EX-99.2 3 ex992qfsq424.htm EX-99.2 Document
Exhibit 99.2




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Fourth Quarter
Financial Supplement
December 31, 2024
4

METLIFE
TABLE OF CONTENTS
 
 
 
 
 
1
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 Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Revenues
Premiums$11,786 $10,053 $11,628 $10,647 $12,617 $44,283 $44,945 
Universal life and investment-type product policy fees1,241 1,248 1,281 1,228 1,217 5,152 4,974 
Net investment income5,366 5,436 5,205 5,227 5,405 19,908 21,273 
Other revenues660 674 638 648 641 2,526 2,601 
Net investment gains (losses)(174)(375)(421)(77)(311)(2,824)(1,184)
Net derivative gains (losses)149 (979)(508)767 (903)(2,140)(1,623)
Total revenues19,028 16,057 17,823 18,440 18,666 66,905 70,986 
Expenses
Policyholder benefits and claims11,779 10,074 11,485 10,597 12,572 44,590 44,728 
Policyholder liability remeasurement (gains) losses(3)(22)(10)(132)(42)(45)(206)
Market risk benefit remeasurement (gains) losses431 (694)(182)531 (764)(994)(1,109)
Interest credited to policyholder account balances2,405 2,290 2,000 2,037 2,012 7,860 8,339 
Policyholder dividends159 147 148 150 150 622 595 
Amortization of DAC, VOBA and negative VOBA498 502 493 509 517 1,926 2,021 
Interest expense on debt269 264 257 257 259 1,045 1,037 
Other expenses, net of capitalization of DAC2,549 2,451 2,430 2,497 2,581 9,739 9,959 
Total expenses18,087 15,012 16,621 16,446 17,285 64,743 65,364 
Income (loss) before provision for income tax941 1,045 1,202 1,994 1,381 2,162 5,622 
Provision for income tax expense (benefit)327 170 249 653 106 560 1,178 
Net income (loss) 614 875 953 1,341 1,275 1,602 4,444 
Less: Net income (loss) attributable to noncontrolling interests7 8 7 (1)4 24 18 
Net income (loss) attributable to MetLife, Inc.607 867 946 1,342 1,271 1,578 4,426 
Less: Preferred stock dividends33 67 34 67 32 198 200 
Net income (loss) available to MetLife, Inc.'s common shareholders$574 $800 $912 $1,275 $1,239 $1,380 $4,226 
Premiums, fees and other revenues$13,687 $11,975 $13,547 $12,523 $14,475 $51,961 $52,520 
2
METLIFE
CORPORATE OVERVIEW
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Net income (loss) available to MetLife, Inc.'s common shareholders$574 $800 $912 $1,275 $1,239 
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to adjusted earnings available to common shareholders:
Less: Net investment gains (losses) (174)(375)(421)(77)(311)
Less: Net derivative gains (losses)149 (979)(508)767 (903)
Less: Market risk benefit remeasurement gains (losses)(431)694 182 (531)764 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss) (1)(330)(126)(232)(65)(118)
Less: Provision for income tax (expense) benefit 6 260 270 (195)352 
Add: Net income (loss) attributable to noncontrolling interests7 8 7 (1)4 
Add: Preferred stock redemption premium— — — — — 
Adjusted earnings available to common shareholders1,361 1,334 1,628 1,375 1,459 
Less: Total notable items (2)(76)— — 16 10 
Adjusted earnings available to common shareholders, excluding total notable items (2)$1,437 $1,334 $1,628 $1,359 $1,449 
Net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share$0.77 $1.10 $1.28 $1.81 $1.78 
Less: Net investment gains (losses)(0.23)(0.51)(0.59)(0.11)(0.45)
Less: Net derivative gains (losses)0.20 (1.34)(0.71)1.09 (1.29)
Less: Market risk benefit remeasurement gains (losses)(0.58)0.95 0.25 (0.75)1.09 
Less: Goodwill impairment— — — — — 
Less: Other adjustments to net income (loss)(0.45)(0.18)(0.32)(0.09)(0.15)
Less: Provision for income tax (expense) benefit0.01 0.36 0.38 (0.28)0.50 
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 1.83 2.28 1.95 2.09 
Less: Total notable items per diluted common share (2)(0.10)— — 0.02 0.01 
Adjusted earnings available to common shareholders, excluding total notable items, per diluted common share (2), (3)$1.93 $1.83 $2.28 $1.93 $2.08 
For the Three Months Ended
Unaudited (In millions, except per share data)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Notable items impacting adjusted earnings available to common shareholders (2):
Actuarial assumption review and other insurance adjustments$— $— $— $16 $— 
Litigation reserves and settlement costs(76)— — — (47)
Tax adjustments — — — — 57 
Total notable items $(76)$— $— $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(0.10)— — — (0.07)
Tax adjustments— — — — 0.08 
Total notable items $(0.10)$— $— $0.02 $0.01 
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Weighted average common shares outstanding - diluted743.4 728.4 714.7 703.7 697.9 
(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.

3
METLIFE
CORPORATE OVERVIEW (CONTINUED)
UnauditedDecember 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Book value per common share (1) $35.85 $34.54 $33.30 $39.02 $34.28 
Adjusted book value per common share (1) (2)$53.75 $53.13 $53.12 $54.72 $54.81 
For the Three Months Ended
UnauditedDecember 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Return on MetLife, Inc.'s (3):
Common stockholders' equity 9.6 %12.6 %15.2 %20.2 %19.6 %
Adjusted return on MetLife, Inc.'s (2) (3):
Adjusted common stockholders' equity13.8 %13.8 %17.3 %14.6 %15.4 %
Adjusted common stockholders' equity, excluding total notable items (3)
14.6 %13.8 %17.3 %14.4 %15.3 %
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Common shares outstanding, beginning of period744.4 730.8 715.7 703.8 693.7 
Share repurchases (13.7)(16.9)(12.0)(10.5)(4.6)
Newly issued shares0.1 1.8 0.1 0.4 0.1 
Common shares outstanding, end of period 730.8 715.7 703.8 693.7 689.2 
Weighted average common shares outstanding - basic738.6 723.2 710.5 699.3 693.0 
Dilutive effect of the exercise or issuance of stock-based awards 4.8 5.2 4.2 4.4 4.9 
Weighted average common shares outstanding - diluted743.4 728.4 714.7 703.7 697.9 
MetLife Policyholder Trust Shares117.6 116.0 114.3 113.1 111.6 
(1) Calculated using common shares outstanding, end of period.
(2)Beginning with fourth quarter and full year 2024 results and going forward, “adjusted book value” refers to book value, excluding AOCI, other than FCTA and certain ceded reinsurance-related embedded derivatives, and “adjusted return on equity” refers to return on equity, excluding AOCI other than FCTA and certain ceded reinsurance-related embedded derivatives. These changes did not impact prior period amounts.
(3) Annualized using quarter-to-date results. See Page A-4 for further detail.
(4)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.

4
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Total revenues$19,028 $16,057 $17,823 $18,440 $18,666 $66,905 $70,986 
Less: Adjustments to total revenues:
Net investment gains (losses)(174)(375)(421)(77)(311)(2,824)(1,184)
Net derivative gains (losses)149 (979)(508)767 (903)(2,140)(1,623)
Investment hedge adjustments(253)(176)(172)(129)(127)(1,012)(604)
Asymmetrical and non-economic accounting29 39 35 50 34 29 158 
Joint venture adjustments
(8)2 (2)66 16 (12)82 
Unit-linked contract income and reinsurance adjustments
580 542 219 147 214 1,183 1,122 
Other adjustments(13)(12)(11)(14)(11)(34)(48)
Divested businesses
— — — 16 16 — 32 
Total adjusted revenues$18,718 $17,016 $18,683 $17,614 $19,738 $71,715 $73,051 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Net investment income$5,366 $5,436 $5,205 $5,227 $5,405 $19,908 $21,273 
Less: Adjustments to net investment income:
Investment hedge adjustments(253)(176)(172)(129)(127)(1,012)(604)
Joint venture adjustments
(8)2 (2)66 16 (12)82 
Unit-linked contract income and reinsurance adjustments
580 542 219 147 214 1,183 1,122 
Divested businesses — — — — 1 — 1 
Adjusted net investment income$5,047 $5,068 $5,160 $5,143 $5,301 $19,749 $20,672 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Variable investment income (Included in net investment income above)$63 $260 $298 $162 $293 $419 $1,013 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Premiums, fees and other revenues$13,687 $11,975 $13,547 $12,523 $14,475 $51,961 $52,520 
Less: Adjustments to premiums, fees and other revenues:
Asymmetrical and non-economic accounting29 39 35 50 34 29 158 
Other adjustments(13)(12)(11)(14)(11)(34)(48)
Divested businesses
— — — 16 15 — 31 
Adjusted premiums, fees and other revenues$13,671 $11,948 $13,523 $12,471 $14,437 $51,966 $52,379 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,440 $11,718 $13,372 $12,348 $14,437 
5
METLIFE
KEY ADJUSTED EARNINGS STATEMENT LINE ITEMS (CONTINUED)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Total expenses$18,087 $15,012 $16,621 $16,446 $17,285 $64,743 $65,364 
Less: Adjustments to total expenses:
Market risk benefit remeasurement (gains) losses431 (694)(182)531 (764)(994)(1,109)
Goodwill impairment— — — — — — — 
Asymmetrical and non-economic accounting129 38 166 72 46 247 322 
Market volatility(62)(67)(88)(52)(49)(184)(256)
Unit-linked contract costs and reinsurance adjustments
582 539 214 143 215 1,183 1,111 
Other adjustments7 7 5 12 25 55 49 
Divested businesses
9 4 4 26 23 38 57 
Total adjusted expenses$16,991 $15,185 $16,502 $15,714 $17,789 $64,398 $65,190 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Capitalization of DAC $(728)$(740)$(683)$(691)$(719)$(2,917)$(2,833)
Less: Divested businesses— — — — — — — 
Adjusted capitalization of DAC$(728)$(740)$(683)$(691)$(719)$(2,917)$(2,833)
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Other expenses $3,277 $3,191 $3,113 $3,188 $3,300 $12,656 $12,792 
Less: Adjustments to other expenses:
Reinsurance adjustments
— — — — 30 — 30 
Other adjustments7 7 5 12 25 55 49 
Divested businesses9 4 4 17 13 38 38 
Adjusted other expenses$3,261 $3,180 $3,104 $3,159 $3,232 $12,563 $12,675 
Adjusted other expenses on a constant currency basis$3,164 $3,090 $3,056 $3,112 $3,232 
6
METLIFE
EXPENSE DETAIL AND RATIOS
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Other expenses, net of capitalization of DAC$2,549 $2,451 $2,430 $2,497 $2,581 $9,739 $9,959 
Premiums, fees and other revenues$13,687 $11,975 $13,547 $12,523 $14,475 $51,961 $52,520 
Expense ratio18.6 %20.5 %17.9 %19.9 %17.8 %18.7 %19.0 %
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted other expenses by major category
Direct expenses$1,559 $1,426 $1,397 $1,392 $1,396 $5,808 $5,611 
Pension, postretirement and postemployment benefit costs69 65 65 65 71 246 266 
Premium taxes, other taxes, and licenses & fees153 176 171 183 253 660 783 
Commissions and other variable expenses1,480 1,513 1,471 1,519 1,512 5,849 6,015 
Adjusted other expenses
3,261 3,180 3,104 3,159 3,232 12,563 12,675 
Adjusted capitalization of DAC(728)(740)(683)(691)(719)(2,917)(2,833)
Adjusted other expenses, net of adjusted capitalization of DAC
$2,533 $2,440 $2,421 $2,468 $2,513 $9,646 $9,842 
For the Three Months EndedFor the Year Ended
Unaudited (In millions, except ratio data)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Employee-related costs$882 $950 $900 $891 $955 $3,619 $3,696 
Third-party staffing costs399 342 356 354 439 1,426 1,491 
General and administrative expenses278 134 141 147 2 763 424 
Direct expenses1,559 1,426 1,397 1,392 1,396 5,808 5,611 
Less: Total notable items related to direct expenses (1)96 — — — (152)96 (152)
Direct expenses, excluding total notable items related to direct expenses (1)$1,463 $1,426 $1,397 $1,392 $1,548 $5,712 $5,763 
Adjusted other expenses, net of adjusted capitalization of DAC
$2,533 $2,440 $2,421 $2,468 $2,513 $9,646 $9,842 
Less: Total notable items related to adjusted other expenses (1)96 — — — (85)96 (85)
Adjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses (1)
$2,437 $2,440 $2,421 $2,468 $2,598 $9,550 $9,927 
Adjusted premiums, fees and other revenues$13,671 $11,948 $13,523 $12,471 $14,437 $51,966 $52,379 
Less: PRT1,860 (25)1,752 529 2,593 5,324 4,849 
Adjusted premiums, fees and other revenues, excluding PRT$11,811 $11,973 $11,771 $11,942 $11,844 $46,642 $47,530 
Direct expense ratio 11.4 %11.9 %10.3 %11.2 %9.7 %11.2 %10.7 %
Direct expense ratio, excluding total notable items related to direct expenses and PRT (1)12.4 %11.9 %11.9 %11.7 %13.1 %12.2 %12.1 %
Adjusted expense ratio18.5 %20.4 %17.9 %19.8 %17.4 %18.6 %18.8 %
Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT (1)20.6 %20.4 %20.6 %20.7 %21.9 %20.5 %20.9 %
(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.

7
METLIFE
GAAP CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value$281,412 $278,409 $277,736 $293,779 $281,043 
Equity securities, at estimated fair value757 750 754 746 712 
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,331 10,313 10,106 9,289 10,672 
Mortgage loans92,506 91,458 89,802 90,415 89,012 
Policy loans8,788 8,800 8,691 8,822 8,545 
Real estate and real estate joint ventures13,332 12,992 13,517 13,731 13,342 
Other limited partnership interests14,764 14,301 14,288 14,186 14,378 
Short-term investments, principally at estimated fair value6,045 4,884 3,804 4,609 5,156 
Other invested assets18,202 18,097 18,131 19,706 18,504 
Total investments446,137 440,004 436,829 455,283 441,364 
Cash and cash equivalents, principally at estimated fair value20,639 19,840 20,786 21,765 20,068 
Accrued investment income3,589 3,636 3,657 3,722 3,489 
Premiums, reinsurance and other receivables28,971 29,986 31,820 31,443 29,761 
Market risk benefits, at estimated fair value286 351 356 310 372 
Deferred policy acquisition costs and value of business acquired20,151 19,842 19,568 20,401 19,627 
Current income tax recoverable190 — 348 304 295 
Deferred income tax assets2,612 2,751 2,681 2,469 2,994 
Goodwill9,236 9,037 8,950 9,155 8,901 
Other assets11,139 11,126 11,043 11,315 11,082 
Separate account assets144,634 141,003 139,707 148,809 139,504 
Total assets$687,584 $677,576 $675,745 $704,976 $677,457 
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$196,406 $191,013 $190,993 $201,340 $193,646 
Policyholder account balances219,269 219,168 219,543 224,609 221,445 
Market risk benefits, at estimated fair value3,179 2,696 2,618 3,117 2,581 
Other policy-related balances19,736 20,219 19,379 19,932 18,899 
Policyholder dividends payable386 357 365 381 385 
Payables for collateral under securities loaned and other transactions17,524 17,470 17,719 17,132 17,128 
Short-term debt119 127 390 404 465 
Long-term debt 15,548 15,972 14,809 15,278 15,086 
Collateral financing arrangement637 590 555 529 476 
Junior subordinated debt securities3,161 3,162 3,163 3,163 3,164 
Current income tax payable— 10 — — — 
Deferred income tax liability927 835 216 956 132 
Other liabilities 35,805 36,158 38,748 38,162 36,843 
Separate account liabilities144,634 141,003 139,707 148,809 139,504 
Total liabilities657,331 648,780 648,205 673,812 649,754 
Equity
Preferred stock, at par value— — — — — 
Common stock, at par value12 12 12 12 12 
Additional paid-in capital33,690 33,718 33,740 33,766 33,791 
Retained earnings40,146 40,350 40,873 41,765 42,626 
Treasury stock, at cost(24,591)(25,774)(26,637)(27,418)(27,798)
Accumulated other comprehensive income (loss)(19,242)(19,771)(20,736)(17,240)(21,186)
Total MetLife, Inc.'s stockholders' equity30,015 28,535 27,252 30,885 27,445 
Noncontrolling interests238 261 288 279 258 
Total equity30,253 28,796 27,540 31,164 27,703 
Total liabilities and equity$687,584 $677,576 $675,745 $704,976 $677,457 
8
METLIFE
SUMMARY OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
  For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Adjusted earnings before provision for income tax
GROUP BENEFITS$590 $359 $674 $472 $526 
RIS532 504 518 591 487 
ASIA419 582 625 431 613 
LATIN AMERICA271 331 311 309 258 
EMEA63 103 98 94 60 
METLIFE HOLDINGS193 196 188 226 189 
CORPORATE & OTHER(341)(244)(233)(223)(184)
Total adjusted earnings before provision for income tax
$1,727 $1,831 $2,181 $1,900 $1,949 
Provision for income tax expense (benefit)
GROUP BENEFITS$124 $75 $141 $99 $110 
RIS111 105 108 119 101 
ASIA123 159 176 125 170 
LATIN AMERICA64 98 85 88 57 
EMEA16 26 21 24 1 
METLIFE HOLDINGS37 37 35 44 36 
CORPORATE & OTHER(142)(70)(47)(41)(17)
Total provision for income tax expense (benefit)
$333 $430 $519 $458 $458 
Adjusted earnings available to common shareholders
GROUP BENEFITS$466 $284 $533 $373 $416 
RIS421 399 410 472 386 
ASIA296 423 449 306 443 
LATIN AMERICA207 233 226 221 201 
EMEA47 77 77 70 59 
METLIFE HOLDINGS156 159 153 182 153 
CORPORATE & OTHER (1)(232)(241)(220)(249)(199)
Total adjusted earnings available to common shareholders (1)$1,361 $1,334 $1,628 $1,375 $1,459 
(1)Includes impact of preferred stock dividends of $33 million, $67 million, $34 million, $67 million and $32 million for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
9
GROUP BENEFITS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$5,404 $5,711 $5,599 $5,538 $5,579 $21,558 $22,427 
Universal life and investment-type product policy fees218 222 229 231 227 878 909 
Net investment income334 315 313 311 313 1,301 1,252 
Other revenues379 397 382 377 378 1,493 1,534 
Total adjusted revenues6,335 6,645 6,523 6,457 6,497 25,230 26,122 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends4,712 5,236 4,780 4,927 4,881 19,164 19,824 
Policyholder liability remeasurement (gains) losses3 (3)2 — — (28)(1)
Interest credited to policyholder account balances49 48 48 49 46 193 191 
Capitalization of DAC(4)(4)(5)(4)(5)(20)(18)
Amortization of DAC, VOBA and negative VOBA7 6 7 6 7 26 26 
Interest expense on debt1 — 1 — 1 2 2 
Other expenses977 1,003 1,016 1,007 1,041 3,796 4,067 
Total adjusted expenses5,745 6,286 5,849 5,985 5,971 23,133 24,091 
Adjusted earnings before provision for income tax590 359 674 472 526 2,097 2,031 
Provision for income tax expense (benefit)124 75 141 99 110 442 425 
Adjusted earnings466 284 533 373 416 1,655 1,606 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$466 $284 $533 $373 $416 $1,655 $1,606 
Adjusted premiums, fees and other revenues$6,001 $6,330 $6,210 $6,146 $6,184 $23,929 $24,870 
10
GROUP BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$490 $505 $490 $486 $519 
Pension, postretirement and postemployment benefit costs12 14 14 14 14 
Premium taxes, other taxes, and licenses & fees79 89 95 93 86 
Commissions and other variable expenses396 395 417 414 422 
Adjusted other expenses$977 $1,003 $1,016 $1,007 $1,041 
OTHER INFORMATION (1)
  For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Group Life (2)
Adjusted premiums, fees and other revenues$2,199 $2,340 $2,309 $2,293 $2,289 
Mortality ratio83.5 %90.2 %79.1 %85.6 %83.2 %
Group Non-Medical Health (3)
Adjusted premiums, fees and other revenues$2,689 $2,773 $2,742 $2,718 $2,771 
Interest adjusted benefit ratio (4)70.7 %73.9 %70.8 %72.4 %71.8 %
(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.
11
RIS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$2,736 $675 $2,448 $1,451 $3,460 $8,248 $8,034 
Universal life and investment-type product policy fees81 75 73 67 99 313 314 
Net investment income2,032 2,089 2,117 2,133 2,143 7,803 8,482 
Other revenues66 63 61 61 61 271 246 
Total adjusted revenues4,915 2,902 4,699 3,712 5,763 16,635 17,076 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends3,503 1,471 3,248 2,247 4,280 11,269 11,246 
Policyholder liability remeasurement (gains) losses(15)1 (23)(148)— (131)(170)
Interest credited to policyholder account balances783 796 838 874 863 2,887 3,371 
Capitalization of DAC(40)(61)(46)(53)(58)(176)(218)
Amortization of DAC, VOBA and negative VOBA13 15 16 14 21 49 66 
Interest expense on debt4 4 3 4 4 14 15 
Other expenses135 172 145 183 166 565 666 
Total adjusted expenses4,383 2,398 4,181 3,121 5,276 14,477 14,976 
Adjusted earnings before provision for income tax532 504 518 591 487 2,158 2,100 
Provision for income tax expense (benefit)111 105 108 119 101 450 433 
Adjusted earnings421 399 410 472 386 1,708 1,667 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$421 $399 $410 $472 $386 $1,708 $1,667 
Adjusted premiums, fees and other revenues$2,883 $813 $2,582 $1,579 $3,620 $8,832 $8,594 
Less: PRT
1,860 (25)1,752 529 2,593 5,324 4,849 
Adjusted premiums, fees and other revenues, excluding PRT$1,023 $838 $830 $1,050 $1,027 $3,508 $3,745 
12
RIS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Balance, end of period (at balance sheet discount rate) (2), (3)$69,407 $67,402 $69,385 $72,914 $71,510 
Less: Accumulated other comprehensive (income) loss(278)(1,735)(2,952)297 (3,134)
Balance, end of period (at original discount rate)$69,685 $69,137 $72,337 $72,617 $74,644 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Balance, end of period$82,405 $83,049 $84,270 $85,410 $84,923 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Balance, end of period$53,093 $51,012 $50,033 $52,537 $51,420 
SYNTHETIC GICS (4), (5)
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Balance, end of period$49,066 $48,100 $48,982 $49,081 $49,599 
LONGEVITY REINSURANCE (6)
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Balance, end of period$21,945 $21,333 $24,422 $25,699 $25,121 
(1)Includes $3,782 million, $3,791 million, $3,830 million, $3,847 million and $3,872 million of DPL at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(2)Represents the current discount rate at the respective balance sheet date.
(3)Includes $311 million, $296 million, $1,972 million, $2,081 million and $1,956 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 December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, 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 $1,282 million, $0, $0, $0 and $221 million of transfers from separate account GICs to synthetic GICs at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, 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 pension risk transfer market.
13
RIS
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$71 $80 $74 $75 $80 
Pension, postretirement and postemployment benefit costs3 4 3 4 3 
Premium taxes, other taxes, and licenses & fees1 17 11 16 18 
Commissions and other variable expenses60 71 57 88 65 
Adjusted other expenses$135 $172 $145 $183 $166 
SPREAD
For the Three Months Ended
UnauditedDecember 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Investment income yield excluding variable investment income yield5.32 %5.24 %5.28 %5.25 %5.22 %
Variable investment income yield1.96 %6.30 %5.83 %4.58 %6.46 %
Total investment income yield5.19 %5.28 %5.30 %5.23 %5.26 %
Average crediting rate4.20 %4.23 %4.31 %4.38 %4.35 %
Amortization of DPL and losses at inception (1)(0.22)%(0.22)%(0.22)%(0.21)%(0.21)%
Total average crediting rate3.98 %4.01 %4.09 %4.17 %4.14 %
Annualized general account spread (2)
1.21 %1.27 %1.21 %1.06 %1.12 %
Annualized general account spread excluding variable investment income yield1.34 %1.23 %1.19 %1.08 %1.08 %
(1)Includes the amortization of DPL of (0.23)%, (0.23)%, (0.23)%, (0.23)% and (0.23)% for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively.
(2)The general account is comprised of invested assets supporting future policy benefits and policyholder account balances.
14
ASIA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$1,252 $1,297 $1,216 $1,272 $1,206 $5,251 $4,991 
Universal life and investment-type product policy fees428 426 434 420 410 1,632 1,690 
Net investment income1,003 1,108 1,167 1,132 1,251 3,957 4,658 
Other revenues25 21 18 18 19 86 76 
Total adjusted revenues2,708 2,852 2,835 2,842 2,886 10,926 11,415 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,051 1,067 988 1,035 993 4,333 4,083 
Policyholder liability remeasurement (gains) losses13 (32)(4)60 (59)105 (35)
Interest credited to policyholder account balances619 647 657 683 708 2,301 2,695 
Capitalization of DAC(381)(361)(335)(336)(348)(1,583)(1,380)
Amortization of DAC, VOBA and negative VOBA202 205 202 211 214 772 832 
Interest expense on debt— — — — — — — 
Other expenses785 744 702 758 765 3,158 2,969 
Total adjusted expenses2,289 2,270 2,210 2,411 2,273 9,086 9,164 
Adjusted earnings before provision for income tax419 582 625 431 613 1,840 2,251 
Provision for income tax expense (benefit)123 159 176 125 170 558 630 
Adjusted earnings296 423 449 306 443 1,282 1,621 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$296 $423 $449 $306 $443 $1,282 $1,621 
Adjusted premiums, fees and other revenues$1,705 $1,744 $1,668 $1,710 $1,635 $6,969 $6,757 
15
ASIA
ADJUSTED PREMIUMS, FEES AND OTHER REVENUES
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Adjusted premiums, fees and other revenues$1,705 $1,744 $1,668 $1,710 $1,635 
Adjusted premiums, fees and other revenues, on a constant currency basis $1,654 $1,696 $1,678 $1,673 $1,635 
Add: Operating joint ventures, on a constant currency basis (1)364 526 651 538 412 
Adjusted premiums, fees and other revenues, including operating joint ventures, on a constant currency basis$2,018 $2,222 $2,329 $2,211 $2,047 
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$300 $282 $272 $303 $319 
Pension, postretirement and postemployment benefit costs20 15 15 15 19 
Premium taxes, other taxes, and licenses & fees34 33 28 31 26 
Commissions and other variable expenses431 414 387 409 401 
Adjusted other expenses$785 $744 $702 $758 $765 
Adjusted other expenses, net of adjusted capitalization of DAC$404 $383 $367 $422 $417 
Adjusted other expenses on a constant currency basis$758 $723 $709 $742 $765 
Add: Operating joint ventures, on a constant currency basis (2)97 115 106 119 94 
Adjusted other expenses, including operating joint ventures, on a constant currency basis$855 $838 $815 $861 $859 
Adjusted other expenses, including operating joint ventures, net of adjusted capitalization of DAC, on a constant currency basis
$473 $442 $433 $483 $484 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Japan:
Life$194 $134 $137 $141 $107 
Accident & Health57 69 63 59 78 
Annuities178 148 146 147 112 
Other1 2 2 2 2 
Total Japan430 353 348 349 299 
Other Asia174 221 278 234 214 
   Total sales$604 $574 $626 $583 $513 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Adjusted earnings available to common shareholders$296 $423 $449 $306 $443 
Adjusted earnings available to common shareholders, on a constant currency basis$291 $415 $448 $304 $443 
(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.

16
ASIA
ASIA GENERAL ACCOUNT ASSETS UNDER MANAGEMENT AND RELATED MEASURES
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
GA AUM $123,434 $120,743 $117,606 $128,115 $120,626 
GA AUM (at amortized cost)$130,093 $128,618 $126,997 $135,107 $129,959 
GA AUM (at amortized cost), on a constant currency basis$123,958 $126,038 $127,010 $129,923 $129,959 
  Add: Operating joint ventures, on a constant currency basis (1)7,874 8,150 9,097 9,583 9,978 
GA AUM (at amortized cost), including operating joint ventures, on a constant currency basis$131,832 $134,188 $136,107 $139,506 $139,937 
(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.
17
LATIN AMERICA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$1,123 $1,115 $1,122 $1,141 $1,098 $4,287 $4,476 
Universal life and investment-type product policy fees352 370 373 346 330 1,398 1,419 
Net investment income482 386 398 435 431 1,644 1,650 
Other revenues11 11 11 9 10 42 41 
Total adjusted revenues1,968 1,882 1,904 1,931 1,869 7,371 7,586 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,132 983 1,018 1,091 1,035 4,094 4,127 
Policyholder liability remeasurement (gains) losses(20)(8)(3)(18)20 (25)(9)
Interest credited to policyholder account balances116 114 115 108 101 426 438 
Capitalization of DAC(181)(178)(175)(174)(177)(651)(704)
Amortization of DAC, VOBA and negative VOBA124 125 129 126 123 468 503 
Interest expense on debt3 3 4 4 4 11 15 
Other expenses523 512 505 485 505 1,911 2,007 
Total adjusted expenses1,697 1,551 1,593 1,622 1,611 6,234 6,377 
Adjusted earnings before provision for income tax271 331 311 309 258 1,137 1,209 
Provision for income tax expense (benefit)64 98 85 88 57 297 328 
Adjusted earnings207 233 226 221 201 840 881 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$207 $233 $226 $221 $201 $840 $881 
Adjusted premiums, fees and other revenues$1,486 $1,496 $1,506 $1,496 $1,438 $5,727 $5,936 
18
LATIN AMERICA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$154 $140 $145 $129 $146 
Pension, postretirement and postemployment benefit costs1 2 1 1 3 
Premium taxes, other taxes, and licenses & fees29 20 19 22 24 
Commissions and other variable expenses339 350 340 333 332 
Adjusted other expenses$523 $512 $505 $485 $505 
Adjusted other expenses, net of adjusted capitalization of DAC$342 $334 $330 $311 $328 
Adjusted other expenses on a constant currency basis$464 $454 $454 $461 $505 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$305 $299 $299 $297 $328 
SALES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Mexico$141 $202 $183 $181 $133 
Chile92 93 96 102 121 
All other73 67 76 80 81 
Total sales$306 $362 $355 $363 $335 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Adjusted premiums, fees and other revenues$1,486 $1,496 $1,506 $1,496 $1,438 
Adjusted earnings available to common shareholders$207 $233 $226 $221 $201 
Adjusted premiums, fees and other revenues, on a constant currency basis$1,325 $1,332 $1,351 $1,421 $1,438 
Adjusted earnings available to common shareholders, on a constant currency basis$182 $205 $197 $209 $201 

19
EMEA
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
 
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$519 $536 $536 $562 $568 $2,016 $2,202 
Universal life and investment-type product policy fees67 77 77 84 76 298 314 
Net investment income54 54 54 55 59 197 222 
Other revenues9 7 8 9 8 32 32 
Total adjusted revenues649 674 675 710 711 2,543 2,770 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends256 258 265 276 301 984 1,100 
Policyholder liability remeasurement (gains) losses7 — 1 9 (3)(3)7 
Interest credited to policyholder account balances18 19 17 17 17 72 70 
Capitalization of DAC(116)(128)(115)(119)(124)(457)(486)
Amortization of DAC, VOBA and negative VOBA90 90 81 91 93 344 355 
Interest expense on debt— — — — — — — 
Other expenses331 332 328 342 367 1,260 1,369 
Total adjusted expenses586 571 577 616 651 2,200 2,415 
Adjusted earnings before provision for income tax63 103 98 94 60 343 355 
Provision for income tax expense (benefit)16 26 21 24 1 78 72 
Adjusted earnings47 77 77 70 59 265 283 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$47 $77 $77 $70 $59 $265 $283 
Adjusted premiums, fees and other revenues$595 $620 $621 $655 $652 $2,346 $2,548 
20
EMEA
OTHER EXPENSES BY MAJOR CATEGORY
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$109 $101 $104 $109 $112 
Pension, postretirement and postemployment benefit costs6 1 2 2 2 
Premium taxes, other taxes, and licenses & fees6 6 5 6 7 
Commissions and other variable expenses210 224 217 225 246 
Adjusted other expenses$331 $332 $328 $342 $367 
Adjusted other expenses, net of adjusted capitalization of DAC$215 $204 $213 $223 $243 
Adjusted other expenses on a constant currency basis $320 $321 $324 $335 $367 
Adjusted other expenses, net of adjusted capitalization of DAC, on a constant currency basis$208 $198 $211 $219 $243 
OTHER INFORMATION
  For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Adjusted premiums, fees and other revenues$595 $620 $621 $655 $652 
Adjusted earnings available to common shareholders$47 $77 $77 $70 $59 
Adjusted premiums, fees and other revenues, on a constant currency basis$576 $602 $615 $644 $652 
Adjusted earnings available to common shareholders, on a constant currency basis$45 $74 $75 $69 $59 
Total sales on a constant currency basis$196 $277 $273 $244 $251 
21
METLIFE HOLDINGS
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$754 $713 $692 $673 $702 $2,881 $2,780 
Universal life and investment-type product policy fees95 78 94 80 74 632 326 
Net investment income1,044 1,010 1,016 981 978 4,494 3,985 
Other revenues52 50 37 40 39 195 166 
Total adjusted revenues1,945 1,851 1,839 1,774 1,793 8,202 7,257 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends1,329 1,251 1,252 1,221 1,230 5,350 4,954 
Policyholder liability remeasurement (gains) losses9 20 17 (35)— 37 2 
Interest credited to policyholder account balances135 103 106 84 97 730 390 
Capitalization of DAC(5)(5)(4)(4)(4)(22)(17)
Amortization of DAC, VOBA and negative VOBA61 59 57 58 55 258 229 
Interest expense on debt3 4 3 4 3 13 14 
Other expenses220 223 220 220 223 927 886 
Total adjusted expenses1,752 1,655 1,651 1,548 1,604 7,293 6,458 
Adjusted earnings before provision for income tax193 196 188 226 189 909 799 
Provision for income tax expense (benefit)37 37 35 44 36 176 152 
Adjusted earnings156 159 153 182 153 733 647 
Preferred stock dividends— — — — — — — 
Adjusted earnings available to common shareholders$156 $159 $153 $182 $153 $733 $647 
Adjusted premiums, fees and other revenues$901 $841 $823 $793 $815 $3,708 $3,272 
22
METLIFE HOLDINGS
FUTURE POLICY BENEFITS (1)
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Annuities$1,610 $1,577 $1,555 $1,606 $1,515 
Life and Other53,930 53,604 53,296 53,096 52,918 
Long Term Care15,240 14,845 14,455 15,657 14,537 
Balance, end of period (at balance sheet discount rate)
$70,780 $70,026 $69,306 $70,359 $68,970 
Less:
Annuities$(18)$(46)$(65)$(5)$(63)
Life and Other27 (2)(27)31 (34)
Long Term Care313 (215)(755)339 (919)
Accumulated other comprehensive (income) loss$322 $(263)$(847)$365 $(1,016)
Annuities$1,628 $1,623 $1,620 $1,611 $1,578 
Life and Other53,903 53,606 53,323 53,065 52,952 
Long Term Care14,927 15,060 15,210 15,318 15,456 
Balance, end of period (at original discount rate)$70,458 $70,289 $70,153 $69,994 $69,986 
Future policy benefits subject to reinsurance (at balance sheet discount rate) (2)
Annuities$1,519 $1,526 $1,468 $1,505 $1,393 
Life and Other$2,341 $2,345 $2,372 $2,398 $2,410 
Long Term Care$— $— $— $— $— 
POLICYHOLDER ACCOUNT BALANCES
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Annuities$11,537 $11,129 $10,747 $10,437 $10,142 
Life and Other11,641 11,486 11,303 11,284 11,132 
Balance, end of period$23,178 $22,615 $22,050 $21,721 $21,274 
Policyholder account balances subject to reinsurance (2)
Annuities$3,485 $3,345 $3,228 $3,124 $3,027 
Life and Other$6,352 $6,532 $6,467 $6,410 $6,357 
MARKET RISK BENEFITS
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Annuities$2,722 $2,231 $2,153 $2,608 $2,069 
Balance, end of period$2,722 $2,231 $2,153 $2,608 $2,069 
Market risk benefits subject to reinsurance$— $— $— $— $— 
SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Annuities$29,224 $29,866 $28,843 $29,349 $27,829 
Life and Other6,324 6,757 6,738 7,049 7,065 
Balance, end of period$35,548 $36,623 $35,581 $36,398 $34,894 
Separate accounts liabilities subject to reinsurance (3)
Annuities$83 $85 $82 $83 $79 
Life and Other$5,597 $5,980 $5,944 $6,226 $6,244 
(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.
23
METLIFE HOLDINGS
OTHER EXPENSES BY MAJOR CATEGORY
  For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Direct and allocated expenses$164 $165 $156 $159 $166 
Pension, postretirement and postemployment benefit costs6 6 7 6 7 
Premium taxes, other taxes, and licenses & fees16 16 19 20 15 
Commissions and other variable expenses34 36 38 35 35 
Adjusted other expenses$220 $223 $220 $220 $223 
OTHER INFORMATION
For the Three Months Ended
Unaudited (In millions, except ratios)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Lapse Ratio (1)
Traditional life5.4 %5.7 %5.9 %6.2 %5.8 %
Variable annuity11.1 %11.6 %12.4 %12.8 %12.9 %
(1) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

24
CORPORATE & OTHER
STATEMENTS OF ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Adjusted revenues
Premiums$(2)$6 $15 $(6)$(11)$42 $4 
Universal life and investment-type product policy fees— — 1 — 1 1 2 
Net investment income98 106 95 96 126 353 423 
Other revenues102 98 97 98 103 412 396 
Total adjusted revenues198 210 208 188 219 808 825 
Adjusted expenses
Policyholder benefits and claims and policyholder dividends(9)8 9 — (10)23 7 
Policyholder liability remeasurement (gains) losses— — — — — — — 
Interest credited to policyholder account balances— — — — — — — 
Capitalization of DAC(1)(3)(3)(1)(3)(8)(10)
Amortization of DAC, VOBA and negative VOBA1 2 1 3 4 9 10 
Interest expense on debt258 253 246 245 247 1,005 991 
Other expenses290 194 188 164 165 946 711 
Total adjusted expenses539 454 441 411 403 1,975 1,709 
Adjusted earnings before provision for income tax(341)(244)(233)(223)(184)(1,167)(884)
Provision for income tax expense (benefit)(142)(70)(47)(41)(17)(407)(175)
Adjusted earnings(199)(174)(186)(182)(167)(760)(709)
Preferred stock dividends33 67 34 67 32 198 200 
Adjusted earnings available to common shareholders$(232)$(241)$(220)$(249)$(199)$(958)$(909)
Adjusted premiums, fees and other revenues$100 $104 $113 $92 $93 $455 $402 
ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Business activities$35 $6 $30 $20 $16 $87 $72 
Net investment income95 102 92 96 126 353 416 
Interest expense on debt(269)(265)(255)(256)(257)(1,047)(1,033)
Corporate initiatives and projects(9)(6)(7)(8)(12)(67)(33)
Other(193)(81)(93)(75)(57)(493)(306)
Provision for income tax (expense) benefit and other tax-related items142 70 47 41 17 407 175 
Preferred stock dividends(33)(67)(34)(67)(32)(198)(200)
Adjusted earnings available to common shareholders$(232)$(241)$(220)$(249)$(199)$(958)$(909)
25
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.
At or For the Three Months EndedAt or For the Year Ended
Unaudited (In millions, except yields)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Fixed Maturity Securities
Yield (1)4.39 %4.38 %4.38 %4.52 %4.47 %4.20 %4.44 %
Investment income (2), (3)$3,241 $3,200 $3,206 $3,357 $3,326 $12,499 $13,089 
Investment gains (losses)(197)(85)(246)(157)(245)(2,472)(733)
Ending carrying value (4)282,861 279,855 279,170 295,460 280,227 282,861 280,227 
Net Mortgage Loans
Yield (1)5.36 %5.25 %5.30 %5.32 %5.28 %5.15 %5.29 %
Investment income (3)1,127 1,100 1,096 1,097 1,085 4,353 4,378 
Investment gains (losses)(69)(82)6 (156)(53)(198)(285)
Ending carrying value (5)84,118 83,452 82,051 82,773 81,460 84,118 81,460 
Real Estate and Real Estate Joint Ventures
Yield (1)2.08 %(2.74)%(0.97)%1.67 %1.47 %0.12 %(0.12)%
Investment income69 (90)(32)57 50 16 (15)
Investment gains (losses)37 35 12 128 70 69 245 
Ending carrying value13,332 12,992 13,517 13,731 13,342 13,332 13,342 
Policy Loans
Yield (1)5.36 %5.56 %5.44 %5.72 %5.67 %5.41 %5.60 %
Investment income113 113 110 116 114 471 453 
Ending carrying value8,788 8,800 8,691 8,822 8,545 8,788 8,545 
Equity Securities
Yield (1)3.37 %5.48 %5.50 %3.47 %3.23 %3.61 %4.38 %
Investment income4 7 7 4 5 31 23 
Investment gains (losses)15 28 (19)(31)4 81 (18)
Ending carrying value757 750 754 746 712 757 712 
Other Limited Partnership Interests
Yield (1)(0.06)%8.27 %9.10 %2.45 %7.05 %3.10 %6.73 %
Investment income(2)301 325 87 252 455 965 
Investment gains (losses)— (50)(9)3 1 12 (55)
Ending carrying value (6)14,764 14,301 14,288 14,186 14,367 14,764 14,367 
Cash and Cash Equivalents and Short-term Investments
Yield (1)5.61 %5.32 %4.61 %5.23 %4.97 %5.73 %5.04 %
Investment income229 246 209 257 249 811 961 
Investment gains (losses)(33)25 37 (46)18 (10)34 
Ending carrying value (7)26,684 24,724 24,590 26,374 25,018 26,684 25,018 
Other Invested Assets
Investment income 410 348 386 312 368 1,666 1,414 
Investment gains (losses)7 (17)(16)56 23 (158)46 
Ending carrying value18,202 18,097 18,131 19,706 18,504 18,202 18,504 
Total Investments
Investment income yield (1)4.69 %4.75 %4.83 %4.75 %4.87 %4.58 %4.80 %
Investment fees and expenses yield (1)(0.13)%(0.14)%(0.13)%(0.13)%(0.13)%(0.13)%(0.13)%
Net Investment Income Yield (1)4.56 %4.61 %4.70 %4.62 %4.74 %4.45 %4.67 %
Investment income$5,191 $5,225 $5,307 $5,287 $5,449 $20,302 $21,268 
Investment fees and expenses(144)(157)(147)(144)(147)(553)(595)
Net investment income including divested businesses5,047 5,068 5,160 5,143 5,302 19,749 20,673 
Less: Net investment income from divested businesses— — — — 1 — 1 
Adjusted Net Investment Income (8)$5,047 $5,068 $5,160 $5,143 $5,301 $19,749 $20,672 
Ending Carrying Value$449,506 $442,971 $441,192 $461,798 $442,175 $449,506 $442,175 
Investment Portfolio Gains (Losses) (9)$(240)$(146)$(235)$(203)$(182)$(2,676)$(766)
Gross investment gains292 331 245 368 316 1,115 1,260 
Gross investment losses(465)(435)(458)(417)(386)(2,095)(1,696)
Net credit loss (provision) release and (impairments)(67)(42)(22)(154)(112)(1,696)(330)
Investment Portfolio Gains (Losses) (9)(240)(146)(235)(203)(182)(2,676)(766)
Investment portfolio gains (losses) income tax (expense) benefit80 41 57 56 59 604 213 
Investment Portfolio Gains (Losses), Net of Income Tax$(160)$(105)$(178)$(147)$(123)$(2,072)$(553)
Derivative gains (losses) (9)(123)(1,175)(698)619 (1,159)(3,227)(2,413)
Derivative gains (losses) income tax (expense) benefit(45)304 193 (206)314 719 605 
Derivative Gains (Losses), Net of Income Tax$(168)$(871)$(505)$413 $(845)$(2,508)$(1,808)
See footnotes on Page 29.

26
INVESTMENTS
 
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
U.S. corporate$80,717 28.7 %$80,553 28.9 %$80,678 29.1 %$84,851 28.9 %$78,584 28.2 %
Foreign corporate55,444 19.7 %54,029 19.4 %53,419 19.2 %56,752 19.3 %53,354 19.1 %
Foreign government45,489 16.2 %42,793 15.4 %40,054 14.4 %44,132 15.0 %39,895 14.3 %
Residential mortgage-backed29,096 10.3 %31,142 11.2 %32,616 11.7 %35,264 12.0 %34,135 12.3 %
U.S. government and agency32,252 11.5 %31,848 11.4 %33,238 12.0 %34,676 11.8 %33,350 12.0 %
Asset-backed securities and collateralized loan obligations17,294 6.1 %17,468 6.3 %17,775 6.4 %17,520 6.0 %20,390 7.3 %
Municipals11,171 4.0 %10,938 3.9 %10,470 3.8 %10,798 3.7 %9,762 3.5 %
Commercial mortgage-backed9,949 3.5 %9,638 3.5 %9,486 3.4 %9,786 3.3 %9,182 3.3 %
Fixed Maturity Securities Available-For-Sale excluding invested assets subject to ceded reinsurance
$281,412 100.0 %$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %
Reinsurance adjustments— — — — 2,391 
Fixed Maturity Securities Available-For-Sale$281,412 $278,409 $277,736 $293,779 $281,043 
NRSRONAIC
RATINGDESIGNATION
Aaa / Aa / A1$194,722 69.2 %$192,127 69.0 %$192,239 69.2 %$203,560 69.3 %$192,099 68.9 %
Baa273,680 26.2 %73,367 26.4 %72,732 26.2 %77,031 26.2 %74,345 26.7 %
Ba310,299 3.7 %10,323 3.7 %9,189 3.3 %9,666 3.3 %8,680 3.1 %
B42,371 0.8 %2,259 0.8 %3,291 1.2 %3,131 1.1 %3,035 1.1 %
Caa and lower5258 0.1 %267 0.1 %226 0.1 %331 0.1 %425 0.2 %
In or near default682 — %66 — %59 — %60 — %68 — %
Fixed Maturity Securities Available-For-Sale excluding invested assets subject to ceded reinsurance
$281,412 100.0 %$278,409 100.0 %$277,736 100.0 %$293,779 100.0 %$278,652 100.0 %
Reinsurance adjustments— — — — 2,391 
Fixed Maturity Securities Available-For-Sale (10)
$281,412 $278,409 $277,736 $293,779 $281,043 
GROSS UNREALIZED GAINS AND LOSSES:
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Gross unrealized gains$6,876 $6,021 $5,096 $8,093 $4,965 
Gross unrealized losses25,835 28,122 30,430 23,558 31,041 
Net Unrealized Gains (Losses) excluding invested assets subject to ceded reinsurance
$(18,959)$(22,101)$(25,334)$(15,465)$(26,076)
Reinsurance adjustments— — — — (142)
Net Unrealized Gains (Losses)$(18,959)$(22,101)$(25,334)$(15,465)$(26,218)
See footnotes on Page 29.

27
INVESTMENTS
SUMMARY OF NET MORTGAGE LOANS (5)
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
          
Commercial mortgage loans$52,111 $51,527 $50,109 $50,478 $48,967 
Agricultural mortgage loans 19,559 19,461 19,383 19,210 19,030 
Residential mortgage loans13,096 13,201 13,273 13,844 14,186 
Total84,766 84,189 82,765 83,532 82,183 
Allowance for credit loss(648)(737)(714)(759)(723)
Net mortgage loans excluding invested assets subject to ceded reinsurance
$84,118 $83,452 $82,051 $82,773 $81,460 
Reinsurance adjustments— — — — 85 
Net Mortgage Loans$84,118 $83,452 $82,051 $82,773 $81,545 
SUMMARY OF NET COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (5)
 
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Unaudited (In millions, except ratios)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Pacific$9,016 17.3 %$9,036 17.5 %$8,680 17.3 %$8,745 17.3 %$8,738 17.8 %
Non-U.S.8,933 17.1 %8,453 16.4 %8,385 16.7 %8,593 17.0 %7,901 16.1 %
Middle Atlantic7,477 14.3 %7,430 14.4 %7,250 14.5 %6,999 13.9 %6,938 14.2 %
South Atlantic6,637 12.7 %6,802 13.2 %6,517 13.0 %6,459 12.8 %5,890 12.0 %
West South Central3,472 6.7 %3,502 6.8 %3,386 6.8 %3,455 6.9 %3,228 6.6 %
New England2,859 5.5 %2,821 5.5 %2,821 5.6 %2,838 5.6 %2,680 5.5 %
Mountain2,193 4.2 %2,192 4.3 %2,264 4.5 %2,217 4.4 %2,317 4.7 %
East North Central1,822 3.5 %1,701 3.3 %1,600 3.2 %1,543 3.1 %1,453 3.0 %
East South Central654 1.3 %653 1.3 %652 1.3 %608 1.2 %481 1.0 %
West North Central613 1.2 %644 1.2 %472 1.0 %472 0.9 %410 0.8 %
Multi-Region and Other8,435 16.2 %8,293 16.1 %8,082 16.1 %8,549 16.9 %8,931 18.3 %
Total excluding invested assets subject to ceded reinsurance
$52,111 100.0 %$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %
Reinsurance adjustments— — — — 82 
Total
$52,111 $51,527 $50,109 $50,478 $49,049 
Office$19,651 37.7 %$19,369 37.6 %$18,799 37.5 %$18,861 37.4 %$18,269 37.3 %
Apartment11,974 23.0 %11,353 22.0 %10,954 21.9 %10,750 21.3 %10,472 21.4 %
Retail7,218 13.9 %7,371 14.3 %7,443 14.8 %7,273 14.4 %6,612 13.5 %
Single Family Rental4,728 9.1 %4,823 9.4 %4,822 9.6 %5,141 10.2 %5,355 10.9 %
Industrial5,275 10.1 %5,315 10.3 %4,941 9.9 %5,313 10.5 %4,999 10.2 %
Hotel3,140 6.0 %3,199 6.2 %3,049 6.1 %3,051 6.0 %3,178 6.5 %
Other125 0.2 %97 0.2 %101 0.2 %89 0.2 %82 0.2 %
Total excluding invested assets subject to ceded reinsurance
$52,111 100.0 %$51,527 100.0 %$50,109 100.0 %$50,478 100.0 %$48,967 100.0 %
Reinsurance adjustments— — — — 82 
Total
$52,111 $51,527 $50,109 $50,478 $49,049 
See footnotes on Page 29.
28
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 (including cash and cash equivalents) subject to ceded reinsurance with third parties, 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 $107 million, $85 million, $22 million, $76 million and $22 million for the three months ended December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, respectively, and $188 million and $205 million for the year ended December 31, 2023 and December 31, 2024, 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.
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Fixed maturity securities available-for-sale$281,412 $278,409 $277,736 $293,779 $281,043 
Less: Reinsurance adjustments— — — — 2,391 
Fixed maturity securities available-for-sale excluding invested assets subject to ceded reinsurance$281,412 $278,409 $277,736 $293,779 $278,652 
Fair value option securities1,449 1,446 1,434 1,681 1,575 
Fixed maturity securities excluding invested assets subject to ceded reinsurance ("Fixed Maturity Securities" as presented on the yield table)$282,861 $279,855 $279,170 $295,460 $280,227 
(5)The following table presents a reconciliation to ending carrying value presented for net mortgage loans.
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Mortgage Loans$92,506 $91,458 $89,802 $90,415 $89,012 
Less: Mortgage loans originated for third parties, net of ACL8,388 8,006 7,751 7,642 7,467 
Net mortgage loans$84,118 $83,452 $82,051 $82,773 $81,545 
Less: Reinsurance adjustments— — — — 85 
Net mortgage loans excluding invested assets subject to ceded reinsurance ("Net Mortgage Loans" as presented on the yield table)$84,118 $83,452 $82,051 $82,773 $81,460 
(6)The following table presents a reconciliation to ending carrying value presented for other limited partnership interests.
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Other limited partnership interests$14,764 $17,301 $14,288 $14,186 $14,378 
Less: Reinsurance adjustments— — — — 11 
Other limited partnership interests excluding invested assets subject to ceded reinsurance ("Other Limited Partnership Interests" as presented on the yield table)$14,764 $17,301 $14,288 $14,186 $14,367 
(7)The following table presents a reconciliation to ending carrying value presented for cash and cash equivalents and short-term investments.
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Cash and cash equivalents and short-term investments$26,684 $24,724 $24,590 $26,374 $25,224 
Less: Reinsurance adjustments— — — — 206 
Cash and cash equivalents and short-term investments excluding invested assets subject to ceded reinsurance ("Cash and Cash Equivalents and Short-term Investments" as presented on the yield table)$26,684 $24,724 $24,590 $26,374 $25,018 
(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 Ended
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Net investment gains (losses) $(174)$(375)$(421)$(77)$(311)$(2,824)$(1,184)
Less: Non-investment portfolio gains (losses)64 (226)(176)188 (122)(81)(336)
Less: Provision for credit loss on certain mortgage loans originated for third parties(7)(4)(15)4 11 (73)(4)
Less: Other adjustments9 1 5 (66)(18)6 (78)
Investment portfolio gains (losses) $(240)$(146)$(235)$(203)$(182)$(2,676)$(766)
For the Three Months EndedFor the Year Ended
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Net derivative gains (losses) $149 $(979)$(508)$767 $(903)$(2,140)$(1,623)
Less: Investment hedge adjustments253 176 172 129 127 1,012 604 
Less: Reinsurance adjustments— — — — 110 — 110 
Less: Other adjustments19 20 18 19 19 75 76 
Derivative gains (losses) $(123)$(1,175)$(698)$619 $(1,159)$(3,227)$(2,413)
(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.
29
image0a45.jpg
Appendix





APPENDIX
METLIFE
RECONCILIATION DETAIL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Reconciliation to Adjusted Earnings Available to Common Shareholders
Net income (loss) available to MetLife, Inc.'s common shareholders$574 $800 $912 $1,275 $1,239 $1,380 $4,226 
Add: Preferred stock dividends33 67 34 67 32 198 200 
Add: Preferred stock redemption premium— — — — — — — 
Add: Net income (loss) attributable to noncontrolling interests7 8 7 (1)4 24 18 
Net income (loss) 614 875 953 1,341 1,275 $1,602 $4,444 
Less: adjustments from net income (loss) to adjusted earnings:
Net investment gains (losses)(174)(375)(421)(77)(311)(2,824)(1,184)
Net derivative gains (losses)149 (979)(508)767 (903)(2,140)(1,623)
Market risk benefit remeasurement gains (losses)(431)694 182 (531)764 994 1,109 
Premiums - Divested businesses
— — — 16 15 — 31 
Universal life and investment-type product policy fees - Divested businesses
— — — — — — — 
Net investment income
Investment hedge adjustments(253)(176)(172)(129)(127)(1,012)(604)
Unit-linked contract income and reinsurance adjustments580 542 219 147 214 1,183 1,122 
Joint venture adjustments(8)2 (2)66 16 (12)82 
Divested businesses— — — — 1 — 1 
Other revenues
Asymmetrical and non-economic accounting29 39 35 50 34 29 158 
Other adjustments(13)(12)(11)(14)(11)(34)(48)
Divested businesses— — — — — — — 
Policyholder benefits and claims and policyholder dividends
Asymmetrical and non-economic accounting(26)(14)(161)7 (51)(179)(219)
Market volatility62 67 88 52 49 184 256 
Divested businesses— — — (9)(10)— (19)
Policyholder liability remeasurement (gains) losses
— — — — — — — 
Interest credited to policyholder account balances
Asymmetrical and non-economic accounting(103)(24)(5)(79)5 (68)(103)
Unit-linked contract costs(582)(539)(214)(143)(185)(1,183)(1,081)
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)— (30)
Other adjustments(7)(7)(5)(12)(25)(55)(49)
Divested businesses(9)(4)(4)(17)(13)(38)(38)
Goodwill impairment— — — — — — — 
Provision for income tax (expense) benefit6 260 270 (195)352 1,034 687 
Adjusted earnings1,394 1,401 1,662 1,442 1,491 5,723 5,996 
Less: Preferred stock dividends33 67 34 67 32 198 200 
Adjusted earnings available to common shareholders$1,361 $1,334 $1,628 $1,375 $1,459 $5,525 $5,796 
A-1
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments$— $— $— $16 $— $14 $16 
Litigation reserves and settlement costs(76)— — — (47)(76)(47)
Tax adjustments— — — — 57 — 57 
Total notable items$(76)$— $— $16 $10 $(62)$26 
GROUP BENEFITS
For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $— $(58)$— $27 $(58)
Total notable items $— $— $— $(58)$— $27 $(58)
RIS
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments $— $— $— $104 $— $61 $104 
Total notable items $— $— $— $104 $— $61 $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.
A-2
APPENDIX
METLIFE
NOTABLE ITEMS (1) (CONTINUED)
ASIA
  For the Three Months EndedFor the Year Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $(41)$— $(94)$(41)
Total notable items
$— $— $— $(41)$— $(94)$(41)
LATIN AMERICA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $4 $— $— $4 
Total notable items
$— $— $— $4 $— $— $4 
EMEA
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $(5)$— $18 $(5)
Total notable items
$— $— $— $(5)$— $18 $(5)
METLIFE HOLDINGS
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Actuarial assumption review and other insurance adjustments
$— $— $— $12 $— $2 $12 
Total notable items
$— $— $— $12 $— $2 $12 
CORPORATE & OTHER
  
For the Three Months EndedFor the Year Ended
Unaudited (In millions)
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Litigation reserves and settlement costs$(76)$— $— $— $(47)$(76)$(47)
Tax adjustments— — — — 57 — 57 
Total notable items$(76)$— $— $— $10 $(76)$10 
(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.
A-3
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Total MetLife, Inc.'s stockholders' equity$30,015 $28,535 $27,252 $30,885 $27,445 
Less: Preferred stock3,818 3,818 3,818 3,818 3,818 
MetLife, Inc.'s common stockholders' equity 26,197 24,717 23,434 27,067 23,627 
Less: Unrealized investment gains (losses), net of related offsets and income tax(14,506)(16,813)(19,187)(11,239)(19,402)
Deferred gains (losses) on derivatives, net of income tax
183 202 99 (292)370 
  Future policy benefits discount rate remeasurement gains (losses), net of income tax2,658 4,773 6,606 2,004 6,529 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax27 (47)(73)4 (71)
  Defined benefit plans adjustment, net of income tax(1,446)(1,421)(1,396)(1,371)(1,442)
Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — — — (129)
Total MetLife, Inc.'s adjusted common stockholders' equity
39,281 38,023 37,385 37,961 37,772 
Less: Accumulated year-to-date total notable items, net of income tax (2)
(62)— — 16 26 
Total MetLife, Inc.'s adjusted common stockholders' equity, excluding total notable items (2)
$39,343 $38,023 $37,385 $37,945 $37,746 
Unaudited (In millions, except per share data)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Book value per common share 35.85 34.54 33.30 39.02 34.28 
Less: Unrealized investment gains (losses), net of related offsets and income tax(19.85)(23.49)(27.26)(16.20)(28.15)
  Deferred gains (losses) on derivatives, net of income tax
0.25 0.28 0.14 (0.42)0.54 
  Future policy benefits discount rate remeasurement gains (losses), net of income tax3.64 6.68 9.38 2.89 9.46 
  Market risk benefits instrument-specific credit risk remeasurement gains (losses), net of income tax0.04 (0.07)(0.10)0.01 (0.10)
  Defined benefit plans adjustment, net of income tax(1.98)(1.99)(1.98)(1.98)(2.09)
  Estimated fair value of certain ceded reinsurance-related embedded derivatives, net of income tax (1)
— — — — (0.19)
Adjusted book value per common share
53.75 53.13 53.12 54.72 54.81 
Common shares outstanding, end of period 730.8 715.7 703.8 693.7 689.2 
For the Three Months Ended (3)
For the Year Ended
Unaudited (In millions, except ratios)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024December 31, 2023December 31, 2024
Return on MetLife, Inc.'s:
Common stockholders' equity 9.6 %12.6 %15.2 %20.2 %19.6 %5.4 %16.9 %
Adjusted return on MetLife, Inc.'s:
Adjusted common stockholders' equity
13.8 %13.8 %17.3 %14.6 %15.4 %13.6 %15.2 %
Adjusted common stockholders' equity, excluding total notable items (2)
14.6 %13.8 %17.3 %14.4 %15.3 %13.8 %15.2 %
Average common stockholders' equity $24,019 $25,457 $24,076 $25,251 $25,347 $25,784 $25,008 
Average adjusted common stockholders' equity
$39,368 $38,652 $37,704 $37,673 $37,867 $40,599 $38,084 
Average adjusted common stockholders' equity, excluding total notable items (2)
$39,392 $38,652 $37,704 $37,665 $37,846 $40,608 $38,076 
(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.
(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.
A-4
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)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
GROUP BENEFITS (1)$6,001 $6,330 $6,210 $6,146 $6,184 
RIS (1)2,883 813 2,582 1,579 3,620 
ASIA 1,654 1,696 1,678 1,673 1,635 
LATIN AMERICA1,325 1,332 1,351 1,421 1,438 
EMEA 576 602 615 644 652 
METLIFE HOLDINGS (1)901 841 823 793 815 
CORPORATE & OTHER (1)100 104 113 92 93 
Adjusted premiums, fees and other revenues, on a constant currency basis$13,440 $11,718 $13,372 $12,348 $14,437 
Adjusted premiums, fees and other revenues$13,671 $11,948 $13,523 $12,471 $14,437 
ASIA (including operating joint ventures) (2), (3)$2,018 $2,222 $2,329 $2,211 $2,047 
 OTHER EXPENSES ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
GROUP BENEFITS (1)$977 $1,003 $1,016 $1,007 $1,041 
RIS (1)135 172 145 183 166 
ASIA 758 723 709 742 765 
LATIN AMERICA464 454 454 461 505 
EMEA320 321 324 335 367 
METLIFE HOLDINGS (1)220 223 220 220 223 
CORPORATE & OTHER (1)290 194 188 164 165 
Adjusted other expenses on a constant currency basis$3,164 $3,090 $3,056 $3,112 $3,232 
Adjusted other expenses$3,261 $3,180 $3,104 $3,159 $3,232 
ASIA (including operating joint ventures) (2), (4)$855 $838 $815 $861 $859 
 ADJUSTED EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
For the Three Months Ended
Unaudited (In millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024
GROUP BENEFITS (1)$466 $284 $533 $373 $416 
RIS (1)421 399 410 472 386 
ASIA 291 415 448 304 443 
LATIN AMERICA182 205 197 209 201 
EMEA 45 74 75 69 59 
METLIFE HOLDINGS (1)156 159 153 182 153 
CORPORATE & OTHER (1)(232)(241)(220)(249)(199)
Adjusted earnings available to common shareholders on a constant currency basis$1,329 $1,295 $1,596 $1,360 $1,459 
Adjusted earnings available to common shareholders$1,361 $1,334 $1,628 $1,375 $1,459 
(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 are reported as part of net investment income on the statements of adjusted earnings available to common shareholders on Page 15 for operating joint ventures.
(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.
A-5
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 our performance by highlighting the results of operations and the underlying profitability drivers of our 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 the MetLife Investor Relations webpage (https://investor.metlife.com).

A-6
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 the Company'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 the Company'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 excludes adjusted earnings adjustments 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.
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 excludes returns on invested assets (including cash and cash equivalents) subject to ceded reinsurance arrangements with third parties ("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.
A-7

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 (AOCI other than FCTA) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, 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 (AOCI other than FCTA), the estimated fair value of certain ceded reinsurance-related embedded derivatives 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) and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.
Expense ratio, direct expense ratio, adjusted expense ratio and related measures
•
Expense ratio: other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.
•
Direct expense ratio: 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.
•
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.
•
Adjusted expense ratio: adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.
•
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 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.
•
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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