Table of Contents
Exhibit 99.2




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First Quarter
Financial Supplement
March 31, 2025
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METLIFE
TABLE OF CONTENTS
 
 
 
 
 
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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 our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of its business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Revenues
Premiums$10,053 $11,628 $10,647 $12,617 $11,723 $10,053 $11,723 
Universal life and investment-type product policy fees1,248 1,281 1,228 1,217 1,229 1,248 1,229 
Net investment income5,436 5,205 5,227 5,405 4,885 5,436 4,885 
Other revenues674 638 648 641 687 674 687 
Net investment gains (losses)(375)(421)(77)(311)(387)(375)(387)
Net derivative gains (losses)(979)(508)767 (903)432 (979)432 
Total revenues16,057 17,823 18,440 18,666 18,569 16,057 18,569 
Expenses
Policyholder benefits and claims10,074 11,485 10,597 12,572 11,806 10,074 11,806 
Policyholder liability remeasurement (gains) losses(22)(10)(132)(42)(31)(22)(31)
Market risk benefit remeasurement (gains) losses(694)(182)531 (764)299 (694)299 
Interest credited to policyholder account balances2,290 2,000 2,037 2,012 1,647 2,290 1,647 
Policyholder dividends147 148 150 150 144 147 144 
Amortization of DAC, VOBA and negative VOBA502 493 509 517 519 502 519 
Interest expense on debt264 257 257 259 258 264 258 
Other expenses, net of capitalization of DAC2,451 2,430 2,497 2,581 2,573 2,451 2,573 
Total expenses15,012 16,621 16,446 17,285 17,215 15,012 17,215 
Income (loss) before provision for income tax1,045 1,202 1,994 1,381 1,354 1,045 1,354 
Provision for income tax expense (benefit)170 249 653 106 404 170 404 
Net income (loss) 875 953 1,341 1,275 950 875 950 
Less: Net income (loss) attributable to noncontrolling interests8 7 (1)4 5 8 5 
Net income (loss) attributable to MetLife, Inc.867 946 1,342 1,271 945 867 945 
Less: Preferred stock dividends67 34 67 32 66 67 66 
Net income (loss) available to MetLife, Inc.'s common shareholders$800 $912 $1,275 $1,239 $879 $800 $879 
Premiums, fees and other revenues$11,975 $13,547 $12,523 $14,475 $13,639 $11,975 $13,639 
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METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Net income (loss) available to MetLife, Inc.'s common shareholders$800 $912 $1,275 $1,239 $879 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (375)(421)(77)(311)(387)
Less: Net derivative gains (losses)(979)(508)767 (903)432 
Less: Market risk benefit remeasurement gains (losses)694 182 (531)764 (299)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(126)(232)(65)(118)(234)
Less: Provision for income tax (expense) benefit 260 270 (195)352 23 
Add: Net income (loss) attributable to noncontrolling interests8 7 (1)4 5 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,334 1,628 1,375 1,459 1,349 
Less: Total notable items (2)— — 16 10 — 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,334 $1,628 $1,359 $1,449 $1,349 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$1.10 $1.28 $1.81 $1.78 $1.28 
Less: Net investment gains (losses)(0.51)(0.59)(0.11)(0.45)(0.56)
Less: Net derivative gains (losses)(1.34)(0.71)1.09 (1.29)0.63 
Less: Market risk benefit remeasurement gains (losses)0.95 0.25 (0.75)1.09 (0.44)
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.18)(0.32)(0.09)(0.15)(0.33)
Less: Provision for income tax (expense) benefit0.36 0.38 (0.28)0.50 0.03 
Add: Net income (loss) attributable to noncontrolling interests0.01 0.01 — 0.01 0.01 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders per diluted common share 1.83 2.28 1.95 2.09 1.96 
Less: Total notable items per diluted common share (2)— — 0.02 0.01 — 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.83 $2.28 $1.93 $2.08 $1.96 
For the Three Months Ended
Unaudited (In millions, except per share data)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $16 $— $— 
Litigation reserves and settlement costs— — — (47)— 
Tax adjustments — — — 57 — 
Total notable items $— $— $16 $10 $— 
Notable items impacting adjusted earnings available to common shareholders per diluted common share (2):
Actuarial assumption review and other insurance adjustments$— $— $0.02 $— $— 
Litigation reserves and settlement costs— — — (0.07)— 
Tax adjustments— — — 0.08 — 
Total notable items $— $— $0.02 $0.01 $— 
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Weighted average common shares outstanding - diluted728.4 714.7 703.7 697.9 687.0 
(1)See Pages A-1 and A-7 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. See Pages A-2 and A-3 for further detail.
(3)Calculated on a standalone basis and may not equal (i) adjusted earnings available to common shareholders per diluted common share, less (ii) total notable items per diluted common share.

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METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedMarch 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Book value per common share (1) $34.54 $33.30 $39.02 $34.28 $35.16 
Adjusted book value per common share (1)$53.13 $53.12 $54.72 $54.81 $55.01 
For the Three Months Ended
UnauditedMarch 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Return on MetLife, Inc.'s (2):
Common stockholders' equity 12.6 %15.2 %20.2 %19.6 %14.9 %
Adjusted return on MetLife, Inc.'s (2):
Adjusted common stockholders' equity13.8 %17.3 %14.6 %15.4 %14.4 %
Adjusted common stockholders' equity, excluding total notable items (3)
13.8 %17.3 %14.4 %15.3 %14.4 %
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Common shares outstanding, beginning of period730.8 715.7 703.8 693.7 689.2 
Share repurchases (16.9)(12.0)(10.5)(4.6)(17.0)
Newly issued shares1.8 0.1 0.4 0.1 1.1 
Common shares outstanding, end of period 715.7 703.8 693.7 689.2 673.3 
Weighted average common shares outstanding - basic723.2 710.5 699.3 693.0 682.3 
Dilutive effect of the exercise or issuance of stock-based awards 5.2 4.2 4.4 4.9 4.7 
Weighted average common shares outstanding - diluted728.4 714.7 703.7 697.9 687.0 
MetLife Policyholder Trust Shares116.0 114.3 113.1 111.6 110.1 
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See Page A-4 for further detail.
(3)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. See Pages A-2 and A-3 for further detail.

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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Total revenues$16,057 $17,823 $18,440 $18,666 $18,569 $16,057 $18,569 
Less: Adjustments to total revenues:
Net investment gains (losses)(375)(421)(77)(311)(387)(375)(387)
Net derivative gains (losses)(979)(508)767 (903)432 (979)432 
Investment hedge adjustments(176)(172)(129)(127)(103)(176)(103)
Asymmetrical and non-economic accounting39 35 50 34 36 39 36 
Joint venture adjustments
2 (2)66 16 (42)2 (42)
Unit-linked contract income and Reinsurance adjustments
542 219 147 214 (184)542 (184)
Other adjustments(12)(11)(14)(11)(15)(12)(15)
Divested businesses
— — 16 16 5 — 5 
Total adjusted revenues$17,016 $18,683 $17,614 $19,738 $18,827 $17,016 $18,827 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Net investment income$5,436 $5,205 $5,227 $5,405 $4,885 $5,436 $4,885 
Less: Adjustments to net investment income:
Investment hedge adjustments(176)(172)(129)(127)(103)(176)(103)
Joint venture adjustments
2 (2)66 16 (42)2 (42)
Unit-linked contract income and Reinsurance adjustments
542 219 147 214 (184)542 (184)
Divested businesses — — — 1 1 — 1 
Adjusted net investment income$5,068 $5,160 $5,143 $5,301 $5,213 $5,068 $5,213 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Variable investment income (Included in net investment income above)$260 $298 $162 $293 $327 $260 $327 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Premiums, fees and other revenues$11,975 $13,547 $12,523 $14,475 $13,639 $11,975 $13,639 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting39 35 50 34 36 39 36 
Other adjustments(12)(11)(14)(11)(15)(12)(15)
Divested businesses
— — 16 15 4 — 4 
Adjusted premiums, fees and other revenues$11,948 $13,523 $12,471 $14,437 $13,614 $11,948 $13,614 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,686 $13,339 $12,312 $14,403 $13,614 
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METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Total expenses$15,012 $16,621 $16,446 $17,285 $17,215 $15,012 $17,215 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses(694)(182)531 (764)299 (694)299 
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting38 166 72 46 139 38 139 
Market volatility(67)(88)(52)(49)(44)(67)(44)
Unit-linked contract costs and Reinsurance adjustments
539 214 143 215 (192)539 (192)
Other adjustments7 5 12 25 19 7 19 
Divested businesses
4 4 26 23 9 4 9 
Total adjusted expenses$15,185 $16,502 $15,714 $17,789 $16,985 $15,185 $16,985 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Capitalization of DAC $(740)$(683)$(691)$(719)$(698)$(740)$(698)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(740)$(683)$(691)$(719)$(698)$(740)$(698)
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Other expenses $3,191 $3,113 $3,188 $3,300 $3,271 $3,191 $3,271 
Less: Adjustments to other expenses:
Reinsurance adjustments
— — — 30 42 — 42 
Other adjustments7 5 12 25 19 7 19 
Divested businesses4 4 17 13 8 4 8 
Adjusted other expenses$3,180 $3,104 $3,159 $3,232 $3,202 $3,180 $3,202 
Adjusted other expenses, on a constant currency basis
$3,080 $3,045 $3,100 $3,220 $3,202 
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METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Other expenses, net of capitalization of DAC$2,451 $2,430 $2,497 $2,581 $2,573 $2,451 $2,573 
Premiums, fees and other revenues$11,975 $13,547 $12,523 $14,475 $13,639 $11,975 $13,639 
Expense ratio20.5 %17.9 %19.9 %17.8 %18.9 %20.5 %18.9 %
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted other expenses by major category
Direct expenses$1,426 $1,397 $1,392 $1,396 $1,459 $1,426 $1,459 
Pension, postretirement and postemployment benefit costs65 65 65 71 70 65 70 
Premium taxes, other taxes, and licenses & fees176 171 183 253 160 176 160 
Commissions and other variable expenses1,513 1,471 1,519 1,512 1,513 1,513 1,513 
Adjusted other expenses
3,180 3,104 3,159 3,232 3,202 3,180 3,202 
Adjusted capitalization of DAC(740)(683)(691)(719)(698)(740)(698)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,440 $2,421 $2,468 $2,513 $2,504 $2,440 $2,504 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions, except ratio data)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Employee-related costs$950 $900 $891 $955 $991 $950 $991 
Third-party staffing costs342 356 354 439 353 342 353 
General and administrative expenses134 141 147 2 115 134 115 
Direct expenses1,426 1,397 1,392 1,396 1,459 1,426 1,459 
Less: Total notable items related to direct expenses (1)— — — (152)— — — 
Direct expenses, excluding total notable items related to direct expenses (1)$1,426 $1,397 $1,392 $1,548 $1,459 $1,426 $1,459 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,440 $2,421 $2,468 $2,513 $2,504 $2,440 $2,504 
Less: Total notable items related to adjusted other expenses (1)— — — (85)— — — 
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,440 $2,421 $2,468 $2,598 $2,504 $2,440 $2,504 
Adjusted premiums, fees and other revenues$11,948 $13,523 $12,471 $14,437 $13,614 $11,948 $13,614 
Less: PRT(25)1,752 529 2,593 1,476 (25)1,476 
Adjusted premiums, fees and other revenues, excluding PRT$11,973 $11,771 $11,942 $11,844 $12,138 $11,973 $12,138 
Direct expense ratio 11.9 %10.3 %11.2 %9.7 %10.7 %11.9 %10.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)11.9 %11.9 %11.7 %13.1 %12.0 %11.9 %12.0 %
Adjusted expense ratio20.4 %17.9 %19.8 %17.4 %18.4 %20.4 %18.4 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.4 %20.6 %20.7 %21.9 %20.6 %20.4 %20.6 %
(1)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. See Pages A-2 and A-3 for further detail.

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METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$278,409 $277,736 $293,779 $281,043 $291,735 
Equity securities, at estimated fair value750 754 746 712 747 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,313 10,106 9,289 10,672 10,725 
Mortgage loans91,458 89,802 90,415 89,012 87,908 
Policy loans8,800 8,691 8,822 8,545 8,663 
Real estate and real estate joint ventures12,992 13,517 13,731 13,342 13,481 
Other limited partnership interests14,301 14,288 14,186 14,378 14,137 
Short-term investments, principally at estimated fair value4,884 3,804 4,609 5,156 5,543 
Other invested assets18,097 18,131 19,706 18,504 17,470 
Total investments440,004 436,829 455,283 441,364 450,409 
Cash and cash equivalents, principally at estimated fair value19,840 20,786 21,765 20,068 21,326 
Accrued investment income3,636 3,657 3,722 3,489 3,557 
Premiums, reinsurance and other receivables29,986 31,820 31,443 29,761 31,251 
Market risk benefits, at estimated fair value351 356 310 372 317 
Deferred policy acquisition costs and value of business acquired19,842 19,568 20,401 19,627 20,162 
Current income tax recoverable— 348 304 295 338 
Deferred income tax assets2,751 2,681 2,469 2,994 2,524 
Goodwill9,037 8,950 9,155 8,901 9,036 
Other assets11,126 11,043 11,315 11,082 11,253 
Separate account assets141,003 139,707 148,809 139,504 138,143 
Total assets$677,576 $675,745 $704,976 $677,457 $688,316 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$191,013 $190,993 $201,340 $193,646 $197,667 
Policyholder account balances219,168 219,543 224,609 221,445 225,623 
Market risk benefits, at estimated fair value2,696 2,618 3,117 2,581 2,844 
Other policy-related balances20,219 19,379 19,932 18,899 19,523 
Policyholder dividends payable357 365 381 385 356 
Payables for collateral under securities loaned and other transactions17,470 17,719 17,132 17,128 17,440 
Short-term debt127 390 404 465 381 
Long-term debt 15,972 14,809 15,278 15,086 14,695 
Collateral financing arrangement590 555 529 476 463 
Subordinated debt securities3,162 3,163 3,163 3,164 4,153 
Current income tax payable10 — — — — 
Deferred income tax liability835 216 956 132 430 
Other liabilities 36,158 38,748 38,162 36,843 38,843 
Separate account liabilities141,003 139,707 148,809 139,504 138,143 
Total liabilities648,780 648,205 673,812 649,754 660,561 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,718 33,740 33,766 33,791 33,820 
Retained earnings40,350 40,873 41,765 42,626 43,131 
Treasury stock, at cost(25,774)(26,637)(27,418)(27,798)(29,222)
Accumulated other comprehensive income (loss)(19,771)(20,736)(17,240)(21,186)(20,248)
Total MetLife, Inc.'s stockholders' equity28,535 27,252 30,885 27,445 27,493 
Noncontrolling interests261 288 279 258 262 
Total equity28,796 27,540 31,164 27,703 27,755 
Total liabilities and equity$677,576 $675,745 $704,976 $677,457 $688,316 
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METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Adjusted earnings before provision for income tax
GROUP BENEFITS$359 $674 $472 $526 $464 
RIS504 518 591 487 500 
ASIA582 625 431 613 536 
LATIN AMERICA331 311 309 258 290 
EMEA103 98 94 60 109 
METLIFE HOLDINGS196 188 226 189 190 
CORPORATE & OTHER(244)(233)(223)(184)(247)
Total adjusted earnings before provision for income tax
$1,831 $2,181 $1,900 $1,949 $1,842 
Provision for income tax expense (benefit)
GROUP BENEFITS$75 $141 $99 $110 $97 
RIS105 108 119 101 99 
ASIA159 176 125 170 162 
LATIN AMERICA98 85 88 57 72 
EMEA26 21 24 1 26 
METLIFE HOLDINGS37 35 44 36 36 
CORPORATE & OTHER(70)(47)(41)(17)(65)
Total provision for income tax expense (benefit)
$430 $519 $458 $458 $427 
Adjusted earnings available to common shareholders
GROUP BENEFITS$284 $533 $373 $416 $367 
RIS399 410 472 386 401 
ASIA423 449 306 443 374 
LATIN AMERICA233 226 221 201 218 
EMEA77 77 70 59 83 
METLIFE HOLDINGS159 153 182 153 154 
CORPORATE & OTHER (1)(241)(220)(249)(199)(248)
Total adjusted earnings available to common shareholders (1)$1,334 $1,628 $1,375 $1,459 $1,349 
(1)Includes impact of preferred stock dividends of $67 million, $34 million, $67 million, $32 million and $66 million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
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GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$5,711 $5,599 $5,538 $5,579 $5,763 $5,711 $5,763 
Universal life and investment-type product policy fees222 229 231 227 233 222 233 
Net investment income315 313 311 313 315 315 315 
Other revenues397 382 377 378 434 397 434 
Total adjusted revenues6,645 6,523 6,457 6,497 6,745 6,645 6,745 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends5,236 4,780 4,927 4,881 5,183 5,236 5,183 
Policyholder liability remeasurement (gains) losses(3)2 — — (18)(3)(18)
Interest credited to policyholder account balances48 48 49 46 44 48 44 
Capitalization of DAC(4)(5)(4)(5)(5)(4)(5)
Amortization of DAC, VOBA and negative VOBA6 7 6 7 6 6 6 
Interest expense on debt— 1 — 1 — — — 
Other expenses1,003 1,016 1,007 1,041 1,071 1,003 1,071 
Total adjusted expenses6,286 5,849 5,985 5,971 6,281 6,286 6,281 
Adjusted earnings before provision for income tax359 674 472 526 464 359 464 
Provision for income tax expense (benefit)75 141 99 110 97 75 97 
Adjusted earnings284 533 373 416 367 284 367 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$284 $533 $373 $416 $367 $284 $367 
Adjusted premiums, fees and other revenues$6,330 $6,210 $6,146 $6,184 $6,430 $6,330 $6,430 
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GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$505 $490 $486 $519 $524 
Pension, postretirement and postemployment benefit costs14 14 14 14 13 
Premium taxes, other taxes, and licenses & fees89 95 93 86 83 
Commissions and other variable expenses395 417 414 422 451 
Adjusted other expenses$1,003 $1,016 $1,007 $1,041 $1,071 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Group Life (2)
Adjusted premiums, fees and other revenues$2,340 $2,309 $2,293 $2,289 $2,352 
Mortality ratio90.2 %79.1 %85.6 %83.2 %84.8 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,773 $2,742 $2,718 $2,771 $2,850 
Interest adjusted benefit ratio (4)73.9 %70.8 %72.4 %71.8 %74.1 %
(1) Results are derived from insurance and non-administrative services-only contracts.
(2) Excludes certain experience-rated contracts and includes accidental death and dismemberment.
(3) Primarily includes dental, group and individual disability, accident & health, critical illness and vision.
(4) 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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RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$675 $2,448 $1,451 $3,460 $2,284 $675 $2,284 
Universal life and investment-type product policy fees75 73 67 99 85 75 85 
Net investment income2,089 2,117 2,133 2,143 2,167 2,089 2,167 
Other revenues63 61 61 61 61 63 61 
Total adjusted revenues2,902 4,699 3,712 5,763 4,597 2,902 4,597 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,471 3,248 2,247 4,280 3,121 1,471 3,121 
Policyholder liability remeasurement (gains) losses1 (23)(148)— (15)1 (15)
Interest credited to policyholder account balances796 838 874 863 859 796 859 
Capitalization of DAC(61)(46)(53)(58)(37)(61)(37)
Amortization of DAC, VOBA and negative VOBA15 16 14 21 17 15 17 
Interest expense on debt4 3 4 4 3 4 3 
Other expenses172 145 183 166 149 172 149 
Total adjusted expenses2,398 4,181 3,121 5,276 4,097 2,398 4,097 
Adjusted earnings before provision for income tax504 518 591 487 500 504 500 
Provision for income tax expense (benefit)105 108 119 101 99 105 99 
Adjusted earnings399 410 472 386 401 399 401 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$399 $410 $472 $386 $401 $399 $401 
Adjusted premiums, fees and other revenues$813 $2,582 $1,579 $3,620 $2,430 $813 $2,430 
Less: PRT
(25)1,752 529 2,593 1,476 (25)1,476 
Adjusted premiums, fees and other revenues, excluding PRT$838 $830 $1,050 $1,027 $954 $838 $954 
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RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Balance, end of period (at balance sheet discount rate) (2), (3)$67,402 $69,385 $72,914 $71,510 $73,415 
Less: Accumulated other comprehensive (income) loss(1,735)(2,952)297 (3,134)(2,627)
Balance, end of period (at original discount rate)$69,137 $72,337 $72,617 $74,644 $76,042 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Balance, end of period$83,049 $84,270 $85,410 $84,923 $87,191 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Balance, end of period$51,012 $50,033 $52,537 $51,420 $49,452 
SYNTHETIC GICS (4), (5)
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Balance, end of period$48,100 $48,982 $49,081 $49,599 $53,796 
LONGEVITY REINSURANCE (6)
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Balance, end of period$21,333 $24,422 $25,699 $25,121 $27,369 
(1)Includes $3,791 million, $3,830 million, $3,847 million, $3,872 million and $3,899 million of DPL at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $296 million, $1,972 million, $2,081 million, $1,956 million and $2,287 million of future policy benefits subject to reinsurance, which are included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
(4)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.
(5)Includes $0, $0, $0, $221 million and $1,242 million of transfers from separate account GICs to synthetic GICs at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively.
(6)The contract value presented represents notional amounts based on the present value of fixed annuity premiums related to longevity reinsurance contracts associated with the United Kingdom PRT market.
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RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$80 $74 $75 $80 $85 
Pension, postretirement and postemployment benefit costs4 3 4 3 3 
Premium taxes, other taxes, and licenses & fees17 11 16 18 5 
Commissions and other variable expenses71 57 88 65 56 
Adjusted other expenses$172 $145 $183 $166 $149 
SPREAD
For the Three Months Ended
UnauditedMarch 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Investment income yield excluding variable investment income yield5.24 %5.28 %5.25 %5.22 %5.11 %
Variable investment income yield6.30 %5.83 %4.58 %6.46 %8.95 %
Total investment income yield5.28 %5.30 %5.23 %5.26 %5.24 %
Average crediting rate4.23 %4.31 %4.38 %4.35 %4.31 %
Amortization of DPL and losses at inception (1)(0.22)%(0.22)%(0.21)%(0.21)%(0.21)%
Total average crediting rate4.01 %4.09 %4.17 %4.14 %4.10 %
Annualized general account spread (2)
1.27 %1.21 %1.06 %1.12 %1.14 %
Annualized general account spread excluding variable investment income yield1.23 %1.19 %1.08 %1.08 %1.01 %
(1)Includes the amortization of DPL of (0.23)% for each of the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
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ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$1,297 $1,216 $1,272 $1,206 $1,260 $1,297 $1,260 
Universal life and investment-type product policy fees426 434 420 410 406 426 406 
Net investment income1,108 1,167 1,132 1,251 1,206 1,108 1,206 
Other revenues21 18 18 19 15 21 15 
Total adjusted revenues2,852 2,835 2,842 2,886 2,887 2,852 2,887 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,067 988 1,035 993 1,037 1,067 1,037 
Policyholder liability remeasurement (gains) losses(32)(4)60 (59)(11)(32)(11)
Interest credited to policyholder account balances647 657 683 708 711 647 711 
Capitalization of DAC(361)(335)(336)(348)(351)(361)(351)
Amortization of DAC, VOBA and negative VOBA205 202 211 214 216 205 216 
Interest expense on debt— — — — — — — 
Other expenses744 702 758 765 749 744 749 
Total adjusted expenses2,270 2,210 2,411 2,273 2,351 2,270 2,351 
Adjusted earnings before provision for income tax582 625 431 613 536 582 536 
Provision for income tax expense (benefit)159 176 125 170 162 159 162 
Adjusted earnings423 449 306 443 374 423 374 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$423 $449 $306 $443 $374 $423 $374 
Adjusted premiums, fees and other revenues$1,744 $1,668 $1,710 $1,635 $1,681 $1,744 $1,681 
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ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Adjusted premiums, fees and other revenues$1,744 $1,668 $1,710 $1,635 $1,681 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,682 $1,661 $1,654 $1,618 $1,681 
Add: Operating joint ventures, on a constant currency basis (1)517 642 531 406 1,017 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,199 $2,303 $2,185 $2,024 $2,698 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$282 $272 $303 $319 $306 
Pension, postretirement and postemployment benefit costs15 15 15 19 13 
Premium taxes, other taxes, and licenses & fees33 28 31 26 29 
Commissions and other variable expenses414 387 409 401 401 
Adjusted other expenses$744 $702 $758 $765 $749 
Adjusted other expenses, net of adjusted capitalization of DAC$383 $367 $422 $417 $398 
Adjusted other expenses, on a constant currency basis
$720 $704 $736 $759 $749 
Add: Operating joint ventures, on a constant currency basis (2)113 105 117 92 125 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$833 $809 $853 $851 $874 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$439 $430 $478 $479 $463 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Japan:
Life$135 $137 $141 $107 $111 
Accident & Health69 63 59 78 68 
Annuities148 146 147 112 144 
Other2 2 2 2 2 
Total Japan354 348 349 299 325 
Other Asia214 273 228 208 302 
   Total sales$568 $621 $577 $507 $627 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Adjusted earnings available to common shareholders$423 $449 $306 $443 $374 
Adjusted earnings available to common shareholders, on a constant currency basis$411 $444 $300 $440 $374 
(1)Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(2)Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.

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ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
GA AUM $120,743 $117,606 $128,115 $120,626 $125,119 
GA AUM (at amortized cost)$128,618 $126,997 $135,107 $129,959 $134,352 
GA AUM (at amortized cost), on a constant currency basis$127,961 $128,931 $131,846 $131,855 $134,352 
  Add: Operating joint ventures, on a constant currency basis (1)8,193 9,146 9,635 10,032 11,558 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$136,154 $138,077 $141,481 $141,887 $145,910 
(1)Includes MetLife, Inc.'s share of GA AUM for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$1,115 $1,122 $1,141 $1,098 $1,164 $1,115 $1,164 
Universal life and investment-type product policy fees370 373 346 330 340 370 340 
Net investment income386 398 435 431 407 386 407 
Other revenues11 11 9 10 9 11 9 
Total adjusted revenues1,882 1,904 1,931 1,869 1,920 1,882 1,920 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends983 1,018 1,091 1,035 1,091 983 1,091 
Policyholder liability remeasurement (gains) losses(8)(3)(18)20 (3)(8)(3)
Interest credited to policyholder account balances114 115 108 101 98 114 98 
Capitalization of DAC(178)(175)(174)(177)(172)(178)(172)
Amortization of DAC, VOBA and negative VOBA125 129 126 123 129 125 129 
Interest expense on debt3 4 4 4 4 3 4 
Other expenses512 505 485 505 483 512 483 
Total adjusted expenses1,551 1,593 1,622 1,611 1,630 1,551 1,630 
Adjusted earnings before provision for income tax331 311 309 258 290 331 290 
Provision for income tax expense (benefit)98 85 88 57 72 98 72 
Adjusted earnings233 226 221 201 218 233 218 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$233 $226 $221 $201 $218 $233 $218 
Adjusted premiums, fees and other revenues$1,496 $1,506 $1,496 $1,438 $1,513 $1,496 $1,513 
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LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$140 $145 $129 $146 $135 
Pension, postretirement and postemployment benefit costs2 1 1 3 1 
Premium taxes, other taxes, and licenses & fees20 19 22 24 23 
Commissions and other variable expenses350 340 333 332 324 
Adjusted other expenses$512 $505 $485 $505 $483 
Adjusted other expenses, net of adjusted capitalization of DAC$334 $330 $311 $328 $311 
Adjusted other expenses, on a constant currency basis
$451 $452 $459 $503 $483 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$297 $297 $296 $327 $311 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Mexico$198 $180 $178 $131 $200 
Chile93 96 102 121 115 
All other68 77 82 81 68 
Total sales$359 $353 $362 $333 $383 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Adjusted premiums, fees and other revenues$1,496 $1,506 $1,496 $1,438 $1,513 
Adjusted earnings available to common shareholders$233 $226 $221 $201 $218 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,322 $1,342 $1,413 $1,428 $1,513 
Adjusted earnings available to common shareholders, on a constant currency basis$204 $196 $209 $200 $218 

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EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$536 $536 $562 $568 $582 $536 $582 
Universal life and investment-type product policy fees77 77 84 76 78 77 78 
Net investment income54 54 55 59 58 54 58 
Other revenues7 8 9 8 8 7 8 
Total adjusted revenues674 675 710 711 726 674 726 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends258 265 276 301 277 258 277 
Policyholder liability remeasurement (gains) losses— 1 9 (3)— — — 
Interest credited to policyholder account balances19 17 17 17 17 19 17 
Capitalization of DAC(128)(115)(119)(124)(126)(128)(126)
Amortization of DAC, VOBA and negative VOBA90 81 91 93 94 90 94 
Interest expense on debt— — — — — — — 
Other expenses332 328 342 367 355 332 355 
Total adjusted expenses571 577 616 651 617 571 617 
Adjusted earnings before provision for income tax103 98 94 60 109 103 109 
Provision for income tax expense (benefit)26 21 24 1 26 26 26 
Adjusted earnings77 77 70 59 83 77 83 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$77 $77 $70 $59 $83 $77 $83 
Adjusted premiums, fees and other revenues$620 $621 $655 $652 $668 $620 $668 
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EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$101 $104 $109 $112 $109 
Pension, postretirement and postemployment benefit costs1 2 2 2 1 
Premium taxes, other taxes, and licenses & fees6 5 6 7 6 
Commissions and other variable expenses224 217 225 246 239 
Adjusted other expenses$332 $328 $342 $367 $355 
Adjusted other expenses, net of adjusted capitalization of DAC$204 $213 $223 $243 $229 
Adjusted other expenses, on a constant currency basis
$317 $320 $331 $363 $355 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$196 $208 $216 $241 $229 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Adjusted premiums, fees and other revenues$620 $621 $655 $652 $668 
Adjusted earnings available to common shareholders$77 $77 $70 $59 $83 
Adjusted premiums, fees and other revenues, on a constant currency basis$594 $608 $635 $645 $668 
Adjusted earnings available to common shareholders, on a constant currency basis$73 $74 $67 $57 $83 
Total sales, on a constant currency basis$272 $268 $239 $247 $315 
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METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$713 $692 $673 $702 $657 $713 $657 
Universal life and investment-type product policy fees78 94 80 74 86 78 86 
Net investment income1,010 1,016 981 978 989 1,010 989 
Other revenues50 37 40 39 37 50 37 
Total adjusted revenues1,851 1,839 1,774 1,793 1,769 1,851 1,769 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,251 1,252 1,221 1,230 1,200 1,251 1,200 
Policyholder liability remeasurement (gains) losses20 17 (35)— 16 20 16 
Interest credited to policyholder account balances103 106 84 97 88 103 88 
Capitalization of DAC(5)(4)(4)(4)(4)(5)(4)
Amortization of DAC, VOBA and negative VOBA59 57 58 55 55 59 55 
Interest expense on debt4 3 4 3 3 4 3 
Other expenses223 220 220 223 221 223 221 
Total adjusted expenses1,655 1,651 1,548 1,604 1,579 1,655 1,579 
Adjusted earnings before provision for income tax196 188 226 189 190 196 190 
Provision for income tax expense (benefit)37 35 44 36 36 37 36 
Adjusted earnings159 153 182 153 154 159 154 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$159 $153 $182 $153 $154 $159 $154 
Adjusted premiums, fees and other revenues$841 $823 $793 $815 $780 $841 $780 
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METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Annuities$1,577 $1,555 $1,606 $1,515 $1,493 
Life and Other53,604 53,296 53,096 52,918 52,584 
Long-Term Care
14,845 14,455 15,657 14,537 14,716 
Balance, end of period (at balance sheet discount rate)
$70,026 $69,306 $70,359 $68,970 $68,793 
Less:
Annuities$(46)$(65)$(5)$(63)$(51)
Life and Other(2)(27)31 (34)(26)
Long-Term Care
(215)(755)339 (919)(872)
Accumulated other comprehensive (income) loss$(263)$(847)$365 $(1,016)$(949)
Annuities$1,623 $1,620 $1,611 $1,578 $1,544 
Life and Other53,606 53,323 53,065 52,952 52,610 
Long-Term Care
15,060 15,210 15,318 15,456 15,588 
Balance, end of period (at original discount rate)$70,289 $70,153 $69,994 $69,986 $69,742 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,526 $1,468 $1,505 $1,393 $1,370 
Life and Other$2,345 $2,372 $2,398 $2,410 $2,421 
Long-Term Care
$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Annuities$11,129 $10,747 $10,437 $10,142 $9,859 
Life and Other11,486 11,303 11,284 11,132 10,986 
Balance, end of period$22,615 $22,050 $21,721 $21,274 $20,845 
Policyholder account balances subject to reinsurance (2)
Annuities$3,345 $3,228 $3,124 $3,027 $2,930 
Life and Other$6,532 $6,467 $6,410 $6,357 $6,301 
MARKET RISK BENEFITS
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Annuities$2,231 $2,153 $2,608 $2,069 $2,377 
Balance, end of period$2,231 $2,153 $2,608 $2,069 $2,377 
Market risk benefits subject to reinsurance (2)
$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Annuities$29,866 $28,843 $29,349 $27,829 $26,296 
Life and Other6,757 6,738 7,049 7,065 6,393 
Balance, end of period$36,623 $35,581 $36,398 $34,894 $32,689 
Separate account liabilities subject to reinsurance (3)
Annuities$85 $82 $83 $79 $73 
Life and Other$5,980 $5,944 $6,226 $6,244 $5,852 
(1) Includes participating life contracts, additional liabilities for annuitization, death and other insurance benefits, as well as DPL.
(2) Included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
(3) Separate account assets retained by MetLife; these amounts are not included in premiums, reinsurance and other receivables on MetLife, Inc.'s consolidated balance sheets.
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METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Direct and allocated expenses$165 $156 $159 $166 $168 
Pension, postretirement and postemployment benefit costs6 7 6 7 6 
Premium taxes, other taxes, and licenses & fees16 19 20 15 16 
Commissions and other variable expenses36 38 35 35 31 
Adjusted other expenses$223 $220 $220 $223 $221 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Lapse Ratio (1)
Traditional life5.7 %5.9 %6.2 %5.8 %5.9 %
Variable annuity11.6 %12.4 %12.8 %12.9 %12.8 %
(1) 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 EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Adjusted revenues
Premiums$6 $15 $(6)$(11)$9 $6 $9 
Universal life and investment-type product policy fees— 1 — 1 1 — 1 
Net investment income106 95 96 126 71 106 71 
Other revenues98 97 98 103 102 98 102 
Total adjusted revenues210 208 188 219 183 210 183 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends8 9 — (10)9 8 9 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(3)(3)(1)(3)(3)(3)(3)
Amortization of DAC, VOBA and negative VOBA2 1 3 4 2 2 2 
Interest expense on debt253 246 245 247 248 253 248 
Other expenses194 188 164 165 174 194 174 
Total adjusted expenses454 441 411 403 430 454 430 
Adjusted earnings before provision for income tax(244)(233)(223)(184)(247)(244)(247)
Provision for income tax expense (benefit)(70)(47)(41)(17)(65)(70)(65)
Adjusted earnings(174)(186)(182)(167)(182)(174)(182)
Preferred stock dividends67 34 67 32 66 67 66 
Adjusted earnings available to common shareholders$(241)$(220)$(249)$(199)$(248)$(241)$(248)
Adjusted premiums, fees and other revenues$104 $113 $92 $93 $112 $104 $112 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Business activities$6 $30 $20 $16 $9 $6 $9 
Net investment income102 92 96 126 78 102 78 
Interest expense on debt(265)(255)(256)(257)(258)(265)(258)
Corporate initiatives and projects(6)(7)(8)(12)(10)(6)(10)
Other(81)(93)(75)(57)(66)(81)(66)
Provision for income tax (expense) benefit and other tax-related items70 47 41 17 65 70 65 
Preferred stock dividends(67)(34)(67)(32)(66)(67)(66)
Adjusted earnings available to common shareholders$(241)$(220)$(249)$(199)$(248)$(241)$(248)
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INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
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. Reinsurance adjustments have been excluded from the amounts within this table.
At or For the Three Months Ended
At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Fixed Maturity Securities
Yield (1)4.38 %4.38 %4.52 %4.47 %4.36 %4.38 %4.36 %
Investment income (2), (3)$3,200 $3,206 $3,357 $3,326 $3,259 $3,200 $3,259 
Investment gains (losses)(85)(246)(157)(245)(244)(85)(244)
Ending carrying value (4)279,855 279,170 295,460 280,227 290,416 279,855 290,416 
Net Mortgage Loans
Yield (1)5.25 %5.30 %5.32 %5.28 %5.21 %5.25 %5.21 %
Investment income (3)1,100 1,096 1,097 1,085 1,056 1,100 1,056 
Investment gains (losses)(82)6 (156)(53)(159)(82)(159)
Ending carrying value (5)83,452 82,051 82,773 81,460 80,581 83,452 80,581 
Real Estate and Real Estate Joint Ventures
Yield (1)(2.74)%(0.97)%1.67 %1.47 %4.01 %(2.74)%4.01 %
Investment income(90)(32)57 50 134 (90)134 
Investment gains (losses)35 12 128 70 (40)35 (40)
Ending carrying value12,992 13,517 13,731 13,342 13,481 12,992 13,481 
Policy Loans
Yield (1)5.56 %5.44 %5.72 %5.67 %5.38 %5.56 %5.38 %
Investment income113 110 116 114 107 113 107 
Ending carrying value8,800 8,691 8,822 8,545 8,663 8,800 8,663 
Equity Securities
Yield (1)5.48 %5.50 %3.47 %3.23 %6.16 %5.48 %6.16 %
Investment income7 7 4 5 9 7 9 
Investment gains (losses)28 (19)(31)4 (12)28 (12)
Ending carrying value750 754 746 712 747 750 747 
Other Limited Partnership Interests
Yield (1)8.27 %9.10 %2.45 %7.05 %6.22 %8.27 %6.22 %
Investment income301 325 87 252 222 301 222 
Investment gains (losses)(50)(9)3 1 (1)(50)(1)
Ending carrying value (6)14,301 14,288 14,186 14,367 14,125 14,301 14,125 
Cash and Cash Equivalents and Short-term Investments
Yield (1)5.32 %4.61 %5.23 %4.97 %4.42 %5.32 %4.42 %
Investment income246 209 257 249 224 246 224 
Investment gains (losses)25 37 (46)18 (9)25 (9)
Ending carrying value (7)24,724 24,590 26,374 25,018 26,862 24,724 26,862 
Other Invested Assets
Investment income 348 386 312 368 365 348 365 
Investment gains (losses)(17)(16)56 23 4 (17)4 
Ending carrying value18,097 18,131 19,706 18,504 17,470 18,097 17,470 
Total Investments
Investment income yield (1)4.75 %4.83 %4.75 %4.87 %4.82 %4.75 %4.82 %
Investment fees and expenses yield (1)(0.14)%(0.13)%(0.13)%(0.13)%(0.15)%(0.14)%(0.15)%
Net Investment Income Yield (1)4.61 %4.70 %4.62 %4.74 %4.67 %4.61 %4.67 %
Investment income$5,225 $5,307 $5,287 $5,449 $5,376 $5,225 $5,376 
Investment fees and expenses(157)(147)(144)(147)(162)(157)(162)
Net investment income including divested businesses5,068 5,160 5,143 5,302 5,214 5,068 5,214 
Less: Net investment income from divested businesses— — — 1 1 — 1 
Adjusted Net Investment Income (8)$5,068 $5,160 $5,143 $5,301 $5,213 $5,068 $5,213 
Ending Carrying Value$442,971 $441,192 $461,798 $442,175 $452,345 $442,971 $452,345 
Investment Portfolio Gains (Losses) (9)$(146)$(235)$(203)$(182)$(461)$(146)$(461)
Gross investment gains331 245 368 316 142 331 142 
Gross investment losses(435)(458)(417)(386)(423)(435)(423)
Net credit loss (provision) release and (impairments)(42)(22)(154)(112)(180)(42)(180)
Investment Portfolio Gains (Losses) (9)(146)(235)(203)(182)(461)(146)(461)
Investment portfolio gains (losses) income tax (expense) benefit41 57 56 59 116 41 116 
Investment Portfolio Gains (Losses), Net of Income Tax$(105)$(178)$(147)$(123)$(345)$(105)$(345)
Derivative Gains (Losses) (9)(1,175)(698)619 (1,159)344 (1,175)344 
Derivative gains (losses) income tax (expense) benefit304 193 (206)314 (99)304 (99)
Derivative Gains (Losses), Net of Income Tax$(871)$(505)$413 $(845)$245 $(871)$245 
See footnotes on Page 29.

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INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,553 28.9 %$80,678 29.1 %$84,851 28.9 %$78,584 28.2 %$80,316 27.7 %
Foreign corporate54,029 19.4 %53,419 19.2 %56,752 19.3 %53,354 19.1 %55,083 19.1 %
Foreign government42,793 15.4 %40,054 14.4 %44,132 15.0 %39,895 14.3 %40,892 14.2 %
Residential mortgage-backed31,142 11.2 %32,616 11.7 %35,264 12.0 %34,135 12.3 %39,083 13.5 %
U.S. government and agency31,848 11.4 %33,238 12.0 %34,676 11.8 %33,350 12.0 %33,535 11.6 %
Asset-backed securities and collateralized loan obligations17,468 6.3 %17,775 6.4 %17,520 6.0 %20,390 7.3 %20,748 7.2 %
Municipals10,938 3.9 %10,470 3.8 %10,798 3.7 %9,762 3.5 %9,764 3.4 %
Commercial mortgage-backed9,638 3.5 %9,486 3.4 %9,786 3.3 %9,182 3.3 %9,388 3.3 %
Fixed Maturity Securities Available-For-Sale excluding Reinsurance adjustments
$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %
Reinsurance adjustments— — — 2,391 2,926 
Fixed Maturity Securities Available-For-Sale$278,409 $277,736 $293,779 $281,043 $291,735 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$192,127 69.0 %$192,239 69.2 %$203,560 69.3 %$192,099 68.9 %$199,468 69.1 %
Baa273,367 26.4 %72,732 26.2 %77,031 26.2 %74,345 26.7 %77,112 26.7 %
Ba310,323 3.7 %9,189 3.3 %9,666 3.3 %8,680 3.1 %8,674 3.0 %
B42,259 0.8 %3,291 1.2 %3,131 1.1 %3,035 1.1 %3,198 1.1 %
Caa and lower5267 0.1 %226 0.1 %331 0.1 %425 0.2 %291 0.1 %
In or near default666 — %59 — %60 — %68 — %66 — %
Fixed Maturity Securities Available-For-Sale excluding Reinsurance adjustments
$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %$288,809 100.0 %
Reinsurance adjustments— — — 2,391 2,926 
Fixed Maturity Securities Available-For-Sale (10)
$278,409 $277,736 $293,779 $281,043 $291,735 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Gross unrealized gains$6,021 $5,096 $8,093 $4,965 $5,398 
Gross unrealized losses28,122 30,430 23,558 31,041 28,891 
Net Unrealized Gains (Losses) excluding Reinsurance adjustments
$(22,101)$(25,334)$(15,465)$(26,076)$(23,493)
Reinsurance adjustments— — — (142)(109)
Net Unrealized Gains (Losses)$(22,101)$(25,334)$(15,465)$(26,218)$(23,602)
See footnotes on Page 29.
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INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
          
Commercial mortgage loans$51,527 $50,109 $50,478 $48,967 $47,890 
Agricultural mortgage loans 19,461 19,383 19,210 19,030 18,779 
Residential mortgage loans13,201 13,273 13,844 14,186 14,783 
Total84,189 82,765 83,532 82,183 81,452 
Allowance for credit loss(737)(714)(759)(723)(871)
Net mortgage loans excluding Reinsurance adjustments
$83,452 $82,051 $82,773 $81,460 $80,581 
Reinsurance adjustments— — — 85 82 
Net Mortgage Loans$83,452 $82,051 $82,773 $81,545 $80,663 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,036 17.5 %$8,680 17.3 %$8,745 17.3 %$8,738 17.8 %$8,677 18.1 %
Non-U.S.8,453 16.4 %8,385 16.7 %8,593 17.0 %7,901 16.1 %7,802 16.3 %
Middle Atlantic7,430 14.4 %7,250 14.5 %6,999 13.9 %6,938 14.2 %6,877 14.4 %
South Atlantic6,802 13.2 %6,517 13.0 %6,459 12.8 %5,890 12.0 %5,796 12.1 %
West South Central3,502 6.8 %3,386 6.8 %3,455 6.9 %3,228 6.6 %3,214 6.7 %
New England2,821 5.5 %2,821 5.6 %2,838 5.6 %2,680 5.5 %2,501 5.2 %
Mountain2,192 4.3 %2,264 4.5 %2,217 4.4 %2,317 4.7 %2,455 5.1 %
East North Central1,701 3.3 %1,600 3.2 %1,543 3.1 %1,453 3.0 %1,453 3.0 %
East South Central653 1.3 %652 1.3 %608 1.2 %481 1.0 %481 1.0 %
West North Central644 1.2 %472 1.0 %472 0.9 %410 0.8 %408 0.9 %
Multi-Region and Other8,293 16.1 %8,082 16.1 %8,549 16.9 %8,931 18.3 %8,226 17.2 %
Total excluding Reinsurance adjustments
$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %
Reinsurance adjustments— — — 82 82 
Total
$51,527 $50,109 $50,478 $49,049 $47,972 
Office$19,369 37.6 %$18,799 37.5 %$18,861 37.4 %$18,269 37.3 %$18,134 37.9 %
Apartment11,353 22.0 %10,954 21.9 %10,750 21.3 %10,472 21.4 %10,549 22.0 %
Retail7,371 14.3 %7,443 14.8 %7,273 14.4 %6,612 13.5 %6,502 13.6 %
Single Family Rental4,823 9.4 %4,822 9.6 %5,141 10.2 %5,355 10.9 %4,844 10.1 %
Industrial5,315 10.3 %4,941 9.9 %5,313 10.5 %4,999 10.2 %4,506 9.4 %
Hotel3,199 6.2 %3,049 6.1 %3,051 6.0 %3,178 6.5 %3,268 6.8 %
Other97 0.2 %101 0.2 %89 0.2 %82 0.2 %87 0.2 %
Total excluding Reinsurance adjustments
$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %$47,890 100.0 %
Reinsurance adjustments— — — 82 82 
Total
$51,527 $50,109 $50,478 $49,049 $47,972 
See footnotes on Page 29.
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INVESTMENTS
FOOTNOTES
(1)We calculate annualized yields using adjusted net investment income as a percent of average quarterly asset carrying values. Adjusted net investment income excludes realized gains and losses from sales and disposals, 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 utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for third parties, invested assets and cash and cash equivalents subject to ceded reinsurance with third parties (see "Reinsurance adjustments"), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties and contractholder-directed equity securities. Invested assets reclassified to held-for-sale and ceded policy loans are included in the calculation of yields, but are otherwise excluded from asset carrying values. 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 investment income related to fair value option securities of $85 million, $22 million, $76 million, $22 million and ($20) million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, respectively, and $85 million and ($20) million for the year-to-date period ended March 31, 2024 and March 31, 2025, respectively.
(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees.
(4)The following table presents a reconciliation to ending carrying value presented for fixed maturity securities.
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Fixed maturity securities available-for-sale$278,409 $277,736 $293,779 $281,043 $291,735 
Less: Reinsurance adjustments— — — 2,391 2,926 
Fixed maturity securities available-for-sale excluding Reinsurance adjustments$278,409 $277,736 $293,779 $278,652 $288,809 
Fair value option securities1,446 1,434 1,681 1,575 1,607 
Fixed maturity securities excluding Reinsurance adjustments$279,855 $279,170 $295,460 $280,227 $290,416 
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Mortgage Loans$91,458 $89,802 $90,415 $89,012 $87,908 
Less: Mortgage loans originated for third parties, net of ACL8,006 7,751 7,642 7,467 7,245 
Net mortgage loans$83,452 $82,051 $82,773 $81,545 $80,663 
Less: Reinsurance adjustments— — — 85 82 
Net mortgage loans excluding Reinsurance adjustments$83,452 $82,051 $82,773 $81,460 $80,581 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Other limited partnership interests$17,301 $14,288 $14,186 $14,378 $14,137 
Less: Reinsurance adjustments— — — 11 12 
Other limited partnership interests excluding Reinsurance adjustments$17,301 $14,288 $14,186 $14,367 $14,125 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Cash and cash equivalents and short-term investments$24,724 $24,590 $26,374 $25,224 $26,869 
Less: Reinsurance adjustments— — — 206 7 
Cash and cash equivalents and short-term investments excluding Reinsurance adjustments$24,724 $24,590 $26,374 $25,018 $26,862 
(8)Adjusted net investment income reflects the adjustments as presented on Page 5.
(9)Investment portfolio gains (losses) and Derivative gains (losses) reflect the non-GAAP adjustments as presented below:
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Net investment gains (losses) $(375)$(421)$(77)$(311)$(387)$(375)$(387)
Less: Non-investment portfolio gains (losses)(226)(176)188 (122)65 (226)65 
Less: Provision for credit loss on certain mortgage loans originated for third parties(4)(15)4 11 (34)(4)(34)
Less: Other adjustments1 5 (66)(18)43 1 43 
Investment portfolio gains (losses) $(146)$(235)$(203)$(182)$(461)$(146)$(461)
For the Three Months EndedFor the Year-to-Date Period Ended
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Net derivative gains (losses) $(979)$(508)$767 $(903)$432 $(979)$432 
Less: Investment hedge adjustments176 172 129 127 103 176 103 
Less: Reinsurance adjustments— — — 110 (35)— (35)
Less: Other adjustments20 18 19 19 20 20 20 
Derivative gains (losses) $(1,175)$(698)$619 $(1,159)$344 $(1,175)$344 
(10)Fixed maturity securities available-for-sale are presented by NRSRO rating and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for (i) non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”) and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Over time, credit ratings and designations can migrate, up or down, through the NRSRO's and NAIC's continuous monitoring process. Amounts presented for non-agency RMBS and CMBS are presented using NAIC designations for modeled securities. The NAIC evaluates non-agency RMBS and CMBS held by insurers on an annual basis. When we acquire non-agency RMBS and CMBS that have not been previously evaluated by the NAIC, an internally developed designation is used until a NAIC designation becomes available. NAIC designations are generally similar to the credit quality ratings of the NRSRO, except for (i) non-agency RMBS and CMBS and (ii) securities rated Ca or C by NRSROs that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.
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Appendix





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APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$800 $912 $1,275 $1,239 $879 $800 $879 
Add: Preferred stock dividends67 34 67 32 66 67 66 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests8 7 (1)4 5 8 5 
Net income (loss) 875 953 1,341 1,275 950 875 950 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(375)(421)(77)(311)(387)(375)(387)
Net derivative gains (losses)(979)(508)767 (903)432 (979)432 
Market risk benefit remeasurement gains (losses)694 182 (531)764 (299)694 (299)
Premiums - Divested businesses
— — 16 15 4 — 4 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(176)(172)(129)(127)(103)(176)(103)
Unit-linked contract income and Reinsurance adjustments542 219 147 214 (184)542 (184)
Joint venture adjustments2 (2)66 16 (42)2 (42)
Divested businesses— — — 1 1 — 1 
Other revenues
Asymmetrical and non-economic accounting39 35 50 34 36 39 36 
Other adjustments(12)(11)(14)(11)(15)(12)(15)
Divested businesses— — — — — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(14)(161)7 (51)(75)(14)(75)
Market volatility67 88 52 49 44 67 44 
Divested businesses— — (9)(10)(1)— (1)
Policyholder liability remeasurement (gains) losses
Asymmetrical and non-economic accounting— — — — — — — 
Divested businesses— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(24)(5)(79)5 (64)(24)(64)
Unit-linked contract costs(539)(214)(143)(185)234 (539)234 
Divested businesses— — — — — — — 
Capitalization of DAC - Divested businesses
— — — — — — — 
Amortization of DAC, VOBA and negative VOBA - Divested businesses
— — — — — — — 
Interest expense on debt - Divested businesses
— — — — — — — 
Other expenses
Reinsurance adjustments
— — — (30)(42)— (42)
Other adjustments(7)(5)(12)(25)(19)(7)(19)
Divested businesses(4)(4)(17)(13)(8)(4)(8)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit260 270 (195)352 23 260 23 
Adjusted earnings1,401 1,662 1,442 1,491 1,415 1,401 1,415 
Less: Preferred stock dividends67 34 67 32 66 67 66 
Adjusted earnings available to common shareholders$1,334 $1,628 $1,375 $1,459 $1,349 $1,334 $1,349 
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APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments$— $— $16 $— $— $— $— 
Litigation reserves and settlement costs— — — (47)— — — 
Tax adjustments— — — 57 — — — 
Total notable items$— $— $16 $10 $— $— $— 
GROUP BENEFITS
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments $— $— $(58)$— $— $— $— 
Total notable items $— $— $(58)$— $— $— $— 
RIS
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments $— $— $104 $— $— $— $— 
Total notable items $— $— $104 $— $— $— $— 
(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)
ASIA
  For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $(41)$— $— $— $— 
Total notable items
$— $— $(41)$— $— $— $— 
LATIN AMERICA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $4 $— $— $— $— 
Total notable items
$— $— $4 $— $— $— $— 
EMEA
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $(5)$— $— $— $— 
Total notable items
$— $— $(5)$— $— $— $— 
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Actuarial assumption review and other insurance adjustments
$— $— $12 $— $— $— $— 
Total notable items
$— $— $12 $— $— $— $— 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year-to-Date Period Ended
Unaudited (In millions)
March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025March 31, 2024March 31, 2025
Litigation reserves and settlement costs$— $— $— $(47)$— $— $— 
Tax adjustments— — — 57 — — — 
Total notable items$— $— $— $10 $— $— $— 
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APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Total MetLife, Inc.'s stockholders' equity$28,535 $27,252 $30,885 $27,445 $27,493 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 24,717 23,434 27,067 23,627 23,675 
Less: Unrealized investment gains (losses), net of related offsets and income tax(16,813)(19,187)(11,239)(19,402)(17,329)
Deferred gains (losses) on derivatives, net of income tax
202 99 (292)370 179 
  Future policy benefits discount rate remeasurement gains (losses), net of income tax4,773 6,606 2,004 6,529 5,334 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(47)(73)4 (71)(31)
  Defined benefit plans adjustment, net of income tax(1,421)(1,396)(1,371)(1,442)(1,416)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — — (129)(100)
Total MetLife, Inc.'s adjusted common stockholders' equity
38,023 37,385 37,961 37,772 37,038 
Less: Accumulated year-to-date total notable items, net of income tax (2)
— — 16 26 — 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$38,023 $37,385 $37,945 $37,746 $37,038 
Unaudited (In millions, except per share data)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Book value per common share $34.54 $33.30 $39.02 $34.28 $35.16 
Less: Unrealized investment gains (losses), net of related offsets and income tax(23.49)(27.26)(16.20)(28.15)(25.74)
  Deferred gains (losses) on derivatives, net of income tax
0.28 0.14 (0.42)0.54 0.27 
  Future policy benefits discount rate remeasurement gains (losses), net of income tax6.68 9.38 2.89 9.46 7.92 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax(0.07)(0.10)0.01 (0.10)(0.05)
  Defined benefit plans adjustment, net of income tax(1.99)(1.98)(1.98)(2.09)(2.10)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — — (0.19)(0.15)
Adjusted book value per common share
$53.13 $53.12 $54.72 $54.81 $55.01 
Common shares outstanding, end of period 715.7 703.8 693.7 689.2 673.3 
For the Three Months Ended (3)
Unaudited (In millions, except ratios)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
Return on MetLife, Inc.'s:
Common stockholders' equity 12.6 %15.2 %20.2 %19.6 %14.9 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
13.8 %17.3 %14.6 %15.4 %14.4 %
Adjusted common stockholders' equity, excluding total notable items (2)
13.8 %17.3 %14.4 %15.3 %14.4 %
Average common stockholders' equity $25,457 $24,076 $25,251 $25,347 $23,651 
Average adjusted common stockholders' equity
$38,652 $37,704 $37,673 $37,867 $37,405 
Average adjusted common stockholders' equity, excluding total notable items (2)
$38,652 $37,704 $37,665 $37,846 $37,405 
(1)Ceded reinsurance-related embedded derivatives excluded are those where the total return on a portfolio of invested assets is passed through to third-party reinsurers (see "Reinsurance adjustments").
(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. See Pages A-2 and A-3 for further detail.
(3) Annualized using quarter-to-date results.
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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, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
GROUP BENEFITS (1)$6,330 $6,210 $6,146 $6,184 $6,430 
RIS (1)813 2,582 1,579 3,620 2,430 
ASIA 1,682 1,661 1,654 1,618 1,681 
LATIN AMERICA1,322 1,342 1,413 1,428 1,513 
EMEA 594 608 635 645 668 
METLIFE HOLDINGS (1)841 823 793 815 780 
CORPORATE & OTHER (1)104 113 92 93 112 
Adjusted premiums, fees and other revenues, on a constant currency basis$11,686 $13,339 $12,312 $14,403 $13,614 
Adjusted premiums, fees and other revenues$11,948 $13,523 $12,471 $14,437 $13,614 
ASIA (including operating joint ventures) (2), (3)$2,199 $2,303 $2,185 $2,024 $2,698 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
GROUP BENEFITS (1)$1,003 $1,016 $1,007 $1,041 $1,071 
RIS (1)172 145 183 166 149 
ASIA 720 704 736 759 749 
LATIN AMERICA451 452 459 503 483 
EMEA317 320 331 363 355 
METLIFE HOLDINGS (1)223 220 220 223 221 
CORPORATE & OTHER (1)194 188 164 165 174 
Adjusted other expenses, on a constant currency basis
$3,080 $3,045 $3,100 $3,220 $3,202 
Adjusted other expenses$3,180 $3,104 $3,159 $3,232 $3,202 
ASIA (including operating joint ventures) (2), (4)$833 $809 $853 $851 $874 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)March 31, 2024June 30, 2024September 30, 2024December 31, 2024March 31, 2025
GROUP BENEFITS (1)$284 $533 $373 $416 $367 
RIS (1)399 410 472 386 401 
ASIA 411 444 300 440 374 
LATIN AMERICA204 196 209 200 218 
EMEA 73 74 67 57 83 
METLIFE HOLDINGS (1)159 153 182 153 154 
CORPORATE & OTHER (1)(241)(220)(249)(199)(248)
Adjusted earnings available to common shareholders, on a constant currency basis$1,289 $1,590 $1,354 $1,453 $1,349 
Adjusted earnings available to common shareholders$1,334 $1,628 $1,375 $1,459 $1,349 
(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Adjusted premiums, fees and other revenues as well as other expenses for operating joint ventures are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 16.
(3) Includes MetLife, Inc.'s share of adjusted premiums, fees and other revenues for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
(4) Includes MetLife, Inc.'s share of adjusted other expenses for operating joint ventures in: (i) China, (ii) India, (iii) Malaysia and (iv) Vietnam, on the basis of proportional consolidation and MetLife's percentage ownership. These operating joint ventures are accounted for using the equity method of accounting under GAAP.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. MetLife believes that these non-GAAP financial measures enhance our investors' understanding of MetLife's performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.

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)total adjusted revenues(i)total revenues
(ii)total adjusted expenses(ii)total expenses
(iii)adjusted premiums, fees and other revenues(iii)premiums, fees and other revenues
(iv)adjusted premiums, fees and other revenues, excluding PRT (iv)premiums, fees and other revenues
(v)adjusted net investment income(v)net investment income
(vi)adjusted earnings(vi)net income (loss)
(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, excluding total notable items(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 earnings available to common shareholders, excluding total notable items, per diluted common share(x)net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(xi)adjusted return on equity(xi)return on equity
(xii)
adjusted return on equity, excluding total notable items
(xii)
return on equity
(xiii)
investment portfolio gains (losses)
(xiii)
net investment gains (losses)
(xiv)
derivative gains (losses)
(xiv)
net derivative gains (losses)
(xv)
adjusted capitalization of DAC
(xv)
capitalization of DAC
(xvi)
total MetLife, Inc.’s adjusted common stockholders’ equity
(xvi)
total MetLife, Inc.’s stockholders’ equity
(xvii)
total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items
(xvii)
total MetLife, Inc.’s stockholders’ equity
(xviii)
adjusted book value per common share
(xviii)
book value per common share
(xix)
adjusted other expenses
(xix)
other expenses
(xx)
adjusted other expenses, net of adjusted capitalization of DAC
(xx)
other expenses, net of capitalization of DAC
(xxi)
adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses
(xxi)
other expenses, net of capitalization of DAC
(xxii)
adjusted expense ratio
(xxii)
expense ratio
(xxiii)
adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT
(xxiii)
expense ratio
(xxiv)
direct expenses
(xxiv)
other expenses
(xxv)
direct expenses, excluding total notable items related to direct expenses
(xxv)
other expenses
(xxvi)
direct expense ratio
(xxvi)
expense ratio
(xxvii)
direct expense ratio, excluding total notable items related to direct expenses and PRT
(xxvii)
expense ratio
(xxviii)
future policy benefits at original discount rate
(xxviii)
future policy benefits at balance sheet discount rate
Any of these financial measures shown 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 applied to the comparable prior period ("constant currency basis").
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this QFS and in this period’s earnings news release, which is available at MetLife's Investor Relations webpage (https://investor.metlife.com).

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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
MetLife's definitions of 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, excluding total notable items;
•adjusted earnings available to common shareholders 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 on, a constant currency basis.
Adjusted earnings is used by MetLife's chief operating decision maker, its chief executive officer, to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is MetLife’s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and related 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 earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.
Adjusted earnings, along with the related adjusted revenues, adjusted expenses and adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, (iii) revenues and costs related to divested businesses, and (iv) other adjustments. Also, adjusted earnings and related measures exclude results of discontinued operations under GAAP.

Market volatility can have a significant impact on MetLife's financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method ("Joint venture adjustments"), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•
Net investment income 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").
•
Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•
Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•
Policyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.
•
Interest credited to policyholder account balances excludes 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 asymmetrical accounting associated with in-force reinsurance.
"Divested businesses" are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
"Reinsurance adjustments" relate to balances subject to ceded reinsurance arrangements with third parties and the related investment returns and other expenses which are passed through to the third-party reinsurers.
Other adjustments are made in calculating adjusted earnings:
•
Net investment income and interest credited to policyholder account balances excludes certain amounts related to contractholder-directed equity securities ("Unit-linked contract income") and ("Unit-linked contract costs"). Net investment income also excludes Reinsurance adjustments.
•
Other revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•
Other expenses exclude (i) Reinsurance adjustments, (ii) implementation of new insurance regulatory requirements and other costs, and (iii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
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.

In addition, adjusted earnings available to common shareholders excludes the impact of preferred stock redemption premium, which is reported as a reduction to net income (loss) available to MetLife, Inc.’s common shareholders.
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APPENDIX
METLIFE
NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)
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, as well as investment portfolio gains (losses) of divested businesses. 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 and related measures
•
Total MetLife, Inc.’s adjusted common stockholders’ equity: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI and the estimated fair value of certain ceded reinsurance-related embedded derivatives (see "Reinsurance adjustments"), all net of income tax.
•
Total MetLife, Inc.’s adjusted common stockholders’ equity, excluding total notable items: total MetLife, Inc.’s common stockholders’ equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives (see "Reinsurance adjustments") and total notable items, all 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.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity: adjusted earnings available to common shareholders divided by MetLife, Inc.'s average adjusted common stockholders’ equity.
•
Adjusted return on MetLife, Inc.’s common stockholders’ equity, excluding total notable items: adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.'s average adjusted common stockholders’ equity, excluding total notable items.
The above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives (see "Reinsurance adjustments"), as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
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Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
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Direct expense ratio: adjusted direct expenses divided by adjusted premiums, fees and other revenues. Direct expenses are comprised of employee-related costs, third-party staffing costs, and general and administrative expenses.
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Direct expense ratio, excluding total notable items related to direct expenses and PRT: adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
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Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
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Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT: adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.
Asia general account assets under management and related measures
Asia GA AUM is used by MetLife to describe assets in its Asia GA investment portfolio. Asia GA AUM is stated at estimated fair value and is comprised of Asia GA total investments, the portion of the Asia GA investment portfolio classified within assets held-for-sale, cash and cash equivalents, and accrued investment income on such assets, excluding policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties ("net mortgage loans") (including commercial ("net commercial mortgage loans"), agricultural ("net agricultural mortgage loans") and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.

Asia GA AUM (at amortized cost) excludes the following adjustments: (i) unrealized gain (loss) on investments carried at estimated fair value and (ii) adjustments from carrying value to estimated fair value on net mortgage loans (including net commercial mortgage loans, net agricultural mortgage loans and residential mortgage loans) and real estate and real estate joint ventures. Asia GA AUM (at amortized cost) is presented net of related allowance for credit loss.
Other items
The following additional information is relevant to an understanding of our performance results:
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Statistical sales information for Asia, Latin America 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.
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PRT includes UK funded reinsurance.
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APPENDIX
METLIFE
ACRONYMS
 
AOCIAccumulated other comprehensive income (loss)
DACDeferred policy acquisition costs
DPLDeferred profit liabilities
EMEAEurope, the Middle East and Africa
FCTAForeign currency translation adjustments
GAGeneral account
GA AUMGeneral account assets under management
GAAPAccounting principles generally accepted in the United States of America
GICsGuaranteed interest contracts
NAICNational Association of Insurance Commissioners
NRSRONationally Recognized Statistical Rating Organization
PRTPension risk transfers
QFSQuarterly financial supplement
RISRetirement and Income Solutions
VOBAValue of business acquired
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