METLIFE INC – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations

Index to Management's Discussion and Analysis of Financial Condition and Results
of Operations

                                                                    Page
  Forward-Looking Statements and Other Financial Information         76
  Executive Summary                                                  76
  Industry Trends                                                    78
  Summary of Critical Accounting Estimates                           80
  Acquisitions and Dispositions                                      81
  Results of Operations                                              82
  Investments                                                        102
  Derivatives                                                        114
  Policyholder Liabilities                                           117
  Liquidity and Capital Resources                                    124
  Adopted Accounting Pronouncements                                  133
  Future Adoption of     Accounting Pronouncements                   133
  Non-GAAP and Other Financial Disclosures                           133
  Risk Management                                                    135
  Subsequent Events                                                  135


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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, "MetLife," the "Company," "we," "our" and "us"
refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its
subsidiaries and affiliates. This discussion should be read in conjunction with
MetLife, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2021
(the "2021 Annual Report"), the cautionary language regarding forward-looking
statements included below, the "Risk Factors" set forth in Part II, Item 1A, and
the additional risk factors referred to therein, "Quantitative and Qualitative
Disclosures About Market Risk" and the Company's interim condensed consolidated
financial statements included elsewhere herein.

This Management's Discussion and Analysis of Financial Condition and Results of
Operations 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. See "Note Regarding Forward-Looking
Statements" for cautionary language regarding forward-looking statements.

This Management's Discussion and Analysis of Financial Condition and Results of
Operations includes references to our performance measures, adjusted earnings
and adjusted earnings available to common shareholders, that are not based on
accounting principles generally accepted in the United States of America
("GAAP"). See "- Non-GAAP and Other Financial Disclosures" for definitions and a
discussion of these and other financial measures, and "- Results of Operations"
and "- Investments" for reconciliations of historical non-GAAP financial
measures to the most directly comparable GAAP measures.

Executive Summary

Overview

MetLife is one of the world's leading financial services companies, providing
insurance, annuities, employee benefits and asset management. MetLife is
organized into five segments: U.S.; Asia; Latin America; Europe, the Middle East
and Africa ("EMEA"); and MetLife Holdings. In addition, the Company reports
certain of its results of operations in Corporate & Other. See Note 2 of the
Notes to the Interim Condensed Consolidated Financial Statements for further
information on the Company's segments and Corporate & Other.

COVID-19 Pandemic

We continue to closely monitor developments relating to the COVID-19 pandemic
and assess its impact on our business. The COVID-19 pandemic continues to impact
the global economy and financial markets and has caused volatility in the global
equity, credit and real estate markets. See "- Industry Trends - Financial and
Economic Environment." We have implemented risk management and business
continuity plans and taken preventive measures and other precautions, such as
employee business travel restrictions and remote work arrangements which, to
date, have enabled us to maintain our critical business processes, customer
service levels, relationships with key vendors, financial reporting systems,
internal control over financial reporting and disclosure controls and
procedures.

See "- Results of Operations - Segment Results and Corporate & Other" for
further information regarding the effect of the COVID-19 pandemic on our
businesses.

Current Period Highlights

During the three months ended March 31, 2022, adjusted premiums, fees and other
revenues, net of foreign currency fluctuations, increased compared to the prior
period driven by growth in our U.S. segment, primarily in our Retirement and
Income Solutions ("RIS") business. Equity market returns had a less favorable
impact on our private equity funds and hedge funds compared to the prior period
and resulted in lower investment yields, however, positive net flows drove an
increase in our investment portfolio. Changes in long-term interest rates and
key equity indexes drove a favorable change in net derivative gains (losses).
Current period results include net investment losses versus gains in the prior
period. Underwriting experience was favorable and reflected a decline in
COVID-19 related claims.

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The following represents segment level results and percentage contributions to
total segment level adjusted earnings available to common shareholders for the
three months ended March 31, 2022:

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(1)Excludes Corporate & Other adjusted loss available to common shareholders of
$117 million.

(2)Consistent with GAAP guidance for segment reporting, adjusted earnings is our
GAAP measure of segment performance. For additional information, see Note 2 of
the Notes to the Interim Condensed Consolidated Financial Statements.

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Three Months Ended March 31, 2022 Compared with the Three Months Ended March 31,
2021