METROPOLITAN LIFE INSURANCE CO – 10-K – 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        27
  Overview                                                          27
  Summary of Critical Accounting Estimates                          27
  Results of Operations                                             34
  Investments                                                       40
  Derivatives                                                       54
  Liquidity and Capital Resources                                   56
  Adopted Accounting Pronouncements                                 63
  Future Adoption of Accounting Pronouncements                      63
  Non-GAAP and Other Financial Disclosures                          63
  Risk Management                                                   64


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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, "MLIC," the "Company," "we," "our" and "us"
refer to Metropolitan Life Insurance Company, a New York corporation
incorporated in 1868, and its subsidiaries. Metropolitan Life Insurance Company
is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its
subsidiaries and affiliates, "MetLife"). Management's narrative analysis of the
Company's results of operations is presented pursuant to General Instruction
I(2)(a) of Form 10-K. This narrative analysis should be read in conjunction with
"Note Regarding Forward-Looking Statements," "Risk Factors," "Quantitative and
Qualitative Disclosures About Market Risk" and the Company's consolidated
financial statements included elsewhere herein.

This narrative analysis 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 narrative analysis includes references to our performance measure, adjusted
earnings, that is 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 this 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.

Overview

MLIC is a provider of insurance, annuities, employee benefits and asset
management. MLIC is organized into two segments: U.S. 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 Consolidated Financial Statements for
further information on the Company's segments and Corporate & Other.

Current Market Conditions

In the U.S., the Federal Reserve Board and the Federal Open Market Committee
took various actions in 2022 to promote economic stability and combat inflation,
including raising interest rates, although a heightened level of concern about
an economic downturn in the U.S. remains. During inflationary periods with
rising interest rates, the value of fixed income investments falls which could
increase realized and unrealized losses, resulting in additional deferred tax
assets that may not be realizable.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires
management to adopt accounting policies and make estimates and assumptions that
affect amounts reported on the Consolidated Financial Statements. For a
discussion of our significant accounting policies, see Note 1 of the Notes to
the Consolidated Financial Statements. The most critical estimates include those
used in determining:
(i)        liabilities for future policy benefits and the accounting for reinsurance;
(ii)       capitalization and amortization of deferred policy acquisition costs ("DAC") and the
           establishment and amortization of VOBA;

(iii) estimated fair values of investments in the absence of quoted market values;
(iv) investment allowance for credit loss ("ACL") and impairments;
(v) estimated fair values of freestanding derivatives and the recognition and estimated

           fair value of embedded derivatives requiring bifurcation;

(vi) measurement of employee benefit plan liabilities;
(vii) measurement of income taxes and the valuation of deferred tax assets; and
(viii) liabilities for litigation and regulatory matters.

In applying these policies and estimates, management makes subjective and
complex judgments that frequently require assumptions about matters that are
inherently uncertain. Many of these policies, estimates and related judgments
are common in the insurance and financial services industries; others are
specific to our business and operations. Actual results could differ from these
estimates.
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Liability for Future Policy Benefits

Generally, future policy benefits are payable over an extended period of time
and related liabilities are calculated as the present value of future expected
benefits to be paid, reduced by the present value of future expected premiums.
Such liabilities are established based on methods and underlying assumptions in
accordance with GAAP and applicable actuarial standards. Principal assumptions
used in the establishment of liabilities for future policy benefits are
mortality, morbidity, policy lapse, renewal, retirement, disability incidence,
disability terminations, investment returns, inflation, expenses and other
contingent events as appropriate to the respective product type. These
assumptions are established at the time the policy is issued and are intended to
estimate the experience for the period the policy benefits are payable.
Utilizing these assumptions, liabilities are established on a block of business
basis. If experience is less favorable than assumed, additional liabilities may
be established, resulting in a charge to policyholder benefits and claims.

Future policy benefit liabilities for disabled lives are estimated at the time
of claim incurral, using the present value of benefits method and experience
assumptions as to claim terminations, expenses and interest.

Liabilities for unpaid claims are estimated based upon our historical experience
and other actuarial assumptions that consider the effects of current
developments, anticipated trends and risk management programs.

Future policy benefit liabilities for minimum death and income benefit
guarantees relating to certain annuity contracts are based on estimates of the
expected value of benefits in excess of the projected account balance,
recognizing the excess ratably over the accumulation period based on total
expected assessments. Liabilities for universal and variable life policies with
secondary guarantees and paid-up guarantees are determined by estimating the
expected value of death benefits payable when the account balance is projected
to be zero and recognizing those benefits ratably over the accumulation period
based on total expected assessments. The assumptions used in estimating the
secondary and paid-up guarantee liabilities are consistent with those used for
amortizing DAC, and are thus subject to the same variability and risk. The
assumptions of investment performance and volatility for variable products are
consistent with historical experience of the appropriate underlying equity
index, such as the S&P Global Ratings ("S&P") 500 Index.

We regularly review our estimates of liabilities for future policy benefits and
compare them with our actual experience. Differences between actual experience
and the assumptions used in pricing these policies and guarantees, as well as in
the establishment of the related liabilities, result in variances in profit and
could result in losses.

Traditional long-duration and limited-payment contracts comprise approximately
60% of MLIC's liabilities for future policyholder benefits. For such contracts,
original assumptions developed at the time of issue are locked-in and used in
all future liability calculations provided the resulting liabilities are
adequate to provide for future benefits and expenses (i.e., there is no premium
deficiency). Therefore, liabilities for these products would not be impacted by
changes in assumptions unless such change would result in an adverse impact that
would trigger an establishment of a premium deficiency reserve. Favorable
experience for traditional long-duration and limited-payment contracts would
have no impact on liabilities given that the current assumption is required to
remain locked-in, however the positive experience would be reflected in net
income over the life of the policies in force.

Our traditional life and other participating blocks comprise approximately 35%
of our future policyholder benefit liabilities. For these contracts, MLIC's risk
of adverse experience may be mitigated through adjustments to the dividend
scales.

For all insurance assets and liabilities, MLIC holds capital and surplus to
mitigate potential adverse experience development. The Company's approaches for
managing liquidity and capital are described in "- Liquidity and Capital
Resources."

See Note 3 of the Notes to the Consolidated Financial Statements for additional
information on our liability for future policy benefits.

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Reinsurance

Accounting for reinsurance requires extensive use of assumptions and estimates,
particularly related to the future performance of the underlying business and
the potential impact of counterparty credit risks. We periodically review actual
and anticipated experience compared to the aforementioned assumptions used to
establish assets and liabilities relating to ceded and assumed reinsurance and
evaluate the financial strength of counterparties to our reinsurance agreements
using criteria similar to that evaluated in our security impairment process. See
"- Investment Allowance for Credit Loss and Impairments." Additionally, for each
of our reinsurance agreements, we determine whether the agreement provides
indemnification against loss or liability relating to insurance risk, in
accordance with applicable accounting standards. We review all contractual
features, including those that may limit the amount of insurance risk to which
the reinsurer is subject or features that delay the timely reimbursement of
claims. If we determine that a reinsurance agreement does not expose the
reinsurer to a reasonable possibility of a significant loss from insurance risk,
we record the agreement using the deposit method of accounting.

See Note 5 of the Notes to the Consolidated Financial Statements for additional
information on our reinsurance programs.

Deferred Policy Acquisition Costs and Value of Business Acquired

We incur significant costs in connection with acquiring new and renewal
insurance business. Costs that relate directly to the successful acquisition or
renewal of insurance contracts are capitalized as DAC. In addition to
commissions, certain direct-response advertising expenses and other direct
costs, deferrable costs include the portion of an employee's total compensation
and benefits related to time spent selling, underwriting or processing the
issuance of new and renewal insurance business only with respect to actual
policies acquired or renewed. We utilize various techniques to estimate the
portion of an employee's time spent on qualifying acquisition activities that
result in actual sales, including surveys, interviews, representative time
studies and other methods. These estimates include assumptions that are reviewed
and updated on a periodic basis to reflect significant changes in processes or
distribution methods.

VOBA represents the excess of book value over the estimated fair value of
acquired insurance, annuity and investment-type contracts in force at the
acquisition date. The estimated fair value of the acquired obligations is based
on projections, by each block of business, of future policy and contract
charges, premiums, mortality and morbidity, separate account performance,
surrenders, expenses, investment returns, nonperformance risk adjustment and
other factors. Actual experience on the purchased business may vary from these
projections. The recovery of DAC and VOBA is dependent upon the future
profitability of the related business.

Separate account rates of return on variable universal life contracts and
variable deferred annuity contracts affect in-force account balances on such
contracts each reporting period, which can result in significant fluctuations in
amortization of DAC and VOBA. Our practice to determine the impact of gross
profits resulting from returns on separate accounts assumes that long-term
appreciation in equity markets is not changed by short-term market fluctuations
but is only changed when sustained interim deviations are expected. We monitor
these events and only change the assumption when our long-term expectation
changes. The effect of an increase (decrease) by 100 basis points in the assumed
future rate of return is reasonably likely to result in a decrease (increase) in
the DAC and VOBA amortization with an offset to our unearned revenue liability
which nets to approximately $20 million. We use a mean reversion approach to
separate account returns where the mean reversion period is five years with a
long-term separate account return after the five-year reversion period is over.
The current long-term rate of return assumption for the U.S. business variable
universal life contracts and variable deferred annuity contracts is 5.75%.

We periodically review long-term assumptions underlying the projections of
estimated gross margins and profits. These assumptions primarily relate to
investment returns, policyholder dividend scales, interest crediting rates,
mortality, persistency, and expenses to administer business. Assumptions used in
the calculation of estimated gross margins and profits which may have
significantly changed are updated annually. If the update of assumptions causes
expected future gross margins and profits to increase, DAC and VOBA amortization
will decrease, resulting in a current period increase to earnings. The opposite
result occurs when the assumption update causes expected future gross margins
and profits to decrease.

Our most significant assumption updates resulting in a change to expected future
gross margins and profits and the amortization of DAC and VOBA are due to
revisions to expected future investment returns, expenses, in-force or
persistency assumptions and policyholder dividends on participating traditional
life contracts, variable and universal life contracts and annuity contracts. We
expect these assumptions to be the ones most reasonably likely to cause
significant changes in the future. Changes in these assumptions can be
offsetting and we are unable to predict their movement or offsetting impact over
time.
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See Note 4 of the Notes to the Consolidated Financial Statements for additional
information on DAC and VOBA.

Estimated Fair Value of Investments

In determining the estimated fair value of our investments, fair values are
based on unadjusted quoted prices for identical investments in active markets
that are readily and regularly obtainable. When such unadjusted quoted prices
are not available, estimated fair values are based on quoted prices in markets
that are not active, quoted prices for similar but not identical investments, or
other observable inputs. If these inputs are not available, or observable inputs
are not determinable, unobservable inputs and/or adjustments to observable
inputs requiring significant management judgment, including assumptions or
estimates, are used to determine the estimated fair value of investments.
Unobservable inputs are based on management's assumptions about the inputs
market participants would use in pricing such investments. The methodologies,
assumptions and inputs utilized are described in Note 9 of the Notes to the
Consolidated Financial Statements.

For the vast majority of our investments, sensitivity analysis regarding
unobservable inputs is not necessary or appropriate, as they are valued using
quoted prices, as described above. Quantitative information about the
significant unobservable inputs used in fair value measurement and the
sensitivity of the estimated fair value to changes in those inputs for the more
significant asset and liability classes measured at estimated fair value on a
recurring basis is presented in Note 9 of the Notes to the Consolidated
Financial Statements.

Financial markets are susceptible to severe events evidenced by rapid
depreciation in asset values accompanied by a reduction in asset liquidity. Our
ability to sell investments, or the price ultimately realized for investments,
depends upon the demand and liquidity in the market and increases the use of
judgment in determining the estimated fair value of certain investments.

Investment Allowance for Credit Loss and Impairments

The significant estimates and inherent uncertainties related to our evaluation
of credit loss and impairments on our investment portfolio are summarized below.
See "Quantitative and Qualitative Disclosures About Market Risk" for information
regarding the sensitivity of our fixed maturity securities and mortgage loan
portfolios to changes in interest rates and foreign currency exchange rates.

Fixed Maturity Securities

The assessment of whether a credit loss has occurred is based on our
case-by-case evaluation of whether the net amount expected to be collected is
less than the amortized cost basis. We consider a wide range of factors about
the security issuer and use our best judgment in evaluating the cause of the
decline in the estimated fair value of the security and in assessing the
prospects for near-term recovery. We evaluate credit loss by considering
information that changes from time to time about past events, current and
forecasted economic conditions, and we measure credit loss by estimating
recovery value using a discounted cash flow analysis. We estimate recovery value
based on our best estimate of future cash flows, which is inherently subjective,
and methodologies can vary depending on the facts and circumstances specific to
each security. We record an ACL for the amount of the credit loss instead of
recording a reduction of the amortized cost as an impairment. The evaluation
processes, measurement methodologies, significant inputs and significant
judgments and assumptions used to determine the amount of credit loss are
described in Notes 1 and 7 of the Notes to the Consolidated Financial
Statements. The determination of the amount of ACL is subjective as it includes
our estimates and assumptions and assessment of known and inherent risks. We
revise these evaluations as conditions change and new information becomes
available. The valuation of our fixed maturity securities portfolio is sensitive
to changes in interest rates and the estimated fair value of the portion of our
fixed maturities securities portfolio that is foreign denominated, is sensitive
to changes in foreign currency exchange rates.
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Mortgage Loans

The ACL is established both for pools of loans with similar risk characteristics
and for loans with dissimilar risk characteristics, collateral dependent loans
and reasonably expected troubled debt restructurings, individually on a loan
specific basis. We record an allowance for expected lifetime credit loss in an
amount that represents the portion of the amortized cost basis of mortgage loans
that we do not expect to collect, resulting in mortgage loans being presented at
the net amount expected to be collected. To determine the mortgage loan ACL, we
apply significant judgment to estimate expected lifetime credit loss over the
contractual term of our mortgage loans adjusted for expected prepayments and any
extensions; and we consider past events and current and forecasted economic
conditions which are subject to inherent uncertainty and which necessarily
change from time to time. The ACL methodologies, significant inputs and
significant judgments and assumptions used to determine the amount of credit
loss are described in Notes 1 and 7 of the Notes to the Consolidated Financial
Statements. The determination of the amount of ACL is subjective as it includes
our estimates and assumptions and assessment of known and inherent risks. We
revise these estimates as conditions change and new information becomes
available. The estimated fair value of our mortgage loan portfolio is sensitive
to changes in interest rates and the estimated fair value of the portion of our
mortgage loan portfolio that is foreign denominated, is sensitive to changes in
foreign currency exchange rates.

Real Estate, Leases and Other Asset Classes

The determination of the amount of ACL on leases and impairments on real estate
and the remaining asset classes is highly subjective and is based upon our
quarterly evaluation and assessment of known and inherent risks associated with
the respective asset class. The evaluation processes, measurement methodologies,
significant inputs and significant judgments and assumptions used to determine
the amount of ACL and impairments are described in Notes 1 and 7 of the Notes to
the Consolidated Financial Statements. Such evaluations and assessments are
revised as conditions change and new information becomes available.

Derivatives

The determination of the estimated fair value of freestanding derivatives, when
quoted market values are not available, is based on market standard valuation
methodologies and inputs that management believes are consistent with what other
market participants would use when pricing the instruments. Derivative
valuations can be affected by changes in interest rates, foreign currency
exchange rates, financial indices, credit spreads, default risk, nonperformance
risk, volatility, liquidity and changes in estimates and assumptions used in the
pricing models. See Note 8 of the Notes to the Consolidated Financial Statements
for additional details on significant inputs into the OTC derivative pricing
models and credit risk adjustment.

We issue variable annuity products with guaranteed minimum benefits, some of
which are embedded derivatives measured at estimated fair value separately from
the host variable annuity product, with changes in estimated fair value reported
in net derivative gains (losses). The estimated fair values of these embedded
derivatives are determined based on the present value of projected future
benefits minus the present value of projected future fees. The projections of
future benefits and future fees require capital market and actuarial
assumptions, including expectations concerning policyholder behavior. A risk
neutral valuation methodology is used under which the cash flows from the
guarantees are projected under multiple capital market scenarios using
observable risk-free rates. The valuation of these embedded derivatives also
includes an adjustment for our nonperformance risk and risk margins for
non-capital market inputs. The nonperformance risk adjustment, which is captured
as a spread over the risk-free rate in determining the discount rate to discount
the cash flows of the liability, is determined by taking into consideration
publicly available information relating to spreads in the secondary market for
MetLife, Inc.'s debt, including related credit default swaps. These observable
spreads are then adjusted, as necessary, to reflect the priority of these
liabilities and the claims paying ability of the issuing insurance subsidiaries
compared to MetLife, Inc. Risk margins are established to capture the
non-capital market risks of the instrument which represent the additional
compensation a market participant would require to assume the risks related to
the uncertainties in certain actuarial assumptions. The establishment of risk
margins requires the use of significant management judgment, including
assumptions of the amount and cost of capital needed to cover the guarantees.

Variable annuities with guaranteed minimum benefits may be more costly than
expected in volatile or declining equity markets. Market conditions including,
but not limited to, changes in interest rates, equity indices, market volatility
and foreign currency exchange rates, changes in our nonperformance risk,
variations in actuarial assumptions regarding policyholder behavior, mortality
and risk margins related to non-capital market inputs, may result in significant
fluctuations in the estimated fair value of the guarantees that could materially
affect net income. If interpretations change, there is a risk that features
previously not bifurcated may require bifurcation and reporting at estimated
fair value on the consolidated financial statements and respective changes in
estimated fair value could materially affect net income.
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Additionally, we ceded the risk associated with certain of the variable
annuities with guaranteed minimum benefits described in the preceding
paragraphs. The value of the embedded derivatives on the ceded risk is
determined using a methodology consistent with that described previously for the
guarantees directly written by us with the exception of the input for
nonperformance risk that reflects the credit of the reinsurer. Because certain
of the direct guarantees do not meet the definition of an embedded derivative
and, thus, are not accounted for at fair value, significant fluctuations in net
income may occur since the change in fair value of the embedded derivative on
the ceded risk is being recorded in net income without a corresponding and
offsetting change in fair value of the direct guarantee.

See Note 8 of the Notes to the Consolidated Financial Statements for additional
information on our derivatives and hedging programs. See also "Quantitative and
Qualitative Disclosures About Market Risk" for information regarding the
sensitivity of our derivatives to changes in interest rates, foreign currency
exchange rates, and equity market prices.

Employee Benefit Plans

The Company sponsors a U.S. nonqualified defined benefit pension plan covering
MetLife employees who meet specified eligibility requirements. The calculation
of the obligations and expenses associated with this plan requires an extensive
use of assumptions such as the discount rate and rate of future compensation
increases, as well as assumptions regarding participant demographics such as
rate and age of retirement, withdrawal rates and mortality. In consultation with
external actuarial firms, we determine these assumptions based upon a variety of
factors such as the historical experience of the plan, currently available
market and industry data, and expected benefit payout streams.

We determine the discount rate used to value the Company's pension obligation
based upon rates commensurate with current yields on high quality corporate
bonds. Given our pension obligations as of December 31, 2021, the beginning of
the measurement year, if we had assumed a discount rate for our pension plan
that was 100 basis points higher or 100 basis points lower than the rate we
assumed, the change in our net periodic benefit costs in 2022 would have been as
follows:

                                                             Year Ended December 31, 2022
                                                        

Increase/(Decrease) in Net Periodic

                                                                    Pension 

Costs

                                                                    (In 

millions)

Increase in discount rate by 100 bps                    $                               (7)
Decrease in discount rate by 100 bps                    $                                7


Given our pension obligations as of December 31, 2022, the end of the
measurement year, if we had assumed a discount rate for our pension plan that
was 100 basis points higher or 100 basis points lower than the rate we assumed,
the change in our pension benefit obligation would have been as follows:

                                                               Year Ended 

December 31, 2022

Increase/(Decrease) in Pension

                                                                    Benefit 

Obligation

                                                                       (In 

millions)

Increase in discount rate by 100 bps                       $                              (81)
Decrease in discount rate by 100 bps                       $                               95


These tables consider only changes in our assumed discount rate without
consideration of possible changes in any of the other assumptions described
above that could ultimately accompany any changes in our assumed discount rate.
The assumptions used may differ materially from actual results due to, among
other factors, changing market and economic conditions and changes in
participant demographics. These differences may have a significant impact on the
Company's consolidated financial statements and liquidity.

See Note 14 of the Notes to the Consolidated Financial Statements for additional
discussion of assumptions used in measuring liabilities relating to our employee
benefit plans.

Income Taxes and Valuation of Deferred Tax Assets

Our accounting for income taxes represents our best estimate of various events
and transactions. Tax laws are often complex and may be subject to differing
interpretations by the taxpayer and the relevant governmental taxing
authorities. In establishing a provision for income tax expense, we must make
judgments and interpretations about the application of inherently complex tax
laws. We must also make estimates about when in the future certain items will
affect taxable income in the various tax jurisdictions in which we conduct
business.
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The Company considers all available factors, both positive and negative, to
determine whether, based on the weight of these factors, a partial or full
valuation allowance for categories of deferred tax assets is required. The
weight given to these factors is commensurate with the extent to which it can be
objectively verified. Examples of factors considered in determining deferred tax
asset realizability include past earnings history, projections of taxable income
and tax planning strategies. Changes in tax laws and/or statutory tax rates in
countries in which we operate could have an impact on our valuation of net
deferred tax assets. If there were a 1% increase in the global effective income
tax rate, the change would have resulted in an approximate $127 million increase
in the net deferred income tax asset balance at December 31, 2022.

See Notes 1 and 15 of the Notes to the Consolidated Financial Statements for
additional information on our income taxes.

Litigation Contingencies

We are a defendant in a large number of litigation matters and are involved in a
number of regulatory investigations. Given the large and/or indeterminate
amounts sought in certain of these matters and the inherent unpredictability of
litigation, it is possible that an adverse outcome in certain matters could,
from time to time, have a material effect on the Company's consolidated net
income or cash flows in particular quarterly or annual periods. Liabilities are
established when it is probable that a loss has been incurred and the amount of
the loss can be reasonably estimated. Liabilities related to certain lawsuits,
including our asbestos-related liability, are especially difficult to estimate
due to the limitation of reliable data and uncertainty regarding numerous
variables that can affect liability estimates. On a quarterly and annual basis,
we review relevant information with respect to liabilities for litigation,
regulatory investigations and litigation-related contingencies to be reflected
in our consolidated financial statements. It is possible that an adverse outcome
in certain of our litigation and regulatory investigations, including
asbestos-related cases, or the use of different assumptions in the determination
of amounts recorded could have a material effect upon our consolidated net
income or cash flows in particular quarterly or annual periods.

See Note 16 of the Notes to the Consolidated Financial Statements for additional
information regarding our assessment of litigation contingencies.

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Results of Operations

Consolidated Results
                                                                         Years Ended December 31,
                                                                         2022                 2021
                                                                              (In millions)
Revenues
Premiums                                                           $      31,198          $   26,191
Universal life and investment-type product policy fees                     1,997               2,062
Net investment income                                                     10,122              12,486
Other revenues                                                             1,698               1,616
Net investment gains (losses)                                               (127)                652
Net derivative gains (losses)                                                472                (964)
Total revenues                                                            45,360              42,043
Expenses
Policyholder benefits and claims and policyholder dividends               33,513              30,151
Interest credited to policyholder account balances                         2,382               2,027
Capitalization of DAC                                                       (184)                (64)
Amortization of DAC and VOBA                                                 144                 259
Interest expense on debt                                                     104                  96
Other expenses                                                             5,491               5,326
Total expenses                                                            41,450              37,795
Income (loss) before provision for income tax                              3,910               4,248
Provision for income tax expense (benefit)                                   639                 530

Net income (loss)                                                          3,271               3,718
Less: Net income (loss) attributable to noncontrolling interests              28                   5

Net income (loss) attributable to Metropolitan Life Insurance
Company

                                                            $       

3,243 $ 3,713

Year Ended December 31, 2022 Compared with the Year Ended December 31, 2021

During 2022, net income (loss) decreased $447 million from 2021, primarily
driven by unfavorable changes in adjusted earnings and net investment gains
(losses), largely offset by a favorable change in net derivative gains (losses),
net of investment hedge adjustments, and a favorable change from our actuarial
assumption reviews.

Management of Investment Portfolio and Hedging Market Risks with Derivatives.
See "- Investments - Overview" for a discussion of the management of our
investment portfolio.

We purchase investments to support our insurance liabilities and not to generate
net investment gains and losses. However, net investment gains and losses are
incurred and can change significantly from period to period due to changes in
external influences, including changes in market factors such as interest rates,
foreign currency exchange rates, credit spreads and equity markets; counterparty
specific factors such as financial performance, credit rating and collateral
valuation; and internal factors such as portfolio rebalancing. Changes in these
factors from period to period can significantly impact the levels of provision
for credit loss and impairments on our investment portfolio, as well as realized
gains and losses on investments sold.

We also use derivatives as an integral part of our management of the investment
portfolio and insurance liabilities to hedge certain risks, including changes in
interest rates, foreign currency exchange rates, credit spreads and equity
market levels. We use freestanding interest rate, equity, credit and currency
derivatives to hedge certain invested assets and insurance liabilities. A
portion of these hedges are designated and qualify as accounting hedges, which
reduce volatility in earnings. For those hedges not designated as accounting
hedges, changes in market factors lead to the recognition of fair value changes
in net derivative gains (losses) generally without an offsetting gain or loss
recognized in earnings for the item being hedged, which creates volatility in
earnings. We actively evaluate market risk hedging needs and strategies to
ensure our liquidity objectives are met under a range of market conditions.
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Certain direct or assumed variable annuity products with guaranteed minimum
benefits contain embedded derivatives that are measured at estimated fair value
separately from the host variable annuity contract, with changes in estimated
fair value recorded in net derivative gains (losses). We use freestanding
derivatives to hedge the market risks inherent in these variable annuity
guarantees. The valuation of these embedded derivatives includes a
nonperformance risk adjustment, which is unhedged, and can be a significant
driver of net derivative gains (losses) and volatility in earnings, but does not
have an economic impact on us.

We continuously review and refine our hedging strategy in light of changing
economic and market conditions, evolving NAIC and NYDFS statutory requirements
and accounting rule changes. As a part of our current hedging strategy, we
maintain portfolio level derivatives in our macro hedge program. These macro
hedge program derivatives, which are included in the non-VA program derivatives
section of the table below, mitigate the potential deterioration in our capital
positions from significant adverse economic conditions.

Net Derivative Gains (Losses). Direct and assumed variable annuity embedded
derivatives and associated freestanding derivative hedges are collectively
referred to as "VA program derivatives." All other derivatives that are economic
hedges of certain invested assets and insurance liabilities are referred to as
"non-VA program derivatives." The table below presents the impact on net
derivative gains (losses) from non-VA program derivatives and VA program
derivatives:
                                                                        Years Ended December 31,
                                                                        2022                  2021
                                                                              (In millions)
Non-VA program derivatives:
Interest rate                                                     $       (1,113)         $     (775)
Foreign currency exchange rate                                               348                 236
Credit                                                                        40                  54
Equity                                                                        (6)               (726)
Non-VA embedded derivatives                                                1,609                 333
Total non-VA program derivatives                                             878                (878)

VA program derivatives:
Embedded derivatives - direct and assumed guarantees:
Market risks

                                                                 462                 670
Nonperformance risk adjustment                                                21                  27
Other risks                                                                 (508)               (297)
  Total                                                                      (25)                400
Freestanding derivatives hedging direct and assumed embedded
derivatives                                                                 (381)               (486)
Total VA program derivatives                                                (406)                (86)
Net derivative gains (losses)                                     $          472          $     (964)


The favorable change in net derivative gains (losses) on non-VA program
derivatives was $1.8 billion ($1.4 billion, net of income tax). This was
primarily due to a change in the value of the underlying assets, favorably
impacting non-VA embedded derivatives related to funds withheld on a certain
reinsurance agreement. In addition, key equity indexes decreased in 2022 versus
increased in 2021, favorably impacting equity options and total rate of return
swaps ("TRRs") acquired primarily as part of our macro hedge program. This
favorable impact was partially offset by long-term rates increasing more
significantly in 2022 compared to 2021. This unfavorably impacted the estimated
fair value of receive fixed interest rate swaps. Because certain of these
hedging strategies are not designated or do not qualify as accounting hedges,
the changes in the estimated fair value of these freestanding derivatives are
recognized in net derivative gains (losses) without an offsetting gain or loss
recognized in earnings for the items being hedged.

The unfavorable change in net derivative gains (losses) on VA program
derivatives was $320 million ($253 million, net of income tax). This was due to
(i) an unfavorable change of $103 million ($81 million, net of income tax) in
market risks in embedded derivatives, net of freestanding derivatives hedging
market risks in embedded derivatives, (ii) an unfavorable change of $211
million, ($167 million, net of income tax) in other risks in embedded
derivatives. and (iii) an unfavorable change of $6 million ($5 million, net of
income tax) in the nonperformance risk adjustment on the direct and assumed
variable annuity embedded derivatives.
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The aforementioned $103 million ($81 million, net of income tax) unfavorable
change reflects a $208 million ($164 million, net of income tax) unfavorable
change in market risks in embedded derivatives, partially offset by a
$105 million ($83 million, net of income tax) favorable change in freestanding
derivatives hedging market risks in embedded derivatives.

The primary changes in market factors affecting the valuation of VA program
derivatives are summarized as follows:

•Long-term interest rates increased more significantly in 2022 compared to 2021,
contributing to an unfavorable change in our freestanding derivatives and a
favorable change in our embedded derivatives. For example, the 30-year U.S. swap
rate increased 176 basis points in 2022 and increased 33 basis points in 2021.

•Key equity index levels decreased in 2022 versus increased in 2021,
contributing to an unfavorable change in our embedded derivatives and a
favorable change in our freestanding derivatives. For example, the S&P 500 Index
decreased 19% in 2022 and increased 27% in 2021.

The aforementioned $211 million ($167 million, net of income tax) unfavorable
change in other risks in embedded derivatives reflects actuarial assumption
updates and a combination of factors, such as fees deducted from accounts,
changes in the benefit base, premiums, lapses, withdrawals and deaths, in
addition to changes to cross-effect, basis mismatch, risk margin and fund
allocation.

The aforementioned $6 million ($5 million, net of income tax) unfavorable change
in the nonperformance risk adjustment on the direct and assumed variable annuity
embedded derivatives resulted from an unfavorable change of $27 million ($21
million, net of income tax) related to changes in our own credit spread,
partially offset by a favorable change of $21 million ($16 million, net of
income tax) related to model changes and changes in capital market inputs, such
as long-term interest rates and key equity index levels, on variable annuity
guarantees.

When equity index levels decrease in isolation, the direct and assumed variable
annuity guarantees become more valuable to policyholders, which results in an
increase in the undiscounted embedded derivative liability. Discounting this
unfavorable change by the risk adjusted rate results in a smaller loss than by
discounting at the risk-free rate, thus creating a gain from including an
adjustment for nonperformance risk on the direct and assumed variable annuity
embedded derivatives.

When the risk-free interest rate decreases in isolation, discounting the
embedded derivative liability produces a higher valuation of the liability than
if the risk-free interest rate had remained constant. Discounting this
unfavorable change by the risk adjusted rate results in a smaller loss than by
discounting at the risk-free interest rate, thus creating a gain from including
an adjustment for nonperformance risk on the direct and assumed variable annuity
embedded derivatives.

When our own credit spread increases in isolation, discounting the embedded
derivative liability produces a lower valuation of the liability than if our own
credit spread had remained constant. As a result, a gain is created from
including an adjustment for nonperformance risk on the direct and assumed
variable annuity embedded derivatives. For each of these primary market drivers,
the opposite effect occurs when the driver moves in the opposite direction.

Net Investment Gains (Losses). The unfavorable change in net investment gains
(losses) of $779 million ($615 million, net of income tax) primarily reflects
higher losses on sales on fixed maturity securities, and higher provisions for
credit loss on fixed maturity securities, partially offset by net foreign
currency transaction gains in 2022.

Taxes. Our 2022 effective tax rate on income (loss) before provision for income
tax was 16%. Our effective tax rate differed from the U.S. statutory rate of 21%
primarily due to tax benefits from tax credits, the corporate tax deduction for
stock compensation and non-taxable investment income. Our 2021 effective tax
rate on income (loss) before provision for income tax was 12%. Our effective tax
rate differed from the U.S. statutory rate of 21% primarily due to tax benefits
from tax credits, non-taxable investment income, the non-cash transfer of assets
from a wholly-owned U.K. investment subsidiary to its U.S. parent and the
corporate tax deduction for stock compensation.

Actuarial Assumption Review and Certain Other Insurance Adjustments. Results for
2022 include a $17 million ($14 million, net of income tax) gain associated with
our annual review of actuarial assumptions related to reserves and DAC, of which
a $353 million ($279 million, net of income tax) loss was recognized in net
derivative gains (losses).

Of the $17 million gain, a $226 million ($179 million, net of income tax) gain
was related to DAC and a $209 million ($165 million, net of income tax) charge
was associated with reserves. The portion of the $17 million gain that is
included in adjusted earnings is a charge of $1 million ($1 million, net of
income tax).
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The $353 million ($279 million, net of income tax) loss recognized in net
derivative gains (losses) associated with our annual review of actuarial
assumptions is included within the other risks in embedded derivatives caption
in the table above.

As a result of our annual review of actuarial assumptions, changes were made to
economic, biometric, policyholder behavior, and operational assumptions. The
most significant impacts were in the MetLife Holdings segment, including
economic assumption updates related to the projection of closed block results
and updates to the behavioral assumptions for variable annuities. The breakdown
of total current period results is summarized as follows:

•Economic assumption updates resulted in favorable impacts to reserves and DAC
for a net gain of $179 million ($142 million, net of income tax).

•Changes in biometric assumptions resulted in favorable impacts to DAC and
unfavorable impacts to reserves for a net gain of $1 million ($1 million, net of
income tax).

•Changes in policyholder behavior assumptions resulted in unfavorable impacts to
reserves and favorable impacts to DAC for a net charge of $201 million ($159
million, net of income tax).

•Changes in operational assumptions resulted in favorable impacts to reserves
and unfavorable impacts to DAC for a net gain of $38 million ($30 million, net
of income tax).

Results for 2021 include a $167 million ($133 million, net of income tax) charge
associated with our annual review of actuarial assumptions related to reserves
and DAC, of which a $6 million ($5 million, net of income tax) loss was
recognized in net derivative gains (losses). Of the $167 million charge, a $7
million ($2 million, net of income tax) gain was related to DAC and a $174
million ($135 million, net of income tax) charge was associated with reserves.
The portion of the $167 million charge that is included in adjusted earnings is
$68 million ($53 million, net of income tax).

Certain other insurance adjustments recorded in 2022 include a $115 million ($91
million, net of income tax) favorable reinsurance recapture in our U.S. segment
and an $83 million ($66 million, net of income tax) charge related to model
refinements in our MetLife Holdings segment. These adjustments are included in
adjusted earnings.

Adjusted Earnings. As more fully described in "- Non-GAAP and Other Financial
Disclosures," we use adjusted earnings, which does not equate to net income
(loss), as determined in accordance with GAAP, to analyze our performance,
evaluate segment performance, and allocate resources. We believe that the
presentation of adjusted earnings, as we measure it for management purposes,
enhances the understanding of our performance by highlighting the results of
operations and the underlying profitability drivers of the business. Adjusted
earnings allows analysis of our performance and facilitates comparisons to
industry results. Adjusted earnings should not be viewed as a substitute for net
income (loss). Adjusted earnings decreased $1.7 billion, net of income tax, to
$3.0 billion, net of income tax, for 2022 from $4.7 billion, net of income tax,
for 2021.
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Reconciliation of net income (loss) to adjusted earnings and premiums, fees and
other revenues to adjusted premiums, fees and other revenues

                                                                                     Years Ended December 31,
                                                                                     2022                 2021
                                                                                          (In millions)
Net income (loss)                                                              $       3,271          $    3,718
Less: adjustments from net income (loss) to adjusted earnings:
Revenues:
Net investment gains (losses)                                                           (127)                652
Net derivative gains (losses)                                                            472                (964)
Premiums                                                                                   -                   -
Universal life and investment-type product policy fees                                    75                  80
Net investment income                                                                   (588)               (579)
Other revenues                                                                             -                   -
Expenses:
Policyholder benefits and claims and policyholder dividends                              445                (366)
Interest credited to policyholder account balances                                         -                   2
Capitalization of DAC                                                                      -                   -
Amortization of DAC and VOBA                                                              59                 (32)
Interest expense on debt                                                                   -                   -
Other expenses                                                                            23                   9
Provision for income tax (expense) benefit                                               (78)                241
Adjusted earnings                                                           

$ 2,990 $ 4,675

Premiums, fees and other revenues                                              $      34,893          $   29,869
Less: adjustments to premiums, fees and other revenues                                    75                  80
Adjusted premiums, fees and other revenues                                  

$ 34,818 $ 29,789

Consolidated Results - Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for 2022 increased
$5.0 billion, or 17%, compared to 2021. This was primarily due to higher
premiums in our Retirement and Income Solutions ("RIS") business, as well as
growth in our Group Benefits business, both in our U.S. segment. The increase in
premiums in RIS was mainly driven by a large pension risk transfer transaction
in 2022. Changes in RIS premiums are mostly offset by a corresponding change in
policyholder benefits. The increase in our Group Benefits business was primarily
due to growth from our group disability, voluntary and dental products.

Our MetLife Holdings segment consists of operations relating to products and
businesses that we no longer actively market. We anticipate an annual decline in
adjusted premiums, fees and other revenues in our MetLife Holdings segment from
expected business run-off. Although we have discontinued selling our long-term
care product, we continue to collect premiums and administer the existing block
of business, which contributed to asset growth in the segment, and we expect the
related reserves to grow as this block matures. Our future policyholder benefit
liability for our long-term care business was $14.3 billion and $14.4 billion as
of December 31, 2022 and 2021, respectively.
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Year Ended December 31, 2022 Compared with the Year Ended December 31, 2021

Unless otherwise stated, all amounts discussed below are net of income tax.

Overview. The primary driver of the decrease in adjusted earnings was lower
investment yields due to the unfavorable impact of lower equity market returns
on our private equity funds and hedge funds, partially offset by favorable
underwriting, primarily driven by an overall decline in COVID-19 related claims.
In addition, the favorable change from our actuarial assumption reviews
increased adjusted earnings. Our results for 2022 also included the favorable
impact from a reinsurance recapture in our U.S. segment and the unfavorable
impact from model refinements in our MetLife Holdings segment. Our results for
2021 included the favorable impact of a tax adjustment related to the non-cash
transfer of assets from a wholly-owned U.K. investment subsidiary to its U.S.
parent.

Business Growth. Net investment income improved as a result of higher average
invested assets, predominantly in our U.S. segment, due to positive net flows,
primarily from pension risk transfer transactions and funding agreement
issuances. Growth in Corporate & Other's investment portfolio also contributed
to improved net investment income. However, this was partially offset by a
corresponding increase in interest credited expenses on long-duration insurance
products. In our MetLife Holdings segment, negative net flows from our deferred
annuity business resulted in lower asset-based fee income. In addition, premiums
declined due to business run-off and the impact of dividend scale reductions in
both years, which decreased adjusted earnings. Also, in our U.S. segment, higher
direct expenses, including certain employee-related costs, coupled with an
increase in variable expenses, exceeded the corresponding increase in premiums,
fees and other revenues. The combined impact of the items affecting our business
growth, as well as lower DAC amortization, resulted in a $15 million decrease in
adjusted earnings.

Market Factors. Market factors, including interest rate levels, variability in
equity market returns, and foreign currency exchange rate fluctuations,
continued to impact our results; however, certain impacts were mitigated by
derivatives used to hedge these risks. Investment yields decreased driven by the
unfavorable impact of lower equity market returns on our private equity funds,
hedge funds and fair value option securities ("FVO Securities"), as well as
lower prepayment fees. These decreases were partially offset by higher yields on
our fixed income securities and mortgage loans. In our U.S. segment, the impact
of interest rate fluctuations resulted in an increase in our average interest
credited rates on our deposit-type and long-duration insurance products, which
drove an increase in interest credited expenses. The changes in market factors
discussed above resulted in a $2.5 billion decrease in adjusted earnings.

Underwriting, Actuarial Assumption Review and Other Insurance Adjustments.
Underwriting results increased adjusted earnings by $758 million primarily due
to favorable mortality in our U.S. segment. Favorable mortality in our U.S.
segment was primarily driven by our Group Benefits business, partially offset by
less favorable mortality in our RIS business. The favorable Group Benefits
mortality was the result of decreases in both incidence and severity of COVID-19
and non-COVID-19 claims. Less favorable mortality in our RIS business was driven
by our structured settlement and pension risk transfer businesses. The favorable
change from our annual actuarial assumption reviews resulted in a net increase
of $52 million in adjusted earnings. Refinements to certain insurance and other
assets and liabilities in both years resulted in a $363 million increase in
adjusted earnings, which includes the favorable impact from a reinsurance
recapture in our U.S. segment largely offset by model refinements in our MetLife
Holdings segment, all in 2022, as well as the favorable impact from adjustments
to certain deposit reinsurance assets in both years. Dividend scale reductions,
as well as run-off in Metropolitan Life Insurance Company's closed block,
contributed to lower dividend expense, net of DAC amortization, and resulted in
a $78 million increase in adjusted earnings.

Expenses. Adjusted earnings decreased $267 million mainly due to an increase in
corporate-related expenses and higher interest expense on tax positions due to
audit settlements in both years, partially offset by a decrease in
employee-related expenses.

Taxes. Our 2022 effective tax rate on adjusted earnings was 16%. Our effective
tax rate differed from the U.S. statutory rate of 21% primarily due to tax
benefits from tax credits, the corporate tax deduction for stock compensation
and non-taxable investment income. Our 2021 effective tax rate on adjusted
earnings was 14%. Our effective tax rate differed from the U.S. statutory rate
of 21% primarily due to tax benefits from tax credits, non-taxable investment
income, the non-cash transfer of assets from a wholly-owned U.K. investment
subsidiary to its U.S. parent and the corporate tax deduction for stock
compensation.
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Investments

Overview

We manage our investment portfolio using disciplined asset/liability management
("ALM") principles, focusing on cash flow and duration to support our current
and future liabilities. Our intent is to match the timing and amount of
liability cash outflows with invested assets that have cash inflows of
comparable timing and amount, while optimizing risk-adjusted investment income
and risk-adjusted total return. Our investment portfolio is heavily weighted
toward fixed income investments, with the vast majority of our portfolio
invested in fixed maturity securities available-for-sale ("AFS") and mortgage
loans. These securities and loans have varying maturities and other
characteristics which cause them to be generally well suited for matching the
cash flow and duration of insurance liabilities.

Current Environment

As a large insurer with a diverse investment portfolio, we continue to be
impacted by the changing global financial and economic environment, the fiscal
and monetary policy of governments and central banks around the world and other
governmental measures. Global inflation, supply chain disruptions, the
Russia-Ukraine conflict and the COVID-19 pandemic continue to impact the global
economy and financial markets and has caused volatility in the global equity,
credit and real estate markets. These factors may persist for some time and may
continue to impact pricing levels of risk-bearing investments, as well as our
business operations, investment portfolio and derivatives. Rising market
interest rates have impacted our investment portfolio and derivatives. See "-
Results of Operations - Consolidated Results," and "- Results of Operations -
Consolidated Results - Adjusted Earnings" for impacts on our derivatives and
analysis of the period over period changes in investment portfolio results and
"Investments - Fixed Maturity Securities AFS - Evaluation of Fixed Maturity
Securities AFS for Credit Loss - Evaluation of Fixed Maturity Securities AFS in
an Unrealized Loss Position" in Note 7 of the Notes to the Consolidated
Financial Statements for impacts on the net unrealized gain (loss) on our fixed
maturity securities AFS.

Selected Country Investments

We have country-specific exposure to volatility posed by local political and
economic conditions as a result of our global portfolio diversification
objectives for our general account investments. The countries included in the
following table have been the most affected by these risks. The table below
presents a summary of selected country fixed maturity securities AFS, at
estimated fair value, on a "country of risk basis" (e.g. where the issuer
primarily conducts business).
                                                Selected Country Fixed 

Maturity Securities AFS at December 31,

                                                                             2022
                                                                        Financial          Non-Financial
Country                                         Sovereign (1)           Services             Services                   Total (2)
                                                                    (Dollars in millions)

Italy                                          $       10             $       12          $        333                $      355
Peru                                                   79                     12                   129                       220
Russian Federation (3)                                 35                      -                     -                        35
Turkey                                                  2                      -                    10                        12
Ukraine (3)                                             -                      -                     2                         2
Total                                          $      126             $       24          $        474                $      624
Investment grade %                                   66.4     %             94.6  %               65.3  %                   66.7  %


______________

(1)Sovereign includes government and agency.

(2)The par value, amortized cost net of ACL, and estimated fair value, net of
purchased and written credit default swaps, of these securities were
$756 million, $696 million and $556 million, respectively, at December 31, 2022.
The notional value and estimated fair value of the net purchased and written
credit default swaps were $68 million and less than $1 million, respectively, at
December 31, 2022.
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(3)As of December 31, 2022, the amortized cost, ACL and amortized cost, net of
ACL of our Russian Federation sovereign securities were $102 million,
$67 million and $35 million, respectively; and the amortized cost, ACL and
amortized cost, net of ACL of our Russian Federation corporate securities were
$2 million, $2 million and less than $1 million, respectively. As of
December 31, 2022, the amortized cost, ACL and amortized cost, net of ACL of our
Ukraine sovereign securities were $1 million, $1 million and less than
$1 million, respectively; and the amortized cost, ACL and amortized cost, net of
ACL of our Ukraine corporate securities were $3 million, $1 million and
$2 million, respectively.

We manage direct and indirect investment exposure in the selected countries
through fundamental analysis and we continually monitor and adjust our level of
investment exposure.

Investment Portfolio Results

The reconciliation of net investment income under GAAP to adjusted net
investment income, is presented below.

                                           Years Ended December 31,
                                              2022                 2021
                                                 (In millions)
Net investment income - GAAP         $      10,122              $ 12,486
Investment hedge adjustments                   576                   571
Other                                           12                     8
Adjusted net investment income (1)   $      10,710              $ 13,065

__________________

(1)See "Financial Measures and Segment Accounting Policies" in Note 2 of the
Notes to the Consolidated Financial Statements for a discussion of the
adjustments made to net investment income under GAAP in calculating adjusted net
investment income.

The following yield table presentation is consistent with how we measure our
investment performance for management purposes, and we believe it enhances
understanding of our investment portfolio results.

                                                                      For 

the Years Ended December 31,

                                                                2022                                    2021
Asset Class                                         Yield% (1)            Amount            Yield% (1)            Amount
                                                                            (Dollars in millions)
Fixed maturity securities AFS (2), (3)                 4.04         %   $  6,124               4.18         %   $  6,183
Mortgage loans (3)                                     4.28         %      2,612               4.19         %      2,656
Real estate and real estate joint ventures             5.40         %        437               3.80         %        294
Policy loans                                           5.01         %        288               4.95         %        292

Other limited partnership interests (4)                5.28         %        435              42.74         %      3,169
Cash and short-term investments                        4.46         %         83               1.89         %          8
Other invested assets                                                      1,040                                     792
Investment income                                      4.47         %     11,019               5.56         %     13,394
Investment fees and expenses                          (0.13)                (309)             (0.14)                (329)
Adjusted net investment income                         4.34         %   $ 10,710               5.42         %   $ 13,065


______________

(1)We calculate yields using adjusted net investment income as a percent of
average quarterly asset carrying values. Adjusted net investment income excludes
realized gains (losses) from sales and disposals and includes the impact of
changes in foreign currency exchange rates. Average quarterly asset carrying
values exclude unrealized gains (losses), collateral received in connection with
our securities lending program, annuities funding structured settlement claims,
freestanding derivative assets and collateral received from derivative
counterparties. A yield is not presented for other invested assets, as it is not
considered a meaningful measure of performance for this asset class.

(2)Investment income (loss) from fixed maturity securities AFS includes amounts
from FVO Securities of ($143) million and $102 million for the years ended
December 31, 2022 and 2021, respectively.

(3)Investment income from fixed maturity securities AFS and mortgage loans
includes prepayment fees.

(4)See "- Results of Operations - Consolidated Results - Adjusted Earnings" for
discussion of results for the year ended December 31, 2022 compared to the year
ended December 31, 2021.
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See "- Results of Operations - Consolidated Results - Adjusted Earnings" for an
analysis of the period over period changes in investment portfolio results.

Fixed Maturity Securities AFS

The following table presents public and private fixed maturity securities AFS
held at:

                                                            December 31, 2022                              December 31, 2021
                                                      Estimated                                      Estimated
                                                        Fair                                           Fair
Securities by Type                                      Value                % of Total                Value                % of Total
                                                                                  (Dollars in millions)
Fixed maturity securities AFS
Publicly-traded                                  $        105,977              72.8       %     $        131,916              75.0       %
Privately-placed                                           39,599              27.2                       43,969              25.0
Total fixed maturity securities AFS              $        145,576             100.0       %     $        175,885             100.0       %
  Percentage of cash and invested assets                     55.7  %                                        60.0  %


See Note 7 of the Notes to the Consolidated Financial Statements for information
about fixed maturity securities AFS by sector, contractual maturities,
continuous gross unrealized losses; as well as realized gains (losses) on sales
and disposals.

Included within fixed maturity securities AFS are structured securities,
including residential mortgage-backed securities ("RMBS"), asset-backed
securities and collateralized loan obligations (collectively, "ABS & CLO") and
commercial mortgage-backed securities ("CMBS") (collectively, "Structured
Products"). See "- Structured Products" for further information.

Valuation of Securities. We are responsible for the determination of the
estimated fair value of our investments. We determine the estimated fair value
of publicly-traded securities after considering one of three primary sources of
information: quoted market prices in active markets, independent pricing
services, or independent broker quotations. We determine the estimated fair
value of privately-placed securities after considering one of three primary
sources of information: market standard internal matrix pricing, market standard
internal discounted cash flow techniques, or independent pricing services (after
we determine the independent pricing services' use of available observable
market data). For publicly-traded securities, the number of quotations obtained
varies by instrument and depends on the liquidity of the particular instrument.
Generally, we obtain prices from multiple pricing services to cover all asset
classes and obtain multiple prices for certain securities, but ultimately
utilize the price with the highest placement in the fair value hierarchy.
Independent pricing services that value these instruments use market standard
valuation methodologies based on data about market transactions and inputs from
multiple pricing sources that are market observable or can be derived
principally from or corroborated by observable market data. See Note 9 of the
Notes to the Consolidated Financial Statements for a discussion of the types of
market standard valuation methodologies utilized and key assumptions and
observable inputs used in applying these standard valuation methodologies. When
a price is not available in the active market or through an independent pricing
service, management values the security primarily using market standard internal
matrix pricing or discounted cash flow techniques, and non-binding quotations
from independent brokers who are knowledgeable about these securities.
Independent non-binding broker quotations utilize inputs that may be difficult
to corroborate with observable market data. As shown in the following section,
less than 1% of our fixed maturity securities AFS were valued using non-binding
quotations from independent brokers at December 31, 2022.

Senior management, independent of the trading and investing functions, is
responsible for the oversight of control systems and valuation policies for
securities, mortgage loans, real estate and derivatives. On a quarterly basis,
new transaction types and markets are reviewed and approved to ensure that
observable market prices and market-based parameters are used for valuation,
wherever possible, and for determining that valuation adjustments, when applied,
are based upon established policies and are applied consistently over time.
Senior management oversees the selection of independent third-party pricing
providers and the controls and procedures to evaluate third-party pricing.
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We review our valuation methodologies on an ongoing basis and revise those
methodologies when necessary based on changing market conditions. Assurance is
gained on the overall reasonableness and consistent application of input
assumptions, valuation methodologies and compliance with fair value accounting
guidance through controls designed to ensure valuations represent an exit price.
Several controls are utilized, including certain monthly controls, which
include, but are not limited to, analysis of portfolio returns to corresponding
benchmark returns, comparing a sample of executed prices of securities sold to
the fair value estimates, comparing fair value estimates to management's
knowledge of the current market, reviewing the bid/ask spreads to assess
activity, comparing prices from multiple independent pricing services and
ongoing due diligence to confirm that independent pricing services use
market-based parameters. The process includes a determination of the
observability of inputs used in estimated fair values received from independent
pricing services or brokers by assessing whether these inputs can be
corroborated by observable market data. We ensure that prices received from
independent brokers, also referred to herein as "consensus pricing," are
representative of estimated fair value by considering such pricing relative to
our knowledge of the current market dynamics and current pricing for similar
investments. While independent non-binding broker quotations are utilized, they
are not used for a significant portion of the portfolio.

On a quarterly basis, we also apply a formal process to challenge any prices
received from independent pricing services that are not considered
representative of estimated fair value. If prices received from independent
pricing services are not considered reflective of market activity or
representative of estimated fair value, independent non-binding broker
quotations are obtained, or an internally developed valuation is prepared.
Internally developed valuations of current estimated fair value, compared with
pricing received from the independent pricing services, did not produce material
differences in the estimated fair values for the majority of the portfolio;
accordingly, overrides were not material. This is, in part, because internal
estimates are generally based on available market evidence and estimates used by
other market participants. In the absence of such market-based evidence,
management's best estimate is used.

We have reviewed the significance and observability of inputs used in the
valuation methodologies to determine the appropriate fair value hierarchy level
for each of our securities. Based on the results of this review and investment
class analysis, each instrument is categorized as Level 1, 2 or 3 based on the
lowest level significant input to its valuation. See Note 9 of the Notes to the
Consolidated Financial Statements for valuation approaches and key inputs by
major category of assets or liabilities that are classified within Level 2 and
Level 3 of the fair value hierarchy.

Fair Value of Fixed Maturity Securities AFS

Fixed maturity securities AFS measured at estimated fair value on a recurring
basis and their corresponding fair value pricing sources were as follows:

                                                                       December 31, 2022
                                                                        Fixed Maturity
Level                                                                   Securities AFS
                                                                     (Dollars in millions)
Level 1
Quoted prices in active markets for identical assets  $               9,130                        6.3  %
Level 2
Independent pricing sources                                         118,325                       81.3

Significant other observable inputs                                 118,325                       81.3
Level 3
Independent pricing sources                                          12,894                        8.9
Internal matrix pricing or discounted cash flow
techniques                                                            5,189                        3.5
Independent broker quotations                                            38                          -
Significant unobservable inputs                                      18,121                       12.4
Total at estimated fair value                         $             145,576                      100.0  %


See Note 9 of the Notes to the Consolidated Financial Statements for the fixed
maturity securities AFS fair value hierarchy, a rollforward of the fair value
measurements for securities measured at estimated fair value on a recurring
basis using significant unobservable (Level 3) inputs; transfers into and/or out
of Level 3; and further information about the valuation approaches and inputs by
level by major classes of invested assets that affect the amounts reported
above.
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The majority of the Level 3 fixed maturity securities AFS were concentrated in
three sectors at December 31, 2022: U.S. corporate securities, foreign corporate
securities and RMBS. During the year ended December 31, 2022, Level 3 fixed
maturity securities AFS decreased by $1.4 billion, or 7.3%. The decrease was
driven by a decrease in estimated fair value recognized in other comprehensive
income (loss), partially offset by purchases in excess of sales and transfers
into Level 3 in excess of transfers out of Level 3.

Fixed Maturity Securities AFS Credit Quality - Ratings

The Securities Valuation Office of the NAIC evaluates the fixed maturity
securities of insurers for regulatory reporting and capital assessment purposes.
The NAIC assigns securities to one of six credit quality categories defined as
"NAIC designations." In general, securities with NAIC designations of 1 and 2
are considered investment grade and securities with NAIC designations of 3
through 6 are considered below investment grade. If no NAIC designation is
available, then, as permitted by the NAIC, an internally developed designation
is used.

NAIC designations for non-agency RMBS and CMBS are based on a modeling
methodology that estimates security level expected losses under a variety of
economic scenarios. The modeling methodology for non-agency RMBS and CMBS issued
prior to January 1, 2013 incorporates the amortized cost of the security
(including any purchase discounts and prior impairments) and the likelihood of
recovery of the amortized cost; while for non-agency RMBS and CMBS issued after
January 1, 2013, the modeling methodology does not incorporate the amortized
cost of the security. The NAIC's objective with the modeling methodology is to
increase accuracy in estimating expected losses and recovery value, and to use
this credit quality assessment to determine an appropriate RBC charge for
non-agency RMBS and CMBS. We utilize these NAIC designations for our non-agency
RMBS and CMBS in our disclosures below. The NAIC evaluates non-agency RMBS and
CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and
CMBS that have not been previously evaluated by the NAIC, an internally
developed designation is used until a NAIC designation becomes available.

In addition to the six NAIC designations, the NAIC maintains 20 "NAIC
designation categories" which is an additional, more granular credit quality
categorization. These NAIC designation categories correspond more closely to the
NRSRO's alpha-numeric credit quality ratings. The NAIC maintains unique RBC
factors for each of the 20 NAIC designation categories. The NAIC's goal is to
better align RBC charges on securities with the instruments' actual credit risk.

Rating agency ratings are based on availability of applicable ratings from
rating agencies on the NAIC credit rating provider list, including Moody's
Investors Service ("Moody's"), S&P, Fitch Ratings ("Fitch"), DBRS Morningstar,
A.M. Best Company ("A.M. Best"), Kroll Bond Rating Agency and Egan Jones Ratings
Company. If no rating is available from a rating agency, then an internally
developed rating is used.

NAIC designations are generally similar to the credit quality ratings of the
NRSROs, except for (i) non-agency RMBS and CMBS as described above, and (ii)
securities rated Ca or C by NRSROs, included within Caa and lower in our
disclosures below, that are designated NAIC 6; accordingly, NAIC designations
may not correspond to NRSRO ratings.

The following table presents total fixed maturity securities AFS by NRSRO
rating, except for non-agency RMBS and CMBS, which are presented using NAIC
designations for modeled securities. In addition, in the following table, the
applicable NAIC designation from the NAIC published comparison of NRSRO ratings
to NAIC designations is provided.

                                                                                                                                  December 31,
                                                                                          2022                                                                                    2021
                                                         Amortized                                   Estimated                                   Amortized                                   Estimated
                                      NAIC              Cost net of            Unrealized               Fair              % of                  Cost net of            Unrealized               Fair              % of
      NRSRO Rating                Designation               ACL              Gains (Losses)            Value              Total                     ACL              Gains (Losses)            Value              Total
                                                                                                                              (Dollars in millions)
Aaa/Aa/A                               1               $  103,739          $        (9,023)         $  94,716             65.1       %         $  103,617          $        12,569          $ 116,186             66.0       %
Baa                                    2                   46,820                   (4,868)            41,952             28.8                     44,696                    4,826             49,522             28.2
Subtotal investment grade                                 150,559                  (13,891)           136,668             93.9                    148,313                   17,395            165,708             94.2
Ba                                     3                    7,042                     (612)             6,430              4.4                      7,127                      215              7,342              4.2
B                                      4                    2,320                     (191)             2,129              1.5                      2,463                      (12)             2,451              1.4
Caa and lower                          5                      370                      (92)               278              0.2                        389                      (24)               365              0.2
In or near default                     6                       72                       (1)                71                -                          9                       10                 19                -
Subtotal below investment
grade                                                       9,804                     (896)             8,908              6.1                      9,988                      189             10,177              5.8
Total fixed maturity
securities AFS                                         $  160,363          $       (14,787)         $ 145,576            100.0       %         $  158,301          $        17,584          $ 175,885            100.0       %


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The following tables present total fixed maturity securities AFS, at estimated
fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS,
which are presented using NAIC designations for modeled securities. In addition,
in the following table, the applicable NAIC designation from the NAIC published
comparison of the NRSRO ratings to NAIC designations is provided.

                                                               Fixed 

Maturity Securities AFS - by Sector & Credit Quality Rating

                                                                                                              Caa and          In or Near           Total
NRSRO Rating                          Aaa/Aa/A               Baa               Ba               B              Lower            Default           Estimated
NAIC Designation                         1                    2                3                4                5                 6              Fair Value
                                                                                     (Dollars in millions)
December 31, 2022
U.S. corporate                    $     23,238           $ 22,708          $ 3,403          $ 1,558          $   164          $     19           $  51,090
Foreign corporate                        6,473             14,969            2,093              412               46                 -              23,993
U.S. government and agency              21,977                381                -                -                -                 -              22,358
RMBS                                    18,823                376               56               55               13                10              19,333
ABS & CLO                                9,619              1,848              280               63               19                 7              11,836
Municipals                               7,306                135               23                -                -                 -               7,464
CMBS                                     5,897                 69               48                -               29                 -               6,043
Foreign government                       1,383              1,466              527               41                7                35               3,459
Total fixed maturity securities
AFS                               $     94,716           $ 41,952          $ 6,430          $ 2,129          $   278          $     71           $ 145,576
Percentage of total                       65.1   %           28.8  %           4.4  %           1.5  %           0.2  %              -   %           100.0  %
December 31, 2021
U.S. corporate                    $     26,778           $ 26,018          $ 3,738          $ 1,675          $   193          $      -           $  58,402
Foreign corporate                        8,350             18,242            2,494              487              112                 -              29,685
U.S. government and agency              30,765                457                -                -                -                 -              31,222
RMBS                                    22,422                516              132               52                4                19              23,145
ABS & CLO                               10,840              1,684              260               76               19                 -              12,879
Municipals                               8,473                238               17                -                -                 -               8,728
CMBS                                     6,347                330               91               85               25                 -               6,878
Foreign government                       2,211              2,037              610               76               12                 -               4,946
Total fixed maturity securities
AFS                               $    116,186           $ 49,522          $ 7,342          $ 2,451          $   365          $     19           $ 175,885
Percentage of total                       66.0   %           28.2  %           4.2  %           1.4  %           0.2  %              -   %           100.0  %


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U.S. and Foreign Corporate Fixed Maturity Securities AFS

We maintain a broadly diversified portfolio of corporate fixed maturity
securities AFS across many industries and issuers. This portfolio did not have
any exposure to any single issuer in excess of 1% of total investments at either
December 31, 2022 or 2021. The top 10 holdings comprised 2% of total investments
at both December 31, 2022 and 2021. The table below presents our U.S. and
foreign corporate securities portfolios by industry at:

                                     December 31,
                           2022                        2021
                  Estimated                   Estimated
                    Fair          % of          Fair          % of
Industry            Value         Total         Value         Total
                                (Dollars in millions)

Finance          $  16,264        21.7  %    $  18,828        21.4  %
Consumer (1)        15,368        20.5          18,125        20.6
Utility             12,439        16.6          15,494        17.6
Industrial (2)       8,678        11.5           9,694        11.0
Transportation       6,523         8.7           7,488         8.5
Communications       5,739         7.6           7,200         8.2
Energy               5,058         6.7           6,048         6.8
Technology           2,409         3.2           2,743         3.1
Other                2,605         3.5           2,467         2.8
Total            $  75,083       100.0  %    $  88,087       100.0  %


__________________

(1)Includes consumer cyclical and consumer non-cyclical.

(2)Includes basic industry, capital goods and other industrial.

Structured Products

Our investments in Structured Products are collateralized by residential
mortgages, commercial mortgages, bank loans and other assets. Our investment
selection criteria and monitoring includes review of credit ratings,
characteristics of the assets underlying the securities, borrower
characteristics and the level of credit enhancement. We held $37.2 billion and
$42.9 billion of Structured Products, at estimated fair value, at December 31,
2022 and 2021, respectively, as presented in the RMBS, ABS & CLO and CMBS
sections below.

RMBS

Our RMBS portfolio is broadly diversified by security type and risk profile.

On a security type basis, RMBS includes collateralized mortgage obligations and
pass-through mortgage-backed securities. Collateralized mortgage obligations are
structured by dividing the cash flows of mortgage loans into separate pools or
tranches of risk that create multiple classes of bonds with varying maturities
and priority of payments. Pass-through mortgage-backed securities are secured by
a mortgage loan or collection of mortgage loans. The monthly mortgage loan
payments from homeowners pass from the originating bank through an intermediary,
such as a government agency or investment bank, which collects the payments and,
for a fee, remits or passes these payments through to the holders of the
pass-through securities.
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On a risk profile basis, RMBS includes Agency and Non-Agency securities. Agency
RMBS were guaranteed or otherwise supported by Federal National Mortgage
Association, Federal Home Loan Mortgage Corporation or Government National
Mortgage Association. Non-Agency securities include prime, prime investor,
non-qualified residential mortgage ("NQM"), alternative ("Alt-A"), reperforming
and sub-prime mortgage-backed securities. Prime (owner-occupied) and prime
investor (non owner-occupied) loans were originated to the most creditworthy
borrowers with high quality credit profiles. NQM and Alt-A are classifications
of mortgage loans where the risk profile of the borrower is between prime and
sub-prime. Sub-prime mortgage lending is the origination of residential mortgage
loans to borrowers with weak credit profiles, while reperforming loans were
previously delinquent that returned to performing status.

The following table presents our RMBS portfolio by security type, risk profile
and ratings profile at:

                                                                                       December 31,
                                                           2022                                                            2021
                                 Estimated                                     Net                Estimated                                     Net
                                    Fair                % of                Unrealized               Fair                % of               Unrealized
                                   Value               Total              Gains (Losses)            Value               Total             Gains (Losses)
                                                                                  (Dollars in millions)
Security type
Collateralized mortgage
obligations                     $  10,960                 56.7  %       $        (1,160)         $  13,184                 57.0  %       $          913
Pass-through mortgage-backed
securities                          8,373                 43.3                   (1,046)             9,961                 43.0                     150
Total RMBS                      $  19,333                100.0  %       $        (2,206)         $  23,145                100.0  %       $        1,063
Risk profile
Agency                          $  11,886                 61.5  %       $        (1,473)         $  14,472                 62.5  %       $          523
Non-Agency
Prime and prime investor            2,808                 14.5                     (451)             2,216                  9.2                      16
NQM and Alt-A                       1,580                  8.2                      (66)             2,100                  9.1                     209
Reperforming and sub-prime          2,310                 11.9                     (142)             3,463                 15.0                     316
Other (1)                             749                  3.9                      (74)               894                  4.2          $           (1)
Subtotal Non-Agency                 7,447                 38.5  %                  (733)             8,673                 37.5  %                  540
Total RMBS                      $  19,333                100.0  %       $        (2,206)         $  23,145                100.0  %       $        1,063
Ratings profile
Rated Aaa and Aa                $  15,956                 82.5  %                                $  17,956                 77.6  %
Designated NAIC 1               $  18,827                 97.4  %                                $  22,480                 97.1  %


__________________

(1)Other Non-Agency RMBS are broadly diversified across several subsectors and
issuers, including securities collateralized by the following mortgage loan
types: single family rental, early buyout securitization and small business
commercial.

The majority of our RMBS holdings were rated Aaa and were designated NAIC 1 at
December 31, 2022 and 2021.

We manage our exposure to reperforming and sub-prime RMBS holdings by focusing
primarily on senior tranche securities, stress testing the portfolio with severe
loss assumptions and closely monitoring the performance of the portfolio. Our
reperforming RMBS are generally newer vintage securities and higher quality at
purchase (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists
predominantly of securities that were purchased at significant discounts to par
value and discounts to the expected principal recovery value of these securities
and are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2).
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ABS & CLO

Our non-mortgage loan-backed structured securities are comprised of two broad
categories of securitizations: ABS & CLO. These portfolios are broadly
diversified by collateral type and issuer. The following table presents our ABS
& CLO portfolios by collateral type and ratings profile at:

                                                                                               December 31,
                                                                  2022                                                              2021
                                        Estimated                                      Net                Estimated                                      Net
                                           Fair                % of                 Unrealized               Fair                % of                 Unrealized
                                          Value                Total              Gains (Losses)            Value                Total              Gains (Losses)
                                                                                           (Dollars in millions)
ABS
Collateral type
Consumer loans                         $     954                   8.1  %       $           (98)         $   1,278                   9.9  %       $            37
Vehicle and equipment loans                  892                   7.5                      (41)             1,165                   9.0                        7
Credit card loans                            801                   6.8                      (11)               561                   4.4                        8
Franchise                                    730                   6.2                      (94)               563                   4.4                       11
Digital infrastructure                       730                   6.2                      (78)               547                   4.2                        4
Student loans                                560                   4.7                      (54)               742                   5.8                       14
Other (1)                                  1,509                  12.7                     (169)             1,495                  11.6                       17
Total ABS                              $   6,176                  52.2  %       $          (545)         $   6,351                  49.3  %       $            98
CLO (2)                                $   5,660                  47.8  %       $          (258)         $   6,528                  50.7  %       $            (6)
Total ABS & CLO                        $  11,836                 100.0  %       $          (803)         $  12,879                 100.0  %       $            92

ABS ratings profile
Rated Aaa and Aa                       $   2,582                  41.8  %                                $   3,085                  48.6  %
Designated NAIC 1                      $   4,506                  73.0  %                                $   4,817                  75.8  %
CLO ratings profile
Rated Aaa and Aa                       $   4,246                  75.0  %                                $   5,172                  79.2  %
Designated NAIC 1                      $   5,111                  90.3  %                                $   5,979                  91.6  %
ABS & CLO ratings profile
Rated Aaa and Aa                       $   6,828                  57.7  %                                $   8,257                  64.1  %
Designated NAIC 1                      $   9,617                  81.3  %                                $  10,796                  83.8  %


______________

(1)Other ABS are broadly diversified across several subsectors and issuers,
including securities with the following collateral types: foreign residential
loans, transportation equipment, and renewable energy.

(2)Includes primarily securities collateralized by broadly syndicated bank
loans.

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CMBS

Our CMBS portfolio is comprised primarily of conduit and single asset and single
borrower securities. Conduit securities are collateralized by many commercial
mortgage loans and are broadly diversified by property type, borrower and
geography. The following tables present our CMBS portfolio by collateral type
and ratings profile at.

                                                             December 31, 2022                                                          December 31, 2021
                                      Estimated Fair                                  Net Unrealized                                                                 Net Unrealized
                                           Value                % of Total            Gains (Losses)          Estimated Fair Value             % of Total            Gains (Losses)
                                                                                                   (Dollars in millions)

Collateral type
Conduit                               $      4,289                     71.0  %       $         (485)         $         4,982                          72.4  %       $          169
Single asset and single
borrower                                     1,262                     20.9                    (117)                   1,305                          19.0                      15
Agency                                         273                      4.5                     (24)                     219                           3.2                      21
Commercial real estate
collateralized loan obligations                219                      3.6                      (7)                     359                           5.2                       -
Other                                            -                        -                       -                       13                           0.2                       -
Total CMBS                            $      6,043                    100.0  %       $         (633)         $         6,878                           100  %       $          205
Ratings profile
Rated Aaa and Aa                      $      4,960                     82.1  %                               $         5,592                          81.3  %
Designated NAIC 1                     $      5,897                     97.6  %                               $         6,347                          92.3  %

Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of
Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS
Recognized in Earnings

See Note 7 of the Notes to the Consolidated Financial Statements for information
about the evaluation of fixed maturity securities AFS for credit loss,
rollforward of the ACL, net credit loss provision (release) and impairment
(losses), as well as realized gross gains (losses) on sales and disposals of
fixed maturity securities AFS at December 31, 2022 and 2021 and for the years
ended December 31, 2022, 2021 and 2020.

Securities Lending Transactions and Repurchase Agreements

We participate in securities lending transactions and repurchase agreements with
unaffiliated financial institutions in the normal course of business for the
purpose of enhancing the total return on our investment portfolio. We account
for these arrangements as secured borrowings and record a liability in the
amount of the cash received. We obtain collateral, usually cash, from the
borrower, which must be returned to the borrower when the securities are
returned to us. Through these arrangements, we were liable for cash collateral
under our control of $9.9 billion and $18.3 billion at December 31, 2022 and
2021, respectively, including a portion that may require the immediate return of
cash collateral we hold. See Notes 1 and 7 of the Notes to the Consolidated
Financial Statements for further information about the secured borrowings
accounting and the classification of revenues and expenses.

Mortgage Loans

Our mortgage loans are principally collateralized by commercial, agricultural
and residential properties. Mortgage loans carried at amortized cost and the
related ACL are summarized as follows at:

                                                                                                  December 31,
                                                             2022                                                                              2021
                           Amortized             % of                                ACL as % of             Amortized             % of                                ACL as % of
Portfolio Segment             Cost              Total              ACL             Amortized Cost               Cost              Total             

ACL             Amortized Cost
                                                                                              (Dollars in millions)
Commercial                $  37,196               59.0  %       $  174                         0.5  %       $  35,772               59.0  %       $  260                         0.7  %
Agricultural                 15,869               25.2             105                         0.7  %          15,450               25.5              79                         0.5  %
Residential                   9,953               15.8             169                         1.7  %           9,406               15.5             197                         2.1  %
Total                     $  63,018              100.0  %       $  448                         0.7  %       $  60,628              100.0  %       $  536                         0.9  %

The carrying value of all mortgage loans, net of ACL, was 23.9% and 20.5% of
cash and invested assets at December 31, 2022 and 2021, respectively.

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We diversify our mortgage loan portfolio by both geographic region and property
type to reduce the risk of concentration. Of our commercial and agricultural
mortgage loans carried at amortized cost, 89% are collateralized by properties
located in the U.S., with the remaining 11% collateralized by properties located
primarily in Mexico, at December 31, 2022. The carrying values of our commercial
and agricultural mortgage loans carried at amortized cost located in California,
New York and Texas were 16%, 8% and 7%, respectively, of total commercial and
agricultural mortgage loans carried at amortized cost at December 31, 2022.
Additionally, we manage risk when originating commercial and agricultural
mortgage loans by generally lending up to 75% of the estimated fair value of the
underlying real estate collateral.

We manage our residential mortgage loans carried at amortized cost in a similar
manner to reduce risk of concentration. The carrying values of our residential
mortgage loans carried at amortized cost located in California, Florida, and New
York were 34%, 11%, and 9%, respectively, of total residential mortgage loans
carried at amortized cost at December 31, 2022.

Commercial Mortgage Loans by Geographic Region and Property Type. Commercial
mortgage loans are the largest mortgage loan portfolio segment. The tables below
present the diversification across geographic regions and property types of
commercial mortgage loans carried at amortized cost at:

                                                            December 31,
                                                  2022                       2021
                                                         % of                       % of
                                           Amount        Total        Amount        Total
                                                       (Dollars in millions)
            Region
            Pacific                      $  6,840        18.4  %    $  6,996        19.5  %
            Middle Atlantic                 5,402        14.5          5,450        15.2
            Non-U.S.                        4,977        13.4          5,500        15.4
            South Atlantic                  4,913        13.2          5,146        14.4
            West South Central              2,784         7.5          2,563         7.2
            New England                     1,681         4.5          1,727         4.8
            Mountain                        1,373         3.7          1,171         3.3
            East North Central              1,176         3.2          1,491         4.2
            West North Central                519         1.4            604         1.7
            East South Central                413         1.1            552         1.5
            Multi-Region and Other          7,118        19.1          4,572        12.8
            Total amortized cost           37,196       100.0  %      35,772       100.0  %
            Less: ACL                         174                        260
            Carrying value, net of ACL   $ 37,022                   $ 35,512
            Property Type
            Office                       $ 14,223        38.2  %    $ 15,477        43.3  %
            Apartment                       7,372        19.9          6,441        18.0
            Retail                          5,521        14.8          5,725        16.0
            Industrial                      4,217        11.3          3,735        10.4
            Hotel                           2,306         6.2          2,421         6.8
            Other                           3,557         9.6          1,973         5.5
            Total amortized cost           37,196       100.0  %      35,772       100.0  %
            Less: ACL                         174                        260
            Carrying value, net of ACL   $ 37,022                   $ 35,512


__________________

Our commercial mortgage loan portfolio is well positioned with exposures
concentrated in high quality underlying properties located in primary markets
typically with institutional investors who are better positioned to manage their
assets during periods of market volatility. Our portfolio is comprised primarily
of lower risk loans with higher debt-service coverage ratios ("DSCR") and lower
loan-to-value ("LTV") ratios. See "- Mortgage Loan Credit Quality - Monitoring
Process" for further information and Note 7 of the Notes to the Consolidated
Financial Statements for a distribution of our commercial mortgage loans by DSCR
and LTV ratios.
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Mortgage Loan Credit Quality - Monitoring Process. We monitor our mortgage loan
investments on an ongoing basis, including a review of loans by credit quality
indicator and loans that are current, past due, restructured and under
foreclosure. See Note 7 of the Notes to the Consolidated Financial Statements
for further information regarding mortgage loans by credit quality indicator,
past due and nonaccrual mortgage loans.

We review our commercial mortgage loans on an ongoing basis. These reviews may
include an analysis of the property financial statements and rent roll, lease
rollover analysis, property inspections, market analysis, estimated valuations
of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The
monitoring process focuses on higher risk loans, which include those that are
classified as restructured, delinquent or in foreclosure, as well as loans with
higher LTV ratios and lower DSCR. The monitoring process for agricultural
mortgage loans is generally similar, with a focus on higher risk loans, such as
loans with higher LTV ratios. Agricultural mortgage loans are reviewed on an
ongoing basis which include, but are not limited to, property inspections,
market analysis, estimated valuations of the underlying collateral, LTV ratios
and borrower creditworthiness, including reviews on a geographic and
property-type basis. We review our residential mortgage loans on an ongoing
basis, with a focus on higher risk loans, such as nonperforming loans. See
Note 7 of the Notes to the Consolidated Financial Statements for information on
our evaluation of residential mortgage loans and related ACL methodology.

LTV ratios and DSCR are common measures in the assessment of the quality of
commercial mortgage loans. LTV ratios are a common measure in the assessment of
the quality of agricultural mortgage loans. LTV ratios compare the amount of the
loan to the estimated fair value of the underlying collateral. An LTV ratio
greater than 100% indicates that the loan amount is greater than the collateral
value. An LTV ratio of less than 100% indicates an excess of collateral value
over the loan amount. Generally, the higher the LTV ratio, the higher the risk
of experiencing a credit loss. The DSCR compares a property's net operating
income to amounts needed to service the principal and interest due under the
loan. Generally, the lower the DSCR, the higher the risk of experiencing a
credit loss. For our commercial mortgage loans, our average LTV ratio was 58%
and 56% at December 31, 2022 and 2021, respectively, and our average DSCR was
2.4x at both December 31, 2022 and 2021. The DSCR and the values utilized in
calculating the ratio are updated routinely. In addition, the LTV ratio is
routinely updated for all but the lowest risk loans as part of our ongoing
review of our commercial mortgage loan portfolio. For our agricultural mortgage
loans, our average LTV ratio was 47% and 48% at December 31, 2022 and 2021,
respectively. The values utilized in calculating our agricultural mortgage loan
LTV ratio are developed in connection with the ongoing review of our
agricultural loan portfolio and are routinely updated.

Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools
of loans with similar risk characteristics and for mortgage loans with
dissimilar risk characteristics, collateral dependent loans and reasonably
expected troubled debt restructurings, individually on a loan specific basis. We
record an allowance for expected lifetime credit loss in earnings within net
investment gains (losses) in an amount that represents the portion of the
amortized cost basis of mortgage loans that the Company does not expect to
collect, resulting in mortgage loans being presented at the net amount expected
to be collected.

In determining our ACL, management (i) pools mortgage loans that share similar
risk characteristics, (ii) considers expected lifetime credit loss over the
contractual term of our mortgage loans, as adjusted for expected prepayments and
any extensions, and (iii) considers past events and current and forecasted
economic conditions. Actual credit loss realized could be different from the
amount of the ACL recorded. These evaluations and assessments are revised as
conditions change and new information becomes available, which can cause the ACL
to increase or decrease over time as such evaluations are revised. Negative
credit migration, including an actual or expected increase in the level of
problem loans, will result in an increase in the ACL. Positive credit migration,
including an actual or expected decrease in the level of problem loans, will
result in a decrease in the ACL. See Notes 1 and 7 of the Notes to the
Consolidated Financial Statements for information on how the ACL is established
and monitored, and activity in and balances of the ACL.

Real Estate and Real Estate Joint Ventures

Our real estate investments are comprised of wholly-owned properties, and
interests in both real estate joint ventures and real estate funds which invest
in a wide variety of properties and property types, including single and
multi-property projects, and broadly diversified across multiple property types
and geographies.

The carrying value of our real estate investments was $8.4 billion and
$7.9 billion, or 3.2% and 2.7% of cash and invested assets, at December 31, 2022
and 2021, respectively.

Our real estate investments are typically stabilized properties that we intend
to hold for the longer-term for portfolio diversification and long-term
appreciation. Our real estate investment portfolio had significantly appreciated
to a $4.7 billion and $4.9 billion unrealized gain position at December 31, 2022
and 2021, respectively.
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We continuously monitor and assess our real estate investments for impairment
when facts and circumstances indicate that the real estate may be impaired.
There were no impairments (losses) recognized on our real estate investments for
either the year ended December 31, 2022 or 2021.

We diversify our real estate investments by property type, form of equity
interest (wholly-owned, joint venture and funds) and geographic region to reduce
risk of concentration. See Note 7 of the Notes to the Consolidated Financial
Statements for a summary of our real estate investments, by income type, as well
as income earned.

Property type diversification: Our real estate investments are categorized by
property type as follows at:

                                                                      December 31,
                                                            2022                       2021
                                                    Carrying       % of        Carrying       % of
Property Type                                        Value         Total        Value         Total
                                                                 (Dollars in millions)
Office                                             $  2,487        29.5  %    $  2,583        32.8  %
Apartment                                               950        11.3          1,020        13.0
Retail                                                  730         8.6            530         6.7
Hotel                                                   665         7.9            581         7.4
Land                                                    362         4.3            396         5.0
Industrial                                              268         3.2            336         4.3
Agriculture                                               5         0.1             18         0.2
Other                                                     6         0.1              9         0.1
Wholly-owned and real estate joint ventures        $  5,473        65.0  %    $  5,473        69.5  %
Diversified property types and multi-property         1,156        13.8            931        11.8
Real estate funds                                     1,787        21.2          1,469        18.7
Total real estate and real estate joint ventures   $  8,416       100.0  %  

$ 7,873 100.0 %

Geographical diversification: Wholly-owned and real estate joint ventures
totaled $5.5 billion at December 31, 2022, substantially all of which were
located in the U.S., at December 31, 2022, at carrying value. The portion of
these properties located in Washington, D.C., Georgia and Massachusetts were
each 13% at December 31, 2022, at carrying value.

Other Limited Partnership Interests

Other limited partnership interests are comprised of investments in private
funds, including private equity funds and hedge funds. At December 31, 2022 and
2021, the carrying value of other limited partnership interests was $7.9 billion
and $8.8 billion, which included $205 million and $350 million of hedge funds,
respectively. Other limited partnership interests were 3.0% of cash and invested
assets at both December 31, 2022 and 2021. Cash distributions on these
investments are generated from investment gains, operating income from the
underlying investments of the funds and liquidation of the underlying
investments of the funds.

We use the equity method of accounting for most of our private equity funds. We
generally recognize our share of a private equity fund's earnings in net
investment income on a three-month lag when the information is reported to us.
Accordingly, changes in equity market levels, which can impact the underlying
results of these private equity funds, are recognized in earnings within our net
investment income on a three-month lag.
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Other Invested Assets

The following table presents the carrying value of our other invested assets by
type at:

                                                                                       December 31,
                                                                  2022                                              2021

Asset Type                                      Carrying Value             % of Total             Carrying Value             % of Total
                                                                                 (Dollars in millions)
Freestanding derivatives with positive
estimated fair values                          $       8,396                       43.8  %       $       8,618                       43.4  %
Funds withheld                                         3,170                       16.6  %               3,390                       17.1  %
Tax credit and renewable energy partnerships           1,308                        6.8  %               1,554                        7.8  %
Affiliated investments                                 1,307                        6.8  %               1,499                        7.5  %
Annuities funding structured settlement claims         1,238                        6.5  %               1,251                        6.3  %
FVO Securities                                           844                        4.4  %                 848                        4.3  %
Leveraged leases                                         731                        3.8  %                 787                        4.0  %
FHLBNY common stock                                      659                        3.4  %                 718                        3.6  %
Operating joint venture                                  400                        2.1  %                 411                        2.1  %
Equity securities                                        240                        1.3  %                 226                        1.1  %
Direct financing leases                                  127                        0.7  %                 137                        0.7  %
Other                                                    728                        3.8  %                 421                        2.1  %
Total                                          $      19,148                      100.0  %       $      19,860                      100.0  %
Percentage of cash and invested assets                   7.3  %                                            6.8  %


See Notes 1, 5, 7 and 8 of the Notes to the Consolidated Financial Statements
for information regarding freestanding derivatives with positive estimated fair
values, funds withheld, which is comprised primarily of affiliated funds
withheld, tax credit and renewable energy partnerships, affiliated investments,
annuities funding structured settlement claims, FVO Securities, leveraged and
direct financing leases, Federal Home Loan Bank of New York ("FHLBNY") common
stock, our operating joint venture and equity securities, as well as gains
(losses) on disposals of leveraged leases and renewable energy partnerships.

Investment Commitments

We enter into the following commitments in the normal course of business for the
purpose of enhancing the total return on our investment portfolio: mortgage loan
commitments and commitments to fund partnerships, bank credit facilities, bridge
loans and private corporate bond investments. See Note 16 of the Notes to the
Consolidated Financial Statements for the amount of our unfunded investment
commitments at December 31, 2022 and 2021. See "Net Investment Income" and "Net
Investment Gains (Losses)" in Note 7 of the Notes to the Consolidated Financial
Statements for information on the investment income, investment expense, gains
and losses from such investments and the liability for credit loss for unfunded
mortgage loan commitments. See also "- Fixed Maturity Securities AFS," "-
Mortgage Loans," "- Real Estate and Real Estate Joint Ventures" and "- Other
Limited Partnership Interests."
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Derivatives

Overview

We are exposed to various risks relating to our ongoing business operations,
including interest rate, foreign currency exchange rate, credit and equity
market. We use a variety of strategies to manage these risks, including the use
of derivatives, such as market standard purchased and written credit default
swap contracts. See Note 8 of the Notes to the Consolidated Financial Statements
for:

•A comprehensive description of the nature of our derivatives, including the
strategies for which derivatives are used in managing various risks.

•Information about the primary underlying risk exposure, gross notional amount,
and estimated fair value of our derivatives by type of hedge designation,
excluding embedded derivatives held at December 31, 2022 and 2021.

•The statement of operations effects of derivatives in cash flow, fair value, or
nonqualifying hedge relationships for the years ended December 31, 2022, 2021
and 2020.

We enter into market standard purchased and written credit default swap
contracts. Payout under such contracts is triggered by certain credit events
experienced by the referenced entities. For credit default swaps covering North
American corporate issuers, credit events typically include bankruptcy and
failure to pay on borrowed money. For European corporate issuers, credit events
typically also include involuntary restructuring. With respect to credit default
contracts on sovereign debt, credit events typically include failure to pay debt
obligations, repudiation, moratorium, or involuntary restructuring. In each
case, payout on a credit default swap is triggered only after the relevant third
party, Credit Derivatives Determinations Committee, determines that a credit
event has occurred.

We use purchased credit default swaps to mitigate credit risk in our investment
portfolio. Generally, we purchase credit protection by entering into credit
default swaps referencing the issuers of specific assets we own. In certain
cases, basis risk exists between these credit default swaps and the specific
assets we own. For example, we may purchase credit protection on a macro basis
to reduce exposure to specific industries or other portfolio concentrations. In
such instances, the referenced entities and obligations under the credit default
swaps may not be identical to the individual obligors or securities in our
investment portfolio. In addition, our purchased credit default swaps may have
shorter tenors than the underlying investments they are hedging, which gives us
more flexibility in managing our credit exposures. We believe that our purchased
credit default swaps serve as effective economic hedges of our credit exposure.

See "Quantitative and Qualitative Disclosures About Market Risk - Management of
Market Risk Exposures - Hedging Activities" for more information about our use
of derivatives by major hedge program.

Fair Value Hierarchy

See Note 9 of the Notes to the Consolidated Financial Statements for derivatives
measured at estimated fair value on a recurring basis and their corresponding
fair value hierarchy.

The valuation of Level 3 derivatives involves the use of significant
unobservable inputs and generally requires a higher degree of management
judgment or estimation than the valuations of Level 1 and Level 2 derivatives.
Although Level 3 inputs are unobservable, management believes they are
consistent with what other market participants would use when pricing such
instruments and are considered appropriate given the circumstances. The use of
different inputs or methodologies could have a material effect on the estimated
fair value of Level 3 derivatives and could materially affect net income.

Derivatives categorized as Level 3 at December 31, 2022 include: interest rate
forwards with maturities which extend beyond the observable portion of the yield
curve and credit default swaps priced using unobservable credit spreads, or that
are priced through independent broker quotations. At December 31, 2022, 1% of
the estimated fair value of our derivatives was priced through independent
broker quotations.

See Note 9 of the Notes to the Consolidated Financial Statements for a
rollforward of the fair value measurements for derivatives measured at estimated
fair value on a recurring basis using significant unobservable (Level 3) inputs.

See "- Summary of Critical Accounting Estimates - Derivatives" for further
information on the estimates and assumptions that affect derivatives.

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Credit Risk

See Note 8 of the Notes to the Consolidated Financial Statements for information
about how we manage credit risk related to derivatives and for the estimated
fair value of our net derivative assets and net derivative liabilities after the
application of master netting agreements and collateral.

Our policy is not to offset the fair value amounts recognized for derivatives
executed with the same counterparty under the same master netting agreement.
This policy applies to the recognition of derivatives on the consolidated
balance sheets and does not affect our legal right of offset.

Credit Derivatives

The following table presents the gross notional amount and estimated fair value
of credit default swaps at:

                                                 December 31,
                                      2022                          2021
                             Gross                         Gross
                            Notional      Estimated       Notional      Estimated
Credit Default Swaps         Amount       Fair Value       Amount       Fair Value
                                                (In millions)
Purchased                  $    843      $       16      $    956      $        4
Written                       9,074              87         6,074              99
Total                      $  9,917      $      103      $  7,030      $      103


__________________

The following table presents the gross gains, gross losses and net gains
(losses) recognized in net derivative gains (losses) for credit default swaps as
follows:

                                                            Years Ended December 31,
                                                 2022                                     2021
                                                               Net                                      Net
                                   Gross        Gross         Gains         Gross        Gross         Gains
      Credit Default Swaps        Gains        Losses       (Losses)       Gains        Losses        (Losses)
                                                                 (In millions)
      Purchased (1)              $    47      $    (3)     $      44      $     8      $     (6)     $      2
      Written (1)                     40         (106)           (66)          34           (11)           23
      Total                      $    87      $  (109)     $     (22)     $    42      $    (17)     $     25


__________________

(1)Gains (losses) do not include earned income (expense) on credit default
swaps.

The unfavorable change in net gains (losses) on written credit default swaps was
$89 million for the year ended December 31, 2022 as compared to the year ended
December 31, 2021 due to certain credit spreads on certain credit default swaps
used as replications widening in the current period and narrowing in the prior
period.

The maximum amount at risk related to our written credit default swaps is equal
to the corresponding gross notional amount. In a replication transaction, we
pair an asset on our balance sheet with a written credit default swap to
synthetically replicate a corporate bond, a core asset holding of life insurance
companies. Replications are entered into in accordance with the guidelines
approved by state insurance regulators and the NAIC and are an important tool in
managing the overall corporate credit risk within the Company. In order to match
our long-dated insurance liabilities, we seek to buy long-dated corporate bonds.
In some instances, these may not be readily available in the market, or they may
be issued by corporations to which we already have significant corporate credit
exposure. For example, by purchasing Treasury bonds (or other high quality
assets) and associating them with written credit default swaps on the desired
corporate credit name, we can replicate the desired bond exposures and meet our
ALM needs. In addition, given the shorter tenor of the credit default swaps
(generally five-year tenors) versus a long-dated corporate bond, we have more
flexibility in managing our credit exposures.
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Collateral for Derivatives

We enter into derivatives to manage various risks relating to our ongoing
business operations. We receive non-cash collateral from counterparties for
derivatives, which can be sold or re-pledged subject to certain constraints, and
which is not reflected on our consolidated balance sheets. The amounts of this
non-cash collateral were $1.4 billion and $814 million at estimated fair value,
at December 31, 2022 and 2021, respectively. See "- Liquidity and Capital
Resources - Liquidity and Capital Uses - Pledged Collateral" and Note 8 of the
Notes to the Consolidated Financial Statements for information regarding the
earned income on and the gross notional amount, estimated fair value of assets
and liabilities and primary underlying risk exposure of our derivatives.

Embedded Derivatives

See Notes 8 and 9 of the Notes to the Consolidated Financial Statements for
information about embedded derivatives.

See "- Summary of Critical Accounting Estimates - Derivatives" for further
information on the estimates and assumptions that affect embedded derivatives.

Liquidity and Capital Resources

Overview

Our business and results of operations are materially affected by conditions in
the global financial markets and the economy generally due to our large
investment portfolio and the sensitivity of our insurance liabilities and
derivatives to changing market factors. Changing conditions in the global
financial markets and the economy may affect our financing costs and market
interest for our debt securities. For further information regarding market
factors that could affect our ability to meet liquidity and capital needs, see
"- Investments - Current Environment."

Liquidity Management

Based upon the strength of our franchise, diversification of our businesses,
strong financial fundamentals and the substantial funding sources available to
us as described herein, we continue to believe we have access to ample liquidity
to meet business requirements under current market conditions and reasonably
possible stress scenarios. We continuously monitor and adjust our liquidity and
capital plans for Metropolitan Life Insurance Company and its subsidiaries in
light of market conditions, as well as changing needs and opportunities.

Short-term Liquidity

We maintain a substantial short-term liquidity position, which was $6.0 billion
and $1.8 billion at December 31, 2022 and 2021, respectively. Short-term
liquidity includes cash and cash equivalents and short-term investments,
excluding assets that are pledged or otherwise committed, including amounts
received in connection with securities lending, repurchase agreements,
derivatives, and secured borrowings, as well as amounts held in the closed
block.

Liquid Assets

An integral part of our liquidity management includes managing our level of
liquid assets, which was $74.0 billion and $87.6 billion at December 31, 2022
and 2021, respectively. Liquid assets include cash and cash equivalents,
short-term investments and publicly-traded securities, excluding assets that are
pledged or otherwise committed. Assets pledged or otherwise committed
include amounts received in connection with securities lending, repurchase
agreements, derivatives, regulatory deposits, funding agreements and secured
borrowings, as well as amounts held in the closed block.

Liquidity

Liquidity refers to the ability to generate adequate amounts of cash to meet our
needs. We determine our liquidity needs based on a rolling 12-month forecast by
portfolio of invested assets which we monitor daily. We adjust the asset mix and
asset maturities based on this rolling 12-month forecast. To support this
forecast, we conduct cash flow and stress testing, which include various
scenarios of the potential risk of early contractholder and policyholder
withdrawal. We include provisions limiting withdrawal rights on many of our
products, including general account pension products sold to employee benefit
plan sponsors. Certain of these provisions prevent the customer from making
withdrawals prior to the maturity date of the product. In the event of
significant cash requirements beyond anticipated liquidity needs, we have
various alternatives available depending on market conditions and the amount and
timing of the liquidity need. These available alternatives include cash flows
from operations, sales of liquid assets and global funding sources, including
commercial paper and the Credit Facility.
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Under certain stressful market and economic conditions, our access to liquidity
may deteriorate, or the cost to access liquidity may increase. A downgrade in
our insurer financial strength or credit ratings, or the credit ratings or
insurer financial strength ratings of MetLife, Inc. or its other subsidiaries
could also negatively affect our liquidity. See "- Rating Agencies." If we
require significant amounts of cash on short notice in excess of anticipated
cash requirements or if we are required to post or return cash collateral in
connection with derivatives or our securities lending program, we may have
difficulty selling investments in a timely manner, be forced to sell them for
less than we otherwise would have been able to realize, or both. In addition, in
the event of such forced sale, for securities in an unrealized loss position,
realized losses would be incurred on securities sold and impairments would be
incurred, if there is a need to sell securities prior to recovery, which may
negatively impact our financial condition. See "Risk Factors - Investment Risks
- We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our
Securities Lending Program in a Timely Manner to Realize Their Full Value."

All general account assets within a particular legal entity - other than those
which may have been pledged to a specific purpose - are generally available to
fund obligations of the general account of that legal entity.

Capital

We manage our capital position to maintain our financial strength and credit
ratings. See "- Rating Agencies" for information regarding such ratings. Our
capital position is supported by our ability to generate strong cash flows
within our operating companies and borrow funds at competitive rates, as well as
by our demonstrated ability to raise additional capital to meet operating and
growth needs despite adverse market and economic conditions.

Statutory Capital and Dividends

Metropolitan Life Insurance Company has statutory surplus well above levels to
meet current regulatory requirements.

RBC requirements are used as minimum capital requirements by the NAIC and the
state insurance departments to identify companies that merit regulatory action.
RBC is based on a formula calculated by applying factors to various asset,
premium, claim, expense and statutory reserve items. The formula takes into
account the risk characteristics of the insurer, including asset risk, insurance
risk, interest rate risk, market risk and business risk and is calculated on an
annual basis. The formula is used as an early warning regulatory tool to
identify possible inadequately capitalized insurers for purposes of initiating
regulatory action, and not as a means to rank insurers generally. These rules
apply to Metropolitan Life Insurance Company. State insurance laws provide
insurance regulators the authority to require various actions by, or take
various actions against, insurers whose total adjusted capital does not meet or
exceed certain RBC levels. As of the date of the most recent annual statutory
financial statement filed with insurance regulators, the total adjusted capital
of Metropolitan Life Insurance Company was in excess of each of those RBC
levels.

The amount of dividends that Metropolitan Life Insurance Company can pay to
MetLife, Inc. is constrained by the amount of surplus Metropolitan Life
Insurance Company holds to maintain its ratings and provides an additional
margin for risk protection and investment in its businesses. We proactively take
actions to maintain capital consistent with these ratings objectives, which may
include adjusting dividend amounts and deploying financial resources from
internal or external sources of capital. Certain of these activities may require
regulatory approval. Furthermore, the payment of dividends and other
distributions to MetLife, Inc. by Metropolitan Life Insurance Company is
governed by insurance laws and regulations. See "Business - Regulation -
Insurance Regulation" and Note 12 of the Notes to the Consolidated Financial
Statements.

Affiliated Captive Reinsurance Transactions

Metropolitan Life Insurance Company cedes specific policy classes, including
ordinary life insurance and participating whole life insurance, to a
wholly-owned subsidiary, Missouri Reinsurance, Inc. ("MoRe"). The results of
these transactions are eliminated within our consolidated results of operations.
MetLife, Inc. has also provided a guarantee of MoRe's payment obligations in a
retrocession agreement entered into by MoRe. In addition, Metropolitan Life
Insurance Company cedes specific policy classes, including term life insurance,
universal life insurance and ordinary and industrial life insurance, to other
affiliated captive reinsurers. MetLife, Inc. has committed to maintain the
surplus of the other affiliated captive reinsurers, as well as provide a
guarantee of one such captive reinsurer's repayment obligations on letters of
credit issued by unaffiliated financial institutions. The statutory reserves of
such affiliated captive reinsurers are supported by a combination of funds
withheld assets, investment assets and the letters of credit. We enter into
reinsurance agreements with affiliated captive reinsurers for risk and capital
management purposes, as well as to manage statutory reserve requirements related
to universal life and term life insurance policies and other business.
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The NYDFS continues to have a moratorium on new reserve financing transactions
involving captive insurers. We are not aware of any states other than New York
implementing such a moratorium. While such a moratorium would not impact our
existing reinsurance agreements with affiliated captive reinsurers, a moratorium
placed on the use of captives for new reserve financing transactions could
impact our ability to write certain products and/or impact our RBC ratio and
ability to deploy excess capital in the future. This could result in our need to
increase prices, modify product features or limit the availability of those
products to our customers. While this affects insurers across the industry, it
could adversely impact our competitive position and our results of operations in
the future. We continue to evaluate product modifications, pricing structure and
alternative means of managing risks, capital and statutory reserves and we
expect the discontinued use of captive reinsurance on new reserve financing
transactions would not have a material impact on our future consolidated
financial results. See Note 5 of the Notes to the Consolidated Financial
Statements for further information on our reinsurance activities.

Rating Agencies

Rating agencies assign insurer financial strength and credit ratings to
Metropolitan Life Insurance Company and MetLife, Inc.'s other insurance
subsidiaries, as well as credit ratings to MetLife, Inc. Financial strength
ratings represent the opinion of rating agencies regarding the ability of an
insurance company to pay obligations under insurance policies and contracts in
accordance with their terms. Insurer financial strength ratings are not
statements of fact nor are they recommendations to purchase, hold or sell any
security, contract or policy. Each rating should be evaluated independently of
any other rating.

Rating agencies use an "outlook statement" of "positive," "stable," ''negative''
or "developing" to indicate a medium- or long-term trend in credit fundamentals
which, if continued, may lead to a rating change. A rating may have a "stable"
outlook to indicate that the rating is not expected to change; however, a
"stable" rating does not preclude a rating agency from changing a rating at any
time, without notice. Certain rating agencies assign rating modifiers such as
"CreditWatch" or "under review" to indicate their opinion regarding the
potential direction of a rating. These ratings modifiers are generally assigned
in connection with certain events such as potential mergers, acquisitions,
dispositions or material changes in a company's results, in order for the rating
agency to perform its analysis to fully determine the rating implications of the
event.

Our insurer financial strength ratings at the date of this filing are indicated
in the following table. Outlook is stable unless otherwise indicated. Additional
information about financial strength ratings can be found on the websites of the
respective rating agencies.

                                            A.M. Best                     Fitch                    Moody's                    S&P
                                                                                                                        "AAA (Extremely
                                       "A++ (Superior)" to         "AAA (Exceptionally          "Aaa (Highest           Strong)" to "SD
Ratings Structure                        "S (Suspended)"             Strong)" to "C            Quality)" to "C            (Selective
                                                                      (Distressed)"            (Lowest Rated)"          Default)" or "D
                                                                                                                          (Default)"
Metropolitan Life Insurance Company            A+                          AA-                       Aa3                      AA-
                                            2nd of 16                   4th of 19                 4th of 21                4th of 21


Credit ratings indicate the rating agency's opinion regarding a debt issuer's
ability to meet the terms of debt obligations in a timely manner. They are
important factors in our overall funding profile and ability to access certain
types of liquidity. The level and composition of regulatory capital of
Metropolitan Life Insurance Company are among the many factors considered in
determining our insurer financial strength ratings and credit ratings. Each
agency has its own capital adequacy evaluation methodology, and assessments are
generally based on a combination of factors. In addition to heightening the
level of scrutiny that they apply to insurance companies, rating agencies have
increased and may continue to increase the frequency and scope of their credit
reviews, may request additional information from the companies that they rate
and may change the capital and other requirements employed in the rating agency
models for maintenance of certain ratings levels.
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A downgrade in our insurer financial strength or credit ratings, or the credit
ratings or insurer financial strength ratings of MetLife, Inc. or its other
subsidiaries would likely impact us in the following ways, including:

•impact our ability to generate cash flows from the sale of funding agreements
and other capital market products offered by our RIS business;

•impact the cost and availability of financing for MetLife, Inc. and its
subsidiaries, including Metropolitan Life Insurance Company; and

•result in additional collateral requirements or other required payments under
certain agreements, which are eligible to be satisfied in cash or by posting
investments held by the entities subject to the agreements. See "- Liquidity and
Capital Uses - Pledged Collateral."

See also "Risk Factors - Economic Environment and Capital Markets Risks - We May
Lose Business Due to a Downgrade or a Potential Downgrade in Financial Strength
or Credit Ratings."

Summary of Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:

                                                                         Years Ended December 31,
                                                                         2022                 2021
                                                                              (In millions)
Sources:
Operating activities, net                                           $      4,667          $   3,257
Investing activities, net                                                  3,498                  -
Net change in policyholder account balances                                5,266                  -

Net change in payables for collateral under securities loaned and
other transactions

                                                             -              1,744
Long-term debt issued                                                         64                 35

Financing element on certain derivative instruments and other
derivative related transactions, net

 308                173
Total sources                                                             13,803              5,209
Uses:
Investing activities, net                                                      -                875
Net change in policyholder account balances                                    -              2,249

Net change in payables for collateral under securities loaned and
other transactions

                                                        10,695                  -
Long-term debt repaid                                                         57                 26
Dividends paid to MetLife, Inc.                                            3,539              3,393
Other, net                                                                    57                 42

Effect of change in foreign currency exchange rates on cash and
cash equivalents balances

                                                      7                  4
Total uses                                                                14,355              6,589
Net increase (decrease) in cash and cash equivalents                $       (552)         $  (1,380)


Cash Flows from Operations

The principal cash inflows from our insurance activities come from insurance
premiums, net investment income, annuity considerations and deposit funds. The
principal cash outflows are the result of various life insurance, annuity and
pension products, operating expenses and income tax, as well as interest
expense.

Cash Flows from Investments

The principal cash inflows from our investment activities come from repayments
of principal, proceeds from maturities and sales of investments and settlements
of freestanding derivatives. The principal cash outflows relate to purchases of
investments, issuances of policy loans and settlements of freestanding
derivatives. We typically have a net cash outflow from investing activities
because cash inflows from insurance operations are reinvested in accordance with
our ALM discipline to fund insurance liabilities. We closely monitor and manage
these risks through our comprehensive investment risk management process.
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Cash Flows from Financing

The principal cash inflows from our financing activities come from issuances of
debt, deposits of funds associated with policyholder account balances and
lending of securities. The principal cash outflows come from repayments of debt,
payments of dividends on Metropolitan Life Insurance Company's common stock,
withdrawals associated with policyholder account balances and the return of
securities on loan.

Liquidity and Capital Sources

In addition to the general description of liquidity and capital sources in "-
Summary of Primary Sources and Uses of Liquidity and Capital," the Company's
primary sources of liquidity and capital are set forth below.

Global Funding Sources

Liquidity is provided by a variety of global funding sources, including funding
agreements, the Credit Facility and commercial paper. Capital is provided by a
variety of global funding sources, including short-term and long-term debt. The
diversity of our global funding sources enhances our funding flexibility, limits
dependence on any one market or source of funds and generally lowers the cost of
funds. Our primary global funding sources include:

Commercial Paper, Reported in Short-term Debt

MetLife Funding and MetLife, Inc. each have a commercial paper program that is
supported by the Credit Facility (see "- Credit Facility"). MetLife Funding
raises cash from its commercial paper program and uses the proceeds to extend
loans through MetLife Credit Corp., another subsidiary of Metropolitan Life
Insurance Company, to affiliates in order to enhance the financial flexibility
and liquidity of these companies.

Policyholder Account Balances

See Notes 1 and 3 of the Notes to the Consolidated Financial Statements for a
description of the components of policyholder account balances. See "- Liquidity
and Capital Uses - Insurance Liabilities" regarding the source and uncertainties
associated with the estimation of the contractual obligations related to future
policy benefits and policyholder account balances.

The sum of the estimated cash flows of $106.4 billion ($25.4 billion of which
are estimated to occur in one year or less) exceeds the liability amount of
$100.0 billion included on the consolidated balance sheet principally due to
(i) the time value of money, which accounts for a substantial portion of the
difference; (ii) differences in assumptions, between the date the liabilities
were initially established and the current date; and (iii) liabilities related
to accounting conventions, or which are not contractually due, which are
excluded.

The estimated cash flows represent cash payments undiscounted as to interest and
including assumptions related to the receipt of future premiums and deposits;
withdrawals, including unscheduled or partial withdrawals; policy lapses;
surrender charges; annuitization; mortality; future interest credited; policy
loans and other contingent events as appropriate for the respective product
type. Such estimated cash payments are also presented net of estimated future
premiums on policies currently in-force and gross of any reinsurance
recoverable. For obligations denominated in foreign currencies, cash payments
have been estimated using current spot foreign currency rates.

FHLBNY Funding Agreements, Reported in Policyholder Account Balances

Metropolitan Life Insurance Company is a member of FHLBNY. For the years ended
December 31, 2022 and 2021, we issued $27.1 billion and $31.7 billion,
respectively, and repaid $28.3 billion and $32.2 billion, respectively, of
funding agreements with FHLBNY. At December 31, 2022 and 2021, total obligations
outstanding under these funding agreements were $13.5 billion and $14.7 billion,
respectively. See Note 3 of the Notes to the Consolidated Financial Statements.

Special Purpose Entity Funding Agreements, Reported in Policyholder Account
Balances

We issue fixed and floating rate funding agreements which are denominated in
either U.S. dollars or foreign currencies, to certain unconsolidated special
purpose entities that have issued either debt securities or commercial paper for
which payment of interest and principal is secured by such funding agreements.
For the years ended December 31, 2022 and 2021, we issued $45.8 billion and
$39.5 billion, respectively, and repaid $44.9 billion and $41.2 billion,
respectively, under such funding agreements. At December 31, 2022 and 2021,
total obligations outstanding under these funding agreements were $38.2 billion
and $37.2 billion, respectively. See Note 3 of the Notes to the Consolidated
Financial Statements.
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Federal Agricultural Mortgage Corporation Funding Agreements, Reported in
Policyholder Account Balances

We have issued funding agreements to a subsidiary of Federal Agricultural
Mortgage Corporation, which are secured by a pledge of certain eligible
agricultural mortgage loans. For the years ended December 31, 2022 and 2021, we
issued $625 million and $425 million, respectively, and repaid $625 million and
$750 million, respectively, under such funding agreements. At both December 31,
2022 and 2021, total obligations outstanding under these funding agreements were
$2.1 billion. See Note 3 of the Notes to the Consolidated Financial Statements.

Credit Facility

See Note 11 of the Notes to the Consolidated Financial Statements for
information on the Credit Facility.

We have no reason to believe that our lending counterparties will be unable to
fulfill their respective contractual obligations under this facility. As
commitments under the Credit Facility may expire unused, these amounts do not
necessarily reflect our actual future cash funding requirements.

Outstanding Debt Under Global Funding Sources

The following table summarizes our outstanding debt at:

                                                  December 31,
                                               2022         2021
                                                 (In millions)
                        Short-term debt      $    99      $   100
                        Long-term debt (1)   $ 1,676      $ 1,659


______________

(1)Includes $438 million and $482 million of long-term debt that is non-recourse
to the Company, subject to customary exceptions, at December 31, 2022 and 2021,
respectively. Certain investment subsidiaries have pledged assets to secure this
debt.

Debt and Facility Covenants

Certain of our debt instruments and the Credit Facility contain various
administrative, reporting, legal and financial covenants. We believe we were in
compliance with all applicable financial covenants at December 31, 2022.

Liquidity and Capital Uses

In addition to the general description of liquidity and capital uses in "-
Summary of Primary Sources and Uses of Liquidity and Capital," the Company's
primary uses of liquidity and capital are set forth below.

Dividends

For the years ended December 31, 2022 and 2021, Metropolitan Life Insurance
Company paid cash dividends to MetLife, Inc. of $3.5 billion and $3.4 billion,
respectively. See Note 12 of the Notes to the Consolidated Financial Statements.

Debt Repayments

See Note 11 of the Notes to the Consolidated Financial Statements for
information on long-term and short-term debt.

Support Agreements

Metropolitan Life Insurance Company is a party to a capital support commitment
with its subsidiary, MetLife Funding. Under the arrangement, Metropolitan Life
Insurance Company has agreed to cause such entity to meet specified capital
requirements. We anticipate that in the event this arrangement places demands
upon us, there will be sufficient liquidity and capital to enable us to meet
such demands.
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Insurance Liabilities

Insurance liabilities include future policy benefits, other policy-related
balances, policyholder dividends payable and the policyholder dividend
obligation, which are all reported on the consolidated balance sheet and are
more fully described in Notes 1 and 3 of the Notes to the Consolidated Financial
Statements. The sum of the estimated cash flows of $244.9 billion ($13.4 billion
of which are estimated to occur in one year or less) exceeds the liability
amounts of $141.8 billion included on the consolidated balance sheet principally
due to (i) the time value of money, which accounts for a substantial portion of
the difference; (ii) differences in assumptions, most significantly mortality,
between the date the liabilities were initially established and the current
date; and (iii) liabilities related to accounting conventions, or which are not
contractually due, which are excluded.

The estimated cash flows reflect future estimated cash payments and (i) are
based on mortality, morbidity, lapse and other assumptions comparable with our
experience and expectations of future payment patterns; and (ii) consider future
premium receipts on current policies in-force. Estimated cash payments are
undiscounted as to interest, net of estimated future premiums on in-force
policies and gross of any reinsurance recoverable. Payment of amounts related to
policyholder dividends left on deposit are projected based on assumptions of
policyholder withdrawal activity.

Actual cash payments may differ significantly from the liabilities as presented
on the consolidated balance sheet and the estimated cash payments due to
differences between actual experience and the assumptions used in the
establishment of these liabilities and the estimation of these cash payments.

For the majority of our insurance operations, estimated contractual obligations
for future policy benefits and policyholder account balances are derived from
the annual asset adequacy analysis used to develop actuarial opinions of
statutory reserve adequacy for state regulatory purposes. These cash flows are
materially representative of the cash flows under GAAP. See "- Liquidity and
Capital Sources - Global Funding Sources - Policyholder Account Balances."

Liabilities arising from our insurance activities primarily relate to benefit
payments under various life insurance, annuity and group pension products, as
well as payments for policy surrenders, withdrawals and loans. For annuity or
deposit type products, surrender or lapse behavior differs somewhat by segment.
In the MetLife Holdings segment, which includes individual annuities, lapses and
surrenders tend to occur in the normal course of business. For the years ended
December 31, 2022 and 2021, general account surrenders and withdrawals from
annuity products were $1.5 billion and $1.3 billion, respectively. In the RIS
business within the U.S. segment, which includes pension risk transfers,
bank-owned life insurance and other fixed annuity contracts, as well as funding
agreements and other capital market products, most of the products offered have
fixed maturities or fairly predictable surrenders or withdrawals. With regard to
the RIS business products that provide customers with limited rights to
accelerate payments, at December 31, 2022, there were funding agreements
totaling $127 million that could be put back to the Company.

Pledged Collateral

We pledge collateral to, and have collateral pledged to us by, counterparties in
connection with our derivatives. At December 31, 2022 and 2021, we had received
pledged cash collateral from counterparties of $4.3 billion and $6.6 billion,
respectively. At December 31, 2022 and 2021, we had pledged cash collateral to
counterparties of $2 million and $0, respectively. See Note 8 of the Notes to
the Consolidated Financial Statements.

We also pledge collateral from time to time in connection with funding
agreements. See Note 3 of the Notes to the Consolidated Financial Statements.

Securities Lending Transactions and Repurchase Agreements

See "- Investments - Securities Lending Transactions and Repurchase Agreements."

Litigation

We establish liabilities for litigation and regulatory loss contingencies when
it is probable that a loss has been incurred and the amount of the loss can be
reasonably estimated. For material matters where a loss is believed to be
reasonably possible but not probable, no accrual is made but we disclose the
nature of the contingency and an aggregate estimate of the reasonably possible
range of loss in excess of amounts accrued, when such an estimate can be made.
It is not possible to predict the ultimate outcome of all pending investigations
and legal proceedings. In some of the matters referred to herein, very large
and/or indeterminate amounts, including punitive and treble damages, are sought.
Given the large and/or indeterminate amounts sought in certain of these matters
and the inherent unpredictability of litigation, it is possible that an adverse
outcome in certain matters could, from time to time, have a material adverse
effect on our consolidated net income or cash flows in particular quarterly or
annual periods. See Note 16 of the Notes to the Consolidated Financial
Statements.
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Adopted Accounting Pronouncements

See Note 1 of the Notes to the Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

See Note 1 of the Notes to the Consolidated Financial Statements.

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance that
are not calculated in accordance with GAAP. We believe that these non-GAAP
financial measures enhance the understanding for the Company and our investors
of our performance by highlighting the results of operations and the underlying
profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes
for the most directly comparable financial measures calculated in accordance
with GAAP:

Non-GAAP financial measures:                                 Comparable GAAP financial measures:
(i)               adjusted premiums, fees and other revenues (i)                  premiums, fees and other revenues
(ii)              adjusted earnings                          (ii)                 net income (loss)
(iii)             adjusted net investment income             (iii)          

net investment income

Reconciliations of these non-GAAP financial measures to the most directly
comparable historical GAAP financial measures are included in "- Results of
Operations" and "- Investments." Reconciliations of these non-GAAP measures to
the most directly comparable GAAP measures are not accessible on a
forward-looking basis because we believe it is not possible without unreasonable
effort to provide other than a range of net investment gains and losses and net
derivative gains and losses, which can fluctuate significantly within or outside
the range and from period to period and may have a material impact on net
income.

Our definitions of non-GAAP and other financial measures discussed in this
report may differ from those used by other companies.

Adjusted earnings

This measure is used by management to evaluate performance and allocate
resources. Consistent with GAAP guidance for segment reporting, adjusted
earnings is also our GAAP measure of segment performance. Adjusted earnings
allows analysis of our performance and facilitates comparisons to industry
results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of
income tax. Adjusted loss is defined as negative adjusted earnings. For
information relating to adjusted revenues and adjusted expenses, see "Financial
Measures and Segment Accounting Policies" in Note 2 of the Notes to the
Consolidated Financial Statements.

The following additional information is relevant to an understanding of our
performance results:

•We sometimes refer to sales activity for various products. These sales
statistics do not correspond to revenues under GAAP, but are used as relevant
measures of business activity.

•Near-term represents one to three years.

•Allocated equity is the portion of common stockholders' equity that MetLife's
management allocates to each of its segments and sub-segments based on local
capital requirements and economic capital. See "- Risk Management - Economic
Capital."
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Risk Management

MetLife has an integrated process for managing risk, that is supported by a Risk
Appetite Statement approved by the MetLife, Inc. Board of Directors (the "Board"
or "Board of Directors"). Risk management is overseen and conducted through
multiple Board and senior management risk committees (financial and
non-financial). The risk committees are established at the enterprise and local
levels, as needed, to oversee capital and risk positions, approve ALM strategies
and limits, and establish certain corporate risk standards and policies. The
risk committees are comprised of senior leaders from the lines of business and
corporate functions which ensures comprehensive coverage and sharing of risk
reporting. The Enterprise Risk Committee ("ERC") is responsible for reviewing
all material risks impacting the enterprise and deciding on actions, if
necessary, in the event risks exceed desired tolerances, taking into
consideration industry best practices and the current environment to resolve or
mitigate those risks.

Three Lines of Defense

MetLife operates under the "Three Lines of Defense" model. Under this model, the
lines of business and corporate functions are the first and primary line of
defense in identifying, measuring, monitoring, managing, and reporting risks.
Global Risk Management forms the second line of defense providing strategic
advisory services and effective challenge and oversight to the business and
corporate functions in the first line of defense. Internal Audit serves as the
third line of defense, providing independent assurance and testing over the risk
and control environment and related processes and controls.

Global Risk Management

Independent from the lines of business, the centralized Global Risk Management
department, led by the Chief Risk Officer ("CRO"), coordinates across all risk
committees to ensure that all material risks are properly identified, measured,
monitored, managed and reported across the Company. The CRO reports to the Chief
Executive Officer ("CEO") and is primarily responsible for maintaining and
communicating the Company's enterprise risk policies and for monitoring and
analyzing all material risks.

Global Risk Management considers and monitors a full range of risks relating to
the Company's solvency, liquidity, earnings, business operations and reputation.
Global Risk Management's primary responsibilities consist of:

•implementing an enterprise risk framework, which outlines our enterprise
approach for managing financial and non-financial risk;

•developing policies and procedures for identifying, measuring, monitoring,
managing and reporting those risks identified in the enterprise risk framework;

•coordinating Own Risk Solvency Assessment for Board, senior management and
regulator use;

•establishing appropriate corporate risk tolerance levels;

•measuring capital on an economic basis;

•mitigating compliance risk and establishing controls;

•integrating climate risk into MetLife's risk management framework and
developing impact assessment capabilities; and

•reporting to (i) the Finance and Risk Committee of MetLife, Inc.'s Board of
Directors; (ii) the Compensation Committee of MetLife, Inc.'s Board of
Directors; and (iii) the financial and non-financial senior management
committees on various aspects of risk.

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Key Risk Types

MetLife has defined each material risk to which it is exposed and has
established individual frameworks to monitor, manage and report on the
respective risk.

•Market Risk: is the risk of loss due to potential changes in the value of
assets and liabilities arising from fluctuations in financial market, real
estate, and other economic factors. Market risk is comprised of interest rate
risk, equity risk, foreign currency exchange rate risk, spread risk and
inflation risk.

•Credit Risk: is the risk of loss or credit rating downgrade arising from an
obligor or counterparty with a direct or contingent financial obligation to
MetLife that is either unable or unwilling to meet its obligation in full and on
a timely basis. These risks arise from public fixed income assets, private loans
including real estate, derivative transactions, bank deposits, reinsurance
treaties and other similar contracts.

•Insurance Risk: is the risk of loss or adverse change in insurance liabilities
from changes in the level, trend, and volatility of insurance and policyholder
behavior experience varying from best estimate assumptions. These variances can
be driven by catastrophic events such as pandemics or can be the result of
misestimating base assumptions. Insurance risks to MetLife generally arise from
mortality, morbidity, longevity, and policyholder behavior.

•Non-Financial Risk: is the risk of failed or inadequate internal processes,
human errors, system errors or external events that may result in financial
loss, non-financial damage, and/or non-compliance with applicable laws and
regulations. Non-Financial risk captures operational and compliance risks,
including risks such as business interruption, customer protection, financial
crime, privacy, fraud and theft, and information security risk.

•Liquidity Risk: refers to the risk that MetLife is unable to raise cash
necessary to meet current obligations.

Economic Capital

Economic capital is an internally developed risk capital model, the purpose of
which is to measure the risk in the business and to provide a basis upon which
capital can be deployed. The economic capital model accounts for the unique and
specific nature of the risks inherent in MetLife's and the Company's business.
MetLife's economic capital model, coupled with considerations of local capital
requirements, aligns segment allocated equity with emerging standards and
consistent risk principles. The model applies statistics-based risk evaluation
principles to the material risks to which the Company is exposed. These
consistent risk principles include calibrating required economic capital shock
factors to a specific confidence level and time horizon while applying an
industry standard method for the inclusion of diversification benefits among
risk types. MetLife's management is responsible for the ongoing production and
enhancement of the economic capital model and reviews its approach periodically
to ensure that it remains consistent with emerging industry practice standards.
For further information, see "Financial Measures and Segment Accounting
Policies" in Note 2 of the Notes to the Consolidated Financial Statements.

Asset/Liability Management

MetLife actively manages our assets using an approach that is liability driven
and balances quality, diversification, asset/liability matching, liquidity,
concentration and investment return. The goals of the investment process are to
optimize, net of income tax, risk-adjusted investment income and risk-adjusted
total return while ensuring that the assets and liabilities are reasonably
aligned on a cash flow and duration basis. The ALM process is the shared
responsibility of the ALM, Global Risk Management, and Investments departments,
with the engagement of senior members of the business segments and Finance, and
is governed by the ALM Committees. The ALM Committees' duties include reviewing
and approving investment guidelines and limits, approving significant portfolio
and ALM strategies and providing oversight of the ALM process. The directives of
the ALM Committees are carried out and monitored through ALM Working Groups
which are set up to manage risk by geography, product or portfolio type. The ALM
Steering Committee oversees the activities of the underlying ALM Committees and
Working Groups. The ALM Steering Committee reports to the ERC.

MetLife establishes portfolio guidelines that define ranges and limits related
to asset allocation, interest rate risk, liquidity, concentration and other
risks for each major business segment, legal entity or insurance product group.
These guidelines support implementation of investment strategies used to
adequately fund our liabilities within acceptable levels of risk. MetLife also
establishes hedging programs and associated investment portfolios for different
blocks of business. The ALM Working Groups monitor these strategies and programs
through regular review of portfolio metrics, such as effective duration, yield
curve sensitivity, convexity, value at risk, market sensitivities (to interest
rates, equity market levels, equity volatility, foreign currency exchange rates
and inflation), stress scenario payoffs, liquidity, asset sector concentration
and credit quality.
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MetLife manages credit risk through in-house fundamental credit analysis of the
underlying obligors, issuers, transaction structures and real estate properties.
MetLife also manages credit, market valuation and liquidity risk through
industry and issuer diversification and asset allocation limits. These risk
limits, approved annually by the Investment Risk Committee, promote
diversification by asset sector, avoid concentrations in any single issuer and
limit overall aggregate credit and equity risk exposure, as measured by our
economic capital framework. For real estate assets, MetLife manages credit and
market risk through asset allocation limits and by diversifying by geography,
property and product type.

Information Security Risk Management

MetLife manages information security risk through MetLife's Information Security
Program (the "Program"), which is overseen by our enterprise Chief Information
Security Officer ("CISO"), with collaboration across lines of businesses and
corporate functions. The CISO is a senior-level executive responsible for
establishing and executing the company's information security strategy; the CISO
regularly reports about information security risk to the ERC, the Audit
Committee of MetLife, Inc. ("Audit Committee") and the Board. The primary goal
of the Program is to protect information and technology assets through physical,
technical, and administrative safeguards. This includes monitoring, reporting,
managing and remediating cyber threats. The Program aims to prevent data
exfiltration, manipulation, and destruction, as well as system and transactional
disruption. The Program's threat-centric and risk-based approach for securing
the MetLife environment is based on the cybersecurity framework developed by the
U.S. Government's National Institute of Standards and Technology.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The following discussion on market risk should be read in conjunction with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - Risk Management."

Market Risk Exposures

We regularly analyze our exposure to interest rate, foreign currency exchange
rate and equity market price risk. As a result of that analysis, we have
determined that the estimated fair values of certain assets and liabilities are
materially exposed to changes in interest rates, foreign currency exchange rates
and equity markets. We have exposure to market risk through our insurance
operations and investment activities. For purposes of this disclosure, "market
risk" is defined as the risk of loss due to potential changes in the value of
assets and liabilities arising from fluctuation in the financial market and
other economic factors.

Interest Rates

Our exposure to interest rate changes results most significantly from our
holdings of fixed maturity securities AFS, mortgage loans and derivatives, as
well as our interest rate sensitive liabilities. The fixed maturity securities
AFS include U.S. and foreign government bonds, securities issued by government
agencies, corporate bonds, mortgage-backed securities and ABS & CLO, all of
which are mainly exposed to changes in medium- and long-term interest rates. The
interest rate sensitive liabilities for purposes of this disclosure include
debt, policyholder account balances related to certain investment type
contracts, and embedded derivatives on variable annuities with guaranteed
minimum benefits which have the same type of interest rate exposure (medium- and
long-term interest rates) as fixed maturity securities AFS. The interest rate
sensitive liabilities for purposes of this disclosure exclude a significant
portion of the liabilities relating to insurance contracts. See "Risk
Factors - Economic Environment and Capital Markets Risks - We May Face Difficult
Economic Conditions."

Foreign Currency Exchange Rates

Our exposure to fluctuations in foreign currency exchange rates against the
U.S. dollar results from our holdings in non-U.S. dollar denominated fixed
maturity and equity securities, mortgage loans, and certain liabilities. The
foreign currency exchange rate liabilities for purposes of this disclosure
exclude a significant portion of the liabilities relating to insurance
contracts. The principal currencies that create foreign currency exchange rate
risk in our investment portfolios and liabilities are the Japanese yen, the Euro
and the British pound. We hedge foreign currency exchange rate risk with foreign
currency swaps, forwards and options.

Equity Market

Along with investments in equity securities, we have exposure to equity market
risk through certain liabilities that involve long-term guarantees on equity
performance such as embedded derivatives on variable annuities with guaranteed
minimum benefits and certain policyholder account balances. Equity exposures
associated with real estate and limited partnership interests are excluded from
this discussion as they are not considered financial instruments under GAAP.

Management of Market Risk Exposures

We use a variety of strategies to manage interest rate, foreign currency
exchange rate and equity market risk, including the use of derivatives.

Interest Rate Risk Management

To manage interest rate risk, we analyze interest rate risk using various
models, including multi-scenario cash flow projection models that forecast cash
flows of the liabilities and their supporting investments, including
derivatives. These projections involve evaluating the potential gain or loss on
most of our in-force business under various increasing and decreasing interest
rate environments. The NYDFS regulations require that we perform some of these
analyses annually as part of our review of the sufficiency of our regulatory
reserves. We maintain segmented operating and surplus asset portfolios for the
purpose of ALM and the allocation of investment income to product lines. In the
U.S., for each segment, invested assets greater than or equal to the GAAP
liabilities, net of certain non-invested assets allocated to the segment, are
maintained, with any excess allocated to Corporate & Other. The business
segments may reflect differences in legal entity, statutory line of business and
any product market characteristic which may drive a distinct investment strategy
with respect to duration, liquidity or credit quality of the invested assets.
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We measure relative sensitivities of the value of our assets and liabilities to
changes in key assumptions utilizing internal models. These models reflect
specific product characteristics and include assumptions based on current and
anticipated experience regarding lapse, mortality, morbidity and interest
crediting rates. In addition, these models include asset cash flow projections
reflecting interest payments, sinking fund payments, principal payments, bond
calls, mortgage loan prepayments and defaults.

We employ product design, pricing and ALM strategies to reduce the potential
effects of interest rate movements. Product design and pricing strategies
include the use of surrender charges or restrictions on withdrawals in some
products and the ability to reset crediting rates for certain products. ALM
strategies include the use of derivatives. We also use reinsurance to mitigate
interest rate risk.

We also use common industry metrics, such as duration and convexity, to measure
the relative sensitivity of assets and liability values to changes in interest
rates. In computing the duration of liabilities, we consider policyholder
guarantees and how we intend to set indeterminate policy elements such as
interest credits or dividends. Each asset portfolio or portfolio group has a
duration target based on the liability duration and the investment objectives of
that portfolio. Where a liability cash flow may exceed the maturity of available
assets, we may support such liabilities with equity investments, derivatives or
interest rate curve mismatch strategies.

Foreign Currency Exchange Rate Risk Management

MetLife has a well-established policy to manage foreign currency exchange rate
exposures within its risk tolerance. In general, investments backing specific
liabilities are currency matched. This is achieved through direct investments in
matching currency or through the use of foreign currency exchange rate
derivatives. Enterprise foreign currency exchange rate risk limits are
established by the ERC. Management of each of the Company's segments, with
oversight from MetLife's FX Working Group and the ALM committee for the
respective segment, is responsible for managing any foreign currency exchange
rate exposure. The general authorizations of the Investment Committee of the
MLIC Board of Directors also set limits on unhedged foreign currency investment
exposure.

We use foreign currency swaps, forwards and options to mitigate the liability
exposure, risk of loss and financial statement volatility associated with
foreign currency denominated fixed income investments and the sale of certain
insurance products.

Equity Market Risk Management

We manage equity market risk on an integrated basis with other risks through our
ALM strategies, including the dynamic hedging with derivatives of certain
variable annuity guarantee benefits, as well as reinsurance, in order to limit
losses, minimize exposure to large risks, and provide additional capacity for
future growth. We also manage equity market risk exposure in our investment
portfolio through the use of derivatives. These derivatives include
exchange-traded equity futures, equity index options contracts, TRRs and equity
variance swaps.

Hedging Activities

We use derivative contracts primarily to hedge a wide range of risks including
interest rate risk, foreign currency exchange rate risk, and equity market risk.
Derivative hedges are designed to reduce risk on an economic basis while
considering their impact on financial results under different accounting
regimes, including GAAP and local statutory accounting. Our derivative hedge
programs vary depending on the type of risk being hedged. Some hedge programs
are asset or liability specific while others are portfolio hedges that reduce
risk related to a group of liabilities or assets. Our use of derivatives by
major hedge programs is as follows:

•Risks Related to Guarantee Benefits - We use a wide range of derivative
contracts to mitigate the risk associated with living guarantee benefits. These
derivatives include equity and interest rate futures, interest rate swaps,
currency futures/forwards, equity indexed options, TRRs, interest rate option
contracts and equity variance swaps.

•Minimum Interest Rate Guarantees - For certain liability contracts, we provide
the contractholder a guaranteed minimum interest rate. These contracts include
certain fixed annuities and other insurance liabilities. We purchase interest
rate caps and floors to reduce risk associated with these liability guarantees.

•Reinvestment Risk in Long-Duration Liability Contracts - Derivatives are used
to hedge interest rate risk related to certain long-duration liability
contracts. Hedges include interest rate swaps, swaptions and Treasury bond
forwards.

•Foreign Currency Exchange Rate Risk - We use foreign currency swaps, futures,
forwards and options to hedge foreign currency exchange rate risk. These hedges
are generally used to swap foreign currency denominated bonds or equity market
exposures to U.S. dollars.
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•General ALM Hedging Strategies - In the ordinary course of managing our
asset/liability risks, we use interest rate futures, interest rate swaps,
interest rate caps, interest rate floors and inflation swaps. These hedges are
designed to reduce interest rate risk or inflation risk related to the existing
assets or liabilities or related to expected future cash flows.

•Macro Hedge Program - We use equity options, equity TRRs, interest rate
swaptions, interest rate swaps and Treasury locks to mitigate the potential loss
of legal entity statutory capital under stress scenarios.

Risk Measurement: Sensitivity Analysis

We measure market risk related to our market sensitive assets and liabilities
based on changes in interest rates, foreign currency exchange rates and equity
market prices utilizing a sensitivity analysis. For purposes of this disclosure,
a significant portion of the liabilities relating to insurance contracts is
excluded, as discussed further below. This analysis estimates the potential
changes in estimated fair value based on a hypothetical 100 basis point change
(increase or decrease) in interest rates, as well as a 10% change (increase or
decrease) in foreign currency exchange rates and equity market prices. We
believe these changes in market rates and prices are reasonably possible in the
near term. In performing the analysis summarized below, we used market rates at
December 31, 2022. The sensitivity analysis separately calculates each of our
market risk exposures (interest rate, foreign currency exchange rate and equity
market) relating to our assets and liabilities. We modeled the impact of changes
(increases and decreases) in market rates and prices on the estimated fair
values of our market sensitive assets and liabilities and present the results
with the most adverse level of market risk impact to the Company for each of
these market risk exposures as follows:

•the net present values of our interest rate sensitive exposures resulting from
a 100 basis point change (increase or decrease) in interest rates;

•estimated fair values of our foreign currency exchange rate sensitive exposures
due to a 10% change (appreciation or depreciation) in the value of the U.S.
dollar compared to all other currencies; and

•the estimated fair value of our equity market sensitive exposures due to a 10%
change (increase or decrease) in equity market prices.

The sensitivity analysis is an estimate and should not be viewed as predictive
of our future financial performance. We cannot ensure that our actual losses in
any particular period will not exceed the amounts indicated in the table below.
Limitations related to this sensitivity analysis include:

•interest sensitive and foreign currency exchange rate sensitive liabilities do
not include $141.6 billion, at carrying value, of insurance contracts.
Management believes that the changes in the economic value of those contracts
under changing interest rates and changing foreign currency exchange rates would
offset a significant portion of the fair value changes of interest sensitive and
foreign currency exchange rate sensitive assets;

•the market risk information is limited by the assumptions and parameters
established in creating the related sensitivity analysis, including the impact
of prepayment rates on mortgage loans;

•sensitivities do not include the impact on asset or liability valuation of
changes in market liquidity or changes in market credit spreads;

•foreign currency exchange rate risk is not isolated for certain embedded
derivatives within host asset and liability contracts, as the risk on these
instruments is reflected as equity;

•for the derivatives that qualify as hedges, and for certain other assets such
as mortgage loans, the impact on reported earnings may be materially different
from the change in market values;

•the analysis excludes liabilities pursuant to insurance contracts, as well as
real estate holdings, private equity and hedge fund holdings; and

•the model assumes that the composition of assets and liabilities remains
unchanged throughout the period.

Accordingly, we use such models as tools and not as substitutes for the
experience and judgment of our management. Based on our analysis of the impact
of a 100 basis point change (increase or decrease) in interest rates, as well as
a 10% change (increase or decrease) in foreign currency exchange rates and
equity market prices, we have determined that such a change could have a
material adverse effect on the estimated fair value of certain assets and
liabilities from interest rate, foreign currency exchange rate and equity market
exposures.
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The table below illustrates the potential loss in estimated fair value for each
market risk exposure based on market sensitive assets and liabilities at:

                                        December 31, 2022
                                          (In millions)

Interest rate risk                     $           10,416
Foreign currency exchange rate risk    $              247
Equity market risk                     $              106

The risk sensitivities derived used a 100 basis point increase to interest
rates, a 10% weakening of the U.S. dollar against foreign currencies, and a 10%
increase in equity prices. The potential losses in estimated fair value
presented are for non-trading securities.

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The table below provides additional detail regarding the potential loss in
estimated fair value of our interest sensitive financial instruments due to a
100 basis point increase in interest rates at:

                                                                         December 31, 2022
                                                                                               Assuming a
                                                                                                 100 bps
                                                                            Estimated           Increase
                                                          Notional             Fair            in Interest
                                                           Amount           Value (1)             Rates
                                                                           (In millions)
Assets
Fixed maturity securities AFS                                              $ 145,576          $   (9,145)
FVO Securities                                                             $     844                  (9)
Mortgage loans                                                             $  58,858              (1,896)
Policy loans                                                               $   6,143                (159)
Short-term investments                                                     $   2,759                 (53)
Other invested assets                                                      $   2,317                   4
Cash and cash equivalents                                                  $   9,405                  (4)
Accrued investment income                                                  $   1,949                   -
Premiums, reinsurance and other receivables                                $  12,280                (518)
Embedded derivatives within asset host contracts (2)                       $     149                   -
Total assets                                                                                  $  (11,780)
Liabilities (3)
Policyholder account balances                                              $  78,938          $    1,900
Payables for collateral under securities loaned and
other transactions                                                         $  14,171                   -
Short-term debt                                                            $      99                   -
Long-term debt                                                             $   1,758                  74
Other liabilities                                                          $  12,513                 760

Embedded derivatives within liability host contracts
(2)

                                                                        $     140                 152
Total liabilities                                                                             $    2,886
Derivative Instruments
Interest rate swaps                                     $  23,133          $   1,553          $   (1,186)
Interest rate floors                                    $  23,371          $     114                 (60)
Interest rate caps                                      $  46,666          $     903                 293
Interest rate futures                                   $     414          $      (1)                (23)
Interest rate options                                   $  39,712          $     398                (174)
Interest rate forwards                                  $   2,227          $    (404)               (178)

Synthetic guaranteed interest contracts                 $  13,044          $       -                   -
Foreign currency swaps                                  $  34,594          $   1,878                (142)
Foreign currency forwards                               $   1,328          $      (9)                  -

Credit default swaps                                    $   9,917          $     103                   -
Equity futures                                          $   1,063          $       2                  (2)
Equity index options                                    $  14,143          $     406                 (45)
Equity variance swaps                                   $      90          $       4                   -
Equity total return swaps                               $   1,922          $     (80)                 (5)
Total derivative instruments                                                                  $   (1,522)
Net Change                                                                                    $  (10,416)


______________

(1)Separate account assets and liabilities, which are interest rate sensitive,
are not included herein as any interest rate risk is borne by the
contractholder, notwithstanding any general account guarantees which are
included within embedded derivatives (see footnote (2) below) or included within
future policy benefits and other policy-related balances (see footnote (3)
below).

(2)Embedded derivatives are recognized on the consolidated balance sheet in the
same caption as the host contract.

(3)Excludes $141.6 billion of liabilities, at carrying value, pursuant to
insurance contracts reported within future policy benefits and other
policy-related balances. These liabilities would economically offset a
significant portion of the net change in fair value of our financial instruments
resulting from a 100 basis point increase in interest rates.

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Sensitivity to interest rates decreased $4.6 billion to $10.4 billion at
December 31, 2022 from $15.0 billion at December 31, 2021.

The table below provides additional detail regarding the potential loss in
estimated fair value of our portfolio due to a 10% depreciation in the U.S.
dollar compared to all other currencies at:

                                                                         December 31, 2022
                                                                          Estimated             Assuming a
                                                       Notional              Fair           10% Depreciation in
                                                        Amount            Value (1)           the U.S. Dollar
                                                                           (In millions)
Assets
Fixed maturity securities AFS                                            $ 145,576          $          1,391
FVO Securities                                                           $     844                         -
Mortgage loans                                                           $  58,858                       290
Policy loans                                                             $   6,143                         -
Short-term investments                                                   $   2,759                        78
Other invested assets                                                    $   2,317                       122
Cash and cash equivalents                                                $   9,405                         8
Accrued investment income                                                $   1,949                        13
Premiums, reinsurance and other receivables                              $  12,280                         -
Embedded derivatives within asset host contracts (2)                     $     149                        15
Total assets                                                                                $          1,917
Liabilities (3)
Policyholder account balances                                            $  78,938          $         (1,251)
Payables for collateral under securities loaned and
other transactions                                                       $  14,171                         -
Long-term debt                                                           $   1,758                         -
Other liabilities                                                        $  12,513                         -
Embedded derivatives within liability host contracts
(2)                                                                      $     140                         -
Total liabilities                                                                           $         (1,251)
Derivative Instruments
Interest rate swaps                                  $   23,133          $   1,553          $              -
Interest rate floors                                 $   23,371          $     114                         -
Interest rate caps                                   $   46,666          $     903                         -
Interest rate futures                                $      414          $      (1)                        -
Interest rate options                                $   39,712          $     398                         -
Interest rate forwards                               $    2,227          $    (404)                        -

Synthetic guaranteed interest contracts              $   13,044          $       -                         -
Foreign currency swaps                               $   34,594          $   1,878                      (804)
Foreign currency forwards                            $    1,328          $      (9)                     (109)

Credit default swaps                                 $    9,917          $     103                         -
Equity futures                                       $    1,063          $       2                         -
Equity index options                                 $   14,143          $     406                         -
Equity variance swaps                                $       90          $       4                         -
Equity total return swaps                            $    1,922          $     (80)                        -
Total derivative instruments                                                                $           (913)
Net Change                                                                                  $           (247)


______________

(1)Does not necessarily represent those financial instruments solely subject to
foreign currency exchange rate risk. Separate account assets and liabilities,
which are foreign currency exchange rate sensitive, are not included herein as
any foreign currency exchange rate risk is borne by the contractholder,
notwithstanding any general account guarantees which are included within
embedded derivatives (see footnote (2) below) or included within future policy
benefits and other policy-related balances (see footnote (3) below).

(2)Embedded derivatives are recognized on the consolidated balance sheet in the
same caption as the host contract.

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(3)Excludes $141.6 billion of liabilities, at carrying value, pursuant to
insurance contracts reported within future policy benefits and other
policy-related balances. These liabilities would economically offset a
significant portion of the net change in fair value of our financial instruments
resulting from a 10% appreciation in the U.S. dollar compared to all other
currencies.

Sensitivity to foreign currency exchange rates increased $22 million to $247
million at December 31, 2022 from $225 million at December 31, 2021.

The table below provides additional detail regarding the potential loss in
estimated fair value of our portfolio due to a 10% increase in equity prices at:

                                                                        December 31, 2022
                                                                                               Assuming a
                                                                           Estimated          10% Increase
                                                       Notional              Fair               in Equity
                                                        Amount             Value (1)             Prices
                                                                          (In millions)
Assets
FVO Securities                                                           $      844          $         60
Other invested assets                                                    $    2,317                    47

Total assets                                                                                 $        107
Liabilities (3)
Policyholder account balances                                            $   78,938          $          -
Embedded derivatives within liability host contracts
(2)                                                                      $      140                   127
Total liabilities                                                                            $        127
Derivative Instruments
Interest rate swaps                                  $   23,133          $    1,553          $          -
Interest rate floors                                 $   23,371          $      114                     -
Interest rate caps                                   $   46,666          $      903                     -
Interest rate futures                                $      414          $       (1)                    -
Interest rate options                                $   39,712          $      398                     -
Interest rate forwards                               $    2,227          $     (404)                    -

Synthetic guaranteed interest contracts              $   13,044          $        -                     -
Foreign currency swaps                               $   34,594          $    1,878                     -
Foreign currency forwards                            $    1,328          $       (9)                    -

Credit default swaps                                 $    9,917          $      103                     -
Equity futures                                       $    1,063          $        2                   (78)
Equity index options                                 $   14,143          $      406                   (68)
Equity variance swaps                                $       90          $        4                     -
Equity total return swaps                            $    1,922          $      (80)                 (194)
Total derivative instruments                                                                 $       (340)
Net Change                                                                                   $       (106)


______________

(1)Does not necessarily represent those financial instruments solely subject to
equity price risk. Additionally, separate account assets and liabilities, which
are equity market sensitive, are not included herein as any equity market risk
is borne by the contractholder, notwithstanding any general account guarantees
which are included within embedded derivatives (see footnote (2) below) or
included within future policy benefits and other policy-related balances (see
footnote (3) below).

(2)Embedded derivatives are recognized on the consolidated balance sheet in the
same caption as the host contract.

(3)Excludes $141.6 billion of liabilities, at carrying value, pursuant to
insurance contracts reported within future policy benefits and other
policy-related balances.

Sensitivity to equity market prices decreased $43 million to $106 million at
December 31, 2022 from $149 million at December 31, 2021.

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              Item 8. Financial Statements and Supplementary Data

        Index to Consolidated Financial Statements, Notes and Schedules

                                                                                      Page
  Report of Independent Registered Public Accounting Firm   (PCAOB ID 34)              75

Financial Statements at December 31, 2022 and 2021 and for the Years Ended
December 31, 2022, 2021 and 2020:

  Consolidated Balance Sheets                                                          79
  Consolidated Statements of Operations                                                80
  Consolidated Statements of Comprehensive Income (Loss)                               81
  Consolidated Statements of Equity                                                    82
  Consolidated Statements of Cash Flows                                                83
  Notes to the Consolidated Financial Statements                                       85

Note 1 - Business, Basis of Presentation and Summary of Significant
Accounting Policies

           85
  Note 2 - Segment Information                                                        104
  Note 3 - Insurance                                                                  109
  Note 4 - Deferred Policy Acquisition Costs, Value of Business Acquired and
Other Intangibles                                                                     120
  Note 5 - Reinsurance                                                                122
  Note 6 - Closed Block                                                               128
  Note 7 - Investments                                                                130
  Note 8 - Derivatives                                                                150
  Note 9 - Fair Value                                                                 164
  Note 10 - Leases                                                                    180
  Note 11 - Long-term and Short-term Debt                                             181
  Note 12 - Equity                                                                    182
  Note 13 - Other Revenues and Other Expenses                                         187
  Note 14 - Employee Benefit Plans                                                    188
  Note 15 - Income Tax                                                                191
  Note 16 - Contingencies, Commitments and Guarantees                                 194
  Note 17 - Related Party Transactions                                                197

Financial Statement Schedules at December 31, 2022 and 2021 and for the Years
Ended December 31, 2022, 2021 and 2020:

Schedule I - Consolidated Summary of Investments - Other Than Investments in
Related Parties

          198
  Schedule III - Consolidated Supplementary Insurance Information                     199
  Schedule IV - Consolidated Reinsurance                                              201


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            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholder and the Board of Directors of Metropolitan Life Insurance
Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Metropolitan
Life Insurance Company and subsidiaries (the "Company") as of December 31, 2022
and 2021, the related consolidated statements of operations, comprehensive
income (loss), equity, and cash flows for each of the three years in the period
ended December 31, 2022, and the related notes and the schedules listed in the
Index to Consolidated Financial Statements, Notes and Schedules (collectively
referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the financial position of
the Company as of December 31, 2022 and 2021, and the results of its operations
and its cash flows for each of the three years in the period ended December 31,
2022, in conformity with accounting principles generally accepted in the United
States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on the Company's financial
statements based on our audits. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that
our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the
current-period audit of the financial statements that were communicated or
required to be communicated to the audit committee and that (1) relate to
accounts or disclosures that are material to the financial statements and (2)
involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on
the financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.

Fixed Maturity Securities Available-for-Sale - Fair Value of Level 3 Fixed
Maturity Securities - Refer to Notes 1, 7, and 9 to the financial statements

Critical Audit Matter Description

The Company has investments in certain fixed maturity securities classified as
available-for-sale whose fair values are based on unobservable inputs that are
supported by little or no market activity. When a price is not available in the
active market, from an independent pricing service, or from independent broker
quotations, management values the security using internal matrix pricing or
discounted cash flow techniques. These investments are categorized as Level 3
and had an estimated fair value of $5.2 billion as of December 31, 2022.

Given management uses considerable judgment when estimating the fair value of
Level 3 fixed maturity securities determined using internal matrix pricing or
discounted cash flow techniques, performing audit procedures to evaluate the
estimate of fair value required a high degree of auditor judgment and an
increased extent of effort. This audit effort included
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the use of professionals with specialized skills and knowledge, including our
fair value specialists, to assist in performing procedures and evaluating the
audit evidence obtained.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of Level 3 fixed maturity
securities determined using internal matrix pricing or discounted cash flow
techniques included, among others, the following:

•We tested the effectiveness of controls over the determination of fair value.

•We tested the accuracy and completeness of relevant security attributes,
including credit ratings, maturity dates and coupon rates, used in the
determination of Level 3 fair values.

•With the involvement of our fair value specialists, we developed independent
fair value estimates for a sample of securities and compared our estimates to
the Company's estimates and evaluated differences. We developed our estimate by
evaluating the observable and unobservable inputs used by management or
developing independent inputs.

Insurance Liabilities - Valuation of Future Policy Benefits for Long-Term Care
Insurance - Refer to Notes 1 and 3 to the financial statements

Critical Audit Matter Description

The Company's products include long-term care insurance. Liabilities for amounts
payable under long-term care insurance are recorded in future policy benefits in
the Company's consolidated balance sheets. Such liabilities are established
based on actuarial assumptions at the time policies are issued, which are
intended to estimate the experience for the period the policy benefits are
payable. Significant adverse changes in experience on such contracts may require
the establishment of premium deficiency reserves, which are based on current
assumptions. Management's estimate of future policy benefits for long-term care
insurance was $14.3 billion as of December 31, 2022.

Management applies considerable judgment in evaluating actual experience to
determine whether a change in assumptions for long-term care insurance is
warranted. Principal assumptions used in the valuation of future policy benefits
for long-term care insurance include morbidity, policy lapse, investment returns
and mortality.

Given the inherent uncertainty in selecting assumptions, we have determined that
management's evaluation of actual experience when estimating future policy
benefits for long-term care insurance policies is a critical audit matter, which
required a high degree of auditor judgment and an increased extent of effort
when performing audit procedures to evaluate the judgments made and the
reasonableness of the assumptions used in the valuation. The audit effort
included the use of professionals with specialized skill and knowledge,
including our actuarial specialists, to assist in performing these procedures
and evaluating the audit evidence obtained from these procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the assumptions used to determine the estimate
of future policy benefits for long-term care insurance, included, among others,
the following:

•We tested the effectiveness of the control over the assumptions used in the
valuation of future policy benefits and the effectiveness of the controls over
the underlying data.

•With the involvement of our actuarial specialists, we:
•evaluated judgments applied by management in setting principal assumptions,
including evaluating the results of experience studies used as the basis for
setting those assumptions.
•evaluated management's estimate of, or developed an independent estimate of,
future policy benefits, on a sample basis, and evaluated differences. This
included confirming that assumptions were applied as intended.
•evaluated the results of the Company's annual premium deficiency tests.
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Derivatives - Valuation of Embedded Derivative Liabilities - Refer to Notes 1,
3, 8, and 9 to the financial statements

Critical Audit Matter Description

The Company's products include variable annuity contracts with guaranteed
minimum benefits that provide the policyholder a minimum return based on their
initial deposit adjusted for withdrawals. The guarantees on variable annuity
contracts are accounted for as insurance liabilities or as embedded derivatives
depending on how and when the benefit is paid. Guarantees accounted for as
embedded derivatives include the non-life contingent portion of guaranteed
minimum withdrawal benefits and certain non-life contingent portions of
guaranteed minimum income benefits, and are recorded in policyholder account
balances on the Company's consolidated balance sheet. Embedded derivatives are
measured at estimated fair value separately from the host variable annuity
contract using actuarial and capital market assumptions that are updated at
least annually. Management's estimate of such embedded derivative liabilities
was $0.4 billion as of December 31, 2022.

Management applies considerable judgment in selecting assumptions used to
estimate embedded derivative liabilities and changes in market conditions or
variations in certain assumptions could result in significant fluctuations in
the estimate. Principal assumptions include mortality, lapse, dynamic lapse,
withdrawal, utilization, and discount rates and implied volatilities. The
valuation of the embedded derivative liabilities is also based on complex
calculations which are data intensive.

Given the inherent uncertainty in selecting assumptions and the complexity of
the calculations, we have determined that management's valuation of the embedded
derivative liabilities is a critical audit matter which required a high degree
of auditor judgment and an increased extent of effort when performing audit
procedures to evaluate the judgments made and the reasonableness of the models
and assumptions used in the valuation. The audit effort included the use of
professionals with specialized skill and knowledge, including our valuation and
actuarial specialists, to assist in performing these procedures and evaluating
the audit evidence obtained from these procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of embedded derivative liabilities
included, among others, the following:

•We tested the effectiveness of controls over the assumptions, including
controls over the underlying data used in the valuation of embedded derivative
liabilities.

•We tested the effectiveness of controls over the methodologies and models used
for determining the embedded derivative liabilities.

•With the involvement of our valuation and actuarial specialists, we:
•evaluated the methods, models, and judgments applied by management in the
determination of principal assumptions and the calculation of the embedded
derivative liabilities
•evaluated the results of underlying experience studies, capital market
projections, and judgments applied by management in setting the assumptions
•developed an independent estimate of the embedded derivative liabilities, on a
sample basis, and evaluated differences.

Future Adoption of Accounting Pronouncements - Targeted Improvements to the
Accounting for Long-Duration Contracts - Refer to Note 1 to the financial
statements

Critical Audit Matter Description

The Company will adopt Accounting Standards Update No. 2018-12, Financial
Services- Insurance (Topic 944): Targeted Improvements to the Accounting for
Long-Duration Contracts, as amended ("ASU 2018-12"), effective January 1, 2023.
The modified retrospective transition method will be used, except in regard to
market risk benefits where the Company will use the full retrospective method.
Based upon these transition methods, the Company estimates that the January 1,
2021 transition date impact from adoption will include a decrease to retained
earnings of approximately $4.0 billion, net of income tax, which includes the
impact from the requirement to account for variable annuity guarantees as market
risk benefits measured at fair value. Market risk benefits are contracts or
contract features that guarantee benefits, such as guaranteed minimum benefits,
in addition to an account balance which expose insurance companies to other than
nominal capital market risk and
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protect the contractholder from the same risk. Certain contracts or contract
features to be identified as market risk benefits are currently accounted for as
embedded derivatives and measured at fair value, while others will transition to
fair value measurement upon the adoption of ASU 2018-12.

Management applies considerable judgment in estimating the transition date
impact of market risk benefits under the full retrospective method of adoption
due to the application of fair value measurement principles which use
assumptions to estimate the impact of changes in market conditions and
policyholder behavior since contract inception that could result in significant
fluctuations in the estimate. Principal assumptions include mortality, lapse,
dynamic lapse, withdrawal, utilization, discount rates and implied volatilities.
Additionally, the valuation of market risk benefits is based on complex
calculations.

Given the inherent uncertainty in selecting assumptions and the complexity of
the calculations, we have determined that the estimated transition date impact
of measuring market risk benefits on contracts or contract features not
previously accounted for as embedded derivatives is a critical audit matter
which required a high degree of auditor judgment and an increased extent of
effort when performing audit procedures to evaluate the judgments made and the
reasonableness of the methodologies, models and assumptions used in the
valuation. The audit effort included the use of professionals with specialized
skill and knowledge, including our valuation and actuarial specialists, to
assist in performing these procedures and evaluating the audit evidence obtained
from these procedures.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the estimated transition date impact of
measuring market risk benefits not previously accounted for as embedded
derivatives included, among others, the following:

•We tested the effectiveness of controls over the transition to market risk
benefit measurement principles under ASU 2018-12, including the related
methodologies, models and assumptions used for determining the fair value of
market risk benefits not previously accounted for as embedded derivatives.

•With the involvement of our valuation and actuarial specialists, we:

•evaluated the methods, models, and principal assumptions applied by management
in the full retrospective application of market risk benefit measurement
principles to estimate the transition date impact

•evaluated the results of underlying experience studies, capital market
projections, and judgments applied by management in setting the assumptions
since contract inception

•developed an independent estimate, on a sample basis, of the market risk
benefits not previously accounted for as embedded derivatives and evaluated
differences.

/s/ DELOITTE & TOUCHE LLP
New York, New York
March 8, 2023

We have served as the Company's auditor since at least 1968; however, an earlier
year could not be reliably determined.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                          Consolidated Balance Sheets
                           December 31, 2022 and 2021

                 (In millions, except share and per share data)
                                                                                     2022               2021
Assets
Investments:

Fixed maturity securities available-for-sale, at estimated fair value (net
of allowance for credit loss of $114 and $53, respectively); and amortized
cost: $160,477 and $158,354, respectively

$ 145,576 $ 175,885
Mortgage loans (net of allowance for credit loss of $448 and $536,
respectively; includes $144 and $224, respectively, relating to variable
interest entities; includes $0 and $127, respectively, under the fair
value option)

                                                                       62,570             60,219
Policy loans                                                                         5,729              5,816

Real estate and real estate joint ventures (includes $1,358 and $1,094,
respectively, relating to variable interest entities, $299 and $240,
respectively, under the fair value option and $0 and $175, respectively,
of real estate held-for-sale)

                                                        8,416              7,873
Other limited partnership interests                                                  7,887              8,754
Short-term investments, at estimated fair value                                      2,759              4,866

Other invested assets (net of allowance for credit loss of $19 and $32,
respectively; includes $858 and $924, respectively, of leveraged and
direct financing leases; $161 and $171, respectively, relating to variable
interest entities)

                                                                  19,148             19,860
Total investments                                                                  252,085            283,273
Cash and cash equivalents, principally at estimated fair value                       9,405              9,957
Accrued investment income                                                            1,949              1,767
Premiums, reinsurance and other receivables                                         20,704             20,505
Deferred policy acquisition costs and value of business acquired                     5,263              2,598
Current income tax recoverable                                                         165                 80
Deferred income tax asset                                                            2,661                  -
Other assets                                                                         4,367              4,526
Separate account assets                                                             89,241            123,851
Total assets                                                                     $ 385,840          $ 446,557
Liabilities and Equity
Liabilities
Future policy benefits                                                           $ 133,725          $ 132,274
Policyholder account balances                                                       99,967             94,459
Other policy-related balances                                                        7,863              8,094
Policyholder dividends payable                                                         240                312
Policyholder dividend obligation                                                         -              1,682

Payables for collateral under securities loaned and other transactions

        14,171             24,866
Short-term debt                                                                         99                100
Long-term debt                                                                       1,676              1,659

Deferred income tax liability                                                            -              2,036
Other liabilities                                                                   24,489             23,796
Separate account liabilities                                                        89,241            123,851
Total liabilities                                                                  371,471            413,129

Contingencies, Commitments and Guarantees (Note 16)
Equity
Metropolitan Life Insurance Company stockholder's equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized;
494,466,664 shares issued and outstanding

                                                5                  5
Additional paid-in capital                                                          12,476             12,464
Retained earnings                                                                   10,572             10,868
Accumulated other comprehensive income (loss)                                       (8,896)             9,917
Total Metropolitan Life Insurance Company stockholder's equity                      14,157             33,254
Noncontrolling interests                                                               212                174
Total equity                                                                        14,369             33,428
Total liabilities and equity                                                     $ 385,840          $ 446,557


        See accompanying notes to the consolidated financial statements.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                     Consolidated Statements of Operations
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)

                                                                  2022              2021              2020
Revenues
Premiums                                                       $ 31,198          $ 26,191          $ 20,741
Universal life and investment-type product policy fees            1,997             2,062             1,996
Net investment income                                            10,122            12,486            10,250
Other revenues                                                    1,698             1,616             1,661
Net investment gains (losses)                                      (127)              652               (73)
Net derivative gains (losses)                                       472              (964)              738
Total revenues                                                   45,360            42,043            35,313

Expenses

Policyholder benefits and claims                                 32,954            29,423            23,074
Interest credited to policyholder account balances                2,382             2,027             2,247
Policyholder dividends                                              559               728               901
Other expenses                                                    5,555             5,617             5,013
Total expenses                                                   41,450            37,795            31,235
Income (loss) before provision for income tax                     3,910             4,248             4,078
Provision for income tax expense (benefit)                          639               530               534

Net income (loss)                                                 3,271             3,718             3,544

Less: Net income (loss) attributable to noncontrolling
interests

                                                            28                 5                (6)

Net income (loss) attributable to Metropolitan Life Insurance
Company

                                                        $  3,243          $  3,713          $  3,550


        See accompanying notes to the consolidated financial statements.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

             Consolidated Statements of Comprehensive Income (Loss)
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)

                                                                      2022              2021             2020
Net income (loss)                                                 $   3,271          $ 3,718          $ 3,544
Other comprehensive income (loss):
Unrealized investment gains (losses), net of related
offsets                                                             (23,566)          (2,462)           1,911
Unrealized gains (losses) on derivatives                               (399)             111              216
Foreign currency translation adjustments                               (177)               9               54
Defined benefit plans adjustment                                        325               82             (108)
Other comprehensive income (loss), before income tax                (23,817)          (2,260)           2,073

Income tax (expense) benefit related to items of other
comprehensive income (loss)

                                           5,004              515             (436)
Other comprehensive income (loss), net of income tax                (18,813)          (1,745)           1,637
Comprehensive income (loss)                                         (15,542)           1,973            5,181
Less: Comprehensive income (loss) attributable to
noncontrolling interest, net of income tax                               28                5               (6)

Comprehensive income (loss) attributable to Metropolitan
Life Insurance Company

                                            $ 

(15,570) $ 1,968 $ 5,187

See accompanying notes to the consolidated financial statements.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                       Consolidated Statements of Equity
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)

                                                                                                                          Total
                                                                                               Accumulated          Metropolitan Life
                                                       Additional                                 Other             Insurance Company
                                      Common            Paid-in            Retained           Comprehensive           Stockholder's            Noncontrolling            Total
                                       Stock            Capital            Earnings           Income (Loss)               Equity                 Interests              Equity

Balance at December 31, 2019 $ 5 $ 12,455 $

9,943 $ 10,025 $ 32,428 $

  184          $ 32,612
Cumulative effects of changes in
accounting principles, net of income
tax                                                                           (113)                                            (113)                                      (113)
Capital contributions from MetLife,
Inc.                                                           5                                                                  5                                          5

Dividends to MetLife, Inc.                                                  (2,832)                                          (2,832)                                    (2,832)
Change in equity of noncontrolling
interests                                                                                                                         -                        5                 5
Net income (loss)                                                            3,550                                            3,550                       (6)            3,544
Other comprehensive income (loss),
net of
income tax                                                                                           1,637                    1,637                                      1,637
Balance at December 31, 2020              5               12,460            10,548                  11,662                   34,675                      183            34,858
Capital contributions from MetLife,
Inc.                                                              4                                                               4                                          4
Dividends to MetLife, Inc.                                                  (3,393)                                          (3,393)                                    (3,393)
Change in equity of noncontrolling
interests                                                                                                                         -                      (14)              (14)
Net income (loss)                                                            3,713                                            3,713                        5             3,718
Other comprehensive income (loss),
net of
income tax                                                                                          (1,745)                  (1,745)                                    (1,745)
Balance at December 31, 2021              5               12,464            10,868                   9,917                   33,254                      174            33,428
Capital contributions from MetLife,
Inc.                                                          12                                                                 12                                         12
Dividends to MetLife, Inc.                                                  (3,539)                                          (3,539)                                    (3,539)
Change in equity of noncontrolling
interests                                                                                                                         -                       10                10
Net income (loss)                                                            3,243                                            3,243                       28             3,271
Other comprehensive income (loss),
net of
income tax                                                                                         (18,813)                 (18,813)                                   (18,813)

Balance at December 31, 2022 $ 5 $ 12,476 $ 10,572 $ (8,896) $ 14,157 $

 212          $ 14,369


        See accompanying notes to the consolidated financial statements.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                     Consolidated Statements of Cash Flows
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)
                                                             2022                2021                2020
Cash flows from operating activities
Net income (loss)                                        $    3,271          $    3,718          $   3,544
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization expenses                          127                 136                125

Amortization of premiums and accretion of discounts
associated with investments, net

                               (595)               (656)              (651)
(Gains) losses on investments and from sales of
businesses, net                                                 127                (652)                73
(Gains) losses on derivatives, net                            1,122               2,480               (299)

(Income) loss from equity method investments, net of
dividends or distributions

                                      890              (1,873)               238
Interest credited to policyholder account balances            2,344               1,988              2,213

Universal life and investment-type product policy fees (1,162)

      (1,070)            (1,130)
Change in fair value option and trading securities              123                (125)              (171)
Change in accrued investment income                            (230)                 69                 72
Change in premiums, reinsurance and other receivables           146                 752                826
Change in deferred policy acquisition costs and value of
business acquired, net                                          (39)                194                355
Change in income tax                                            219                   5                104
Change in other assets                                          201                (308)                90
Change in insurance-related liabilities and
policy-related balances                                      (1,958)               (957)            (1,256)
Change in other liabilities                                     (67)               (370)            (1,372)
Other, net                                                      148                 (74)               176
Net cash provided by (used in) operating activities           4,667               3,257              2,937
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale                 54,515              51,010             46,700
Equity securities                                               213                 565                310
Mortgage loans                                                8,912              16,790              9,963
Real estate and real estate joint ventures                      925               1,329                 81
Other limited partnership interests                             992                 541                464
Short-term investments                                        8,914              10,309              7,850
Purchases and originations of:
Fixed maturity securities available-for-sale                (49,620)            (52,513)           (48,561)
Equity securities                                              (127)                (48)              (106)
Mortgage loans                                              (12,083)            (10,502)           (10,931)
Real estate and real estate joint ventures                     (589)             (1,042)              (768)
Other limited partnership interests                          (1,036)             (1,896)            (1,071)
Short-term investments                                       (6,727)            (12,604)            (8,564)
Cash received in connection with freestanding
derivatives                                                   2,967               1,720              3,823

Cash paid in connection with freestanding derivatives (3,971)

      (5,181)            (2,886)

Cash received from the redemption of an investment in
affiliated preferred stock

                                        -                 315                  -
Receipts on loans to affiliates                                   -                  87                251

Purchases of loans to affiliates                                (19)                (15)                 -
Net change in policy loans                                       87                 157                127

Net change in other invested assets                             114                  74                 44
Net change in property, equipment and leasehold
improvements                                                     12                  15                 18
Other, net                                                       19                  14                 21

Net cash provided by (used in) investing activities $ 3,498

 $     (875)         $  (3,235)


        See accompanying notes to the consolidated financial statements.
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  Table of Contents
                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

              Consolidated Statements of Cash Flows - (continued)
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)

                                                               2022               2021               2020
Cash flows from financing activities
Policyholder account balances:
Deposits                                                   $  85,294          $  78,129          $  77,446
Withdrawals                                                  (80,028)           (80,378)           (74,655)

Net change in payables for collateral under securities
loaned and other transactions

                                (10,695)             1,744              2,757

Long-term debt issued                                             64                 35                128
Long-term debt repaid                                            (57)               (26)               (97)

Financing element on certain derivative instruments and
other derivative related transactions, net

                       308                173                (40)

Dividends paid to MetLife, Inc.                               (3,539)            (3,393)            (2,832)

Other, net                                                       (57)               (42)                (3)
Net cash provided by (used in) financing activities           (8,710)            (3,758)             2,704

Effect of change in foreign currency exchange rates on
cash and cash equivalents balances

                                (7)                (4)                 4
Change in cash and cash equivalents                             (552)            (1,380)             2,410
Cash and cash equivalents, beginning of year                   9,957             11,337              8,927
Cash and cash equivalents, end of year                     $   9,405          $   9,957          $  11,337
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest                                                   $     102          $      95          $      99
Income tax                                                 $     344          $     388          $      45
Non-cash transactions:
Capital contributions from MetLife, Inc.                   $      12        

$ 4 $ 5

Real estate and real estate joint ventures acquired in
satisfaction of debt

                                       $     313        

$ 174 $ 10
Fixed maturity securities available-for-sale received in
connection with pension risk transfer transactions $ 7,450

$ - $ -
Increase in equity securities due to in-kind distributions
received from other limited partnership interests $ 84

$ 337 $ 100
Transfer of fixed maturity securities available-for-sale
from an affiliate

                                          $     139        

$ - $ -
Transfer of fixed maturity securities available-for-sale
to an affiliate

                                            $     328          $       -          $     296
Transfer of fair value option securities from an affiliate $     186        

$ - $ -
Transfer of real estate and real estate joint ventures
from an affiliate

                                          $     144        

$ - $ 380
Transfer of real estate and real estate joint ventures to
an affiliate

                                               $     144        

$ - $ -
Increase in other invested assets in connection with
affiliated reinsurance transactions

                        $       -        

$ 3,140 $ -

Transfer of mortgage loans to an affiliate                 $       -          $       -          $      84


        See accompanying notes to the consolidated financial statements.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                 Notes to the Consolidated Financial Statements

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies

Business

Metropolitan Life Insurance Company and its subsidiaries (collectively, "MLIC"
or the "Company") is a provider of insurance, annuities, employee benefits and
asset management and is organized into two segments: U.S. and MetLife Holdings.
Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife,
Inc. (MetLife, Inc., together with its subsidiaries and affiliates, "MetLife").

Basis of Presentation

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management
to adopt accounting policies and make estimates and assumptions that affect
amounts reported on the consolidated financial statements. In applying these
policies and estimates, management makes subjective and complex judgments that
frequently require assumptions about matters that are inherently uncertain. Many
of these policies, estimates and related judgments are common in the insurance
and financial services industries; others are specific to the Company's business
and operations. Actual results could differ from these estimates.

Consolidation

The accompanying consolidated financial statements include the accounts of
Metropolitan Life Insurance Company and its subsidiaries, as well as
partnerships and joint ventures in which the Company has a controlling financial
interest, and variable interest entities ("VIEs") for which the Company is the
primary beneficiary. Intercompany accounts and transactions have been
eliminated.

Since the Company is a member of a controlled group of affiliated companies, its
results may not be indicative of those of a stand-alone entity.

Separate Accounts

Separate accounts are established in conformity with insurance laws. Generally,
the assets of the separate accounts cannot be used to settle the liabilities
that arise from any other business of the Company. Separate account assets are
subject to general account claims only to the extent the value of such assets
exceeds the separate account liabilities. The Company reports separately, as
assets and liabilities, investments held in separate accounts and liabilities of
the separate accounts if:

•such separate accounts are legally recognized;

•assets supporting the contract liabilities are legally insulated from the
Company's general account liabilities;

•investment objectives are directed by the contractholder; and

•all investment performance, net of contract fees and assessments, is passed
through to the contractholder.

The Company reports separate account assets at their fair value, which is based
on the estimated fair values of the underlying assets comprising the individual
separate account portfolios. Investment performance (including investment
income, net investment gains (losses) and changes in unrealized gains (losses))
and the corresponding amounts credited to contractholders of such separate
accounts are offset within the same line on the statements of operations.
Separate accounts credited with a contractual investment return are combined on
a line-by-line basis with the Company's general account assets, liabilities,
revenues and expenses and the accounting for these investments is consistent
with the methodologies described herein for similar financial instruments held
within the general account.

The Company's revenues reflect fees charged to the separate accounts, including
mortality charges, risk charges, policy administration fees, investment
management fees and surrender charges. Such fees are included in universal life
and investment-type product policy fees on the statements of operations.

Reclassifications

Cash flows from short term investments in the prior years' Consolidated
Statement of Cash Flows, which were previously presented net, have been revised
to gross presentation to conform with the current year presentation. The
revision in presentation was not material to the previously presented financial
statements.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Summary of Significant Accounting Policies

The following are the Company's significant accounting policies with references
to notes providing additional information on such policies and critical
accounting estimates relating to such policies.

Accounting Policy                                                           

Note

Insurance                                                                   

3

Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles                                                                          4
Reinsurance                                                                          5
Investments                                                                          7
Derivatives                                                                          8
Fair Value                                                                           9
Employee Benefit Plans                                                               14
Income Tax                                                                           15
Litigation Contingencies                                                             16


Insurance

Future Policy Benefit Liabilities and Policyholder Account Balances

The Company establishes liabilities for amounts payable under insurance
policies. Generally, amounts are payable over an extended period of time and
related liabilities are calculated as the present value of future expected
benefits to be paid, reduced by the present value of future expected premiums.
Such liabilities are established based on methods and underlying assumptions in
accordance with GAAP and applicable actuarial standards. Principal assumptions
used in the establishment of liabilities for future policy benefits are
mortality, morbidity, policy lapse, renewal, retirement, disability incidence,
disability terminations, investment returns, inflation, expenses and other
contingent events as appropriate to the respective product type. These
assumptions are established at the time the policy is issued and are intended to
estimate the experience for the period the policy benefits are payable.
Utilizing these assumptions, liabilities are established on a block of business
basis. For long-duration insurance contracts, assumptions such as mortality,
morbidity and interest rates are "locked in" upon the issuance of new business.
However, significant adverse changes in experience on such contracts may require
the establishment of premium deficiency reserves. Such reserves are determined
based on the then current assumptions and do not include a provision for adverse
deviation.

Premium deficiency reserves may also be established for short-duration contracts
to provide for expected future losses. These reserves are based on actuarial
estimates of the amount of loss inherent in that period, including losses
incurred for which claims have not been reported. The provisions for unreported
claims are calculated using studies that measure the historical length of time
between the incurred date of a claim and its eventual reporting to the Company.
Anticipated investment income is considered in the calculation of premium
deficiency losses for short-duration contracts.

Liabilities for universal and variable life policies with secondary guarantees
and paid-up guarantees are determined by estimating the expected value of death
benefits payable when the account balance is projected to be zero and
recognizing those benefits ratably over the life of the contract based on total
expected assessments. The assumptions used in estimating the secondary and
paid-up guarantee liabilities are consistent with those used for amortizing
deferred policy acquisition costs ("DAC"), and are thus subject to the same
variability and risk as further discussed herein. The assumptions of investment
performance and volatility for variable products are consistent with historical
experience of appropriate underlying equity indices, such as the S&P Global
Ratings ("S&P") 500 Index. The benefits used in calculating the liabilities are
based on the average benefits payable over a range of scenarios.

The Company regularly reviews its estimates of liabilities for future policy
benefits and compares them with its actual experience. Differences result in
changes to the liability balances with related charges or credits to benefit
expenses in the period in which the changes occur.

Policyholder account balances relate to contracts or contract features where the
Company has no significant insurance risk.

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The Company issues directly and assumes through reinsurance variable annuity
products with guaranteed minimum benefits that provide the policyholder a
minimum return based on their initial deposit adjusted for withdrawals. These
guarantees are accounted for as insurance liabilities or as embedded derivatives
depending on how and when the benefit is paid. Specifically, a guarantee is
accounted for as an embedded derivative if a guarantee is paid without requiring
(i) the occurrence of a specific insurable event, or (ii) the policyholder to
annuitize. Alternatively, a guarantee is accounted for as an insurance liability
if the guarantee is paid only upon either (i) the occurrence of a specific
insurable event, or (ii) annuitization. In certain cases, a guarantee may have
elements of both an insurance liability and an embedded derivative and in such
cases the guarantee is split and accounted for under both models.

Guarantees accounted for as insurance liabilities in future policy benefits
include guaranteed minimum death benefits ("GMDBs"), the life-contingent portion
of guaranteed minimum withdrawal benefits ("GMWBs"), elective annuitizations of
guaranteed minimum income benefits ("GMIBs"), and the life contingent portion of
GMIBs that require annuitization when the account balance goes to zero.

Guarantees accounted for as embedded derivatives in policyholder account
balances include guaranteed minimum accumulation benefits ("GMABs"), the
non-life contingent portion of GMWBs and certain non-life contingent portions of
GMIBs. At inception, the Company attributes to the embedded derivative a portion
of the projected future guarantee fees to be collected from the policyholder
equal to the present value of projected future guaranteed benefits. Any
additional fees represent "excess" fees and are reported in universal life and
investment-type product policy fees.

Other Policy-Related Balances

Other policy-related balances include policy and contract claims, premiums
received in advance, unearned revenue liabilities, obligations assumed under
structured settlement assignments, policyholder dividends due and unpaid, and
policyholder dividends left on deposit.

The liability for policy and contract claims generally relates to incurred but
not reported ("IBNR") death, disability, and dental claims. In addition,
included in other policy-related balances are claims which have been reported
but not yet settled for death, disability and dental. The liability for these
claims is based on the Company's estimated ultimate cost of settling all claims.
The Company derives estimates for the development of IBNR claims principally
from analyses of historical patterns of claims by business line. The methods
used to determine these estimates are continually reviewed. Adjustments
resulting from this continuous review process and differences between estimates
and payments for claims are recognized in policyholder benefits and claims
expense in the period in which the estimates are changed or payments are made.

The Company accounts for the prepayment of premiums on its individual life,
group life and health contracts as premiums received in advance. These amounts
are then recognized in premiums when due.

The unearned revenue liability relates to universal life and investment-type
products and represents policy charges for services to be provided in future
periods. The charges are deferred as unearned revenue and amortized using the
product's estimated gross profits and margins, similar to DAC as discussed
further herein. Such amortization is recorded in universal life and
investment-type product policy fees.

Recognition of Insurance Revenues and Deposits

Premiums related to traditional life and annuity contracts with life
contingencies are recognized as revenues when due from policyholders.
Policyholder benefits and expenses are provided to recognize profits over the
estimated lives of the insurance policies. When premiums are due over a
significantly shorter period than the period over which benefits are provided,
any excess profit is deferred and recognized into earnings in a constant
relationship to insurance in-force or, for annuities, the amount of expected
future policy benefit payments.

Premiums related to short-duration non-medical health, disability and accident &
health contracts are recognized on a pro rata basis over the applicable contract
term.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Deposits related to universal life and investment-type products are credited to
policyholder account balances. Revenues from such contracts consist of fees for
mortality, policy administration and surrender charges and are recorded in
universal life and investment-type product policy fees in the period in which
services are provided. Amounts that are charged to earnings include interest
credited and benefit claims incurred in excess of related policyholder account
balances.

All revenues and expenses are presented net of reinsurance, as applicable.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles

The Company incurs significant costs in connection with acquiring new and
renewal insurance business. Costs that are related directly to the successful
acquisition or renewal of insurance contracts are capitalized as DAC. Such costs
include:

•incremental direct costs of contract acquisition, such as commissions;

•the portion of an employee's total compensation and benefits related to time
spent selling, underwriting or processing the issuance of new and renewal
insurance business only with respect to actual policies acquired or renewed; and

•other essential direct costs that would not have been incurred had a policy not
been acquired or renewed.

All other acquisition-related costs, including those related to general
advertising and solicitation, market research, agent training, product
development, unsuccessful sales and underwriting efforts, as well as all
indirect costs, are expensed as incurred.

Value of business acquired ("VOBA") is an intangible asset resulting from a
business combination that represents the excess of book value over the estimated
fair value of acquired insurance, annuity, and investment-type contracts
in-force at the acquisition date. The estimated fair value of the acquired
liabilities is based on projections, by each block of business, of future policy
and contract charges, premiums, mortality and morbidity, separate account
performance, surrenders, operating expenses, investment returns, nonperformance
risk adjustment and other factors. Actual experience with the purchased business
may vary from these projections.

DAC and VOBA are amortized as follows:

                                                                           In proportion to the following over estimated
Products:                                                                  

lives of the contracts:

• Nonparticipating and non-dividend-paying traditional contracts:

Actual and expected future gross premiums

            •        Term insurance
            •        Nonparticipating whole life insurance
            •        Traditional group life insurance
            •        Non-medical health insurance
  •   Participating, dividend-paying traditional contracts               

Actual and expected future gross margins

  •   Fixed and variable universal life contracts                         

Actual and expected future gross profits

• Fixed and variable deferred annuity contracts

See Note 4 for additional information on DAC and VOBA amortization. Amortization
of DAC and VOBA is included in other expenses.

The recovery of DAC and VOBA is dependent upon the future profitability of the
related business. DAC and VOBA are aggregated on the financial statements for
reporting purposes.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The Company generally has two different types of sales inducements which are
included in other assets: (i) the policyholder receives a bonus whereby the
policyholder's initial account balance is increased by an amount equal to a
specified percentage of the customer's deposit; and (ii) the policyholder
receives a higher interest rate using a dollar cost averaging method than would
have been received based on the normal general account interest rate credited.
The Company defers sales inducements and amortizes them over the life of the
policy using the same methodology and assumptions used to amortize DAC. The
amortization of sales inducements is included in policyholder benefits and
claims. Each year, or more frequently if circumstances indicate a potential
recoverability issue exists, the Company reviews deferred sales inducements
("DSI") to determine the recoverability of the asset.

Value of distribution agreements acquired ("VODA") is reported in other assets
and represents the present value of expected future profits associated with the
expected future business derived from the distribution agreements acquired as
part of a business combination. Value of customer relationships
acquired ("VOCRA") is also reported in other assets and represents the present
value of the expected future profits associated with the expected future
business acquired through existing customers of the acquired company or
business. The VODA and VOCRA associated with past business combinations are
amortized over the assets' useful lives ranging from 10 to 30 years and such
amortization is included in other expenses. Each year, or more frequently if
circumstances indicate a possible impairment exists, the Company reviews VODA
and VOCRA to determine whether the asset is impaired.

Reinsurance

For each of its reinsurance agreements, the Company determines whether the
agreement provides indemnification against loss or liability relating to
insurance risk in accordance with applicable accounting standards. Cessions
under reinsurance agreements do not discharge the Company's obligations as the
primary insurer. The Company reviews all contractual features, including those
that may limit the amount of insurance risk to which the reinsurer is subject or
features that delay the timely reimbursement of claims.

For reinsurance of existing in-force blocks of long-duration contracts that
transfer significant insurance risk, the difference, if any, between the amounts
paid (received), and the liabilities ceded (assumed) related to the underlying
contracts is considered the net cost of reinsurance at the inception of the
reinsurance agreement. The net cost of reinsurance is amortized on a basis
consistent with the methodologies and assumptions used for amortizing DAC
related to the underlying reinsured contracts. Subsequent amounts
paid (received) on the reinsurance of in-force blocks, as well as amounts
paid (received) related to new business, are recorded as ceded (assumed)
premiums; and ceded (assumed) premiums, reinsurance and other receivables
(future policy benefits) are established.

For prospective reinsurance of short-duration contracts that meet the criteria
for reinsurance accounting, amounts paid (received) are recorded as
ceded (assumed) premiums and ceded (assumed) unearned premiums. Ceded (assumed)
unearned premiums are reflected as a component of premiums, reinsurance and
other receivables (future policy benefits). Such amounts are amortized through
earned premiums over the remaining contract period in proportion to the amount
of insurance protection provided. For retroactive reinsurance of short-duration
contracts that meet the criteria for reinsurance accounting, amounts
paid (received) in excess of the related insurance liabilities ceded (assumed)
are recognized immediately as a loss and are reported in the appropriate line
item within the statement of operations. Any gain on such retroactive agreement
is deferred and is amortized as part of DAC, primarily using the recovery
method.

Amounts currently recoverable under reinsurance agreements are included in
premiums, reinsurance and other receivables and amounts currently payable are
included in other liabilities. Assets and liabilities relating to reinsurance
agreements with the same reinsurer may be recorded net on the balance sheet, if
a right of offset exists within the reinsurance agreement. In the event that
reinsurers do not meet their obligations to the Company under the terms of the
reinsurance agreements, or when events or changes in circumstances indicate that
its carrying amount may not be recoverable, reinsurance recoverable balances
could become uncollectible. In such instances, reinsurance recoverable balances
are stated net of allowances for uncollectible reinsurance, consistent with
credit loss guidance which requires recording an allowance for credit loss
("ACL").
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The funds withheld liability represents amounts withheld by the Company in
accordance with the terms of the reinsurance agreements. The Company withholds
the funds rather than transferring the underlying investments and, as a result,
records funds withheld liability within other liabilities. The Company
recognizes interest on funds withheld, included in other expenses, at rates
defined by the terms of the agreement which may be contractually specified or
directly related to the investment portfolio. See "- Investments - Other
Invested Assets" for information on funds withheld assets.

Premiums, fees and policyholder benefits and claims include amounts assumed
under reinsurance agreements and are net of reinsurance ceded. Amounts received
from reinsurers for policy administration are reported in other expenses.

If the Company determines that a reinsurance agreement does not expose the
reinsurer to a reasonable possibility of a significant loss from insurance risk,
the Company records the agreement using the deposit method of accounting.
Deposits received are included in other liabilities and deposits made are
included within premiums, reinsurance and other receivables. As amounts are paid
or received, consistent with the underlying contracts, the deposit assets or
liabilities are adjusted. Interest on such deposits is recorded as other
revenues or other expenses, as appropriate. Periodically, the Company evaluates
the adequacy of the expected payments or recoveries and adjusts the deposit
asset or liability through other revenues or other expenses, as appropriate.

Investments

Net Investment Income

Net investment income includes primarily interest income, including amortization
of premium and accretion of discount, prepayment fees, dividend income, rental
income and equity method income and is net of related investment expenses. Net
investment income also includes, to a lesser extent, (i) realized gains (losses)
on investments sold or disposed and (ii) unrealized gains (losses) recognized in
earnings, representing changes in estimated fair value, primarily for fair value
option ("FVO") securities ("FVO Securities").

Net Investment Gains (Losses)

Net investment gains (losses) include primarily (i) realized gains (losses) from
sales and disposals of investments, which are determined by specific
identification, (ii) intent-to-sell impairment losses on fixed maturity
securities available-for-sale ("AFS") and impairment losses on all other asset
classes, and to a lesser extent, (iii) recognized gains (losses). Recognized
gains (losses) are primarily comprised of the change in the ACL and unrealized
gains (losses) for certain investments for which changes in estimated fair value
are recognized in earnings. Changes in the ACL includes both (i) provisions for
credit loss on fixed maturity securities AFS, mortgage loans and leveraged and
direct financing leases and (ii) subsequent changes in the ACL. Unrealized gains
(losses), representing changes in estimated fair value recognized in earnings,
primarily relate to equity securities and certain other limited partnership
interests and real estate joint ventures.

Net investment gains (losses) also include non-investment portfolio gains
(losses) which do not relate to the performance of the investment portfolio,
including gains (losses) from sales and divestitures of businesses and
impairment of property, equipment, leasehold improvements and right-of-use
("ROU") lease assets.

Accrued Investment Income

Accrued investment income is presented separately on the consolidated balance
sheet and excluded from the carrying value of the related investments, primarily
fixed maturity securities and mortgage loans.

Fixed Maturity Securities

The majority of the Company's fixed maturity securities are classified as AFS
and are reported at their estimated fair value. Changes in the estimated fair
value of these securities not recognized in earnings representing unrecognized
unrealized investment gains (losses) are recorded as a separate component of
other comprehensive income (loss) ("OCI"), net of policy-related amounts and
deferred income taxes. All security transactions are recorded on a trade date
basis. Sales of securities are determined on a specific identification basis.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Interest income and prepayment fees are recognized when earned. Interest income
is recognized using an effective yield method giving effect to amortization of
premium and accretion of discount, and is based on the estimated economic life
of the securities, which for mortgage-backed and asset-backed securities
considers the estimated timing and amount of prepayments of the underlying
loans. See Note 7 "- Fixed Maturity Securities AFS - Methodology for
Amortization of Premium and Accretion of Discount on Structured Products." The
amortization of premium and accretion of discount also take into consideration
call and maturity dates. Generally, the accrual of income is ceased and accrued
investment income that is considered uncollectible is recognized as a charge
within net investment gains (losses) when securities are impaired.

The Company periodically evaluates these securities for impairment. The
assessment of whether impairments have occurred is based on management's
case-by-case evaluation of the underlying reasons for the decline in estimated
fair value as described in Note 7 "- Fixed Maturity Securities AFS - Evaluation
of Fixed Maturity Securities AFS for Credit Loss."

For securities in an unrealized loss position, a credit loss is recognized in
earnings within net investment gains (losses) when it is anticipated that the
amortized cost, excluding accrued investment income, will not be recovered. When
either: (i) the Company has the intent to sell the security; or (ii) it is more
likely than not that the Company will be required to sell the security before
recovery, the reduction of amortized cost and the loss recognized in earnings is
the entire difference between the security's amortized cost and estimated fair
value. If neither of these conditions exists, the difference between the
amortized cost of the security and the present value of projected future cash
flows expected to be collected is recognized in earnings as a credit loss by
establishing an ACL with a corresponding charge recorded in net investment gains
(losses). However, the ACL is limited by the amount that the fair value is less
than the amortized cost. This limitation is known as the "fair value floor." If
the estimated fair value is less than the present value of projected future cash
flows expected to be collected, this portion of the decline in value related to
other-than-credit factors ("noncredit loss") is recorded in OCI as an
unrecognized loss.

For purchased credit deteriorated ("PCD") fixed maturity securities AFS and
financing receivables, an ACL is established at acquisition, which is added to
the purchase price to establish the initial amortized cost of the investment and
is not recognized in earnings.

Mortgage Loans

The Company recognizes an ACL in earnings within net investment gains (losses)
at time of purchase based on expected lifetime credit loss on financing
receivables carried at amortized cost, including, but not limited to, mortgage
loans and leveraged and direct financing leases, in an amount that represents
the portion of the amortized cost basis of such financing receivables that the
Company does not expect to collect, resulting in financing receivables being
presented at the net amount expected to be collected.

The Company disaggregates its mortgage loan investments into three portfolio
segments: commercial, agricultural and residential. Also included in commercial
mortgage loans are revolving line of credit loans collateralized by commercial
properties. The accounting policies that are applicable to all portfolio
segments are presented below and the accounting policies related to each of the
portfolio segments are included in Note 7.

Mortgage loans are stated at unpaid principal balance, adjusted for any
unamortized premium or discount, deferred fees or expenses, and are net of ACL.
Interest income and prepayment fees are recognized when earned. Interest income
is recognized using an effective yield method giving effect to amortization of
premium and deferred expenses and accretion of discount and deferred fees.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The Company ceases to accrue interest when the collection of interest is not
considered probable, which is based on a current evaluation of the status of the
borrower, including the number of days past due. When a loan is placed on
non-accrual status, uncollected past due accrued interest income that is
considered uncollectible is charged-off against net investment income.
Generally, the accrual of interest income resumes after all delinquent amounts
are paid and management believes all future principal and interest payments will
be collected. The Company records cash receipts on non-accruing loans in
accordance with the loan agreement. The Company records charge-offs of mortgage
loan balances not considered collectible upon the realization of a credit loss,
for commercial and agricultural mortgage loans typically through foreclosure or
after a decision is made to sell a loan, and for residential mortgage loans,
typically after considering the individual consumer's financial status. The
charge-off is recorded in net investment gains (losses), net of amounts
recognized in ACL. Cash recoveries on principal amounts previously charged-off
are generally reported in net investment gains (losses).

Also included in mortgage loans are residential mortgage loans for which the FVO
was elected, and which are stated at estimated fair value. Changes in estimated
fair value are recognized in net investment income.

Mortgage loans that are designated as held-for-sale, are carried at the lower of
amortized cost or estimated fair value.

Policy Loans

Policy loans are stated at unpaid principal balances. Interest income is
recognized as earned using the contractual interest rate. Generally, accrued
interest is capitalized on the policy's anniversary date. Valuation allowances
are not established for policy loans, as they are fully collateralized by the
cash surrender value of the underlying insurance policies. Any unpaid principal
and accrued interest are deducted from the cash surrender value or the death
benefit prior to settlement of the insurance policy.

Real Estate

Real estate is stated at cost less accumulated depreciation. Depreciation is
recognized on a straight-line basis, without any provision for salvage value,
over the estimated useful life of the asset (typically up to 55 years). Rental
income is recognized on a straight-line basis over the term of the respective
leases. The Company periodically reviews its real estate for impairment and
tests for recoverability whenever events or changes in circumstances indicate
the carrying value may not be recoverable. Properties whose carrying values are
greater than their estimated undiscounted cash flows are written down to their
estimated fair value, which is generally computed using the present value of
expected future cash flows discounted at a rate commensurate with the underlying
risks.

Real estate for which the Company commits to a plan to sell within one year and
actively markets in its current condition for a reasonable price in comparison
to its estimated fair value is classified as held-for-sale and is not
depreciated. Real estate held-for-sale is stated at the lower of depreciated
cost or estimated fair value less expected disposition costs.

Real Estate Joint Ventures and Other Limited Partnership Interests

The Company uses the equity method of accounting or the FVO for real estate
joint ventures and other limited partnership interests ("investee") when it has
more than a minor ownership interest or more than a minor influence over the
investee's operations but does not hold a controlling financial interest,
including when the Company is not deemed the primary beneficiary of a VIE. Under
the equity method, the Company recognizes in earnings within net investment
income its share of the investee's earnings. Contributions paid by the Company
increase carrying value and distributions received by the Company reduce
carrying value. The Company generally recognizes its share of the investee's
earnings on a three-month lag in instances where the investee's financial
information is not sufficiently timely or when the investee's reporting period
differs from the Company's reporting period.

The Company accounts for its interest in real estate joint ventures and other
limited partnership interests in which it has virtually no influence over the
investee's operations at estimated fair value. Unrealized gains (losses),
representing changes in estimated fair value of these investments, are
recognized in earnings within net investment gains (losses). Due to the nature
and structure of these investments, they do not meet the characteristics of an
equity security in accordance with applicable accounting guidance.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The Company consolidates real estate joint ventures and other limited
partnership interests of which it holds a controlling financial interest, or it
is deemed the primary beneficiary of a VIE. Assets of certain consolidated real
estate joint ventures and other limited partnership interests are recorded at
estimated fair value. The Company elects the FVO for certain real estate joint
ventures that are managed on a total return basis. Unrealized gains (losses)
representing changes in estimated fair value for real estate joint ventures and
other limited partnership interests recorded at estimated fair value are
recognized in net investment income.

The Company routinely evaluates its equity method investments for impairment
whenever events or changes in circumstances indicate that the carrying amount is
not recoverable and exceeds its estimated fair value. When it is determined an
equity method investment has had a loss in value that is other than temporary,
an impairment is recognized. Such an impairment is charged to net investment
gains (losses).

Short-term Investments

Short-term investments include highly liquid securities and other investments
with remaining maturities of one year or less, but greater than three months, at
the time of purchase. Securities included within short-term investments are
stated at estimated fair value, while other investments included within
short-term investments are stated at amortized cost less ACL, which approximates
estimated fair value.

Other Invested Assets

Other invested assets consist principally of the following:

•Freestanding derivatives with positive estimated fair values which are
described in "- Derivatives" below.

•Funds withheld represent a receivable for amounts contractually withheld by
ceding companies in accordance with reinsurance agreements. The Company
recognizes interest on funds withheld at rates defined by the terms of the
agreement which may be contractually specified or directly related to the
underlying investments.

•Tax credit and renewable energy partnerships which derive a significant source
of investment return in the form of income tax credits or other tax incentives.
Where tax credits are guaranteed by a creditworthy third party, the investment
is accounted for under the effective yield method. Otherwise, the investment is
accounted for under the equity method. See Note 15.

•Affiliated investments are comprised of affiliated loans which are stated at
unpaid principal balance, adjusted for any unamortized premium or discount.
Interest income is recognized using an effective yield method giving effect to
amortization of premium and accretion of discount.

•Annuities funding structured settlement claims represent annuities funding
claims assumed by the Company in its capacity as a structured settlements
assignment company. The annuities are stated at their contract value, which
represents the present value of the future periodic claim payments to be
provided. The net investment income recognized reflects the amortization of
discount of the annuity at its implied effective interest rate. See Note 3.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

•FVO Securities are primarily investments in fixed maturity securities
held-for-investment that are managed on a total return basis where the FVO has
been elected, with changes in estimated fair value included in net investment
income.

•Leveraged leases net investment is equal to the minimum lease payment
receivables plus the unguaranteed residual value, less the unearned income, less
ACL and is reported net of non-recourse debt. Income is recognized by applying
the leveraged lease's estimated rate of return to the net investment in the
lease in those periods in which the net investment at the beginning of the
period is positive. Leveraged leases derive investment returns in part from
their income tax benefit. The Company regularly reviews its minimum lease
payment receivables for credit loss and residual value for impairments.

•Investments in Federal Home Loan Bank of New York ("FHLBNY") common stock are
carried at redemption value and are considered restricted investments until
redeemed by FHLBNY. Dividends are recognized in net investment income when
declared.

•Investment in an operating joint venture that engages in insurance underwriting
activities is accounted for under the equity method.

•Equity securities are reported at their estimated fair value, with changes in
estimated fair value included in net investment gains (losses). Sales of
securities are determined on a specific identification basis. Dividends are
recognized in net investment income when declared.

•Direct financing leases net investment is equal to the minimum lease payment
receivables plus the unguaranteed residual value, less the unearned income, less
ACL. Income is recognized by applying the pre-tax internal rate of return to the
investment balance. The Company regularly reviews its minimum lease payment
receivables for credit loss and residual value for impairments.

Securities Lending Transactions and Repurchase Agreements

The Company accounts for securities lending transactions and repurchase
agreements as financing arrangements and the associated liability is recorded at
the amount of cash received. The securities loaned or sold under these
agreements are included in invested assets. Income and expenses associated with
securities lending transactions and repurchase agreements are recognized as
investment income and investment expense, respectively, within net investment
income.

Securities Lending Transactions

The Company enters into securities lending transactions, whereby securities are
loaned to unaffiliated financial institutions. The Company obtains collateral at
the inception of the loan, usually cash, in an amount generally equal to 102% of
the estimated fair value of the securities loaned, and maintains it at a level
greater than or equal to 100% for the duration of the loan. Securities loaned
under such transactions may be sold or re-pledged by the transferee. The Company
is liable to return to the counterparties the cash collateral received. Security
collateral on deposit from counterparties in connection with securities lending
transactions may not be sold or re-pledged, unless the counterparty is in
default, and is not reflected on the Company's consolidated financial
statements. The Company monitors the ratio of the collateral held to the
estimated fair value of the securities loaned on a daily basis and additional
collateral is obtained as necessary throughout the duration of the loan.

Repurchase Agreements

The Company participates in short-term repurchase agreements with unaffiliated
financial institutions. Under these agreements, the Company sells securities and
receives cash in an amount generally equal to 85% to 100% of the estimated fair
value of the securities sold at the inception of the transaction, with a
simultaneous agreement to repurchase such securities at a future date or on
demand in an amount equal to the cash initially received plus interest. The
Company monitors the ratio of the cash held to the estimated fair value of the
securities sold throughout the duration of the transaction and additional cash
or securities are obtained as necessary. Securities sold under such transactions
may be sold or re-pledged by the transferee.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried on the Company's balance sheet either as
assets within other invested assets or as liabilities within other liabilities
at estimated fair value. The Company does not offset the estimated fair value
amounts recognized for derivatives executed with the same counterparty under the
same master netting agreement.

Accruals on derivatives are generally recorded in accrued investment income or
within other liabilities. However, accruals that are not scheduled to settle
within one year are included with the derivative's carrying value in other
invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing
risk does not qualify for hedge accounting, changes in the estimated fair value
of the derivative are reported in net derivative gains (losses) except as
follows:

Statement of Operations Presentation:            Derivative:
Policyholder benefits and claims                    •     Economic hedges 

of variable annuity guarantees

                                                          included in future policy benefits
Net investment income                               •     Economic hedges 

of equity method investments in

                                                          joint ventures
                                                    •     Economic hedges of FVO Securities which are
                                                          linked to equity indices


Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship,
the Company formally documents its risk management objective and strategy for
undertaking the hedging transaction, as well as its designation of the hedge.
Hedge designation and financial statement presentation of changes in estimated
fair value of the hedging derivatives are as follows:

•Fair value hedge - a hedge of the estimated fair value of a recognized asset or
liability - in the same line item as the earnings effect of the hedged item. The
carrying value of the hedged recognized asset or liability is adjusted for
changes in its estimated fair value due to the hedged risk.

•Cash flow hedge - a hedge of a forecasted transaction or of the variability of
cash flows to be received or paid related to a recognized asset or liability -
in OCI and reclassified into the statement of operations when the Company's
earnings are affected by the variability in cash flows of the hedged item.

The changes in estimated fair values of the hedging derivatives are exclusive of
any accruals that are separately reported on the statement of operations within
interest income or interest expense to match the location of the hedged item.

In its hedge documentation, the Company sets forth how the hedging instrument is
expected to hedge the designated risks related to the hedged item and sets forth
the method that will be used to retrospectively and prospectively assess the
hedging instrument's effectiveness. A derivative designated as a hedging
instrument must be assessed as being highly effective in offsetting the
designated risk of the hedged item. Hedge effectiveness is formally assessed at
inception and at least quarterly throughout the life of the designated hedging
relationship. Assessments of hedge effectiveness are also subject to
interpretation and estimation and different interpretations or estimates may
have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is
determined that the derivative is no longer highly effective in offsetting
changes in the estimated fair value or cash flows of a hedged item; (ii) the
derivative expires, is sold, terminated, or exercised; (iii) it is no longer
probable that the hedged forecasted transaction will occur; or (iv) the
derivative is de-designated as a hedging instrument.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

When hedge accounting is discontinued because it is determined that the
derivative is not highly effective in offsetting changes in the estimated fair
value or cash flows of a hedged item, the derivative continues to be carried on
the balance sheet at its estimated fair value, with changes in estimated fair
value recognized in net derivative gains (losses). The carrying value of the
hedged recognized asset or liability under a fair value hedge is no longer
adjusted for changes in its estimated fair value due to the hedged risk, and the
cumulative adjustment to its carrying value is amortized into income over the
remaining life of the hedged item. The changes in estimated fair value of
derivatives related to discontinued cash flow hedges remain in OCI unless it is
probable that the hedged forecasted transaction will not occur.

When hedge accounting is discontinued because it is no longer probable that the
forecasted transactions will occur on the anticipated date or within two months
of that date, the derivative continues to be carried on the balance sheet at its
estimated fair value, with changes in estimated fair value recognized currently
in net derivative gains (losses). Deferred gains and losses of a derivative
recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted
transaction that is no longer probable of occurring are recognized immediately
in net investment gains (losses).

In all other situations in which hedge accounting is discontinued, the
derivative is carried at its estimated fair value on the balance sheet, with
changes in its estimated fair value recognized in the current period as net
derivative gains (losses).

Embedded Derivatives

The Company issues certain products, which include variable annuities, and
investment contracts and is a party to certain reinsurance agreements that have
embedded derivatives. The Company assesses each identified embedded derivative
to determine whether it is required to be bifurcated. The embedded derivative is
bifurcated from the host contract and accounted for as a freestanding derivative
if:

•the combined instrument is not accounted for in its entirety at estimated fair
value with changes in estimated fair value recorded in earnings;

•the terms of the embedded derivative are not clearly and closely related to the
economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would
qualify as a derivative instrument.

Such embedded derivatives are carried on the balance sheet at estimated fair
value with the host contract and changes in their estimated fair value are
generally reported in net derivative gains (losses). If the Company is unable to
properly identify and measure an embedded derivative for separation from its
host contract, the entire contract is carried on the balance sheet at estimated
fair value, with changes in estimated fair value recognized in the current
period in net investment gains (losses) or net investment income. Additionally,
the Company may elect to carry an entire contract on the balance sheet at
estimated fair value, with changes in estimated fair value recognized in the
current period in net investment gains (losses) or net investment income if that
contract contains an embedded derivative that requires bifurcation. At
inception, the Company attributes to the embedded derivative a portion of the
projected future guarantee fees to be collected from the policyholder equal to
the present value of projected future guaranteed benefits. Any additional fees
represent "excess" fees and are reported in universal life and investment-type
product policy fees.

Fair Value

Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability (an exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction between
market participants on the measurement date. In most cases, the exit price and
the transaction (or entry) price will be the same at initial recognition.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Subsequent to initial recognition, fair values are based on unadjusted quoted
prices for identical assets or liabilities in active markets that are readily
and regularly obtainable. When such unadjusted quoted prices are not available,
estimated fair values are based on quoted prices in markets that are not active,
quoted prices for similar but not identical assets or liabilities, or other
observable inputs. If these inputs are not available, or observable inputs are
not determinable, unobservable inputs and/or adjustments to observable inputs
requiring significant management judgment are used to determine the estimated
fair value of assets and liabilities. These unobservable inputs can be based on
management's judgment, assumptions or estimation and may not be observable in
market activity. Unobservable inputs are based on management's assumptions about
the inputs market participants would use in pricing the assets.

Employee Benefit Plans

The Company sponsors a U.S. nonqualified defined benefit pension plan covering
eligible MetLife employees. A December 31 measurement date is used for the
Company's defined benefit pension plan.

The Company recognizes the funded status of its defined benefit pension plan,
measured as the difference between the fair value of plan assets and the benefit
obligation, which is the projected benefit obligation ("PBO") for pension
benefits, in other liabilities.

Actuarial gains and losses result from differences between the plan's actual
experience and the assumed experience on PBO during a particular period and are
recorded in accumulated OCI ("AOCI"). To the extent such gains and losses exceed
10% of the PBO, the excess is amortized into net periodic benefit costs,
generally over the average projected future service years of the active
employees. In addition, prior service costs (credit) are recognized in AOCI at
the time of the amendment and then amortized to net periodic benefit costs over
the average projected future service years of the active employees.

Net periodic benefit costs are determined using management's estimates and
actuarial assumptions and are comprised of service cost, interest cost,
settlement and curtailment costs, amortization of net actuarial (gains) losses,
and amortization of prior service costs (credit).

The Company sponsors a nonqualified defined contribution plan for all MetLife
employees who qualify. This nonqualified defined contribution plan provides
supplemental benefits in excess of limits applicable to a qualified plan which
is sponsored by an affiliate.

Income Tax

Metropolitan Life Insurance Company and its includable subsidiaries join with
MetLife, Inc. and its includable subsidiaries in filing a consolidated U.S. life
insurance and non-life insurance federal income tax return in accordance with
the provisions of the Internal Revenue Code of 1986, as amended. Current taxes
(and the benefits of tax attributes such as losses) are allocated to
Metropolitan Life Insurance Company and its includable subsidiaries under the
consolidated tax return regulations and a tax sharing agreement. Under the
consolidated tax return regulations, MetLife, Inc. has elected the "percentage
method" (and 100% under such method) of reimbursing companies for tax
attributes, e.g., net operating losses. As a result, 100% of tax attributes are
reimbursed by MetLife, Inc. to the extent that consolidated federal income tax
of the consolidated federal tax return group is reduced in a year by tax
attributes. On an annual basis, each of the profitable subsidiaries pays to
MetLife, Inc. the federal income tax which it would have paid based upon that
year's taxable income. If Metropolitan Life Insurance Company or its includable
subsidiaries have current or prior deductions and credits (including but not
limited to losses) which reduce the consolidated tax liability of the
consolidated federal tax return group, the deductions and credits are
characterized as realized (or realizable) by Metropolitan Life Insurance Company
and its includable subsidiaries when those tax attributes are realized (or
realizable) by the consolidated federal tax return group, even if Metropolitan
Life Insurance Company or its includable subsidiaries would not have realized
the attributes on a stand-alone basis under a "wait and see" method.

The Company's accounting for income taxes represents management's best estimate
of various events and transactions.

Deferred tax assets and liabilities resulting from temporary differences between
the financial reporting and tax bases of assets and liabilities are measured at
the balance sheet date using enacted tax rates expected to apply to taxable
income in the years the temporary differences are expected to reverse.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

The realization of deferred tax assets depends upon the existence of sufficient
taxable income within the carryback or carryforward periods under the tax law in
the applicable tax jurisdiction. Valuation allowances are established against
deferred tax assets when management determines, based on available information,
that it is more likely than not that deferred income tax assets will not be
realized. Significant judgment is required in determining whether valuation
allowances should be established, as well as the amount of such allowances. When
making such determination, the Company considers many factors, including:

•the nature, frequency, and amount of cumulative financial reporting income and
losses in recent years;

•the jurisdiction in which the deferred tax asset was generated;

•the length of time that carryforward can be utilized in the various taxing
jurisdictions;

•future taxable income exclusive of reversing temporary differences and
carryforwards;

•future reversals of existing taxable temporary differences;

•taxable income in prior carryback years; and

•tax planning strategies, including the intent and ability to hold certain AFS
debt securities until they recover in value.

The Company may be required to change its provision for income taxes when
estimates used in determining valuation allowances on deferred tax assets
significantly change or when receipt of new information indicates the need for
adjustment in valuation allowances. Additionally, the effect of changes in tax
laws, tax regulations, or interpretations of such laws or regulations, is
recognized in net income tax expense (benefit) in the period of change.

The Company determines whether it is more likely than not that a tax position
will be sustained upon examination by the appropriate taxing authorities before
any part of the benefit can be recorded on the financial statements. A tax
position is measured at the largest amount of benefit that is greater than 50%
likely of being realized upon settlement. Unrecognized tax benefits due to tax
uncertainties that do not meet the threshold are included within other
liabilities and are charged to earnings in the period that such determination is
made.

The Company classifies interest recognized as interest expense and penalties
recognized as a component of income tax expense.

Litigation Contingencies

The Company is a defendant in a large number of litigation matters and is
involved in a number of regulatory investigations. Liabilities are established
when it is probable that a loss has been incurred and the amount of the loss can
be reasonably estimated. Except as otherwise disclosed in Note 16, legal costs
are recognized as incurred. On a quarterly and annual basis, the Company reviews
relevant information with respect to liabilities for litigation, regulatory
investigations and litigation-related contingencies to be reflected on the
Company's consolidated financial statements.

Other Accounting Policies

Stock-Based Compensation

The Company does not issue any awards payable in its common stock or options to
purchase its common stock. MetLife, Inc. grants certain employees stock-based
compensation awards under various plans, subject to vesting conditions. In
accordance with a services agreement with an affiliate, the Company bears a
proportionate share of stock-based compensation expense. The Company's expense
related to stock-based compensation included in other expenses was $67 million,
$59 million and $44 million for the years ended December 31, 2022, 2021 and
2020, respectively.

Cash and Cash Equivalents

The Company considers highly liquid securities and other investments purchased
with an original or remaining maturity of three months or less at the date of
purchase to be cash equivalents. Securities included within cash equivalents are
stated at estimated fair value, while other investments included within cash
equivalents are stated at amortized cost, which approximates estimated fair
value.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements, which are included in other
assets, are stated at cost, less accumulated depreciation and amortization.
Depreciation is determined using the straight-line method over the estimated
useful lives of the assets, as appropriate. The estimated life is generally 40
years for company occupied real estate property, the shorter of the useful life
or remaining lease term up to 10 years for leasehold improvements, and from
three to seven years for all other property and equipment. The cost basis of the
property, equipment and leasehold improvements was $840 million and $852 million
at December 31, 2022 and 2021, respectively. Accumulated depreciation and
amortization of property, equipment and leasehold improvements was $719 million
and $695 million at December 31, 2022 and 2021, respectively.

Leases

The Company, as lessee, has entered into various lease and sublease agreements
for office space and equipment. At contract inception, the Company determines
that an arrangement contains a lease if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for
consideration. For contracts that contain a lease, the Company recognizes the
ROU asset in other assets and the lease liability in other liabilities. The
Company evaluates whether a ROU asset is impaired when events or changes in
circumstances indicate that its carrying amount may not be recoverable. Leases
with an initial term of 12 months or less are not recorded on the balance sheet
and the associated lease costs are recorded as an expense on a straight-line
basis over the lease term.

ROU assets represent the Company's right to use an underlying asset for the
lease term and lease liabilities represent the Company's obligation to make
lease payments arising from the lease. ROU assets and lease liabilities are
determined using the Company's incremental borrowing rate based upon information
available at commencement date to recognize the present value of lease payments
over the lease term. ROU assets also include lease payments and exclude lease
incentives. Lease terms may include options to extend or terminate the lease and
are included in the lease measurement when it is reasonably certain that the
Company will exercise that option.

The Company has lease agreements with lease and non-lease components. The
Company does not separate lease and non-lease components and accounts for these
items as a single lease component for all asset classes.

The majority of the Company's leases and subleases are operating leases related
to office space. The Company recognizes lease expense for operating leases on a
straight-line basis over the lease term.

Other Revenues

Other revenues primarily include fees related to service contracts from
customers for prepaid legal plans, administrative services-only contracts, and
recordkeeping and related services. Substantially all of the revenue from the
services is recognized over time as the applicable services are provided or are
made available to the customers. The revenue recognized includes variable
consideration to the extent it is probable that a significant reversal will not
occur. In addition to the service fees, other revenues also include certain
stable value fees and reinsurance ceded. These fees are recognized as earned.

Policyholder Dividends

Policyholder dividends are approved annually by Metropolitan Life Insurance
Company's Board of Directors. The aggregate amount of policyholder dividends is
related to actual interest, mortality, morbidity and expense experience for the
year, as well as management's judgment as to the appropriate level of statutory
surplus to be retained by Metropolitan Life Insurance Company.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Foreign Currency

Assets, liabilities and operations of foreign affiliates and subsidiaries, as
well as investments accounted for under the equity method, are recorded based on
the functional currency of each entity. The determination of the functional
currency is made based on the appropriate economic and management indicators.
For most of the Company's foreign operations, the local currency is the
functional currency. Assets and liabilities of foreign affiliates and
subsidiaries are translated from the functional currency to U.S. dollars at the
exchange rates in effect at each year-end and revenues and expenses are
translated at the average exchange rates during the year. The resulting
translation adjustments are charged or credited directly to OCI, net of
applicable taxes. Gains and losses from foreign currency transactions, including
the effect of re-measurement of monetary assets and liabilities to the
appropriate functional currency, are reported as part of net investment
gains (losses) in the period in which they occur.

Goodwill

Goodwill represents the future economic benefits arising from net assets
acquired in a business combination that are not individually identified and
recognized. Goodwill is calculated as the excess of the cost of the acquired
entity over the estimated fair value of such assets acquired and liabilities
assumed. Goodwill is not amortized, but is tested for impairment at least
annually, or more frequently if events or circumstances indicate that there may
be justification for conducting an interim test. The Company performs its annual
goodwill impairment testing during the third quarter based upon data as of the
close of the second quarter. Goodwill associated with a business acquisition is
not tested for impairment during the year the business is acquired unless there
is a significant identified impairment event.

The impairment test is performed at the reporting unit level, which is the
operating segment or a business one level below the operating segment, if
discrete financial information is prepared and regularly reviewed by management
at that level. For purposes of goodwill impairment testing, if the carrying
value of a reporting unit exceeds its estimated fair value, an impairment charge
would be recognized for the amount by which the carrying value exceeds the
reporting unit's fair value; however, the loss recognized would not exceed the
total amount of goodwill allocated to that reporting unit. Additionally, the
Company will consider income tax effects from any tax deductible goodwill on the
carrying value of the reporting unit when measuring the goodwill impairment
loss, if applicable.

On an ongoing basis, the Company evaluates potential triggering events that may
affect the estimated fair value of the Company's reporting units to assess
whether any goodwill impairment exists. Deteriorating or adverse economic,
industry and market conditions for certain reporting units may have a
significant impact on the estimated fair value of these reporting units and
could result in future impairments of goodwill.

For the 2022 annual goodwill impairment tests, the Company concluded that
goodwill was not impaired. The goodwill balance was $86 million in the U.S.
segment at both December 31, 2022 and 2021. The goodwill balance was $31 million
in the MetLife Holdings segment at both December 31, 2022 and 2021.

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board
("FASB") in the form of accounting standards updates ("ASUs") to the FASB
Accounting Standards Codification. The Company considers the applicability and
impact of all ASUs. The following tables provide a description of ASUs recently
issued by the FASB and the impact of their adoption on the Company's
consolidated financial statements.

Adopted Accounting Pronouncements

The table below describes the impacts of the ASUs adopted by the Company,
effective January 1, 2022.

Effective Date and

         Standard                        Description               Method of Adoption   Impact on Financial Statements
ASU 2020-04, Reference Rate The guidance provides optional        Effective for         The guidance has reduced the
Reform (Topic 848):         expedients and exceptions for         contract              operational and financial
Facilitation of the Effects applying GAAP to contracts, hedging   modifications made    impacts of contract
of Reference Rate Reform on relationships and other transactions  between March 12,     modifications that replace a
Financial Reporting; as     affected by reference rate reform if  2020 and December 31, reference rate, such as London
clarified and amended by    certain criteria are met. The         2024.                 Interbank Offered Rate

ASU 2021-01, Reference Rate expedients and exceptions provided by

             ("LIBOR"), affected by
Reform (Topic 848): Scope;  the amendments do not apply to                              reference rate reform.

as amended by ASU 2022-06, contract modifications made and
Reference Rate Reform hedging relationships entered into or

                       Contract modifications for
(Topic 848)-Deferral of the evaluated after December 31, 2022,                          invested assets and derivative
Sunset Date of Topic 848    with certain exceptions. ASU 2021-01                        instruments occurred during
                            amends the scope of the recent                              2021 and 2022 and will
                            reference rate reform guidance. New                         continue into 2023. Based on
                            optional expedients allow derivative                        actions taken to date, the
                            instruments impacted by changes in                          adoption of the guidance has
                            the interest rate used for margining,                       not had a material impact on
                            discounting, or contract price                              the Company's consolidated
                            alignment to qualify for certain                            financial statements. The
                            optional relief. The amendments in                          Company does not expect the
                            ASU 2022-06 extend the sunset date of                       adoption of this guidance to
                            the reference rate reform optional                          have a material ongoing impact
                            expedients and exceptions to December                       on its consolidated financial
                            31, 2024.                                                   statements.


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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable
or are not expected to have a material impact on the Company's consolidated
financial statements or disclosures. ASUs issued but not yet adopted as of
December 31, 2022 that are currently being assessed and may or may not have a
material impact on the Company's consolidated financial statements or
disclosures are summarized in the table below.
                                                                  Effective 

Date and

           Standard                       Description             Method of Adoption       Impact on Financial Statements
ASU 2018-12, Financial          The guidance (i) prescribes the January 1, 2023, to be  The Company's implementation efforts
Services-Insurance (Topic 944): discount rate to be used in     applied retrospectively and the evaluation of the impacts of
Targeted Improvements to the    measuring the liability for     to January 1, 2021      the guidance on its consolidated
Accounting for Long-Duration    future policy benefits for      (with early adoption    financial statements, as well as its
Contracts, as amended by ASU    traditional and limited payment permitted). Estimated   systems, processes, and controls,
2019-09, Financial              long-duration contracts, and    impacts from adoption   continue to progress. Given the
Services-Insurance (Topic 944): requires assumptions for those  as of the transition    nature and extent of the required
Effective Date, as amended by   liability valuations to be      date of January 1, 2021 changes to a significant portion of
ASU 2020-11, Financial          updated after contract          are measured using      the Company's operations, the
Services-Insurance (Topic 944): inception, (ii) requires more   market assumptions      adoption of this guidance is
Effective Date and Early        market-based product guarantees appropriate as of that  expected to have a material impact
Application; as amended by ASU  ("market risk benefits") on     date. Such estimates do on its financial position, results
2022-05, Financial              certain separate account and    not reflect changes in  of operations, and disclosures.
Services-Insurance (Topic 944): other account balance           market 

assumptions

Transition for Sold Contracts   long-duration contracts to be   subsequent to           The Company will adopt the guidance
                                accounted for at fair value,    January 1, 2021.        effective January 1, 2023. The
                                (iii) simplifies the                                    modified retrospective approach will
                                amortization of DAC for                                 be used, except in regard to market
                                virtually all long-duration                             risk benefits where the Company will
                                contracts, and (iv) introduces                          use the full retrospective approach.
                                certain financial statement                             Based upon these transition methods,
                                presentation requirements, as                           the Company currently estimates that
                                well as significant additional                          the January 1, 2021 transition date
                                quantitative and qualitative                            impact from adoption is expected to
                                disclosures.                                            result in a decrease to total equity
                                                                                        of approximately $17.0 billion, net
                                Market risk benefits are                                of income tax.
                                contracts or contract features
                                that guarantee benefits, such                           The expected decrease in total
                                as guaranteed minimum benefits,                         equity includes the estimated impact
                                in addition to an account                               to AOCI which, as of the transition
                                balance which expose insurance                          date, is expected to result in a
                                companies to other than nominal                         decrease of approximately
                                capital market risk and protect                         $13.0 billion, net of income tax.
                                the contractholder from the                             The most significant drivers of the
                                same risk. Certain contracts or                         expected decrease in AOCI are the
                                contract features to be                                 anticipated impacts of the changes
                                identified as "market risk                              in the discount rates as of the
                                benefits" are currently                                 transition date to be used in
                                accounted for as embedded                               measuring the liability for future
                                derivatives and measured at                             policy benefits for traditional and
                                fair value, while others will                           limited payment contracts and the
                                transition to fair value                                non-performance risk in the
                                measurement upon the adoption                           valuation of the Company's market
                                of ASU 2018-12. The methods for                         risk benefits. The expected decrease
                                determining the fair value of                           in AOCI is expected to be partially
                                contract features considered to                         offset by the removal of loss
                                be market risk benefits are                             recognition balances recorded in
                                similar to the approaches used                          AOCI related to unrealized
                                if it was previously accounted                          investment gains associated with
                                for as an embedded derivative;                          certain long-duration products.
                                except that changes in fair
                                value attributable to                                   The expected decrease in total
                                nonperformance risk now will be                         equity also includes the estimated
                                recognized directly in OCI.                             impact to retained earnings which,
                                                                                        from adoption, is expected to result
                                The amendments in ASU 2019-09                           in a decrease of approximately
                                defer the effective date of ASU                         $4.0 billion, net of income tax.
                                2018-12 to January 1, 2022 for                          This decrease results from the
                                all entities, and the                                   requirement to account for variable
                                amendments in ASU 2020-11                               annuity guarantees as market risk
                                further defer the effective                             benefits measured at fair value
                                date of ASU 2018-12 for an                              (except for the changes in fair
                                additional year to January 1,                           value already recognized under an
                                2023 for all entities. The                              existing accounting model) and other
                                amendments in ASU 2022-05 allow                         valuation impacts to the liability
                                entities to make an accounting                          for future policy benefits.
                                policy election to exclude
                                certain sold or disposed                                As of December 31, 2022, primarily
                                contracts or legal entities                             as a result of increases in market
                                from application of the                                 interest rates from the January 1,
                                transition guidance. The                                2021 transition date to December 31,
                                Company does not intend to make                         2022, we estimate that the
                                such an election.                                       transition date reduction to
                                                                                        retained earnings will significantly
                                                                                        reverse, and that the transition
                                                                                        date reduction to AOCI will fully
                                                                                        reverse.


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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting
Policies (continued)

Effective Date and

           Standard                       Description              Method of Adoption     Impact on Financial Statements
ASU 2022-03, Fair Value         The amendments in this update    January 1, 2024, to be The Company is continuing to
Measurement (Topic 820): Fair   clarify that a contractual       applied prospectively  evaluate the impact of the
Value Measurement of Equity     restriction on the sale of an    with any adjustments   guidance, and it does not expect
Securities Subject to           equity security is not           from the 

adoption of the adoption of the guidance to
Contractual Sale Restrictions considered part of the unit of the amendments have a material impact on its

                                account of the equity security   recognized 

in earnings consolidated financial statements.

                                and, therefore, is not           and disclosed on the
                                considered in measuring fair     date of adoption (with
                                value. In addition, the          early adoption
                                amendments clarify that an       permitted).
                                entity cannot, as a separate
                                unit of account, recognize and
                                measure a contractual sale
                                restriction. The amendments also
                                require entities that hold
                                equity securities subject to
                                contractual sale restrictions to
                                make disclosures about the fair
                                value of such equity securities,
                                the nature and remaining
                                duration of the restriction(s)
                                and the circumstances that could
                                cause a lapse in the
                                restriction(s).
ASU 2022-02, Financial          The amendments in the new ASU    January 1, 2023, to be The Company will adopt the ASU
Instruments-Credit Losses       eliminate the accounting         applied prospectively; effective January 1, 2023 and it
(Topic 326): Troubled Debt      guidance for troubled debt       however, for the       does not expect the adoption of
Restructurings and Vintage      restructurings ("TDRs") by       transition method      the guidance to have a material
Disclosures                     creditors that have adopted the  related to 

the impact on its consolidated

                                current expected credit loss     

recognition and financial statements.

                                guidance while enhancing         measurement of TDRs,
                                disclosure requirements for      an entity can apply a
                                certain loan refinancings and    modified retrospective
                                restructurings by creditors when transition method
                                a borrower is experiencing       (with early adoption
                                financial difficulty. In         permitted).
                                addition, the amendments require
                                that a public business entity
                                disclose current-period gross
                                write-offs by year of
                                origination for financing
                                receivables and net investment
                                in leases.
ASU 2021-08, Business           The guidance indicates how to    January 1, 2023, to be The Company does not expect the
Combinations (Topic 805):       determine whether a contract     applied prospectively  adoption of the guidance to have a
Accounting for Contract Assets  liability is recognized by the   (with early adoption   material impact on its
and Contract Liabilities from   acquirer in a business           permitted).            consolidated financial statements.
Contracts with Customers        combination and provides
                                specific guidance on how to
                                recognize and measure acquired
                                contract assets and contract
                                liabilities from revenue
                                contracts in a business
                                combination.


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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information

The Company is organized into two segments: U.S. and MetLife Holdings. In
addition, the Company reports certain of its results of operations in
Corporate & Other.

U.S.

The U.S. segment offers a broad range of protection products and services aimed
at serving the financial needs of customers throughout their lives. These
products are sold to corporations and their respective employees, other
institutions and their respective members, as well as individuals. The U.S.
segment is organized into two businesses: Group Benefits and Retirement and
Income Solutions ("RIS").

•The Group Benefits business offers products such as term, variable and
universal life insurance, dental, group and individual disability and accident &
health insurance.

•The RIS business offers a broad range of life and annuity-based insurance and
investment products, including stable value and pension risk transfer products,
institutional income annuities, structured settlements, benefit funding
solutions and capital markets investment products.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and
businesses that the Company no longer actively markets. These include variable,
universal, term and whole life insurance, variable, fixed and index-linked
annuities, and long-term care insurance.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses,
including the Company's ancillary non-U.S. operations. Also included in
Corporate & Other are: the excess capital, as well as certain charges and
activities, not allocated to the segments (including enterprise-wide strategic
initiatives), interest expense related to the majority of the Company's
outstanding debt, expenses associated with certain legal proceedings and income
tax audit issues, and the elimination of intersegment amounts (which generally
relate to affiliated reinsurance and intersegment loans, bearing interest rates
commensurate with related borrowings).

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate
resources. Consistent with GAAP guidance for segment reporting, adjusted
earnings is also the Company's GAAP measure of segment performance and is
reported below. Adjusted earnings should not be viewed as a substitute for net
income (loss). The Company believes the presentation of adjusted earnings, as
the Company measures it for management purposes, enhances the understanding of
its performance by highlighting the results of operations and the underlying
profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of
income tax.

The financial measures of adjusted revenues and adjusted expenses focus on the
Company's primary businesses principally by excluding the impact of market
volatility, which could distort trends, and revenues and costs related to
non-core products and certain entities required to be consolidated under GAAP.
Also, these measures exclude results of discontinued operations under GAAP and
other businesses that have been or will be sold or exited by MLIC but do not
meet the discontinued operations criteria under GAAP and are referred to as
divested businesses. Divested businesses also include the net impact of
transactions with exited businesses that have been eliminated in consolidation
under GAAP and costs relating to businesses that have been or will be sold or
exited by MLIC that do not meet the criteria to be included in results of
discontinued operations under GAAP. Adjusted revenues also excludes net
investment gains (losses) and net derivative gains (losses).
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information (continued)

The following additional adjustments are made to revenues, in the line items
indicated, in calculating adjusted revenues:

•Universal life and investment-type product policy fees excludes the
amortization of unearned revenue related to net investment gains (losses) and
net derivative gains (losses) and certain variable annuity GMIB fees ("GMIB
fees"); and

•Net investment income: (i) includes adjustments for earned income on
derivatives and amortization of premium on derivatives that are hedges of
investments or that are used to replicate certain investments, but do not
qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings
adjustments relating to insurance joint ventures accounted for under the equity
method, (iii) excludes certain amounts related to securitization entities that
are VIEs consolidated under GAAP and (iv) includes distributions of profits from
certain other limited partnership interests that were previously accounted for
under the cost method, but are now accounted for at estimated fair value, where
the change in estimated fair value is recognized in net investment gains
(losses) under GAAP.

The following additional adjustments are made to expenses, in the line items
indicated, in calculating adjusted expenses:

•Policyholder benefits and claims and policyholder dividends excludes: (i)
amortization of basis adjustments associated with de-designated fair value
hedges of future policy benefits, (ii) changes in the policyholder dividend
obligation related to net investment gains (losses) and net derivative gains
(losses), (iii) amounts associated with periodic crediting rate adjustments
based on the total return of a contractually referenced pool of assets and other
pass-through adjustments, (iv) benefits and hedging costs related to GMIBs
("GMIB costs") and (v) market value adjustments associated with surrenders or
terminations of contracts ("Market value adjustments");

•Interest credited to policyholder account balances includes adjustments for
earned income on derivatives and amortization of premium on derivatives that are
hedges of policyholder account balances but do not qualify for hedge accounting
treatment;

•Amortization of DAC and VOBA excludes amounts related to: (i) net investment
gains (losses) and net derivative gains (losses), (ii) GMIB fees and GMIB costs
and (iii) Market value adjustments;

•Interest expense on debt excludes certain amounts related to securitization
entities that are VIEs consolidated under GAAP; and

•Other expenses excludes: (i) noncontrolling interests, (ii) acquisition,
integration and other costs, and (iii) goodwill impairments.

The tax impact of the adjustments mentioned above are calculated net of the U.S.
or foreign statutory tax rate, which could differ from the Company's effective
tax rate. Additionally, the provision for income tax (expense) benefit also
includes the impact related to the timing of certain tax credits, as well as
certain tax reforms.

Set forth in the tables below is certain financial information with respect to
the Company's segments, as well as Corporate & Other, for the years ended
December 31, 2022, 2021 and 2020 and at December 31, 2022 and 2021. The segment
accounting policies are the same as those used to prepare the Company's
consolidated financial statements, except for adjusted earnings adjustments as
defined above. In addition, segment accounting policies include the method of
capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of
which is to measure the risk in the business and to provide a basis upon which
capital is deployed. The economic capital model accounts for the unique and
specific nature of the risks inherent in MetLife's and the Company's businesses.

MetLife's economic capital model, coupled with considerations of local capital
requirements, aligns segment allocated equity with emerging standards and
consistent risk principles. The model applies statistics-based risk evaluation
principles to the material risks to which the Company is exposed. These
consistent risk principles include calibrating required economic capital shock
factors to a specific confidence level and time horizon while applying an
industry standard method for the inclusion of diversification benefits among
risk types. MetLife's management is responsible for the ongoing production and
enhancement of the economic capital model and reviews its approach periodically
to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of
allocated equity; however, changes in allocated equity do not impact the
Company's consolidated net investment income, net income (loss) or adjusted
earnings.

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information (continued)

Net investment income is based upon the actual results of each segment's
specifically identifiable investment portfolios adjusted for allocated equity.
Other costs are allocated to each of the segments based upon: (i) a review of
the nature of such costs; (ii) time studies analyzing the amount of employee
compensation costs incurred by each segment; and (iii) cost estimates included
in the Company's product pricing.

                                                                               MetLife            Corporate                                             

Total

Year Ended December 31, 2022                                  U.S.             Holdings            & Other             Total            Adjustments           Consolidated
                                                                                                             (In millions)
Revenues
Premiums                                                   $ 28,703          $   2,495          $        -          $ 31,198          $          -          $      31,198
Universal life and investment-type product policy
fees                                                          1,122                800                   -             1,922                    75                  1,997
Net investment income (1)                                     6,362              4,449                (101)           10,710                  (588)                10,122
Other revenues                                                1,064                149                 485             1,698                     -                  1,698
Net investment gains (losses)                                     -                  -                   -                 -                  (127)                  (127)
Net derivative gains (losses)                                     -                  -                   -                 -                   472                    472
Total revenues                                               37,251              7,893                 384            45,528                  (168)                45,360
Expenses
Policyholder benefits and claims and policyholder
dividends                                                    28,830              5,128                   -            33,958                  (445)                33,513
Interest credited to policyholder account balances            1,672                643                  67             2,382                     -                  2,382
Capitalization of DAC                                           (65)                 1                (120)             (184)                    -                   (184)
Amortization of DAC and VOBA                                     55                144                   4               203                   (59)                   144
Interest expense on debt                                          9                  8                  87               104                     -                    104
Other expenses                                                3,464                801               1,249             5,514                   (23)                 5,491
Total expenses                                               33,965              6,725               1,287            41,977                  (527)                41,450
Provision for income tax expense (benefit)                      684                229                (352)              561                    78                    639
Adjusted earnings                                          $  2,602          $     939          $     (551)            2,990
Adjustments to:
Total revenues                                                                                                          (168)
Total expenses                                                                                                           527
Provision for income tax (expense) benefit                                                                               (78)
Net income (loss)                                                                                                   $  3,271                                $       3,271


                                                                             Corporate
   At December 31, 2022                  U.S.         MetLife Holdings        & Other         Total
                                                               (In millions)
   Total assets                       $ 220,649      $         134,379      $  30,812      $ 385,840
   Separate account assets            $  56,010      $          33,231      $       -      $  89,241
   Separate account liabilities       $  56,010      $          33,231      $       -      $  89,241


__________________

(1)Net investment income from equity method investments represents 5% and 7% of
segment net investment income for the U.S. and MetLife Holdings segments,
respectively.

                                      106

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information (continued)

                                                                                    MetLife            Corporate                                                      Total
 Year Ended December 31, 2021                                      U.S.             Holdings            & Other             Total            Adjustments           Consolidated
                                                                                                                  (In millions)
Revenues
Premiums                                                        $ 23,466          $   2,725          $        -          $ 26,191          $          -          $      26,191
Universal life and investment-type product policy fees             1,101                881                   -             1,982                    80                  2,062
Net investment income (1)                                          7,249              5,833                 (17)           13,065                  (579)                12,486
Other revenues                                                       861                243                 512             1,616                     -                  1,616
Net investment gains (losses)                                          -                  -                   -                 -                   652                    652
Net derivative gains (losses)                                          -                  -                   -                 -                  (964)                  (964)
Total revenues                                                    32,677              9,682                 495            42,854                  (811)                42,043
Expenses
Policyholder benefits and claims and
policyholder dividends                                            24,504              5,281                   -            29,785                   366                 30,151
Interest credited to policyholder account balances                 1,362                666                   1             2,029                    (2)                 2,027
Capitalization of DAC                                                (59)                 1                  (6)              (64)                    -                    (64)
Amortization of DAC and VOBA                                          56                171                   -               227                    32                    259
Interest expense on debt                                               6                  5                  85                96                     -                     96
Other expenses                                                     3,266                839               1,230             5,335                    (9)                 5,326
Total expenses                                                    29,135              6,963               1,310            37,408                   387                 37,795
Provision for income tax expense (benefit)                           738                551                (518)              771                  (241)                   530
Adjusted earnings                                               $  2,804          $   2,168          $     (297)            4,675
Adjustments to:
Total revenues                                                                                                               (811)
Total expenses                                                                                                               (387)
Provision for income tax (expense) benefit                                                                                    241
Net income (loss)                                                                                                        $  3,718                                $       3,718


                                                                             Corporate
   At December 31, 2021                  U.S.         MetLife Holdings        & Other         Total
                                                               (In millions)
   Total assets                       $ 256,381      $         161,614      $  28,562      $ 446,557
   Separate account assets            $  77,130      $          46,721      $       -      $ 123,851
   Separate account liabilities       $  77,130      $          46,721      $       -      $ 123,851


__________________

(1)Net investment income from equity method investments represents 22% and 27%
of segment net investment income for the U.S. and MetLife Holdings segments,
respectively.
                                      107

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information (continued)

                                                                               MetLife            Corporate                                             

Total

 Year Ended December 31, 2020                                 U.S.             Holdings            & Other             Total            Adjustments           Consolidated
                                                                                                             (In millions)
Revenues
Premiums                                                   $ 17,778          $   2,962          $        1          $ 20,741          $          -          $      20,741
Universal life and investment-type product policy
fees                                                          1,044                868                   -             1,912                    84                  1,996
Net investment income (1)                                     6,348              4,616                (136)           10,828                  (578)                10,250
Other revenues                                                  857                224                 580             1,661                     -                  1,661
Net investment gains (losses)                                     -                  -                   -                 -                   (73)                   (73)
Net derivative gains (losses)                                     -                  -                   -                 -                   738                    738
Total revenues                                               26,027              8,670                 445            35,142                   171                 35,313
Expenses
Policyholder benefits and claims and policyholder
dividends                                                    17,821              5,669                   -            23,490                   485                 23,975
Interest credited to policyholder account balances            1,569                687                   -             2,256                    (9)                 2,247
Capitalization of DAC                                           (49)                (2)                  -               (51)                    -                    (51)
Amortization of DAC and VOBA                                     56                290                   -               346                    60                    406
Interest expense on debt                                          7                  6                  86                99                     -                     99
Other expenses                                                3,085                801                 666             4,552                     7                  4,559
Total expenses                                               22,489              7,451                 752            30,692                   543                 31,235
Provision for income tax expense (benefit)                      752                236                (376)              612                   (78)                   534
Adjusted earnings                                          $  2,786          $     983          $       69             3,838
Adjustments to:
Total revenues                                                                                                           171
Total expenses                                                                                                          (543)
Provision for income tax (expense) benefit                                                                                78
Net income (loss)                                                                                                   $  3,544                                $       3,544


__________________

(1)Net investment income from equity method investments represents 5% and 6% of
segment net investment income for the U.S. and MetLife Holdings segments,
respectively.

                                      108

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

2. Segment Information (continued)

The following table presents total premiums, universal life and investment-type
product policy fees and other revenues by major product groups of the Company's
segments, as well as Corporate & Other:

                                                   Years Ended December 31,
                                               2022          2021          2020
                                                        (In millions)
              Life insurance                $ 14,839      $ 15,432      $ 14,018
              Accident & health insurance     10,111         9,493         8,650
              Annuities                        9,509         4,541         1,352
              Other                              434           403           378
              Total                         $ 34,893      $ 29,869      $ 24,398

Substantially all of the Company's consolidated premiums, universal life and
investment-type product policy fees and other revenues originated in the U.S.

Revenues derived from one U.S. segment customer were $8.1 billion for the year
ended December 31, 2022, which represented 23%, of consolidated premiums,
universal life and investment-type product policy fees and other revenues. The
revenue was from a single premium received for a pension risk transfer. Revenues
derived from another U.S. segment customer were $3.8 billion, $3.9 billion and
$3.3 billion for the years ended December 31, 2022, 2021 and 2020, respectively,
which represented 11%, 13% and 14% of the consolidated premiums, universal life
and investment-type product policy fees and other revenues, respectively.
Revenues derived from any other customer did not exceed 10% of consolidated
premiums, universal life and investment-type product policy fees and other
revenues for the years ended December 31, 2022, 2021 or 2020.

3. Insurance

Insurance Liabilities

Insurance liabilities, including affiliated insurance liabilities on reinsurance
assumed and ceded, are comprised of future policy benefits, policyholder account
balances and other policy-related balances. Information regarding insurance
liabilities by segment, as well as Corporate & Other, was as follows at:

                                                 December 31,
                                             2022           2021
                                                (In millions)
                      U.S.                $ 148,060      $ 145,463
                      MetLife Holdings       87,284         88,991
                      Corporate & Other       6,211            373
                      Total               $ 241,555      $ 234,827

See Note 5 for discussion of affiliated reinsurance liabilities included in the
table above.

                                      109

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Future policy benefits are measured as follows:
Product Type:                    Measurement Assumptions:
Participating life               Aggregate of (i) net level premium 

reserves for death and endowment

                                 policy benefits (calculated based upon the non-forfeiture interest
                                 rate, ranging from 3% to 7%, and mortality rates guaranteed in
                                 calculating the cash surrender values described in such contracts);
                                 and (ii) the liability for terminal dividends.
Nonparticipating life            Aggregate of the present value of future expected benefit payments and
                                 related expenses less the present value of future expected net
                                 premiums. Assumptions as to mortality and persistency are based upon
                                 the Company's experience when the basis of the liability is
                                 established. Interest rate assumptions for the aggregate future policy
                                 benefit liabilities range from 2% to 11%.
Individual and group             Present value of future expected payments. Interest rate assumptions
traditional fixed annuities      used in establishing such liabilities range from 1% to 11%.
after annuitization
Non-medical health               The net level premium method and assumptions as to future morbidity,
insurance                        withdrawals and interest, which provide a margin for adverse
                                 deviation. Interest rate assumptions used in establishing such
                                 liabilities range from 1% to 7%.
Disabled lives                   Present value of benefits method and experience assumptions as to
                                 claim terminations, expenses and interest. Interest rate assumptions
                                 used in establishing such liabilities range from 2% to 8%.


Participating business represented 3% of the Company's life insurance in-force
at both December 31, 2022 and 2021. Participating policies represented 13%, 14%
and 17% of gross traditional life insurance premiums for the years ended
December 31, 2022, 2021 and 2020, respectively.

Policyholder account balances are equal to: (i) policy account values, which
consist of an accumulation of gross premium payments; and (ii) credited
interest, ranging from less than 1% to 8%, less expenses, mortality charges and
withdrawals.
                                      110

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)


Guarantees

The Company issues directly and assumes through reinsurance variable annuity
products with guaranteed minimum benefits. GMABs, the non-life contingent
portion of GMWBs and certain non-life contingent portions of GMIBs are accounted
for as embedded derivatives in policyholder account balances and are further
discussed in Note 8. Guarantees accounted for as insurance liabilities include:

Guarantee:                                                               Measurement Assumptions:
GMDBs        •       A return of purchase payment upon death       •    

Present value of expected death benefits in

                     even if the account value is reduced to             

excess of the projected account balance

                     zero.                                               

recognizing the excess ratably over the

accumulation period based on the present

value of total expected assessments.

             •       An enhanced death benefit may be              •    

Assumptions are consistent with those used

                     available for an additional fee.                    

for amortizing DAC, and are thus subject to

the same variability and risk.

                                                                   •     

Investment performance and volatility

assumptions are consistent with the

historical experience of the appropriate

underlying equity index, such as the S&P

500 Index.

                                                                   •     

Benefit assumptions are based on the

average benefits payable over a range of

scenarios.

GMIBs        •       After a specified period of time              •    

Present value of expected income benefits

                     determined at the time of issuance of               in 

excess of the projected account balance

                     the variable annuity contract, a                    at 

any future date of annuitization and

                     minimum accumulation of purchase                    

recognizing the excess ratably over the

                     payments, even if the account value is              

accumulation period based on present value

                     reduced to zero, that can be annuitized             of 

total expected assessments.

                     to receive a monthly income stream that
                     is not less than a specified amount.
             •       Certain contracts also provide for a          •    

Assumptions are consistent with those used

                     guaranteed lump sum return of purchase              

for estimating GMDB liabilities.

                     premium in lieu of the annuitization
                     benefit.
                                                                   •     

Calculation incorporates an assumption for

the percentage of the potential

annuitizations that may be elected by the

contractholder.

GMWBs        •       A return of purchase payment via              •    

Expected value of the life contingent

                     partial withdrawals, even if the                    

payments and expected assessments using

                     account value is reduced to zero,                   

assumptions consistent with those used for

                     provided that cumulative withdrawals in             

estimating the GMDB liabilities.

                     a contract year do not exceed a certain
                     limit.
             •       Certain contracts include guaranteed
                     withdrawals that are life contingent.


The Company also issues other annuity contracts that apply a lower rate on funds
deposited if the contractholder elects to surrender the contract for cash and a
higher rate if the contractholder elects to annuitize. These guarantees include
benefits that are payable in the event of death, maturity or at annuitization.
Certain other annuity contracts contain guaranteed annuitization benefits that
may be above what would be provided by the current account value of the
contract. Additionally, the Company issues universal and variable life contracts
where the Company contractually guarantees to the contractholder a secondary
guarantee or a guaranteed paid-up benefit.
                                      111

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Information regarding the liabilities for guarantees (excluding base policy
liabilities and embedded derivatives) relating to annuity and universal and
variable life contracts was as follows:

                                                                                    Universal and Variable
                                             Annuity Contracts                          Life Contracts
                                       GMDBs and                                Secondary              Paid-Up
                                         GMWBs               GMIBs              Guarantees           Guarantees            Total
                                                                              (In millions)
Direct:
Balance at January 1, 2020           $      361          $      757          $       1,075          $      166          $   2,359
Incurred guaranteed benefits                144                 206                    320                 (12)               658
Paid guaranteed benefits                    (12)                 (4)                   (44)                (14)               (74)

Balance at December 31, 2020                493                 959                  1,351                 140              2,943
Incurred guaranteed benefits                123                  82                    164                  16                385
Paid guaranteed benefits                    (14)                 (7)                   (52)                (15)               (88)
Balance at December 31, 2021                602               1,034                  1,463                 141              3,240
Incurred guaranteed benefits                247                (193)                    65                  44                163
Paid guaranteed benefits                    (31)                 (8)                   (60)                (13)              (112)

Balance at December 31, 2022         $      818          $      833          $       1,468          $      172          $   3,291
Ceded:
Balance at January 1, 2020           $        -          $        -          $         396          $       95          $     491
Incurred guaranteed benefits                  -                   -                     93                  13                106
Paid guaranteed benefits                      -                   -                    (20)                 (9)               (29)

Balance at December 31, 2020                  -                   -                    469                  99                568
Incurred guaranteed benefits                  -                   -                     63                  10                 73
Paid guaranteed benefits                      -                   -                    (32)                (10)               (42)

Balance at December 31, 2021                  -                   -                    500                  99                599
Incurred guaranteed benefits                  -                   -                     43                  18                 61
Paid guaranteed benefits                      -                   -                    (24)                 (9)               (33)

Balance at December 31, 2022         $        -          $        -          $         519          $      108          $     627
Net:
Balance at January 1, 2020           $      361          $      757          $         679          $       71          $   1,868
Incurred guaranteed benefits                144                 206                    227                 (25)               552
Paid guaranteed benefits                    (12)                 (4)                   (24)                 (5)               (45)

Balance at December 31, 2020                493                 959                    882                  41              2,375
Incurred guaranteed benefits                123                  82                    101                   6                312
Paid guaranteed benefits                    (14)                 (7)                   (20)                 (5)               (46)

Balance at December 31, 2021                602               1,034                    963                  42              2,641
Incurred guaranteed benefits                247                (193)                    22                  26                102
Paid guaranteed benefits                    (31)                 (8)                   (36)                 (4)               (79)

Balance at December 31, 2022         $      818          $      833          $         949          $       64          $   2,664


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Information regarding the Company's guarantee exposure, which includes direct
business, but excludes offsets from hedging or reinsurance, if any, was as
follows at:

                                                                                                     December 31,
                                                                            2022                                                          2021
                                                           In the                             At                             In the                            At
                                                       Event of Death                    Annuitization                   Event of Death                   Annuitization
                                                                                                    (Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2)                     $        36,646                   $       14,515                  $        48,868                  $       20,140
Separate account value (1)                       $        28,259                   $       13,778                  $        39,882                  $       19,347
Net amount at risk                               $         4,325       (3)         $          371      (4)         $         1,160      (3)         $          461      (4)
Average attained age of contractholders                    69 years                         68 years                         69 years                        66 years
Other Annuity Guarantees:
Total account value (1), (2)                                    N/A                $          136                                 N/A               $          135
Net amount at risk                                              N/A                $           65      (5)                        N/A               $           70      (5)
Average attained age of contractholders                         N/A                         56 years                              N/A                        55 years


                                                                           December 31,
                                                          2022                                      2021
                                             Secondary             Paid-Up             Secondary             Paid-Up
                                             Guarantees           Guarantees           Guarantees           Guarantees
                                                                       (Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (2)               $     4,748          $       791          $     5,935          $       826
Net amount at risk (6)                     $    37,051          $     4,855          $    37,482          $     5,181
Average attained age of policyholders            60 years             66 years             59 years             65 years


______________

(1)The Company's annuity and life contracts with guarantees may offer more than
one type of guarantee in each contract. Therefore, the amounts listed above may
not be mutually exclusive.

(2)Includes the contractholders' investments in the general account and separate
account, if applicable.

(3)Defined as the death benefit less the total account value, as of the balance
sheet date. It represents the amount of the claim that the Company would incur
if death claims were filed on all contracts on the balance sheet date and
includes any additional contractual claims associated with riders purchased to
assist with covering income taxes payable upon death.

(4)Defined as the amount (if any) that would be required to be added to the
total account value to purchase a lifetime income stream, based on current
annuity rates, equal to the minimum amount provided under the guaranteed
benefit. This amount represents the Company's potential economic exposure to
such guarantees in the event all contractholders were to annuitize on the
balance sheet date, even though the contracts contain terms that allow
annuitization of the guaranteed amount only after the 10th anniversary of the
contract, which not all contractholders have achieved.

(5)Defined as either the excess of the upper tier, adjusted for a profit margin,
less the lower tier, as of the balance sheet date or the amount (if any) that
would be required to be added to the total account value to purchase a lifetime
income stream, based on current annuity rates, equal to the minimum amount
provided under the guaranteed benefit. These amounts represent the Company's
potential economic exposure to such guarantees in the event all contractholders
were to annuitize on the balance sheet date.

(6)Defined as the guarantee amount less the account value, as of the balance
sheet date. It represents the amount of the claim that the Company would incur
if death claims were filed on all contracts on the balance sheet date.
                                      113

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Guarantees - Separate Accounts

Account balances of contracts with guarantees were invested in separate account
asset classes as follows at:

                                                December 31,
                                             2022          2021
                                               (In millions)
                        Fund Groupings:
                        Equity            $ 17,185      $ 24,519
                        Balanced            11,666        16,228
                        Bond                 2,147         2,874
                        Money Market            37            41
                        Total             $ 31,035      $ 43,662

Obligations Assumed Under Structured Settlement Assignments

The Company assumed structured settlement claim obligations as an assignment
company. These liabilities are measured at the present value of the future
periodic claims to be provided and reported as other policy-related balances.
The Company received a fee for assuming these claim obligations and, as the
assignee of the claim, is legally obligated to ensure periodic payments are made
to the claimant. The Company purchased annuities to fund these future periodic
payment claim obligations and designates payments to be made directly to the
claimant by the annuity writer. These annuities funding structured settlement
claims are recorded as an investment. The Company has recorded unpaid claim
obligations and annuity contracts of equal amounts of $1.2 billion and
$1.3 billion at December 31, 2022 and 2021, respectively. See Note 1.

Obligations Under Funding Agreements

The Company issues fixed and floating rate funding agreements, which are
denominated in either U.S. dollars or foreign currencies, to certain
unconsolidated special purpose entities that have issued either debt securities
or commercial paper for which payment of interest and principal is secured by
such funding agreements. For the years ended December 31, 2022, 2021 and 2020,
the Company issued $45.8 billion, $39.5 billion and $39.3 billion, respectively,
and repaid $44.9 billion, $41.2 billion and $36.7 billion, respectively, of such
funding agreements. At December 31, 2022 and 2021, liabilities for funding
agreements outstanding, which are included in policyholder account balances,
were $38.2 billion and $37.2 billion, respectively.

Metropolitan Life Insurance Company is a member of FHLBNY. Holdings of common
stock of FHLBNY, included in other invested assets, were $659 million and
$718 million at December 31, 2022 and 2021, respectively.

The Company has also entered into funding agreements with FHLBNY and a
subsidiary of the Federal Agricultural Mortgage Corporation, a federally
chartered instrumentality of the U.S. ("Farmer Mac"). The liability for such
funding agreements is included in policyholder account balances. Information
related to such funding agreements was as follows at:

                                      Liability                      Collateral
                                                      December 31,
                                  2022          2021             2022                2021
                                                     (In millions)
              FHLBNY (1)       $ 13,535      $ 14,745      $ 15,946   (2)      $ 16,645   (2)
              Farmer Mac (3)   $  2,050      $  2,050      $  2,148            $  2,159


__________________

(1)Represents funding agreements issued to FHLBNY in exchange for cash and for
which it has been granted a lien on certain assets, some of which are in the
custody of FHLBNY, including residential mortgage-backed securities ("RMBS"), to
collateralize obligations under such funding agreements. The Company is
permitted to withdraw any portion of the collateral in the custody of FHLBNY as
long as there is no event of default and the remaining qualified collateral is
sufficient to satisfy the collateral maintenance level. Upon any event of
default by the Company, FHLBNY's recovery on the collateral is limited to the
amount of the Company's liability to FHLBNY.
                                      114

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

(2)Advances are collateralized primarily by mortgage-backed securities presented
at estimated fair value. The remaining collateral is mortgage loans presented at
carrying value.

(3)Represents funding agreements issued to a subsidiary of Farmer Mac. The
obligations under these funding agreements are secured by a pledge of certain
eligible agricultural mortgage loans and may, under certain circumstances, be
secured by other qualified collateral. The amount of collateral presented is at
carrying value.

Liabilities for Unpaid Claims and Claim Expenses

The following is information about incurred and paid claims development by
segment at December 31, 2022. Such amounts are presented net of reinsurance, and
are not discounted. The tables present claims development and cumulative claim
payments by incurral year. The development tables are only presented for
significant short-duration product liabilities within each segment. The
information about incurred and paid claims development prior to 2022 is
presented as supplementary information.

U.S.

Group Life - Term

                                                                          

Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance

                                                                At December 31, 2022


                                                                                                    Years Ended December 31,                                                                                    Total IBNR
                                                                                                                                                                                                             Liabilities Plus          Cumulative
                                                                                                                                                                                                                 Expected               Number of
                                                                                                  (Unaudited)                                                                                                 Development on            Reported
    Incurral Year                2013                2014             2015             2016             2017             2018             2019             2020             2021             2022            Reported Claims             Claims
                                                                                                                             (Dollars in millions)
2013                        $   6,637             $ 6,713          $ 6,719  

$ 6,720 $ 6,730 $ 6,720 $ 6,723 $ 6,724 $ 6,726 $ 6,726 $

             1         

213,283

2014                                                6,986            6,919            6,913            6,910            6,914            6,919            6,920            6,918             6,920                        1         

216,148

2015                                                                 7,040            7,015            7,014            7,021            7,024            7,025            7,026             7,026                        1         

218,782

2016                                                                                  7,125            7,085            7,095            7,104            7,105            7,104             7,107                        2            220,671
2017                                                                                                   7,432            7,418            7,425            7,427            7,428             7,428                        3            263,546
2018                                                                                                                    7,757            7,655            7,646            7,650             7,651                        6            251,446
2019                                                                                                                                     7,935            7,900            7,907             7,917                       11            252,015
2020                                                                                                                                                      8,913            9,367             9,389                       23            297,022
2021                                                                                                                                                                      10,555            10,795                       64            327,725
2022                                                                                                                                                                                         9,640                    1,129            276,784
Total                                                                                                                                                                                       80,599

Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance

                                                                                                    (77,480)

All outstanding liabilities for incurral years prior to 2013, net of reinsurance

                                                                                                                22

Total unpaid claims and claim adjustment expenses, net of reinsurance

                                                                                                              $  3,141


                                                                Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
                                                                                               Years Ended December 31,
                                                                                             (Unaudited)
  Incurral Year             2013               2014             2015             2016             2017             2018             2019             2020             2021             2022
                                                                                                     (In millions)
2013                    $    5,216          $ 6,614          $ 6,664          $ 6,678          $ 6,711          $ 6,715          $ 6,720          $ 6,721          $ 6,723          $  6,724
2014                                          5,428            6,809            6,858            6,869            6,902            6,912            6,915            6,916             6,917
2015                                                           5,524            6,913            6,958            6,974            7,008            7,018            7,022             7,024
2016                                                                            5,582            6,980            7,034            7,053            7,086            7,096             7,100
2017                                                                                             5,761            7,292            7,355            7,374            7,400             7,414
2018                                                                                                              6,008            7,521            7,578            7,595             7,629
2019                                                                                                                               6,178            7,756            7,820             7,853
2020                                                                                                                                                6,862            9,103             9,242
2021                                                                                                                                                                 8,008            10,476
2022                                                                                                                                                                                   7,101
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance                                                                                       $ 77,480


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Average Annual Percentage Payout

The following is supplementary information about average historical claims
duration at December 31, 2022:

                                                                                 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years                               1                  2                   3                    4                    5                    6                    7               8              9             10
Group Life - Term                 76.8%              20.8%               0.8%                 0.3%                 0.5%                 0.1%                 0.1%              -%             -%            -%

Group Long-Term Disability

Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance

                                                               At December 31, 2022


                                                                                                    Years Ended December 31,                                                                                   Total IBNR
                                                                                                                                                                                                            Liabilities Plus          Cumulative
                                                                                                                                                                                                                Expected               Number of
                                                                                                  (Unaudited)                                                                                                Development on            Reported
    Incurral Year                2013                2014             2015             2016             2017             2018             2019             2020             2021             2022           Reported Claims             Claims
                                                                                                                             (Dollars in millions)
2013                        $   1,008             $ 1,027          $ 1,032  

$ 1,049 $ 1,070 $ 1,069 $ 1,044 $ 1,032 $ 1,025 $ 1,027 $

             -          

21,139

2014                                                1,076            1,077            1,079            1,101            1,109            1,098            1,097            1,081            1,078                        -          

22,853

2015                                                                 1,082            1,105            1,093            1,100            1,087            1,081            1,067            1,086                        -          

21,216

2016                                                                                  1,131            1,139            1,159            1,162            1,139            1,124            1,123                        -             17,973
2017                                                                                                   1,244            1,202            1,203            1,195            1,165            1,181                        -             16,328
2018                                                                                                                    1,240            1,175            1,163            1,147            1,170                        -             15,214
2019                                                                                                                                     1,277            1,212            1,169            1,177                        -             15,392
2020                                                                                                                                                      1,253            1,223            1,155                        6             15,719
2021                                                                                                                                                                       1,552            1,608                       43             19,189
2022                                                                                                                                                                                        1,695                      760              9,970
Total                                                                                                                                                                                      12,300

Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance

                                                                                                    (6,251)

All outstanding liabilities for incurral years prior to 2013, net of reinsurance

                                                                                                            1,496

Total unpaid claims and claim adjustment expenses, net of reinsurance

                                                                                                              $ 7,545


                                                      Cumulative Paid

Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance

                                                                                      Years Ended December 31,
                                                                                    (Unaudited)
  Incurral Year            2013             2014           2015           2016           2017           2018           2019           2020           2021            2022
                                                                                           (In millions)
2013                    $     43          $ 234          $ 382          $ 475          $ 551          $ 622          $ 676          $ 722          $ 764          $   798
2014                                         51            266            428            526            609            677            732            778              818
2015                                                        50            264            427            524            601            665            718              764
2016                                                                       49            267            433            548            628            696              750
2017                                                                                      56            290            476            579            655              719
2018                                                                                                     54            314            497            594              666
2019                                                                                                                    57            342            522              620
2020                                                                                                                                   59            355              535
2021                                                                                                                                                  95              505
2022                                                                                                                                                                   76

Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance

                                                                     $ 6,251

Average Annual Percentage Payout

The following is supplementary information about average historical claims
duration at December 31, 2022:

                                                                                   Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years                              1                  2                   3                     4                    5                    6                    7                8                9               10
Group Long-Term
Disability                       4.8%               21.7%               15.2%                 9.0%                 7.0%                 6.1%                 5.0%              4.3%             3.9%            3.3%


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Significant Methodologies and Assumptions

Group Life - Term and Group Long-Term Disability incurred but not paid ("IBNP")
liabilities are developed using a combination of loss ratio and development
methods. Claims in the course of settlement are then subtracted from the IBNP
liabilities, resulting in the IBNR liabilities. The loss ratio method is used in
the period in which the claims are neither sufficient nor credible. In
developing the loss ratios, any material rate increases that could change the
underlying premium without affecting the estimated incurred losses are taken
into account. For periods where sufficient and credible claim data exists, the
development method is used based on the claim triangles which categorize claims
according to both the period in which they were incurred and the period in which
they were paid, adjudicated or reported. The end result is a triangle of known
data that is used to develop known completion ratios and factors. Claims paid
are then subtracted from the estimated ultimate incurred claims to calculate the
IBNP liability.

An expense liability is held for the future expenses associated with the payment
of incurred but not yet paid claims (IBNR and pending). This is expressed as a
percentage of the underlying claims liability and is based on past experience
and the anticipated future expense structure.

For Group Life - Term, first year incurred claims and allocated loss adjustment
expenses decreased in 2022 compared to the 2021 incurral year due to the decline
in COVID-19 claims. For Group Long-Term Disability, first year incurred claims
and allocated loss adjustment expenses increased in 2022 compared to 2021
incurral year due to the growth in the size of the business.

The assumptions used in calculating the unpaid claims and claim adjustment
expenses for Group Life - Term and Group Long-Term Disability are updated
annually to reflect emerging trends in claim experience.

Certain of our Group Life - Term customers have experience-rated contracts,
whereby the group sponsor participates in the favorable and/or adverse claim
experience, including favorable and/or adverse prior year development. Claim
experience adjustments on these contracts are not reflected in the foregoing
incurred and paid claim development tables, but are instead reflected as an
increase (adverse experience) or decrease (favorable experience) to premiums on
the consolidated statements of operations.

Liabilities for Group Life - Term unpaid claims and claim adjustment expenses
are not discounted.

The liabilities for Group Long-Term Disability unpaid claims and claim
adjustment expenses were $6.5 billion and $6.2 billion at December 31, 2022 and
2021, respectively. Using interest rates ranging from 3% to 8%, based on the
incurral year, the total discount applied to these liabilities was $1.2 billion
and $1.1 billion at December 31, 2022 and 2021, respectively. The amount of
interest accretion recognized was $461 million, $518 million and $452 million
for the years ended December 31, 2022, 2021 and 2020, respectively. These
amounts were reflected in policyholder benefits and claims.

For Group Life - Term, claims were based upon individual death claims. For Group
Long-Term Disability, claim frequency was determined by the number of reported
claims as identified by a unique claim number assigned to individual claimants.
Claim counts initially include claims that do not ultimately result in a
liability. These claims are omitted from the claim counts once it is determined
that there is no liability.

The incurred and paid claims disclosed for the Group Life - Term product
includes activity related to the product's continued protection feature;
however, the associated actuarial reserve for future benefit obligations under
this feature is excluded from the liability for unpaid claims.

The Group Long-Term Disability IBNR, included in the development tables above,
was developed using discounted cash flows, and is presented on a discounted
basis.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the
Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the
liability for unpaid claims and claims adjustment expenses on the consolidated
balance sheet was as follows at:

                                                                                    December 31, 2022
                                                                                      (In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of
reinsurance:
U.S.:
Group Life - Term                                                      $                     3,141
Group Long-Term Disability                                                                   7,545
Total                                                                                              $         10,686
Other insurance lines - all segments combined                                                                   883

Total unpaid claims and allocated claims adjustment expenses,
net of reinsurance

                                                                                           11,569

Reinsurance recoverables on unpaid claims:
U.S.:
Group Life - Term                                                                                8
Group Long-Term Disability                                                                     205
Total                                                                                                           213
Other insurance lines - all segments combined                                                                    36
Total reinsurance recoverable on unpaid claims                                                                  249
Total unpaid claims and allocated claims adjustment expense                                                  11,818

Discounting                                                                                                 (1,207)

Liability for unpaid claims and claim adjustment liabilities -
short-duration

                                                                                               10,611

Liability for unpaid claims and claim adjustment liabilities -
all long-duration lines

                                                                                       4,837
Total liability for unpaid claims and claim adjustment expense
(included in future policy benefits and other policy-related
balances)                                                                                          $         15,448



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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

3. Insurance (continued)

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment
expenses was as follows:

                                                        Years Ended December 31,
                                                    2022          2021          2020
                                                             (In millions)
             Balance at January 1,               $ 15,059      $ 13,523      $ 13,140
             Less: Reinsurance recoverables         2,263         1,639         1,525
             Net balance at January 1,             12,796        11,884        11,615
             Incurred related to:
             Current year                          20,769        21,201        18,620
             Prior years (1)                          457           582           (19)
             Total incurred                        21,226        21,783        18,601
             Paid related to:
             Current year                         (14,565)      (15,405)      (13,854)
             Prior years                           (6,025)       (5,466)       (4,478)
             Total paid                           (20,590)      (20,871)      (18,332)
             Net balance at December 31,           13,432        12,796        11,884
             Add: Reinsurance recoverables          2,016         2,263         1,639
             Balance at December 31,             $ 15,448      $ 15,059      $ 13,523


______________

(1)For the years ended December 31, 2022 and 2021, incurred claim activity and
claim adjustment expenses associated with prior years increased primarily due to
the impacts related to the COVID-19 pandemic, partially offset by additional
premiums recorded for experience-rated contracts that are not reflected in the
table above. For the year ended December 31, 2020, claim and claim adjustment
expenses associated with prior years decreased due to favorable claims
experience in the current year.

Separate Accounts

Separate account assets and liabilities include two categories of account types:
pass-through separate accounts totaling $52.4 billion and $78.8 billion at
December 31, 2022 and 2021, respectively, for which the policyholder assumes all
investment risk, and separate accounts for which the Company contractually
guarantees either a minimum return or account value to the policyholder which
totaled $36.8 billion and $45.0 billion at December 31, 2022 and 2021,
respectively. The latter category consisted primarily of guaranteed interest
contracts ("GICs"). The average interest rate credited on these contracts was
2.49% and 2.16% at December 31, 2022 and 2021, respectively.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles

See Note 1 for a description of capitalized acquisition costs.

Nonparticipating and Non-Dividend-Paying Traditional Contracts

The Company amortizes DAC and VOBA related to these contracts (term insurance,
nonparticipating whole life insurance, traditional group life insurance and
non-medical health insurance) over the appropriate premium paying period in
proportion to the actual and expected future gross premiums that were set at
contract issue. The expected premiums are based upon the premium requirement of
each policy and assumptions for mortality, morbidity, persistency and investment
returns at policy issuance, or policy acquisition (as it relates to VOBA),
include provisions for adverse deviation, and are consistent with the
assumptions used to calculate future policyholder benefit liabilities. These
assumptions are not revised after policy issuance or acquisition unless the DAC
or VOBA balance is deemed to be unrecoverable from future expected profits.
Absent a premium deficiency, variability in amortization after policy issuance
or acquisition is caused only by variability in premium volumes.

Participating, Dividend-Paying Traditional Contracts

The Company amortizes DAC and VOBA related to these contracts over the estimated
lives of the contracts in proportion to actual and expected future gross
margins. The amortization includes interest based on rates in effect at
inception or acquisition of the contracts. The future gross margins are
dependent principally on investment returns, policyholder dividend scales,
mortality, persistency, expenses to administer the business, creditworthiness of
reinsurance counterparties and certain economic variables, such as inflation.
For participating contracts within the closed block (dividend-paying traditional
contracts) future gross margins are also dependent upon changes in the
policyholder dividend obligation. See Note 6. Of these factors, the Company
anticipates that investment returns, expenses, persistency and other factor
changes, as well as policyholder dividend scales, are reasonably likely to
impact significantly the rate of DAC and VOBA amortization. Each reporting
period, the Company updates the estimated gross margins with the actual gross
margins for that period. When the actual gross margins change from previously
estimated gross margins, the cumulative DAC and VOBA amortization is
re-estimated and adjusted by a cumulative charge or credit to current
operations. When actual gross margins exceed those previously estimated, the DAC
and VOBA amortization will increase, resulting in a current period charge to
earnings. The opposite result occurs when the actual gross margins are below the
previously estimated gross margins. Each reporting period, the Company also
updates the actual amount of business in-force, which impacts expected future
gross margins. When expected future gross margins are below those previously
estimated, the DAC and VOBA amortization will increase, resulting in a current
period charge to earnings. The opposite result occurs when the expected future
gross margins are above the previously estimated expected future gross margins.
Each period, the Company also reviews the estimated gross margins for each block
of business to determine the recoverability of DAC and VOBA balances.

Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred
Annuity Contracts

The Company amortizes DAC and VOBA related to these contracts over the estimated
lives of the contracts in proportion to actual and expected future gross
profits. The amortization includes interest based on rates in effect at
inception or acquisition of the contracts. The amount of future gross profits is
dependent principally upon returns in excess of the amounts credited to
policyholders, mortality, persistency, interest crediting rates, expenses to
administer the business, creditworthiness of reinsurance counterparties, the
effect of any hedges used and certain economic variables, such as inflation. Of
these factors, the Company anticipates that investment returns, expenses and
persistency are reasonably likely to significantly impact the rate of DAC and
VOBA amortization. Each reporting period, the Company updates the estimated
gross profits with the actual gross profits for that period. When the actual
gross profits change from previously estimated gross profits, the cumulative DAC
and VOBA amortization is re-estimated and adjusted by a cumulative charge or
credit to current operations. When actual gross profits exceed those previously
estimated, the DAC and VOBA amortization will increase, resulting in a current
period charge to earnings. The opposite result occurs when the actual gross
profits are below the previously estimated gross profits. Each reporting period,
the Company also updates the actual amount of business remaining in-force, which
impacts expected future gross profits. When expected future gross profits are
below those previously estimated, the DAC and VOBA amortization will increase,
resulting in a current period charge to earnings. The opposite result occurs
when the expected future gross profits are above the previously estimated
expected future gross profits. Each period, the Company also reviews the
estimated gross profits for each block of business to determine the
recoverability of DAC and VOBA balances.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles (continued)

Factors Impacting Amortization

Separate account rates of return on variable universal life contracts and
variable deferred annuity contracts affect in-force account balances on such
contracts each reporting period, which can result in significant fluctuations in
amortization of DAC and VOBA. Returns that are higher than the Company's
long-term expectation produce higher account balances, which increases the
Company's future fee expectations and decreases future benefit payment
expectations on minimum death and living benefit guarantees, resulting in higher
expected future gross profits. The opposite result occurs when returns are lower
than the Company's long-term expectation. The Company's practice to determine
the impact of gross profits resulting from returns on separate accounts assumes
that long-term appreciation in equity markets is not changed by short-term
market fluctuations, but is only changed when sustained interim deviations are
expected. The Company monitors these events and only changes the assumption when
its long-term expectation changes.

The Company also periodically reviews other long-term assumptions underlying the
projections of estimated gross margins and profits. These assumptions primarily
relate to investment returns, policyholder dividend scales, interest crediting
rates, mortality, persistency, policyholder behavior and expenses to administer
business. Management annually updates assumptions used in the calculation of
estimated gross margins and profits which may have significantly changed. If the
update of assumptions causes expected future gross margins and profits to
increase, DAC and VOBA amortization will decrease, resulting in a current period
increase to earnings. The opposite result occurs when the assumption update
causes expected future gross margins and profits to decrease.

Periodically, the Company modifies product benefits, features, rights or
coverages that occur by the exchange of a contract for a new contract, or by
amendment, endorsement, or rider to a contract, or by election or coverage
within a contract. If such modification, referred to as an internal replacement,
substantially changes the contract, the associated DAC or VOBA is written off
immediately through income and any new deferrable costs associated with the
replacement contract are deferred. If the modification does not substantially
change the contract, the DAC or VOBA amortization on the original contract will
continue and any acquisition costs associated with the related modification are
expensed.

Amortization of DAC and VOBA is attributed to net investment gains (losses) and
net derivative gains (losses), and to other expenses for the amount of gross
margins or profits originating from transactions other than investment gains and
losses. Unrealized investment gains and losses represent the amount of DAC and
VOBA that would have been amortized if such gains and losses had been
recognized.

Information regarding DAC and VOBA was as follows:

                                                                    Years Ended December 31,
                                                           2022                 2021               2020
                                                                          (In millions)
DAC:
Balance at January 1,                                 $    2,579            $   2,626          $   3,427
Capitalizations                                              184                   64                 51
Amortization related to:
Net investment gains (losses) and net derivative
gains (losses)                                                50                  (38)               (56)
Other expenses                                              (193)                (215)              (348)
Total amortization                                          (143)                (253)              (404)
Unrealized investment gains (losses)                       2,625                  142               (448)
Balance at December 31,                                    5,245                2,579              2,626

VOBA:

Balance at January 1,                                         19                   23                 26
Amortization related to other expenses                        (1)                  (6)                (2)
Unrealized investment gains (losses)                           -                    2                 (1)
Balance at December 31,                                       18                   19                 23
Total DAC and VOBA:
Balance at December 31,                               $    5,263            $   2,598          $   2,649


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

4. Deferred Policy Acquisition Costs, Value of Business Acquired and Other
Intangibles (continued)

Information regarding total DAC and VOBA by segment, as well as Corporate &
Other, was as follows:

                                                 December 31,
                                              2022         2021
                                                (In millions)
                        U.S.                $   411      $   401
                        MetLife Holdings      4,732        2,191
                        Corporate & Other       120            6
                        Total               $ 5,263      $ 2,598

Information regarding other intangibles was as follows:

                                                   Years Ended December 31,
                                                  2022             2021       2020
                                                        (In millions)
DSI:
Balance at January 1,                     $      42               $  30      $  62
Capitalization                                    -                   -          -
Amortization                                    (19)                  2        (21)
Unrealized investment gains (losses)             44                  10        (11)
Balance at December 31,                   $      67               $  42      $  30

VODA and VOCRA:
Balance at January 1,                     $     116               $ 135      $ 157
Amortization                                    (17)                (19)       (22)
Balance at December 31,                   $      99               $ 116      $ 135
Accumulated amortization                  $     358               $ 341      $ 322



5. Reinsurance

The Company enters into reinsurance agreements that transfer risk from its
various insurance products to affiliated and unaffiliated companies. These
cessions limit losses, minimize exposure to significant risks and provide
additional capacity for future growth. The Company also provides reinsurance by
accepting risk from affiliates and nonaffiliates.

Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse
the Company for the ceded amount in the event a claim is paid. Cessions under
reinsurance agreements do not discharge the Company's obligation as the primary
insurer. In the event that reinsurers do not meet their obligations under the
terms of the reinsurance agreements, reinsurance recoverable balances could
become uncollectible.

Accounting for reinsurance requires extensive use of assumptions and estimates,
particularly related to the future performance of the underlying business and
the potential impact of counterparty credit risks. The Company periodically
reviews actual and anticipated experience compared to the aforementioned
assumptions used to establish assets and liabilities relating to ceded and
assumed reinsurance and evaluates the financial strength of counterparties to
its reinsurance agreements using criteria similar to that evaluated in the
security impairment process discussed in Note 7.

U.S.

For its Group Benefits business, the Company generally retains most of the risk,
with the exception of its Group Term Life business and certain client
arrangements.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

5. Reinsurance (continued)

The Company reinsures an 80% quota share of its Group Term Life business and a
50% quota share of its Group Dental business for capital management purposes.
The majority of the Company's other reinsurance activity within this business
relates to client agreements for employer sponsored captive programs,
risk-sharing agreements and multinational pooling. The risks ceded under these
agreements are generally quota shares of group life and disability policies. The
cessions vary and the Company may cede up to 100% of all the risks of these
policies.

The Company's RIS business has engaged in reinsurance activities on an
opportunistic basis. Also, the Company assumes certain group annuity contracts
from an affiliate.

MetLife Holdings

For its life products, the Company has historically reinsured the mortality risk
primarily on an excess of retention basis or on a quota share basis. In addition
to reinsuring mortality risk as described above, the Company reinsures other
risks, as well as specific coverages. Placement of reinsurance is done primarily
on an automatic basis and also on a facultative basis for risks with specified
characteristics.

Catastrophe Coverage

The Company has exposure to catastrophes which could contribute to significant
fluctuations in its results of operations. For its U.S. segment, the Company
purchases catastrophe coverage to reinsure risks issued within territories that
it believes are subject to the greatest catastrophic risks. For its MetLife
Holdings segment, the Company uses excess of retention and quota share
reinsurance agreements to provide greater diversification of risk and minimize
exposure to larger risks. Excess of retention reinsurance agreements provide for
a portion of a risk to remain with the direct writing company and quota share
reinsurance agreements provide for the direct writing company to transfer a
fixed percentage of all risks of a class of policies.

Reinsurance Recoverables

The Company reinsures its business through a diversified group of
well-capitalized reinsurers. The Company analyzes recent trends in arbitration
and litigation outcomes in disputes, if any, with its reinsurers. The Company
monitors ratings and evaluates the financial strength of its reinsurers by
analyzing their financial statements. In addition, the reinsurance recoverable
balance due from each reinsurer is evaluated as part of the overall monitoring
process. Recoverability of reinsurance recoverable balances is evaluated based
on these analyses. The Company generally secures large reinsurance recoverable
balances with various forms of collateral, including secured trusts, funds
withheld accounts, and irrevocable letters of credit. These reinsurance
recoverable balances are stated net of allowances for uncollectible reinsurance,
which at December 31, 2022 and 2021, were not significant.

The Company has secured certain reinsurance recoverable balances with various
forms of collateral, including secured trusts, funds withheld accounts and
irrevocable letters of credit. The Company had $1.3 billion and $1.5 billion of
unsecured unaffiliated reinsurance recoverable balances at December 31, 2022 and
2021, respectively.

At December 31, 2022, the Company had $2.0 billion of net unaffiliated ceded
reinsurance recoverables. Of this total, $1.6 billion, or 80%, were with the
Company's five largest unaffiliated ceded reinsurers, including $1.1 billion of
net unaffiliated ceded reinsurance recoverables which were unsecured. At
December 31, 2021, the Company had $2.3 billion of net unaffiliated ceded
reinsurance recoverables. Of this total, $1.8 billion, or 78%, were with the
Company's five largest unaffiliated ceded reinsurers, including $1.2 billion of
net unaffiliated ceded reinsurance recoverables which were unsecured.

The Company has reinsured with an unaffiliated third-party reinsurer, 59% of the
closed block through a modified coinsurance agreement. The Company accounts for
this agreement under the deposit method of accounting. The Company, having the
right of offset, has offset the modified coinsurance deposit with the deposit
recoverable.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

5. Reinsurance (continued)

The amounts on the consolidated statements of operations include the impact of
reinsurance. Information regarding the significant effects of reinsurance was as
follows:

                                                                   Years Ended December 31,
                                                          2022               2021               2020
                                                                        (In millions)
Premiums
Direct premiums                                       $  31,275          $  23,008          $  20,821
Reinsurance assumed                                         871              4,121                909
Reinsurance ceded                                          (948)              (938)              (989)
Net premiums                                          $  31,198          $  26,191          $  20,741
Universal life and investment-type product policy
fees
Direct universal life and investment-type product
policy fees                                           $   2,268          $   2,371          $   2,290
Reinsurance assumed                                          30                (16)               (16)
Reinsurance ceded                                          (301)              (293)              (278)
Net universal life and investment-type product policy
fees                                                  $   1,997          $   2,062          $   1,996
Other revenues
Direct other revenues                                 $   1,027          $   1,066          $   1,043
Reinsurance assumed                                          54                 13                 10
Reinsurance ceded                                           617                537                608
Net other revenues                                    $   1,698          $   1,616          $   1,661
Policyholder benefits and claims
Direct policyholder benefits and claims               $  33,327          $  26,672          $  23,488
Reinsurance assumed                                         843              3,964                811
Reinsurance ceded                                        (1,216)            (1,213)            (1,225)
Net policyholder benefits and claims                  $  32,954          $  29,423          $  23,074
Interest credited to policyholder account balances
Direct interest credited to policyholder account
balances                                              $   2,285          $   1,996          $   2,218
Reinsurance assumed                                         109                 43                 42
Reinsurance ceded                                           (12)               (12)               (13)
Net interest credited to policyholder account
balances                                              $   2,382          $   2,027          $   2,247
Other expenses
Direct other expenses                                 $   4,886          $   4,459          $   4,469
Reinsurance assumed                                          98                163                 71
Reinsurance ceded                                           571                995                473
Net other expenses                                    $   5,555          $   5,617          $   5,013


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

5. Reinsurance (continued)

The amounts on the consolidated balance sheets include the impact of
reinsurance. Information regarding the significant effects of reinsurance was as
follows at:

                                                                                               December 31,
                                                              2022                                                                      2021
                                                                                         Total                                                                    Total
                                                                                        Balance                                                                  Balance
                                  Direct            Assumed            Ceded             Sheet              Direct           Assumed            Ceded             Sheet
                                                                                              (In millions)
Assets
Premiums, reinsurance and
other
receivables                    $   3,006          $  1,166          $ 16,532          $  20,704          $   2,778          $   636          $ 17,091          $  20,505
Deferred policy acquisition
costs and
value of business acquired         5,370               131              (238)             5,263              2,805               18              (225)             2,598
Total assets                   $   8,376          $  1,297          $ 16,294          $  25,967          $   5,583          $   654          $ 16,866          $  23,103
Liabilities
Future policy benefits         $ 129,784          $  3,932          $      9          $ 133,725          $ 128,086          $ 4,198          $    (10)         $ 132,274
Policyholder account balances     93,716             6,251                 -             99,967             94,059              400                 -             94,459
Other policy-related balances      7,508               358                (3)             7,863              7,757              337                 -              8,094
Other liabilities                  8,715             2,160            13,614             24,489              6,259            2,213            15,324             23,796
Total liabilities              $ 239,723          $ 12,701          $ 13,620          $ 266,044          $ 236,161          $ 7,148          $ 15,314          $ 258,623


Reinsurance agreements that do not expose the Company to a reasonable
possibility of a significant loss from insurance risk are recorded using the
deposit method of accounting. The deposit assets on reinsurance were
$11.6 billion and $11.9 billion at December 31, 2022 and 2021, respectively. The
deposit liabilities on reinsurance were $1.7 billion at both December 31, 2022
and 2021.

Related Party Reinsurance Transactions

The Company has reinsurance agreements with certain of MetLife, Inc.'s
subsidiaries, including MetLife Reinsurance Company of Charleston ("MRC"),
MetLife Reinsurance Company of Vermont, Metropolitan Tower Life Insurance
Company ("MTL"), and MetLife Insurance K.K., all of which are related parties.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

5. Reinsurance (continued)

Information regarding the significant effects of affiliated reinsurance included
on the consolidated statements of operations was as follows:

                                                                      Years Ended December 31,
                                                             2022                  2021               2020
                                                                            (In millions)
Premiums
Reinsurance assumed                                    $        7              $   3,237          $       8
Reinsurance ceded                                            (139)                  (114)              (113)
Net premiums                                           $     (132)         

$ 3,123 $ (105)
Universal life and investment-type product policy fees
Reinsurance assumed

                                    $        -              $       1          $       1
Reinsurance ceded                                             (14)                   (19)                (7)
Net universal life and investment-type product policy
fees                                                   $      (14)             $     (18)         $      (6)
Other revenues
Reinsurance assumed                                    $       78              $     (11)         $     (12)
Reinsurance ceded                                             472                    505                572
Net other revenues                                     $      550              $     494          $     560
Policyholder benefits and claims
Reinsurance assumed                                    $       36              $   3,138          $       1
Reinsurance ceded                                            (159)                  (152)              (145)
Net policyholder benefits and claims                   $     (123)          

$ 2,986 $ (144)
Interest credited to policyholder account balances
Reinsurance assumed

                                    $       97              $      31          $      29
Reinsurance ceded                                             (12)                   (12)               (13)

Net interest credited to policyholder account balances $ 85

   $      19          $      16
Other expenses
Reinsurance assumed                                    $       36              $      89          $       -
Reinsurance ceded                                             644                  1,055                516
Net other expenses                                     $      680              $   1,144          $     516


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

5. Reinsurance (continued)

Information regarding the significant effects of affiliated reinsurance included
on the consolidated balance sheets was as follows at:

                                                                                December 31,
                                                                  2022                                   2021
                                                           Assumed            Ceded           Assumed            Ceded
                                                                               (In millions)
Assets
Premiums, reinsurance and other receivables              $    587          $ 11,314          $    25          $ 11,710
Deferred policy acquisition costs and value of
business acquired                                             120              (162)               6              (139)
Total assets                                             $    707          $ 11,152          $    31          $ 11,571
Liabilities
Future policy benefits                                   $  2,938          $      9          $ 3,139          $    (10)
Policyholder account balances                               6,216                 -              366                 -
Other policy-related balances                                  61                (4)              14                 -
Other liabilities                                             910            10,377              894            12,190
Total liabilities                                        $ 10,125          $ 10,382          $ 4,413          $ 12,180


Effective April 1, 2021, the Company, through its wholly-owned subsidiary,
Missouri Reinsurance, Inc., entered into an agreement to assume certain group
annuity contracts issued in connection with a qualifying pension risk transfer
on a modified coinsurance basis from MTL. The significant reinsurance effects to
the Company were primarily increases in future policy benefits of $2.9 billion
and $3.1 billion at December 31, 2022 and 2021, respectively, as well as
premiums of $0 and $3.2 billion, and policyholder benefits and claims of
$34 million and $3.1 billion for the years ended December 31, 2022 and 2021,
respectively. Also, as a result of this agreement, other invested assets
increased by $3.0 billion and $3.2 billion at December 31, 2022 and 2021,
respectively.

The Company ceded two blocks of business to an affiliate on a 75% coinsurance
with funds withheld basis. Certain contractual features of these agreements
qualify as embedded derivatives, which are separately accounted for at estimated
fair value on the Company's consolidated balance sheets. The embedded
derivatives related to the funds withheld associated with these reinsurance
agreements are included within other liabilities and were ($28) million and
$31 million at December 31, 2022 and 2021, respectively. Net derivative gains
(losses) associated with these embedded derivatives were $59 million,
$15 million and ($24) million for the years ended December 31, 2022, 2021 and
2020, respectively.

Certain contractual features of the closed block agreement with MRC qualify as
embedded derivative, which is separately accounted for at estimated fair value
on the Company's consolidated balance sheets. The embedded derivative related to
the funds withheld associated with this reinsurance agreement is included within
other liabilities and was ($423) million and $1.0 billion at December 31, 2022
and 2021, respectively. Net derivative gains (losses) associated with the
embedded derivative were $1.5 billion, $341 million and ($387) million for the
years ended December 31, 2022, 2021 and 2020, respectively.

The Company has secured certain reinsurance recoverable balances with various
forms of collateral, including secured trusts, funds withheld accounts and
irrevocable letters of credit. The Company had $746 million and $677 million of
unsecured affiliated reinsurance recoverable balances at December 31, 2022 and
2021, respectively.

Affiliated reinsurance agreements that do not expose the Company to a reasonable
possibility of a significant loss from insurance risk are recorded using the
deposit method of accounting. The deposit assets on affiliated reinsurance were
$9.7 billion and $10.1 billion at December 31, 2022 and 2021, respectively. The
deposit liabilities on affiliated reinsurance were $874 million and $892 million
at December 31, 2022 and 2021, respectively.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

6. Closed Block

On April 7, 2000 (the "Demutualization Date"), Metropolitan Life Insurance
Company converted from a mutual life insurance company to a stock life insurance
company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was
pursuant to an order by the New York Superintendent of Insurance approving
Metropolitan Life Insurance Company's plan of reorganization, as amended (the
"Plan of Reorganization"). On the Demutualization Date, Metropolitan Life
Insurance Company established a closed block for the benefit of holders of
certain individual life insurance policies of Metropolitan Life Insurance
Company. Assets have been allocated to the closed block in an amount that has
been determined to produce cash flows which, together with anticipated revenues
from the policies included in the closed block, are reasonably expected to be
sufficient to support obligations and liabilities relating to these policies,
including, but not limited to, provisions for the payment of claims and certain
expenses and taxes, and to provide for the continuation of policyholder dividend
scales in effect for 1999, if the experience underlying such dividend scales
continues, and for appropriate adjustments in such scales if the experience
changes. At least annually, the Company compares actual and projected experience
against the experience assumed in the then-current dividend scales. Dividend
scales are adjusted periodically to give effect to changes in experience.

The closed block assets, the cash flows generated by the closed block assets and
the anticipated revenues from the policies in the closed block will benefit only
the holders of the policies in the closed block. To the extent that, over time,
cash flows from the assets allocated to the closed block and claims and other
experience related to the closed block are, in the aggregate, more or less
favorable than what was assumed when the closed block was established, total
dividends paid to closed block policyholders in the future may be greater than
or less than the total dividends that would have been paid to these
policyholders if the policyholder dividend scales in effect for 1999 had been
continued. Any cash flows in excess of amounts assumed will be available for
distribution over time to closed block policyholders and will not be available
to stockholders. If the closed block has insufficient funds to make guaranteed
policy benefit payments, such payments will be made from assets outside of the
closed block. The closed block will continue in effect as long as any policy in
the closed block remains in-force. The expected life of the closed block is over
100 years from the Demutualization Date.

The Company uses the same accounting principles to account for the participating
policies included in the closed block as it used prior to the Demutualization
Date. However, the Company establishes a policyholder dividend obligation for
earnings that will be paid to policyholders as additional dividends as described
below. The excess of closed block liabilities over closed block assets at the
Demutualization Date (adjusted to eliminate the impact of related amounts in
AOCI) represents the estimated maximum future earnings from the closed block
expected to result from operations, attributed net of income tax, to the closed
block. Earnings of the closed block are recognized in income over the period the
policies and contracts in the closed block remain in-force. Management believes
that over time the actual cumulative earnings of the closed block will
approximately equal the expected cumulative earnings due to the effect of
dividend changes. If, over the period the closed block remains in existence, the
actual cumulative earnings of the closed block are greater than the expected
cumulative earnings of the closed block, the Company will pay the excess to
closed block policyholders as additional policyholder dividends unless offset by
future unfavorable experience of the closed block and, accordingly, will
recognize only the expected cumulative earnings in income with the excess
recorded as a policyholder dividend obligation. If over such period, the actual
cumulative earnings of the closed block are less than the expected cumulative
earnings of the closed block, the Company will recognize only the actual
earnings in income. However, the Company may change policyholder dividend scales
in the future, which would be intended to increase future actual earnings until
the actual cumulative earnings equal the expected cumulative earnings.

Experience within the closed block, in particular mortality and investment
yields, as well as realized and unrealized gains and losses, directly impact the
policyholder dividend obligation. Amortization of the closed block DAC, which
resides outside of the closed block, is based upon cumulative actual and
expected earnings within the closed block. Accordingly, the Company's net income
continues to be sensitive to the actual performance of the closed block.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

6. Closed Block (continued)

Closed block assets, liabilities, revenues and expenses are combined on a
line-by-line basis with the assets, liabilities, revenues and expenses outside
the closed block based on the nature of the particular item.

Information regarding the closed block liabilities and assets designated to the
closed block was as follows at:

                                                                                    December 31,
                                                                               2022              2021
                                                                                    (In millions)
Closed Block Liabilities
Future policy benefits                                                      $ 37,214          $ 38,046
Other policy-related balances                                                    273               290
Policyholder dividends payable                                                   181               253
Policyholder dividend obligation                                                   -             1,682
Deferred income tax liability                                                      -               210
Other liabilities                                                                455               263
Total closed block liabilities                                                38,123            40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value         19,648            25,669
Mortgage loans                                                                 6,564             6,417
Policy loans                                                                   4,084             4,191
Real estate and real estate joint ventures                                       635               565
Other invested assets                                                            705               556
Total investments                                                             31,636            37,398
Cash and cash equivalents                                                        437               126
Accrued investment income                                                        375               384
Premiums, reinsurance and other receivables                                       52                50
Current income tax recoverable                                                    88                81
Deferred income tax asset                                                        423                 -
Total assets designated to the closed block                                   33,011            38,039

Excess of closed block liabilities over assets designated to the
closed block

                                                                   5,112             2,705

AOCI:

Unrealized investment gains (losses), net of income tax                       (1,357)            2,562
Unrealized gains (losses) on derivatives, net of income tax                      262               107
Allocated to policyholder dividend obligation, net of income tax                   -            (1,329)
Total amounts included in AOCI                                                (1,095)            1,340

Maximum future earnings to be recognized from closed block assets and
liabilities

$ 4,017 $ 4,045

Information regarding the closed block policyholder dividend obligation was as
follows:

                                                                          Years Ended December 31,
                                                                  2022               2021              2020
                                                                               (In millions)
Balance at January 1,                                        $   1,682            $  2,969          $  2,020
Change in unrealized investment and derivative gains
(losses)                                                        (1,682)             (1,287)              949
Balance at December 31,                                      $       -            $  1,682          $  2,969


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

6. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

                                                                           Years Ended December 31,
                                                                    2022               2021             2020
                                                                                (In millions)
Revenues
Premiums                                                       $   1,104            $ 1,298          $ 1,498
Net investment income                                              1,382              1,541            1,596
Net investment gains (losses)                                        (51)               (36)             (25)
Net derivative gains (losses)                                         33                 18              (17)
Total revenues                                                     2,468              2,821            3,052

Expenses

Policyholder benefits and claims                                   1,890              2,150            2,330
Policyholder dividends                                               453                621              791
Other expenses                                                        90                 96              104
Total expenses                                                     2,433              2,867            3,225

Revenues, net of expenses before provision for income
tax expense (benefit)

                                                 35                (46)            (173)
Provision for income tax expense (benefit)                             7                (10)             (36)

Revenues, net of expenses and provision for income tax
expense (benefit)

                                              $      28    

$ (36) $ (137)

Metropolitan Life Insurance Company charges the closed block with federal income
taxes, state and local premium taxes and other state or local taxes, as well as
investment management expenses relating to the closed block as provided in the
Plan of Reorganization. Metropolitan Life Insurance Company also charges the
closed block for expenses of maintaining the policies included in the closed
block.

7. Investments

See Note 9 for information about the fair value hierarchy for investments and
the related valuation methodologies.

Investment Risks and Uncertainties

Investments are exposed to the following primary sources of risk: credit,
interest rate, liquidity, market valuation, currency and real estate risk. The
financial statement risks, stemming from such investment risks, are those
associated with the determination of estimated fair values, the diminished
ability to sell certain investments in times of strained market conditions, the
recognition of ACL and impairments, the recognition of income on certain
investments and the potential consolidation of VIEs. The use of different
methodologies, assumptions and inputs relating to these financial statement
risks may have a material effect on the amounts presented within the
consolidated financial statements.

The determination of ACL and impairments is highly subjective and is based upon
quarterly evaluations and assessments of known and inherent risks associated
with the respective asset class. Such evaluations and assessments are revised as
conditions change and new information becomes available.

The recognition of income on certain investments (e.g. structured securities,
including mortgage-backed securities, asset-backed securities and collateralized
loan obligations ("ABS & CLO"), certain structured investment transactions and
FVO Securities) is dependent upon certain factors such as prepayments and
defaults, and changes in such factors could result in changes in amounts to be
earned.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S.
corporate and foreign corporate sectors include redeemable preferred stock. RMBS
includes agency, prime, prime investor, non-qualified residential mortgage,
alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO
includes securities collateralized by consumer loans, corporate loans and
broadly syndicated bank loans. Municipals includes taxable and tax-exempt
revenue bonds and, to a much lesser extent, general obligations of states,
municipalities and political subdivisions. Commercial mortgage-backed securities
("CMBS") primarily includes securities collateralized by multiple commercial
mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, "Structured
Products."

                                                                                                                     December 31,
                                                                         2022                                                                                             2021

                                                                              Gross Unrealized               Estimated                                                         Gross Unrealized               Estimated
                               Amortized          Allowance for                                                 Fair            Amortized          Allowance for                                                 Fair
Sector                            Cost             Credit Loss             Gains            Losses             Value               Cost             Credit Loss             Gains             Losses            Value
                                                                                                                     (In millions)

U.S. corporate                $  55,280          $         (28)         $    649          $  4,811          $  51,090          $  51,328          $    

(30) $ 7,257 $ 153 $ 58,402
Foreign corporate

                28,328                     (3)              206             4,538             23,993             27,475                    (10)             2,651              431             29,685
U.S. government and
agency                           24,409                      -               333             2,384             22,358             26,782                      -              4,568              128             31,222
RMBS                             21,539                      -               177             2,383             19,333             22,082                      -              1,198              135             23,145
ABS & CLO                        12,639                      -                 9               812             11,836             12,787                      -                127               35             12,879
Municipals                        7,880                      -               256               672              7,464              6,884                      -              1,849                5              8,728
CMBS                              6,691                    (15)                7               640              6,043              6,686                    (13)               237               32              6,878
Foreign government                3,711                    (68)              140               324              3,459              4,330                      -                698               82              4,946
Total fixed maturity
securities AFS                $ 160,477          $        (114)         $  

1,777 $ 16,564 $ 145,576 $ 158,354 $

(53) $ 18,585 $ 1,001 $ 175,885

The Company held non-income producing fixed maturity securities AFS with an
estimated fair value of $71 million and $19 million at December 31, 2022 and
2021, respectively, with unrealized gains (losses) of ($1) million and
$10 million at December 31, 2022 and 2021, respectively.

Methodology for Amortization of Premium and Accretion of Discount on Structured
Products

Amortization of premium and accretion of discount on Structured Products
considers the estimated timing and amount of prepayments of the underlying
loans. Actual prepayment experience is periodically reviewed and effective
yields are recalculated when differences arise between the originally
anticipated and the actual prepayments received and currently anticipated.
Prepayment assumptions for Structured Products are estimated using inputs
obtained from third-party specialists and based on management's knowledge of the
current market. For credit-sensitive and certain prepayment-sensitive Structured
Products, the effective yield is recalculated on a prospective basis. For all
other Structured Products, the effective yield is recalculated on a
retrospective basis.

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity
securities AFS, by contractual maturity date, were as follows at December 31,
2022:

                                                                           Due After
                                                                             Five
                                                   Due After One         Years Through                                                       Total Fixed
                             Due in One            Year Through               Ten              Due After Ten           Structured              Maturity
                            Year or Less            Five Years               Years                 Years                Products            Securities AFS
                                                                                    (In millions)
Amortized cost, net of
ACL                       $       3,214          $       25,521          $   28,232          $       62,542          $    40,854          $       160,363
Estimated fair value      $       3,071          $       24,259          $   26,014          $       55,020          $    37,212          $       145,576


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Actual maturities may differ from contractual maturities due to the exercise of
call or prepayment options. Fixed maturity securities AFS not due at a single
maturity date have been presented in the year of final contractual maturity.
Structured Products are shown separately, as they are not due at a single
maturity.

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized
losses of fixed maturity securities AFS in an unrealized loss position without
an ACL by sector and aggregated by length of time that the securities have been
in a continuous unrealized loss position.

                                                                                                              December 31,
                                                                     2022                                                                                    2021
                                                                                  Equal to or Greater                                                                         Equal to or Greater
                                       Less than 12 Months                           than 12 Months                              Less than 12 Months                            than 12 Months
                                 Estimated              Gross                Estimated               Gross                  Estimated                 Gross              Estimated              Gross
                                    Fair              Unrealized               Fair                Unrealized                 Fair                 Unrealized              Fair              Unrealized
Sector & Credit Quality            Value                Losses                 Value                 Losses                   Value                  Losses                Value               Losses
                                                                                                         (Dollars in millions)

U.S. corporate                 $    34,358          $     3,953          $     3,383             $       856          $       4,503               $       83          $        784          $       70
Foreign corporate                   16,834                3,350                3,977                   1,188                  4,079                      199                 1,348                 232
U.S. government and agency          13,489                1,895                2,756                     489                 10,063                       78                   523                  49
RMBS                                11,622                1,280                4,585                   1,103                  7,481                      111                   314                  24
ABS & CLO                            7,725                  499                3,009                     313                  5,643                       25                   593                  10
Municipals                           3,526                  616                  133                      56                    154                        4                    17                   1
CMBS                                 4,376                  426                1,254                     213                  1,613                       20                   355                  12
Foreign government                   1,803                  209                  306                     115                    497                       37                   148                  45
Total fixed maturity
securities AFS                 $    93,733          $    12,228          $    19,403             $     4,333          $      34,033               $      557          $      4,082          $      443

Investment grade               $    88,059          $    11,710          $    17,470             $     3,897          $      31,419               $      454          $      3,273          $      353
Below investment grade               5,674                  518                1,933                     436                  2,614                      103                   809                  90
Total fixed maturity
securities AFS                 $    93,733          $    12,228          $    19,403             $     4,333          $      34,033               $      557          $      4,082          $      443
Total number of securities in
an unrealized loss position         10,688                                     2,110                                          2,549                                            427

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

Management considers a wide range of factors about the security issuer and uses
its best judgment in evaluating the cause of the decline in the estimated fair
value of the security and in assessing the prospects for near-term recovery.
Inherent in management's evaluation of the security are assumptions and
estimates about the operations of the issuer and its future earnings potential.
Considerations used in the credit loss evaluation process include, but are not
limited to: (i) the extent to which the estimated fair value has been below
amortized cost, (ii) adverse conditions specifically related to a security, an
industry sector or sub-sector, or an economically depressed geographic area,
adverse change in the financial condition of the issuer of the security, changes
in technology, discontinuance of a segment of the business that may affect
future earnings, and changes in the quality of credit enhancement, (iii) payment
structure of the security and likelihood of the issuer being able to make
payments, (iv) failure of the issuer to make scheduled interest and principal
payments, (v) whether the issuer, or series of issuers or an industry has
suffered a catastrophic loss or has exhausted natural resources, (vi) whether
the Company has the intent to sell or will more likely than not be required to
sell a particular security before the decline in estimated fair value below
amortized cost recovers, (vii) with respect to Structured Products, changes in
forecasted cash flows after considering the changes in the financial condition
of the underlying loan obligors and quality of underlying collateral, expected
prepayment speeds, current and forecasted loss severity, consideration of the
payment terms of the underlying assets backing a particular security, and the
payment priority within the tranche structure of the security, (viii) changes in
the rating of the security by a rating agency, and (ix) other subjective
factors, including concentrations and information obtained from regulators.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

The methodology and significant inputs used to determine the amount of credit
loss are as follows:

•The Company calculates the recovery value by performing a discounted cash flow
analysis based on the present value of future cash flows. The discount rate is
generally the effective interest rate of the security at the time of purchase
for fixed-rate securities and the spot rate at the date of evaluation of credit
loss for floating-rate securities.

•When determining collectability and the period over which value is expected to
recover, the Company applies considerations utilized in its overall credit loss
evaluation process which incorporates information regarding the specific
security, fundamentals of the industry and geographic area in which the security
issuer operates, and overall macroeconomic conditions. Projected future cash
flows are estimated using assumptions derived from management's single best
estimate, the most likely outcome in a range of possible outcomes, after giving
consideration to a variety of variables that include, but are not limited to:
payment terms of the security; the likelihood that the issuer can service the
interest and principal payments; the quality and amount of any credit
enhancements; the security's position within the capital structure of the
issuer; possible corporate restructurings or asset sales by the issuer; any
private and public sector programs to restructure foreign government securities
and municipals; and changes to the rating of the security or the issuer by
rating agencies.

•Additional considerations are made when assessing the unique features that
apply to certain Structured Products including, but not limited to: the quality
of underlying collateral, historical performance of the underlying loan
obligors, historical rent and vacancy levels, changes in the financial condition
of the underlying loan obligors, expected prepayment speeds, current and
forecasted loss severity, consideration of the payment terms of the underlying
loans or assets backing a particular security, changes in the quality of credit
enhancement and the payment priority within the tranche structure of the
security.

With respect to securities that have attributes of debt and equity ("perpetual
hybrid securities"), consideration is given in the credit loss analysis as to
whether there has been any deterioration in the credit of the issuer and the
likelihood of recovery in value of the securities that are in a severe
unrealized loss position. Consideration is also given as to whether any
perpetual hybrid securities with an unrealized loss, regardless of credit
rating, have deferred any dividend payments.

In periods subsequent to the recognition of an initial ACL on a security, the
Company reassesses credit loss quarterly. Subsequent increases or decreases in
the expected cash flow from the security result in corresponding decreases or
increases in the ACL which are recognized in earnings and reported within net
investment gains (losses); however, the previously recorded ACL is not reduced
to an amount below zero. Full or partial write-offs are deducted from the ACL in
the period the security, or a portion thereof, is considered uncollectible.
Recoveries of amounts previously written off are recorded to the ACL in the
period received. When the Company has the intent to sell the security or it is
more likely than not that the Company will be required to sell the security
before recovery of its amortized cost, any ACL is written off and the amortized
cost is written down to estimated fair value through a charge within net
investment gains (losses), which becomes the new amortized cost of the security.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL increased $15.6 billion for
the year ended December 31, 2022 to $16.6 billion primarily due to increases in
interest rates, widening credit spreads, and the impact of weakening foreign
currencies on certain non-functional currency denominated fixed maturity
securities.

Gross unrealized losses on securities without an ACL that have been in a
continuous gross unrealized loss position for 12 months or greater were
$4.3 billion at December 31, 2022, or 26% of the total gross unrealized losses
on securities without an ACL.

Investment Grade Fixed Maturity Securities AFS

Of the $4.3 billion of gross unrealized losses on securities without an ACL that
have been in a continuous gross unrealized loss position for 12 months or
greater, $3.9 billion, or 90%, were related to 1,797 investment grade
securities. Unrealized losses on investment grade securities are principally
related to widening credit spreads since purchase and, with respect to
fixed-rate securities, rising interest rates since purchase.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Below Investment Grade Fixed Maturity Securities AFS

Of the $4.3 billion of gross unrealized losses on securities without an ACL that
have been in a continuous gross unrealized loss position for 12 months or
greater, $436 million, or 10%, were related to 313 below investment grade
securities. Unrealized losses on below investment grade securities are
principally related to foreign corporate and U.S. corporate securities
(primarily transportation, consumer and communications). These unrealized losses
are the result of significantly wider credit spreads resulting from higher risk
premiums since purchase, largely due to economic and market uncertainty, as well
as with respect to fixed-rate securities, rising interest rates since purchase.
Management evaluates U.S. corporate and foreign corporate securities based on
several factors such as expected cash flows, financial condition and near-term
and long-term prospects of the issuers.

Current Period Evaluation

At December 31, 2022, with respect to securities in an unrealized loss position
without an ACL, the Company did not intend to sell these securities, and it was
not more likely than not that the Company would be required to sell these
securities before the anticipated recovery of the remaining amortized cost.
Based on the Company's current evaluation of its securities in an unrealized
loss position without an ACL, the Company concluded that these securities had
not incurred a credit loss and should not have an ACL at December 31, 2022.

Future provisions for credit loss will depend primarily on economic
fundamentals, issuer performance (including changes in the present value of
future cash flows expected to be collected), changes in credit ratings and
collateral valuation.

Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By
Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as
follows:

                                                U.S.               Foreign             Foreign
                                              Corporate           Corporate           Government                                    CMBS            Total
Year Ended December 31, 2022                                           (In millions)
Balance at January 1,                      $        30          $       10          $         -                                  $    13          $    53

ACL not previously recorded                         13                  12                  103                                        2              130

Changes for securities with
previously recorded ACL                             17                   3                  (15)                                       -                5

Securities sold or exchanged                       (10)                (22)                 (20)                                       -              (52)

Write-offs                                         (22)                  -                    -                                        -              (22)

Balance at December 31,                    $        28          $        3          $        68                                  $    15          $   114


                                                U.S.               Foreign             Foreign
                                              Corporate           Corporate           Government                                    CMBS             Total
Year Ended December 31, 2021                                           (In millions)
Balance at January 1,                      $        43          $        8          $         -                                  $     -          $     51

ACL not previously recorded                         48                  12                    -                                        9                69

Changes for securities with
previously recorded ACL                              3                  (5)                   -                                        4                 2

Securities sold or exchanged                       (51)                 (5)                   -                                        -               (56)

Write-offs                                         (13)                  -                    -                                        -               (13)

Balance at December 31,                    $        30          $       10          $         -                                  $    13          $     53


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)


Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

                                                      December 31,
                                            2022                       2021
                                    Carrying       % of        Carrying       % of
Portfolio Segment                    Value         Total        Value         Total
                                                 (Dollars in millions)

Commercial                         $ 37,196        59.4  %    $ 35,772        59.4  %
Agricultural                         15,869        25.4         15,450        25.7
Residential                           9,953        15.9          9,406        15.6
 Total amortized cost                63,018       100.7         60,628       100.7
Allowance for credit loss              (448)       (0.7)          (536)       (0.9)

Subtotal mortgage loans, net 62,570 100.0 60,092

99.8

Residential - FVO                         -           -            127      

0.2

Total mortgage loans, net $ 62,570 100.0 % $ 60,219

100.0 %

The Company elects the FVO for certain residential mortgage loans that are
managed on a total return basis, with changes in estimated fair value included
in net investment income. See Note 9 for further information.

The amount of net (discounts) premiums and deferred (fees) expenses, included
within total amortized cost, primarily attributable to residential mortgage
loans was ($717) million and ($736) million at December 31, 2022 and 2021,
respectively. The accrued interest income excluded from total amortized cost for
commercial, agricultural and residential mortgage loans at December 31, 2022 was
$171 million, $147 million and $70 million, respectively. The accrued interest
income excluded from total amortized cost for commercial, agricultural and
residential mortgage loans at December 31, 2021 was $140 million, $136 million,
$77 million, respectively.

Purchases of unaffiliated mortgage loans, consisting primarily of residential
mortgage loans, were $2.3 billion, $1.4 billion and $2.8 billion for the years
ended December 31, 2022, 2021 and 2020, respectively.

The Company originates and acquires unaffiliated mortgage loans and
simultaneously sells a portion to affiliates under master participation
agreements. The aggregate amount of mortgage loan participation interests in
unaffiliated mortgage loans sold by the Company to affiliates for the years
ended December 31, 2022, 2021 and 2020 was $167 million, $277 million and
$59 million, respectively. In connection with the mortgage loan participations,
the Company collected mortgage loan principal and interest payments from
unaffiliated borrowers on behalf of affiliates and remitted such receipts to the
affiliates in the amount of $576 million, $1.0 billion and $540 million for the
years ended December 31, 2022, 2021 and 2020, respectively.

The Company originates mortgage loans through an affiliate. The affiliate
originates and acquires mortgage loans and the Company simultaneously purchases
participation interests under a master participation agreement. The aggregate
amount of mortgage loan participation interests purchased by the Company from
such affiliate for the years ended December 31, 2022, 2021 and 2020 was
$4.8 billion, $4.7 billion and $3.8 billion, respectively. In connection with
the mortgage loan participations, the affiliate collected mortgage loan
principal and interest payments on the Company's behalf and the affiliate
remitted such payments to the Company in the amount of $2.6 billion,
$1.9 billion and $696 million for the years ended December 31, 2022, 2021 and
2020, respectively.

See "- Real Estate and Real Estate Joint Ventures" for the carrying value of
wholly-owned real estate acquired through foreclosure. In addition, for the year
ended December 31, 2022, the Company contributed commercial mortgage loans with
an amortized cost of $306 million to joint ventures in anticipation of
subsequent foreclosure or deed-in-lieu of foreclosure transactions. During the
year, the joint ventures completed foreclosure or deed-in-lieu of foreclosure
transactions on loans with an amortized cost of $285 million. The real estate
collateralizing these foreclosures or deed-in-lieu of foreclosures had an
estimated fair value in excess of amortized cost. As a result of the excess of
estimated fair value of the collateral over the amortized cost of the commercial
mortgage loans, upon consummating the foreclosures or deed-
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

in-lieu of foreclosure transactions, the joint ventures recognized a gain, of
which the Company recognized its pro-rata share of $19 million within net
investment gains (losses).

Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

                                                                                                                                 Years Ended December 31,
                                                            2022                                                                            2021                                                                           2020
                           Commercial           Agricultural           Residential          Total          Commercial          Agricultural           Residential          Total          Commercial          Agricultural           Residential          Total
                                                                                                                                       (In millions)
Balance at January 1,     $      260          $          79          $        197          $ 536          $      199          $         97          $        221          $ 517          $      186          $         49          $         54          $ 289
Adoption of credit loss
guidance                           -                      -                     -              -                   -                     -                     -              -                 (87)                   32                   154             99
Provision (release)               (3)                    47                   (20)            24                  61                     6                   (25)            42                 100                    18                    27            145
Initial credit losses on
PCD loans (1)                      -                      -                     -              -                   -                     -                     3              3                   -                     -                    18             18
Charge-offs, net of
recoveries                       (83)                   (21)                   (8)          (112)                  -                   (24)                   (2)           (26)                  -                    (2)                  (32)           (34)
Balance at December 31,   $      174          $         105          $        169          $ 448          $      260          $         79          $        197          $ 536          $      199          $         97          $        221          $ 517


__________________

(1)Represents the initial credit losses on purchased mortgage loans accounted
for as PCD.

Allowance for Credit Loss Methodology

The Company records an allowance for expected lifetime credit loss in earnings
within net investment gains (losses) in an amount that represents the portion of
the amortized cost basis of mortgage loans that the Company does not expect to
collect, resulting in mortgage loans being presented at the net amount expected
to be collected. In determining the Company's ACL, management applies
significant judgment to estimate expected lifetime credit loss, including: (i)
pooling mortgage loans that share similar risk characteristics, (ii) considering
expected lifetime credit loss over the contractual term of its mortgage loans
adjusted for expected prepayments and any extensions, and (iii) considering past
events and current and forecasted economic conditions. Each of the Company's
commercial, agricultural and residential mortgage loan portfolio segments are
evaluated separately. The ACL is calculated for each mortgage loan portfolio
segment based on inputs unique to each loan portfolio segment. On a quarterly
basis, mortgage loans within a portfolio segment that share similar risk
characteristics, such as internal risk ratings or consumer credit scores, are
pooled for calculation of ACL. On an ongoing basis, mortgage loans with
dissimilar risk characteristics (i.e., loans with significant declines in credit
quality), collateral dependent mortgage loans (i.e., when the borrower is
experiencing financial difficulty, including when foreclosure is reasonably
possible or probable) and reasonably expected TDRs (i.e., the Company grants
concessions to a borrower that is experiencing financial difficulties) are
evaluated individually for credit loss. The ACL for loans evaluated individually
are established using the same methodologies for all three portfolio segments.
For example, the ACL for a collateral dependent loan is established as the
excess of amortized cost over the estimated fair value of the loan's underlying
collateral, less selling cost when foreclosure is probable. Accordingly, the
change in the estimated fair value of collateral dependent loans, which are
evaluated individually for credit loss, is recorded as a change in the ACL which
is recorded on a quarterly basis as a charge or credit to earnings in net
investment gains (losses).
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Commercial and Agricultural Mortgage Loan Portfolio Segments

Commercial and agricultural mortgage loan ACL are calculated in a similar
manner. Within each loan portfolio segment, commercial and agricultural, loans
are pooled by internal risk rating. Estimated lifetime loss rates, which vary by
internal risk rating, are applied to the amortized cost of each loan, excluding
accrued investment income, on a quarterly basis to develop the ACL. Internal
risk ratings are based on an assessment of the loan's credit quality, which can
change over time. The estimated lifetime loss rates are based on several loan
portfolio segment-specific factors, including (i) the Company's experience with
defaults and loss severity, (ii) expected default and loss severity over the
forecast period, (iii) current and forecasted economic conditions including
growth, inflation, interest rates and unemployment levels, (iv) loan specific
characteristics including loan-to-value ("LTV") ratios, and (v) internal risk
ratings. These evaluations are revised as conditions change and new information
becomes available. The Company uses its several decades of historical default
and loss severity experience which capture multiple economic cycles. The Company
uses a forecast of economic assumptions for a two-year period for most of its
commercial and agricultural mortgage loans, while a one-year period is used for
loans originated in certain markets. After the applicable forecast period, the
Company reverts to its historical loss experience using a straight-line basis
over two years. For evaluations of commercial mortgage loans, in addition to
historical experience, management considers factors that include the impact of a
rapid change to the economy, which may not be reflected in the loan portfolio,
recent loss and recovery trend experience as compared to historical loss and
recovery experience, and loan specific characteristics including debt service
coverage ratios ("DSCR"). In estimating expected lifetime credit loss over the
term of its commercial mortgage loans, the Company adjusts for expected
prepayment and extension experience during the forecast period using historical
prepayment and extension experience considering the expected position in the
economic cycle and the loan profile (i.e., floating rate, shorter-term fixed
rate and longer-term fixed rate) and after the forecast period using long-term
historical prepayment experience. For evaluations of agricultural mortgage
loans, in addition to historical experience, management considers factors that
include increased stress in certain sectors, which may be evidenced by higher
delinquency rates, or a change in the number of higher risk loans. In estimating
expected lifetime credit loss over the term of its agricultural mortgage loans,
the Company's experience is much less sensitive to the position in the economic
cycle and by loan profile; accordingly, historical prepayment experience is
used, while extension terms are not prevalent with the Company's agricultural
mortgage loans.

Commercial mortgage loans are reviewed on an ongoing basis, which review
includes, but is not limited to, an analysis of the property financial
statements and rent roll, lease rollover analysis, property inspections, market
analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR
and tenant creditworthiness. The monitoring process focuses on higher risk
loans, which include those that are classified as restructured, delinquent or in
foreclosure, as well as loans with higher LTV ratios and lower DSCR.
Agricultural mortgage loans are reviewed on an ongoing basis, which review
includes, but is not limited to, property inspections, market analysis,
estimated valuations of the underlying collateral, LTV ratios and borrower
creditworthiness, as well as reviews on a geographic and property-type basis.
The monitoring process for agricultural mortgage loans also focuses on higher
risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR,
which compares a property's net operating income to amounts needed to service
the principal and interest due under the loan. Generally, the lower the DSCR,
the higher the risk of experiencing a credit loss. The Company also reviews the
LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the
unpaid principal balance of the loan to the estimated fair value of the
underlying collateral. Generally, the higher the LTV ratio, the higher the risk
of experiencing a credit loss. The DSCR and the values utilized in calculating
the ratio are updated routinely. In addition, the LTV ratio is routinely updated
for all but the lowest risk loans as part of the Company's ongoing review of its
commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company's primary credit quality indicator
is the LTV ratio. The values utilized in calculating this ratio are developed in
connection with the ongoing review of the agricultural mortgage loan portfolio
and are routinely updated.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Commitments to lend: After loans are approved, the Company makes commitments to
lend and, typically, borrowers draw down on some or all of the commitments. The
timing of mortgage loan funding is based on the commitment expiration dates. A
liability for credit loss for unfunded commercial and agricultural mortgage loan
commitments that are not unconditionally cancellable is recognized in earnings
and is reported within net investment gains (losses). The liability is based on
estimated lifetime loss rates as described above and the amount of the
outstanding commitments, which for lines of credit, considers estimated
utilization rates. When the commitment is funded or expires, the liability is
adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company's residential mortgage loan portfolio is comprised primarily of
purchased closed end, amortizing residential mortgage loans, including both
performing loans purchased within 12 months of origination and reperforming
loans purchased after they have been performing for at least 12 months
post-modification. Residential mortgage loans are pooled by loan type (i.e., new
origination and reperforming) and pooled by similar risk profiles (including
consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary
by loan type and risk profile, are applied to the amortized cost of each loan
excluding accrued investment income on a quarterly basis to develop the ACL. The
estimated lifetime loss rates are based on several factors, including (i)
industry historical experience and expected results over the forecast period for
defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and
forecasted economic conditions including growth, inflation, interest rates and
unemployment levels, and (v) loan pool specific characteristics including
consumer credit scores, LTV ratios, payment history and home prices. These
evaluations are revised as conditions change and new information becomes
available. The Company uses industry historical experience which captures
multiple economic cycles as the Company has purchased most of its residential
mortgage loans in the last five years. The Company uses a forecast of economic
assumptions for a two-year period for most of its residential mortgage loans.
After the applicable forecast period, the Company immediately reverts to
industry historical loss experience.

For residential mortgage loans, the Company's primary credit quality indicator
is whether the loan is performing or nonperforming. The Company generally
defines nonperforming residential mortgage loans as those that are 60 or more
days past due and/or in nonaccrual status which is assessed monthly. Generally,
nonperforming residential mortgage loans have a higher risk of experiencing a
credit loss.

Troubled Debt Restructurings

The Company may grant concessions to borrowers experiencing financial
difficulties, which, if not significant, are not classified as TDRs, while more
significant concessions are classified as TDRs. Generally, the types of
concessions include: reduction of the contractual interest rate, extension of
the maturity date at an interest rate lower than current market interest rates,
and/or a reduction of accrued interest. The amount, timing and extent of the
concessions granted are considered in determining any ACL recorded.

For the year ended December 31, 2022, the Company had two commercial mortgage
loans modified in a TDR with both pre-modification and post-modification
carrying value, after ACL, of $123 million.

For the year ended December 31, 2021, the Company did not have any commercial
mortgage loans modified in a TDR.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and
vintage year was as follows at December 31, 2022:

                                                                                                                                              Revolving                               % of
Credit Quality Indicator                2022             2021             2020             2019             2018             Prior              Loans              Total              Total
                                                                                                       (Dollars in millions)
LTV ratios:
Less than 65%                        $ 3,288          $ 3,198          $ 2,142          $ 2,938          $ 3,384          $ 10,519          $    2,860          $ 28,329                76.2  %
65% to 75%                             1,781              936              730            1,243              788             1,549                   -             7,027                18.9
76% to 80%                                45               16               83              284              237               159                   -               824                 2.2
Greater than 80%                          33               40               18              134               89               702                   -             1,016                 2.7
Total                                $ 5,147          $ 4,190          $ 2,973          $ 4,599          $ 4,498          $ 12,929          $    2,860          $ 37,196               100.0  %
DSCR:
> 1.20x                              $ 4,421          $ 3,893          $ 2,763          $ 4,272          $ 4,068          $ 11,175          $    2,860          $ 33,452                89.9  %
1.00x - 1.20x                            636               94               88              255              152               819                   -             2,044                 5.5
<1.00x                                    90              203              122               72              278               935                   -             1,700                 4.6
Total                                $ 5,147          $ 4,190          $ 2,973          $ 4,599          $ 4,498          $ 12,929          $    2,860          $ 37,196               100.0  %

The amortized cost of agricultural mortgage loans by credit quality indicator
and vintage year was as follows at December 31, 2022:

                                                                                                                                                  Revolving                               % of
Credit Quality Indicator                     2022             2021             2020             2019             2018            Prior              Loans              Total             Total
                                                                                                           (Dollars in millions)
LTV ratios:
Less than 65%                             $ 1,902          $ 1,507          $ 1,886          $ 1,498          $ 2,085          $ 4,210          $    1,107          $ 14,195               89.4  %
65% to 75%                                    158              229              301              176               44              490                 127             1,525                9.6
76% to 80%                                      -                -                -                -                -               11                   -                11                0.1
Greater than 80%                                -                -               14               76                -               44                   4               138                0.9
Total                                     $ 2,060          $ 1,736          $ 2,201          $ 1,750          $ 2,129          $ 4,755          $    1,238          $ 15,869              100.0  %

The amortized cost of residential mortgage loans by credit quality indicator and
vintage year was as follows at December 31, 2022:

                                                                                                                                         Revolving                              % of
Credit Quality Indicator                     2022            2021           2020           2019           2018           Prior             Loans             Total             Total
                                                                                                      (Dollars in millions)
Performance indicators:
Performing                                $ 1,411          $ 809          $ 156          $ 606          $ 332          $ 6,211          $       -          $ 9,525               95.7  %
Nonperforming (1)                               9              5              6             39              9              360                  -              428                4.3
Total                                     $ 1,420          $ 814          $ 162          $ 645          $ 341          $ 6,571          $       -          $ 9,953              100.0  %


__________________

(1)Includes residential mortgage loans in process of foreclosure of $143 million
and $69 million at December 31, 2022 and 2021, respectively.

LTV ratios compare the unpaid principal balance of the loan to the estimated
fair value of the underlying collateral. The amortized cost of commercial and
agricultural mortgage loans with an LTV ratio in excess of 100% was $639
million, or 1% of total commercial and agricultural mortgage loans, at December
31, 2022.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with
99% of all mortgage loans classified as performing at both December 31, 2022 and
2021. The Company defines delinquency consistent with industry practice, when
mortgage loans are past due more than two or more months, as applicable, by
portfolio segment. The past due and nonaccrual mortgage loans at amortized cost,
prior to ACL, by portfolio segment, were as follows:

                                         Past Due                               Past Due and Still Accruing                              Nonaccrual
                            December 31,          December 31,                                                               December 31,          December 31,
 Portfolio Segment              2022                  2021             December 31, 2022          December 31, 2021              2022                  2021
                                                                                       (In millions)
Commercial                 $          -          $          -          $             -          $                -          $        158          $        146
Agricultural                        120                   124                       18                          16                   131                   225
Residential                         428                   418                        -                           -                   429                   418
Total                      $        548          $        542          $            18          $               16          $        718          $        789

The amortized cost for nonaccrual commercial, agricultural and residential
mortgage loans at beginning of year 2021 was $293 million, $261 million and
$503 million, respectively. The amortized cost for nonaccrual agricultural
mortgage loans with no ACL was $7 million and $134 million at December 31, 2022
and 2021, respectively. There were no nonaccrual commercial or residential
mortgage loans without an ACL at either December 31, 2022 or 2021.

Purchased Investments with Credit Deterioration

Investments that, as of the date of acquisition, have experienced a
more-than-insignificant deterioration in credit quality since origination are
classified as PCD. The amortized cost for PCD investments is the purchase price
plus an ACL for the initial estimate of expected lifetime credit losses
established upon purchase. Subsequent changes in the ACL on PCD investments are
recognized in earnings and are reported in net investment gains (losses). The
non-credit discount or premium is accreted or amortized to net investment income
on an effective yield basis.

The following table reconciles the contractual principal to the purchase price
of PCD investments:

                                                                           Year Ended December 31, 2022
                                                                                                Non-Credit
                                                    Contractual             ACL at              (Discount)            Purchase
                                                     Principal            Acquisition             Premium              Price
                                                                                  (In millions)

PCD residential mortgage loans                    $         48          $   

- $ (3) $ 45

Real Estate and Real Estate Joint Ventures

The Company's real estate investment portfolio is diversified by property type,
geography and income stream, including income from operating leases, operating
income and equity in earnings from equity method real estate joint ventures.
Real estate investments, by income type, as well as income earned, were as
follows at and for the periods indicated:

                                                        December 31,                           Years Ended December 31,
                                                   2022              2021               2022              2021             2020
Income Type                                            Carrying Value                                   Income
                                                                                  (In millions)
Wholly-owned real estate:
Leased real estate                              $  1,618          $  1,934          $     198          $   209          $   188
Other real estate                                    487               473                243              186              127
Real estate joint ventures                         6,311             5,466                308              180              (59)
Total real estate and real estate joint
ventures                                        $  8,416          $  7,873          $     749          $   575          $   256


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

The carrying value of wholly-owned real estate acquired through foreclosure was
$179 million and $180 million at December 31, 2022 and 2021, respectively.
Depreciation expense on real estate investments was $86 million, $86 million and
$73 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Real estate investments were net of accumulated depreciation of $566 million and
$581 million at December 31, 2022 and 2021, respectively.

Leases

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial
real estate for office, apartment and retail use, through a variety of operating
lease arrangements, which typically include tenant reimbursement for property
operating costs and options to renew or extend the lease. In some
circumstances, leases may include an option for the lessee to purchase the
property. In addition, certain leases of retail space may stipulate that a
portion of the income earned is contingent upon the level of the tenants'
revenues. The Company has elected a practical expedient of not separating
non-lease components related to reimbursement of property operating costs from
associated lease components. These property operating costs have the same timing
and pattern of transfer as the related lease component, because they are
incurred over the same period of time as the operating lease. Therefore, the
combined component is accounted for as a single operating lease. Risk is managed
through lessee credit analysis, property type diversification, and geographic
diversification. Leased real estate investments and income earned, by property
type, were as follows at and for the periods indicated:

                                                December 31,                  Years Ended December 31,
                                             2022         2021               2022             2021       2020
 Property Type                                 Carrying Value                          Income
                                                                      (In millions)

Leased real estate investments:

 Office                                    $   797      $   782      $      74               $  73      $  31
 Apartment                                     328          506             34                  40         40
 Retail                                        298          363             35                  44         66
 Industrial                                    171          260             55                  52         50
 Land                                           24           23              -                   -          1

Total leased real estate investments $ 1,618 $ 1,934 $ 198

               $ 209      $ 188


Future contractual receipts under operating leases at December 31, 2022 were
$109 million in 2023, $95 million in 2024, $90 million in 2025, $78 million in
2026, $66 million in 2027, $142 million thereafter and, in total, were
$580 million.

Leveraged and Direct Financing Leases

The Company has diversified leveraged and direct financing lease portfolios. Its
leveraged leases principally include rail cars, commercial real estate and
renewable energy generation facilities, and its direct financing leases
principally include renewable energy generation facilities. These assets are
leased through a variety of lease arrangements, which may include options to
renew or extend the lease and options for the lessee to purchase the property.
Residual values are estimated using available third-party data at inception of
the lease. Risk is managed through lessee credit analysis, asset allocation,
geographic diversification, and ongoing reviews of estimated residual values,
using available third-party data. Generally, estimated residual values are not
guaranteed by the lessee or a third party.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Investment in leveraged and direct financing leases consisted of the following
at:
                                                            December 31,
                                                2022                            2021
                                                       Direct                          Direct
                                     Leveraged       Financing       Leveraged       Financing
                                       Leases          Leases          Leases          Leases
                                                           (In millions)
Lease receivables, net (1)          $      477      $      123      $      542      $      141
Estimated residual values                  517              39             560              39
Subtotal                                   994             162           1,102             180
Unearned income                           (245)            (34)           (284)            (42)
Investment in leases, before ACL           749             128             818             138
ACL                                        (18)             (1)            (31)             (1)

Investment in leases, net of ACL $ 731 $ 127 $ 787 $ 137

__________________

(1)Future contractual receipts under direct financing leases at December 31,
2022 were $18 million in 2023, $18 million in 2024, $18 million in 2025,
$16 million in 2026, $13 million in 2027, $40 million thereafter and, in total,
were $123 million.

Lease receivables are generally due in periodic installments. The payment
periods for leveraged leases generally range from one to nine years, but in
certain circumstances can be over nine years, while the payment periods for
direct financing leases generally range from one to 11 years. For lease
receivables, the primary credit quality indicator is whether the lease
receivable is performing or nonperforming, which is assessed monthly. The
Company generally defines nonperforming lease receivables as those that are
90 days or more past due. At both December 31, 2022 and 2021, all lease
receivables were performing.

The deferred income tax liability related to leveraged leases was $220 million
and $272 million at December 31, 2022 and 2021, respectively.

The components of income from investment in leveraged and direct financing
leases, excluding net investment gains (losses), were as follows:

                                                                                     Years Ended December 31,
                                                       2022                                    2021                                    2020
                                                                 Direct                                 Direct                                  Direct
                                           Leveraged           Financing           Leveraged           Financing           Leveraged           Financing
                                             Leases              Leases             Leases              Leases              Leases              Leases
                                                                                           (In millions)
Lease investment income                  $        35          $       8          $       34          $       11          $       36          $       11
Less: Income tax expense                           7                  2                      7                   2                   8                   2
Lease investment income, net of income
tax                                      $        28          $       6          $       27          $        9          $       28          $        9


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

The Company records an allowance for expected lifetime credit loss in earnings
within investment gains (losses) in an amount that represents the portion of the
investment in leases that the Company does not expect to collect, resulting in
the investment in leases being presented at the net amount expected to be
collected. In determining the ACL, management applies significant judgment to
estimate expected lifetime credit loss, including: (i) pooling leases that share
similar risk characteristics, (ii) considering expected lifetime credit loss
over the contractual term of the lease, and (iii) considering past events and
current and forecasted economic conditions. Leases with dissimilar risk
characteristics are evaluated individually for credit loss. Expected lifetime
credit loss on leveraged and direct financing lease receivables is estimated
using a probability of default and loss given default model, where the
probability of default incorporates third party credit ratings of the lessee and
the related historical default data. The Company also assesses the
non-guaranteed residual values for recoverability by comparison to the current
estimated fair value of the leased asset and considers other relevant market
information such as independent third-party forecasts, consulting, asset
brokerage and investment banking reports and data, comparable market
transactions, and factors such as the competitive dynamics impacting specific
industries, technological change and obsolescence, government and regulatory
rules, tax policy, potential environmental liabilities and litigation.

Other Invested Assets

Other invested assets is comprised primarily of freestanding derivatives with
positive estimated fair values (see Note 8), funds withheld, tax credit and
renewable energy partnerships, affiliated investments (see "- Related Party
Investment Transactions"), annuities funding structured settlement claims (see
Note 1), FVO Securities, leveraged and direct financing leases (see "- Leases -
Leveraged and Direct Financing Leases"), an operating joint venture (see Note 1)
and FHLBNY common stock (see "- Invested Assets on Deposit and Pledged as
Collateral").

Tax Credit Partnerships

The carrying value of tax credit partnerships was $749 million and $937 million
at December 31, 2022 and 2021, respectively. Losses from tax credit partnerships
included within net investment income were $175 million, $197 million and
$225 million for the years ended December 31, 2022, 2021 and 2020, respectively.

FVO Securities and Equity Securities

The following table presents FVO Securities and equity securities by security
type. Common stock includes common stock and mutual funds.

                                                                                               December 31,
                                                                    2022                                                           2021
                                            Cost            Net Unrealized         Estimated Fair          Cost            Net Unrealized         Estimated Fair
Security Type                                             Gains (Losses) (1)            Value                            Gains (Losses) (1)            Value
                                                                                                       (In millions)
FVO Securities                            $  673          $           171          $        844          $  598          $           250          $        848

Equity securities
Common stock                              $  119          $            47          $        166          $   88          $            32          $        120
Non-redeemable preferred stock                77                       (3)                   74             107                       (1)                  106
Total equity securities                   $  196          $            44          $        240          $  195          $            31          $        226


__________________

(1) Represents cumulative changes in estimated fair value, recognized in
earnings, and not in OCI.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an
original or remaining maturity of three months or less at the time of purchase,
was $6.6 billion and $4.7 billion, principally at estimated fair value, at
December 31, 2022 and 2021, respectively.

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the
Company's equity, other than the U.S. government and its agencies, at both
December 31, 2022 and 2021.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured
borrowings were as follows:

                                                                                                         December 31,
                                                                                2022                                                                                      2021
                                               Securities (1)                                                                            Securities (1)
                                                                             Cash Collateral               Reinvestment                                           Cash Collateral               Reinvestment
                                                     Estimated Fair           Received from                Portfolio at                  Estimated Fair            Received from                Portfolio at
Agreement Type                                           Value              Counterparties (2)         Estimated Fair Value                   Value    

         Counterparties (2)         Estimated Fair Value
                                                                                                              (In millions)
Securities lending                                   $     6,601          $             6,773          $            6,625                $     14,689          $            14,977          $          15,116
Repurchase agreements                                $     3,176          $             3,125          $            3,057                $      3,416          $             3,325          $           3,357


__________________

(1)These securities were included within fixed maturity securities AFS and
short-term investments at December 31, 2022 and within fixed maturity securities
AFS at December 31, 2021.

(2)The liability for cash collateral is included within payables for collateral
under securities loaned and other transactions.

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as
secured borrowings were as follows:

                                                                                                           December 31,
                                                                        2022                                                                                             2021
                                                        Remaining Maturities                                                                               Remaining Maturities
                                                                                            Over 6                                                                                        Over 6
                                                    1 Month           Over 1 Month         Months to                                                 1 Month         Over 1 Month        Months to
Security Type                     Open (1)          or Less           to 6 Months           1 Year           Total                 Open (1)          or Less          to 6 Months         1 Year            Total
                                                                                                          (In millions)
Cash collateral liability
by security type:
Securities lending:
U.S. government and
agency                          $     935          $ 4,233          $       1,605          $    -          $ 6,773                $  3,996          $ 5,279          $    5,702          $    -          $ 14,977

Repurchase agreements:
U.S. government and
agency                          $       -          $ 3,125          $           -          $    -          $ 3,125                $      -          $ 3,325          $        -          $    -          $  3,325


________________

(1)The related security could be returned to the Company on the next business
day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on
short notice and is forced to sell investments to meet the return obligation, it
may have difficulty selling such collateral that is invested in a timely manner,
be forced to sell investments in a volatile or illiquid market for less than
what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreements reinvestment portfolios consist
principally of high quality, liquid, publicly-traded fixed maturity securities
AFS, short-term investments, cash equivalents or cash. If the securities or the
reinvestment portfolio become less liquid, liquidity resources within the
general account are available to meet any potential cash demands when securities
are put back by the counterparty.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Invested Assets on Deposit and Pledged as Collateral

Invested assets on deposit and pledged as collateral are presented below at
estimated fair value for all asset classes, except mortgage loans, which are
presented at carrying value and were as follows at:

                                                                      December 31,
                                                                   2022          2021
                                                                     (In millions)

   Invested assets on deposit (regulatory deposits)             $     98      $    118

   Invested assets pledged as collateral (1)                      20,612        20,390
   Total invested assets on deposit and pledged as collateral   $ 20,710      $ 20,508


__________________

(1)The Company has pledged invested assets in connection with various agreements
and transactions, including funding agreements (see Note 3), derivative
transactions (see Note 8) and secured debt (see Note 11).

See "- Securities Lending Transactions and Repurchase Agreements" for
information regarding securities supporting securities lending transactions and
repurchase agreements and Note 6 for information regarding investments
designated to the closed block. In addition, the Company's investment in FHLBNY
common stock, included within other invested assets, which is considered
restricted until redeemed by the issuer, was $659 million and $718 million, at
redemption value, at December 31, 2022 and 2021, respectively.

Collectively Significant Equity Method Investments

The Company held equity method investments of $15.9 billion at December 31,
2022, comprised primarily of other limited partnership interests (private equity
funds and hedge funds), real estate joint ventures (including real estate
funds), tax credit and renewable energy partnerships and an operating joint
venture. The Company's maximum exposure to loss related to these equity method
investments was limited to the carrying value of these investments plus
$3.5 billion of unfunded commitments at December 31, 2022.

As described in Note 1, the Company generally recognizes its share of earnings
in its equity method investments within net investment income using a
three-month lag in instances where the investee's financial information is not
sufficiently timely or when the investee's reporting period differs from the
Company's reporting period. Aggregate net investment income from these equity
method investments exceeded 10% of the Company's consolidated pre-tax income
(loss) for the three most recent annual periods.

The following aggregated summarized financial data reflects the latest available
financial information and does not represent the Company's proportionate share
of the assets, liabilities, or earnings of such entities.

Aggregate total assets of these entities totaled $1.0 trillion at both December
31, 2022 and 2021. Aggregate total liabilities of these entities totaled
$119.8 billion and $126.4 billion at December 31, 2022 and 2021, respectively.
Aggregate net income (loss) of these entities totaled ($8.3) billion,
$218.6 billion and $34.4 billion for the years ended December 31, 2022, 2021 and
2020, respectively. Aggregate net income (loss) from the underlying entities in
which the Company invests is primarily comprised of investment income, including
recurring investment income (loss) and realized and unrealized investment
gains (losses).

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances,
the Company holds both the power to direct the most significant activities of
the entity, as well as an economic interest in the entity and, as such, is
deemed to be the primary beneficiary or consolidator of the entity. The
determination of the VIE's primary beneficiary requires an evaluation of the
contractual and implied rights and obligations associated with each party's
relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the
primary beneficiary have no recourse to the general credit of the Company, as
the Company's obligation to the VIEs is limited to the amount of its committed
investment.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

The following table presents the total assets and total liabilities relating to
investment related VIEs for which the Company has concluded that it is the
primary beneficiary and which are consolidated at:

                                                                                     December 31,
                                                                      2022                                   2021
                                                          Total               Total              Total               Total
Asset Type                                                Assets           Liabilities           Assets           Liabilities
                                                                                     (In millions)
Real estate joint ventures                              $ 1,357          $          -          $ 1,094          $          -
Mortgage loan joint ventures                                147                     -              226                     -
Investment funds (primarily other invested
assets)                                                      98                     -              101                     -
Renewable energy partnership (primarily other
invested assets)                                             76                     -               79                     -
Total                                                   $ 1,678          $          -          $ 1,500          $          -



Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the
Company holds a significant variable interest but is not the primary beneficiary
and which have not been consolidated were as follows at:

                                                                   December 31,
                                                       2022                            2021
                                                            Maximum                         Maximum
                                            Carrying        Exposure        Carrying        Exposure
  Asset Type                                 Amount       to Loss (1)        Amount       to Loss (1)
                                                                  (In millions)

Fixed maturity securities AFS (2) $ 35,813 $ 35,813 $ 43,653 $ 43,653

  Other limited partnership interests         7,299             9,716         8,005            11,057
  Other invested assets                       1,342             1,509         1,605             1,815
  Real estate joint ventures                     86                88            97               100
  Total                                    $ 44,540      $     47,126      $ 53,360      $     56,625


__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS is
equal to their carrying amounts or the carrying amounts of retained interests.
The maximum exposure to loss relating to other limited partnership interests and
real estate joint ventures is equal to the carrying amounts plus any unfunded
commitments. For certain of its investments in other invested assets, the
Company's return is in the form of income tax credits which are guaranteed by
creditworthy third parties. For such investments, the maximum exposure to loss
is equal to the carrying amounts plus any unfunded commitments, reduced by
income tax credits guaranteed by third parties. Such a maximum loss would be
expected to occur only upon bankruptcy of the issuer or investee.

(2)For variable interests in Structured Products included within fixed maturity
securities AFS, the Company's involvement is limited to that of a passive
investor in mortgage-backed or asset-backed securities issued by trusts that do
not have substantial equity.

As described in Note 16, the Company makes commitments to fund partnership
investments in the normal course of business. Excluding these commitments, the
Company did not provide financial or other support to investees designated as
VIEs for each of the years ended December 31, 2022, 2021 and 2020.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)


Net Investment Income

The composition of net investment income by asset type was as follows:

                                                                             Years Ended December 31,
Asset Type                                                           2022              2021              2020
                                                                                   (In millions)

Fixed maturity securities AFS                                     $  6,458          $  6,101          $  6,535
Mortgage loans                                                       2,615             2,661             2,836
Policy loans                                                           288               292               305
Real estate and real estate joint ventures                             749               575               256
Other limited partnership interests                                    433             3,161               633
Cash, cash equivalents and short-term investments                      147                11                77
FVO Securities                                                        (143)              102                48
Operating joint venture                                                 34                65                80
Equity securities                                                       11                16                25
Other                                                                  410               142               154
Subtotal investment income                                          11,002            13,126            10,949
Less: Investment expenses                                              880               640               699

Net investment income                                             $ 10,122          $ 12,486          $ 10,250

Net Investment Income ("NII") Information
Net realized and unrealized gains (losses) recognized in
NII:
Net realized gains (losses) from sales and disposals
(primarily Residential - FVO mortgage loans and FVO
Securities)                                                       $    (13) 

$ 22 $ 2
Net unrealized gains (losses) from changes in estimated
fair value (primarily FVO Securities and real estate joint
ventures)

                                                              (33)              168                94

Net realized and unrealized gains (losses) recognized in
NII

                                                               $    (46) 

$ 190 $ 96

Changes in estimated fair value subsequent to purchase of
FVO Securities still held at the end of the respective
periods and recognized in NII:

                                    $   (145) 

$ 77 $ 46

Equity method investments NII (primarily real estate joint
ventures, other limited partnership interests, tax credit
and renewable energy partnerships and an operating joint
venture)

                                                          $    625          $  3,235          $    427


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction
type was as follows:

                                                                             Years Ended December 31,
Asset Type                                                             2022              2021            2020
                                                                                   (In millions)

Fixed maturity securities AFS                                      $     (851)         $  (49)         $  (58)

Equity securities                                                           6              40             (76)
Mortgage loans                                                            (42)            (34)           (188)

Real estate and real estate joint ventures (excluding
changes in estimated fair value)

                                          561             568               7
Other limited partnership interests (excluding changes in
estimated fair value)                                                       4             (15)            (12)
Other gains (losses)                                                       72             109             293
Subtotal                                                                 (250)            619             (34)

Change in estimated fair value of other limited partnership
interests and real estate joint ventures

                                  (14)             45              (5)
Non-investment portfolio gains (losses)                                   137             (12)            (34)

Subtotal                                                                  123              33             (39)
Net investment gains (losses)                                      $     

(127) $ 652 $ (73)

Transaction Type
Realized gains (losses) on investments sold or disposed            $     (146)         $  579          $  306
Impairment (losses)                                                       (38)            (24)            (50)
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings                (77)            (41)           (204)
Unrealized net gains (losses) recognized in earnings                       (3)            150             (91)
Total recognized gains (losses)                                          (264)            664             (39)
Non-investment portfolio gains (losses)                                   137             (12)            (34)
Net investment gains (losses)                                      $     

(127) $ 652 $ (73)

Net Investment Gains (Losses) ("NIGL") Information
Changes in estimated fair value subsequent to purchase of
equity securities still held at the end of the respective
periods and recognized in NIGL

                                     $        

8 $ 10 $ (80)

Other gains (losses) include:
Gains (losses) on disposed investments which were previously
in a qualified cash flow hedge relationship

                        $       

48 $ 91 $ 128
Gains (losses) on leveraged leases and renewable energy
partnerships

                                                       $       

33 $ 12 $ 87

Foreign currency gains (losses)                                    $       

97 $ 62 $ (19)

Net Realized Investment Gains (Losses) From Sales and
Disposals of Investments:
Recognized in NIGL                                                 $     (146)         $  579          $  306
Recognized in NII                                                         (13)             22               2
Net realized investment gains (losses) from sales and
disposals of investments                                           $     (159)         $  601          $  308


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

Fixed Maturity Securities AFS and Equity Securities - Composition of Net
Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as
follows:

                                                                          Years Ended December 31,
Fixed Maturity Securities AFS                                     2022              2021              2020

                                                                                (In millions)
Proceeds                                                       $ 42,903          $ 27,587          $ 20,453
Gross investment gains                                         $    469          $    232          $    419
Gross investment (losses)                                        (1,221)             (256)             (376)
Realized gains (losses) on sales and disposals                     (752)              (24)               43

Net credit loss (provision) release (change in ACL
recognized in earnings)

                                             (61)               (1)              (51)
Impairment (losses)                                                 (38)              (24)              (50)

Net credit loss (provision) release and impairment
(losses)

                                                            (99)              (25)             (101)
Net investment gains (losses)                                  $   (851)    

$ (49) $ (58)

Equity Securities
Realized gains (losses) on sales and disposals                 $     (6)         $    (61)         $     10
Unrealized net gains (losses) recognized in earnings                 12               101               (86)
Net investment gains (losses)                                  $      6     

$ 40 $ (76)

Related Party Investment Transactions

The Company transfers invested assets primarily consisting of fixed maturity
securities AFS, mortgage loans and real estate and real estate joint ventures to
and from affiliates. Invested assets transferred were as follows:

                                                                         

Years Ended December 31,

                                                                  2022              2021             2020
                                                                            

(In millions)
Estimated fair value of invested assets transferred to
affiliates

                                                     $    472          $   795          $   393
Amortized cost of invested assets transferred to
affiliates                                                     $    432          $   776          $   379
Net investment gains (losses) recognized on transfers          $     40     

$ 19 $ 14

Estimated fair value of invested assets transferred from
affiliates

                                                     $    497          $ 1,346          $   381
Estimated fair value of derivative liabilities
transferred from affiliates                                    $     64     

$ - $ -

Recurring related party investments and related net investment income were as
follows at and for the periods ended:

                                                                         December 31,                       Years Ended December 31,
                                                                     2022             2021             2022             2021           2020
 Investment Type/Balance
      Sheet Category                   Related Party                    Carrying Value                        Net Investment Income
                                                                                                 (In millions)
Affiliated investments (1)       MetLife, Inc.                    $ 1,207          $ 1,399          $     16          $  31          $  35
                                 American Life Insurance
Affiliated investments (2)       Company                              100              100                 1              2              3
Other invested assets                                             $ 1,307          $ 1,499          $     17          $  33          $  38


________________
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

7. Investments (continued)

(1)Represents an investment in affiliated senior unsecured notes which have
maturity dates from July 2023 to December 2031 and bear interest, payable
semi-annually, at rates per annum ranging from 1.60% to 1.85%. In July 2021,
¥38.4 billion (the equivalent of $351 million) of 2.97% affiliated senior
unsecured notes matured and were refinanced with the following senior unsecured
notes: (i) ¥7.8 billion 1.61% due July 2026, (ii) ¥11.5 billion 1.76% due July
2028 and (iii) ¥19.1 billion 1.85% due July 2031. In December 2021,
¥51.0 billion (the equivalent of $467 million) of 3.14% affiliated senior
unsecured notes matured of which ¥40.9 billion (the equivalent of $372 million)
were refinanced with the following senior unsecured notes: (i) ¥19.1 billion
1.72% due December 2028, (ii) ¥21.8 billion 1.85% due December 2031, and, of
which ¥10.1 billion (the equivalent of $95 million) were paid off at maturity.

(2)Represents an affiliated surplus note which matures in June 2025 and bears
interest, payable semi-annually, at a rate per annum of 1.88%.

The Company incurred investment advisory charges from an affiliate of
$272 million, $292 million and $280 million for the years ended December 31,
2022, 2021, and 2020, respectively.

See "- Variable Interest Entities" for information on investments in affiliated
real estate joint ventures and affiliated mortgage loan joint ventures.

See Note 5 "- Related Party Reinsurance Transactions" for information about
affiliated funds withheld.

8. Derivatives

Accounting for Derivatives

See Note 1 for a description of the Company's accounting policies for
derivatives and Note 9 for information about the fair value hierarchy for
derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business
operations, including interest rate, foreign currency exchange rate, credit and
equity market. The Company uses a variety of strategies to manage these risks,
including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates,
foreign currency exchange rates, credit spreads and/or other financial indices.
Derivatives may be exchange-traded or contracted in the over-the-counter ("OTC")
market. Certain of the Company's OTC derivatives are cleared and settled through
central clearing counterparties ("OTC-cleared"), while others are bilateral
contracts between two counterparties ("OTC-bilateral"). The types of derivatives
the Company uses include swaps, forwards, futures and option contracts. To a
lesser extent, the Company uses credit default swaps and structured interest
rate swaps to synthetically replicate investment risks and returns which are not
readily available in the cash markets.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure
to changes in interest rates, including interest rate swaps, interest rate total
return swaps, caps, floors, swaptions, futures and forwards.

Interest rate swaps are used by the Company primarily to reduce market risks
from changes in interest rates and to alter interest rate exposure arising from
mismatches between assets and liabilities (duration mismatches). In an interest
rate swap, the Company agrees with another party to exchange, at specified
intervals, the difference between fixed rate and floating rate interest amounts
as calculated by reference to an agreed notional amount. The Company utilizes
interest rate swaps in fair value, cash flow and nonqualifying hedging
relationships.

The Company uses structured interest rate swaps to synthetically create
investments that are either more expensive to acquire or otherwise unavailable
in the cash markets. These transactions are a combination of a derivative and a
cash instrument such as a U.S. government and agency, or other fixed maturity
securities AFS. Structured interest rate swaps are included in interest rate
swaps and are not designated as hedging instruments.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Interest rate total return swaps are swaps whereby the Company agrees with
another party to exchange, at specified intervals, the difference between the
economic risk and reward of an asset or a market index and a benchmark interest
rate, calculated by reference to an agreed notional amount. No cash is exchanged
at the outset of the contract. Cash is paid and received over the life of the
contract based on the terms of the swap. These transactions are entered into
pursuant to master agreements that provide for a single net payment to be made
by the counterparty at each due date. Interest rate total return swaps are used
by the Company to reduce market risks from changes in interest rates and to
alter interest rate exposure arising from mismatches between assets and
liabilities (duration mismatches). The Company utilizes interest rate total
return swaps in nonqualifying hedging relationships.

The Company purchases interest rate caps primarily to protect its floating rate
liabilities against rises in interest rates above a specified level, and against
interest rate exposure arising from mismatches between assets and liabilities,
and interest rate floors primarily to protect its minimum rate guarantee
liabilities against declines in interest rates below a specified level. In
certain instances, the Company locks in the economic impact of existing
purchased caps and floors by entering into offsetting written caps and floors.
The Company utilizes interest rate caps and floors in nonqualifying hedging
relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the
Company agrees to purchase or sell a specified number of contracts, the value of
which is determined by the different classes of interest rate securities, to
post variation margin on a daily basis in an amount equal to the difference in
the daily market values of those contracts and to pledge initial margin based on
futures exchange requirements. The Company enters into exchange-traded futures
with regulated futures commission merchants that are members of the exchange.
Exchange-traded interest rate (Treasury and swap) futures are used primarily to
hedge mismatches between the duration of assets in a portfolio and the duration
of liabilities supported by those assets, to hedge against changes in value of
securities the Company owns or anticipates acquiring, to hedge against changes
in interest rates on anticipated liability issuances by replicating Treasury or
swap curve performance, and to hedge minimum guarantees embedded in certain
variable annuity products issued by the Company. The Company utilizes
exchange-traded interest rate futures in nonqualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with
the Company's long-term liabilities and invested assets. A swaption is an option
to enter into a swap with a forward starting effective date. In certain
instances, the Company locks in the economic impact of existing purchased
swaptions by entering into offsetting written swaptions. The Company pays a
premium for purchased swaptions and receives a premium for written swaptions.
The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions
are included in interest rate options.

The Company enters into interest rate forwards to buy and sell securities. The
price is agreed upon at the time of the contract and payment for such a contract
is made at a specified future date. The Company utilizes interest rate forwards
in cash flow and nonqualifying hedging relationships.

A synthetic GIC is a contract that simulates the performance of a traditional
GIC through the use of financial instruments. The contractholder owns the
underlying assets, and the Company provides a guarantee (or "wrap") on the
participant funds for an annual risk charge. The Company's maximum exposure to
loss on synthetic GICs is the notional amount, in the event the values of all of
the underlying assets were reduced to zero. The Company's risk is substantially
lower due to contractual provisions that limit the portfolio to high quality
assets, which are pre-approved and monitored for compliance, as well as the
collection of risk charges. In addition, the crediting rates reset periodically
to amortize market value gains and losses over a period equal to the duration of
the wrapped portfolio, subject to a 0% floor. While plan participants may
transact at book value, contractholder withdrawals may only occur immediately at
market value, or at book value paid over a period of time per contract
provisions. Synthetic GICs are not designated as hedging instruments.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency exchange rate derivatives, including foreign
currency swaps and foreign currency forwards, to reduce the risk from
fluctuations in foreign currency exchange rates associated with its assets and
liabilities denominated in foreign currencies.

In a foreign currency swap transaction, the Company agrees with another party to
exchange, at specified intervals, the difference between one currency and
another at a fixed exchange rate, generally set at inception, calculated by
reference to an agreed upon notional amount. The notional amount of each
currency is exchanged at the inception and termination of the currency swap by
each party. The Company utilizes foreign currency swaps in fair value, cash flow
and nonqualifying hedging relationships.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

In a foreign currency forward transaction, the Company agrees with another party
to deliver a specified amount of an identified currency at a specified future
date. The price is agreed upon at the time of the contract and payment for such
a contract is made at the specified future date. The Company utilizes foreign
currency forwards in nonqualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against
credit-related changes in the value of its investments. In a credit default swap
transaction, the Company agrees with another party to pay, at specified
intervals, a premium to hedge credit risk. If a credit event occurs, as defined
by the contract, the contract may be cash settled or it may be settled gross by
the delivery of par quantities of the referenced investment equal to the
specified swap notional amount in exchange for the payment of cash amounts by
the counterparty equal to the par value of the investment surrendered. Credit
events vary by type of issuer but typically include bankruptcy, failure to pay
debt obligations and involuntary restructuring for corporate obligors, as well
as repudiation, moratorium or governmental intervention for sovereign obligors.
In each case, payout on a credit default swap is triggered only after the
relevant third party, Credit Derivatives Determinations Committee determines
that a credit event has occurred. The Company utilizes credit default swaps in
nonqualifying hedging relationships.

The Company enters into written credit default swaps to synthetically create
credit investments that are either more expensive to acquire or otherwise
unavailable in the cash markets. These transactions are a combination of a
derivative and one or more cash instruments, such as U.S. government and agency,
or other fixed maturity securities AFS. These credit default swaps are not
designated as hedging instruments.

The Company enters into forwards to lock in the price to be paid for forward
purchases of certain securities. The price is agreed upon at the time of the
contract and payment for the contract is made at a specified future date. When
the primary purpose of entering into these transactions is to hedge against the
risk of changes in purchase price due to changes in credit spreads, the Company
designates these transactions as credit forwards. The Company utilizes credit
forwards in cash flow hedging relationships.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to
equity market risk, including equity index options, equity variance swaps,
exchange-traded equity futures and equity total return swaps.

Equity index options are used by the Company primarily to hedge minimum
guarantees embedded in certain variable annuity products issued by the Company.
To hedge against adverse changes in equity indices, the Company enters into
contracts to sell the underlying equity index within a limited time at a
contracted price. The contracts will be net settled in cash based on
differentials in the indices at the time of exercise and the strike price.
Certain of these contracts may also contain settlement provisions linked to
interest rates. In certain instances, the Company may enter into a combination
of transactions to hedge adverse changes in equity indices within a
pre-determined range through the purchase and sale of options. The Company
utilizes equity index options in nonqualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum
guarantees embedded in certain variable annuity products issued by the Company.
In an equity variance swap, the Company agrees with another party to exchange
amounts in the future, based on changes in equity volatility over a defined
period. The Company utilizes equity variance swaps in nonqualifying hedging
relationships.

In exchange-traded equity futures transactions, the Company agrees to purchase
or sell a specified number of contracts, the value of which is determined by the
different classes of equity securities, to post variation margin on a daily
basis in an amount equal to the difference in the daily market values of those
contracts and to pledge initial margin based on futures exchange requirements.
The Company enters into exchange-traded futures with regulated futures
commission merchants that are members of the exchange. Exchange-traded equity
futures are used primarily to hedge minimum guarantees embedded in certain
variable annuity products issued by the Company. The Company utilizes
exchange-traded equity futures in nonqualifying hedging relationships.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

In an equity total return swap, the Company agrees with another party to
exchange, at specified intervals, the difference between the economic risk and
reward of an asset or a market index and a benchmark interest rate, calculated
by reference to an agreed notional amount. No cash is exchanged at the outset of
the contract. Cash is paid and received over the life of the contract based on
the terms of the swap. The Company uses equity total return swaps to hedge its
equity market guarantees in certain of its insurance products. Equity total
return swaps can be used as hedges or to synthetically create investments. The
Company utilizes equity total return swaps in nonqualifying hedging
relationships.

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross
notional amount and estimated fair value of the Company's derivatives, excluding
embedded derivatives, held at:

                                                                                                                                                December 31,
                                                                                                                   2022                                                               2021
                                                                                                                    Estimated Fair Value                                               Estimated Fair Value
                                                                                          Gross                                                              Gross
                                                                                         Notional                                                           Notional
                                        Primary Underlying Risk Exposure                  Amount                Assets                Liabilities            Amount                Assets                Liabilities
                                                                                                                                                (In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps             Interest rate                                          $   4,036          $     1,353               $        443          $   3,540          $     2,163               $          6
Foreign currency swaps          Foreign currency exchange rate                               565                   74                          -                764                    8                         22
Subtotal                                                                                   4,601                1,427                        443              4,304                2,171                         28
Cash flow hedges:
Interest rate swaps             Interest rate                                              3,739                    7                        239              4,079                    4                          1
Interest rate forwards          Interest rate                                              2,227                    -                        404              3,058                   69                          1
Foreign currency swaps          Foreign currency exchange rate                            29,290                2,453                      1,364             28,772                1,317                        966
Subtotal                                                                                  35,256                2,460                      2,007             35,909                1,390                        968
Total qualifying hedges                                                                   39,857                3,887                      2,450             40,213                3,561                        996
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps             Interest rate                                             15,358                1,579                        704             21,565                3,206                         59
Interest rate floors            Interest rate                                             23,371                  114                          -              7,701                  145                          -
Interest rate caps              Interest rate                                             46,666                  903                          -             64,309                  117                          -
Interest rate futures           Interest rate                                                414                    -                          1                515                    -                          -
Interest rate options           Interest rate                                             39,712                  434                         36              9,703                  364                          -
Interest rate forwards          Interest rate                                                  -                    -                          -                265                    -                         20
Interest rate total return
swaps                           Interest rate                                                  -                    -                          -              1,048                    9                          4
Synthetic GICs                  Interest rate                                             13,044                    -                          -             11,307                    -                          -
Foreign currency swaps          Foreign currency exchange rate                             4,739                  720                          5              4,800                  340                         75
Foreign currency forwards       Foreign currency exchange rate                             1,328                   16                         25              1,902                   11                         13

Credit default swaps -
purchased                       Credit                                                       843                   16                          -                956                   12                          8
Credit default swaps - written  Credit                                                     9,074                  113                         26              6,074                  111                         12
Equity futures                  Equity market                                              1,063                    2                          -              1,751                    5                          -
Equity index options            Equity market                                             14,143                  585                        179             26,800                  714                        166
Equity variance swaps           Equity market                                                 90                    4                          -                425                   12                         10
Equity total return swaps       Equity market                                              1,922                   23                        103              2,148                   11                         46
Total non-designated or nonqualifying derivatives                                        171,767                4,509                      1,079            161,269                5,057                        413
Total                                                                                  $ 211,624          $     8,396               $      3,529          $ 201,482          $     8,618               $      1,409


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Based on gross notional amounts, a substantial portion of the Company's
derivatives was not designated or did not qualify as part of a hedging
relationship at both December 31, 2022 and 2021. The Company's use of
derivatives includes (i) derivatives that serve as macro hedges of the Company's
exposure to various risks and that generally do not qualify for hedge accounting
due to the criteria required under the portfolio hedging rules; (ii) derivatives
that economically hedge insurance liabilities that contain mortality or
morbidity risk and that generally do not qualify for hedge accounting because
the lack of these risks in the derivatives cannot support an expectation of a
highly effective hedging relationship; (iii) derivatives that economically hedge
embedded derivatives that do not qualify for hedge accounting because the
changes in estimated fair value of the embedded derivatives are already recorded
in net income; and (iv) written credit default swaps and interest rate swaps
that are used to synthetically create investments and that do not qualify for
hedge accounting because they do not involve a hedging relationship. For these
nonqualified derivatives, changes in market factors can lead to the recognition
of fair value changes on the statement of operations without an offsetting gain
or loss recognized in earnings for the item being hedged.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

The Effects of Derivatives on the Consolidated Statements of Operations and
Comprehensive Income (Loss)

The following table presents the consolidated financial statement location and
amount of gain (loss) recognized on fair value, cash flow, nonqualifying hedging
relationships and embedded derivatives:

                                                                                                                 Year Ended December 31, 2022
                                                                                                                                                                   Interest
                                                                                                                                                                  Credited to
                                                                                                                                          Policyholder           Policyholder
                                                               Net Investment          Net Investment           Net Derivative            Benefits and              Account
                                                                   Income              Gains (Losses)           Gains (Losses)               Claims                Balances               OCI
                                                                                                                         (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)             $           8          $              -          $            -          $        (1,164)         $        (26)                 N/A
Hedged items                                                             (8)                        -                       -                    1,104                    27                  N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)                       105                         -                       -                        -                     -                  N/A
Hedged items                                                           (105)                        -                       -                        -                     -                  N/A

Subtotal                                                                  -                         -                       -                      (60)                    1                  N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                  N/A                       N/A                     N/A                      N/A                   N/A       $ (1,467)

Amount of gains (losses) reclassified from AOCI into
income

                                                                   59                        51                       -                        -                     -              (110)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                  N/A                       N/A                     N/A                      N/A                   N/A            766

Amount of gains (losses) reclassified from AOCI into
income

                                                                    5                      (417)                      -                        -                     -               412
Foreign currency transaction gains (losses) on hedged
items                                                                     -                       411                       -                        -                     -                 -

Subtotal                                                                 64                        45                       -                        -                     -              (399)

Gain (Loss) on Derivatives Not Designated or Not
Qualifying as Hedging Instruments:
Interest rate derivatives (1)                                             3                         -                  (2,190)                       -                     -                  N/A
Foreign currency exchange rate derivatives (1)                            2                         -                     564                        -                     -                  N/A
Credit derivatives - purchased (1)                                        -                         -                      44                        -                     -                  N/A
Credit derivatives - written (1)                                          -                         -                     (66)                       -                     -                  N/A
Equity derivatives (1)                                                   29                         -                     251                      240                     -                  N/A
Foreign currency transaction gains (losses) on hedged
items                                                                     -                         -                    (300)                       -                     -                  N/A
Subtotal                                                                 34                         -                  (1,697)                     240                     -                  N/A
Earned income on derivatives                                            370                         -                     585                      151                  (145)                -
Embedded derivatives (2)                                                   N/A                       N/A                1,584                        -                      N/A               N/A
Total                                                         $         468          $             45          $          472          $           331          $       (144)         $   (399)


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

                                                                                                               Year Ended December 31, 2021
                                                                                                                                                                  Interest
                                                                                                                                                                 Credited to
                                                                                                                                                                Policyholder
                                                             Net Investment          Net Investment           Net Derivative            Policyholder               Account
                                                                 Income              Gains (Losses)           Gains (Losses)         Benefits and Claims          Balances              OCI
                                                                                                                      (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)           $           6          $              -          $            -          $           (455)         $          -                N/A
Hedged items                                                           (6)                        -                       -                       405                     -                N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)                      49                         -                       -                         -                     -                N/A
Hedged items                                                          (43)                        -                       -                         -                     -                N/A

Subtotal                                                                6                         -                       -                       (50)                    -                N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                N/A                       N/A                     N/A                       N/A                   N/A       $ (570)

Amount of gains (losses) reclassified from AOCI into
income

                                                                 57                        87                       -                         -                     -            (144)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                N/A                       N/A                     N/A                       N/A                   N/A          600

Amount of gains (losses) reclassified from AOCI into
income

                                                                  4                      (229)                      -                         -                     -             225
Foreign currency transaction gains (losses) on hedged
items                                                                   -                       227                       -                         -                     -               -

Subtotal                                                               61                        85                       -                         -                     -             111

Gain (Loss) on Derivatives Not Designated or Not
Qualifying as Hedging Instruments:
Interest rate derivatives (1)                                           2                         -                  (1,523)                        -                     -                N/A
Foreign currency exchange rate derivatives (1)                          -                         -                     264                         -                     -                N/A
Credit derivatives - purchased (1)                                      -                         -                       2                         -                     -                N/A
Credit derivatives - written (1)                                        -                         -                      23                         -                     -                N/A
Equity derivatives (1)                                                 (1)                        -                  (1,043)                     (265)                    -                N/A
Foreign currency transaction gains (losses) on hedged
items                                                                   -                         -                     (65)                        -                     -                N/A
Subtotal                                                                1                         -                  (2,342)                     (265)                    -                N/A
Earned income on derivatives                                          167                         -                     645                       206                  (159)              -
Embedded derivatives (2)                                                 N/A                       N/A                  733                         -                      N/A             N/A
Total                                                       $         235          $             85          $         (964)         $           (109)         $       (159)         $  111


                                      156

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

                                                                                                               Year Ended December 31, 2020
                                                                                                                                                                 Interest
                                                                                                                                                                Credited to
                                                                                                                                                               Policyholder
                                                             Net Investment         Net Investment          Net Derivative             Policyholder               Account
                                                                 Income             Gains (Losses)          Gains (Losses)         Benefits and Claims           Balances              OCI
                                                                                                                      (In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)           $         (10)         $            -          $            -          $             360          $          -                 N/A
Hedged items                                                           12                       -                       -                       (399)                    -                 N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)                     (45)                      -                       -                          -                     -                 N/A
Hedged items                                                           43                       -                       -                          -                     -                 N/A

Subtotal                                                                -                       -                       -                        (39)                    -                 N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                N/A                     N/A                     N/A                        N/A                   N/A       $ 1,268

Amount of gains (losses) reclassified from AOCI into
income

                                                                 36                     121                       -                          -                     -             (157)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI                                N/A                     N/A                     N/A                        N/A                   N/A          (124)

Amount of gains (losses) reclassified from AOCI into
income

                                                                  3                     768                       -                          -                     -             (771)
Foreign currency transaction gains (losses) on hedged
items                                                                   -                    (680)                      -                          -                     -                -

Subtotal                                                               39                     209                       -                          -                     -              216

Gain (Loss) on Derivatives Not Designated or Not
Qualifying as Hedging Instruments:
Interest rate derivatives (1)                                          (6)                      -                   1,999                          -                     -                 N/A
Foreign currency exchange rate derivatives (1)                          -                       -                    (371)                         -                     -                 N/A
Credit derivatives - purchased (1)                                      -                       -                      (6)                         -                     -                 N/A
Credit derivatives - written (1)                                        -                       -                     (78)                         -                     -                 N/A
Equity derivatives (1)                                                 (2)                      -                    (973)                      (238)                    -                 N/A
Foreign currency transaction gains (losses) on hedged
items                                                                   -                       -                      91                          -                     -                 N/A
Subtotal                                                               (8)                      -                     662                       (238)                    -                 N/A
Earned income on derivatives                                          239                       -                     633                        186                  (152)               -
Embedded derivatives (2)                                                 N/A                     N/A                 (557)                         -                      N/A              N/A
Total                                                       $         270          $          209          $          738          $             (91)         $       (152)         $   216


__________________

(1)Excludes earned income on derivatives.

(2)The valuation of guaranteed minimum benefits includes a nonperformance risk
adjustment. The amounts included in net derivative gains (losses) in connection
with this adjustment were $21 million, $27 million and $7 million for the years
ended December 31, 2022, 2021 and 2020, respectively.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when
they have met the requirements of fair value hedging: (i) interest rate swaps to
convert fixed rate assets and liabilities to floating rate assets and
liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair
value exposure of foreign currency denominated assets and liabilities.

The following table presents the balance sheet classification, carrying amount
and cumulative fair value hedging adjustments for items designated and
qualifying as hedged items in fair value hedges:

                                                                                                    Cumulative Amount
                                                  Carrying Amount of the                    of Fair Value Hedging Adjustments
                                                          Hedged                        Included in the Carrying Amount of Hedged
Balance Sheet Line Item                            Assets/(Liabilities)                          Assets/(Liabilities) (1)
                                                December 31, 2022                     December 31, 2021             December 31, 2022           December 31, 2021
                                                                                   (In millions)
Fixed maturity securities AFS               $                   247                $           366                $                1          $               (1)
Mortgage loans                              $                   319                $           617                $              (18)         $                3
Future policy benefits                      $                (3,471)               $        (4,735)               $              253          $             (877)
Policyholder account balances               $                (1,080)               $             -                $               27          $                -


__________________

(1)Includes ($136) million and ($161) million of hedging adjustments on
discontinued hedging relationships at December 31, 2022 and 2021, respectively.

All components of each derivative's gain or loss were included in the assessment
of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when
they have met the requirements of cash flow hedging: (i) interest rate swaps to
convert floating rate assets and liabilities to fixed rate assets and
liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow
exposure of foreign currency denominated assets and liabilities; (iii) interest
rate forwards and credit forwards to lock in the price to be paid for forward
purchases of investments; and (iv) interest rate swaps and interest rate
forwards to hedge the forecasted purchases of fixed rate investments.

In certain instances, the Company discontinued cash flow hedge accounting
because the forecasted transactions were no longer probable of occurring.
Because certain of the forecasted transactions also were not probable of
occurring within two months of the anticipated date, the Company reclassified
amounts from AOCI into income. These amounts were $25 million, $6 million, and
$45 million for the years ended December 31, 2022, 2021 and 2020, respectively.

At December 31, 2022 and 2021, the maximum length of time over which the Company
was hedging its exposure to variability in future cash flows for forecasted
transactions did not exceed six years and seven years, respectively.

At December 31, 2022 and 2021, the balance in AOCI associated with cash flow
hedges was $2.0 billion and $2.4 billion, respectively.

All components of each derivative's gain or loss were included in the assessment
of hedge effectiveness.

At December 31, 2022, the Company expected to reclassify $129 million of
deferred net gains (losses) on derivatives in AOCI, to earnings within the next
12 months.

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Credit Derivatives

In connection with synthetically created credit investment transactions, the
Company writes credit default swaps for which it receives a premium to insure
credit risk. Such credit derivatives are included within the effects of
derivatives on the consolidated statements of operations and comprehensive
income (loss) table. If a credit event occurs, as defined by the contract, the
contract may be cash settled or it may be settled gross by the Company paying
the counterparty the specified swap notional amount in exchange for the delivery
of par quantities of the referenced credit obligation. The Company can terminate
these contracts at any time through cash settlement with the counterparty at an
amount equal to the then current estimated fair value of the credit default
swaps.

The following table presents the estimated fair value, maximum amount of future
payments and weighted average years to maturity of written credit default swaps
at:

                                                                                                      December 31,
                                                                       2022                                                                   2021
                                                                      Maximum                                                                Maximum
                                                                      Amount                                                                 Amount
                                             Estimated               of Future               Weighted               Estimated               of Future               Weighted
Rating Agency Designation of                Fair Value            Payments under             Average               Fair Value            Payments under             Average
Referenced                                   of Credit            Credit Default             Years to               of Credit            Credit Default             Years to
Credit Obligations (1)                     Default Swaps              

Swaps               Maturity (2)           Default Swaps               Swaps               Maturity (2)
                                                                                                  (Dollars in millions)
Aaa/Aa/A
Single name credit default swaps
(3)                                      $            1          $           10                       1.5       $            -          $           10                       2.5
Credit default swaps referencing
indices                                              79                   4,251                       3.4                   17                   1,191                       2.5
Subtotal                                             80                   4,261                       3.4                   17                   1,201                       2.5
Baa
Single name credit default swaps
(3)                                                   -                      40                       2.5                    1                      60                       3.3
Credit default swaps referencing
indices                                              13                   4,598                       5.9                   90                   4,698                       5.1
Subtotal                                             13                   4,638                       5.8                   91                   4,758                       5.1
Ba
Single name credit default swaps
(3)                                                   1                      45                       0.7                    1                      65                       0.5
Credit default swaps referencing
indices                                               2                      25                       4.0                   (1)                     20                       5.0
Subtotal                                              3                      70                       1.9                    -                      85                       1.5
B
Credit default swaps referencing
indices                                               1                      75                       4.5                    -                       -                   -
Subtotal                                                 1                      75                    4.5                    -                       -                   -
Caa

Credit default swaps referencing
indices                                             (10)                     30                       3.5                   (9)                     30                       4.5
Subtotal                                            (10)                     30                       3.5                   (9)                     30                       4.5
Total                                    $           87          $        9,074                       4.6       $           99          $        6,074                       4.6


__________________

(1)The rating agency designations are based on availability and the midpoint of
the applicable ratings among Moody's Investors Service ("Moody's"), S&P and
Fitch Ratings. If no rating is available from a rating agency, then an
internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is
calculated based on weighted average gross notional amounts.

(3)Single name credit default swaps may be referenced to the credit of
corporations, foreign governments, or municipals.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of
nonperformance by its counterparties to derivatives. Generally, the current
credit exposure of the Company's derivatives is limited to the net positive
estimated fair value of derivatives at the reporting date after taking into
consideration the existence of master netting or similar agreements and any
collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into
transactions with creditworthy counterparties in jurisdictions in which it
understands that close-out netting should be enforceable and establishing and
monitoring exposure limits. The Company's OTC-bilateral derivative transactions
are governed by International Swaps and Derivatives Association, Inc. ("ISDA")
Master Agreements which provide for legally enforceable set-off and close-out
netting of exposures to specific counterparties in the event of early
termination of a transaction, which includes, but is not limited to, events of
default and bankruptcy. In the event of an early termination, close-out netting
permits the Company (subject to financial regulations such as the Orderly
Liquidation Authority under Title II of Dodd-Frank) to set off receivables from
the counterparty against payables to the same counterparty arising out of all
included transactions and to apply collateral to the obligations without
application of the automatic stay, upon the counterparty's bankruptcy. All of
the Company's ISDA Master Agreements also include Credit Support Annex
provisions which require both the pledging and accepting of collateral in
connection with its OTC-bilateral derivatives as required by applicable law.
Additionally, effective September 1, 2021, the Company is required to pledge
initial margin for certain new OTC-bilateral derivative transactions to third
party custodians.

The Company's OTC-cleared derivatives are effected through central clearing
counterparties and its exchange-traded derivatives are effected through
regulated exchanges. Such positions are marked to market and margined on a daily
basis (both initial margin and variation margin), and the Company has minimal
exposure to credit-related losses in the event of nonperformance by brokers and
central clearinghouses to such derivatives.

See Note 9 for a description of the impact of credit risk on the valuation of
derivatives.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

The estimated fair values of the Company's net derivative assets and net
derivative liabilities after the application of master netting agreements and
collateral were as follows at:

                                                                                       December 31,
                                                                        2022                                   2021

Derivatives Subject to a Master Netting Arrangement
or a Similar Arrangement

                                    Assets           Liabilities           Assets           Liabilities
                                                                                       (In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)                                         $ 8,456          $      3,499          $ 8,602          $      1,379
OTC-cleared (1)                                                57                    29              104                     8
Exchange-traded                                                 2                     1                5                     -
Total gross estimated fair value of derivatives
presented on the consolidated balance sheets (1)            8,515                 3,529            8,711                 1,387
Gross amounts not offset on the consolidated
balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral                                              (3,317)               (3,317)          (1,364)               (1,364)
OTC-cleared                                                   (14)                  (14)              (3)                   (3)
Cash collateral: (3), (4)
OTC-bilateral                                              (4,044)                    -           (6,414)                    -
OTC-cleared                                                   (18)                   (1)             (91)                    -
Securities collateral: (5)
OTC-bilateral                                              (1,078)                 (182)            (767)                  (14)
OTC-cleared                                                     -                   (14)               -                    (5)
Exchange-traded                                                 -                    (1)               -                     -
Net amount after application of master netting
agreements and collateral                                 $    44          $          -          $    72          $          1


__________________

(1)At December 31, 2022 and 2021, derivative assets included income (expense)
accruals reported in accrued investment income or in other liabilities of $119
million and $93 million, respectively, and derivative liabilities included
(income) expense accruals reported in accrued investment income or in other
liabilities of $0 and ($22) million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject
to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared
derivatives, where the centralized clearinghouse treats variation margin as
collateral, is included in cash and cash equivalents, short-term investments or
in fixed maturity securities AFS, and the obligation to return it is included in
payables for collateral under securities loaned and other transactions on the
balance sheet.

(4)The receivable for the return of cash collateral provided by the Company is
inclusive of initial margin on exchange-traded and OTC-cleared derivatives and
is included in premiums, reinsurance and other receivables on the balance sheet.
The amount of cash collateral offset in the table above is limited to the net
estimated fair value of derivatives after application of netting agreements. At
December 31, 2022 and 2021, the Company received excess cash collateral of $210
million and $60 million, respectively, and provided excess cash collateral of $1
million and $0, respectively.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

(5)Securities collateral received by the Company is held in separate custodial
accounts and is not recorded on the balance sheet. Subject to certain
constraints, the Company is permitted by contract to sell or re-pledge this
collateral, but at December 31, 2022, none of the collateral had been sold or
re-pledged. Securities collateral pledged by the Company is reported in fixed
maturity securities AFS on the balance sheet. Subject to certain constraints,
the counterparties are permitted by contract to sell or re-pledge this
collateral. The amount of securities collateral offset in the table above is
limited to the net estimated fair value of derivatives after application of
netting agreements and cash collateral. At December 31, 2022 and 2021, the
Company received excess securities collateral with an estimated fair value of
$366 million and $47 million, respectively, for its OTC-bilateral derivatives,
which are not included in the table above due to the foregoing limitation. At
December 31, 2022 and 2021, the Company provided excess securities collateral
with an estimated fair value of $934 million and $95 million, respectively, for
its OTC-bilateral derivatives, $442 million and $584 million, respectively, for
its OTC-cleared derivatives, and $96 million and $106 million, respectively, for
its exchange-traded derivatives, which are not included in the table above due
to the foregoing limitation.

The Company's collateral arrangements for its OTC-bilateral derivatives
generally require the counterparty in a net liability position, after
considering the effect of netting agreements, to pledge collateral when the
collateral amount owed by that counterparty reaches a minimum transfer amount.
All of the Company's netting agreements for derivatives contain provisions that
require both Metropolitan Life Insurance Company and the counterparty to
maintain a specific investment grade financial strength or credit rating from
each of Moody's and S&P. If a party's financial strength or credit rating were
to fall below that specific investment grade financial strength or credit
rating, that party would be in violation of these provisions, and the other
party to the derivatives could terminate the transactions and demand immediate
settlement and payment based on such party's reasonable valuation of the
derivatives.

The following table presents the estimated fair value of the Company's
OTC-bilateral derivatives that were in a net liability position after
considering the effect of netting agreements, together with the estimated fair
value and balance sheet location of the collateral pledged.

                                                                           December 31,
                                                                           2022                                   2021
                                                                

Derivatives Subject to Financial

Strength-Contingent Provisions

(In millions)
Estimated fair value of derivatives in a net liability
position (1)

                                                    $                   182                      $         15
Estimated fair value of collateral provided:
Fixed maturity securities AFS                                   $                   221                      $         17


__________________

(1)After taking into consideration the existence of netting agreements.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

8. Derivatives (continued)

Embedded Derivatives

The Company issues certain products or purchases certain investments that
contain embedded derivatives that are required to be separated from their host
contracts and accounted for as freestanding derivatives.

The following table presents the estimated fair value and balance sheet location
of the Company's embedded derivatives that have been separated from their host
contracts at:

                                                                                                        December 31,
                                                         Balance Sheet Location                     2022             2021
                                                                                                        (In millions)
Embedded derivatives within asset host contracts:
Assumed on affiliated reinsurance             Other invested assets                              $   149          $     -
Embedded derivatives within liability host
contracts:
Direct guaranteed minimum benefits            Policyholder account balances                      $   444          $   257
Assumed guaranteed minimum benefits           Policyholder account balances                            5                5
Funds withheld on ceded reinsurance           Other liabilities
(including affiliated)                                                                              (450)           1,072

Fixed annuities with equity indexed returns Policyholder account balances

                         141              165

Total                                                                                            $   140          $ 1,499


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value

When developing estimated fair values, the Company considers three broad
valuation approaches: (i) the market approach, (ii) the income approach, and
(iii) the cost approach. The Company determines the most appropriate valuation
approach to use, given what is being measured and the availability of sufficient
inputs, giving priority to observable inputs. The Company categorizes its assets
and liabilities measured at estimated fair value into a three-level hierarchy,
based on the significant input with the lowest level in its valuation. The input
levels are as follows:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.

              The Company defines active markets based on average trading 

volume for equity

              securities. The size of the bid/ask spread is used as an 

indicator of market

              activity for fixed maturity securities AFS.

Level 2 Quoted prices in markets that are not active or inputs that are observable either

              directly or indirectly. These inputs can include quoted 

prices for similar assets

              or liabilities other than quoted prices in Level 1, quoted 

prices in markets that

              are not active, or other significant inputs that are

observable or can be derived

              principally from or corroborated by observable market data 

for substantially the

              full term of the assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity and are

              significant to the determination of estimated fair value of 

the assets or

              liabilities. Unobservable inputs reflect the reporting 

entity's own assumptions

              about the assumptions that market participants would use in 

pricing the asset or

              liability.


Financial markets are susceptible to severe events evidenced by rapid
depreciation in asset values accompanied by a reduction in asset liquidity. The
Company's ability to sell securities, as well as the price ultimately realized
for these securities, depends upon the demand and liquidity in the market and
increases the use of judgment in determining the estimated fair value of certain
securities.

Considerable judgment is often required in interpreting the market data used to
develop estimates of fair value, and the use of different assumptions or
valuation methodologies may have a material effect on the estimated fair value
amounts.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis
and their corresponding placement in the fair value hierarchy, including those
items for which the Company has elected the FVO, are presented below at:

                                                                     December 31, 2022
                                                         Fair Value Hierarchy
                                                                                                         Total
                                                                                                       Estimated
                                            Level 1             Level 2             Level 3           Fair Value
                                                                       (In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate                           $        -          $   43,147          $    7,943          $   51,090
Foreign corporate                                 -              17,203               6,790              23,993
U.S. government and agency                    9,126              13,232                   -              22,358
RMBS                                              4              17,804               1,525              19,333
ABS & CLO                                         -              10,329               1,507              11,836
Municipals                                        -               7,464                   -               7,464
CMBS                                              -               5,702                 341               6,043
Foreign government                                -               3,444                  15               3,459
Total fixed maturity securities AFS           9,130             118,325              18,121             145,576

Short-term investments                        2,677                  35                  47               2,759
Residential mortgage loans - FVO                  -                   -                   -                   -
Other investments                               246                 212               1,022               1,480
Derivative assets: (1)
Interest rate                                     -               4,390                   -               4,390
Foreign currency exchange rate                    -               3,263                   -               3,263
Credit                                            -                  47                  82                 129
Equity market                                     2                 605                   7                 614
Total derivative assets                           2               8,305                  89               8,396
Embedded derivatives within asset host
contracts (4)                                     -                   -                 149                 149
Separate account assets (2)                  16,206              72,022               1,013              89,241
Total assets (3)                         $   28,261          $  198,899          $   20,441          $  247,601
Liabilities
Derivative liabilities: (1)
Interest rate                            $        1          $    1,421          $      405          $    1,827
Foreign currency exchange rate                    -               1,394                   -               1,394
Credit                                            -                  11                  15                  26
Equity market                                     -                 282                   -                 282
Total derivative liabilities                      1               3,108                 420               3,529
Embedded derivatives within liability
host contracts (4)                                -                   -                 140                 140

Separate account liabilities (2)                  8                  15                  18                  41
Total liabilities                        $        9          $    3,123          $      578          $    3,710


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

                                                                    December 31, 2021
                                                        Fair Value Hierarchy
                                                                                                        Total
                                                                                                      Estimated
                                           Level 1             Level 2             Level 3           Fair Value
                                                                      (In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate                          $        -          $   51,290          $    7,112          $   58,402
Foreign corporate                                -              21,862               7,823              29,685
U.S. government and agency                  15,041              16,181                   -              31,222
RMBS                                             7              20,333               2,805              23,145
ABS & CLO                                        -              11,455               1,424              12,879
Municipals                                       -               8,728                   -               8,728
CMBS                                             -               6,507                 371               6,878
Foreign government                               -               4,934                  12               4,946
Total fixed maturity securities AFS         15,048             141,290              19,547             175,885

Short-term investments                       4,187                 677                   2               4,866
Residential mortgage loans - FVO                 -                   -                 127                 127
Other investments                              328                 192                 894               1,414
Derivative assets: (1)
Interest rate                                    -               5,982                  95               6,077
Foreign currency exchange rate                   -               1,676                   -               1,676
Credit                                           -                 106                  17                 123
Equity market                                    5                 730                   7                 742
Total derivative assets                          5               8,494                 119               8,618
Embedded derivatives within asset host
contracts (4)                                    -                   -                   -                   -
Separate account assets (2)                 28,231              93,656               1,964             123,851
Total assets (3)                        $   47,799          $  244,309          $   22,653          $  314,761
Liabilities
Derivative liabilities: (1)
Interest rate                           $        -          $       70          $       21          $       91
Foreign currency exchange rate                   -               1,076                   -               1,076
Credit                                           -                   8                  12                  20
Equity market                                    -                 222                   -                 222
Total derivative liabilities                     -               1,376                  33               1,409
Embedded derivatives within liability
host contracts (4)                               -                   -               1,499               1,499

Separate account liabilities (2)                 7                  12                   6                  25
Total liabilities                       $        7          $    1,388          $    1,538          $    2,933


__________________

(1)Derivative assets are presented within other invested assets on the
consolidated balance sheets and derivative liabilities are presented within
other liabilities on the consolidated balance sheets. The amounts are presented
gross in the tables above to reflect the presentation on the consolidated
balance sheets, but are presented net for purposes of the rollforward in the
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(2)Investment performance related to separate account assets is fully offset by
corresponding amounts credited to contractholders whose liability is reflected
within separate account liabilities. Separate account liabilities are set equal
to the estimated fair value of separate account assets. Separate account
liabilities presented in the tables above represent derivative liabilities.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

(3)Total assets included in the fair value hierarchy exclude other limited
partnership interests that are measured at estimated fair value using the net
asset value ("NAV") per share (or its equivalent) practical expedient. At
December 31, 2022 and 2021, the estimated fair value of such investments was $61
million and $95 million, respectively.

(4)Embedded derivatives within asset host contracts are presented within other
invested assets on the consolidated balance sheets. Embedded derivatives within
liability host contracts are presented within policyholder account balances and
other liabilities on the consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and
liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based
on quoted prices in active markets that are readily and regularly obtainable.
Generally, these are the most liquid of the Company's securities holdings and
valuation of these securities does not involve management's judgment.

When quoted prices in active markets are not available, the determination of
estimated fair value of securities is based on market standard valuation
methodologies, giving priority to observable inputs. The significant inputs to
the market standard valuation methodologies for certain types of securities with
reasonable levels of price transparency are inputs that are observable in the
market or can be derived principally from, or corroborated by, observable market
data. When observable inputs are not available, the market standard valuation
methodologies rely on inputs that are significant to the estimated fair value
that are not observable in the market or cannot be derived principally from, or
corroborated by, observable market data. These unobservable inputs can be based
in large part on management's judgment or estimation and cannot be supported by
reference to market activity. Unobservable inputs are based on management's
assumptions about the inputs market participants would use in pricing such
investments.

The estimated fair value of short-term investments and other investments is
determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or
liabilities that are classified within Level 2 and Level 3 of the fair value
hierarchy are presented below. The primary valuation approaches are the market
approach, which considers recent prices from market transactions involving
identical or similar assets or liabilities, and the income approach, which
converts expected future amounts (e.g. cash flows) to a single current,
discounted amount. The valuation of most instruments listed below is determined
using independent pricing sources, matrix pricing, discounted cash flow
methodologies or other similar techniques that use either observable market
inputs or unobservable inputs.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

                                               Level 2                                               Level 3
   Instrument                             Observable Inputs                                    Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
                 Valuation Approaches: Principally the market and income        Valuation Approaches: Principally the market
                 approaches.                                                    approach.
                 Key Inputs:                                                    Key Inputs:
                 •     quoted prices in markets that are not active             •        illiquidity premium
                 •     benchmark yields; spreads off benchmark yields; new      •        delta spread adjustments to reflect
                       issuances; issuer ratings                                         specific credit-related issues
                 •     trades of identical or comparable securities; duration   •        credit spreads
                 •     privately-placed securities are valued using the         •        quoted prices in markets that are not
                       additional key inputs:                                            active for identical or similar
                                                                                         securities that are less liquid and based
                                                                                         on lower levels of trading activity than
                       •             market yield curve; call provisions                 securities classified in Level 2

                       •             observable prices and spreads for similar  •        independent non-binding broker quotations
                                     public or private securities that
                                     incorporate the credit quality and
                                     industry sector of the issuer
                       •             delta spread adjustments to reflect
                                     specific credit-related issues

U.S. government and agency securities, Municipals and Foreign government securities

                 Valuation Approaches: Principally the market approach.         Valuation Approaches: Principally the market
                                                                                approach.
                 Key Inputs:                                                    Key Inputs:
                 •     quoted prices in markets that are not active             •        independent non-binding broker quotations
                 •     benchmark U.S. Treasury yield or other yields            •        quoted prices in markets that are not
                                                                                         active for identical or similar
                                                                                         securities that are less liquid and based
                 •     the spread off the U.S. Treasury yield curve for the              on lower levels of trading activity than
                       identical security                                                securities classified in Level 2

                 •     issuer ratings and issuer spreads; broker-dealer         •        credit spreads
                       quotations
                 •     comparable securities that are actively traded

Structured Products

                 Valuation Approaches: Principally the market and income        Valuation Approaches: Principally the market and
                 approaches.                                                    income approaches.
                 Key Inputs:                                                    Key Inputs:
                 •     quoted prices in markets that are not active             •        credit spreads
                 •     spreads for actively traded securities; spreads off      •        quoted prices in markets that are not
                       benchmark yields                                                  active for identical or similar
                                                                                         securities that are less liquid and based
                                                                                         on lower levels of trading activity than
                 •     expected prepayment speeds and volumes                            securities classified in Level 2

                 •     current and forecasted loss severity; ratings;           •        independent non-binding broker quotations
                       geographic region
                 •     weighted average coupon and weighted average maturity    •        credit ratings
                 •     average delinquency rates; DSCR
                 •     credit ratings
                 •     issuance-specific information, including, but not
                       limited to:
                       •             collateral type; structure of the
                                     security; vintage of the loans
                       •             payment terms of the underlying assets
                       •             payment priority within the tranche; deal
                                     performance


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

                                          Level 2                                                    Level 3
  Instrument                         Observable Inputs                                         Unobservable Inputs

Short-term investments and Other investments

                •        Certain short-term investments and certain other    •              Certain short-term investments and
                         investments are of a similar nature and class to                   certain other investments are of a
                         the fixed maturity securities AFS described above;                 similar nature and class to the fixed
                         while certain other investments are similar to                     maturity securities AFS described above,
                         equity securities. The valuation approaches and                    while certain other investments are
                         observable inputs used in their valuation are also                 similar to equity securities. The
                         similar to those described above. Other investments                valuation approaches and unobservable
                         contain equity securities valued using quoted                      inputs used in their valuation are also
                         prices in markets that are not considered active.                  similar to those described above. Other
                                                                                            investments contain equity securities
                                                                                            that use key unobservable inputs such as
                                                                                            credit ratings; issuance structures, in
                                                                                            addition to those described above for
                                                                                            fixed maturities AFS. Other investments
                                                                                            also include certain real estate joint
                                                                                            ventures and use the valuation approach
                                                                                            and key inputs as described for other
                                                                                            limited partnership interests below.

Residential mortgage loans - FVO

                •        N/A                                              

Valuation Approaches: Principally the market approach.

Valuation Techniques and Key Inputs: These investments

are based primarily on matrix pricing or other similar

techniques that utilize inputs from mortgage servicers

that are unobservable or cannot be derived principally

from, or corroborated by, observable market data.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly

                Key Input:                                                   •              N/A
                •        quoted prices or reported NAV provided by the fund
                         managers

Other limited partnership interests

                •        N/A                                              

Valued giving consideration to the underlying holdings

of the partnerships and adjusting, if appropriate.

                                                                             Key Inputs:
                                                                             •              liquidity; bid/ask spreads; performance
                                                                                            record of the fund manager
                                                                             •              other relevant variables that may impact
                                                                                            the exit value of the particular
                                                                                            partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the
underlying assets, including: mutual fund interests, fixed maturity securities,
equity securities, derivatives, hedge funds, other limited partnership
interests, short-term investments and cash and cash equivalents. The estimated
fair value of fixed maturity securities, equity securities, derivatives,
short-term investments and cash and cash equivalents is determined on a basis
consistent with the assets described under "- Securities, Short-term Investments
and Other Investments" and "- Derivatives - Freestanding Derivatives."

Derivatives

The estimated fair value of derivatives is determined through the use of quoted
market prices for exchange-traded derivatives, or through the use of pricing
models for OTC-bilateral and OTC-cleared derivatives. The determination of
estimated fair value, when quoted market values are not available, is based on
market standard valuation methodologies and inputs that management believes are
consistent with what other market participants would use when pricing such
instruments. Derivative valuations can be affected by changes in interest rates,
foreign currency exchange rates, financial indices, credit spreads, default
risk, nonperformance risk, volatility, liquidity and changes in estimates and
assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and
OTC-cleared derivatives are inputs that are observable in the market or can be
derived principally from, or corroborated by, observable market data. Certain
OTC-bilateral and OTC-cleared derivatives may rely on inputs that are
significant to the estimated fair value that are not observable in the market or
cannot be derived principally from, or corroborated by, observable market data.
These unobservable inputs may involve significant management judgment or
estimation. Unobservable inputs are based on management's assumptions about the
inputs market participants would use in pricing such derivatives.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs
but, in certain cases, liquidity adjustments are made when they are deemed more
representative of exit value. Market liquidity, as well as the use of different
methodologies, assumptions and inputs, may have a material effect on the
estimated fair values of the Company's derivatives and could materially affect
net income.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

The credit risk of both the counterparty and the Company are considered in
determining the estimated fair value for all OTC-bilateral and OTC-cleared
derivatives, and any potential credit adjustment is based on the net exposure by
counterparty after taking into account the effects of netting agreements and
collateral arrangements. The Company values its OTC-bilateral and OTC-cleared
derivatives using standard swap curves which may include a spread to the
risk-free rate, depending upon specific collateral arrangements. This credit
spread is appropriate for those parties that execute trades at pricing levels
consistent with similar collateral arrangements. As the Company and its
significant derivative counterparties generally execute trades at such pricing
levels and hold sufficient collateral, additional credit risk adjustments are
not currently required in the valuation process. The Company's ability to
consistently execute at such pricing levels is, in part, due to the netting
agreements and collateral arrangements that are in place with all of its
significant derivative counterparties. An evaluation of the requirement to make
additional credit risk adjustments is performed by the Company each reporting
period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the
exception of exchange-traded derivatives included within Level 1 and those
derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the
corresponding sections for Level 2 measurements of derivatives. However, these
derivatives result in Level 3 classification because one or more of the
significant inputs are not observable in the market or cannot be derived
principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach.
Valuations of non-option-based derivatives utilize present value techniques,
whereas valuations of option-based derivatives utilize option pricing models.
Key inputs are as follows:
                                                                    Foreign Currency
      Instrument                     Interest Rate                   Exchange Rate                   Credit                    Equity Market
Inputs common to       •     swap yield curves              •     swap

yield curves • swap yield curves • swap yield curves
Level 2 and Level 3 by • basis curves

                   •     basis curves         •     credit curves           •     spot equity index
instrument type                                                                                                            levels
                       •     interest rate volatility (1)   •     currency spot rates  •     recovery rates          •     dividend yield curves
                                                                  cross currency basis                               •     equity volatility (1)
                                                            •     curves

Level 3                •     swap yield curves (2)          •     swap yield curves    •     swap yield curves (2)   •     dividend yield curves
                                                                  (2)                                                      (2)
                       •     basis curves (2)               •     basis curves (2)     •     credit curves (2)       •     equity volatility (1),
                                                                                                                           (2)
                       •     repurchase rates               •     cross currency basis •     credit spreads          •     correlation between
                                                                  curves (2)                                               model inputs (1)
                       •     interest rate volatility (1),  •     currency correlation •     repurchase rates
                             (2)
                                                                                       •     independent non-binding
                                                                                             broker quotations


__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

Embedded Derivatives

Embedded derivatives principally include certain direct and assumed variable
annuity guarantees, equity-indexed annuity contracts, and investment risk within
funds withheld related to certain reinsurance agreements. Embedded derivatives
are recorded at estimated fair value with changes in estimated fair value
reported in net income.

The Company issues certain variable annuity products with guaranteed minimum
benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are
measured at estimated fair value separately from the host variable annuity
contract, with changes in estimated fair value reported in net derivative gains
(losses). These embedded derivatives are classified within policyholder account
balances on the consolidated balance sheets.

The Company calculates the fair value of these embedded derivatives, which is
estimated as the present value of projected future benefits minus the present
value of projected future fees using actuarial and capital market assumptions
including expectations concerning policyholder behavior. The calculation is
based on in-force business, projecting future cash flows from the embedded
derivative over multiple risk neutral stochastic scenarios using observable
risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities,
are based on market prices for publicly traded instruments to the extent that
prices for such instruments are observable. Implied volatilities beyond the
observable period are extrapolated based on observable implied volatilities and
historical volatilities. Actuarial assumptions, including mortality, lapse,
withdrawal and utilization, are unobservable and are reviewed at least annually
based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk
adjustments and adjustments for a risk margin related to non-capital market
inputs. The nonperformance adjustment is determined by taking into consideration
publicly available information relating to spreads in the secondary market for
MetLife, Inc.'s debt, including related credit default swaps. These observable
spreads are then adjusted, as necessary, to reflect the priority of these
liabilities and the claims paying ability of the issuing insurance subsidiaries
as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the
instrument which represent the additional compensation a market participant
would require to assume the risks related to the uncertainties of such actuarial
assumptions as annuitization, premium persistency, partial withdrawal and
surrenders. The establishment of risk margins requires the use of significant
management judgment, including assumptions of the amount and cost of capital
needed to cover the guarantees. These guarantees may be more costly than
expected in volatile or declining equity markets. Market conditions including,
but not limited to, changes in interest rates, equity indices, market volatility
and foreign currency exchange rates; changes in nonperformance risk; and
variations in actuarial assumptions regarding policyholder behavior, mortality
and risk margins related to non-capital market inputs, may result in significant
fluctuations in the estimated fair value of the guarantees that could materially
affect net income.

The estimated fair value of the embedded derivatives within funds withheld
related to certain ceded reinsurance and experience refund related to certain
assumed reinsurance is determined based on the change in estimated fair value of
the underlying assets held by the Company in a reference portfolio backing the
reinsurance liability. The estimated fair value of the underlying assets is
determined as described in "- Investments - Securities, Short-term Investments
and Other Investments." The estimated fair value of these embedded derivatives
is included, along with their underlying hosts, in other liabilities and other
invested assets on the consolidated balance sheets with changes in estimated
fair value recorded in net derivative gains (losses). Changes in the credit
spreads on the underlying assets, interest rates and market volatility may
result in significant fluctuations in the estimated fair value of these embedded
derivatives that could materially affect net income.

The Company issues certain annuity contracts which allow the policyholder to
participate in returns from equity indices. These equity indexed features are
embedded derivatives which are measured at estimated fair value separately from
the host fixed annuity contract, with changes in estimated fair value reported
in net derivative gains (losses). These embedded derivatives are classified
within policyholder account balances on the consolidated balance sheets.
                                      171

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

The estimated fair value of the embedded equity indexed derivatives, based on
the present value of future equity returns to the policyholder using actuarial
and present value assumptions including expectations concerning policyholder
behavior, is calculated by the Company's actuarial department. The calculation
is based on in-force business and uses standard capital market techniques, such
as Black-Scholes, to calculate the value of the portion of the embedded
derivative for which the terms are set. The portion of the embedded derivative
covering the period beyond where terms are set is calculated as the present
value of amounts expected to be spent to provide equity indexed returns in those
periods. The valuation of these embedded derivatives also includes the
establishment of a risk margin, as well as changes in nonperformance risk.

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Approaches and Key Inputs:

Direct and assumed guaranteed minimum benefits

These embedded derivatives are principally valued using the income approach.
Valuations are based on option pricing techniques, which utilize significant
inputs that may include swap yield curves, currency exchange rates and implied
volatilities. These embedded derivatives result in Level 3 classification
because one or more of the significant inputs are not observable in the market
or cannot be derived principally from, or corroborated by, observable market
data. Significant unobservable inputs generally include: the extrapolation
beyond observable limits of the swap yield curves and implied volatilities,
actuarial assumptions for policyholder behavior and mortality and the potential
variability in policyholder behavior and mortality, nonperformance risk and cost
of capital for purposes of calculating the risk margin.

Embedded derivatives within funds withheld related to certain ceded reinsurance

These embedded derivatives are principally valued using the income approach. The
valuations are based on present value techniques, which utilize significant
inputs that may include the swap yield curves and the fair value of assets
within the reference portfolio. These embedded derivatives result in Level 3
classification because one or more of the significant inputs are not observable
in the market or cannot be derived principally from, or corroborated by,
observable market data. Significant unobservable inputs generally include the
fair value of certain assets within the reference portfolio which are not
observable in the market and cannot be derived principally from, or corroborated
by, observable market data.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the
observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input
cannot be corroborated with market observable data. This occurs when market
activity decreases significantly and underlying inputs cannot be observed,
current prices are not available, and/or when there are significant variances in
quoted prices, thereby affecting transparency. Assets and liabilities are
transferred out of Level 3 when circumstances change such that a significant
input can be corroborated with market observable data. This may be due to a
significant increase in market activity, a specific event, or one or more
significant input(s) becoming observable.
                                      172

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable
Inputs (Level 3)

The following table presents certain quantitative information about the
significant unobservable inputs used in the fair value measurement, and the
sensitivity of the estimated fair value to changes in those inputs, for the more
significant asset and liability classes measured at fair value on a recurring
basis using significant unobservable inputs (Level 3) at:

                                                                                                                                                December 31, 2022                                               December 31, 2021                                    Impact of
                                                                                                                                                                                                                                                                 Increase in Input
                                                                                           Significant                                                                   Weighted                                                         Weighted                 on Estimated
                                         Valuation Techniques                          Unobservable Inputs                                Range                        Average (1)                         Range                        Average (1)               Fair Value (2)
Fixed maturity securities AFS (3)
U.S. corporate and foreign                     • Matrix pricing                          • Offered quotes (4)                    -         -          126                   89                   1          -          165                  110                      Increase
corporate
                                               • Market pricing             •              Quoted prices (4)                    20         -          107                   92                   -          -          117                  101                      Increase
RMBS                                           • Market pricing             •              Quoted prices (4)                     -         -          106                   93                   -          -          121                   99                    Increase (5)
ABS & CLO                                      • Market pricing             •              Quoted prices (4)                    74         -          101                   91                   91         -          110                  102                    Increase (5)
Derivatives
Interest rate                                  • Present value           

               • Swap yield (6)                       372        -          392                  381                  151         -          200                  188                    Increase (7)
                                                 techniques

                                                                                         • Volatility (8)                       -%      -             -%                    -%                   1%         -          1%                    1%                    Increase (7)

Credit                                         • Present value                           • Credit spreads (9)                   84         -          138                  101                   96         -          133                  109                    Decrease (7)
                                                 techniques
                                               • Consensus pricing                       • Offered quotes (10)

Embedded derivatives
Direct and assumed guaranteed                  • Option pricing                          • Mortality rates:
minimum benefits                                 techniques
                                                                                           Ages 0 - 40                         0.01%       -         0.08%                0.05%                0.01%        -         0.12%                0.08%                   Decrease (11)
                                                                                           Ages 41 - 60                        0.05%       -         0.43%                0.20%                0.05%        -         0.65%                0.27%                   Decrease (11)
                                                                                           Ages 61 - 115                       0.34%       -         100%                 1.44%                0.32%        -         100%                 2.08%                   Decrease (11)
                                                                                         • Lapse rates:
                                                                                           Durations 1 - 10                    0.50%       -        37.50%                8.96%                0.25%        -         100%                 6.30%                   Decrease (12)
                                                                                           Durations 11 - 20                   0.70%       -        35.75%                6.52%                0.70%        -         100%                 5.22%                   Decrease (12)
                                                                                           Durations 21 - 116                  1.60%       -        35.75%                2.89%                1.60%        -         100%                 5.22%                   Decrease (12)
                                                                                         • Utilization rates                   0.20%       -          22%                 0.38%                  0%         -          22%                 0.22%                   Increase (13)
                                                                                         • Withdrawal rates                    0.25%       -          10%                 4.02%                0.25%        -          10%                 3.72%                       (14)
                                                                                         • Long-term equity                   16.46%       -        22.01%                18.49%               16.44%       -        22.16%                18.60%                  Increase (15)
                                                                                           volatilities
                                                                                         • Nonperformance risk spread          0.34%       -         0.74%                0.75%                0.04%        -         0.40%     

          0.35%                   Decrease (16)


__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is
determined based on the estimated fair value of the securities and derivatives.
The weighted average for embedded derivatives is determined based on a
combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact
on estimated fair value. For embedded derivatives, changes to direct and assumed
guaranteed minimum benefits are based on liability positions.

(3)Significant increases (decreases) in expected default rates in isolation
would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market
convention for fixed maturity securities AFS of dollars per hundred dollars of
par.

(5)Changes in the assumptions used for the probability of default would have
been accompanied by a directionally similar change in the assumption used for
the loss severity and a directionally opposite change in the assumptions used
for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in
basis points. The swap yield curves are utilized among different types of
derivatives to project cash flows, as well as to discount future cash flows to
present value. Since this valuation methodology uses a range of inputs across a
yield curve to value the derivative, presenting a range is more representative
of the unobservable input used in the valuation.
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

(7)Changes in estimated fair value are based on long U.S. dollar net asset
positions and will be inversely impacted for short U.S. dollar net asset
positions.

(8)Ranges represent the underlying interest rate volatility quoted in percentage
points. Since this valuation methodology uses an equivalent of LIBOR for secured
overnight financing rate volatility, presenting a range is more representative
of the unobservable input used in the valuation.

(9)Represents the risk quoted in basis points of a credit default event on the
underlying instrument. Credit derivatives with significant unobservable inputs
are primarily comprised of written credit default swaps.

(10)At both December 31, 2022 and 2021, independent non-binding broker
quotations were used in the determination of 1% or less of the total net
derivative estimated fair value.

(11)Mortality rates vary by age and by demographic characteristics such as
gender. Mortality rate assumptions are based on company experience. A mortality
improvement assumption is also applied. For any given contract, mortality rates
vary throughout the period over which cash flows are projected for purposes of
valuing the embedded derivative.

(12)Base lapse rates are adjusted at the contract level based on a comparison of
the actuarially calculated guaranteed values and the current policyholder
account value, as well as other factors, such as the applicability of any
surrender charges. A dynamic lapse function reduces the base lapse rate when the
guaranteed amount is greater than the account value as in the money contracts
are less likely to lapse. Lapse rates are also generally assumed to be lower in
periods when a surrender charge applies. For any given contract, lapse rates
vary throughout the period over which cash flows are projected for purposes of
valuing the embedded derivative.

(13)The utilization rate assumption estimates the percentage of contractholders
with GMIBs or a lifetime withdrawal benefit who will elect to utilize the
benefit upon becoming eligible. The rates may vary by the type of guarantee, the
amount by which the guaranteed amount is greater than the account value, the
contract's withdrawal history and by the age of the policyholder. For any given
contract, utilization rates vary throughout the period over which cash flows are
projected for purposes of valuing the embedded derivative.

(14)The withdrawal rate represents the percentage of account balance that any
given policyholder will elect to withdraw from the contract each year. The
withdrawal rate assumption varies by age and duration of the contract, and also
by other factors such as benefit type. For any given contract, withdrawal rates
vary throughout the period over which cash flows are projected for purposes of
valuing the embedded derivative. For GMWBs, any increase (decrease) in
withdrawal rates results in an increase (decrease) in the estimated fair value
of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal
rates results in a decrease (increase) in the estimated fair value.

(15)Long-term equity volatilities represent equity volatility beyond the period
for which observable equity volatilities are available. For any given contract,
long-term equity volatility rates vary throughout the period over which cash
flows are projected for purposes of valuing the embedded derivative.

(16)Nonperformance risk spread varies by duration and by currency. For any given
contract, multiple nonperformance risk spreads will apply, depending on the
duration of the cash flow being discounted for purposes of valuing the embedded
derivative.

All other classes of securities classified within Level 3, including those
within other investments, separate account assets, and embedded derivatives
within funds withheld related to certain ceded reinsurance, use the same
valuation techniques and significant unobservable inputs as previously described
for Level 3 securities. Generally, all other classes of assets and liabilities
classified within Level 3 that are not included above use the same valuation
techniques and significant unobservable inputs as previously described for
Level 3. The sensitivity of the estimated fair value to changes in the
significant unobservable inputs for these other assets and liabilities is
similar in nature to that described in the preceding table. The valuation
techniques and significant unobservable inputs used in the fair value
measurement for the more significant assets measured at estimated fair value on
a nonrecurring basis and determined using significant unobservable inputs
(Level 3) are summarized in "- Nonrecurring Fair Value Measurements."
                                      174

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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

The following tables summarize the change of all assets (liabilities) measured
at estimated fair value on a recurring basis using significant unobservable
inputs (Level 3):

                                                                   Fair 

Value Measurements Using Significant

                                                                         Unobservable Inputs (Level 3)
                                                                     Fixed Maturity Securities AFS
                                                                                            Structured                   Foreign                  Short-term
                                                               Corporate (6)                 Products                  Government                 Investments
                                                                                 (In millions)
Balance, January 1, 2021                                      $     14,873                $      4,465                $        5                $          1

Total realized/unrealized gains (losses) included in
net income (loss) (1), (2)

                                             (40)                         45                         -                        

-

Total realized/unrealized gains (losses) included in
AOCI                                                                  (745)                          8                        (1)                          -
Purchases (3)                                                        2,369                       1,247                         -                           2
Sales (3)                                                           (1,211)                     (1,239)                       (2)                          -
Issuances (3)                                                            -                           -                         -                           -
Settlements (3)                                                          -                           -                         -                           -
Transfers into Level 3 (4)                                             162                         332                        10                           -
Transfers out of Level 3 (4)                                          (473)                       (258)                        -                          (1)
Balance, December 31, 2021                                          14,935                       4,600                        12                           2

Total realized/unrealized gains (losses) included in
net income (loss) (1), (2)

                                             (25)                         38                       (37)                       

-

Total realized/unrealized gains (losses) included in
AOCI                                                                (3,334)                       (356)                        6                           -
Purchases (3)                                                        3,168                         750                         -                          47
Sales (3)                                                           (1,231)                       (795)                       (2)                         (2)
Issuances (3)                                                            -                           -                         -                           -
Settlements (3)                                                          -                           -                         -                           -
Transfers into Level 3 (4)                                           1,614                         204                        45                           -
Transfers out of Level 3 (4)                                          (394)                     (1,068)                       (9)                          -
Balance, December 31, 2022                                    $     14,733                $      3,373                $       15                $         47

Changes in unrealized gains (losses) included in net
income (loss) for the instruments still held at
December 31, 2020: (5)

                                        $        (53)               $         52                $        -                $       

-

Changes in unrealized gains (losses) included in net
income (loss) for the instruments still held at
December 31, 2021: (5)

                                        $         (7)               $         41                $        -                $       

-

Changes in unrealized gains (losses) included in net
income (loss) for the instruments still held at
December 31, 2022: (5)

                                        $        (21)               $         32                $      (37)               $       

-

Changes in unrealized gains (losses) included in
AOCI for the instruments still held at
December 31, 2020: (5)                                        $        963                $         22                $        -                $       

-

Changes in unrealized gains (losses) included in
AOCI for the instruments still held at
December 31, 2021: (5)                                        $       (731)               $         10                $       (1)               $       

-

Changes in unrealized gains (losses) included in
AOCI for the instruments still held at
December 31, 2022: (5)                                        $     (3,326)               $       (341)               $        7                $       

-

Gains (Losses) Data for the year ended

December 31, 2020
Total realized/unrealized gains (losses) included in
net income (loss) (1), (2)

                                    $        (91)               $         46                $        -                $       

-

Total realized/unrealized gains (losses) included in
AOCI                                                          $        979                $         22                $        -                $          -


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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

                                                       Residential
                                                         Mortgage                                               Net                  Net Embedded               Separate
                                                       Loans - FVO            Other Investments           Derivatives (7)           Derivatives (8)           Accounts (9)
                                                                                                          (In millions)
Balance, January 1, 2021                             $         165          $              565          $            452          $         (2,061)         $         939
Total realized/unrealized gains (losses)
included in
net income (loss) (1), (2)                                      (5)                        183                       (69)                      733                      8
Total realized/unrealized gains (losses)
included in AOCI                                                 -                           -                      (352)                        -                      -
Purchases (3)                                                    -                         139                        28                         -                  1,044
Sales (3)                                                      (11)                        (38)                        -                         -                    (44)
Issuances (3)                                                    -                           -                       (13)                        -                     (2)
Settlements (3)                                                (22)                          -                        38                      (171)                     6
Transfers into Level 3 (4)                                       -                          74                         1                         -                     10
Transfers out of Level 3 (4)                                     -                         (29)                        1                         -                     (3)
Balance, December 31, 2021                                     127                         894                        86                    (1,499)                 1,958
Total realized/unrealized gains (losses)
included in
 net income (loss) (1), (2)                                     (8)                        (16)                     (140)                    1,584                     25
Total realized/unrealized gains (losses)
included in AOCI                                                 -                           -                      (547)                        -                      -
Purchases (3)                                                    -                         262                        82                         -                    196
Sales (3)                                                     (108)                        (19)                        -                         -                 (1,164)
Issuances (3)                                                    -                           -                        (3)                        -                     (2)
Settlements (3)                                                (11)                          -                       191                       (76)                     4
Transfers into Level 3 (4)                                       -                           3                         -                         -                      1
Transfers out of Level 3 (4)                                     -                        (102)                        -                         -                    (23)
Balance, December 31, 2022                           $           -          $            1,022          $           (331)         $              9          $         995
Changes in unrealized gains (losses) included
in net income (loss) for the instruments still
held at December 31, 2020: (5)                       $           3          $               67          $            (76)         $           (565)         $           -
Changes in unrealized gains (losses) included
in net income (loss) for the instruments still
held at December 31, 2021: (5)                       $         (10)         $              170          $             (7)         $            735          $           -
Changes in unrealized gains (losses) included
in net income (loss) for the instruments still
held at December 31, 2022: (5)                       $           -          $              (22)         $            (17)         $          1,586          $           -
Changes in unrealized gains (losses) included
in
 AOCI for the instruments still held at
December 31, 2020: (5)                               $           -          $                -          $            579          $              -          $           -
Changes in unrealized gains (losses) included
in
 AOCI for the instruments still held at
December 31, 2021: (5)                               $           -          $                -          $           (128)         $              -          $           -
Changes in unrealized gains (losses) included
in
AOCI for the instruments still held at
December 31, 2022: (5)                               $           -          $                -          $           (454)         $              -          $           -
Gains (Losses) Data for the year ended
December 31, 2020
Total realized/unrealized gains (losses)
included in
net income (loss) (1), (2)                           $           9          $               73          $            176          $           (557)         $           -
Total realized/unrealized gains (losses)
included in AOCI                                     $           -          $                -          $            772          $              -          $           -


__________________

(1)Amortization of premium/accretion of discount is included within net
investment income. Impairments and changes in ACL charged to net income (loss)
on certain securities are included in net investment gains (losses), while
changes in estimated fair value of residential mortgage loans - FVO are included
in net investment income. Lapses associated with net embedded derivatives are
included in net derivative gains (losses). Substantially all realized/unrealized
gains (losses) included in net income (loss) for net derivatives and net
embedded derivatives are reported in net derivative gains (losses).
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  Table of Contents

                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

(2)Interest and dividend accruals, as well as cash interest coupons and
dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded
from the rollforward. Fees attributed to embedded derivatives are included in
settlements.

(4)Items transferred into and then out of Level 3 in the same period are
excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and
included in AOCI relate to assets and liabilities still held at the end of the
respective periods. Substantially all changes in unrealized gains (losses)
included in net income (loss) for net derivatives and net embedded derivatives
are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes
of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of
the rollforward.

(9)Investment performance related to separate account assets is fully offset by
corresponding amounts credited to contractholders within separate account
liabilities. Therefore, such changes in estimated fair value are not recorded in
net income (loss). For the purpose of this disclosure, these changes are
presented within net income (loss). Separate account assets and liabilities are
presented net for the purposes of the rollforward.

Fair Value Option

The Company elects the FVO for certain residential mortgage loans that are
managed on a total return basis. The following table presents information for
residential mortgage loans which are accounted for under the FVO and were
initially measured at fair value.

                                                                                December 31,
                                                                          2022                  2021
                                                                               (In millions)
Unpaid principal balance                                            $         -             $     130

Difference between estimated fair value and unpaid principal
balance

                                                                       -                    (3)
Carrying value at estimated fair value                              $         -             $     127
Loans in nonaccrual status                                          $         -             $      32
Loans more than 90 days past due                                    $         -             $      14

Loans in nonaccrual status or more than 90 days past due, or both -
difference between aggregate estimated fair value and unpaid
principal balance

                                                   $         -             $      (7)

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair
value on a nonrecurring basis during the periods and still held at the reporting
dates (for example, when there is evidence of impairment), using significant
unobservable inputs (Level 3).


                                                  December 31,
                                                 2022        2021
                                                  (in millions)
                        Carrying value after measurement
                        Mortgage loans (1)    $    222      $ 266


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)


                                                Years Ended December 31,
                                             2022            2021        2020
                                                     (in millions)
                 Realized gains (losses) net:
                 Mortgage loans (1)   $    (13)             $ (91)     $ (110)


__________________

(1)Estimated fair values for impaired mortgage loans are based on estimated fair
value of the underlying collateral.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments
that are carried on the balance sheet at amounts other than fair value. These
tables exclude the following financial instruments: cash and cash equivalents,
accrued investment income, payables for collateral under securities loaned and
other transactions, short-term debt and those short-term investments that are
not securities, such as time deposits, and therefore are not included in the
three-level hierarchy table disclosed in the "- Recurring Fair Value
Measurements" section. The Company believes that due to the short-term nature of
these excluded assets, which are primarily classified in Level 2, the estimated
fair value approximates carrying value. All remaining balance sheet amounts
excluded from the tables below are not considered financial instruments subject
to this disclosure.

The carrying values and estimated fair values for such financial instruments,
and their corresponding placement in the fair value hierarchy, are summarized as
follows at:

                                                                            December 31, 2022
                                                                         Fair Value Hierarchy
                                                                                                                       Total
                                         Carrying                                                                    Estimated
                                           Value             Level 1             Level 2           Level 3           Fair Value
                                                                              (In millions)
Assets
Mortgage loans (1)                      $ 62,570          $         -          $      -          $ 58,858          $    58,858
Policy loans                            $  5,729          $         -          $      -          $  6,143          $     6,143

Other invested assets                   $  1,978          $         -          $  1,979          $      -          $     1,979
Premiums, reinsurance and other
receivables                             $ 12,036          $         -          $    454          $ 11,826          $    12,280
Liabilities
Policyholder account balances           $ 81,618          $         -          $      -          $ 78,938          $    78,938
Long-term debt                          $  1,676          $         -          $  1,758          $      -          $     1,758
Other liabilities                       $ 12,546          $         -          $    671          $ 11,842          $    12,513
Separate account liabilities            $ 38,391          $         -          $ 38,391          $      -          $    38,391


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

9. Fair Value (continued)

                                                                            December 31, 2021
                                                                         Fair Value Hierarchy
                                                                                                                       Total
                                         Carrying                                                                    Estimated
                                           Value             Level 1             Level 2           Level 3           Fair Value
                                                                              (In millions)
Assets
Mortgage loans (1)                      $ 60,092          $         -          $      -          $ 63,094          $    63,094
Policy loans                            $  5,816          $         -          $      -          $  6,710          $     6,710

Other invested assets                   $  2,230          $         -          $  1,932          $    356          $     2,288
Premiums, reinsurance and other
receivables                             $ 12,101          $         -          $    156          $ 12,375          $    12,531
Liabilities
Policyholder account balances           $ 76,387          $         -          $      -          $ 79,182          $    79,182
Long-term debt                          $  1,659          $         -          $  2,000          $      -          $     2,000
Other liabilities                       $ 12,357          $         -          $    159          $ 12,412          $    12,571
Separate account liabilities            $ 54,254          $         -          $ 54,254          $      -          $    54,254


_________________

(1)Includes mortgage loans measured at estimated fair value on a nonrecurring
basis and excludes mortgage loans measured at estimated fair value on a
recurring basis.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

10. Leases

The Company, as lessee, has entered into various lease and sublease agreements
primarily for office space. The Company has operating leases with remaining
lease terms of less than one year to eight years. The remaining lease terms for
the subleases are less than one year to eight years.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities for operating leases were:

                                      December 31, 2022       December 31, 2021
                                                    (In millions)
             ROU assets              $              498      $              601
             Lease liabilities       $              589      $              701


Lease Costs

The components of operating lease costs were as follows:

                                                   Years Ended December 31,
                                                  2022             2021       2020
                                                        (In millions)
               Operating lease cost       $     116               $ 120      $ 117
               Sublease income                  (73)                (91)       (89)


Other Information

Supplemental other information related to operating leases was as follows:

                                                                December 31, 2022           December 31, 2021
                                                                            

(Dollars in millions)
Cash paid for amounts included in the measurement of
lease liability - operating cash flows

                        $            124            $            122
ROU assets obtained in exchange for new lease
liabilities                                                   $              4            $              4
Weighted-average remaining lease term                                       6 years                     7 years
Weighted-average discount rate                                             4.0    %                    4.0    %

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:

                                                      December 31, 2022
                                                        (In millions)
               2023                                  $              117
               2024                                                 106
               2025                                                 107
               2026                                                 102
               2027                                                  91
               Thereafter                                           162
               Total undiscounted cash flows                        685
               Less: interest                                        96
               Present value of lease liability      $              589


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

10. Leases (continued)

See Note 7 for information about the Company's investments in leased real estate
and leveraged and direct financing leases.

11. Long-term and Short-term Debt

Long-term and short-term debt outstanding was as follows:

                                                                                                                                                                           December 31,
                                                 Interest Rates (1)                                                                              2022                                                        2021
                                                                                                                                             Unamortized                                                 Unamortized
                                                                                                                            Face             Discount and           Carrying            Face             Discount and           Carrying
                                          Range                     Weighted Average               Maturity                Value            Issuance Costs            Value            Value            Issuance Costs            Value
                                                                                                                                                                           (In millions)
Surplus notes - affiliated      7.38%      -       7.38%                 7.38%                       2037                $   700          $            (7)         $    693          $   700          $            (8)         $    692
Surplus notes                   7.80%      -       7.88%                 7.83%                2024     -    2025             400                       (1)              399              400                       (1)              399
Other notes                     0.45%      -       7.50%                 4.55%                2023     -    2027             586                       (2)              584              571                       (3)              568
Total long-term debt                                                                                                       1,686                      (10)            1,676            1,671                      (12)            1,659
Total short-term debt                                                                                                         99                        -                99              100                        -               100
Total                                                                                                                    $ 1,785          $           (10)         $  1,775          $ 1,771          $           (12)         $  1,759


__________________

(1)Range of interest rates and weighted average interest rates are for the year
ended December 31, 2022.

The aggregate maturities of long-term debt at December 31, 2022 for the next
five years and thereafter are $90 million in 2023, $245 million in 2024, $250
million in 2025, $348 million in 2026, $50 million in 2027 and $693 million
thereafter.

Unsecured senior debt which consists of senior notes and other notes rank
highest in priority. Payments of interest and principal on Metropolitan Life
Insurance Company's surplus notes are subordinate to all other obligations and
may be made only with the prior approval of the New York State Department of
Financial Services ("NYDFS").

Other Notes

In December 2022 and 2021, Missouri Reinsurance, Inc., a wholly-owned subsidiary
of the Company, issued to MetLife, Inc. a $60 million 5.23% promissory note and
a $35 million 2.12% promissory note, respectively. Both notes are payable
semi-annually and mature in December 2024.

At December 31, 2022, MetLife Private Equity Holdings, LLC ("MPEH"), a
wholly-owned indirect investment subsidiary of Metropolitan Life Insurance
Company, was party to a credit agreement providing for $350 million of term
loans and $75 million of a revolving loan (the "Credit Agreement"), which
matures in September 2026. In March 2020, MPEH borrowed $75 million on a
revolving loan under the Credit Agreement and repaid this loan in July 2020.
Simultaneously, in July 2020, MPEH borrowed $50 million on the term loan under
the Credit Agreement. MPEH has pledged invested assets to secure the loans;
however, these loans are non-recourse to Metropolitan Life Insurance Company.

Short-term Debt

Short-term debt with maturities of one year or less was as follows:

                                                    December 31,
                                                 2022                 2021
                                                (Dollars in millions)
            Commercial paper           $          99               $     100
            Average daily balance      $         100               $     105
            Average days outstanding                   131 days       104 days

For the years ended December 31, 2022, 2021 and 2020, the weighted average
interest rate on short-term debt was 1.60%, 0.23% and 1.51%, respectively.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

11. Long-term and Short-term Debt (continued)

Interest Expense

Interest expense included in other expenses was $104 million, $96 million and
$99 million for the years ended December 31, 2022, 2021 and 2020, respectively.
These amounts include $53 million, $52 million and $52 million of interest
expense related to affiliated debt for the years ended December 31, 2022, 2021
and 2020, respectively.

Credit Facility

At December 31, 2022, MetLife, Inc. and MetLife Funding, Inc., a wholly-owned
subsidiary of Metropolitan Life Insurance Company ("MetLife Funding"),
maintained a $3.0 billion unsecured revolving credit facility (the "Credit
Facility"). When drawn upon, this facility bears interest at varying rates in
accordance with the agreement.

The Credit Facility is used for general corporate purposes, to support the
borrowers' commercial paper programs and for the issuance of letters of credit.
Total fees associated with the Credit Facility were $4 million, $7 million and
$7 million for the years ended December 31, 2022, 2021 and 2020, respectively,
and were included in other expenses.

Information on the Credit Facility at December 31, 2022 was as follows:

                                                                                  Letters of          Letters of
                                                                                  Credit Used         Credit Used
                                                                 Maximum            by the           by Affiliates                              Unused
Borrower(s)                            Expiration               Capacity          Company (1)             (1)             Drawdowns           Commitments
                                                                                                      (In millions)

MetLife, Inc. and MetLife
Funding, Inc.                    February 2026 (2)             $  3,000          $        7          $      256          $       -          $      2,737


__________________

(1)MetLife, Inc. and MetLife Funding are severally liable for their respective
obligations under the Credit Facility. MetLife Funding was not an applicant
under letters of credit outstanding as of December 31, 2022 and is not
responsible for any reimbursement obligations under such letters of credit.

(2)All borrowings under the Credit Facility must be repaid by February 26, 2026,
except that letters of credit outstanding upon termination may remain
outstanding until February 26, 2027.

Debt and Facility Covenants

Certain of the Company's debt instruments and the Credit Facility contain
various administrative, reporting, legal and financial covenants. The Company
believes it was in compliance with all applicable financial covenants at
December 31, 2022.

12. Equity

Statutory Equity and Income

Metropolitan Life Insurance Company prepares statutory-basis financial
statements in accordance with statutory accounting practices prescribed or
permitted by the NYDFS. The National Association of Insurance Commissioners
("NAIC") has adopted the Codification of Statutory Accounting
Principles ("Statutory Codification"). Statutory Codification is intended to
standardize regulatory accounting and reporting to state insurance departments.
However, statutory accounting principles continue to be established by
individual state laws and permitted practices. Modifications by the NYDFS may
impact the effect of Statutory Codification on the statutory capital and surplus
of Metropolitan Life Insurance Company.

New York, the state of domicile of Metropolitan Life Insurance Company, imposes
risk-based capital ("RBC") requirements that were developed by the NAIC.
Regulatory compliance is determined by a ratio of a company's total adjusted
capital, calculated in the manner prescribed by the NAIC ("TAC"), with
modifications by the state insurance department, to its authorized control level
RBC, calculated in the manner prescribed by the NAIC ("ACL RBC"), based on the
statutory-based filed financial statements. Companies below specific trigger
levels or ratios are classified by their respective levels, each of which
requires specified corrective action. The minimum level of TAC before corrective
action commences is twice ACL RBC ("CAL RBC"). The CAL RBC ratios for
Metropolitan Life Insurance Company were in excess of 340% and in excess of 360%
at December 31, 2022 and 2021, respectively.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

12. Equity (continued)

Metropolitan Life Insurance Company's ancillary foreign insurance operations are
regulated by applicable authorities of the jurisdictions in which each entity
operates and are subject to minimum capital and solvency requirements in those
jurisdictions before corrective action commences. The aggregate required capital
and surplus of Metropolitan Life Insurance Company's foreign insurance
operations was $423 million and the aggregate actual regulatory capital and
surplus of such operations was $758 million as of the date of the most recently
required capital adequacy calculation for each jurisdiction. The Company's
foreign insurance operations exceeded the minimum capital and solvency
requirements as of the date of the most recent fiscal year-end capital adequacy
calculation for each jurisdiction.

Statutory accounting principles differ from GAAP primarily by charging policy
acquisition costs to expense as incurred, establishing future policy benefit
liabilities using different actuarial assumptions, reporting surplus notes as
surplus instead of debt and valuing securities on a different basis.

In addition, certain assets are not admitted under statutory accounting
principles and are charged directly to surplus. The most significant assets not
admitted by Metropolitan Life Insurance Company are net deferred income tax
assets resulting from temporary differences between statutory accounting
principles basis and tax basis not expected to reverse and become recoverable
within three years. Further, statutory accounting principles do not give
recognition to purchase accounting adjustments.

New York has adopted certain prescribed accounting practices, primarily
consisting of the continuous Commissioners' Annuity Reserve Valuation Method,
which impacts deferred annuities, and the New York Special Considerations
Letter, which mandates certain assumptions in asset adequacy testing. The
collective impact of these prescribed accounting practices decreased the
statutory capital and surplus of Metropolitan Life Insurance Company by
$1.3 billion and $1.2 billion at December 31, 2022 and 2021, respectively,
compared to what capital and surplus would have been had it been measured under
NAIC guidance.

Statutory net income (loss) of Metropolitan Life Insurance Company, a New York
domiciled insurer, was $2.7 billion, $3.5 billion and $3.4 billion at
December 31, 2022, 2021 and 2020, respectively. Statutory capital and surplus,
including the aforementioned prescribed practice was $10.9 billion and $11.8
billion at December 31, 2022 and 2021, respectively. All such amounts are
derived from the statutory-basis financial statements as filed with the NYDFS.

Dividend Restrictions

Under the New York State Insurance Law, Metropolitan Life Insurance Company is
permitted, without prior insurance regulatory clearance, to pay stockholder
dividends to MetLife, Inc. in any calendar year based on either of two
standards. Under one standard, Metropolitan Life Insurance Company is permitted,
without prior insurance regulatory clearance, to pay dividends out of earned
surplus (defined as positive unassigned funds (surplus), excluding 85% of the
change in net unrealized capital gains or losses (less capital gains tax), for
the immediately preceding calendar year), in an amount up to the greater of: (i)
10% of its surplus to policyholders as of the end of the immediately preceding
calendar year, or (ii) its statutory net gain from operations for the
immediately preceding calendar year (excluding realized capital gains), not to
exceed 30% of surplus to policyholders as of the end of the immediately
preceding calendar year. In addition, under this standard, Metropolitan Life
Insurance Company may not, without prior insurance regulatory clearance, pay any
dividends in any calendar year immediately following a calendar year for which
its net gain from operations, excluding realized capital gains, was negative.
Under the second standard, if dividends are paid out of other than earned
surplus, Metropolitan Life Insurance Company may, without prior insurance
regulatory clearance, pay an amount up to the lesser of: (i) 10% of its surplus
to policyholders as of the end of the immediately preceding calendar year, or
(ii) its statutory net gain from operations for the immediately preceding
calendar year (excluding realized capital gains). In addition, Metropolitan Life
Insurance Company will be permitted to pay a dividend to MetLife, Inc. in excess
of the amounts allowed under both standards only if it files notice of its
intention to declare such a dividend and the amount thereof with the New York
Superintendent of Financial Services (the "Superintendent") and the
Superintendent either approves the distribution of the dividend or does not
disapprove the dividend within 30 days of its filing. Under the New York State
Insurance Law, the Superintendent has broad discretion in determining whether
the financial condition of a stock life insurance company would support the
payment of such dividends to its stockholder.

Metropolitan Life Insurance Company paid $3.5 billion and $3.4 billion in
dividends to MetLife, Inc. for the years ended December 31, 2022 and 2021,
respectively, including amounts where regulatory approval was obtained as
required. Under

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

12. Equity (continued)

New York State Insurance Law, Metropolitan Life Insurance Company has calculated
that it may pay approximately $2.4 billion to MetLife, Inc. without prior
regulatory approval by the end of 2023.

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI
attributable to Metropolitan Life Insurance Company was as follows:

                                               Unrealized                                        Foreign              Defined
                                            Investment Gains            Unrealized              Currency              Benefit
                                            (Losses), Net of          Gains (Losses)           Translation             Plans
                                            Related Offsets           on Derivatives           Adjustments           Adjustment            Total
                                                                                        (In millions)
Balance at December 31, 2019              $           8,876          $      

1,620 $ (97) $ (374) $ 10,025
OCI before reclassifications

                          1,852                   1,144                    54                 (145)            2,905
Deferred income tax benefit (expense)                  (391)                   (240)                  (10)                  30              (611)
AOCI before reclassifications, net of
income tax                                           10,337                   2,524                   (53)                (489)           12,319
Amounts reclassified from AOCI                           59                    (928)                    -                   37              (832)
Deferred income tax benefit (expense)                   (12)                    195                     -                   (8)              175
Amounts reclassified from AOCI, net of
income tax                                               47                    (733)                    -                   29              (657)

Balance at December 31, 2020                         10,384                   1,791                   (53)                (460)           11,662
OCI before reclassifications                         (2,564)                     30                     9                   44            (2,481)
Deferred income tax benefit (expense)                   586                      (8)                   (1)                  (9)              568
AOCI before reclassifications, net of
income tax                                            8,406                   1,813                   (45)                (425)            9,749
Amounts reclassified from AOCI                          102                      81                     -                   38               221
Deferred income tax benefit (expense)                   (23)                    (22)                    -                   (8)              (53)
Amounts reclassified from AOCI, net of
income tax                                               79                      59                     -                   30               168

Balance at December 31, 2021                          8,485                   1,872                   (45)                (395)            9,917
OCI before reclassifications                        (24,428)                   (701)                 (177)                 278           (25,028)
Deferred income tax benefit (expense)                 5,134                     147                    35                  (58)            5,258
AOCI before reclassifications, net of
income tax                                          (10,809)                  1,318                  (187)                (175)           (9,853)
Amounts reclassified from AOCI                          862                     302                     -                   47             1,211
Deferred income tax benefit (expense)                  (181)                    (63)                    -                  (10)             (254)
Amounts reclassified from AOCI, net of
income tax                                              681                     239                     -                   37               957

Balance at December 31, 2022              $         (10,128)         $      

1,557 $ (187) $ (138) $ (8,896)

For information on offsets to investments related to policyholder liabilities,
DAC, VOBA and DSI, see "- Net Unrealized Investment Gains (Losses)."

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

12. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as
follows:

                                                               Years Ended December 31,
                                                        2022                2021             2020
                                                                                                               Consolidated Statements of
AOCI Components                                             Amounts Reclassified from AOCI                        Operations Locations
                                                                     (In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)           $       (810)         $  

(67) $ (30) Net investment gains (losses)
Net unrealized investment gains (losses)

                      6              (13)             (18)         Net investment income
Net unrealized investment gains (losses)                    (58)             (22)             (11)         Net derivative gains (losses)
Net unrealized investment gains (losses),
before income tax                                          (862)            (102)             (59)
Income tax (expense) benefit                                181               23               12
Net unrealized investment gains (losses),
net of income tax                                          (681)             (79)             (47)
Unrealized gains (losses) on derivatives -
cash flow hedges:
Interest rate derivatives                                    59               57               36          Net investment income
Interest rate derivatives                                    51               87              121          Net investment gains (losses)

Foreign currency exchange rate derivatives                    5                4                3          Net investment income
Foreign currency exchange rate derivatives                 (417)            (229)             768          Net investment gains (losses)

Gains (losses) on cash flow hedges, before
income tax                                                 (302)             (81)             928
Income tax (expense) benefit                                 63               22             (195)
Gains (losses) on cash flow hedges, net of
income tax                                                 (239)             (59)             733
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)                (49)             (43)             (39)
Amortization of prior service (costs) credit                  2                5                2
Amortization of defined benefit plan items,
before income tax                                           (47)             (38)             (37)
Income tax (expense) benefit                                 10                8                8
Amortization of defined benefit plan items,
net of income tax                                           (37)             (30)             (29)

Total reclassifications, net of income tax $ (957) $ (168) $ 657

__________________

(1)These AOCI components are included in the computation of net periodic benefit
costs. See Note 14.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

12. Equity (continued)

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities AFS,
derivatives and other investments and the effect on policyholder liabilities,
DAC, VOBA and DSI that would result from the realization of the unrealized gains
(losses), are included in net unrealized investment gains (losses) in AOCI.

The components of net unrealized investment gains (losses), included in AOCI,
were as follows:

                                                         Years Ended December 31,
                                                     2022           2021          2020
                                                               (In millions)

       Fixed maturity securities AFS              $ (14,741)     $ 17,586      $ 24,954

       Derivatives                                    1,971         2,370         2,259
       Other                                            455           377           235
       Subtotal                                     (12,315)       20,333        27,448
       Amounts allocated from:
       Policyholder liabilities                          52        (5,962)      (10,572)

       DAC, VOBA and DSI                              1,312        (1,357)       (1,511)

       Subtotal                                       1,364        (7,319)      (12,083)

       Deferred income tax benefit (expense)          2,380        (2,657)       (3,190)
       Net unrealized investment gains (losses)   $  (8,571)     $ 10,357      $ 12,175


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

13. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service
contracts from customers, was as follows:

                                                                   Years Ended December 31,
                                                                2022           2021         2020
                                                                        (In millions)
 Prepaid legal plans                                       $     421         $   395      $   371
 Recordkeeping and administrative services (1)                   166        

211 194

 Administrative services-only contracts                          226        

219 218

 Other revenue from service contracts from customers              34              35           36
 Total revenues from service contracts from customers            847             860          819
 Other (2)                                                       851             756          842
 Total other revenues                                      $   1,698         $ 1,616      $ 1,661


__________________

(1)Related to products and businesses no longer actively marketed by the
Company.

(2)Primarily includes reinsurance ceded. See Note 5.

Other Expenses

Information on other expenses was as follows:

                                                                     Years Ended December 31,
                                                            2022                 2021               2020
                                                                           (In millions)
General and administrative expenses (1)                $    2,743           

$ 2,331 $ 2,285
Pension, postretirement and postemployment benefit
costs

                                                         116                  112                 33
Premium taxes, other taxes, and licenses & fees               342                  332                399
Commissions and other variable expenses                     2,290                2,551              1,842
Capitalization of DAC                                        (184)                 (64)               (51)
Amortization of DAC and VOBA                                  144                  259                406
Interest expense on debt                                      104                   96                 99
Total other expenses                                   $    5,555            $   5,617          $   5,013


__________________

(1)Includes $52 million, ($113) million and ($104) million for the years ended
December 31, 2022, 2021 and 2020, respectively, for the net change in cash
surrender value of investments in certain life insurance policies, net of
premiums paid.

Capitalization of DAC and Amortization of DAC and VOBA

See Note 4 for additional information on DAC and VOBA including impacts of
capitalization and amortization. See also Note 6 for a description of the DAC
amortization impact associated with the closed block.

Expenses related to Debt

See Note 11 for additional information on interest expense on debt, including
affiliated interest expense.

Affiliated Expenses

See Notes 5 and 17 for a discussion of affiliated expenses related to
reinsurance and service agreement transactions, respectively, included in the
table above.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

14. Employee Benefit Plans

Pension Benefit Plans

The Company sponsors a U.S. nonqualified defined benefit pension plan covering
MetLife employees who meet specified eligibility requirements of the sponsor and
its participating affiliates. Participating affiliates are allocated a
proportionate share of net expense related to the plan. Pension benefits are
provided utilizing either a traditional formula or cash balance formula. The
traditional formula provides benefits that are primarily based upon years of
credited service and final average earnings. The cash balance formula utilizes
hypothetical or notional accounts which credit participants with benefits equal
to a percentage of eligible pay, as well as interest credits, determined
annually based upon the annual rate of interest on 30-year U.S. Treasury
securities, for each account balance. In September 2018, the nonqualified
defined benefit pension plan was amended, effective January 1, 2023, to provide
benefit accruals for all active participants under the cash balance formula and
to cease future accruals under the traditional formula. The pension plan
sponsored by the Company provides supplemental benefits in excess of limits
applicable to a qualified plan which is sponsored by an affiliate.

Obligations and Funded Status

                                                                    December 31,
                                                                 2022          2021
                                                                  Pension Benefits
                                                                   (In millions)

Change in benefit obligations:

     Benefit obligations at January 1,                        $  1,274      $  1,343

     Service costs                                                  15            17
     Interest costs                                                 37            37

     Net actuarial (gains) losses (1)                             (280)          (42)
     Settlements and curtailments                                    -            (1)
     Benefits paid                                                 (84)          (80)

     Benefit obligations at December 31,                           962     

1,274

     Change in plan assets:
     Estimated fair value of plan assets at January 1,               -             -

     Employer contributions                                         84            80
     Benefits paid                                                 (84)          (80)
     Estimated fair value of plan assets at December 31,             -             -
     Over (under) funded status at December 31,               $   (962)    

$ (1,274)

Amounts recognized on the consolidated balance sheets:

     Other liabilities                                        $   (962)    

$ (1,274)

     AOCI:
     Net actuarial (gains) losses                             $    189      $    510
     Prior service costs (credit)                                   (7)           (9)
     AOCI, before income tax                                  $    182      $    501
     Accumulated benefit obligation                           $    940     

$  1,220


__________________

(1)For the year ended December 31, 2022, significant sources of actuarial
(gains) losses for pension benefits include the impact of changes to the
financial assumptions of ($291) million and plan experience of $11 million. For
the year ended December 31, 2021, significant sources of actuarial (gains)
losses for pension benefits include the impact of changes to the financial
assumptions of ($47) million and plan experience of $5 million.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

14. Employee Benefit Plans (continued)

Information for pension plans with PBOs and/or accumulated benefit obligations
("ABO") in excess of plan assets was as follows at:

                                                                                 December 31,
                                                        2022                 2021                2022                 2021
                                                   PBO Exceeds Estimated Fair Value         ABO Exceeds Estimated Fair Value
                                                            of Plan Assets                           of Plan Assets
                                                                                 (In millions)
Projected benefit obligations                     $          961          $ 1,274          $          961          $ 1,274
Accumulated benefit obligations                   $          940          $ 

1,220 $ 940 $ 1,220

Net Periodic Benefit Costs

The components of net periodic benefit costs and benefit obligations recognized
in OCI were as follows for pension benefits:

                                                                Years Ended December 31,
                                                     2022                  2021                 2020

                                                                      (In millions)
Net periodic benefit costs:
Service costs                                   $         15          $        17          $        17
Interest costs                                            37                   37                   40
Settlement and curtailment (gains) losses                  -                   (3)                   -

Amortization of net actuarial (gains) losses              41                   43                   39
Amortization of prior service costs (credit)              (2)                  (2)                  (2)

Total net periodic benefit costs (credit)                 91                   92                   94
Other changes in plan assets and benefit
obligations recognized in OCI:
Net actuarial (gains) losses                            (280)                 (42)                 143
Prior service costs (credit)                               -                    -                    -
Settlement and curtailment (gains) losses                  -                    1                    -
Amortization of net actuarial (gains) losses             (41)                 (43)                 (39)
Amortization of prior service costs (credit)               2                    2                    2
Total recognized in OCI                                 (319)                 (82)                 106
Total recognized in net periodic benefit costs
and OCI                                         $       (228)         $        10          $       200


Assumptions

Assumptions used in determining the benefit obligation for the plan were as
follows:

                                                           Pension Benefits
          December 31, 2022
          Weighted average discount rate                         5.60%
          Weighted average interest crediting rate               4.00%
          Rate of compensation increase                 2.50%      -      8.00%
          December 31, 2021
          Weighted average discount rate                         2.95%
          Weighted average interest crediting rate               3.18%
          Rate of compensation increase                 2.50%   -         8.00%


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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

14. Employee Benefit Plans (continued)

Assumptions used in determining the net periodic benefit cost for the plan were
as follows:

                                                           Pension Benefits
          Year Ended December 31, 2022
          Weighted average discount rate                         2.95%
          Weighted average interest crediting rate               3.46%
          Rate of compensation increase                 2.50%      -      8.00%
          Year Ended December 31, 2021
          Weighted average discount rate                         3.01%
          Weighted average interest crediting rate               3.24%
          Rate of compensation increase                 2.50%      -      8.00%
          Year Ended December 31, 2020
          Weighted average discount rate                         3.30%
          Weighted average interest crediting rate               3.38%
          Rate of compensation increase                 2.25%      -      8.50%


The weighted average discount rate for the plan is determined annually based on
the yield, measured on a yield to worst basis, of a hypothetical portfolio
constructed of high quality debt instruments available on the measurement date,
which would provide the necessary future cash flows to pay the aggregate PBO
when due.

The weighted average interest crediting rate is determined annually based on the
plan selected rate, long-term financial forecasts of that rate and the
demographics of the plan participants.

Expected Future Contributions and Benefit Payments

Benefit payments due under the nonqualified pension plan are primarily funded
from the Company's general assets as they become due under the provisions of the
plan. The Company expects to make benefit payments of $90 million in 2023.

Gross benefit payments for the next 10 years, which reflect expected future
service where appropriate, are expected to be as follows:

                                        Pension Benefits
                                          (In millions)
                          2023         $              85
                          2024         $              79
                          2025         $              75
                          2026         $              81
                          2027         $              77
                          2028-2032    $             411



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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

15. Income Tax

The provision for income tax was as follows:

                                                           Years Ended December 31,
                                                          2022             2021       2020
                                                                (In millions)
     Current:
     U.S. federal                                 $     309               $ (89)     $ 527
     U.S. state and local                                11                   5          3
     Non-U.S.                                            14                  43         (2)
     Subtotal                                           334                 (41)       528
     Deferred:
     U.S. federal                                       305                 577        (18)
     Non-U.S.                                             -                  (6)        24
     Subtotal                                           305                 571          6

     Provision for income tax expense (benefit)   $     639               $

530 $ 534

The Company's income (loss) before income tax expense (benefit) was as follows:

                                             Years Ended December 31,
                                          2022           2021         2020
                                                  (In millions)
                   Income (loss):
                   U.S.              $   3,876         $ 4,143      $ 3,984
                   Non-U.S.                 34             105           94
                   Total             $   3,910         $ 4,248      $ 4,078

The reconciliation of the income tax provision at the U.S. statutory rate to the
provision for income tax as reported was as follows:

                                                           Years Ended December 31,
                                                          2022             2021       2020
                                                                (In millions)

     Tax provision at U.S. statutory rate         $     821               $

892 $ 856

Tax effect of:

     Dividend received deduction                        (19)               

(39)       (32)
     Tax-exempt income                                    7                 (27)       (26)
     Prior year tax                                      22                 (13)        22

     Low income housing tax credits                    (143)              

(178) (202)

     Other tax credits                                  (36)               

(38) (37)

     Foreign tax rate differential                      (10)               

(7) (13)

     Change in valuation allowance                        -                

- (1)

     Other, net (1)                                      (3)               

(60) (33)

     Provision for income tax expense (benefit)   $     639               $

530      $ 534


__________________
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

15. Income Tax (continued)

(1)For the year ended December 31, 2021, other primarily includes a tax benefit
of $53 million related to a non-cash transfer of assets from a wholly-owned
United Kingdom ("U.K.") subsidiary to Metropolitan Life Insurance Company.

Deferred income tax represents the tax effect of the differences between the
book and tax bases of assets and liabilities. Net deferred income tax assets and
liabilities consisted of the following at:

                                                             December 31,
                                                          2022          2021
                                                             (In millions)
           Deferred income tax assets:
           Policyholder liabilities and receivables     $   834      $  1,622

           Net operating loss carryforwards (1)              72            75
           Employee benefits                                457           535

           Tax credit carryforwards (2)                     508           741
           Litigation-related and government mandated        74            84
           Net unrealized investment losses               2,424             -
           Other                                             76           118
           Total gross deferred income tax assets         4,445         3,175
           Less: Valuation allowance                         71            74
           Total net deferred income tax assets           4,374         3,101
           Deferred income tax liabilities:

           Investments, including derivatives             1,441         2,147
           Intangibles                                       23            28
           DAC                                              249           317
           Net unrealized investment gains                    -         2,645
           Total deferred income tax liabilities          1,713         5,137
           Net deferred income tax asset (liability)    $ 2,661      $ (2,036)


__________________

(1)The Company has recorded a deferred tax asset of $72 million primarily
related to U.S. state net operating loss carryforwards and an offsetting
valuation allowance for the year ended December 31, 2022. U.S. state net
operating loss carryforwards will expire between 2023 and 2042.

(2)Tax credit carryforwards for the year ended December 31, 2022 primarily
reflect general business credits expiring between 2039 and 2042 and are
increased by $47 million related to unrecognized tax benefits.

The Company participates in a tax sharing agreement with MetLife, Inc., as
described in Note 1. Pursuant to this tax sharing agreement, the amounts due to
(from) MetLife, Inc. included ($52) million and ($120) million at
December 31, 2022 and 2021, respectively.

The Company files income tax returns with the U.S. federal government and
various U.S. state and local jurisdictions, as well as non-U.S. jurisdictions.
The Company is under continuous examination by the Internal Revenue Service
("IRS") and other tax authorities in jurisdictions in which the Company has
significant business operations. The income tax years under examination vary by
jurisdiction and subsidiary. The Company is no longer subject to U.S. federal,
state, or local income tax examinations for years prior to 2017.

In 2021, the Company filed amended Federal income tax returns with the IRS for
MetLife, Inc. and subsidiaries for tax years 2014 through 2016. In 2022, the IRS
reviewed and acknowledged acceptance of the 2014 through 2016 amended Federal
income tax returns and closed the years to further audit.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

15. Income Tax (continued)

The Company filed refund claims in 2017 with the IRS for 2000 through 2002 to
recover tax and interest predominantly related to the disallowance of certain
foreign tax credits for which the Company received a statutory notice of
deficiency in 2015 and paid the tax thereon. The disallowed foreign tax credits
relate to certain non-U.S. investments held by MLIC in support of its life
insurance business through a U.K. investment subsidiary that was structured as a
joint venture until early 2009. In 2020, the Company received refunds from these
claims filed in 2017, and as a result, the Company recorded a $28 million
interest benefit ($22 million, net of tax) included in other expenses.

The Company's overall liability for unrecognized tax benefits may increase or
decrease in the next 12 months. For example, U.S. federal tax legislation and
regulation could impact unrecognized tax benefits. A reasonable estimate of the
increase or decrease cannot be made at this time. However, the Company continues
to believe that the ultimate resolution of the pending issues will not result in
a material change to its consolidated financial statements, although the
resolution of income tax matters could impact the Company's effective tax rate
for a particular future period.

A reconciliation of the beginning and ending amount of unrecognized tax benefits
was as follows:

                                                                  Years Ended December 31,
                                                         2022                2021               2020
                                                                        (In millions)
Balance at January 1,                                $       23          $      35          $      33
Additions for tax positions of prior years                   24                  -                  1
Reductions for tax positions of prior years (1)             (12)               (14)                 -
Additions for tax positions of current year                   2                  2                  1

Balance at December 31,                              $       37          $      23          $      35
Unrecognized tax benefits that, if recognized, would
impact the effective rate                            $       37          $      23          $      35


__________________

(1)The decreases in 2022 and 2021 are primarily related to non-cash benefits
from tax audit settlements.

The Company classifies interest accrued related to unrecognized tax benefits in
interest expense, included within other expenses.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

16. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or
certified class action litigation and other litigation and claims and
assessments against the Company, in addition to those discussed below and those
otherwise provided for in the Company's consolidated financial statements, have
arisen in the course of the Company's business, including, but not limited to,
in connection with its activities as an insurer, mortgage lending bank,
employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a
broad range of information from state regulators, including state insurance
commissioners; state attorneys general or other state governmental authorities;
federal regulators, including the U.S. Securities and Exchange Commission;
federal governmental authorities, including congressional committees; and the
Financial Industry Regulatory Authority, as well as from local and national
regulators and government authorities in jurisdictions outside the United States
where the Company conducts business. The issues involved in information requests
and regulatory matters vary widely, but can include inquiries or investigations
concerning the Company's compliance with applicable insurance and other laws and
regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations
and legal proceedings. The Company establishes liabilities for litigation and
regulatory loss contingencies when it is probable that a loss has been incurred
and the amount of the loss can be reasonably estimated. In certain circumstances
where liabilities have been established there may be coverage under one or more
corporate insurance policies, pursuant to which there may be an insurance
recovery. Insurance recoveries are recognized as gains when any contingencies
relating to the insurance claim have been resolved, which is the earlier of when
the gains are realized or realizable. It is possible that some of the matters
could require the Company to pay damages or make other expenditures or establish
accruals in amounts that could not be reasonably estimated at December 31, 2022.
While the potential future charges could be material in the particular quarterly
or annual periods in which they are recorded, based on information currently
known to management, management does not believe any such charges are likely to
have a material effect on the Company's financial position. Given the large
and/or indeterminate amounts sought in certain of these matters and the inherent
unpredictability of litigation, it is possible that an adverse outcome in
certain matters could, from time to time, have a material effect on the
Company's consolidated net income or cash flows in particular quarterly or
annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of
loss. For matters where a loss is believed to be reasonably possible, but not
probable, the Company has not made an accrual. As of December 31, 2022, the
Company estimates the aggregate range of reasonably possible losses in excess of
amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably
possible loss or range of loss. The Company is often unable to estimate the
possible loss or range of loss until developments in such matters have provided
sufficient information to support an assessment of the range of possible loss,
such as quantification of a damage demand from plaintiffs, discovery from other
parties and investigation of factual allegations, rulings by the court on
motions or appeals, analysis by experts, and the progress of settlement
negotiations. On a quarterly and annual basis, the Company reviews relevant
information with respect to litigation contingencies and updates its accruals,
disclosures and estimates of reasonably possible losses or ranges of loss based
on such reviews.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

16. Contingencies, Commitments and Guarantees (continued)

Asbestos-Related Claims

Metropolitan Life Insurance Company is and has been a defendant in a large
number of asbestos-related suits filed primarily in state courts. These suits
principally allege that the plaintiff or plaintiffs suffered personal injury
resulting from exposure to asbestos and seek both actual and punitive damages.
Metropolitan Life Insurance Company has never engaged in the business of
manufacturing or selling asbestos-containing products, nor has Metropolitan Life
Insurance Company issued liability or workers' compensation insurance to
companies in the business of manufacturing or selling asbestos-containing
products. The lawsuits principally have focused on allegations with respect to
certain research, publication and other activities of one or more of
Metropolitan Life Insurance Company's employees during the period from the 1920s
through approximately the 1950s and allege that Metropolitan Life Insurance
Company learned or should have learned of certain health risks posed by asbestos
and, among other things, improperly publicized or failed to disclose those
health risks. Metropolitan Life Insurance Company believes that it should not
have legal liability in these cases. The outcome of most asbestos litigation
matters, however, is uncertain and can be impacted by numerous variables,
including differences in legal rulings in various jurisdictions, the nature of
the alleged injury and factors unrelated to the ultimate legal merit of the
claims asserted against Metropolitan Life Insurance Company.

Metropolitan Life Insurance Company's defenses include that: (i) Metropolitan
Life Insurance Company owed no duty to the plaintiffs; (ii) plaintiffs did not
rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan
Life Insurance Company's conduct was not the cause of the plaintiffs' injuries;
and (iv) plaintiffs' exposure occurred after the dangers of asbestos were known.
During the course of the litigation, certain trial courts have granted motions
dismissing claims against Metropolitan Life Insurance Company, while other trial
courts have denied Metropolitan Life Insurance Company's motions. There can be
no assurance that Metropolitan Life Insurance Company will receive favorable
decisions on motions in the future. While most cases brought to date have
settled, Metropolitan Life Insurance Company intends to continue to defend
aggressively against claims based on asbestos exposure, including defending
claims at trials.

The approximate total number of asbestos personal injury claims pending against
Metropolitan Life Insurance Company as of the dates indicated, the approximate
number of new claims during the years ended on those dates and the approximate
total settlement payments made to resolve asbestos personal injury claims at or
during those years are set forth in the following table:
                                                                                    December 31,
                                                                    2022                           2021                2020
                                                                       (In millions, except number of claims)
Asbestos personal injury claims at year end                 58,073                                 58,785              60,618
Number of new claims during the year                         2,610                                  2,824               2,496
Settlement payments during the year (1)             $         50.5                             $     53.0          $     52.9


__________________

(1)Settlement payments represent payments made by Metropolitan Life Insurance
Company during the year in connection with settlements made in that year and in
prior years. Amounts do not include Metropolitan Life Insurance Company's
attorneys' fees and expenses.

The number of asbestos cases that may be brought, the aggregate amount of any
liability that Metropolitan Life Insurance Company may incur, and the total
amount paid in settlements in any given year are uncertain and may vary
significantly from year to year.

The ability of Metropolitan Life Insurance Company to estimate its ultimate
asbestos exposure is subject to considerable uncertainty, and the conditions
impacting its liability can be dynamic and subject to change. The availability
of reliable data is limited and it is difficult to predict the numerous
variables that can affect liability estimates, including the number of future
claims, the cost to resolve claims, the disease mix and severity of disease in
pending and future claims, the willingness of courts to allow plaintiffs to
pursue claims against Metropolitan Life Insurance Company when exposure to
asbestos took place after the dangers of asbestos exposure were well known, and
the impact of any possible future adverse verdicts and their amounts.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

16. Contingencies, Commitments and Guarantees (continued)

The ability to make estimates regarding ultimate asbestos exposure declines
significantly as the estimates relate to years further in the future. In the
Company's judgment, there is a future point after which losses cease to be
probable and reasonably estimable. It is reasonably possible that the Company's
total exposure to asbestos claims may be materially greater than the asbestos
liability currently accrued and that future charges to income may be necessary,
but management does not believe any such charges are likely to have a material
effect on the Company's financial position.

The Company believes adequate provision has been made in its consolidated
financial statements for all probable and reasonably estimable losses for
asbestos-related claims. Metropolitan Life Insurance Company's recorded asbestos
liability covers pending claims, claims not yet asserted, and legal defense
costs and is based on estimates and includes significant assumptions underlying
its analysis.

Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis
its exposure from asbestos litigation, including studying its claims experience,
reviewing external literature regarding asbestos claims experience in the United
States, assessing relevant trends impacting asbestos liability and considering
numerous variables that can affect its asbestos liability exposure on an overall
or per claim basis. Based upon its regular reevaluation of its exposure from
asbestos litigation, Metropolitan Life Insurance Company has updated its
recorded liability for asbestos-related claims to $320 million at December 31,
2022. The recorded liability was $372 million at December 31, 2021.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of
the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the "Relator") brought an action under the qui
tam provision of the New York False Claims Act (the "Act") on behalf of itself
and the State of New York. The Relator originally filed this action under seal
in 2010, and the complaint was unsealed on December 19, 2017. The Relator
alleges that MetLife, Inc., Metropolitan Life Insurance Company, and several
other insurance companies violated the Act by filing false unclaimed property
reports with the State of New York from 1986 to 2017, to avoid having to escheat
the proceeds of more than 25,000 life insurance policies, including policies for
which the defendants escheated funds as part of their demutualizations in the
late 1990s. The Relator seeks treble damages and other relief. The Appellate
Division of the New York State Supreme Court, First Department, reversed the
court's order granting MetLife, Inc. and Metropolitan Life Insurance Company's
motion to dismiss and remanded the case to the trial court where the Relator has
filed an amended complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its
internal control over financial reporting related to the practices and
procedures for estimating reserves for certain group annuity benefits. Several
regulators have made inquiries into this issue and it is possible that other
jurisdictions may pursue similar investigations or inquiries. The Company could
be exposed to lawsuits and additional legal actions relating to this issue.
These may result in payments, including damages, fines, penalties, interest and
other amounts assessed or awarded by courts or regulatory authorities under
applicable escheat, tax, securities, Employee Retirement Income Security Act of
1974, or other laws or regulations. The Company could incur significant costs in
connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts
of these mortgage loan commitments were $2.7 billion and $3.1 billion at
December 31, 2022 and 2021, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge
Loans and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank
credit facilities, bridge loans and private corporate bond investments. The
amounts of these unfunded commitments were $4.8 billion and $4.5 billion at
December 31, 2022 and 2021, respectively.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

          Notes to the Consolidated Financial Statements - (continued)

16. Contingencies, Commitments and Guarantees (continued)

Guarantees

In the normal course of its business, the Company has provided certain
indemnities and guarantees to third parties such that it may be required to make
payments now or in the future. In the context of acquisition, disposition,
investment and other transactions, the Company has provided indemnities and
guarantees, including those related to tax, environmental and other specific
liabilities and other indemnities and guarantees that are triggered by, among
other things, breaches of representations, warranties or covenants provided by
the Company. In addition, in the normal course of business, the Company provides
indemnifications to counterparties in contracts with triggers similar to the
foregoing, as well as for certain other liabilities, such as third-party
lawsuits. These obligations are often subject to time limitations that vary in
duration, including contractual limitations and those that arise by operation of
law, such as applicable statutes of limitation. In some cases, the maximum
potential obligation under the indemnities and guarantees is subject to a
contractual limitation ranging from less than $1 million to $250 million, with a
cumulative maximum of $354 million, while in other cases such limitations are
not specified or applicable. Since certain of these obligations are not subject
to limitations, the Company does not believe that it is possible to determine
the maximum potential amount that could become due under these guarantees in the
future. Management believes that it is unlikely the Company will have to make
any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in
its charters and by-laws. Also, the Company indemnifies its agents for
liabilities incurred as a result of their representation of the Company's
interests. Since these indemnities are generally not subject to limitation with
respect to duration or amount, the Company does not believe that it is possible
to determine the maximum potential amount that could become due under these
indemnities in the future.

The Company's recorded liabilities were $2 million at both December 31, 2022 and
2021, for indemnities and guarantees.

17. Related Party Transactions

Service Agreements

The Company has entered into various agreements with affiliates for services
necessary to conduct its activities. Typical services provided under these
agreements include personnel, policy administrative functions and distribution
services. The bases for such charges are modified and adjusted by management
when necessary or appropriate to reflect fairly and equitably the actual cost
incurred by the Company and/or its affiliates. Expenses and fees incurred with
affiliates related to these agreements, recorded in other expenses, were $2.7
billion, $2.5 billion and $2.4 billion for the years ended December 31, 2022,
2021 and 2020, respectively. Total revenues received from affiliates related to
these agreements were $48 million, $40 million and $40 million for the years
ended December 31, 2022, 2021 and 2020, respectively.

The Company had net payables to affiliates, related to the items discussed
above, of $188 million and $143 million at December 31, 2022 and 2021,
respectively.

See Notes 1, 5, 7, 11 and 12 for additional information on related party
transactions.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                   Schedule I

                     Consolidated Summary of Investments -
                 Other Than Investments in Related Parties (1)
                               December 31, 2022

                                 (In millions)

                                                                                Estimated             Amount at
                                                         Cost or                  Fair              Which Shown on
Types of Investments                               Amortized Cost (2)             Value             Balance Sheet
Fixed maturity securities AFS:
Bonds:
U.S. government and agency                        $           24,409          $   22,358          $        22,358
Public utilities                                               6,107               5,684                    5,684
Municipals                                                     7,880               7,464                    7,464
Foreign government                                             3,711               3,459                    3,459
All other corporate bonds                                     76,748              68,651                   68,651
Total bonds                                                  118,855             107,616                  107,616
Mortgage-backed, asset-backed and collateralized
loan obligations securities                                   40,869              37,212                   37,212
Redeemable preferred stock                                       753                 748                      748
Total fixed maturity securities AFS                          160,477             145,576                  145,576

Mortgage loans                                                63,018                                       62,570

Policy loans                                                   5,729                                        5,729
Real estate and real estate joint ventures                     8,237                                        8,237
Real estate acquired in satisfaction of debt                     179                                          179
Other limited partnership interests                            7,887                                        7,887
Short-term investments                                         2,721                                        2,759
Other invested assets                                         19,167                                       19,148
Total investments                                 $          267,415                              $       252,085


______________

(1)Includes investments in related parties of $4.5 billion; see Notes 5, 7 and 8
of the Notes to Consolidated Financial Statements for further information.

(2)Amortized cost for fixed maturity securities AFS, mortgage loans, policy
loans and short-term investments represents original cost reduced by repayments
and adjusted for amortization of premium or accretion of discount; for real
estate, cost represents original cost reduced by impairments and depreciation;
for real estate joint ventures and other limited partnership interests, cost
represents original cost reduced for impairments and adjusted for equity in
earnings and distributions.
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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                  Schedule III
                Consolidated Supplementary Insurance Information
                           December 31, 2022 and 2021

                                 (In millions)

                                                              Future Policy Benefits,
                                                               Other Policy-Related
                                              DAC                  Balances and                 Policyholder           Policyholder
                                              and              Policyholder Dividend              Account               Dividends                 Unearned                 Unearned
Segment                                       VOBA                  Obligation                    Balances               Payable              Premiums (1), (2)           Revenue (1)
2022
U.S.                                       $   411          $                 74,451          $      73,609          $           -          $              300          $         19
MetLife Holdings                             4,732                            67,006                 20,278                    240                         155                   157
Corporate & Other                              120                               131                  6,080                      -                           -                     -
Total                                      $ 5,263          $                141,588          $      99,967          $         240          $              455          $        176
2021
U.S.                                       $   401          $                 72,530          $      72,933          $           -          $              304          $         21
MetLife Holdings                             2,191                            69,367                 21,306                    312                         154                   158
Corporate & Other                                6                               153                    220                      -                           -                     -
Total                                      $ 2,598          $                142,050          $      94,459          $         312          $              458          $        179


_____________

(1)Amounts are included within the future policy benefits, other policy-related
balances and policyholder dividend obligation column.

(2)Includes premiums received in advance.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                  Schedule III

         Consolidated Supplementary Insurance Information - (continued)
                  Years Ended December 31, 2022, 2021 and 2020

                                 (In millions)

                                                                                                Policyholder             Amortization of
                                                                                                Benefits and                 DAC and
                                               Premiums and                                      Claims and                    VOBA
                                              Universal Life                Net               Interest Credited             Charged to
                                            and Investment-Type          Investment            to Policyholder                Other                   Other
Segment                                     Product Policy Fees            Income             Account Balances               Expenses              Expenses (1)
2022
U.S.                                       $           29,825          $     6,056          $           30,495          $            55          $       3,408
MetLife Holdings                                        3,370                4,188                       4,774                       84                  1,368
Corporate & Other                                           -                 (122)                         67                        5                  1,194
Total                                      $           33,195          $    10,122          $           35,336          $           144          $       5,970
2021
U.S.                                       $           24,566          $     6,960          $           25,893          $            56          $       3,212
MetLife Holdings                                        3,687                5,561                       5,557                      203                  1,574
Corporate & Other                                           -                  (35)                          -                        -                  1,300
Total                                      $           28,253          $    12,486          $           31,450          $           259          $       6,086
2020
U.S.                                       $           18,822          $     6,053          $           19,424          $            56          $       3,042
MetLife Holdings                                        3,914                4,355                       5,897                      350                  1,707
Corporate & Other                                           1                 (158)                          -                        -                    759
Total                                      $           22,737          $    10,250          $           25,321          $           406          $       5,508


_____________

(1)Includes other expenses and policyholder dividends, excluding amortization of
DAC and VOBA charged to other expenses.

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                      Metropolitan Life Insurance Company
                  (A Wholly-Owned Subsidiary of MetLife, Inc.)

                                  Schedule IV

                            Consolidated Reinsurance
                        December 31, 2022, 2021 and 2020

                             (Dollars in millions)

                                                                                                     % Amount
                                                                                                     Assumed
                                    Gross Amount        Ceded         Assumed       Net Amount        to Net
 2022
 Life insurance in-force           $  4,074,989      $ 149,129      $ 538,168      $ 4,464,028         12.1  %
 Insurance premium
 Life insurance (1)                $     21,258      $     769      $     

829 $ 21,318 3.9 %

 Accident & health insurance             10,017            179             42            9,880          0.4  %
 Total insurance premium           $     31,275      $     948      $     871      $    31,198          2.8  %
 2021
 Life insurance in-force           $  3,991,763      $ 164,834      $ 546,176      $ 4,373,105         12.5  %
 Insurance premium
 Life insurance (1)                $     13,631      $     792      $   4,080      $    16,919         24.1  %
 Accident & health insurance              9,377            146             41            9,272          0.4  %
 Total insurance premium           $     23,008      $     938      $   4,121      $    26,191         15.7  %
 2020
 Life insurance in-force           $  3,793,310      $ 178,420      $ 507,488      $ 4,122,378         12.3  %
 Insurance premium
 Life insurance (1)                $     12,304      $     862      $     870      $    12,312          7.1  %
 Accident & health insurance              8,517            127             39            8,429          0.5  %
 Total insurance premium           $     20,821      $     989      $     909      $    20,741          4.4  %


______________

(1) Includes annuities with life contingencies.

For the year ended December 31, 2022, reinsurance ceded and assumed included
affiliated transactions for life insurance in-force of $12.7 billion and
$2 billion, respectively, and life insurance premiums of $139 million and
$7 million, respectively. For the year ended December 31, 2021, reinsurance
ceded and assumed included affiliated transactions for life insurance in-force
of $13.7 billion and $1.9 billion, respectively, and life insurance premiums of
$114 million and $3.2 billion, respectively. For the year ended December 31,
2020, reinsurance ceded and assumed included affiliated transactions for life
insurance in-force of $14.0 billion and $1.1 billion, respectively, and life
insurance premiums of $113 million and $8 million, respectively.
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