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


                                 of Operations
                                                                Page
  Forward-Looking Statements and Other Financial Information     93
  Executive Summary                                              93
  Industry Trends                                                97
  Summary of Critical Accounting Estimates                       101
  Economic Capital                                               102
  Acquisitions and Dispositions                                  103
  Results of Operations                                          104
  Investments                                                    128
  Derivatives                                                    144
  Off-Balance Sheet Arrangements                                 146
  Policyholder Liabilities                                       147
  Liquidity and Capital Resources                                156
  Adoption of New Accounting Pronouncements                      166
  Future Adoption of New Accounting Pronouncements               166
  Non-GAAP and Other Financial Disclosures                       166
  Subsequent Events                                              167



                                       92

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

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 June 30, 2020, overall adjusted premiums, fees and
other revenues, net of foreign currency fluctuations, declined compared to the
second quarter of 2019 in the majority of our segments, and most significantly
in our U.S. segment, due, in large part, to the impacts of the COVID-19 Pandemic
and related restrictions. Positive net flows drove an increase in our investment
portfolio; however, investment yields substantially declined. Expenses,
including interest credited expenses, also declined. Underwriting experience was
favorable compared to the prior period and included both positive and negative
impacts of the COVID-19 Pandemic and related restrictions. A significant
unfavorable change in net derivative gains (losses) was primarily the result of
increases in interest rates and key equity markets.

                                       93

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

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 June 30, 2020:


                                          [[Image Removed: segmentcharta10.jpg]]

__________________


(1)  Excludes Corporate & Other adjusted loss available to common shareholders of
     $289 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 June 30, 2020 Compared with the Three Months Ended June 30, 2019

© Edgar Online, source Glimpses