\n| \n \nAdjusted ROE, excluding total notable items (excludes AOCI other than FCTA)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n17.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMetLife reported second quarter 2021 premiums, fees and other revenues of $11.2 billion, up 7 percent over the second quarter of 2020. Adjusted premiums, fees and other revenues were $11.1 billion, up 7 percent, and up 5 percent on a constant currency basis from the prior-year period.\n<\/p>\n \nNet investment income was $5.3 billion, up 29 percent from the second quarter of 2020. Adjusted net investment income was $5.1 billion, up 49 percent from the prior-year period. These increases were largely driven by higher variable investment income primarily due to strong private equity returns.\n<\/p>\n \nNet derivative gains amounted to $421 million, or $333 million after tax during the quarter, primarily driven by lower long-term interest rates.\n<\/p>\n \nNet income was $3.4 billion, compared to net income of $68 million in the second quarter of 2020, primarily driven by an increase in adjusted earnings, a gain from the sale of the Property and Casualty business, and derivative gains in the current-year period relative to derivative losses in the prior-year period. On a per share basis, net income was $3.83, compared to net income of $0.07 in the prior-year period.\n<\/p>\n \nMetLife reported adjusted earnings of $2.1 billion, up 176 percent, and up 160 percent on a constant currency basis, from the second quarter of 2020. On a per share basis, adjusted earnings were $2.37, up 186 percent from the prior-year period.\n<\/p>\n \nInformation regarding the non-GAAP and other financial measures included in this news release and reconciliation of the non-GAAP financial measures to GAAP measures are in \u201cNon-GAAP and Other Financial Disclosures\u201d below and in the tables that accompany this news release.\n<\/p>\n \nSupplemental slides for the second quarter of 2021, titled “2Q21 Supplemental Slides,” are available on the MetLife Investor Relations website at www.metlife.com and in the Form 8-K furnished by MetLife to the U.S. Securities and Exchange Commission in connection with this earnings news release.\n<\/p>\n Adjusted Earnings by Segment Summary*<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Segment<\/b><\/p>\n<\/td>\n | \n Change from prior-year period<\/b><\/p>\n<\/td>\n | \n Change from prior-year period (on a constant currency basis)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nU.S.\n<\/p>\n<\/td>\n | \n \n72%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAsia\n<\/p>\n<\/td>\n | \n \n103%\n<\/p>\n<\/td>\n | \n \n91%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLatin America\n<\/p>\n<\/td>\n | \n \n(27)%\n<\/p>\n<\/td>\n | \n \n(38)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEurope, the Middle East and Africa (EMEA)\n<\/p>\n<\/td>\n | \n \n(19)%\n<\/p>\n<\/td>\n | \n \n(23)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMetLife Holdings\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNM = Change not meaningful for the current period.\n<\/p>\n<\/td>\n | | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n \n*The percentages in this table are on a reported and constant currency basis, and do not exclude notable items. For the three months ended June 30, 2021, U.S. results exclude Property & Casualty as MetLife completed the sale of the business. U.S. results for the three months ended June 30, 2020, include Property & Casualty.\n<\/p>\n Business Discussions<\/b><\/p>\n \nAll comparisons of the results for the second quarter of 2021 in the business discussions that follow are with the second quarter of 2020, unless otherwise noted. The second quarter of 2021 notable items table follows the Business Discussions section of this release.\n<\/p>\n U.S.*<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$902\n<\/p>\n<\/td>\n | \n \n$523\n<\/p>\n<\/td>\n | \n \n72%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$6,136\n<\/p>\n<\/td>\n | \n \n$5,692\n<\/p>\n<\/td>\n | \n \n8%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues, excluding PRT\n<\/p>\n<\/td>\n | \n \n$6,150\n<\/p>\n<\/td>\n | \n \n$5,698\n<\/p>\n<\/td>\n | \n \n8%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n* For the three months ended June 30, 2021, U.S. results exclude Property & Casualty as MetLife completed the sale of the business. U.S. results for the three months ended June 30, 2020, include Property & Casualty.\n<\/p>\n \n- Adjusted earnings<\/b> were $902 million, up 72 percent, largely from higher variable investment income primarily due to strong private equity returns. In the prior-year period, adjusted earnings included $83 million from Property & Casualty.\n<\/li>\n
- Adjusted return on allocated equity <\/b>was 38.7 percent, and adjusted return on allocated tangible equity was 45.1 percent.\n<\/li>\n
- Adjusted premiums, fees and other revenues <\/b>were $6.1 billion, up 8 percent, due primarily to the establishment of an unearned dental premium reserve and a premium credit to dental customers in the prior-year period and the addition of Versant Health to the company\u2019s results, partially offset by the divestiture of Property & Casualty. In the prior-year period, adjusted premiums, fees and other revenues included $835 million from Property & Casualty.\u00a0\n<\/li>\n<\/ul>\n
Group Benefits<\/i><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjustedearnings\n<\/p>\n<\/td>\n | \n \n$248\n<\/p>\n<\/td>\n | \n \n$248\n<\/p>\n<\/td>\n | \n \n\u2014%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$5,599\n<\/p>\n<\/td>\n | \n \n$4,346\n<\/p>\n<\/td>\n | \n \n29%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted earnings<\/b> were flat at $248 million. Volume growth and the addition of Versant Health largely offset unfavorable underwriting.\n<\/li>\n
- Adjusted premiums, fees and other revenues <\/b>were $5.6 billion, up 29 percent, due to the establishment of an unearned dental premium reserve and a premium credit to dental customers in the prior-year period, and the impact of participating contracts, where premiums, fees and other revenues can fluctuate with claims experience. Roughly 12 percent was driven by solid growth across most products, including voluntary, and the addition of Versant Health.\n<\/li>\n
- Sales<\/b> were up 39 percent year-to-date due to higher jumbo case activity.\u00a0\n<\/li>\n<\/ul>\n
Retirement and Income Solutions<\/i><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjustedearnings\n<\/p>\n<\/td>\n | \n \n$654\n<\/p>\n<\/td>\n | \n \n$192\n<\/p>\n<\/td>\n | \n \n241%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$537\n<\/p>\n<\/td>\n | \n \n$511\n<\/p>\n<\/td>\n | \n \n5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues, excluding PRT\n<\/p>\n<\/td>\n | \n \n$551\n<\/p>\n<\/td>\n | \n \n$517\n<\/p>\n<\/td>\n | \n \n7%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted earnings<\/b> were $654 million, up 241 percent, largely driven by higher variable investment income primarily due to strong private equity returns.\n<\/li>\n
- Adjusted premiums, fees and other revenues<\/b> were $537 million, up 5 percent.\n<\/li>\n
- Excluding pension risk transfers, adjusted premiums, fees and other revenues<\/b> were $551 million, up 7 percent.\n<\/li>\n
- Sales <\/b>were down 16 percent year-to-date, primarily driven by lower sales of stable value products.\u00a0\n<\/li>\n<\/ul>\n
ASIA<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n At or for the three months ended <\/b><\/p>\n June 30, 2021<\/b><\/p>\n<\/td>\n | \n At or for the three months ended <\/b><\/p>\n June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$520\n<\/p>\n<\/td>\n | \n \n$256\n<\/p>\n<\/td>\n | \n \n103%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted earnings (constant currency)\n<\/p>\n<\/td>\n | \n \n$520\n<\/p>\n<\/td>\n | \n \n$272\n<\/p>\n<\/td>\n | \n \n91%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$2,037\n<\/p>\n<\/td>\n | \n \n$2,018\n<\/p>\n<\/td>\n | \n \n1%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral account assets under management (at amortized cost)\n<\/p>\n<\/td>\n | \n \n$129,411\n<\/p>\n<\/td>\n | \n \n$121,429\n<\/p>\n<\/td>\n | \n \n7%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted earnings<\/b> were $520 million, up 103 percent, and up 91 percent on a constant currency basis, largely driven by higher variable investment income primarily due to strong private equity returns, as well as volume growth.\n<\/li>\n
- Adjusted return on allocated equity <\/b>was 14.2 percent, and adjusted return on allocated tangible equity was 21.3 percent.\n<\/li>\n
- Adjusted premiums, fees and other revenues <\/b>were $2.0 billion, up 1 percent, and flat on a constant currency basis.\n<\/li>\n
- General account assets under management (at amortized cost) <\/b>were$129.4 billion, up 7 percent, and up 6 percent on a constant currency basis.\n<\/li>\n
- Sales <\/b>were $498 million, up 42 percent on a constant currency basis.\u00a0\n<\/li>\n<\/ul>\n
LATIN AMERICA<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$97\n<\/p>\n<\/td>\n | \n \n$132\n<\/p>\n<\/td>\n | \n \n(27)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted earnings (constant currency)\n<\/p>\n<\/td>\n | \n \n$97\n<\/p>\n<\/td>\n | \n \n$157\n<\/p>\n<\/td>\n | \n \n(38)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$934\n<\/p>\n<\/td>\n | \n \n$737\n<\/p>\n<\/td>\n | \n \n27%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted earnings<\/b> were $97 million, down 27 percent, and down 38 percent on a constant currency basis, primarily driven by higher COVID-19 related claims and lower Chilean encaje returns, partially offset by higher variable investment income.\n<\/li>\n
- Adjusted return on allocated equity<\/b> was 14.1 percent, and adjusted return on allocated tangible equity was 22.1 percent.\n<\/li>\n
- Adjusted premiums, fees and other revenues<\/b> were $934 million, up 27 percent, and up 12 percent on a constant currency basis, driven by strong sales and persistency across the region.\n<\/li>\n
- Sales<\/b> were $222 million, up 55 percent on a constant currency basis.\u00a0\n<\/li>\n<\/ul>\n
EMEA<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$94\n<\/p>\n<\/td>\n | \n \n$116\n<\/p>\n<\/td>\n | \n \n(19)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted earnings (constant currency)\n<\/p>\n<\/td>\n | \n \n$94\n<\/p>\n<\/td>\n | \n \n$122\n<\/p>\n<\/td>\n | \n \n(23)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$744\n<\/p>\n<\/td>\n | \n \n$660\n<\/p>\n<\/td>\n | \n \n13%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted earnings<\/b> were $94 million, down 19 percent, and down 23 percent on a constant currency basis, primarily driven by low utilization in the prior-year period and higher COVID-19 related claims in the current-year period, partially offset by volume growth.\n<\/li>\n
- Adjusted return on allocated equity <\/b>was 13.2 percent, and adjusted return on allocated tangible equity was 22.6 percent.\n<\/li>\n
- Adjusted premiums, fees and other revenues <\/b>were $744 million, up 13 percent, and up 8 percent on a constant currency basis, primarily driven by volume growth.\n<\/li>\n
- Sales <\/b>were $236 million, up 20 percent on a constant currency basis, driven by growth across most markets.\u00a0\n<\/li>\n<\/ul>\n
METLIFE HOLDINGS <\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$536\n<\/p>\n<\/td>\n | \n \n$20\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted premiums, fees and other revenues\n<\/p>\n<\/td>\n | \n \n$1,181\n<\/p>\n<\/td>\n | \n \n$1,208\n<\/p>\n<\/td>\n | \n \n(2)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted<\/b>earnings<\/b> were $536 million, largely driven by higher variable investment income primarily due to strong private equity returns, as well as favorable life underwriting.\n<\/li>\n
- Adjusted return on allocated equity<\/b> was 20.6 percent, and adjusted return on allocated tangible equity was 22.5 percent.\n<\/li>\n
- Adjusted<\/b>premiums, fees and other revenues<\/b> were $1.2 billion, down 2 percent.\u00a0\n<\/li>\n<\/ul>\n
CORPORATE & OTHER<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted earnings\n<\/p>\n<\/td>\n | \n \n$(60)\n<\/p>\n<\/td>\n | \n \n$(289)\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable item(s)\n<\/p>\n<\/td>\n | \n \n$66\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Corporate & Other had an adjusted loss <\/b>of $60 million, compared to an adjusted loss of $289 million in the prior-year period. The notable item in the current quarter is related to the release of a legal reserve.\u00a0\n<\/li>\n<\/ul>\n
INVESTMENTS<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n | \n Three months ended June 30, 2020<\/b><\/p>\n<\/td>\n | \n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdjusted net investment income\n<\/p>\n<\/td>\n | \n \n$5,117\n<\/p>\n<\/td>\n | \n \n$3,444\n<\/p>\n<\/td>\n | \n \n49%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n- Adjusted net investment income <\/b>was $5.1 billion, up 49 percent. Variable investment income was $1.2 billion, compared to $(555) million in the prior-year period, primarily driven by private equity returns of 9.7 percent.\u00a0\n<\/li>\n<\/ul>\n
SECOND QUARTER 2021 NOTABLE ITEMS<\/b><\/p>\n\n\n| \n ($ in millions)<\/b><\/p>\n<\/td>\n | \n Adjusted Earnings<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Three months ended June 30, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Notable Items<\/b><\/p>\n<\/td>\n | \n U.S.<\/b><\/p>\n<\/td>\n | \n Asia<\/b><\/p>\n<\/td>\n | \n Latin<\/b><\/p>\n America<\/b><\/p>\n<\/td>\n | \n EMEA<\/b><\/p>\n<\/td>\n | \n MetLife<\/b><\/p>\n Holdings<\/b><\/p>\n<\/td>\n | \n Corporate<\/b><\/p>\n &<\/b><\/p>\n Other<\/b><\/p>\n<\/td>\n | \n Total<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Group Benefits<\/b><\/p>\n<\/td>\n | \n Retirement and Income Solutions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nLitigation reserves and settlement costs\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$66\n<\/p>\n<\/td>\n | \n \n$66\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal notable items\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$0\n<\/p>\n<\/td>\n | \n \n$66\n<\/p>\n<\/td>\n | \n \n$66\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About MetLife<\/span><\/p>\n\nMetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.\n<\/p>\n Conference Call<\/span><\/p>\n\nMetLife will hold its second quarter 2021 earnings conference call and audio webcast on Thursday, August 5, 2021, from 9-10 a.m. (ET). The conference call will be available live via telephone and the internet. To listen via telephone, dial 877-692-8955 (U.S.) or 234-720-6979 (outside the U.S.). The participant access code is 2510803. To listen to the conference call via the internet, visit www.metlife.com and click the link to the webcast on the MetLife Investor Relations web page. Those who want to listen to the call via telephone or the internet should dial in or go to the website at least 15 minutes prior to the call to register, and\/or download and install any necessary audio software.\n<\/p>\n \nThe conference call will be available for replay via telephone and the internet beginning at 11 a.m. (ET) on Thursday, August 5, 2021, until Thursday, August 12, 2021, at 11:59 p.m. (ET). To listen to a replay of the conference call via telephone, dial 866-207-1041 (U.S.) or 402-970-0847 (outside the U.S.). The access code for the replay is 5532581. To access the replay of the conference call over the internet, visit the above-mentioned website.\n<\/p>\n Non-GAAP and Other Financial Disclosures<\/span><\/p>\n\n\n| \n Any references in this news release (except in this section and the tables that accompany this release) to:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n should be read as, respectively:<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(i)\n<\/p>\n<\/td>\n | \n \nnet income (loss);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(i)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(ii)\n<\/p>\n<\/td>\n | \n \nnet income (loss) per share;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(ii)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders per diluted common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(iii)\n<\/p>\n<\/td>\n | \n \nadjusted earnings;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(iii)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(iv)\n<\/p>\n<\/td>\n | \n \nadjusted earnings per share;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(iv)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders per diluted common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(v)\n<\/p>\n<\/td>\n | \n \nbook value per share;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(v)\n<\/p>\n<\/td>\n | \n \nbook value per common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(vi)\n<\/p>\n<\/td>\n | \n \nbook value per share, excluding AOCI other than FCTA;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(vi)\n<\/p>\n<\/td>\n | \n \nbook value per common share, excluding AOCI other than FCTA;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(vii)\n<\/p>\n<\/td>\n | \n \nbook value per share-tangible common stockholders\u2019 equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(vii)\n<\/p>\n<\/td>\n | \n \nbook value per common share-tangible common stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(viii)\n<\/p>\n<\/td>\n | \n \nreturn on equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(viii)\n<\/p>\n<\/td>\n | \n \nreturn on MetLife, Inc.\u2019s common stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(ix)\n<\/p>\n<\/td>\n | \n \nadjusted return on equity, excluding AOCI other than FCTA; and\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(ix)\n<\/p>\n<\/td>\n | \n \nadjusted return on MetLife, Inc.\u2019s common stockholders\u2019 equity, excluding AOCI other than FCTA; and\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(x)\n<\/p>\n<\/td>\n | \n \nadjusted tangible return on equity.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(x)\n<\/p>\n<\/td>\n | \n \nadjusted return on MetLife, Inc.\u2019s tangible common stockholders\u2019 equity.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn this news release, MetLife presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with accounting principles generally accepted in the United States of America (GAAP). MetLife believes that these non-GAAP financial measures enhance the understanding for MetLife and its investors of MetLife’s performance by highlighting the results of operations and the underlying profitability drivers of the business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment.\n<\/p>\n \nThe following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:\n<\/p>\n \n\n| \n Non-GAAP financial measures:<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Comparable GAAP financial measures:<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(i)\n<\/p>\n<\/td>\n | \n \ntotal adjusted revenues;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(i)\n<\/p>\n<\/td>\n | \n \ntotal revenues;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(ii)\n<\/p>\n<\/td>\n | \n \ntotal adjusted expenses;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(ii)\n<\/p>\n<\/td>\n | \n \ntotal expenses;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(iii)\n<\/p>\n<\/td>\n | \n \nadjusted premiums, fees and other revenues;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(iii)\n<\/p>\n<\/td>\n | \n \npremiums, fees and other revenues;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(iv)\n<\/p>\n<\/td>\n | \n \nadjusted premiums, fees and other revenues, excluding PRT;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(iv)\n<\/p>\n<\/td>\n | \n \npremiums, fees and other revenues;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(v)\n<\/p>\n<\/td>\n | \n \nadjusted net investment income;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(v)\n<\/p>\n<\/td>\n | \n \nnet investment income;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(vi)\n<\/p>\n<\/td>\n | \n \nadjusted capitalization of deferred policy acquisition costs (DAC);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(vi)\n<\/p>\n<\/td>\n | \n \ncapitalization of DAC;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(vii)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(vii)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(viii)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders, excluding total notable items;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(viii)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(ix)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders per diluted common share;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(ix)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders per diluted common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(x)\n<\/p>\n<\/td>\n | \n \nadjusted earnings available to common shareholders, excluding total notable items, per diluted common share;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(x)\n<\/p>\n<\/td>\n | \n \nnet income (loss) available to MetLife, Inc.\u2019s common shareholders per diluted common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xi)\n<\/p>\n<\/td>\n | \n \nadjusted return on equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xi)\n<\/p>\n<\/td>\n | \n \nreturn on equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xii)\n<\/p>\n<\/td>\n | \n \nadjusted return on equity, excluding AOCI other than FCTA;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xii)\n<\/p>\n<\/td>\n | \n \nreturn on equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xiii)\n<\/p>\n<\/td>\n | \n \nadjusted return on equity, excluding total notable items (excludes AOCI other than FCTA);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xiii)\n<\/p>\n<\/td>\n | \n \nreturn on equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xiv)\n<\/p>\n<\/td>\n | \n \nadjusted tangible return on equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xiv)\n<\/p>\n<\/td>\n | \n \nreturn on equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xv)\n<\/p>\n<\/td>\n | \n \ninvestment portfolio gains (losses);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xv)\n<\/p>\n<\/td>\n | \n \nnet investment gains (losses);\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xvi)\n<\/p>\n<\/td>\n | \n \nderivative gains (losses);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xvi)\n<\/p>\n<\/td>\n | \n \nnet derivative gains (losses);\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xvii)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s tangible common stockholders\u2019 equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xvii)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xviii)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s tangible common stockholders\u2019 equity, excluding total notable items;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xviii)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xix)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s common stockholders\u2019 equity, excluding AOCI other than FCTA;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xix)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xx)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s common stockholders\u2019 equity, excluding total notable items (excludes AOCI other than FCTA);\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xx)\n<\/p>\n<\/td>\n | \n \ntotal MetLife, Inc.\u2019s stockholders\u2019 equity;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxi)\n<\/p>\n<\/td>\n | \n \nbook value per common share, excluding AOCI other than FCTA;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxi)\n<\/p>\n<\/td>\n | \n \nbook value per common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxii)\n<\/p>\n<\/td>\n | \n \nbook value per common share – tangible common stockholders’ equity;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxii)\n<\/p>\n<\/td>\n | \n \nbook value per common share;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxiii)\n<\/p>\n<\/td>\n | \n \nfree cash flow of all holding companies;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxiii)\n<\/p>\n<\/td>\n | \n \nMetLife, Inc. (parent company only) net cash provided by (used in) operating activities;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxiv)\n<\/p>\n<\/td>\n | \n \nadjusted other expenses;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxiv)\n<\/p>\n<\/td>\n | \n \nother expenses;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxv)\n<\/p>\n<\/td>\n | \n \nadjusted other expenses, net of adjusted capitalization of DAC;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxv)\n<\/p>\n<\/td>\n | \n \nother expenses, net of capitalization of DAC;\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxvi)\n<\/p>\n<\/td>\n | \n \nadjusted other expenses, net of adjusted capitalization of DAC, excluding total notable items related to adjusted other expenses;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxvi)\n<\/p>\n<\/td>\n | \n \nother expenses, net of capitalization of DAC;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxvii)\n<\/p>\n<\/td>\n | \n \nadjusted expense ratio;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxvii)\n<\/p>\n<\/td>\n | \n \nexpense ratio;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxviii)\n<\/p>\n<\/td>\n | \n \nadjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxviii)\n<\/p>\n<\/td>\n | \n \nexpense ratio;\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxix)\n<\/p>\n<\/td>\n | \n \ndirect expenses;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxix)\n<\/p>\n<\/td>\n | \n \nother expenses;\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxx)\n<\/p>\n<\/td>\n | \n \ndirect expenses, excluding total notable items related to direct expenses;\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxx)\n<\/p>\n<\/td>\n | \n \nother expenses;\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxxi)\n<\/p>\n<\/td>\n | \n \ndirect expense ratio; and\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxxi)\n<\/p>\n<\/td>\n | \n \nexpense ratio; and\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(xxxii)\n<\/p>\n<\/td>\n | \n \ndirect expense ratio, excluding total notable items related to direct expenses and PRT.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(xxxii)\n<\/p>\n<\/td>\n | \n \nexpense ratio.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAny 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 most recent period and applied to the comparable prior period.\n<\/p>\n \nReconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this earnings news release and in this period\u2019s quarterly financial supplement, which is available at www.metlife.com.\n<\/p>\n \nMetLife\u2019s definitions of non-GAAP and other financial measures discussed in this news release may differ from those used by other companies:\n<\/p>\n Adjusted earnings and related measures<\/i><\/b><\/p>\n\n- \nadjusted earnings;\n<\/li>\n
- \nadjusted earnings available to common shareholders;\n<\/li>\n
- \nadjusted earnings available to common shareholders on a constant currency basis;\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items;\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;\n<\/li>\n
- \nadjusted earnings available to common shareholders per diluted common share;\n<\/li>\n
- \nadjusted earnings available to common shareholders on a constant currency basis per diluted common share;\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items per diluted common share; and\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.\n<\/li>\n<\/ul>\n
\nThese measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also MetLife\u2019s GAAP measures of segment performance. Adjusted earnings and other financial measures based on adjusted earnings are also the measures by which MetLife senior management\u2019s and many other employees\u2019 performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of MetLife’s performance relative to its business plan and facilitate comparisons to industry results.\n<\/p>\n \nAdjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted loss is defined as negative adjusted earnings. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends.\n<\/p>\n Adjusted revenues and adjusted expenses<\/i><\/b><\/p>\n \nThese financial measures, along with the related adjusted premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also 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.\n<\/p>\n \nAdjusted revenues also excludes net investment gains (losses) (NIGL) and net derivative gains (losses) (NDGL). Adjusted expenses also excludes goodwill impairments.\n<\/p>\n \nThe following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:\n<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |