Earnings Document

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

2

CORPORATE OVERVIEW

3

KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS

5

EXPENSE DETAIL AND RATIOS

7

GAAP CONSOLIDATED BALANCE SHEETS

8

SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

9

U.S.

10

Statements of Adjusted Earnings Available to Common Shareholders

Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders

11

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

12

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

13

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

14

Reinsurance

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

15

ASIA

16

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

17

General Account Assets Under Management and Related Measures

18

LATIN AMERICA

19

Statements of Adjusted Earnings Available to Common Shareholders

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

20

EMEA

21

Statements of Adjusted Earnings Available to Common Shareholders

Other Expenses by Major Category; and Other Statistical Information

22

METLIFE HOLDINGS

23

Statements of Adjusted Earnings Available to Common Shareholders

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

24

Other Expenses by Major Category; and Other Statistical Information

25

CORPORATE & OTHER

26

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

INVESTMENTS

27

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

28

Available-for-Sale

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

29

Footnotes

30

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)

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

March 31, 2022

March 31, 2023

Revenues

Premiums

$

10,617

$

11,556

$

17,332

$

9,005

$

9,589

$

10,617

$

9,589

Universal life and investment-type product policy fees

1,312

1,372

1,275

1,266

1,289

1,312

1,289

Net investment income

4,284

3,583

3,585

4,464

4,645

4,284

4,645

Other revenues

660

615

728

627

639

660

639

Net investment gains (losses)

(517)

(682)

(411)

350

(684)

(517)

(684)

Net derivative gains (losses)

(951)

(970)

(226)

(104)

(90)

(951)

(90)

Total revenues

15,405

15,474

22,283

15,608

15,388

15,405

15,388

Expenses

Policyholder benefits and claims

11,174

11,615

17,603

9,115

9,872

11,174

9,872

Policyholder liability remeasurement (gains) losses

(41)

(1)

136

20

(9)

(41)

(9)

Market risk benefit remeasurement (gains) losses

(1,440)

(757)

(965)

(512)

188

(1,440)

188

Interest credited to policyholder account balances

626

527

1,014

1,727

1,864

626

1,864

Policyholder dividends

199

194

158

155

159

199

159

Amortization of DAC and VOBA

475

458

441

457

470

475

470

Amortization of negative VOBA

(8)

(7)

(7)

(7)

(7)

(8)

(7)

Interest expense on debt

225

226

239

248

255

225

255

Other expenses, net of capitalization of DAC

2,260

2,231

2,249

2,379

2,339

2,260

2,339

Total expenses

13,470

14,486

20,868

13,582

15,131

13,470

15,131

Income (loss) before provision for income tax

1,935

988

1,415

2,026

257

1,935

257

Provision for income tax expense (benefit)

296

73

248

445

172

296

172

Net income (loss)

1,639

915

1,167

1,581

85

1,639

85

Less: Net income (loss) attributable to noncontrolling interests

5

5

5

3

5

5

5

Net income (loss) attributable to MetLife, Inc.

1,634

910

1,162

1,578

80

1,634

80

Less: Preferred stock dividends

63

29

64

29

66

63

66

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

$

1,571

$

881

$

1,098

$

1,549

$

14

$

1,571

$

14

For the Three Months Ended

Unaudited (In millions, except per share data)

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

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

$

1,571

$

881

$

1,098

$

1,549

$

14

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

Less: Net investment gains (losses)

(517)

(682)

(411)

350

(684)

Less: Net derivative gains (losses)

(951)

(970)

(226)

(104)

(90)

Less: Market risk benefit remeasurement gains (losses)

1,440

757

965

512

(188)

Less: Goodwill impairment

-

-

-

-

-

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

(271)

(396)

(435)

(317)

(383)

Less: Provision for income tax (expense) benefit

180

439

110

(149)

180

Add: Net income (loss) attributable to noncontrolling interests

5

5

5

3

5

Add: Preferred stock redemption premium

-

-

-

-

-

Adjusted earnings available to common shareholders

1,695

1,738

1,100

1,260

1,184

Less: Total notable items (2)

-

77

12

-

-

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

$

1,695

$

1,661

$

1,088

$

1,260

$

1,184

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

$

1.89

$

1.08

$

1.37

$

1.96

$

0.02

Less: Net investment gains (losses)

(0.62)

(0.84)

(0.51)

0.44

(0.88)

Less: Net derivative gains (losses)

(1.15)

(1.19)

(0.28)

(0.13)

(0.12)

Less: Market risk benefit remeasurement gains (losses)

1.73

0.93

1.21

0.65

(0.24)

Less: Goodwill impairment

-

-

-

-

-

Less: Other adjustments to net income (loss)

(0.32)

(0.48)

(0.55)

(0.40)

(0.48)

Less: Provision for income tax (expense) benefit

0.22

0.54

0.14

(0.19)

0.23

Add: Net income (loss) attributable to noncontrolling interests

0.01

0.01

0.01

-

0.01

Add: Preferred stock redemption premium

-

-

-

-

-

Adjusted earnings available to common shareholders per diluted common share

2.04

2.13

1.37

1.59

1.52

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

-

0.09

0.01

-

-

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

$

2.04

$

2.04

$

1.36

$

1.59

$

1.52

For the Three Months Ended

Unaudited (In millions, except per share data)

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

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

Actuarial assumption review and other insurance adjustments

$

-

$

77

$

12

$

-

-

Total notable items

$

-

$

77

$

12

$

-

-

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

Actuarial assumption review and other insurance adjustments

$

-

$

0.09

$

0.01

$

-

-

Total notable items

$

-

$

0.09

$

0.01

$

-

$

-

Unaudited

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

Book value per common share (1)

$

47.39

$

37.52

$

32.48

$

33.45

$

36.89

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

$

52.97

$

52.30

$

52.04

$

54.30

$

53.83

For the Three Months Ended

Unaudited

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

Retuon MetLife, Inc.'s (2):

Common stockholders' equity

14.9 %

10.3 %

15.8 %

24.0 %

0.2 %

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

Common stockholders' equity

16.0 %

20.3 %

15.9 %

19.5 %

17.4 %

Common stockholders' equity, excluding AOCI other than FCTA

15.7 %

16.4 %

10.6 %

12.1 %

11.3 %

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

15.7 %

15.7 %

10.5 %

12.1 %

11.3 %

For the Three Months Ended

Unaudited (In millions)

March 31, 2022

June 30, 2022

September 30, 2022

December 31, 2022

March 31, 2023

Common shares outstanding, beginning of period

825.5

814.8

797.6

787.3

779.1

Share repurchases

(13.6)

(17.3)

(10.3)

(8.5)

(11.6)

Newly issued shares

2.9

0.1

-

0.3

1.7

Common shares outstanding, end of period

814.8

797.6

787.3

779.1

769.2

Weighted average common shares outstanding - basic

823.8

809.7

795.8

784.2

775.4

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

6.7

4.8

4.9

6.0

5.8

Weighted average common shares outstanding - diluted

830.5

814.5

800.7

790.2

781.2