Index to Management's Discussion and Analysis of Financial Condition and Results


                                 of Operations
                                                                Page
  Forward-Looking Statements and Other Financial Information     83
  Executive Summary                                              83
  Industry Trends                                                86
  Summary of Critical Accounting Estimates                       89
  Economic Capital                                               91
  Acquisitions and Dispositions                                  91
  Results of Operations                                          92
  Investments                                                    108
  Derivatives                                                    124
  Off-Balance Sheet Arrangements                                 126
  Policyholder Liabilities                                       127
  Liquidity and Capital Resources                                136
  Adoption of New Accounting Pronouncements                      145
  Future Adoption of New Accounting Pronouncements               145
  Non-GAAP and Other Financial Disclosures                       145
  Subsequent Events                                              147



                                       82

--------------------------------------------------------------------------------

Table of Contents



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, 2019
(the "2019 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"
for reconciliations of historical non-GAAP financial measures to the most
directly comparable GAAP measures.
Executive Summary
Overview
MetLife is one of the world's leading financial services companies, providing
insurance, annuities, employee benefits and asset management. MetLife is
organized into five segments: U.S.; Asia; Latin America; Europe, the Middle East
and Africa ("EMEA"); and MetLife Holdings. In addition, the Company reports
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. Management
continues to evaluate the Company's segment performance and allocated resources
and may adjust related measurements in the future to better reflect segment
profitability.
See "- Consolidated Company Outlook" for a discussion of the impact of the novel
coronavirus COVID-19 pandemic (the "COVID-19 Pandemic") on the Company.
Current Period Highlights
During the three months ended March 31, 2020, overall adjusted premiums, fees
and other revenues improved slightly compared to the first quarter of 2019 as a
result of growth in our U.S., Latin America and EMEA segments. Positive net
flows drove an increase in our investment portfolio; however, investment yields
declined. Expenses, including interest credited expense, also declined.
Underwriting experience was unfavorable compared to the prior period. A
favorable change in net derivative gains (losses) was primarily the result of a
decline in interest rates. An unfavorable change in net investment gains
(losses) primarily reflects mark-to-market losses on equity securities.

                                       83

--------------------------------------------------------------------------------

Table of Contents



The following represents segment level results and percentage contributions to
total segment level adjusted earnings available to common shareholders for the
three months ended March 31, 2020:
                                          [[Image Removed:

segmentcharta07.jpg]]

__________________

(1) Excludes Corporate & Other adjusted loss available to common shareholders of

$131 million.


(2)  Consistent with GAAP guidance for segment reporting, adjusted earnings is
     our GAAP measure of segment performance. For additional information, see
     Note 2 of the Notes to the Interim Condensed Consolidated Financial
     Statements.


Three Months Ended March 31, 2020 Compared with the Three Months Ended March 31,
2019
                                                                                           Consolidated Results - Highlights
                                                                                           Net income (loss) available to
                                                                                           MetLife, Inc.'s common
                                                                                           shareholders up $3.0 billion:

                                                                                           • Favorable change in net
                                                                                             derivative gains (losses) of
                                                                                             $4.1 billion ($3.2 billion, net
                                                                                             of income tax)
                          [[Image Removed: q120barchartsa01.jpg]]

                                                                                           • Unfavorable change in net
                                                                                             investment gains (losses) of
                                                                                             $303 million ($239 million, net
                                                                                             of income tax)

                                                                                           • Adjusted earnings available to
                                                                                             common shareholders up $25
                                                                                             million

(1) See "- Results of Operations - Consolidated Results" and "- Non-GAAP and Other Financial Disclosures" for

reconciliations and definitions of non-GAAP financial measures.


                                      Consolidated Results - Adjusted

Earnings Highlights

Adjusted earnings available to common shareholders up $25 million:

© Edgar Online, source Glimpses