Earnings Document

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

2

CORPORATE OVERVIEW

3

KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS

5

EXPENSE DETAIL AND RATIOS

7

CONSOLIDATED BALANCE SHEETS

8

SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

9

ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY

10

U.S.

11

Statements of Adjusted Earnings Available to Common Shareholders

Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders

12

Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders

13

Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities

14

Group Benefits - Other Expenses by Major Category; and Other Statistical Information

15

Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; Synthetic GICs; and Longevity

16

Reinsurance

Retirement and Income Solutions - Other Expenses by Major Category; and Spread

17

ASIA

18

Statements of Adjusted Earnings Available to Common Shareholders

Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information

19

General Account Assets Under Management and Related Measures

20

LATIN AMERICA

21

Statements of Adjusted Earnings Available to Common Shareholders

Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information

22

EMEA

23

Statements of Adjusted Earnings Available to Common Shareholders

Other Expenses by Major Category; and Other Statistical Information

24

METLIFE HOLDINGS

25

Statements of Adjusted Earnings Available to Common Shareholders

Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities

26

Other Expenses by Major Category; and Other Statistical Information

27

CORPORATE & OTHER

28

Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source

INVESTMENTS

29

Investment Portfolio Results by Asset Category and Annualized Yields

Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses: Fixed Maturity Securities

30

Available-for-Sale

Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type

31

Footnotes

32

APPENDIX

A-1

Reconciliation Detail

Notable Items

A-2

Equity Details, Book Value Details and Retuon Equity

A-4

Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis

A-5

Non-GAAP and Other Financial Disclosures

A-6

Acronyms

A-9

For the Three Months Ended

For the Year-to-Date Period Ended

Unaudited (In millions)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

September 30, 2021

September 30, 2022

Revenues

Premiums

$

9,455

$

13,095

$

10,771

$

11,721

$

17,547

$

28,914

$

40,039

Universal life and investment-type product policy fees

1,521

1,422

1,418

1,516

1,302

4,334

4,236

Net investment income

5,568

5,233

4,284

3,583

3,585

16,162

11,452

Other revenues

663

661

660

616

730

1,958

2,006

Net investment gains (losses)

(84)

(126)

(518)

(685)

(414)

1,655

(1,617)

Net derivative gains (losses)

(218)

(196)

(859)

(1,195)

(480)

(2,032)

(2,534)

Total revenues

16,905

20,089

15,756

15,556

22,270

50,991

53,582

Expenses

Policyholder benefits and claims

10,103

13,923

11,193

11,790

17,993

30,031

40,976

Interest credited to policyholder account balances

1,287

1,385

630

492

980

4,153

2,102

Policyholder dividends

189

204

198

193

155

672

546

Capitalization of DAC

(635)

(666)

(650)

(622)

(615)

(2,052)

(1,887)

Amortization of DAC and VOBA

816

612

537

616

218

1,943

1,371

Amortization of negative VOBA

(6)

(9)

(9)

(10)

(12)

(25)

(31)

Interest expense on debt

240

224

225

226

239

696

690

Other expenses

2,869

3,110

2,917

2,873

2,893

8,753

8,683

Total expenses

14,863

18,783

15,041

15,558

21,851

44,171

52,450

Income (loss) before provision for income tax

2,042

1,306

715

(2)

419

6,820

1,132

Provision for income tax expense (benefit)

453

95

41

(140)

19

1,456

(80)

Net income (loss)

1,589

1,211

674

138

400

5,364

1,212

Less: Net income (loss) attributable to noncontrolling interests

5

6

5

6

5

15

16

Net income (loss) attributable to MetLife, Inc.

1,584

1,205

669

132

395

5,349

1,196

Less: Preferred stock dividends

63

29

63

29

64

166

156

Preferred stock redemption premium

-

-

-

-

-

6

-

Net income (loss) available to MetLife, Inc.'s common shareholders

$

1,521

$

1,176

$

606

$

103

$

331

$

5,177

$

1,040

Premiums, fees and other revenues

$

11,639

$

15,178

$

12,849

$

13,853

$

19,579

$

35,206

$

46,281

For the Three Months Ended

Unaudited (In millions, except per share data)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Net income (loss) available to MetLife, Inc.'s common shareholders

$

1,521

$

1,176

$

606

$

103

$

331

Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:

Less: Net investment gains (losses)

(84)

(126)

(518)

(685)

(414)

Less: Net derivative gains (losses)

(218)

(196)

(859)

(1,195)

(480)

Less: Goodwill impairment

-

-

-

-

-

Less: Other adjustments to net income (loss) (1)

(333)

(501)

(183)

(253)

(24)

Less: Provision for income tax (expense) benefit

99

167

444

616

288

Add: Net income (loss) attributable to noncontrolling interests

5

6

5

6

5

Add: Preferred stock redemption premium

-

-

-

-

-

Adjusted earnings available to common shareholders

2,062

1,838

1,727

1,626

966

Less: Total notable items (2)

(140)

140

-

77

34

Adjusted earnings available to common shareholders, excluding total notable items (2)

$

2,202

$

1,698

$

1,727

$

1,549

$

932

Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share

$

1.77

$

1.39

$

0.73

$

0.13

$

0.41

Less: Net investment gains (losses)

(0.10)

(0.15)

(0.62)

(0.84)

(0.52)

Less: Net derivative gains (losses)

(0.25)

(0.23)

(1.03)

(1.47)

(0.60)

Less: Goodwill impairment

-

-

-

-

-

Less: Other adjustments to net income (loss)

(0.37)

(0.59)

(0.22)

(0.31)

(0.03)

Less: Provision for income tax (expense) benefit

0.11

0.20

0.53

0.76

0.36

Add: Net income (loss) attributable to noncontrolling interests

0.01

0.01

0.01

0.01

0.01

Add: Preferred stock redemption premium

-

-

-

-

-

Adjusted earnings available to common shareholders per diluted common share

2.39

2.17

2.08

2.00

1.21

Less: Total notable items per diluted common share (2)

(0.16)

0.17

-

0.09

0.04

Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)

$

2.56

$

2.01

$

2.08

$

1.90

$

1.16

For the Three Months Ended

Unaudited (In millions, except per share data)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Notable items impacting adjusted earnings available to common shareholders (2):

Actuarial assumption review and other insurance adjustments

$

(140)

$

-

$

-

$

77

$

34

Tax adjustments

-

140

-

-

-

Total notable items

$

(140)

$

140

$

-

$

77

$

34

Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):

Actuarial assumption review and other insurance adjustments

$

(0.16)

$

-

$

-

$

0.09

$

0.04

Tax adjustments

-

0.17

-

-

-

Total notable items

$

(0.16)

$

0.17

$

-

$

0.09

$

0.04

For the Three Months Ended

Unaudited (In millions)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Weighted average common shares outstanding - diluted

861.2

845.2

830.5

814.5

800.7

Unaudited

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Book value per common share (1)

$

77.24

$

77.12

$

61.55

$

41.73

$

27.00

Book value per common share, excluding AOCI other than FCTA (1)

$

57.29

$

57.65

$

57.12

$

55.54

$

54.37

Book value per common share - tangible common stockholders' equity (1)

$

45.35

$

45.61

$

45.02

$

43.62

$

42.49

For the Three Months Ended

Unaudited

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Retuon MetLife, Inc.'s (2):

Common stockholders' equity

9.3 %

7.3 %

4.3 %

1.0 %

4.9 %

Adjusted retuon MetLife, Inc.'s (2):

Common stockholders' equity

12.6 %

11.4 %

12.1 %

15.6 %

14.2 %

Common stockholders' equity, excluding AOCI other than FCTA

17.0 %

15.3 %

14.7 %

14.3 %

8.9 %

Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (3)

18.2 %

14.2 %

14.7 %

13.7 %

8.6 %

Tangible common stockholders' equity

21.7 %

19.6 %

18.8 %

18.4 %

11.5 %

For the Three Months Ended

Unaudited (In millions)

September 30, 2021

December 31, 2021

March 31, 2022

June 30, 2022

September 30, 2022

Common shares outstanding, beginning of period

861.1

844.5

825.5

814.8

797.6

Share repurchases

(16.7)

(19.4)

(13.6)

(17.3)

(10.3)

Newly issued shares

0.1

0.4

2.9

0.1

-

Common shares outstanding, end of period

844.5

825.5

814.8

797.6

787.3

Weighted average common shares outstanding - basic

854.9

838.1

823.8

809.7

795.8

Dilutive effect of the exercise or issuance of stock-based awards

6.3

7.1

6.7

4.8

4.9

Weighted average common shares outstanding - diluted

861.2

845.2

830.5

814.5

800.7

MetLife Policyholder Trust Shares

131.1

129.3

127.8

126.2

125.1