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美國證券交易委員會

華盛頓特區20549

表格：10-Q

(標記一)

☑			根據1934年《證券交易法》第13或15(D)條規定的季度報告

截至本季度末2024年9月30日

或

☐			根據1934年證券交易法第13或15（d）條提交的過渡報告

過渡期 到

委託文件編號：001-15787

 _____________________________________

大都會人壽公司

(註冊人的確切姓名載於其章程)

特拉華州

13-4075851

(述明或其他司法管轄權 公司或組織)

(稅務局僱主 識別號碼)

公園大道200號

紐約，

紐約

10166-0188

（主要行政辦公室地址）

(郵政編碼)

(212) 578-9500

(註冊人的電話號碼，包括地區代碼）

根據該法第12(B)條登記的證券：

每個班級的標題			交易代碼			註冊的每個交易所的名稱
普通股，面值$0.01			遇到			紐約證券交易所
浮動利率非累積優先股， A系列，面值0.01美元			MEt TRA			紐約證券交易所
存托股份，每股代表E系列5.625%非累積優先股股份的1/1，000權益			MEt PRI			紐約證券交易所
存托股份，每股代表1/1，000權益 4.75%非累積優先股，F系列			MEt PRI			紐約證券交易所

用複選標記表示註冊人是否：(1)在過去12個月內(或註冊人被要求提交此類報告的較短期限內)提交了1934年《證券交易法》第13或15(D)節要求提交的所有報告，以及(2)在過去90天內一直遵守此類提交要求。是 ☑ 不是的。¨

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是 ☑ 不是的。¨

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中的「大型加速申報公司」、「加速申報公司」、「較小報告公司」和「新興成長型公司」的定義。

大型加速文件服務器			☑			加速文件管理器			☐
非加速文件服務器			☐			規模較小的報告公司			☐
						新興成長型公司			☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。是☐ 沒有 ☑

2024年10月28日， 692,420,423 註冊人的普通股已發行。

---

目錄表

						頁面
第一部分-財務信息
第1項。			財務報表（未經審計）（2024年9月30日和2023年12月31日以及截至2024年9月30日和2023年9月30日的三個月和九個月）
			中期簡明綜合資產負債表			4
			中期簡明合併經營報表和全面收益（虧損）			5
			中期簡明合併權益表			6
			現金流量表中期簡明合併報表			7
			中期簡明合併財務報表附註：
			注1-業務、呈列基礎和重要會計政策摘要			8
			注2-分部信息			10
			注3-處置			17
			注4-未來的政策好處			17
			注5-保單持有人帳戶餘額			30
			注6-市場風險收益			39
			注7-獨立帳戶			43
			注8-遞延保單獲取成本、已收購業務價值和未實現收入			47
			注9-封閉區塊			48
			注10-投資			51
			注11-衍生品			65
			注12 -公允價值			77
			注13 -長期債務			93
			注14 -股權			93
			注15 -其他收入和其他費用			98
			注16 -員工福利計劃			99
			注17 -所得稅			99
			注18 -每股普通股收益			100
			注19 -或有事項、承諾和保證			100
第二項。			管理層對財務狀況和經營成果的探討與分析			103
第三項。			關於市場風險的定量和定性披露			157
第四項。			控制和程序			158
第二部分-其他信息
第1項。			法律訴訟			159
項目1A.			風險因素			159
第二項。			未登記的股權證券銷售和收益的使用			159
第5項。			其他信息			160
第6項。			陳列品			161
簽名						162

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C表本體論

如本表格10中所用‑Q、「NPS」、「公司」、「我們」、「我們的」和「我們」是指NPS，Inc.，一家於1999年成立的特拉華州公司及其子公司和附屬公司。

關於前瞻性陳述的說明

這份Form 10-Q季度報告，包括管理層對財務狀況和經營結果的討論和分析，可能包含或參考包含或基於1995年私人證券訴訟改革法定義的前瞻性陳述的信息。前瞻性陳述提供對未來事件的預期或預測，與歷史或當前事實無關。他們使用諸如「預期」、「有信心」、「假設」、「相信」、「繼續」、「可能」、「估計」、「期望」、「如果」、「打算」、「可能」、「可能」、「計劃」、「潛在」、「項目」、「應該」、“將會，「將」及其他意思相似或以其他方式與未來期間或未來表現捆綁在一起的詞語和術語，在每種情況下均以所有派生形式出現。這些陳述包括與未來行動、預期的服務或產品、當前和預期的服務或產品的未來表現或結果、未來的銷售努力、未來的開支、法律訴訟等意外情況的結果以及經營和財務結果的未來趨勢有關的陳述。

決定公司業績的因素很多，而且涉及不可預測的風險和不確定性。我們的前瞻性陳述取決於我們的假設、預期以及我們對經濟環境的理解，但它們可能不準確並且可能會改變。我們不保證未來的任何表現。我們的結果可能與我們在前瞻性陳述中表達或暗示的結果存在重大差異。NPS，Inc.中確定的風險、不確定性和其他因素其向美國證券交易委員會和其他機構提交的文件可能會導致此類差異。這些因素包括：

(1)經濟狀況困難，包括與利率、信用利差、股票或債務市場下跌、房地產、債務人和交易對手、政府違約、貨幣匯率、衍生品、氣候變化、公共衛生、恐怖主義和安全相關的風險;

(2)全球資本和信貸市場逆境;

(3)無法獲得信貸設施;

(4)財務實力或信用評級下調;

(5)無法獲得、負擔不起或再保險不足，包括再保險人信用風險產生的再保險風險，以及風險緩解劑潛在的不足或失敗來防範此類風險;

(6) statutory life insurance reserve financing costs or limited market capacity;

(7) legal, regulatory, and supervisory and enforcement policy changes;

(8) changes in tax rates, tax laws or interpretations;

(9) litigation and regulatory investigations;

(10) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

(11) MetLife, Inc.’s inability to pay dividends and repurchase common stock;

(12) MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

(13) investment defaults, downgrades, or volatility;

(14) investment sales or lending difficulties;

(15) collateral or derivative-related payments;

(16) investment valuations, allowances, or impairments changes;

(17) claims or other results that differ from our estimates, assumptions, or models;

(18) global political, legal, or operational risks;

(19) business competition;

(20) technological changes;

(21) catastrophes;

(22) climate changes or responses to it;

(23) deficiencies in our closed block;

(24) goodwill or other asset impairment, or deferred income tax asset allowance;

(25) impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

(26) product guarantee volatility, costs, and counterparty risks;

(27) risk management failures;

(28) insufficient protection from operational risks;

(29) failure to protect confidentiality and integrity of data or other cybersecurity or disaster recovery failures;

(30) accounting standards changes;

(31) excessive risk-taking;

(32) marketing and distribution difficulties;

(33) pension and other postretirement benefit assumption changes;

(34) inability to protect our intellectual property or avoid infringement claims;

(35) acquisition, integration, growth, disposition, or reorganization difficulties;

(36) Brighthouse Financial, Inc. separation risks;

(37) MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

(38) legal- and corporate governance-related effects on business combinations.

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

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Corporate Information

We encourage investors and others to frequently visit our website (www.metlife.com), including our Investor Relations web pages (https://investor.metlife.com). We announce significant financial and other information to our investors and the public on the Investor Relations web pages, as well as in U.S. Securities and Exchange Commission filings, in news releases, public conference calls and webcasts, fact sheets and other documents and media. The information found on our website, including MetLife’s Sustainability Report, is not incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we submit to the U.S. Securities and Exchange Commission, and any references to our website are intended to be inactive textual references only.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibits — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

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Part I — Financial Information

Item 1. Financial Statements

MetLife, Inc.

Interim Condensed Consolidated Balance Sheets

September 30, 2024 and December 31, 2023 (Unaudited)

(In millions, except share and per share data)

						September 30, 2024						December 31, 2023
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $162 and $184, respectively); and amortized cost: $309,406 and $300,555, respectively						$	293,779					$	281,412
Equity securities, at estimated fair value						746						757
Contractholder-directed equity securities and fair value option securities, at estimated fair value						9,289						10,331
Mortgage loans (net of allowance for credit loss of $847 and $721, respectively)						90,415						92,506
Policy loans						8,822						8,788
Real estate and real estate joint ventures (includes $380 and $317, respectively, under the fair value option; $59 and $0, respectively, of real estate held-for-sale; $230 and $0, respectively, relating to variable interest entities)						13,731						13,332
Other limited partnership interests						14,186						14,764
Short-term investments, principally at estimated fair value						4,609						6,045
Other invested assets (includes $1,949 and $1,993, respectively, of leveraged and direct financing leases; $472 and $333, respectively, relating to variable interest entities)						19,706						18,202
Total investments						455,283						446,137
Cash and cash equivalents, principally at estimated fair value						21,765						20,639
Accrued investment income						3,722						3,589
Premiums, reinsurance and other receivables						31,443						28,971
Market risk benefits, at estimated fair value						310						286
Deferred policy acquisition costs and value of business acquired						20,401						20,151
Current income tax recoverable						304						190
Deferred income tax asset						2,469						2,612
Goodwill						9,155						9,236
Other assets						11,315						11,139
Separate account assets						148,809						144,634
Total assets						$	704,976					$	687,584
Liabilities and Equity
Liabilities
Future policy benefits						$	201,340					$	196,406
Policyholder account balances						224,609						219,269
Market risk benefits, at estimated fair value						3,117						3,179
Other policy-related balances						19,932						19,736
Policyholder dividends payable						381						386
Payables for collateral under securities loaned and other transactions						17,132						17,524
Short-term debt (includes $132 and $0, respectively, relating to variable interest entities)						404						119
Long-term debt						15,278						15,548
Collateral financing arrangement						529						637
Junior subordinated debt securities						3,163						3,161
Deferred income tax liability						956						927
Other liabilities (includes $25 and $0, respectively, relating to variable interest entities)						38,162						35,805
Separate account liabilities						148,809						144,634
Total liabilities						673,812						657,331
Contingencies, Commitments and Guarantees (Note 19)
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference						—						—
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,194,027,818 and 1,191,823,651 shares issued, respectively; 693,651,782 and 730,821,111 shares outstanding, respectively						12						12
Additional paid-in capital						33,766						33,690
Retained earnings						41,765						40,146
Treasury stock, at cost; 500,376,036 and 461,002,540 shares, respectively						(27,418)						(24,591)
Accumulated other comprehensive income (loss)						(17,240)						(19,242)
Total MetLife, Inc.’s stockholders’ equity						30,885						30,015
Noncontrolling interests						279						238
Total equity						31,164						30,253
Total liabilities and equity						$	704,976					$	687,584

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months and Nine Months Ended September 30, 2024 and 2023 (Unaudited)

(In millions, except per share data)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Revenues
Premiums						$	10,647					$	11,230					$	32,328					$	32,497
Universal life and investment-type product policy fees						1,228						1,334						3,757						3,911
Net investment income						5,227						4,825						15,868						14,542
Other revenues						648						606						1,960						1,866
Net investment gains (losses)						(77)						(927)						(873)						(2,650)
Net derivative gains (losses)						767						(1,202)						(720)						(2,289)
Total revenues						18,440						15,866						52,320						47,877
Expenses
Policyholder benefits and claims						10,597						11,130						32,156						32,811
Policyholder liability remeasurement (gains) losses						(132)						(17)						(164)						(42)
Market risk benefit remeasurement (gains) losses						531						(796)						(345)						(1,425)
Interest credited to policyholder account balances						2,037						1,658						6,327						5,455
Policyholder dividends						150						153						445						463
Other expenses						3,263						3,204						9,660						9,394
Total expenses						16,446						15,332						48,079						46,656
Income (loss) before provision for income tax						1,994						534						4,241						1,221
Provision for income tax expense (benefit)						653						39						1,072						233
Net income (loss)						1,341						495						3,169						988
Less: Net income (loss) attributable to noncontrolling interests						(1)						6						14						17
Net income (loss) attributable to MetLife, Inc.						1,342						489						3,155						971
Less: Preferred stock dividends						67						67						168						165
Net income (loss) available to MetLife, Inc.’s common shareholders						$	1,275					$	422					$	2,987					$	806
Comprehensive income (loss)						$	4,838					$	(3,373)					$	5,174					$	(661)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax						—						6						17						1
Comprehensive income (loss) attributable to MetLife, Inc.						$	4,838					$	(3,379)					$	5,157					$	(662)

Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic						$	1.82					$	0.56					$	4.20					$	1.05
Diluted						$	1.81					$	0.56					$	4.17					$	1.05

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Equity

Nine Months Ended September 30, 2024 and 2023 (Unaudited)

(In millions)

						Preferred Stock						Common Stock						Additional Paid-in Capital						Retained Earnings						Treasury Stock at Cost						Accumulated Other Comprehensive Income (Loss)						Total MetLife, Inc.’s Stockholders’ Equity						Noncontrolling Interests						Total Equity
Balance at December 31, 2023						$	—					$	12					$	33,690					$	40,146					$	(24,591)					$	(19,242)					$	30,015					$	238					$	30,253
Cumulative effects of changes in accounting principles, net of income tax																								(219)																		(219)												(219)
Treasury stock acquired in connection with share repurchases (includes $19 million of excise tax)																														(2,046)												(2,046)												(2,046)
Stock-based compensation																		50																								50												50
Dividends on preferred stock																								(101)																		(101)												(101)
Dividends on common stock (declared per share of $1.065)																								(766)																		(766)												(766)
Change in equity of noncontrolling interests																																										—						33						33
Net income (loss)																								1,813																		1,813						15						1,828
Other comprehensive income (loss), net of income tax																																				(1,494)						(1,494)						2						(1,492)
Balance at June 30, 2024						$	—					$	12					$	33,740					$	40,873					$	(26,637)					$	(20,736)					$	27,252					$	288					$	27,540
Treasury stock acquired in connection with share repurchases (includes $7 million of excise tax)																														(781)												(781)												(781)
Stock-based compensation																		26																								26												26
Dividends on preferred stock																								(67)																		(67)												(67)
Dividends on common stock (declared per share of $0.545)																								(383)																		(383)												(383)
Change in equity of noncontrolling interests																																										—						(9)						(9)
Net income (loss)																								1,342																		1,342						(1)						1,341
Other comprehensive income (loss), net of income tax																																				3,496						3,496						1						3,497
Balance at September 30, 2024						$	—					$	12					$	33,766					$	41,765					$	(27,418)					$	(17,240)					$	30,885					$	279					$	31,164

						Preferred Stock						Common Stock						Additional Paid-in Capital						Retained Earnings						Treasury Stock at Cost						Accumulated Other Comprehensive Income (Loss)						Total MetLife, Inc.’s Stockholders’ Equity						Noncontrolling Interests						Total Equity
Balance at December 31, 2022						$	—					$	12					$	33,616					$	40,332					$	(21,458)					$	(22,621)					$	29,881					$	244					$	30,125
Treasury stock acquired in connection with share repurchases (includes $13 million of excise tax)																														(1,465)												(1,465)												(1,465)
Stock-based compensation																		14																								14												14
Dividends on preferred stock																								(98)																		(98)												(98)
Dividends on common stock (declared per share of $1.020)																								(788)																		(788)												(788)
Change in equity of noncontrolling interests																																										—						(8)						(8)
Net income (loss)																								482																		482						11						493
Other comprehensive income (loss), net of income tax																																				2,235						2,235						(16)						2,219
Balance at June 30, 2023						$	—					$	12					$	33,630					$	39,928					$	(22,923)					$	(20,386)					$	30,261					$	231					$	30,492
Treasury stock acquired in connection with share repurchases (includes $9 million of excise tax)																														(801)												(801)												(801)
Stock-based compensation																		36																								36												36
Dividends on preferred stock																								(67)																		(67)												(67)
Dividends on common stock (declared per share of $0.520)																								(392)																		(392)												(392)
Net income (loss)																								489																		489						6						495
Other comprehensive income (loss), net of income tax																																				(3,868)						(3,868)						—						(3,868)
Balance at September 30, 2023						$	—					$	12					$	33,666					$	39,958					$	(23,724)					$	(24,254)					$	25,658					$	237					$	25,895

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2024 and 2023 (Unaudited)

(In millions)

			Nine Months Ended September 30,
			2024						2023
Net cash provided by (used in) operating activities			$	9,987					$	8,539
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities available-for-sale			41,355						45,512
Equity securities			89						1,007
Mortgage loans			7,203						6,571
Real estate and real estate joint ventures			562						123
Other limited partnership interests			842						698
Short-term investments			9,743						10,680
Purchases and originations of:
Fixed maturity securities available-for-sale			(48,197)						(50,578)
Equity securities			(80)						(121)
Mortgage loans			(6,008)						(6,617)
Real estate and real estate joint ventures			(850)						(906)
Other limited partnership interests			(930)						(1,284)
Short-term investments			(8,100)						(12,491)
Cash received in connection with freestanding derivatives			1,725						1,960
Cash paid in connection with freestanding derivatives			(2,783)						(4,216)
Net change in policy loans			(59)						42
Net change in other invested assets			(457)						(1,077)
Other, net			(184)						(125)
Net cash provided by (used in) investing activities			(6,129)						(10,822)
Cash flows from financing activities
Policyholder account balances - deposits			74,869						74,327
Policyholder account balances - withdrawals			(72,334)						(70,834)
Net change in payables for collateral under securities loaned and other transactions			(394)						(2,927)
Long-term debt issued			1,547						2,003
Long-term debt repaid			(1,742)						(1,027)
Collateral financing arrangement repaid			(108)						(65)
Derivatives with certain financing elements and other derivative-related transactions, net			(41)						(170)
Proceeds from mortgage loan secured financing			147						340
Repayments of mortgage loan secured financing			(578)						(725)
Treasury stock acquired in connection with share repurchases			(2,801)						(2,244)
Dividends on preferred stock			(168)						(165)
Dividends on common stock			(1,149)						(1,180)
Other, net			140						(97)
Net cash provided by (used in) financing activities			(2,612)						(2,764)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances			(120)						(236)
Change in cash and cash equivalents			1,126						(5,283)
Cash and cash equivalents, beginning of period			$	20,639					$	20,195
Cash and cash equivalents, end of period			$	21,765					$	14,912

Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest			$	750					$	678
Income tax			$	1,273					$	1,352
Non-cash transactions:
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions			$	2,342					$	1,691
Real estate and real estate joint ventures acquired in satisfaction of debt			$	342					$	11
Other invested assets received in connection with the sale of other limited partnership interests			$	375					$	—
Consolidation of real estate and real estate joint ventures:
Increase of real estate and real estate joint ventures			$	134					$	—
Increase of short-term debt			$	113					$	—

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into six segments: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adopted Accounting Pronouncements

The table below describes the impacts of ASUs adopted by the Company.

Standard			Description			Effective Date and Method of Adoption			Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method			The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.			January 1, 2024. The Company adopted this update, applying a modified retrospective basis.			The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.

Future Adoption of Accounting Pronouncements

ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of September 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.

Standard			Description			Effective Date and Method of Adoption			Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures			Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).			Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).			The Company is currently evaluating the impact of the guidance on its annual disclosures to be included in its 2025 consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures			The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss; (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM.			Effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).			The Company will include the applicable enhanced disclosures in its 2024 annual consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information

In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other.

Group Benefits

The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance.

RIS

The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions and capital markets investment products.

Asia

The Asia segment offers a broad range of products and services to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

EMEA

The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance.

MetLife Holdings

The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.

Corporate & Other

Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiatives), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide).

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Financial Measures and Segment Accounting Policies

Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.

These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these 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 (“MRBs”) remeasurement gains (losses) and goodwill impairments. Further, 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.

•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 (“FPBs”), (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.

•Interest credited to policyholder account balances (“PABs”) 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 to the line items indicated in calculating adjusted earnings:

•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.

•Other revenues include fee revenue on synthetic guaranteed interest contracts (“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) 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 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.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

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

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and nine months ended September 30, 2024 and 2023. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards.

Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings.

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended September 30, 2024						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total						Adjustments						Total Consolidated
						(In millions)
Revenues
Premiums						$	5,538					$	1,451					$	1,272					$	1,141					$	562					$	673					$	(6)					$	10,631					$	16					$	10,647
Universal life and investment-type product policy fees						231						67						420						346						84						80						—						1,228						—						1,228
Net investment income						311						2,133						1,132						435						55						981						96						5,143						84						5,227
Other revenues						377						61						18						9						9						40						98						612						36						648
Net investment gains (losses)						—						—						—						—						—						—						—						—						(77)						(77)
Net derivative gains (losses)						—						—						—						—						—						—						—						—						767						767
Total revenues						6,457						3,712						2,842						1,931						710						1,774						188						17,614						826						18,440
Expenses
Policyholder benefits and claims and policyholder dividends						4,927						2,247						1,035						1,091						276						1,221						—						10,797						(50)						10,747
Policyholder liability remeasurement (gains) losses						—						(148)						60						(18)						9						(35)						—						(132)						—						(132)
MRB remeasurement (gains) losses						—						—						—						—						—						—						—						—						531						531
Interest credited to PABs						49						874						683						108						17						84						—						1,815						222						2,037
Capitalization of deferred policy acquisition costs (“DAC”)						(4)						(53)						(336)						(174)						(119)						(4)						(1)						(691)						—						(691)
Amortization of DAC and value of business acquired (“VOBA”)						6						14						217						126						92						58						3						516						—						516
Amortization of negative VOBA						—						—						(6)						—						(1)						—						—						(7)						—						(7)
Interest expense on debt						—						4						—						4						—						4						245						257						—						257
Other expenses						1,007						183						758						485						342						220						164						3,159						29						3,188
Total expenses						5,985						3,121						2,411						1,622						616						1,548						411						15,714						732						16,446
Provision for income tax expense (benefit)						99						119						125						88						24						44						(41)						458						195						653
Adjusted earnings						$	373					$	472					$	306					$	221					$	70					$	182					$	(182)					1,442
Adjustments to:
Total revenues																																																826
Total expenses																																																(732)
Provision for income tax (expense) benefit																																																(195)
Net income (loss)																																																$	1,341											$	1,341

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Three Months Ended September 30, 2023						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total						Adjustments						Total Consolidated
						(In millions)
Revenues
Premiums						$	5,276					$	2,330					$	1,312					$	1,116					$	502					$	685					$	9					$	11,230					$	—					$	11,230
Universal life and investment-type product policy fees						219						82						411						359						79						184						—						1,334						—						1,334
Net investment income						330						2,009						1,023						365						51						1,153						125						5,056						(231)						4,825
Other revenues						371						66						20						9						7						41						103						617						(11)						606
Net investment gains (losses)						—						—						—						—						—						—						—						—						(927)						(927)
Net derivative gains (losses)						—						—						—						—						—						—						—						—						(1,202)						(1,202)
Total revenues						6,196						4,487						2,766						1,849						639						2,063						237						18,237						(2,371)						15,866
Expenses
Policyholder benefits and claims and policyholder dividends						4,592						3,100						1,095						1,020						230						1,311						4						11,352						(69)						11,283
Policyholder liability remeasurement (gains) losses						(29)						(76)						108						(4)						(9)						(7)						—						(17)						—						(17)
MRB remeasurement (gains) losses						—						—						—						—						—						—						—						—						(796)						(796)
Interest credited to PABs						50						756						576						106						19						198						—						1,705						(47)						1,658
Capitalization of DAC						(5)						(41)						(404)						(171)						(114)						(5)						(2)						(742)						—						(742)
Amortization of DAC and VOBA						6						13						204						121						87						65						3						499						—						499
Amortization of negative VOBA						—						—						(6)						—						(1)						—						—						(7)						—						(7)
Interest expense on debt						—						3						—						2						—						4						256						265						—						265
Other expenses						937						138						788						493						315						238						250						3,159						30						3,189
Total expenses						5,551						3,893						2,361						1,567						527						1,804						511						16,214						(882)						15,332
Provision for income tax expense (benefit)						135						124						130						83						24						51						(79)						468						(429)						39
Adjusted earnings						$	510					$	470					$	275					$	199					$	88					$	208					$	(195)					1,555
Adjustments to:
Total revenues																																																(2,371)
Total expenses																																																882
Provision for income tax (expense) benefit																																																429
Net income (loss)																																																$	495											$	495

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Nine Months Ended September 30, 2024						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total						Adjustments						Total Consolidated
						(In millions)
Revenues
Premiums						$	16,848					$	4,574					$	3,785					$	3,378					$	1,634					$	2,078					$	15					$	32,312					$	16					$	32,328
Universal life and investment-type product policy fees						682						215						1,280						1,089						238						252						1						3,757						—						3,757
Net investment income						939						6,339						3,407						1,219						163						3,007						297						15,371						497						15,868
Other revenues						1,156						185						57						31						24						127						293						1,873						87						1,960
Net investment gains (losses)						—						—						—						—						—						—						—						—						(873)						(873)
Net derivative gains (losses)						—						—						—						—						—						—						—						—						(720)						(720)
Total revenues						19,625						11,313						8,529						5,717						2,059						5,464						606						53,313						(993)						52,320
Expenses
Policyholder benefits and claims and policyholder dividends						14,943						6,966						3,090						3,092						799						3,724						17						32,631						(30)						32,601
Policyholder liability remeasurement (gains) losses						(1)						(170)						24						(29)						10						2						—						(164)						—						(164)
MRB remeasurement (gains) losses						—						—						—						—						—						—						—						—						(345)						(345)
Interest credited to PABs						145						2,508						1,987						337						53						293						—						5,323						1,004						6,327
Capitalization of DAC						(13)						(160)						(1,032)						(527)						(362)						(13)						(7)						(2,114)						—						(2,114)
Amortization of DAC and VOBA						19						45						634						380						265						174						6						1,523						—						1,523
Amortization of negative VOBA						—						—						(16)						—						(3)						—						—						(19)						—						(19)
Interest expense on debt						1						11						—						11						—						11						744						778						—						778
Other expenses						3,026						500						2,204						1,502						1,002						663						546						9,443						49						9,492
Total expenses						18,120						9,700						6,891						4,766						1,764						4,854						1,306						47,401						678						48,079
Provision for income tax expense (benefit)						315						332						460						271						71						116						(158)						1,407						(335)						1,072
Adjusted earnings						$	1,190					$	1,281					$	1,178					$	680					$	224					$	494					$	(542)					4,505
Adjustments to:
Total revenues																																																(993)
Total expenses																																																(678)
Provision for income tax (expense) benefit																																																335
Net income (loss)																																																$	3,169											$	3,169

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

Nine Months Ended September 30, 2023						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total						Adjustments						Total Consolidated
						(In millions)
Revenues
Premiums						$	16,154					$	5,512					$	3,999					$	3,164					$	1,497					$	2,127					$	44					$	32,497					$	—					$	32,497
Universal life and investment-type product policy fees						660						232						1,204						1,046						231						537						1						3,911						—						3,911
Net investment income						967						5,771						2,954						1,162						143						3,450						255						14,702						(160)						14,542
Other revenues						1,114						205						61						31						23						143						310						1,887						(21)						1,866
Net investment gains (losses)						—						—						—						—						—						—						—						—						(2,650)						(2,650)
Net derivative gains (losses)						—						—						—						—						—						—						—						—						(2,289)						(2,289)
Total revenues						18,895						11,720						8,218						5,403						1,894						6,257						610						52,997						(5,120)						47,877
Expenses
Policyholder benefits and claims and policyholder dividends						14,452						7,766						3,282						2,962						728						4,021						32						33,243						31						33,274
Policyholder liability remeasurement (gains) losses						(31)						(116)						92						(5)						(10)						28						—						(42)						—						(42)
MRB remeasurement (gains) losses						—						—						—						—						—						—						—						—						(1,425)						(1,425)
Interest credited to PABs						144						2,104						1,682						310						54						595						—						4,889						566						5,455
Capitalization of DAC						(16)						(136)						(1,202)						(470)						(341)						(17)						(7)						(2,189)						—						(2,189)
Amortization of DAC and VOBA						19						36						587						344						257						197						8						1,448						—						1,448
Amortization of negative VOBA						—						—						(17)						—						(3)						—						—						(20)						—						(20)
Interest expense on debt						1						10						—						8						—						10						747						776						—						776
Other expenses						2,819						430						2,373						1,388						929						707						656						9,302						77						9,379
Total expenses						17,388						10,094						6,797						4,537						1,614						5,541						1,436						47,407						(751)						46,656
Provision for income tax expense (benefit)						318						339						435						233						62						139						(265)						1,261						(1,028)						233
Adjusted earnings						$	1,189					$	1,287					$	986					$	633					$	218					$	577					$	(561)					4,329
Adjustments to:
Total revenues																																																(5,120)
Total expenses																																																751
Provision for income tax (expense) benefit																																																1,028
Net income (loss)																																																$	988											$	988

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

2. Segment Information (continued)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

						September 30, 2024						December 31, 2023
						(In millions)
Group Benefits						$	36,894					$	36,715
RIS						229,709						218,587
Asia						162,531						157,206
Latin America						73,419						69,177
EMEA						19,653						18,596
MetLife Holdings						146,403						148,524
Corporate & Other						36,367						38,779
Total						$	704,976					$	687,584

3. Disposition

Pending Disposition of MetLife Malaysia

In October 2023, the Company entered into an agreement to sell its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”). The transaction is expected to close in the first half of 2025 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:

						September 30, 2024						December 31, 2023
						(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities						$	67,645					$	64,324
Asia:
Whole and term life & endowments						12,661						12,874
Accident & health						10,598						10,712
Latin America - Fixed annuities						10,906						9,637
MetLife Holdings - Long-term care						15,657						15,240
Deferred Profit Liabilities:
RIS - Annuities						3,754						3,697
Asia:
Whole and term life & endowments						785						654
Accident & health						913						830
Latin America - Fixed annuities						549						562
Additional Insurance Liabilities:
Asia:
Variable life						1,227						1,258
Universal and variable universal life						399						424
MetLife Holdings - Universal and variable universal life						2,471						2,362
MetLife Holdings - Participating life						48,629						49,543
Other long-duration (1)						11,340						11,099
Short-duration and other						13,806						13,190
Total						$	201,340					$	196,406

__________________

(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	—					$	—
Balance, beginning of period, at original discount rate						$	—					$	—
Effect of changes in cash flow assumptions (1)						—						—
Effect of actual variances from expected experience (2)						(32)						(89)
Adjusted balance						(32)						(89)
Issuances						5,042						4,422
Net premiums collected						(5,010)						(4,333)
Ending balance at original discount rate						—						—
Balance, end of period, at current discount rate at balance sheet date						$	—					$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	64,515					$	58,695
Balance, beginning of period, at original discount rate						$	64,737					$	61,426
Effect of changes in cash flow assumptions (1)						(195)						(284)
Effect of actual variances from expected experience (2)						(99)						(222)
Adjusted balance						64,443						60,920
Issuances						5,168						4,420
Interest accrual						2,326						2,145
Benefit payments						(4,479)						(4,121)
Ending balance at original discount rate						67,458						63,364
Effect of changes in discount rate assumptions						338						(5,438)
Balance, end of period, at current discount rate at balance sheet date						67,796						57,926
Cumulative amount of fair value hedging adjustments						(151)						(430)
Net liability for FPBs						67,645						57,496
Less: Reinsurance recoverables						2,041						—
Net liability for FPBs, net of reinsurance						$	65,604					$	57,496
Undiscounted - Expected future benefit payments						$	123,186					$	119,270
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)						$	67,796					$	57,926
Weighted-average duration of the liability						9 years						9 years
Weighted-average interest accretion (original locked-in) rate						4.8		%				4.7		%
Weighted-average current discount rate at balance sheet date						5.0		%				6.1		%

_________________

(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million. For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million. For the nine months ended September 30, 2024 and 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

(2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $29 million. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $95 million. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the nine months ended September 30, 2024, the Company incurred a loss at issue of $129 million. Substantially all the loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement. Additionally, for the nine months ended September 30, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

			Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	4,561					$	4,682
Balance, beginning of period, at original discount rate						$	4,793					$	4,943
Effect of changes in cash flow assumptions (1)						58						11
Effect of actual variances from expected experience						(43)						(41)
Adjusted balance						4,808						4,913
Issuances						386						614
Interest accrual						52						43
Net premiums collected						(456)						(457)
Effect of foreign currency translation						(77)						(518)
Ending balance at original discount rate						4,713						4,595
Effect of changes in discount rate assumptions						(236)						(319)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						3						23
Balance, end of period, at current discount rate at balance sheet date						$	4,480					$	4,299
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	17,435					$	17,463
Balance, beginning of period, at original discount rate						$	17,198					$	18,209
Effect of changes in cash flow assumptions (1)						36						58
Effect of actual variances from expected experience						(39)						(14)
Adjusted balance						17,195						18,253
Issuances						386						614
Interest accrual						276						278
Benefit payments						(726)						(895)
Effect of foreign currency translation						(263)						(1,847)
Ending balance at original discount rate						16,868						16,403
Effect of changes in discount rate assumptions						272						(742)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						1						40
Balance, end of period, at current discount rate at balance sheet date						17,141						15,701
Cumulative impact of flooring the future policyholder benefits reserve						—						2
Net liability for FPBs						12,661						11,404
Less: Amount due to reinsurer						(2)						(1)
Net liability for FPBs, net of reinsurance						$	12,663					$	11,405
Undiscounted:
Expected future gross premiums						$	9,393					$	8,911
Expected future benefit payments						$	28,008					$	26,785
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	8,042					$	7,582
Expected future benefit payments						$	17,141					$	15,701
Weighted-average duration of the liability						17 years						17 years
Weighted -average interest accretion (original locked-in) rate						2.5		%				2.5		%
Weighted-average current discount rate at balance sheet date						2.6		%				2.9		%

_________________

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life products of $28 million.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	19,835					$	21,181
Balance, beginning of period, at original discount rate						$	21,232					$	22,594
Effect of changes in cash flow assumptions (1)						439						867
Effect of actual variances from expected experience						—						(75)
Adjusted balance						21,671						23,386
Issuances						842						813
Interest accrual						168						179
Net premiums collected						(1,394)						(1,546)
Effect of foreign currency translation and other - net						(149)						(2,474)
Ending balance at original discount rate						21,138						20,358
Effect of changes in discount rate assumptions						(1,481)						(1,803)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						12						136
Balance, end of period, at current discount rate at balance sheet date						$	19,669					$	18,691
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	30,480					$	30,879
Balance, beginning of period, at original discount rate						$	36,010					$	37,189
Effect of changes in cash flow assumptions (1)						439						898
Effect of actual variances from expected experience						4						(99)
Adjusted balance						36,453						37,988
Issuances						841						812
Interest accrual						353						367
Benefit payments						(939)						(958)
Effect of foreign currency translation and other - net						(323)						(4,061)
Ending balance at original discount rate						36,385						34,148
Effect of changes in discount rate assumptions						(6,207)						(6,866)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						43						595
Balance, end of period, at current discount rate at balance sheet date						30,221						27,877
Cumulative impact of flooring the future policyholder benefits reserve						46						143
Net liability for FPBs						10,598						9,329
Less: Reinsurance recoverables						164						136
Net liability for FPBs, net of reinsurance						$	10,434					$	9,193
Undiscounted:
Expected future gross premiums						$	41,446					$	39,891
Expected future benefit payments						$	47,705					$	44,612
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	33,666					$	32,286
Expected future benefit payments						$	30,221					$	27,877
Weighted-average duration of the liability						24 years						25 years
Weighted-average interest accretion (original locked-in) rate						1.7		%				1.8		%
Weighted-average current discount rate at balance sheet date						2.7		%				2.8		%

_________________

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses. For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in assumptions associated with mortality and morbidity.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	—					$	—
Balance, at beginning of period, at original discount rate						$	—					$	—
Effect of changes in cash flow assumptions (1)						—						—
Effect of actual variances from expected experience (2)						—						(2)
Adjusted balance						—						(2)
Issuances						760						785
Interest accrual						13						16
Net premiums collected						(773)						(799)
Ending balance at original discount rate						—						—
Balance, end of period, at current discount rate at balance sheet date						$	—					$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	9,637					$	9,265
Balance, beginning of period, at original discount rate						$	9,249					$	8,240
Effect of changes in cash flow assumptions (1)						(4)						(5)
Effect of actual variances from expected experience (2)						(21)						(13)
Adjusted balance						9,224						8,222
Issuances						789						869
Interest accrual						253						258
Benefit payments						(519)						(504)
Inflation adjustment						270						273
Effect of foreign currency translation						(258)						(403)
Ending balance at original discount rate						9,759						8,715
Effect of changes in discount rate assumptions						1,126						(59)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						21						6
Balance, end of period, at current discount rate at balance sheet date						10,906						8,662
Net liability for FPBs						$	10,906					$	8,662
Undiscounted - Expected future benefit payments						$	14,663					$	13,204
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)						$	10,906					$	8,662
Weighted-average duration of the liability						11 years						10 years
Weighted-average interest accretion (original locked-in) rate						3.4		%				3.9		%
Weighted-average current discount rate at balance sheet date						2.5		%				3.7		%

__________________

(1)For the nine months ended September 30, 2024 and 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million and $4 million, respectively.

(2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $2 million.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	5,687					$	5,775
Balance, beginning of period, at original discount rate						$	5,566					$	5,807
Effect of changes in cash flow assumptions (1)						212						(152)
Effect of actual variances from expected experience						34						173
Adjusted balance						5,812						5,828
Interest accrual						213						222
Net premiums collected						(424)						(438)
Ending balance at original discount rate						5,601						5,612
Effect of changes in discount rate assumptions						159						(258)
Balance, end of period, at current discount rate at balance sheet date						$	5,760					$	5,354
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	20,927					$	19,619
Balance, beginning of period, at original discount rate						$	20,494					$	20,165
Effect of changes in cash flow assumptions (1)						205						(190)
Effect of actual variances from expected experience						45						194
Adjusted balance						20,744						20,169
Interest accrual						812						801
Benefit payments						(638)						(579)
Ending balance at original discount rate						20,918						20,391
Effect of changes in discount rate assumptions						499						(2,012)
Balance, end of period, at current discount rate at balance sheet date						21,417						18,379
Net liability for FPBs						$	15,657					$	13,025
Undiscounted:
Expected future gross premiums						$	10,735					$	10,713
Expected future benefit payments						$	45,098					$	45,152
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	7,319					$	6,714
Expected future benefit payments						$	21,417					$	18,379
Weighted-average duration of the liability						14 years						14 years
Weighted-average interest accretion (original locked-in) rate						5.4		%				5.5		%
Weighted-average current discount rate at balance sheet date						5.2		%				6.3		%

__________________

(1)For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in morbidity assumptions associated with an increase in incidence rates.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:

						Nine Months Ended September 30,
						2024						2023						2024						2023
						Variable Life												Universal and Variable Universal Life
						(Dollars in millions)
Balance, beginning of period						$	1,258					$	1,381					$	424					$	455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment						—						—						(14)						(33)
Balance, beginning of period, before AOCI adjustment						1,258						1,381						438						488
Effect of changes in cash flow assumptions						17						(4)						(23)						(2)
Effect of actual variances from expected experience						(8)						(9)						(14)						(32)
Adjusted balance						1,267						1,368						401						454
Assessments accrual						(3)						(3)						—						—
Interest accrual						13						15						4						5
Excess benefits paid						(30)						(29)						—						—
Effect of foreign currency translation and other, net						(20)						(158)						(6)						(55)
Balance, end of period, before AOCI adjustment						1,227						1,193						399						404
Add: AOCI adjustment						—						—						—						(18)
Balance, end of period						$	1,227					$	1,193					$	399					$	386
Weighted-average duration of the liability						16 years						16 years						42 years						43 years
Weighted-average interest accretion rate						1.4		%				1.5		%				1.4		%				1.5		%

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

						Nine Months Ended September 30,
						2024						2023
						Universal and Variable Universal Life
						(Dollars in millions)
Balance, beginning of period						$	2,362					$	2,156
Less: AOCI adjustment						(14)						(63)
Balance, beginning of period, before AOCI adjustment						2,376						2,219
Effect of changes in cash flow assumptions						(2)						38
Effect of actual variances from expected experience						36						(10)
Adjusted balance						2,410						2,247
Assessments accrual						78						80
Interest accrual						98						92
Excess benefits paid						(104)						(81)
Balance, end of period, before AOCI adjustment						2,482						2,338
Add: AOCI adjustment						(11)						(65)
Balance, end of period						2,471						2,273
Less: Reinsurance recoverables						2,147						766
Balance, end of period, net of reinsurance						$	324					$	1,507
Weighted-average duration of the liability						15 years						16 years
Weighted-average interest accretion rate						5.5		%				5.5		%

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

						Nine Months Ended September 30,
						2024												2023
						Gross Premiums or Assessments (1)						Interest Expense (2)						Gross Premiums or Assessments (1)						Interest Expense (2)
			(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities						$	5,098					$	2,326					$	4,433					$	2,145
Asia:
Whole and term life & endowments						850						224						841						235
Accident & health						2,324						185						2,580						188
Latin America - Fixed annuities						773						240						799						242
MetLife Holdings - Long-term care						543						599						547						579
Deferred Profit Liabilities:
RIS - Annuities						N/A						133						N/A						124
Asia:
Whole and term life & endowments						N/A						27						N/A						22
Accident & health						N/A						15						N/A						13
Latin America - Fixed annuities						N/A						15						N/A						17
Additional Insurance Liabilities:
Asia:
Variable life						85						13						60						15
Universal and variable universal life						(32)						4						(20)						5
MetLife Holdings - Universal and variable universal life						492						98						559						92
Other long-duration						3,469						362						3,194						341
Total						$	13,602					$	4,241					$	12,993					$	4,018

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

4. Future Policy Benefits (continued)

Liabilities for Unpaid Claims and Claim Expenses

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

						Nine Months Ended September 30,
						2024						2023
						(In millions)
Balance, beginning of period						$	16,468					$	16,098
Less: Reinsurance recoverables						2,592						2,452
Net balance, beginning of period						13,876						13,646
Incurred related to:
Current period						20,532						19,983
Prior periods (1)						80						327
Total incurred						20,612						20,310
Paid related to:
Current period						(14,470)						(13,991)
Prior periods						(5,773)						(5,883)
Total paid						(20,243)						(19,874)
Net balance, end of period						14,245						14,082
Add: Reinsurance recoverables						2,757						2,523
Balance, end of period (included in FPBs and other policy-related balances)						$	17,002					$	16,605

__________________

(1)For the nine months ended September 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:

						September 30, 2024						December 31, 2023
						(In millions)
Group Benefits - Group life						$	7,676					$	7,692
RIS:
Capital markets investment products and stable value GICs						65,330						64,140
Annuities and risk solutions						19,572						17,711
Asia:
Universal and variable universal life						51,756						49,739
Fixed annuities						38,742						36,863
EMEA - Variable annuities						2,617						2,720
MetLife Holdings:
Annuities						10,437						11,537
Life and other						11,284						11,641
Other						17,195						17,226
Total						$	224,609					$	219,269

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	7,692					$	8,028
Deposits						2,857						2,529
Policy charges						(493)						(475)
Surrenders and withdrawals						(2,512)						(2,432)
Benefit payments						(9)						(9)
Net transfers from (to) separate accounts						(3)						1
Interest credited						144						143
Balance, end of period						$	7,676					$	7,785
Weighted-average annual crediting rate						2.5 %						2.4 %
At period end:
Cash surrender value						$	7,614					$	7,721
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	265,266					$	250,611

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than  0% but less  than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50%  above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	456					$	72					$	877					$	4,141					$	5,546
Equal to or greater than 2% but less than 4%						1,266						8						59						1						1,334
Equal to or greater than 4%						684						—						39						36						759
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						37
Total						$	2,406					$	80					$	975					$	4,178					$	7,676
September 30, 2023
Equal to or greater than 0% but less than 2%						$	—					$	82					$	887					$	4,595					$	5,564
Equal to or greater than 2% but less than 4%						1,223						10						62						2						1,297
Equal to or greater than 4%						733						1						42						34						810
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						114
Total						$	1,956					$	93					$	991					$	4,631					$	7,785

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	64,140					$	63,723
Deposits						56,170						54,674
Surrenders and withdrawals						(57,068)						(56,873)
Interest credited						1,811						1,524
Effect of foreign currency translation and other, net						277						369
Balance, end of period						$	65,330					$	63,417
Weighted-average annual crediting rate						3.8 %						3.2 %
Cash surrender value at period end						$	1,953					$	2,110

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than  0% but less  than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50%  above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	—					$	—					$	—					$	2,754					$	2,754
Equal to or greater than 2% but less than 4%						—						—						—						148						148
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						62,428
Total						$	—					$	—					$	—					$	2,902					$	65,330
September 30, 2023
Equal to or greater than 0% but less than 2%						$	—					$	—					$	1					$	2,620					$	2,621
Equal to or greater than 2% but less than 4%						—						—						—						—						—
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						60,796
Total						$	—					$	—					$	1					$	2,620					$	63,417

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	17,711					$	15,549
Deposits						2,367						2,007
Policy charges						(122)						(133)
Surrenders and withdrawals						(239)						(134)
Benefit payments						(731)						(615)
Net transfers from (to) separate accounts						20						54
Interest credited						556						469
Other						10						(133)
Balance, end of period						$	19,572					$	17,064
Weighted-average annual crediting rate						4.0 %						3.9 %
At period end:
Cash surrender value						$	8,476					$	7,693
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death						$	44,437					$	42,043

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than  0% but less  than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50%  above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	—					$	—					$	19					$	2,403					$	2,422
Equal to or greater than 2% but less than 4%						198						35						109						417						759
Equal to or greater than 4%						4,131						—						472						6						4,609
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						11,782
Total						$	4,329					$	35					$	600					$	2,826					$	19,572
September 30, 2023
Equal to or greater than 0% but less than 2%						$	—					$	—					$	22					$	1,525					$	1,547
Equal to or greater than 2% but less than 4%						260						33						94						437						824
Equal to or greater than 4%						4,363						—						277						6						4,646
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						10,047
Total						$	4,623					$	33					$	393					$	1,968					$	17,064

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	49,739					$	46,417
Deposits						4,694						5,439
Policy charges						(812)						(888)
Surrenders and withdrawals						(2,483)						(2,018)
Benefit payments						(345)						(393)
Interest credited						1,153						979
Effect of foreign currency translation and other, net						(190)						(1,906)
Balance, end of period						$	51,756					$	47,630
Weighted-average annual crediting rate						3.1 %						2.8 %
At period end:
Cash surrender value						$	46,366					$	40,663
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	89,793					$	91,861

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than  0% but less  than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50%  above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	10,681					$	18					$	235					$	1,449					$	12,383
Equal to or greater than 2% but less than 4%						7,829						15,730						5,397						9,650						38,606
Equal to or greater than 4%						241						—						—						—						241
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						526
Total						$	18,751					$	15,748					$	5,632					$	11,099					$	51,756
September 30, 2023
Equal to or greater than 0% but less than 2%						$	9,986					$	25					$	233					$	729					$	10,973
Equal to or greater than 2% but less than 4%						5,742						17,923						5,628						6,633						35,926
Equal to or greater than 4%						256						—						—						—						256
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						475
Total						$	15,984					$	17,948					$	5,861					$	7,362					$	47,630

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	36,863					$	32,454
Deposits						5,002						6,230
Policy charges						(2)						(2)
Surrenders and withdrawals						(2,248)						(1,665)
Benefit payments						(1,718)						(1,614)
Interest credited						784						629
Effect of foreign currency translation and other, net						61						(552)
Balance, end of period						$	38,742					$	35,480
Weighted-average annual crediting rate						2.8 %						2.5 %
At period end:
Cash surrender value						$	35,005					$	30,289
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	8					$	—

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than  0% but less  than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50%  above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	385					$	460					$	5,250					$	31,353					$	37,448
Equal to or greater than 2% but less than 4%						—						5						—						—						5
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						1,289
Total						$	385					$	465					$	5,250					$	31,353					$	38,742
September 30, 2023
Equal to or greater than 0% but less than 2%						$	315					$	574					$	6,494					$	26,811					$	34,194
Equal to or greater than 2% but less than 4%						—						6						—						—						6
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						1,280
Total						$	315					$	580					$	6,494					$	26,811					$	35,480

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	2,720					$	2,802
Deposits						2						3
Policy charges						(44)						(48)
Surrenders and withdrawals						(214)						(206)
Benefit payments						(95)						(95)
Interest credited (1)						117						69
Effect of foreign currency translation and other, net						131						46
Balance, end of period						$	2,617					$	2,571
Weighted-average annual crediting rate						6.0 %						3.5 %
At period end:
Cash surrender value						$	2,617					$	2,571
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	426					$	577
At annuitization or exercise of other living benefits						$	550					$	725

__________________

(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	11,537					$	13,286
Deposits						121						115
Policy charges						(10)						(12)
Surrenders and withdrawals						(1,292)						(1,425)
Benefit payments						(298)						(320)
Net transfers from (to) separate accounts						105						48
Interest credited						265						299
Other						9						15
Balance, end of period						$	10,437					$	12,006
Weighted-average annual crediting rate						3.3 %						3.2 %
At period end:
Cash surrender value						$	9,866					$	11,263
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death						$	2,238					$	3,970
At annuitization or exercise of other living benefits						$	657					$	923

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than 0% but less than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50% above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	3					$	166					$	444					$	52					$	665
Equal to or greater than 2% but less than 4%						1,378						6,188						501						153						8,220
Equal to or greater than 4%						745						404						17						—						1,166
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						386
Total						$	2,126					$	6,758					$	962					$	205					$	10,437
September 30, 2023
Equal to or greater than 0% but less than 2%						$	235					$	245					$	292					$	227					$	999
Equal to or greater than 2% but less than 4%						2,887						5,828						457						130						9,302
Equal to or greater than 4%						965						274						26						—						1,265
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						440
Total						$	4,087					$	6,347					$	775					$	357					$	12,006

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(Dollars in millions)
Balance, beginning of period						$	11,641					$	12,402
Deposits						549						617
Policy charges						(519)						(529)
Surrenders and withdrawals						(744)						(892)
Benefit payments						(114)						(120)
Net transfers from (to) separate accounts						26						29
Interest credited						318						336
Other						127						1
Balance, end of period						$	11,284					$	11,844
Weighted-average annual crediting rate						3.8 %						3.8 %
At period end:
Cash surrender value						$	10,722					$	11,360
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)						$	64,816					$	68,972

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both September 30, 2024 and December 31, 2023, would be reduced by 99%.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

5. Policyholder Account Balances (continued)

The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:

Range of GMCR						At GMCR						Greater than 0% but less than 0.50% above GMCR						Equal to or greater than 0.50% but less than 1.50% above GMCR						Equal to or greater than 1.50% above GMCR						Total Account Value
						(In millions)
September 30, 2024
Equal to or greater than 0% but less than 2%						$	—					$	—					$	17					$	58					$	75
Equal to or greater than 2% but less than 4%						4,159						171						265						536						5,131
Equal to or greater than 4%						4,911						122						405						9						5,447
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						631
Total						$	9,070					$	293					$	687					$	603					$	11,284
September 30, 2023
Equal to or greater than 0% but less than 2%						$	—					$	—					$	19					$	54					$	73
Equal to or greater than 2% but less than 4%						4,595						172						285						554						5,606
Equal to or greater than 4%						5,109						126						414						15						5,664
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						501
Total						$	9,704					$	298					$	718					$	623					$	11,844

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:

						September 30, 2024																		December 31, 2023
						Asset						Liability						Net						Asset						Liability						Net
						(In millions)
Asia - Retirement Assurance						$	—					$	197					$	197					$	—					$	203					$	203
MetLife Holdings - Annuities						179						2,787						2,608						156						2,878						2,722
Other						131						133						2						130						98						(32)
Total						$	310					$	3,117					$	2,807					$	286					$	3,179					$	2,893

Rollforwards

The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:

						Nine Months Ended September 30,
						2024						2023
						(In millions)
Balance, beginning of period						$	203					$	226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk						$	205					$	233
Attributed fees collected						3						2
Benefit payments						(9)						(9)
Effect of changes in interest rates						4						2
Actual policyholder behavior different from expected behavior						(2)						(1)
Effect of changes in future expected policyholder behavior and other assumptions						—						(1)
Effect of foreign currency translation and other, net						(3)						(30)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						198						196
Cumulative effect of changes in the instrument-specific credit risk						(1)						(3)
Balance, end of period						$	197					$	193
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits						$	122					$	116
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits						58 years						58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

						Nine Months Ended September 30,
						2024						2023
			(In millions)
Balance, beginning of period						$	2,722					$	3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk						$	2,772					$	3,360
Attributed fees collected						266						286
Benefit payments						(67)						(36)
Effect of changes in interest rates						(70)						(881)
Effect of changes in capital markets						(527)						(542)
Effect of changes in equity index volatility						37						(84)
Actual policyholder behavior different from expected behavior						176						95
Effect of changes in future expected policyholder behavior and other assumptions						12						9
Effect of foreign currency translation and other, net (1)						34						118
Effect of changes in risk margin						(7)						(46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						2,626						2,279
Cumulative effect of changes in the instrument-specific credit risk						(19)						(16)
Effect of foreign currency translation on the cumulative instrument-specific credit risk						1						5
Balance, end of period						$	2,608					$	2,268
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death						$	2,243					$	3,979
At annuitization or exercise of other living benefits						$	643					$	921
Weighted-average attained age of contractholders:
In the event of death						71 years						70 years
At annuitization or exercise of other living benefits						68 years						70 years

__________________

(1)Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

(2)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

6. Market Risk Benefits (continued)

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

						Nine Months Ended September 30,
						2024						2023
						(In millions)
Balance, beginning of period						$	(32)					$	32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk						$	(50)					$	24
Attributed fees collected						38						23
Benefit payments						(5)						(23)
Effect of changes in interest rates						(12)						(98)
Effect of changes in capital markets						(8)						(15)
Effect of changes in equity index volatility						—						(4)
Actual policyholder behavior different from expected behavior						6						(21)
Effect of changes in future expected policyholder behavior and other assumptions						(2)						2
Effect of foreign currency translation and other, net						22						37
Effect of changes in risk margin						(1)						(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						(12)						(77)
Cumulative effect of changes in the instrument-specific credit risk						13						20
Effect of foreign currency translation on the cumulative instrument-specific credit risk						1						—
Balance, end of period						2						(57)
Less: Reinsurance recoverable						16						18
Balance, end of period, net of reinsurance						$	(14)					$	(75)

7. Separate Accounts

Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

Separate Account Liabilities

The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:

			September 30, 2024						December 31, 2023
			(In millions)
RIS:
Stable Value and Risk Solutions			$	40,448					$	41,343
Annuities			11,989						11,659
Latin America - Pensions			44,158						41,320
MetLife Holdings - Annuities			29,349						29,224
Other			22,865						21,088
Total			$	148,809					$	144,634

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

Rollforwards

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.

The balances of and changes in separate account liabilities were as follows:

						RIS Stable Value and Risk Solutions						RIS Annuities						Latin America Pensions						MetLife Holdings Annuities
						(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period						$	41,343					$	11,659					$	41,320					$	29,224
Premiums and deposits						1,669						34						5,082						175
Policy charges						(214)						(16)						(198)						(454)
Surrenders and withdrawals						(3,799)						(609)						(3,913)						(2,798)
Benefit payments						(81)						—						(1,231)						(377)
Investment performance						2,152						561						4,075						3,691
Net transfers from (to) general account						(21)						—						—						(105)
Effect of foreign currency translation and other, net (1)						(601)						360						(977)						(7)
Balance, end of period						$	40,448					$	11,989					$	44,158					$	29,349
Nine Months Ended September 30, 2023
Balance, beginning of period						$	48,265					$	11,694					$	39,428					$	28,499
Premiums and deposits						1,857						154						6,181						190
Policy charges						(223)						(17)						(219)						(460)
Surrenders and withdrawals						(8,696)						(636)						(4,485)						(2,114)
Benefit payments						(74)						—						(1,301)						(350)
Investment performance						711						(157)						(216)						1,740
Net transfers from (to) general account						(57)						3						—						(49)
Effect of foreign currency translation and other, net (1)						(1,280)						111						(1,915)						(1)
Balance, end of period						$	40,503					$	11,152					$	37,473					$	27,455
Cash surrender value at September 30, 2024 (2)						$	35,632					N/A						$	44,158					$	29,210
Cash surrender value at September 30, 2023 (2)						$	36,246					N/A						$	37,473					$	27,320

__________________

(1)The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.

(2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

Separate Account Assets

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:

						September 30, 2024
						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Total
						(In millions)
Fixed maturity securities:
Bonds:
Foreign government						$	—					$	508					$	1,271					$	524					$	3,139					$	—					$	5,442
U.S. government and agency						—						9,875						—						12,228						—						19						22,122
Public utilities						—						1,157						239						—						—						7						1,403
Municipals						—						295						20						—						—						13						328
Corporate bonds:
Materials						—						131						—						—						—						1						132
Communications						—						807						16						—						—						4						827
Consumer						—						1,910						38						—						—						11						1,959
Energy						—						822						113						—						—						3						938
Financial						—						2,697						558						5,371						307						19						8,952
Industrial and other						—						748						68						3,759						—						2						4,577
Technology						—						531						—						—						—						2						533
Foreign						—						1,935						—						3,227						54						12						5,228
Total corporate bonds						—						9,581						793						12,357						361						54						23,146
Total bonds						—						21,416						2,323						25,109						3,500						93						52,441
Mortgage-backed securities						—						9,372						—						—						—						40						9,412
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)						—						2,357						18						—						—						13						2,388
Redeemable preferred stock						—						9						—						—						—						—						9
Total fixed maturity securities						—						33,154						2,341						25,109						3,500						146						64,250
Equity securities:
Common stock:
Industrial, miscellaneous and all other						—						2,426						2,417						2,413						807						—						8,063
Banks, trust and insurance companies						—						730						333						442						378						—						1,883
Public utilities						—						73						24						—						123						—						220
Non-redeemable preferred stock						—						—						130						—						—						—						130
Mutual funds						1,320						9,435						3,153						11,835						200						36,250						62,193
Total equity securities						1,320						12,664						6,057						14,690						1,508						36,250						72,489
Other invested assets						—						1,372						369						4,287						98						—						6,126
Total investments						1,320						47,190						8,767						44,086						5,106						36,396						142,865
Other assets						—						5,348						454						72						68						2						5,944
Total						$	1,320					$	52,538					$	9,221					$	44,158					$	5,174					$	36,398					$	148,809

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

7. Separate Accounts (continued)

						December 31, 2023
						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Total
						(In millions)
Fixed maturity securities:
Bonds:
Foreign government						$	—					$	509					$	1,190					$	1,051					$	2,638					$	—					$	5,388
U.S. government and agency						—						9,673						—						9,920						—						18						19,611
Public utilities						—						1,077						308						—						—						4						1,389
Municipals						—						380						31						—						—						13						424
Corporate bonds:
Materials						—						144						—						—						—						—						144
Communications						—						893						8						—						—						3						904
Consumer						—						1,882						39						—						—						8						1,929
Energy						—						911						105						—						—						2						1,018
Financial						—						2,717						551						6,006						398						15						9,687
Industrial and other						—						764						38						3,598						—						3						4,403
Technology						—						547						—						—						—						3						550
Foreign						—						1,920						—						3,095						27						13						5,055
Total corporate bonds						—						9,778						741						12,699						425						47						23,690
Total bonds						—						21,417						2,270						23,670						3,063						82						50,502
Mortgage-backed securities						—						9,671						—						—						—						35						9,706
ABS & CLO						—						2,557						18						—						—						11						2,586
Redeemable preferred stock						—						9						—						—						—						—						9
Total fixed maturity securities						—						33,654						2,288						23,670						3,063						128						62,803
Equity securities:
Common stock:
Industrial, miscellaneous and all other						—						2,411						2,661						2,453						677						—						8,202
Banks, trust and insurance companies						—						731						269						392						341						—						1,733
Public utilities						—						67						19						—						72						—						158
Non-redeemable preferred stock						—						—						115						—						—						—						115
Mutual funds						1,159						8,517						2,929						10,099						109						35,418						58,231
Total equity securities						1,159						11,726						5,993						12,944						1,199						35,418						68,439
Other invested assets						—						1,620						403						4,212						30						—						6,265
Total investments						1,159						47,000						8,684						40,826						4,292						35,546						137,507
Other assets						—						6,093						503						494						35						2						7,127
Total						$	1,159					$	53,093					$	9,187					$	41,320					$	4,327					$	35,548					$	144,634

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue

DAC and VOBA

Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:

			Group Benefits						RIS						Asia (1)						Latin America (2)						EMEA (2)						MetLife Holdings (3)						Corporate & Other						Total
			(In millions)
DAC:
Balance at January 1, 2024			$	258					$	397					$	10,864					$	1,950					$	1,618					$	3,271					$	30					$	18,388
Capitalizations			13						160						1,032						527						362						13						7						2,114
Amortization			(19)						(43)						(579)						(348)						(254)						(171)						(6)						(1,420)
Effect of foreign currency translation and other, net			—						—						(71)						(224)						(5)						—						—						(300)
Balance at September 30, 2024			$	252					$	514					$	11,246					$	1,905					$	1,721					$	3,113					$	31					$	18,782
Balance at January 1, 2023			$	265					$	267					$	10,270					$	1,542					$	1,480					$	3,791					$	29					$	17,644
Capitalizations			16						136						1,202						470						341						17						7						2,189
Amortization			(19)						(34)						(518)						(306)						(245)						(194)						(8)						(1,324)
Effect of foreign currency translation and other, net			—						—						(600)						125						(27)						—						—						(502)
Balance at September 30, 2023			$	262					$	369					$	10,354					$	1,831					$	1,549					$	3,614					$	28					$	18,007
VOBA:
Balance at January 1, 2024			$	—					$	16					$	1,119					$	497					$	113					$	18					$	—					$	1,763
Amortization			—						(2)						(55)						(32)						(11)						(3)						—						(103)
Effect of foreign currency translation and other, net			—						—						(19)						(22)						—						—						—						(41)
Balance at September 30, 2024			$	—					$	14					$	1,045					$	443					$	102					$	15					$	—					$	1,619
Balance at January 1, 2023			$	—					$	19					$	1,290					$	545					$	127					$	28					$	—					$	2,009
Amortization			—						(2)						(69)						(38)						(12)						(3)						—						(124)
Effect of foreign currency translation and other, net			—						—						(144)						(10)						(1)						—						—						(155)
Balance at September 30, 2023			$	—					$	17					$	1,077					$	497					$	114					$	25					$	—					$	1,730
Total DAC and VOBA:
Balance at September 30, 2024																																													$	20,401
Balance at September 30, 2023																																													$	19,737
Balance at December 31, 2023																																													$	20,151

__________________

(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.

(2)Includes DAC balances primarily related to universal life and variable universal life products.

(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (continued)

Unearned Revenue

Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:

						Nine Months Ended September 30, 2024
						RIS						Asia						Latin  America						EMEA						MetLife Holdings						Total
						(In millions)
Balance, beginning of period						$	31					$	2,850					$	989					$	608					$	59					$	4,537
Deferrals						1						424						111						72						12						620
Amortization						(4)						(167)						(88)						(51)						(4)						(314)
Effect of foreign currency translation and other, net						—						(9)						(124)						3						—						(130)
Balance, end of period						$	28					$	3,098					$	888					$	632					$	67					$	4,713
						Nine Months Ended September 30, 2023
						RIS						Asia						Latin  America						EMEA						MetLife Holdings						Total
						(In millions)
Balance, beginning of period						$	36					$	2,382					$	848					$	559					$	281					$	4,106
Deferrals						2						477						108						71						41						699
Amortization						(5)						(129)						(87)						(47)						(16)						(284)
Effect of foreign currency translation and other, net						—						(49)						85						4						—						40
Balance, end of period						$	33					$	2,681					$	954					$	587					$	306					$	4,561

9. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the liabilities and assets designated to the closed block was as follows at:

						September 30, 2024						December 31, 2023
						(In millions)
Closed Block Liabilities
FPBs						$	35,229					$	36,142
Other policy-related balances						284						319
Policyholder dividends payable						178						174
Policyholder dividend obligation						—						—
Current income tax payable						13						—
Other liabilities						896						668
Total closed block liabilities						36,600						37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value						19,915						19,939
Equity securities, at estimated fair value						10						10
Mortgage loans						5,856						6,151
Policy loans						3,850						3,960
Real estate and real estate joint ventures (“REJV”)						676						668
Other invested assets						418						496
Total investments						30,725						31,224
Cash and cash equivalents						957						717
Accrued investment income						382						383
Premiums, reinsurance and other receivables						36						54
Current income tax recoverable						—						3
Deferred income tax asset						239						312
Total assets designated to the closed block						32,339						32,693
Excess of closed block liabilities over assets designated to the closed block						4,261						4,610
AOCI:
Unrealized investment gains (losses), net of income tax						(551)						(820)
Unrealized gains (losses) on derivatives, net of income tax						116						130
Total amounts included in AOCI						(435)						(690)
Maximum future earnings to be recognized from closed block assets and liabilities						$	3,826					$	3,920

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

9. Closed Block (continued)

Information regarding the closed block revenues and expenses was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
			(In millions)
Revenues
Premiums						$	214					$	219					$	648					$	680
Net investment income						336						345						1,021						1,024
Net investment gains (losses)						1						4						(19)						13
Net derivative gains (losses)						(1)						(2)						6						1
Total revenues						550						566						1,656						1,718
Expenses
Policyholder benefits and claims						390						403						1,209						1,261
Policyholder dividends						90						89						266						275
Other expenses						21						21						61						65
Total expenses						501						513						1,536						1,601
Revenues, net of expenses before provision for income tax expense (benefit)						49						53						120						117
Provision for income tax expense (benefit)						11						11						26						24
Revenues, net of expenses and provision for income tax expense (benefit)						$	38					$	42					$	94					$	93

MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments

Fixed Maturity Securities AFS

Fixed Maturity Securities AFS by Sector

The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”

						September 30, 2024																														December 31, 2023
						Amortized Cost												Gross Unrealized												Estimated Fair Value						Amortized Cost												Gross Unrealized												Estimated Fair Value
Sector												Allowance for Credit Loss (“ACL”)						Gains						Losses																		ACL						Gains						Losses
						(In millions)
U.S. corporate						$	88,612					$	(60)					$	2,275					$	5,976					$	84,851					$	85,563					$	(68)					$	1,894					$	6,672					$	80,717
Foreign corporate						59,282						(15)						2,164						4,679						56,752						59,123						(2)						1,750						5,427						55,444
Foreign government						47,586						(62)						1,776						5,168						44,132						48,260						(88)						1,754						4,437						45,489
U.S. government and agency						37,727						—						589						3,640						34,676						35,374						—						590						3,712						32,252
RMBS						36,761						(1)						630						2,126						35,264						31,479						(1)						353						2,735						29,096
ABS & CLO						17,750						(10)						138						358						17,520						17,910						(7)						54						663						17,294
Municipals						11,521						—						354						1,077						10,798						11,991						—						408						1,228						11,171
CMBS						10,167						(14)						167						534						9,786						10,855						(18)						73						961						9,949
Total fixed maturity securities AFS						$	309,406					$	(162)					$	8,093					$	23,558					$	293,779					$	300,555					$	(184)					$	6,876					$	25,835					$	281,412

Maturities of Fixed Maturity Securities AFS

The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2024:

						Due in One Year or Less						Due After One Year Through Five Years						Due After Five Years Through Ten Years						Due After Ten Years						Structured Products						Total Fixed Maturity Securities AFS
						(In millions)
Amortized cost, net of ACL						$	11,313					$	48,735					$	54,449					$	130,094					$	64,653					$	309,244
Estimated fair value						$	11,361					$	48,895					$	54,079					$	116,874					$	62,570					$	293,779

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.

						September 30, 2024																								December 31, 2023
						Less than 12 Months												Equal to or Greater than 12 Months												Less than 12 Months												Equal to or Greater than 12 Months
Sector & Credit Quality						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
						(Dollars in millions)
U.S. corporate						$	4,384					$	685					$	41,061					$	5,258					$	4,722					$	420					$	45,373					$	6,208
Foreign corporate						2,505						181						28,069						4,477						3,210						187						32,355						5,240
Foreign government						2,828						432						19,170						4,735						3,913						246						19,715						4,187
U.S. government and agency						3,426						159						15,987						3,481						7,856						368						13,960						3,344
RMBS						1,926						73						15,673						2,053						3,465						60						17,128						2,675
ABS & CLO						2,441						17						5,833						341						1,662						31						11,438						629
Municipals						209						87						5,241						990						483						34						5,449						1,194
CMBS						433						15						5,433						517						1,034						36						6,671						917
Total fixed maturity securities AFS						$	18,152					$	1,649					$	136,467					$	21,852					$	26,345					$	1,382					$	152,089					$	24,394
Investment grade						$	15,804					$	1,577					$	131,959					$	21,256					$	24,834					$	1,287					$	146,138					$	23,675
Below investment grade						2,348						72						4,508						596						1,511						95						5,951						719
Total fixed maturity securities AFS						$	18,152					$	1,649					$	136,467					$	21,852					$	26,345					$	1,382					$	152,089					$	24,394
Total number of securities in an unrealized loss position						2,855												11,063												2,922												13,049

Evaluation of Fixed Maturity Securities AFS for Credit Loss

Evaluation and Measurement Methodologies

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.

Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position

Gross unrealized losses on securities without an ACL decreased $2.3 billion for the nine months ended September 30, 2024 to $23.5 billion primarily due to a decrease in interest rates.

As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at September 30, 2024, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.

As of September 30, 2024, $596 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater on below investment grade securities were concentrated in the utility, consumer, and communications sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

At September 30, 2024, the Company did not intend to sell its securities in an unrealized loss position without an ACL, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at September 30, 2024.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.

Rollforward of ACL for Fixed Maturity Securities AFS By Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

			U.S.  Corporate						Foreign Corporate						Foreign Government												RMBS						ABS & CLO						CMBS						Total
			(In millions)
Three Months Ended September 30, 2024
Balance, at beginning of period			$	37					$	2					$	58											$	1					$	9					$	14					$	121
ACL not previously recorded			27						13						—												—						—						—						40
Changes for securities with previously recorded ACL			(1)						—						4												—						1						—						4
Securities sold or exchanged			(3)						—						—												—						—						—						(3)
Balance, at end of period			$	60					$	15					$	62											$	1					$	10					$	14					$	162
Three Months Ended September 30, 2023
Balance, at beginning of period			$	69					$	2					$	115											$	—					$	—					$	11					$	197
ACL not previously recorded			—						—						—												1						7						2						10
Changes for securities with previously recorded ACL			—						—						(7)												—						—						3						(4)
Securities sold or exchanged			(2)						—						(19)												—						—						—						(21)
Balance, at end of period			$	67					$	2					$	89											$	1					$	7					$	16					$	182

			U.S.  Corporate						Foreign Corporate						Foreign Government												RMBS						ABS & CLO						CMBS						Total
			(In millions)
Nine Months Ended September 30, 2024
Balance, at beginning of period			$	68					$	2					$	88											$	1					$	7					$	18					$	184
ACL not previously recorded			41						13						—												—						—						—						54
Changes for securities with previously recorded ACL			10						—						(1)												—						3						2						14
Securities sold or exchanged			(59)						—						(25)												—						—						(6)						(90)
Balance, at end of period			$	60					$	15					$	62											$	1					$	10					$	14					$	162
Nine Months Ended September 30, 2023
Balance, at beginning of period			$	29					$	5					$	130											$	—					$	—					$	19					$	183
ACL not previously recorded			36						—						—												1						7						2						46
Changes for securities with previously recorded ACL			6						—						(22)												—						—						6						(10)
Securities sold or exchanged			(4)						(3)						(19)												—						—						(11)						(37)
Balance, at end of period			$	67					$	2					$	89											$	1					$	7					$	16					$	182

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Equity Securities

The following table presents equity securities by security type:

						September 30, 2024																		December 31, 2023
						Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value						Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value
Security Type
						(In millions)
Common stock (2)						$	453					$	193					$	646					$	424					$	239					$	663
Non-redeemable preferred stock						100						—						100						90						4						94
Total						$	553					$	193					$	746					$	514					$	243					$	757

________________

(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.

Contractholder-Directed Equity Securities and FVO Securities

The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.

						September 30, 2024																		December 31, 2023
						Cost or Amortized Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value						Cost or Amortized Cost						Net Unrealized Gains (Losses) (1)						Estimated Fair Value
Asset Type
						(In millions)
Unit-linked investments						$	6,263					$	1,345					$	7,608					$	7,770					$	1,112					$	8,882
FVO securities						1,025						656						1,681						972						477						1,449
Total						$	7,288					$	2,001					$	9,289					$	8,742					$	1,589					$	10,331

________________

(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:

						September 30, 2024												December 31, 2023
Portfolio Segment						Carrying Value (1)						% of Total						Carrying Value (1)						% of Total
						(Dollars in millions)
Commercial						$	57,949					64.1		%				$	60,326					65.2		%
Agricultural						19,469						21.5						19,805						21.4
Residential						13,844						15.3						13,096						14.2
Total amortized cost						91,262						100.9						93,227						100.8
ACL						(847)						(0.9)						(721)						(0.8)
Total mortgage loans						$	90,415					100.0		%				$	92,506					100.0		%

__________________

(1)Includes certain mortgage loans originated for third parties of $7.7 billion at amortized cost ($7.5 billion commercial and $259 million agricultural) and the related ACL of $88 million, with the corresponding mortgage loan secured financing liability of $7.7 billion included in other liabilities on the consolidated balance sheet at September 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $87 million and $272 million for the three months and nine months ended September 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.

The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($863) million and ($736) million at September 30, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at September 30, 2024 was $269 million, $189 million and $104 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively.

Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $753 million and $1.5 billion for the three months and nine months ended September 30, 2024, respectively, and $221 million and $1.2 billion for the three months and nine months ended September 30, 2023, respectively.

Sales of mortgage loans, consisting primarily of commercial mortgage loans, to an equity method investee were $168 million for both the three months and nine months ended September 30, 2024.

For the nine months ended September 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans. See “— Real Estate and REJV” for the carrying value of wholly-owned real estate acquired through foreclosure.

Rollforward of ACL for Mortgage Loans by Portfolio Segment

The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:

			Nine Months Ended September 30,
			2024																								2023
			Commercial						Agricultural						Residential						Total						Commercial						Agricultural						Residential						Total
			(In millions)
Balance, beginning of period			$	367					$	172					$	182					$	721					$	218					$	119					$	190					$	527
Provision (release)			212						40						(21)						231						147						52						2						201
Charge-offs, net of recoveries			(28)						(77)						—						(105)						(10)						(13)						—						(23)
Balance, end of period			$	551					$	135					$	161					$	847					$	355					$	158					$	192					$	705

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

ACL Methodology

The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).

Commercial and Agricultural Mortgage Loan Portfolio Segments

Within each loan portfolio segment, commercial and agricultural loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.

For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.

For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.

After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.

Residential Mortgage Loan Portfolio Segment

The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.

For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.

Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.

These mortgage loan modifications are summarized as follows:

Three Months Ended September 30,

2024

2023

Maturity Extension

Weighted Average  Life Increase

Maturity Extension

Weighted Average  Life Increase

Amortized Cost

Affected Loans  (in Years)

% of Book Value

Amortized Cost

Affected Loans  (in Years)

% of Book Value

(Dollars in millions)

Commercial

$

39

Less than one year

<1%

$

145

Less than one year

<1%

Nine Months Ended September 30,

2024

2023

Maturity Extension

Weighted Average  Life Increase

Maturity Extension

Weighted Average  Life Increase

Amortized Cost

Affected Loans  (in Years)

% of Book Value

Amortized Cost

Affected Loans  (in Years)

% of Book Value

(Dollars in millions)

Commercial

$

236

Less than one year

<1

%

$

367

Less than one year

<1

%

For the three months ended September 30, 2024 and for both the three months and nine months ended September 30, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties were current. For the nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent and foreclosed.

Credit Quality of Mortgage Loans by Portfolio Segment

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:

Credit Quality Indicator						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total						% of Total
						(Dollars in millions)
LTV ratios:
Less than 65%						$	2,007					$	2,545					$	2,668					$	3,168					$	1,495					$	13,882					$	2,398					$	28,163					48.6		%
65% to 75%						462						374						4,012						2,267						297						4,230						—						11,642						20.1
76% to 80%						2						16						611						287						428						2,789						—						4,133						7.1
Greater than 80%						37						57						1,119						1,412						1,679						9,707						—						14,011						24.2
Total						$	2,508					$	2,992					$	8,410					$	7,134					$	3,899					$	30,608					$	2,398					$	57,949					100.0		%
DSCR:
> 1.20x						$	2,284					$	1,983					$	7,448					$	6,496					$	3,715					$	25,911					$	2,398					$	50,235					86.7		%
1.00x - 1.20x						148						603						711						490						105						2,485						—						4,542						7.8
<1.00x						76						406						251						148						79						2,212						—						3,172						5.5
Total						$	2,508					$	2,992					$	8,410					$	7,134					$	3,899					$	30,608					$	2,398					$	57,949					100.0		%

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:

Credit Quality Indicator						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total						% of Total
						(Dollars in millions)
LTV ratios:
Less than 65%						$	459					$	1,177					$	2,792					$	2,602					$	2,639					$	7,090					$	1,427					$	18,186					93.4		%
65% to 75%						9						56						44						306						119						512						104						1,150						5.9
76% to 80%						—						—						24						—						3						—						3						30						0.2
Greater than 80%						—						—						—						14						29						46						14						103						0.5
Total						$	468					$	1,233					$	2,860					$	2,922					$	2,790					$	7,648					$	1,548					$	19,469					100.0		%

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2024:

Credit Quality Indicator						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total						% of Total
						(Dollars in millions)
Performance indicators:
Performing						$	805					$	927					$	2,493					$	1,747					$	326					$	7,112					$	—					$	13,410					96.9		%
Nonperforming (1)						2						34						75						24						15						284						—						434						3.1
Total						$	807					$	961					$	2,568					$	1,771					$	341					$	7,396					$	—					$	13,844					100.0		%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $136 million and $140 million at September 30, 2024 and December 31, 2023, respectively.

Past Due and Nonaccrual Mortgage Loans

The Company has a high quality, well performing mortgage loan portfolio, with 98% and 99% of all mortgage loans classified as performing at September 30, 2024 and December 31, 2023, respectively. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:

						Past Due												Past Due  and Still Accruing Interest												Nonaccrual
Portfolio Segment						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
						(In millions)
Commercial						$	724					$	75					$	16					$	3					$	1,072					$	427
Agricultural						346						40						238						—						118						206
Residential						434						418						24						16						412						402
Total						$	1,504					$	533					$	278					$	19					$	1,602					$	1,035

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Real Estate and REJV

The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:

						September 30, 2024						December 31, 2023						Three Months Ended September 30,												Nine Months Ended September 30,
																		2024						2023						2024						2023
Income Type						Carrying Value												Income
						(In millions)
Wholly-owned real estate:
Leased real estate						$	4,536					$	4,446					$	88					$	89					$	255					$	271
Other real estate						687						507						79						71						204						206
REJV						8,508						8,379						11						(64)						(191)						(218)
Total real estate and REJV						$	13,731					$	13,332					$	178					$	96					$	268					$	259

The carrying value of wholly-owned real estate acquired through foreclosure was $264 million and $190 million at September 30, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $32 million and $91 million for the three months and nine months ended September 30, 2024, respectively, and $26 million and $84 million for the three months and nine months ended September 30, 2023, respectively. Real estate investments were net of accumulated depreciation of $1.0 billion and $952 million at September 30, 2024 and December 31, 2023, respectively.

Leased Real Estate Investments - Operating Leases

The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.

See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a summary of leased real estate investments and income earned, by property type.

Other Invested Assets

Tax Equity Investments

The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheet, was $737 million and $1.0 billion at September 30, 2024 and December 31, 2023, respectively. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit) in the interim condensed consolidated statements of operations. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. For the three months and nine months ended September 30, 2024, income tax credits and other income tax benefits of $37 million and $112 million, respectively, and amortized expense of $33 million and $100 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.

Cash Equivalents

Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $12.1 billion and $10.8 billion, principally at estimated fair value, at September 30, 2024 and December 31, 2023, respectively.

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:

						September 30, 2024						December 31, 2023
						(In millions)
Japan						$	21,688					$	22,606
South Korea						$	6,654					$	6,411
Mexico						$	3,651					$	3,778

Securities Lending Transactions and Repurchase Agreements

Securities, Collateral and Reinvestment Portfolio

A summary of these transactions and agreements accounted for as secured borrowings were as follows:

									September 30, 2024																								December 31, 2023
									Securities (1)																								Securities (1)
Agreement Type									Estimated Fair Value						Cash Collateral Received from Counterparties (2)						Reinvestment Portfolio at Estimated Fair Value												Estimated Fair Value						Cash Collateral Received from Counterparties (2)						Reinvestment Portfolio at Estimated Fair Value
						(In millions)
Securities lending									$	11,079					$	11,257					$	11,178											$	10,510					$	10,788					$	10,553
Repurchase agreements									$	3,010					$	2,975					$	2,895											$	3,029					$	2,975					$	2,913

__________________

(1)These securities were included within fixed maturity securities AFS and cash equivalents at September 30, 2024 and within fixed maturity securities AFS, short-term investments and cash equivalents at December 31, 2023.

(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Contractual Maturities

Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:

						September 30, 2024																																				December 31, 2023
						Remaining Maturities																																				Remaining Maturities
Security Type						Open (1)						1 Month or Less						Over 1 Month to 6 Months						Over 6 Months to 1 Year						Total												Open (1)						1 Month or Less						Over 1 Month to 6 Months						Over 6 Months to 1 Year						Total
						(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency						$	2,295					$	6,077					$	1,459					$	—					$	9,831											$	1,393					$	4,106					$	3,919					$	—					$	9,418
Foreign government						—						232						1,018						—						1,250												—						483						624						—						1,107
Agency RMBS						—						176						—						—						176												—						88						175						—						263
Total						$	2,295					$	6,485					$	2,477					$	—					$	11,257											$	1,393					$	4,677					$	4,718					$	—					$	10,788
Repurchase agreements:
U.S. government and agency						$	—					$	2,975					$	—					$	—					$	2,975											$	—					$	2,975					$	—					$	—					$	2,975

__________________

(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.

The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, and were as follows at:

						September 30, 2024						December 31, 2023
						(In millions)
Invested assets on deposit (regulatory deposits)						$	1,584					$	1,596
Invested assets held in trust (external reinsurance agreements) (1)						989						941
Invested assets pledged as collateral (2)						29,423						26,017
Total invested assets on deposit, held in trust and pledged as collateral						$	31,996					$	28,554

__________________

(1)Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $2.0 billion at both September 30, 2024 and December 31, 2023.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $715 million and $714 million, at redemption value, at September 30, 2024 and December 31, 2023, respectively.

Variable Interest Entities

The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.

Consolidated VIEs

Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

						September 30, 2024												December 31, 2023
Asset Type						Total Assets						Total Liabilities						Total Assets						Total Liabilities
						(In millions)
Investment funds (primarily other invested assets and REJV)						$	691					$	181					$	282					$	1
Renewable energy partnership (primarily other invested assets)						64						—						64						—
Total						$	755					$	181					$	346					$	1

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

						September 30, 2024												December 31, 2023
Asset Type						Carrying Amount						Maximum Exposure to Loss (1)						Carrying Amount						Maximum Exposure to Loss (1)
						(In millions)
Fixed maturity securities AFS (2)						$	60,218					$	60,218					$	54,182					$	54,182
Other limited partnership interests (“OLPI”)						13,300						17,937						14,034						19,591
Other investments (REJV, FVO securities and mortgage loans)						1,307						1,324						1,039						1,055
Other invested assets						1,061						1,197						1,206						1,275
Total						$	75,886					$	80,676					$	70,461					$	76,103

__________________

(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI, REJV and mortgage loans is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

As described in Note 19, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the nine months ended September 30, 2024 or 2023.

Net Investment Income

The composition of net investment income by asset type was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
Asset Type						2024						2023						2024						2023
						(In millions)
Fixed maturity securities AFS						$	3,457					$	3,314					$	10,100					$	9,681
Equity securities						4						5						18						27
FVO securities						76						(17)						183						81
Mortgage loans						1,184						1,189						3,565						3,536
Policy loans						116						120						339						358
Real estate and REJV						178						96						268						259
OLPI						87						206						713						456
Cash, cash equivalents and short-term investments						299						268						840						733
Operating joint ventures						92						4						136						36
Other						159						180						502						458
Subtotal investment income						5,652						5,365						16,664						15,625
Less: Investment expenses						571						544						1,703						1,686
Subtotal, net						5,081						4,821						14,961						13,939
Unit-linked investments						146						4						907						603
Net investment income						$	5,227					$	4,825					$	15,868					$	14,542
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)						$	65					$	47					$	199					$	126
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)						121						(80)						840						572
Net realized and unrealized gains (losses) recognized in net investment income						$	186					$	(33)					$	1,039					$	698
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income						$	209					$	(63)					$	813					$	506
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)						$	201					$	95					$	687					$	174

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

Net Investment Gains (Losses)

Net Investment Gains (Losses) by Asset Type and Transaction Type

The composition of net investment gains (losses) by asset type and transaction type was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
Asset Type						2024						2023						2024						2023
						(In millions)
Fixed maturity securities AFS						$	(157)					$	(698)					$	(488)					$	(2,274)
Equity securities						(31)						(14)						(22)						66
Mortgage loans						(151)						11						(246)						(194)
Real estate and REJV (excluding changes in estimated fair value)						128						1						175						32
OLPI (excluding changes in estimated fair value) (1)						4						—						(55)						12
Other gains (losses)						(57)						(161)						(28)						(141)
Subtotal						(264)						(861)						(664)						(2,499)
Change in estimated fair value of OLPI and REJV						(1)						(3)						5						(6)
Non-investment portfolio gains (losses)						188						(63)						(214)						(145)
Subtotal						187						(66)						(209)						(151)
Net investment gains (losses)						$	(77)					$	(927)					$	(873)					$	(2,650)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)						$	(39)					$	(281)					$	(369)					$	(847)
Impairment (losses)						(17)						(591)						(17)						(1,496)
Recognized gains (losses):
Change in ACL recognized in earnings						(150)						25						(231)						(199)
Unrealized net gains (losses) recognized in earnings						(59)						(17)						(42)						37
Total recognized gains (losses)						(209)						8						(273)						(162)
Non-investment portfolio gains (losses)						188						(63)						(214)						(145)
Net investment gains (losses)						$	(77)					$	(927)					$	(873)					$	(2,650)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses)						$	(36)					$	(10)					$	(23)					$	9
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship						$	—					$	2					$	—					$	(20)
Foreign currency gains (losses)						$	170					$	(21)					$	5					$	(7)
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)						$	(39)					$	(281)					$	(369)					$	(847)
Recognized in net investment income						65						47						199						126
Net realized investment gains (losses) from sales and disposals of investments						$	26					$	(234)					$	(170)					$	(721)

__________________

(1)Includes a net loss of $46 million for the nine months ended September 30, 2024 for private equity investments sold. For the nine months ended September 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

10. Investments (continued)

management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.

Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)

The composition of net investment gains (losses) for these securities is as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
Fixed Maturity Securities AFS						2024						2023						2024						2023
						(In millions)
Proceeds						$	6,815					$	9,263					$	21,273					$	32,719
Gross investment gains						$	111					$	63					$	388					$	429
Gross investment (losses)						(228)						(334)						(898)						(1,403)
Realized gains (losses) on sales and disposals						(117)						(271)						(510)						(974)
Net credit loss (provision) release (change in ACL recognized in earnings)						(40)						17						22						—
Impairment (losses)						—						(444)						—						(1,300)
Net credit loss (provision) release and impairment (losses)						(40)						(427)						22						(1,300)
Net investment gains (losses)						$	(157)					$	(698)					$	(488)					$	(2,274)
Equity Securities
Realized gains (losses) on sales and disposals						$	27					$	—					$	25					$	22
Unrealized net gains (losses) recognized in earnings						(58)						(14)						(47)						44
Net investment gains (losses)						$	(31)					$	(14)					$	(22)					$	66

11. Derivatives

Accounting for Derivatives

See Note 1 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.

Derivative Strategies

Types of Derivative Instruments and Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    

•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;

•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;

•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and

•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        

For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Primary Risks Managed by Derivatives

The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:

												September 30, 2024																		December 31, 2023
						Primary Underlying Risk Exposure						Gross Notional Amount						Estimated Fair Value												Gross Notional Amount						Estimated Fair Value
																		Assets						Liabilities												Assets						Liabilities
												(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swaps						Interest rate						$	5,188					$	1,134					$	554					$	4,550					$	1,257					$	535
Foreign currency swaps						Foreign currency exchange rate						1,664						43						7						1,475						55						—
Foreign currency forwards						Foreign currency exchange rate						350						—						69						450						—						65
Subtotal												7,202						1,177						630						6,475						1,312						600
Cash flow hedges:
Interest rate swaps						Interest rate						4,155						—						259						4,156						1						265
Interest rate forwards						Interest rate						5,090						59						923						6,115						51						938
Foreign currency swaps						Foreign currency exchange rate						45,985						2,458						1,655						43,906						2,457						1,509
Subtotal												55,230						2,517						2,837						54,177						2,509						2,712
Net investment in a foreign operation hedges:
Foreign currency forwards						Foreign currency exchange rate						205						7						—						503						—						8
Currency options						Foreign currency exchange rate						3,000						412						—						3,000						394						—
Subtotal												3,205						419						—						3,503						394						8
Total qualifying hedges												65,637						4,113						3,467						64,155						4,215						3,320
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps						Interest rate						29,675						1,654						1,062						29,801						1,497						1,102
Interest rate floors						Interest rate						9,228						48						—						15,321						41						—
Interest rate caps						Interest rate						29,052						130						1						30,016						373						—
Interest rate futures						Interest rate						1,732						2						2						1,243						1						5
Interest rate options						Interest rate						43,481						269						119						43,926						385						103
Interest rate forwards						Interest rate						2,934						130						76						2,383						69						36
Synthetic GICs						Interest rate						49,081						—						—						49,066						—						—
Foreign currency swaps						Foreign currency exchange rate						10,755						981						231						11,891						1,200						356
Foreign currency forwards						Foreign currency exchange rate						13,511						283						961						14,128						310						806
Currency futures						Foreign currency exchange rate						321						2						—						314						2						—
Currency options						Foreign currency exchange rate						—						—						—						50						—						—
Credit default swaps — purchased						Credit						2,801						4						74						2,877						3						79
Credit default swaps — written						Credit						12,851						267						2						12,468						233						5
Equity futures						Equity market						1,866						13						6						2,163						8						11
Equity index options						Equity market						14,106						276						263						19,421						399						255
Equity variance swaps						Equity market						114						—						3						99						—						2
Equity total return swaps						Equity market						2,301						—						90						1,912						1						218
Longevity swaps (1)						Longevity						1,000						—						—						—						—						—
Total non-designated or nonqualifying derivatives												224,809						4,059						2,890						237,079						4,522						2,978
Total												$	290,446					$	8,172					$	6,357					$	301,234					$	8,737					$	6,298

__________________

(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:

						September 30, 2024																		December 31, 2023
Primary Underlying Risk Exposure						Gross Notional Amount						Estimated Fair Value												Gross Notional Amount						Estimated Fair Value
												Assets						Liabilities												Assets						Liabilities
						(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate						$	9,092					$	13					$	603					$	9,096					$	13					$	663
Foreign currency exchange rate						577						20						1						716						22						2
Equity market						4,659						94						193						5,189						77						373
						$	14,328					$	127					$	797					$	15,001					$	112					$	1,038

The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($395) million and ($740) million for the nine months ended September 30, 2024 and 2023, respectively.

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both September 30, 2024 and December 31, 2023. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:

						Three Months Ended September 30, 2024
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(1)					$	—					N/A						$	185					$	92					$	—					N/A
Hedged items						1						—						N/A						(191)						(93)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(23)						41						N/A						—						32						—						N/A
Hedged items						22						(30)						N/A						—						(34)						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(15)						N/A						—						—						—						N/A
Subtotal						(1)						(4)						N/A						(6)						(3)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	286
Amount of gains (losses) reclassified from AOCI into income						5						(1)						—						—						—						—						(4)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(161)
Amount of gains (losses) reclassified from AOCI into income						1						602						—						—						—						—						(603)
Foreign currency transaction gains (losses) on hedged items						—						(585)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						—						—						—						—						—						—
Subtotal						6						16						—						—						—						—						(482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						(141)
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						(33)
Subtotal						N/A						—						N/A						N/A						N/A						N/A						(174)
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						360						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						573						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(8)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						25						N/A						N/A						N/A						N/A
Equity derivatives (1)						(10)						N/A						(95)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						(182)						N/A						N/A						N/A						N/A
Subtotal						(10)						N/A						673						N/A						N/A						N/A						N/A
Earned income on derivatives						33						—						136						(5)						(36)						—						—
Synthetic GICs						N/A						N/A						19						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						(61)						N/A						N/A						N/A						N/A
Total						$	28					$	12					$	767					$	(11)					$	(39)					$	—					$	(656)

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

						Three Months Ended September 30, 2023
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(2)					$	—					N/A						$	(230)					$	(60)					$	—					N/A
Hedged items						3						—						N/A						223						59						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						12						(19)						N/A						—						(27)						—						N/A
Hedged items						(12)						14						N/A						—						26						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(2)						N/A						—						—						—						N/A
Subtotal						1						(7)						N/A						(7)						(2)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(711)
Amount of gains (losses) reclassified from AOCI into income						11						17						—						—						—						—						(28)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(293)
Amount of gains (losses) reclassified from AOCI into income						1						(301)						—						—						—						1						299
Foreign currency transaction gains (losses) on hedged items						—						288						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						—						—						—						—						—						—
Subtotal						12						4						—						—						—						1						(733)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						5						N/A						N/A						N/A						N/A						74
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						10
Subtotal						N/A						5						N/A						N/A						N/A						N/A						84
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(1,105)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(556)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						30						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						(40)						N/A						N/A						N/A						N/A
Equity derivatives (1)						8						N/A						120						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						13						N/A						N/A						N/A						N/A
Subtotal						8						N/A						(1,538)						N/A						N/A						N/A						N/A
Earned income on derivatives						82						—						230						(3)						(43)						—						—
Synthetic GICs						N/A						N/A						20						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						86						N/A						N/A						N/A						N/A
Total						$	103					$	2					$	(1,202)					$	(10)					$	(45)					$	1					$	(649)

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

						Nine Months Ended September 30, 2024
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(1)					$	—					N/A						$	35					$	34					$	—					N/A
Hedged items						1						—						N/A						(54)						(38)						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(21)						(16)						N/A						—						1						—						N/A
Hedged items						22						12						N/A						—						1						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(11)						N/A						—						—						—						N/A
Subtotal						1						(15)						N/A						(19)						(2)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(196)
Amount of gains (losses) reclassified from AOCI into income						18						(2)						—						—						—						—						(16)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(180)
Amount of gains (losses) reclassified from AOCI into income						4						226						—						—						—						—						(230)
Foreign currency transaction gains (losses) on hedged items						—						(236)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						—
Amount of gains (losses) reclassified from AOCI into income						—						1						—						—						—						—						(1)
Subtotal						22						(11)						—						—						—						—						(623)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						—						N/A						N/A						N/A						N/A						203
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						4
Subtotal						N/A						—						N/A						N/A						N/A						N/A						207
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(211)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(697)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(6)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						47						N/A						N/A						N/A						N/A
Equity derivatives (1)						(46)						N/A						(545)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						159						N/A						N/A						N/A						N/A
Subtotal						(46)						N/A						(1,253)						N/A						N/A						N/A						N/A
Earned income on derivatives						116						—						497						(11)						(129)						—						—
Synthetic GICs						N/A						N/A						57						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						(21)						N/A						N/A						N/A						N/A
Total						$	93					$	(26)					$	(720)					$	(30)					$	(131)					$	—					$	(416)

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

						Nine Months Ended September 30, 2023
						Net Investment Income						Net Investment Gains (Losses)						Net Derivative Gains (Losses)						Policyholder Benefits and Claims						Interest Credited to PABs						Other Expenses						OCI
						(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)						$	(3)					$	—					N/A						$	(239)					$	(59)					$	—					N/A
Hedged items						3						—						N/A						218						57						—						N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)						(10)						(73)						N/A						—						(14)						—						N/A
Hedged items						9						56						N/A						—						15						—						N/A
Amount excluded from the assessment of hedge effectiveness						—						(2)						N/A						—						—						—						N/A
Subtotal						(1)						(19)						N/A						(21)						(1)						—						N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						$	(369)
Amount of gains (losses) reclassified from AOCI into income						38						77						—						—						—						—						(115)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(715)
Amount of gains (losses) reclassified from AOCI into income						3						10						—						—						—						2						(15)
Foreign currency transaction gains (losses) on hedged items						—						(2)						—						—						—						—						—
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI						N/A						N/A						N/A						N/A						N/A						N/A						(1)
Amount of gains (losses) reclassified from AOCI into income						—						—						—						—						—						—						—
Subtotal						41						85						—						—						—						2						(1,215)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)						N/A						5						N/A						N/A						N/A						N/A						280
Non-derivative hedging instruments						N/A						N/A						N/A						N/A						N/A						N/A						37
Subtotal						N/A						5						N/A						N/A						N/A						N/A						317
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)						—						N/A						(1,381)						N/A						N/A						N/A						N/A
Foreign currency exchange rate derivatives (1)						—						N/A						(1,518)						N/A						N/A						N/A						N/A
Credit derivatives — purchased (1)						—						N/A						(1)						N/A						N/A						N/A						N/A
Credit derivatives — written (1)						—						N/A						48						N/A						N/A						N/A						N/A
Equity derivatives (1)						(34)						N/A						(801)						N/A						N/A						N/A						N/A
Foreign currency transaction gains (losses) on hedged items						—						N/A						455						N/A						N/A						N/A						N/A
Subtotal						(34)						N/A						(3,198)						N/A						N/A						N/A						N/A
Earned income on derivatives						157						—						802						5						(111)						—						—
Synthetic GICs						N/A						N/A						56						N/A						N/A						N/A						N/A
Embedded derivatives						N/A						N/A						51						N/A						N/A						N/A						N/A
Total						$	163					$	71					$	(2,289)					$	(16)					$	(112)					$	2					$	(898)

__________________

(1)Excludes earned income on derivatives.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities, and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments.

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

Balance Sheet Line Item						Carrying Amount  of the Hedged Assets/(Liabilities)																		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1)
						September 30, 2024						December 31, 2023												September 30, 2024						December 31, 2023
						(In millions)
Fixed maturity securities AFS						$	388					$	454											$	—					$	3
Mortgage loans						$	305					$	359											$	(2)					$	(11)
FPBs						$	(2,750)					$	(2,863)											$	151					$	191
PABs						$	(2,438)					$	(1,911)											$	43					$	25

__________________

(1)Includes ($96) million and ($111) million of hedging adjustments on discontinued hedging relationships at September 30, 2024 and December 31, 2023, respectively.

For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $10 million and $4 million for the three months and nine months ended September 30, 2024, respectively, and $1 million and $28 million for the three months and nine months ended September 30, 2023, respectively.

At both September 30, 2024 and December 31, 2023, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed five years.

At September 30, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was ($457) million and $166 million, respectively.

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At September 30, 2024, the Company expected to reclassify ($46) million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months.

NIFO Hedges

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

At September 30, 2024 and December 31, 2023, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $888 million and $681 million, respectively. At September 30, 2024 and December 31, 2023, the carrying amount of debt designated as a non-derivative hedging instrument was $294 million and $298 million, respectively.

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

						September 30, 2024																		December 31, 2023
Rating Agency Designation of Referenced Credit Obligations (1)						Estimated Fair Value of Credit Default Swaps						Maximum Amount of Future Payments under Credit Default Swaps						Weighted Average Years to Maturity (2)						Estimated Fair Value of Credit Default Swaps						Maximum Amount of Future Payments under Credit Default Swaps						Weighted Average Years to Maturity (2)
						(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)						$	1					$	103					1.3						$	2					$	150					1.6
Credit default swaps referencing indices						83						4,261						2.4						80						3,830						2.7
Subtotal						84						4,364						2.4						82						3,980						2.6
Baa
Single name credit default swaps (3)						1						92						1.6						1						99						2.1
Credit default swaps referencing indices						169						8,195						5.0						145						8,188						5.4
Subtotal						170						8,287						5.0						146						8,287						5.3
Ba
Single name credit default swaps (3)						—						17						1.4						—						17						2.1
Credit default swaps referencing indices						2						24						2.2						2						25						3.0
Subtotal						2						41						1.9						2						42						2.6
B
Credit default swaps referencing indices						10						144						3.9						2						129						5.0
Subtotal						10						144						3.9						2						129						5.0
Caa
Credit default swaps referencing indices						(1)						15						2.2						(4)						30						2.5
Subtotal						(1)						15						2.2						(4)						30						2.5
Total						$	265					$	12,851					4.1						$	228					$	12,468					4.5

_________________

(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.

The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.

See Note 12 for a description of the impact of credit risk on the valuation of derivatives.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

						September 30, 2024												December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement						Assets						Liabilities						Assets						Liabilities
						(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)						$	8,111					$	6,036					$	8,749					$	6,014
OTC-cleared (1)						191						260						158						277
Exchange-traded						17						8						11						16
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)						8,319						6,304						8,918						6,307
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral						(3,035)						(3,035)						(3,568)						(3,568)
OTC-cleared						(5)						(5)						(5)						(5)
Exchange-traded						(3)						(3)						(1)						(1)
Cash collateral: (3), (4)
OTC-bilateral						(2,676)						—						(3,448)						—
OTC-cleared						(181)						(237)						(150)						(239)
Exchange-traded						—						(4)						—						(5)
Securities collateral: (5)
OTC-bilateral						(2,313)						(2,993)						(1,563)						(2,427)
OTC-cleared						—						(18)						—						(33)
Exchange-traded						—						(1)						—						(10)
Net amount after application of master netting agreements and collateral						$	106					$	8					$	183					$	19

__________________

(1)At September 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $147 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($53) million and $9 million, respectively.

(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the central clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.

(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2024 and December 31, 2023, the Company received excess cash collateral of $43 million and $163 million, respectively, and provided excess cash collateral of $93 million and $98 million, respectively, which is not included in the table above due to the foregoing limitation.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

(5)Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $441 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.5 billion, at both periods, for its OTC-bilateral derivatives, $891 million and $945 million, respectively, for its OTC-cleared derivatives, and $181 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. Substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit or financial strength rating, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement payment based on such party’s reasonable valuation of the derivatives. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of MetLife, Inc. and/or the counterparty. At September 30, 2024, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.

The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.

						September 30, 2024																		December 31, 2023
						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total						Derivatives Subject to Credit- Contingent Provisions						Derivatives Not Subject to Credit- Contingent Provisions						Total
						(In millions)
Estimated fair value of derivatives in a net liability position (1)						$	2,954					$	47					$	3,001					$	2,443					$	4					$	2,447
Estimated fair value of collateral provided:
Fixed maturity securities AFS						$	3,612					$	53					$	3,665					$	3,011					$	6					$	3,017

__________________

(1)After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

11. Derivatives (continued)

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

						Balance Sheet Location						September 30, 2024						December 31, 2023
												(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance						Other liabilities						$	(53)					$	(70)
Fixed annuities with equity indexed returns						PABs						172						163
Total												$	119					$	93

12. Fair Value

Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

						September 30, 2024
						Fair Value Hierarchy
						Level 1						Level 2						Level 3						Total Estimated Fair Value
						(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate						$	—					$	70,349					$	14,502					$	84,851
Foreign corporate						—						41,047						15,705						56,752
Foreign government						—						44,091						41						44,132
U.S. government and agency						16,650						18,026						—						34,676
RMBS						—						33,367						1,897						35,264
ABS & CLO						—						15,138						2,382						17,520
Municipals						—						10,798						—						10,798
CMBS						—						8,557						1,229						9,786
Total fixed maturity securities AFS						16,650						241,373						35,756						293,779
Equity securities						430						74						242						746
Unit-linked and FVO securities (1)						7,846						267						1,176						9,289
Short-term investments (2)						3,155						1,176						6						4,337
Other investments						44						2,016						1,095						3,155
Derivative assets: (3)
Interest rate						2						3,424						—						3,426
Foreign currency exchange rate						2						4,159						25						4,186
Credit						—						271						—						271
Equity market						13						272						4						289
Total derivative assets						17						8,126						29						8,172
MRBs						—						—						310						310
Reinsured MRBs (4)						—						—						16						16
Separate account assets (5)						69,799						77,991						1,019						148,809
Total assets (6)						$	97,941					$	331,023					$	39,649					$	468,613
Liabilities
Derivative liabilities: (3)
Interest rate						$	2					$	2,994					$	—					$	2,996
Foreign currency exchange rate						—						2,918						5						2,923
Credit						—						76						—						76
Equity market						6						356						—						362
Total derivative liabilities						8						6,344						5						6,357
Embedded derivatives within liability host contracts (7)						—						—						119						119
MRBs						—						—						3,117						3,117
Separate account liabilities (5)						—						5						—						5
Total liabilities						$	8					$	6,349					$	3,241					$	9,598

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

						December 31, 2023
						Fair Value Hierarchy
						Level 1						Level 2						Level 3						Total Estimated Fair Value
						(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate						$	—					$	67,003					$	13,714					$	80,717
Foreign corporate						—						40,813						14,631						55,444
Foreign government						—						45,438						51						45,489
U.S. government and agency						15,327						16,925						—						32,252
RMBS						3						27,495						1,598						29,096
ABS & CLO						—						15,191						2,103						17,294
Municipals						—						11,171						—						11,171
CMBS						—						9,099						850						9,949
Total fixed maturity securities AFS						15,330						233,135						32,947						281,412
Equity securities						429						79						249						757
Unit-linked and FVO securities (1)						7,520						1,708						1,103						10,331
Short-term investments (2)						5,103						667						27						5,797
Other investments						48						363						975						1,386
Derivative assets: (3)
Interest rate						1						3,674						—						3,675
Foreign currency exchange rate						2						4,393						23						4,418
Credit						—						228						8						236
Equity market						8						393						7						408
Total derivative assets						11						8,688						38						8,737
MRBs						—						—						286						286
Reinsured MRBs (4)						—						—						18						18
Separate account assets (5)						66,229						77,258						1,147						144,634
Total assets (6)						$	94,670					$	321,898					$	36,790					$	453,358
Liabilities
Derivative liabilities: (3)
Interest rate						$	5					$	2,805					$	174					$	2,984
Foreign currency exchange rate						—						2,737						7						2,744
Credit						—						84						—						84
Equity market						11						475						—						486
Total derivative liabilities						16						6,101						181						6,298
Embedded derivatives within liability host contracts (7)						—						—						93						93
MRBs						—						—						3,179						3,179
Separate account liabilities (5)						4						4						—						8
Total liabilities						$	20					$	6,105					$	3,453					$	9,578

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both September 30, 2024 and December 31, 2023.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $51 million and $52 million at September 30, 2024 and December 31, 2023, respectively.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value.

Investments

Securities, Short-term Investments and Other Investments

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.

The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Instrument

Level 2 Observable Inputs

Level 3 Unobservable Inputs

Fixed maturity securities AFS

U.S. corporate and Foreign corporate securities

Valuation Approaches: Principally the market and income approaches.

Valuation Approaches: Principally the market approach.

Key Inputs:

Key Inputs:

•

quoted prices in markets that are not active

•

illiquidity premium

•

benchmark yields; spreads off benchmark yields; new issuances; issuer ratings

•

delta spread adjustments to reflect specific credit-related issues

•

trades of identical or comparable securities; duration

•

credit spreads

•

privately-placed securities are valued using the additional key inputs:

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

market yield curve; call provisions

•

independent non-binding broker quotations

•

observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer

•

delta spread adjustments to reflect specific credit-related issues

Foreign government securities, U.S. government and agency securities and Municipals

Valuation Approaches: Principally the market approach.

Valuation Approaches: Principally the market approach.

Key Inputs:

Key Inputs:

•

quoted prices in markets that are not active

•

independent non-binding broker quotations

•

benchmark U.S. Treasury yield or other yields

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

the spread off the U.S. Treasury yield curve for the identical security

•

credit spreads

•

issuer ratings and issuer spreads; broker-dealer quotations

•

comparable securities that are actively traded

Structured Products

Valuation Approaches: Principally the market and income approaches.

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

Key Inputs:

•

quoted prices in markets that are not active

•

credit spreads

•

spreads for actively traded securities; spreads off benchmark yields

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

expected prepayment speeds and volumes

•

independent non-binding broker quotations

•

current and forecasted loss severity; ratings; geographic region

•

credit ratings

•

weighted average coupon and weighted average maturity

•

average delinquency rates; DSCR

•

credit ratings

•

issuance-specific information, including, but not limited to:

•

collateral type; structure of the security; vintage of the loans

•

payment terms of the underlying assets

•

payment priority within the tranche; deal performance

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Instrument

Level 2 Observable Inputs

Level 3 Unobservable Inputs

Equity securities

Valuation Approaches: Principally the market approach.

Valuation Approaches: Principally the market and income approaches.

Key Input:

Key Inputs:

•

quoted prices in markets that are not considered active

•

credit ratings; issuance structures

•

quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2

•

independent non-binding broker quotations

Unit-linked and FVO securities, Short-term investments and Other investments

Valuation Approaches: Principally the market and income approaches.

Valuation Approaches: Principally the market and income approaches.

Key Inputs:

Key Inputs:

•

Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.

•

Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.

•

Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above.

Separate account assets and Separate account liabilities (1)

Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly

Key Input:

•

N/A

•

quoted prices or reported NAV provided by the fund managers

OLPI

•

N/A

Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.

Key Inputs:

•

liquidity; bid/ask spreads; performance record of the fund manager

•

other relevant variables that may impact the exit value of the particular partnership interest

__________________

(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Freestanding Derivatives

Level 2 Valuation Approaches and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.

Level 3 Valuation Approaches and Key Inputs:

These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:

Instrument

Interest Rate

Foreign Currency Exchange Rate

Credit

Equity Market

Inputs common to Level 2 and Level 3 by instrument type

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

swap yield curves

•

basis curves

•

basis curves

•

credit curves

•

spot equity index levels

•

interest rate volatility (1)

•

currency spot rates

•

recovery rates

•

dividend yield curves

•

cross currency basis curves

•

equity volatility (1)

•

currency volatility (1)

Level 3

•

swap yield curves (2)

•

swap yield curves (2)

•

swap yield curves (2)

•

dividend yield curves (2)

•

basis curves (2)

•

basis curves (2)

•

credit curves (2)

•

equity volatility (1), (2)

•

repurchase rates

•

cross currency basis curves (2)

•

credit spreads

•

correlation between model inputs (1)

•

interest rate volatility (1), (2)

•

currency correlation

•

repurchase rates

•

currency volatility (1)

•

independent non-binding broker quotations

__________________

(1)Option-based only.

(2)Extrapolation beyond the observable limits of the curve(s).

Embedded Derivatives

Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

MRBs

See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

																					September 30, 2024																		December 31, 2023																		Impact of Increase in Input on Estimated Fair Value (2)
			Valuation Techniques									Significant Unobservable Inputs									Range												Weighted Average (1)						Range												Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate			•			Matrix pricing						•			Offered quotes (4)						34			-			133						94						4			-			131						93						Increase
			•			Market pricing						•			Quoted prices (4)						13			-			116						97						—			-			110						92						Increase
			•			Consensus pricing						•			Offered quotes (4)						92			-			100						96						86			-			102						96						Increase
RMBS			•			Market pricing						•			Quoted prices (4)						—			-			121						95						—			-			112						93						Increase (5)
ABS & CLO			•			Market pricing						•			Quoted prices (4)						3			-			106						97						3			-			101						93						Increase (5)
Derivatives
Interest rate			•			Present value techniques						•			Swap yield (6)						—			-			—						—						367			-			399						385						Increase (7)
Foreign currency exchange rate			•			Present value techniques						•			Swap yield (6)						111			-			168						166						185			-			399						193						Increase (7)
Credit			•			Consensus pricing						•			Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits			•			Option pricing techniques						•			Mortality rates:
															Ages 0 - 40						0%			-			0.15%						0.05%						0%			-			0.15%						0.05%						(9)
															Ages 41 - 60						0.04%			-			0.79%						0.22%						0.04%			-			0.75%						0.22%						(9)
															Ages 61 - 115						0%			-			100%						1.14%						0%			-			100%						1.23%						(9)
												•			Lapse rates:
															Durations 1 - 10						0.14%			-			20.10%						12.86%						0.39%			-			20.10%						8.72%						Decrease (10)
															Durations 11 - 20						0.39%			-			15%						6.05%						0.39%			-			15%						4.34%						Decrease (10)
															Durations 21 - 116						0.39%			-			15%						8.20%						0.10%			-			15%						4.59%						Decrease (10)
												•			Utilization rates						0.20%			-			22%						0.79%						0.20%			-			22%						0.44%						Increase (11)
												•			Withdrawal rates						0%			-			20%						4.77%						0%			-			20%						4.47%						(12)
												•			Long-term equity volatilities						14.23%			-			22.27%						18.77%						8.05%			-			21.85%						18.55%						Increase (13)
												•			Nonperformance risk spread						0.11%			-			1.49%						0.64%						0.38%			-			1.59%						0.73%						Decrease (14)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)At September 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.

(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(12)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Fixed Maturity Securities AFS
						Corporate (6)						Foreign Government												Structured Products						Municipals						Equity Securities						Unit-linked and FVO Securities
						(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period						$	29,240					$	40											$	5,867					$	1					$	262					$	1,096
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						(10)						(8)												6						—						(15)						56
Total realized/unrealized gains (losses) included in AOCI						1,169						7												132						—						—						—
Purchases (3)						2,080						2												1,080						—						9						135
Sales (3)						(1,255)						(1)												(539)						(1)						(14)						(111)
Issuances (3)						—						—												—						—						—						—
Settlements (3)						—						—												—						—						—						—
Transfers into Level 3 (4)						94						1												31						—						—						—
Transfers out of Level 3 (4)						(1,111)						—												(1,069)						—						—						—
Balance, end of period						$	30,207					$	41											$	5,508					$	—					$	242					$	1,176
Three Months Ended September 30, 2023
Balance, beginning of period						$	25,968					$	60											$	4,554					$	7					$	250					$	1,057
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						3						4												(8)						—						(5)						(31)
Total realized/unrealized gains (losses) included in AOCI						(996)						(9)												(10)						—						—						—
Purchases (3)						991						4												969						—						—						204
Sales (3)						(573)						(9)												(376)						—						(1)						(177)
Issuances (3)						—						—												—						—						—						—
Settlements (3)						—						—												—						—						—						—
Transfers into Level 3 (4)						132						—												70						—						—						16
Transfers out of Level 3 (4)						(258)						(7)												(294)						(7)						—						—
Balance, end of period						$	25,267					$	43											$	4,905					$	—					$	244					$	1,069
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)						$	(6)					$	(8)											$	12					$	—					$	(15)					$	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)						$	2					$	4											$	(5)					$	—					$	(4)					$	(32)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)						$	1,159					$	7											$	113					$	—					$	—					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)						$	(989)					$	(9)											$	(14)					$	—					$	—					$	—

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Short-term Investments						Other Investments						Net Derivatives (7)						Net Embedded Derivatives (8)						Separate Accounts (9)
						(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period						$	10					$	1,073					$	(75)					$	(55)					$	1,122
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						—						9						21						(61)						(9)
Total realized/unrealized gains (losses) included in AOCI						—						—						7						—						—
Purchases (3)						1						6						—						—						18
Sales (3)						(8)						(45)						—						—						(93)
Issuances (3)						—						—						—						—						—
Settlements (3)						—						—						72						(3)						—
Transfers into Level 3 (4)						3						52						—						—						1
Transfers out of Level 3 (4)						—						—						(1)						—						(20)
Balance, end of period						$	6					$	1,095					$	24					$	(119)					$	1,019
Three Months Ended September 30, 2023
Balance, beginning of period						$	18					$	964					$	(214)					$	(64)					$	1,248
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						—						(6)						(56)						86						(22)
Total realized/unrealized gains (losses) included in AOCI						1						—						(110)						—						—
Purchases (3)						14						12						—						—						15
Sales (3)						(8)						—						—						—						(30)
Issuances (3)						—						—						—						—						—
Settlements (3)						—						—						91						(27)						—
Transfers into Level 3 (4)						—						—						—						—						6
Transfers out of Level 3 (4)						—						—						—						—						(10)
Balance, end of period						$	25					$	970					$	(289)					$	(5)					$	1,207
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)						$	—					$	11					$	15					$	(61)					$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)						$	—					$	(6)					$	(57)					$	86					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)						$	—					$	—					$	—					$	—					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)						$	—					$	—					$	(92)					$	—					$	—

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Fixed Maturity Securities AFS
						Corporate (6)						Foreign Government						Structured Products						Municipals						Equity Securities						Unit-linked and FVO Securities
						(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period						$	28,345					$	51					$	4,551					$	—					$	249					$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						(70)						(6)						19						—						(26)						121
Total realized/unrealized gains (losses) included in AOCI						502						3						172						—						—						—
Purchases (3)						4,618						1						1,614						—						31						139
Sales (3)						(2,212)						(1)						(792)						—						(12)						(167)
Issuances (3)						—						—						—						—						—						—
Settlements (3)						—						—						—						—						—						—
Transfers into Level 3 (4)						55						1						179						—						—						—
Transfers out of Level 3 (4)						(1,031)						(8)						(235)						—						—						(20)
Balance, end of period						$	30,207					$	41					$	5,508					$	—					$	242					$	1,176
Nine Months Ended September 30, 2023
Balance, beginning of period						$	24,401					$	103					$	4,269					$	—					$	259					$	787
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						—						3						(10)						—						1						63
Total realized/unrealized gains (losses) included in AOCI						(659)						(7)						(42)						—						—						—
Purchases (3)						3,282						7						1,099						—						2						227
Sales (3)						(1,562)						(11)						(537)						—						(18)						(21)
Issuances (3)						—						—						—						—						—						—
Settlements (3)						—						—						—						—						—						—
Transfers into Level 3 (4)						305						4						240						—						—						17
Transfers out of Level 3 (4)						(500)						(56)						(114)						—						—						(4)
Balance, end of period						$	25,267					$	43					$	4,905					$	—					$	244					$	1,069
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)						$	(17)					$	(6)					$	23					$	—					$	(20)					$	124
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)						$	(2)					$	3					$	1					$	—					$	(6)					$	62
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)						$	489					$	3					$	144					$	—					$	—					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)						$	(685)					$	(7)					$	(48)					$	—					$	—					$	—

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

						Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
						Short-term Investments						Other Investments						Net Derivatives (7)						Net Embedded Derivatives (8)						Separate Accounts (9)
						(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period						$	27					$	975					$	(143)					$	(93)					$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						1						21						5						(21)						(46)
Total realized/unrealized gains (losses) included in AOCI						(1)						—						(28)						—						—
Purchases (3)						5						54						—						—						15
Sales (3)						(26)						(186)						—						—						(92)
Issuances (3)						—						—						—						—						—
Settlements (3)						—						—						201						(5)						—
Transfers into Level 3 (4)						—						231						—						—						2
Transfers out of Level 3 (4)						—						—						(11)						—						(7)
Balance, end of period						$	6					$	1,095					$	24					$	(119)					$	1,019
Nine Months Ended September 30, 2023
Balance, beginning of period						$	57					$	926					$	(170)					$	(17)					$	1,210
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)						—						19						(21)						51						(62)
Total realized/unrealized gains (losses) included in AOCI						1						—						(59)						—						—
Purchases (3)						25						25						—						—						181
Sales (3)						(48)						—						—						—						(128)
Issuances (3)						—						—						—						—						—
Settlements (3)						—						—						121						(39)						1
Transfers into Level 3 (4)						—						—						—						—						14
Transfers out of Level 3 (4)						(10)						—						(160)						—						(9)
Balance, end of period						$	25					$	970					$	(289)					$	(5)					$	1,207
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)						$	1					$	19					$	2					$	(21)					$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)						$	—					$	20					$	(28)					$	51					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)						$	—					$	—					$	—					$	—					$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)						$	—					$	—					$	(85)					$	—					$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).

			September 30, 2024						December 31, 2023
			(In millions)
Carrying value after measurement:
Mortgage loans (1)			$	1,087					$	474
Other invested assets (2)			$	63					$	63

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(In millions)
Realized gains (losses) net:
Mortgage loans (1)						$	(100)					$	(49)					$	(253)					$	(190)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

12. Fair Value (continued)

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

						September 30, 2024
												Fair Value Hierarchy
						Carrying Value						Level 1						Level 2						Level 3						Total Estimated Fair Value
						(In millions)
Assets
Mortgage loans						$	90,415					$	—					$	—					$	86,994					$	86,994
Policy loans						$	8,822					$	—					$	—					$	9,550					$	9,550
Other invested assets						$	1,247					$	—					$	715					$	532					$	1,247
Premiums, reinsurance and other receivables						$	4,752					$	—					$	725					$	4,029					$	4,754
Other assets						$	242					$	—					$	73					$	174					$	247
Liabilities
PABs						$	141,467					$	—					$	—					$	139,362					$	139,362
Long-term debt						$	15,271					$	—					$	15,499					$	—					$	15,499
Collateral financing arrangement						$	529					$	—					$	—					$	460					$	460
Junior subordinated debt securities						$	3,163					$	—					$	3,714					$	—					$	3,714
Other liabilities						$	10,594					$	—					$	1,486					$	8,936					$	10,422
Separate account liabilities						$	78,004					$	—					$	78,004					$	—					$	78,004

						December 31, 2023
												Fair Value Hierarchy
						Carrying Value						Level 1						Level 2						Level 3						Total Estimated Fair Value
						(In millions)
Assets
Mortgage loans						$	92,506					$	—					$	—					$	87,753					$	87,753
Policy loans						$	8,788					$	—					$	—					$	9,516					$	9,516
Other invested assets						$	919					$	—					$	714					$	205					$	919
Premiums, reinsurance and other receivables						$	5,182					$	—					$	791					$	4,400					$	5,191
Other assets						$	268					$	—					$	82					$	184					$	266
Liabilities
PABs						$	138,233					$	—					$	—					$	134,025					$	134,025
Long-term debt						$	15,516					$	—					$	15,621					$	—					$	15,621
Collateral financing arrangement						$	637					$	—					$	—					$	551					$	551
Junior subordinated debt securities						$	3,161					$	—					$	3,552					$	—					$	3,552
Other liabilities						$	10,556					$	—					$	609					$	9,651					$	10,260
Separate account liabilities						$	75,705					$	—					$	75,705					$	—					$	75,705

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

13. Long-term Debt

Senior Notes

In June and September 2024, MetLife, Inc. issued $500 million and $250 million, respectively, of senior notes due December 2034, which form a single series and bear interest at a fixed rate of 5.300%, payable semi-annually. In connection with the June and September issuances, MetLife, Inc. incurred $4 million and $2 million, respectively, of related costs, which, in each case, will be amortized over the term of the applicable senior notes.

In April 2024, MetLife, Inc. redeemed for $438 million in cash all of its £350 million aggregate principal amount outstanding 5.375% senior notes due December 2024.

In March 2024, MetLife, Inc. issued the following fixed rate senior notes totaling $752 million, interest on which is payable semi-annually:

•¥7.1 billion due March 2029 which bear interest annually at 1.009%;

•¥23.1 billion due March 2031 which bear interest annually at 1.415%;

•¥16.7 billion due March 2034 which bear interest annually at 1.670%;

•¥11.2 billion due March 2039 which bear interest annually at 1.953%;

•¥15.5 billion due March 2044 which bear interest annually at 2.195%;

•¥23.5 billion due March 2054 which bear interest annually at 2.390%; and

•¥15.2 billion due March 2059 which bear interest annually at 2.448%.

In connection with the March 2024 issuances, MetLife, Inc. incurred $6 million of related costs which are amortized over the applicable term of each series of the senior notes.

14. Equity

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows at both September 30, 2024 and December 31, 2023:

Series						Shares Authorized						Shares Issued and Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A						27,600,000						24,000,000
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D						500,000						500,000
5.625% Non-Cumulative Preferred Stock, Series E						32,200						32,200
4.75% Non-Cumulative Preferred Stock, Series F						40,000						40,000
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G						1,000,000						1,000,000
Series A Junior Participating Preferred Stock						10,000,000						—
Not designated						160,827,800						—
Total						200,000,000						25,572,200

The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2024												2023												2024												2023
Series						Per Share						Aggregate						Per Share						Aggregate						Per Share						Aggregate						Per Share						Aggregate
			(In millions, except per share data)
A						$	0.417					$	10					$	0.419					$	9					$	1.267					$	30					$	1.155					$	27
D						$	29.375					14						$	29.375					14						$	58.750					29						$	58.750					29
E						$	351.563					11						$	351.563					12						$	1,054.689					34						$	1,054.689					34
F						$	296.875					12						$	296.875					12						$	890.625					36						$	890.625					36
G						$	19.250					20						$	19.250					20						$	38.500					39						$	38.500					39
Total												$	67											$	67											$	168											$	165

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

Common Stock

MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:

Announcement Date						Authorization Amount						Authorization Remaining at September 30, 2024 (1)
						(In millions)
May 1, 2024						$	3,000					$	2,301
May 25, 2023						$	1,000					$	—
May 3, 2023						$	3,000					$	—
May 4, 2022						$	3,000					$	—

__________________

(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at September 30, 2024 does not reflect the applicable excise tax payable.

Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.

For the nine months ended September 30, 2024 and 2023, MetLife, Inc. repurchased 39,373,496 shares and 36,602,858 shares of its common stock, respectively, through open market purchases for $2.8 billion and $2.2 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.

Stock-Based Compensation Plans

Performance Shares and Performance Units

Final Performance Shares are paid in shares of MetLife, Inc.’s common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2021 – December 31, 2023 performance period was 147.5%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,048,303 Performance Shares and 118,848 Performance Units associated with that performance period that vested on December 31, 2023. As a result, in the first quarter of 2024, MetLife, Inc. issued 1,546,247 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 175,301 Performance Units (less withholding for taxes and other items, as applicable).

Dividend Restrictions

Insurance Operations

For the nine months ended September 30, 2024, American Life Insurance Company paid a dividend of $1.1 billion to MetLife, Inc., for which regulatory approval was obtained as required.

See Note 19 of the Notes to Consolidated Financial Statements included in the 2023 Annual Report for additional information on dividend restrictions.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

AOCI

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:

						Three Months Ended September 30, 2024
						Unrealized Investment Gains (Losses), Net of Related Offsets (1)						Deferred Gains (Losses) on Derivatives						FPBs Discount Rate Remeasurement Gains (Losses)						MRBs Instrument- Specific Credit Risk Remeasurement Gains (Losses)						Foreign Currency Translation Adjustments						Defined Benefit Plans Adjustment						Total
						(In millions)
Balance, beginning of period						$	(19,187)					$	99					$	6,606					$	(73)					$	(6,785)					$	(1,396)					$	(20,736)
OCI before reclassifications						9,942						125						(5,891)						99						349						3						4,627
Deferred income tax benefit (expense)						(2,082)						(101)						1,289						(22)						90						(1)						(827)
AOCI before reclassifications, net of income tax						(11,327)						123						2,004						4						(6,346)						(1,394)						(16,936)
Amounts reclassified from AOCI						121						(607)						—						—						—						32						(454)
Deferred income tax benefit (expense)						(33)						192						—						—						—						(9)						150
Amounts reclassified from AOCI, net of income tax						88						(415)						—						—						—						23						(304)
Balance, end of period						$	(11,239)					$	(292)					$	2,004					$	4					$	(6,346)					$	(1,371)					$	(17,240)
						Three Months Ended September 30, 2023
						Unrealized Investment Gains (Losses), Net of Related Offsets (1)						Deferred Gains (Losses) on Derivatives						FPBs Discount Rate Remeasurement Gains (Losses)						MRBs Instrument- Specific Credit Risk Remeasurement Gains (Losses)						Foreign Currency Translation Adjustments						Defined Benefit Plans Adjustment						Total
						(In millions)
Balance, beginning of period						$	(17,979)					$	1,179					$	3,919					$	108					$	(6,282)					$	(1,331)					$	(20,386)
OCI before reclassifications						(12,599)						(1,004)						8,223						(142)						(348)						(1)						(5,871)
Deferred income tax benefit (expense)						2,871						232						(1,897)						30						(9)						—						1,227
AOCI before reclassifications, net of income tax						(27,707)						407						10,245						(4)						(6,639)						(1,332)						(25,030)
Amounts reclassified from AOCI						710						271						—						—						—						30						1,011
Deferred income tax benefit (expense)						(172)						(57)						—						—						—						(6)						(235)
Amounts reclassified from AOCI, net of income tax						538						214						—						—						—						24						776
Balance, end of period						$	(27,169)					$	621					$	10,245					$	(4)					$	(6,639)					$	(1,308)					$	(24,254)

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

						Nine Months Ended September 30, 2024
						Unrealized Investment Gains (Losses), Net of Related Offsets (1)						Deferred Gains (Losses) on Derivatives						FPBs Discount Rate Remeasurement Gains (Losses)						MRBs Instrument- Specific Credit Risk Remeasurement Gains (Losses)						Foreign Currency Translation Adjustments						Defined Benefit Plans Adjustment						Total
						(In millions)
Balance, beginning of period						$	(14,506)					$	183					$	2,658					$	27					$	(6,158)					$	(1,446)					$	(19,242)
OCI before reclassifications						3,450						(376)						(807)						(28)						(136)						(1)						2,102
Deferred income tax benefit (expense)						(573)						103						153						5						(52)						—						(364)
AOCI before reclassifications, net of income tax						(11,629)						(90)						2,004						4						(6,346)						(1,447)						(17,504)
Amounts reclassified from AOCI						514						(247)						—						—						—						96						363
Deferred income tax benefit (expense)						(124)						45						—						—						—						(20)						(99)
Amounts reclassified from AOCI, net of income tax						390						(202)						—						—						—						76						264
Balance, end of period						$	(11,239)					$	(292)					$	2,004					$	4					$	(6,346)					$	(1,371)					$	(17,240)
						Nine Months Ended September 30, 2023
						Unrealized Investment Gains (Losses), Net of Related Offsets (1)						Deferred Gains (Losses) on Derivatives						FPBs Discount Rate Remeasurement Gains (Losses)						MRBs Instrument- Specific Credit Risk Remeasurement Gains (Losses)						Foreign Currency Translation Adjustments						Defined Benefit Plans Adjustment						Total
						(In millions)
Balance, beginning of period						$	(22,646)					$	1,557					$	6,115					$	107					$	(6,377)					$	(1,377)					$	(22,621)
OCI before reclassifications						(8,189)						(1,085)						5,325						(141)						(168)						(6)						(4,264)
Deferred income tax benefit (expense)						1,882						249						(1,195)						30						(94)						1						873
AOCI before reclassifications, net of income tax						(28,953)						721						10,245						(4)						(6,639)						(1,382)						(26,012)
Amounts reclassified from AOCI						2,316						(130)						—						—						—						90						2,276
Deferred income tax benefit (expense)						(532)						30						—						—						—						(16)						(518)
Amounts reclassified from AOCI, net of income tax						1,784						(100)						—						—						—						74						1,758
Balance, end of period						$	(27,169)					$	621					$	10,245					$	(4)					$	(6,639)					$	(1,308)					$	(24,254)

__________________

(1)Primarily unrealized gains (losses) on fixed maturity securities.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

14. Equity (continued)

Information regarding amounts reclassified out of each component of AOCI was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
AOCI Components						Amounts Reclassified from AOCI																								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
						(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)						$	(122)					$	(730)					$	(531)					$	(2,420)					Net investment gains (losses)
Net unrealized investment gains (losses)						—						1						—						6						Net investment income
Net unrealized investment gains (losses)						1						19						17						98						Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax						(121)						(710)						(514)						(2,316)
Income tax (expense) benefit						33						172						124						532
Net unrealized investment gains (losses), net of income tax						(88)						(538)						(390)						(1,784)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives						5						11						18						38						Net investment income
Interest rate derivatives						(1)						17						(2)						77						Net investment gains (losses)
Foreign currency exchange rate derivatives						1						1						4						3						Net investment income
Foreign currency exchange rate derivatives						602						(301)						226						10						Net investment gains (losses)
Foreign currency exchange rate derivatives						—						1						—						2						Other expenses
Credit derivatives						—						—						1						—						Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax						607						(271)						247						130
Income tax (expense) benefit						(192)						57						(45)						(30)
Gains (losses) on cash flow hedges, net of income tax						415						(214)						202						100
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)						(35)						(33)						(104)						(98)
Amortization of prior service (costs) credit						3						3						8						8
Amortization of defined benefit plan items, before income tax						(32)						(30)						(96)						(90)
Income tax (expense) benefit						9						6						20						16
Amortization of defined benefit plan items, net of income tax						(23)						(24)						(76)						(74)
Total reclassifications, net of income tax						$	304					$	(776)					$	(264)					$	(1,758)

__________________

(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

15. Other Revenues and Other Expenses

Other Revenues

Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(In millions)
Vision fee for service arrangements						$	126					$	144					$	402					$	446
Prepaid legal plans						144						128						437						389
Fee-based investment management						99						103						295						306
Administrative services-only contracts						69						65						205						193
Recordkeeping and administrative services (1)						38						39						113						114
Other revenue from service contracts from customers						78						75						237						214
Total revenues from service contracts from customers						554						554						1,689						1,662
Other						94						52						271						204
Total other revenues						$	648					$	606					$	1,960					$	1,866

__________________

(1)Related to products and businesses no longer actively marketed by the Company.

Receivables related to revenues from service contracts from customers were $245 million and $243 million at September 30, 2024 and December 31, 2023, respectively.

Other Expenses

Information on other expenses was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(In millions)
Employee-related costs (1)						$	892					$	914					$	2,742					$	2,743
Third-party staffing costs						371						362						1,082						1,066
General and administrative expenses						162						209						463						539
Pension, postretirement and postemployment benefit costs						65						59						195						177
Premium taxes, other taxes, and licenses & fees						183						162						530						507
Commissions and other variable expenses						1,515						1,483						4,480						4,347
Capitalization of DAC						(691)						(742)						(2,114)						(2,189)
Amortization of DAC and VOBA						516						499						1,523						1,448
Amortization of negative VOBA						(7)						(7)						(19)						(20)
Interest expense on debt						257						265						778						776
Total other expenses						$	3,263					$	3,204					$	9,660					$	9,394

__________________

(1)Includes ($58) million and ($135) million for the three months and nine months ended September 30, 2024, respectively, and $12 million and ($60) million for the three months and nine months ended September 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

16. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.

The components of net periodic benefit costs, reported in other expenses, were as follows:

						Three Months Ended September 30,
						2024												2023
						Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
						(In millions)
Service costs						$	41					$	—					$	38					$	1
Interest costs						114						10						118						11
Expected return on plan assets						(115)						(14)						(119)						(13)
Amortization of net actuarial (gains) losses						42						(7)						40						(7)
Amortization of prior service costs (credit)						(3)						—						(3)						—
Net periodic benefit costs (credit)						$	79					$	(11)					$	74					$	(8)
						Nine Months Ended September 30,
						2024												2023
						Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
						(In millions)
Service costs						$	122					$	2					$	113					$	2
Interest costs						342						30						353						32
Expected return on plan assets						(345)						(42)						(360)						(41)
Amortization of net actuarial (gains) losses						125						(21)						118						(22)
Amortization of prior service costs (credit)						(9)						—						(9)						—
Net periodic benefit costs (credit)						$	235					$	(31)					$	215					$	(29)

17. Income Tax

For the three months and nine months ended September 30, 2024, the effective tax rate on income (loss) before provision for income tax was 33% and 25%, respectively. The Company’s effective tax rate for the three months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method. The Company’s effective tax rate for the nine months ended September 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) non-taxable investment income, (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, and (iii) the corporate tax deduction for stock compensation.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

17. Income Tax (continued)

For the three months and nine months ended September 30, 2023, the effective tax rate on income (loss) before provision for income tax was 7% and 19%, respectively. The Company’s effective tax rate for the three months ended September 30, 2023 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) the reversal of previously non-deductible losses, (ii) low income housing and other tax credits and (iii) foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates, partially offset by the non-taxable investment loss related to the pending disposition of MetLife Malaysia. The Company’s effective tax rate for the nine months ended September 30, 2023 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) low income housing and other tax credits, and (ii) non-taxable investment income, largely offset by tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates and (ii) the non-taxable investment loss related to the pending disposition of MetLife Malaysia.

18. Earnings Per Common Share

The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:    

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic						699.3						751.4						710.9						764.1
Incremental common shares from assumed exercise or issuance of stock-based awards						4.4						4.1						4.6						4.6
Weighted average common stock outstanding - diluted						703.7						755.5						715.5						768.7
Net Income (Loss):
Net income (loss)						$	1,341					$	495					$	3,169					$	988
Less: Net income (loss) attributable to noncontrolling interests						(1)						6						14						17
Less: Preferred stock dividends						67						67						168						165
Net income (loss) available to MetLife, Inc.’s common shareholders						$	1,275					$	422					$	2,987					$	806
Basic						$	1.82					$	0.56					$	4.20					$	1.05
Diluted						$	1.81					$	0.56					$	4.17					$	1.05

19. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.

The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. Contingencies, Commitments and Guarantees (continued)

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at September 30, 2024. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Matters as to Which an Estimate Can Be Made

For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of September 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.

Matters as to Which an Estimate Cannot Be Made

For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC.

MLIC’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2023 Annual Report, MLIC received approximately 2,565 asbestos-related claims in 2023. For the nine months ended September 30, 2024 and 2023, MLIC received approximately 2,251 and 1,924 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2023. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (continued)

19. Contingencies, Commitments and Guarantees (continued)

may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through September 30, 2024.

Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)

Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. In December of 2020, the Appellate Division of the New York State Supreme Court, First Department, reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case. The Relator filed a Fourth Amended Complaint in January of 2023. On October 13, 2024, the trial court denied the defendants’ motion to dismiss the complaint. The Company intends to defend the action vigorously.

Matters Related to Group Annuity Benefits

In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.

Commitments

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $2.4 billion and $4.0 billion at September 30, 2024 and December 31, 2023, respectively.

Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments

The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $8.3 billion and $9.2 billion at September 30, 2024 and December 31, 2023, respectively.

Guarantees

In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $638 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.

In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.

The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.

The Company’s recorded liabilities were $19 million at both September 30, 2024 and December 31, 2023, for indemnities and guarantees.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

			Page
Forward-Looking Statements and Other Financial Information			104
Industry Trends			104
Summary of Critical Accounting Estimates			106
Acquisitions and Dispositions			107
Results of Operations			108
Investments			132
Derivatives			146
Liquidity and Capital Resources			147
Adopted Accounting Pronouncements			154
Future Adoption of Accounting Pronouncements			154
Non-GAAP and Other Financial Disclosures			154
Risk Management			156

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), the cautionary language regarding forward-looking statements included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, “Quantitative and Qualitative Disclosures About Market Risk” and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. See “Note Regarding Forward-Looking Statements” for cautionary language regarding forward-looking statements.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). See “— Non-GAAP and Other Financial Disclosures” for definitions and a discussion of these and other financial measures, and “— Results of Operations” and “— Investments” for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures.

Industry Trends

We continue to be impacted by the changing global financial and economic environment that has been affecting the industry.

Financial and Economic Environment

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, our large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors.

We are closely monitoring political and economic conditions that might contribute to global market volatility and impact our business operations, investment portfolio and derivatives, such as global inflation, supply chain disruptions, acts of war, and banking sector volatility. We are also monitoring the imposition of tariffs, sanctions or other barriers to international trade, changes to international trade agreements, and their potential impacts on our business, results of operations and financial condition. See “— Investments — Current Environment,” as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates — Effects of Inflation” in the 2023 Annual Report.

Governments and central banks around the world use fiscal and monetary policies to address uncertain economic conditions. In the United States (“U.S.”), the Federal Open Market Committee (“FOMC”) took various actions in 2023 to promote economic stability and combat inflation, including raising interest rates. Rates remained steady through most of 2024. However, in September 2024, the FOMC lowered interest rates, and market forecasts suggest it will continue to reduce interest rates through the remainder of 2024 and 2025 reflecting expectations for continued lower inflation. Similarly, the European Central Bank and Bank of England have recently lowered interest rates, and market forecasts suggest the banks will continue reductions through the remainder of 2024 and 2025. The Bank of Japan raised interest rates in July 2024, but has since then mostly kept its policy settings on hold, reflecting a more cautious view on growth and inflation.

Impact of Market Interest Rates

Market interest rates are a key driver of our results. Increases and decreases in such rates, as well as extended periods of stagnation, may impact our business and investments in various ways. For a discussion of the potential impact of low and rising interest rates, and inflation, as well as management actions taken in response to the changing U.S. interest rate environment, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of Market Interest Rates” and “Risk Factors — Economic Environment and Capital Markets Risks” included in the 2023 Annual Report.

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Competitive Pressures

See “Business — Competition” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Competitive Pressures” in the 2023 Annual Report for information on our competitive position.

Regulatory Developments

The following discussion on regulatory developments should be read in conjunction with “Business — Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” included in the 2023 Annual Report, as amended or supplemented here.

State Insurance Regulation

Surplus and Capital

Investments

The National Association of Insurance Commissioners (“NAIC”) is focused on enhancing regulatory oversight of insurers’ investments in complex assets, such as structured securities. In connection with evaluating the risks of investing in leveraged loans and collateralized loan obligations (“CLOs”), the NAIC adopted an amendment to the Purposes and Procedures Manual in 2023. Under the amendment, the NAIC Structured Securities Group (“SSG”) will assign risk weights to CLOs based on its own modeling, as opposed to credit ratings. The SSG will model CLO investments and evaluate tranche level losses across all debt tranches under a series of calibrated and weighted collateral stress scenarios to assign NAIC designations that minimize risk-based capital (“RBC”) arbitrage. The NAIC’s goal is to ensure that the aggregate RBC factor for owning all tranches of a CLO is similar to that required for owning all of the underlying loan collateral. In August 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual, in which insurers are now required to begin reporting the financially modeled NAIC designations for CLOs with their year-end 2025 financial statement filings. The NAIC is collaborating with interested parties to refine the process for modeling CLO investments.

Innovation and Technology

The NAIC and state insurance regulators have been focused on addressing unfair discrimination in the use of consumer data and technology, and some states have passed laws targeting unfair discrimination practices. In July 2024, the New York State Department of Financial Services released its final circular letter focused on how insurers should develop and manage their use of external consumer data and artificial intelligence (“AI”) systems in underwriting and pricing so as not to harm consumers.

The European Union’s Artificial Intelligence Act (“EU AI Act”) has been enacted and entered into force in August 2024. Most of the provisions of the EU AI Act will apply starting August 2026, however certain key provisions will apply earlier, including the EU AI Act’s prohibition of certain “unacceptable” AI practices. The EU AI Act seeks to ensure AI systems are safe while boosting innovation and ensuring fundamental rights are not infringed by the technology. We continue to monitor the developments of the EU AI Act and other governmental initiatives around the world, particularly in jurisdictions where we operate.

Standards of Conduct, ERISA, Fiduciary Considerations, and Other Pension and Retirement Regulation

In 2023, the U.S. Department of Labor (the “DOL”) proposed a regulation to change the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) and parallel provisions of the Internal Revenue Code of 1986, as amended (the “Code”), when a financial professional, including an insurance producer, provides investment advice, and to amend various existing prohibited transaction exemptions (“PTEs”) that financial professionals rely on when making recommendations. On April 23, 2024, the DOL finalized and published this new definition of “fiduciary” for purposes of ERISA and parallel provisions of the Code and finalized and published amendments to these PTEs. Shortly thereafter, these changes were challenged in court, including by a coalition of insurance industry trade associations that filed a motion for a preliminary injunction and stay of the amendments. In July 2024, two federal district courts entered separate stays of the effective date of the new regulation regarding the definition of “fiduciary” and the amendments to the PTEs, pending further orders of the courts. We are evaluating the potential impact of these developments on our business, particularly as it pertains to the sale of insurance, annuity and welfare benefit products to retirement investors.

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Management of Climate Risk

The U.S. Securities and Exchange Commission (“SEC”) is also continuing its focus on climate, and environmental, social and governance (“ESG”) risks and opportunities and has published its rulemaking list which contains certain ESG-related rulemakings that the SEC is considering. In March 2024, the SEC adopted final rules requiring registrants to provide additional climate-related information in their registration statements and annual reports, including in their financial statements. The final rules set forth requirements for disclosure of material climate-related risks, mitigation activities, targets and goals, and governance. The rules also require disclosure of certain greenhouse gas emissions metrics and attestation of emissions disclosures. In addition, the final rules require disclosure of information relating to the financial statement effects of severe weather events and other natural conditions. The rules include a phased-in compliance period beginning with the 2025 fiscal year for large accelerated reporting companies, including MetLife, Inc. Multiple parties initiated litigation challenging the final rules, and in April 2024, the SEC voluntarily stayed the final rules pending completion of judicial review. In 2022, the SEC also proposed rules requiring registered investment companies, business development companies, and registered and certain unregistered investment advisers to disclose in their fund prospectuses, annual reports and Form ADV information about how funds and advisers incorporate ESG factors into their investment strategies.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. The most critical estimates include those used in determining:

(i)future policy benefit liabilities, market risk benefits (“MRBs”) and the accounting for reinsurance;

(ii)estimated fair values of investments in the absence of quoted market values;

(iii)investment allowance for credit loss (“ACL”) and impairments;

(iv)estimated fair values of freestanding derivatives;

(v)measurement of goodwill and related impairment;

(vi)measurement of employee benefit plan liabilities;

(vii)measurement of income taxes and the valuation of deferred tax assets; and

(viii)liabilities for litigation and regulatory matters.

In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed — the most significant of which relate to the aforementioned critical accounting estimates. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The Company’s critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report.

Goodwill

Goodwill is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test.

For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge would be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider income tax effects from any tax-deductible goodwill on the carrying value of the reporting unit when measuring the goodwill impairment loss, if applicable. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected adjusted earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, the account value of in-force business, projections of new and renewed business, as well as margins on such business, interest rate levels, credit spreads, equity market levels, and the discount rate that we believe is appropriate for the respective reporting unit.

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We apply significant judgment when determining the estimated fair value of our reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of our reporting units. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based may differ from actual future results. The estimated fair value of the reporting units tested can be impacted by unexpected changes in the legislative, regulatory and macroeconomic environment. Declines in the estimated fair value of our reporting units could result in goodwill impairments in future periods which could materially adversely affect our results of operations or financial position.

In the third quarter of 2024, the Company performed its annual goodwill impairment tests on all reporting units using both qualitative and quantitative assessments. The quantitative assessment utilized the market multiple or embedded value approaches, and, when appropriate, was supplemented with a discounted cash flow valuation based on best available data as of June 30, 2024. The Company concluded that the estimated fair values of all such reporting units were substantially in excess of their carrying values and, therefore, goodwill was not impaired.

Acquisitions and Dispositions

Pending Disposition of MetLife Malaysia

For information regarding the Company’s pending disposition of its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”), each an operating joint venture accounted for under the equity method, see Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations

Overview

MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits; Retirement and Income Solutions (“RIS”); Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

Key Financial Highlights

•Net income available to MetLife, Inc.’s common shareholders of $1.3 billion and $3.0 billion for the three months and nine months ended September 30, 2024, respectively, compared to $422 million and $806 million for the three months and nine months ended September 30, 2023, respectively.

•Adjusted earnings available to common shareholders of $1.4 billion and $4.3 billion for the three months and nine months ended September 30, 2024, respectively, compared to $1.5 billion and $4.2 billion for the three months and nine months ended September 30, 2023, respectively.

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Consolidated Results

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(In millions)
Revenues
Premiums						$	10,647					$	11,230					$	32,328					$	32,497
Universal life and investment-type product policy fees						1,228						1,334						3,757						3,911
Net investment income						5,227						4,825						15,868						14,542
Other revenues						648						606						1,960						1,866
Net investment gains (losses)						(77)						(927)						(873)						(2,650)
Net derivative gains (losses)						767						(1,202)						(720)						(2,289)
Total revenues						18,440						15,866						52,320						47,877
Expenses
Policyholder benefits and claims and policyholder dividends						10,747						11,283						32,601						33,274
Policyholder liability remeasurement (gains) losses						(132)						(17)						(164)						(42)
Market risk benefit remeasurement (gains) losses						531						(796)						(345)						(1,425)
Interest credited to policyholder account balances						2,037						1,658						6,327						5,455
Amortization of deferred policy acquisition costs and value of business acquired						516						499						1,523						1,448
Amortization of negative value of business acquired						(7)						(7)						(19)						(20)
Interest expense on debt						257						265						778						776
Other expenses, net of capitalization of deferred policy acquisition costs						2,497						2,447						7,378						7,190
Total expenses						16,446						15,332						48,079						46,656
Income (loss) before provision for income tax						1,994						534						4,241						1,221
Provision for income tax expense (benefit)						653						39						1,072						233
Net income (loss)						1,341						495						3,169						988
Less: Net income (loss) attributable to noncontrolling interests						(1)						6						14						17
Net income (loss) attributable to MetLife, Inc.						1,342						489						3,155						971
Less: Preferred stock dividends						67						67						168						165
Net income (loss) available to MetLife, Inc.’s common shareholders						$	1,275					$	422					$	2,987					$	806

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $853 million primarily due to the following:

Net Investment Gains (Losses)(1) - Favorable change of $850 million ($672 million, net of income tax):

•Impairment losses in the prior period for investments disposed of in connection with a reinsurance transaction that closed in November 2023 and the pending disposition of MetLife Malaysia

•Gains on foreign currency transactions in the current period

•Lower losses on investments sold or disposed

Partially offset by:

•Impairment losses on mortgage loans in the current period

Net Derivative Gains (Losses)(2) - Favorable change of $2.0 billion ($1.6 billion, net of income tax)(3):

•Long-term interest rates decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of receiver swaps and swaptions

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•The U.S. dollar weakened against the Japanese yen in the current period compared to strengthened in the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards

Partially offset by:

•Key equity indexes increased in the current period compared to decreased in the prior period - unfavorable impact to the estimated fair value of total rate of return swaps and short futures

Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $1.3 billion ($1.0 billion, net of income tax):

•Long-term interest rates decreased in the current period compared to increased in the prior period

Partially offset by:

•Key equity indexes increased in the current period compared to decreased in the prior period

Actuarial Assumption Review - Favorable change of $70 million ($55 million, net of income tax):

						Three Months Ended September 30,												Variance
						2024						2023
						(In millions, net of income tax)
Assumptions
Economic						$	(55)					$	(40)					$	(15)
Mortality						110						51						59
Morbidity						53						(14)						67
Policyholder behavior						(91)						—						(91)
Operational						47						12						35
Total						$	64					$	9					$	55

•Total results for the three months ended September 2024 and 2023 include gains of $64 million and $9 million, respectively:

◦Of the $64 million gain, a loss of $5 million was recognized in MRB remeasurement (gains) losses, a loss of $1 million was recognized in net derivative gains (losses), both of which are discussed above, and a gain of $70 million was recognized in adjusted earnings, which is discussed below

◦Of the $9 million gain, a loss of $4 million was recognized in MRB remeasurement (gains) losses, a loss of $2 million was recognized in net derivative gains (losses), both of which are discussed above, and a gain of $15 million was recognized in adjusted earnings, which is discussed below

◦The $55 million increase was primarily driven by (i) favorable mortality experience in the RIS segment in the current period, (ii) updates made in the prior period to morbidity assumptions in the MetLife Holdings segment associated with an increase in incident rates for our long-term care business, and (iii) updates to policyholder behavior assumptions in the Asia segment related to lapse assumptions in the accident & health business, partially offset by updates to policyholder behavior assumptions in the MetLife Holdings segment related to claim utilization experience for our long-term care business

Adjusted Earnings(5) - Unfavorable change of $113 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Unfavorable change in effective tax rate - 33% in the current period compared to 7% in the prior period

•Current period effective tax rate on income before provision for income tax was 33% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

◦Non-taxable investment income

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◦Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

•Prior period effective tax rate on income before provision for income tax was 7% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

◦Reversal of previous non-deductible losses

◦Low income housing and other tax credits

◦Foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates

Partially offset by tax charges from:

◦Non-taxable investment loss related to the pending disposition of MetLife Malaysia

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Net income (loss) available to MetLife, Inc.’s common shareholders - Increased $2.2 billion primarily due to the following:

Net Investment Gains (Losses)(1) - Favorable change of $1.8 billion ($1.4 billion, net of income tax):

•Impairment losses in the prior period for investments disposed of in connection with a reinsurance transaction that closed in November 2023

•Lower losses on sales of fixed maturity securities

•Higher gains on sales of real estate investments

Net Derivative Gains (Losses)(2) - Favorable change of $1.6 billion ($1.2 billion, net of income tax)(3):

•Long-term interest rates decreased in the current period compared to increased in the prior period - favorable impact to the estimated fair value of receiver swaps and swaptions

•The U.S. dollar strengthened less against the Japanese yen in the current period compared to the prior period - favorable impact to the estimated fair value of sell-U.S. dollar currency forwards

Market Risk Benefit Remeasurement (Gains) Losses(4) - Unfavorable change of $1.1 billion ($853 million, net of income tax):

•Long-term interest rates decreased in the current period compared to increased in the prior period

Actuarial Assumption Review - For the results of the actuarial assumption reviews, see “— Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023 — Actuarial Assumption Review.”

Adjusted Earnings(5) - Favorable change of $173 million. See “— Consolidated Results — Adjusted Earnings.”

Taxes - Unfavorable change in effective tax rate - 25% in the current period compared to 19% in the prior period

•Current period effective tax rate on income before provision for income tax was 25% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

◦Non-taxable investment income

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

◦Corporate tax deduction for stock compensation

•Prior period effective tax rate on income before provision for income tax was 19% compared to the U.S. statutory rate of 21% primarily due to tax benefits from:

◦Low income housing and other tax credits

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◦Non-taxable investment income

Largely offset by tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

◦Non-taxable investment loss related to the pending disposition of MetLife Malaysia

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(1)See “— Investments — Overview” and “— Investments — Investment Portfolio Results — Net Investment Gains (Losses)” for information regarding management of our investment portfolio.

(2)See “— Derivatives — Net Derivative Gains (Losses)” for information regarding the use of derivatives to hedge market risk.

(3)Includes amounts relating to investment hedge adjustments, which are also included in adjusted earnings available to common shareholders. See “— Investments — Investment Portfolio Results” for additional information.

(4)See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s MRBs.

(5)As used in “— Consolidated Results — Adjusted Earnings” and as more fully described in “— Non-GAAP and Other Financial Disclosures,” we refer to adjusted earnings, which does not equate to net income (loss), as determined in accordance with GAAP, to analyze our performance, evaluate segment performance, and allocate resources. We believe that the presentation of adjusted earnings and other financial measures based on adjusted earnings, as we measure it for management purposes, enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings and other financial measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results. Adjusted earnings should not be viewed as a substitute for net income (loss). Adjusted earnings available to common shareholders and adjusted earnings available to common shareholders on a constant currency basis should not be viewed as substitutes for net income (loss) available to MetLife, Inc.’s common shareholders.

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Reconciliation of net income (loss) to adjusted earnings available to common shareholders and premiums, fees and other revenues to adjusted premiums, fees and other revenues

Three Months Ended September 30, 2024

						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total
						(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	330					$	246					$	1,044					$	258					$	76					$	(214)					$	(465)					$	1,275
Add: Preferred stock dividends						—						—						—						—						—						—						67						67
Add: Net income (loss) attributable to noncontrolling interests						—						—						—						(4)						1						—						2						(1)
Net income (loss)						330						246						1,044						254						77						(214)						(396)						1,341
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
			Net investment gains (losses)			17						(125)						273						12						8						(7)						(255)						(77)
			Net derivative gains (losses)			(56)						(47)						780						114						(4)						(16)						(4)						767
			Premiums			16						—						—						—						—						—						—						16
			Universal life and investment-type product policy fees			—						—						—						—						—						—						—						—
			Net investment income			(18)						(45)						16						(8)						174						(43)						8						84
			Other revenues			—						(19)						—						—						—						50						5						36
Expenses:
			Policyholder benefits and claims and policyholder dividends			(9)						(1)						52						(9)						—						17						—						50
			Policyholder liability remeasurement (gains) losses			—						—						—						—						—						—						—						—
			Market risk benefit remeasurement (gains) losses			—						(49)						(19)						—						2						(464)						(1)						(531)
			Interest credited to policyholder account balances ("PABs")			—						(1)						44						(58)						(170)						(39)						2						(222)
			Capitalization of deferred policy acquisition costs ("DAC")			—						—						—						—						—						—						—						—
			Amortization of DAC and value of business acquired ("VOBA")			—						—						—						—						—						—						—						—
			Amortization of negative VOBA			—						—						—						—						—						—						—						—
			Interest expense on debt			—						—						—						—						—						—						—						—
			Other expenses			(5)						—						2						2						(2)						(1)						(25)						(29)
			Goodwill impairment			—						—						—						—						—						—						—						—
			Provision for income tax (expense) benefit			12						61						(410)						(20)						(1)						107						56						(195)
Adjusted earnings						$	373					$	472					$	306					$	221					$	70					$	182					(182)						1,442
Less: Preferred stock dividends																																										67						67
Adjusted earnings available to common shareholders																																										$	(249)					$	1,375
Premiums, fees and other revenues						$	6,162					$	1,560					$	1,710					$	1,496					$	655					$	843					$	97					$	12,523
Less: adjustments to premiums, fees and other revenues						16						(19)						—						—						—						50						5						52
Adjusted premiums, fees and other revenues						$	6,146					$	1,579					$	1,710					$	1,496					$	655					$	793					$	92					$	12,471

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Three Months Ended September 30, 2023

						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total
						(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	503					$	289					$	(374)					$	(18)					$	82					$	302					$	(362)					$	422
Add: Preferred stock dividends						—						—						—						—						—						—						67						67
Add: Net income (loss) attributable to noncontrolling interests						—						—						1						1						1						—						3						6
Net income (loss)						503						289						(373)						(17)						83						302						(292)						495
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
			Net investment gains (losses)			(17)						(134)						(277)						(2)						(20)						(481)						4						(927)
			Net derivative gains (losses)			50						3						(767)						(330)						1						(65)						(94)						(1,202)
			Premiums			—						—						—						—						—						—						—						—
			Universal life and investment-type product policy fees			—						—						—						—						—						—						—						—
			Net investment income			(42)						(109)						(48)						2						26						(65)						5						(231)
			Other revenues			—						(20)						—						—						—						—						9						(11)
Expenses:
			Policyholder benefits and claims and policyholder dividends			—						(1)						64						6						—						—						—						69
			Policyholder liability remeasurement (gains) losses			—						—						—						—						—						—						—						—
			Market risk benefit remeasurement (gains) losses			—						28						18						—						19						730						1						796
			Interest credited to PABs			—						1						44						28						(26)						—						—						47
			Capitalization of DAC			—						—						—						—						—						—						—						—
			Amortization of DAC and VOBA			—						—						—						—						—						—						—						—
			Amortization of negative VOBA			—						—						—						—						—						—						—						—
			Interest expense on debt			—						—						—						—						—						—						—						—
			Other expenses			—						—						1						2						(2)						—						(31)						(30)
			Goodwill impairment			—						—						—						—						—						—						—						—
			Provision for income tax (expense) benefit			2						51						317						78						(3)						(25)						9						429
Adjusted earnings						$	510					$	470					$	275					$	199					$	88					$	208					$	(195)					$	1,555
Less: Preferred stock dividends																																										67						67
Adjusted earnings available to common shareholders																																										$	(262)					$	1,488
Adjusted earnings available to common shareholders on a constant currency basis (1)						$	510					$	470					$	271					$	179					$	87					$	208					$	(262)					$	1,463
Premiums, fees and other revenues						$	5,866					$	2,458					$	1,743					$	1,484					$	588					$	910					$	121					$	13,170
Less: adjustments to premiums, fees and other revenues						—						(20)						—						—						—						—						9						(11)
Adjusted premiums, fees and other revenues						$	5,866					$	2,478					$	1,743					$	1,484					$	588					$	910					$	112					$	13,181
Adjusted premiums, fees and other revenues on a constant currency basis (1)						$	5,866					$	2,478					$	1,704					$	1,349					$	573					$	910					$	112					$	12,992

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(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

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Nine Months Ended September 30, 2024

						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total
						(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	1,155					$	731					$	876					$	528					$	204					$	126					$	(633)					$	2,987
Add: Preferred stock dividends						—						—						—						—						—						—						168						168
Add: Net income (loss) attributable to noncontrolling interests						—						—						—						(1)						3						—						12						14
Net income (loss)						1,155						731						876						527						207						126						(453)						3,169
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
			Net investment gains (losses)			(24)						(377)						(263)						28						(31)						(345)						139						(873)
			Net derivative gains (losses)			34						103						(375)						(36)						(23)						(427)						4						(720)
			Premiums			16						—						—						—						—						—						—						16
			Universal life and investment-type product policy fees			—						—						—						—						—						—						—						—
			Net investment income			(57)						(185)						312						(37)						592						(146)						18						497
			Other revenues			—						(57)						—						—						—						124						20						87
Expenses:
			Policyholder benefits and claims and policyholder dividends			(9)						(127)						206						(94)						—						54						—						30
			Policyholder liability remeasurement (gains) losses			—						—						—						—						—						—						—						—
			Market risk benefit remeasurement (gains) losses			—						(54)						(5)						—						43						361						—						345
			Interest credited to PABs			—						1						(257)						(75)						(585)						(88)						—						(1,004)
			Capitalization of DAC			—						—						—						—						—						—						—						—
			Amortization of DAC and VOBA			—						—						—						—						—						—						—						—
			Amortization of negative VOBA			—						—						—						—						—						—						—						—
			Interest expense on debt			—						—						—						—						—						—						—						—
			Other expenses			(5)						—						2						6						(4)						(1)						(47)						(49)
			Goodwill impairment			—						—						—						—						—						—						—						—
			Provision for income tax (expense) benefit			10						146						78						55						(9)						100						(45)						335
Adjusted earnings						$	1,190					$	1,281					$	1,178					$	680					$	224					$	494					(542)						4,505
Less: Preferred stock dividends																																										168						168
Adjusted earnings available to common shareholders																																										$	(710)					$	4,337
Premiums, fees and other revenues						$	18,702					$	4,917					$	5,122					$	4,498					$	1,896					$	2,581					$	329					$	38,045
Less: adjustments to premiums, fees and other revenues						16						(57)						—						—						—						124						20						103
Adjusted premiums, fees and other revenues						$	18,686					$	4,974					$	5,122					$	4,498					$	1,896					$	2,457					$	309					$	37,942

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Nine Months Ended September 30, 2023

						Group Benefits						RIS						Asia						Latin America						EMEA						MetLife Holdings						Corporate & Other						Total
						(In millions)
Net income (loss) available to MetLife, Inc.'s common shareholders						$	1,161					$	792					$	(623)					$	458					$	222					$	(552)					$	(652)					$	806
Add: Preferred stock dividends						—						—						—						—						—						—						165						165
Add: Net income (loss) attributable to noncontrolling interests						—						—						1						4						3						—						9						17
Net income (loss)						1,161						792						(622)						462						225						(552)						(478)						988
Less: adjustments from net income (loss) to adjusted earnings available to common shareholders:
Revenues:
			Net investment gains (losses)			(16)						(348)						(1,019)						(9)						7						(1,594)						329						(2,650)
			Net derivative gains (losses)			92						105						(1,313)						(24)						(43)						(929)						(177)						(2,289)
			Premiums			—						—						—						—						—						—						—						—
			Universal life and investment-type product policy fees			—						—						—						—						—						—						—						—
			Net investment income			(112)						(344)						232						(33)						285						(200)						12						(160)
			Other revenues			—						(56)						—						—						1						—						34						(21)
Expenses:
			Policyholder benefits and claims and policyholder dividends			—						(14)						121						(138)						—						—						—						(31)
			Policyholder liability remeasurement (gains) losses			—						—						—						—						—						—						—						—
			Market risk benefit remeasurement (gains) losses			—						27						51						—						52						1,294						1						1,425
			Interest credited to PABs			—						2						(259)						(27)						(282)						—						—						(566)
			Capitalization of DAC			—						—						—						—						—						—						—						—
			Amortization of DAC and VOBA			—						—						—						—						—						—						—						—
			Amortization of negative VOBA			—						—						—						—						—						—						—						—
			Interest expense on debt			—						—						—						—						—						—						—						—
			Other expenses			—						—						1						6						(4)						—						(80)						(77)
			Goodwill impairment			—						—						—						—						—						—						—						—
			Provision for income tax (expense) benefit			8						133						578						54						(9)						300						(36)						1,028
Adjusted earnings						$	1,189					$	1,287					$	986					$	633					$	218					$	577					(561)						4,329
Less: Preferred stock dividends																																										165						165
Adjusted earnings available to common shareholders																																										$	(726)					$	4,164
Adjusted earnings available to common shareholders on a constant currency basis (1)						$	1,189					$	1,287					$	957					$	610					$	208					$	577					$	(726)					$	4,102
Premiums, fees and other revenues						$	17,928					$	5,893					$	5,264					$	4,241					$	1,752					$	2,807					$	389					$	38,274
Less: adjustments to premiums, fees and other revenues						—						(56)						—						—						1						—						34						(21)
Adjusted premiums, fees and other revenues						$	17,928					$	5,949					$	5,264					$	4,241					$	1,751					$	2,807					$	355					$	38,295
Adjusted premiums, fees and other revenues on a constant currency basis (1)						$	17,928					$	5,949					$	4,954					$	4,069					$	1,695					$	2,807					$	355					$	37,757

__________________

(1)Amounts for Group Benefits, RIS, MetLife Holdings and Corporate & Other are shown on a reported basis, as constant currency impact is not significant.

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Consolidated Results — Adjusted Earnings

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 decreased $710 million, or 5%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, decreased $521 million, or 4%, compared to the prior period primarily due to lower premiums in the pension risk transfer business in the RIS segment and the expected decline in the MetLife Holdings segment from business run-off, partially offset by growth in the other segments.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Group Benefits			$	373					$	510					$	1,190					$	1,189
RIS			472						470						1,281						1,287
Asia			306						275						1,178						986
Latin America			221						199						680						633
EMEA			70						88						224						218
MetLife Holdings			182						208						494						577
Corporate & Other			(249)						(262)						(710)						(726)
Adjusted earnings available to common shareholders			$	1,375					$	1,488					$	4,337					$	4,164
Adjusted earnings available to common shareholders on a constant currency basis			$	1,375					$	1,463					$	4,337					$	4,102
Adjusted premiums, fees and other revenues			$	12,471					$	13,181					$	37,942					$	38,295
Adjusted premiums, fees and other revenues on a constant currency basis			$	12,471					$	12,992					$	37,942					$	37,757

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Decreased $113 million on a reported basis, primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $50 million as a result of the reinsurance transaction that closed in November 2023 in the MetLife Holdings segment

Foreign Currency - Decreased adjusted earnings by $24 million, primarily in the Latin America and Asia segments

Market Factors - Decreased adjusted earnings by $69 million:

•Higher average interest crediting rates primarily on investment-type products in the RIS segment

•Variable investment income decreased - lower returns on private equity funds

Partially offset by:

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, as well as higher returns on fair value option (“FVO”) securities, partially offset by lower income on derivatives

Volume Growth - Increased adjusted earnings by $44 million:

•Higher average invested assets primarily in the RIS and Latin America segments

•Higher sales and business growth in the EMEA segment

Largely offset by:

•Increase in interest credited expenses on long duration products primarily in the RIS and Latin America segments

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Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $20 million:

•Unfavorable mortality and morbidity results in the Group Benefits segment, coupled with unfavorable claims experience in the EMEA segment, partially offset by favorable mortality in the RIS segment

Partially offset by:

•Favorable change from refinements to certain insurance assets and other liabilities in both periods, primarily in the Asia and EMEA segments

Notable Items - Actuarial assumption review and other insurance adjustments - Increased adjusted earnings by $2 million on a reported basis:

						Three Months Ended September 30,												Variance
						2024						2023
						(In millions)
Group Benefits						$	(58)					$	27					$	(85)
RIS						104						61						43
Asia						(41)						(94)						53
Latin America						4						—						4
EMEA						(5)						18						(23)
MetLife Holdings						12						2						10
Corporate & Other						—						—						—
Total						$	16					$	14					$	2

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings Available to Common Shareholders - Increased $173 million on a reported basis, primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $150 million as a result of the reinsurance transaction that closed in November 2023 in the MetLife Holdings segment

Foreign Currency - Decreased adjusted earnings by $62 million, primarily in the Asia and Latin America segments

Market Factors - Increased adjusted earnings by $127 million:

•Variable investment income increased - higher returns on private equity and real estate funds

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

Largely offset by:

•Higher average interest crediting rates on investment-type and certain insurance products, primarily in the RIS and Asia segments

Volume Growth - Increased adjusted earnings by $152 million:

•Higher average invested assets primarily in the RIS and Latin America segments

•Higher sales and business growth in the EMEA and Latin America segments

Largely offset by:

•Increase in interest credited expenses on long duration products primarily in the RIS and Latin America segments

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Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $188 million:

•Favorable mortality results primarily in the Group Benefits segment, higher surrender charges in the Asia segment, and favorable morbidity experience in the MetLife Holdings segment, partially offset by unfavorable mortality experience in the MetLife Holdings segment

•Favorable change from refinements to certain insurance assets and other liabilities in both periods, primarily in the Group Benefits segment

Expenses - Decreased adjusted earnings by $37 million:

•Higher direct expenses, including employee-related costs, in most of the segments

•Higher litigation reserves

Largely offset by:

•Lower corporate-related expenses, primarily in Corporate & Other

Taxes - Unfavorable change in effective tax rate - 24% in the current period compared to 23% in the prior period

•Current period effective tax rate on income before provision for income tax was 24% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Partially offset by tax benefits from:

◦Non-taxable investment income

◦Low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method

◦Corporate tax deduction for stock compensation

•Prior period effective tax rate on income before provision for income tax was 23% compared to the U.S. statutory rate of 21% primarily due to tax charges from:

◦Foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates

Largely offset by tax benefits from:

◦Low income housing and other tax credits

◦Non-taxable investment income

◦Adjustments related to prior years taxes

◦Corporate tax deduction for stock compensation

Notable Items - For the results of the notable items, see “— Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023 — Notable Items.”

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Segment Results and Corporate & Other

Group Benefits

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 increased $280 million, or 5%, compared to the prior period, primarily driven by growth in both core and voluntary products, partially offset by a decrease in premiums related to our participating life contracts, which can fluctuate with claims experience.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	6,457					$	6,196					$	19,625					$	18,895
Total adjusted expenses			5,985						5,551						18,120						17,388
Provision for income tax expense (benefit)			99						135						315						318
Adjusted earnings			$	373					$	510					$	1,190					$	1,189
Adjusted premiums, fees and other revenues			$	6,146					$	5,866					$	18,686					$	17,928

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $137 million primarily due to the following business drivers:

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $38 million:

•Unfavorable morbidity - primarily due to higher incidence in accident & health coupled with higher claims in vision

•Unfavorable mortality - lower severity in the prior period in accidental death & dismemberment

•Unfavorable changes from refinements to certain insurance and other liabilities in both periods

Expenses - Decreased adjusted earnings by $13 million:

•Higher legal plan utilization and technology, employee-related and various other operating expenses exceeded the corresponding increase in adjusted premiums, fees and other revenues

Notable Items - Decreased adjusted earnings by $85 million:

•Current period notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies

•Prior period notable item - favorable impact of $27 million - actuarial assumption review

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $1 million primarily due to the following business drivers:

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $119 million:

•Favorable mortality - lower claims incidence in our life business

•Favorable change from refinements to certain insurance and other liabilities in both periods

Expenses - Decreased adjusted earnings by $28 million:

•Higher legal plan utilization and technology, employee-related and various other operating expenses exceeded the corresponding increase in adjusted premiums, fees and other revenues

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Notable Items - Decreased adjusted earnings by $85 million:

•Current period notable items - unfavorable impact of $58 million - actuarial assumption review and other insurance adjustments, which includes an unfavorable refinement on certain life policies

•Prior period notable item - favorable impact of $27 million - actuarial assumption review

Retirement & Income Solutions

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 decreased $899 million, or 36%, compared to the prior period. The decrease was primarily driven by lower premiums from our pension risk transfer business and structured settlement sales; partially offset by growth in our United Kingdom (“U.K.”) longevity reinsurance businesses. Changes in premiums are mostly offset by a corresponding change in policyholder benefits, both of which are reported net of ceded reinsurance.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	3,712					$	4,487					$	11,313					$	11,720
Total adjusted expenses			3,121						3,893						9,700						10,094
Provision for income tax expense (benefit)			119						124						332						339
Adjusted earnings			$	472					$	470					$	1,281					$	1,287
Adjusted premiums, fees and other revenues			$	1,579					$	2,478					$	4,974					$	5,949

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Increased $2 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $72 million:

•Higher average interest crediting rates primarily on investment-type products

Partially offset by:

•Recurring investment income increased - higher yields on fixed income securities, partially offset by lower income on derivatives

Volume Growth - Increased adjusted earnings by $13 million:

•Positive flows from pension risk transfer transactions and funding agreement issuances resulted in higher average invested assets

Largely offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $14 million:

•Favorable mortality – mainly in pension risk transfer business

Partially offset by:

•Unfavorable refinements to certain insurance liabilities in both periods

Expenses - Decreased adjusted earnings by $8 million:

•Higher expenses, including certain employee-related costs

Notable Items - Increased adjusted earnings by $43 million:

•Current period notable item - favorable impact of $104 million - actuarial assumption review

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•Prior period notable item - favorable impact of $61 million - actuarial assumption review

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $6 million primarily due to the following business drivers:

Market Factors - Decreased adjusted earnings by $69 million:

•Higher average interest crediting rates primarily on investment-type products

Partially offset by:

•Recurring investment income increased - higher yields on fixed income securities and mortgage loans, partially offset by lower income on derivatives

•Variable investment income increased - higher returns on private equity funds

Volume Growth - Increased adjusted earnings by $40 million:

•Positive flows from pension risk transfer transactions and funding agreement issuances resulted in higher average invested assets

Largely offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $11 million:

•Unfavorable refinements to certain insurance liabilities in both periods

Partially offset by:

•Favorable mortality – mainly in pension risk transfer business

Expenses - Decreased adjusted earnings by $26 million:

•Higher expenses, including certain employee-related costs

Notable Items - Increased adjusted earnings by $43 million:

•Current period notable item - favorable impact of $104 million - actuarial assumption review

•Prior period notable item - favorable impact of $61 million - actuarial assumption review

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Asia

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 decreased $33 million, or 2%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $6 million, or less than 1%, compared to the prior period, as an increase in premiums in Korea and higher fee income from Japan’s foreign currency life products were substantially offset by decreases in premiums from Japan’s accident & health and yen-denominated life products.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	2,842					$	2,766					$	8,529					$	8,218
Total adjusted expenses			2,411						2,361						6,891						6,797
Provision for income tax expense (benefit)			125						130						460						435
Adjusted earnings			$	306					$	275					$	1,178					$	986
Adjusted earnings on a constant currency basis			$	306					$	271					$	1,178					$	957
Adjusted premiums, fees and other revenues			$	1,710					$	1,743					$	5,122					$	5,264
Adjusted premiums, fees and other revenues on a constant currency basis			$	1,710					$	1,704					$	5,122					$	4,954

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $31 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $4 million:

•Japanese yen and Korean won weakened against the U.S. dollar

Market Factors - Decreased adjusted earnings by $32 million:

•Unfavorable change in market-sensitive policyholder liabilities

•Higher average interest crediting rates on investment-type and certain insurance products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $12 million:

•Favorable change from refinements to certain insurance assets and liabilities in both periods

Notable Items - Increased adjusted earnings by $53 million on a reported basis:

•Current period notable item - unfavorable impact of $41 million - actuarial assumption review

•Prior period notable item - unfavorable impact of $94 million - actuarial assumption review

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $192 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $29 million:

•Japanese yen and Korean won weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $68 million:

•    Recurring investment income increased - higher yields on fixed income securities

•    Variable investment income increased - higher returns on private equity and real estate funds

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Partially offset by:

•Higher average interest crediting rates on investment-type and certain insurance products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $64 million:

•Higher surrender charges in Japan

•Favorable change from refinements to certain insurance assets and liabilities in both periods

Taxes - Increased adjusted earnings by $33 million:

•Favorable change in Korea - tax benefits due to a tax audit settlement in the current period and lower dividend withholding tax as a result of a rate decrease

•Favorable change in Japan - tax benefits from higher foreign earnings taxed at lower rates in the current period and lower premium tax due to lower sales

Notable Items - Increased adjusted earnings by $53 million on a reported basis:

•Current period notable item - unfavorable impact of $41 million - actuarial assumption review

•Prior period notable item - unfavorable impact of $94 million - actuarial assumption review

Latin America

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 increased $12 million, or 1%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $147 million, or 11%, compared to the prior period, mainly driven by strong sales and solid persistency across the region.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	1,931					$	1,849					$	5,717					$	5,403
Total adjusted expenses			1,622						1,567						4,766						4,537
Provision for income tax expense (benefit)			88						83						271						233
Adjusted earnings			$	221					$	199					$	680					$	633
Adjusted earnings on a constant currency basis			$	221					$	179					$	680					$	610
Adjusted premiums, fees and other revenues			$	1,496					$	1,484					$	4,498					$	4,241
Adjusted premiums, fees and other revenues on a constant currency basis			$	1,496					$	1,349					$	4,498					$	4,069

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $22 million on a reported basis primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $20 million:

•Mexican and Chilean pesos weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $31 million:

•Favorable impact of higher inflation, primarily in Chile

•Recurring investment income increased - higher returns on our Chilean encaje within FVO securities driven by an increase in bond index returns; partially offset by lower fixed income yields in Chile

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Volume Growth - Increased adjusted earnings by $15 million:

•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets

Partially offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $6 million:

•Unfavorable underwriting - higher loss ratio in Mexico and Brazil, partially offset by lower claims in Chile

Notable Items - Increased adjusted earnings by $4 million:

•Current period notable item - favorable impact of $4 million - actuarial assumption review

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $47 million on a reported basis primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $23 million:

•Chilean peso weakened against the U.S. dollar

Partially offset by:

•Mexican peso strengthened against the U.S. dollar

Market Factors - Increased adjusted earnings by $28 million:

•Favorable impact of higher inflation, primarily in Chile

•Recurring investment income increased - higher returns on our Chilean encaje within FVO securities, driven by an increase in bond index returns; largely offset by lower fixed income yields and derivative income in Chile

Volume Growth - Increased adjusted earnings by $52 million:

•Strong sales of single premium immediate annuities in Chile resulted in higher average invested assets

•Higher sales, primarily in Mexico and Chile

Partially offset by:

•Increase in interest credited expenses on long duration products

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $16 million:

•Favorable refinements to certain insurance liabilities primarily in Chile and Mexico

Expenses - Decreased adjusted earnings by $11 million:

•Higher corporate-related and various other operating expenses, primarily in Mexico and Chile

Taxes - Decreased adjusted earnings by $8 million:

•Tax adjustments in both periods - adjustments related to the filing of the tax return in Mexico and a recurring tax item related to inflation in Chile

Other - Decreased adjusted earnings by $11 million - includes amortization of DAC

Notable Items - Increased adjusted earnings by $4 million:

•Current period notable item - favorable impact of $4 million - actuarial assumption review

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EMEA

Business Overview. Adjusted premiums, fees and other revenues for the three months ended September 30, 2024 increased $67 million, or 11%, compared to the prior period. Adjusted premiums, fees and other revenues, net of foreign currency fluctuations, increased $82 million, or 14%, compared to the prior period primarily due to increases in our (i) corporate solutions business in the Gulf, the U.K. and Egypt, (ii) credit life and pension businesses in Turkey and Romania, and (iii) accident & health business across the region.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	710					$	639					$	2,059					$	1,894
Total adjusted expenses			616						527						1,764						1,614
Provision for income tax expense (benefit)			24						24						71						62
Adjusted earnings			$	70					$	88					$	224					$	218
Adjusted earnings on a constant currency basis			$	70					$	87					$	224					$	208
Adjusted premiums, fees and other revenues			$	655					$	588					$	1,896					$	1,751
Adjusted premiums, fees and other revenues on a constant currency basis			$	655					$	573					$	1,896					$	1,695

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Decreased $18 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings slightly

Market Factors - Increased adjusted earnings by $7 million:

•Recurring investment income increased - higher yields on fixed income securities

Volume Growth - Increased adjusted earnings by $17 million:

•Increase in sales and business growth:

◦Credit life and pension businesses in Turkey and Romania

◦Corporate solutions business in the Gulf, the U.K. and Egypt

◦Accident & health business across the region

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $6 million:

•Unfavorable underwriting experience across the region

Partially offset by:

•Favorable change from refinements to certain insurance liabilities in both periods

Expenses - Decreased adjusted earnings by $8 million:

•Higher direct expenses, including employee-related costs and various other operating expenses across the region

Notable Items - Decreased adjusted earnings by $23 million on a reported basis:

•Current period notable item - unfavorable impact of $5 million - actuarial assumption review

•Prior period notable items - favorable impact of $18 million - actuarial assumption review and other insurance adjustments

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Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax and foreign currency fluctuations. Foreign currency fluctuations can result in significant variances in the financial statement line items.

Adjusted Earnings - Increased $6 million on a reported basis, primarily due to the following business drivers:

Foreign Currency - Decreased adjusted earnings by $10 million:

•Turkish lira and Egyptian pound weakened against the U.S. dollar

Market Factors - Increased adjusted earnings by $22 million:

•Recurring investment income increased - higher yields on fixed income securities

Volume Growth - Increased adjusted earnings by $38 million:

•Increase in sales and business growth:

◦Credit life and pension businesses in Turkey and Romania

◦Corporate solutions business in the Gulf, the U.K. and Egypt

◦Accident & health business across the region

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $7 million:

•Favorable underwriting experience across the region

•Favorable change from refinements to certain insurance liabilities in both periods

Expenses - Decreased adjusted earnings by $23 million:

•Higher direct expenses, including employee-related costs and various other operating expenses across the region

Other - Decreased adjusted earnings by $3 million

Notable Items - Decreased adjusted earnings by $23 million on a reported basis:

•Current period notable item - unfavorable impact of $5 million - actuarial assumption review

•Prior period notable items - favorable impact of $18 million - actuarial assumption review and other insurance adjustments

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MetLife Holdings

Business Overview. The MetLife Holdings segment consists of operations relating to products and businesses, previously included in our former retail business, that we no longer actively market in the U.S. As anticipated, adjusted premiums, fees and other revenues continue to decline from expected business run-off.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	1,774					$	2,063					$	5,464					$	6,257
Total adjusted expenses			1,548						1,804						4,854						5,541
Provision for income tax expense (benefit)			44						51						116						139
Adjusted earnings			$	182					$	208					$	494					$	577
Adjusted premiums, fees and other revenues			$	793					$	910					$	2,457					$	2,807

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $26 million primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $50 million as a result of the reinsurance transaction that closed in November 2023

Market Factors - Increased adjusted earnings by $19 million:

•Decrease in interest credited expenses on long duration products

Partially offset by:

•Recurring investment income decreased - lower income on derivatives and lower average invested assets due to business run-off, substantially offset by higher yields on fixed income securities

Volume Growth - Decreased adjusted earnings by $9 million, consistent with business run-off

Underwriting and Other Insurance Adjustments - Increased adjusted earnings by $4 million:

•Favorable morbidity experience in our long-term care business

Largely offset by:

•Unfavorable mortality - higher claim volume and severity in our life business

Notable Items - Increased adjusted earnings by $10 million:

•Current period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments

•Prior period notable items - favorable impact of $2 million - actuarial assumption review, largely offset by other insurance adjustments

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Unless otherwise stated, all amounts discussed below are net of income tax.

Adjusted Earnings - Decreased $83 million primarily due to the following business drivers:

Reinsurance Transaction - Decreased adjusted earnings by approximately $150 million as a result of the reinsurance transaction that closed in November 2023

Market Factors - Increased adjusted earnings by $78 million:

•Variable investment income increased - higher returns on private equity funds

•Decrease in interest credited expenses on long duration products

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Partially offset by:

•Recurring investment income decreased - lower average invested assets due to business run-off and lower income on derivatives, substantially offset by higher yields on fixed income securities

Volume Growth - Decreased adjusted earnings by $24 million, consistent with business run-off

Underwriting and Other Insurance Adjustments - Decreased adjusted earnings by $7 million:

•Unfavorable mortality - higher claim volume and severity in our life business

Partially offset by:

•Favorable morbidity experience in our long-term care business

•Lower dividend expense due to business run-off

Notable Items - Increased adjusted earnings by $10 million:

•Current period notable items - favorable impact of $12 million - actuarial assumption review and other insurance adjustments

•Prior period notable items - favorable impact of $2 million - actuarial assumption review, largely offset by other insurance adjustments

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Corporate & Other

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Total adjusted revenues			$	188					$	237					$	606					$	610
Total adjusted expenses			411						511						1,306						1,436
Provision for income tax expense (benefit)			(41)						(79)						(158)						(265)
Adjusted earnings			(182)						(195)						(542)						(561)
Less: Preferred stock dividends			67						67						168						165
Adjusted earnings available to common shareholders			$	(249)					$	(262)					$	(710)					$	(726)
Adjusted premiums, fees and other revenues			$	92					$	112					$	309					$	355

The table below presents adjusted earnings available to common shareholders by source:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Business activities			$	20					$	13					$	56					$	52
Net investment income			96						126						290						258
Interest expense on debt			(256)						(266)						(776)						(778)
Corporate initiatives and projects			(8)						(12)						(21)						(58)
Other			(75)						(135)						(249)						(300)
Provision for income tax (expense) benefit and other tax-related items			41						79						158						265
Preferred stock dividends			(67)						(67)						(168)						(165)
Adjusted earnings available to common shareholders			$	(249)					$	(262)					$	(710)					$	(726)

Three Months Ended September 30, 2024 Compared with the Three Months Ended September 30, 2023

Adjusted Earnings Available to Common Shareholders - Increased $13 million primarily due to the following:

Business Activities – Increased adjusted earnings by $6 million:

•Lower expenses in certain of our businesses

Net Investment Income - Decreased adjusted earnings by $24 million:

•Variable investment income decreased - lower returns on private equity funds, partially offset by higher returns on corporate debt funds

Partially offset by:

•Recurring investment income increased - the impact of tax equity investments now accounted for under the proportional amortization method and higher returns on FVO securities, partially offset by lower yields on fixed income securities

Interest Expense on Debt - Increased adjusted earnings by $8 million:

•Surplus note repayment at maturity in January and February 2024

•Senior note repayment at maturity and early redemption in April 2024

Partially offset by:

•Senior note issuances in July 2023, March 2024, June 2024 and September 2024

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Corporate Initiatives and Projects & Other - Increased adjusted earnings by $50 million:

•Lower corporate-related and employee-related expenses

Taxes - Unfavorable change in Corporate & Other’s taxes:

•Lower tax preferenced items, primarily due to the impact of tax equity investments now accounted for under the proportional amortization method, partially offset by foreign earnings taxed at different rates than the U.S. statutory rate

Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Adjusted Earnings Available to Common Shareholders - Increased $16 million primarily due to the following:

Net Investment Income - Increased adjusted earnings by $25 million:

•Recurring investment income increased - the impact of tax equity investments now accounted for under the proportional amortization method, higher returns on FVO securities and higher average invested assets, partially offset by lower yields on fixed income securities

Corporate Initiatives and Projects & Other – Increased adjusted earnings by $69 million:

•Lower corporate-related expenses, including from initiatives and projects

Partially offset by:

•Higher litigation reserves

Taxes - Unfavorable change in Corporate & Other’s taxes:

•Lower tax preferenced items, primarily due to the impact of tax equity investments now accounted for under the proportional amortization method, partially offset by foreign earnings taxed at different rates than the U.S. statutory rate

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Investments

Overview

We maintain a diversified global general account investment portfolio to support our mix of liabilities in our global businesses. We position our portfolio based on relative value and our view of the economy and financial markets. We maintain our focus on appropriate level of diversification and asset quality.

We manage our investment portfolio using disciplined asset/liability management (“ALM”) principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with the vast majority of our portfolio invested in fixed maturity securities available-for-sale (“AFS”) and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities.

Current Environment

As a global insurance company, we continue to be impacted by the changing global financial and economic environment, the fiscal and monetary policy of governments and central banks around the world and other governmental measures. Global inflation, supply chain disruptions, acts of war and banking sector volatility continue to impact the global economy and financial markets and have caused volatility in the global equity, credit and real estate markets. See “— Industry Trends — Financial and Economic Environment” for further information regarding conditions in the global financial markets and the economy generally which may affect us. These factors may persist for some time and may continue to impact pricing levels of risk-bearing investments, as well as our business operations, investment portfolio and derivatives. Rising market interest rates have impacted our investment portfolio and derivatives. See “— Results of Operations — Consolidated Results” and “— Results of Operations — Consolidated Results — Adjusted Earnings” for impacts on our derivatives and analysis of the period over period changes in investment portfolio results and “Investments — Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss — Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position” in Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for impacts on the net unrealized gain (loss) on our fixed maturity securities AFS.

Selected Country Investments

We have a market presence in numerous countries and, therefore, our investment portfolio, which supports our insurance operations and related policyholder liabilities, as well as our global portfolio diversification objectives, is exposed to risks posed by local political and economic conditions. The countries included in the following table have been the most affected by these risks. The table below presents a summary of selected country fixed maturity securities AFS, at estimated fair value, on a “country of risk basis” (i.e., where the issuer primarily conducts business).

			Selected Country Fixed Maturity Securities AFS at September 30, 2024
Country			Sovereign (1)						Financial Services						Non-Financial Services												Total (2)
			(Dollars in millions)
Israel			122						16						95												233
Peru			88						2						210												300
Ukraine			31						—						1												32
Russian Federation			10						—						—												10
Total			$	251					$	18					$	306											$	575
Investment grade %			75.5		%				94.2		%				81.4		%										79.3		%

__________________

(1)Sovereign includes government and agency.

(2)The par value, amortized cost, net of ACL, and estimated fair value, net of purchased and written credit default swaps, of these securities were $639 million, $592 million and $398 million, respectively, at September 30, 2024. The notional value and estimated fair value of the net purchased credit default swaps were $177 million and ($3) million, respectively, at September 30, 2024.

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We manage direct and indirect investment exposure in the selected countries through fundamental analysis and we continually monitor and adjust our level of investment exposure. We do not expect that our general account investments in these countries will have a material adverse effect on our results of operations or financial condition.

Investment Portfolio Results

See “— Overview” for a discussion of our investment portfolio and a summary of how we manage our investment portfolio. The following tables present a reconciliation of net investment income under GAAP to adjusted net investment income and our yield table. The 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.

Reconciliation of Net Investment Income under GAAP to Adjusted Net Investment Income

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(In millions)
Net investment income — GAAP			$	5,227					$	4,825					$	15,868					$	14,542
Investment hedge adjustments			129						232						477						759
Unit-linked investment income			(147)						(4)						(908)						(603)
Other			(66)						3						(66)						4
Adjusted net investment income (1)			$	5,143					$	5,056					$	15,371					$	14,702

__________________

(1)See “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of the adjustments made to net investment income under GAAP in calculating adjusted net investment income.

Yield Table

			For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
			2024												2023												2024												2023
Asset Class			Yield % (1)						Amount						Yield % (1)						Amount						Yield % (1)						Amount						Yield % (1)						Amount
			(Dollars in millions)
Fixed maturity securities (2), (3)			4.52			%			$	3,357					4.19			%			$	3,123					4.43			%			$	9,763					4.14			%			$	9,258
Net mortgage loans (3)			5.32						1,097						5.18						1,094						5.29						3,293						5.07						3,226
Real estate and real estate joint ventures			1.67						57						(0.31)						(11)						(0.65)						(65)						(0.54)						(53)
Policy loans			5.72						116						5.52						120						5.57						339						5.42						358
Equity securities			3.47						4						4.14						5						4.79						18						3.65						27
Other limited partnership interests			2.45						87						5.56						206						6.62						713						4.17						457
Cash and short-term investments			5.23						257						6.38						220						5.06						712						5.78						582
Other invested assets			—						312						—						420						—						1,046						—						1,256
Investment income			4.75			%			5,287						4.68			%			5,177						4.77			%			15,819						4.55			%			15,111
Investment fees and expenses			(0.13)						(144)						(0.11)						(121)						(0.14)						(448)						(0.12)						(409)
Net investment income including divested businesses (4)			4.62			%			5,143						4.57			%			5,056						4.63			%			15,371						4.43			%			14,702
Less: net investment income from divested businesses (4)									—												—												—												—
Adjusted net investment income									$	5,143											$	5,056											$	15,371											$	14,702

__________________

(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 (losses) from sales and disposals, and includes the impact of changes in foreign currency exchange rates. Asset carrying values utilized in the calculation of yields exclude unrecognized unrealized gains (losses), mortgage loans originated for 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.

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(2)Fixed maturity securities in the yield table includes FVO securities; accordingly, investment income (loss) from fixed maturity securities includes amounts from FVO securities of $76 million and ($17) million for the three months ended September 30, 2024 and 2023, respectively, and $183 million and $81 million for the nine months ended September 30, 2024 and 2023, respectively, and FVO securities asset carrying values are included in the calculation of average quarterly fixed maturity securities asset carrying values in the yield calculation.

(3)Investment income from fixed maturity securities and net mortgage loans includes prepayment fees and excludes investment income from mortgage loans originated for third parties, respectively. See “— Net Mortgage Loans.”

(4)See “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for a discussion of divested businesses.

See “— Results of Operations — Consolidated Results — Adjusted Earnings” for an analysis of the period over period changes in investment portfolio results.

Net Investment Gains (Losses)

We purchase investments to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of provision for credit loss and impairments on our investment portfolio, as well as realized gains and losses on investments sold.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in realized gains (losses) on investments sold, provision (release) for credit loss and impairments and non-investment portfolio gains (losses).

Fixed Maturity Securities AFS and Equity Securities

The following table presents public and private fixed maturity securities AFS and equity securities held at:

			September 30, 2024												December 31, 2023
Securities by Type			Estimated Fair Value						% of Total						Estimated Fair Value						% of Total
			(Dollars in millions)
Fixed maturity securities AFS
Publicly traded			$	213,609					72.7			%			$	209,616					74.5			%
Privately-placed			80,170						27.3						71,796						25.5
Total fixed maturity securities AFS			$	293,779					100.0			%			$	281,412					100.0			%
Percentage of cash and invested assets			61.6		%										60.3		%
Equity securities
Publicly traded			$	494					66.2			%			$	506					66.8			%
Privately-held			252						33.8						251						33.2
Total equity securities			$	746					100.0			%			$	757					100.0			%
Percentage of cash and invested assets			0.2		%										0.2		%

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities, continuous gross unrealized losses and equity securities by security type and the related cost, net unrealized gains (losses) and estimated fair value of these securities; as well as realized gains (losses) on sales and disposals and unrealized net gains (losses) recognized in earnings.

Included within fixed maturity securities AFS are structured securities, including residential mortgage-backed securities (“RMBS”), asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Products”). See “— Structured Products” for further information.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2023 Annual Report for further information on the processes used to value securities and the related controls.

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Fair Value of Fixed Maturity Securities AFS and Equity Securities

Fixed maturity securities AFS and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources were as follows:

						September 30, 2024
Level						Fixed Maturity Securities AFS															Equity Securities
						(Dollars in millions)
Level 1
Quoted prices in active markets for identical assets						$	16,650					5.7			%						$	430					57.6			%
Level 2
Independent pricing sources						241,373						82.1									71						9.6
Internal matrix pricing or discounted cash flow techniques						—						—									3						0.4
Significant other observable inputs						241,373						82.1									74						10.0
Level 3
Independent pricing sources						27,571						9.4									33						4.4
Internal matrix pricing or discounted cash flow techniques						7,586						2.6									206						27.6
Independent broker quotations						599						0.2									3						0.4
Significant unobservable inputs						35,756						12.2									242						32.4
Total at estimated fair value						$	293,779					100.0			%						$	746					100.0			%

See Note 12 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities AFS and equity securities fair value hierarchy; a rollforward of the fair value measurements for securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs; transfers into and/or out of Level 3; and further information about the valuation approaches and inputs by level by major classes of invested assets that affect the amounts reported above.

The majority of the Level 3 fixed maturity securities AFS and equity securities were concentrated in three sectors at September 30, 2024: foreign corporate securities, U.S. corporate securities and ABS & CLO. During the three months ended September 30, 2024, Level 3 fixed maturity securities AFS increased by $608 million, or 1.7%. The increase was driven by purchases in excess of sales and an increase in estimated fair value recognized in other comprehensive income (loss), offset by transfers out of Level 3 in excess of transfers into Level 3. During the nine months ended September 30, 2024, Level 3 fixed maturity securities AFS increased by $2.8 billion, or 8.5%. The increase was driven by purchases in excess of sales and an increase in estimated fair value recognized in other comprehensive income (loss), offset by transfers out of Level 3 in excess of transfers into Level 3.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Valuation of Securities” included in the 2023 Annual Report for further information on the estimates and assumptions that affect the amounts reported above.

Fixed Maturity Securities AFS

See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about fixed maturity securities AFS by sector, contractual maturities and continuous gross unrealized losses.

Fixed Maturity Securities AFS Credit Quality — Ratings

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Fixed Maturity Securities AFS Credit Quality — Ratings” included in the 2023 Annual Report for a discussion of the credit quality ratings assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”), credit quality designations and designation categories assigned by the Securities Valuation Office of the NAIC for fixed maturity securities AFS and modeling methodologies adopted by the NAIC for non-agency RMBS and CMBS that estimate security level expected losses under a variety of economic scenarios.

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NRSRO ratings and NAIC designations are as of the dates shown below. Over time, credit ratings and designations can migrate, up or down, through the NRSRO’s and NAIC’s continuous monitoring process. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. If no NAIC designation is available, then, as permitted by the NAIC, an internally developed designation is used. 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, included within Caa and lower, that are designated NAIC 6; accordingly, NAIC designations may not correspond to NRSRO ratings.

The following table presents total fixed maturity securities AFS by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations is provided.

												September 30, 2024																											December 31, 2023
NRSRO Rating						NAIC Designation						Amortized Cost net of ACL						Unrealized Gains (Losses)						Estimated Fair Value						% of Total									Amortized Cost net of ACL						Unrealized Gains (Losses)						Estimated Fair Value						% of Total
												(Dollars in millions)
Aaa/Aa/A						1						$	216,622					$	(13,062)					$	203,560					69.3			%						$	209,232					$	(14,510)					$	194,722					69.2			%
Baa						2						79,025						(1,994)						77,031						26.2									77,534						(3,854)						73,680						26.2
Subtotal investment grade												295,647						(15,056)						280,591						95.5									286,766						(18,364)						268,402						95.4
Ba						3						9,690						(24)						9,666						3.3									10,694						(395)						10,299						3.7
B						4						3,365						(234)						3,131						1.1									2,491						(120)						2,371						0.8
Caa and lower						5						437						(106)						331						0.1									280						(22)						258						0.1
In or near default						6						105						(45)						60						—									140						(58)						82						—
Subtotal below  investment grade												13,597						(409)						13,188						4.5									13,605						(595)						13,010						4.6
Total fixed maturity securities AFS												$	309,244					$	(15,465)					$	293,779					100.0			%						$	300,371					$	(18,959)					$	281,412					100.0			%

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The following tables present total fixed maturity securities AFS, at estimated fair value, by sector and by NRSRO rating, except for non-agency RMBS and CMBS, which are presented using NAIC designations for modeled securities. In addition, in the following table, the applicable NAIC designation from the NAIC published comparison of the NRSRO ratings to NAIC designations is provided.

			Fixed Maturity Securities AFS — by Sector & Credit Quality Rating
NRSRO Rating			Aaa/Aa/A						Baa						Ba						B						Caa and Lower						In or Near Default						Total Estimated Fair Value
NAIC Designation			1						2						3						4						5						6
			(Dollars in millions)
September 30, 2024
U.S. corporate			$	45,157					$	34,202					$	3,931					$	1,310					$	230					$	21					$	84,851
Foreign corporate			20,033						32,860						3,380						436						24						19						56,752
Foreign government			35,900						5,316						1,561						1,293						48						14						44,132
U.S. government and agency			34,294						382						—						—						—						—						34,676
RMBS			33,559						1,322						324						54						3						2						35,264
ABS & CLO			14,371						2,699						384						38						26						2						17,520
Municipals			10,563						208						27						—						—						—						10,798
CMBS			9,683						42						59						—						—						2						9,786
Total fixed maturity securities AFS			$	203,560					$	77,031					$	9,666					$	3,131					$	331					$	60					$	293,779
Percentage of total			69.3		%				26.2		%				3.3		%				1.1		%				0.1		%				—		%				100.0		%
December 31, 2023
U.S. corporate			$	42,892					$	31,942					$	4,093					$	1,602					$	158					$	30					$	80,717
Foreign corporate			19,519						32,144						3,300						458						9						14						55,444
Foreign government			37,024						5,727						2,410						245						52						31						45,489
U.S. government and agency			31,876						376						—						—						—						—						32,252
RMBS			28,381						602						68						40						3						2						29,096
ABS & CLO			14,345						2,548						345						26						26						4						17,294
Municipals			10,974						168						29						—						—						—						11,171
CMBS			9,711						173						54						—						10						1						9,949
Total fixed maturity securities AFS			$	194,722					$	73,680					$	10,299					$	2,371					$	258					$	82					$	281,412
Percentage of total			69.2		%				26.2		%				3.7		%				0.8		%				0.1		%				—		%				100.0		%

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U.S. and Foreign Corporate Fixed Maturity Securities AFS

We maintain a broadly diversified portfolio of corporate fixed maturity securities AFS across many industries and issuers. This portfolio did not have any exposure to any single issuer in excess of 1% of total investments at either September 30, 2024 or December 31, 2023. The top 10 holdings comprised 1% of total investments at both September 30, 2024 and December 31, 2023. The table below presents our U.S. and foreign corporate securities portfolios by industry at:

			September 30, 2024												December 31, 2023
Industry			Estimated Fair Value						% of Total						Estimated Fair Value						% of Total
			(Dollars in millions)
Finance			$	32,859					23.2		%				$	32,142					23.5		%
Consumer (cyclical and non-cyclical)			28,479						20.1						28,391						20.9
Utility			26,416						18.7						24,058						17.7
Industrial (basic, capital goods and other)			15,228						10.8						14,240						10.5
Transportation			12,906						9.1						12,132						8.9
Communications			10,071						7.1						10,048						7.4
Energy			7,948						5.6						7,917						5.8
Technology			4,518						3.2						4,262						3.1
Other			3,178						2.2						2,971						2.2
Total			$	141,603					100.0		%				$	136,161					100.0		%

Structured Products 

Our investments in Structured Products are collateralized by residential mortgages, commercial mortgages, bank loans and other assets. Our investment selection criteria and monitoring include review of credit ratings, characteristics of the assets underlying the securities, borrower characteristics and the level of credit enhancement. We held $62.6 billion and $56.3 billion of Structured Products, at estimated fair value, at September 30, 2024 and December 31, 2023, respectively, as presented in the RMBS, ABS & CLO and CMBS sections below.

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RMBS

Our RMBS portfolio is broadly diversified by security type and risk profile. The following table presents our RMBS portfolio by security type, risk profile and ratings profile at:

						September 30, 2024																		December 31, 2023
						Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)						Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)
						(Dollars in millions)
Security type
Collateralized mortgage obligations						$	22,425					63.6		%				$	(639)					$	16,704					57.4		%				$	(1,268)
Pass-through mortgage-backed securities						12,839						36.4						(857)						12,392						42.6						(1,114)
Total RMBS						$	35,264					100.0		%				$	(1,496)					$	29,096					100.0		%				$	(2,382)
Risk profile
Agency						$	21,089					59.9		%				$	(1,239)					$	18,472					63.5		%				$	(1,650)
Non-Agency
Prime and prime investor						6,537						18.5						(208)						4,827						16.6						(435)
Non-qualified residential mortgage (“NQM”) and alternative (“Alt-A”)						1,839						5.2						(7)						1,760						6.0						(75)
Reperforming and sub-prime						3,773						10.7						(39)						2,622						9.0						(167)
Other (1)						2,026						5.7						(3)						1,415						4.9						(55)
Subtotal Non-Agency						14,175						40.1		%				(257)						10,624						36.5		%				(732)
Total RMBS						$	35,264					100.0		%				$	(1,496)					$	29,096					100.0		%				$	(2,382)
Ratings profile
Rated Aaa and Aa						$	30,153					85.5		%										$	25,307					87.0		%
Designated NAIC 1						$	33,559					95.2		%										$	28,384					97.6		%

__________________

(1)Other Non-Agency RMBS are broadly diversified across several subsectors and issuers, including securities collateralized by the following mortgage loan types: single family rental, early buyout securitization and small business commercial.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity Securities AFS and Equity Securities — Structured Products — RMBS” included in the 2023 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities, as well as agency, prime, prime investor, NQM, Alt-A, reperforming and sub-prime mortgage-backed securities.

We manage our exposure to reperforming and sub-prime RMBS holdings by focusing primarily on senior tranche securities, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. Our reperforming RMBS are generally newer vintage securities and higher quality at purchase and the vast majority are investment grade under NAIC designations (e.g., NAIC 1 and NAIC 2). Our sub-prime RMBS portfolio consists predominantly of securities that were purchased at significant discounts to par value and discounts to the expected principal recovery value of these securities, and the vast majority are investment grade under NAIC designations.

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ABS & CLO

Our non-mortgage loan-backed structured securities are comprised of two broad categories of securitizations: ABS & CLO. These portfolios are broadly diversified by collateral type and issuer. The following table presents our ABS & CLO portfolios by collateral type and ratings profile at:

						September 30, 2024																		December 31, 2023
						Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)						Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)
						(Dollars in millions)
ABS
Collateral type
Vehicle and equipment loans						$	1,519					8.6		%				$	3					$	1,605					9.2		%				$	(23)
Digital infrastructure						1,744						10.0						(18)						1,376						8.0						(77)
Consumer loans						1,102						6.3						(27)						944						5.5						(78)
Credit card						1,106						6.3						14						904						5.2						(4)
Franchise						851						4.9						(26)						852						4.9						(65)
Student loans						689						3.9						(31)						702						4.1						(58)
Other (1)						3,086						17.6						(147)						3,038						17.6						(241)
Total ABS						$	10,097					57.6		%				$	(232)					$	9,421					54.5		%				$	(546)
CLO (2)						$	7,423					42.4		%				$	12					$	7,873					45.5		%				$	(63)
Total ABS & CLO						$	17,520					100.0		%				$	(220)					$	17,294					100.0		%				$	(609)
ABS ratings profile
Rated Aaa and Aa						$	3,856					38.2		%										$	3,970					42.1		%
Designated NAIC 1						$	7,717					76.4		%										$	7,227					76.7		%
CLO ratings profile
Rated Aaa and Aa						$	5,516					74.3		%										$	5,913					75.1		%
Designated NAIC 1						$	6,654					89.6		%										$	7,118					90.4		%
ABS & CLO ratings profile
Rated Aaa and Aa						$	9,372					53.5		%										$	9,883					57.1		%
Designated NAIC 1						$	14,371					82.0		%										$	14,345					82.9		%

_________________

(1)Other ABS are broadly diversified across several subsectors and issuers, including securities with the following collateral types: foreign residential loans, transportation equipment and renewable energy.

(2)Includes primarily securities collateralized by broadly syndicated bank loans.

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CMBS

Our CMBS portfolio is comprised primarily of conduit, single asset and single borrower securities. Conduit securities are collateralized by many commercial mortgage loans and are broadly diversified by property type, borrower and geography. The following tables present our CMBS portfolio by collateral type and ratings profile at:

			September 30, 2024																		December 31, 2023
			Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)						Estimated Fair Value						% of Total						Net Unrealized Gains (Losses)
			(Dollars in millions)
Collateral type
Conduit			$	5,473					56.1		%				$	(262)					$	6,102					61.3		%				$	(643)
Single asset and single borrower			2,215						22.6						(73)						1,997						20.1						(136)
Agency			660						6.7						(69)						735						7.4						(93)
Commercial real estate collateralized loan obligations			347						3.5						(3)						437						4.4						(9)
Other			1,091						11.1						40						678						6.8						(7)
Total CMBS			$	9,786					100.0		%				$	(367)					$	9,949					100.0		%				$	(888)
Ratings profile
Rated Aaa and Aa			$	7,813					79.8		%										$	8,262					83.0		%
Designated NAIC 1			$	9,682					98.9		%										$	9,710					97.6		%

Evaluation of Fixed Maturity Securities AFS for Credit Loss, Rollforward of Allowance for Credit Loss and Credit Loss on Fixed Maturity Securities AFS Recognized in Earnings

See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the evaluation of fixed maturity securities AFS for credit loss, rollforward of the ACL, net credit loss provision (release) and impairment (losses), as well as realized gains (losses) on sales and disposals of fixed maturity securities AFS at and for the nine months ended September 30, 2024.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

We participate in securities lending transactions, repurchase agreements and third-party custodian administered programs with unaffiliated financial institutions in the normal course of business for the purpose of enhancing the total return on our investment portfolio.

Securities lending transactions and repurchase agreements: We account for these arrangements as secured borrowings and record a liability in the amount of the cash received. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the securities are returned to us. Through these arrangements, we were liable for cash collateral under our control of $14.2 billion and $13.8 billion at September 30, 2024 and December 31, 2023, respectively, including a portion that may require the immediate return of cash collateral we hold. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements, as well as “Summary of Significant Accounting Policies — Investments — Securities Lending Transactions and Repurchase Agreements” in Note 1 and Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information about the secured borrowings accounting and the classification of revenues and expenses.

Third-party custodian administered programs: The estimated fair value of securities we own which are loaned in connection with these programs was $650 million and $362 million at September 30, 2024 and December 31, 2023, respectively. The estimated fair value of the related non-cash collateral on deposit with third-party custodians on our behalf, which is not reflected in our interim condensed consolidated financial statements and cannot be sold or re-pledged, was $675 million and $371 million at September 30, 2024 and December 31, 2023, respectively.

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Net Mortgage Loans

Our mortgage loan investments are principally collateralized by commercial, agricultural and residential properties. The Company originates and acquires mortgage loans and, in certain cases, transfers proportional rights to cash flows of certain mortgage loans to third parties under participation agreements, which are recorded as secured borrowings. The net mortgage loan information presented herein does not include mortgage loans originated for third parties and the related ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

Net mortgage loans carried at amortized cost and the related ACL are summarized as follows at:

			September 30, 2024																											December 31, 2023
Portfolio Segment						Amortized Cost (1)						% of Total						ACL (1)						ACL as % of Amortized Cost						Amortized Cost (1)						% of Total						ACL (1)						ACL as % of Amortized Cost
						(Dollars in millions)
Commercial						$	50,478					60.4		%				$	464					0.9		%				$	52,111					61.5		%				$	295					0.6		%
Agricultural						19,210						23.0						134						0.7		%				19,559						23.1						171						0.9		%
Residential						13,844						16.6						161						1.2		%				13,096						15.4						182						1.4		%
Total						$	83,532					100.0		%				$	759					0.9		%				$	84,766					100.0		%				$	648					0.8		%

_________________

(1)Does not include mortgage loans originated for third parties of $7.7 billion at amortized cost ($7.5 billion commercial and $259 million agricultural) and the related ACL of $88 million at September 30, 2024, and $8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million at December 31, 2023.

We diversify our mortgage loan investments by both geographic region and property type to reduce the risk of concentration. Of our net commercial and agricultural mortgage loans carried at amortized cost, 86% are collateralized by properties located in the U.S., with the remaining 14% collateralized by properties located primarily in Mexico, the U.K. and Australia at September 30, 2024. The carrying values of our net commercial and agricultural mortgage loans collateralized by properties located in California, New York and Texas were 15%, 8% and 7%, respectively, of total net commercial and agricultural mortgage loans at September 30, 2024. Additionally, we manage risk when originating commercial and agricultural mortgage loan investments by generally lending up to 75% of the estimated fair value of the underlying real estate collateral.

We manage our residential mortgage loans carried at amortized cost in a similar manner to reduce risk of concentration, with 90% collateralized by properties located in the U.S., and the remaining 10% collateralized by properties located in Chile, at September 30, 2024. The carrying values of our residential mortgage loans located in California, Florida and New York were 33%, 10% and 7%, respectively, of total residential mortgage loans at September 30, 2024.

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Net Commercial Mortgage Loans by Geographic Region and Property Type. Net commercial mortgage loans are the largest mortgage loan portfolio segment. The tables below present, at amortized cost, the diversification of these investments across geographic regions and property types:

			September 30, 2024															December 31, 2023
			Amount									% of Total						Amount									% of Total
			(Dollars in millions)
Region
Pacific			$	8,745								17.3		%				$	9,016								17.3		%
Non-U.S.			8,593									17.0						8,933									17.1
Middle Atlantic			6,999									13.9						7,477									14.3
South Atlantic			6,459									12.8						6,637									12.7
West South Central			3,455									6.9						3,472									6.7
New England			2,838									5.6						2,859									5.5
Mountain			2,217									4.4						2,193									4.2
East North Central			1,543									3.1						1,822									3.5
East South Central			608									1.2						654									1.3
West North Central			472									0.9						613									1.2
Multi-Region and Other			8,549									16.9						8,435									16.2
Total amortized cost			$	50,478								100.0		%				$	52,111								100.0		%
Less: ACL			464															295
Carrying value, net of ACL			$	50,014														$	51,816
Property Type
Office			$	18,861								37.4		%				$	19,651								37.7		%
Apartment			10,750									21.3						11,974									23.0
Retail			7,273									14.4						7,218									13.9
Industrial			5,313									10.5						5,275									10.1
Single Family Rental			5,141									10.2						4,728									9.1
Hotel			3,051									6.0						3,140									6.0
Other			89									0.2						125									0.2
Total amortized cost			$	50,478								100.0		%				$	52,111								100.0		%
Less: ACL			464															295
Carrying value, net of ACL			$	50,014														$	51,816

Our commercial mortgage loan investments are well positioned with exposures concentrated in high quality underlying properties located in primary markets typically with institutional investors who are better positioned to manage their assets during periods of market volatility. Our portfolio is comprised primarily of lower risk loans with higher debt service coverage ratios (“DSCR”) and lower loan-to-value (“LTV”) ratios, as shown below.

Credit Quality — Monitoring Process. We monitor our mortgage loan investments on an ongoing basis, including a review by credit quality indicator and by the performance indicators of current, past due, restructured and under foreclosure. See below for further information on net mortgage loans by credit quality indicator. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for further information by performance indicator.

We review our commercial mortgage loan investments on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. The monitoring process for agricultural mortgage loan investments is generally similar, with a focus on higher risk loans, such as loans with higher LTV ratios. Agricultural mortgage loan investments are reviewed on an ongoing basis which include property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, including reviews on a geographic and property-type basis. We review our residential mortgage loan investments on an ongoing basis, with a focus on higher risk loans, such as nonperforming loans. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on our evaluation of residential mortgage loan investments and related ACL methodology.

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LTV ratios and DSCR are common measures in the assessment of the quality of commercial mortgage loan investments. LTV ratios are a common measure in the assessment of the quality of agricultural mortgage loan investments. LTV ratios compare the amount of the loan to the estimated fair value of the underlying collateral. An LTV ratio greater than 100% indicates that the loan amount is greater than the collateral value. An LTV ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. For our net commercial mortgage loans, our average LTV ratio was 68% and 64% at September 30, 2024 and December 31, 2023, respectively, and our average DSCR was 2.2x and 2.3x at September 30, 2024 and December 31, 2023, respectively. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of our ongoing review of our commercial mortgage loan investments. For our net agricultural mortgage loans, our average LTV ratio was 47% at both September 30, 2024 and December 31, 2023. The values utilized in calculating our agricultural mortgage loan investments LTV ratio are developed in connection with the ongoing review of our portfolio and are routinely updated.

The distribution of our net commercial mortgage loan portfolios totaling $50.5 billion at amortized cost at September 30, 2024 by key credit quality indicators of LTV and DSCR was as follows:

						September 30, 2024
						DSCR
LTV						> 1.2x						1.0-1.2x						< 1.0x						Total
<65%						46.2		%				2.3		%				2.0		%				50.5		%
65% - 75%						17.9		%				1.3		%				0.3		%				19.5		%
76% - 80%						6.8		%				0.3		%				—		%				7.1		%
>80%						15.8		%				4.0		%				3.1		%				22.9		%
Total						86.7		%				7.9		%				5.4		%				100.0		%

The distribution of our net agricultural mortgage loan portfolios totaling $19.2 billion at amortized cost at September 30, 2024 by the key credit quality indicator of LTV was as follows:

						September 30, 2024
LTV						Total
<65%						93.3		%
65% - 75%						6.0		%
76% - 80%						0.2		%
>80%						0.5		%
Total						100.0		%

Mortgage Loan Allowance for Credit Loss. Our ACL is established for both pools of loans with similar risk characteristics and for mortgage loan investments with dissimilar risk characteristics, such as collateral dependent loans, individually and on a loan specific basis. We record an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loan investments that the Company does not expect to collect, resulting in mortgage loan investments being presented at the net amount expected to be collected.

In determining our ACL, management (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over contractual terms of mortgage loans, as adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Actual credit loss realized could be different from the amount of the ACL recorded. These evaluations and assessments are revised as conditions change and new information becomes available, which can cause the ACL to increase or decrease over time as such evaluations are revised. Negative credit migration, including an actual or expected increase in the level of problem loans, will result in an increase in the ACL. Positive credit migration, including an actual or expected decrease in the level of problem loans, will result in a decrease in the ACL. See Notes 1 and 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on how the ACL is established and monitored, and activity in and balances of the ACL.

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Real Estate and Real Estate Joint Ventures

Our real estate investments are comprised of wholly-owned properties, and interests in both real estate joint ventures and real estate funds which invest in a wide variety of properties and property types, including single and multi-property projects, and are broadly diversified across multiple property types and geographies.

The carrying value of our real estate investments was $13.7 billion and $13.3 billion at September 30, 2024 and December 31, 2023, respectively, or 2.9% of cash and invested assets at both September 30, 2024 and December 31, 2023.

Our real estate investments are typically stabilized properties that we intend to hold for the longer-term for portfolio diversification and long-term appreciation. Our real estate investment portfolio had appreciated to a $3.8 billion unrealized gain position at September 30, 2024.

We continuously monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. As a result of our impairment analyses, we recorded impairment (loss) of $17 million for the nine months ended September 30, 2024. There was no impairment (loss) recognized on our real estate investments for the nine months ended September 30, 2023.

We diversify our real estate investments by property type, form of equity interest (wholly-owned, joint venture and funds) and geographic region to reduce risk of concentration. See Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for a summary of our real estate investments, by income type, as well as income earned.

Other Limited Partnership Interests

Other limited partnership interests are comprised of investments in private funds, including private equity funds and hedge funds. At September 30, 2024 and December 31, 2023, the carrying value of other limited partnership interests was $14.2 billion and $14.8 billion, which included $18 million and $27 million of hedge funds, respectively. Other limited partnership interests were 3.0% and 3.2% of cash and invested assets at September 30, 2024 and December 31, 2023, respectively. Cash distributions on these investments are generated from investment gains, operating income from the underlying investments of the funds and liquidation of the underlying investments of the funds.

We use the equity method of accounting for most of our private equity funds. We generally recognize our share of a private equity fund’s earnings in net investment income on a three-month lag, which is when the information is reported to us. Accordingly, changes in equity market levels, which can impact the underlying results of these private equity funds, are recognized in earnings within our net investment income on a three-month lag.

Other Invested Assets

The following table presents the carrying value of our other invested assets by type at:

			September 30, 2024												December 31, 2023
Asset Type			Carrying Value						% of Total						Carrying Value						% of Total
			(Dollars in millions)
Freestanding derivatives with positive estimated fair values			$	8,172					41.5		%				$	8,737					48.0		%
Direct financing leases			1,296						6.6						1,304						7.2
Annuities funding structured settlement claims			1,249						6.3						1,256						6.9
Operating joint ventures (1)			1,620						8.2						1,142						6.3
Company-owned life insurance policies			1,072						5.4						1,036						5.7
Tax credit and renewable energy partnerships			737						3.7						1,034						5.7
Federal Home Loan Bank of New York (“FHLBNY”) common stock			715						3.6						714						3.9
Leveraged leases			653						3.3						689						3.8
Funds withheld			469						2.4						436						2.4
Other			3,723						19.0						1,854						10.1
Total			$	19,706					100.0		%				$	18,202					100.0		%
Percentage of cash and invested assets			4.1		%										3.9		%

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(1)See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding the Company’s pending disposition of MetLife Malaysia.

See Notes 1, 11 and 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for information regarding freestanding derivatives with positive estimated fair values, tax credit and renewable energy partnerships, annuities funding structured settlement claims, direct financing and leveraged leases, operating joint ventures, FHLBNY common stock, and funds withheld.

Investment Commitments

We enter into the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: mortgage loan commitments and commitments to fund partnerships, bank credit facilities, bridge loans and private corporate bond investments. See Note 19 of the Notes to the Interim Condensed Consolidated Financial Statements for the amount of our unfunded investment commitments at September 30, 2024 and December 31, 2023. See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 10 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments and the liability for credit loss for unfunded mortgage loan commitments. See also “— Fixed Maturity Securities AFS and Equity Securities,” “— Net Mortgage Loans,” “— Real Estate and Real Estate Joint Ventures” and “— Other Limited Partnership Interests.”

Derivatives

Overview

We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives, such as market standard purchased and written credit default swap contracts. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for: 

•A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.

•Information about the primary underlying risk exposure, gross notional amount, and estimated fair value of our derivatives by type of hedge designation, excluding embedded derivatives held at September 30, 2024 and December 31, 2023.

•The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedging relationships for the three months and nine months ended September 30, 2024 and 2023.

See “— Summary of Critical Accounting Estimates — Derivatives” in the 2023 Annual Report for further information on the estimates and assumptions that affect derivatives. See also “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” in the 2023 Annual Report for more information about our use of derivatives by major hedge program.

Net Derivative Gains (Losses)

A portion of our derivatives are designated and qualify as accounting hedges, which reduce volatility in earnings. For those derivatives not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged, which creates volatility in earnings. We actively evaluate market risk hedging needs and strategies to ensure our free cash flow and capital objectives are met under a range of market conditions.

Certain variable annuity products with guaranteed minimum benefits are accounted for as MRBs and measured at estimated fair value. We use freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees.

We continuously review and refine our hedging strategy in light of changing economic and market conditions, evolving NAIC and the New York Department of Financial Services statutory requirements, and accounting rule changes. As a part of our current hedging strategy, we maintain portfolio level derivatives in our macro hedge program. These macro hedge program derivatives mitigate the potential deterioration in our capital positions from significant adverse economic conditions.

See “— Results of Operations — Consolidated Results” for an analysis of the period over period changes in net derivative gains (losses).

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Liquidity and Capital Resources

Overview

This discussion should be read in conjunction with the following sections included elsewhere herein for additional information regarding the topics noted below:

•Notes to the Interim Condensed Consolidated Financial Statements:

◦Note 13 (senior notes issuances and senior notes redemption); and

◦Note 14 (preferred stock, including the calculation and timing of dividend payments, and MetLife, Inc.’s common stock repurchase authorizations).

Additionally, this discussion should be read in conjunction with the following sections included in the 2023 Annual Report for additional information regarding the topics noted below:

•Notes to the Consolidated Financial Statements: (i) Note 3 (dispositions); (ii) Note 5 (funding agreements, reported in PABs, and the related pledged collateral); (iii) Note 16 (long-term debt, commercial paper and other short-term debt, credit and committed facilities, and debt and facility covenants); (iv) Note 17 (collateral financing arrangement and the related pledged collateral); (v) Note 18 (junior subordinated debt securities and the related replacement capital covenant); and (vi) Note 19 (preferred stock and common stock, including the calculation and timing of dividend payments, restrictions on dividends, “dividend stopper” provisions, and MetLife, Inc.’s common stock repurchase authorizations).

•Notes to the MetLife, Inc. (Parent Company Only) Condensed Financial Information included in Schedule II of the Financial Statement Schedules: (i) Note 4 (affiliated long-term debt); and (ii) Note 5 (support agreements).

•Risk Factors: (i) “— Capital Risks”; (ii) “— Investment Risks — We May Have Difficulty Selling Holdings in Our Investment Portfolio or in Our Securities Lending Program in a Timely Manner to Realize Their Full Value”; (iii) “— Economic Environment and Capital Markets Risks — We May Lose Business Due to a Downgrade or a Potential Downgrade in Our Financial Strength or Credit Ratings”; and (iv) “— Economic Environment and Capital Markets Risks — We May Not Meet Our Liquidity Needs, Access Capital, or May Face Significantly Increased Cost of Capital Due to Adverse Capital and Credit Market Conditions.”

Our business and results of operations are materially affected by conditions in the global financial markets and the economy generally due to our market presence in numerous countries, large investment portfolio and the sensitivity of our insurance liabilities and derivatives to changing market factors. Such conditions may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”

Liquidity Management

Based upon the strength of our franchise, diversification of our businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and reasonably possible stress scenarios. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of market conditions, as well as changing needs and opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity” included in the 2023 Annual Report.

Short-term Liquidity and Liquid Assets

An integral part of our liquidity management includes managing our level of liquid assets. At September 30, 2024 and December 31, 2023, our short-term liquidity position was $20.2 billion and $19.2 billion, respectively, and liquid assets were $182.7 billion and $182.6 billion, respectively.

Short-term liquidity includes cash and cash equivalents and short-term investments, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include amounts received in connection with securities lending, repurchase agreements, derivatives, and secured borrowings, as well as amounts held in the closed block.

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Liquid assets include short-term liquidity 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.

Capital Management

We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee (“ERC”), regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our annual capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer (“CFO”), Treasurer, and Chief Risk Officer (“CRO”). The ERC is also comprised of members of senior management, including MetLife, Inc.’s CFO, CRO and Chief Investment Officer.

MetLife, Inc.’s Board of Directors (“Board of Directors”) and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the annual capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board of Directors prior to obtaining full Board of Directors approval. The Board of Directors approves the capital policy and the annual capital plan and authorizes capital actions, as required.

The Company

Liquidity

Liquidity refers to the ability to generate adequate amounts of cash to meet our needs. In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These available alternatives include cash flows from operations, sales of liquid assets, global funding sources including commercial paper and various credit and committed facilities.

Capital

We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.

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Summary of the Company’s Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:

						Nine Months Ended September 30,
						2024						2023
						(In millions)
Sources:
Operating activities, net						$	9,987					$	8,539
Net change in PABs						2,535						3,493
Long-term debt issued						1,547						2,003
Other, net						140						—
Total sources						14,209						14,035
Uses:
Investing activities, net						6,129						10,822
Net change in payables for collateral under securities loaned and other transactions						394						2,927
Long-term debt repaid						1,742						1,027
Collateral financing arrangement repaid						108						65
Derivatives with certain financing elements and other derivative-related transactions, net						41						170
Net change in mortgage loan secured financing						431						385
Treasury stock acquired in connection with share repurchases						2,801						2,244
Dividends on preferred stock						168						165
Dividends on common stock						1,149						1,180
Other, net						—						97
Effect of change in foreign currency exchange rates on cash and cash equivalents						120						236
Total uses						13,083						19,318
Net increase (decrease) in cash and cash equivalents						$	1,126					$	(5,283)

Cash Flows from Operations

The principal cash inflows from our insurance activities come from insurance premiums, net investment income, annuity considerations and deposit funds. The principal cash outflows are the result of various life insurance, annuity and pension products, operating expenses and income tax, as well as interest expense.

Cash Flows from Investments

The principal cash inflows from our investment activities come from repayments of principal, proceeds from maturities and sales of investments and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. In addition, cash inflows and outflows relate to sales and purchases of businesses. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our comprehensive investment risk management process.

Cash Flows from Financing

The principal cash inflows from our financing activities come from issuances of debt and other securities, deposits of funds associated with PABs and lending of securities. The principal cash outflows come from repayments of debt and the collateral financing arrangement, payments of dividends on and repurchases or redemptions of MetLife, Inc.’s securities, withdrawals associated with PABs and the return of securities on loan.

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Liquidity and Capital Sources

Liquidity and capital are provided by a variety of global funding sources, including: (i) preferred and common stock; (ii) short-term debt, which includes commercial paper; (iii) long-term debt; collateral financing arrangement; and junior subordinated debt securities; (iv) PABs, which includes funding agreements; (v) credit and committed facilities; (vi) shelf registration statement, which permits the issuance of public debt, equity and hybrid securities and provides for automatic effectiveness upon filing and has no stated issuance capacity; and (vii) dispositions. Additional details regarding certain of our primary sources of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

The diversity of our global funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under our credit and committed facilities. As commitments under these facilities may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.

Credit and Committed Facilities

At September 30, 2024, the Company maintained its unsecured revolving credit facility (the “Credit Facility”), as well as certain committed facilities (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

Information on the Credit Facility and Committed Facilities at September 30, 2024 was as follows:

Account Party/Borrower(s)						Maximum Capacity						Letters of Credit Issued						Drawdowns						Unused Commitments
						(In millions)
Credit Facility:
MetLife, Inc. and MetLife Funding, Inc.						$	3,000					$	297					$	—					$	2,703
Committed Facilities:
MetLife Reinsurance Company of Vermont and MetLife, Inc.						$	350					$	350					$	—					$	—
MetLife Reinsurance Company of Vermont and MetLife, Inc.						2,896						2,493						—						403
Total Committed Facilities						$	3,246					$	2,843					$	—					$	403

The following table summarizes our outstanding debt at:

			September 30, 2024						December 31, 2023
			(In millions)
Short-term debt (1)			$	404					$	119
Long-term debt (2)			$	15,278					$	15,548
Collateral financing arrangement			$	529					$	637
Junior subordinated debt securities			$	3,163					$	3,161

__________________

(1)Includes $404 million and $119 million of short-term debt that is non-recourse to MetLife, Inc. and Metropolitan Life Insurance Company (“MLIC”), subject to customary exceptions, at September 30, 2024 and December 31, 2023, respectively. Certain subsidiaries have pledged assets to secure this debt.

(2)Includes $376 million and $442 million of long-term debt that is non-recourse to MetLife, Inc. and MLIC, subject to customary exceptions, at September 30, 2024 and December 31, 2023, respectively. Certain investment subsidiaries have pledged assets to secure this debt.

Certain of our debt instruments and Committed Facilities, as well as our Credit Facility, contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all applicable financial covenants at September 30, 2024.

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Liquidity and Capital Uses

The primary uses of liquidity and capital include: (i) common stock repurchases; (ii) dividends on common and preferred stock; (iii) preferred stock redemptions; (iv) debt repayments; (v) debt repurchases, redemptions and exchanges; (vi) contractual obligations, including PABs and insurance liabilities; (vii) pledged collateral; (viii) securities lending transactions, repurchase agreements and third-party custodian administered programs; (ix) mortgage loan secured financing; and (x) acquisitions. Additional details regarding certain of our primary uses of liquidity and capital are included in the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Common Stock Repurchases and Dividends

Among other factors that could restrict MetLife, Inc.’s ability to repurchase or pay dividends on its common stock are the “dividend stopper” provisions in MetLife, Inc.’s preferred stock and junior subordinated debentures. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — ‘Dividend Stopper’ Provisions in MetLife’s Preferred Stock and Junior Subordinated Debentures” included in the 2023 Annual Report.

For the nine months ended September 30, 2024 and 2023, MetLife, Inc. paid dividends on its preferred stock of $168 million and $165 million, respectively. For the nine months ended September 30, 2024 and 2023, MetLife, Inc. paid dividends on its common stock of $1.1 billion and $1.2 billion, respectively.

Debt Repurchases, Redemptions and Exchanges

We may from time to time seek to retire or purchase our outstanding debt through cash purchases, redemptions and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases, redemptions, or exchanges will be dependent upon several factors, including our liquidity requirements, contractual restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase or redeem any debt and the size and timing of any such repurchases or redemptions will be determined at our discretion.

Pledged Collateral

We pledge collateral to, and have collateral pledged to us by counterparties in connection with our derivatives, the collateral financing arrangement related to the reinsurance of closed block liabilities, and with funding and advance agreements. See Note 11 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information regarding derivatives.

Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs

See “— Investments — Securities Lending Transactions, Repurchase Agreements and Third-Party Custodian Administered Programs.”

Mortgage Loan Secured Financing

See “— Investments — Net Mortgage Loans.”

Insurance Liabilities

Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse behavior differs somewhat by segment. In the MetLife Holdings segment, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. For the nine months ended September 30, 2024 and 2023, general account surrenders and withdrawals from annuity products were $1.3 billion and $1.4 billion, respectively. In the RIS segment, which includes pension risk transfers, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the RIS business products that provide customers with limited rights to accelerate payments, at September 30, 2024, there were funding agreements totaling $127 million that could be put back to the Company.

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MetLife, Inc.

Liquidity and Capital Management

Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.

MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Rating Agencies” included in the 2023 Annual Report.

Liquid Assets

At September 30, 2024 and December 31, 2023, MetLife holding companies had $4.5 billion and $5.2 billion, respectively, in liquid assets. Of these amounts, $3.6 billion and $4.2 billion were held by MetLife, Inc. and $911 million and $1.0 billion were held by other MetLife holding companies at September 30, 2024 and December 31, 2023, respectively. Liquid assets 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 derivatives and the collateral financing arrangement.

Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations. Such dividends are subject to local insurance regulatory requirements, as discussed in “— Liquidity and Capital Sources — Dividends from Subsidiaries.”

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Consolidated Company Outlook” included in the 2023 Annual Report for the targeted level of liquid assets at the holding companies. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — MetLife, Inc. — Liquid Assets” included in the 2023 Annual Report for additional information on the sources and uses of liquid assets, as well as sources and uses of liquid assets included in free cash flow for MetLife, Inc. and other MetLife holding companies.

Liquidity and Capital Sources

MetLife, Inc.’s primary sources of liquidity and capital are provided by a variety of global funding sources, including: (i) dividends from subsidiaries; (ii) issuances of long-term debt; (iii) collateral financing arrangement and junior subordinated debentures; (iv) credit and committed facilities; and (v) dispositions. Additional details regarding certain of MetLife, Inc.’s primary sources of liquidity and capital are included in “— The Company — Liquidity and Capital Sources,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Dividends from Subsidiaries

MetLife, Inc. relies, in part, on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.

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The table below sets forth the dividends permitted to be paid in 2024 by MetLife, Inc.’s primary U.S. insurance subsidiaries without insurance regulatory approval and the actual dividends paid for the nine months ended September 30, 2024:

Company						Paid (1)						Permitted Without Approval (2)
						(In millions)
MLIC						$	2,738					$	3,476
American Life Insurance Company						$	1,090					$	945
Metropolitan Tower Life Insurance Company						$	184					$	373

__________________

(1)Reflects all amounts paid, including those where regulatory approval was obtained as required.

(2)Reflects dividend amounts that may be paid during 2024 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2024, some or all of such dividends may require regulatory approval.

In addition to the amounts presented in the table above, for the nine months ended September 30, 2024, MetLife, Inc. also received from certain other subsidiaries cash dividends of $29 million, as well as cash returns of capital of $16 million.

The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit dividend payments to the parent company to a portion of the subsidiary’s prior year statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of our non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to our first-tier subsidiaries may also impact the dividend flow into MetLife, Inc.

We proactively manage target and excess capital levels and dividend flows and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.

Long-term Debt Outstanding

The following table summarizes the outstanding long-term debt of MetLife, Inc. at:

			September 30, 2024						December 31, 2023
			(In millions)
Long-term debt — unaffiliated			$	14,594					$	14,516
Long-term debt — affiliated			$	1,566					$	1,585
Junior subordinated debt securities			$	2,470					$	2,468

Liquidity and Capital Uses

MetLife, Inc.’s primary uses of liquidity and capital include: (i) debt service; (ii) cash dividends on common and preferred stock; (iii) capital contributions to subsidiaries; (iv) common stock, preferred stock and debt repurchases and/or redemptions; (v) payment of general operating expenses; (vi) support agreements; and (vii) acquisitions. Additional details regarding certain of MetLife, Inc.’s primary uses of liquidity and capital are included in “— The Company — Liquidity and Capital Uses,” the Notes to the Interim Condensed Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the 2023 Annual Report referenced in “— Overview” and are discussed below.

Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, pay cash dividends on its common and preferred stock, contribute capital to its subsidiaries, repurchase its common stock and certain of its other securities, pay all general operating expenses and meet its cash needs under current market conditions and reasonably possible stress scenarios.

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Affiliated Capital and Debt Transactions

For the nine months ended September 30, 2024 and 2023, MetLife, Inc. invested a net amount of $224 million and $430 million, respectively, in various subsidiaries.

MetLife, Inc. lends funds, as necessary, through credit agreements or otherwise to its subsidiaries and affiliates, some of which are regulated, to meet their capital requirements or to provide liquidity. MetLife, Inc. had loans to subsidiaries outstanding of $505 million and $305 million at September 30, 2024 and December 31, 2023, respectively.

Adopted Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Non-GAAP and Other Financial Disclosures

In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for the Company and our investors 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)			adjusted premiums, fees and other revenues			(i)			premiums, fees and other revenues
(ii)			adjusted earnings			(ii)			net income (loss)
(iii)			adjusted earnings available to common shareholders			(iii)			net income (loss) available to MetLife, Inc.’s common shareholders
(iv)			adjusted net investment income			(iv)			net investment income

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 historical GAAP financial measures are included in “— Results of Operations” and “— Investments.” Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable effort to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income.

Our definitions of non-GAAP and other financial measures discussed in this report may differ from those used by other companies.

Adjusted earnings and related measures:

•adjusted earnings;

•adjusted earnings available to common shareholders; and

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

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These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings and components of, or other financial measures based on, adjusted earnings are also our GAAP measures of segment performance. Adjusted earnings and other financial 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 other financial measures based on adjusted earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. Adjusted earnings available to common shareholders is defined as adjusted earnings less preferred stock dividends. For additional information relating to adjusted earnings, see “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

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.

Return on equity, allocated equity and related measures:

•Total MetLife, Inc.’s common stockholders’ equity, excluding accumulated other comprehensive income (“AOCI”) other than foreign currency translation adjustments (“FCTA”), is defined as total MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses), future policy benefits discount rate remeasurement gains (losses), MRBs instrument-specific credit risk remeasurement gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

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

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

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

•Allocated equity is the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments based on local capital requirements and economic capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Economic Capital” in the 2023 Annual Report. Allocated equity excludes the impact of AOCI other than FCTA.

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.

Expense ratio and direct expense ratio:

•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 pension risk transfers: adjusted direct expenses excluding total notable items related to direct expenses, divided by adjusted premiums, fees and other revenues, excluding pension risk transfers.

The following additional information is relevant to an understanding of our performance results and outlook:

•We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Further, sales statistics for our Latin America, Asia and EMEA segments are on a constant currency basis.

•Near-term represents one to three years.

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•Notable items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company 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 represent a positive (negative) impact to adjusted earnings available to common shareholders.

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

•For further detail relating to total adjusted revenues and total adjusted expenses, as set forth in “— Results of Operations — Segment Results and Corporate & Other,” see total revenues and total expenses, respectively, within the tables in “Financial Measures and Segment Accounting Policies” in Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements.

Risk Management

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in the 2023 Annual Report for information on our risk management.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets. We have exposure to such market risks through our insurance operations and investment activities. We use a variety of strategies to manage these risks, including the use of derivatives. A description of our market risk exposures may be found under “Quantitative and Qualitative Disclosures About Market Risk” included in the 2023 Annual Report. There have been no material changes to our market risk exposures from those previously disclosed in the 2023 Annual Report.

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Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer (“CEO”) and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that these disclosure controls and procedures are effective.

There were no material changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

See Note 19 of the Notes to the Interim Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

Certain factors that may affect the Company’s business or operations are described under “Risk Factors” in Part I, Item 1A, of the 2023 Annual Report. There have been no material changes to our risk factors from the risk factors previously disclosed in the 2023 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of MetLife, Inc. common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended September 30, 2024 are set forth below:

Period						Total Number of Shares Purchased (1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
July 1 — July 31, 2024						3,749,127						$	72.74					3,749,127						$	2,802,494,218
August 1 — August 31, 2024						3,930,057						$	71.94					3,930,057						$	2,519,747,093
September 1 — September 30, 2024						2,821,319						$	77.40					2,821,319						$	2,301,369,458
Total						10,500,503												10,500,503

__________________

(1)During the periods July 1 — July 31, 2024, August 1 — August 31, 2024 and September 1 — September 30, 2024, separate account index funds purchased 0 shares, 0 shares and 0 shares, respectively, of MetLife, Inc. common stock on the open market in non-discretionary transactions.

(2)In May 2024, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases. At September 30, 2024, MetLife, Inc. had $2.3 billion of common stock repurchases remaining under the authorization. Neither the authorization remaining, nor the amount repurchased, reflects the applicable excise tax payable in connection with such repurchases. For more information on common stock repurchases, including excise tax payable in connection therewith, see Note 14 of the Notes to the Interim Condensed Consolidated Financial Statements. See also “Risk Factors — Capital Risks — We May Not be Able to Pay Dividends or Repurchase Our Stock Due to Legal and Regulatory Restrictions or Cash Buffer Needs” included in the 2023 Annual Report.

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Item 5. Other Information

Securities trading plans

During the three months ended September 30, 2024, none of our Section 16 officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any “non-Rule 10b5-1 trading arrangement” (as defined in Section 408(c) of Regulation S-K).

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the U.S. Securities and Exchange Commission website at www.sec.gov.)

Incorporated by Reference

Exhibit No.

Description

Form

File Number

Exhibit

Filing Date

Filed or Furnished Herewith

4.1

Certain instruments defining the rights of holders of long-term debt of MetLife, Inc. and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. MetLife, Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of such instruments.

10.1

Sign-on Payments Letter, dated May 16, 2024, effective August 1, 2024, between MetLife Group, Inc. and Shurawl M. Sibblies.*

X

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

X

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

X

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

X

32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

X

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

X

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

X

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

X

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

X

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

X

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.

X

104

Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

X

______________

*Indicates management contracts or compensatory plans or arrangements.

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Signatures

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

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

Date: November 1, 2024

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