Earnings Document

Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

METLIFE ANNOUNCES FULL YEAR AND FOURTH QUARTER

2021 RESULTS

NEW YORK, Feb. 2, 2022 - MetLife, Inc. (NYSE: MET) today announced its full year and fourth quarter 2021 results.

Full Year Results Summary

• Net income of $6.4 billion, compared to net income of $5.2 billion for the full year 2020. Net income of $7.31 per share, up 29 percent from the prior year.
• Adjusted earnings of $8.0 billion, compared to adjusted earnings of $5.6 billion for the full year 2020. Adjusted earnings of $9.15 per share, up 49 percent from the prior year.
• Adjusted earnings, excluding total notable items, of $7.9 billion, compared to $5.8 billion for the full year 2020. On a per share basis, adjusted earnings, excluding total notable items, of $9.07, up 42 percent from $6.38 for the full year 2020.
• Book value of $77.12 per share, down 2 percent from $78.67 per share at December 31, 2020.
• Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $57.65 per share, up 6 percent from $54.18 per share at December 31, 2020.
• Retuon equity (ROE) of 9.7 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 16.6 percent.
• Holding company cash and liquid assets of $5.4 billion at December 31, 2021, which is above the target cash buffer of $3.0 - $4.0 billion.

Fourth Quarter Results Summary

• Net income of $1.2 billion, or $1.39 per share, compared to net income of $124 million, or $0.14 per share, in the fourth quarter of 2020.
• Adjusted earnings of $1.8 billion, or $2.17 per share, compared to adjusted earnings of $1.8 billion, or $2.03 per share, in the fourth quarter of 2020.
• Adjusted earnings, excluding total notable items, of $1.7 billion, or $2.01 per share, compared to adjusted earnings, excluding total notable items, of $1.8 billion, or $2.03 per share, in the fourth quarter of 2020.
• Retuon equity (ROE) of 7.3 percent.
• Adjusted ROE, excluding AOCI other than FCTA, of 15.3 percent.

Commenting on the company's results, MetLife President and CEO Michel Khalaf said: "MetLife's financial performance in the fourth quarter and full year of 2021 was outstanding. Our strategic decisions and consistent execution generated banner adjusted earnings and adjusted earnings per share. We know that strong performance leads to higher expectations. We embrace the challenge of meeting those expectations and continuing to deliver for our stakeholders."

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Fourth Quarter and Full Year 2021 Summary

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

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

Details about projected impacts of various developments to MetLife are available under the heading "Outlook" in MetLife's fourth quarter 2021 supplemental slides, titled "4Q21 Supplemental Slides and Outlook," which are available together with MetLife's Quarterly Financial Supplement for this period 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 about projected impacts to MetLife is available under the heading "Consolidated Company Outlook" in Item 8.01 of the Form 8-K.

Total Company Discussion

MetLife reported fourth quarter 2021 premiums, fees and other revenues of $15.2 billion, down 4 percent from the fourth quarter of 2020. Adjusted premiums, fees and other revenues were $15.0 billion, down 4 percent on a reported basis and 3 percent on a constant currency basis from the prior-year period.

Net investment income was $5.2 billion, flat from the fourth quarter of 2020. Adjusted net investment income was $5.2 billion, up 7 percent from the prior-year period, largely driven by higher variable investment income primarily due to strong private equity returns.

Net derivative losses amounted to $196 million, or $155 million after tax during the quarter, driven by stronger equity markets and foreign currency exchange rate changes.

Net income was $1.2 billion, compared to net income of $124 million in the fourth quarter of 2020, primarily driven by higher derivative losses in the prior-year period. On a per share basis, net income was $1.39, compared to net income of $0.14 in the prior-year period.

MetLife reported adjusted earnings of $1.8 billion, flat on a reported and constant currency basis from the fourth quarter of 2020. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $2.17, up 7 percent from the prior-year period.

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Adjusted Earnings by Segment Summary*

*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items. For the three months and year ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period.

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

Business Discussions

All comparisons of the results for the fourth quarter of 2021 in the business discussions that follow are with the fourth quarter of 2020, unless otherwise noted. The fourth quarter of 2021 notable items table follows the Business Discussions section of this release.

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U.S.*

• For the three months ended December 31, 2021, U.S. results exclude the Property & Casualty business, which was sold in the second quarter. This business is included in the prior-year period.

• Adjusted earnings were $640 million, down 37 percent, driven by unfavorable underwriting, partially offset by higher variable investment income. In the prior-year period, adjusted earnings included $112 million from Property & Casualty.
• Adjusted retuon allocated equity was 27.5 percent, and adjusted retuon allocated tangible equity was 32.2 percent.
• Adjusted premiums, fees and other revenues were $10.1 billion, down 5 percent, driven by higher pension risk transfer sales in the prior-year period, partially offset by growth in Group Benefits and the addition of Versant Health. In the prior-year period, adjusted premiums, fees and other revenues included $893 million from Property & Casualty.

Group Benefits

• Adjusted earnings were $20 million, down 95 percent, primarily driven by favorable dental underwriting in the prior-year period and unfavorable group life underwriting as a result of COVID-19 in the current-year period.
• Adjusted premiums, fees and other revenueswere $5.8 billion, up 15 percent, primarily driven by solid growth across most products and the addition of Versant Health.
• Sales were up 40 percent for the full year 2021 compared to 2020 due to higher jumbo case activity.

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