https:\/\/investor.metlife.com<\/a>).<\/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:<\/p>\n
Adjusted earnings and related measures<\/i><\/b><\/p>\n\n- \nadjusted earnings;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, on a constant currency basis;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders per diluted common share;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, on a constant currency basis per diluted common share;<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items per diluted common share; and<\/p>\n<\/li>\n
- \nadjusted earnings available to common shareholders, excluding total notable items, on a constant currency basis per diluted common share.<\/p>\n<\/li>\n<\/ul>\n
\nAdjusted earnings is used by MetLife\u2019s 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\u2019s GAAP measure of segment performance. Adjusted earnings and related measures based on adjusted earnings are also the measures by which 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 related measures based on adjusted earnings allow analysis of MetLife\u2019s performance relative to its business plan and facilitate comparisons to industry results.<\/p>\n
\nAdjusted 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.<\/p>\n
\nAdjusted 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.<\/p>\n
\nMarket volatility can have a significant impact on MetLife\u2019s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefit remeasurement gains (losses) and goodwill impairments. Further, net investment income is adjusted to exclude similar items relating to joint ventures accounted for under the equity method (“Joint venture adjustments”), and policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities and (ii) market value adjustments.<\/p>\n
\nAsymmetrical and non-economic accounting adjustments are made in calculating adjusted earnings:<\/p>\n
\n- \nNet 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”).<\/p>\n<\/li>\n
- \nOther revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.<\/p>\n<\/li>\n
- \nPolicyholder 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.<\/p>\n<\/li>\n
- \nPolicyholder liability remeasurement gains (losses) excludes asymmetrical accounting associated with in-force reinsurance.<\/p>\n<\/li>\n
- \nInterest 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.<\/p>\n<\/li>\n<\/ul>\n
\n“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.<\/p>\n
\nOther adjustments are made in calculating adjusted earnings:<\/p>\n
\n- \nNet investment income and interest credited to policyholder account balances exclude certain amounts related to contractholder-directed equity securities (“Unit-linked contract income” and “Unit-linked contract costs”).<\/p>\n<\/li>\n
- \nOther expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.<\/p>\n<\/li>\n
- \nNet investment income and other expenses also exclude Reinsurance adjustments (as defined below).<\/p>\n<\/li>\n
- \nOther revenues include fee revenue on synthetic GICs accounted for as freestanding derivatives.<\/p>\n<\/li>\n
- \nOther revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.<\/p>\n<\/li>\n
- \n“Reinsurance adjustments” relate to amounts subject to ceded reinsurance arrangements with third parties, including (i) the related investment returns and expenses which are passed through to the third-party reinsurers and (ii) the corresponding invested assets and cash and cash equivalents.<\/p>\n<\/li>\n<\/ul>\n
\nAdjusted 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.<\/p>\n
\nThe 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.<\/p>\n
\nIn 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.\u2019s common shareholders.<\/p>\n
Investment portfolio gains (losses) and derivative gains (losses)<\/i><\/b><\/p>\n
\nThese 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).<\/p>\n
Return on equity and related measures<\/i><\/b><\/p>\n\n- Total MetLife, Inc.\u2019s adjusted common stockholders\u2019 equity:<\/span> total MetLife, Inc.\u2019s common stockholders\u2019 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 accumulated other comprehensive income (“AOCI”) and the estimated fair value of certain ceded reinsurance-related embedded derivatives, all net of income tax.\n<\/li>\n
- Total MetLife, Inc.\u2019s adjusted common stockholders\u2019 equity, excluding total notable items:<\/span> total MetLife, Inc.\u2019s common stockholders\u2019 equity, excluding unrealized investment gains (losses), net of related offsets, deferred gains (losses) on derivatives, future policy benefits discount rate remeasurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, the estimated fair value of certain ceded reinsurance-related embedded derivatives and total notable items, all net of income tax.\n<\/li>\n
- Return on MetLife, Inc.\u2019s common stockholders\u2019 equity:<\/span> net income (loss) available to MetLife, Inc.\u2019s common shareholders divided by MetLife, Inc.\u2019s average common stockholders\u2019 equity.\n<\/li>\n
- Adjusted return on MetLife, Inc.\u2019s common stockholders\u2019 equity:<\/span> adjusted earnings available to common shareholders divided by MetLife, Inc.\u2019s average adjusted common stockholders\u2019 equity.\n<\/li>\n
- Adjusted return on MetLife, Inc.\u2019s common stockholders\u2019 equity, excluding total notable items:<\/span> adjusted earnings available to common shareholders, excluding total notable items, divided by MetLife, Inc.\u2019s average adjusted common stockholders\u2019 equity, excluding total notable items.\n<\/li>\n<\/ul>\n
\nThe above measures represent a level of equity that excludes most components of AOCI, such as unrealized investment gains (losses), net of related offsets, and future policy benefits discount rate remeasurement gains (losses), as well as the impact of certain ceded reinsurance-related embedded derivatives, as these amounts are primarily driven by market volatility.<\/p>\n
Expense ratio, direct expense ratio, adjusted expense ratio and related measures<\/i><\/b><\/p>\n\n- Expense ratio:<\/span> other expenses, net of capitalization of DAC, divided by premiums, fees and other revenues.\n<\/li>\n
- Direct expense ratio:<\/span> 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.\n<\/li>\n
- Direct expense ratio, excluding total notable items related to direct expenses and PRT:<\/span> adjusted direct expenses, excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding PRT.\n<\/li>\n
- Adjusted expense ratio:<\/span> adjusted other expenses, net of adjusted capitalization of DAC, divided by adjusted premiums, fees and other revenues.\n<\/li>\n
- Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT:<\/span> 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.\n<\/li>\n<\/ul>\n
Asia general account (GA) assets under management (GA AUM) and related measures<\/i><\/b><\/p>\n
\nAsia 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, and excludes policy loans, contractholder-directed equity securities, fair value option securities, mortgage loans originated for third parties, assets subject to ceded reinsurance arrangements with third-party reinsurers, and certain other invested assets. Mortgage loans, net of mortgage loans originated for third parties (“net mortgage loans”) (including commercial (“net commercial mortgage loans”), agricultural (“net agricultural mortgage loans”) and residential mortgage loans) and real estate equity (including real estate and real estate joint ventures) included in Asia GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. At the segment level, intersegment balances (intercompany activity, primarily related to investments in subsidiaries, that eliminate at the MetLife consolidated level) are excluded from Asia GA AUM.<\/p>\n
\nAsia 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.<\/p>\n
Statistical sales information<\/i><\/b><\/p>\n\n- \nGroup Benefits: calculated using 10% of single premium deposits and 100% of annualized full-year premiums and fees from recurring premium policy sales of all products.<\/p>\n<\/li>\n
- \nRIS: calculated using 10% of single premium contracts, on and off-balance sheet deposits, and the contract value for new UK longevity reinsurance contracts, and 100% of annualized full-year premiums and fees only from recurring premium policy sales of specialized benefit resources and corporate-owned life insurance.<\/p>\n<\/li>\n
- \nAsia, 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).<\/p>\n<\/li>\n<\/ul>\n
\nSales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.<\/p>\n
The following additional information is relevant to an understanding of MetLife\u2019s performance:<\/i><\/b><\/p>\n\n- \nVolume growth, where cited, represents the change in certain measures of our segment results, including adjusted earnings, attributable to business growth, applying a model in which certain margins and factors are held constant, the most significant of which are underwriting margins, investment margins, changes in equity market performance, expense margins and the impact of changes in foreign currency exchange rates.<\/p>\n<\/li>\n
- \nPRT includes UK funded reinsurance.<\/p>\n<\/li>\n
- \nHolding company cash and liquid assets are held by MetLife, Inc. collectively with other MetLife holding companies and include cash and cash equivalents, short term investments and publicly traded securities excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, regulatory deposits, the collateral financing arrangement, funding agreements and secured borrowings, as well as amounts held in the closed block.<\/p>\n<\/li>\n
- \nMetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in non-mandatory capital actions. MetLife defines free cash flow as the sum of cash available at MetLife\u2019s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies (including capital contributions to subsidiaries), and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to capital actions, such as common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual adjusted earnings available to common shareholders.<\/p>\n<\/li>\n
- \nNotable items reflect the unexpected impact of events that affect MetLife\u2019s 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\u2019s results and to evaluate and forecast those results. Notable items represent a positive (negative) impact to adjusted earnings available to common shareholders.<\/p>\n<\/li>\n
- \nWe refer to observable forward yield curves as of a particular date in connection with making our estimates for future results. The observable forward yield curves at a given time are based on implied future interest rates along a range of interest rate durations. This includes the 10-year U.S. Treasury rate which we use as a benchmark rate to describe longer-term interest rates used in our estimates for future results.<\/p>\n<\/li>\n<\/ul>\n
Forward-Looking Statements<\/span><\/p>\n\nThis news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as \u201canticipate,\u201d “are confident,” \u201cassume,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cif,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cshould,\u201d “target,” \u201cwill,\u201d \u201cwould,\u201d and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management\u2019s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.<\/p>\n
\nMany factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.\u2019s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:<\/p>\n
\n\n| \n \n(1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \neconomic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nglobal capital and credit market adversity;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ncredit facility inaccessibility;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nfinancial strength or credit ratings downgrades;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nunavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(6)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nstatutory life insurance reserve financing costs or limited market capacity;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nlegal, regulatory, and supervisory and enforcement policy changes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(8)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nchanges in tax rates, tax laws or interpretations;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nlitigation and regulatory investigations;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(10)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nunsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(11)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nMetLife, Inc.\u2019s inability to pay dividends and repurchase common stock;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(12)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nMetLife, Inc.\u2019s subsidiaries\u2019 inability to pay dividends to MetLife, Inc.;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(13)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ninvestment defaults, downgrades, or volatility;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(14)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ninvestment sales or lending difficulties;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(15)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ncollateral or derivative-related payments;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(16)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ninvestment valuations, allowances, or impairments changes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(17)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nclaims or other results that differ from our estimates, assumptions, or models;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(18)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nglobal political, legal, or operational risks;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(19)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbusiness competition;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(20)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ntechnological changes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(21)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ncatastrophes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(22)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nclimate changes or responses to it;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(23)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ndeficiencies in our closed block;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(24)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ngoodwill or other asset impairment, or deferred income tax asset allowance;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(25)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nimpairment of VOBA, value of distribution agreements acquired or value of customer relationships acquired;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(26)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nproduct guarantee volatility, costs, and counterparty risks;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(27)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nrisk management failures;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(28)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ninsufficient protection from operational risks;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(29)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nfailure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(30)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \naccounting standards changes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(31)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nexcessive risk-taking;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(32)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nmarketing and distribution difficulties;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(33)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \npension and other postretirement benefit assumption changes;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(34)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \ninability to protect our intellectual property or avoid infringement claims;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(35)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nacquisition, integration, growth, disposition, or reorganization difficulties;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(36)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nBrighthouse Financial, Inc. separation risks;<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(37)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nMetLife, Inc.\u2019s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n(38)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nlegal- and corporate governance-related effects on business combinations.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.<\/p>\n \n\n| \n MetLife, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n | | |