UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

  

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May 1, 2019 

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

 

1-15787		13-4075851
(Commission File Number)		(IRS Employer Identification No.)
200 Park Avenue, New York, New York		10166-0188
(Address of Principal Executive Offices)		(Zip Code)

212-578-9500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

 Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	MET	New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01	METPrA	New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E	METPrE	New York Stock Exchange

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

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Item 2.02 Results of Operations and Financial Condition.

On May 1, 2019, MetLife, Inc. issued (i) a news release announcing its results for the quarter ended March 31, 2019 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, (ii) a Quarterly Financial Supplement for the quarter ended March 31, 2019 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference, and (iii) a supplemental slide presentation for the quarter ended March 31, 2019 (the “Supplemental Slides”), a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference. The Earnings Release, the Quarterly Financial Supplement and the Supplemental Slides are furnished and not filed pursuant to instruction B. 2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a)	Not applicable.

(b)	Not applicable.

(c)	Not applicable.

(d)	Exhibits

99.1	News release of MetLife, Inc., dated May 1, 2019, announcing its results for the quarter ended March 31, 2019

99.2	Quarterly Financial Supplement for the quarter ended March 31, 2019

99.3	Supplemental Slides for the quarter ended March 31, 2019

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.
By:		/s/ Tamara L. Schock
		Name:		Tamara L. Schock
		Title:		Executive Vice President and Chief Accounting Officer

Date: May 1, 2019

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Exhibit 99.1

For Immediate Release İ Global Communications İ MetLife, Inc.

Contacts:     For Media:    Ashia Razzaq        

MetLife        

(212) 578-1538    

For Investors: John Hall

MetLife

(212) 578-7888

METLIFE ANNOUNCES FIRST QUARTER 2019 RESULTS

NEW YORK, May 1, 2019 - MetLife, Inc. (NYSE: MET) today announced its results for the first quarter ended March 31, 2019.

First Quarter Results Summary

•	Net income of $1.3 billion, or $1.40 per share, compared to net income of $1.2 billion, or $1.19 per share, in the first quarter of 2018.

•	Adjusted earnings of $1.4 billion, or $1.48 per share, compared to adjusted earnings of $1.4 billion, or $1.36 per share in the first quarter of 2018.

•	Book value of $58.06 per share, up 11 percent from $52.49 per share at March 31, 2018.

•	Book value, excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA), of $45.58 per share, up 5 percent from $43.36 per share at March 31, 2018.

•	Return on equity (ROE) of 10.3 percent.

•	Adjusted ROE, excluding AOCI other than FCTA, of 13.2 percent.

“I’m stepping into the CEO role at an exciting time for MetLife,” said Michel Khalaf, president and CEO of MetLife, Inc. “We are building on our momentum from 2018 with an excellent first quarter in 2019. Our business performance more than offset some market headwinds. Our commitment is to be a responsible steward of capital by investing in profitable growth, strengthening expense discipline, and creating long-term value for our customers and shareholders.”

 

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First Quarter 2019 Summary

($ in millions, except per share data)		Three months ended March 31,
		2019		2018		Change
Premiums, fees and other revenues		$11,264		$11,044		2%
Net investment income		4,908		3,745		31%
Net investment gains (losses)		15		(333)
Net derivative gains (losses)		115		349		(67)%
Total revenues		$16,302		$14,805		10%
Total adjusted revenues		$15,448		$15,148		2%
Adjusted premiums, fees and other revenues		$11,167		$10,929		2%
Adjusted premiums, fees and other revenues, excluding pension risk transfer (PRT)		$11,169		$10,929		2%
Net income (loss)		$1,349		$1,247		8%
Net income (loss) per share		$1.40		$1.19		18%
Adjusted earnings		$1,424		$1,423		—%
Adjusted earnings per share		$1.48		$1.36		9%
Book value per share		$58.06		$52.49		11%
Book value per share, excluding AOCI other than FCTA		$45.58		$43.36		5%
Expense ratio		21.1%		21.8%
Direct expense ratio, excluding total notable items related to direct expenses and PRT		12.1%		13.0%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT		19.9%		20.8%
ROE		10.3%		9.0%
ROE, excluding AOCI other than FCTA		12.5%		11.2%
Adjusted ROE, excluding AOCI other than FCTA		13.2%		12.8%

MetLife reported first quarter 2019 premiums, fees and other revenues of $11.3 billion, up 2 percent over the first quarter of 2018. Adjusted premiums, fees and other revenues were $11.2 billion, up 2 percent, and 4 percent on a constant currency basis over the prior-year period.

Net investment income was $4.9 billion, up 31 percent. The increase in net investment income was driven by favorable changes in the estimated fair value of certain securities which do not qualify as separate accounts under GAAP. On an adjusted basis, net investment income was $4.3 billion, up 1 percent.

Net derivative gains amounted to $115 million, or $91 million after tax during the quarter.

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Net income was $1.3 billion, compared to net income of $1.2 billion in the first quarter of 2018. On a per share basis, net income was $1.40, compared to net income of $1.19 in the prior-year period.

MetLife reported adjusted earnings of $1.4 billion were flat compared to the first quarter of 2018, and up 2 percent on a constant currency basis. On a per share basis, which includes the impact of share repurchases, adjusted earnings were $1.48, up 9 percent from the prior-year period.

Information regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in “Non-GAAP and Other Financial Disclosures” below and in the tables that accompany this news release.

Supplemental slides for the first quarter of 2019, titled "1Q19 Supplemental Slides," are available on the MetLife Investor Relations website at www.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings news release.

Adjusted Earnings by Segment Summary*

	Three months ended March 31, 2019
Segment	Change from prior-year period	Change from prior-year period (on a constant currency basis)
U.S.	11%
Asia	9%	13%
Latin America	(4)%	(1)%
Europe, the Middle East and Africa (EMEA)	6%	23%
MetLife Holdings	(25)%

*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items.

Business Discussions

All comparisons of the results for the first quarter of 2019 in the business discussions that follow are with the first quarter of 2018, unless otherwise noted. See the first quarter of 2019 notable items table that follows the Business Discussions section of this release for additional information on notable items incurred in the first quarter of 2019.

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U.S.

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$724	$653	11%
Adjusted premiums, fees and other revenues	$6,058	$5,679	7%
Adjusted premiums, fees and other revenues, excluding PRT	$6,060	$5,679	7%
Notable item(s)	$0	$0

•	Adjusted earnings for the U.S. were $724 million, up 11 percent, driven by favorable underwriting and volume growth, partially offset by lower investment margins.

•	Adjusted return on allocated equity was 27.0 percent, and adjusted return on allocated tangible equity was 30.7 percent.

•	Adjusted premiums, fees and other revenues were $6.1 billion, up 7 percent, driven by structured settlement sales in Retirement and Income Solutions.

Group Benefits

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$342	$218	57%
Adjusted premiums, fees and other revenues	$4,545	$4,423	3%
Notable item(s)	$0	$0

•	Adjusted earnings for Group Benefits were $342 million, up 57 percent, driven by favorable underwriting, expense margin and volume growth.

•	Adjusted premiums, fees and other revenues were $4.5 billion, up 3 percent.

•	Sales for Group Benefits were up 11 percent in the first quarter of 2019, compared to the first quarter of 2018.

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Retirement and Income Solutions

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$285	$339	(16)%
Adjusted premiums, fees and other revenues	$609	$371	64%
Adjusted premiums, fees and other revenues, excluding PRT	$611	$371	65%
Notable item(s)	$0	$0

•	Adjusted earnings for Retirement and Income Solutions were $285 million, down 16 percent as volume growth was more than offset by lower investment margins.

•	Adjusted premiums, fees and other revenues were $609 million, up 64 percent, primarily driven by structured settlement sales.

Property & Casualty

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$97	$96	1%
Adjusted premiums, fees and other revenues	$904	$885	2%
Notable item(s)	$0	$0

•	Adjusted earnings for Property & Casualty were $97 million, up 1 percent.

•	Adjusted premiums, fees and other revenues were $904 million, up 2 percent.

•	Pre-tax catastrophe losses and prior year development totaled $38 million, compared to $53 million in the prior-year period.

•	Sales for Property & Casualty were $154 million, up 12 percent.

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ASIA

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$356	$327	9%
Adjusted earnings (constant currency)	$356	$316	13%
Adjusted premiums, fees and other revenues	$2,121	$2,157	(2)%
Notable item(s)	$0	$0

•	Adjusted earnings for Asia were $356 million, up 9 percent, and up 13 percent on a constant currency basis, driven by volume growth.

•	Adjusted return on allocated equity was 10.0 percent, and adjusted return on allocated tangible equity was 15.2 percent.

•	Adjusted premiums, fees and other revenues were $2.1 billion, down 2 percent, and up 1 percent on a constant currency basis.

•	Sales for Asia were $698 million, up 9 percent on a constant currency basis, primarily driven by foreign currency denominated and accident & health product sales in Japan.

LATIN AMERICA

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$134	$140	(4)%
Adjusted earnings (constant currency)	$134	$135	(1)%
Adjusted premiums, fees and other revenues	$942	$989	(5)%
Notable item(s)	$0	$0

•	Adjusted earnings for Latin America were $134 million, down 4 percent, and down 1 percent on a constant currency basis, as favorable investment returns were more than offset by expenses and unfavorable underwriting.

•	Adjusted return on allocated equity was 18.1 percent, and adjusted return on allocated tangible equity was 29.9 percent.

•	Adjusted premiums, fees and other revenues were $942 million, down 5 percent, and up 4 percent on a constant currency basis, driven by growth across the region.

•	Sales for Latin America were $225 million, up 11 percent on a constant currency basis, due to higher Mexico sales.

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EMEA

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$86	$81	6%
Adjusted earnings (constant currency)	$86	$70	23%
Adjusted premiums, fees and other revenues	$659	$679	(3)%
Notable item(s)	$0	$0

•	Adjusted earnings for EMEA were $86 million, up 6 percent, and up 23 percent on a constant currency basis, driven by favorable underwriting and volume growth.

•	Adjusted return on allocated equity was 12.3 percent, and adjusted return on allocated tangible equity was 22.1 percent.

•	Adjusted premiums, fees and other revenues were $659 million, down 3 percent, and up 5 percent on a constant currency basis.

•	Sales for EMEA were $255 million, up 3 percent on a constant currency basis, primarily due to higher volumes in the United Kingdom and Turkey.

METLIFE HOLDINGS

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$317	$425	(25)%
Adjusted premiums, fees and other revenues	$1,268	$1,331	(5)%
Notable item(s)	$0	$62

•	Adjusted earnings for MetLife Holdings were $317 million, down 25 percent.

•	Excluding notable items from both periods, adjusted earnings were down 13 percent due to a decline in variable investment income and less favorable underwriting. These were partially offset by lower expenses and the impact of stronger equity markets.

•	Adjusted return on allocated equity was 13.2 percent, and adjusted return on allocated tangible equity was 14.8 percent.

•	Adjusted premiums, fees and other revenues were $1.3 billion, down 5 percent.

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CORPORATE & OTHER

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Adjusted earnings	$(193)	$(203)
Notable item(s)	$(55)	$(34)

•	Corporate & Other had an adjusted loss of $193 million, compared to an adjusted loss of $203 million in the first quarter of 2018. The notable item in both periods is related to the company's previously announced cost saving initiative.

•	Excluding notable items from both periods, adjusted loss was down $31 million.

INVESTMENTS

($ in millions)	Three months ended March 31, 2019	Three months ended March 31, 2018	Change
Net investment income (as reported on an adjusted basis)	$4,281	$4,219	1%

•	As reported on an adjusted basis, net investment income was $4.3 billion, up 1 percent. Variable investment income was $174 million ($137 million, after tax), as compared to $268 million ($212 million, after tax) in the first quarter of 2018, driven by lower private equity income.

FIRST QUARTER 2019 NOTABLE ITEMS

($ in millions)	Adjusted Earnings
	Three months ended March 31, 2019
Notable Items	U.S.			Asia	Latin America	EMEA	MetLife Holdings	Corporate & Other	Total
	Group Benefits	Retirement and Income Solutions	Property & Casualty
Expense initiative costs								$(55)	$(55)
Total notable items	$0	$0	$0	$0	$0	$0	$0	$(55)	$(55)

###

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About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Conference Call

MetLife will hold its first quarter 2019 earnings conference call and audio webcast on Thursday, May 2, 2019, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 800-230-1085 (U.S.) or 612-234-9959 (outside the U.S.). To listen to the conference call via the internet, visit www.metlife.com through a link on the Investor Relations page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, May 2, 2019, until Thursday, May 9, 2019, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 462461. To access the replay of the conference call over the internet, visit the above-mentioned website.

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Non-GAAP and Other Financial Disclosures

Any references in this news release (except in this section and the tables that accompany this release) to:			should be read as, respectively:
(i)	net income (loss);		(i)	net income (loss) available to MetLife, Inc.’s common shareholders;
(ii)	net income (loss) per share;		(ii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(iii)	adjusted earnings;		(iii)	adjusted earnings available to common shareholders;
(iv)	adjusted earnings per share;		(iv)	adjusted earnings available to common shareholders per diluted common share;
(v)	book value per share;		(v)	book value per common share;
(vi)	book value per share, excluding AOCI other than FCTA;		(vi)	book value per common share, excluding AOCI other than FCTA;
(vii)	book value per share-tangible common stockholders’ equity;		(vii)	book value per common share-tangible common stockholders’ equity;
(viii)	premiums, fees and other revenues;		(viii)	premiums, fees and other revenues (adjusted);
(ix)	return on equity;		(ix)	return on MetLife, Inc.’s common stockholders’ equity;
(x)	return on equity, excluding AOCI other than FCTA;		(x)	return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA;
(xi)	adjusted return on equity, excluding AOCI other than FCTA;		(xi)	adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;
(xii)	tangible return on equity; and		(xii)	return on MetLife, Inc.’s tangible common stockholders' equity; and
(xiii)	adjusted tangible return on equity.		(xiii)	adjusted return on MetLife, Inc.’s tangible common stockholders’ equity.

In this news release, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business.

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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 revenues;		(i)	revenues;
(ii)	adjusted expenses;		(ii)	expenses;
(iii)	adjusted premiums, fees and other revenues;		(iii)	premiums, fees and other revenues;
(iv)	adjusted premiums, fees and other revenues, excluding pension risk transfer		(iv)	premiums, fees and other revenues;
(v)	adjusted earnings;		(v)	income (loss) from continuing operations, net of income tax;
(vi)	net investment income, as reported on an adjusted basis		(vi)	net investment income
(vii)	capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted basis		(vii)	capitalization of DAC
(viii)	other expenses, as reported on an adjusted basis		(viii)	other expenses
(ix)	other expenses, as reported on an adjusted basis, on a constant currency basis		(ix)	other expenses
(x)	adjusted earnings available to common shareholders;		(x)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xi)	adjusted earnings available to common shareholders on a constant currency basis;		(xi)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xii)	adjusted earnings available to common shareholders, excluding total notable items;		(xii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xiii)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;		(xiii)	net income (loss) available to MetLife, Inc.’s common shareholders;
(xiv)	adjusted earnings available to common shareholders per diluted common share;		(xiv)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xv)	adjusted earnings available to common shareholders on a constant currency basis per diluted common share;		(xv)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xvi)	adjusted earnings available to common shareholders, excluding total notable items, per diluted common share;		(xvi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xvii)	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share;		(xvii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share;
(xviii)	adjusted return on equity;		(xviii)	return on equity;
(xix)	adjusted return on equity, excluding AOCI other than FCTA;		(xix)	return on equity;
(xx)	adjusted tangible return on equity;		(xx)	return on equity;
(xxi)	investment portfolio gains (losses);		(xxi)	net investment gains (losses);
(xxii)	derivative gains (losses);		(xxii)	net derivative gains (losses);

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(xxiii)	MetLife, Inc.’s tangible common stockholders’ equity;		(xxiii)	MetLife, Inc.’s stockholders’ equity;
(xxiv)	MetLife, Inc.’s tangible common stockholders’ equity, excluding total notable items;		(xxiv)	MetLife, Inc.’s stockholders’ equity;
(xxv)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA;		(xxv)	MetLife, Inc.’s stockholders’ equity;
(xxvi)	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA);		(xxvi)	MetLife, Inc.’s stockholders’ equity;
(xxvii)	book value per common share, excluding AOCI other than FCTA		(xxvii)	book value per common share
(xxviii)	book value per common share - tangible common stockholders' equity		(xxviii)	book value per common share
(xxix)	free cash flow of all holding companies;		(xxix)	MetLife, Inc. (parent company only) net cash provided by (used in) operating activities;
(xxx)	adjusted expense ratio;		(xxx)	expense ratio;
(xxxi)	adjusted expense ratio, excluding total notable items related to other expenses and PRT;		(xxxi)	expense ratio;
(xxxii)	direct expense ratio; and		(xxxii)	expense ratio; and
(xxxiii)	direct expense ratio, excluding total notable items related to direct expenses and PRT.		(xxxiii)	expense ratio.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this earnings news release and in this period’s quarterly financial supplement, which is available at www.metlife.com.

MetLife’s definitions of the various non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:

Adjusted earnings and related measures

•	adjusted earnings;

•	adjusted earnings available to common shareholders;

•	adjusted earnings available to common shareholders on a constant currency basis;

•	adjusted earnings available to common shareholders, excluding total notable items;

•	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;

•	adjusted earnings available to common shareholders per diluted common share;

•	adjusted earnings available to common shareholders on a constant currency basis per diluted common share;

•	adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and

•	adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.

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These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate 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. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

Adjusted revenues and adjusted expenses

These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our 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 MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes 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 MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.

Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.

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 NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);

•

Net investment income: (i) includes 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 (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (Operating joint venture adjustments), (iii) excludes certain amounts related to contractholder-directed equity securities (Unit-linked contract income), (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP (Securitization entities income); and (v) 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 NIGL under GAAP (Certain partnership distributions); and

•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees).

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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) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (Inflation and pass-through adjustments), (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) 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 (PAB hedge adjustments) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (Unit-linked contract costs);

•	Amortization of DAC and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

•	Amortization of negative VOBA excludes amounts related to Market value adjustments;

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

•	Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (Regulatory implementation costs), and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.

Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife’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.

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Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

Return on equity, allocated equity, tangible equity and related measures

•	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•	MetLife, Inc.’s common stockholders’ equity, excluding total notable items (excludes AOCI other than FCTA): MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), defined benefit plans adjustment components of AOCI and total notable items, net of income tax.

•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity.

•	Return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.

•	Adjusted return on MetLife, Inc.'s common stockholders' equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity.

•	Adjusted return on MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders' equity, excluding AOCI other than FCTA.

•

Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and 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 is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.

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The above measures represent a level of equity consistent with the view that, in the ordinary course of business, MetLife does not plan to sell most investments for the sole purpose of realizing gains or losses. Also refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.

•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax.

•	MetLife, Inc.’s tangible common stockholders’ equity, adjusted for total notable items: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, value of distribution agreements (VODA), value of customer relationships acquired (VOCRA) and total notable items, all net of income tax.

•	Return on MetLife, Inc.’s tangible common stockholders' equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.

•	Adjusted return on MetLife, Inc.'s tangible common stockholders' equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders' equity.

•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

Expense ratio, direct expense ratio, adjusted expense ratio and related measures

•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.

•	Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.

•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.

•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.

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Statistical sales information:

•	U.S.:

▪	Group Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.

▪	Retirement and Income Solutions: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.

▪	Property & Casualty: calculated based on first year direct written premium, net of cancellation and endorsement activity.

•

Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group).

Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

The following additional information is relevant to an understanding of MetLife’s performance results:

•	All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

•

Volume growth, as discussed in the context of business growth, is the period over period percentage change in adjusted earnings available to common shareholders attributable to adjusted premiums, fees and other revenues and assets under management levels, applying a model in which certain margins and factors are held constant. The most significant of such items are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.

•

Asymmetrical and non-economic accounting refers to: (i) the portion of net derivative gains (losses) on embedded derivatives attributable to the inclusion of MetLife’s credit spreads in the liability valuations, (ii) hedging activity that generates net derivative gains (losses) and creates fluctuations in net income because hedge accounting cannot be achieved and the item being hedged does not a have an offsetting gain or loss recognized in earnings, (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments, and (iv) impact of changes in foreign currency exchange rates on the re-measurement of foreign denominated unhedged funding agreements and financing transactions to the U.S. dollar and the re-measurement of certain liabilities from non-functional currencies to functional currencies. MetLife believes that excluding the impact of asymmetrical and non-economic accounting from total GAAP results enhances investor understanding of MetLife’s performance by disclosing how these accounting practices affect reported GAAP results.

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•

MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.

•

Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

Forward-Looking Statements

This news release 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. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” "will," and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Many factors will be important in determining the results of MetLife, Inc., its subsidiaries and affiliates. Forward-looking statements are based on our assumptions and current expectations, which may be inaccurate, and on the current economic environment, which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include: (1) difficult economic conditions, including risks relating to interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; (2) adverse global capital and credit market conditions, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities; (3) downgrades in our claims paying ability, financial strength or credit ratings; (4) availability and effectiveness of reinsurance, hedging or indemnification arrangements; (5) increasing cost and limited market capacity for statutory life insurance reserve financings; (6) the impact on us of changes to and implementation of the wide variety of laws and regulations to which we are subject; (7) regulatory, legislative or tax changes relating to our operations that may affect the cost of, or demand for, our products or services; (8) adverse results or other consequences from litigation, arbitration or regulatory investigations; (9) legal, regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (10) MetLife, Inc.’s primary reliance, as a holding company, on dividends from subsidiaries to meet free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (11) investment losses, defaults and volatility; (12) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (13) changes to investment valuations, allowances and impairments taken on investments, and methodologies, estimates and assumptions;

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(14) differences between actual claims experience and underwriting and reserving assumptions; (15) political, legal, operational, economic and other risks relating to our global operations; (16) competitive pressures, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (17) the impact of technological changes on our businesses; (18) catastrophe losses; (19) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (20) impairment of goodwill or other long-lived assets, or the establishment of a valuation allowance against our deferred income tax asset; (21) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements or value of business acquired; (22) exposure to losses related to guarantees in certain products; (23) ineffectiveness of risk management policies and procedures or models; (24) a failure in our cybersecurity systems or other information security systems or our disaster recovery plans; (25) any failure to protect the confidentiality of client information; (26) changes in accounting standards; (27) our associates taking excessive risks; (28) difficulties in marketing and distributing products through our distribution channels; (29) increased expenses relating to pension and other postretirement benefit plans; (30) inability to protect our intellectual property rights or claims of infringement of others’ intellectual property rights; (31) difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions and dispositions, joint ventures, or other legal entity reorganizations; (32) unanticipated or adverse developments that could adversely affect our expected operational or other benefits from the separation of Brighthouse Financial, Inc. and its subsidiaries; (33) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (34) provisions of laws and our incorporation documents that may delay, deter or prevent takeovers and corporate combinations involving MetLife; and (35) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S. Securities and Exchange Commission.

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MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
(In millions)
		For the Three Months Ended
		March 31,
		2019				2018
Revenues
Premiums		$	9,405			$	9,178
Universal life and investment-type product policy fees		1,365				1,392
Net investment income		4,908				3,745
Other revenues		494				474
Net investment gains (losses)		15				(333		)
Net derivative gains (losses)		115				349
Total revenues		16,302				14,805
		.
Expenses
Policyholder benefits and claims		9,072				8,718
Interest credited to policyholder account balances		1,961				769
Policyholder dividends		300				297
Capitalization of DAC		(812		)		(796		)
Amortization of DAC and VOBA		624				693
Amortization of negative VOBA		(10		)		(22		)
Interest expense on debt		234				286
Other expenses		3,189				3,204
Total expenses		14,558				13,149
Income (loss) from continuing operations before provision for income tax		1,744				1,656
Provision for income tax expense (benefit)		359				399
Income (loss) from continuing operations, net of income tax		1,385				1,257
Income (loss) from discontinued operations, net of income tax		—				—
Net income (loss)		1,385				1,257
Less: Net income (loss) attributable to noncontrolling interests		4				4
Net income (loss) attributable to MetLife, Inc.		1,381				1,253
Less: Preferred stock dividends		32				6
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,349			$	1,247
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share data)
		For the Three Months Ended
		March 31,
		2019								2018
Reconciliation to Adjusted Earnings Available to Common Shareholders						Earnings Per Weighted Average Common Share Diluted (1)								Earnings Per Weighted Average Common Share Diluted (1)
Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,349			$	1.40			$	1,247			$	1.19
Adjustments from net income (loss) available to common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses)		15				0.02				(333		)		(0.32		)
Net derivative gains (losses)		115				0.12				349				0.33
Premiums		—				—				—				—
Universal life and investment-type product policy fees		27				0.03				32				0.03
Net investment income		627				0.65				(474		)		(0.44		)
Other revenues		70				0.07				83				0.08
Policyholder benefits and claims and policyholder dividends		(131		)		(0.14		)		(47		)		(0.05		)
Interest credited to policyholder account balances		(713		)		(0.74		)		348				0.33
Capitalization of DAC		—				—				1				—
Amortization of DAC and VOBA		31				0.03				4				—
Amortization of negative VOBA		—				—				1				—
Interest expense on debt		—				—				—				—
Other expenses		(88		)		(0.09		)		(94		)		(0.09		)
Goodwill impairment		—				—				—				—
Provision for income tax (expense) benefit		(24		)		(0.03		)		(42		)		(0.04		)
Income (loss) from discontinued operations, net of income tax		—				—				—				—
Add: Net income (loss) attributable to noncontrolling interests		4				—				4				—
Adjusted earnings available to common shareholders		1,424				1.48				1,423				1.36
Less: Total notable items (2)		(55		)		(0.06		)		28				0.03
Adjusted earnings available to common shareholders, excluding total notable items (2)		$	1,479			$	1.54			$	1,395			$	1.34
Adjusted earnings available to common shareholders on a constant currency basis		$	1,424			$	1.48			$	1,396			$	1.34
Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)		$	1,479			$	1.54			$	1,368			$	1.31
Weighted average common shares outstanding - diluted						963.3								1,044.4
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions)
	For the Three Months Ended
	March 31,
	2019				2018
Premiums, Fees and Other Revenues
Premiums, fees and other revenues	$	11,264			$	11,044
Less: Unearned revenue adjustments	—				(5		)
GMIB fees	27				30
Settlement of foreign currency earnings hedges	2				4
TSA fees	68				79
Divested businesses	—				7
Adjusted premiums, fees and other revenues	$	11,167			$	10,929
Net Investment Income
Net investment income	$	4,908			$	3,745
Less: Investment hedge adjustments	(105		)		(110		)
Operating joint venture adjustments	—				1
Unit-linked contract income	736				(353		)
Securitization entities income	—				—
Certain partnership distributions	(4		)		(12		)
Divested businesses	—				—
Net investment income, as reported on an adjusted basis	$	4,281			$	4,219
Revenues and Expenses
Total revenues	$	16,302			$	14,805
Less: Net investment gains (losses)	15				(333		)
Less: Net derivative gains (losses)	115				349
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)	—				(5		)
Less: Other adjustments to revenues:
GMIB fees	27				30
Investment hedge adjustments	(105		)		(110		)
Operating joint venture adjustments	—				1
Unit-linked contract income	736				(353		)
Securitization entities income	—				—
Settlement of foreign currency earnings hedges	2				4
Certain partnership distributions	(4		)		(12		)
TSA fees	68				79
Divested businesses	—				7
Total adjusted revenues	$	15,448			$	15,148
Total expenses	$	14,558			$	13,149
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(24		)		(14		)
Less: Goodwill impairment	—				—
Less: Other adjustments to expenses:
Inflation and pass-through adjustments	79				41
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	49				15
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	(4		)		—
PAB hedge adjustments	(3		)		(1		)
Unit-linked contract costs	716				(347		)
Securitization entities debt expense	—				—
Noncontrolling interest	(6		)		(7		)
Regulatory implementation costs	3				1
Acquisition, integration and other costs	23				11
TSA fees	68				79
Divested businesses	—				9
Total adjusted expenses	$	13,657			$	13,362
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
(In millions, except per share and ratio data)
		March 31,
Book Value (3)		2019				2018
Book value per common share		$	58.06			$	52.49
Less: Net unrealized investment gains (losses), net of income tax		14.59				11.28
Defined benefit plans adjustment, net of income tax		(2.11		)		(2.15		)
Book value per common share, excluding AOCI other than FCTA		45.58				43.36
Less: Goodwill, net of income tax		9.56				9.20
VODA and VOCRA, net of income tax		0.31				0.36
Book value per common share - tangible common stockholders' equity		$	35.71			$	33.80
Common shares outstanding, end of period		950.2				1,024.1
		For the Three Months Ended
		March 31,
Expense Detail and Ratios		2019				2018
Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis.
Capitalization of DAC		$	(812	)		$	(796	)
Less: Divested businesses		—				(1		)
Capitalization of DAC, as reported on an adjusted basis		$	(812	)		$	(795	)
Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis
Other expenses		$	3,189			$	3,204
Less: Noncontrolling interest		(6		)		(7		)
Less: Regulatory implementation costs		3				1
Less: Acquisition, integration and other costs		23				11
Less: TSA fees		68				79
Less: Divested businesses		—				10
Other expenses, as reported on an adjusted basis		$	3,101			$	3,110
Other detail and ratios
Other expenses		$	3,189			$	3,204
Capitalization of DAC		(812		)		(796		)
Other expenses, net of capitalization of DAC		$	2,377			$	2,408
Premiums, fees and other revenues		$	11,264			$	11,044
Expense ratio		21.1		%		21.8		%
Direct expenses		$	1,420			$	1,462
Less: Total notable items related to direct expenses		70				43
Direct expenses, excluding total notable items related to direct expenses		$	1,350			$	1,419
Other expenses, as reported on an adjusted basis		$	3,101			$	3,110
Capitalization of DAC, as reported on an adjusted basis		(812		)		(795		)
Other expenses, net of capitalization of DAC, as reported on an adjusted basis		2,289				2,315
Less: Total notable items related to other expenses, as reported on an adjusted basis		70				43
Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis		$	2,219			$	2,272
Adjusted premiums, fees and other revenues		$	11,167			$	10,929
Less: Pension risk transfer (PRT)		(2		)		—
Adjusted premiums, fees and other revenues, excluding PRT		$	11,169			$	10,929
Direct expense ratio		12.7		%		13.4		%
Direct expense ratio, excluding total notable items related to direct expenses and PRT		12.1		%		13.0		%
Adjusted expense ratio		20.5		%		21.2		%
Adjusted expense ratio, excluding total notable items related to other expenses and PRT		19.9		%		20.8		%
See footnotes on last page.

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MetLife, Inc.
(Unaudited)
		For the Three Months Ended
		March 31, (4)
Return on Equity		2019			2018
Return on MetLife, Inc.'s:
Common stockholders' equity		10.3	%		9.0	%
Common stockholders' equity, excluding AOCI other than FCTA		12.5	%		11.2	%
Tangible common stockholders' equity		16.2	%		14.4	%
Adjusted return on MetLife, Inc.'s:
Common stockholders' equity		10.9	%		10.3	%
Common stockholders' equity, excluding AOCI other than FCTA		13.2	%		12.8	%
Common stockholders' equity, excluding total notable items (excludes AOCI other than FCTA) (2)		13.7	%		12.4	%
Tangible common stockholders' equity		17.1	%		16.4	%
Tangible common stockholders' equity, excluding total notable items (2)		17.7	%		16.0	%
Adjusted Return on Allocated Equity:
U.S.		27.0	%		24.1	%
Asia		10.0	%		9.2	%
Latin America		18.1	%		17.8	%
EMEA		12.3	%		9.3	%
MetLife Holdings		13.2	%		16.9	%
Adjusted Return on Allocated Tangible Equity:
U.S.		30.7	%		27.9	%
Asia		15.2	%		13.9	%
Latin America		29.9	%		29.8	%
EMEA		22.1	%		15.3	%
MetLife Holdings		14.8	%		19.0	%
See footnotes on last page.

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders
(Unaudited)
(In millions)
			For the Three Months Ended
			March 31,
			2019				2018
U.S. (5):
	Adjusted earnings available to common shareholders		$	724			$	653
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	724			$	653
	Adjusted premiums, fees and other revenues		$	6,058			$	5,679
	Less: PRT		(2		)		—
	Adjusted premiums, fees and other revenues, excluding PRT		$	6,060			$	5,679
Group Benefits (5):
	Adjusted earnings available to common shareholders		$	342			$	218
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	342			$	218
Retirement & Income Solutions (5):
	Adjusted earnings available to common shareholders		$	285			$	339
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	285			$	339
	Adjusted premiums, fees and other revenues		$	609			$	371
	Less: PRT		(2		)		—
	Adjusted premiums, fees and other revenues, excluding PRT		$	611			$	371
Property & Casualty (5):
	Adjusted earnings available to common shareholders		$	97			$	96
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	97			$	96
See footnotes on last page.

Page 25 of 27

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MetLife, Inc.
Adjusted Earnings Available to Common Shareholders (Continued)
(Unaudited)
(In millions)
			For the Three Months Ended
			March 31,
			2019				2018
Asia:
	Adjusted earnings available to common shareholders		$	356			$	327
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	356			$	327
	Adjusted earnings available to common shareholders on a constant currency basis		$	356			$	316
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)		$	356			$	316
Latin America:
	Adjusted earnings available to common shareholders		$	134			$	140
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	134			$	140
	Adjusted earnings available to common shareholders on a constant currency basis		$	134			$	135
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)		$	134			$	135
EMEA:
	Adjusted earnings available to common shareholders		$	86			$	81
	Less: Total notable items (2)		—				—
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	86			$	81
	Adjusted earnings available to common shareholders on a constant currency basis		$	86			$	70
	Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis (2)		$	86			$	70
MetLife Holdings (5):
	Adjusted earnings available to common shareholders		$	317			$	425
	Less: Total notable items (2)		—				62
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	317			$	363
Corporate & Other (5):
	Adjusted earnings available to common shareholders		$	(193	)		$	(203	)
	Less: Total notable items (2)		(55		)		(34		)
	Adjusted earnings available to common shareholders, excluding total notable items (2)		$	(138	)		$	(169	)
See footnotes on last page.

Page 26 of 27

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MetLife, Inc.
(Unaudited)
(1)	Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders, excluding total notable items and (ii) total notable items.
(2)	Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. Notable items can affect MetLife’s results either positively or negatively.
(3)	Book values exclude $3,340 million and $2,560 million of equity related to preferred stock at March 31, 2019 and 2018, respectively.
(4)	Annualized using quarter-to-date results.
(5)	Results on a constant currency basis are not included as constant currency impact is not significant.

Page 27 of 27

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Table of Contents

Exhibit 99.2

 

First Quarter

Financial Supplement

March 31, 2019

1

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Table of Contents

	METLIFE TABLE OF CONTENTS
	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	2
	CORPORATE OVERVIEW	3
	KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS	5
	EXPENSE DETAIL AND RATIOS	7
	CONSOLIDATED BALANCE SHEETS	8
	SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	9
	ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY	10
	U.S.
	Statements of Adjusted Earnings Available to Common Shareholders	11
	Group Benefits - Statements of Adjusted Earnings Available to Common Shareholders	12
	Retirement and Income Solutions - Statements of Adjusted Earnings Available to Common Shareholders	13
	Property & Casualty - Statements of Adjusted Earnings Available to Common Shareholders	14
	Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
	Group Benefits - Other Expenses by Major Category and Other Statistical Information	16
	Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; Separate Account Liabilities; and Synthetic GICs	17
	Retirement and Income Solutions - Other Expenses by Major Category and Spread	18
	Property & Casualty - Other Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data	19
	ASIA
	Statements of Adjusted Earnings Available to Common Shareholders	20
	Adjusted Premiums, Fees and Other Revenues; Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	21
	LATIN AMERICA
	Statements of Adjusted Earnings Available to Common Shareholders	22
	Other Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information	23
	EMEA
	Statements of Adjusted Earnings Available to Common Shareholders	24
	Other Expenses by Major Category; and Other Statistical Information	25
	METLIFE HOLDINGS
	Statements of Adjusted Earnings Available to Common Shareholders	26
	Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	27
	Other Expenses by Major Category; and Other Statistical Information	28
	CORPORATE & OTHER
	Statements of Adjusted Earnings Available to Common Shareholders; and Adjusted Earnings Available to Common Shareholders by Source	29
	INVESTMENTS
	Investment Portfolio Results by Asset Category and Annualized Yields	30
	Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution; and Gross Unrealized Gains and Losses Aging Schedule	32
	Summary of Mortgage Loans; and Summary of Commercial Mortgage Loans by Region and Property Type	33
	APPENDIX
	Reconciliation Detail	A-1
	Notable Items:
	MetLife Total; U.S.; U.S. - Group Benefits; U.S. - Retirement and Income Solutions; U.S. - Property & Casualty;	A-2
	Asia; Latin America; EMEA; MetLife Holdings; and Corporate & Other	A-3
	Equity Details, Book Value Details and Return on Equity	A-4
	Adjusted Premiums, Fees and Other Revenues, Other Expenses and Adjusted Earnings Available to Common Shareholders - Constant Currency Basis	A-5
	Non-GAAP and Other Financial Disclosures	A-6
	Acronyms	A-9

1

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Table of Contents

	METLIFE
	As used in this QFS, “MetLife," “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife 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 of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
	GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Revenues
	Premiums		$	9,178			$	15,153			$	10,242			$	9,267			$	9,405				$	9,178			$	9,405
	Universal life and investment-type product policy fees		1,392				1,370				1,343				1,397				1,365					1,392				1,365
	Net investment income		3,745				4,473				4,486				3,462				4,908					3,745				4,908
	Other revenues		474				475				479				452				494					474				494
	Net investment gains (losses)		(333		)		(227		)		117				145				15					(333		)		15
	Net derivative gains (losses)		349				(59		)		(378		)		939				115					349				115
	Total revenues		14,805				21,185				16,289				15,662				16,302					14,805				16,302
	Expenses
	Policyholder benefits and claims		8,718				14,866				10,080				8,992				9,072					8,718				9,072
	Interest credited to policyholder account balances		769				1,424				1,334				486				1,961					769				1,961
	Policyholder dividends		297				309				327				318				300					297				300
	Capitalization of DAC		(796		)		(834		)		(810		)		(814		)		(812		)			(796		)		(812		)
	Amortization of DAC and VOBA		693				707				732				843				624					693				624
	Amortization of negative VOBA		(22		)		(16		)		(7		)		(11		)		(10		)			(22		)		(10		)
	Interest expense on debt		286				309				267				260				234					286				234
	Other expenses		3,204				3,319				3,287				3,117				3,189					3,204				3,189
	Total expenses		13,149				20,084				15,210				13,191				14,558					13,149				14,558
	Income (loss) from continuing operations before provision for income tax		1,656				1,101				1,079				2,471				1,744					1,656				1,744
	Provision for income tax expense (benefit)		399				207				164				409				359					399				359
	Income (loss) from continuing operations, net of income tax		1,257				894				915				2,062				1,385					1,257				1,385
	Income (loss) from discontinued operations, net of income tax		—				—				—				—				—					—				—
	Net income (loss)		1,257				894				915				2,062				1,385					1,257				1,385
	Less: Net income (loss) attributable to noncontrolling interests		4				3				3				(5		)		4					4				4
	Net income (loss) attributable to MetLife, Inc.		1,253				891				912				2,067				1,381					1,253				1,381
	Less: Preferred stock dividends		6				46				32				57				32					6				32
	Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,247			$	845			$	880			$	2,010			$	1,349				$	1,247			$	1,349
	Premiums, fees and other revenues		$	11,044			$	16,998			$	12,064			$	11,116			$	11,264				$	11,044			$	11,264

2

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Table of Contents

	METLIFE CORPORATE OVERVIEW
			For the Three Months Ended
	Unaudited (In millions, except per share data)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Net income (loss) available to MetLife, Inc.'s common shareholders		$	1,247				$	845				$	880				$	2,010				$	1,349
	Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
	Less: Net investment gains (losses)		(333		)			(227		)			117					145					15
	Less: Net derivative gains (losses)		349					(59		)			(378		)			939					115
	Less: Goodwill impairment		—					—					—					—					—
	Less: Other adjustments to continuing operations (1)		(146		)			(233		)			(360		)			(202		)			(177		)
	Less: Provision for income tax (expense) benefit		(42		)			41					128					(213		)			(24		)
	Less: Income (loss) from discontinued operations, net of income tax		—					—					—					—					—
	Add: Net income (loss) attributable to noncontrolling interests		4					3					3					(5		)			4
	Adjusted earnings available to common shareholders		$	1,423				$	1,326				$	1,376				$	1,336				$	1,424
	Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share		$	1.19				$	0.83				$	0.88				$	2.04				$	1.40
	Less: Net investment gains (losses)		(0.32		)			(0.22		)			0.12					0.15					0.02
	Less: Net derivative gains (losses)		0.33					(0.06		)			(0.38		)			0.95					0.12
	Less: Goodwill impairment		—					—					—					—					—
	Less: Other adjustments to continuing operations		(0.14		)			(0.23		)			(0.37		)			(0.20		)			(0.19		)
	Less: Provision for income tax (expense) benefit		(0.04		)			0.04					0.13					(0.22		)			(0.03		)
	Less: Income (loss) from discontinued operations, net of income tax		—					—					—					—					—
	Add: Net income (loss) attributable to noncontrolling interests		—					—					—					(0.01		)			—
	Adjusted earnings available to common shareholders per diluted common share		$	1.36				$	1.30				$	1.38				$	1.35				$	1.48
			For the Three Months Ended
	Unaudited (In millions, except per share data)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Notable items impacting adjusted earnings available to common shareholders (2):
	Actuarial assumption review and other insurance adjustments		$	62				$	—				$	(68	)			$	—				$	—
	Litigation reserves & settlement costs		—					—					—					(60		)			—
	Expense initiative costs		(34		)			(62		)			(88		)			(100		)			(55		)
	Tax adjustments		—					—					—					247					—
	Total notable items		$	28				$	(62	)			$	(156	)			$	87				$	(55	)
	Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
	Actuarial assumption review and other insurance adjustments		$	0.06				$	—				$	(0.07	)			$	—				$	—
	Litigation reserves & settlement costs		$	—				$	—				$	—				$	(0.06	)			$	—
	Expense initiative costs		$	(0.03	)			$	(0.06	)			$	(0.09	)			$	(0.10	)			$	(0.06	)
	Tax adjustments		$	—				$	—				$	—				$	0.25				$	—
	Total notable items		$	0.03				$	(0.06	)			$	(0.16	)			$	0.09				$	(0.06	)
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Weighted average common shares outstanding - diluted		1,044.4					1,023.8					1,000.7					987.6					963.3
	(1) See Page A-1 for further detail.
	(2) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders and adjusted earnings available to common shareholders per diluted common share. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

3

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	METLIFE CORPORATE OVERVIEW (CONTINUED)
	Unaudited		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Book value per common share (1)		$	52.49			$	50.28			$	48.94			$	51.53			$	58.06
	Book value per common share, excluding AOCI other than FCTA (1)		$	43.36			$	42.76			$	42.97			$	44.62			$	45.58
	Book value per common share - tangible common stockholders' equity (1)		$	33.80			$	33.22			$	33.37			$	34.77			$	35.71
			For the Three Months Ended
	Unaudited		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Return on MetLife, Inc.'s (2):
	Common stockholders' equity		9.0		%		6.5		%		7.1		%		16.5		%		10.3		%
	Common stockholders' equity, excluding AOCI other than FCTA		11.2		%		7.8		%		8.3		%		18.9		%		12.5		%
	Tangible common stockholders' equity		14.4		%		10.1		%		10.8		%		24.4		%		16.2		%
	Adjusted return on MetLife, Inc.'s (2):
	Common stockholders' equity		10.3		%		10.2		%		11.2		%		10.9		%		10.9		%
	Common stockholders' equity, excluding AOCI other than FCTA		12.8		%		12.2		%		12.9		%		12.5		%		13.2		%
	Tangible common stockholders' equity		16.4		%		15.8		%		16.8		%		16.2		%		17.1		%
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Common shares outstanding, beginning of period		1,043.6				1,024.1				1,000.2				986.6				958.6
	Share repurchases		(21.4		)		(24.1		)		(14.1		)		(28.4		)		(11.2		)
	Newly issued shares		1.9				0.2				0.5				0.4				2.8
	Common shares outstanding, end of period		1,024.1				1,000.2				986.6				958.6				950.2
	Weighted average common shares outstanding - basic		1,035.9				1,015.6				992.7				980.3				956.5
	Dilutive effect of the exercise or issuance of stock-based awards		8.5				8.2				8.0				7.3				6.8
	Weighted average common shares outstanding - diluted		1,044.4				1,023.8				1,000.7				987.6				963.3
	MetLife Policyholder Trust Shares		153.5				151.6				150.0				148.0				143.2
	(1) Calculated using common shares outstanding, end of period.
	(2) Annualized using quarter-to-date results.

4

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	METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Total revenues		$	14,805			$	21,185			$	16,289			$	15,662			$	16,302				$	14,805			$	16,302
	Less: Net investment (gains) losses		(333		)		(227		)		117				145				15					(333		)		15
	Less: Net derivative (gains) losses		349				(59		)		(378		)		939				115					349				115
	Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(5		)		(5		)		11				(8		)		—					(5		)		—
	Less: Other adjustments to revenues:
	GMIB fees		30				31				32				27				27					30				27
	Investment hedge adjustments		(110		)		(119		)		(125		)		(121		)		(105		)			(110		)		(105		)
	Operating joint venture adjustments		1				—				—				—				—					1				—
	Unit-linked contract income		(353		)		286				149				(765		)		736					(353		)		736
	Securitization entities income		—				—				—				—				—					—				—
	Settlement of foreign currency earnings hedges		4				5				5				5				2					4				2
	Certain partnership distributions		(12		)		(21		)		(1		)		(27		)		(4		)			(12		)		(4		)
	TSA fees		79				78				78				70				68					79				68
	Divested businesses		7				—				1				—				—					7				—
	Total adjusted revenues		$	15,148			$	21,216			$	16,400			$	15,397			$	15,448				$	15,148			$	15,448
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Net investment income		$	3,745			$	4,473			$	4,486			$	3,462			$	4,908				$	3,745			$	4,908
	Less: Adjustments to net investment income:
	Investment hedge adjustments		(110		)		(119		)		(125		)		(121		)		(105		)			(110		)		(105		)
	Operating joint venture adjustments		1				—				—				—				—					1				—
	Unit-linked contract income		(353		)		286				149				(765		)		736					(353		)		736
	Securitization entities income		—				—				—				—				—					—				—
	Certain partnership distributions		(12		)		(21		)		(1		)		(27		)		(4		)			(12		)		(4		)
	Divested businesses		—				—				1				—				—					—				—
	Net investment income, as reported on an adjusted basis		$	4,219			$	4,327			$	4,462			$	4,375			$	4,281				$	4,219			$	4,281
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Premiums, fees and other revenues		$	11,044			$	16,998			$	12,064			$	11,116			$	11,264				$	11,044			$	11,264
	Less: Adjustments to premiums, fees and other revenues:
	Unearned revenue adjustments		(5		)		(5		)		11				(8		)		—					(5		)		—
	GMIB fees		30				31				32				27				27					30				27
	Settlement of foreign currency earnings hedges		4				5				5				5				2					4				2
	TSA fees		79				78				78				70				68					79				68
	Divested businesses		7				—				—				—				—					7				—
	Adjusted premiums, fees and other revenues		$	10,929			$	16,889			$	11,938			$	11,022			$	11,167				$	10,929			$	11,167
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	10,744			$	16,785			$	11,938			$	11,078			$	11,167

5

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	METLIFE KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Total expenses	$	13,149			$	20,084			$	15,210			$	13,191			$	14,558				$	13,149			$	14,558
	Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses	(14		)		(10		)		89				44				(24		)			(14		)		(24		)
	Less: Goodwill impairment	—				—				—				—				—					—				—
	Less: Other adjustments to expenses:
	Inflation and pass-through adjustments	41				—				(13		)		1				79					41				79
	GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs	15				60				187				(10		)		49					15				49
	Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments	—				(1		)		—				(1		)		(4		)			—				(4		)
	PAB hedge adjustments	(1		)		(1		)		(1		)		(1		)		(3		)			(1		)		(3		)
	Unit-linked contract costs	(347		)		268				133				(730		)		716					(347		)		716
	Securitization entities debt expense	—				—				—				—				—					—				—
	Noncontrolling interest	(7		)		(5		)		(3		)		5				(6		)			(7		)		(6		)
	Regulatory implementation costs	1				2				3				5				3					1				3
	Acquisition, integration and other costs	11				14				13				(14		)		23					11				23
	TSA fees	79				78				78				70				68					79				68
	Divested businesses	9				83				24				14				—					9				—
	Total adjusted expenses	$	13,362			$	19,596			$	14,700			$	13,808			$	13,657				$	13,362			$	13,657
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Capitalization of DAC	$	(796	)		$	(834	)		$	(810	)		$	(814	)		$	(812	)			$	(796	)		$	(812	)
	Less: Divested businesses	(1		)		—				—				—				—					(1		)		—
	Capitalization of DAC, as reported on an adjusted basis	$	(795	)		$	(834	)		$	(810	)		$	(814	)		$	(812	)			$	(795	)		$	(812	)
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Other expenses	$	3,204			$	3,319			$	3,287			$	3,117			$	3,189				$	3,204			$	3,189
	Less: Noncontrolling interest	(7		)		(5		)		(3		)		5				(6		)			(7		)		(6		)
	Less: Regulatory implementation costs	1				2				3				5				3					1				3
	Less: Acquisition, integration and other costs	11				14				13				(14		)		23					11				23
	Less: TSA fees	79				78				78				70				68					79				68
	Less: Divested businesses	10				53				9				(4		)		—					10				—
	Other expenses, as reported on an adjusted basis	$	3,110			$	3,177			$	3,187			$	3,055			$	3,101				$	3,110			$	3,101
	Other expenses, as reported on an adjusted basis, on a constant currency basis	$	3,029			$	3,126			$	3,188			$	3,077			$	3,101

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	METLIFE EXPENSE DETAIL AND RATIOS
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions, except ratio data)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Other expenses	$	3,204			$	3,319			$	3,287			$	3,117			$	3,189				$	3,204			$	3,189
	Capitalization of DAC	(796		)		(834		)		(810		)		(814		)		(812		)			(796		)		(812		)
	Other expenses, net of capitalization of DAC	$	2,408			$	2,485			$	2,477			$	2,303			$	2,377				$	2,408			$	2,377
	Premiums, fees and other revenues	$	11,044			$	16,998			$	12,064			$	11,116			$	11,264				$	11,044			$	11,264
	Expense ratio	21.8		%		14.6		%		20.5		%		20.7		%		21.1		%			21.8		%		21.1		%
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Other expenses by major category, as reported on an adjusted basis
	Direct expenses	$	1,462			$	1,500			$	1,543			$	1,369			$	1,420				$	1,462			$	1,420
	Pension, postretirement and postemployment benefit costs	49				47				45				44				56					49				56
	Premium taxes, other taxes, and licenses & fees	178				187				193				197				170					178				170
	Commissions and other variable expenses	1,421				1,443				1,406				1,445				1,455					1,421				1,455
	Other expenses, as reported on an adjusted basis	3,110				3,177				3,187				3,055				3,101					3,110				3,101
	Capitalization of DAC, as reported on an adjusted basis	(795		)		(834		)		(810		)		(814		)		(812		)			(795		)		(812		)
	Other expenses, net of capitalization of DAC, as reported on an adjusted basis	2,315				2,343				2,377				2,241				2,289					2,315				2,289
	Less: Total notable items related to other expenses, as reported on an adjusted basis	43				78				112				(19		)		70					43				70
	Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,272			$	2,265			$	2,265			$	2,260			$	2,219				$	2,272			$	2,219
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions, except ratio data)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Employee related costs	$	937			$	894			$	921			$	912			$	922				$	937			$	922
	Third party staffing costs	381				401				435				486				375					381				375
	General and administrative expenses	144				205				187				(29		)		123					144				123
	Direct expenses	1,462				1,500				1,543				1,369				1,420					1,462				1,420
	Less: Total notable items related to direct expenses	43				78				112				(19		)		70					43				70
	Direct expenses, excluding total notable items related to direct expenses	$	1,419			$	1,422			$	1,431			$	1,388			$	1,350				$	1,419			$	1,350
	Other expenses, net of capitalization of DAC, as reported on an adjusted basis	$	2,315			$	2,343			$	2,377			$	2,241			$	2,289				$	2,315			$	2,289
	Less: Total notable items related to other expenses, as reported on an adjusted basis	43				78				112				(19		)		70					43				70
	Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis	$	2,272			$	2,265			$	2,265			$	2,260			$	2,219				$	2,272			$	2,219
	Adjusted premiums, fees and other revenues	$	10,929			$	16,889			$	11,938			$	11,022			$	11,167				$	10,929			$	11,167
	Less: PRT	—				5,952				1,018				(76		)		(2		)			—				(2		)
	Adjusted premiums, fees and other revenues, excluding PRT	$	10,929			$	10,937			$	10,920			$	11,098			$	11,169				$	10,929			$	11,169
	Direct expense ratio	13.4		%		8.9		%		12.9		%		12.4		%		12.7		%			13.4		%		12.7		%
	Direct expense ratio, excluding total notable items related to direct expenses and PRT	13.0		%		13.0		%		13.1		%		12.5		%		12.1		%			13.0		%		12.1		%
	Adjusted expense ratio	21.2		%		13.9		%		19.9		%		20.3		%		20.5		%			21.2		%		20.5		%
	Adjusted expense ratio, excluding total notable items related to other expenses and PRT	20.8		%		20.7		%		20.7		%		20.4		%		19.9		%			20.8		%		19.9		%

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	METLIFE CONSOLIDATED BALANCE SHEETS
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value		$	304,711				$	306,331				$	304,840				$	298,265				$	308,410
	Equity securities, at estimated fair value		1,544					1,483					1,479					1,440					1,432
	Contractholder-directed equity securities and fair value option securities, at estimated fair value		16,444					13,848					13,540					12,616					13,245
	Mortgage loans		71,055					70,852					72,461					75,752					78,601
	Policy loans		9,744					9,702					9,703					9,699					9,670
	Real estate and real estate joint ventures		9,862					9,741					9,977					9,698					10,022
	Other limited partnership interests		5,876					5,985					6,374					6,613					6,787
	Short-term investments, principally at estimated fair value		5,121					3,853					5,231					3,937					4,524
	Other invested assets		17,486					17,017					16,336					18,190					18,175
	Total investments		441,843					438,812					439,941					436,210					450,866
	Cash and cash equivalents, principally at estimated fair value		13,927					16,312					12,490					15,821					14,506
	Accrued investment income		3,638					3,512					3,691					3,582					3,569
	Premiums, reinsurance and other receivables		19,368					19,608					19,820					19,644					20,615
	Deferred policy acquisition costs and value of business acquired		19,330					19,013					19,160					18,895					18,349
	Goodwill		9,733					9,499					9,440					9,422					9,418
	Other assets		8,387					8,230					8,493					8,408					10,100
	Separate account assets		196,358					191,347					185,416					175,556					185,765
	Total assets		$	712,584				$	706,333				$	698,451				$	687,538				$	713,188
	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits		$	180,348				$	184,461				$	185,476				$	186,780				$	187,508
	Policyholder account balances		184,289					182,493					184,094					183,693					187,333
	Other policy-related balances		16,023					15,908					16,207					16,529					16,967
	Policyholder dividends payable		672					695					709					677					671
	Policyholder dividend obligation		1,277					792					456					428					1,116
	Payables for collateral under securities loaned and other transactions		26,151					27,030					26,075					24,794					25,084
	Short-term debt		526					479					290					268					289
	Long-term debt		15,707					14,536					13,408					12,829					12,850
	Collateral financing arrangements		1,108					1,085					1,073					1,060					1,048
	Junior subordinated debt securities		3,145					3,146					3,146					3,147					3,148
	Current income tax payable		155					222					166					441					505
	Deferred income tax liability		6,304					5,377					4,924					5,414					7,075
	Other liabilities		24,013					24,930					25,202					22,964					25,091
	Separate account liabilities		196,358					191,347					185,416					175,556					185,765
	Total liabilities		656,076					652,501					646,642					634,580					654,450
	Equity
	Preferred stock, at par value		—					—					—					—					—
	Common stock, at par value		12					12					12					12					12
	Additional paid-in capital		31,653					32,454					32,475					32,474					32,535
	Retained earnings		26,453					26,870					27,331					28,926					29,944
	Treasury stock, at cost		(7,442		)			(8,557		)			(9,193		)			(10,393		)			(10,893		)
	Accumulated other comprehensive income (loss)		5,634					2,854					1,000					1,722					6,911
	Total MetLife, Inc.'s stockholders' equity		56,310					53,633					51,625					52,741					58,509
	Noncontrolling interests		198					199					184					217					229
	Total equity		56,508					53,832					51,809					52,958					58,738
	Total liabilities and equity		$	712,584				$	706,333				$	698,451				$	687,538				$	713,188

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	METLIFE SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Adjusted earnings before provision for income tax
	U.S.
	GROUP BENEFITS			$	283				$	335				$	474				$	297				$	433
	RETIREMENT AND INCOME SOLUTIONS			426					436					426					450					358
	PROPERTY & CASUALTY			115					74					104					120					117
	TOTAL U.S.			$	824				$	845				$	1,004				$	867				$	908
	ASIA			472					524					397					392					505
	LATIN AMERICA			215					200					235					180					196
	EMEA			102					112					70					81					113
	METLIFE HOLDINGS			529					346					405					283					395
	CORPORATE & OTHER			(356		)			(407		)			(411		)			(214		)			(326		)
	Total adjusted earnings before provision for income tax			$	1,786				$	1,620				$	1,700				$	1,589				$	1,791
	Provision for income tax expense (benefit)
	U.S.
	GROUP BENEFITS			$	65				$	74				$	104				$	67				$	91
	RETIREMENT AND INCOME SOLUTIONS			87					89					87					94					73
	PROPERTY & CASUALTY			19					11					18					21					20
	TOTAL U.S.			$	171				$	174				$	209				$	182				$	184
	ASIA			145					161					131					111					149
	LATIN AMERICA			75					55					65					43					62
	EMEA			21					26					15					26					27
	METLIFE HOLDINGS			104					66					78					60					78
	CORPORATE & OTHER			(159		)			(234		)			(206		)			(226		)			(165		)
	Total provision for income tax expense (benefit)			$	357				$	248				$	292				$	196				$	335
	Adjusted earnings available to common shareholders
	U.S.
	GROUP BENEFITS			$	218				$	261				$	370				$	230				$	342
	RETIREMENT AND INCOME SOLUTIONS			339					347					339					356					285
	PROPERTY & CASUALTY			96					63					86					99					97
	TOTAL U.S.			$	653				$	671				$	795				$	685				$	724
	ASIA			327					363					266					281					356
	LATIN AMERICA			140					145					170					137					134
	EMEA			81					86					55					55					86
	METLIFE HOLDINGS			425					280					327					223					317
	CORPORATE & OTHER (1)			(203		)			(219		)			(237		)			(45		)			(193		)
	Total adjusted earnings available to common shareholders (1)			$	1,423				$	1,326				$	1,376				$	1,336				$	1,424
	(1) Includes impact of preferred stock dividends of $6 million, $46 million, $32 million, $57 million and $32 million for the three months ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively.

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	METLIFE ADJUSTED RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY (1), (2)
	ADJUSTED RETURN ON ALLOCATED EQUITY
				For the Three Months Ended
	Unaudited			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	U.S.
	GROUP BENEFITS			31.2		%		37.3		%		52.9		%		32.9		%			48.6		%
	RETIREMENT AND INCOME SOLUTIONS			21.8		%		22.4		%		21.8		%		22.9		%			19.4		%
	PROPERTY & CASUALTY			20.7		%		13.6		%		18.6		%		21.4		%			19.2		%
	TOTAL U.S.			24.1		%		24.7		%		29.3		%		25.2		%			27.0		%
	ASIA			9.2		%		10.2		%		7.5		%		7.9		%			10.0		%
	LATIN AMERICA			17.8		%		18.5		%		21.7		%		17.5		%			18.1		%
	EMEA			9.3		%		9.9		%		6.3		%		6.3		%			12.3		%
	METLIFE HOLDINGS			16.9		%		11.1		%		13.0		%		8.9		%			13.2		%
	ADJUSTED RETURN ON ALLOCATED TANGIBLE EQUITY (3)
				For the Three Months Ended
	Unaudited			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	U.S.			27.9		%		28.6		%		33.9		%		29.2		%			30.7		%
	ASIA			13.9		%		15.4		%		11.3		%		12.0		%			15.2		%
	LATIN AMERICA			29.8		%		30.9		%		36.2		%		29.1		%			29.9		%
	EMEA			15.3		%		16.2		%		10.5		%		10.5		%			22.1		%
	METLIFE HOLDINGS			19.0		%		12.6		%		14.6		%		10.0		%			14.8		%
	(1) Annualized using quarter-to-date results.
	(2) Allocated equity and allocated tangible equity are presented below:
								ALLOCATED EQUITY								ALLOCATED TANGIBLE EQUITY
		Unaudited (In millions)						2018				2019				2018					2019
		U.S.
		GROUP BENEFITS						$	2,797			$	2,817
		RETIREMENT AND INCOME SOLUTIONS						6,209				5,876
		PROPERTY & CASUALTY						1,851				2,020
		TOTAL U.S.						$	10,857			$	10,713			$	9,389				$	9,447
		ASIA						$	14,260			$	14,274			$	9,456				$	9,396
		LATIN AMERICA						$	3,139			$	2,965			$	1,880				$	1,791
		EMEA						$	3,473			$	2,802			$	2,176				$	1,595
		METLIFE HOLDINGS						$	10,063			$	9,599			$	9,066				$	8,715
	(3) Adjusted earnings available to common shareholders used to calculate the adjusted return on allocated tangible equity excludes the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
				For the Three Months Ended
		Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
		U.S.		$	1			$	1			$	1			$	1				$	1
		ASIA		$	2			$	2			$	2			$	2				$	2
		LATIN AMERICA		$	—			$	—			$	—			$	—				$	—
		EMEA		$	2			$	2			$	2			$	2				$	2
		METLIFE HOLDINGS		$	5			$	5			$	5			$	4				$	5

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	U.S. STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	5,217			$	11,302			$	6,431			$	5,236			$	5,567				$	5,217			$	5,567
	Universal life and investment-type product policy fees		258				262				252				281				270					258				270
	Net investment income		1,662				1,719				1,787				1,809				1,719					1,662				1,719
	Other revenues		204				203				206				208				221					204				221
	Total adjusted revenues		7,341				13,486				8,676				7,534				7,777					7,341				7,777
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		5,138				11,233				6,219				5,175				5,373					5,138				5,373
	Interest credited to policyholder account balances		407				439				457				487				501					407				501
	Capitalization of DAC		(106		)		(114		)		(116		)		(113		)		(114		)			(106		)		(114		)
	Amortization of DAC and VOBA		115				114				128				120				114					115				114
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				4				2				4				2					2				2
	Other expenses		961				965				982				994				993					961				993
	Total adjusted expenses		6,517				12,641				7,672				6,667				6,869					6,517				6,869
	Adjusted earnings before provision for income tax		824				845				1,004				867				908					824				908
	Provision for income tax expense (benefit)		171				174				209				182				184					171				184
	Adjusted earnings		653				671				795				685				724					653				724
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	653			$	671			$	795			$	685			$	724				$	653			$	724
	Adjusted premiums, fees and other revenues		$	5,679			$	11,767			$	6,889			$	5,725			$	6,058				$	5,679			$	6,058
	Less: PRT		—				5,952				1,018				(76		)		(2		)			—				(2		)
	Adjusted premiums, fees and other revenues, excluding PRT		$	5,679			$	5,815			$	5,871			$	5,801			$	6,060				$	5,679			$	6,060

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	U.S. GROUP BENEFITS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	4,094			$	4,051			$	3,988			$	3,949			$	4,208				$	4,094			$	4,208
	Universal life and investment-type product policy fees		203				199				200				202				194					203				194
	Net investment income		279				277				296				275				280					279				280
	Other revenues		126				128				129				132				143					126				143
	Total adjusted revenues		4,702				4,655				4,613				4,558				4,825					4,702				4,825
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		3,744				3,659				3,455				3,577				3,711					3,744				3,711
	Interest credited to policyholder account balances		33				36				37				39				39					33				39
	Capitalization of DAC		(7		)		(8		)		(6		)		(6		)		(8		)			(7		)		(8		)
	Amortization of DAC and VOBA		11				10				22				10				9					11				9
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		—				1				—				1				—					—				—
	Other expenses		638				622				631				640				641					638				641
	Total adjusted expenses		4,419				4,320				4,139				4,261				4,392					4,419				4,392
	Adjusted earnings before provision for income tax		283				335				474				297				433					283				433
	Provision for income tax expense (benefit)		65				74				104				67				91					65				91
	Adjusted earnings		218				261				370				230				342					218				342
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	218			$	261			$	370			$	230			$	342				$	218			$	342
	Adjusted premiums, fees and other revenues		$	4,423			$	4,378			$	4,317			$	4,283			$	4,545				$	4,423			$	4,545

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	U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	244			$	6,359			$	1,535			$	373			$	461				$	244			$	461
	Universal life and investment-type product policy fees		55				63				52				79				76					55				76
	Net investment income		1,340				1,400				1,444				1,492				1,395					1,340				1,395
	Other revenues		72				70				71				71				72					72				72
	Total adjusted revenues		1,711				7,892				3,102				2,015				2,004					1,711				2,004
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		806				6,938				2,144				998				1,071					806				1,071
	Interest credited to policyholder account balances		374				403				420				448				462					374				462
	Capitalization of DAC		(5		)		(1		)		(2		)		(7		)		(8		)			(5		)		(8		)
	Amortization of DAC and VOBA		6				6				5				7				5					6				5
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				3				2				3				2					2				2
	Other expenses		102				107				107				116				114					102				114
	Total adjusted expenses		1,285				7,456				2,676				1,565				1,646					1,285				1,646
	Adjusted earnings before provision for income tax		426				436				426				450				358					426				358
	Provision for income tax expense (benefit)		87				89				87				94				73					87				73
	Adjusted earnings		339				347				339				356				285					339				285
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	339			$	347			$	339			$	356			$	285				$	339			$	285
	Adjusted premiums, fees and other revenues		$	371			$	6,492			$	1,658			$	523			$	609				$	371			$	609
	Less: PRT		—				5,952				1,018				(76		)		(2		)			—				(2		)
	Adjusted premiums, fees and other revenues, excluding PRT		$	371			$	540			$	640			$	599			$	611				$	371			$	611

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	U.S. PROPERTY & CASUALTY STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
			For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	879			$	892			$	908			$	914			$	898				$	879			$	898
	Universal life and investment-type product policy fees		—				—				—				—				—					—				—
	Net investment income		43				42				47				42				44					43				44
	Other revenues		6				5				6				5				6					6				6
	Total adjusted revenues		928				939				961				961				948					928				948
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		588				636				620				600				591					588				591
	Interest credited to policyholder account balances		—				—				—				—				—					—				—
	Capitalization of DAC		(94		)		(105		)		(108		)		(100		)		(98		)			(94		)		(98		)
	Amortization of DAC and VOBA		98				98				101				103				100					98				100
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		221				236				244				238				238					221				238
	Total adjusted expenses		813				865				857				841				831					813				831
	Adjusted earnings before provision for income tax		115				74				104				120				117					115				117
	Provision for income tax expense (benefit)		19				11				18				21				20					19				20
	Adjusted earnings		96				63				86				99				97					96				97
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	96			$	63			$	86			$	99			$	97				$	96			$	97
	Adjusted premiums, fees and other revenues		$	885			$	897			$	914			$	919			$	904				$	885			$	904

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	U.S. GROUP BENEFITS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	18,927			$	18,958			$	18,909			$	18,904				$	18,924
	Premiums and deposits		4,933				4,876				4,784				4,764					5,019
	Surrenders and withdrawals		(621		)		(617		)		(611		)		(599		)			(597		)
	Benefit payments		(3,822		)		(3,786		)		(3,541		)		(3,691		)			(3,836		)
	Net flows		490				473				632				474					586
	Net transfers from (to) separate account		—				—				(1		)		(1		)			1
	Interest		138				142				145				147					145
	Policy charges		(149		)		(150		)		(147		)		(147		)			(147		)
	Other		(448		)		(514		)		(634		)		(453		)			(583		)
	Balance, end of period		$	18,958			$	18,909			$	18,904			$	18,924				$	18,926
	SEPARATE ACCOUNT LIABILITIES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	889			$	880			$	898			$	935				$	813
	Premiums and deposits		63				62				63				64					64
	Surrenders and withdrawals		(21		)		(16		)		(16		)		(14		)			(18		)
	Benefit payments		(1		)		(1		)		(1		)		(1		)			(1		)
	Net flows		41				45				46				49					45
	Investment performance		3				27				44				(117		)			101
	Net transfers from (to) general account		—				—				1				1					(1		)
	Policy charges		(52		)		(52		)		(53		)		(52		)			(53		)
	Other		(1		)		(2		)		(1		)		(3		)			(3		)
	Balance, end of period		$	880			$	898			$	935			$	813				$	902

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	U.S. GROUP BENEFITS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018				March 31, 2019
	Direct and allocated expenses		$	325				$	310				$	313				$	319			$	310
	Pension, postretirement and postemployment benefit costs		7					13					10					8				15
	Premium taxes, other taxes, and licenses & fees		83					81					86					83				63
	Commissions and other variable expenses		223					218					222					230				253
	Other expenses, as reported on an adjusted basis		$	638				$	622				$	631				$	640			$	641
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018				March 31, 2019
	Group Life (1)
	Adjusted premiums, fees and other revenues		$	1,739				$	1,741				$	1,722				$	1,688			$	1,804
	Mortality ratio		88.0		%			87.9		%			85.0		%			89.4		%		85.3		%
	Group Non-Medical Health (2)
	Adjusted premiums, fees and other revenues		$	1,719				$	1,687				$	1,713				$	1,742			$	1,812
	Interest adjusted benefit ratio (3)		75.9		%			73.1		%			68.1		%			73.2		%		72.9		%
	(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
	(2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health.
	(3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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	U.S. RETIREMENT AND INCOME SOLUTIONS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	108,147			$	108,096			$	113,324			$	114,796				$	113,653
	Premiums and deposits		20,064				23,118				21,295				15,711					19,068
	Surrenders and withdrawals		(20,895		)		(17,158		)		(19,576		)		(17,014		)			(17,356		)
	Benefit payments		(816		)		(928		)		(1,002		)		(998		)			(1,035		)
	Net flows		(1,647		)		5,032				717				(2,301		)			677
	Net transfers from (to) separate account		(9		)		—				—				—					—
	Interest		904				969				1,013				1,040					1,052
	Policy charges		(34		)		(39		)		(37		)		(10		)			(32		)
	Other		735				(734		)		(221		)		128					69
	Balance, end of period		$	108,096			$	113,324			$	114,796			$	113,653				$	115,419
	SEPARATE ACCOUNT LIABILITIES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	80,354			$	76,709			$	77,223			$	70,396				$	70,623
	Premiums and deposits		1,651				2,234				850				2,355					1,088
	Surrenders and withdrawals (1)		(4,567		)		(2,133		)		(7,370		)		(2,276		)			(1,164		)
	Benefit payments		(17		)		(34		)		(17		)		(18		)			(16		)
	Net flows		(2,933		)		67				(6,537		)		61					(92		)
	Investment performance		(798		)		30				564				(542		)			2,741
	Net transfers from (to) general account		9				—				—				—					—
	Policy charges		(78		)		(78		)		(74		)		(93		)			(64		)
	Other		155				495				(780		)		801					483
	Balance, end of period		$	76,709			$	77,223			$	70,396			$	70,623				$	73,691
	SYNTHETIC GICS (2)
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	11,422			$	14,174			$	17,273			$	24,244				$	25,700
	Premiums and deposits (1)		3,038				3,112				6,956				1,518					776
	Surrenders and withdrawals		(361		)		(111		)		(113		)		(232		)			(150		)
	Net flows		2,677				3,001				6,843				1,286					626
	Interest		75				98				128				170					175
	Balance, end of period		$	14,174			$	17,273			$	24,244			$	25,700				$	26,501
	(1) Includes $2,361 million, $747 million, $6,282 million, $930 million and $0 of transfers from separate account GICs to synthetic GICs at March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively. These transfers are reported as surrenders and withdrawals on the separate account liabilities table and premiums and deposits on the synthetic GICs table.
	(2) A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments and is reported as a derivative. A key difference between a synthetic GIC and a traditional GIC is that the contractholder owns the assets underlying the synthetic GIC. The assets and corresponding contractholder account balance are not on MetLife, Inc.'s consolidated balance sheet, as they are for a traditional GIC. The contractholder account balance is reported at contract value in the table above.

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	U.S. RETIREMENT AND INCOME SOLUTIONS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Direct and allocated expenses		$	67				$	63				$	59				$	63				$	62
	Pension, postretirement and postemployment benefit costs		1					2					2					1					3
	Premium taxes, other taxes, and licenses & fees		2					6					5					11					5
	Commissions and other variable expenses		32					36					41					41					44
	Other expenses, as reported on an adjusted basis		$	102				$	107				$	107				$	116				$	114
	SPREAD
			For the Three Months Ended
	Unaudited		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Investment income yield excluding variable investment income		4.50		%			4.73		%			4.70		%			4.80		%			4.52		%
	Variable investment income yield		0.22		%			0.16		%			0.21		%			0.27		%			0.15		%
	Total investment income yield		4.72		%			4.89		%			4.91		%			5.07		%			4.67		%
	Average crediting rate		3.44		%			3.60		%			3.66		%			3.77		%			3.71		%
	Annualized general account spread		1.28		%			1.29		%			1.25		%			1.30		%			0.96		%
	Annualized general account spread excluding variable investment income yield		1.06		%			1.13		%			1.04		%			1.03		%			0.81		%

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	U.S. PROPERTY & CASUALTY
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Direct and allocated expenses		$	103			$	103			$	110			$	109				$	105
	Pension, postretirement and postemployment benefit costs		4				4				4				3					2
	Premium taxes, other taxes, and licenses & fees		20				26				26				24					22
	Commissions and other variable expenses		94				103				104				102					109
	Other expenses, as reported on an adjusted basis		$	221			$	236			$	244			$	238				$	238
	NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
			For the Three Months Ended
	Unaudited (In millions, except ratios)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Net Written Premiums by Product
	Auto		$	586			$	611			$	632			$	588				$	588
	Homeowners & Other		261				330				339				307					277
	Total		$	847			$	941			$	971			$	895				$	865
	Selected Financial Information and Supplemental Data (1)
	Total Property & Casualty
	Net earned premium		$	879			$	892			$	908			$	914				$	898
	Loss and loss adjustment expense ratio		66.9		%		71.3		%		68.2		%		65.6		%			65.5		%
	Other expense ratio		25.3		%		25.5		%		25.8		%		26.2		%			26.7		%
	Total combined ratio		92.2		%		96.8		%		94.0		%		91.8		%			92.2		%
	Effect of catastrophe losses		6.6		%		12.1		%		5.4		%		2.7		%			4.6		%
	Combined ratio excluding catastrophes		85.6		%		84.7		%		88.6		%		89.1		%			87.6		%
	Prior year development		(0.6)		%		(0.4)		%		(0.3)		%		(0.6)		%			(0.3)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		86.2		%		85.1		%		88.9		%		89.7		%			87.9		%
	Auto
	Net earned premium		$	582			$	591			$	599			$	603				$	591
	Loss and loss adjustment expense ratio		65.8		%		66.1		%		70.0		%		74.0		%			67.7		%
	Other expense ratio		25.5		%		25.1		%		25.5		%		25.5		%			26.6		%
	Total combined ratio		91.3		%		91.2		%		95.5		%		99.5		%			94.3		%
	Effect of catastrophe losses		(0.2)		%		0.9		%		1.5		%		—		%			0.4		%
	Combined ratio excluding catastrophes		91.5		%		90.3		%		94.0		%		99.5		%			93.9		%
	Prior year development		(0.7)		%		(0.3		)%		(0.4		)%		(0.1)		%			(0.4)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		92.2		%		90.6		%		94.4		%		99.6		%			94.3		%
	Homeowners & Other
	Net earned premium		$	297			$	301			$	309			$	311				$	307
	Loss and loss adjustment expense ratio		68.9		%		81.4		%		64.7		%		49.4		%			61.3		%
	Other expense ratio		24.9		%		26.5		%		26.5		%		27.5		%			27.0		%
	Total combined ratio		93.8		%		107.9		%		91.2		%		76.9		%			88.3		%
	Effect of catastrophe losses		19.8		%		34.1		%		12.9		%		8.0		%			12.5		%
	Combined ratio excluding catastrophes		74.0		%		73.8		%		78.3		%		68.9		%			75.8		%
	Prior year development		(0.4)		%		(0.6)		%		(0.2)		%		(1.5)		%			(0.1)		%
	Combined ratio excluding catastrophes and prior year development before provision for income tax		74.4		%		74.4		%		78.5		%		70.4		%			75.9		%
	Catastrophe Losses Before Provision for Income Tax
	Auto		$	(1	)		$	5			$	9			$	—				$	2
	Homeowners & Other		59				103				40				25					39
	Total		$	58			$	108			$	49			$	25				$	41
	(1) This selected financial information and supplemental data are presented and calculated based on general industry standards.

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	ASIA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	1,748			$	1,654			$	1,689			$	1,675			$	1,699				$	1,748			$	1,699
	Universal life and investment-type product policy fees		394				399				428				409				406					394				406
	Net investment income		795				839				830				853				880					795				880
	Other revenues		15				13				12				11				16					15				16
	Total adjusted revenues		2,952				2,905				2,959				2,948				3,001					2,952				3,001
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		1,343				1,237				1,354				1,392				1,319					1,343				1,319
	Interest credited to policyholder account balances		351				362				381				371				403					351				403
	Capitalization of DAC		(465		)		(495		)		(478		)		(477		)		(479		)			(465		)		(479		)
	Amortization of DAC and VOBA		314				313				366				309				307					314				307
	Amortization of negative VOBA		(15		)		(12		)		(4		)		(8		)		(9		)			(15		)		(9		)
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		952				976				943				969				955					952				955
	Total adjusted expenses		2,480				2,381				2,562				2,556				2,496					2,480				2,496
	Adjusted earnings before provision for income tax		472				524				397				392				505					472				505
	Provision for income tax expense (benefit)		145				161				131				111				149					145				149
	Adjusted earnings		327				363				266				281				356					327				356
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	327			$	363			$	266			$	281			$	356				$	327			$	356
	Adjusted premiums, fees and other revenues		$	2,157			$	2,066			$	2,129			$	2,095			$	2,121				$	2,157			$	2,121

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	ASIA
	ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Adjusted premiums, fees and other revenues		$	2,157				$	2,066				$	2,129				$	2,095				$	2,121
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	2,101				$	2,030				$	2,141				$	2,127				$	2,121
	Add: Operating joint ventures, on a constant currency basis (1), (2)		228					213					221					257					250
	Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis		$	2,329				$	2,243				$	2,362				$	2,384				$	2,371
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Direct and allocated expenses		$	332				$	334				$	325				$	336				$	324
	Pension, postretirement and postemployment benefit costs		21					20					20					22					23
	Premium taxes, other taxes, and licenses & fees		37					44					40					44					43
	Commissions and other variable expenses		562					578					558					567					565
	Other expenses, as reported on an adjusted basis		$	952				$	976				$	943				$	969				$	955
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC		$	487				$	481				$	465				$	492				$	476
	Other expenses, as reported on an adjusted basis, on a constant currency basis		$	932				$	960				$	949				$	983				$	955
	Add: Operating joint ventures, on a constant currency basis (1), (2)		88					90					96					110					107
	Other expenses, as reported on an adjusted basis, including operating joint ventures, on a constant currency basis		$	1,020				$	1,050				$	1,045				$	1,093				$	1,062
	Other expenses, as reported on an adjusted basis, including operating joint ventures, net of capitalization of DAC, on a constant currency basis		$	527				$	528				$	525				$	565				$	544
	SALES ON A CONSTANT CURRENCY BASIS
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Japan:
	Life		$	164				$	165				$	165				$	183				$	174
	Accident & Health		80					92					105					101					113
	Annuities		167					199					180					126					178
	Other		2					2					1					2					1
	Total Japan		413					458					451					412					466
	Other Asia		225					218					263					221					232
	Total sales		$	638				$	676				$	714				$	633				$	698
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Adjusted earnings available to common shareholders		$	327				$	363				$	266				$	281				$	356
	Adjusted earnings available to common shareholders, on a constant currency basis		$	316				$	355				$	265				$	282				$	356
	(1) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
	(2) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

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	LATIN AMERICA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	699			$	688			$	692			$	681			$	646				$	699			$	646
	Universal life and investment-type product policy fees		282				275				229				264				284					282				284
	Net investment income		276				327				339				297				296					276				296
	Other revenues		8				9				7				11				12					8				12
	Total adjusted revenues		1,265				1,299				1,267				1,253				1,238					1,265				1,238
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		646				660				670				626				597					646				597
	Interest credited to policyholder account balances		98				95				102				99				94					98				94
	Capitalization of DAC		(94		)		(91		)		(97		)		(95		)		(94		)			(94		)		(94		)
	Amortization of DAC and VOBA		60				71				5				73				78					60				78
	Amortization of negative VOBA		—				—				(1		)		—				—					—				—
	Interest expense on debt		2				1				2				1				1					2				1
	Other expenses		338				363				351				369				366					338				366
	Total adjusted expenses		1,050				1,099				1,032				1,073				1,042					1,050				1,042
	Adjusted earnings before provision for income tax		215				200				235				180				196					215				196
	Provision for income tax expense (benefit)		75				55				65				43				62					75				62
	Adjusted earnings		140				145				170				137				134					140				134
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	140			$	145			$	170			$	137			$	134				$	140			$	134
	Adjusted premiums, fees and other revenues		$	989			$	972			$	928			$	956			$	942				$	989			$	942

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	LATIN AMERICA
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Direct and allocated expenses		$	105				$	142				$	128				$	148				$	148
	Pension, postretirement and postemployment benefit costs		1					1					1					1					1
	Premium taxes, other taxes, and licenses & fees		17					15					16					18					15
	Commissions and other variable expenses		215					205					206					202					202
	Other expenses, as reported on an adjusted basis		$	338				$	363				$	351				$	369				$	366
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC		$	244				$	272				$	254				$	274				$	272
	Other expenses, as reported on an adjusted basis, on a constant currency basis		$	300				$	342				$	349				$	377				$	366
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis		$	213				$	255				$	253				$	280				$	272
	SALES ON A CONSTANT CURRENCY BASIS
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Mexico		$	75				$	78				$	76				$	85				$	110
	Chile		81					80					86					83					76
	All other		47					48					47					59					39
	Total sales		$	203				$	206				$	209				$	227				$	225
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Adjusted premiums, fees and other revenues		$	989				$	972				$	928				$	956				$	942
	Adjusted earnings available to common shareholders		$	140				$	145				$	170				$	137				$	134
	Adjusted premiums, fees and other revenues, on a constant currency basis		$	909				$	934				$	922				$	979				$	942
	Adjusted earnings available to common shareholders, on a constant currency basis		$	135				$	127				$	168				$	142				$	134

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	EMEA STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	551			$	546			$	514			$	520			$	542				$	551			$	542
	Universal life and investment-type product policy fees		112				107				105				107				103					112				103
	Net investment income		75				73				73				72				74					75				74
	Other revenues		16				20				15				15				14					16				14
	Total adjusted revenues		754				746				707				714				733					754				733
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		294				286				281				266				284					294				284
	Interest credited to policyholder account balances		25				26				24				25				24					25				24
	Capitalization of DAC		(118		)		(121		)		(109		)		(120		)		(117		)			(118		)		(117		)
	Amortization of DAC and VOBA		106				108				110				110				92					106				92
	Amortization of negative VOBA		(6		)		(4		)		(2		)		(3		)		(1		)			(6		)		(1		)
	Interest expense on debt		—				—				—				—				—					—				—
	Other expenses		351				339				333				355				338					351				338
	Total adjusted expenses		652				634				637				633				620					652				620
	Adjusted earnings before provision for income tax		102				112				70				81				113					102				113
	Provision for income tax expense (benefit)		21				26				15				26				27					21				27
	Adjusted earnings		81				86				55				55				86					81				86
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	81			$	86			$	55			$	55			$	86				$	81			$	86
	Adjusted premiums, fees and other revenues		$	679			$	673			$	634			$	642			$	659				$	679			$	659

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	EMEA
	OTHER EXPENSES BY MAJOR CATEGORY
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Direct and allocated expenses			$	136				$	113				$	127				$	135				$	122
	Pension, postretirement and postemployment benefit costs			2					3					2					2					1
	Premium taxes, other taxes, and licenses & fees			7					6					10					10					8
	Commissions and other variable expenses			206					217					194					208					207
	Other expenses, as reported on an adjusted basis			$	351				$	339				$	333				$	355				$	338
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC			$	233				$	218				$	224				$	235				$	221
	Other expenses, as reported on an adjusted basis, on a constant currency basis			$	328				$	325				$	330				$	355				$	338
	Other expenses, as reported on an adjusted basis, net of capitalization of DAC, on a constant currency basis			$	220				$	210				$	222				$	235				$	221
	OTHER STATISTICAL INFORMATION
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Adjusted premiums, fees and other revenues			$	679				$	673				$	634				$	642				$	659
	Adjusted earnings available to common shareholders			$	81				$	86				$	55				$	55				$	86
	Adjusted premiums, fees and other revenues, on a constant currency basis			$	630				$	643				$	628				$	643				$	659
	Adjusted earnings available to common shareholders, on a constant currency basis			$	70				$	79				$	54				$	55				$	86
	Total sales on a constant currency basis			$	248				$	214				$	185				$	201				$	255

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	METLIFE HOLDINGS STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	950			$	957			$	949			$	1,023			$	927				$	950			$	927
	Universal life and investment-type product policy fees		314				301				286				317				274					314				274
	Net investment income		1,352				1,329				1,375				1,323				1,287					1,352				1,287
	Other revenues		67				68				70				45				67					67				67
	Total adjusted revenues		2,683				2,655				2,680				2,708				2,555					2,683				2,555
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		1,550				1,706				1,766				1,811				1,648					1,550				1,648
	Interest credited to policyholder account balances		236				235				238				235				226					236				226
	Capitalization of DAC		(10		)		(10		)		(8		)		(8		)		(6		)			(10		)		(6		)
	Amortization of DAC and VOBA		100				101				13				118				63					100				63
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		2				2				2				3				2					2				2
	Other expenses		276				275				264				266				227					276				227
	Total adjusted expenses		2,154				2,309				2,275				2,425				2,160					2,154				2,160
	Adjusted earnings before provision for income tax		529				346				405				283				395					529				395
	Provision for income tax expense (benefit)		104				66				78				60				78					104				78
	Adjusted earnings		425				280				327				223				317					425				317
	Preferred stock dividends		—				—				—				—				—					—				—
	Adjusted earnings available to common shareholders		$	425			$	280			$	327			$	223			$	317				$	425			$	317
	Adjusted premiums, fees and other revenues		$	1,331			$	1,326			$	1,305			$	1,385			$	1,268				$	1,331			$	1,268

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	METLIFE HOLDINGS
	FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	LIFE & OTHER (1)
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	80,795			$	79,992			$	80,103			$	80,258				$	80,734
	Premiums and deposits (2), (3)		1,243				1,200				1,234				1,321					1,195
	Surrenders and withdrawals		(638		)		(602		)		(628		)		(627		)			(617		)
	Benefit payments		(733		)		(703		)		(747		)		(721		)			(843		)
	Net flows		(128		)		(105		)		(141		)		(27		)			(265		)
	Net transfers from (to) separate account		8				12				19				4					12
	Interest		811				816				821				827					823
	Policy charges		(199		)		(193		)		(192		)		(196		)			(191		)
	Other		(1,295		)		(419		)		(352		)		(132		)			(468		)
	Balance, end of period		$	79,992			$	80,103			$	80,258			$	80,734				$	80,645
	ANNUITIES		For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	20,791			$	20,419			$	20,153			$	19,925				$	19,784
	Premiums and deposits (2), (3)		109				110				97				99					111
	Surrenders and withdrawals		(450		)		(397		)		(424		)		(525		)			(497		)
	Benefit payments		(170		)		(171		)		(145		)		(149		)			(173		)
	Net flows		(511		)		(458		)		(472		)		(575		)			(559		)
	Net transfers from (to) separate account		33				60				89				74					89
	Interest		154				149				151				145					141
	Policy charges		(5		)		(5		)		(4		)		(4		)			(4		)
	Other		(43		)		(12		)		8				219					(80		)
	Balance, end of period		$	20,419			$	20,153			$	19,925			$	19,784				$	19,371
	SEPARATE ACCOUNT LIABILITIES
	LIFE & OTHER
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	5,855			$	5,167			$	5,254			$	5,450				$	4,660
	Premiums and deposits (3)		71				66				65				66					67
	Surrenders and withdrawals		(59		)		(66		)		(66		)		(56		)			(59		)
	Benefit payments		(8		)		(8		)		(8		)		(21		)			(8		)
	Net flows		4				(8		)		(9		)		(11		)			—
	Investment performance		(9		)		200				294				(713		)			638
	Net transfers from (to) general account		(8		)		(12		)		(19		)		(4		)			(12		)
	Policy charges		(68		)		(67		)		(66		)		(67		)			(65		)
	Other		(607		)		(26		)		(4		)		5					(1		)
	Balance, end of period		$	5,167			$	5,254			$	5,450			$	4,660				$	5,220
	ANNUITIES
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Balance, beginning of period		$	45,678			$	43,958			$	43,241			$	43,128				$	37,549
	Premiums and deposits (3)		107				108				80				90					92
	Surrenders and withdrawals		(1,188		)		(1,201		)		(1,149		)		(1,131		)			(978		)
	Benefit payments		(113		)		(106		)		(101		)		(94		)			(100		)
	Net flows		(1,194		)		(1,199		)		(1,170		)		(1,135		)			(986		)
	Investment performance		(275		)		766				1,369				(4,157		)			3,854
	Net transfers from (to) general account		(33		)		(60		)		(89		)		(74		)			(89		)
	Policy charges		(218		)		(225		)		(221		)		(213		)			(191		)
	Other		—				1				(2		)		—					(1		)
	Balance, end of period		$	43,958			$	43,241			$	43,128			$	37,549				$	40,136
	(1) Long-Term Care and Japan reinsurance are reported as part of "Other" within Life & Other.
	(2) Includes premiums and deposits directed to the general account investment option of variable products.
	(3) Includes company-sponsored internal exchanges.

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	METLIFE HOLDINGS
	OTHER EXPENSES BY MAJOR CATEGORY
			For the Three Months Ended
	Unaudited (In millions)		March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Direct and allocated expenses		$	184				$	181				$	175				$	182				$	146
	Pension, postretirement and postemployment benefit costs		5					7					6					5					8
	Premium taxes, other taxes, and licenses & fees		20					19					20					15					18
	Commissions and other variable expenses		67					68					63					64					55
	Other expenses, as reported on an adjusted basis		$	276				$	275				$	264				$	266				$	227
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	Unaudited (In millions, except ratios)
	Life (1)
	Adjusted premiums, fees and other revenues		$	879				$	881				$	872				$	964				$	849
	Interest adjusted benefit ratio		47.6		%			52.6		%			64.6		%			58.0		%			50.0		%
	Lapse Ratio (2)
	Traditional life		4.9		%			4.9		%			5.0		%			5.2		%			4.8		%
	Variable & universal life		4.3		%			4.3		%			4.4		%			4.4		%			4.3		%
	Fixed annuity		7.0		%			7.3		%			7.6		%			8.6		%			10.2		%
	Variable annuity		9.0		%			9.5		%			10.0		%			10.2		%			10.1		%
	(1) Represents traditional life and variable & universal life, components of Life & Other.
	(2) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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	CORPORATE & OTHER STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Adjusted revenues
	Premiums		$	13			$	6			$	(33	)		$	132			$	24				$	13			$	24
	Universal life and investment-type product policy fees		—				—				—				—				1					—				1
	Net investment income		59				40				58				21				25					59				25
	Other revenues		81				79				86				87				94					81				94
	Total adjusted revenues		153				125				111				240				144					153				144
	Adjusted expenses
	Policyholder benefits and claims and policyholder dividends		(3		)		3				(38		)		118				20					(3		)		20
	Interest credited to policyholder account balances		—				—				—				—				—					—				—
	Capitalization of DAC		(2		)		(3		)		(2		)		(1		)		(2		)			(2		)		(2		)
	Amortization of DAC and VOBA		2				1				2				1				1					2				1
	Amortization of negative VOBA		—				—				—				—				—					—				—
	Interest expense on debt		280				272				246				234				229					280				229
	Other expenses		232				259				314				102				222					232				222
	Total adjusted expenses		509				532				522				454				470					509				470
	Adjusted earnings before provision for income tax		(356		)		(407		)		(411		)		(214		)		(326		)			(356		)		(326		)
	Provision for income tax expense (benefit)		(159		)		(234		)		(206		)		(226		)		(165		)			(159		)		(165		)
	Adjusted earnings		(197		)		(173		)		(205		)		12				(161		)			(197		)		(161		)
	Preferred stock dividends		6				46				32				57				32					6				32
	Adjusted earnings available to common shareholders		$	(203	)		$	(219	)		$	(237	)		$	(45	)		$	(193	)			$	(203	)		$	(193	)
	Adjusted premiums, fees and other revenues		$	94			$	85			$	53			$	219			$	119				$	94			$	119
	ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
		For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019					March 31, 2018				March 31, 2019
	Business activities		$	6			$	12			$	13			$	10			$	13				$	6			$	13
	Net investment income		57				50				107				49				29					57				29
	Interest expense on debt		(293		)		(282		)		(256		)		(245		)		(239		)			(293		)		(239		)
	Corporate initiatives and projects		(39		)		(97		)		(132		)		(137		)		(100		)			(39		)		(100		)
	Other		(87		)		(90		)		(101		)		(90		)		(29		)			(87		)		(29		)
	Provision for income tax expense (benefit) and other tax-related items		159				234				164				425				165					159				165
	Preferred stock dividends		(6		)		(46		)		(32		)		(57		)		(32		)			(6		)		(32		)
	Adjusted earnings available to common shareholders		$	(203	)		$	(219	)		$	(237	)		$	(45	)		$	(193	)			$	(203	)		$	(193	)

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Table of Contents

	INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			At or For the Three Months Ended
	Unaudited (In millions, except yields)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Fixed Maturity Securities
	Yield (1)		4.19		%		4.30		%		4.30		%		4.23		%			4.23		%
	Investment income (2), (3), (4)		$	2,839			$	2,945			$	2,980			$	2,914				$	2,902
	Investment gains (losses) (3)		(95		)		(46		)		106				40					(24		)
	Ending carrying value (2), (3)		305,647				306,991				305,520				299,136					309,368
	Mortgage Loans
	Yield (1)		4.53		%		4.59		%		4.80		%		4.72		%			4.73		%
	Investment income (4)		792				815				859				874					912
	Investment gains (losses)		(21		)		(15		)		4				(24		)			(15		)
	Ending carrying value		71,055				70,852				72,461				75,752					78,601
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.39		%		4.46		%		3.67		%		2.83		%			2.04		%
	Investment income (3)		83				109				90				70					50
	Investment gains (losses) (3)		25				89				40				172					5
	Ending carrying value		9,862				9,741				9,977				9,698					10,022
	Policy Loans
	Yield (1)		5.12		%		5.21		%		5.35		%		5.16		%			5.28		%
	Investment income		124				127				130				125					128
	Ending carrying value		9,744				9,702				9,703				9,699					9,670
	Equity Securities
	Yield (1)		3.79		%		4.94		%		4.74		%		6.09		%			5.43		%
	Investment income		16				15				14				19					16
	Investment gains (losses)		(31		)		34				18				(96		)			107
	Ending carrying value		1,544				1,483				1,479				1,440					1,432
	Other Limited Partnership Interests
	Yield (1)		15.10		%		9.48		%		14.86		%		12.47		%			7.59		%
	Investment income (3)		219				141				229				203					127
	Investment gains (losses) (3)		—				8				1				—					(1		)
	Ending carrying value		5,876				5,985				6,374				6,613					6,787
	Cash and Short-term Investments
	Yield (1)		1.87		%		2.30		%		2.79		%		2.67		%			3.08		%
	Investment income		46				61				71				66					79
	Investment gains (losses)		(4		)		1				(5		)		2					—
	Ending carrying value		19,048				20,165				17,721				19,758					19,030
	Other Invested Assets (1)
	Investment income (3)		228				231				211				217					203
	Investment gains (losses) (3)		(126		)		(58		)		17				5					(67		)
	Ending carrying value		17,486				17,017				16,336				18,190					18,175
	Total Investments
	Investment income yield (1)		4.50		%		4.54		%		4.65		%		4.54		%			4.44		%
	Investment fees and expenses yield		(0.13		)%		(0.12		)%		(0.12		)%		(0.12		)%			(0.14		)%
	Net Investment Income Yield (1), (3)		4.37		%		4.42		%		4.53		%		4.42		%			4.30		%
	Investment income		$	4,347			$	4,444			$	4,584			$	4,488				$	4,417
	Investment fees and expenses		(128		)		(117		)		(121		)		(113		)			(136		)
	Net investment income including Divested businesses		4,219				4,327				4,463				4,375					4,281
	Less: Net investment income from Divested businesses		—				—				1				—					—
	Net Investment Income, as reported on an adjusted basis (3)		$	4,219			$	4,327			$	4,462			$	4,375				$	4,281
	Ending Carrying Value (3)		$	440,262			$	441,936			$	439,571			$	440,286				$	453,085
	Gross investment gains		$	163			$	324			$	443			$	569				$	375
	Gross investment losses		(297		)		(310		)		(232		)		(440		)			(271		)
	Writedowns		(118		)		(1		)		(30		)		(30		)			(99		)
	Investment Portfolio Gains (Losses) (3)		(252		)		13				181				99					5
	Investment portfolio gains (losses) income tax (expense) benefit		51				(39		)		(77		)		(10		)			(17		)
	Investment Portfolio Gains (Losses), Net of Income Tax		$	(201	)		$	(26	)		$	104			$	89				$	(12	)
	Derivative gains (losses) (3)		$	244			$	(172	)		$	(497	)		$	824				$	15
	Derivative gains (losses) income tax (expense) benefit		(84		)		57				125				(201		)			(18		)
	Derivative Gains (Losses), Net of Income Tax		$	160			$	(115	)		$	(372	)		$	623				$	(3	)
	(1) This 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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed equity securities and Brighthouse Financial, Inc. common stock. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
	(2) Fixed maturity securities includes $936 million, $660 million, $680 million, $871 million and $958 million in ending carrying value, and $6 million, $8 million, $11 million, $26 million and $55 million of investment income related to fair value option securities at or for the three months ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively.
	(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities and Brighthouse Financial, Inc. common stock of $15,502 million, $13,182 million, $12,855 million, $11,741 million and $12,284 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $5 million, $4 million and $3 million at March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
			For the Three Months Ended
			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Net investment gains (losses) - GAAP basis		$	(333	)		$	(227	)		$	117			$	145				$	15
	Less: Operating joint venture adjustments		(1		)		—				—				—					—
	Less: Partnerships at fair value		(5		)		(1		)		12				6					(15		)
	Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		(75		)		(239		)		(76		)		40					25
	Investment portfolio gains (losses) - in above yield table		$	(252	)		$	13			$	181			$	99				$	5
			For the Three Months Ended
			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Net derivative gains (losses) - GAAP basis		$	349			$	(59	)		$	(378	)		$	939				$	115
	Less: Investment hedge adjustments		110				119				125				121					105
	Less: Settlement of foreign currency earnings hedges		(4		)		(5		)		(5		)		(5		)			(2		)
	Less: PAB hedge adjustments		(1		)		(1		)		(1		)		(1		)			(3		)
	Derivative gains (losses) - in above yield table		$	244			$	(172	)		$	(497	)		$	824				$	15
	(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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	INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			At or For the Year-to-Date Period Ended
	Unaudited (In millions, except yields)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Fixed Maturity Securities
	Yield (1)		4.19		%		4.24		%		4.26		%		4.26		%			4.23		%
	Investment income (2), (3), (4)		$	2,839			$	5,784			$	8,764			$	11,678				$	2,902
	Investment gains (losses) (3)		(95		)		(141		)		(35		)		5					(24		)
	Ending carrying value (2), (3)		305,647				306,991				305,520				299,136					309,368
	Mortgage Loans
	Yield (1)		4.53		%		4.56		%		4.64		%		4.66		%			4.73		%
	Investment income (4)		792				1,607				2,466				3,340					912
	Investment gains (losses)		(21		)		(36		)		(32		)		(56		)			(15		)
	Ending carrying value		71,055				70,852				72,461				75,752					78,601
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.39		%		3.93		%		3.84		%		3.59		%			2.04		%
	Investment income (3)		83				192				282				352					50
	Investment gains (losses) (3)		25				114				154				326					5
	Ending carrying value		9,862				9,741				9,977				9,698					10,022
	Policy Loans
	Yield (1)		5.12		%		5.16		%		5.23		%		5.21		%			5.28		%
	Investment income		124				251				381				506					128
	Ending carrying value		9,744				9,702				9,703				9,699					9,670
	Equity Securities
	Yield (1)		3.79		%		4.28		%		4.41		%		4.79		%			5.43		%
	Investment income		16				31				45				64					16
	Investment gains (losses)		(31		)		3				21				(75		)			107
	Ending carrying value		1,544				1,483				1,479				1,440					1,432
	Other Limited Partnership Interests
	Yield (1)		15.10		%		12.26		%		13.15		%		12.97		%			7.59		%
	Investment income (3)		219				360				589				792					127
	Investment gains (losses) (3)		—				8				9				9					(1		)
	Ending carrying value		5,876				5,985				6,374				6,613					6,787
	Cash and Short-term Investments
	Yield (1)		1.87		%		2.09		%		2.33		%		2.41		%			3.08		%
	Investment income		46				107				178				244					79
	Investment gains (losses)		(4		)		(3		)		(8		)		(6		)			—
	Ending carrying value		19,048				20,165				17,721				19,758					19,030
	Other Invested Assets (1)
	Investment income (3)		228				459				670				887					203
	Investment gains (losses) (3)		(126		)		(184		)		(167		)		(162		)			(67		)
	Ending carrying value		17,486				17,017				16,336				18,190					18,175
	Total Investments
	Investment income yield (1)		4.50		%		4.52		%		4.57		%		4.56		%			4.44		%
	Investment fees and expenses yield		(0.13		)%		(0.13		)%		(0.13		)%		(0.12		)%			(0.14		)%
	Net Investment Income Yield (1), (3)		4.37		%		4.39		%		4.44		%		4.44		%			4.30		%
	Investment income		$	4,347			$	8,791			$	13,375			$	17,863				$	4,417
	Investment fees and expenses		(128		)		(245		)		(366		)		(479		)			(136		)
	Net investment income including Divested businesses		4,219				8,546				13,009				17,384					4,281
	Less: Net investment income from Divested businesses		—				—				1				1					—
	Net Investment Income, as reported on an adjusted basis (3)		$	4,219			$	8,546			$	13,008			$	17,383				$	4,281
	Ending Carrying Value (3)		$	440,262			$	441,936			$	439,571			$	440,286				$	453,085
	Gross investment gains		$	163			$	487			$	930			$	1,499				$	375
	Gross investment losses		(297		)		(607		)		(839		)		(1,279		)			(271		)
	Writedowns		(118		)		(119		)		(149		)		(179		)			(99		)
	Investment Portfolio Gains (Losses) (3)		(252		)		(239		)		(58		)		41					5
	Investment portfolio gains (losses) income tax (expense) benefit		51				12				(65		)		(75		)			(17		)
	Investment Portfolio Gains (Losses), Net of Income Tax		$	(201	)		$	(227	)		$	(123	)		$	(34	)			$	(12	)
	Derivative gains (losses) (3)		$	244			$	72			$	(425	)		$	399				$	15
	Derivative gains (losses) income tax (expense) benefit		(84		)		(27		)		98				(103		)			(18		)
	Derivative Gains (Losses), Net of Income Tax		$	160			$	45			$	(327	)		$	296				$	(3	)
	(1) This 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. We calculate yields using investment income, as reported on an adjusted basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed equity securities and Brighthouse Financial, Inc. common stock. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
	(2) Fixed maturity securities includes $936 million, $660 million, $680 million, $871 million and $958 million in ending carrying value, and $6 million, $14 million, $25 million, $51 million and $55 million of investment income related to fair value option securities at or for the year-to-date period ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively.
	(3) The following yield table line items differ from their respective most directly comparable GAAP financial measure as indicated: A) Fixed maturity securities, which includes contractholder-directed equity securities and fair value option securities, ending carrying value excludes (i) contractholder-directed equity securities and Brighthouse Financial, Inc. common stock of $15,502 million, $13,182 million, $12,855 million, $11,741 million and $12,284 million and (ii) the effects of consolidating under GAAP certain VIEs that are treated as CSEs of $6 million, $6 million, $5 million, $4 million and $3 million at March 31,2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019, respectively; B) Net investment income, as reported on an adjusted basis, reflects the adjustments as presented on Page 5; C) Investment portfolio gains (losses), reflects the non-GAAP adjustments as presented below; and D) Derivative gains (losses), reflects the non-GAAP adjustments as presented below:
			For the Year-to-Date Period Ended
			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Net investment gains (losses) - GAAP basis		$	(333	)		$	(560	)		$	(443	)		$	(298	)			$	15
	Less: Operating joint venture adjustments		(1		)		(1		)		(1		)		(1		)			—
	Less: Partnerships at fair value		(5		)		(6		)		6				12					(15		)
	Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		(75		)		(314		)		(390		)		(350		)			25
	Investment portfolio gains (losses) - in above yield table		$	(252	)		$	(239	)		$	(58	)		$	41				$	5
			For the Year-to-Date Period Ended
			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019
	Net derivative gains (losses) - GAAP basis		$	349			$	290			$	(88	)		$	851				$	115
	Less: Investment hedge adjustments		110				229				354				475					105
	Less: Settlement of foreign currency earnings hedges		(4		)		(9		)		(14		)		(19		)			(2		)
	Less: PAB hedge adjustments		(1		)		(2		)		(3		)		(4		)			(3		)
	Derivative gains (losses) - in above yield table		$	244			$	72			$	(425	)		$	399				$	15
	(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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	INVESTMENTS
	SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
					March 31, 2018							June 30, 2018							September 30, 2018							December 31, 2018								March 31, 2019
	Unaudited (In millions, except ratios)				Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	U.S. corporate securities				$	81,834			26.8	%		$	84,026			27.5	%		$	83,795			27.5	%		$	78,948			26.4	%			$	80,146			26.0	%
	Foreign government securities				64,510				21.2	%		61,682				20.1	%		60,472				19.8	%		62,288				20.9	%			64,955				21.1	%
	Foreign corporate securities				55,463				18.2	%		54,277				17.7	%		54,220				17.8	%		56,703				19.0	%			59,945				19.4	%
	U.S. government and agency securities				43,827				14.4	%		45,387				14.8	%		45,572				14.9	%		39,322				13.2	%			41,008				13.3	%
	Residential mortgage-backed securities				27,411				9.0	%		27,845				9.1	%		27,658				9.1	%		27,961				9.4	%			28,360				9.2	%
	Asset-backed securities				11,764				3.9	%		12,866				4.2	%		12,815				4.2	%		12,472				4.2	%			12,631				4.1	%
	Municipals				12,192				4.0	%		12,026				3.9	%		11,600				3.8	%		11,533				3.9	%			11,898				3.8	%
	Commercial mortgage-backed securities				7,710				2.5	%		8,222				2.7	%		8,708				2.9	%		9,038				3.0	%			9,467				3.1	%
	Total Fixed Maturity Securities Available-For-Sale				$	304,711			100.0	%		$	306,331			100.0	%		$	304,840			100.0	%		$	298,265			100.0	%			$	308,410			100.0	%
	NAIC		NRSRO
	DESIGNATION		RATING
	1		Aaa / Aa / A		$	214,446			70.4	%		$	215,582			70.4	%		$	213,898			70.2	%		$	208,806			70.0	%			$	216,343			70.1	%
	2		Baa		72,531				23.8	%		73,442				24.0	%		74,059				24.3	%		73,141				24.5	%			75,769				24.6	%
	3		Ba		11,551				3.8	%		11,189				3.6	%		11,042				3.6	%		11,158				3.7	%			11,350				3.7	%
	4		B		5,332				1.7	%		5,268				1.7	%		5,062				1.7	%		4,498				1.6	%			4,324				1.4	%
	5		Caa and lower		827				0.3	%		826				0.3	%		755				0.2	%		647				0.2	%			591				0.2	%
	6		In or near default		24				—	%		24				—	%		24				—	%		15				—	%			33				—	%
	Total Fixed Maturity Securities Available-For-Sale (1)				$	304,711			100.0	%		$	306,331			100.0	%		$	304,840			100.0	%		$	298,265			100.0	%			$	308,410			100.0	%
	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
	FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (2)
					March 31, 2018							June 30, 2018							September 30, 2018							December 31, 2018								March 31, 2019
	Unaudited (In millions, except ratios)				Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	Less than 20%				$	3,251			94.7	%		$	4,557			95.0	%		$	4,924			94.4	%		$	5,340			89.7	%			$	2,563			91.2	%
	20% or more for less than six months				97				2.8	%		174				3.6	%		214				4.1	%		460				7.7	%			135				4.8	%
	20% or more for six months or greater				85				2.5	%		67				1.4	%		77				1.5	%		155				2.6	%			113				4.0	%
	Total Gross Unrealized Losses				$	3,433			100.0	%		$	4,798			100.0	%		$	5,215			100.0	%		$	5,955			100.0	%			$	2,811			100.0	%
	Total Gross Unrealized Gains				$	21,045						$	18,872						$	16,787						$	17,404							$	22,662
	(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities and commercial mortgage-backed securities) held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting reflect designations based on revised NAIC methodologies. The NAIC's present methodology is to evaluate certain structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.
	(2) MetLife's review of its fixed maturity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below amortized cost by 20% or more for six months or greater.

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	INVESTMENTS
	SUMMARY OF MORTGAGE LOANS
	Unaudited (In millions)		March 31, 2018							June 30, 2018							September 30, 2018							December 31, 2018								March 31, 2019
	Commercial mortgage loans		$	46,690						$	46,075						$	47,460						$	48,463							$	49,960
	Agricultural mortgage loans		13,098							13,293							13,677							14,905								15,130
	Residential mortgage loans		11,594							11,809							11,660							12,726								13,861
	Total Mortgage Loans		71,382							71,177							72,797							76,094								78,951
	Valuation allowances		(327		)					(325		)					(336		)					(342		)						(350		)
	Total Mortgage Loans, net		$	71,055						$	70,852						$	72,461						$	75,752							$	78,601
	SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
			March 31, 2018							June 30, 2018							September 30, 2018							December 31, 2018								March 31, 2019
	Unaudited (In millions, except ratios)		Amount				% of Total			Amount				% of Total			Amount				% of Total			Amount				% of Total				Amount				% of Total
	Pacific		$	10,583			22.7	%		$	10,695			23.2	%		$	10,878			22.9	%		$	10,884			22.5	%			$	10,683			21.4	%
	International		9,500				20.3	%		8,869				19.2	%		9,497				20.0	%		9,281				19.1	%			9,727				19.5	%
	Middle Atlantic		7,467				16.0	%		7,455				16.2	%		7,434				15.7	%		7,911				16.3	%			7,873				15.7	%
	South Atlantic		5,552				11.9	%		5,534				12.0	%		5,789				12.2	%		6,347				13.1	%			6,427				12.9	%
	West South Central		3,664				7.8	%		3,775				8.2	%		4,001				8.4	%		3,951				8.1	%			4,299				8.6	%
	East North Central		2,687				5.7	%		2,573				5.6	%		2,768				5.8	%		2,840				5.9	%			3,269				6.5	%
	Mountain		1,355				2.9	%		1,364				3.0	%		1,378				2.9	%		1,387				2.9	%			1,501				3.0	%
	New England		1,129				2.4	%		1,127				2.4	%		1,141				2.4	%		1,481				3.1	%			1,479				3.0	%
	West North Central		589				1.3	%		598				1.3	%		596				1.3	%		594				1.2	%			594				1.2	%
	East South Central		963				2.1	%		968				2.1	%		1,072				2.3	%		564				1.2	%			563				1.1	%
	Multi-Region and Other		3,201				6.9	%		3,117				6.8	%		2,906				6.1	%		3,223				6.6	%			3,545				7.1	%
	Total		$	46,690			100.0	%		$	46,075			100.0	%		$	47,460			100.0	%		$	48,463			100.0	%			$	49,960			100.0	%
	Office		$	23,474			50.3	%		$	23,295			50.5	%		$	24,096			50.8	%		$	23,995			49.5	%			$	24,514			49.1	%
	Retail		8,247				17.7	%		8,462				18.4	%		8,701				18.3	%		9,089				18.7	%			9,387				18.8	%
	Apartment		6,600				14.1	%		6,397				13.9	%		6,416				13.5	%		7,018				14.5	%			6,943				13.9	%
	Industrial		3,699				7.9	%		3,736				8.1	%		3,775				8.0	%		3,719				7.7	%			3,761				7.5	%
	Hotel		3,797				8.1	%		3,317				7.2	%		3,327				7.0	%		3,479				7.2	%			3,716				7.4	%
	Other		873				1.9	%		868				1.9	%		1,145				2.4	%		1,163				2.4	%			1,639				3.3	%
	Total		$	46,690			100.0	%		$	46,075			100.0	%		$	47,460			100.0	%		$	48,463			100.0	%			$	49,960			100.0	%

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Appendix

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	APPENDIX METLIFE RECONCILIATION DETAIL
			For the Three Months Ended																						For the Year-to-Date Period Ended
	Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019					March 31, 2018				March 31, 2019
	Reconciliation to Adjusted Earnings Available to Common Shareholders
	Net income (loss) available to MetLIfe, Inc.'s common shareholders		$	1,247			$	845			$	880			$	2,010				$	1,349				$	1,247			$	1,349
	Add: Preferred stock dividends		6				46				32				57					32					6				32
	Add: Net Income (loss) attributable to noncontrolling interests		4				3				3				(5		)			4					4				4
	Less: Income (loss) from discontinued operations, net of income tax		—				—				—				—					—					—				—
	Income (loss) from continuing operations, net of income tax		1,257				894				915				2,062					1,385					$	1,257			$	1,385
	Less: adjustments from income (loss) from continuing operations, net of income tax, to adjusted earnings:
	Net investment gains (losses)		(333		)		(227		)		117				145					15					(333		)		15
	Net derivative gains (losses)		349				(59		)		(378		)		939					115					349				115
	Premiums - Divested businesses		—				—				—				—					—					—				—
	Universal life and investment-type product policy fees
	Unearned revenue adjustments		(5		)		(5		)		11				(8		)			—					(5		)		—
	GMIB fees		30				31				32				27					27					30				27
	Divested businesses		7				—				—				—					—					7				—
	Net investment income
	Investment hedge adjustments		(110		)		(119		)		(125		)		(121		)			(105		)			(110		)		(105		)
	Operating joint venture adjustments		1				—				—				—					—					1				—
	Unit-linked contract income		(353		)		286				149				(765		)			736					(353		)		736
	Securitization entities income		—				—				—				—					—					—				—
	Certain partnership distributions		(12		)		(21		)		(1		)		(27		)			(4		)			(12		)		(4		)
	Divested businesses		—				—				1				—					—					—				—
	Other revenues
	Settlement of foreign currency earnings hedges		4				5				5				5					2					4				2
	TSA fees		79				78				78				70					68					79				68
	Divested businesses		—				—				—				—					—					—				—
	Policyholder benefits and claims and policyholder dividends
	PDO adjustments		—				—				—				—					—					—				—
	Inflation and pass-through adjustments		(41		)		—				13				(1		)			(79		)			(41		)		(79		)
	GMIB costs		(5		)		(51		)		(168		)		78					(56		)			(5		)		(56		)
	Market value adjustments		(1		)		1				—				1					4					(1		)		4
	Divested businesses		—				—				—				—					—					—				—
	Interest credited to policyholder account balances
	PAB hedge adjustments		1				1				1				1					3					1				3
	Unit-linked contract costs		347				(268		)		(133		)		730					(716		)			347				(716		)
	Divested businesses		—				—				—				—					—					—				—
	Capitalization of DAC - Divested businesses		1				—				—				—					—					1				—
	Amortization of DAC and VOBA
	Related to NIGL and NDGL		14				10				(89		)		(44		)			24					14				24
	Related to GMIB fees and GMIB costs		(10		)		(9		)		(19		)		(68		)			7					(10		)		7
	Related to market value adjustments		—				—				—				—					—					—				—
	Divested businesses		—				—				—				—					—					—				—
	Amortization of negative VOBA
	Related to market value adjustments		1				—				—				—					—					1				—
	Divested businesses		—				—				—				—					—					—				—
	Interest expense on debt
	Securitization entities debt expense		—				—				—				—					—					—				—
	Divested businesses		—				(30		)		(15		)		(18		)			—					—				—
	Other expenses
	Noncontrolling interest		7				5				3				(5		)			6					7				6
	Regulatory implementation costs		(1		)		(2		)		(3		)		(5		)			(3		)			(1		)		(3		)
	Acquisition, integration and other costs		(11		)		(14		)		(13		)		14					(23		)			(11		)		(23		)
	TSA fees		(79		)		(78		)		(78		)		(70		)			(68		)			(79		)		(68		)
	Divested businesses		(10		)		(53		)		(9		)		4					—					(10		)		—
	Goodwill impairment		—				—				—				—					—					—				—
	Provision for income tax (expense) benefit		(42		)		41				128				(213		)			(24		)			(42		)		(24		)
	Adjusted earnings		1,429				1,372				1,408				1,393					1,456					1,429				1,456
	Less: Preferred stock dividends		6				46				32				57					32					6				32
	Adjusted earnings available to common shareholders		$	1,423			$	1,326			$	1,376			$	1,336				$	1,424				$	1,423			$	1,424

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	APPENDIX METLIFE NOTABLE ITEMS (1)
	METLIFE TOTAL
			For the Three Months Ended																								For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018				March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	62			$	—			$	(68	)		$	—				$	—					$	62			$	—
	Litigation reserves & settlement costs			—				—				—				(60		)			—						—				—
	Expense initiative costs			(34		)		(62		)		(88		)		(100		)			(55		)				(34		)		(55		)
	Tax adjustments			—				—				—				247					—						—				—
	Total notable items			$	28			$	(62	)		$	(156	)		$	87				$	(55	)				$	28			$	(55	)
	U.S.
			For the Three Months Ended																								For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018				March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	—			$	—			$	37			$	—				$	—					$	—			$	—
	Total notable items			$	—			$	—			$	37			$	—				$	—					$	—			$	—
		GROUP BENEFITS
			For the Three Months Ended																								For the Year-to-Date Period Ended
		Unaudited (In millions)		March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018				March 31, 2019
		Actuarial assumption review and other insurance adjustments		$	—			$	—			$	37			$	—				$	—					$	—			$	—
		Total notable items		$	—			$	—			$	37			$	—				$	—					$	—			$	—
	(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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	APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
	ASIA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018					March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	—			$	—			$	(86	)		$	—				$	—					$	—				$	—
	Total notable items			$	—			$	—			$	(86	)		$	—				$	—					$	—				$	—
	LATIN AMERICA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018					March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	—			$	—			$	28			$	—				$	—					$	—				$	—
	Total notable items			$	—			$	—			$	28			$	—				$	—					$	—				$	—
	EMEA
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018					March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	—			$	—			$	(23	)		$	—				$	—					$	—				$	—
	Total notable items			$	—			$	—			$	(23	)		$	—				$	—					$	—				$	—
	METLIFE HOLDINGS
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018					March 31, 2019
	Actuarial assumption review and other insurance adjustments			$	62			$	—			$	(24	)		$	—				$	—					$	62				$	—
	Total notable items			$	62			$	—			$	(24	)		$	—				$	—					$	62				$	—
	CORPORATE & OTHER
			For the Three Months Ended																							For the Year-to-Date Period Ended
	Unaudited (In millions)			March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018					March 31, 2019						March 31, 2018					March 31, 2019
	Litigation reserves & settlement costs			$	—			$	—			$	—			$	(60	)			$	—					$	—				$	—
	Expense initiative costs			(34		)		(62		)		(88		)		(100		)			(55		)				(34		)			(55		)
	Tax adjustments			—				—				—				247					—						—					—
	Total notable items			$	(34	)		$	(62	)		$	(88	)		$	87				$	(55	)				$	(34	)			$	(55	)
	(1) These notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife's results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of MetLife's results and to evaluate and forecast those results.

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	APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
	Unaudited (In millions)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Total MetLife, Inc.'s stockholders' equity	$	56,310			$	53,633			$	51,625			$	52,741			$	58,509
	Less: Preferred stock	2,560				3,340				3,340				3,340				3,340
	MetLife, Inc.'s common stockholders' equity	53,750				50,293				48,285				49,401				55,169
	Less: Net unrealized investment gains (losses), net of income tax	11,547				9,703				7,946				8,655				13,862
	Defined benefit plans adjustment, net of income tax	(2,206		)		(2,179		)		(2,051		)		(2,028		)		(2,004		)
	Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA	$	44,409			$	42,769			$	42,390			$	42,774			$	43,311
	Less: Goodwill, net of income tax	9,428				9,205				9,147				9,133				9,082
	VODA and VOCRA, net of income tax	365				341				316				312				298
	Total MetLife, Inc.'s tangible common stockholders' equity	$	34,616			$	33,223			$	32,927			$	33,329			$	33,931
	Unaudited (In millions, except per share data)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Book value per common share	$	52.49			$	50.28			$	48.94			$	51.53			$	58.06
	Less: Net unrealized investment gains (losses), net of income tax	11.28				9.70				8.05				9.03				14.59
	Defined benefit plans adjustment, net of income tax	(2.15		)		(2.18		)		(2.08		)		(2.12		)		(2.11		)
	Book value per common share, excluding AOCI other than FCTA	$	43.36			$	42.76			$	42.97			$	44.62			$	45.58
	Less: Goodwill, net of income tax	9.20				9.20				9.28				9.52				9.56
	VODA and VOCRA, net of income tax	0.36				0.34				0.32				0.33				0.31
	Book value per common share - tangible common stockholders' equity	$	33.80			$	33.22			$	33.37			$	34.77			$	35.71
	Common shares outstanding, end of period	1,024.1				1,000.2				986.6				958.6				950.2
		For the Three Months Ended (1)
	Unaudited (In millions, except ratios)	March 31, 2018				June 30, 2018				September 30, 2018				December 31, 2018				March 31, 2019
	Return on MetLife, Inc.'s:
	Common stockholders' equity	9.0		%		6.5		%		7.1		%		16.5		%		10.3		%
	Common stockholders' equity, excluding AOCI other than FCTA	11.2		%		7.8		%		8.3		%		18.9		%		12.5		%
	Tangible common stockholders' equity (2)	14.4		%		10.1		%		10.8		%		24.4		%		16.2		%
	Adjusted return on MetLife, Inc.'s:
	Common stockholders' equity	10.3		%		10.2		%		11.2		%		10.9		%		10.9		%
	Common stockholders' equity, excluding AOCI other than FCTA	12.8		%		12.2		%		12.9		%		12.5		%		13.2		%
	Tangible common stockholders' equity (2)	16.4		%		15.8		%		16.8		%		16.2		%		17.1		%
	Average common stockholders' equity	$	55,180			$	52,022			$	49,289			$	48,843			$	52,285
	Average common stockholders' equity, excluding AOCI other than FCTA	$	44,601			$	43,589			$	42,580			$	42,582			$	43,043
	Average tangible common stockholders' equity	$	34,855			$	33,920			$	33,075			$	33,128			$	33,630
	(1) Annualized using quarter-to-date results.
	(2) Net income (loss) available to MetLife, Inc.'s common shareholders and adjusted earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018 and March 31, 2019 of $10 million, $10 million, $10 million, $9 million and $10 million, respectively.

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	APPENDIX METLIFE ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, OTHER EXPENSES AND ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
	ADJUSTED PREMIUMS, FEES AND OTHER REVENUES, ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	U.S. (1)			$	5,679				$	11,767				$	6,889				$	5,725				$	6,058
	ASIA			2,101					2,030					2,141					2,127					2,121
	LATIN AMERICA			909					934					922					979					942
	EMEA			630					643					628					643					659
	METLIFE HOLDINGS (1)			1,331					1,326					1,305					1,385					1,268
	CORPORATE & OTHER (1)			94					85					53					219					119
	Adjusted premiums, fees and other revenues, on a constant currency basis			$	10,744				$	16,785				$	11,938				$	11,078				$	11,167
	Adjusted premiums, fees and other revenues			$	10,929				$	16,889				$	11,938				$	11,022				$	11,167
	ASIA (including operating joint ventures) (2), (3)			$	2,329				$	2,243				$	2,362				$	2,384				$	2,371
	OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	U.S. (1)			$	961				$	965				$	982				$	994				$	993
	ASIA			932					960					949					983					955
	LATIN AMERICA			300					342					349					377					366
	EMEA			328					325					330					355					338
	METLIFE HOLDINGS (1)			276					275					264					266					227
	CORPORATE & OTHER (1)			232					259					314					102					222
	Other expenses, as reported on an adjusted basis, on a constant currency basis			$	3,029				$	3,126				$	3,188				$	3,077				$	3,101
	Other expenses, as reported on an adjusted basis			$	3,110				$	3,177				$	3,187				$	3,055				$	3,101
	ASIA (including operating joint ventures) (2), (3)			$	1,020				$	1,050				$	1,045				$	1,093				$	1,062
	ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
				For the Three Months Ended
	Unaudited (In millions)			March 31, 2018					June 30, 2018					September 30, 2018					December 31, 2018					March 31, 2019
	U.S. (1)			$	653				$	671				$	795				$	685				$	724
	ASIA			316					355					265					282					356
	LATIN AMERICA			135					127					168					142					134
	EMEA			70					79					54					55					86
	METLIFE HOLDINGS (1)			425					280					327					223					317
	CORPORATE & OTHER (1)			(203		)			(219		)			(237		)			(45		)			(193		)
	Adjusted earnings available to common shareholders on a constant currency basis			$	1,396				$	1,293				$	1,372				$	1,342				$	1,424
	Adjusted earnings available to common shareholders			$	1,423				$	1,326				$	1,376				$	1,336				$	1,424
	(1) Amounts on a reported basis, as constant currency impact is not significant.
	(2) Adjusted premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of adjusted earnings available to common shareholders for operating joint ventures.
	(3) Includes MetLife, Inc.'s percentage interest in operating joint ventures of: (i) Vietnam, (ii) China, (iii) Malaysia and (iv) India.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife 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 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 revenues	(i)	revenues
	(ii)	adjusted expenses	(ii)	expenses
	(iii)	adjusted premiums, fees and other revenues	(iii)	premiums, fees and other revenues
	(iv)	adjusted premiums, fees & other revenues, excluding pension risk transfer	(iv)	premiums, fees and other revenues
	(v)	net investment income, as reported on an adjusted basis	(v)	net investment income
	(vi)	adjusted earnings	(vi)	income (loss) from continuing operations, net of income tax
	(vii)	adjusted earnings available to common shareholders	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders
	(viii)	adjusted earnings available to common shareholders on a constant currency basis	(viii)	net income (loss) available to MetLife, Inc.’s common shareholders
	(ix)	adjusted earnings available to common shareholders per diluted common share	(ix)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
	(x)	adjusted return on equity	(x)	return on equity
	(xi)	adjusted return on equity, excluding AOCI other than FCTA	(xi)	return on equity
	(xii)	adjusted return on equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xii)	return on equity
	(xiii)	adjusted tangible return on equity	(xiii)	return on equity
	(xiv)	investment portfolio gains (losses)	(xiv)	net investment gains (losses)
	(xv)	derivative gains (losses)	(xv)	net derivative gains (losses)
	(xvi)	capitalization of DAC, as reported on an adjusted basis	(xvi)	capitalization of DAC
	(xvii)	other expenses, as reported on an adjusted basis	(xvii)	other expenses
	(xviii)	other expenses, as reported on an adjusted basis, on a constant currency basis	(xviii)	other expenses
	(xix)	MetLife, Inc.’s tangible common stockholders’ equity	(xix)	MetLife, Inc.’s stockholders’ equity
	(xx)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xx)	MetLife, Inc.’s stockholders’ equity
	(xxi)	MetLife, Inc.'s common stockholders' equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xxi)	MetLife, Inc.’s stockholders’ equity
	(xxii)	book value per common share, excluding AOCI other than FCTA	(xxii)	book value per common share
	(xxiii)	book value per common share - tangible common stockholders' equity	(xxiii)	book value per common share
	(xxiv)	adjusted expense ratio	(xxiv)	expense ratio
	(xxv)	adjusted expense ratio, excluding total notable items related to other expenses and PRT	(xxv)	expense ratio
	(xxvi)	direct expense ratio	(xxvi)	expense ratio
	(xxvii)	direct expense ratio, excluding total notable items related to direct expenses and PRT	(xxvii)	expense ratio
	Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Adjusted earnings and related measures
	•	adjusted earnings;
	•	adjusted earnings available to common shareholders;
	•	adjusted earnings available to common shareholders per diluted common share; and
	•	adjusted earnings available to common shareholders on a constant currency basis.
	These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of our performance relative to our Business Plan and facilitate comparisons to industry results. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Adjusted revenues and adjusted expenses
	These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our 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 MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes 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 MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes NIGL and NDGL. Adjusted expenses also excludes goodwill impairments.
	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 NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);
	•	Net investment income: (i) includes 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 (“Investment hedge adjustments”), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed equity securities (“Unit-linked contract income”), (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”), and (v) 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 NIGL under GAAP ("Certain partnership distributions"); and
	•	Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements ("TSA fees").
	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) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments (“Inflation and pass-through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) 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 (“PAB hedge adjustments”) and excludes certain amounts related to net investment income earned on contractholder-directed equity securities (“Unit-Linked contract costs”);
	•	Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
	•	Amortization of negative VOBA excludes amounts related to Market value adjustments;
	•	Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
	•	Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”) and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
	Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife'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.
	Investment portfolio gains (losses) and derivative gains (losses) These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses, goodwill impairment or changes in estimated fair value. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within adjusted earnings and not within derivative gains (losses).

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	METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
	Return on equity, allocated equity, tangible equity and related measures
	•	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.
	•	Return on MetLife, Inc.’s common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA : net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average common stockholders’ equity, excluding AOCI other than FCTA.
	•	Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA): adjusted earnings available to common shareholders divided by MetLife, Inc.’s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA).
	•	Allocated equity: portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and 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 is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.
	•	Adjusted return on allocated equity: adjusted earnings available to common shareholders divided by allocated equity.
		The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of adjusted earnings and other financial measures based on adjusted earnings mentioned above.
	•	MetLife, Inc.’s tangible common stockholders’ equity or tangible equity: MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Return on MetLife, Inc.’s tangible common stockholders’ equity: net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.'s average tangible common stockholders’ equity.
	•	Adjusted return on MetLife, Inc.’s tangible common stockholders’ equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.’s average tangible common stockholders’ equity.
	•	Allocated tangible equity: Allocated equity reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.
	•	Adjusted return on allocated tangible equity: adjusted earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
		The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.
	Expense ratio, direct expense ratio, adjusted expense ratio and related measures
	•	Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
	•	Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	•	Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues.
	•	Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
	Other items
	The following additional information is relevant to an understanding of our performance results:
	•	Statistical sales information for Latin America, Asia and EMEA: calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
	•	All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

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	METLIFE ACRONYMS
	AOCI	Accumulated other comprehensive income (loss)
	CSE	Consolidated securitization entity
	DAC	Deferred policy acquisition costs
	EMEA	Europe, the Middle East and Africa
	FCTA	Foreign currency translation adjustments
	GAAP	Accounting principles generally accepted in the United States of America
	GICs	Guaranteed interest contracts
	GMIB	Guaranteed minimum income benefits
	NAIC	National Association of Insurance Commissioners
	NDGL	Net derivative gains (losses)
	NIGL	Net investment gains (losses)
	NRSRO	Nationally Recognized Statistical Rating Organizations
	PAB	Policyholder account balances
	PDO	Policyholder dividend obligation
	PRT	Pension risk transfers
	QFS	Quarterly financial supplement
	TSA	Transition service agreement
	VIE	Variable interest entity
	VOBA	Value of business acquired
	VOCRA	Value of customer relationships acquired
	VODA	Value of distribution agreements

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Exhibit 99.3 1Q19 Supplemental Slides John McCallion Chief Financial Officer

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Table of Contents Page Explanatory Note on Non-GAAP Financial Information and 3 Reconciliations............................................................................................ Net Income (Loss) to Adjusted Earnings..…..........………………................ 4 Notable Items….….…………………………………………….............…….... 5 Adjusted Earnings ex. Total Notable Items by Segment…………................ 6 Variable Investment Income......................................................................... 7 Direct Expense Ratio…………..................................................................... 8 Cash & Capital............................................................................................. 9 2

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Explanatory Note on Non-GAAP Financial Information and Reconciliations

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Explanatory Note on Non-GAAP Financial Information Any references in this presentation (except in this Explanatory Note on Non- GAAP Financial Information and Reconciliations) to: Should be read as, respectively: (i) net income (loss); (i) net income (loss) available to MetLife, Inc.’s common shareholders; (ii) adjusted earnings; and (ii) adjusted earnings available to common shareholders; and (iii) adjusted earnings per share. (iii) adjusted earnings available to common shareholders per diluted common share. In this presentation, MetLife presents certain measures of its performance that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the 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 premiums, fees and other revenues, excluding pension risk transfer (PRT); (ii) premiums, fees and other revenues; (iii) capitalization of deferred policy acquisition costs (DAC), as reported on an adjusted (iii) capitalization of DAC; basis; (iv) other expenses, as reported on an adjusted basis; (iv) other expenses; (v) adjusted earnings available to common shareholders; (v) net income (loss) available to MetLife, Inc.’s common shareholders; (vi) adjusted earnings available to common shareholders on a constant currency basis; (vi) net income (loss) available to MetLife, Inc.’s common shareholders; (vii) adjusted earnings available to common shareholders, excluding total notable items; (vii) net income (loss) available to MetLife, Inc.’s common shareholders; (viii) adjusted earnings available to common shareholders, excluding total notable items, on (viii) net income (loss) available to MetLife, Inc.’s common shareholders; a constant currency basis; (ix) adjusted earnings available to common shareholders per diluted common share; (ix) net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share; (x) adjusted earnings available to common shareholders, excluding total notable items, per (x) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (xi) adjusted earnings available to common shareholders on a constant currency basis per (xi) net income (loss) available to MetLife, Inc.’s common shareholders per diluted diluted common share; common share; (xii) adjusted earnings available to common shareholders, excluding total notable items, on (xii) net income (loss) available to MetLife, Inc.’s common shareholders per diluted a constant currency basis per diluted common share; common share; (xiii) free cash flow of all holding companies; (xiii) MetLife, Inc. (parent company only) net cash provided by operating activities; (xiv) adjusted expense ratio; (xiv) expense ratio; (xv) adjusted expense ratio, excluding total notable items related to other expenses and (xv) expense ratio; PRT; (xvi) direct expense ratio; and (xvi) expense ratio; and (xvii) direct expense ratio, excluding total notable items related to direct expenses and PRT. (xvii) expense ratio. 3(i)

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Explanatory Note on Non-GAAP Financial Information (Continued) Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this presentation and in this period’s quarterly financial supplement and earnings news release, which are available at www.metlife.com. 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. MetLife’s definitions of the various non-GAAP and other financial measures discussed in this presentation may differ from those used by other companies: Adjusted earnings and related measures • adjusted earnings available to common shareholders; • adjusted earnings available to common shareholders on a constant currency basis; • adjusted earnings available to common shareholders, excluding total notable items; • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis; • adjusted earnings available to common shareholders per diluted common share; • adjusted earnings available to common shareholders on a constant currency basis per diluted common share; • adjusted earnings available to common shareholders, excluding total notable items per diluted common share; and • adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share. These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also MetLife’s GAAP measure of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife's performance relative to its business plan and facilitate 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. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. Adjusted revenues and adjusted expenses These financial measures, along with the related adjusted premiums, fees and other revenues, focus on our 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 MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes 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 MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the year ended December 31, 2016, adjusted revenues and adjusted expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Adjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.   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 NIGL and NDGL and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); 3(ii)

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Explanatory Note on Non-GAAP Financial Information (Continued) • Net investment income: (i) includes 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 (Investment hedge adjustments), (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed equity securities, (iv) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and (v) 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 NIGL under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (TSA fees). 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) changes in the policyholder dividend obligation related to NIGL and NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iii) benefits and hedging costs related to GMIBs (GMIB costs), and (iv) 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 and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of deferred policy acquisition costs (DAC) and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.   The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from MetLife'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. Expense ratio, direct expense ratio and adjusted expense ratio • Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues. • Direct expense ratio: direct expenses, on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Direct expense ratio, excluding total notable items related to direct expenses and PRT: direct expenses, on an adjusted basis, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. • Adjusted expense ratio: other expenses, net of capitalization of DAC, both on an adjusted basis, divided by adjusted premiums, fees and other revenues. • Adjusted expense ratio, excluding total notable items related to other expenses and PRT: other expenses, net of capitalization of DAC, both on an adjusted basis, excluding total notable items related to other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT. The following additional information is relevant to an understanding of MetLife’s performance results: • All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. 3(iii)

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Explanatory Note on Non-GAAP Financial Information (Continued) • MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders. • Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders. Notable items reflect the unexpected impact of events that affect MetLife’s results, but that were unknown and that MetLife could not anticipate when it devised its Business Plan. Notable items also include certain items regardless of the extent anticipated in the Business Plan, to help investors have a better understanding of MetLife's results and to evaluate and forecast those results. 3(iv)

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Reconciliations

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Reconciliation of Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders to Adjusted Earnings Available to Common Shareholders 1Q19 1Q18 Earnings Per Earnings Per Weighted Weighted Average Average Common Common Share Share Diluted1 Diluted1 (In millions, except per share data) Net Income (loss) available to MetLife, Inc.'s common shareholders $ 1,349 $ 1.40 $ 1,247 $ 1.19 Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders: Less: Net investment gains (losses) 15 0.02 (333) (0.32) Less: Net derivative gains (losses) 115 0.12 349 0.33 Less: Other adjustments to continuing operations (177) (0.19) (146) (0.14) Less: Provision for income tax (expense) benefit (24) (0.03) (42) (0.04) Add: Net income (loss) attributable to noncontrolling interests 4 — 4 — Adjusted earnings available to common shareholders 1,424 1.48 1,423 1.36 Less: Total notable items (55) (0.06) 28 0.03 Adjusted earnings available to common shareholders, excluding total notable items $ 1,479 $ 1.54 $ 1,395 $ 1.34 Adjusted earnings available to common shareholders on a constant currency basis $ 1,424 $ 1.48 $ 1,396 $ 1.34 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 1,479 $ 1.54 $ 1,368 $ 1.31 Weighted average common shares outstanding - diluted 963.3 1,044.4 1Adjusted earnings available to common shareholders is calculated on a standalone basis and may not equal the sum of (i) adjusted earnings available to common shareholders, excluding total notable items and (ii) total notable items. 3(vi)

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Reconciliation to Adjusted Earnings Available to Common Shareholders, Excluding Total Notable Items 1Q19 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 724 $ 342 $ 285 $ 97 $ 356 $ 134 $ 86 $ 317 $ (193) Less: Total notable items — — — — — — — — (55) Adjusted earnings available to common shareholders, excluding total notable items $ 724 $ 342 $ 285 $ 97 $ 356 $ 134 $ 86 $ 317 $ (138) Adjusted earnings available to common shareholders on a constant currency basis $ 356 $ 134 $ 86 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 356 $ 134 $ 86 1Q18 Retirement and Group Income Property & Latin MetLife Corporate U.S.1 Benefits1 Solutions1 Casualty1 Asia America EMEA Holdings1 & Other1 (In millions) Adjusted earnings available to common shareholders $ 653 $ 218 $ 339 $ 96 $ 327 $ 140 $ 81 $ 425 $ (203) Less: Total notable items — — — — — — — 62 (34) Adjusted earnings available to common shareholders, excluding total notable items $ 653 $ 218 $ 339 $ 96 $ 327 $ 140 $ 81 $ 363 $ (169) Adjusted earnings available to common shareholders on a constant currency basis $ 316 $ 135 $ 70 Adjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis $ 316 $ 135 $ 70 1Results on a constant currency basis are not included as constant currency impact is not significant. 3(vii)

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Expense Detail and Ratios (In millions, except ratio data) 2015 2016 2017 2018 Q1 2019 Reconciliation of Capitalization of DAC to Capitalization of DAC, as reported on an adjusted basis Capitalization of DAC $ (3,319) $ (3,152) $ (3,002) $ (3,254) $ (812) Less: Divested businesses and lag elimination1 120 (1) 34 (1) — Capitalization of DAC, as reported on an adjusted basis $ (3,439) $ (3,151) $ (3,036) $ (3,253) $ (812) Reconciliation of Other Expenses to Other Expenses, as reported on an adjusted basis Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 3,189 Less: Noncontrolling interest (13) (6) (12) (10) (6) Less: Regulatory implementation costs 2 1 — 11 3 Less: Acquisition, integration and other costs 28 64 65 24 23 Less: TSA fees — — — 305 68 Less: Divested businesses 265 296 491 68 — Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 3,101 Other Detail and Ratios Other expenses $ 14,105 $ 13,295 $ 12,953 $ 12,927 $ 3,189 Capitalization of DAC (3,319) (3,152) (3,002) (3,254) (812) Other expenses, net of capitalization of DAC $ 10,786 $ 10,143 $ 9,951 $ 9,673 $ 2,377 Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 11,264 Expense ratio 24.6% 22.9% 21.7% 18.9% 21.1% Direct expenses $ 6,444 $ 5,754 $ 6,006 $ 5,874 $ 1,420 Less: Total notable items related to direct expenses 362 79 296 214 70 Direct expenses, excluding total notable items related to direct expenses $ 6,082 $ 5,675 $ 5,710 $ 5,660 $ 1,350 Other expenses, as reported on an adjusted basis $ 13,823 $ 12,940 $ 12,409 $ 12,529 $ 3,101 Capitalization of DAC, as reported on an adjusted basis (3,439) (3,151) (3,036) (3,253) (812) Other expenses, net of capitalization of DAC, as reported on an adjusted basis $ 10,384 $ 9,789 $ 9,373 $ 9,276 $ 2,289 Less: Total notable items related to other expenses, as reported on an adjusted basis 362 507 377 214 70 Other expenses, net of capitalization of DAC, excluding total notable items related to other expenses, as reported on an adjusted basis $ 10,022 $ 9,282 $ 8,996 $ 9,062 $ 2,219 Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 11,167 Less: PRT 1,740 1,761 3,305 6,894 (2) Adjusted premiums, fees and other revenues, excluding PRT $ 42,589 $ 42,718 $ 42,895 $ 43,884 $ 11,169 Direct expense ratio 14.5% 12.9% 13.0% 11.6% 12.7% Direct expense ratio, excluding total notable items related to direct expenses and PRT 14.3% 13.3% 13.3% 12.9% 12.1% Adjusted expense ratio 23.4% 22.0% 20.3% 18.3% 20.5% Adjusted expense ratio, excluding total notable items related to other expenses and PRT 23.5% 21.7% 21.0% 20.6% 19.9% 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 3(viii)

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Premiums, Fees and Other Revenues (In millions) 2015 2016 2017 2018 Q1 2019 Total Company - Premiums, Fees and Other Revenues Premiums, fees and other revenues $ 43,900 $ 44,370 $ 45,843 $ 51,222 $ 11,264 Less: Unearned revenue adjustments 7 30 12 (7) — Less: GMIB fees 97 124 125 120 27 Less: Settlement of foreign currency earnings hedges (37) 4 22 19 2 Less: TSA fees — — — 305 68 Less: Divested businesses and lag elimination1 (496) (267) (516) 7 — Adjusted premiums, fees and other revenues $ 44,329 $ 44,479 $ 46,200 $ 50,778 $ 11,167 1For the year ended December 31, 2016, Divested businesses and lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods. 3(ix)

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Net Income (Loss) to Adjusted Earnings ($ in millions) – Post-tax 1Q19 Net Income (Loss) $1,349 Less: Net Investment Gains (Losses) 12 Net Derivative Gains (Losses) 91 Investment Hedge Adjustments (83) Other (95) Adjusted Earnings $1,424 See Explanatory Note on Non-GAAP Financial Information and Reconciliations (Explanatory Note) for non-GAAP financial information, definitions and/or reconciliations. 4

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Notable Items Post-tax 1Q19 Per Share $ in millions Impact1 Adjusted Earnings $1,424 $1.48 Less Notable Items: Expense Initiative Costs (55) (0.06) Adjusted Earnings, ex. Total Notable Items $1,479 $1.54 1 The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 5

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Adjusted Earnings ex. Total Notable Items by Segment ($ in millions) – Post-tax % % Change 1 1Q19 1Q18 Change (Constant Rate) Highlights + Underwriting Margins; + Expense Margins; Group Benefits $342 $218 57% + Volume Growth Retirement and Income Solutions 285 339 (16%) - Investment Margins; + Volume Growth + Underwriting Margins; + Volume Growth; Property & Casualty 97 96 1% - Expense Margins U.S. $724 $653 11% Asia 356 327 9% 13% + Volume Growth; - Underwriting Margins - Expense Margins; + Equity Markets; Latin America 134 140 (4%) (1%) + Investment Margins; + Volume Growth EMEA 86 81 6% 23% + Underwriting Margins; + Volume Growth - Investment Margins; - Underwriting Margins; MetLife Holdings 317 363 (13%) + Expense Margins; + Equity Markets + Interest on Debt; + Expense Margins; + Taxes; C&O (138) (169) 18% - Investment Margins Adjusted Earnings, ex. Total Notable Items $1,479 $1,395 6% 8% Adjusted EPS, ex. Total Notable Items $1.54 $1.34 15% 18% 1 To be discussed on MetLife, Inc.'s first quarter 2019 earnings conference call and audio webcast. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 6

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Variable Investment Income (VII) ($ in millions) – Pre-tax $280 $272 $268 $236 $237 $222 $200M - $250M $216 Quarterly VII Range $176 $174 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 7

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Steady Progress Toward Achieving Expense Targets; 1Q19 Aided by Favorable Items Direct Expense Ratio 14.3% -140bps 13.3% 13.3% 12.9% 12.1% 2015 2016 2017 2018 1Q19 Note: Direct expense ratio, excluding total notable items related to direct expenses and PRT. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 8

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Cash & Capital • Holding Companies Cash & Liquid Assets1 $5.4B $5.1B $4.5B $3.0B $3.2B $3.0 - 4.0B Cash Buffer 1Q18 2Q18 3Q18 4Q18 1Q19 • 2018 Combined U.S. Risk Based Capital Ratio2 of 402%; above 360% target • Japan Solvency Margin Ratio of 803% at 12/31/18 1 2 At quarter-end. NAIC basis. 9

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