METLIFE INC FILES (8-K) Disclosing Results of Operations and Financial Condition, Financial Statements and Exhibits

Item 2.02 Results of Operations and Financial Condition.
On February 2, 2022, MetLife, Inc. issued (i) a news release announcing its
results for the quarter and full year ended December 31, 2021 (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, 2021 (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 2, 2022, MetLife, Inc. issued a supplemental slide presentation for
the quarter and full year ended December 31, 2021, 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
We continue to closely monitor developments relating to the COVID-19 pandemic
and assess its impact on our business operations, investment portfolio and
derivatives. Due to the continued uncertainty around the COVID-19 pandemic in
2022, we have excluded assumptions related to COVID-19 from our near-term
targets.
While the economic projections of the Federal Reserve Board suggest that the
interest rates will increase in 2022, a prolonged low interest rate environment
still remains possible. We believe that our investment portfolio is highly
diversified and positioned to perform well in a variety of economic scenarios,
including disruptions caused by the COVID-19 pandemic.
As of December 31, 2021, 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 2022, we expect to maintain this holding
company cash target and expect to be at or above the high end of this range.
Our 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, 2021, including a 10-year U.S. Treasury rate of 1.51% at December
31, 2021, and 1.73% at December 31, 2022, (ii) a mid-single digit S&P Global
Ratings 500 equity index annual return over the near-term, and (iii) positive
low double digit private equity annual returns 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%. Due to higher 2021 adjusted earnings, we expect the
2021-2022 ratio to be at the lower end of the range before moving higher in
2022-2024. Based on the aforementioned assumptions, we continue to target an
adjusted return on equity, excluding accumulated other comprehensive income
other than foreign currency translation adjustments, of 12% to 14% over the
near-term. Lastly, we remain on track to generate approximately $20.0 billion of
free cash flow over the time period of 2020 through 2024.
We are fully committed to achieving a full year direct expense ratio, excluding
total notable items related to direct expenses and pension risk transfers, of
less than 12.3% over the near-term.
Furthermore, we continue to execute on our Next Horizon Strategy, which was
introduced at our December 2019 Investor Day.
Our outlook relies on the accuracy of our assumptions about future economic and
business conditions, which can be affected by known and unknown risks and other
uncertainties, such as those posed by the COVID-19 pandemic. Due to the evolving
and highly uncertain nature of the COVID-19 pandemic and other factors, we will
continually review our assumptions, implement mitigation plans, and take
precautions. We may revise our outlook as we obtain more information regarding
the effects of the COVID-19 pandemic, the effect and efficacy of efforts taken
to respond to it, 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.
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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 has no obligation to correct or update any of these statements.
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.

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Item 9.01 Financial Statements and Exhibits.

  99.1         News release of MetLife, Inc., dated February 2, 2022, announcing its results
             for the quarter and full year ended December 31, 2021


  99.2         Quarterly Financial Supplement for the quarter ended December 31, 2021


  99.3         Supplemental Slides for the quarter and full year ended December 31, 2021 and
             Outlook


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)


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