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

       Forward-Looking Statements and Other Financial Information         79
       Business                                                           79
       Summary of Critical Accounting Estimates                           81

       Results of Operations                                              82
       Adopted Accounting Pronouncements                                  88
       Future Adoption of Accounting Pronouncements                       88
       Non-GAAP and Other Financial Disclosures                           88
       Risk Management                                                    89


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Forward-Looking Statements and Other Financial Information

For the purposes of this discussion, “MLIC”, “company”, “us”, “our” and “our”
refer Metropolitan Life Insurance Company, New York Ltd.
Founded in 1868, and its subsidiaries. Metropolitan Life Insurance Company
A wholly owned subsidiary of MetLife, Inc. (MetLife, Inc.
Subsidiaries and Affiliates (“MetLife”).Management narrative analysis
Company operating results are presented in accordance with general instructions
H(2)(a) on Form 10-Q. An analysis of this story should be read in conjunction with:
metropolitan life Annual Report on Form 10-K for the Year
Finished December 31, 2021 (“2021 Annual Report”), cautionary statement
With respect to the forward-looking statements contained below, the “Risk Factors” set
Part II, Section 1A, Section 4, and any additional risk factors referred to therein,
It contains our Interim Condensed Consolidated Financial Statements.
Elsewhere herein.

This narrative analysis may contain or incorporate the following references:
contains or is based on forward-looking statements within the meaning of
Private Securities Litigation Reform Act of 1995.
For cautionary statements regarding forward-looking statements, see “Forward-Looking Statements.”

This narrative analysis includes references to adjusted performance metrics.
Earnings that are not based on generally accepted accounting principles. of
united states of america
(“GAAP”). See – Non-GAAP and Other Financials
For definitions and discussions of this and other financials, see Disclosures.
Metrics and “performance results” for historical adjustments
GAAP measures that are most directly comparable to non-GAAP financial measures.



MLIC is a provider of insurance, pensions, employee benefits and assets.
management. MLIC is organized into her two segments: we When MetLife Holdings. of
In addition, we report certain operating results in our corporate divisions.
& other. See Note 2 to the Interim Condensed Consolidated Financial Statements.
Our Segments and Corporate &

COVID-19 Pandemic and Current Market Conditions

We continue to closely monitor developments related to the COVID-19 pandemic
Evaluate business impact. implement risk management,
business continuity plans, precautions taken and other precautions;
Employee travel restrictions, remote work arrangements, etc.
This has allowed us to maintain critical business processes until now.
Customer service levels, key vendor relationships, financial reporting
systems, financial reporting internal controls, disclosure controls, and

The COVID-19 pandemic continues to impact global economies and finances
Causing volatility in global equities, credit and real estate
market. Governments and central banks around the world
COVID-19 pandemic due to unprecedented fiscal and monetary policies, but many
These stimulus measures will end as the global economy recovers,
rising inflation.of usa, Board of directors of federal government
reserve system
(“Federal Reserve”) has ended its asset purchase program.
March 2022 began to reduce holdings of June 1, 2022. of Federal Open
Market Committee
Repeat rate hikes in 2022.further increase
Through 2022, within the federal funds rate target range
fight inflation.This resulted in a gap of 2 years we Ministry of Finance When
Decade we Ministry of Finance Yields to Reversals and Contributes to Rise
level of concern about recession usa before the end
In an inflationary period when interest rates rise,
Decrease in fixed income investments and increase in realized and unrealized
As a result, additional deferred tax assets may arise that cannot be realized.

For more information about the effects of , see – Operation Results.
COVID-19 Pandemic for our business.

Regulatory development

The following discussion of regulatory developments
Revised in conjunction with the 2021 Annual Report “Business – Regulation”
Or supplement here.


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Insurance Regulation

U.S. Federal Initiatives

we Federal initiatives can affect our business in a number of ways.
Financial Services, Securities, Derivatives, Pensions and Health Regulations
Care, Money Laundering, Foreign Sanctions and Corruption, and Taxation.
Inflation Reduction Act signed into law by President Biden upon August 16th
included a number of tax-related provisions, including 15%
Alternate minimum tax rate on adjusted financial statement income.this
Provisions take effect on January 1, 2023 not expected
material impact on our results of operations;

surplus and capital

risk-based capital

of National Association of Insurance Commissioners (“NAIC”) Adopted Revisions
Certain factors used in calculating life risk-based capital (“RBC”) include:
The denominator of the RBC ratio, in light of changes to we recent tax law
Year. These revisions will increase the RBC fee and
RBC ratio. NAIC Approves RBC Amendments for Corporate Bonds, Real Estate
Equity and longevity risk effective end of 2021. These revisions are
Moderate net positive impact on RBC. The NAIC also approved his RBC renewal
This is expected for Mortality Risk, which will take effect at the end of 2022.
Modifications to have a modest net positive impact on RBC.

Securities, broker-dealers and investment advisors regulation

of New York State Department of Financial Services (“NYDFS”) Rule 187 —
Suitability and best interest in life insurance and annuity transactions
Incorporates “best interest” standards for annuity trading and distribution
Life insurance policies for consumers.of April 2021Appellate Division
of New York Supreme Court overturned the rule that
unconstitutionally vague; but New York Court of Appeals inverted
this judgment October 20, 2022.

Environmental laws and regulations

for promotion of President Biden Executive Order on Climate-Related Finance
risk, date May 20, 2021the Federal Insurance Office (“FIO”) sought publication
Commenting on climate-related financial risks in the insurance industry
November 2021FIO’s Request for Information states:
Assess how the insurance sector can mitigate and support the impacts of climate change
Meet national climate-related goals. FIO intends to issue reports by:
End of year to address climate-related issues in insurance company regulation
Climate-related disclosures by insurers.

upon March 21, 2022, US Securities and Exchange Commission Proposed rule
Require registrants to provide additional climate-related information
Registration statements and annual reports (including financial statements)
statement.The proposal sets out the following disclosure rule proposals:
climate-related risks, material impacts, governance, risk management, finance
Statement indicators, greenhouse gas emissions, proof of emissions
Disclosures and Targets and Goals.

London interbank rate

of March 2022Federal legislation was enacted to address the transition from
we Dollar London Interbank Rate (“LIBOR”) to another reference
all fees we Non-existent or inadequately compliant contracts we
Fallback Provisions for Dollar LIBOR. except for one week
two months we Federal law supersedes all state laws during dollar LIBOR
law dealing with we Dollar LIBOR transition including legislation
of New York 2021 years. Federal Law Enforcement
rules promulgated by Federal Reserve Board. we,
Benefits, limitations, risks and benefits of current and alternative reference rates
suitability for our investment and insurance processes;


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Summary of Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP includes:
Management adopts accounting policies and makes the following estimates and assumptions.
Affects the amounts reported in the Interim Condensed Consolidated Financial Statements
statement. The most important estimates include those used to determine:

(i)  liabilities for future policy benefits and the accounting for reinsurance;

(ii) capitalization and amortization of deferred acquisition costs;
(“DAC”) and establishing and amortizing the value of the acquired business

(iii) the estimated fair value of the investment in the absence of a quoted market;

(iv) Investment allowance for credit losses and impairments.

(v) estimated fair value and recognition of stand-alone derivatives;
Estimated fair value of embedded derivatives requiring bifurcation;

(vi) Measurement of employee benefit plan liabilities.

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

(viii) Litigation and Regulatory Liability.

In applying these policies and estimates, management is subjective and
A complex judgment that often requires assumptions about some matter.
inherently uncertain.Many of these policies, estimates and related judgments
Common in the insurance and financial services industry.others
Specific to our business and operations.Actual results may vary

Our significant accounting estimates are set out in Management’s Reports.
Discussion and Analysis of Financial Position and Business Performance –
Summary of Significant Accounting Estimates” and Note 1 of the Notes
Consolidated financial statements included in the 2021 Annual Report.


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