METLIFE INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - METLIFE INC	y89415e8vk.htm
EX-99.1 - EX-99.1 - METLIFE INC	y89415exv99w1.htm

Fourth Quarter
Financial Supplement

December 31, 2010


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 Statement of Operating Earnings Available to Common Shareholders			5

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			9

U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			10
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
Other Expenses by Major Category and Individual Life Sales by Product			15
Spread by Product			16

U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			18
Other Expenses by Major Category and Individual Annuity Sales by Product			19
Spread			20

U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			21
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			22
Other Expenses by Major Category			23
Spread			24

U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders			25
Net Written Premiums by Product and Selected Financial Information and Supplemental Data			28

INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders			29

BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			34
Banking - Supplemental Information			37

INVESTMENTS
Investment Results by Asset Category and Annualized Yields			38
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules			40
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			41
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			42

NOTE:

This Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. This QFS also includes financial measures, such as operating earnings, operating revenues, operating expenses, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, which do not equate to and should not be viewed as substitutes for the following financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”): GAAP net income (loss) from continuing operations, net of income tax, GAAP revenues, GAAP expenses, 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. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, is our measure of segment performance. Operating earnings is also a measure by which MetLife’s senior management’s and other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as operating revenues less operating expenses, net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends and operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated.

Operating revenues is defined as GAAP revenues (i) less net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”), (ii) less amortization of unearned revenue related to NIGL and NDGL, (iii) plus scheduled periodic settlement payments on derivatives that are hedges of investments but do not qualify for hedge accounting treatment, (iv) plus income from discontinued real estate operations, (v) less net investment income related to contractholder-directed unit-linked investments, and (vi) plus, for operating joint ventures reported under the equity method of accounting, the aforementioned adjustments, those identified in the definition of operating expenses and changes in fair value of hedges of operating joint venture liabilities, all net of income tax.

Operating expenses is defined as GAAP expenses (i) less changes in policyholder benefits associated with asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities, (ii) less costs related to business combinations and noncontrolling interests, (iii) less amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) and changes in the policyholder dividend obligation related to NIGL and NDGL, (iv) less interest credited to policyholder account balances related to contractholder-directed unit-linked investments, and (v) plus scheduled periodic settlement payments on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment.

In addition, operating revenues and operating expenses do not reflect the consolidation of certain securitization entities that are variable interest entities (“VIEs”) as required under GAAP.

MetLife believes the presentation of operating earnings as we measure it for management purposes enhances the understanding of its performance by highlighting the results from operations and the underlying profitability drivers of the business. Reconciliations of operating earnings to GAAP net income (loss) from continuing operations, net of income tax, operating earnings available to common shareholders to GAAP net income (loss) available to MetLife, Inc.’s common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated February 9, 2011, for the three months and year ended December 31, 2010, which are available at www.metlife.com.

On November 1, 2010, MetLife, Inc. completed the acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”). The results of ALICO are presented in this QFS from November 1, 2010 through November 30, 2010.

METLIFE, INC.

CORPORATE OVERVIEW


	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions, except per share data)	2009			2010			2010			2010			2010


Operating earnings available to common shareholders	$	793		$	834		$	1,022		$	878		$	1,158
Preferred stock dividends		31			30			31			30			31

Operating earnings		824			864			1,053			908			1,189
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(116	)		31			(13	)		(342	)		(68	)
Net derivative gains (losses)		(782	)		41			1,481			(244	)		(1,543	)
Adjustments to continuing operations		6			(121	)		(564	)		(307	)		11
Provision for income tax (expense) benefit		378			18			(417	)		307			493

Income (loss) from continuing operations, net of income tax		310			833			1,540			322			82
Income (loss) from discontinued operations, net of income tax		3			1			7			(2	)		3

Net income (loss)		313			834			1,547			320			85
Less: Net income (loss) attributable to noncontrolling interest		(7	)		(1	)		(10	)		4			3

Net income (loss) attributable to MetLife, Inc.		320			835			1,557			316			82
Less: Preferred stock dividends		31			30			31			30			31

Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	805		$	1,526		$	286		$	51


Operating earnings available to common shareholders — diluted	$	0.96		$	1.01		$	1.23		$	0.99		$	1.14
Net investment gains (losses)		(0.14	)		0.04			(0.02	)		(0.39	)		(0.07	)
Net derivative gains (losses)		(0.94	)		0.05			1.79			(0.28	)		(1.52	)
Adjustments to continuing operations		0.01			(0.15	)		(0.68	)		(0.35	)		0.01
Provision for income tax (expense) benefit		0.45			0.02			(0.50	)		0.35			0.49
Discontinued operations, net of income tax		—			—			0.01			—			—
Less: Net income (loss) attributable to noncontrolling interest		(0.01	)		—			(0.01	)		—			—

Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted	$	0.35		$	0.97		$	1.84		$	0.32		$	0.05


Weighted average common shares outstanding — diluted (1)		828.0			828.6			830.5			883.1			1,014.9



Unaudited	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010


Book value per common share — (actual common shares outstanding)	$	37.96		$	41.21		$	45.51		$	48.93		$	44.18
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	41.69		$	42.67		$	44.50		$	44.48		$	43.23

Book value per common share — diluted — (weighted average common shares outstanding)	$	37.54		$	40.75		$	44.95		$	50.25		$	45.90
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	41.23		$	42.19		$	43.96		$	45.68		$	44.91


	For the Three Months Ended
Unaudited (In millions)	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010


Common shares outstanding, beginning of period		818.8			818.8			819.4			820.4			906.9
Treasury stock, net		—			0.3			—			—			—
Newly issued shares (1)		—			0.3			1.0			86.5			147.5

Common shares outstanding, end of period (1)		818.8			819.4			820.4			906.9			1,054.4


Weighted average common shares outstanding — basic (1)		821.9			822.6			822.9			875.8			1,007.3
Dilutive effect of stock-based awards		6.1			6.0			7.6			7.3			7.6

Weighted average common shares outstanding — diluted (1)		828.0			828.6			830.5			883.1			1,014.9

Policyholder Trust Shares		233.2			229.9			227.4			225.9			222.3


(1)		In connection with the financing of the acquisition of ALICO in November 2010, 6,875,000 shares of Series B contingent convertible preferred stock issued to ALICO Holdings will automatically convert into 68,570,000 shares of common stock upon a favorable vote of MetLife’s common stockholders by the first anniversary of the closing of the acquisition. For purposes of the common share and weighted average common share calculations, the Series B contingent convertible preferred stock is treated as common shares.

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS



	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	227,642		$	239,566		$	246,348		$	260,564		$	327,284
Equity securities available-for-sale, at estimated fair value		3,084			3,066			2,741			2,865			3,606
Trading and other securities, at estimated fair value (1)		2,384			3,039			3,158			3,987			18,589
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		48,181			55,433			55,601			57,098			59,055
Held-for-sale, principally at estimated fair value		2,728			2,003			2,650			2,840			3,321

Mortgage loans, net		50,909			57,436			58,251			59,938			62,376
Policy loans		10,061			10,146			10,180			10,230			11,914
Real estate and real estate joint ventures		6,896			6,866			6,841			6,990			8,030
Other limited partnership interests		5,508			5,753			5,856			5,948			6,416
Short-term investments, principally at estimated fair value		8,374			8,019			9,746			11,590			9,387
Other invested assets, principally at estimated fair value		12,709			12,327			15,584			16,571			15,430

Total investments		327,567			346,218			358,705			378,683			463,032
Cash and cash equivalents, principally at estimated fair value (1)		10,112			9,202			10,702			14,557			13,046
Accrued investment income		3,173			3,392			3,249			3,469			4,381
Premiums, reinsurance and other receivables		16,752			17,554			18,177			18,654			19,830
Deferred policy acquisition costs and value of business acquired		19,256			18,697			17,720			17,463			27,307
Current income tax recoverable		316			—			243			178			—
Deferred income tax assets		1,228			149			—			—			—
Goodwill		5,047			5,049			5,037			4,966			11,580
Other assets		6,822			6,869			6,712			6,913			8,192
Separate account assets		149,041			158,436			153,362			172,372			183,337

Total assets	$	539,314		$	565,566		$	573,907		$	617,255		$	730,705

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	135,879		$	137,516		$	140,239		$	143,686		$	173,373
Policyholder account balances		138,673			141,734			142,822			145,360			211,020
Other policy-related balances		8,446			8,682			8,660			8,912			15,806
Policyholder dividends payable		761			745			775			834			830
Policyholder dividend obligation		—			—			1,080			2,014			876
Payables for collateral under securities loaned and other transactions		24,196			25,982			29,772			31,891			27,272
Bank deposits		10,211			10,032			9,790			9,362			10,316
Short-term debt		912			318			879			2,057			306
Long-term debt (1)		13,220			20,177			20,647			24,512			27,586
Collateral financing arrangements		5,297			5,297			5,297			5,297			5,297
Junior subordinated debt securities		3,191			3,191			3,191			3,191			3,191
Current income tax payable		—			66			—			—			316
Deferred income tax liability		—			—			2,050			3,543			1,680
Other liabilities		15,989			17,211			15,619			17,455			20,386
Separate account liabilities		149,041			158,436			153,362			172,372			183,337

Total liabilities		505,816			529,387			534,183			570,486			681,592

Redeemable noncontrolling interest in partially owned consolidated subsidiaries		—			—			—			—			117

Equity
Preferred stock, at par value		1			1			1			1			1
Convertible preferred stock, at par value (2)		—			—			—			—			—
Common stock, at par value		8			8			8			9			10
Additional paid-in capital		16,859			16,871			16,896			20,451			26,423
Retained earnings		19,501			20,294			21,820			22,096			21,363
Treasury stock, at cost		(190	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		(3,058	)		(1,191	)		822			4,030			1,000

Total MetLife, Inc.’s stockholders’ equity		33,121			35,811			39,375			46,415			48,625
Noncontrolling interests		377			368			349			354			371

Total equity		33,498			36,179			39,724			46,769			48,996

Total liabilities and equity	$	539,314		$	565,566		$	573,907		$	617,255		$	730,705


(1)		At March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010, $7,377 million, $7,391 million, $7,371 million and $7,080 million, respectively, of assets and $7,106 million, $7,129 million, $7,075 million and $6,820 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See pages 38 and 39, note 3 for the amounts by asset category.

(2)		In connection with the financing of the acquisition of ALICO, on November 1, 2010, MetLife, Inc. issued 6,857,000 of Series B contingent convertible preferred stock, par value $0.01 per share, to ALICO Holdings LLC, which will convert into 68,570,000 shares of MetLife, Inc. common stock upon a favorable vote of MetLife, Inc. common stockholders by the first anniversary of the closing of the acquisition. The Series B contingent convertible preferred stock was valued at $2,805 million as of the acquisition date.

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010


OPERATING REVENUES
Premiums	$	7,161		$	6,854		$	6,662		$	6,562		$	7,316
Universal life and investment-type product policy fees		1,559			1,408			1,478			1,453			1,697
Net investment income		4,000			4,293			4,143			4,337			4,548
Other revenues		601			513			544			624			647

Total operating revenues		13,321			13,068			12,827			12,976			14,208


OPERATING EXPENSES
Policyholder benefits and dividends		7,986			7,890			7,256			7,615			7,964
Interest credited to policyholder account balances		1,195			1,146			1,048			1,261			1,248
Interest credited to bank deposits		43			39			36			33			29
Capitalization of DAC		(754	)		(744	)		(767	)		(778	)		(1,054	)
Amortization of DAC and VOBA		564			588			808			542			745
Interest expense on debt		269			264			266			294			315
Other expenses		2,947			2,645			2,714			2,723			3,357

Total operating expenses		12,250			11,828			11,361			11,690			12,604


Operating earnings before provision for income tax		1,071			1,240			1,466			1,286			1,604
Provision for income tax expense (benefit)		247			376			413			378			415

Operating earnings		824			864			1,053			908			1,189
Preferred stock dividends		31			30			31			30			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	793		$	834		$	1,022		$	878		$	1,158


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	824		$	864		$	1,053		$	908		$	1,189

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(116	)		31			(13	)		(342	)		(68	)
Net derivative gains (losses)		(782	)		41			1,481			(244	)		(1,543	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(6	)		(1	)		7			—			(5	)
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(29	)		(49	)		(61	)		(62	)		(36	)
Equity method operating joint ventures		(45	)		(5	)		(97	)		—			(28	)
Real estate discontinued operations		(2	)		(1	)		(2	)		13			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			211
Net investment income related to certain consolidated securitization entities		—			106			103			103			99
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(2	)		(24	)		(150	)		(174	)		42
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		1			3			(1	)		(5	)		(8	)
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			(211	)
Amortization of DAC and VOBA — related to NIGL and NDGL		95			(14	)		(212	)		(37	)		145
Interest expense on debt — related to certain consolidated securitization entities		—			(106	)		(103	)		(103	)		(99	)
Other expenses:
Noncontrolling interest		(8	)		(1	)		(12	)		4			2
Business combination costs		2			(29	)		(36	)		(46	)		(101	)
Provision for income tax (expense) benefit		378			18			(417	)		307			493

Income (loss) from continuing operations, net of income tax		310			833			1,540			322			82
Income (loss) from discontinued operations, net of income tax		3			1			7			(2	)		3

Net income (loss)		313			834			1,547			320			85
Less: Net income (loss) attributable to noncontrolling interest		(7	)		(1	)		(10	)		4			3

Net income (loss) attributable to MetLife, Inc.		320			835			1,557			316			82
Less: Preferred stock dividends		31			30			31			30			31

Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	805		$	1,526		$	286		$	51



Premiums, Fees and Other Revenues (Operating)	$	9,321		$	8,775		$	8,684		$	8,639		$	9,660

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended December 31, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	7,316		$	5,608		$	1,703		$	5
Universal life and investment-type product policy fees		1,697			1,276			421			—
Net investment income		4,548			3,765			482			301
Other revenues		647			333			23			291

Total operating revenues		14,208			10,982			2,629			597


OPERATING EXPENSES
Policyholder benefits and dividends		7,964			6,773			1,194			(3	)
Interest credited to policyholder account balances		1,248			1,002			246			—
Interest credited to bank deposits		29			—			—			29
Capitalization of DAC		(1,054	)		(626	)		(428	)		—
Amortization of DAC and VOBA		745			536			207			2
Interest expense on debt		315			3			1			311
Other expenses		3,357			2,023			1,004			330

Total operating expenses		12,604			9,711			2,224			669


Operating earnings before provision for income tax		1,604			1,271			405			(72	)
Provision for income tax expense (benefit)		415			430			100			(115	)

Operating earnings		1,189			841			305			43
Preferred stock dividends		31			—			—			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,158		$	841		$	305		$	12


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,189		$	841		$	305		$	43

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(68	)		129			(5	)		(192	)
Net derivative gains (losses)		(1,543	)		(921	)		(648	)		26
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(5	)		(5	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(36	)		(37	)		(4	)		5
Equity method operating joint ventures		(28	)		—			(28	)		—
Real estate discontinued operations		—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		211			—			211			—
Net investment income related to certain consolidated securitization entities		99			—			—			99
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		42			30			12			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(8	)		(8	)		—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		(211	)		—			(211	)		—
Amortization of DAC and VOBA — related to NIGL and NDGL		145			138			7			—
Interest expense on debt — related to certain consolidated securitization entities		(99	)		—			—			(99	)
Other expenses:
Noncontrolling interest		2			3			(1	)		—
Business combination costs		(101	)		—			—			(101	)
Provision for income tax (expense) benefit		493			235			181			77

Income (loss) from continuing operations, net of income tax		82			405			(181	)		(142	)
Income (loss) from discontinued operations, net of income tax		3			3			—			—

Net income (loss)		85			408			(181	)		(142	)
Less: Net income (loss) attributable to noncontrolling interest		3			2			1			—

Net income (loss) attributable to MetLife, Inc.		82			406			(182	)		(142	)
Less: Preferred stock dividends		31			—			—			31

Net income (loss) available to MetLife, Inc.’s common shareholders	$	51		$	406		$	(182	)	$	(173	)



Premiums, Fees and Other Revenues (Operating)	$	9,660		$	7,217		$	2,147		$	296

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


	For the Three Months Ended December 31, 2009
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	7,161		$	6,332		$	821		$	8
Universal life and investment-type product policy fees		1,559			1,156			403			—
Net investment income		4,000			3,558			271			171
Other revenues		601			325			6			270

Total operating revenues		13,321			11,371			1,501			449


OPERATING EXPENSES
Policyholder benefits and dividends		7,986			7,178			807			1
Interest credited to policyholder account balances		1,195			1,049			146			—
Interest credited to bank deposits		43			—			—			43
Capitalization of DAC		(754	)		(573	)		(181	)		—
Amortization of DAC and VOBA		564			420			143			1
Interest expense on debt		269			2			2			265
Other expenses		2,947			1,982			544			421

		12,250			10,058			1,461			731


Operating earnings before provision for income tax		1,071			1,313			40			(282	)
Provision for income tax expense (benefit)		247			431			19			(203	)

Operating earnings		824			882			21			(79	)
Preferred stock dividends		31			—			—			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	793		$	882		$	21		$	(110	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	824		$	882		$	21		$	(79	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(116	)		(90	)		(27	)		1
Net derivative gains (losses)		(782	)		(497	)		(255	)		(30	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(6	)		(6	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(29	)		(28	)		(10	)		9
Equity method operating joint ventures		(45	)		—			(45	)		—
Real estate discontinued operations		(2	)		(2	)		—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(2	)		(4	)		2			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		1			1			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		95			95			—			—
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—
Other expenses:
Noncontrolling interest		(8	)		1			(11	)		2
Business combination costs		2			—			—			2
Provision for income tax (expense) benefit		378			182			107			89

Income (loss) from continuing operations, net of income tax		310			534			(218	)		(6	)
Income (loss) from discontinued operations, net of income tax		3			7			—			(4	)

Net income (loss)		313			541			(218	)		(10	)
Less: Net income (loss) attributable to noncontrolling interest		(7	)		1			(9	)		1

Net income (loss) attributable to MetLife, Inc.		320			540			(209	)		(11	)
Less: Preferred stock dividends		31			—			—			31

Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	540		$	(209	)	$	(42	)



Premiums, Fees and Other Revenues (Operating)	$	9,321		$	7,813		$	1,230		$	278

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


	For the Year Ended December 31, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	27,394		$	22,936		$	4,447		$	11
Universal life and investment-type product policy fees		6,036			4,707			1,329			—
Net investment income		17,321			14,626			1,703			992
Other revenues		2,328			1,249			35			1,044

Total operating revenues		53,079			43,518			7,514			2,047


OPERATING EXPENSES
Policyholder benefits and dividends		30,725			27,016			3,723			(14	)
Interest credited to policyholder account balances		4,703			4,020			683			—
Interest credited to bank deposits		137			—			—			137
Capitalization of DAC		(3,343	)		(2,375	)		(968	)		—
Amortization of DAC and VOBA		2,683			2,145			537			1
Interest expense on debt		1,139			10			3			1,126
Other expenses		11,439			7,746			2,538			1,155

Total operating expenses		47,483			38,562			6,516			2,405


Operating earnings before provision for income tax		5,596			4,956			998			(358	)
Provision for income tax expense (benefit)		1,582			1,676			206			(300	)

Operating earnings		4,014			3,280			792			(58	)
Preferred stock dividends		122			—			—			122

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,892		$	3,280		$	792		$	(180	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,014		$	3,280		$	792		$	(58	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(392	)		411			(273	)		(530	)
Net derivative gains (losses)		(265	)		287			(491	)		(61	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		1			1			—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(208	)		(196	)		(37	)		25
Equity method operating joint ventures		(130	)		—			(130	)		—
Real estate discontinued operations		10			(3	)		—			13
Net investment income related to contractholder-directed unit-linked investments		211			—			211			—
Net investment income related to certain consolidated securitization entities		411			—			—			411
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(306	)		(47	)		(259	)		—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(11	)		(11	)		—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		(211	)		—			(211	)		—
Amortization of DAC and VOBA — related to NIGL and NDGL		(118	)		(125	)		7			—
Interest expense on debt — related to certain consolidated securitization entities		(411	)		—			—			(411	)
Other expenses:
Noncontrolling interest		(7	)		5			(8	)		(4	)
Business combination costs		(212	)		—			—			(212	)
Provision for income tax (expense) benefit		401			(121	)		268			254

Income (loss) from continuing operations, net of income tax		2,777			3,481			(131	)		(573	)
Income (loss) from discontinued operations, net of income tax		9			12			—			(3	)

Net income (loss)		2,786			3,493			(131	)		(576	)
Less: Net income (loss) attributable to noncontrolling interest		(4	)		3			(5	)		(2	)

Net income (loss) attributable to MetLife, Inc.		2,790			3,490			(126	)		(574	)
Less: Preferred stock dividends		122			—			—			122

Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,668		$	3,490		$	(126	)	$	(696	)



Premiums, Fees and Other Revenues (Operating)	$	35,758		$	28,892		$	5,811		$	1,055

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


	For the Year Ended December 31, 2009
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	26,460		$	23,254		$	3,187		$	19
Universal life and investment-type product policy fees		5,230			4,169			1,061			—
Net investment income		15,089			13,419			1,193			477
Other revenues		2,329			1,223			14			1,092

Total operating revenues		49,108			42,065			5,455			1,588


OPERATING EXPENSES
Policyholder benefits and dividends		29,902			27,238			2,660			4
Interest credited to policyholder account balances		4,853			4,272			581			—
Interest credited to bank deposits		163			—			—			163
Capitalization of DAC		(3,019	)		(2,389	)		(630	)		—
Amortization of DAC and VOBA		2,018			1,600			415			3
Interest expense on debt		1,044			9			8			1,027
Other expenses		10,992			7,859			1,797			1,336

Total operating expenses		45,953			38,589			4,831			2,533


Operating earnings before provision for income tax		3,155			3,476			624			(945	)
Provision for income tax expense (benefit)		668			1,124			161			(617	)

Operating earnings		2,487			2,352			463			(328	)
Preferred stock dividends		122			—			—			122

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,365		$	2,352		$	463		$	(450	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	2,487		$	2,352		$	463		$	(328	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(2,906	)		(2,532	)		(105	)		(269	)
Net derivative gains (losses)		(4,866	)		(3,594	)		(798	)		(474	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(27	)		(27	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(88	)		(97	)		(13	)		22
Equity method operating joint ventures		(156	)		—			(156	)		—
Real estate discontinued operations		(8	)		(8	)		—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		(11	)		(11	)		—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(73	)		(68	)		(5	)		—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		4			4			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		711			711			—			—
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—
Other expenses:
Noncontrolling interest		(38	)		1			(32	)		(7	)
Business combination costs		(31	)		—			—			(31	)
Provision for income tax (expense) benefit		2,683			1,963			366			354

Income (loss) from continuing operations, net of income tax		(2,319	)		(1,306	)		(280	)		(733	)
Income (loss) from discontinued operations, net of income tax		41			35			—			6

Net income (loss)		(2,278	)		(1,271	)		(280	)		(727	)
Less: Net income (loss) attributable to noncontrolling interest		(32	)		1			(28	)		(5	)

Net income (loss) attributable to MetLife, Inc.		(2,246	)		(1,272	)		(252	)		(722	)
Less: Preferred stock dividends		122			—			—			122

Net income (loss) available to MetLife, Inc.’s common shareholders	$	(2,368	)	$	(1,272	)	$	(252	)	$	(844	)



Premiums, Fees and Other Revenues (Operating)	$	34,019		$	28,646		$	4,262		$	1,111

METLIFE, INC.

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1) (2)



	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010


U.S. BUSINESS

INSURANCE PRODUCTS	$	400		$	298		$	369		$	345		$	309

RETIREMENT PRODUCTS		211			167			241			156			175

CORPORATE BENEFIT FUNDING		187			220			235			182			283

AUTO & HOME		84			72			73			81			74


U.S. BUSINESS TOTAL	$	882		$	757		$	918		$	764		$	841

INTERNATIONAL		21			151			145			191			305

BANKING, CORPORATE & OTHER		(110	)		(74	)		(41	)		(77	)		12


METLIFE, INC. CONSOLIDATED	$	793		$	834		$	1,022		$	878		$	1,158


(1)		A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment appears in the QFS as follows: (i) Insurance Products, page 10, (ii) Retirement Products, page 17, (iii) Corporate Benefit Funding, page 21, (iv) Auto & Home, page 25, (v) International, page 29, and (vi) Banking, Corporate & Other, page 34. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) for MetLife, Inc. appears on page 4.

(2)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

U.S. BUSINESS

INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2009			December 31, 2010


OPERATING REVENUES
Premiums	$	4,510		$	4,323		$	4,317		$	4,234		$	4,326		$	17,168		$	17,200
Universal life and investment-type product policy fees		622			549			546			539			613			2,281			2,247
Net investment income		1,483			1,504			1,495			1,515			1,554			5,614			6,068
Other revenues		200			189			188			185			199			779			761

Total operating revenues		6,815			6,565			6,546			6,473			6,692			25,842			26,276


OPERATING EXPENSES
Policyholder benefits and dividends		4,918			4,847			4,721			4,685			4,822			19,111			19,075
Interest credited to policyholder account balances		248			234			237			243			249			952			963
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(236	)		(206	)		(217	)		(204	)		(214	)		(873	)		(841	)
Amortization of DAC and VOBA		209			239			206			221			300			725			966
Interest expense on debt		3			—			—			—			1			6			1
Other expenses		1,074			992			1,031			998			1,059			4,206			4,080

Total operating expenses		6,216			6,106			5,978			5,943			6,217			24,127			24,244


Operating earnings before provision for income tax		599			459			568			530			475			1,715			2,032
Provision for income tax expense (benefit)		199			161			199			185			166			573			711

Operating earnings		400			298			369			345			309			1,142			1,321
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	400		$	298		$	369		$	345		$	309		$	1,142		$	1,321


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	400		$	298		$	369		$	345		$	309		$	1,142		$	1,321

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		48			13			(4	)		69			25			(472	)		103
Net derivative gains (losses)		(253	)		20			605			86			(496	)		(1,786	)		215
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(6	)		(1	)		7			—			(5	)		(27	)		1
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(17	)		(35	)		(35	)		(36	)		(38	)		(74	)		(144	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—			(11	)		—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(4	)		(1	)		1			(5	)		—			1			(5	)
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		(14	)		(10	)		(40	)		(28	)		(12	)		(28	)		(90	)
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			1			—			1
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		85			5			(188	)		(30	)		182			837			(31	)

Income (loss) from continuing operations, net of income tax		239			289			715			401			(34	)		(418	)		1,371
Income (loss) from discontinued operations, net of income tax		3			—			—			—			—			22			—

Net income (loss)		242			289			715			401			(34	)		(396	)		1,371
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		242			289			715			401			(34	)		(396	)		1,371
Less: Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	242		$	289		$	715		$	401		$	(34	)	$	(396	)	$	1,371



Premiums, Fees and Other Revenues (Operating)	$	5,332		$	5,061		$	5,051		$	4,958		$	5,138		$	20,228		$	20,208

U.S. BUSINESS
INSURANCE PRODUCTS — GROUP LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2009			December 31, 2010


OPERATING REVENUES
Premiums	$	1,829		$	1,871		$	1,841		$	1,775		$	1,735		$	7,067		$	7,222
Universal life and investment-type product policy fees		145			152			149			159			156			625			616
Net investment income		200			207			204			209			206			804			826
Other revenues		2			3			1			2			—			9			6

Total operating revenues		2,176			2,233			2,195			2,145			2,097			8,505			8,670


OPERATING EXPENSES
Policyholder benefits and dividends		1,821			1,865			1,793			1,781			1,746			7,117			7,185
Interest credited to policyholder account balances		47			44			43			44			42			186			173
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(4	)		(4	)		(4	)		(3	)		(4	)		(16	)		(15	)
Amortization of DAC and VOBA		4			5			4			4			2			25			15
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		153			141			145			143			160			610			589

Total operating expenses		2,021			2,051			1,981			1,969			1,946			7,922			7,947


Operating earnings before provision for income tax		155			182			214			176			151			583			723
Provision for income tax expense (benefit)		52			64			75			61			53			198			253

Operating earnings		103			118			139			115			98			385			470
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	103		$	118		$	139		$	115		$	98		$	385		$	470


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	103		$	118		$	139		$	115		$	98		$	385		$	470

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(5	)		2			(6	)		15			(2	)		(222	)		9
Net derivative gains (losses)		1			23			58			(1	)		(9	)		(36	)		71
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(6	)		(18	)		(18	)		(17	)		(18	)		(38	)		(71	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(4	)		—			—			—			—			4			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		—			—			—			—			—			—			—
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		5			(2	)		(12	)		1			10			102			(3	)

Income (loss) from continuing operations, net of income tax		94			123			161			113			79			195			476
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		94			123			161			113			79			195			476
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		94			123			161			113			79			195			476
Less: Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	94		$	123		$	161		$	113		$	79		$	195		$	476



Premiums, Fees and Other Revenues (Operating)	$	1,976		$	2,026		$	1,991		$	1,936		$	1,891		$	7,701		$	7,844



Group Life Mortality Ratio		89.7	%		89.5	%		86.6	%		89.0	%		89.7	%

U.S. BUSINESS
INSURANCE PRODUCTS — INDIVIDUAL LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2009			December 31, 2010


OPERATING REVENUES
Premiums	$	1,154		$	967		$	1,004		$	988		$	1,113		$	4,200		$	4,072
Universal life and investment-type product policy fees		477			397			397			380			457			1,648			1,631
Net investment income		1,062			1,086			1,066			1,086			1,116			4,077			4,354
Other revenues		102			94			100			94			110			374			398

Total operating revenues		2,795			2,544			2,567			2,548			2,796			10,299			10,455


OPERATING EXPENSES
Policyholder benefits and dividends		1,720			1,627			1,636			1,608			1,750			6,732			6,621
Interest credited to policyholder account balances		195			185			188			195			203			742			771
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(188	)		(159	)		(171	)		(162	)		(172	)		(670	)		(664	)
Amortization of DAC and VOBA		173			198			169			186			259			557			812
Interest expense on debt		3			—			—			—			1			6			1
Other expenses		559			516			528			507			527			2,174			2,078

Total operating expenses		2,462			2,367			2,350			2,334			2,568			9,541			9,619


Operating earnings before provision for income tax		333			177			217			214			228			758			836
Provision for income tax expense (benefit)		110			62			76			75			79			249			292

Operating earnings		223			115			141			139			149			509			544
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	223		$	115		$	141		$	139		$	149		$	509		$	544


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	223		$	115		$	141		$	139		$	149		$	509		$	544

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		56			17			—			21			28			(128	)		66
Net derivative gains (losses)		(72	)		(11	)		176			(28	)		(115	)		(478	)		22
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		(6	)		(1	)		7			—			(5	)		(27	)		1
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		(10	)		(11	)		(10	)		(11	)		(6	)		(42	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—			(11	)		—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		(14	)		(10	)		(40	)		(28	)		(12	)		(28	)		(90	)
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			1			—			1
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		13			5			(47	)		16			39			237			13

Income (loss) from continuing operations, net of income tax		198			105			226			110			74			68			515
Income (loss) from discontinued operations, net of income tax		3			—			—			—			—			22			—

Net income (loss)		201			105			226			110			74			90			515
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		201			105			226			110			74			90			515
Less: Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	201		$	105		$	226		$	110		$	74		$	90		$	515



Premiums, Fees and Other Revenues (Operating)	$	1,733		$	1,458		$	1,501		$	1,462		$	1,680		$	6,222		$	6,101



Mortality as a Percentage of Expected		81.1	%		87.6	%		80.4	%		86.7	%		82.9	%



Lapse Ratio
Traditional Life		6.8	%		6.7	%		6.4	%		6.2	%		6.4	%
Variable & Universal Life		6.5	%		6.1	%		5.9	%		5.9	%		6.1	%

U.S. BUSINESS
INSURANCE PRODUCTS — NON-MEDICAL HEALTH
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			December 31, 2009			December 31, 2010


OPERATING REVENUES
Premiums	$	1,527		$	1,485		$	1,472		$	1,471		$	1,478		$	5,901		$	5,906
Universal life and investment-type product policy fees		—			—			—			—			—			8			—
Net investment income		221			211			225			220			232			733			888
Other revenues		96			92			87			89			89			396			357

Total operating revenues		1,844			1,788			1,784			1,780			1,799			7,038			7,151


OPERATING EXPENSES
Policyholder benefits and dividends		1,377			1,355			1,292			1,296			1,326			5,262			5,269
Interest credited to policyholder account balances		6			5			6			4			4			24			19
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(44	)		(43	)		(42	)		(39	)		(38	)		(187	)		(162	)
Amortization of DAC and VOBA		32			36			33			31			39			143			139
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		362			335			358			348			372			1,422			1,413

Total operating expenses		1,733			1,688			1,647			1,640			1,703			6,664			6,678


Operating earnings before provision for income tax		111			100			137			140			96			374			473
Provision for income tax expense (benefit)		37			35			48			49			34			126			166

Operating earnings		74			65			89			91			62			248			307
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	74		$	65		$	89		$	91		$	62		$	248		$	307


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	74		$	65		$	89		$	91		$	62		$	248		$	307

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(3	)		(6	)		2			33			(1	)		(122	)		28
Net derivative gains (losses)		(182	)		8			371			115			(372	)		(1,272	)		122
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(9	)		(7	)		(6	)		(9	)		(9	)		(30	)		(31	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			(1	)		1			(5	)		—			(3	)		(5	)
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		—			—			—			—			—			—			—
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		67			2			(129	)		(47	)		133			498			(41	)

Income (loss) from continuing operations, net of income tax		(53	)		61			328			178			(187	)		(681	)		380
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		(53	)		61			328			178			(187	)		(681	)		380
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		(53	)		61			328			178			(187	)		(681	)		380
Less: Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	(53	)	$	61		$	328		$	178		$	(187	)	$	(681	)	$	380



Premiums, Fees and Other Revenues (Operating)	$	1,623		$	1,577		$	1,559		$	1,560		$	1,567		$	6,305		$	6,263



Non-Medical Health Benefit Ratio		90.2	%		91.2	%		87.8	%		88.0	%		89.7	%

U.S. BUSINESS
INSURANCE PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


GROUP LIFE
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	11,911		$	11,966		$	12,060		$	12,017		$	12,005
Premiums and deposits		3,486			3,598			3,515			3,509			3,292
Surrenders and withdrawals		(1,363	)		(1,361	)		(1,442	)		(1,495	)		(1,423	)
Benefit payments		(1,914	)		(1,970	)		(1,923	)		(1,921	)		(1,900	)

Net Flows		209			267			150			93			(31	)
Net transfers from (to) separate account		1			1			1			1			—
Interest		76			72			75			72			73
Policy charges		(135	)		(128	)		(126	)		(125	)		(123	)
Other		(96	)		(118	)		(143	)		(53	)		(32	)

Balance, end of period	$	11,966		$	12,060		$	12,017		$	12,005		$	11,892


INDIVIDUAL LIFE (1)
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	73,296		$	73,923		$	74,387		$	74,844		$	75,300
Premiums and deposits		2,167			2,070			2,002			2,059			2,181
Surrenders and withdrawals		(936	)		(908	)		(919	)		(936	)		(944	)
Benefit payments		(577	)		(671	)		(588	)		(616	)		(621	)

Net Flows		654			491			495			507			616
Net transfers from (to) separate account		39			29			29			37			32
Interest		763			748			747			756			766
Policy charges		(397	)		(400	)		(401	)		(408	)		(414	)
Other		(432	)		(404	)		(413	)		(436	)		(36	)

Balance, end of period	$	73,923		$	74,387		$	74,844		$	75,300		$	76,264


NON-MEDICAL HEALTH
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	12,868		$	13,239		$	13,484		$	13,689		$	13,901
Premiums and deposits		1,567			1,518			1,502			1,747			1,500
Surrenders and withdrawals		(5	)		(5	)		(5	)		(255	)		(3	)
Benefit payments		(1,084	)		(1,137	)		(1,119	)		(1,083	)		(1,093	)

Net Flows		478			376			378			409			404
Net transfers from (to) separate account		—			—			—			—			—
Interest		147			148			152			150			157
Policy charges		—			—			—			—			—
Other		(254	)		(279	)		(325	)		(347	)		(275	)

Balance, end of period	$	13,239		$	13,484		$	13,689		$	13,901		$	14,187


*SEPARATE ACCOUNT LIABILITIES*
GROUP LIFE
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	416		$	433		$	450		$	411		$	456
Premiums and deposits		39			40			44			47			45
Surrenders and withdrawals		(9	)		(9	)		(8	)		(8	)		(14	)
Benefit payments		—			(1	)		—			—			(1	)

Net Flows		30			30			36			39			30
Investment Performance		18			19			(40	)		42			40
Net transfers from (to) general account		(1	)		(1	)		(2	)		(1	)		—
Policy charges		(30	)		(31	)		(33	)		(35	)		(35	)
Other		—			—			—			—			—

Balance, end of period	$	433		$	450		$	411		$	456		$	491


INDIVIDUAL LIFE
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	8,232		$	8,405		$	8,682		$	7,915		$	8,576
Premiums and deposits		215			208			197			193			190
Surrenders and withdrawals		(140	)		(124	)		(141	)		(116	)		(153	)
Benefit payments		(7	)		(8	)		(9	)		(10	)		(9	)

Net Flows		68			76			47			67			28
Investment Performance		297			374			(643	)		764			652
Net transfers from (to) general account		(39	)		(29	)		(29	)		(37	)		(32	)
Policy charges		(147	)		(143	)		(141	)		(140	)		(139	)
Other		(6	)		(1	)		(1	)		7			(9	)

Balance, end of period	$	8,405		$	8,682		$	7,915		$	8,576		$	9,076


NON-MEDICAL HEALTH
	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	911		$	—		$	—		$	—		$	—
Premiums and deposits		—			—			—			—			—
Surrenders and withdrawals		(910	)		—			—			—			—
Benefit payments		—			—			—			—			—

Net Flows		(910	)		—			—			—			—
Investment Performance		(1	)		—			—			—			—
Net transfers from (to) general account		—			—			—			—			—
Policy charges		—			—			—			—			—
Other		—			—			—			—			—

Balance, end of period	$	—		$	—		$	—		$	—		$	—


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation.

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT


OTHER EXPENSES
	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2009		2010		2010		2010		2010


Direct and allocated expenses	$	579	$	554	$	570	$	555	$	593
Pension and post-retirement benefit costs		69		51		52		52		52
Premium taxes, other taxes, and licenses & fees		75		69		78		76		81

Total fixed operating expenses	$	723	$	674	$	700	$	683	$	726

Commissions and other variable expenses		351		318		331		315		333


Total other expenses	$	1,074	$	992	$	1,031	$	998	$	1,059


INDIVIDUAL LIFE SALES BY PRODUCT (1)

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2009		2010		2010		2010		2010


Individual Life Sales
Term Life	$	37	$	33	$	35	$	32	$	32
Whole Life		34		29		29		28		29
Variable Life		10		9		10		9		8
Universal Life		63		41		44		48		61

Total Individual Life sales (2)	$	144	$	112	$	118	$	117	$	130


(1)		Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.

(2)		Of the $130 million of Individual Life sales during the three months ended December 31, 2010, approximately 40% were distributed through MetLife agents, 14% through New England Financial agents, 44% through MetLife’s third party channels and 2% through other channels.

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE


	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2009			2010			2010			2010			2010

Investment income yield		5.02	%		5.42	%		5.32	%		5.54	%		5.40	%
Average crediting rate		2.18	%		2.15	%		2.13	%		2.08	%		2.06	%

Annualized general account spread		2.84	%		3.27	%		3.19	%		3.46	%		3.34	%

VARIABLE & UNIVERSAL LIFE


	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2009			2010			2010			2010			2010

Investment income yield		6.27	%		6.28	%		6.24	%		6.30	%		6.44	%
Average crediting rate		4.69	%		4.47	%		4.43	%		4.48	%		4.63	%

Annualized general account spread (1)		1.58	%		1.81	%		1.81	%		1.82	%		1.81	%

NON-MEDICAL HEALTH


	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2009			2010			2010			2010			2010

Investment income yield		6.14	%		5.95	%		6.23	%		5.96	%		6.38	%
Average crediting rate		4.81	%		4.80	%		4.80	%		4.78	%		4.72	%

Annualized general account spread		1.33	%		1.15	%		1.43	%		1.18	%		1.66	%


(1)		This represents the general account spread for Variable and Universal Life, a component of Individual Life.

U.S. BUSINESS
RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended															For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions, except ratios)	2009			2010			2010			2010			2010			2009			2010


OPERATING REVENUES
Premiums	$	273		$	253		$	250		$	227		$	145		$	920		$	875
Universal life and investment-type product policy fees		493			513			561			554			606			1,712			2,234
Net investment income		840			852			842			856			845			3,098			3,395
Other revenues		47			49			54			56			61			173			220

Total operating revenues		1,653			1,667			1,707			1,693			1,657			5,903			6,724


OPERATING EXPENSES
Policyholder benefits and dividends		440			543			213			613			510			1,950			1,879
Interest credited to policyholder account balances		426			406			405			394			407			1,688			1,612
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(230	)		(234	)		(262	)		(270	)		(301	)		(1,067	)		(1,067	)
Amortization of DAC and VOBA		100			133			372			98			121			424			724
Interest expense on debt		(1	)		1			1			2			(1	)		—			3
Other expenses		594			562			607			615			653			2,433			2,437

Total operating expenses		1,329			1,411			1,336			1,452			1,389			5,428			5,588


Operating earnings before provision for income tax		324			256			371			241			268			475			1,136
Provision for income tax expense (benefit)		113			89			130			85			93			167			397

Operating earnings		211			167			241			156			175			308			739
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	211		$	167		$	241		$	156		$	175		$	308		$	739


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	211		$	167		$	241		$	156		$	175		$	308		$	739

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(84	)		21			70			5			43			(533	)		139
Net derivative gains (losses)		(174	)		99			520			167			(520	)		(1,426	)		266
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(63	)		(67	)		(67	)		(67	)		(47	)		(219	)		(248	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to NIGL and NDGL		109			(4	)		(172	)		(9	)		150			739			(35	)
Interest expense on debt — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			1			(1	)		1
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		74			(16	)		(125	)		(34	)		126			504			(49	)

Income (loss) from continuing operations, net of income tax		73			200			467			218			(72	)		(628	)		813
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			5			—

Net income (loss)		73			200			467			218			(72	)		(623	)		813
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			1			—			1

Net income (loss) attributable to MetLife, Inc.		73			200			467			218			(73	)		(623	)		812
Less: Preferred stock dividends		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	73		$	200		$	467		$	218		$	(73	)	$	(623	)	$	812



Premiums, Fees and Other Revenues (Operating)	$	813		$	815		$	865		$	837		$	812		$	2,805		$	3,329


Lapse Ratio

Fixed Annuities		7.5	%		6.8	%		6.7	%		6.3	%		6.0	%
Variable Annuities		7.1	%		6.8	%		6.8	%		7.3	%		7.3	%


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

U.S. BUSINESS
RETIREMENT PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES (1)

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Balance, beginning of period	$	55,639		$	55,081		$	54,965		$	57,356		$	57,485
Premiums and deposits (2), (3)		1,847			1,738			1,828			2,038			1,775
Surrenders and withdrawals		(1,047	)		(852	)		(834	)		(1,160	)		(999	)
Benefit payments		(447	)		(496	)		(488	)		(480	)		(469	)

Net Flows		353			390			506			398			307
Net transfers from (to) separate account		(946	)		(892	)		(689	)		(808	)		(1,131	)
Interest		583			559			561			547			560
Policy charges		(10	)		(12	)		(14	)		(13	)		(16	)
Other		(538	)		(161	)		2,027			5			(1,859	)

Balance, end of period	$	55,081		$	54,965		$	57,356		$	57,485		$	55,346

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010

Balance, beginning of period		$	82,142		$	87,157		$	92,603		$	87,367		$	97,587
Premiums and deposits (2)			2,633			3,004			3,348			3,312			3,978
Surrenders and withdrawals			(1,456	)		(1,622	)		(1,622	)		(1,813	)		(1,851	)
Benefit payments			(149	)		(179	)		(193	)		(183	)		(205	)

Net Flows			1,028			1,203			1,533			1,316			1,922
Investment Performance			3,432			3,758			(7,004	)		8,549			7,191
Net transfers from (to) general account			946			892			689			808			1,131
Policy charges			(392	)		(406	)		(454	)		(453	)		(496	)
Other			1			(1	)		—			—			—

Balance, end of period		$	87,157		$	92,603		$	87,367		$	97,587		$	107,335


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

(2)		Includes company sponsored internal exchanges.

(3)		Includes premiums and deposits directed to the General Account investment option of a variable annuity product.

U.S. BUSINESS
RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT (1)

OTHER EXPENSES


	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2009		2010		2010		2010		2010


Direct and allocated expenses		$	184	$	179	$	189	$	185		180
Pension and post-retirement benefit costs			23		21		22		21		21
Premium taxes, other taxes, and licenses & fees			11		7		8		8		6

Total fixed operating expenses		$	218	$	207	$	219	$	214	$	207

Commissions and other variable expenses			376		355		388		401		446


Total other expenses		$	594	$	562	$	607	$	615	$	653

INDIVIDUAL ANNUITY SALES BY PRODUCT (2)


	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (in millions)		2009		2010		2010		2010		2010


Individual Annuity Sales
Annuities Sales (2)
Fixed annuity sales		$	580	$	488	$	472	$	472	$	383
Variable annuity sales			3,711		4,037		4,498		4,662		5,129

Total annuity sales (3)		$	4,291	$	4,525	$	4,970	$	5,134	$	5,512


Separate Account and General Account
Separate Accounts

Total variable annuities separate accounts		$	2,518	$	2,875	$	3,218	$	3,178	$	3,809

General Accounts
Fixed annuity			580		488		472		472		383
Variable annuity			1,193		1,162		1,280		1,484		1,320

Total general accounts			1,773		1,650		1,752		1,956		1,703

Total premiums and deposits		$	4,291	$	4,525	$	4,970	$	5,134	$	5,512


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

(2)		Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

(3)		Of the $5,512 million of Annuity Sales during the three months ended December 31, 2010, approximately 18% were distributed through MetLife agents, 5% through New England Financial agents, 68% through MetLife’s third party channels, 7% through MetLife Resources representatives, 1% through Retirement & Benefit Funding, and 1% through other distribution channels.

U.S. BUSINESS
RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES


	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2009			2010			2010			2010			2010


Investment income yield			5.92	%		6.19	%		6.07	%		6.36	%		6.47	%
Average crediting rate			3.85	%		3.75	%		3.69	%		3.68	%		3.65	%

Annualized general account spread			2.07	%		2.44	%		2.38	%		2.68	%		2.82	%

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	822		$	671		$	474		$	402		$	391			$	2,264		$	1,938
Universal life and investment-type product policy fees			41			55			56			58			57				176			226
Net investment income			1,189			1,191			1,234			1,216			1,313				4,527			4,954
Other revenues			67			63			59			59			65				238			246

Total operating revenues			2,119			1,980			1,823			1,735			1,826				7,205			7,364


OPERATING EXPENSES
Policyholder benefits and dividends			1,342			1,173			979			963			926				4,245			4,041
Interest credited to policyholder account balances			375			355			364			380			346				1,632			1,445
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(1	)		(8	)		(3	)		(6	)		(2	)			(14	)		(19	)
Amortization of DAC and VOBA			3			4			4			4			4				15			16
Interest expense on debt			—			1			1			1			3				3			6
Other expenses			120			116			117			113			114				456			460

Total operating expenses			1,839			1,641			1,462			1,455			1,391				6,337			5,949


Operating earnings before provision for income tax			280			339			361			280			435				868			1,415
Provision for income tax expense (benefit)			93			119			126			98			152				288			495

Operating earnings			187			220			235			182			283				580			920
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	187		$	220		$	235		$	182		$	283			$	580		$	920


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	187		$	220		$	235		$	182		$	283			$	580		$	920

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(59	)		41			16			54			65				(1,486	)		176
Net derivative gains (losses)			(70	)		(65	)		27			(244	)		89				(421	)		(193	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			52			53			47			48			48				196			196
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			(2	)		(1	)		(2	)		—			—				(8	)		(3	)
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			(4	)		(37	)		(31	)		30				(69	)		(42	)
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			1			3			(1	)		(5	)		(8	)			4			(11	)
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			1			1			1			—			1				2			3
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			25			(12	)		(23	)		64			(73	)			621			(44	)

Income (loss) from continuing operations, net of income tax			135			236			263			68			435				(581	)		1,002
Income (loss) from discontinued operations, net of income tax			4			1			7			1			3				8			12

Net income (loss)			139			237			270			69			438				(573	)		1,014
Less: Net income (loss) attributable to noncontrolling interest			1			—			1			—			1				1			2

Net income (loss) attributable to MetLife, Inc.			138			237			269			69			437				(574	)		1,012
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	138		$	237		$	269		$	69		$	437			$	(574	)	$	1,012



Premiums, Fees and Other Revenues (Operating)		$	930		$	789		$	589		$	519		$	513			$	2,678		$	2,410


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES (1)

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010

Balance, beginning of period		$	93,657		$	92,899		$	95,796		$	95,475		$	97,929
Premiums and deposits			9,755			11,588			12,013			12,351			13,947
Surrenders and withdrawals			(10,463	)		(8,851	)		(13,432	)		(11,707	)		(13,124	)
Benefit payments			(689	)		(683	)		(702	)		(774	)		(707	)

Net Flows			(1,397	)		2,054			(2,121	)		(130	)		116
Net transfers from (to) separate account			58			16			(59	)		(98	)		(12	)
Interest			984			972			984			1,002			982
Policy charges			(20	)		(32	)		(34	)		(30	)		(25	)
Other			(383	)		(113	)		909			1,710			(2,030	)

Balance, end of period		$	92,899		$	95,796		$	95,475		$	97,929		$	96,960

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010

Balance, beginning of period		$	45,973		$	45,688		$	48,781		$	49,885		$	56,670
Premiums and deposits			1,748			2,061			1,240			4,835			1,811
Surrenders and withdrawals			(1,360	)		(1,504	)		(1,250	)		(1,637	)		(1,189	)
Benefit payments			(12	)		(10	)		(17	)		(9	)		(15	)

Net Flows			376			547			(27	)		3,189			607
Investment Performance			382			1,046			505			2,062			205
Net transfers from (to) general account			(58	)		(16	)		59			98			12
Policy charges			(57	)		(61	)		(50	)		(57	)		(61	)
Other			(928	)		1,577			617			1,493			(862	)

Balance, end of period		$	45,688		$	48,781		$	49,885		$	56,670		$	56,571


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY (1)


	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2009		2010		2010		2010		2010


Direct and allocated expenses		$	59	$	49	$	64	$	54	$	65
Pension and post-retirement benefit costs			14		10		11		12		11
Premium taxes, other taxes, and licenses & fees			4		3		5		5		1

Total fixed operating expenses		$	77	$	62	$	80	$	71	$	77


Commissions and other variable expenses			43		54		37		42		37


Total other expenses		$	120	$	116	$	117	$	113	$	114


(1)		Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. In the fourth quarter of 2010, management realigned certain income annuity products within the Company’s segments to better conform to the way it manages and assesses its business and began reporting such product results in the Retirement Products segment, previously reported in the Corporate Benefit Funding segment. Accordingly, prior period segment results have been adjusted to reflect such product reclassifications.

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD


CORPORATE BENEFIT FUNDING	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2009			2010			2010			2010			2010


Investment income yield			4.96	%		5.04	%		5.16	%		5.19	%		5.39	%
Average crediting rate			4.13	%		4.00	%		4.04	%		4.16	%		3.83	%

Annualized general account spread			0.83	%		1.04	%		1.12	%		1.03	%		1.56	%

U.S. BUSINESS
AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums (1)		$	727		$	714		$	723		$	740		$	746			$	2,902		$	2,923
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			46			53			52			51			53				180			209
Other revenues			11			(2	)		8			8			8				33			22

Total operating revenues			784			765			783			799			807				3,115			3,154


OPERATING EXPENSES
Policyholder benefits and dividends (1)			478			494			506			506			515				1,932			2,021
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(106	)		(104	)		(117	)		(118	)		(109	)			(435	)		(448	)
Amortization of DAC and VOBA			108			107			111			110			111				436			439
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			194			179			193			200			197				764			769

Total operating expenses			674			676			693			698			714				2,697			2,781


Operating earnings before provision for income tax			110			89			90			101			93				418			373
Provision for income tax expense (benefit)			26			17			17			20			19				96			73

Operating earnings			84			72			73			81			74				322			300
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	84		$	72		$	73		$	81		$	74			$	322		$	300


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	84		$	72		$	73		$	81		$	74			$	322		$	300
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			5			(1	)		1			(3	)		(4	)			(41	)		(7	)
Net derivative gains (losses)			—			—			(3	)		(4	)		6				39			(1	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA - related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt - related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(2	)		—			1			2			—				1			3

Income (loss) from continuing operations, net of income tax			87			71			72			76			76				321			295
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			87			71			72			76			76				321			295
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			87			71			72			76			76				321			295
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	87		$	71		$	72		$	76		$	76			$	321		$	295



Premiums, Fees and Other Revenues (Operating)		$	738		$	712		$	731		$	748		$	754			$	2,935		$	2,945


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME — AUTO
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums (1)		$	495		$	484		$	489		$	500		$	500			$	1,991		$	1,973
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			29			34			34			32			35				112			135
Other revenues			4			4			5			5			5				17			19

Total operating revenues			528			522			528			537			540				2,120			2,127


OPERATING EXPENSES
Policyholder benefits and dividends (1)			373			336			320			355			375				1,392			1,386
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(65	)		(68	)		(76	)		(78	)		(69	)			(287	)		(291	)
Amortization of DAC and VOBA			68			69			74			74			70				287			287
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			128			120			127			130			129				505			506

Total operating expenses			504			457			445			481			505				1,897			1,888


Operating earnings before provision for income tax			24			65			83			56			35				223			239
Provision for income tax expense (benefit)			—			13			21			10			3				46			47

Operating earnings			24			52			62			46			32				177			192
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	24		$	52		$	62		$	46		$	32			$	177		$	192


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	24		$	52		$	62		$	46		$	32			$	177		$	192

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			1			(1	)		1			(2	)		(3	)			(27	)		(5	)
Net derivative gains (losses)			1			—			(2	)		(2	)		3				25			(1	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:

Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(1	)		—			1			1			—				1			2

Income (loss) from continuing operations, net of income tax			25			51			62			43			32				176			188
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			25			51			62			43			32				176			188
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			25			51			62			43			32				176			188
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	25		$	51		$	62		$	43		$	32			$	176		$	188



Premiums, Fees and Other Revenues (Operating)		$	499		$	488		$	494		$	505		$	505			$	2,008		$	1,992


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME — HOMEOWNERS & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums (1)		$	232		$	230		$	234		$	240		$	246			$	911		$	950
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			17			19			18			19			18				68			74
Other revenues			7			(6	)		3			3			3				16			3

Total operating revenues			256			243			255			262			267				995			1,027


OPERATING EXPENSES
Policyholder benefits and dividends (1)			105			158			186			151			140				540			635
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(41	)		(36	)		(41	)		(40	)		(40	)			(148	)		(157	)
Amortization of DAC and VOBA			40			38			37			36			41				149			152
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			66			59			66			70			68				259			263

Total operating expenses			170			219			248			217			209				800			893


Operating earnings before provision for income tax			86			24			7			45			58				195			134
Provision for income tax expense (benefit)			26			4			(4	)		10			16				50			26

Operating earnings			60			20			11			35			42				145			108
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	60		$	20		$	11		$	35		$	42			$	145		$	108


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	60		$	20		$	11		$	35		$	42			$	145		$	108

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			4			—			—			(1	)		(1	)			(14	)		(2	)
Net derivative gains (losses)			(1	)		—			(1	)		(2	)		3				14			—
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:

Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(1	)		—			—			1			—				—			1

Income (loss) from continuing operations, net of income tax			62			20			10			33			44				145			107
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			62			20			10			33			44				145			107
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			62			20			10			33			44				145			107
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	62		$	20		$	10		$	33		$	44			$	145		$	107



Premiums, Fees and Other Revenues (Operating)		$	239		$	224		$	237		$	243		$	249			$	927		$	953


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA


	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions, except ratios)		2009			2010			2010			2010			2010


Net Written Premiums by Product
Automobile		$	475		$	486		$	509		$	513		$	489
Homeowners			212			190			242			254			229
Other			11			21			13			13			11

Total		$	698		$	697		$	764		$	780		$	729


Selected Financial Information and Supplemental Data

Total Auto & Home
Loss and loss adjustment expense ratio			65.6	%		69.5	%		69.8	%		68.3	%		69.1	%
Policyholder benefits and dividends			0.1	%		(0.3	%)		0.1	%		0.0	%		0.1	%
Other expense ratio			27.2	%		25.5	%		26.0	%		25.9	%		26.6	%
Payment fees credit			(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)

Total combined ratio			92.3	%		94.1	%		95.3	%		93.6	%		95.2	%
Effect of catastrophe losses			0.5	%		5.3	%		9.8	%		5.4	%		5.2	%

Combined ratio excluding catastrophes			91.8	%		88.8	%		85.5	%		88.2	%		90.0	%


Auto
Loss and loss adjustment expense ratio			75.5	%		69.8	%		65.3	%		71.0	%		74.7	%
Policyholder benefits and dividends			0.1	%		(0.3	%)		0.1	%		0.0	%		0.1	%
Other expense ratio			26.7	%		25.0	%		25.6	%		25.1	%		26.2	%
Payment fees credit			(0.7	%)		(0.7	%)		(0.7	%)		(0.6	%)		(0.6	%)

Total combined ratio			101.6	%		93.8	%		90.3	%		95.5	%		100.4	%
Effect of catastrophe losses			(0.2	%)		0.5	%		1.8	%		0.7	%		1.1	%

Combined ratio excluding catastrophes			101.8	%		93.3	%		88.5	%		94.8	%		99.3	%


Homeowners & Other
Loss and loss adjustment expense ratio			44.7	%		68.7	%		79.3	%		62.6	%		57.4	%
Policyholder benefits and dividends			0.1	%		(0.3	%)		0.1	%		0.0	%		0.1	%
Other expense ratio			28.2	%		26.7	%		26.8	%		27.5	%		27.3	%
Payment fees credit			(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)

Total combined ratio			72.6	%		94.7	%		105.8	%		89.7	%		84.4	%
Effect of catastrophe losses			1.9	%		15.3	%		26.6	%		15.4	%		13.5	%

Combined ratio excluding catastrophes			70.7	%		79.4	%		79.2	%		74.3	%		70.9	%


Pre-Tax Catastrophe Losses
Auto		$	(1	)	$	3		$	8		$	3		$	6
Homeowners & Other			5			35			63			37			33

Total		$	4		$	38		$	71		$	40		$	39


Catastrophe points on combined ratio			0.5			5.3			9.8			5.4			5.2

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				December 31, 2009			December 31, 2010


OPERATING REVENUES
Premiums		$	821		$	893		$	895		$	956		$	1,703			$	3,187		$	4,447
Universal life and investment-type product policy fees			403			291			315			302			421				1,061			1,329
Net investment income			271			450			297			474			482				1,193			1,703
Other revenues			6			1			4			7			23				14			35

Total operating revenues			1,501			1,635			1,511			1,739			2,629				5,455			7,514


OPERATING EXPENSES
Policyholder benefits and dividends			807			838			839			852			1,194				2,660			3,723
Interest credited to policyholder account balances			146			151			42			244			246				581			683
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(181	)		(192	)		(168	)		(180	)		(428	)			(630	)		(968	)
Amortization of DAC and VOBA			143			105			115			110			207				415			537
Interest expense on debt			2			1			2			(1	)		1				8			3
Other expenses			544			522			493			519			1,004				1,797			2,538

Total operating expenses			1,461			1,425			1,323			1,544			2,224				4,831			6,516


Operating earnings before provision for income tax			40			210			188			195			405				624			998
Provision for income tax expense (benefit)			19			59			43			4			100				161			206

Operating earnings			21			151			145			191			305				463			792
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	21		$	151		$	145		$	191		$	305			$	463		$	792


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	21		$	151		$	145		$	191		$	305			$	463		$	792

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(27	)		(35	)		6			(239	)		(5	)			(105	)		(273	)
Net derivative gains (losses)			(255	)		6			260			(109	)		(648	)			(798	)		(491	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(10	)		(8	)		(14	)		(11	)		(4	)			(13	)		(37	)
Equity method operating joint ventures			(45	)		(5	)		(97	)		—			(28	)			(156	)		(130	)
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			211				—			211
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			2			(19	)		(114	)		(138	)		12				(5	)		(259	)
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			(211	)			—			(211	)
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			7				—			7
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(11	)		(3	)		(8	)		4			(1	)			(32	)		(8	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			107			24			(106	)		169			181				366			268

Income (loss) from continuing operations, net of income tax			(218	)		111			72			(133	)		(181	)			(280	)		(131	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			(218	)		111			72			(133	)		(181	)			(280	)		(131	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(2	)		(8	)		4			1				(28	)		(5	)

Net income (loss) attributable to MetLife, Inc.			(209	)		113			80			(137	)		(182	)			(252	)		(126	)
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(209	)	$	113		$	80		$	(137	)	$	(182	)		$	(252	)	$	(126	)



Premiums, Fees and Other Revenues (Operating)		$	1,230		$	1,185		$	1,214		$	1,265		$	2,147			$	4,262		$	5,811

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


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	429		$	454		$	461		$	519		$	488			$	1,563		$	1,922
Universal life and investment-type product policy fees			156			150			157			150			169				547			626
Net investment income			119			280			246			230			164				622			920
Other revenues			2			1			2			3			6				7			12

Total operating revenues			706			885			866			902			827				2,739			3,480


OPERATING EXPENSES
Policyholder benefits and dividends			438			486			468			486			363				1,413			1,803
Interest credited to policyholder account balances			86			90			83			108			87				331			368
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(45	)		(49	)		(53	)		(57	)		(63	)			(160	)		(222	)
Amortization of DAC and VOBA			27			37			35			29			45				115			146
Interest expense on debt			—			—			2			(1	)		—				—			1
Other expenses			209			202			201			224			245				650			872

Total operating expenses			715			766			736			789			677				2,349			2,968


Operating earnings before provision for income tax			(9	)		119			130			113			150				390			512
Provision for income tax expense (benefit)			12			34			29			4			23				122			90

Operating earnings			(21	)		85			101			109			127				268			422
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(21	)	$	85		$	101		$	109		$	127			$	268		$	422


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(21	)	$	85		$	101		$	109		$	127			$	268		$	422

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			8			(1	)		(6	)		(14	)		(5	)			(61	)		(26	)
Net derivative gains (losses)			27			(12	)		(17	)		38			12				79			21
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(3	)		(1	)		(6	)		1			(3	)			7			(9	)
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			21				—			21
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			2			(19	)		(114	)		(138	)		7				(5	)		(264	)
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			(21	)			—			(21	)
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(5	)		13			38			33			(23	)			(3	)		61

Income (loss) from continuing operations, net of income tax			8			65			(4	)		29			115				285			205
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			8			65			(4	)		29			115				285			205
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			8			65			(4	)		29			115				285			205
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	8		$	65		$	(4	)	$	29		$	115			$	285		$	205



Premiums, Fees and Other Revenues (Operating)		$	587		$	605		$	620		$	672		$	663			$	2,117		$	2,560

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


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	281		$	334		$	352		$	350		$	379			$	1,252		$	1,415
Universal life and investment-type product policy fees			230			120			135			126			145				462			526
Net investment income			131			117			64			165			104				454			450
Other revenues			1			—			1			2			4				2			7

Total operating revenues			643			571			552			643			632				2,170			2,398


OPERATING EXPENSES
Policyholder benefits and dividends			323			308			346			325			359				1,126			1,338
Interest credited to policyholder account balances			41			14			(22	)		64			9				150			65
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(90	)		(92	)		(89	)		(93	)		(119	)			(312	)		(393	)
Amortization of DAC and VOBA			105			56			67			71			75				258			269
Interest expense on debt			1			—			—			—			—				4			—
Other expenses			185			185			176			185			221				640			767

Total operating expenses			565			471			478			552			545				1,866			2,046


Operating earnings before provision for income tax			78			100			74			91			87				304			352
Provision for income tax expense (benefit)			13			26			16			7			12				50			61

Operating earnings			65			74			58			84			75				254			291
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	65		$	74		$	58		$	84		$	75			$	254		$	291


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	65		$	74		$	58		$	84		$	75			$	254		$	291

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(34	)		6			11			(220	)		103				(47	)		(100	)
Net derivative gains (losses)			(282	)		20			279			(143	)		(459	)			(882	)		(303	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(7	)		(7	)		(8	)		(12	)		(1	)			(20	)		(28	)
Equity method operating joint ventures			(45	)		(5	)		(97	)		—			(28	)			(156	)		(130	)
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			24				—			24
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			(24	)			—			(24	)
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			112			10			(145	)		136			139				371			140

Income (loss) from continuing operations, net of income tax			(191	)		98			98			(155	)		(171	)			(480	)		(130	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			(191	)		98			98			(155	)		(171	)			(480	)		(130	)
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			(191	)		98			98			(155	)		(171	)			(480	)		(130	)
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(191	)	$	98		$	98		$	(155	)	$	(171	)		$	(480	)	$	(130	)



Premiums, Fees and Other Revenues (Operating)		$	512		$	454		$	488		$	478		$	528			$	1,716		$	1,948

INTERNATIONAL — EUROPE AND MIDDLE EAST
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	111		$	105		$	82		$	87		$	89			$	372		$	363
Universal life and investment-type product policy fees			17			21			23			26			33				52			103
Net investment income			21			53			(13	)		79			9				117			128
Other revenues			3			—			1			2			(2	)			5			1

Total operating revenues			152			179			93			194			129				546			595


OPERATING EXPENSES
Policyholder benefits and dividends			46			44			25			41			34				121			144
Interest credited to policyholder account balances			19			47			(19	)		72			5				100			105
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(46	)		(51	)		(26	)		(30	)		(31	)			(158	)		(138	)
Amortization of DAC and VOBA			11			12			13			10			16				42			51
Interest expense on debt			1			1			—			—			1				4			2
Other expenses			150			135			116			110			115				507			476

Total operating expenses			181			188			109			203			140				616			640


Operating earnings before provision for income tax			(29	)		(9	)		(16	)		(9	)		(11	)			(70	)		(45	)
Provision for income tax expense (benefit)			(6	)		(1	)		(2	)		(7	)		—				(11	)		(10	)

Operating earnings			(23	)		(8	)		(14	)		(2	)		(11	)			(59	)		(35	)
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(23	)	$	(8	)	$	(14	)	$	(2	)	$	(11	)		$	(59	)	$	(35	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(23	)	$	(8	)	$	(14	)	$	(2	)	$	(11	)		$	(59	)	$	(35	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(1	)		(40	)		1			(5	)		(96	)			3			(140	)
Net derivative gains (losses)			—			(2	)		(2	)		(4	)		(20	)			5			(28	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			69				—			69
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			(69	)			—			(69	)
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(11	)		(3	)		(8	)		4			2				(32	)		(5	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			—			1			1			—			2				(2	)		4

Income (loss) from continuing operations, net of income tax			(35	)		(52	)		(22	)		(7	)		(123	)			(85	)		(204	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			(35	)		(52	)		(22	)		(7	)		(123	)			(85	)		(204	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(2	)		(8	)		4			2				(28	)		(4	)

Net income (loss) attributable to MetLife, Inc.			(26	)		(50	)		(14	)		(11	)		(125	)			(57	)		(200	)
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(26	)	$	(50	)	$	(14	)	$	(11	)	$	(125	)		$	(57	)	$	(200	)



Premiums, Fees and Other Revenues (Operating)		$	131		$	126		$	106		$	115		$	120			$	429		$	467

INTERNATIONAL — ALICO (1)
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended												For the Year Ended
		December 31,		March 31,		June 30,		September 30,		December 31,				December 31,		December 31,
Unaudited (In millions)		2009		2010		2010		2010		2010				2009		2010


OPERATING REVENUES
Premiums		$	—	$	—	$	—	$	—	$	747			$	—	$	747
Universal life and investment-type product policy fees			—		—		—		—		74				—		74
Net investment income			—		—		—		—		205				—		205
Other revenues			—		—		—		—		15				—		15

Total operating revenues			—		—		—		—		1,041				—		1,041


OPERATING EXPENSES
Policyholder benefits and dividends			—		—		—		—		438				—		438
Interest credited to policyholder account balances			—		—		—		—		145				—		145
Interest credited to bank deposits			—		—		—		—		—				—		—
Capitalization of DAC			—		—		—		—		(215	)			—		(215	)
Amortization of DAC and VOBA			—		—		—		—		71				—		71
Interest expense on debt			—		—		—		—		—				—		—
Other expenses			—		—		—		—		423				—		423

Total operating expenses			—		—		—		—		862				—		862


Operating earnings before provision for income tax			—		—		—		—		179				—		179
Provision for income tax expense (benefit)			—		—		—		—		65				—		65

Operating earnings			—		—		—		—		114				—		114
Preferred stock dividends			—		—		—		—		—				—		—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	—	$	—	$	—	$	—	$	114			$	—	$	114


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	—	$	—	$	—	$	—	$	114			$	—	$	114

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			—		—		—		—		(7	)			—		(7	)
Net derivative gains (losses)			—		—		—		—		(181	)			—		(181	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—		—		—		—		—				—		—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—		—		—		—		—				—		—
Equity method operating joint ventures			—		—		—		—		—				—		—
Real estate discontinued operations			—		—		—		—		—				—		—
Net investment income related to contractholder-directed unit-linked investments			—		—		—		—		97				—		97
Net investment income related to certain consolidated securitization entities			—		—		—		—		—				—		—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—		—		—		—		—				—		—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—		—		—		—		5				—		5
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—		—		—		—		—				—		—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—		—		—		—		(97	)			—		(97	)
Amortization of DAC and VOBA — related to NIGL and NDGL			—		—		—		—		7				—		7
Interest expense on debt — related to certain consolidated securitization entities			—		—		—		—		—				—		—
Other expenses:
Noncontrolling interest			—		—		—		—		(3	)			—		(3	)
Business combination costs			—		—		—		—		—				—		—
Provision for income tax (expense) benefit			—		—		—		—		63				—		63

Income (loss) from continuing operations, net of income tax			—		—		—		—		(2	)			—		(2	)
Income (loss) from discontinued operations, net of income tax			—		—		—		—		—				—		—

Net income (loss)			—		—		—		—		(2	)			—		(2	)
Less: Net income (loss) attributable to noncontrolling interest			—		—		—		—		(1	)			—		(1	)

Net income (loss) attributable to MetLife, Inc.			—		—		—		—		(1	)			—		(1	)
Less: Preferred stock dividends			—		—		—		—		—				—		—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	—	$	—	$	—	$	—	$	(1	)		$	—	$	(1	)



Premiums, Fees and Other Revenues (Operating)		$	—	$	—	$	—	$	—	$	836			$	—	$	836


(1)		MetLife, Inc. completed the acquisition of ALICO on November 1, 2010. The results of ALICO are presented from November 1, 2010 through November 30, 2010.

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	8		$	—		$	3		$	3		$	5			$	19		$	11
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			171			243			223			225			301				477			992
Other revenues			270			213			231			309			291				1,092			1,044

Total operating revenues			449			456			457			537			597				1,588			2,047


OPERATING EXPENSES
Policyholder benefits and dividends			1			(5	)		(2	)		(4	)		(3	)			4			(14	)
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			43			39			36			33			29				163			137
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			1			—			—			(1	)		2				3			1
Interest expense on debt			265			261			262			292			311				1,027			1,126
Other expenses			421			274			273			278			330				1,336			1,155

Total operating expenses			731			569			569			598			669				2,533			2,405


Operating earnings before provision for income tax			(282	)		(113	)		(112	)		(61	)		(72	)			(945	)		(358	)
Provision for income tax expense (benefit)			(203	)		(69	)		(102	)		(14	)		(115	)			(617	)		(300	)

Operating earnings			(79	)		(44	)		(10	)		(47	)		43				(328	)		(58	)
Preferred stock dividends			31			30			31			30			31				122			122

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(110	)	$	(74	)	$	(41	)	$	(77	)	$	12			$	(450	)	$	(180	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(79	)	$	(44	)	$	(10	)	$	(47	)	$	43			$	(328	)	$	(58	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			1			(8	)		(102	)		(228	)		(192	)			(269	)		(530	)
Net derivative gains (losses)			(30	)		(19	)		72			(140	)		26				(474	)		(61	)
Universal life and investment-type product policy fees - amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			9			8			8			4			5				22			25
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			13			—				—			13
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			106			103			103			99				—			411
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA - related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt - related to certain consolidated securitization entities			—			(106	)		(103	)		(103	)		(99	)			—			(411	)
Other expenses:
Noncontrolling interest			2			1			(5	)		—			—				(7	)		(4	)
Business combination costs			2			(29	)		(36	)		(46	)		(101	)			(31	)		(212	)
Provision for income tax (expense) benefit			89			17			24			136			77				354			254

Income (loss) from continuing operations, net of income tax			(6	)		(74	)		(49	)		(308	)		(142	)			(733	)		(573	)
Income (loss) from discontinued operations, net of income tax			(4	)		—			—			(3	)		—				6			(3	)

Net income (loss)			(10	)		(74	)		(49	)		(311	)		(142	)			(727	)		(576	)
Less: Net income (loss) attributable to noncontrolling interest			1			1			(3	)		—			—				(5	)		(2	)

Net income (loss) attributable to MetLife, Inc.			(11	)		(75	)		(46	)		(311	)		(142	)			(722	)		(574	)
Less: Preferred stock dividends			31			30			31			30			31				122			122

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(42	)	$	(105	)	$	(77	)	$	(341	)	$	(173	)		$	(844	)	$	(696	)



Premiums, Fees and Other Revenues (Operating)		$	278		$	213		$	234		$	312		$	296			$	1,111		$	1,055

BANKING, CORPORATE & OTHER — BANKING
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			119			108			113			117			128				484			466
Other revenues			258			191			224			293			227				1,048			935

Total operating revenues			377			299			337			410			355				1,532			1,401


OPERATING EXPENSES
Policyholder benefits and dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			43			39			36			33			29				163			137
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Interest expense on debt			13			12			12			17			22				56			63
Other expenses			214			160			179			193			246				823			778

Total operating expenses			270			211			227			243			297				1,042			978


Operating earnings before provision for income tax			107			88			110			167			58				490			423
Provision for income tax expense (benefit)			42			35			43			66			12				192			156

Operating earnings			65			53			67			101			46				298			267
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	65		$	53		$	67		$	101		$	46			$	298		$	267


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	65		$	53		$	67		$	101		$	46			$	298		$	267

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(17	)		(5	)		(7	)		(18	)		(6	)			(129	)		(36	)
Net derivative gains (losses)			(1	)		(7	)		(32	)		(9	)		7				(1	)		(41	)
Universal life and investment-type product policy fees - amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			1			—			—			—			—				2			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA - related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt - related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			1			—			1			(1	)		—				2			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			8			5			15			11			(3	)			51			28

Income (loss) from continuing operations, net of income tax			57			46			44			84			44				223			218
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			57			46			44			84			44				223			218
Less: Net income (loss) attributable to noncontrolling interest			—			—			1			(1	)		—				1			—

Net income (loss) attributable to MetLife, Inc.			57			46			43			85			44				222			218
Less: Preferred stock dividends			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	57		$	46		$	43		$	85		$	44			$	222		$	218



Premiums, Fees and Other Revenues (Operating)		$	258		$	191		$	224		$	293		$	227			$	1,048		$	935

BANKING, CORPORATE & OTHER — CORPORATE & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions)		2009			2010			2010			2010			2010				2009			2010


OPERATING REVENUES
Premiums		$	8		$	—		$	3		$	3		$	5			$	19		$	11
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			52			135			110			108			173				(7	)		526
Other revenues			12			22			7			16			64				44			109

Total operating revenues			72			157			120			127			242				56			646


OPERATING EXPENSES
Policyholder benefits and dividends			1			(5	)		(2	)		(4	)		(3	)			4			(14	)
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			1			—			—			(1	)		2				3			1
Interest expense on debt			252			249			250			275			289				971			1,063
Other expenses			207			114			94			85			84				513			377

Total operating expenses			461			358			342			355			372				1,491			1,427


Operating earnings before provision for income tax			(389	)		(201	)		(222	)		(228	)		(130	)			(1,435	)		(781	)
Provision for income tax expense (benefit)			(245	)		(104	)		(145	)		(80	)		(127	)			(809	)		(456	)

Operating earnings			(144	)		(97	)		(77	)		(148	)		(3	)			(626	)		(325	)
Preferred stock dividends			31			30			31			30			31				122			122

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(175	)	$	(127	)	$	(108	)	$	(178	)	$	(34	)		$	(748	)	$	(447	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(144	)	$	(97	)	$	(77	)	$	(148	)	$	(3	)		$	(626	)	$	(325	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			18			(3	)		(95	)		(210	)		(186	)			(140	)		(494	)
Net derivative gains (losses)			(29	)		(12	)		104			(131	)		19				(473	)		(20	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to NIGL and NDGL			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			8			8			8			4			5				20			25
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			13			—				—			13
Net investment income related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			106			103			103			99				—			411
Policyholder benefits and dividends:
Changes in policyholder dividend obligations related to NIGL and NDGL			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
Interest credited to policyholder account balances:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Interest credited to policyholder account balances related to contractholder-directed unit-linked investments			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to NIGL and NDGL			—			—			—			—			—				—			—
Interest expense on debt — related to certain consolidated securitization entities			—			(106	)		(103	)		(103	)		(99	)			—			(411	)
Other expenses:
Noncontrolling interest			1			1			(6	)		1			—				(9	)		(4	)
Business combination costs			2			(29	)		(36	)		(46	)		(101	)			(31	)		(212	)
Provision for income tax (expense) benefit			81			12			9			125			80				303			226

Income (loss) from continuing operations, net of income tax			(63	)		(120	)		(93	)		(392	)		(186	)			(956	)		(791	)
Income (loss) from discontinued operations, net of income tax			(4	)		—			—			(3	)		—				6			(3	)

Net income (loss)			(67	)		(120	)		(93	)		(395	)		(186	)			(950	)		(794	)
Less: Net income (loss) attributable to noncontrolling interest			1			1			(4	)		1			—				(6	)		(2	)

Net income (loss) attributable to MetLife, Inc.			(68	)		(121	)		(89	)		(396	)		(186	)			(944	)		(792	)
Less: Preferred stock dividends			31			30			31			30			31				122			122

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(99	)	$	(151	)	$	(120	)	$	(426	)	$	(217	)		$	(1,066	)	$	(914	)



Premiums, Fees and Other Revenues (Operating)		$	20		$	22		$	10		$	19		$	69			$	63		$	120

BANKING, CORPORATE & OTHER — BANKING (1)

SUPPLEMENTAL INFORMATION


	At or For the Three Months Ended																At or For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions, except ratios)		2009			2010			2010			2010			2010				2009			2010


The following supplemental information for MetLife Bank is presented in accordance with the quarterly call report regulatory filing:

Income Statement
Net interest income, net of interest expense		$	64		$	58		$	64		$	67		$	79			$	263		$	268
Provision for credit losses			6			(4	)		—			(11	)		(3	)			(77	)		(18	)
Non interest income			242			185			192			281			233				1,013			891
Non interest expense			(220	)		(163	)		(185	)		(197	)		(250	)			(835	)		(795	)

Income before taxes			92			76			71			140			59				364			346
Income tax expense			35			30			28			55			15				142			128

Net income (loss) available to MetLife, Inc.’s common shareholders		$	57		$	46		$	43		$	85		$	44			$	222		$	218


Selected Balance Sheet Accounts

Loans Held-for-Investment:
Commercial Loans & Mortgages		$	2,079		$	2,104		$	2,113		$	2,320		$	2,435
Consumer			834			938			1,194			1,289			1,532
Agriculture			173			174			189			215			205

Total Loans			3,086			3,216			3,496			3,824			4,172

Allowance for Loan Losses			(93	)		(73	)		(71	)		(62	)		(65	)

Total Loans Held-for-Investments (Net)		$	2,993		$	3,143		$	3,425		$	3,762		$	4,107



Net Charge-offs		$	2		$	24		$	1		$	20		$	1			$	15		$	46


Loans Held-for-Sale		$	2,728		$	2,003		$	2,629		$	2,837		$	3,321

Total Assets		$	14,107		$	13,573		$	14,549		$	16,576		$	16,310

Total Deposits		$	10,211		$	10,032		$	9,790		$	9,362		$	10,317

Key Ratios & Statistics

Tier 1 Common Equity		$	897		$	947		$	1,011		$	1,093		$	1,113
Tier 1 Capital		$	898		$	948		$	1,013		$	1,093		$	1,163
Risk Weighted Assets		$	7,381		$	6,909		$	7,221		$	8,069		$	8,209

Tier 1 Common Equity Ratio			12.15	%		13.71	%		14.00	%		13.54	%		13.56	%
Tier 1 Capital Ratio			12.16	%		13.73	%		14.03	%		13.54	%		14.16	%
Total Capital Ratio			13.41	%		14.83	%		15.06	%		14.34	%		15.00	%
Tier 1 Leverage Ratio			6.64	%		7.05	%		7.38	%		7.27	%		7.14	%


Net Interest Margin			1.98	%		1.91	%		2.02	%		1.94	%		2.07	%			2.13	%		1.98	%

Allowance / Total Loans			3.01	%		2.27	%		2.04	%		1.63	%		1.57	%
Allowance / Non Performing Assets			113.00	%		162.00	%		176.00	%		144.00	%		148.00	%


(1)		All amounts on this page relate to MetLife Bank only.

METLIFE, INC.

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS



	At or For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010


Fixed Maturity Securities
Yield (1)		5.59	%		5.73	%		5.33	%		5.79	%		5.30	%
Investment income (2), (3)	$	2,973		$	3,134		$	2,959		$	3,257		$	3,300
Investment gains (losses) (3)		(221	)		(67	)		(126	)		(65	)		3
Ending carrying value (2), (3)		230,026			242,331			249,249			264,320			327,878

Mortgage Loans
Yield (1)		5.50	%		5.40	%		5.55	%		5.54	%		5.55	%
Investment income (3), (4)		686			672			695			712			744
Investment gains (losses) (3)		(42	)		(28	)		11			37			2
Ending carrying value (3)		50,909			50,371			51,144			52,845			55,536

Real Estate and Real Estate Joint Ventures
Yield (1)		(5.64	%)		(2.11	%)		3.15	%		2.80	%		0.59	%
Investment income		(98	)		(36	)		54			48			11
Investment gains (losses) (3)		7			(22	)		(17	)		(1	)		—
Ending carrying value		6,896			6,866			6,841			6,990			8,030

Policy Loans
Yield (1)		6.67	%		7.04	%		6.25	%		6.18	%		6.03	%
Investment income		167			178			159			157			163
Ending carrying value		10,061			10,146			10,180			10,230			11,914

Equity Securities
Yield (1)		6.13	%		3.39	%		5.40	%		2.74	%		6.00	%
Investment income		47			25			39			19			45
Investment gains (losses)		31			27			74			(1	)		4
Ending carrying value		3,084			3,066			2,741			2,865			3,606

Other Limited Partnership Interests
Yield (1)		16.90	%		18.85	%		11.13	%		11.48	%		18.49	%
Investment income		227			265			161			170			283
Investment gains (losses)		—			(1	)		(10	)		(4	)		(3	)
Ending carrying value		5,508			5,753			5,856			5,948			6,416

Cash and Short-term Investments
Yield (1)		0.34	%		0.36	%		0.37	%		0.41	%		0.63	%
Investment income		14			13			15			20			33
Investment gains (losses)		1			1			—			—			1
Ending carrying value (3)		18,486			17,183			20,421			26,100			22,394

Other Invested Assets (5)
Investment income		95			154			166			75			96
Investment gains (losses) (3)		11			58			17			(67	)		(16	)
Ending carrying value		12,709			12,327			15,584			16,571			15,430

Total Investments
Investment income yield (1)		5.21	%		5.53	%		5.23	%		5.31	%		5.13	%
Investment fees and expenses yield		(0.14	)		(0.14	)		(0.13	)		(0.14	)		(0.14	)

Net Investment Income Yield (1), (3)		5.07	%		5.39	%		5.10	%		5.17	%		4.99	%


Investment income		4,111			4,405			4,248			4,458			4,675
Investment fees and expenses		(111	)		(112	)		(105	)		(121	)		(127	)


Net Investment Income (3)	$	4,000		$	4,293		$	4,143		$	4,337		$	4,548


Ending Carrying Value (3)	$	337,679		$	348,043		$	362,016		$	385,869		$	451,204


Gross investment gains	$	288		$	274		$	413		$	212		$	301
Gross investment losses		(204	)		(157	)		(292	)		(215	)		(184	)
Writedowns		(297	)		(149	)		(172	)		(98	)		(126	)

Investment Portfolio Gains (Losses) (3)		(213	)		(32	)		(51	)		(101	)		(9	)
Investment portfolio gains (losses) income tax benefit (provision)		143			8			11			29			5


Investment Portfolio Gains (Losses), Net of Income Tax		(70	)		(24	)		(40	)		(72	)		(4	)


Derivative Gains (Losses) (3)		(855	)		(10	)		1,322			(311	)		(1,615	)
Derivative gains (losses) income tax benefit (provision)		298			11			(540	)		121			568

Derivative Gains (Losses), Net of Income Tax	$	(557	)	$	1		$	782		$	(190	)	$	(1,047	)

(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investments associated with our securities lending program; the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”); and effective October 1, 2010, contractholder-directed unit-linked investments. Yields also exclude the investment income recognized on investments held by CSEs and effective October 1, 2010, contractholder-directed unit-linked investments.

(2)		Fixed maturity securities includes $2,384 million, $2,765 million, $2,901 million, $3,756 million and $594 million in ending carrying value, and $90 million, $79 million, ($56) million, $194 million and $17 million of investment income related to trading securities at or for the three months ended December 31, 2009, March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010, respectively.

(3)		Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million at December 31, 2010; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading securities (included within fixed maturity securities in the yield table above) of $274 million, $257 million, $231 million and $201 million, mortgage loans of $7,065 million, $7,107 million, $7,093 million and $6,840 million and cash and short-term investments of $38 million, $27 million, $47 million and $39 million at March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010, respectively; 3) Net investment income adjustments as presented on page 4 within the Net Income Reconciliation; 4) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 5) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:


	For the Three Months Ended
	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010

Investment portfolio gains (losses) — in above yield table	$	(213	)	$	(32	)	$	(51	)	$	(101	)	$	(9	)
Real estate discontinued operations		(8	)		—			(10	)		—			(4	)
Net investment gains (losses) related to CSEs		—			10			(2	)		16			(18	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		105			53			50			(257	)		(37	)

Net investment gains (losses) — GAAP basis	$	(116	)	$	31		$	(13	)	$	(342	)	$	(68	)

	For the Three Months Ended
	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010

Derivative gains (losses) — in above yield table	$	(855	)	$	(10	)	$	1,322		$	(311	)	$	(1,615	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		29			49			61			62			36
Equity method operating joint ventures		45			5			97			—			28
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(1	)		(3	)		1			5			8

Net derivative gains (losses) — GAAP basis	$	(782	)	$	41		$	1,481		$	(244	)	$	(1,543	)

(4)		Investment income includes prepayment fees.

(5)		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. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the above yield table.

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



	At or For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010


Fixed Maturity Securities
Yield (1)		5.77	%		5.73	%		5.53	%		5.62	%		5.53	%
Investment income (2), (3)	$	11,899		$	3,134		$	6,093		$	9,350		$	12,650
Investment gains (losses) (3)		(1,663	)		(67	)		(193	)		(258	)		(255	)
Ending carrying value (2), (3)		230,026			242,331			249,249			264,320			327,878

Mortgage Loans
Yield (1)		5.38	%		5.40	%		5.47	%		5.49	%		5.51	%
Investment income (3), (4)		2,735			672			1,367			2,079			2,823
Investment gains (losses) (3)		(442	)		(28	)		(17	)		20			22
Ending carrying value (3)		50,909			50,371			51,144			52,845			55,536

Real Estate and Real Estate Joint Ventures
Yield (1)		(7.47	%)		(2.11	%)		0.52	%		1.28	%		1.10	%
Investment income		(541	)		(36	)		18			66			77
Investment gains (losses) (3)		(156	)		(22	)		(39	)		(40	)		(40	)
Ending carrying value		6,896			6,866			6,841			6,990			8,030

Policy Loans
Yield (1)		6.54	%		7.04	%		6.64	%		6.49	%		6.37	%
Investment income		648			178			337			494			657
Ending carrying value		10,061			10,146			10,180			10,230			11,914

Equity Securities
Yield (1)		5.12	%		3.39	%		4.37	%		3.84	%		4.39	%
Investment income		175			25			64			83			128
Investment gains (losses)		(399	)		27			101			100			104
Ending carrying value		3,084			3,066			2,741			2,865			3,606

Other Limited Partnership Interests
Yield (1)		3.22	%		18.85	%		14.93	%		13.75	%		14.99	%
Investment income		173			265			426			596			879
Investment gains (losses)		(356	)		(1	)		(11	)		(15	)		(18	)
Ending carrying value		5,508			5,753			5,856			5,948			6,416

Cash and Short-term Investments
Yield (1)		0.44	%		0.36	%		0.37	%		0.39	%		0.46	%
Investment income		94			13			28			48			81
Investment gains (losses)		6			1			1			1			2
Ending carrying value (3)		18,486			17,183			20,421			26,100			22,394

Other Invested Assets (5)
Investment income		339			154			320			395			491
Investment gains (losses) (3)		(32	)		58			75			8			(8	)
Ending carrying value		12,709			12,327			15,584			16,571			15,430

Total Investments
Investment income yield (1)		4.90	%		5.53	%		5.38	%		5.35	%		5.29	%
Investment fees and expenses yield		(0.14	)		(0.14	)		(0.13	)		(0.14	)		(0.14	)

Net Investment Income Yield (1), (3)		4.76	%		5.39	%		5.25	%		5.21	%		5.15	%


Investment income		15,522			4,405			8,653			13,111			17,786
Investment fees and expenses		(433	)		(112	)		(217	)		(338	)		(465	)

Net Investment Income (3)	$	15,089		$	4,293		$	8,436		$	12,773		$	17,321


Ending Carrying Value (3)	$	337,679		$	348,043		$	362,016		$	385,869		$	451,204


Gross investment gains	$	1,232		$	274		$	687		$	899		$	1,200
Gross investment losses		(1,429	)		(157	)		(449	)		(664	)		(848	)
Writedowns		(2,845	)		(149	)		(321	)		(419	)		(545	)

Investment Portfolio Gains (Losses) (3)		(3,042	)		(32	)		(83	)		(184	)		(193	)
Investment portfolio gains (losses) income tax benefit (provision)		1,121			8			19			48			53


Investment Portfolio Gains (Losses), Net of Income Tax		(1,921	)		(24	)		(64	)		(136	)		(140	)


Derivative Gains (Losses) (3)		(5,106	)		(10	)		1,312			1,001			(614	)
Derivative gains (losses) income tax benefit (provision)		1,803			11			(529	)		(408	)		160

Derivative Gains (Losses), Net of Income Tax	$	(3,303	)	$	1		$	783		$	593		$	(454	)

(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investments associated with our securities lending program; the effects of consolidating under GAAP certain VIEs that are treated as CSEs; and effective October 1, 2010, contractholder-directed unit-linked investments. Yields also exclude the investment income recognized on investments held by CSEs and effective October 1, 2010, contractholder-directed unit-linked investments.

(2)		Fixed maturity securities includes $2,384 million, $2,765 million, $2,901 million, $3,756 million and $594 million in ending carrying value, and $400 million, $79 million, $23 million, $217 million and $234 million of investment income related to trading securities at or for the year-to-date period ended December 31, 2009, March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010, respectively.

(3)		Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million at December 31, 2010; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading securities (included within fixed maturity securities in the yield table above) of $274 million, $257 million, $231 million and $201 million, mortgage loans of $7,065 million, $7,107 million, $7,093 million and $6,840 million and cash and short-term investments of $38 million, $27 million, $47 million and $39 million at March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010, respectively; 3) Net investment income adjustments as presented on page 4 within the Net Income Reconciliation; 4) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 5) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:


	For the Year-to-Date Period Ended
	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010

Investment portfolio gains (losses) — in above yield table	$	(3,042	)	$	(32	)	$	(83	)	$	(184	)	$	(193	)
Real estate discontinued operations		(8	)		—			(10	)		(10	)		(14	)
Net investment gains (losses) related to certain CSEs		—			10			8			24			6
Other gains (losses) reported in net investment gains (losses) on GAAP basis		144			53			103			(154	)		(191	)

Net investment gains (losses) — GAAP basis	$	(2,906	)	$	31		$	18		$	(324	)	$	(392	)


	For the Year-to-Date Period Ended
	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010

Derivative gains (losses) — in above yield table	$	(5,106	)	$	(10	)	$	1,312		$	1,001		$	(614	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		88			49			110			172			208
Equity method operating joint ventures		156			5			102			102			130
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(4	)		(3	)		(2	)		3			11

Net derivative gains (losses) — GAAP basis	$	(4,866	)	$	41		$	1,522		$	1,278		$	(265	)

(4)		Investment income includes prepayment fees.

(5)		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. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the above yield table.

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)


	December 31, 2009					March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	4,815		45.9	%	$	4,244		51.4	%	$	3,070		46.2	%	$	2,037		44.4	%	$	4,312		65.0	%
20% or more for less than six months		713		6.8	%		480		5.8	%		595		9.0	%		285		6.2	%		369		5.6	%
20% or more for six months or greater		4,958		47.3	%		3,528		42.8	%		2,971		44.8	%		2,271		49.4	%		1,950		29.4	%

Total Gross Unrealized Losses	$	10,486		100.0	%	$	8,252		100.0	%	$	6,636		100.0	%	$	4,593		100.0	%	$	6,631		100.0	%


Total Gross Unrealized Gains	$	8,419				$	9,757				$	14,107				$	19,498				$	13,907




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

	December 31, 2009					March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	83		30.2	%	$	84		34.0	%	$	65		20.3	%	$	67		29.3	%	$	71		29.5	%
20% or more for less than six months		14		5.1	%		35		14.2	%		129		40.3	%		25		10.9	%		22		9.1	%
20% or more for six months or greater		178		64.7	%		128		51.8	%		126		39.4	%		137		59.8	%		148		61.4	%

Total Gross Unrealized Losses	$	275		100.0	%	$	247		100.0	%	$	320		100.0	%	$	229		100.0	%	$	241		100.0	%


Total Gross Unrealized Gains	$	172				$	208				$	105				$	158				$	222

(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



		December 31, 2009				March 31, 2010				June 30, 2010				September 30, 2010				December 31, 2010
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total


U.S. corporate securities		$	72,187	31.7	%	$	74,133	31.0	%	$	76,848	31.2	%	$	81,020	31.1	%	$	92,568	28.3	%
Foreign corporate securities			38,030	16.7	%		40,105	16.7	%		40,863	16.6	%		44,970	17.2	%		68,178	20.8	%
Residential mortgage-backed securities			44,020	19.3	%		42,980	17.9	%		42,750	17.3	%		45,900	17.6	%		44,733	13.7	%
Foreign government securities			11,947	5.2	%		13,164	5.5	%		13,559	5.5	%		14,844	5.7	%		43,400	13.2	%
U.S. Treasury, agency and government guaranteed securities			25,447	11.2	%		30,741	12.8	%		32,862	13.3	%		34,360	13.2	%		33,304	10.2	%
Commercial mortgage-backed securities			15,622	6.9	%		16,495	6.9	%		15,984	6.5	%		15,533	6.0	%		20,675	6.3	%
Asset-backed securities			13,162	5.8	%		13,892	5.8	%		14,419	5.9	%		14,306	5.5	%		14,290	4.4	%
State and political subdivision securities			7,208	3.2	%		8,039	3.4	%		9,048	3.7	%		9,614	3.7	%		10,129	3.1	%
Other fixed maturity securities			19	0.0	%		17	0.0	%		15	0.0	%		17	0.0	%		7	0.0	%

Total fixed maturity securities available-for-sale		$	227,642	100.0	%	$	239,566	100.0	%	$	246,348	100.0	%	$	260,564	100.0	%	$	327,284	100.0	%

NAIC RATING	RATING AGENCY DESIGNATION
1	Aaa / Aa / A	$	151,136	66.4	%	$	160,030	66.8	%	$	164,338	66.7	%	$	173,111	66.5	%	$	233,540	71.4	%
2	Baa		56,305	24.7	%		59,061	24.6	%		61,217	24.8	%		66,005	25.3	%		68,858	21.0	%
3	Ba		12,003	5.3	%		12,105	5.1	%		12,773	5.2	%		13,289	5.1	%		15,294	4.7	%
4	B		6,461	2.9	%		6,937	2.9	%		6,924	2.8	%		7,022	2.7	%		8,316	2.5	%
5	Caa and lower		1,425	0.6	%		1,282	0.5	%		910	0.4	%		835	0.3	%		1,146	0.4	%
6	In or near default		312	0.1	%		151	0.1	%		186	0.1	%		302	0.1	%		130	0.0	%

Total fixed maturity securities available-for-sale (1)		$	227,642	100.0	%	$	239,566	100.0	%	$	246,348	100.0	%	$	260,564	100.0	%	$	327,284	100.0	%


(1)		Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by the Company’s insurance subsidiaries that file NAIC statutory financial statements are based on final ratings from revised NAIC rating methodologies which became effective December 31, 2009 (for residential mortgage-backed securities, including residential mortgage-backed securities backed by sub-prime mortgage loans reported within asset-backed securities) and December 31, 2010 (for commercial mortgage-backed securities and all other asset-backed securities). These final NAIC ratings may not correspond to the rating agency designations. The overall impact was a change in rating classification for certain structured securities from ratings of Caa and lower and in or near default based on rating agency designations to their final NAIC rating of NAIC 1 to NAIC 4 based on the revised NAIC rating methodologies effective December 31, 2009 and December 31, 2010, respectively. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES (2)


	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2009		2010		2010		2010		2010

Traditional (3), (4)	$	4,190	$	4,161	$	4,114	$	4,223	$	5,171
Real estate joint ventures and funds		2,579		2,569		2,576		2,624		2,707

Subtotal		6,769		6,730		6,690		6,847		7,878
Foreclosed		127		136		151		143		152

Total Real Estate and Real Estate Joint Ventures (4)	$	6,896	$	6,866	$	6,841	$	6,990	$	8,030


(2)		Real estate and real estate joint ventures have been reclassified to conform to the current period presentation of reporting wholly-owned real estate and operating joint ventures as traditional real estate and the remaining real estate joint ventures as real estate joint ventures and funds.

(3)		Includes wholly-owned real estate and operating real estate joint ventures.

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

METLIFE, INC.

SUMMARY OF MORTGAGE LOANS (1)


	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2009			2010			2010			2010			2010

Commercial mortgage loans	$	35,176		$	35,351		$	35,042		$	36,090		$	37,820
Agricultural mortgage loans		12,255			12,203			12,380			12,598			12,751
Residential mortgage loans		1,471			1,565			1,806			1,983			2,308
Mortgage loans held-for-sale		2,728			2,003			2,650			2,840			3,321

Total Mortgage Loans		51,630			51,122			51,878			53,511			56,200
Valuation allowances		(721	)		(751	)		(734	)		(666	)		(664	)

Total Mortgage Loans, Net (2)	$	50,909		$	50,371		$	51,144		$	52,845		$	55,536


(1)		Mortgage loans amounts for the prior periods are presented net of valuation allowances and have been reclassified to conform to the current period presentation of presenting mortgage loan amounts prior to valuation allowances.

(2)		Effective January 1, 2010, balance excludes the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities. See page 38, note 3 for the amount excluded at March 31, 2010, June 30, 2010, September 30, 2010 and December 31, 2010.

SUMMARY OF COMMERCIAL MORTGAGE LOANS (3)
BY REGION AND PROPERTY TYPE


	December 31, 2009						March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Pacific		$	8,822		25.1	%	$	8,658		24.5	%	$	8,506		24.3	%	$	8,653		24.0	%	$	8,974		23.7	%
South Atlantic			7,460		21.2	%		7,547		21.3	%		7,608		21.7	%		7,756		21.5	%		8,016		21.2	%
Middle Atlantic			6,042		17.2	%		6,174		17.5	%		6,085		17.4	%		6,405		17.7	%		6,484		17.1	%
International			3,620		10.3	%		3,735		10.6	%		3,620		10.3	%		3,599		10.0	%		4,216		11.2	%
West South Central			2,916		8.3	%		2,915		8.2	%		3,012		8.6	%		2,971		8.2	%		3,266		8.6	%
East North Central			2,531		7.2	%		2,558		7.2	%		2,504		7.1	%		3,005		8.4	%		3,066		8.1	%
New England			1,448		4.1	%		1,427		4.0	%		1,423		4.1	%		1,422		3.9	%		1,531		4.1	%
Mountain			959		2.7	%		944		2.7	%		907		2.6	%		906		2.5	%		884		2.3	%
West North Central			675		1.9	%		664		1.9	%		663		1.9	%		660		1.8	%		666		1.8	%
East South Central			449		1.3	%		448		1.3	%		460		1.3	%		459		1.3	%		461		1.2	%
Other			254		0.7	%		281		0.8	%		254		0.7	%		254		0.7	%		256		0.7	%

Total		$	35,176		100.0	%	$	35,351		100.0	%	$	35,042		100.0	%	$	36,090		100.0	%	$	37,820		100.0	%


Office		$	15,205		43.2	%	$	15,283		43.2	%	$	15,296		43.7	%	$	15,973		44.3	%	$	16,857		44.6	%
Retail			7,964		22.6	%		8,138		23.0	%		8,032		22.9	%		8,278		22.9	%		9,215		24.3	%
Apartments			3,731		10.6	%		3,693		10.5	%		3,668		10.4	%		3,753		10.4	%		3,630		9.6	%
Hotel			3,117		8.9	%		3,119		8.8	%		3,111		8.9	%		3,078		8.6	%		3,089		8.2	%
Industrial			2,797		8.0	%		2,816		8.0	%		2,893		8.3	%		2,905		8.0	%		2,910		7.7	%
Other			2,362		6.7	%		2,302		6.5	%		2,042		5.8	%		2,103		5.8	%		2,119		5.6	%

Total		$	35,176		100.0	%	$	35,351		100.0	%	$	35,042		100.0	%	$	36,090		100.0	%	$	37,820		100.0	%


(3)		Mortgage loans amounts for the prior periods are presented net of valuation allowances and have been reclassified to conform to the current period presentation of presenting mortgage loan amounts prior to valuation allowances.

METLIFE INC - FORM 8-K - EX-99.2 - February 9, 2011

Attached files