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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 16, 2019 

METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
1-15787
 
13-4075851
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
 
 
 
200 Park Avenue,
New York,
NY

 
10166-0188
(Address of Principal Executive Offices)
 
(Zip Code)
(212) 578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report) 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01
MET
New York Stock Exchange
Floating Rate Non-Cumulative Preferred Stock,
Series A, par value $0.01
MET PRA
New York Stock Exchange
Depositary Shares each representing a 1/1000th
interest in a share of 5.625% Non-Cumulative
Preferred Stock, Series E
MET PRE
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




Item 2.02 Results of Operations and Financial Condition.
On December 16, 2019, MetLife, Inc. issued a fact sheet setting forth its total investments and total assets under management at September 30, 2019 (the “Total AUM Fact Sheet”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing description of the Total AUM Fact Sheet is not complete and is qualified in its entirety by reference to the Total AUM Fact Sheet, which is filed as Exhibit 99.1, and is incorporated herein by reference.
On December 16, 2019, MetLife, Inc. issued additional information on non-GAAP and other financial measures at September 30, 2019 ("Additional Information"), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Additional Information is furnished and not filed pursuant to instruction B.2 of Form 8-K.
The foregoing description of the Additional Information is not complete and is qualified in its entirety by reference to the Additional Information, which is filed as Exhibit 99.2, and is incorporated herein by reference.
Item 8.01 Other Events.
The text of the first two paragraphs under Item 2.02 above is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
101
Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language)
104
Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)




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 hereunto duly authorized.
 
 
 
 
 
METLIFE, INC.
 
 
By:
 
/s/ Tamara L. Schock
 
 
Name:
 
Tamara L. Schock
 
 
Title:
 
Executive Vice President and
Chief Accounting Officer
Date: December 16, 2019


Exhibit 99.1 Total Investments September 30, 2019 MetLife, Inc.’s general account investment portfolio, as reported under U.S. GAAP, is presented below. Total Investments1 By U.S. GAAP Asset Type $471.9 Billion Fixed maturity securities 326.0 Equity securities 1.3 Contractholder-directed equity securities and fair value option securities 12.7 Mortgage loans2 79.0 Policy loans 9.7 Real estate and real estate joint ventures 10.2 Other limited partnership interests 7.5 Short-term investments 3.5 Other invested assets 22.0 1 As of September 30, 2019. At U.S. GAAP carrying value. Dollars in billions. 2 Includes commercial, agricultural and residential mortgage loans. metlife.com/investmentmanagement 1

 
Assets Under Management September 30, 2019 MetLife Investment Management manages Public Fixed Income, Private Capital and Real Estate assets for institutional investors worldwide by applying our deep asset class expertise to build tailored portfolio solutions. We also leverage the broader resources and 150-year history of MetLife to skillfully navigate markets. Total Assets Under Management1 Representative Capabilities By Asset Type $596.0 Billion Public Corporates $112.7 Private Capital Mortgage Loans2 $104.5 Private Asset-Backed Securities Structured Products $64.0 Private Corporates Private Infrastructure Foreign Government $61.2 Residential Whole Loans Private Corporates $58.3 U.S. Government and Agency $51.6 Public Fixed Income 3 Cash and Short-Term Investments $26.0 Bank Loans Private Infrastructure $24.3 Core Based Fixed Income Real Estate Equity4 $23.0 Corporate Fixed Income Common and Preferred Equity $17.3 Emerging Market Debt Emerging Market Debt $14.5 High Yield Municipals $13.5 Long Duration Fixed Income Municipals Alternatives $9.6 Multi-Sector Fixed Income High Yield $8.1 Short Duration Fixed Income Bank Loans $6.1 Structured Products Middle Market Private Capital $0.8 Private Asset-Backed Securities $0.5 Real Estate Commercial Mortgage Loans Institutional Client Assets Under Management1 Real Estate Equity Mandates Profile Institutional Client AUM 4% Insurance Advisory 6% $139.6 Billion 16% 36% Insurance/Financial $69.5 Index Strategies 319 Sub-Advisory $29.4 Mandates Corporate $22.0 17% Public $10.1 Commingled Fund5 $6.8 21% Other6 $1.8 1 As of September 30, 2019. At estimated fair value. Dollars in billions. 2 Represents Total Mortgage Loan AUM. Includes commercial, agricultural and residential mortgage loans. 3 Includes cash equivalents. 4 Represents Total Real Estate Equity AUM. 5 Includes limited partnerships, collective trusts, mutual funds registered under the Investment Company Act and other vehicles offered or available to qualifying investors, including third parties and affiliates. 6 Includes non-profit clients, Taft-Hartley pension fund clients and asset manager clients. See Explanatory Note for non-GAAP financial information, definitions and/or reconciliations. 2

 
Explanatory Note on Non-GAAP Financial Information In this Fact Sheet, MetLife presents certain measures relating to its assets under management (“AUM”) that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of the depth and breadth of its investment management services and the comparability of its general account (“GA”) investment portfolio, separate account (“SA”) investment portfolios and unaffiliated/third party client investment portfolios. MetLife uses these measures to evaluate its asset management business. 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) Total AUM (i) Total Investments (ii) GA AUM (ii) Total Investments (iii) Total Mortgage Loan AUM (iii) Mortgage Loans (iv) GA Mortgage Loan AUM (iv) Mortgage Loans (v) Total Real Estate Equity AUM; and (v) Real Estate and Real Estate Joint Ventures; and (vi) GA Real Estate Equity AUM (vi) Real Estate and Real Estate Joint Ventures Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables below. Our definitions of non-GAAP and other financial measures discussed herein may differ from those used by other companies. Total Assets Under Management, General Account Assets Under Management and related measures: Total Assets Under Management (“Total AUM”) (as well as all other measures based on Total AUM, such as Total Mortgage Loan AUM and Total Real Estate Equity AUM) are comprised of GA AUM (or the respective measure based on GA AUM) plus Institutional Client AUM (or the respective measure based on Institutional Client AUM) (each, as defined below). General Account Assets Under Management (“GA AUM”) (as well as other measures based on GA AUM, such as GA Mortgage Loan AUM and GA Real Estate Equity AUM) are used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM are comprised of GA Total Investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder-directed equity securities and fair value option securities, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential) and real estate and real estate joint ventures included in GA AUM (at net asset value, net of deduction for encumbering debt) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at net asset value, net of deduction for encumbering debt) have been reclassified to exclude them from GA Real Estate Equity AUM and include them in GA Mortgage Loan AUM. The following additional information is relevant to an understanding of our assets under management: Institutional Client Assets Under Management (“Institutional Client AUM”) (as well as other measures based on Institutional Client AUM, such as Institutional Client Mortgage Loan AUM and Institutional Client Real Estate Equity AUM) are comprised of SA AUM and TP AUM (each, as defined below) (or the respective portions of each of SA AUM and TP AUM). MIM manages Institutional Client AUM in accordance with client guidelines contained in each investment contract (“Mandates”). Separate Account Assets Under Management (“SA AUM”) (as well as other measures based on SA AUM, such as SA Mortgage Loan AUM and SA Real Estate Equity AUM) are comprised of separate account investment portfolios of MetLife insurance companies (or the respective portions of such investment portfolios), which are managed by MetLife and included in MetLife, Inc.’s consolidated financial statements at estimated fair value. Third Party Assets Under Management (“TP AUM”) (as well as other measures based on TP AUM, such as TP Mortgage Loan AUM and TP Real Estate Equity AUM) are non-proprietary assets managed by MetLife on behalf of unaffiliated/third party clients (or the respective portions of TP AUM), which are stated at estimated fair value. TP AUM (as well as the other measures based on TP AUM) are owned by such unaffiliated/third party clients; accordingly, unaffiliated/third party non-proprietary assets are not included in MetLife, Inc.’s consolidated financial statements. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended September 30, 2019, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. 3

 
Reconciliation of Total Investments to GA AUM and Total AUM ($ in Billions) 9/30/2019 Total Investments $471.9 >Plus Cash and Cash Equivalents 19.5 >Plus Fair Value Adjustment – Mortgage Loans 3.1 >Plus Fair Value Adjustment – Real Estate and Real Estate Joint Ventures 6.3 >Less Policy Loans 9.7 >Less Other Invested Assets 22.0 >Less Contractholder-Directed Equity Securities and Fair Value Option Securities 12.7 GA AUM $456.4 >Plus SA AUM 15.2 >Plus TP AUM 124.4 Institutional Client AUM $139.6 Total AUM $596.0 Total AUM - Sector Reconciliations ($ in Billions) 9/30/2019 Mortgage Loans $79.0 >Plus Fair Value Adjustment 3.1 >Plus Joint Venture Reclassification 0.9 GA Mortgage Loan AUM 83.0 >Plus SA Mortgage Loan AUM 0.0 >Plus TP Mortgage Loan AUM 21.5 Institutional Client Mortgage Loan AUM 21.5 Total Mortgage Loan AUM $104.5 Real Estate and Real Estate Joint Ventures $10.2 >Plus Fair Value Adjustment 6.3 >Plus Joint Venture Reclassification (0.9) GA Real Estate Equity AUM 15.6 >Plus SA Real Estate Equity AUM 0.0 >Plus TP Real Estate Equity AUM 7.4 Institutional Client Real Estate Equity AUM 7.4 Total Real Estate Equity AUM $23.0 L1119520171[exp0520][All States] One MetLife Way | Whippany, New Jersey 07981 © 2019 METLIFE, INC. 4

 
Exhibit 99.2 Additional Information on Non-GAAP and Other Financial Measures From time to time, MetLife, Inc. and its subsidiaries (“MetLife”) may refer to its assets under management (“AUM”) using financial measures which are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). MetLife believes that these non-GAAP financial measures enhance the understanding of the depth and breadth of its investment management services and the comparability of its general account (“GA”) investment portfolio, separate account (“SA”) investment portfolios and unaffiliated/third party client investment portfolios. MetLife uses these measures to evaluate its asset management business. The following non-GAAP financial measures (as defined below) 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) Total AUM (i) Total Investments (ii) GA AUM (ii) Total Investments (iii) Total Mortgage Loan AUM (iii) Mortgage Loans (iv) GA Mortgage Loan AUM (iv) Mortgage Loans (v) Total Commercial Mortgage Loan AUM (NAV) (v) Commercial Mortgage Loans (vi) Total Commercial Mortgage Loan AUM (GMV) (vi) Commercial Mortgage Loans (vii) GA Commercial Mortgage Loan AUM (vii) Commercial Mortgage Loans (viii) Total Agricultural Mortgage Loan AUM (viii) Agricultural Mortgage Loans (ix) GA Agricultural Mortgage Loan AUM (ix) Agricultural Mortgage Loans (x) Total Residential Mortgage Loan AUM (x) Residential Mortgage Loans (xi) GA Residential Mortgage Loan AUM (xi) Residential Mortgage Loans (xii) Total U.S. Residential Mortgage Loan AUM (xii) Residential Mortgage Loans (xiii) Total Real Estate Equity AUM (NAV) (xiii) Real Estate and Real Estate Joint Ventures (xiv) Total Real Estate Equity AUM (GMV) (xiv) Real Estate and Real Estate Joint Ventures (xv) GA Real Estate Equity AUM (xv) Real Estate and Real Estate Joint Ventures (xvi) Commercial Real Estate AUM (NAV) (xvi) Real Estate and Real Estate Joint Ventures and Commercial Mortgage Loans (xvii) Commercial Real Estate AUM (GMV); and (xvii) Real Estate and Real Estate Joint Ventures and Commercial Mortgage Loans; and (xviii) Private Capital AUM (xviii) Residential Mortgage Loans GAAP to Non-GAAP Reconciliations Reconciliation of Total Investments to GA AUM and Total AUM ($ in Billions) 9/30/2019 Total Investments $471.9 >Plus Cash and Cash Equivalents 19.5 >Plus Fair Value Adjustment – Mortgage Loans 3.1 >Plus Fair Value Adjustment – Real Estate and Real Estate Joint Ventures 6.3 >Less Policy Loans 9.7 >Less Other Invested Assets 22.0 >Less Contractholder-Directed Equity Securities and Fair Value Option Securities 12.7 GA AUM $456.4 >Plus SA AUM 15.2 >Plus TP AUM 124.4 Institutional Client AUM $139.6 Total AUM $596.0 Total Mortgage Loan AUM Reconciliation ($ in Billions) 9/30/2019 Mortgage Loans $79.0 >Plus Fair Value Adjustment 3.1 >Plus Joint Venture Reclassification 0.9 GA Mortgage Loan AUM 83.0 >Plus SA Mortgage Loan AUM 0.0 >Plus TP Mortgage Loan AUM 21.5 Institutional Client Mortgage Loan AUM 21.5 Total Mortgage Loan AUM $104.5 1

 
Commercial Real Estate AUM Reconciliations ($ in Billions) 9/30/2019 NAV GMV Commercial Mortgage Loans $49.7 >Plus Fair Value Adjustment 2.3 >Plus Joint Venture Reclassification 0.9 GA Commercial Mortgage Loan AUM $52.9 >Plus SA Commercial Mortgage Loan AUM 0.0 >Plus TP Commercial Mortgage Loan AUM 15.4 Institutional Client Commercial Mortgage Loan AUM $15.4 Total Commercial Mortgage Loan AUM (NAV) $68.3 $68.3 >Plus Gross Market Value Adjustment 1.0 Total Commercial Mortgage Loan AUM (GMV) $69.3 Real Estate and Real Estate Joint Ventures $10.2 >Plus Fair Value Adjustment 6.3 >Less Joint Venture Reclassification 0.9 GA Real Estate Equity AUM $15.6 >Plus SA Real Estate Equity AUM 0.0 >Plus TP Real Estate Assets Equity AUM 7.4 Institutional Client Real Estate Equity AUM $7.4 Total Real Estate Equity (NAV) $23.0 $23.0 >Plus Gross Market Value Adjustment 6.8 Total Real Estate Equity AUM (GMV) $29.8 Commercial Real Estate AUM (NAV) $91.3 Commercial Real Estate AUM (GMV) $99.1 Total Agricultural Mortgage Loan AUM Reconciliation ($ in Billions) 9/30/2019 Agricultural Mortgage Loans $15.8 >Plus Fair Value Adjustment 0.2 GA Agricultural Mortgage Loan AUM $16.0 >Plus SA Agricultural Mortgage Loan AUM 0.0 >Plus TP Agricultural Mortgage Loan AUM 3.4 Institutional Client Agricultural Mortgage Loan AUM $3.4 Total Agricultural Mortgage Loan AUM $19.4 2

 
Total Residential Mortgage Loan AUM and U.S. Residential Mortgage Loan AUM Reconciliations ($ in Billions) 9/30/2019 Residential Mortgage Loans $13.5 >Plus Fair Value Adjustment 0.6 GA Residential Mortgage Loan AUM $14.1 >Plus SA Residential Mortgage Loan AUM 0.0 >Plus TP Residential Mortgage Loan AUM 2.7 Institutional Client Residential Mortgage Loan AUM $2.7 Total Residential Mortgage Loan AUM $16.8 >Less Fair Value Option Residential Mortgage Loans 0.2 >Less Non-U.S. Residential Mortgage Loans 1.0 Total U.S. Residential Mortgage Loan AUM $15.6 Private Capital AUM Reconciliation ($ in Billions) 9/30/2019 Residential Mortgage Loans $13.5 >Plus Fair Value Adjustment 0.6 GA Residential Mortgage Loan AUM $14.1 >Plus SA Residential Mortgage Loan AUM 0.0 >Plus TP Residential Mortgage Loan AUM 2.7 Institutional Client Residential Mortgage Loan AUM $2.7 Total Residential Mortgage Loan AUM $16.8 >Plus Private Corporates 58.3 >Plus Private Infrastructure 24.3 >Plus Alternatives 9.6 >Plus Middle Market Private Capital 0.8 >Plus Private Asset-Backed Securities 0.5 Private Capital AUM $110.3 Portfolio Strategy Level and Other Financial Measures Total AUM by Portfolio Strategy ($ in Billions) 9/30/2019 Public Fixed Income AUM $345.8 Private Capital AUM 110.3 Commercial Real Estate AUM (NAV) 91.3 Total Agricultural Mortgage Loan AUM 19.4 Index Strategies AUM 28.0 Equity Securities AUM 1.2 Total AUM $596.0 3

 
Components of Total AUM by Portfolio Strategy ($ in Billions) 9/30/2019 Components of Public Fixed Income AUM: Public Corporates $112.7 Structured Products 64.0 Foreign Government 61.2 U.S. Government and Agency 51.6 Cash and Short-term Investments 26.0 Emerging Markets Debt 14.5 Municipals 13.5 High Yield 8.1 Bank Loans 6.1 Less: Portion of assets included within Index Strategies AUM 11.9 Public Fixed Income AUM $345.8 $345.8 Components of Private Capital AUM: Private Corporates $58.3 Private Infrastructure 24.3 Total Residential Mortgage Loan AUM 16.8 Alternatives 9.6 Middle Market Private Capital 0.8 Private Asset-Backed Securities 0.5 Private Capital AUM $110.3 $110.3 Components of Commercial Real Estate AUM (NAV): Total Commercial Mortgage Loan AUM (NAV) $68.3 Total Real Estate Equity AUM (NAV) 23.0 Commercial Real Estate AUM (NAV) $91.3 $91.3 Total Agricultural Mortgage Loan AUM $19.4 $19.4 Components of Equity Securities AUM: Common and Preferred Equity $17.3 Less: Portion of assets included within Index Strategies AUM 16.1 Equity Securities AUM $1.2 $1.2 Components of Index Strategies AUM: Portion of assets excluded from Public Fixed Income AUM: U.S. Government and Agency $4.1 Structured Products 3.6 Public Corporates 3.2 Cash and Short-term Investments 1.0 Subtotal – Portion of assets excluded from Public Fixed Income AUM $11.9 Portion of assets excluded from Equity Securities AUM 16.1 Index Strategies AUM $28.0 $28.0 Total AUM $596.0 Components of Middle Market Private Capital AUM ($ in Billions) 9/30/2019 Other Invested Assets $22.0 >Less Other Invested Assets Adjustment 21.7 Middle Market Private Capital Component of Other Invested Assets $0.3 >Plus Middle Market Private Capital 0.8 Middle Market Private Capital AUM $1.1 4

 
GAAP and Non-GAAP Definitions Total Assets Under Management, General Account Assets Under Management and related measures: Total Assets Under Management (“Total AUM”) (as well as all other measures based on Total AUM, such as Total Mortgage Loan AUM, Total Commercial Mortgage Loan AUM, Total Agricultural Mortgage Loan AUM, Total Residential Mortgage Loan AUM and Total Real Estate Equity AUM) are comprised of GA AUM (or the respective measure based on GA AUM) plus Institutional Client AUM (or the respective measure based on Institutional Client AUM) (each, as defined below). Commercial Real Estate AUM is comprised of Total Commercial Mortgage Loan AUM plus Total Real Estate Equity AUM. Total Commercial Mortgage Loan AUM, Total Real Estate Equity AUM and Commercial Real Estate AUM are presented on the basis of net asset value (net of deduction for encumbering debt, including the Reclassification (as defined in GA AUM below) (“NAV”)). Total Commercial Mortgage Loan AUM, Total Real Estate Equity AUM and Commercial Real Estate AUM are also presented on the basis of gross market value (plus an adjustment for encumbering debt, including the Reclassification (as defined below) (“GMV”)). General Account Assets Under Management (“GA AUM”) (as well as other measures based on GA AUM, such as GA Mortgage Loan AUM, GA Commercial Mortgage Loan AUM, GA Agricultural Mortgage Loan AUM, GA Residential Mortgage Loan AUM and GA Real Estate Equity AUM) are used by MetLife to describe assets in its GA investment portfolio which are actively managed and stated at estimated fair value. GA AUM are comprised of GA Total Investments and cash and cash equivalents, excluding policy loans, other invested assets, contractholder- directed equity securities and fair value option securities, as substantially all of these assets are not actively managed in MetLife’s GA investment portfolio. Mortgage loans (including commercial, agricultural and residential mortgage loans) and real estate and real estate joint ventures included in GA AUM (at NAV) have been adjusted from carrying value to estimated fair value. Classification of GA AUM by sector is based on the nature and characteristics of the underlying investments which can vary from how they are classified under GAAP. Accordingly, the underlying investments within certain real estate and real estate joint ventures that are primarily commercial mortgage loans (at NAV) have been reclassified to exclude them from GA Real Estate Equity AUM and include them in both GA Mortgage Loan AUM and GA Commercial Mortgage Loan AUM (“Reclassification”). The following additional information is relevant to an understanding of our assets under management: Institutional Client AUM (as well as other measures based on Institutional Client AUM, such as Institutional Client Mortgage Loan AUM, Institutional Client Commercial Mortgage Loan AUM, Institutional Client Agricultural Mortgage Loan AUM, Institutional Client Residential Mortgage Loan AUM and Institutional Client Real Estate Equity AUM) are comprised of SA AUM and TP AUM (each, as defined below) (or the respective portions of each of SA AUM and TP AUM). MIM manages Institutional Client AUM in accordance with client guidelines contained in each investment contract (“Mandates”). Separate Account AUM (“SA AUM”) (as well as other measures based on SA AUM, such as SA Mortgage Loan AUM, SA Commercial Mortgage Loan AUM, SA Agricultural Mortgage Loan AUM, SA Residential Mortgage Loan AUM and SA Real Estate Equity AUM) are comprised of separate account investment portfolios of MetLife insurance companies (or the respective portions of such investment portfolios), which are managed by MetLife and included in MetLife, Inc.’s consolidated financial statements at estimated fair value. Third Party AUM (“TP AUM”) (as well as other measures based on TP AUM, such as TP Mortgage Loan AUM, TP Commercial Mortgage Loan AUM, TP Agricultural Mortgage Loan AUM, TP Residential Mortgage Loan AUM and TP Real Estate Equity AUM) are non-proprietary assets managed by MetLife on behalf of unaffiliated/third party clients (or the respective portions of TP AUM), which are stated at estimated fair value. TP AUM (as well as the other measures based on TP AUM) are owned by such unaffiliated/third party clients; accordingly, unaffiliated/third party non-proprietary assets are not included in MetLife, Inc.’s consolidated financial statements. Portfolio Strategy level non-GAAP financial measures: Private Capital AUM, which is stated at estimated fair value, is comprised of all of the following asset types included within Total AUM: Private Corporates, Private Infrastructure, Total Residential Mortgage Loan AUM, Alternatives, Middle Market Private Capital and Private Asset-Backed Securities. Total U.S. Residential Mortgage Loan AUM, which is stated at estimated fair value, is comprised of Total Residential Mortgage Loan AUM less adjustments to exclude fair value option residential mortgage loans and non-U.S. residential mortgage loans, at estimated fair value. The following information is relevant to an understanding of our Portfolio Strategy level financial measures: Public Fixed Income AUM, which is stated at estimated fair value, is comprised of a portion of the following asset types included within Total AUM: Public Corporates, Structured Products, U.S. Government and Agency, Cash and Short-term Investments (including Cash Equivalents), and all of the following asset types included within Total AUM: Foreign Government, Municipals, Emerging Markets Debt, High Yield and Bank Loans, less the portion of Public Corporates, Structured Products, U.S. Government and Agency, Cash and Short-term Investments (including Cash Equivalents) that is included within Index Strategies AUM. Equity Securities AUM, which is stated at estimated fair value, is comprised of a portion of the following asset type included within Total AUM: Common and Preferred Equity, less the portion of Common and Preferred Equity that is included within Index Strategies AUM. Index Strategies AUM, which is stated at estimated fair value, is comprised of a portion of the following asset types included within Total AUM: Public Corporates, Structured Products, U.S. Government and Agency, Cash and Short-term Investments (including Cash Equivalents) that are excluded from Public Fixed Income AUM and the portion of Common and Preferred Equity that is excluded from Equity Securities AUM. Additional financial measure: Middle Market Private Capital AUM, which is stated at estimated fair value, is comprised of Middle Market Private Capital assets plus an adjustment to include the middle market private capital component of other invested assets, at estimated fair value. While substantially all Other Invested Assets, which are excluded from GA AUM and Total AUM, are not actively managed, the middle market private capital component of other invested assets is actively managed. Additional information about MetLife’s general account investment portfolio is available in MetLife, Inc.’s quarterly financial materials for the quarter ended September 30, 2019, which may be accessed through MetLife’s Investor Relations web page at https://investor.metlife.com. L1119520173[exp0420][All States] One MetLife Way | Whippany, New Jersey 07981 © 2019 METLIFE, INC. 5