2020 Annual Report

1 2020 Annual Report UNITED STATES SECURITIES AND EXCHANGE COMMISSIONW ashington, 20549_____Form 10-K (Mark One) Annual Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or TRANSITION Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-15787 MetLife, Inc. (Exact name of registrant as specified in its charter)Delaware 13-4075851(State or other jurisdiction ofincorporation or organization) ( EmployerIdentification 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)Securities registered pursuant to Section 12(b) of the Act.

2 Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $ York Stock ExchangeFloating Rate Non-Cumulative Preferred Stock, Series A, par value $ PRANew York Stock ExchangeDepositary Shares each representing a 1/1,000th interest in a share of Non-Cumulative Preferred Stock, Series EMET PRENew York Stock ExchangeDepositary Shares, each representing a 1/1,000th interest in a share of Non-Cumulative Preferred Stock, Series FMET PRFNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $ Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $ Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

3 Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

4 Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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. Indicate by check mark whether the registrant has filed a Report on and attestation to its management s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit Report .

5 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant at June 30, 2020 was approximately $ billion. At February 12, 2021, 884,399,222 shares of the registrant s common stock were INCORPORATED BY REFERENCEPart III of this Form 10-K incorporates by reference certain information from the registrant s definitive proxy statement for the Annual Meeting of Shareholders to be held on June 15, 2021, to be filed by the registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, of Contents PagePart IItem 1.

6 Business4 Item 1A. Risk Factors31 Item 1B. Unresolved Staff Comments45 Item 2. Properties45 Item Proceedings45 Item Safety Disclosures45 Part IIItem for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities46 Item Financial Data48 Item s Discussion and Analysis of Financial Condition and Results of Operations49 Item and Qualitative disclosures About Market Risk141 Item Statements and supplementary Data150 Item in and Disagreements With Accountants on Accounting and Financial Disclosure329 Item and Procedures329 Item Information331 Part IIIItem , Executive Officers and Corporate Governance331 Item Compensation331 Item Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters331 Item Relationships and Related Transactions, and Director Independence334 Item Accountant Fees and Services334 Part IVItem and Financial Statement Schedules335 Item 10-K Summary335 Exhibit Index336 Signatures346As used in this Form 10-K, MetLife, the Company, we, our and us refer to MetLife, Inc.

7 , a Delaware corporation incorporated in 1999, its subsidiaries and Regarding Forward-Looking StatementsThis Annual Report on Form 10 K, including Management s Discussion and Analysis of Financial Condition a n d 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. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as anticipate, aspire to, assume, become, believe, can, continue, could, emerge, estimate, evolve, expect, forecast, foresee, future, guideline, if, intend, likely, may, plan, possible, potential, predict, probable, project, propose, prospect, remain, risk, scheduled, should, strive to, target, ultimate, upcoming, when, will, work to, would and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms.

8 They include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, future sales efforts, future expenses, the outcome of contingencies such as legal proceedings, and future trends in operations and financial factors determine Company results, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. We do not guarantee any future performance. Our results could differ materially from those we express or imply in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.

9 S filings with the Securities and Exchange Commission, and others, may cause such differences. These factors include: (1) economic condition difficulties, including risks relating to public health, interest rates, credit spreads, equity, real estate, obligors and counterparties, currency exchange rates, derivatives, and terrorism and security; (2) global capital and credit market adversity;(3) credit facility inaccessibility;(4) financial strength or credit ratings downgrades;(5) unavailability, unaffordability, or inadequate reinsurance(6) statutory life insurance reserve financing costs or limited market capacity;(7) legal, regulatory, and supervisory and enforcement policy changes;(8) tax rate or tax laws changes;(9) litigation and regulatory investigations.

10 (10) London Interbank Offered Rate termination and transition to alternative reference rates;(11) unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;(12) MetLife, Inc. s inability to pay dividends and repurchase common stock;(13) MetLife, Inc. s subsidiaries inability to pay it dividends;(14) investment defaults, downgrades, or volatility;(15) investment sales or lending difficulties;(16) collateral or derivative-related payments;(17) investment valuations, allowances, or impairments changes;(18) claims or other results that differ from our estimates, assumptions, or models;(19) global political, legal, or operational risks;(20) business competition; (21) technological change;(22) catastrophes;Table of Contents2(23) climate changes or responses to it;(24) amortization of deferred policy acquisition costs, deferred sales inducements, value of business acquired, or value of customer relationships acquired;(25) product guarantee volatility, costs, and counterpart risks.