METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - METLIFE INC	y79928e8vk.htm
EX-99.1 - EX-99.1 - METLIFE INC	y79928exv99w1.htm

Exhibit 99.2

METLIFE, INC.

TABLE OF CONTENTS


HIGHLIGHTS
Corporate Overview			2

METLIFE, INC.
Consolidated Balance Sheets			3
Consolidated Statements of Operating Earnings Available to Common Shareholders			4
Consolidating Balance Sheet			5
Consolidating Statement of Operating Earnings Available to Common Shareholders			6

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			10

INSTITUTIONAL
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities			15
Other Expenses by Major Category			16
Spreads by Product			17

INDIVIDUAL
Statements of Operating Earnings Available to Common Shareholders			18
Premiums and Deposits by Product			23
Additional Statistical Information			24
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities			25
Expenses by Major Category			26
Spreads by Product			27

INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders			28

AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders			32
Written Premiums by Product and Selected Financial Information and Supplemental Data			35

CORPORATE, OTHER & ELIMINATIONS
Statements of Operating Earnings Available to Common Shareholders			36

INVESTMENTS
Investment Results by Asset Category and Annualized Yields			37
Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules			39
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution, and Summary of Commercial Mortgage Loans by Region and Property Type			40
Summary of Real Estate and Real Estate Joint Ventures and Summary of Mortgage and Consumer Loans			41

OTHER INFORMATION
Company Ratings			42

NOTE:

The Quarterly Financial Supplement (“QFS”) includes financial measures, such as operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, that are not based on generally accepted accounting principles (“GAAP”). Operating earnings is defined as GAAP net income (loss) attributable to MetLife, Inc., excluding net investment gains and losses; adjustments related to net investment gains and losses; adjustments related to net investment gains and losses of consolidated entities and operating joint ventures reported under the equity method of accounting and the impact of MetLife’s own credit; adjustments related to acquisition costs incurred to effect a business combination after January 1, 2009; and discontinued operations other than discontinued real estate, all net of income tax. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends. Operating earnings available to MetLife, Inc.’s common shareholders per diluted common share is calculated by dividing operating earnings available to MetLife, Inc.’s common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses of consolidated entities and operating joint ventures reported under the equity method of accounting and the impact of MetLife’s own credit, net of income tax, each of which can fluctuate significantly from period to period, and adjustments related to acquisition costs incurred to effect a business combination after January 1, 2009, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to MetLife, Inc.’s common shareholders and operating earnings available to MetLife, Inc.’s common shareholders per diluted common share should not be viewed as substitutes for GAAP net income (loss), GAAP net income (loss) available to MetLife, Inc.’s common shareholders and GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income (loss), operating earnings available to MetLife, Inc.’s common shareholders to GAAP net income (loss) available to MetLife, Inc.’s common shareholders and operating earnings available to MetLife, Inc.’s common shareholders per diluted common share to GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated October 29, 2009, for the three months ended September 30, 2009, which are available at www.metlife.com.

METLIFE, INC.

CORPORATE OVERVIEW



	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions, except per share data)	2008			2008			2009			2009			2009


Net income (loss) (6)	$	646		$	977		$	(548	)	$	(1,418	)	$	(625	)
Net income (loss) attributable to noncontrolling interests		16			(8	)		(4	)		(16	)		(5	)

Net income (loss) attributable to MetLife, Inc.		630			985			(544	)		(1,402	)		(620	)
Preferred stock dividends		30			31			30			31			30

Net income (loss) available to MetLife, Inc.’s common shareholders		600			954			(574	)		(1,433	)		(650	)

Net investment gains (losses) (2)		776			2,165			(915	)		(3,957	)		(2,171	)
Net investment gains (losses) tax benefit (provision) (2)		(293	)		(804	)		325			1,394			751

Net investment gains (losses), net of income tax (1) (3)		483			1,361			(590	)		(2,563	)		(1,420	)

Adjustments related to universal life and investment-type product policy fees		—			16			(6	)		(11	)		(4	)
Adjustments related to policyholder benefits and dividends		(96	)		(123	)		(27	)		8			(63	)
Adjustments related to other expenses		(1	)		(778	)		(183	)		625			174
Adjustments related to tax benefit (provision)		36			308			74			(215	)		(41	)

Adjustments related to net investment gains (losses), net of income tax (4)		(61	)		(577	)		(142	)		407			66

Adjustments related to acquisition costs, net of income tax		—			—			(9	)		—			(12	)

Discontinued operations, net of income tax		(430	)		38			36			—			(2	)

Operating earnings available to common shareholders (5)	$	608		$	132		$	131		$	723		$	718


Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted	$	0.83		$	1.20		$	(0.71	)	$	(1.74	)	$	(0.79	)
Net investment gains (losses), net of income tax		0.66			1.71			(0.72	)		(3.11	)		(1.72	)
Adjustments related to net investment gains (losses), net of income tax		(0.08	)		(0.73	)		(0.18	)		0.49			0.08
Adjustments related to acquisition costs, net of income tax		—			—			(0.01	)		—			(0.02	)
Discontinued operations, net of income tax		(0.59	)		0.05			0.04			—			—

Operating earnings available to common shareholders — diluted	$	0.84		$	0.17		$	0.16		$	0.88		$	0.87

Weighted average common shares outstanding — diluted		726.9			793.6			810.8			825.1			827.3



	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2008			2008			2009			2009			2009


Book value per common share — (actual common shares outstanding)	$	36.46		$	27.33		$	25.75		$	30.85		$	39.36
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	47.12		$	45.29		$	44.53		$	42.86		$	42.09

Book value per common share — diluted — (weighted average common shares outstanding)	$	35.48		$	27.33		$	25.98		$	30.60		$	38.95
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	45.85		$	45.29		$	44.93		$	42.52		$	41.65



	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009


Common shares outstanding, beginning of period		709.7			707.3			793.6			818.1			818.6
Treasury stock, net		(2.4	)		75.0			0.1			0.5			0.2
Newly issued shares		—			11.3			24.4			—			—

Common shares outstanding, end of period		707.3			793.6			818.1			818.6			818.8

Weighted average common shares outstanding — basic		718.1			790.0			809.1			821.6			821.8
Dilutive effect of stock-based awards		8.6			3.6			1.7			3.5			5.5
Dilutive effect of stock purchase contracts underlying common equity units		0.2			—			—			—			—

Weighted average common shares outstanding — diluted		726.9			793.6			810.8			825.1			827.3


Policyholder Trust Shares		246.7			242.7			240.8			238.7			236.8


(1)		Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of ($1) million, $34 million, $21 million, $20 million and ($2) million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. For QFS purposes, these settlements are included in net investment income.

(2)		For QFS purposes, investment income, net, excludes the net investment gains (losses) of consolidated entities and operating joint ventures reported under the equity method of accounting of $37 million, $64 million, $20 million, ($96) million and ($35) million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. Such adjustments are net of applicable adjustments stated in footnote 4 below. Provision (benefit) for income tax excludes the related tax impact of the net investment gains (losses) of consolidated entities and operating joint ventures reported under the equity method of accounting of $11 million, $48 million, ($8) million, ($32) million and $0 for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. For QFS purposes, these amounts are included in net investment gains (losses), net of income tax.

(3)		Net investment gains (losses), net of income tax, from real estate and real estate joint ventures include discontinued operations of $5 million for the three months ended December 31, 2008. There were no net investment gains (losses) from discontinued real estate and real estate joint ventures for any other periods presented.

(4)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

(5)		Presentation of operating earnings available to MetLife, Inc.’s common shareholders throughout the QFS differs from the presentation of income in other public filings, which is in accordance with GAAP, with respect to discontinued operations, scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment, net investment gains (losses), net of income tax, of consolidated entities and operating joint ventures reported under the equity method of accounting, income (loss) attributable to noncontrolling interests, and acquisition-related costs incurred to effect a business combination after January 1, 2009. The transaction cost adjustment is reflected as a separate line item in the March 31, 2009, June 30, 2009 and September 30, 2009 net income reconciliations.

(6)		On January 1, 2009, MetLife, Inc. adopted accounting guidance related to noncontrolling interests in consolidated financial statements, the provisions of which, among others, require that minority interests be renamed noncontrolling interests and that a company present a consolidated net income (loss) measure that includes the amount attributable to such noncontrolling interests for all periods presented.

(7)		In June 2009, the Financial Accounting Standards Board (“FASB”) approved FASB Accounting Standards Codification (“Codification”) as the single source of authoritative accounting guidance used in the preparation of financial statements in conformity with GAAP for all non-governmental entities. Codification, which changed the referencing and organization of accounting guidance without modification of existing GAAP, is effective for interim and annual periods ending after September 15, 2009. Since it did not modify existing GAAP, Codification did not have any impact on the Company’s financial condition or results of operations. On the effective date of Codification, substantially all existing non-SEC accounting and reporting standards are superseded and, therefore, are no longer referenced by title in the QFS.

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS



	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	212,125		$	188,251		$	191,415		$	211,563		$	223,896
Equity securities available-for-sale, at estimated fair value		3,474			3,197			2,817			3,045			3,117
Trading securities, at estimated fair value		787			946			922			1,471			1,970
Mortgage and consumer loans:
Held-for-investment, at amortized cost		49,182			49,352			49,074			48,229			48,239
Held-for-sale, principally at estimated fair value		1,424			2,012			3,970			4,271			2,442

Mortgage and consumer loans, net		50,606			51,364			53,044			52,500			50,681
Policy loans		9,742			9,802			9,851			9,907			10,001
Real estate and real estate joint ventures		7,464			7,535			7,331			7,246			6,982
Real estate held-for-sale		91			51			50			50			50
Other limited partnership interests		6,353			6,039			5,365			5,193			5,255
Short-term investments		2,570			13,878			10,896			8,117			6,861
Other invested assets		9,755			17,248			15,130			13,071			13,916

Total investments		302,967			298,311			296,821			312,163			322,729
Cash and cash equivalents		20,181			24,207			19,424			13,213			15,562
Accrued investment income		3,266			3,061			3,142			3,019			3,236
Premiums and other receivables		17,843			16,973			18,514			16,730			16,903
Deferred policy acquisition costs and value of business acquired		20,119			20,144			20,754			20,323			19,208
Current income tax recoverable		763			—			—			253			412
Deferred income tax assets		1,631			4,927			6,349			3,856			535
Goodwill		5,036			5,008			5,010			5,036			5,033
Other assets		8,822			7,262			7,028			7,896			7,140
Assets of subsidiaries held-for-sale		887			946			—			—			—
Separate account assets		139,803			120,839			114,366			126,968			144,434

Total assets	$	521,318		$	501,678		$	491,408		$	509,457		$	535,192

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	128,589		$	130,555		$	131,609		$	132,823		$	134,492
Policyholder account balances		138,779			149,805			148,568			147,883			147,543
Other policyholder funds		8,273			7,762			8,136			8,319			8,549
Policyholder dividends payable		1,073			1,023			846			881			911
Short-term debt		1,106			2,659			5,878			4,757			2,131
Long-term debt		10,810			9,667			11,042			12,940			13,202
Collateral financing arrangements		5,132			5,192			5,242			5,297			5,297
Junior subordinated debt securities		3,759			3,758			2,691			2,691			3,191
Current income tax payable		—			342			635			—			—
Payables for collateral under securities loaned and other transactions		43,300			31,059			24,341			24,607			24,363
Other liabilities		11,903			14,284			14,625			14,679			16,486
Liabilities of subsidiaries held-for-sale		750			748			—			—			—
Separate account liabilities		139,803			120,839			114,366			126,968			144,434

Total liabilities		493,277			477,693			467,979			481,845			500,599

Stockholders’ Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		8			8			8			8			8
Additional paid-in capital		17,602			15,811			16,860			16,849			16,865
Retained earnings		22,041			22,403			21,829			20,472			19,822
Treasury stock, at cost		(4,279	)		(236	)		(230	)		(203	)		(194	)
Accumulated other comprehensive loss		(7,540	)		(14,253	)		(15,358	)		(9,834	)		(2,234	)

Total MetLife, Inc.’s stockholders’ equity		27,833			23,734			23,110			27,293			34,268
Noncontrolling interests		208			251			319			319			325

Total equity		28,041			23,985			23,429			27,612			34,593

Total liabilities and stockholders’ equity	$	521,318		$	501,678		$	491,408		$	509,457		$	535,192

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009


REVENUES
Premiums	$	6,785		$	6,498		$	6,122		$	6,576		$	6,601
Universal life and investment-type product policy fees		1,352			1,220			1,189			1,227			1,255
Investment income, net		4,013			3,621			3,274			3,859			3,956
Other revenues		421			445			554			572			602

Total revenues		12,571			11,784			11,139			12,234			12,414


EXPENSES
Policyholder benefits and dividends		7,616			7,316			6,979			7,388			7,549
Interest credited to policyholder account balances		1,121			1,220			1,170			1,229			1,259
Interest credited to bank deposits		40			43			43			40			37
Interest expenses		253			276			245			256			274
Other expenses		2,629			2,758			2,517			2,340			2,377

Total expenses		11,659			11,613			10,954			11,253			11,496


Operating earnings before provision for income tax		912			171			185			981			918
Provision for income tax		274			8			24			227			170

Operating earnings		638			163			161			754			748
Preferred stock dividends		30			31			30			31			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	608		$	132		$	131		$	723		$	718


Net Income Reconciliation

Operating earnings available to common shareholders	$	608		$	132		$	131		$	723		$	718

Net investment gains (losses)		776			2,165			(915	)		(3,957	)		(2,171	)
Net investment gains (losses) tax benefit (provision)		(293	)		(804	)		325			1,394			751

Net investment gains (losses), net of income tax		483			1,361			(590	)		(2,563	)		(1,420	)

Adjustments related to universal life and investment-type product policy fees		—			16			(6	)		(11	)		(4	)
Adjustments related to policyholder benefits and dividends		(96	)		(123	)		(27	)		8			(63	)
Adjustments related to other expenses		(1	)		(778	)		(183	)		625			174
Adjustments related to tax benefit (provision)		36			308			74			(215	)		(41	)

Adjustments related to net investment gains (losses), net of income tax (1)		(61	)		(577	)		(142	)		407			66

Adjustments related to acquisition costs, net of income tax		—			—			(9	)		—			(12	)

Discontinued operations, net of income tax		(430	)		38			36			—			(2	)

Net income (loss) available to MetLife, Inc.’s common shareholders		600			954			(574	)		(1,433	)		(650	)
Preferred stock dividends		30			31			30			31			30

Net income (loss) attributable to MetLife, Inc.		630			985			(544	)		(1,402	)		(620	)
Net income (loss) attributable to noncontrolling interests		16			(8	)		(4	)		(16	)		(5	)

Net income (loss)	$	646		$	977		$	(548	)	$	(1,418	)	$	(625	)



Premiums, Fees and Other Revenues	$	8,558		$	8,163		$	7,865		$	8,375		$	8,458


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

METLIFE, INC.

CONSOLIDATING BALANCE SHEET



	September 30, 2009
															Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International		Auto & Home			& Eliminations


ASSETS
Total investments	$	322,729		$	135,098		$	127,406		$	18,551	$	3,767		$	37,907
Cash and cash equivalents		15,562			803			2,092			1,454		(46	)		11,259
Accrued investment income		3,236			1,211			1,328			291		54			352
Premiums and other receivables		16,903			4,864			3,272			942		898			6,927
Deferred policy acquisition costs and value of business acquired		19,208			1,030			15,231			2,758		184			5
Current income tax recoverable		412			(676	)		694			296		20			78
Deferred income tax assets		535			3,008			(2,479	)		11		88			(93	)
Goodwill		5,033			1,051			2,955			400		157			470
Other assets		7,140			1,367			2,635			398		365			2,375
Separate account assets		144,434			47,342			90,329			6,763		—			—

Total assets	$	535,192		$	195,098		$	243,463		$	31,864	$	5,487		$	59,280


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	134,492		$	56,560		$	58,869		$	10,682	$	3,015		$	5,366
Policyholder account balances		147,543			66,120			65,821			7,177		—			8,425
Other policyholder funds		8,549			3,458			3,117			1,559		43			372
Policyholder dividends payable		911			—			911			—		—			—
Short-term debt		2,131			—			—			—		—			2,131
Long-term debt		13,202			—			85			195		—			12,922
Collateral financing arrangements		5,297			—			—			—		—			5,297
Junior subordinated debt securities		3,191			—			—			—		—			3,191
Payables for collateral under securities loaned and other transactions		24,363			7,782			9,117			34		—			7,430
Other liabilities		16,486			4,755			4,346			1,084		618			5,683
Separate account liabilities		144,434			47,342			90,329			6,763		—			—

Total liabilities		500,599			186,017			232,595			27,494		3,676			50,817


Stockholders’ Equity
Preferred stock, at par value		1			—			—			—		—			1
Common stock, at par value		8			—			—			—		—			8
Allocated equity (1)		36,687			10,654			11,101			4,031		1,833			9,068
Treasury stock, at cost		(194	)		—			—			—		—			(194	)
Accumulated other comprehensive income (loss)		(2,234	)		(1,571	)		(233	)		172		(22	)		(580	)

Total MetLife, Inc.’s stockholders’ equity		34,268			9,083			10,868			4,203		1,811			8,303

Noncontrolling interests		325			(2	)		—			167		—			160
Total equity		34,593			9,081			10,868			4,370		1,811			8,463

Total liabilities and stockholders’ equity	$	535,192		$	195,098		$	243,463		$	31,864	$	5,487		$	59,280


(1)		Allocated equity includes additional paid-in capital and retained earnings.

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended September 30, 2009
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations


REVENUES
Premiums	$	6,601		$	3,826		$	1,175		$	868		$	727		$	5
Universal life and investment-type product policy fees		1,255			189			844			222			—			—
Investment income, net		3,956			1,611			1,783			395			45			122
Other revenues		602			142			176			4			8			272

Total revenues		12,414			5,768			3,978			1,489			780			399


EXPENSES
Policyholder benefits and dividends		7,549			4,237			2,124			705			483			—
Interest credited to policyholder account balances		1,259			442			619			198			—			—
Capitalization of deferred policy acquisition costs		(722	)		(55	)		(391	)		(164	)		(112	)		—
Amortization of deferred policy acquisition costs		376			47			143			79			107			—
Other expenses		3,034			630			1,123			484			189			608

Total expenses		11,496			5,301			3,618			1,302			667			608


Operating earnings before provision for income tax		918			467			360			187			113			(209	)
Provision for income tax expense (benefit)		170			156			123			34			27			(170	)

Operating earnings		748			311			237			153			86			(39	)
Preferred stock dividends		30			—			—			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	718		$	311		$	237		$	153		$	86		$	(69	)


Net Income Reconciliation

Operating earnings available to common shareholders	$	718		$	311		$	237		$	153		$	86		$	(69	)

Net investment gains (losses)		(2,171	)		(351	)		(807	)		(614	)		(30	)		(369	)
Net investment gains (losses) tax benefit (provision)		751			123			286			201			11			130

Net investment gains (losses), net of income tax		(1,420	)		(228	)		(521	)		(413	)		(19	)		(239	)

Adjustments related to universal life and investment-type product policy fees		(4	)		—			(4	)		—			—			—
Adjustments related to policyholder benefits and dividends		(63	)		(39	)		—			(24	)		—			—
Adjustments related to other expenses		174			—			174			—			—			—
Adjustments related to tax benefit (provision)		(41	)		13			(60	)		6			—			—

Adjustments related to net investment gains (losses), net of income tax (1)		66			(26	)		110			(18	)		—			—

Adjustments related to acquisition costs, net of income tax		(12	)		—			—			—			—			(12	)

Discontinued operations, net of income tax		(2	)		—			—			—			—			(2	)

Net income (loss) available to MetLife, Inc.’s common shareholders		(650	)		57			(174	)		(278	)		67			(322	)
Preferred stock dividends		30			—			—			—			—			30

Net income (loss) attributable to MetLife, Inc.		(620	)		57			(174	)		(278	)		67			(292	)
Net income (loss) attributable to noncontrolling interests		(5	)		—			—			(5	)		—			—

Net income (loss)	$	(625	)	$	57		$	(174	)	$	(283	)	$	67		$	(292	)



Premiums, Fees and Other Revenues	$	8,458		$	4,157		$	2,195		$	1,094		$	735		$	277


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended September 30, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations


REVENUES
Premiums	$	6,785		$	4,065		$	1,074		$	893		$	745		$	8
Universal life and investment-type product policy fees		1,352			215			873			264			—			—
Investment income, net		4,013			1,850			1,645			311			48			159
Other revenues		421			223			147			—			9			42

Total revenues		12,571			6,353			3,739			1,468			802			209


EXPENSES
Policyholder benefits and dividends		7,616			4,519			1,744			869			472			12
Interest credited to policyholder account balances		1,121			623			492			6			—			—
Capitalization of deferred policy acquisition costs		(769	)		(53	)		(398	)		(204	)		(114	)		—
Amortization of deferred policy acquisition costs		699			41			509			36			113			—
Other expenses		2,992			624			1,070			580			197			521

Total expenses		11,659			5,754			3,417			1,287			668			533


Operating earnings before provision for income tax		912			599			322			181			134			(324	)
Provision for income tax expense (benefit)		274			203			107			63			33			(132	)

Operating earnings		638			396			215			118			101			(192	)
Preferred stock dividends		30			—			—			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	608		$	396		$	215		$	118		$	101		$	(222	)


Net Income Reconciliation
Operating earnings available to common shareholders	$	608		$	396		$	215		$	118		$	101		$	(222	)

Net investment gains (losses)		776			215			353			300			(67	)		(25	)
Net investment gains (losses) tax benefit (provision)		(293	)		(74	)		(126	)		(111	)		23			(5	)

Net investment gains (losses), net of income tax		483			141			227			189			(44	)		(30	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(96	)		57			(71	)		(82	)		—			—
Adjustments related to other expenses		(1	)		—			(1	)		—			—			—
Adjustments related to tax benefit (provision)		36			(20	)		27			29			—			—

Adjustments related to net investment gains (losses), net of income tax (1)		(61	)		37			(45	)		(53	)		—			—

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—

Discontinued operations, net of income tax		(430	)		—			3			—			—			(433	)

Net income available to MetLife, Inc.’s common shareholders		600			574			400			254			57			(685	)
Preferred stock dividends		30			—			—			—			—			30

Net income attributable to MetLife, Inc.		630			574			400			254			57			(655	)
Net income (loss) attributable to noncontrolling interests		16			—			—			(6	)		—			22

Net income	$	646		$	574		$	400		$	248		$	57		$	(633	)



Premiums, Fees and Other Revenues	$	8,558		$	4,503		$	2,094		$	1,157		$	754		$	50


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Nine Months Ended September 30, 2009
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations


REVENUES
Premiums	$	19,299		$	11,270		$	3,477		$	2,366		$	2,175		$	11
Universal life and investment-type product policy fees		3,671			623			2,390			658			—			—
Investment income, net		11,089			4,616			5,113			922			134			304
Other revenues		1,728			479			397			8			22			822

Total revenues		35,787			16,988			11,377			3,954			2,331			1,137


EXPENSES
Policyholder benefits and dividends		21,916			12,492			6,114			1,853			1,454			3
Interest credited to policyholder account balances		3,658			1,415			1,808			435			—			—
Capitalization of deferred policy acquisition costs		(2,265	)		(168	)		(1,319	)		(449	)		(329	)		—
Amortization of deferred policy acquisition costs		1,454			144			708			272			328			2
Other expenses		8,940			1,874			3,440			1,259			570			1,797

Total expenses		33,703			15,757			10,751			3,370			2,023			1,802


Operating earnings before provision for income tax		2,084			1,231			626			584			308			(665	)
Provision for income tax expense (benefit)		421			414			211			142			70			(416	)

Operating earnings		1,663			817			415			442			238			(249	)
Preferred stock dividends		91			—			—			—			—			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,572		$	817		$	415		$	442		$	238		$	(340	)


Net Income Reconciliation
Operating earnings available to common shareholders	$	1,572		$	817		$	415		$	442		$	238		$	(340	)

Net investment gains (losses)		(7,043	)		(3,419	)		(2,342	)		(737	)		(7	)		(538	)
Net investment gains (losses) tax benefit (provision)		2,470			1,195			821			258			3			193

Net investment gains (losses), net of income tax		(4,573	)		(2,224	)		(1,521	)		(479	)		(4	)		(345	)

Adjustments related to universal life and investment-type product policy fees		(21	)		—			(21	)		—			—			—
Adjustments related to policyholder benefits and dividends		(82	)		(64	)		(11	)		(7	)		—			—
Adjustments related to other expenses		616			—			616			—			—			—
Adjustments related to tax benefit (provision)		(182	)		22			(205	)		1			—			—

Adjustments related to net investment gains (losses), net of income tax (1)		331			(42	)		379			(6	)		—			—

Adjustments related to acquisition costs, net of income tax		(21	)		—			—			—			—			(21	)

Discontinued operations, net of income tax		34			—			24			—			—			10

Net income (loss) available to MetLife, Inc.’s common shareholders		(2,657	)		(1,449	)		(703	)		(43	)		234			(696	)
Preferred stock dividends		91			—			—			—			—			91

Net income (loss) attributable to MetLife, Inc.		(2,566	)		(1,449	)		(703	)		(43	)		234			(605	)
Net income (loss) attributable to noncontrolling interests		(25	)		—			—			(19	)		—			(6	)

Net income (loss)	$	(2,591	)	$	(1,449	)	$	(703	)	$	(62	)	$	234		$	(611	)



Premiums, Fees and Other Revenues	$	24,698		$	12,372		$	6,264		$	3,032		$	2,197		$	833


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Nine Months Ended September 30, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations


REVENUES
Premiums	$	19,416		$	11,237		$	3,204		$	2,717		$	2,232		$	26
Universal life and investment-type product policy fees		4,143			647			2,649			847			—			—
Investment income, net		12,579			5,815			5,020			946			149			649
Other revenues		1,141			584			450			13			30			64

Total revenues		37,279			18,283			11,323			4,523			2,411			739


EXPENSES
Policyholder benefits and dividends		21,691			12,493			5,209			2,461			1,492			36
Interest credited to policyholder account balances		3,523			1,893			1,488			142			—			—
Capitalization of deferred policy acquisition costs		(2,305	)		(178	)		(1,140	)		(646	)		(337	)		(4	)
Amortization of deferred policy acquisition costs		2,039			131			1,312			248			343			5
Other expenses		8,591			1,825			3,181			1,710			598			1,277

Total expenses		33,539			16,164			10,050			3,915			2,096			1,314


Operating earnings before provision for income tax		3,740			2,119			1,273			608			315			(575	)
Provision for income tax expense (benefit)		1,084			717			424			207			64			(328	)

Operating earnings		2,656			1,402			849			401			251			(247	)
Preferred stock dividends		94			—			—			—			—			94

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,562		$	1,402		$	849		$	401		$	251		$	(341	)


Net Income Reconciliation

Operating earnings available to common shareholders	$	2,562		$	1,402		$	849		$	401		$	251		$	(341	)

Net investment gains (losses)		(288	)		(407	)		(1	)		290			(91	)		(79	)
Net investment gains (losses) tax benefit (provision)		71			145			(2	)		(119	)		31			16

Net investment gains (losses), net of income tax		(217	)		(262	)		(3	)		171			(60	)		(63	)

Adjustments related to universal life and investment-type product policy fees		2			—			2			—			—			—
Adjustments related to policyholder benefits and dividends		(58	)		104			(225	)		63			—			—
Adjustments related to other expenses		257			—			257			—			—			—
Adjustments related to tax benefit (provision)		(67	)		(37	)		(8	)		(22	)		—			—

Adjustments related to net investment gains (losses), net of income tax (1)		134			67			26			41			—			—

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—

Discontinued operations, net of income tax		(349	)		—			3			—			—			(352	)

Net income available to MetLife, Inc.’s common shareholders		2,130			1,207			875			613			191			(756	)
Preferred stock dividends		94			—			—			—			—			94

Net income attributable to MetLife, Inc.		2,224			1,207			875			613			191			(662	)
Net income (loss) attributable to noncontrolling interests		78			1			—			(17	)		—			94

Net income	$	2,302		$	1,208		$	875		$	596		$	191		$	(568	)



Premiums, Fees and Other Revenues	$	24,700		$	12,468		$	6,303		$	3,577		$	2,262		$	90


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

METLIFE, INC.

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009


INSTITUTIONAL	$	396		$	272		$	200		$	306		$	311

INDIVIDUAL		215			(106	)		(98	)		276			237

INTERNATIONAL		118			78			131			158			153

AUTO & HOME		101			112			76			76			86

CORPORATE, OTHER & ELIMINATIONS		(222	)		(224	)		(178	)		(93	)		(69	)


CONSOLIDATED	$	608		$	132		$	131		$	723		$	718


(1)		A reconciliation of operating earnings available to common shareholders to net income for each segment appears in this QFS as follows: (i) Institutional Operations, page 11; (ii) Individual Operations, page 18; (iii) International Operations, page 28; (iv) Auto & Home Operations, page 32; and (v) Corporate, Other & Eliminations, page 36. A consolidated reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc. appears on page 4.

INSTITUTIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions, except number of sales representatives)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	4,065		$	3,727		$	3,540		$	3,904		$	3,826		$	11,237		$	11,270
Universal life and investment-type product policy fees		215			239			208			226			189			647			623
Investment income, net		1,850			1,686			1,448			1,557			1,611			5,815			4,616
Other revenues		223			191			171			166			142			584			479

Total revenues		6,353			5,843			5,367			5,853			5,768			18,283			16,988


EXPENSES
Policyholder benefits and dividends		4,519			4,157			3,953			4,302			4,237			12,493			12,492
Interest credited to policyholder account balances		623			644			512			461			442			1,893			1,415
Other expenses		612			630			601			627			622			1,778			1,850

Total expenses		5,754			5,431			5,066			5,390			5,301			16,164			15,757


Operating earnings before provision for income tax		599			412			301			463			467			2,119			1,231
Provision for income tax		203			140			101			157			156			717			414

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	396		$	272		$	200		$	306		$	311		$	1,402		$	817


Net Income Reconciliation

Operating earnings available to common shareholders	$	396		$	272		$	200		$	306		$	311		$	1,402		$	817

Net investment gains (losses)		215			571			(1,769	)		(1,299	)		(351	)		(407	)		(3,419	)
Net investment gains (losses) tax benefit (provision)		(74	)		(202	)		615			457			123			145			1,195

Net investment gains (losses), net of income tax		141			369			(1,154	)		(842	)		(228	)		(262	)		(2,224	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		57			21			6			(31	)		(39	)		104			(64	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(20	)		(7	)		(3	)		12			13			(37	)		22

Adjustments related to net investment gains (losses), net of income tax (1)		37			14			3			(19	)		(26	)		67			(42	)

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		574			655			(951	)		(555	)		57			1,207			(1,449	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		574			655			(951	)		(555	)		57			1,207			(1,449	)
Net income (loss) attributable to noncontrolling interests		—			(1	)		—			—			—			1			—

Net income (loss)	$	574		$	654		$	(951	)	$	(555	)	$	57		$	1,208		$	(1,449	)



Premiums, Fees and Other Revenues	$	4,503		$	4,157		$	3,919		$	4,296		$	4,157		$	12,468		$	12,372



Actual Number of Sales Representatives		628			632			596			593			589


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
GROUP LIFE



	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2008			December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009				September 30, 2008			September 30, 2009


REVENUES
Premiums		$	1,666		$	1,645		$	1,750		$	1,756		$	1,744			$	5,001		$	5,250
Universal life and investment-type product policy fees			211			234			205			223			186				636			614
Investment income, net			315			293			284			291			294				990			869
Other revenues			19			37			14			14			10				51			38

Total revenues			2,211			2,209			2,253			2,284			2,234				6,678			6,771


EXPENSES
Policyholder benefits and dividends			1,692			1,721			1,817			1,823			1,755				5,179			5,395
Interest credited to policyholder account balances			121			119			115			115			116				371			346
Other expenses			178			192			171			180			180				522			531

Total expenses			1,991			2,032			2,103			2,118			2,051				6,072			6,272


Operating earnings before provision for income tax			220			177			150			166			183				606			499
Provision for income tax			75			60			51			57			62				206			170

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	145		$	117		$	99		$	109		$	121			$	400		$	329


Net Income Reconciliation
Operating earnings available to common shareholders		$	145		$	117		$	99		$	109		$	121			$	400		$	329

Net investment gains (losses)			50			(131	)		(167	)		(189	)		(51	)			(126	)		(407	)
Net investment gains (losses) tax benefit (provision)			(18	)		46			58			66			18				44			142

Net investment gains (losses), net of income tax			32			(85	)		(109	)		(123	)		(33	)			(82	)		(265	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			1			2			5			(2	)		5				3			8
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			(1	)		(2	)		1			(2	)			(1	)		(3	)

Adjustments related to net investment gains (losses), net of income tax (1)			1			1			3			(1	)		3				2			5

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders			178			33			(7	)		(15	)		91				320			69
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			178			33			(7	)		(15	)		91				320			69
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income (loss)		$	178		$	33		$	(7	)	$	(15	)	$	91			$	320		$	69



Premiums, Fees and Other Revenues		$	1,896		$	1,916		$	1,969		$	1,993		$	1,940			$	5,688		$	5,902



Incurred Loss Ratio (Mortality Experience) of Term Life			90.7	%		93.3	%		92.9	%		91.3	%		92.2	%


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
RETIREMENT & SAVINGS



	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	994		$	632		$	319		$	693		$	634		$	2,028		$	1,646
Universal life and investment-type product policy fees		2			1			—			1			—			5			1
Investment income, net		1,359			1,239			1,028			1,088			1,119			4,267			3,235
Other revenues		103			56			59			55			27			226			141

Total revenues		2,458			1,928			1,406			1,837			1,780			6,526			5,023


EXPENSES
Policyholder benefits and dividends		1,574			1,185			850			1,193			1,169			3,648			3,212
Interest credited to policyholder account balances		496			518			391			340			320			1,504			1,051
Other expenses		93			99			89			102			100			264			291

Total expenses		2,163			1,802			1,330			1,635			1,589			5,416			4,554


Operating earnings before provision for income tax		295			126			76			202			191			1,110			469
Provision for income tax		100			42			25			68			62			375			155

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	195		$	84		$	51		$	134		$	129		$	735		$	314


Net Income Reconciliation
Operating earnings available to common shareholders	$	195		$	84		$	51		$	134		$	129		$	735		$	314

Net investment gains (losses)		(34	)		(1,091	)		(722	)		(714	)		(346	)		(492	)		(1,782	)
Net investment gains (losses) tax benefit (provision)		14			379			250			252			121			175			623

Net investment gains (losses), net of income tax		(20	)		(712	)		(472	)		(462	)		(225	)		(317	)		(1,159	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		33			15			(1	)		(28	)		(40	)		58			(69	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(11	)		(5	)		—			10			14			(20	)		24

Adjustments related to net investment gains (losses), net of income tax (1)		22			10			(1	)		(18	)		(26	)		38			(45	)

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		197			(618	)		(422	)		(346	)		(122	)		456			(890	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		197			(618	)		(422	)		(346	)		(122	)		456			(890	)
Net income (loss) attributable to noncontrolling interests		—			(1	)		—			—			—			1			—

Net income (loss)	$	197		$	(619	)	$	(422	)	$	(346	)	$	(122	)	$	457		$	(890	)



Premiums, Fees and Other Revenues	$	1,099		$	689		$	378		$	749		$	661		$	2,259		$	1,788


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
NON-MEDICAL HEALTH & OTHER


	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	1,405		$	1,450		$	1,471		$	1,455		$	1,448		$	4,208		$	4,374
Universal life and investment-type product policy fees		2			4			3			2			3			6			8
Investment income, net		176			154			136			178			198			558			512
Other revenues		101			98			98			97			105			307			300

Total revenues		1,684			1,706			1,708			1,732			1,754			5,079			5,194


EXPENSES
Policyholder benefits and dividends		1,253			1,251			1,286			1,286			1,313			3,666			3,885
Interest credited to policyholder account balances		6			7			6			6			6			18			18
Other expenses		341			339			341			345			342			992			1,028

Total expenses		1,600			1,597			1,633			1,637			1,661			4,676			4,931


Operating earnings before provision for income tax		84			109			75			95			93			403			263
Provision for income tax		28			38			25			32			32			136			89

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	56		$	71		$	50		$	63		$	61		$	267		$	174


Net Income Reconciliation
Operating earnings available to common shareholders	$	56		$	71		$	50		$	63		$	61		$	267		$	174

Net investment gains (losses)		199			1,793			(880	)		(396	)		46			211			(1,230	)
Net investment gains (losses) tax benefit (provision)		(70	)		(627	)		307			139			(16	)		(74	)		430

Net investment gains (losses), net of income tax		129			1,166			(573	)		(257	)		30			137			(800	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		23			4			2			(1	)		(4	)		43			(3	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(9	)		(1	)		(1	)		1			1			(16	)		1

Adjustments related to net investment gains (losses), net of income tax (1)		14			3			1			—			(3	)		27			(2	)

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		199			1,240			(522	)		(194	)		88			431			(628	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		199			1,240			(522	)		(194	)		88			431			(628	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income (loss)	$	199		$	1,240		$	(522	)	$	(194	)	$	88		$	431		$	(628	)



Premiums, Fees and Other Revenues	$	1,508		$	1,552		$	1,572		$	1,554		$	1,556		$	4,521		$	4,682
Group Disability Premiums, Fees and Other Revenues (Included in Total)	$	395		$	418		$	404		$	377		$	381		$	1,237		$	1,162



Incurred Loss Ratio (Morbidity Experience) of Group Disability		95.6	%		92.9	%		86.0	%		87.6	%		96.4	%


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INSTITUTIONAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


GROUP LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	17,899		$	17,648		$	17,390		$	17,652		$	17,887
Premiums and deposits			3,299			3,163			3,429			3,495			3,359
Interest on reserves			163			162			147			157			141
Surrenders and withdrawals			(1,805	)		(1,702	)		(1,408	)		(1,447	)		(1,491	)
Benefits and reserves			(1,691	)		(1,713	)		(1,815	)		(1,815	)		(1,758	)
Other			(217	)		(168	)		(91	)		(155	)		(194	)

Balance, end of period		$	17,648		$	17,390		$	17,652		$	17,887		$	17,944


RETIREMENT & SAVINGS
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	94,202		$	95,834		$	101,107		$	95,666		$	93,608
Premiums and deposits			12,761			19,552			13,099			16,263			10,367
Interest on reserves			1,051			1,081			1,064			1,003			976
Surrenders and withdrawals			(10,512	)		(15,120	)		(18,167	)		(17,917	)		(12,456	)
Benefits and reserves			(802	)		(734	)		(726	)		(718	)		(782	)
Other			(866	)		494			(711	)		(689	)		155

Balance, end of period		$	95,834		$	101,107		$	95,666		$	93,608		$	91,868


NON-MEDICAL HEALTH & OTHER
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	11,539		$	11,822		$	12,120		$	12,367		$	12,579
Premiums and deposits			1,389			1,429			1,435			1,410			1,531
Interest on reserves			125			127			125			133			140
Surrenders and withdrawals			(2	)		(14	)		12			23			(102	)
Benefits and reserves			(1,281	)		(1,271	)		(1,308	)		(1,311	)		(1,337	)
Other			52			27			(17	)		(43	)		57

Balance, end of period		$	11,822		$	12,120		$	12,367		$	12,579		$	12,868

SEPARATE ACCOUNT LIABILITIES


GROUP LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	15,597		$	16,527		$	15,366		$	13,145		$	12,914
Premiums and deposits			132			236			118			63			53
Investment performance			(627	)		(949	)		(170	)		557			698
Surrenders and withdrawals			(144	)		(119	)		(782	)		(117	)		(76	)
Policy charges			(33	)		(34	)		(36	)		(99	)		(64	)
Other			1,602			(295	)		(1,351	)		(635	)		694

Balance, end of period		$	16,527		$	15,366		$	13,145		$	12,914		$	14,219


RETIREMENT & SAVINGS
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	33,482		$	32,628		$	30,783		$	29,899		$	29,746
Premiums and deposits			1,309			1,266			1,569			607			1,917
Investment performance			(1,301	)		(235	)		(834	)		1,081			2,058
Surrenders and withdrawals			(1,243	)		(1,482	)		(1,119	)		(1,009	)		(1,128	)
Policy charges			(21	)		(19	)		(19	)		(20	)		(20	)
Other			402			(1,375	)		(481	)		(812	)		(361	)

Balance, end of period		$	32,628		$	30,783		$	29,899		$	29,746		$	32,212


NON-MEDICAL HEALTH & OTHER
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009

Balance, beginning of period		$	667		$	705		$	763		$	793		$	832
Premiums and deposits			44			49			60			67			38
Investment performance			(6	)		27			(15	)		23			30
Surrenders and withdrawals			(4	)		(9	)		(18	)		(29	)		(4	)
Policy charges			(5	)		(9	)		(6	)		(5	)		(7	)
Other			9			—			9			(17	)		22

Balance, end of period		$	705		$	763		$	793		$	832		$	911

INSTITUTIONAL

OTHER EXPENSES BY MAJOR CATEGORY


	For the Three Months Ended
		September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)		2008		2008		2009		2009		2009


Direct and allocated expenses		$	452	$	441	$	424	$	419	$	409
Pension and other post-retirement benefit costs			2		31		26		40		39
Premium tax and other tax, licenses and fees			58		44		53		60		61

			512		516		503		519		509
Commissions and other expenses			100		114		98		108		113


Total Other Expenses		$	612	$	630	$	601	$	627	$	622

INSTITUTIONAL

SPREADS BY PRODUCT


GROUP LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2008			2008			2009			2009			2009


Investment income yield		5.82	%		5.38	%		5.20	%		5.32	%		5.39	%
Average crediting rate		3.55	%		3.40	%		3.23	%		3.14	%		3.02	%

Annualized general account spread		2.27	%		1.98	%		1.97	%		2.18	%		2.37	%


RETIREMENT & SAVINGS	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2008			2008			2009			2009			2009


Investment income yield		5.69	%		4.95	%		3.99	%		4.43	%		4.64	%
Average crediting rate		4.73	%		4.71	%		4.16	%		4.09	%		4.08	%

Annualized general account spread		0.96	%		0.24	%		(0.17	%)		0.34	%		0.56	%


NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2008			2008			2009			2009			2009


Investment income yield		5.34	%		4.25	%		3.60	%		5.01	%		5.57	%
Average crediting rate		4.85	%		4.73	%		4.68	%		4.76	%		4.69	%

Annualized general account spread		0.49	%		(0.48	%)		(1.08	%)		0.25	%		0.88	%

INDIVIDUAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	1,074		$	1,277		$	1,137		$	1,165		$	1,175		$	3,204		$	3,477
Universal life and investment-type product policy fees		873			733			771			775			844			2,649			2,390
Investment income, net		1,645			1,509			1,568			1,762			1,783			5,020			5,113
Other revenues		147			121			105			116			176			450			397

Total revenues		3,739			3,640			3,581			3,818			3,978			11,323			11,377


EXPENSES
Policyholder benefits and dividends		1,744			1,991			2,000			1,990			2,124			5,209			6,114
Interest credited to policyholder account balances		492			540			580			609			619			1,488			1,808
Capitalization of deferred policy acquisition costs		(398	)		(474	)		(480	)		(448	)		(391	)		(1,140	)		(1,319	)
Amortization of deferred policy acquisition costs		509			665			489			76			143			1,312			708
Other expenses		1,070			1,078			1,144			1,173			1,123			3,181			3,440

Total expenses		3,417			3,800			3,733			3,400			3,618			10,050			10,751


Operating earnings before provision for income tax		322			(160	)		(152	)		418			360			1,273			626
Provision for income tax expense (benefit)		107			(54	)		(54	)		142			123			424			211

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	215		$	(106	)	$	(98	)	$	276		$	237		$	849		$	415


Net Income Reconciliation

Operating earnings available to common shareholders	$	215		$	(106	)	$	(98	)	$	276		$	237		$	849		$	415

Net investment gains (losses)		353			652			13			(1,548	)		(807	)		(1	)		(2,342	)
Net investment gains (losses) tax benefit (provision)		(126	)		(224	)		(7	)		542			286			(2	)		821

Net investment gains (losses), net of income tax		227			428			6			(1,006	)		(521	)		(3	)		(1,521	)

Adjustments related to universal life and investment-type product policy fees		—			16			(6	)		(11	)		(4	)		2			(21	)
Adjustments related to policyholder benefits and dividends		(71	)		(93	)		(11	)		—			—			(225	)		(11	)
Adjustments related to other expenses		(1	)		(778	)		(183	)		625			174			257			616
Adjustments related to tax benefit (provision)		27			297			71			(216	)		(60	)		(8	)		(205	)

Adjustments related to net investment gains (losses), net of income tax (1)		(45	)		(558	)		(129	)		398			110			26			379

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		3			(20	)		24			—			—			3			24

Net income (loss) available to MetLife, Inc.’s common shareholders		400			(256	)		(197	)		(332	)		(174	)		875			(703	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		400			(256	)		(197	)		(332	)		(174	)		875			(703	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income (loss)	$	400		$	(256	)	$	(197	)	$	(332	)	$	(174	)	$	875		$	(703	)



Premiums, Fees and Other Revenues	$	2,094		$	2,131		$	2,013		$	2,056		$	2,195		$	6,303		$	6,264


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to policyholder dividend obligation and amounts allocated to certain participating contracts.

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
TRADITIONAL LIFE


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	1,015		$	1,138		$	985		$	1,026		$	1,035			$	2,982		$	3,046
Universal life and investment-type product policy fees			—			—			—			1			—				—			1
Investment income, net			811			724			727			769			769				2,445			2,265
Other revenues			2			—			1			2			18				2			21

Total revenues			1,828			1,862			1,713			1,798			1,822				5,429			5,333


EXPENSES
Policyholder benefits and dividends			1,468			1,566			1,474			1,545			1,561				4,345			4,580
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(66	)		(56	)		(76	)		(87	)		(91	)			(187	)		(254	)
Amortization of deferred policy acquisition costs			56			51			9			55			4				146			68
Other expenses			238			241			254			279			256				713			789

Total expenses			1,696			1,802			1,661			1,792			1,730				5,017			5,183


Operating earnings before provision for income tax			132			60			52			6			92				412			150
Provision for income tax			43			20			17			2			30				134			49

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	89		$	40		$	35		$	4		$	62			$	278		$	101


Net Income Reconciliation
Operating earnings available to common shareholders		$	89		$	40		$	35		$	4		$	62			$	278		$	101

Net investment gains (losses)			(21	)		(31	)		78			(192	)		(262	)			(150	)		(376	)
Net investment gains (losses) tax benefit (provision)			5			15			(28	)		67			92				51			131

Net investment gains (losses), net of income tax			(16	)		(16	)		50			(125	)		(170	)			(99	)		(245	)

Adjustments related to universal life and investment-type product policy fees			1			(1	)		—			—			—				1			—
Adjustments related to policyholder benefits and dividends			(71	)		(93	)		(11	)		—			—				(225	)		(11	)
Adjustments related to other expenses			29			(96	)		(73	)		47			(54	)			166			(80	)
Adjustments related to tax benefit (provision)			14			65			30			(17	)		19				22			32

Adjustments related to net investment gains (losses), net of income tax (1)			(27	)		(125	)		(54	)		30			(35	)			(36	)		(59	)

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			1			(5	)		5			—			—				(1	)		5

Net income (loss) available to MetLife, Inc.’s common shareholders			47			(106	)		36			(91	)		(143	)			142			(198	)
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			47			(106	)		36			(91	)		(143	)			142			(198	)
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income (loss)		$	47		$	(106	)	$	36		$	(91	)	$	(143	)		$	142		$	(198	)



Premiums, Fees and Other Revenues		$	1,017		$	1,138		$	986		$	1,029		$	1,053			$	2,984		$	3,068


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to policyholder dividend obligation and amounts allocated to certain participating contracts.

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
VARIABLE & UNIVERSAL LIFE


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			389			354			418			379			382				1,175			1,179
Investment income, net			210			187			179			232			227				642			638
Other revenues			4			—			—			2			10				6			12

Total revenues			603			541			597			613			619				1,823			1,829


EXPENSES
Policyholder benefits and dividends			146			154			201			92			139				443			432
Interest credited to policyholder account balances			157			155			159			161			167				461			487
Capitalization of deferred policy acquisition costs			(95	)		(93	)		(75	)		(76	)		(77	)			(298	)		(228	)
Amortization of deferred policy acquisition costs			135			46			154			65			97				378			316
Other expenses			214			206			191			191			189				641			571

Total expenses			557			468			630			433			515				1,625			1,578


Operating earnings before provision for income tax			46			73			(33	)		180			104				198			251
Provision for income tax expense (benefit)			15			25			(11	)		59			34				65			82

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	31		$	48		$	(22	)	$	121		$	70			$	133		$	169


Net Income Reconciliation

Operating earnings available to common shareholders		$	31		$	48		$	(22	)	$	121		$	70			$	133		$	169

Net investment gains (losses)			(2	)		69			(130	)		(150	)		(42	)			(62	)		(322	)
Net investment gains (losses) tax benefit (provision)			—			(24	)		45			53			15				21			113

Net investment gains (losses), net of income tax			(2	)		45			(85	)		(97	)		(27	)			(41	)		(209	)

Adjustments related to universal life and investment-type product policy fees			(1	)		17			(6	)		(11	)		(4	)			1			(21	)
Adjustments related to policyholder benefits and dividends			—			—			—			—			—				—			—
Adjustments related to other expenses			5			(29	)		25			34			7				15			66
Adjustments related to tax benefit (provision)			(1	)		4			(6	)		(9	)		(1	)			(5	)		(16	)

Adjustments related to net investment gains (losses), net of income tax (1)			3			(8	)		13			14			2				11			29

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			2			(13	)		14			—			—				4			14

Net income (loss) available to MetLife, Inc.’s common shareholders			34			72			(80	)		38			45				107			3
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			34			72			(80	)		38			45				107			3
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income (loss)		$	34		$	72		$	(80	)	$	38		$	45			$	107		$	3



Premiums, Fees and Other Revenues		$	393		$	354		$	418		$	381		$	392			$	1,181		$	1,191


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs and amounts allocated to certain participating contracts.

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
ANNUITIES



	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	59		$	139		$	152		$	139		$	140		$	222		$	431
Universal life and investment-type product policy fees		430			338			315			352			412			1,305			1,079
Investment income, net		583			557			623			724			750			1,806			2,097
Other revenues		43			33			30			34			61			132			125

Total revenues		1,115			1,067			1,120			1,249			1,363			3,465			3,732


EXPENSES
Policyholder benefits and dividends		130			271			325			353			424			421			1,102
Interest credited to policyholder account balances		316			366			402			428			431			971			1,261
Capitalization of deferred policy acquisition costs		(237	)		(325	)		(329	)		(285	)		(223	)		(655	)		(837	)
Amortization of deferred policy acquisition costs		318			568			326			(44	)		42			788			324
Other expenses		463			495			578			575			527			1,342			1,680

Total expenses		990			1,375			1,302			1,027			1,201			2,867			3,530


Operating earnings before provision for income tax		125			(308	)		(182	)		222			162			598			202
Provision for income tax expense (benefit)		42			(104	)		(64	)		78			57			202			71

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	83		$	(204	)	$	(118	)	$	144		$	105		$	396		$	131


Net Income Reconciliation


Operating earnings available to common shareholders	$	83		$	(204	)	$	(118	)	$	144		$	105		$	396		$	131

Net investment gains (losses)		365			629			100			(1,175	)		(511	)		236			(1,586	)
Net investment gains (losses) tax benefit (provision)		(128	)		(220	)		(36	)		411			181			(83	)		556

Net investment gains (losses), net of income tax		237			409			64			(764	)		(330	)		153			(1,030	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		(35	)		(653	)		(135	)		544			221			76			630

Adjustments related to tax benefit (provision)		14			228			47			(190	)		(78	)		(25	)		(221	)

Adjustments related to net investment gains (losses), net of income tax (1)		(21	)		(425	)		(88	)		354			143			51			409

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			(2	)		1			—			—			—			1

Net income (loss) available to MetLife, Inc.’s common shareholders		299			(222	)		(141	)		(266	)		(82	)		600			(489	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		299			(222	)		(141	)		(266	)		(82	)		600			(489	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income (loss)	$	299		$	(222	)	$	(141	)	$	(266	)	$	(82	)	$	600		$	(489	)



Premiums, Fees and Other Revenues	$	532		$	510		$	497		$	525		$	613		$	1,659		$	1,635


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs and amounts allocated to certain participating contracts.

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
OTHER



	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		54			41			38			43			50			169			131
Investment income, net		41			41			39			37			37			127			113
Other revenues		98			88			74			78			87			310			239

Total revenues		193			170			151			158			174			606			483


EXPENSES
Policyholder benefits and dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		19			19			19			20			21			56			60
Capitalization of deferred policy acquisition costs		—			—			—			—			—			—			—
Amortization of deferred policy acquisition costs		—			—			—			—			—			—			—
Other expenses		155			136			121			128			151			485			400

Total expenses		174			155			140			148			172			541			460


Operating earnings before provision for income tax		19			15			11			10			2			65			23
Provision for income tax		7			5			4			3			2			23			9

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	12		$	10		$	7		$	7		$	—		$	42		$	14


Net Income Reconciliation

Operating earnings available to common shareholders	$	12		$	10		$	7		$	7		$	—		$	42		$	14

Net investment gains (losses)		11			(15	)		(35	)		(31	)		8			(25	)		(58	)
Net investment gains (losses) tax benefit (provision)		(3	)		5			12			11			(2	)		9			21

Net investment gains (losses), net of income tax		8			(10	)		(23	)		(20	)		6			(16	)		(37	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—

Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—			—			—

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			4			—			—			—			4

Net income (loss) available to MetLife, Inc.’s common shareholders		20			—			(12	)		(13	)		6			26			(19	)
Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		20			—			(12	)		(13	)		6			26			(19	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income (loss)	$	20		$	—		$	(12	)	$	(13	)	$	6		$	26		$	(19	)



Premiums, Fees and Other Revenues	$	152		$	129		$	112		$	121		$	137		$	479		$	370

INDIVIDUAL

PREMIUMS AND DEPOSITS BY PRODUCT (1)


	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009


Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits
Traditional Life		$	50		$	54		$	56		$	70		$	75
Variable Life 1st Year			46			37			32			35			24
Universal Life 1st Year			162			137			116			133			156

Total Life First Year Premiums & Deposits (2)			258			228			204			238			255

Life Renewal Premiums and Deposits
Traditional Life			1,035			1,198			987			1,047			1,030
Variable & Universal Life			566			572			601			550			549

Total Life Renewal Premiums and Deposits			1,601			1,770			1,588			1,597			1,579

Annuities Deposits
Fixed Annuity Deposits			499			4,122			3,645			949			596
Variable Annuity Deposits			3,787			3,424			3,737			4,507			3,441

Total Annuity Deposits (3)			4,286			7,546			7,382			5,456			4,037

Total Premiums and Deposits		$	6,145		$	9,544		$	9,174		$	7,291		$	5,871


Separate Account and General Account
Separate Accounts
Variable & Universal Life		$	248		$	243		$	228		$	216		$	210
Variable Annuities			2,212			2,005			2,147			2,775			2,171

Total Separate Accounts			2,460			2,248			2,375			2,991			2,381

General Accounts
Traditional Life			1,085			1,252			1,043			1,117			1,105
Variable & Universal Life			526			503			521			502			519
Fixed Annuities			499			4,122			3,645			949			596
Variable Annuities			1,575			1,419			1,590			1,732			1,270

Total General Account			3,685			7,296			6,799			4,300			3,490

Total Premiums and Deposits		$	6,145		$	9,544		$	9,174		$	7,291		$	5,871


Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life			32.0	%		32.6	%		30.4	%		30.1	%		28.8	%
Annuities			51.6	%		26.6	%		29.1	%		50.9	%		53.8	%


(1)		Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.

(2)		Of the $255 million of Total Life First Year Premiums and Deposits received during the three months ended September 30, 2009, approximately 40% were distributed through MetLife agents, 15% through New England Financial agents, 44% through MetLife’s Third Party channels and 1% through other distribution channels.

(3)		Of the $4,037 million of Total Annuity Deposits received during the three months ended September 30, 2009, approximately 23% were distributed through MetLife agents, 7% through New England Financial agents, 60% through MetLife’s Third Party channels, 9% through MetLife Resources representatives and 1% through other distribution channels.

INDIVIDUAL

ADDITIONAL STATISTICAL INFORMATION


	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited		2008			2008			2009			2009			2009


Mortality as a Percentage of Expected			83.2	%		83.9	%		82.6	%		74.9	%		91.2	%

Lapse / Surrender (General and Separate Account) (1)
Traditional Life			5.9	%		6.1	%		6.4	%		6.7	%		6.9	%
Variable & Universal Life			5.5	%		5.7	%		6.2	%		6.6	%		6.8	%
Variable Annuities			9.5	%		9.5	%		9.3	%		8.6	%		7.9	%
Fixed Annuities			11.2	%		11.3	%		10.4	%		9.4	%		8.6	%

Actual Number of Sales Representatives
MetLife Distribution			7,160			7,066			7,204			7,071			6,795
New England Financial			2,335			2,278			2,316			2,332			2,329
MetLife Resources			701			703			661			659			638
Walnut Street and Tower Square Securities			1,361			1,329			1,333			1,307			1,262

Total Agents			11,557			11,376			11,514			11,369			11,024


(1)		Lapse/Surrender rates are calculated for the most recent 12 months of experience, excluding Company-sponsored internal exchanges.

INDIVIDUAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


TRADITIONAL LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,				September 30,
Unaudited (In millions)		2008			2008			2009			2009				2009

Balance, beginning of period		$	52,596		$	52,734		$	52,969		$	53,346			$	53,436
Premiums and deposits (1)			1,099			1,227			1,065			1,108				1,116
Interest on reserves			535			539			555			555				567
Surrenders and withdrawals			(453	)		(491	)		(527	)		(541	)			(496	)
Benefit payments			(528	)		(541	)		(563	)		(534	)			(533	)
Other			(515	)		(499	)		(153	)		(498	)			(485	)

Balance, end of period		$	52,734		$	52,969		$	53,346		$	53,436			$	53,605


VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,				September 30,
Unaudited (In millions)		2008			2008			2009			2009				2009

Balance, beginning of period		$	15,849		$	16,046		$	16,191		$	16,451			$	16,691
Premiums and deposits (1) (2)			528			500			522			503				522
Interest on reserves			157			156			159			161				167
Surrenders and withdrawals			(126	)		(181	)		(118	)		(167	)			(163	)
Net transfers from (to) separate account			22			44			31			127				(14	)
Policy charges			(390	)		(389	)		(391	)		(394	)			(389	)
Benefit payments			(43	)		(30	)		(49	)		(35	)			(43	)
Other			49			45			106			45				28

Balance, end of period		$	16,046		$	16,191		$	16,451		$	16,691			$	16,799


ANNUITIES
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,				September 30,
Unaudited (In millions)		2008			2008			2009			2009				2009

Balance, beginning of period		$	40,916		$	41,765		$	47,937		$	51,415			$	51,228
Premiums and deposits (1) (2)			2,127			5,622			5,335			2,768				1,944
Interest on reserves			405			457			495			529				522
Surrenders and withdrawals			(1,130	)		(1,615	)		(1,413	)		(923	)			(890	)
Net transfers from (to) separate account			(315	)		1			(231	)		(1,217	)			(1,107	)
Policy charges			(6	)		(8	)		(11	)		(12	)			(10	)
Benefit payments			(267	)		(287	)		(315	)		(374	)			(363	)
Other			35			2,002			(382	)		(958	)			64

Balance, end of period		$	41,765		$	47,937		$	51,415		$	51,228			$	51,388

*SEPARATE ACCOUNT LIABILITIES*

VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,				September 30,
Unaudited (In millions)		2008			2008			2009			2009				2009

Balance, beginning of period		$	9,798		$	8,831		$	7,192		$	6,742			$	7,310
Premiums and deposits (1)			273			257			228			216				210
Investment performance			(914	)		(1,565	)		(351	)		755				953
Surrenders and withdrawals			(156	)		(120	)		(145	)		(127	)			(113	)
Net transfers from (to) fixed account			(22	)		(44	)		(31	)		(127	)			14
Policy charges			(159	)		(150	)		(150	)		(147	)			(147	)
Other			11			(17	)		(1	)		(2	)			2

Balance, end of period		$	8,831		$	7,192		$	6,742		$	7,310			$	8,229


ANNUITIES
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009				2009

Balance, beginning of period		$	84,273		$	75,938		$	62,264		$	59,194			$	70,538
Premiums and deposits (1)			2,404			2,149			2,260			2,894				2,279
Investment performance			(8,645	)		(13,820	)		(3,945	)		8,872				9,964
Surrenders and withdrawals			(2,047	)		(1,723	)		(1,350	)		(1,317	)			(1,423	)
Net transfers from (to) fixed account			315			(1	)		231			1,217				1,107
Policy charges			(364	)		(288	)		(271	)		(322	)			(366	)
Other			2			9			5			—				1

Balance, end of period		$	75,938		$	62,264		$	59,194		$	70,538			$	82,100


	(1)		Includes Company-sponsored internal exchanges.

	(2)		Includes premiums and deposits directed to General Account investment option of a variable life or variable annuity product.

INDIVIDUAL

EXPENSES BY MAJOR CATEGORY



	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009

INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance expenses	$	929		$	1,009		$	1,037		$	1,044		$	961		$	2,719		$	3,042
DAC capitalization (1)		(405	)		(485	)		(491	)		(458	)		(401	)		(1,174	)		(1,350	)

Net	$	524		$	524		$	546		$	586		$	560		$	1,545		$	1,692


EXPENSES
Commissions	$	321		$	397		$	382		$	358		$	309		$	926		$	1,049
Other deferrable expenses		162			158			175			170			168			473			513
Direct and allocated expenses, not deferred		401			395			388			411			378			1,190			1,177
Pension and other post-retirement benefit costs		11			37			57			74			68			33			199
Premium tax and other tax, licenses and fees		34			22			34			31			38			97			103
Other		—			—			—			—			—			—			—

Total insurance expenses		929			1,009			1,036			1,044			961			2,719			3,041
Broker-dealer and other expenses		155			138			123			130			151			490			404
Reinsurance allowances		(14	)		(69	)		(15	)		(1	)		11			(28	)		(5	)

Total other expenses	$	1,070		$	1,078		$	1,144		$	1,173		$	1,123		$	3,181		$	3,440


(1)		Excludes $7 million, $11 million, $11 million, $10 million and $10 million of DAC capitalization related to reinsurance allowances for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively.

INDIVIDUAL

SPREADS BY PRODUCT


VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited		2008			2008			2009			2009			2009


Investment income yield			6.13	%		5.30	%		4.97	%		6.24	%		6.07	%
Average crediting rate			4.49	%		4.47	%		4.59	%		4.56	%		4.58	%

Annualized general account spread			1.64	%		0.83	%		0.38	%		1.68	%		1.49	%


ANNUITIES
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited		2008			2008			2009			2009			2009


Investment income yield			5.72	%		5.05	%		5.20	%		5.84	%		5.86	%
Average crediting rate			3.71	%		3.88	%		3.86	%		3.96	%		3.88	%

Annualized general account spread			2.01	%		1.17	%		1.34	%		1.88	%		1.98	%

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions, except number of sales representatives)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	893		$	753		$	721		$	777		$	868			$	2,717		$	2,366
Universal life and investment-type product policy fees			264			248			210			226			222				847			658
Investment income, net			311			234			168			359			395				946			922
Other revenues			—			5			2			2			4				13			8

Total revenues			1,468			1,240			1,101			1,364			1,489				4,523			3,954


EXPENSES
Policyholder benefits and dividends			869			724			548			600			705				2,461			1,853
Interest credited to policyholder account balances			6			29			78			159			198				142			435
Capitalization of deferred policy acquisition costs			(204	)		(152	)		(145	)		(140	)		(164	)			(646	)		(449	)
Amortization of deferred policy acquisition costs			36			133			95			98			79				248			272
Other expenses			580			378			338			437			484				1,710			1,259

Total expenses			1,287			1,112			914			1,154			1,302				3,915			3,370


Operating earnings before provision for income tax			181			128			187			210			187				608			584
Provision for income tax			63			50			56			52			34				207			142

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	118		$	78		$	131		$	158		$	153			$	401		$	442


Net Income Reconciliation

Operating earnings available to common shareholders		$	118		$	78		$	131		$	158		$	153			$	401		$	442

Net investment gains (losses)			300			(54	)		480			(603	)		(614	)			290			(737	)
Net investment gains (losses) tax benefit (provision)			(111	)		(24	)		(155	)		212			201				(119	)		258

Net investment gains (losses), net of income tax			189			(78	)		325			(391	)		(413	)			171			(479	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			(82	)		(51	)		(22	)		39			(24	)			63			(7	)
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			29			18			6			(11	)		6				(22	)		1

Adjustments related to net investment gains (losses), net of income tax (1)			(53	)		(33	)		(16	)		28			(18	)			41			(6	)

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders			254			(33	)		440			(205	)		(278	)			613			(43	)
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			254			(33	)		440			(205	)		(278	)			613			(43	)
Net loss attributable to noncontrolling interests			(6	)		(9	)		(5	)		(9	)		(5	)			(17	)		(19	)

Net income (loss)		$	248		$	(42	)	$	435		$	(214	)	$	(283	)		$	596		$	(62	)



Premiums, Fees and Other Revenues		$	1,157		$	1,006		$	933		$	1,005		$	1,094			$	3,577		$	3,032



Actual Number of Sales Representatives (2)			6,039			6,000			5,757			5,747			5,622


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

(2)		Actual Number of Sales Representatives disclosed for September 30, 2008, December 31, 2008 and March 31, 2009 modifies prior disclosure provided in the June 30, 2009 Quarterly Financial Supplement.

INTERNATIONAL — LATIN AMERICA REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions, except number of sales representatives)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	481		$	358		$	348		$	366		$	420			$	1,464		$	1,134
Universal life and investment-type product policy fees			150			133			122			136			133				481			391
Investment income, net			331			244			119			191			193				859			503
Other revenues			(2	)		5			1			1			3				9			5

Total revenues			960			740			590			694			749				2,813			2,033


EXPENSES
Policyholder benefits and dividends			557			393			265			326			384				1,545			975
Interest credited to policyholder account balances			84			68			78			81			86				249			245
Capitalization of deferred policy acquisition costs			(50	)		(34	)		(34	)		(41	)		(40	)			(152	)		(115	)
Amortization of deferred policy acquisition costs			(18	)		57			32			34			22				54			88
Other expenses			244			93			71			177			193				662			441

Total expenses			817			577			412			577			645				2,358			1,634


Operating earnings before provision for income tax			143			163			178			117			104				455			399
Provision for income tax			44			48			56			31			23				152			110

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	99		$	115		$	122		$	86		$	81			$	303		$	289


Net Income Reconciliation
Operating earnings available to common shareholders		$	99		$	115		$	122		$	86		$	81			$	303		$	289

Net investment gains (losses)			(34	)		(78	)		(8	)		23			(24	)			(79	)		(9	)
Net investment gains (losses) tax benefit (provision)			5			12			(3	)		—			5				12			2

Net investment gains (losses), net of income tax			(29	)		(66	)		(11	)		23			(19	)			(67	)		(7	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			(82	)		(51	)		(22	)		39			(24	)			63			(7	)
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			29			18			6			(11	)		6				(22	)		1

Adjustments related to net investment gains (losses), net of income tax (1)			(53	)		(33	)		(16	)		28			(18	)			41			(6	)

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income available to MetLife, Inc.’s common shareholders			17			16			95			137			44				277			276
Preferred stock dividends			—			—			—			—			—				—			—

Net income attributable to MetLife, Inc.			17			16			95			137			44				277			276
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income		$	17		$	16		$	95		$	137		$	44			$	277		$	276



Premiums, Fees and Other Revenues		$	629		$	496		$	471		$	503		$	556			$	1,954		$	1,530



Actual Number of Sales Representatives			194			139			118			120			114


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INTERNATIONAL — ASIA PACIFIC REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions, except number of sales representatives)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	314		$	302		$	289		$	329		$	353			$	967		$	971
Universal life and investment-type product policy fees			104			109			76			78			78				331			232
Investment income, net			(14	)		(13	)		50			147			126				72			323
Other revenues			1			—			—			1			—				3			1

Total revenues			405			398			415			555			557				1,373			1,527


EXPENSES
Policyholder benefits and dividends			287			305			258			253			292				847			803
Interest credited to policyholder account balances			(62	)		(37	)		6			63			40				(94	)		109
Capitalization of deferred policy acquisition costs			(109	)		(75	)		(59	)		(75	)		(88	)			(350	)		(222	)
Amortization of deferred policy acquisition costs			42			58			52			52			49				156			153
Other expenses			194			154			135			154			169				637			458

Total expenses			352			405			392			447			462				1,196			1,301


Operating earnings before provision for income tax			53			(7	)		23			108			95				177			226
Provision for income tax expense (benefit)			24			7			2			22			13				66			37

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	29		$	(14	)	$	21		$	86		$	82			$	111		$	189


Net Income Reconciliation

Operating earnings available to common shareholders		$	29		$	(14	)	$	21		$	86		$	82			$	111		$	189

Net investment gains (losses)			335			31			486			(629	)		(594	)			365			(737	)
Net investment gains (losses) tax benefit (provision)			(116	)		(40	)		(152	)		213			197				(130	)		258

Net investment gains (losses), net of income tax			219			(9	)		334			(416	)		(397	)			235			(479	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			—			—			—			—			—				—			—
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			—			—			—			—				—			—

Adjustments related to net investment gains (losses), net of income tax (1)			—			—			—			—			—				—			—

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders			248			(23	)		355			(330	)		(315	)			346			(290	)
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			248			(23	)		355			(330	)		(315	)			346			(290	)
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income (loss)		$	248		$	(23	)	$	355		$	(330	)	$	(315	)		$	346		$	(290	)



Premiums, Fees and Other Revenues		$	419		$	411		$	365		$	408		$	431			$	1,301		$	1,204



Actual Number of Sales Representatives			5,845			5,861			5,639			5,627			5,508


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

INTERNATIONAL — EUROPEAN REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	98		$	93		$	84		$	82		$	95			$	286		$	261
Universal life and investment-type product policy fees			10			6			12			12			11				35			35
Investment income, net			(6	)		3			(1	)		21			76				15			96
Other revenues			1			—			1			—			1				1			2

Total revenues			103			102			96			115			183				337			394


EXPENSES
Policyholder benefits and dividends			25			26			25			21			29				69			75
Interest credited to policyholder account balances			(16	)		(2	)		(6	)		15			72				(13	)		81
Capitalization of deferred policy acquisition costs			(45	)		(43	)		(52	)		(24	)		(36	)			(144	)		(112	)
Amortization of deferred policy acquisition costs			12			18			11			12			8				38			31
Other expenses			142			131			132			106			122				411			360

Total expenses			118			130			110			130			195				361			435


Operating earnings before provision for income tax			(15	)		(28	)		(14	)		(15	)		(12	)			(24	)		(41	)
Provision for income tax expense (benefit)			(5	)		(5	)		(2	)		(1	)		(2	)			(11	)		(5	)

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(10	)	$	(23	)	$	(12	)	$	(14	)	$	(10	)		$	(13	)	$	(36	)


Net Income Reconciliation

Operating earnings available to common shareholders		$	(10	)	$	(23	)	$	(12	)	$	(14	)	$	(10	)		$	(13	)	$	(36	)

Net investment gains (losses)			(1	)		(7	)		2			3			4				4			9
Net investment gains (losses) tax benefit (provision)			—			4			—			(1	)		(1	)			(1	)		(2	)

Net investment gains (losses), net of income tax			(1	)		(3	)		2			2			3				3			7

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			—			—			—			—			—				—			—
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			—			—			—			—				—			—

Adjustments related to net investment gains (losses), net of income tax (1)			—			—			—			—			—				—			—

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders			(11	)		(26	)		(10	)		(12	)		(7	)			(10	)		(29	)
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			(11	)		(26	)		(10	)		(12	)		(7	)			(10	)		(29	)
Net loss attributable to noncontrolling interests			(6	)		(9	)		(5	)		(9	)		(5	)			(17	)		(19	)

Net loss		$	(17	)	$	(35	)	$	(15	)	$	(21	)	$	(12	)		$	(27	)	$	(48	)



Premiums, Fees and Other Revenues		$	109		$	99		$	97		$	94		$	107			$	322		$	298



Actual Number of Sales Representatives			—			—			—			—			—


(1)		Adjustments related to net investment gains (losses), net of income tax, includes amounts allocable to certain participating contracts.

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Earned premiums	$	745		$	739		$	722		$	726		$	727		$	2,232		$	2,175
Investment income, net		48			37			40			49			45			149			134
Other revenues		9			8			9			5			8			30			22

Total revenues		802			784			771			780			780			2,411			2,331


EXPENSES
Losses and loss adjustment expense		471			431			480			491			482			1,488			1,453
Policyholder benefits and dividends		1			1			(1	)		1			1			4			1
Other expenses		196			200			193			192			184			604			569

Total expenses		668			632			672			684			667			2,096			2,023


Operating earnings before provision for income tax		134			152			99			96			113			315			308
Provision for income tax		33			40			23			20			27			64			70

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	101		$	112		$	76		$	76		$	86		$	251		$	238


Net Income Reconciliation

Operating earnings available to common shareholders	$	101		$	112		$	76		$	76		$	86		$	251		$	238

Net investment gains (losses)		(67	)		(43	)		31			(8	)		(30	)		(91	)		(7	)
Net investment gains (losses) tax benefit (provision)		23			15			(11	)		3			11			31			3

Net investment gains (losses), net of income tax		(44	)		(28	)		20			(5	)		(19	)		(60	)		(4	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—

Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—			—			—

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income available to MetLife, Inc.’s common shareholders		57			84			96			71			67			191			234
Preferred stock dividends		—			—			—			—			—			—			—

Net income attributable to MetLife, Inc.		57			84			96			71			67			191			234
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income	$	57		$	84		$	96		$	71		$	67		$	191		$	234



Premiums, Fees and Other Revenues	$	754		$	747		$	731		$	731		$	735		$	2,262		$	2,197

AUTO & HOME
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
AUTO


	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009			2008			2009


REVENUES
Earned premiums	$	517		$	511		$	497		$	499		$	500		$	1,550		$	1,496
Investment income, net		35			28			25			30			28			107			83
Other revenues		5			4			5			3			5			19			13

Total revenues		557			543			527			532			533			1,676			1,592


EXPENSES
Losses and loss adjustment expense		292			342			317			349			352			937			1,018
Policyholder benefits and dividends		1			1			(1	)		1			1			3			1
Other expenses		130			136			129			124			121			403			374

Total expenses		423			479			445			474			474			1,343			1,393


Operating earnings before provision for income tax		134			64			82			58			59			333			199
Provision for income tax		35			15			20			13			13			80			46

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	99		$	49		$	62		$	45		$	46		$	253		$	153


Net Income Reconciliation

Operating earnings available to common shareholders	$	99		$	49		$	62		$	45		$	46		$	253		$	153

Net investment gains (losses)		(46	)		(30	)		19			(5	)		(18	)		(62	)		(4	)
Net investment gains (losses) tax benefit (provision)		16			10			(7	)		2			7			21			2

Net investment gains (losses), net of income tax		(30	)		(20	)		12			(3	)		(11	)		(41	)		(2	)

Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—

Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—			—			—

Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—

Discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income available to MetLife, Inc.’s common shareholders		69			29			74			42			35			212			151
Preferred stock dividends		—			—			—			—			—			—			—

Net income attributable to MetLife, Inc.		69			29			74			42			35			212			151
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—

Net income	$	69		$	29		$	74		$	42		$	35		$	212		$	151



Premiums, Fees and Other Revenues	$	522		$	515		$	502		$	502		$	505		$	1,569		$	1,509

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
HOMEOWNERS & OTHER



	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Earned premiums		$	228		$	228		$	225		$	227		$	227			$	682		$	679
Investment income, net			13			9			15			19			17				42			51
Other revenues			4			4			4			2			3				11			9

Total revenues			245			241			244			248			247				735			739


EXPENSES
Losses and loss adjustment expense			179			89			163			142			130				551			435
Policyholder benefits and dividends			—			—			—			—			—				1			—
Other expenses			66			64			64			68			63				201			195

Total expenses			245			153			227			210			193				753			630


Operating earnings before provision for income tax			—			88			17			38			54				(18	)		109
Provision for income tax expense (benefit)			(2	)		25			3			7			14				(16	)		24

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2		$	63		$	14		$	31		$	40			$	(2	)	$	85


Net Income Reconciliation

Operating earnings available to common shareholders		$	2		$	63		$	14		$	31		$	40			$	(2	)	$	85

Net investment gains (losses)			(21	)		(13	)		12			(3	)		(12	)			(29	)		(3	)
Net investment gains (losses) tax benefit (provision)			7			5			(4	)		1			4				10			1

Net investment gains (losses), net of income tax			(14	)		(8	)		8			(2	)		(8	)			(19	)		(2	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			—			—			—			—			—				—			—
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			—			—			—			—				—			—

Adjustments related to net investment gains (losses), net of income tax			—			—			—			—			—				—			—

Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—

Discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders			(12	)		55			22			29			32				(21	)		83
Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			(12	)		55			22			29			32				(21	)		83
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—

Net income (loss)		$	(12	)	$	55		$	22		$	29		$	32			$	(21	)	$	83



Premiums, Fees and Other Revenues		$	232		$	232		$	229		$	229		$	230			$	693		$	688

AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA


	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009


Written Premiums by Product
Automobile		$	520		$	490		$	496		$	503		$	503
Homeowners			237			207			182			231			240
Other			13			11			21			13			11

Total		$	770		$	708		$	699		$	747		$	754


Selected Financial Information and Supplemental Data

Total Auto & Home
Loss and loss adjustment expense ratio			63.1	%		58.3	%		66.5	%		67.7	%		66.1	%
Policyholder benefits and dividends			0.2	%		0.2	%		(0.1	%)		0.2	%		0.1	%
Other expense ratio			26.4	%		27.0	%		26.7	%		26.2	%		25.5	%
Payment fees credit			(0.7	%)		(0.6	%)		(0.7	%)		(0.6	%)		(0.6	%)

Total combined ratio			89.0	%		84.9	%		92.4	%		93.5	%		91.1	%
Effect of catastrophe losses			9.4	%		2.0	%		4.3	%		5.5	%		3.4	%

Combined ratio excluding catastrophes			79.6	%		82.9	%		88.1	%		88.0	%		87.7	%


Auto
Loss and loss adjustment expense ratio			56.5	%		67.0	%		63.6	%		69.8	%		70.2	%
Policyholder benefits and dividends			0.2	%		0.2	%		(0.1	%)		0.2	%		0.1	%
Other expense ratio			25.1	%		26.6	%		26.0	%		25.1	%		24.4	%
Payment fees credit			(0.7	%)		(0.7	%)		(0.8	%)		(0.7	%)		(0.7	%)

Total combined ratio			81.1	%		93.1	%		88.7	%		94.4	%		94.0	%
Effect of catastrophe losses			1.0	%		0.0	%		0.8	%		0.8	%		0.4	%

Combined ratio excluding catastrophes			80.1	%		93.1	%		87.9	%		93.6	%		93.6	%


Homeowners & Other
Loss and loss adjustment expense ratio			78.3	%		38.9	%		72.6	%		63.3	%		56.9	%
Policyholder benefits and dividends			0.2	%		0.1	%		(0.1	%)		0.2	%		0.2	%
Other expense ratio			28.9	%		28.1	%		28.4	%		28.5	%		28.0	%
Payment fees credit			(0.4	%)		(0.5	%)		(0.5	%)		(0.4	%)		(0.4	%)

Total combined ratio			107.0	%		66.6	%		100.4	%		91.6	%		84.7	%
Effect of catastrophe losses			28.5	%		6.7	%		12.0	%		15.9	%		9.7	%

Combined ratio excluding catastrophes			78.5	%		59.9	%		88.4	%		75.7	%		75.0	%


Pre-Tax Catastrophe Losses
Auto		$	5		$	—		$	4		$	4		$	2
Homeowners & Other			65			15			27			36			22

Total		$	70		$	15		$	31		$	40		$	24


Catastrophe points on combined ratios			9.4			2.0			4.3			5.5			3.4

CORPORATE, OTHER & ELIMINATIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		September 30,			December 31,			March 31,			June 30,			September 30,				September 30,			September 30,
Unaudited (In millions)		2008			2008			2009			2009			2009				2008			2009


REVENUES
Premiums		$	8		$	2		$	2		$	4		$	5			$	26		$	11
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Investment income, net			159			155			50			132			122				649			304
Other revenues			42			120			267			283			272				64			822

Total revenues			209			277			319			419			399				739			1,137


EXPENSES
Policyholder benefits and dividends			12			12			(1	)		4			—				36			3
Interest credited to policyholder account balances			—			7			—			—			—				—			—
Interest credited to bank deposits			40			43			43			40			37				123			120
Interest expense			250			268			240			252			270				765			762
Other expenses			231			308			287			329			301				390			917

Total expenses			533			638			569			625			608				1,314			1,802


Operating earnings before provision for income tax			(324	)		(361	)		(250	)		(206	)		(209	)			(575	)		(665	)
Provision for income tax expense (benefit)			(132	)		(168	)		(102	)		(144	)		(170	)			(328	)		(416	)

Operating earnings			(192	)		(193	)		(148	)		(62	)		(39	)			(247	)		(249	)
Preferred stock dividends			30			31			30			31			30				94			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(222	)	$	(224	)	$	(178	)	$	(93	)	$	(69	)		$	(341	)	$	(340	)


Net Income Reconciliation
Operating earnings available to common shareholders		$	(222	)	$	(224	)		(178	)	$	(93	)	$	(69	)		$	(341	)	$	(340	)

Net investment gains (losses)			(25	)		1,039			330			(499	)		(369	)			(79	)		(538	)
Net investment gains (losses) tax benefit (provision)			(5	)		(369	)		(117	)		180			130				16			193

Net investment gains (losses), net of income tax			(30	)		670			213			(319	)		(239	)			(63	)		(345	)

Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			—			—			—			—			—				—			—
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			—			—			—			—				—			—

Adjustments related to net investment gains (losses), net of income tax			—			—			—			—			—				—			—

Adjustments related to acquisition costs, net of income tax			—			—			(9	)		—			(12	)			—			(21	)

Discontinued operations, net of income tax			(433	)		58			12			—			(2	)			(352	)		10

Net income (loss) available to MetLife, Inc.’s common shareholders			(685	)		504			38			(412	)		(322	)			(756	)		(696	)
Preferred stock dividends			30			31			30			31			30				94			91

Net income (loss) attributable to MetLife, Inc.			(655	)		535			68			(381	)		(292	)			(662	)		(605	)
Net income (loss) attributable to noncontrolling interests			22			2			1			(7	)		—				94			(6	)

Net income (loss)		$	(633	)	$	537		$	69		$	(388	)	$	(292	)		$	(568	)	$	(611	)



Premiums, Fees and Other Revenues		$	50		$	122		$	269		$	287		$	277			$	90		$	833

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS


	At or For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009


Fixed Maturity Securities
Yield (1)		6.38	%		6.18	%		5.70	%		5.91	%		5.89	%
Investment income (2)	$	3,107		$	2,973		$	2,800		$	3,036		$	3,090
Investment gains (losses)		(918	)		(526	)		(609	)		(378	)		(455	)
Ending carrying value (2)		212,912			189,197			192,337			213,034			225,866

Mortgage and Consumer Loans
Yield (1)		5.99	%		6.05	%		5.32	%		5.37	%		5.33	%
Investment income (3)		687			737			680			694			675
Investment gains (losses)		26			(99	)		(146	)		(125	)		(129	)
Ending carrying value		50,606			51,364			53,044			52,500			50,681

Real Estate and Real Estate Joint Ventures (4)
Yield (1)		2.84	%		(2.36	%)		(9.19	%)		(8.83	%)		(6.09	%)
Investment income (loss)		53			(44	)		(172	)		(162	)		(109	)
Investment gains (losses)		2			(13	)		(25	)		(68	)		(70	)
Ending carrying value		7,555			7,586			7,381			7,296			7,032

Policy Loans
Yield (1)		6.09	%		6.32	%		6.40	%		6.51	%		6.56	%
Investment income		148			154			157			161			163
Ending carrying value		9,742			9,802			9,851			9,907			10,001

Equity Securities
Yield (1)		4.00	%		6.25	%		3.92	%		6.01	%		4.50	%
Investment income		45			59			37			54			37
Investment gains (losses)		(181	)		(63	)		(269	)		(108	)		(53	)
Ending carrying value		3,474			3,197			2,817			3,045			3,117

Other Limited Partnership Interests
Yield (1)		(3.91	%)		(20.14	%)		(19.79	%)		5.46	%		9.75	%
Investment income (loss)		(62	)		(311	)		(253	)		72			127
Investment gains (losses)		(16	)		(109	)		(97	)		(247	)		(12	)
Ending carrying value		6,353			6,039			5,365			5,193			5,255

Cash and Short-term Investments
Yield (1)		1.89	%		0.71	%		0.48	%		0.45	%		0.45	%
Investment income		78			48			36			24			20
Investment gains (losses)		—			2			(2	)		2			5
Ending carrying value		22,751			38,085			30,320			21,330			22,423

Other Invested Assets (5), (6), (7), (8), (9)
Investment income		65			120			92			98			54
Investment gains (losses)		1,863			2,973			233			(3,033	)		(1,457	)
Ending carrying value		9,755			17,248			15,130			13,071			13,916

Total Investments
Gross investment income yield (1)		5.63	%		4.86	%		4.24	%		5.02	%		5.14	%
Investment fees and expenses yield		(0.15	%)		(0.15	%)		(0.13	%)		(0.15	%)		(0.13	%)

Net Investment Income Yield		5.48	%		4.71	%		4.11	%		4.87	%		5.01	%

Gross investment income		4,121			3,736			3,377			3,977			4,057
Investment fees and expenses		(108	)		(115	)		(103	)		(118	)		(101	)

Net Investment Income	$	4,013		$	3,621		$	3,274		$	3,859		$	3,956

Ending carrying value	$	323,148		$	322,518		$	316,245		$	325,376		$	338,291


Gross investment gains	$	1,109		$	782		$	571		$	263		$	299
Gross investment losses (7)		(464	)		(737	)		(535	)		(546	)		(491	)
Writedowns (7)		(1,048	)		(546	)		(1,041	)		(846	)		(661	)

Subtotal		(403	)		(501	)		(1,005	)		(1,129	)		(853	)
Derivatives not qualifying for hedge accounting (7), (8), (9)		1,179			2,666			90			(2,828	)		(1,318	)

Investment Gains (Losses)		776			2,165			(915	)		(3,957	)		(2,171	)
Investment gains (losses) income tax benefit (provision)		(293	)		(804	)		325			1,394			751


Investment Gains (Losses), Net of Income Tax	$	483		$	1,361		$	(590	)	$	(2,563	)	$	(1,420	)


(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.

(2)		Fixed maturity securities includes $787 million, $946 million, $922 million, $1,471 million and $1,970 million in ending carrying value, and ($95) million, ($56) million, $17 million, $130 million and $163 million of investment income (loss) related to trading securities at or for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively.

(3)		Investment income from mortgage and consumer loans includes prepayment fees.

(4)		Included in investment income from real estate and real estate joint ventures is $6 million, $3 million, $2 million, $1 million and $2 million related to discontinued operations for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $8 million related to discontinued operations for the three months ended December 31, 2008. There were no discontinued operations from real estate and real estate joint ventures for any other period.

(5)		Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting of ($3) million, $53 million, $32 million, $31 million and ($4) million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $10 million, $7 million, ($3) million, $1 million and $1 million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively, related to settlement payments on derivative instruments used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.

(6)		Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated fair values are included within other liabilities. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the table above.

(7)		The components of investment gains (losses) for the three months ended September 30, 2008, are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.

(8)		Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $1,148 million, $5,287 million, ($1,127) million, ($3,621) million and ($732) million; and embedded derivatives of $31 million, ($2,621) million, $1,217 million, $793 million and ($586) million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively.

(9)		Included in investment gains (losses) from other invested assets are the net results of the hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures reported under the equity method of accounting of $37 million, $64 million, $20 million, ($96) million and ($35) million for the three months ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. These amounts are excluded from investment income.

METLIFE, INC.
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS


	At or For the Year-to-Date Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2008			2008			2009			2009			2009


Fixed Maturity Securities
Yield (1)		6.46	%		6.40	%		5.70	%		5.81	%		5.83	%
Investment income (2)	$	9,430		$	12,403		$	2,800		$	5,836		$	8,926
Investment gains (losses)		(1,427	)		(1,953	)		(609	)		(987	)		(1,442	)
Ending carrying value (2)		212,912			189,197			192,337			213,034			225,866

Mortgage and Consumer Loans
Yield (1)		6.09	%		6.08	%		5.32	%		5.35	%		5.34	%
Investment income (3)		2,037			2,774			680			1,374			2,049
Investment gains (losses)		(36	)		(136	)		(146	)		(271	)		(400	)
Ending carrying value		50,606			51,364			53,044			52,500			50,681

Real Estate and Real Estate Joint Ventures (4)
Yield (1)		4.86	%		2.98	%		(9.19	%)		(9.01	%)		(8.05	%)
Investment income (loss)		261			217			(172	)		(334	)		(443	)
Investment gains (losses)		4			(9	)		(25	)		(93	)		(163	)
Ending carrying value		7,555			7,586			7,381			7,296			7,032

Policy Loans
Yield (1)		6.19	%		6.22	%		6.40	%		6.45	%		6.49	%
Investment income		447			601			157			318			481
Ending carrying value		9,742			9,802			9,851			9,907			10,001

Equity Securities
Yield (1)		5.01	%		5.25	%		3.92	%		4.94	%		4.83	%
Investment income		190			249			37			91			128
Investment gains (losses)		(191	)		(253	)		(269	)		(377	)		(430	)
Ending carrying value		3,474			3,197			2,817			3,045			3,117

Other Limited Partnership Interests
Yield (1)		3.08	%		(2.77	%)		(19.79	%)		(6.59	%)		(1.32	%)
Investment income (loss)		141			(170	)		(253	)		(181	)		(54	)
Investment gains (losses)		(31	)		(140	)		(97	)		(344	)		(356	)
Ending carrying value		6,353			6,039			5,365			5,193			5,255

Cash and Short-term Investments
Yield (1)		2.49	%		1.62	%		0.48	%		0.47	%		0.46	%
Investment income		259			307			36			60			80
Investment gains (losses)		1			3			(2	)		0			5
Ending carrying value		22,751			38,085			30,320			21,330			22,423

Other Invested Assets (5), (6), (7), (8), (9)
Investment income		159			279			92			190			244
Investment gains (losses)		1,392			4,365			233			(2,800	)		(4,257	)
Ending carrying value		9,755			17,248			15,130			13,071			13,916

Total Investments
Gross investment income yield (1)		5.97	%		5.68	%		4.24	%		4.63	%		4.80	%
Investment fees and expenses yield		(0.16	%)		(0.16	%)		(0.13	%)		(0.14	%)		(0.14	%)

Net Investment Income Yield		5.81	%		5.52	%		4.11	%		4.49	%		4.66	%

Gross investment income		12,924			16,660			3,377			7,354			11,411
Investment fees and expenses		(345	)		(460	)		(103	)		(221	)		(322	)

Net Investment Income	$	12,579		$	16,200		$	3,274		$	7,133		$	11,089

Ending carrying value	$	323,148		$	322,518		$	316,245		$	325,376		$	338,291


Gross investment gains	$	1,797		$	2,579		$	571		$	834		$	1,133
Gross investment losses (7)		(1,345	)		(2,082	)		(535	)		(1,081	)		(1,572	)
Writedowns (7)		(1,496	)		(2,042	)		(1,041	)		(1,887	)		(2,548	)

Subtotal		(1,044	)		(1,545	)		(1,005	)		(2,134	)		(2,987	)
Derivatives not qualifying for hedge accounting (7), (8), (9)		756			3,422			90			(2,738	)		(4,056	)

Investment Gains (Losses)		(288	)		1,877			(915	)		(4,872	)		(7,043	)
Investment gains (losses) income tax benefit (provision)		71			(733	)		325			1,719			2,470


Investment Gains (Losses), Net of Income Tax	$	(217	)	$	1,144		$	(590	)	$	(3,153	)	$	(4,573	)


(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.

(2)		Fixed maturity securities includes $787 million, $946 million, $922 million, $1,471 million and $1,970 million in ending carrying value, and ($137) million, ($193) million, $17 million, $147 million and $310 million of investment income (loss) related to trading securities at or for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009, and September 30, 2009, respectively.

(3)		Investment income from mortgage and consumer loans includes prepayment fees.

(4)		Included in investment income from real estate and real estate joint ventures is $6 million, $9 million, $2 million, $3 million and $5 million related to discontinued operations for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $8 million related to discontinued operations for the year ended December 31, 2008. There were no discontinued operations from real estate and real estate joint ventures for any other period.

(5)		Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting of ($47) million, $6 million, $32 million, $63 million and $59 million for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009, and September 30, 2009, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $35 million, $42 million, ($3) million, ($2) million and ($1) million for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively, related to settlement payments on derivative instruments used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.

(6)		Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated fair values are included within other liabilities. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the table above.

(7)		The components of investment gains (losses) for the year-to-date ended September 30, 2008 are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.

(8)		Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $785 million, $6,072 million, ($1,127) million, ($4,748) million and ($5,480) million; and embedded derivatives of ($29) million, ($2,650) million, $1,217 million, $2,010 million and $1,424 million for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively.

(9)		Included in investment gains (losses) from other invested assets are the net results of the hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures reported under the equity method of accounting of $41 million, $105 million, $20 million, ($76) million and ($111) million for the year-to-date ended September 30, 2008, December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, respectively. These amounts are excluded from investment income.

METLIFE, INC.

GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)



	September 30, 2008					December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	9,141		54.8	%	$	8,034		27.9	%	$	6,951		24.2	%	$	6,220		31.9	%	$	4,050		35.4	%
20% or more for less than six months		5,665		34.0	%		17,191		59.6	%		12,494		43.4	%		1,973		10.1	%		540		4.7	%
20% or more for six months or greater		1,871		11.2	%		3,596		12.5	%		9,312		32.4	%		11,320		58.0	%		6,850		59.9	%

Total Gross Unrealized Losses	$	16,677		100.0	%	$	28,821		100.0	%	$	28,757		100.0	%	$	19,513		100.0	%	$	11,440		100.0	%


Total Gross Unrealized Gains	$	4,478				$	7,564				$	5,562				$	5,582				$	10,062




GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)


	September 30, 2008					December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	60		9.4	%	$	75		7.7	%	$	25		2.1	%	$	26		3.6	%	$	85		21.3	%
20% or more for less than six months		415		65.0	%		519		53.0	%		490		40.8	%		143		19.8	%		13		3.3	%
20% or more for six months or greater		163		25.6	%		384		39.3	%		687		57.1	%		552		76.6	%		300		75.4	%

Total Gross Unrealized Losses	$	638		100.0	%	$	978		100.0	%	$	1,202		100.0	%	$	721		100.0	%	$	398		100.0	%


Total Gross Unrealized Gains	$	92				$	44				$	32				$	87				$	166


(1)		The Company’s review of its Fixed Maturity Securities and Equity Securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION



	September 30, 2008					December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


U.S. corporate securities	$	67,822		32.0	%	$	63,303		33.6	%	$	60,714		31.7	%	$	65,981		31.2	%	$	71,642		32.1	%
Residential mortgage-backed securities		46,912		22.1	%		36,028		19.2	%		38,115		19.9	%		41,798		19.8	%		43,397		19.4	%
Foreign corporate securities		34,321		16.2	%		29,679		15.8	%		29,405		15.4	%		33,607		15.9	%		36,592		16.3	%
U.S. Treasury, agency and government guaranteed securities		16,575		7.8	%		21,310		11.3	%		24,649		12.9	%		27,673		13.1	%		25,467		11.4	%
Commercial mortgage-backed securities		15,829		7.5	%		12,644		6.7	%		12,981		6.8	%		13,995		6.6	%		15,535		6.9	%
Asset-backed securities		12,763		6.0	%		10,523		5.6	%		11,032		5.7	%		12,414		5.8	%		13,251		5.9	%
Foreign government securities		11,933		5.6	%		10,153		5.4	%		9,384		4.9	%		10,560		5.0	%		11,447		5.1	%
State and political subdivision securities		5,912		2.8	%		4,557		2.4	%		5,112		2.7	%		5,517		2.6	%		6,549		2.9	%
Other fixed maturity securities		58		0.0	%		54		0.0	%		23		0.0	%		18		0.0	%		16		0.0	%

Total fixed maturity securities available-for-sale	$	212,125		100.0	%	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%


NAIC RATING (1) RATING AGENCY EQUIVALENT DESIGNATION
1 Aaa / Aa / A	$	154,978		73.1	%	$	137,125		72.9	%	$	137,190		71.7	%	$	147,337		69.6	%	$	153,893		68.7	%
2 Baa		43,030		20.3	%		38,761		20.6	%		39,346		20.6	%		45,949		21.7	%		48,612		21.7	%
3 Ba		8,786		4.1	%		7,796		4.1	%		8,697		4.5	%		9,598		4.6	%		9,860		4.4	%
4 B		4,646		2.2	%		3,779		2.0	%		4,368		2.3	%		5,717		2.7	%		5,927		2.7	%
5 Caa and lower		622		0.3	%		715		0.4	%		1,734		0.9	%		2,756		1.3	%		5,330		2.4	%
6 In or near default		63		0.0	%		75		0.0	%		80		0.0	%		206		0.1	%		274		0.1	%

Total fixed maturity securities available-for-sale	$	212,125		100.0	%	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%


(1) Amounts presented are based on rating agency designations. Comparisons between National Association of Insurance Commissioners (“NAIC”) ratings and rating agency designations are published by the NAIC.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE



	September 30, 2008					December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Pacific	$	8,581		23.9	%	$	8,837		24.6	%	$	8,757		24.4	%	$	8,679		24.8	%	$	8,806		25.3	%
South Atlantic		8,099		22.6	%		8,101		22.5	%		8,064		22.5	%		7,627		21.8	%		7,454		21.4	%
Middle Atlantic		5,784		16.1	%		5,931		16.5	%		6,129		17.1	%		5,879		16.8	%		5,639		16.2	%
International		3,695		10.3	%		3,414		9.5	%		3,350		9.3	%		3,461		9.9	%		3,590		10.3	%
West South Central		3,059		8.5	%		3,070		8.5	%		3,006		8.4	%		2,908		8.3	%		2,906		8.3	%
East North Central		2,607		7.3	%		2,591		7.2	%		2,580		7.2	%		2,561		7.3	%		2,545		7.3	%
New England		1,535		4.3	%		1,529		4.3	%		1,517		4.2	%		1,465		4.2	%		1,451		4.2	%
Mountain		1,058		2.9	%		1,052		2.9	%		1,049		2.9	%		1,044		3.0	%		1,039		3.0	%
West North Central		758		2.1	%		716		2.0	%		682		1.9	%		677		1.9	%		667		2.0	%
East South Central		470		1.3	%		468		1.3	%		465		1.4	%		462		1.3	%		460		1.3	%
Other		256		0.7	%		256		0.7	%		254		0.7	%		254		0.7	%		253		0.7	%

Total	$	35,902		100.0	%	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%


Office	$	15,344		42.8	%	$	15,307		42.6	%	$	15,215		42.4	%	$	14,832		42.3	%		14,988		43.1	%
Retail		8,093		22.5	%		8,038		22.3	%		8,002		22.3	%		7,941		22.7	%		8,081		23.2	%
Apartments		4,135		11.5	%		4,113		11.4	%		4,062		11.3	%		3,838		11.0	%		3,725		10.7	%
Hotel		3,132		8.7	%		3,078		8.6	%		3,058		8.6	%		3,076		8.8	%		2,967		8.5	%
Industrial		2,849		8.0	%		2,901		8.1	%		2,818		7.9	%		2,802		8.0	%		2,804		8.1	%
Other		2,349		6.5	%		2,528		7.0	%		2,698		7.5	%		2,528		7.2	%		2,245		6.4	%

Total	$	35,902		100.0	%	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%

METLIFE, INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES



	September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)	2008		2008		2009		2009		2009

Wholly-owned	$	4,063	$	4,062	$	4,059	$	4,069	$	4,061
Joint ventures		3,489		3,522		3,319		3,141		2,846
Subtotal		7,552		7,584		7,378		7,210		6,907
Foreclosed		3		2		3		86		125

Total Real Estate and Real Estate Joint Ventures (1)	$	7,555	$	7,586	$	7,381	$	7,296	$	7,032



SUMMARY OF MORTGAGE AND CONSUMER LOANS


	September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)	2008		2008		2009		2009		2009

Commercial mortgage loans	$	35,902	$	35,965	$	35,853	$	35,017	$	34,810
Agricultural mortgage loans		12,071		12,234		12,066		11,913		12,059
Consumer loans		1,209		1,153		1,155		1,299		1,370
Mortgage loans held-for-sale		1,424		2,012		3,970		4,271		2,442

Total Mortgage and Consumer Loans	$	50,606	$	51,364	$	53,044	$	52,500	$	50,681


(1)		Includes real estate held-for-sale and held-for-investment.

Company Ratings as of October 27, 2009

Insurer financial strength ratings represent the opinions of rating agencies, including A.M. Best Company (“A.M. Best”), Fitch Ratings Insurance Group (“Fitch”), Moody’s Investors Service (“Moody’s”) and Standard & Poor’s (“S&P”), regarding the ability of an insurance company to meet its financial obligations to policyholders and contract holders. Credit ratings represent the opinions of rating agencies regarding an issuer’s ability to repay its indebtedness. Our insurer financial strength ratings and credit ratings as of October 27, 2009 are listed in the tables below:


	A.M. Best	Fitch*	Moody’s*	S&P*
*Insurer Financial Strength Ratings*
First MetLife Investors Insurance Co.	A+	NR	NR	AA-
General American Life Insurance Company	A+	AA	Aa2	AA-
MetLife Insurance Company of Connecticut	A+	AA	Aa2	AA-
MetLife Investors Insurance Company	A+	AA	Aa2	AA-
MetLife Investors USA Insurance Company	A+	AA	Aa2	AA-
Metropolitan Casualty Insurance Company	A	NR	NR	NR
Metropolitan Direct Property and Casualty Insurance Co.	A	NR	NR	NR
Metropolitan General Insurance Company	A	NR	NR	NR
Metropolitan Group Property & Casualty Insurance Co.	A	NR	NR	NR
Metropolitan Life Insurance Company	A+	AA	Aa2	AA-
Metropolitan Lloyds Insurance Company of Texas	A	NR	NR	NR
Metropolitan Property and Casualty Insurance Company	A	NR	NR	NR
Metropolitan Tower Life Insurance Company	A+	NR	Aa3	NR
New England Life Insurance Company	A+	AA	Aa2	AA-

*Credit Ratings*
MetLife Short Term Funding LLC
Commercial Paper	NR	NR	P-1	A-1+

General American Life Insurance Company
(Surplus Notes)	a	NR	A1	A

MetLife, Inc.
Commercial Paper	AMB-1	F1	P-1	A-2
Senior Unsecured Debt	a-	A	A2	A-
Subordinated Debt	bbb+	NR	A3	NR
Junior Subordinated Debt	bbb	A-	Baa1	BBB
Preferred Stock	bbb	A-	Baa1	BBB
Non-Cumulative Perpetual Preferred Stock	bbb	A-	Baa1	BBB-

MetLife Capital Trust IV & X
Trust Securities	bbb	A-	Baa1	BBB

MetLife Funding, Inc.
Commercial Paper	AMB-1+	F1+	P-1	A-1+

Metropolitan Life Global Funding I
Senior Secured Debt	aa-	NR	Aa2	AA-

MetLife Institutional Funding I, LLC
Senior Secured Debt	aa-	NR	Aa2	AA-

Metropolitan Life Insurance Company
Surplus Notes	a	A+	A1	A


*		Currently on negative outlook

NR		Not Rated

METLIFE INC - FORM 8-K - EX-99.2 - October 29, 2009

Attached files