE<br>SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Adjusted earnings before provision for income tax** |  |  |  |  |  |
| **U.S.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GROUP BENEFITS | $25 | $143 | $507 | $507 | $506 |
| &nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT AND INCOME SOLUTIONS | 784 | 733 | 489 | 434 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S.** | $809 | $876 | $996 | $941 | $974 |
| **ASIA** | 819 | 813 | 545 | 292 | 304 |
| **LATIN AMERICA** | 149 | 192 | 352 | 220 | 228 |
| **EMEA** | 60 | 68 | 84 | 79 | 79 |
| **METLIFE HOLDINGS** | 603 | 472 | 456 | 69 | 258 |
| **CORPORATE & OTHER** | (311) | (146) | (302) | (264) | (303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings before provision for income tax | $2129 | $2275 | $2131 | $1337 | $1540 |
| **Provision for income tax expense (benefit)** |  |  |  |  |  |
| **U.S.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GROUP BENEFITS | $5 | $31 | $107 | $108 | $106 |
| &nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT AND INCOME SOLUTIONS | 164 | 152 | 101 | 89 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S.** | $169 | $183 | $208 | $197 | $203 |
| **ASIA** | 233 | 233 | 159 | 95 | 89 |
| **LATIN AMERICA** | 24 | 50 | 85 | 49 | 47 |
| **EMEA** | 18 | 16 | 20 | 19 | 9 |
| **METLIFE HOLDINGS** | 121 | 95 | 92 | 10 | 50 |
| **CORPORATE & OTHER** | (303) | (92) | (88) | (63) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for income tax expense (benefit) | $262 | $485 | $476 | $307 | $285 |
| **Adjusted earnings available to common shareholders** |  |  |  |  |  |
| **U.S.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GROUP BENEFITS | $20 | $112 | $400 | $399 | $400 |
| &nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT AND INCOME SOLUTIONS | 620 | 581 | 388 | 345 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S.** | $640 | $693 | $788 | $744 | $771 |
| **ASIA** | 586 | 580 | 386 | 197 | 215 |
| **LATIN AMERICA** | 125 | 142 | 267 | 171 | 181 |
| **EMEA** | 42 | 52 | 64 | 60 | 70 |
| **METLIFE HOLDINGS** | 482 | 377 | 364 | 59 | 208 |
| **CORPORATE & OTHER (1)** | (37) | (117) | (243) | (265) | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted earnings available to common shareholders (1) | $1838 | $1727 | $1626 | $966 | $1226 |
| (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. | (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. | (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. | (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. | (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. | (1)Includes impact of preferred stock dividends of $29 million, $63 million, $29 million, $64 million and $29 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and December 31, 2022, respectively. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** | **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** | **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** | **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** | **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** | **METLIFE<br>ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)** |
| **ADJUSTED RETURN ON ALLOCATED EQUITY**  | **ADJUSTED RETURN ON ALLOCATED EQUITY**  | **ADJUSTED RETURN ON ALLOCATED EQUITY**  | **ADJUSTED RETURN ON ALLOCATED EQUITY**  | **ADJUSTED RETURN ON ALLOCATED EQUITY**  | **ADJUSTED RETURN ON ALLOCATED EQUITY**  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **U.S.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GROUP BENEFITS | 2.8% | 9.4% | 33.7% | 33.6% | 33.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT AND INCOME SOLUTIONS | 38.6% | 34.8% | 23.3% | 20.7% | 22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S.** | 27.5% | 24.3% | 27.6% | 26.1% | 27.0% |
| **ASIA** | 16.0% | 16.1% | 10.7% | 5.5% | 6.0% |
| **LATIN AMERICA** | 18.1% | 20.8% | 39.1% | 25.1% | 26.5% |
| **EMEA** | 5.9% | 9.2% | 11.4% | 10.7% | 12.4% |
| **METLIFE HOLDINGS** | 18.5% | 13.7% | 13.2% | 2.1% | 7.6% |
| **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** | **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** | **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** | **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** | **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** | **ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **U.S.** | 32.2% | 32.6% | 37.0% | 35.0% | 36.2% |
| **ASIA**  | 23.9% | 24.1% | 16.1% | 8.2% | 9.0% |
| **LATIN AMERICA** | 28.5% | 32.5% | 61.1% | 39.1% | 41.4% |
| **EMEA**  | 10.2% | 13.7% | 16.9% | 15.8% | 18.4% |
| **METLIFE HOLDINGS** | 20.3% | 15.0% | 14.5% | 2.4% | 8.3% |
| (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. |
| (2) Allocated equity and allocated tangible equity are presented below: | (2) Allocated equity and allocated tangible equity are presented below: | (2) Allocated equity and allocated tangible equity are presented below: | (2) Allocated equity and allocated tangible equity are presented below: | (2) Allocated equity and allocated tangible equity are presented below: | (2) Allocated equity and allocated tangible equity are presented below: |
|  | *ALLOCATED EQUITY* | *ALLOCATED EQUITY* | *ALLOCATED TANGIBLE EQUITY* | *ALLOCATED TANGIBLE EQUITY* |  |
| *Unaudited (In millions)* | *2021* | *2022* | *2021* | *2022* |  |
| **U.S.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GROUP BENEFITS | $2899 | $4745 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT AND INCOME SOLUTIONS | 6418 | 6672 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S.** | $9317 | $11417 | $8116 | $8653 |  |
| **ASIA** | $14648 | $14437 | $9824 | $9639 |  |
| **LATIN AMERICA** | $2757 | $2730 | $1757 | $1748 |  |
| **EMEA** | $2844 | $2250 | $1683 | $1543 |  |
| **METLIFE HOLDINGS** | $10428 | $11011 | $9581 | $10125 |  |
| (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: | (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: | (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: | (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: | (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: | (3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below: |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **U.S.** | $13 | $13 | $13 | $13 | $13 |
| **ASIA** | $1 | $1 | $1 | $1 | $1 |
| **LATIN AMERICA** | $— | $— | $— | $— | $— |
| **EMEA** | $1 | $1 | $1 | $1 | $1 |
| **METLIFE HOLDINGS** | $4 | $3 | $4 | $2 | $3 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S. <br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $9439 | $7164 | $8254 | $14164 | $5966 | $26358 | $35548 |
| Universal life and investment-type product policy fees | 282 | 297 | 284 | 286 | 291 | 1140 | 1158 |
| Net investment income | 1942 | 1874 | 1710 | 1716 | 2040 | 8048 | 7340 |
| Other revenues | 379 | 426 | 405 | 516 | 409 | 1538 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 12042 | 9761 | 10653 | 16682 | 8706 | 37084 | 45802 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 9958 | 7566 | 8320 | 14265 | 6122 | 27957 | 36273 |
| Interest credited to policyholder account balances | 342 | 347 | 387 | 478 | 577 | 1422 | 1789 |
| Capitalization of DAC | (17) | (23) | (14) | (23) | (17) | (65) | (77) |
| Amortization of DAC and VOBA | 10 | 14 | 14 | 15 | 16 | 60 | 59 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 3 | 2 | 1 | 3 | 3 | 7 | 9 |
| Other expenses | 937 | 979 | 949 | 1003 | 1031 | 3632 | 3962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 11233 | 8885 | 9657 | 15741 | 7732 | 33013 | 42015 |
| Adjusted earnings before provision for income tax | 809 | 876 | 996 | 941 | 974 | 4071 | 3787 |
| Provision for income tax expense (benefit) | 169 | 183 | 208 | 197 | 203 | 850 | 791 |
| Adjusted earnings | 640 | 693 | 788 | 744 | 771 | 3221 | 2996 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $640 | $693 | $788 | $744 | $771 | $3221 | $2996 |
| Adjusted premiums, fees and other revenues | $10100 | $7887 | $8943 | $14966 | $6666 | $29036 | $38462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 3551 | 1258 | 2564 | 8466 | (69) | 3513 | 12219 |
| Adjusted premiums, fees and other revenues, excluding PRT | $6549 | $6629 | $6379 | $6500 | $6735 | $25523 | $26243 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>GROUP BENEFITS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $5278 | $5433 | $5210 | $5161 | $5247 | $20475 | $21051 |
| Universal life and investment-type product policy fees | 206 | 216 | 210 | 215 | 214 | 829 | 855 |
| Net investment income | 296 | 280 | 278 | 279 | 299 | 1160 | 1136 |
| Other revenues | 307 | 355 | 336 | 331 | 338 | 1239 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 6087 | 6284 | 6034 | 5986 | 6098 | 23703 | 24402 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 5206 | 5259 | 4649 | 4565 | 4634 | 19790 | 19107 |
| Interest credited to policyholder account balances | 32 | 31 | 32 | 34 | 46 | 127 | 143 |
| Capitalization of DAC | (4) | (4) | (6) | (4) | (4) | (19) | (18) |
| Amortization of DAC and VOBA | 7 | 5 | 8 | 7 | 8 | 28 | 28 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 1 |  |  | 1 |  | 1 | 1 |
| Other expenses | 820 | 850 | 844 | 876 | 908 | 3176 | 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 6062 | 6141 | 5527 | 5479 | 5592 | 23103 | 22739 |
| Adjusted earnings before provision for income tax | 25 | 143 | 507 | 507 | 506 | 600 | 1663 |
| Provision for income tax expense (benefit) | 5 | 31 | 107 | 108 | 106 | 128 | 352 |
| Adjusted earnings | 20 | 112 | 400 | 399 | 400 | 472 | 1311 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $20 | $112 | $400 | $399 | $400 | $472 | $1311 |
| Adjusted premiums, fees and other revenues | $5791 | $6004 | $5756 | $5707 | $5799 | $22543 | $23266 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $4161 | $1731 | $3044 | $9003 | $719 | $5883 | $14497 |
| Universal life and investment-type product policy fees | 76 | 81 | 74 | 71 | 77 | 311 | 303 |
| Net investment income | 1646 | 1594 | 1432 | 1437 | 1741 | 6888 | 6204 |
| Other revenues | 72 | 71 | 69 | 185 | 71 | 299 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 5955 | 3477 | 4619 | 10696 | 2608 | 13381 | 21400 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 4752 | 2307 | 3671 | 9700 | 1488 | 8167 | 17166 |
| Interest credited to policyholder account balances | 310 | 316 | 355 | 444 | 531 | 1295 | 1646 |
| Capitalization of DAC | (13) | (19) | (8) | (19) | (13) | (46) | (59) |
| Amortization of DAC and VOBA | 3 | 9 | 6 | 8 | 8 | 32 | 31 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 2 | 2 | 1 | 2 | 3 | 6 | 8 |
| Other expenses | 117 | 129 | 105 | 127 | 123 | 456 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 5171 | 2744 | 4130 | 10262 | 2140 | 9910 | 19276 |
| Adjusted earnings before provision for income tax | 784 | 733 | 489 | 434 | 468 | 3471 | 2124 |
| Provision for income tax expense (benefit) | 164 | 152 | 101 | 89 | 97 | 722 | 439 |
| Adjusted earnings | 620 | 581 | 388 | 345 | 371 | 2749 | 1685 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $620 | $581 | $388 | $345 | $371 | $2749 | $1685 |
| Adjusted premiums, fees and other revenues | $4309 | $1883 | $3187 | $9259 | $867 | $6493 | $15196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: PRT | 3551 | 1258 | 2564 | 8466 | (69) | 3513 | 12219 |
| Adjusted premiums, fees and other revenues, excluding PRT | $758 | $625 | $623 | $793 | $936 | $2980 | $2977 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $19682 | $19825 | $19996 | $20132 | $20239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 6227 | 6483 | 6121 | 6014 | 6024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (657) | (683) | (688) | (685) | (686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (5165) | (5213) | (4631) | (4511) | (4633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 405 | 587 | 802 | 818 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts |  | 4 | 3 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 125 | 124 | 129 | 137 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (147) | (150) | (155) | (153) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (240) | (394) | (643) | (698) | (617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $19825 | $19996 | $20132 | $20239 | $20331 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $1220 | $1292 | $1182 | $986 | $935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 68 | 69 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (19) | (21) | (17) | (11) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments |  | (5) | (2) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 49 | 43 | 50 | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 80 | (88) | (183) | (43) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) general account |  | (4) | (3) | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (58) | (60) | (60) | (60) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | (1) |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $1292 | $1182 | $986 | $935 | $990 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** | **U.S.<br>GROUP BENEFITS** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $434 | $438 | $436 | $444 | $475 |
| Pension, postretirement and postemployment benefit costs | 7 | 1 | 1 | 2 | (1) |
| Premium taxes, other taxes, and licenses & fees | 74 | 77 | 73 | 88 | 80 |
| Commissions and other variable expenses | 305 | 334 | 334 | 342 | 354 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $820 | $850 | $844 | $876 | $908 |
| **OTHER STATISTICAL INFORMATION** (1) | **OTHER STATISTICAL INFORMATION** (1) | **OTHER STATISTICAL INFORMATION** (1) | **OTHER STATISTICAL INFORMATION** (1) | **OTHER STATISTICAL INFORMATION** (1) | **OTHER STATISTICAL INFORMATION** (1) |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Group Life (2)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2151 | $2180 | $2126 | $2125 | $2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality ratio | 106.3% | 103.8% | 85.8% | 86.0% | 87.6% |
| **Group Non-Medical Health (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $2388 | $2519 | $2481 | $2475 | $2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest adjusted benefit ratio (4) | 74.2% | 72.5% | 73.1% | 70.8% | 69.4% |
| (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. | (1) Results are derived from insurance and non-administrative services-only contracts. |
| (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. | (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. |
| (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. | (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. | (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. | (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. | (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. | (3) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. |
| (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. | (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $134283 | $136331 | $136782 | $137214 | $144564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 20151 | 25113 | 26017 | 31052 | 14156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (17271) | (20104) | (23750) | (22157) | (14488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (1495) | (1488) | (1479) | (1540) | (1535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 1385 | 3521 | 788 | 7355 | (1867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts | 1 | (26) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 943 | 954 | 1005 | 1132 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (28) | (45) | (46) | (46) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (253) | (3953) | (1315) | (1091) | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $136331 | $136782 | $137214 | $144564 | $144822 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $81091 | $79925 | $69123 | $61622 | $58838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits | 838 | 2617 | 1309 | 927 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals (1) | (2781) | (8953) | (1424) | (1053) | (1992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (36) | (25) | (20) | (33) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (1979) | (6361) | (135) | (159) | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 954 | (3138) | (3168) | (2286) | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) general account | (1) | 26 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (82) | (94) | (84) | (82) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (58) | (1235) | (4114) | (257) | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $79925 | $69123 | $61622 | $58838 | $60040 |
| **SYNTHETIC GICS (2)** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $39365 | $40121 | $43485 | $44841 | $45066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (1) | 1547 | 3598 | 1268 | 157 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (993) | (436) | (132) | (173) | (590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | 554 | 3162 | 1136 | (16) | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 202 | 202 | 220 | 241 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $40121 | $43485 | $44841 | $45066 | $46316 |
| **LONGEVITY REINSURANCE (3)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $14824 | $14898 | $14753 | $13427 | $16602 |
| (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. | (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. | (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. | (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. | (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. | (1)Includes $750 million, $1,884 million, $0, $0 and $147 million of transfers from separate account GICs to synthetic GICs at December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table. |
| (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. | (2)A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above. |
| (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. | (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. | (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. | (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. | (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. | (3)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the UK pension risk transfer market. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** | **U.S.<br>RETIREMENT AND INCOME SOLUTIONS** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $60 | $65 | $61 | $64 | $70 |
| Pension, postretirement and postemployment benefit costs | 3 |  | 1 |  |  |
| Premium taxes, other taxes, and licenses & fees | 15 | 5 | 4 | 22 | 10 |
| Commissions and other variable expenses | 39 | 59 | 39 | 41 | 43 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $117 | $129 | $105 | $127 | $123 |
| **SPREAD** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Investment income yield excluding variable investment income yield | 3.72% | 3.68% | 3.94% | 4.27% | 4.78% |
| Variable investment income yield | 1.11% | 0.92% | 0.13% | (0.30)% | (0.16)% |
| Total investment income yield | 4.83% | 4.60% | 4.07% | 3.97% | 4.62% |
| Average crediting rate | 2.81% | 2.79% | 2.91% | 3.26% | 3.66% |
| &nbsp;&nbsp;&nbsp;**Annualized general account spread** | 2.02% | 1.81% | 1.16% | 0.71% | 0.96% |
| &nbsp;&nbsp;&nbsp;**Annualized general account spread excluding variable investment income yield** | 0.91% | 0.89% | 1.03% | 1.01% | 1.12% |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **ASIA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $1560 | $1553 | $1395 | $1347 | $1273 | $6421 | $5568 |
| Universal life and investment-type product policy fees | 443 | 448 | 498 | 421 | 473 | 1814 | 1840 |
| Net investment income | 1276 | 1242 | 1012 | 827 | 828 | 5052 | 3909 |
| Other revenues | 19 | 21 | 24 | 21 | 24 | 73 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 3298 | 3264 | 2929 | 2616 | 2598 | 13360 | 11407 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1258 | 1228 | 1185 | 1257 | 1082 | 5008 | 4752 |
| Interest credited to policyholder account balances | 497 | 498 | 493 | 497 | 515 | 1995 | 2003 |
| Capitalization of DAC | (404) | (392) | (370) | (358) | (404) | (1607) | (1524) |
| Amortization of DAC and VOBA | 289 | 288 | 321 | 190 | 306 | 1369 | 1105 |
| Amortization of negative VOBA | (7) | (8) | (8) | (11) | (9) | (27) | (36) |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 846 | 837 | 763 | 749 | 804 | 3388 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2479 | 2451 | 2384 | 2324 | 2294 | 10126 | 9453 |
| Adjusted earnings before provision for income tax | 819 | 813 | 545 | 292 | 304 | 3234 | 1954 |
| Provision for income tax expense (benefit) | 233 | 233 | 159 | 95 | 89 | 936 | 576 |
| Adjusted earnings | 586 | 580 | 386 | 197 | 215 | 2298 | 1378 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $586 | $580 | $386 | $197 | $215 | $2298 | $1378 |
| Adjusted premiums, fees and other revenues | $2022 | $2022 | $1917 | $1789 | $1770 | $8308 | $7498 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** |
| **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Adjusted premiums, fees and other revenues** | $2022 | $2022 | $1917 | $1789 | $1770 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $1712 | $1748 | $1783 | $1756 | $1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1), (2) | 290 | 360 | 292 | 380 | 369 |
| **Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis** | $2002 | $2108 | $2075 | $2136 | $2139 |
| **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** | **OTHER EXPENSES BY MAJOR CATEGORY** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $319 | $326 | $291 | $285 | $300 |
| Pension, postretirement and postemployment benefit costs | 31 | 20 | 19 | 17 | 23 |
| Premium taxes, other taxes, and licenses & fees | 41 | 39 | 31 | 36 | 37 |
| Commissions and other variable expenses | 455 | 452 | 422 | 411 | 444 |
| **Adjusted other expenses** | $846 | $837 | $763 | $749 | $804 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $442 | $445 | $393 | $391 | $400 |
| **Adjusted other expenses on a constant currency basis** | $708 | $718 | $709 | $735 | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1), (2) | 93 | 107 | 99 | 108 | 108 |
| **Adjusted other expenses, including operating joint ventures, on a constant currency basis** | $801 | $825 | $808 | $843 | $912 |
| **Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis** | $446 | $465 | $447 | $470 | $488 |
| **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** | **SALES ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Japan: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life | $184 | $180 | $105 | $100 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accident & Health | 62 | 73 | 70 | 65 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annuities | 71 | 97 | 129 | 202 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 2 | 2 | 3 | 1 |
| Total Japan | 318 | 352 | 306 | 370 | 430 |
| Other Asia | 235 | 188 | 155 | 206 | 188 |
| &nbsp;&nbsp;&nbsp; **Total sales** | $553 | $540 | $461 | $576 | $618 |
| **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Adjusted earnings available to common shareholders | $586 | $580 | $386 | $197 | $215 |
| Adjusted earnings available to common shareholders, on a constant currency basis | $560 | $555 | $374 | $190 | $215 |
| (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. | (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. | (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. | (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. | (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. | (1)Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders for operating joint ventures. |
| (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  | (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  | (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  | (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  | (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  | (2)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting.  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** | **ASIA** |
| **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** | **ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES** |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **GA AUM** | $140317 | $131989 | $117597 | $109930 | $116289 |
| **GA AUM (at amortized cost)** | $130310 | $129935 | $122257 | $119302 | $126335 |
| **GA AUM (at amortized cost), on a constant currency basis** | $121729 | $123899 | $123528 | $124952 | $126335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Operating joint ventures, on a constant currency basis (1) | 6208 | 6930 | 7143 | 7340 | 7700 |
| **GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis** | $127937 | $130829 | $130671 | $132292 | $134035 |
| (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. | (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. | (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. | (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. | (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. | (1)Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting and reported in other invested assets, a component of total investments. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **LATIN AMERICA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $673 | $732 | $826 | $823 | $845 | $2609 | $3226 |
| Universal life and investment-type product policy fees | 278 | 290 | 296 | 290 | 299 | 1109 | 1175 |
| Net investment income | 358 | 322 | 459 | 399 | 413 | 1271 | 1593 |
| Other revenues | 11 | 9 | 10 | 10 | 10 | 41 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 1320 | 1353 | 1591 | 1522 | 1567 | 5030 | 6033 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 773 | 769 | 811 | 874 | 847 | 3143 | 3301 |
| Interest credited to policyholder account balances | 67 | 68 | 84 | 89 | 94 | 249 | 335 |
| Capitalization of DAC | (110) | (113) | (120) | (130) | (136) | (414) | (499) |
| Amortization of DAC and VOBA | 80 | 80 | 90 | 68 | 101 | 285 | 339 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 1 | 3 | 4 | 3 | 2 | 5 | 12 |
| Other expenses | 360 | 354 | 370 | 398 | 431 | 1401 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 1171 | 1161 | 1239 | 1302 | 1339 | 4669 | 5041 |
| Adjusted earnings before provision for income tax | 149 | 192 | 352 | 220 | 228 | 361 | 992 |
| Provision for income tax expense (benefit) | 24 | 50 | 85 | 49 | 47 | 70 | 231 |
| Adjusted earnings | 125 | 142 | 267 | 171 | 181 | 291 | 761 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $125 | $142 | $267 | $171 | $181 | $291 | $761 |
| Adjusted premiums, fees and other revenues | $962 | $1031 | $1132 | $1123 | $1154 | $3759 | $4440 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** | **LATIN AMERICA** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $132 | $126 | $122 | $134 | $144 |
| Pension, postretirement and postemployment benefit costs |  | 1 | 1 | 1 | 1 |
| Premium taxes, other taxes, and licenses & fees | 8 | 12 | 11 | 12 | 13 |
| Commissions and other variable expenses | 220 | 215 | 236 | 251 | 273 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $360 | $354 | $370 | $398 | $431 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $250 | $241 | $250 | $268 | $295 |
| **Adjusted other expenses on a constant currency basis** | $359 | $347 | $358 | $404 | $431 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $249 | $236 | $242 | $272 | $295 |
| **SALES ON A CONSTANT CURRENCY BASIS** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Mexico | 127 | 158 | 129 | 132 | 131 |
| Chile | 58 | 64 | 76 | 80 | 85 |
| All other | 59 | 54 | 63 | 79 | 81 |
| &nbsp;&nbsp;&nbsp;**Total sales** | $244 | $276 | $268 | $291 | $297 |
| **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Adjusted premiums, fees and other revenues** | $962 | $1031 | $1132 | $1123 | $1154 |
| **Adjusted earnings available to common shareholders** | $125 | $142 | $267 | $171 | $181 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $965 | $1014 | $1104 | $1142 | $1154 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $120 | $135 | $260 | $176 | $181 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **EMEA<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $520 | $509 | $492 | $475 | $488 | $2271 | $1964 |
| Universal life and investment-type product policy fees | 93 | 88 | 86 | 62 | 64 | 395 | 300 |
| Net investment income | 44 | 41 | 38 | 40 | 41 | 215 | 160 |
| Other revenues | 8 | 9 | 8 | 8 | 10 | 47 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 665 | 647 | 624 | 585 | 603 | 2928 | 2459 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 297 | 282 | 237 | 239 | 232 | 1241 | 990 |
| Interest credited to policyholder account balances | 20 | 17 | 20 | 16 | 18 | 86 | 71 |
| Capitalization of DAC | (110) | (101) | (108) | (96) | (106) | (469) | (411) |
| Amortization of DAC and VOBA | 82 | 86 | 95 | 79 | 73 | 356 | 333 |
| Amortization of negative VOBA | (2) | (1) | (2) | (1) | (1) | (7) | (5) |
| Interest expense on debt |  |  |  |  |  |  |  |
| Other expenses | 318 | 296 | 298 | 269 | 308 | 1324 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 605 | 579 | 540 | 506 | 524 | 2531 | 2149 |
| Adjusted earnings before provision for income tax | 60 | 68 | 84 | 79 | 79 | 397 | 310 |
| Provision for income tax expense (benefit) | 18 | 16 | 20 | 19 | 9 | 96 | 64 |
| Adjusted earnings | 42 | 52 | 64 | 60 | 70 | 301 | 246 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $42 | $52 | $64 | $60 | $70 | $301 | $246 |
| Adjusted premiums, fees and other revenues | $621 | $606 | $586 | $545 | $562 | $2713 | $2299 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EMEA** | **EMEA** | **EMEA** | **EMEA** | **EMEA** | **EMEA** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $102 | $97 | $101 | $91 | $100 |
| Pension, postretirement and postemployment benefit costs | 2 | 1 | 2 | 1 | 1 |
| Premium taxes, other taxes, and licenses & fees | 4 | 6 | 4 | 3 | 6 |
| Commissions and other variable expenses | 210 | 192 | 191 | 174 | 201 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $318 | $296 | $298 | $269 | $308 |
| **Adjusted other expenses, net of adjusted capitalization of DAC** | $208 | $195 | $190 | $173 | $202 |
| **Adjusted other expenses on a constant currency basis** | $281 | $270 | $283 | $267 | $308 |
| **Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis** | $186 | $179 | $181 | $171 | $202 |
| **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** | **OTHER STATISTICAL INFORMATION** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Adjusted premiums, fees and other revenues** | $621 | $606 | $586 | $545 | $562 |
| **Adjusted earnings available to common shareholders** | $42 | $52 | $64 | $60 | $70 |
| **Adjusted premiums, fees and other revenues, on a constant currency basis** | $550 | $549 | $555 | $540 | $562 |
| **Adjusted earnings available to common shareholders, on a constant currency basis** | $33 | $42 | $57 | $60 | $70 |
| **Total sales on a constant currency basis** | $164 | $212 | $208 | $171 | $185 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **METLIFE HOLDINGS<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $862 | $776 | $760 | $745 | $785 | $3333 | $3066 |
| Universal life and investment-type product policy fees | 275 | 269 | 339 | 232 | 217 | 1101 | 1057 |
| Net investment income | 1490 | 1409 | 1280 | 1118 | 1164 | 6450 | 4971 |
| Other revenues | 69 | 44 | 23 | 39 | 49 | 257 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 2696 | 2498 | 2402 | 2134 | 2215 | 11141 | 9249 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | 1585 | 1518 | 1433 | 1659 | 1446 | 6268 | 6056 |
| Interest credited to policyholder account balances | 208 | 202 | 203 | 202 | 206 | 840 | 813 |
| Capitalization of DAC | (8) | (7) | (8) | (6) | (7) | (33) | (28) |
| Amortization of DAC and VOBA | 67 | 76 | 74 | (20) | 62 | 257 | 192 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 1 | 1 | 2 | 2 | 3 | 5 | 8 |
| Other expenses | 240 | 236 | 242 | 228 | 247 | 992 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 2093 | 2026 | 1946 | 2065 | 1957 | 8329 | 7994 |
| Adjusted earnings before provision for income tax | 603 | 472 | 456 | 69 | 258 | 2812 | 1255 |
| Provision for income tax expense (benefit) | 121 | 95 | 92 | 10 | 50 | 570 | 247 |
| Adjusted earnings | 482 | 377 | 364 | 59 | 208 | 2242 | 1008 |
| Preferred stock dividends |  |  |  |  |  |  |  |
| **Adjusted earnings available to common shareholders** | $482 | $377 | $364 | $59 | $208 | $2242 | $1008 |
| Adjusted premiums, fees and other revenues | $1206 | $1089 | $1122 | $1016 | $1051 | $4691 | $4278 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** |
| **FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIFE & OTHER (1)** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $82115 | $82383 | $81617 | $81626 | $81598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (2), (3) | 1121 | 1035 | 966 | 936 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (529) | (504) | (520) | (496) | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (805) | (907) | (734) | (788) | (799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (213) | (376) | (288) | (348) | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts | 10 | 8 | 10 | 17 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 839 | 835 | 839 | 853 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (180) | (181) | (180) | (180) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (188) | (1052) | (372) | (370) | (336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $82383 | $81617 | $81626 | $81598 | $81561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ANNUITIES** | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $18341 | $18061 | $17676 | $17606 | $17642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (2), (3) | 89 | 84 | 91 | 68 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (410) | (323) | (327) | (348) | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (152) | (161) | (148) | (147) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (473) | (400) | (384) | (427) | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts | 52 | 66 | 69 | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 125 | 119 | 119 | 119 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (4) | (4) | (4) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 20 | (166) | 130 | 316 | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $18061 | $17676 | $17606 | $17642 | $17029 |
| **SEPARATE ACCOUNT LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIFE & OTHER** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $7248 | $7512 | $6776 | $5527 | $5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (3) | 57 | 59 | 56 | 53 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (64) | (61) | (38) | (39) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (19) | (18) | (15) | (12) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (26) | (20) | 3 | 2 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 367 | (646) | (1176) | (225) | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) general account | (10) | (8) | (10) | (17) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (65) | (66) | (66) | (65) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (2) | 4 |  | 3 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $7512 | $6776 | $5527 | $5225 | $5475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ANNUITIES** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | $39840 | $40173 | $36079 | $30163 | $27680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums and deposits (3) | 74 | 72 | 74 | 55 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1177) | (866) | (728) | (648) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | (135) | (124) | (105) | (99) | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (1238) | (918) | (759) | (692) | (706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance | 1819 | (2937) | (4919) | (1594) | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) general account | (52) | (66) | (69) | (32) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges | (195) | (174) | (170) | (166) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1) | 1 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $40173 | $36079 | $30163 | $27680 | $28499 |
| (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. | (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. | (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. | (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. | (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. | (1) Long-term care and Japan reinsurance are reported as part of "Other" within Life & Other. |
| (2) Includes premiums and deposits directed to the general account investment option of variable products. | (2) Includes premiums and deposits directed to the general account investment option of variable products. | (2) Includes premiums and deposits directed to the general account investment option of variable products. | (2) Includes premiums and deposits directed to the general account investment option of variable products. | (2) Includes premiums and deposits directed to the general account investment option of variable products. | (2) Includes premiums and deposits directed to the general account investment option of variable products. |
| (3) Includes company-sponsored internal exchanges. | (3) Includes company-sponsored internal exchanges. | (3) Includes company-sponsored internal exchanges. | (3) Includes company-sponsored internal exchanges. | (3) Includes company-sponsored internal exchanges. | (3) Includes company-sponsored internal exchanges. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** | **METLIFE HOLDINGS** |
| **OTHER EXPENSES BY MAJOR CATEGORY** | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| Direct and allocated expenses | $163 | $167 | $160 | $164 | $178 |
| Pension, postretirement and postemployment benefit costs | 4 | 1 | 1 |  | 1 |
| Premium taxes, other taxes, and licenses & fees | 16 | 16 | 17 | 20 | 15 |
| Commissions and other variable expenses | 57 | 52 | 64 | 44 | 53 |
| &nbsp;&nbsp;&nbsp;**Adjusted other expenses** | $240 | $236 | $242 | $228 | $247 |
| **OTHER STATISTICAL INFORMATION** |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| **Life (1)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $791 | $704 | $758 | $657 | $703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest adjusted benefit ratio | 54.3% | 54.1% | 33.2% | 53.9% | 49.1% |
| **Lapse Ratio (2)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional life | 4.0% | 4.2% | 4.4% | 4.5% | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable & universal life | 3.3% | 3.4% | 3.3% | 3.3% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed annuity | 6.8% | 6.3% | 6.2% | 6.6% | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity | 10.2% | 10.0% | 9.8% | 9.5% | 9.2% |
| (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1) Represents the traditional life and variable & universal life components of Life & Other. Results are derived from insurance contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. | (2) Lapse ratios are calculated based on the average of the most recent 12 months of experience. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** | **CORPORATE & OTHER<br>STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Adjusted revenues** |  |  |  |  |  |  |  |
| Premiums | $(19) | $(4) | $(6) | $(7) | $1 | $35 | $(16) |
| Universal life and investment-type product policy fees | 1 |  | 2 | (1) | 1 | 2 | 2 |
| Net investment income | 91 | 104 | 5 | 63 | 44 | 244 | 216 |
| Other revenues | 117 | 101 | 98 | 96 | 101 | 420 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted revenues | 190 | 201 | 99 | 151 | 147 | 701 | 598 |
| **Adjusted expenses** |  |  |  |  |  |  |  |
| Policyholder benefits and claims and policyholder dividends | (2) | (7) | (2) | (3) | 6 | 34 | (6) |
| Interest credited to policyholder account balances |  |  |  |  |  |  |  |
| Capitalization of DAC | (2) | (3) | (2) | (2) | (1) | (11) | (8) |
| Amortization of DAC and VOBA | 2 | 2 | 2 | 3 | 2 | 9 | 9 |
| Amortization of negative VOBA |  |  |  |  |  |  |  |
| Interest expense on debt | 219 | 219 | 219 | 231 | 240 | 902 | 909 |
| Other expenses | 284 | 136 | 184 | 186 | 203 | 562 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted expenses | 501 | 347 | 401 | 415 | 450 | 1496 | 1613 |
| Adjusted earnings before provision for income tax | (311) | (146) | (302) | (264) | (303) | (795) | (1015) |
| Provision for income tax expense (benefit) | (303) | (92) | (88) | (63) | (113) | (591) | (356) |
| Adjusted earnings | (8) | (54) | (214) | (201) | (190) | (204) | (659) |
| Preferred stock dividends | 29 | 63 | 29 | 64 | 29 | 195 | 185 |
| **Adjusted earnings available to common shareholders** | $(37) | $(117) | $(243) | $(265) | $(219) | $(399) | $(844) |
| Adjusted premiums, fees and other revenues | $99 | $97 | $94 | $88 | $103 | $457 | $382 |
| **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Business activities | $45 | $36 | $34 | $36 | $32 | $143 | $138 |
| Net investment income | 89 | 104 | 6 | 60 | 49 | 248 | 219 |
| Interest expense on debt | (228) | (227) | (226) | (240) | (250) | (944) | (943) |
| Corporate initiatives and projects | (54) | (12) | (21) | (15) | (16) | (128) | (64) |
| Other | (163) | (47) | (95) | (105) | (118) | (114) | (365) |
| Provision for income tax (expense) benefit and other tax-related items | 303 | 92 | 88 | 63 | 113 | 591 | 356 |
| Preferred stock dividends | (29) | (63) | (29) | (64) | (29) | (195) | (185) |
| &nbsp;&nbsp;&nbsp;**Adjusted earnings available to common shareholders** | $(37) | $(117) | $(243) | $(265) | $(219) | $(399) | $(844) |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** | **INVESTMENTS<br>INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS** |
| This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. | This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. |
|  | *At or For the Three Months Ended (1)* | *At or For the Three Months Ended (1)* | *At or For the Three Months Ended (1)* | *At or For the Three Months Ended (1)* | *At or For the Three Months Ended (1)* | *At or For the Year Ended (1)* | *At or For the Year Ended (1)* |
| *Unaudited (In millions, except yields)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **Fixed Maturity Securities** |  |  |  |  |  |  |  |
| Yield | 3.77% | 3.52% | 3.66% | 3.81% | 4.04% | 3.74% | 3.76% |
| Investment income (2), (3) | $2816 | $2638 | $2709 | $2773 | $2978 | $11146 | $11098 |
| Investment gains (losses) | (2) | (599) | (671) | (286) | (356) | 70 | (1912) |
| Ending carrying value (4) | 341876 | 321656 | 285573 | 272079 | 278215 | 341876 | 278215 |
| **Mortgage Loans** |  |  |  |  |  |  |  |
| Yield | 4.23% | 4.13% | 4.11% | 4.37% | 4.73% | 4.19% | 4.34% |
| Investment income (3) | 847 | 823 | 832 | 898 | 983 | 3430 | 3536 |
| Investment gains (losses) | (119) | 44 | 48 | 47 | (118) | (18) | 21 |
| Ending carrying value | 79353 | 79968 | 82055 | 82437 | 83763 | 79353 | 83763 |
| **Real Estate and Real Estate Joint Ventures** |  |  |  |  |  |  |  |
| Yield | 6.36% | 7.82% | 8.98% | 5.75% | 3.16% | 4.81% | 6.40% |
| Investment income | 194 | 241 | 277 | 179 | 101 | 579 | 798 |
| Investment gains (losses) | 20 | 4 | 159 |  | 490 | 502 | 653 |
| Ending carrying value | 12216 | 12379 | 12376 | 12532 | 13137 | 12216 | 13137 |
| **Policy Loans** |  |  |  |  |  |  |  |
| Yield | 5.02% | 5.13% | 5.09% | 5.18% | 5.22% | 5.11% | 5.15% |
| Investment income | 115 | 116 | 114 | 114 | 115 | 474 | 459 |
| Ending carrying value | 9111 | 9036 | 8876 | 8783 | 8874 | 9111 | 8874 |
| **Equity Securities** |  |  |  |  |  |  |  |
| Yield | 3.76% | 3.48% | 2.46% | 6.40% | 3.58% | 4.45% | 3.96% |
| Investment income | 8 | 7 | 5 | 14 | 10 | 36 | 36 |
| Investment gains (losses) | 11 | (50) | (42) | (23) | (18) | 108 | (133) |
| Ending carrying value | 1269 | 988 | 1085 | 973 | 1684 | 1269 | 1684 |
| **Other Limited Partnership Interests** |  |  |  |  |  |  |  |
| Yield (5) | 30.11% | 25.35% | 4.69% | (5.35)% | (1.18)% | 40.71% | 5.92% |
| Investment income (5) | 1058 | 926 | 171 | (194) | (43) | 4935 | 860 |
| Investment gains (losses) | 11 | 18 | (2) | (1) | 38 | (6) | 53 |
| Ending carrying value (6) | 14625 | 14570 | 14636 | 14387 | 14414 | 14625 | 14414 |
| **Cash and Short-term Investments** |  |  |  |  |  |  |  |
| Yield | 0.93% | 1.08% | 1.53% | 2.54% | 3.70% | 0.80% | 2.31% |
| Investment income | 25 | 30 | 43 | 78 | 131 | 87 | 282 |
| Investment gains (losses) | 15 | 14 | 42 | 63 | (37) | 27 | 82 |
| Ending carrying value | 27223 | 26634 | 23591 | 27466 | 25130 | 27223 | 25130 |
| **Other Invested Assets** |  |  |  |  |  |  |  |
| Investment income | 291 | 364 | 484 | 426 | 396 | 1197 | 1670 |
| Investment gains (losses) | 51 | 47 | 69 | (14) | (15) | 99 | 87 |
| Ending carrying value | 18655 | 18696 | 19901 | 22299 | 20038 | 18655 | 20038 |
| **Total Investments** |  |  |  |  |  |  |  |
| Investment income yield | 4.94% | 4.72% | 4.29% | 3.98% | 4.27% | 5.05% | 4.32% |
| Investment fees and expenses yield | (0.13)% | (0.13)% | (0.12)% | (0.12)% | (0.13)% | (0.12)% | (0.12)% |
| **Net Investment Income Yield** | 4.81% | 4.59% | 4.17% | 3.86% | 4.14% | 4.93% | 4.20% |
| Investment income | $5354 | $5145 | $4635 | $4288 | $4671 | $21884 | $18739 |
| Investment fees and expenses | (138) | (142) | (131) | (125) | (141) | (537) | (539) |
| Net investment income including divested businesses | 5216 | 5003 | 4504 | 4163 | 4530 | 21347 | 18200 |
| Less: Net investment income from divested businesses | 15 | 11 |  |  |  | 67 | 11 |
| **Adjusted Net Investment Income (7)** | $5201 | $4992 | $4504 | $4163 | $4530 | $21280 | $18189 |
| **Ending Carrying Value** | $504328 | $483927 | $448093 | $440956 | $445255 | $504328 | $445255 |
| Investment Portfolio Gains (Losses) including divested businesses | $(13) | $(522) | $(397) | $(214) | $(16) | $782 | $(1149) |
| Less: Divested businesses | 2 |  |  |  |  | 30 |  |
| **Investment Portfolio Gains (Losses) (8)** | $(15) | $(522) | $(397) | $(214) | $(16) | $752 | $(1149) |
| Gross investment gains | 331 | 310 | 597 | 259 | 1117 | 1711 | 2283 |
| Gross investment losses | (242) | (548) | (1084) | (541) | (1084) | (850) | (3257) |
| Net credit loss (provision) release and (impairments) | (104) | (284) | 90 | 68 | (49) | (109) | (175) |
| **Investment Portfolio Gains (Losses) (8)** | (15) | (522) | (397) | (214) | (16) | 752 | (1149) |
| Investment portfolio gains (losses) income tax (expense) benefit | 17 | 116 | 92 | 51 | 3 | (146) | 262 |
| **Investment Portfolio Gains (Losses), Net of Income Tax** | $2 | $(406) | $(305) | $(163) | $(13) | $606 | $(887) |
| **Derivative gains (losses) including Divested businesses** | $(431) | $(1074) | $(1427) | $(732) | $(115) | $(3121) | $(3348) |
| Less: Derivative gains (losses) from divested businesses |  |  |  |  |  | (1) |  |
| **Derivative gains (losses) (8)** | (431) | (1074) | (1427) | (732) | (115) | (3120) | (3348) |
| Derivative gains (losses) income tax (expense) benefit | 96 | 265 | 396 | 196 | (1) | 759 | 856 |
| **Derivative Gains (Losses), Net of Income Tax** | $(335) | $(809) | $(1031) | $(536) | $(116) | $(2361) | $(2492) |
| See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. |  |  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** |
| **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | **SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE<br>BY SECTOR AND QUALITY DISTRIBUTION** | | | | | | | | |
|  |  | *December 31, 2021* | *December 31, 2021* | *March 31, 2022* | *March 31, 2022* | *June 30, 2022* | *June 30, 2022* | *September 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2022* |
| *Unaudited (In millions, except ratios)* | *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* |
| U.S. corporate | U.S. corporate | $93034 | 27.3% | $87136 | 27.2% | $80555 | 28.3% | $78824 | 29.1% | $80030 | 28.9% |
| Foreign corporate | Foreign corporate | 63640 | 18.7% | 61129 | 19.1% | 54177 | 19.1% | 49927 | 18.4% | 52572 | 19.0% |
| Foreign government | Foreign government | 61609 | 18.1% | 57282 | 17.9% | 48016 | 16.9% | 44050 | 16.3% | 46747 | 16.9% |
| U.S. government and agency | U.S. government and agency | 46599 | 13.7% | 40334 | 12.6% | 33690 | 11.9% | 31562 | 11.7% | 32229 | 11.6% |
| Residential mortgage-backed | Residential mortgage-backed | 30404 | 8.9% | 30080 | 9.4% | 27303 | 9.6% | 27145 | 10.0% | 26165 | 9.5% |
| Asset-backed securities and collateralized loan obligations | Asset-backed securities and collateralized loan obligations | 18569 | 5.5% | 19305 | 6.0% | 17054 | 6.0% | 16766 | 6.2% | 16822 | 6.1% |
| Municipals | Municipals | 14212 | 4.2% | 12958 | 4.1% | 12513 | 4.4% | 12014 | 4.4% | 12152 | 4.4% |
| Commercial mortgage-backed | Commercial mortgage-backed | 12207 | 3.6% | 11855 | 3.7% | 10870 | 3.8% | 10477 | 3.9% | 10063 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | &nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Available-For-Sale | $340274 | 100.0% | $320079 | 100.0% | $284178 | 100.0% | $270765 | 100.0% | $276780 | 100.0% |
| NRSRO | NAIC |  |  |  |  |  |  |  |  |  |  |
| RATING | DESIGNATION |  |  |  |  |  |  |  |  |  |  |
| Aaa / Aa / A | 1 | $239394 | 70.4% | $222096 | 69.4% | $195090 | 68.7% | $185780 | 68.6% | $190021 | 68.7% |
| Baa | 2 | 85209 | 25.0% | 82616 | 25.8% | 74783 | 26.3% | 71276 | 26.3% | 73194 | 26.5% |
| Ba | 3 | 11973 | 3.5% | 11788 | 3.7% | 11129 | 3.9% | 10652 | 4.0% | 10511 | 3.8% |
| B | 4 | 3150 | 0.9% | 2923 | 0.9% | 2653 | 0.9% | 2618 | 1.0% | 2571 | 0.9% |
| Caa and lower | 5 | 526 | 0.2% | 480 | 0.1% | 389 | 0.2% | 306 | 0.1% | 401 | 0.1% |
| In or near default | 6 | 22 | —% | 176 | 0.1% | 134 | —% | 133 | —% | 82 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturity Securities Available-For-Sale (9) | &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturity Securities Available-For-Sale (9) | $340274 | 100.0% | $320079 | 100.0% | $284178 | 100.0% | $270765 | 100.0% | $276780 | 100.0% |
| **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** | **GROSS UNREALIZED GAINS AND LOSSES** |  |
| **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** | **FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE** |
| *Unaudited (In millions)* | *Unaudited (In millions)* | *December 31, 2021* | *December 31, 2021* | *March 31, 2022* | *March 31, 2022* | *June 30, 2022* | *June 30, 2022* | *September 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2022* |
| Gross unrealized gains | Gross unrealized gains | $31901 |  | $16145 |  | $8666 |  | $5488 |  | $5239 |  |
| Gross unrealized losses | Gross unrealized losses | 2420 |  | 9583 |  | 23759 |  | 36982 |  | 34301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gains (Losses) | $29481 |  | $6562 |  | $(15093) |  | $(31494) |  | $(29062) |  |
| See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. | See footnotes on Page 32. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | |
| **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** | **SUMMARY OF MORTGAGE LOANS** |
| *Unaudited (In millions)* | *December 31, 2021* | *December 31, 2021* | *March 31, 2022* | *March 31, 2022* | *June 30, 2022* | *June 30, 2022* | *September 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2022* |
| Commercial mortgage loans | $50553 |  | $51117 |  | $52348 |  | $52273 |  | $52502 |  |
| Agricultural mortgage loans | 18111 |  | 17882 |  | 18563 |  | 18923 |  | 19306 |  |
| Residential mortgage loans | 11323 |  | 11584 |  | 11606 |  | 11708 |  | 12482 |  |
| Mortgage loans held-for-sale |  |  |  |  | 24 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans | 79987 |  | 80583 |  | 82541 |  | 82904 |  | 84290 |  |
| Valuation allowances | (634) |  | (615) |  | (486) |  | (467) |  | (527) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans, net | $79353 |  | $79968 |  | $82055 |  | $82437 |  | $83763 |  |
| **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** | **SUMMARY OF COMMERCIAL MORTGAGE LOANS**<br>**BY REGION AND PROPERTY TYPE** |  |
|  | *December 31, 2021* | *December 31, 2021* | *March 31, 2022* | *March 31, 2022* | *June 30, 2022* | *June 30, 2022* | *September 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2022* |
| *Unaudited (In millions, except ratios)* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* | *Amount* | *% of Total* |
| Pacific | $9676 | 19.1% | $9824 | 19.2% | $9901 | 18.9% | $9805 | 18.7% | $9628 | 18.3% |
| Non-U.S. | 9969 | 19.7% | 10064 | 19.7% | 9726 | 18.6% | 8977 | 17.2% | 9299 | 17.7% |
| Middle Atlantic | 7537 | 14.9% | 7876 | 15.4% | 7918 | 15.1% | 7748 | 14.8% | 7574 | 14.4% |
| South Atlantic | 6800 | 13.5% | 6849 | 13.4% | 6852 | 13.1% | 6691 | 12.8% | 6617 | 12.6% |
| West South Central | 3492 | 6.9% | 3587 | 7.0% | 3943 | 7.5% | 4005 | 7.7% | 3721 | 7.1% |
| New England | 2748 | 5.4% | 2752 | 5.4% | 2781 | 5.3% | 2754 | 5.3% | 2764 | 5.3% |
| Mountain | 1993 | 4.0% | 2078 | 4.1% | 2268 | 4.3% | 2269 | 4.3% | 2284 | 4.4% |
| East North Central | 2129 | 4.2% | 2013 | 3.9% | 1489 | 2.9% | 1596 | 3.1% | 1594 | 3.0% |
| East South Central | 759 | 1.5% | 725 | 1.4% | 636 | 1.2% | 635 | 1.2% | 620 | 1.2% |
| West North Central | 663 | 1.3% | 458 | 0.9% | 428 | 0.8% | 471 | 0.9% | 597 | 1.1% |
| Multi-Region and Other | 4787 | 9.5% | 4891 | 9.6% | 6406 | 12.3% | 7322 | 14.0% | 7804 | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $50553 | 100.0% | $51117 | 100.0% | $52348 | 100.0% | $52273 | 100.0% | $52502 | 100.0% |
| Office | $22388 | 44.3% | $22170 | 43.4% | $21923 | 41.9% | $21144 | 40.5% | $21009 | 40.0% |
| Apartment | 9121 | 18.0% | 9578 | 18.7% | 10536 | 20.1% | 10793 | 20.6% | 10575 | 20.2% |
| Retail | 8548 | 16.9% | 8766 | 17.2% | 8524 | 16.3% | 8305 | 15.9% | 8046 | 15.3% |
| Industrial | 5096 | 10.1% | 5055 | 9.9% | 4902 | 9.4% | 5068 | 9.7% | 5607 | 10.7% |
| Hotel | 3201 | 6.3% | 3137 | 6.1% | 3323 | 6.3% | 3261 | 6.2% | 3172 | 6.0% |
| Other | 2199 | 4.4% | 2411 | 4.7% | 3140 | 6.0% | 3702 | 7.1% | 4093 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $50553 | 100.0% | $51117 | 100.0% | $52348 | 100.0% | $52273 | 100.0% | $52502 | 100.0% |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | **INVESTMENTS<br>FOOTNOTES** | | |
| (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. | (1)We calculate yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Average quarterly asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. In addition, average quarterly asset carrying values include invested assets reclassified to held-for-sale, while ending carrying values exclude invested assets reclassified to held-for-sale. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. |
| (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. | (2)Fixed maturity securities includes investment income related to fair value option securities of $75 million, ($65) million, ($89) million, ($43) million and $70 million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $167 million and ($127) million for the year ended December 31, 2021 and December 31, 2022, respectively. |
| (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. | (3)Investment income from fixed maturity securities and mortgage loans includes prepayment fees. |
| (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. | (4)The following table presents the components of total fixed maturity securities and a reconciliation to ending carrying value presented for fixed maturity securities. |
|  | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities available-for-sale | $340274 | $320079 | $284178 | $270765 | $276780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractholder-directed equity securities and fair value option securities | 12142 | 11418 | 9875 | 8954 | 9668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity securities | 352416 | 331497 | 294053 | 279719 | 286448 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Contractholder-directed equity securities | 10540 | 9841 | 8480 | 7640 | 8233 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities | $341876 | $321656 | $285573 | $272079 | $278215 |  |  |
| (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. | (5)Other limited partnership interests includes investment income related to private equity investments of $1,059 million, $984 million, $216 million, ($188) million and ($40) million for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively, and $4,898 million and $972 million for the year ended December 31, 2021 and December 31, 2022, respectively. The annualized yields for these periods were 31.64%, 28.16%, 6.17%, (5.37%), (1.15%), 42.70% and 6.95%, respectively. |
| (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. | (6) Other limited partnership interests includes ending carrying value related to private equity investments of $13,963 million, $13,971 million, $14,092 million, $13,855 million and $14,000 million at December 31, 2021, March 31, 2022, June 30, 2022, September 31, 2022 and December 31, 2022, respectively. |
| (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. | (7)Adjusted net investment income reflects the adjustments as presented on Page 5. |
| (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: | (8)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below: |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
|  | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | $(126) | $(518) | $(685) | $(414) | $355 | $1529 | $(1262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Operating joint venture adjustments |  | 6 | (1) | 5 | (1) | 1 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Change in estimated fair value of other limited partnership interests and real estate joint ventures | 22 | 7 | (1) | (18) | (2) | 45 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Non-investment portfolio gains (losses) | (135) | (9) | (286) | (187) | 374 | 701 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses | 2 |  |  |  |  | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio gains (losses) | $(15) | $(522) | $(397) | $(214) | $(16) | $752 | $(1149) |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
|  | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | $(196) | $(859) | $(1195) | $(480) | $162 | $(2228) | $(2372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment hedge adjustments | 235 | 215 | 232 | 252 | 277 | 895 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: PAB hedge adjustments |  |  |  |  |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Divested businesses |  |  |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative gains (losses) | $(431) | $(1074) | $(1427) | $(732) | $(115) | $(3120) | $(3348) |
| (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. | (9)Fixed maturity securities available-for-sale are presented by NRSRO rating, except for non-agency residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"), which are presented using NAIC designations for modeled securities. In addition, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. NRSRO ratings and NAIC designations are as of the dates shown. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

![imagk05a.jpg](imagk05a.jpg)

**Appendix**

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** | **APPENDIX<br>METLIFE<br>RECONCILIATION DETAIL** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| **<u>Reconciliation to Adjusted Earnings Available to Common Shareholders</u>** |  |  |  |  |  |  |  |
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1176 | $606 | $103 | $331 | $1314 | $6353 | $2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock dividends | 29 | 63 | 29 | 64 | 29 | 195 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock redemption premium |  |  |  |  |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net Income (loss) attributable to noncontrolling interests | 6 | 5 | 6 | 5 | 3 | 21 | 19 |
| Net income (loss) | 1211 | 674 | 138 | 400 | 1346 | $6575 | $2558 |
| Less: adjustments from net income (loss) to adjusted earnings: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment gains (losses) | (126) | (518) | (685) | (414) | 355 | 1529 | (1262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (196) | (859) | (1195) | (480) | 162 | (2228) | (2372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums - *Divested businesses* | 60 | 41 |  |  |  | 982 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life and investment-type product policy fees |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unearned revenue adjustments* | 13 | (8) | (11) | (9) | (14) | 71 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GMIB fees* | 24 | 23 | 22 | 21 | 18 | 98 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 13 | 11 |  |  |  | 26 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment hedge adjustments* | (235) | (215) | (232) | (252) | (277) | (895) | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Operating joint venture adjustments* |  | (6) | 1 | (5) | 1 | (1) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract income* | 253 | (498) | (688) | (321) | 209 | 952 | (1298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Securitization entities income* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Certain partnership distributions* | (1) |  | (2) |  | 1 | (8) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 15 | 11 |  |  |  | 67 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Settlement of foreign currency earnings hedges* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TSA fees* | 53 | 47 | 48 | 40 | 25 | 221 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | 5 | 3 |  |  |  | 22 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits and claims and policyholder dividends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*PBC hedge adjustments* | (7) | (7) | (6) | (6) | (6) | (32) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*PDO adjustments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Inflation and pass-through adjustments* | (99) | (39) | (152) | (88) | (144) | (3) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*GMIB costs* | (88) | 45 | 125 | 171 | 20 | (402) | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Market value adjustments* | (23) | (12) | 34 | 66 | 74 | (83) | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (41) | (22) |  |  |  | (659) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholder account balances |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*PAB hedge adjustments* |  |  |  |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unit-linked contract costs* | (246) | 505 | 695 | 302 | (180) | (938) | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (5) | (3) |  |  |  | (10) | (3) |
| &nbsp;&nbsp;&nbsp;Capitalization of DAC - *Divested businesses* | 15 | 11 |  |  |  | 119 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of DAC and VOBA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Related to NIGL and NDGL* | (63) | 19 | (4) | 98 | (8) | (100) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Related to GMIB fees and GMIB costs* | (5) | (1) | (16) | 19 | 8 | 7 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Related to market value adjustments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (14) | (9) |  |  |  | (126) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of negative VOBA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Related to market value adjustments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on debt |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Securitization entities debt expense* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* |  |  |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Noncontrolling interests* | 9 | 7 | 4 | 8 | 5 | 28 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Regulatory implementation costs* | (1) |  | (2) | (1) | (1) | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Acquisition, integration and other costs* | 1 | (7) | (13) | (14) | (15) | (9) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TSA fees* | (53) | (47) | (48) | (40) | (25) | (221) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Divested businesses* | (81) | (32) | (8) | (13) | (21) | (358) | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax (expense) benefit | 167 | 444 | 616 | 288 | (96) | 380 | 1252 |
| Adjusted earnings | 1867 | 1790 | 1655 | 1030 | 1255 | 8149 | 5730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 29 | 63 | 29 | 64 | 29 | 195 | 185 |
| Adjusted earnings available to common shareholders | $1838 | $1727 | $1626 | $966 | $1226 | $7954 | $5545 |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (1)** |
| **METLIFE TOTAL** | | | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $77 | $34 | $— | $(140) | $111 |
| Litigation reserves and settlement costs |  |  |  |  |  | 66 |  |
| Tax adjustments | 140 |  |  |  |  | 140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $140 | $— | $77 | $34 | $— | $66 | $111 |
| **U.S.** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $91 | $— | $— | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $91 | $— | $— | $91 |
| **GROUP BENEFITS** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $— | $— | $— | $— |
| **RETIREMENT AND INCOME SOLUTIONS** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $91 | $— | $— | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $91 | $— | $— | $91 |
| (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | **APPENDIX<br>METLIFE<br>NOTABLE ITEMS (CONTINUED) (1)** | |
| **ASIA** | | | | | | | |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $— | $23 | $— | $(79) | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $23 | $— | $(79) | $23 |
| **LATIN AMERICA** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments | $— | $— | $— | $7 | $— | $(2) | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $— | $7 | $— | $(2) | $7 |
| **EMEA** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $— | $4 | $— | $(6) | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items  | $— | $— | $— | $4 | $— | $(6) | $4 |
| **METLIFE HOLDINGS** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Actuarial assumption review and other insurance adjustments  | $— | $— | $77 | $(91) | $— | $(53) | $(14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $— | $— | $77 | $(91) | $— | $(53) | $(14) |
| **CORPORATE & OTHER** |  |  |  |  |  |  |  |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Litigation reserves and settlement costs | $— | $— | $— | $— | $— | $66 | $— |
| Tax adjustments | 140 |  |  |  |  | 140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total notable items | $140 | $— | $— | $— | $— | $206 | $— |
| (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. | (1)These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY** | | | | | | | |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |  |  |
| Total MetLife, Inc.'s stockholders' equity | $67482 | $53965 | $37101 | $25076 | $27040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | 3818 | 3818 | 3818 | 3818 | 3818 |  |  |
| MetLife, Inc.'s common stockholders' equity | 63664 | 50147 | 33283 | 21258 | 23222 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net unrealized investment gains (losses), net of income tax | 17671 | 5182 | (9457) | (20008) | (19294) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans adjustment, net of income tax | (1598) | (1577) | (1555) | (1536) | (1377) |  |  |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | $47591 | $46542 | $44295 | $42802 | $43893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill, net of income tax | 9221 | 9163 | 8828 | 8683 | 8964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VODA and VOCRA, net of income tax | 718 | 699 | 679 | 663 | 649 |  |  |
| Total MetLife, Inc.'s tangible common stockholders' equity | $37652 | $36680 | $34788 | $33456 | $34280 |  |  |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |  |  |
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | $47591 | $46542 | $44295 | $42802 | $43893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated year-to-date total notable items (2) | 66 |  | 77 | 111 | 111 |  |  |
| Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | $47525 | $46542 | $44218 | $42691 | $43782 |  |  |
| *Unaudited (In millions, except per share data)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |  |  |
| Book value per common share | $77.12 | $61.55 | $41.73 | $27.00 | $29.81 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net unrealized investment gains (losses), net of income tax | 21.41 | 6.36 | (11.86) | (25.42) | (24.76) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plans adjustment, net of income tax | (1.94) | (1.93) | (1.95) | (1.95) | (1.77) |  |  |
| Book value per common share, excluding AOCI other than FCTA | $57.65 | $57.12 | $55.54 | $54.37 | $56.34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Goodwill, net of income tax | 11.17 | 11.24 | 11.07 | 11.04 | 11.51 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VODA and VOCRA, net of income tax | 0.87 | 0.86 | 0.85 | 0.84 | 0.83 |  |  |
| Book value per common share - tangible common stockholders' equity | $45.61 | $45.02 | $43.62 | $42.49 | $44.00 |  |  |
| Common shares outstanding, end of period | 825.5 | 814.8 | 797.6 | 787.3 | 779.1 |  |  |
|  | *For the Three Months Ended (1)* | *For the Three Months Ended (1)* | *For the Three Months Ended (1)* | *For the Three Months Ended (1)* | *For the Three Months Ended (1)* | *For the Year Ended* | *For the Year Ended* |
| *Unaudited (In millions, except ratios)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* | *December 31, 2021* | *December 31, 2022* |
| Return on MetLife, Inc.'s: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 7.3% | 4.3% | 1.0% | 4.9% | 23.6% | 9.7% | 6.1% |
| Adjusted return on MetLife, Inc.'s: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity | 11.4% | 12.1% | 15.6% | 14.2% | 22.1% | 12.2% | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding AOCI other than FCTA | 15.3% | 14.7% | 14.3% | 8.9% | 11.3% | 16.6% | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | 14.2% | 14.7% | 13.7% | 8.6% | 11.3% | 16.5% | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common stockholders' equity (3) | 19.6% | 18.8% | 18.4% | 11.5% | 14.7% | 21.4% | 15.9% |
| Average common stockholders' equity | $64448 | $56906 | $41715 | $27271 | $22240 | $65203 | $38315 |
| Average common stockholders' equity, excluding AOCI other than FCTA | $47985 | $47067 | $45419 | $43549 | $43348 | $47917 | $45025 |
| Average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2) | $47989 | $47067 | $45380 | $43455 | $43237 | $47905 | $44965 |
| Average tangible common stockholders' equity | $37976 | $37166 | $35734 | $34122 | $33868 | $37615 | $35371 |
| (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. | (1) Annualized using quarter-to-date results. |  |  |
| (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. | (2)Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife's results either positively or negatively. See Page A-2 for further detail. |
| (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  | (3)Adjusted earnings available to common shareholders used to calculate the adjusted return on tangible common stockholders' equity excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 of $19 million, $18 million, $19 million, $17 million and $18 million, respectively, and for the year ended December 31, 2021 and 2022 of $79 million and $72 million, respectively.  |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** | **APPENDIX<br>METLIFE<br>ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS** |
| **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** | **ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| U.S. (1) | $10100 | $7887 | $8943 | $14966 | $6666 |
| ASIA | 1712 | 1748 | 1783 | 1756 | 1770 |
| LATIN AMERICA | 965 | 1014 | 1104 | 1142 | 1154 |
| EMEA | 550 | 549 | 555 | 540 | 562 |
| METLIFE HOLDINGS (1) | 1206 | 1089 | 1122 | 1016 | 1051 |
| CORPORATE & OTHER (1) | 99 | 97 | 94 | 88 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues, on a constant currency basis | $14632 | $12384 | $13601 | $19508 | $11306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted premiums, fees and other revenues | $15010 | $12732 | $13794 | $19527 | $11306 |
| ASIA (including operating joint ventures) (2), (3) | $2002 | $2108 | $2075 | $2136 | $2139 |
| **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** | **OTHER EXPENSES ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| U.S. (1) | $937 | $979 | $949 | $1003 | $1031 |
| ASIA | 708 | 718 | 709 | 735 | 804 |
| LATIN AMERICA | 359 | 347 | 358 | 404 | 431 |
| EMEA | 281 | 270 | 283 | 267 | 308 |
| METLIFE HOLDINGS (1) | 240 | 236 | 242 | 228 | 247 |
| CORPORATE & OTHER (1) | 284 | 136 | 184 | 186 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses on a constant currency basis | $2809 | $2686 | $2725 | $2823 | $3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other expenses | $2985 | $2838 | $2806 | $2833 | $3024 |
| ASIA (including operating joint ventures) (2), (3) | $801 | $825 | $808 | $843 | $912 |
| **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** | **ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS** |
|  | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* | *For the Three Months Ended* |
| *Unaudited (In millions)* | *December 31, 2021* | *March 31, 2022* | *June 30, 2022* | *September 30, 2022* | *December 31, 2022* |
| U.S. (1) | $640 | $693 | $788 | $744 | $771 |
| ASIA | 560 | 555 | 374 | 190 | 215 |
| LATIN AMERICA | 120 | 135 | 260 | 176 | 181 |
| EMEA | 33 | 42 | 57 | 60 | 70 |
| METLIFE HOLDINGS (1) | 482 | 377 | 364 | 59 | 208 |
| CORPORATE & OTHER (1) | (37) | (117) | (243) | (265) | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders on a constant currency basis | $1798 | $1685 | $1600 | $964 | $1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted earnings available to common shareholders | $1838 | $1727 | $1626 | $966 | $1226 |
| (1) Amounts on a reported basis, as constant currency impact is not significant. | (1) Amounts on a reported basis, as constant currency impact is not significant. | (1) Amounts on a reported basis, as constant currency impact is not significant. | (1) Amounts on a reported basis, as constant currency impact is not significant. | (1) Amounts on a reported basis, as constant currency impact is not significant. | (1) Amounts on a reported basis, as constant currency impact is not significant. |
| (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. | (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. | (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. | (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. | (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. | (2) Adjusted premiums, fees and other revenues as well as other expenses are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 18 for operating joint ventures. |
| (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. | (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. | (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. | (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. | (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. | (3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, which are consolidated using the equity method of accounting. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: | **METLIFE**<br>**NON-GAAP AND OTHER FINANCIAL DISCLOSURES**<br>In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. <br>The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: |
| **Non-GAAP financial measures:** | **Non-GAAP financial measures:** | **Comparable GAAP financial measures:** | **Comparable GAAP financial measures:** |
| (i) | total adjusted revenues | (i) | total revenues |
| (ii) | total adjusted expenses | (ii) | total expenses |
| (iii) | adjusted premiums, fees and other revenues | (iii) | premiums, fees and other revenues |
| (iv) | adjusted premiums, fees & other revenues, excluding PRT | (iv) | premiums, fees and other revenues |
| (v) | adjusted net investment income | (v) | net investment income |
| (vi) | adjusted earnings | (vi) | net income (loss) |
| (vii) | adjusted earnings available to common shareholders | (vii) | net income (loss) available to MetLife, Inc.'s common shareholders |
| (viii) | adjusted earnings available to common shareholders, excluding total notable items | (viii) | net income (loss) available to MetLife, Inc.'s common shareholders |
| (ix) | adjusted earnings available to common shareholders per diluted common share | (ix) | net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share |
| (x) | adjusted earnings available to common shareholders, excluding total notable items, per diluted common share | (x) | net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share |
| (xi) | adjusted return on equity | (xi) | return on equity |
| (xii) | adjusted return on equity, excluding AOCI other than FCTA | (xii) | return on equity |
| (xiii) | adjusted return on equity, excluding total notable items (excludes AOCI other than FCTA) | (xiii) | return on equity |
| (xiv) | adjusted tangible return on equity | (xiv) | return on equity |
| (xv) | investment portfolio gains (losses) | (xv) | net investment gains (losses) |
| (xvi) | derivative gains (losses) | (xvi) | net derivative gains (losses) |
| (xvii) | adjusted capitalization of DAC | (xvii) | capitalization of DAC |
| (xviii) | total MetLife, Inc.'s tangible common stockholders' equity | (xviii) | total MetLife, Inc.'s stockholders' equity |
| (xix) | total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | (xix) | total MetLife, Inc.'s stockholders' equity |
| (xx) | total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) | (xx) | total MetLife, Inc.'s stockholders' equity |
| (xxi) | book value per common share, excluding AOCI other than FCTA | (xxi) | book value per common share |
| (xxii) | book value per common share - tangible common stockholders' equity | (xxii) | book value per common share |
| (xxiii) | adjusted other expenses | (xxiii) | other expenses |
| (xxiv) | adjusted other expenses, net of adjusted capitalization of DAC | (xxiv) | other expenses, net of capitalization of DAC |
| (xxv) | adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses | (xxv) | other expenses, net of capitalization of DAC |
| (xxvi) | adjusted expense ratio | (xxvi) | expense ratio |
| (xxvii) | adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT | (xxvii) | expense ratio |
| (xxviii) | direct expenses | (xxviii) | other expenses |
| (xxix) | direct expenses, excluding total notable items related to direct expenses | (xxix) | other expenses |
| (xxx) | direct expense ratio | (xxx) | expense ratio |
| (xxxi) | direct expense ratio, excluding total notable items related to direct expenses and PRT | (xxxi) | expense ratio |
| Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates. | Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates. | Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates. | Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period. As a result, comparable prior period amounts are updated each period to reflect the most recent period average foreign currency exchange rates. |
| Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period's earnings news release, which is available at www.metlife.com. | Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period's earnings news release, which is available at www.metlife.com. | Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period's earnings news release, which is available at www.metlife.com. | Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period's earnings news release, which is available at www.metlife.com. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** | **METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** |
| Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br>***<u>Adjusted earnings and related measures</u>*** | Our definitions of non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:<br>***<u>Adjusted earnings and related measures</u>*** |
| • | adjusted earnings; |
| • | adjusted earnings available to common shareholders; |
| • | adjusted earnings available to common shareholders, excluding total notable items; |
| • | adjusted earnings available to common shareholders per diluted common share; |
| • | adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and |
| • | adjusted earnings available to common shareholders on a constant currency basis. |
| These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife's GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.<br>Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. | These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife's GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results.<br>Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. |
| ***<u>Adjusted revenues and adjusted expenses</u>*** | ***<u>Adjusted revenues and adjusted expenses</u>*** |
| These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP ("Divested businesses"). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments. | These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP ("Divested businesses"). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments. |
| The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: | The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: |
| • | Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL ("Unearned revenue adjustments") and certain variable annuity GMIB fees ("GMIB fees"); |
| • | Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment hedge adjustments"), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method ("Operating joint venture adjustments"), (iii) excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income"), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP ("Securitization entities income"), and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP ("Certain partnership distributions"); and |
| • | Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees"). |
| The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: | The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: |
| • | Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits ("PBC hedge adjustments"), (ii) changes in the policyholder dividend obligation related to NIGL and NDGL ("PDO adjustments"), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments ("Inflation and pass-through adjustments"), (iv) benefits and hedging costs related to GMIBs ("GMIB costs"), and (v) market value adjustments associated with surrenders or terminations of contracts ("Market value adjustments"); |
| • | Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment ("PAB hedge adjustments") and excludes certain amounts related to net investment income earned on contractholder-directed equity securities ("Unit-linked contract costs"); |
| • | Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments; |
| • | Amortization of negative VOBA excludes amounts related to Market value adjustments; |
| • | Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP ("Securitization entities debt expense"); and |
| • | Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs ("Regulatory implementation costs") and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. |
| 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. <br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife'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.<br>In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders. | 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. <br>The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife'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.<br>In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders. |
| ***<u>Investment portfolio gains (losses) and derivative gains (losses)</u>***<br>These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses). | ***<u>Investment portfolio gains (losses) and derivative gains (losses)</u>***<br>These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, as well as investment portfolio gains (losses) of divested businesses. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses). |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** | **METLIFE<br>NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)** |
| ***<u>Return on equity, allocated equity, tangible equity and related measures</u>*** | ***<u>Return on equity, allocated equity, tangible equity and related measures</u>*** |
| • | Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: Total MetLife, Inc.'s common stockholders' equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax. |
| • | Total MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): Total MetLife, Inc.'s common stockholders' equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax. |
| • | Return on MetLife, Inc.'s common stockholders' equity: net income (loss) available to MetLife, Inc.'s common shareholders divided by MetLife, Inc.'s average common stockholders' equity. |
| • | Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity. |
| • | Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA. |
| • | Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA): adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA). |
| • | Allocated equity: portion of MetLife, Inc.'s common stockholders' equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. 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. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA. |
| • | Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity. |
|  | The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.  |
| • | Total MetLife, Inc.'s tangible common stockholders' equity or tangible equity: Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax. |
| • | Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity. |
| • | Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax. |
| • | Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity. |
|  | The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy. |
| ***<u>Expense ratio, direct expense ratio, adjusted expense ratio and related measures</u>*** | ***<u>Expense ratio, direct expense ratio, adjusted expense ratio and related measures</u>*** |
| • | Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. |
| • | Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. |
| • | Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| • | Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. |
| • | Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. |
| ***<u>Asia general account assets under management and related measures</u>*** | ***<u>Asia general account assets under management and related measures</u>*** |
| Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife's Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.  | Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife's Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.  |
| <br>Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.  | <br>Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.  |
| ***<u>Other items</u>*** | ***<u>Other items</u>*** |
| The following additional information is relevant to an understanding of our performance results: | The following additional information is relevant to an understanding of our performance results: |
| • | Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![image9.jpg](image9.jpg)

---

| | |
|:---|:---|
| **METLIFE<br>ACRONYMS** | **METLIFE<br>ACRONYMS** |
| **AOCI** | Accumulated other comprehensive income (loss) |
| **DAC** | Deferred policy acquisition costs |
| **EMEA** | Europe, the Middle East and Africa |
| **FCTA** | Foreign currency translation adjustments |
| **GA** | General account |
| **GA AUM** | General account assets under management |
| **GAAP** | Accounting principles generally accepted in the United States of America |
| **GICs** | Guaranteed interest contracts |
| **GMIB** | Guaranteed minimum income benefits |
| **NAIC** | National Association of Insurance Commissioners |
| **NDGL** | Net derivative gains (losses) |
| **NIGL** | Net investment gains (losses) |
| **NRSRO** | Nationally Recognized Statistical Rating Organization |
| **PAB** | Policyholder account balances |
| **PBC** | Policyholder benefits and claims |
| **PDO** | Policyholder dividend obligation |
| **PRT** | Pension risk transfers |
| **QFS** | Quarterly financial supplement |
| **TSA** | Transition service agreement |
| **VIE** | Variable interest entity |
| **VOBA** | Value of business acquired |
| **VOCRA** | Value of customer relationships acquired |
| **VODA** | Value of distribution agreements |

---

------

<u>[**Table of Contents**](#i5bb3034d91954ba2be6a7db0411418dd_4)</u>

![imagk05a.jpg](imagk05a.jpg)

![navigatinglifetogethera04.jpg](navigatinglifetogethera04.jpg)

## Exhibit 99.3

![](ex9934q22supplementalsli001.jpg)

4Q22 Supplemental Slides and Outlook1 John McCallion Chief Financial Officer Exhibit 99.3 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures.

------

![](ex9934q22supplementalsli002.jpg)

2 Table of contents Topic Page No. Net income (loss) to adjusted earnings 3 Adjusted earnings, ex. total notable items, by segment 4 Variable investment income (VII) 5 Direct expense ratio 7 Cash & capital 8 Outlook 9 Appendix 14

------

![](ex9934q22supplementalsli003.jpg)

3 Net income (loss) to adjusted earnings 4Q22 FY22 (post-tax) $ in millions $ per share1 $ in millions $ per share1 Net Income (Loss) $1,314 $1.66 $2,354 $2.91 Less: Net Investment Gains (Losses) 280 0.35 (997) (1.23) Net Derivative Gains (Losses)2 128 0.16 (1,601) (1.98) Investment Hedge Adjustments (219) (0.28) (771) (0.95) Actuarial Assumption Review2,3 — — 20 0.02 Other2 (101) (0.13) 158 0.20 Adjusted Earnings $1,226 $1.55 $5,545 $6.85 Less Notable Items: Actuarial Assumption Review3 — — 111 0.14 Adjusted Earnings ex. Total Notable Items $1,226 $1.55 $5,434 $6.72 1 The per share data for each item is calculated on a standalone basis and may not sum to the total. 2 The full year 2022 Actuarial Assumption Review line item reflecting $20 million of after-tax gains includes $273 million after-tax derivative losses and $293 million of other after-tax gains. These amounts are therefore not included in the Net Derivative Gains (Losses) or Other line items. 3 Includes other insurance adjustments.

------

![](ex9934q22supplementalsli004.jpg)

4 ($ in millions - post-tax) 4Q22 4Q21 % Change % Change (Constant Rate) Key Drivers1 Favorable Unfavorable Group Benefits $400 $20 NM2 Underwriting Margins; Volume Growth Expense Margins Retirement and Income Solutions 371 620 (40%) Investment Margins U.S. 771 640 20% Asia 215 586 (63%) (62%) Investment Margins; Taxes Latin America 181 125 45% 51% Underwriting Margins; Volume Growth EMEA 70 42 67% 112% Underwriting Margins Expense Margins MetLife Holdings 208 482 (57%) Investment Margins Corporate & Other (219) (177) Expenses Taxes; Investment Margins Adjusted Earnings ex. Total Notable Items $1,226 $1,698 (28%) (26%) Adjusted EPS ex. Total Notable Items $1.55 $2.01 (23%) (21%) Adjusted earnings, ex. total notable items, by segment 1 To be discussed on MetLife, Inc.'s fourth quarter and full year 2022 earnings conference call and audio webcast. 2 Not Meaningful.

------

![](ex9934q22supplementalsli005.jpg)

5 $24 $1,185 $389 ($53) $1,545 1Q22 2Q22 3Q22 4Q22 FY22 2022 VII below guidance1 driven by lower private equity returns ($ in millions - pre-tax) Private Equity Other 1 Quarterly VII range of $450 million - $500 million, based on full year 2022 guidance range of $1.8 - $2.0 billion. () $0

------

![](ex9934q22supplementalsli006.jpg)

6 ($ in millions - post-tax1) 1Q22 2Q22 3Q22 4Q22 FY22 Group Benefits $12 $7 $(1) $3 $21 Retirement and Income Solutions 277 75 (35) 5 322 U.S. 289 82 (36) 8 343 Asia 288 101 (18) 4 375 Latin America 16 16 — (3) 29 EMEA — — — — — MetLife Holdings 208 85 (21) 12 284 Corporate & Other 135 23 33 (1) 190 Total Variable Investment Income $936 $307 $(42) $20 $1,221 1 Assumes a 21% U.S. statutory tax rate. VII by segment

------

![](ex9934q22supplementalsli007.jpg)

7 11.0% 11.7% 11.4% 11.9% 11.1% 12.3% 12.9% 13.1% 11.6% 12.2% 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 FY21 FY22 1 Direct expense ratio, excluding total notable items related to direct expenses and pension risk transfers (PRT). 12.3% Target FY22 direct expense ratio1 of 12.2% achieving target

------

![](ex9934q22supplementalsli008.jpg)

8 Holding Company Cash1 $5.4 $4.2 $4.5 $5.2 $5.4 4Q21 1Q22 2Q22 3Q22 4Q22 Cash & capital 1 Includes cash and liquid assets at MetLife, Inc. and other holding companies at quarter-end. 2 Excludes total notable items. 3 Based on estimate and includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company. 4 MetLife calculates RBC annually as of December 31 and, accordingly, the calculation does not reflect conditions and factors occurring after the year end. 5 Includes MetLife, Inc.'s principal U.S. insurance subsidiaries, excluding American Life Insurance Company for both periods. $3.0B to $4.0B Cash Buffer Capital • Share repurchases of $0.6 billion in 4Q22 and $3.3 billion in FY22 • ~ $250 million shares repurchased in January 2023 • Average 2021-2022 free cash flow ratio2 of 68% • 2022 Combined NAIC Risk-Based Capital ratio3,4 above 360% target • Expected total U.S. Statutory Adjusted Capital5 of $18.3 billion at 12/31/22, down 3% from 9/30/22 • Expected Japan Solvency Margin ratio of ~700% at 12/31/22 ($ in billions)

------

![](ex9934q22supplementalsli009.jpg)

Outlook 2023-2025 outlook is reflected on an LDTI1 basis while 2022 actuals shown on a pre-LDTI basis 1Long-duration targeted improvements.

------

![](ex9934q22supplementalsli010.jpg)

10 Overview • COVID-19 assumed endemic • Continued uncertainty around inflation / recession • Interest rates expected to remain elevated relative to 12/31/22 • S&P 500 annual return of 5%; private equity annual return of 12% Near-term1 targets: • Adjusted return on equity2 of 13-15% • Free cash flow ratio of 65-75% of adjusted earnings3 • Direct expense ratio target of 12.6%4 Corporate guidance for 2023: • Variable investment income of ~ $2.0 billion5 • Corporate & Other adjusted loss of $650 – $750 million • Effective tax rate to be between 22-24% Macro Assumptions Near-Term1 Targets and Corporate Guidance Key Sensitivities Adjusted Earnings Impact from Rates $ in millions 2023 2024 2025 50 bps declining interest rate scenario6 ($52) ($98) ($169) 50 bps rising interest rate scenario6 $88 $119 $181 10 bps increase in LIBOR7 $16 $9 $10 10 bps decrease in LIBOR7 ($7) ($5) ($6) 1 One to three years. 2 Excluding AOCI other than FCTA. 3 2-year average excluding total notable items. 4 Excluding total notable items related to direct expenses and PRT. 5 Pre- tax. 6 See pages 16 and 17 in the Appendix for more information. 7 Increase/decrease of 10 basis points from base for interest rates shorter than 1 year; no change in longer-term interest rates.

------

![](ex9934q22supplementalsli011.jpg)

11 2021 2022 2023 Expected VII average asset balances and key drivers ($ in billions) Private Equity Real Estate and Other Funds Average Asset Balance • Long-term annual return assumptions: – Private equity: 12% – Real estate and other funds: 7% • VII includes prepayment fees on fixed maturity securities and mortgage loans $14.7 $19.0$18.5 $13.6 $5.4 $14.0 $4.5 $11.5 $3.2 Key Drivers

------

![](ex9934q22supplementalsli012.jpg)

12 Near-Term Guidance1 • Adjusted premiums, fees and other revenues (PFOs) expected to grow 4-6%2 annually • Group Life mortality ratio of 90.8% in 2022; target of 85-90% • Group Non-Medical Health interest adjusted benefit ratio of 71.5% in 2022; target of 70-75% • Liability exposures3 expected to grow 2-4% annually • Investment spread4 of 116 bps in 2022; expected to be 135-160 bps in 2023 • Adjusted PFOs expected to decline by ~12-14% in 2023, then 6-8% annually thereafter • Adjusted earnings of $1.0 - $1.2 billion in 2023 • Life interest adjusted benefit ratio of 47.6% in 2022; target of 40-45% in 2023 Group Benefits Retirement and Income Solutions MetLife Holdings 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Excludes 2022 excess premiums from participating group life contracts of $750 million. 3 Includes future policy benefits, policyholder account liabilities, and separate account liabilities, as well as notional amounts not recorded on MetLife's balance sheet. 4 Average annualized general account spread.

------

![](ex9934q22supplementalsli013.jpg)

13 Near-Term Guidance1,2 • Mid-to-high single-digit sales growth • General account assets under management3 to grow at mid single-digits • Mid-single-digit adjusted earnings growth in 2023 - 2025, excluding COVID-19 claims4 • Low double-digit growth in adjusted PFOs • 2022 adjusted earnings benefited from favorable market impacts • Adjusted earnings growth of high single-digits5 in 2023 - 2025 • Sales and adjusted PFOs6 growth of mid-to-high single-digits • Adjusted earnings run-rate of ~ $55 million per quarter in 2023 • Adjusted earnings expected to grow high single-digits in 2024-2025 Asia Latin America EMEA 1 2023-2025 outlook is reflected on an LDTI basis while 2022 actuals on a pre-LDTI basis as reported in the Quarterly Financial Supplement. 2 Sales and AUM growth rates on a constant currency basis; adjusted earnings and PFOs growth rates on a reported basis, unless otherwise noted. 3 Excludes fair value adjustments and includes operating joint ventures. 4Excludes COVID-19 claims of ~$270 million post-tax in 2022. 5 Excludes 2022 favorable market impacts of ~ $80 million. 6 EMEA adjusted PFOs growth rates on a constant currency basis.

------

![](ex9934q22supplementalsli014.jpg)

Appendix

------

![](ex9934q22supplementalsli015.jpg)

15 Value of new business1 $3.1 $3.8 $3.8 $3.2 $2.8 $1.3 $2.1 $1.8 $1.9 $1.9 Capital Deployed Value of New Business 2017 2018 2019 2020 2021 ($ in billions) Internal Rate of Return Payback Period 15% 7 Years 15% 7 Years 17% 6 Years 14% 7 Years 1 Excludes MetLife Holdings; Value of New Business is the present value of future profits net of the cost of capital and time value of guarantees from new sales. 17% 6 Years

------

![](ex9934q22supplementalsli016.jpg)

16 12/31/22 12/31/23 12/31/24 12/31/25 Base Declining Rate Base Declining Rate Base Declining Rate Base Declining Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 4.24% 3.52% 3.02% 3.41% 2.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 3.34% 3.86% 3.36% 3.93% 3.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 3.41% 3.89% 3.39% 3.88% 3.38% Interest Rates: Base vs. Declining Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

------

![](ex9934q22supplementalsli017.jpg)

17 12/31/22 12/31/23 12/31/24 12/31/25 Base Rising Rate Base Rising Rate Base Rising Rate Base Rising Rate 3-Month LIBOR1 4.77% 4.77% 4.74% 5.24% 3.52% 4.02% 3.41% 3.91% 10-Year U.S. Treasury1 3.88% 3.88% 3.84% 4.34% 3.86% 4.36% 3.93% 4.43% 30-Year U.S. Treasury1 3.97% 3.97% 3.91% 4.41% 3.89% 4.39% 3.88% 4.38% Interest Rates: Base vs. Rising Rate Scenario 1 Base rates based on forward curve as of December 31, 2022.

------

![](ex9934q22supplementalsli018.jpg)

18 Key Sensitivities • 1% change in Group Life mortality ratio translates to ~$70 million of adjusted earnings1 • 1% change in Group Non-Medical Health interest adjusted benefit ratio translates to ~$80 million of adjusted earnings1 • Roughly 70% of the separate account (SA) assets are in equities • +/- 10% change in SA returns translates to ~$30 million ongoing annual impact to adjusted earnings • 1% change in life interest adjusted benefit ratio translates to $15-20 million of adjusted earnings1 Group Benefits Retirement and Income Solutions MetLife Holdings Impact on $ in millions Change Adjusted Earnings1 LIBOR2, 3 +10 bps +$7 -10 bps -$7 U.S. Treasury4 +10 bps +$4 -10 bps -$4 • $1 billion of PRT sales translates to $8-9 million of adjusted earnings1 1 Annual impact. 2 LIBOR is used as a proxy for all short-term funding rates 3 months or less; change from base rates, no change in other interest rates. 3 This sensitivity holds for a rate change of +/- 50 basis points. 4 Parallel shift in base scenario U.S. Treasury rates from 1 to 30 years. No change in other interest rates.

------

![](ex9934q22supplementalsli019.jpg)

19 Key Sensitivities Asia Latin America EMEA 1 Higher yields increase adjusted earnings and lower regulatory ratios. 2 Higher yields increase adjusted earnings and improve regulatory ratios. 3 The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested in the same manner as the total pension fund, and the investment income is included in adjusted earnings. Annual Impact on Regulatory $ in millions Change Adjusted Earnings Ratios (%) Parallel shift in yield curve: Japan - UST1 +/-10 bps $1-2 15-20% Japan - JPY1 +/-10 bps $1-2 5-10% Korea2 +/-10 bps $0-1 0-5% Annual Impact on $ in millions Change Adjusted Earnings Mexican peso to U.S. dollar +1% $5 Chilean peso to U.S. dollar +1% $3 Annual return on the ProVida encaje3 +1% $3 Annual Impact on $ in millions Change Adjusted Earnings Euro to U.S. Dollar +1% $1 British Pound to U.S. Dollar +1% $0.5 Romania Leu to U.S. Dollar +1% $0.2 Egyptian Pound to U.S. Dollar +1% $0.1 Turkish Lira to U.S. Dollar +1% $0.1

------

![](ex9934q22supplementalsli020.jpg)

20 Cautionary Statement on Forward-Looking Statements The forward-looking statements in this presentation, using words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "grow," "guidance," "if," "intend," "likely," "long-term," "may," "near-term," "ongoing," "outlook," "plan," "potential," "project," "remain," "should," "target," "to be," "will," and "would" are based on assumptions and expectations that involve risks and uncertainties, including the "Risk Factors" MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife's future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.

------

![](ex9934q22supplementalsli021.jpg)

21 Explanatory Note on Non-GAAP and Other Financial Information Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.'s common shareholders; (ii) net income (loss) per share; (ii) net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share; (iii) adjusted earnings; (iii) adjusted earnings available to common shareholders; (iv) adjusted earnings per share; (iv) adjusted earnings available to common shareholders per diluted common share; (v) book value per share; and (v) book value per common share; and (vi) book value per share, excluding AOCI other than FCTA. (vi) book value per common share, excluding AOCI other than FCTA. In this presentation, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

------

![](ex9934q22supplementalsli022.jpg)

22 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP: Non-GAAP financial measures: Comparable GAAP financial measures: (i) adjusted premiums, fees and other revenues; (i) premiums, fees and other revenues; (ii) adjusted premiums, fees and other revenues, excluding pension risk transfers (PRT); (ii) premiums, fees and other revenues; (iii) adjusted capitalization of deferred policy acquisition costs (DAC); (iii) capitalization of DAC; (iv) adjusted earnings available to common shareholders; (iv) net income (loss) available to MetLife, Inc.'s common shareholders; (v) adjusted earnings available to common shareholders, excluding total notable items; (v) net income (loss) available to MetLife, Inc.'s common shareholders; (vi) adjusted earnings available to common shareholders per diluted common share; (vi) net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share; (vii) adjusted earnings available to common shareholders, excluding total notable items, per diluted common share; (vii) net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share; (viii) total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA; (viii) total MetLife, Inc.'s stockholders' equity; (ix) book value per common share, excluding AOCI other than FCTA; (ix) book value per common share; (x) free cash flows of all holding companies; (x) MetLife, Inc. (parent company only) net cash provided by (used in) operating activiites; (xi) adjusted other expenses; (xi) other expenses; (xii) adjusted other expenses, net of adjusted capitalization of DAC; (xii) other expenses, net of capitalization of DAC; (xiii) adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses; (xiii) other expenses, net of capitalization of DAC; (xiv) adjusted expense ratio; (xiv) expense ratio; (xv) adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT; (xv) expense ratio; (xvi) direct expenses; (xvi) other expenses; (xvii) direct expenses, excluding total notable items related to direct expenses; (xvii) other expenses; (xviii) direct expense ratio; and (xviii) expense ratio; and (xix) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xix) expense ratio. (xx) free cash flows of all holding companies. (xx) MeLife, Inc. (parent company) net cash provided by (used in) operating activities.

------

![](ex9934q22supplementalsli023.jpg)

23 Any of these financial measures shown on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the most recent period and applied to the comparable prior period. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this presentation and in this period's quarterly financial supplement and earnings news release, which are available at www.metlife.com. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income. MetLife's definitions of non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings; • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife's GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non- core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (Divested businesses). Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments. Explanatory Note on Non-GAAP and Other Financial Information (Continued)

------

![](ex9934q22supplementalsli024.jpg)

24 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); • Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder- directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to NIGL and NDGL, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, (iv) benefits and hedging costs related to GMIBs (GMIB costs), and (v) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. 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 MetLife'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. In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.'s common shareholders. Return on equity and related measures • Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: total MetLife, Inc.'s common stockholders' equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax. Expense ratio, direct expense ratio, adjusted expense ratio and related measures • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: adjusted direct expenses, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

------

![](ex9934q22supplementalsli025.jpg)

25 Explanatory Note on Non-GAAP and Other Financial Information (Continued) Asia General account (GA) assets under management (GA AUM) and related measures Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio which are actively managed and stated at estimated fair value. Asia GA AUM is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, and cash and cash equivalents, excluding policy loans, contractholder-directed equity securities, fair value option securities and certain other invested assets, as substantially all of these assets are not actively managed in MetLife's Asia GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM. Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss. Statistical sales information: • U.S.: ◦ Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products. ◦ Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance. • Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. The following additional information is relevant to an understanding of MetLife's performance results and outlook: • Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates. • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife's holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its business plan. Notable items also include certain items regardless of the extent anticipated in the business plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. • Holding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.

------

![](ex9934q22supplementalsli026.jpg)

26 Explanatory Note on Non-GAAP and Other Financial Information (Continued) The following additional information is relevant to an understanding of MetLife's performance results and outlook (continued): • We refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results. • Not Meaningful (NM) indicates a percentage change in a financial metric over a specified period of time and reflects changes in factors that are subject to volatility, and should not, accordingly be viewed as representative of a reasonable trend currently or in the future. For example, ($ in millions) Three months ended December 31, 2022 Three months ended December 31, 2021 Change Adjusted earnings - Group Benefits $400 $20 1,900%

------

![](ex9934q22supplementalsli027.jpg)

27 Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 2022 4Q22 4Q21 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 Earnings Per Weighted Average Common Share Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $2,354 $2.91 $1,314 $1.66 $1,176 $1.39 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) (1,262) (1.56) 355 0.45 (126) (0.15) Less: Net derivative gains (losses) (2,372) (2.93) 162 0.21 (196) (0.23) Less: Other adjustments to net income (loss) (790) (0.98) (330) (0.43) (501) (0.59) Less: Provision for income tax (expense) benefit 1,252 1.55 (96) (0.12) 167 0.20 Add: Net income (loss) attributable to noncontrolling interests 19 0.02 3 — 6 0.01 Add: Preferred stock redemption premium — — — — — — Adjusted earnings available to common shareholders 5,545 6.85 1,226 1.55 1,838 2.17 Less: Total notable items 111 0.14 — — 140 0.17 Adjusted earnings available to common shareholders, excluding total notable items $5,434 6.72 $1,226 $1.55 $1,698 $2.01 Adjusted earnings available to common shareholders on a constant currency basis $5,545 $6.85 $1,226 $1.55 $1,798 $2.13 Adjusted earnings available to common shareholders, excluding total notable items, on a $5,434 $6.72 $1,226 $1.55 $1,658 $1.96 constant currency basis Weighted average common shares outstanding - diluted 808.9 790.2 845.2 1Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share is calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

------

![](ex9934q22supplementalsli028.jpg)

28 Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 4Q22 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $771 $400 $371 $215 $181 $70 $208 $(219) Less: Total notable items — — — — — — — — Adjusted earnings available to common shareholders, excluding total notable items $771 $400 $371 $215 $181 $70 $208 $(219) Adjusted earnings available to common shareholders on a constant currency basis $215 $181 $70 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $215 $181 $70 4Q21 U.S.1 Group Benefits1 Retirement & Income Solutions1 Asia Latin America EMEA MetLife Holdings1 Corporate & Other1 (In millions) Adjusted earnings available to common shareholders $640 $20 $620 $586 $125 $42 $482 $(37) Less: Total notable items — — — — — — — 140 Adjusted earnings available to common shareholders, excluding total notable items $640 $20 $620 $586 $125 $42 $482 $(177) Adjusted earnings available to common shareholders on a constant currency basis $560 $120 $33 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $560 $120 $33 1Results on a constant currency basis are not included as constant currency impact is not significant.

------

![](ex9934q22supplementalsli029.jpg)

29 Expense Detail and Ratios (In millions, except ratio data) 1Q21 2Q21 3Q21 4Q21 2021 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(775) $(642) $(635) $(666) $(2,718) Less: Divested businesses (89) — (15) (15) (119) Adjusted capitalization of DAC $(686) $(642) $(620) $(651) $(2,599) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $3,116 $2,768 $2,869 $3,110 $11,863 Less: Noncontrolling interests (6) (6) (7) (9) (28) Less: Regulatory implementation costs (3) 6 — 1 4 Less: Acquisition, integration and other costs 4 4 2 (1) 9 Less: TSA fees 35 60 73 53 221 Less: Divested businesses 232 4 41 81 358 Adjusted other expenses $2,854 $2,700 $2,760 $2,985 $11,299 Other Detail and Ratios Other expenses $3,116 $2,768 $2,869 $3,110 $11,863 Capitalization of DAC (775) (642) (635) (666) (2,718) Other expenses, net of capitalization of DAC $2,341 $2,126 $2,234 $2,444 $9,145 Premiums, fees and other revenues $12,349 $11,218 $11,639 $15,178 $50,384 Expense ratio 19.0 % 19.0 % 19.2 % 16.1 % 18.2 % Direct expenses $1,259 $1,188 $1,266 $1,483 $5,196 Less: Total notable items related to direct expenses — (84) — — (84) Direct expenses, excluding total notable items related to direct expenses $1,259 $1,272 $1,266 $1,483 $5,280 Adjusted other expenses $2,854 $2,700 $2,760 $2,985 $11,299 Adjusted capitalization of DAC (686) (642) (620) (651) (2,599) Adjusted other expenses, net of adjusted capitalization of DAC $2,168 $2,058 $2,140 $2,334 $8,700 Less: Total notable items related to adjusted other expenses — (84) — — (84) Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $2,168 $2,142 $2,140 $2,334 $8,784 Adjusted premiums, fees and other revenues $11,413 $11,122 $11,419 $15,010 $48,964 Less: PRT — (14) (24) 3,551 3,513 Adjusted premiums, fees and other revenues, excluding PRT $11,413 $11,136 $11,443 $11,459 $45,451 Direct expense ratio 11.0 % 10.7 % 11.1 % 9.9 % 10.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.0 % 11.4 % 11.1 % 12.9 % 11.6 % Adjusted expense ratio 19.0 % 18.5 % 18.7 % 15.5 % 17.8 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.0 % 19.2 % 18.7 % 20.4 % 19.3 %

------

![](ex9934q22supplementalsli030.jpg)

30 Expense Detail and Ratios (In millions, except ratio data) 1Q22 2Q22 3Q22 4Q22 2022 Reconciliation of Capitalization of DAC to Adjusted Capitalization of DAC Capitalization of DAC $(650) $(622) $(615) $(671) $(2,558) Less: Divested businesses (11) — — — (11) Adjusted capitalization of DAC $(639) $(622) $(615) $(671) $(2,547) Reconciliation of Other Expenses to Adjusted Other Expenses Other expenses $2,917 $2,873 $2,893 $3,081 $11,764 Less: Noncontrolling interests (7) (4) (8) (5) (24) Less: Regulatory implementation costs — 2 1 1 4 Less: Acquisition, integration and other costs 7 13 14 15 49 Less: TSA fees 47 48 40 25 160 Less: Divested businesses 32 8 13 21 74 Adjusted other expenses $2,838 $2,806 $2,833 $3,024 $11,501 Other Detail and Ratios Other expenses $2,917 $2,873 $2,893 $3,081 $11,764 Capitalization of DAC (650) (622) (615) (671) (2,558) Other expenses, net of capitalization of DAC $2,267 $2,251 $2,278 $2,410 $9,206 Premiums, fees and other revenues $12,849 $13,853 $19,579 $11,335 $57,616 Expense ratio 17.6 % 16.2 % 11.6 % 21.3 % 16.0 % Direct expenses $1,337 $1,341 $1,360 $1,485 $5,523 Less: Total notable items related to direct expenses — — — — — Direct expenses, excluding total notable items related to direct expenses $1,337 $1,341 $1,360 $1,485 $5,523 Adjusted other expenses $2,838 $2,806 $2,833 $3,024 $11,501 Adjusted capitalization of DAC (639) (622) (615) (671) (2,547) Adjusted other expenses, net of adjusted capitalization of DAC $2,199 $2,184 $2,218 $2,353 $8,954 Less: Total notable items related to adjusted other expenses — — — — — Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses $2,199 $2,184 $2,218 $2,353 $8,954 Adjusted premiums, fees and other revenues $12,732 $13,794 $19,527 $11,306 $57,359 Less: PRT 1,258 2,564 8,466 (69) 12,219 Adjusted premiums, fees and other revenues, excluding PRT $11,474 $11,230 $11,061 $11,375 $45,140 Direct expense ratio 10.5 % 9.7 % 7.0 % 13.1 % 9.6 % Direct expense ratio, excluding total notable items related to direct expenses and PRT 11.7 % 11.9 % 12.3 % 13.1 % 12.2 % Adjusted expense ratio 17.3 % 15.8 % 11.4 % 20.8 % 15.6 % Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT 19.2 % 19.4 % 20.1 % 20.7 % 19.8 %

------

![](ex9934q22supplementalsli031.jpg)

31 Premiums, Fees and Other Revenues 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 Total Company - Premiums, Fees and Other Revenues (In millions) Premiums, fees and other revenues $12,349 $11,218 $11,639 $15,178 $50,384 $12,849 $13,853 $19,579 $11,335 $57,616 Less: Unearned revenue adjustments — 12 46 13 71 (8) (11) (9) (14) (42) Less: GMIB fees 25 24 25 24 98 23 22 21 18 84 Less: TSA fees 35 60 73 53 221 47 48 40 25 160 Less: Divested businesses 876 — 76 78 1,030 55 — — — 55 Adjusted premiums, fees and other revenues $11,413 $11,122 $11,419 $15,010 $48,964 $12,732 $13,794 $19,527 $11,306 $57,359

------

![](ex9934q22supplementalsli032.jpg)

32 Condensed Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies 2022 2021 (In billions, except ratios) MetLife, Inc. (parent company only) net cash provided by operating activities $4.4 $3.8 Adjustments from net cash provided by operating activities to free cash flow: Add: Incremental debt to be at or below target leverage ratios 1 — Add: Adjustments from net cash provided by operating activities to free cash flow1 (0.2) (0.3) MetLife, Inc. (parent company only) free cash flow 5.2 3.5 Other MetLife, Inc. holding companies free cash flow2 (0.5) 0.3 Free cash flow of all holding companies $4.7 $3.8 Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: MetLife, Inc. (parent company only) net cash provided by operating activities $4.4 $3.8 Consolidated net income (loss) available to MetLife, Inc.'s common shareholders $2.4 $6.4 Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders3 188 % 59 % Ratio of free cash flow to adjusted earnings available to common shareholders: Free cash flow of all holding companies4 $4.7 $3.8 Consolidated adjusted earnings available to common shareholders4 $5.5 $8.0 Ratio of free cash flow of all holding companies to consolidated adjusted earnings available to common shareholders4 84 % 48 % 1Adjustments include: (i) capital contributions to subsidiaries; (ii) returns of capital from subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; and (iv) investment portfolio and derivatives changes and other, net. 2Components include: (i) dividends and returns of capital from subsidiaries; (ii) capital contributions to subsidiaries; (iii) repayments on and (issuances of) loans to subsidiaries, net; (iv) other expenses; (v) dividends and returns of capital to MetLife, Inc. and (vi) investment portfolio and derivative changes and other, net. 3Including the free cash flow of other MetLife, Inc. holding companies of $(0.5) billion and $0.3 billion for the years ended December 31, 2022 and 2021, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 167% and 64%, respectively. 4i)Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2022, was positively impacted by notable items, related to actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2022, would be 86%. ii) Consolidated adjusted earnings available to common shareholders for the year ended December 31, 2021, was positively impacted by notable items, related to tax adjustments of $0.1 billion, net of income tax, and litigation reserves and settlement costs of $0.1 billion, net of income tax, offset by actuarial assumption review and other insurance adjustments of $0.1 billion, net of income tax. Excluding these notable items from the denominator of the ratio, the adjusted free cash flow ratio for 2021, would be 49%.

------

![](ex9934q22supplementalsli033.jpg)

------