METLIFE INC - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - METLIFE INC	y92100exv99w1.htm
8-K - FORM 8-K - METLIFE INC	y92100e8vk.htm

Second Quarter
Financial Supplement

June 30, 2011


METLIFE, INC.
TABLE OF CONTENTS

NOTE TO FINANCIALS			2

HIGHLIGHTS
Corporate Overview			3

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

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			10

U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Other Expenses by Major Category and Individual Life Sales by Product			16
Spread by Product			17

U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
Other Expenses by Major Category and Individual Annuity Sales by Product			20
Spread			21

U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			22
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			23
Other Expenses by Major Category			24
Spread			25

U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders			26
Net Written Premiums by Product and Selected Financial Information and Supplemental Data			29

INTERNATIONAL - JAPAN
Statements of Operating Earnings Available to Common Shareholders			30

INTERNATIONAL - OTHER INTERNATIONAL REGIONS
Statements of Operating Earnings Available to Common Shareholders			31

BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			32
Banking - Supplemental Information			35

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			36
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules			38
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			39
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			40

APPENDIX			41

METLIFE, INC.

NOTE TO FINANCIALS

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. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many 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, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues exclude net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

•

Universal life and investment-type product policy fees exclude the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefit (“GMIB”) fees (“GMIB fees”);

•

Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Joint venture adjustments”), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and

•

Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends exclude: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets (“Inflation adjustments and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•

Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);

•

Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;

•

Amortization of negative VOBA excludes amounts related to Market value adjustments;

•

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and

•

Other expenses exclude costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) business combinations.

We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results from operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”) and book value per diluted common share, excluding AOCI should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, GAAP net income (loss) from continuing operations, net of income tax, GAAP net income (loss) available to MetLife, Inc.’s common shareholders, GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, book value per common share and book value per diluted share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page 41, and in MetLife’s earnings press release dated July 28, 2011, for the three months ended June 30, 2011, which is available at www.metlife.com.

METLIFE, INC.

CORPORATE OVERVIEW


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions, except per share data)		2010			2010			2010			2011			2011


Operating earnings available to common shareholders		$	914		$	958		$	1,208		$	1,418		$	1,329
Preferred stock dividends			31			30			31			30			31

Operating earnings			945			988			1,239			1,448			1,360
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(14	)		(342	)		(84	)		(99	)		(155	)
Net derivative gains (losses)			1,481			(244	)		(1,543	)		(315	)		352
Other adjustments to continuing operations			(405	)		(435	)		(73	)		(167	)		(417	)
Provision for income tax (expense) benefit			(471	)		351			528			187			61

Income (loss) from continuing operations, net of income tax			1,536			318			67			1,054			1,201
Income (loss) from discontinued operations, net of income tax			11			2			18			(41	)		29

Net income (loss)			1,547			320			85			1,013			1,230
Less: Net income (loss) attributable to noncontrolling interest			(10	)		4			3			7			(7	)

Net income (loss) attributable to MetLife, Inc.			1,557			316			82			1,006			1,237
Less: Preferred stock dividends			31			30			31			30			31
Less: Preferred stock redemption premium (1)			—			—			—			146			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	1,526		$	286		$	51		$	830		$	1,206


Operating earnings available to common shareholders — diluted		$	1.10		$	1.08		$	1.19		$	1.33		$	1.24
Net investment gains (losses)			(0.02	)		(0.39	)		(0.08	)		(0.09	)		(0.14	)
Net derivative gains (losses)			1.79			(0.28	)		(1.52	)		(0.29	)		0.33
Other adjustments to continuing operations			(0.48	)		(0.49	)		(0.08	)		(0.15	)		(0.40	)
Provision for income tax (expense) benefit			(0.57	)		0.40			0.52			0.17			0.06
Discontinued operations, net of income tax			0.01			—			0.02			(0.04	)		0.03
Less: Net income (loss) attributable to noncontrolling interest			(0.01	)		—			—			0.01			(0.01	)
Less: Preferred stock redemption premium			—			—			—			0.14			—

Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted		$	1.84		$	0.32		$	0.05		$	0.78		$	1.13


Weighted average common shares outstanding — diluted (1)			830.5			883.1			1,014.9			1,069.5			1,071.0


		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2010			2010			2010			2011			2011


Book value per common share — (actual common shares outstanding) (2)		$	45.51		$	48.93		$	44.18		$	45.24		$	48.48
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding) (2)		$	44.50		$	44.48		$	43.23		$	44.18		$	45.31

Book value per common share — diluted — (weighted average common shares outstanding) (2)		$	44.95		$	50.25		$	45.90		$	44.67		$	47.87
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding) (2)		$	43.96		$	45.68		$	44.91		$	43.63		$	44.73


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011


Common shares outstanding, beginning of period			819.4			820.4			906.9			1,054.4			1,056.1
Newly issued shares (1)			1.0			86.5			147.5			1.7			1.3

Common shares outstanding, end of period			820.4			906.9			1,054.4			1,056.1			1,057.4


Weighted average common shares outstanding — basic (1)			822.9			875.8			1,007.3			1,058.5			1,059.8
Dilutive effect of stock purchase contracts underlying common equity units			—			—			—			2.6			4.0
Dilutive effect of stock-based awards			7.6			7.3			7.6			8.4			7.2

Weighted average common shares outstanding — diluted (1)			830.5			883.1			1,014.9			1,069.5			1,071.0

Policyholder Trust Shares			227.4			225.9			222.3			219.0			216.5


(1)		In connection with the financing of the acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”) in November 2010, MetLife, Inc. issued to AM Holdings LLC (formerly known as ALICO Holdings LLC)(“AM Holdings”) 6,857,000 shares of convertible preferred stock. For purposes of the December 31, 2010 common share and weighted average common share calculations, the convertible preferred stock was treated as 68,570,000 shares of common stock. On March 8, 2011, MetLife, Inc. issued 68,570,000 shares of common stock for net proceeds of $3.0 billion, which were used to repurchase and cancel the 6,857,000 shares of convertible preferred stock held by AM Holdings, resulting in a preferred stock redemption premium of $146 million. As the convertible preferred stock shares were treated as common shares in the December 31, 2010 share calculations, there is no impact to the March 31, 2011 share calculations for the 68,570,000 shares of common stock issued on March 8, 2011.

(2)		Book value per common share, book value per common share, excluding AOCI, book value per common share — diluted and book value per common share, excluding AOCI — diluted exclude $2,043 million of equity related to preferred stock.

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS



	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	244,197		$	258,232		$	324,797		$	333,664		$	341,744
Equity securities available-for-sale, at estimated fair value		2,738			2,861			3,602			3,584			3,238
Trading and other securities, at estimated fair value (1)		3,158			3,987			18,589			19,365			19,700
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		55,527			57,023			58,976			59,397			60,819
Held-for-sale, principally at estimated fair value		2,650			2,840			3,321			2,435			2,805

Mortgage loans, net		58,177			59,863			62,297			61,832			63,624
Policy loans		10,047			10,089			11,761			11,872			11,858
Real estate and real estate joint ventures		6,841			6,990			8,030			8,042			8,234
Other limited partnership interests		5,856			5,948			6,416			6,409			6,453
Short-term investments, principally at estimated fair value		9,704			11,587			9,384			8,822			12,419
Other invested assets, principally at estimated fair value		15,571			16,558			15,430			13,693			14,900

Total investments		356,289			376,115			460,306			467,283			482,170
Cash and cash equivalents, principally at estimated fair value (1)		10,664			14,479			12,957			10,692			9,628
Accrued investment income		3,202			3,422			4,328			4,478			4,341
Premiums, reinsurance and other receivables		18,160			18,639			19,799			20,315			21,070
Deferred policy acquisition costs and value of business acquired		17,539			17,272			27,092			27,979			28,241
Current income tax recoverable		255			193			—			—			—
Goodwill		5,037			4,966			11,781			11,946			12,036
Other assets		6,694			6,894			8,174			9,321			8,246
Assets of subsidiaries held-for-sale		2,875			3,091			3,331			3,413			3,369
Separate account assets		153,192			172,184			183,138			195,914			202,382

Total assets	$	573,907		$	617,255		$	730,906		$	751,341		$	771,483

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	138,076		$	141,331		$	170,912		$	172,987		$	176,353
Policyholder account balances		142,623			145,133			210,757			214,641			217,597
Other policy-related balances		8,611			8,861			15,750			15,641			15,456
Policyholder dividends payable		775			834			830			820			853
Policyholder dividend obligation		1,080			2,014			876			793			1,281
Payables for collateral under securities loaned and other transactions		29,772			31,891			27,272			28,625			30,079
Bank deposits		9,790			9,362			10,316			9,313			10,022
Short-term debt		879			2,057			306			572			102
Long-term debt (1)		20,647			24,512			27,586			27,604			28,269
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			3,192
Current income tax payable		—			—			297			113			133
Deferred income tax liability		2,017			3,521			1,856			2,238			3,764
Other liabilities		15,593			17,435			20,366			20,037			19,707
Liabilities of subsidiaries held-for-sale		2,640			2,863			3,043			3,206			3,163
Separate account liabilities		153,192			172,184			183,138			195,914			202,382

Total liabilities		534,183			570,486			681,793			700,992			717,650

Redeemable noncontrolling interests in partially owned consolidated subsidiaries		—			—			117			128			124

Equity
Preferred stock, at par value		1			1			1			1			1
Convertible preferred stock, at par value		—			—			—			—			—
Common stock, at par value		8			9			10			11			11
Additional paid-in capital		16,896			20,451			26,423			26,668			26,714
Retained earnings		21,820			22,096			21,363			22,193			23,399
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		822			4,030			1,000			1,115			3,356

Total MetLife, Inc.’s stockholders’ equity		39,375			46,415			48,625			49,816			53,309
Noncontrolling interests		349			354			371			405			400

Total equity		39,724			46,769			48,996			50,221			53,709

Total liabilities and equity	$	573,907		$	617,255		$	730,906		$	751,341		$	771,483


(1)		At June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, $7,391 million, $7,371 million, $7,080 million, $6,991 million and $6,865 million, respectively, of assets and $7,129 million, $7,075 million, $6,820 million, $6,684 million and $6,547 million, respectively, of liabilities are included related to certain securitization entities that are VIEs and are required to be consolidated under GAAP. See pages 36 and 37, note 3 for the amounts by asset category.

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011


OPERATING REVENUES
Premiums		$	6,584		$	6,484		$	7,215		$	8,554		$	9,294
Universal life and investment-type product policy fees			1,423			1,398			1,638			1,834			1,910
Net investment income			4,120			4,314			4,524			4,869			5,093
Other revenues			544			624			647			567			588

Total operating revenues			12,671			12,820			14,024			15,824			16,885


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,377			7,291			7,623			8,446			9,285
Interest credited to policyholder account balances			1,047			1,259			1,246			1,481			1,511
Interest credited to bank deposits			36			33			29			23			23
Capitalization of DAC			(756	)		(766	)		(1,044	)		(1,569	)		(1,698	)
Amortization of DAC and VOBA			702			591			890			1,123			1,253
Amortization of negative VOBA			—			—			(57	)		(164	)		(164	)
Interest expense on debt			266			294			315			323			328
Other expenses			2,698			2,710			3,341			4,098			4,407

Total operating expenses			11,370			11,412			12,343			13,761			14,945


Operating earnings before provision for income tax			1,301			1,408			1,681			2,063			1,940
Provision for income tax expense (benefit)			356			420			442			615			580

Operating earnings			945			988			1,239			1,448			1,360
Preferred stock dividends			31			30			31			30			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	914		$	958		$	1,208		$	1,418		$	1,329


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP (1)

Operating earnings		$	945		$	988		$	1,239		$	1,448		$	1,360
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(14	)		(342	)		(84	)		(99	)		(155	)
Net derivative gains (losses)			1,481			(244	)		(1,543	)		(315	)		352
Universal life and investment-type product policy fees			59			54			51			55			59
Net investment income			(59	)		52			243			447			5
Other revenues			—			—			—			(1	)		4
Policyholder benefits and claims and policyholder dividends			59			(409	)		(188	)		(157	)		(208	)
Interest credited to policyholder account balances			(1	)		(5	)		(219	)		(443	)		69
Amortization of DAC and VOBA			(312	)		18			231			67			(128	)
Amortization of negative VOBA			—			—			7			19			19
Interest expense on debt			(103	)		(103	)		(99	)		(92	)		(92	)
Other expenses			(48	)		(42	)		(99	)		(62	)		(145	)
Provision for income tax (expense) benefit			(471	)		351			528			187			61

Income (loss) from continuing operations, net of income tax			1,536			318			67			1,054			1,201
Income (loss) from discontinued operations, net of income tax			11			2			18			(41	)		29

Net income (loss)			1,547			320			85			1,013			1,230
Less: Net income (loss) attributable to noncontrolling interest			(10	)		4			3			7			(7	)

Net income (loss) attributable to MetLife, Inc.			1,557			316			82			1,006			1,237
Less: Preferred stock dividends			31			30			31			30			31
Less: Preferred stock redemption premium			—			—			—			146			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	1,526		$	286		$	51		$	830		$	1,206



Premiums, Fees and Other Revenues (Operating)		$	8,551		$	8,506		$	9,500		$	10,955		$	11,792


(1)		See Appendix, page 41, for detail line item adjustments.

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended June 30, 2011
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	9,294		$	6,037		$	3,255		$	2
Universal life and investment-type product policy fees		1,910			1,245			665			—
Net investment income		5,093			3,740			1,056			297
Other revenues		588			347			39			202

Total operating revenues		16,885			11,369			5,015			501


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,285			7,047			2,237			1
Interest credited to policyholder account balances		1,511			971			540			—
Interest credited to bank deposits		23			—			—			23
Capitalization of DAC		(1,698	)		(737	)		(961	)		—
Amortization of DAC and VOBA		1,253			570			683			—
Amortization of negative VOBA		(164	)		—			(164	)		—
Interest expense on debt		328			3			—			325
Other expenses		4,407			2,138			1,932			337

Total operating expenses		14,945			9,992			4,267			686


Operating earnings before provision for income tax		1,940			1,377			748			(185	)
Provision for income tax expense (benefit)		580			469			241			(130	)

Operating earnings		1,360			908			507			(55	)
Preferred stock dividends		31			—			—			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,329		$	908		$	507		$	(86	)


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

Operating earnings	$	1,360		$	908		$	507		$	(55	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(155	)		27			(80	)		(102	)
Net derivative gains (losses)		352			477			(126	)		1
Universal life and investment-type product policy fees		59			59			—			—
Net investment income		5			(52	)		(41	)		98
Other revenues		4			—			4			—
Policyholder benefits and claims and policyholder dividends		(208	)		(24	)		(184	)		—
Interest credited to policyholder account balances		69			(8	)		77			—
Amortization of DAC and VOBA		(128	)		(128	)		—			—
Amortization of negative VOBA		19			—			19			—
Interest expense on debt		(92	)		—			—			(92	)
Other expenses		(145	)		1			(47	)		(99	)
Provision for income tax (expense) benefit		61			(124	)		118			67

Income (loss) from continuing operations, net of income tax		1,201			1,136			247			(182	)
Income (loss) from discontinued operations, net of income tax		29			27			1			1

Net income (loss)		1,230			1,163			248			(181	)
Less: Net income (loss) attributable to noncontrolling interest		(7	)		—			(2	)		(5	)

Net income (loss) attributable to MetLife, Inc.		1,237			1,163			250			(176	)
Less: Preferred stock dividends		31			—			—			31
Less: Preferred stock redemption premium		—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,206		$	1,163		$	250		$	(207	)



Premiums, Fees and Other Revenues (Operating)	$	11,792		$	7,629		$	3,959		$	204

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



	For the Three Months Ended June 30, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	6,584		$	5,764		$	817		$	3
Universal life and investment-type product policy fees		1,423			1,111			312			—
Net investment income		4,120			3,623			274			223
Other revenues		544			309			4			231

Total operating revenues		12,671			10,807			1,407			457


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		7,377			6,628			751			(2	)
Interest credited to policyholder account balances		1,047			1,006			41			—
Interest credited to bank deposits		36			—			—			36
Capitalization of DAC		(756	)		(599	)		(157	)		—
Amortization of DAC and VOBA		702			593			109			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		266			2			2			262
Other expenses		2,698			1,948			477			273

Total operating expenses		11,370			9,578			1,223			569


Operating earnings before provision for income tax		1,301			1,229			184			(112	)
Provision for income tax expense (benefit)		356			416			42			(102	)

Operating earnings		945			813			142			(10	)
Preferred stock dividends		31			—			—			31

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	914		$	813		$	142		$	(41	)


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

Operating earnings	$	945		$	813		$	142		$	(10	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(14	)		83			5			(102	)
Net derivative gains (losses)		1,481			1,149			260			72
Universal life and investment-type product policy fees		59			59			—			—
Net investment income		(59	)		(59	)		(111	)		111
Other revenues		—			—			—			—
Policyholder benefits and claims and policyholder dividends		59			173			(114	)		—
Interest credited to policyholder account balances		(1	)		(1	)		—			—
Amortization of DAC and VOBA		(312	)		(312	)		—			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		(103	)		—			—			(103	)
Other expenses		(48	)		1			(8	)		(41	)
Provision for income tax (expense) benefit		(471	)		(389	)		(106	)		24

Income (loss) from continuing operations, net of income tax		1,536			1,517			68			(49	)
Income (loss) from discontinued operations, net of income tax		11			7			4			—

Net income (loss)		1,547			1,524			72			(49	)
Less: Net income (loss) attributable to noncontrolling interest		(10	)		1			(8	)		(3	)

Net income (loss) attributable to MetLife, Inc.		1,557			1,523			80			(46	)
Less: Preferred stock dividends		31			—			—			31
Less: Preferred stock redemption premium		—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,526		$	1,523		$	80		$	(77	)



Premiums, Fees and Other Revenues (Operating)	$	8,551		$	7,184		$	1,133		$	234

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



	For the Year-to-Date Period Ended June 30, 2011
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	17,848		$	11,461		$	6,383		$	4
Universal life and investment-type product policy fees		3,744			2,449			1,295			—
Net investment income		9,962			7,419			1,916			627
Other revenues		1,155			690			81			384

Total operating revenues		32,709			22,019			9,675			1,015


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		17,731			13,440			4,288			3
Interest credited to policyholder account balances		2,992			1,940			1,052			—
Interest credited to bank deposits		46			—			—			46
Capitalization of DAC		(3,267	)		(1,387	)		(1,880	)		—
Amortization of DAC and VOBA		2,376			1,113			1,263			—
Amortization of negative VOBA		(328	)		—			(328	)		—
Interest expense on debt		651			5			2			644
Other expenses		8,505			4,153			3,704			648

Total operating expenses		28,706			19,264			8,101			1,341


Operating earnings before provision for income tax		4,003			2,755			1,574			(326	)
Provision for income tax expense (benefit)		1,195			939			500			(244	)

Operating earnings		2,808			1,816			1,074			(82	)
Preferred stock dividends		61			—			—			61

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,747		$	1,816		$	1,074		$	(143	)


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

Operating earnings	$	2,808		$	1,816		$	1,074		$	(82	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(254	)		85			(239	)		(100	)
Net derivative gains (losses)		37			174			(58	)		(79	)
Universal life and investment-type product policy fees		114			114			—			—
Net investment income		452			(95	)		351			196
Other revenues		3			—			3			—
Policyholder benefits and claims and policyholder dividends		(365	)		(163	)		(202	)		—
Interest credited to policyholder account balances		(374	)		(16	)		(358	)		—
Amortization of DAC and VOBA		(61	)		(61	)		—			—
Amortization of negative VOBA		38			—			38			—
Interest expense on debt		(184	)		—			—			(184	)
Other expenses		(207	)		1			(46	)		(162	)
Provision for income tax (expense) benefit		248			(14	)		151			111

Income (loss) from continuing operations, net of income tax		2,255			1,841			714			(300	)
Income (loss) from discontinued operations, net of income tax		(12	)		47			(60	)		1

Net income (loss)		2,243			1,888			654			(299	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			5			(5	)

Net income (loss) attributable to MetLife, Inc.		2,243			1,888			649			(294	)
Less: Preferred stock dividends		61			—			—			61
Less: Preferred stock redemption premium		146			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,036		$	1,888		$	649		$	(501	)



Premiums, Fees and Other Revenues (Operating)	$	22,747		$	14,600		$	7,759		$	388

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



	For the Year-to-Date Period Ended June 30, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	13,372		$	11,725		$	1,644		$	3
Universal life and investment-type product policy fees		2,781			2,180			601			—
Net investment income		8,391			7,223			702			466
Other revenues		1,057			608			5			444

Total operating revenues		25,601			21,736			2,952			913


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		15,058			13,549			1,516			(7	)
Interest credited to policyholder account balances		2,192			2,001			191			—
Interest credited to bank deposits		75			—			—			75
Capitalization of DAC		(1,489	)		(1,151	)		(338	)		—
Amortization of DAC and VOBA		1,321			1,112			209			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		530			4			3			523
Other expenses		5,327			3,797			983			547

Total operating expenses		23,014			19,312			2,564			1,138


Operating earnings before provision for income tax		2,587			2,424			388			(225	)
Provision for income tax expense (benefit)		748			820			99			(171	)

Operating earnings		1,839			1,604			289			(54	)
Preferred stock dividends		61			—			—			61

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,778		$	1,604		$	289		$	(115	)


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

Operating earnings	$	1,839		$	1,604		$	289		$	(54	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		18			157			(29	)		(110	)
Net derivative gains (losses)		1,522			1,203			266			53
Universal life and investment-type product policy fees		106			106			—			—
Net investment income		(10	)		(111	)		(124	)		225
Other revenues		—			—			—			—
Policyholder benefits and claims and policyholder dividends		(101	)		32			(133	)		—
Interest credited to policyholder account balances		2			2			—			—
Amortization of DAC and VOBA		(290	)		(290	)		—			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		(209	)		—			—			(209	)
Other expenses		(78	)		2			(11	)		(69	)
Provision for income tax (expense) benefit		(435	)		(394	)		(82	)		41

Income (loss) from continuing operations, net of income tax		2,364			2,311			176			(123	)
Income (loss) from discontinued operations, net of income tax		17			10			7			—

Net income (loss)		2,381			2,321			183			(123	)
Less: Net income (loss) attributable to noncontrolling interest		(11	)		1			(10	)		(2	)

Net income (loss) attributable to MetLife, Inc.		2,392			2,320			193			(121	)
Less: Preferred stock dividends		61			—			—			61
Less: Preferred stock redemption premium		—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,331		$	2,320		$	193		$	(182	)



Premiums, Fees and Other Revenues (Operating)	$	17,210		$	14,513		$	2,250		$	447

METLIFE, INC.

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



	For the Three Months Ended
	June 30,			September 30,			December 31,		March 31,			June 30,
Unaudited (In millions)	2010			2010			2010		2011			2011


U.S. BUSINESS

INSURANCE PRODUCTS	$	369		$	345		$	309	$	350		$	449

RETIREMENT PRODUCTS		136			238			228		212			201

CORPORATE BENEFIT FUNDING		235			182			283		289			314

AUTO & HOME		73			81			74		57			(56	)


U.S. BUSINESS TOTAL	$	813		$	846		$	894	$	908		$	908

INTERNATIONAL

JAPAN		—			—			94		290			245

OTHER INTERNATIONAL REGIONS		142			189			208		277			262


INTERNATIONAL TOTAL	$	142		$	189		$	302	$	567		$	507

BANKING, CORPORATE & OTHER		(41	)		(77	)		12		(57	)		(86	)


METLIFE, INC. CONSOLIDATED	$	914		$	958		$	1,208	$	1,418		$	1,329


(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 11, (ii) Retirement Products, page 18, (iii) Corporate Benefit Funding, page 22, (iv) Auto & Home, page 26, (v) Japan, page 30, (vi) All Other International Regions, page 31, and (vi) Banking, Corporate & Other, page 32. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) for MetLife, Inc. appears on page 5.

U.S. BUSINESS
INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	4,317		$	4,234		$	4,326		$	4,192		$	4,268		$	8,640		$	8,460
Universal life and investment-type product policy fees		546			539			613			564			565			1,095			1,129
Net investment income		1,495			1,515			1,554			1,529			1,572			2,999			3,101
Other revenues		188			185			199			200			204			377			404

Total operating revenues		6,546			6,473			6,692			6,485			6,609			13,111			13,094


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		4,721			4,685			4,822			4,665			4,634			9,568			9,299
Interest credited to policyholder account balances		237			243			249			241			246			471			487
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(217	)		(204	)		(214	)		(216	)		(214	)		(423	)		(430	)
Amortization of DAC and VOBA		206			221			300			231			214			445			445
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			1			—			—			—			—
Other expenses		1,031			998			1,059			1,025			1,038			2,023			2,063

Total operating expenses		5,978			5,943			6,217			5,946			5,918			12,084			11,864


Operating earnings before provision for income tax		568			530			475			539			691			1,027			1,230
Provision for income tax expense (benefit)		199			185			166			189			242			360			431

Operating earnings		369			345			309			350			449			667			799
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	369		$	345		$	309		$	350		$	449		$	667		$	799


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

Operating earnings	$	369		$	345		$	309		$	350		$	449		$	667		$	799
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(4	)		69			25			37			3			9			40
Net derivative gains (losses)		605			86			(496	)		(169	)		261			625			92
Universal life and investment-type product policy fees		7			—			(5	)		(3	)		1			6			(2	)
Net investment income		(37	)		(36	)		(41	)		(49	)		(55	)		(73	)		(104	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		1			(5	)		—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(40	)		(28	)		(12	)		—			(4	)		(50	)		(4	)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			1			—			—			—			—
Provision for income tax (expense) benefit		(187	)		(30	)		183			65			(73	)		(182	)		(8	)

Income (loss) from continuing operations, net of income tax		714			401			(36	)		231			582			1,002			813
Income (loss) from discontinued operations, net of income tax		1			—			2			20			7			2			27

Net income (loss)		715			401			(34	)		251			589			1,004			840
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		715			401			(34	)		251			589			1,004			840
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	715		$	401		$	(34	)	$	251		$	589		$	1,004		$	840



Premiums, Fees and Other Revenues (Operating)	$	5,051		$	4,958		$	5,138		$	4,956		$	5,037		$	10,112		$	9,993

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-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except ratios)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	1,841		$	1,775		$	1,735		$	1,765		$	1,818		$	3,712		$	3,583
Universal life and investment-type product policy fees		149			159			156			159			155			301			314
Net investment income		204			209			206			200			205			411			405
Other revenues		1			2			—			2			1			4			3

Total operating revenues		2,195			2,145			2,097			2,126			2,179			4,428			4,305


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,793			1,781			1,746			1,768			1,726			3,658			3,494
Interest credited to policyholder account balances		43			44			42			40			42			87			82
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(4	)		(3	)		(4	)		(5	)		(4	)		(8	)		(9	)
Amortization of DAC and VOBA		4			4			2			3			5			9			8
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		145			143			160			140			141			286			281

Total operating expenses		1,981			1,969			1,946			1,946			1,910			4,032			3,856


Operating earnings before provision for income tax		214			176			151			180			269			396			449
Provision for income tax expense (benefit)		75			61			53			63			94			139			157

Operating earnings		139			115			98			117			175			257			292
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	139		$	115		$	98		$	117		$	175		$	257		$	292


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

Operating earnings	$	139		$	115		$	98		$	117		$	175		$	257		$	292
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(6	)		15			(2	)		3			(6	)		(4	)		(3	)
Net derivative gains (losses)		58			(1	)		(9	)		(22	)		36			81			14
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(18	)		(17	)		(18	)		(18	)		(21	)		(36	)		(39	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(12	)		1			10			13			(3	)		(14	)		10

Income (loss) from continuing operations, net of income tax		161			113			79			93			181			284			274
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		161			113			79			93			181			284			274
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		161			113			79			93			181			284			274
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	161		$	113		$	79		$	93		$	181		$	284		$	274



Premiums, Fees and Other Revenues (Operating)	$	1,991		$	1,936		$	1,891		$	1,926		$	1,974		$	4,017		$	3,900



Group Life Mortality Ratio		86.6	%		89.0	%		89.7	%		88.2	%		82.1	%

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-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except ratios)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	1,004		$	988		$	1,113		$	951		$	988		$	1,971		$	1,939
Universal life and investment-type product policy fees		397			380			457			405			410			794			815
Net investment income		1,066			1,086			1,116			1,097			1,119			2,152			2,216
Other revenues		100			94			110			107			112			194			219

Total operating revenues		2,567			2,548			2,796			2,560			2,629			5,111			5,189


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,636			1,608			1,750			1,603			1,628			3,263			3,231
Interest credited to policyholder account balances		188			195			203			198			201			373			399
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(171	)		(162	)		(172	)		(166	)		(171	)		(330	)		(337	)
Amortization of DAC and VOBA		169			186			259			192			173			367			365
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			1			—			—			—			—
Other expenses		528			507			527			525			545			1,044			1,070

Total operating expenses		2,350			2,334			2,568			2,352			2,376			4,717			4,728


Operating earnings before provision for income tax		217			214			228			208			253			394			461
Provision for income tax expense (benefit)		76			75			79			73			89			138			162

Operating earnings		141			139			149			135			164			256			299
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	141		$	139		$	149		$	135		$	164		$	256		$	299


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

Operating earnings	$	141		$	139		$	149		$	135		$	164		$	256		$	299
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		—			21			28			25			1			17			26
Net derivative gains (losses)		176			(28	)		(115	)		(70	)		81			165			11
Universal life and investment-type product policy fees		7			—			(5	)		(3	)		1			6			(2	)
Net investment income		(13	)		(10	)		(14	)		(17	)		(18	)		(24	)		(35	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(40	)		(28	)		(12	)		—			(4	)		(50	)		(4	)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			1			—			—			—			—
Provision for income tax (expense) benefit		(46	)		16			40			23			(22	)		(41	)		1

Income (loss) from continuing operations, net of income tax		225			110			72			93			203			329			296
Income (loss) from discontinued operations, net of income tax		1			—			2			20			7			2			27

Net income (loss)		226			110			74			113			210			331			323
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		226			110			74			113			210			331			323
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	226		$	110		$	74		$	113		$	210		$	331		$	323



Premiums, Fees and Other Revenues (Operating)	$	1,501		$	1,462		$	1,680		$	1,463		$	1,510		$	2,959		$	2,973



Mortality as a Percentage of Expected		80.4	%		86.7	%		82.9	%		92.5	%		84.4	%



Lapse Ratio
Traditional Life		6.4	%		6.2	%		6.4	%		6.5	%		6.6	%
Variable & Universal Life		5.9	%		5.9	%		6.1	%		6.0	%		5.8	%

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-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except ratios)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	1,472		$	1,471		$	1,478		$	1,476		$	1,462		$	2,957		$	2,938
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		225			220			232			232			248			436			480
Other revenues		87			89			89			91			91			179			182

Total operating revenues		1,784			1,780			1,799			1,799			1,801			3,572			3,600


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,292			1,296			1,326			1,294			1,280			2,647			2,574
Interest credited to policyholder account balances		6			4			4			3			3			11			6
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(42	)		(39	)		(38	)		(45	)		(39	)		(85	)		(84	)
Amortization of DAC and VOBA		33			31			39			36			36			69			72
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		358			348			372			360			352			693			712

Total operating expenses		1,647			1,640			1,703			1,648			1,632			3,335			3,280


Operating earnings before provision for income tax		137			140			96			151			169			237			320
Provision for income tax expense (benefit)		48			49			34			53			59			83			112

Operating earnings		89			91			62			98			110			154			208
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	89		$	91		$	62		$	98		$	110		$	154		$	208


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

Operating earnings	$	89		$	91		$	62		$	98		$	110		$	154		$	208
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		2			33			(1	)		9			8			(4	)		17
Net derivative gains (losses)		371			115			(372	)		(77	)		144			379			67
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(6	)		(9	)		(9	)		(14	)		(16	)		(13	)		(30	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		1			(5	)		—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(129	)		(47	)		133			29			(48	)		(127	)		(19	)

Income (loss) from continuing operations, net of income tax		328			178			(187	)		45			198			389			243
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		328			178			(187	)		45			198			389			243
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		328			178			(187	)		45			198			389			243
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	328		$	178		$	(187	)	$	45		$	198		$	389		$	243



Premiums, Fees and Other Revenues (Operating)	$	1,559		$	1,560		$	1,567		$	1,567		$	1,553		$	3,136		$	3,120



Non-Medical Health Benefit Ratio		87.8	%		88.0	%		89.7	%		87.7	%		87.5	%

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
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	12,060		$	12,017		$	12,005		$	11,892		$	11,963
Premiums and deposits		3,515			3,509			3,292			3,418			3,038
Surrenders and withdrawals		(1,442	)		(1,495	)		(1,423	)		(1,379	)		(1,231	)
Benefit payments		(1,923	)		(1,921	)		(1,900	)		(1,888	)		(1,844	)

Net Flows		150			93			(31	)		151			(37	)
Net transfers from (to) separate account		1			1			—			2			2
Interest		75			72			73			67			69
Policy charges		(126	)		(125	)		(123	)		(120	)		(133	)
Other		(143	)		(53	)		(32	)		(29	)		(120	)

Balance, end of period	$	12,017		$	12,005		$	11,892		$	11,963		$	11,744


INDIVIDUAL LIFE
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	74,387		$	74,844		$	75,300		$	76,264		$	76,713
Premiums and deposits		2,002			2,059			2,181			2,108			2,055
Surrenders and withdrawals		(919	)		(936	)		(944	)		(943	)		(895	)
Benefit payments		(588	)		(616	)		(621	)		(678	)		(627	)

Net Flows		495			507			616			487			533
Net transfers from (to) separate account		29			37			32			23			36
Interest		747			756			766			765			767
Policy charges		(401	)		(408	)		(414	)		(419	)		(428	)
Other		(413	)		(436	)		(36	)		(407	)		(414	)

Balance, end of period	$	74,844		$	75,300		$	76,264		$	76,713		$	77,207


NON-MEDICAL HEALTH
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	13,484		$	13,689		$	13,901		$	14,187		$	14,384
Premiums and deposits		1,502			1,747			1,500			1,504			1,488
Surrenders and withdrawals		(5	)		(255	)		(3	)		(3	)		(3	)
Benefit payments		(1,119	)		(1,083	)		(1,093	)		(1,136	)		(1,116	)

Net Flows		378			409			404			365			369
Net transfers from (to) separate account		—			—			—			—			—
Interest		152			150			157			157			161
Policy charges		—			—			—			—			—
Other		(325	)		(347	)		(275	)		(325	)		(333	)

Balance, end of period	$	13,689		$	13,901		$	14,187		$	14,384		$	14,581

SEPARATE ACCOUNT LIABILITIES


GROUP LIFE
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	450		$	411		$	456		$	491		$	516
Premiums and deposits		44			47			45			50			47
Surrenders and withdrawals		(8	)		(8	)		(14	)		(10	)		(7	)
Benefit payments		—			—			(1	)		—			—

Net Flows		36			39			30			40			40
Investment performance		(40	)		42			40			24			—
Net transfers from (to) general account		(2	)		(1	)		—			(2	)		(2	)
Policy charges		(33	)		(35	)		(35	)		(37	)		(38	)
Other		—			—			—			—			—

Balance, end of period	$	411		$	456		$	491		$	516		$	516


INDIVIDUAL LIFE
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	8,682		$	7,915		$	8,576		$	9,076		$	9,368
Premiums and deposits		197			193			190			193			184
Surrenders and withdrawals		(141	)		(116	)		(153	)		(139	)		(131	)
Benefit payments		(9	)		(10	)		(9	)		(12	)		(14	)

Net Flows		47			67			28			42			39
Investment performance		(643	)		764			652			413			69
Net transfers from (to) general account		(29	)		(37	)		(32	)		(23	)		(36	)
Policy charges		(141	)		(140	)		(139	)		(139	)		(139	)
Other		(1	)		7			(9	)		(1	)		—

Balance, end of period	$	7,915		$	8,576		$	9,076		$	9,368		$	9,301

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT


OTHER EXPENSES
	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2010		2010		2010		2011		2011


Direct and allocated expenses	$	570	$	555	$	593	$	581	$	584
Pension and post-retirement benefit costs		52		52		52		51		51
Premium taxes, other taxes, and licenses & fees		78		76		81		71		73

Total fixed operating expenses	$	700	$	683	$	726	$	703	$	708


Commissions and other variable expenses		331		315		333		322		330


Total other expenses	$	1,031	$	998	$	1,059	$	1,025	$	1,038


INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2010		2010		2010		2011		2011


Individual Life Sales
Term Life	$	35	$	32	$	32	$	30	$	33
Whole Life		29		28		29		27		30
Variable Life		10		9		8		9		11
Universal Life		44		48		61		57		54

Total Individual Life sales (2)	$	118	$	117	$	130	$	123	$	128


(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 $128 million of Individual Life sales during the three months ended June 30, 2011, approximately 40% were distributed through MetLife agents, 14% through New England Financial agents, 42% through MetLife’s third party channels and 4% through other channels.

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2010			2010			2010			2011			2011

Investment income yield			5.32	%		5.54	%		5.40	%		5.52	%		5.73	%
Average crediting rate			2.13	%		2.08	%		2.06	%		2.01	%		2.07	%

Annualized general account spread			3.19	%		3.46	%		3.34	%		3.51	%		3.66	%

VARIABLE & UNIVERSAL LIFE


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2010			2010			2010			2011			2011

Investment income yield			6.24	%		6.30	%		6.44	%		6.72	%		6.57	%
Average crediting rate			4.43	%		4.48	%		4.63	%		4.53	%		4.47	%

Annualized general account spread (1)			1.81	%		1.82	%		1.81	%		2.19	%		2.10	%

NON-MEDICAL HEALTH


	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2010			2010			2010			2011			2011

Investment income yield			6.23	%		5.96	%		6.38	%		6.19	%		6.53	%
Average crediting rate			4.80	%		4.78	%		4.72	%		4.70	%		4.70	%

Annualized general account spread			1.43	%		1.18	%		1.66	%		1.49	%		1.83	%


(1)		Represents the annualized 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


	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except ratios)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	250		$	227		$	145		$	206		$	240		$	503		$	446
Universal life and investment-type product policy fees		509			500			550			586			622			974			1,208
Net investment income		842			856			845			786			792			1,694			1,578
Other revenues		54			56			61			75			75			103			150

Total operating revenues		1,655			1,639			1,601			1,653			1,729			3,274			3,382


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		422			378			280			375			402			829			777
Interest credited to policyholder account balances		405			394			407			393			395			811			788
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(262	)		(270	)		(301	)		(317	)		(400	)		(496	)		(717	)
Amortization of DAC and VOBA		272			153			214			198			238			441			436
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			2			(1	)		—			1			2			1
Other expenses		607			615			653			678			784			1,169			1,462

Total operating expenses		1,445			1,272			1,252			1,327			1,420			2,756			2,747


Operating earnings before provision for income tax		210			367			349			326			309			518			635
Provision for income tax expense (benefit)		74			129			121			114			108			181			222

Operating earnings		136			238			228			212			201			337			413
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	136		$	238		$	228		$	212		$	201		$	337		$	413


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

Operating earnings	$	136		$	238		$	228		$	212		$	201		$	337		$	413
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		70			5			43			9			42			91			51
Net derivative gains (losses)		418			116			(392	)		(7	)		271			511			264
Universal life and investment-type product policy fees		52			54			56			58			58			100			116
Net investment income		(67	)		(68	)		(47	)		(38	)		(33	)		(134	)		(71	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		209			(235	)		(230	)		(147	)		(12	)		73			(159	)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(272	)		46			243			67			(124	)		(240	)		(57	)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			1			—			—			—			—
Provision for income tax (expense) benefit		(145	)		28			109			20			(71	)		(141	)		(51	)

Income (loss) from continuing operations, net of income tax		401			184			11			174			332			597			506
Income (loss) from discontinued operations, net of income tax		—			1			—			—			—			—			—

Net income (loss)		401			185			11			174			332			597			506
Less: Net income (loss) attributable to noncontrolling interest		—			—			1			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		401			185			10			174			332			597			506
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	401		$	185		$	10		$	174		$	332		$	597		$	506



Premiums, Fees and Other Revenues (Operating)	$	813		$	783		$	756		$	867		$	937		$	1,580		$	1,804


Lapse Ratio

Fixed Annuities		6.7	%		6.3	%		6.0	%		6.2	%		6.4	%
Variable Annuities		6.8	%		7.3	%		7.3	%		7.3	%		7.4	%

U.S. BUSINESS
RETIREMENT PRODUCTS

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	54,965		$	57,356		$	57,485		$	55,346		$	54,973
Premiums and deposits (1), (2)		1,828			2,038			1,775			1,745			2,027
Surrenders and withdrawals		(834	)		(1,160	)		(999	)		(913	)		(921	)
Benefit payments		(488	)		(480	)		(469	)		(496	)		(493	)

Net Flows		506			398			307			336			613
Net transfers from (to) separate account		(689	)		(808	)		(1,131	)		(846	)		(733	)
Interest		561			547			560			545			546
Policy charges		(14	)		(13	)		(16	)		(17	)		(20	)
Other		2,027			5			(1,859	)		(391	)		296

Balance, end of period	$	57,356		$	57,485		$	55,346		$	54,973		$	55,675

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	92,603		$	87,367		$	97,587		$	107,335		$	114,569
Premiums and deposits (1)		3,348			3,312			3,978			4,564			5,703
Surrenders and withdrawals		(1,622	)		(1,813	)		(1,851	)		(2,106	)		(2,330	)
Benefit payments		(193	)		(183	)		(205	)		(206	)		(219	)

Net Flows		1,533			1,316			1,922			2,252			3,154
Investment performance		(7,004	)		8,549			7,191			4,664			655
Net transfers from (to) general account		689			808			1,131			846			733
Policy charges		(454	)		(453	)		(496	)		(529	)		(589	)
Other		—			—			—			1			—

Balance, end of period	$	87,367		$	97,587		$	107,335		$	114,569		$	118,522


(1)		Includes company sponsored internal exchanges.

(2)		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

OTHER EXPENSES


	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2010		2010		2010		2011		2011


Direct and allocated expenses	$	189	$	185	$	180	$	181	$	198
Pension and post-retirement benefit costs		22		21		21		20		20
Premium taxes, other taxes, and licenses & fees		8		8		6		7		7

Total fixed operating expenses	$	219	$	214	$	207	$	208	$	225


Commissions and other variable expenses		388		401		446		470		559


Total other expenses	$	607	$	615	$	653	$	678	$	784

INDIVIDUAL ANNUITY SALES BY PRODUCT (1)


	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (in millions)	2010		2010		2010		2011		2011


Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales	$	472	$	472	$	383	$	362	$	376
Variable annuity sales		4,498		4,662		5,129		5,691		6,971

Total annuity sales (2)	$	4,970	$	5,134	$	5,512	$	6,053	$	7,347


Separate Account and General Account
Separate Accounts

Total variable annuities separate accounts	$	3,218	$	3,178	$	3,809	$	4,384	$	5,398

General Accounts
Fixed annuity		472		472		383		362		376
Variable annuity		1,280		1,484		1,320		1,307		1,573

Total general accounts		1,752		1,956		1,703		1,669		1,949

Total premiums and deposits	$	4,970	$	5,134	$	5,512	$	6,053	$	7,347

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

(2)		Of the $7,347 million of Annuity Sales during the three months ended June 30, 2011, approximately 15% were distributed through MetLife agents, 5% through New England Financial agents, 73% through MetLife’s third party channels, 5% 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
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited	2010			2010			2010			2011			2011


Investment income yield		6.07	%		6.36	%		6.47	%		6.17	%		6.11	%
Average crediting rate		3.69	%		3.68	%		3.65	%		3.58	%		3.54	%

Annualized general account spread		2.38	%		2.68	%		2.82	%		2.59	%		2.57	%

U.S. BUSINESS

CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums	$	474		$	402		$	391		$	291		$	781		$	1,145		$	1,072
Universal life and investment-type product policy fees		56			58			57			54			58			111			112
Net investment income		1,234			1,216			1,313			1,311			1,325			2,425			2,636
Other revenues		59			59			65			60			61			122			121

Total operating revenues		1,823			1,735			1,826			1,716			2,225			3,803			3,941


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		979			963			926			821			1,292			2,152			2,113
Interest credited to policyholder account balances		364			380			346			335			330			719			665
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(3	)		(6	)		(2	)		(12	)		(6	)		(11	)		(18	)
Amortization of DAC and VOBA		4			4			4			5			5			8			10
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			1			3			2			2			2			4
Other expenses		117			113			114			119			118			233			237

Total operating expenses		1,462			1,455			1,391			1,270			1,741			3,103			3,011


Operating earnings before provision for income tax		361			280			435			446			484			700			930
Provision for income tax expense (benefit)		126			98			152			157			170			245			327

Operating earnings		235			182			283			289			314			455			603
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	235		$	182		$	283		$	289		$	314		$	455		$	603


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	235		$	182		$	283		$	289		$	314		$	455		$	603
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		16			54			65			12			(12	)		57			—
Net derivative gains (losses)		129			(193	)		(39	)		(127	)		(52	)		70			(179	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		45			47			48			44			36			96			80
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(37	)		(31	)		30			8			(12	)		(41	)		(4	)
Interest credited to policyholder account balances		(1	)		(5	)		(8	)		(8	)		(8	)		2			(16	)
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		1			—			1			—			1			2			1
Provision for income tax (expense) benefit		(58	)		46			(28	)		25			17			(72	)		42

Income (loss) from continuing operations, net of income tax		330			100			352			243			284			569			527
Income (loss) from discontinued operations, net of income tax		6			2			3			—			20			8			20

Net income (loss)		336			102			355			243			304			577			547
Less: Net income (loss) attributable to noncontrolling interest		1			—			1			—			—			1			—

Net income (loss) attributable to MetLife, Inc.		335			102			354			243			304			576			547
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	335		$	102		$	354		$	243		$	304		$	576		$	547



Premiums, Fees and Other Revenues (Operating)	$	589		$	519		$	513		$	405		$	900		$	1,378		$	1,305

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	95,796		$	95,475		$	97,929		$	96,960		$	98,689
Premiums and deposits		12,013			12,351			13,947			16,668			11,052
Surrenders and withdrawals		(13,432	)		(11,707	)		(13,124	)		(14,789	)		(10,718	)
Benefit payments		(702	)		(774	)		(707	)		(713	)		(711	)

Net Flows		(2,121	)		(130	)		116			1,166			(377	)
Net transfers from (to) separate account		(59	)		(98	)		(12	)		(4	)		(4	)
Interest		984			1,002			982			970			961
Policy charges		(34	)		(30	)		(25	)		(34	)		(34	)
Other		909			1,710			(2,030	)		(369	)		512

Balance, end of period	$	95,475		$	97,929		$	96,960		$	98,689		$	99,747

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Balance, beginning of period	$	48,781		$	49,885		$	56,670		$	56,571		$	61,004
Premiums and deposits		1,240			4,835			1,811			4,177			2,854
Surrenders and withdrawals		(1,250	)		(1,637	)		(1,189	)		(1,255	)		(1,404	)
Benefit payments		(17	)		(9	)		(15	)		(68	)		(23	)

Net Flows		(27	)		3,189			607			2,854			1,427
Investment performance		505			2,062			205			758			1,012
Net transfers from (to) general account		59			98			12			4			4
Policy charges		(50	)		(57	)		(61	)		(67	)		(61	)
Other		617			1,493			(862	)		884			(191	)

Balance, end of period	$	49,885		$	56,670		$	56,571		$	61,004		$	63,195

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY


	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2010		2010		2010		2011		2011


Direct and allocated expenses	$	64	$	54	$	65	$	64	$	64
Pension and post-retirement benefit costs		11		12		11		11		11
Premium taxes, other taxes, and licenses & fees		5		5		1		6		5

Total fixed operating expenses	$	80	$	71	$	77	$	81	$	80


Commissions and other variable expenses		37		42		37		38		38


Total other expenses	$	117	$	113	$	114	$	119	$	118

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD


CORPORATE BENEFIT FUNDING	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited	2010			2010			2010			2011			2011


Investment income yield		5.16	%		5.19	%		5.39	%		5.31	%		5.27	%
Average crediting rate		4.04	%		4.16	%		3.83	%		3.74	%		3.66	%

Annualized general account spread		1.12	%		1.03	%		1.56	%		1.57	%		1.61	%

U.S. BUSINESS
AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums (1)	$	723		$	740		$	746		$	735		$	748		$	1,437		$	1,483
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		52			51			53			53			51			105			104
Other revenues		8			8			8			8			7			6			15

Total operating revenues		783			799			807			796			806			1,548			1,602


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		506			506			515			532			719			1,000			1,251
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(117	)		(118	)		(109	)		(105	)		(117	)		(221	)		(222	)
Amortization of DAC and VOBA		111			110			111			109			113			218			222
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		193			200			197			193			198			372			391

Total operating expenses		693			698			714			729			913			1,369			1,642


Operating earnings before provision for income tax		90			101			93			67			(107	)		179			(40	)
Provision for income tax expense (benefit)		17			20			19			10			(51	)		34			(41	)

Operating earnings		73			81			74			57			(56	)		145			1
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	73		$	81		$	74		$	57		$	(56	)	$	145		$	1


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

Operating earnings	$	73		$	81		$	74		$	57		$	(56	)	$	145		$	1

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			(3	)		(4	)		—			(6	)		—			(6	)
Net derivative gains (losses)		(3	)		(4	)		6			—			(3	)		(3	)		(3	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		1			2			—			—			3			1			3

Income (loss) from continuing operations, net of income tax		72			76			76			57			(62	)		143			(5	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		72			76			76			57			(62	)		143			(5	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		72			76			76			57			(62	)		143			(5	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	72		$	76		$	76		$	57		$	(62	)	$	143		$	(5	)



Premiums, Fees and Other Revenues (Operating)	$	731		$	748		$	754		$	743		$	755		$	1,443		$	1,498


(1)		Premiums reflect earned premiums and policyholder benefits and claims and policyholder 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-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums (1)	$	489		$	500		$	500		$	493		$	501		$	973		$	994
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		34			32			35			34			31			68			65
Other revenues		5			5			5			5			4			9			9

Total operating revenues		528			537			540			532			536			1,050			1,068


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		320			355			375			329			358			656			687
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(76	)		(78	)		(69	)		(69	)		(77	)		(144	)		(146	)
Amortization of DAC and VOBA		74			74			70			68			76			143			144
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		127			130			129			128			128			247			256

Total operating expenses		445			481			505			456			485			902			941


Operating earnings before provision for income tax		83			56			35			76			51			148			127
Provision for income tax expense (benefit)		21			10			3			18			8			34			26

Operating earnings		62			46			32			58			43			114			101
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	62		$	46		$	32		$	58		$	43		$	114		$	101


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

Operating earnings	$	62		$	46		$	32		$	58		$	43		$	114		$	101
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			(2	)		(3	)		—			(4	)		—			(4	)
Net derivative gains (losses)		(2	)		(2	)		3			—			(2	)		(2	)		(2	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		1			1			—			—			1			1			1

Income (loss) from continuing operations, net of income tax		62			43			32			58			38			113			96
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		62			43			32			58			38			113			96
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		62			43			32			58			38			113			96
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	62		$	43		$	32		$	58		$	38		$	113		$	96



Premiums, Fees and Other Revenues (Operating)	$	494		$	505		$	505		$	498		$	505		$	982		$	1,003


(1)		Premiums reflect earned premiums and policyholder benefits and claims and policyholder 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-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


OPERATING REVENUES
Premiums (1)	$	234		$	240		$	246		$	242		$	247		$	464		$	489
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		18			19			18			19			20			37			39
Other revenues		3			3			3			3			3			(3	)		6

Total operating revenues		255			262			267			264			270			498			534


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		186			151			140			203			361			344			564
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(41	)		(40	)		(40	)		(36	)		(40	)		(77	)		(76	)
Amortization of DAC and VOBA		37			36			41			41			37			75			78
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		66			70			68			65			70			125			135

Total operating expenses		248			217			209			273			428			467			701


Operating earnings before provision for income tax		7			45			58			(9	)		(158	)		31			(167	)
Provision for income tax expense (benefit)		(4	)		10			16			(8	)		(59	)		—			(67	)

Operating earnings		11			35			42			(1	)		(99	)		31			(100	)
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	11		$	35		$	42		$	(1	)	$	(99	)	$	31		$	(100	)


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

Operating earnings	$	11		$	35		$	42		$	(1	)	$	(99	)	$	31		$	(100	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		—			(1	)		(1	)		—			(2	)		—			(2	)
Net derivative gains (losses)		(1	)		(2	)		3			—			(1	)		(1	)		(1	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		—			1			—			—			2			—			2

Income (loss) from continuing operations, net of income tax		10			33			44			(1	)		(100	)		30			(101	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		10			33			44			(1	)		(100	)		30			(101	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		10			33			44			(1	)		(100	)		30			(101	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	10		$	33		$	44		$	(1	)	$	(100	)	$	30		$	(101	)



Premiums, Fees and Other Revenues (Operating)	$	237		$	243		$	249		$	245		$	250		$	461		$	495


(1)		Premiums reflect earned premiums and policyholder benefits and claims and policyholder 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
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions, except ratios)		2010			2010			2010			2011			2011


Net Written Premiums by Product
Automobile		$	509		$	513		$	489		$	496		$	509
Homeowners			242			254			229			201			255
Other			13			13			11			22			14

Total		$	764		$	780		$	729		$	719		$	778


Selected Financial Information and Supplemental Data

Total Auto & Home
Loss and loss adjustment expense ratio			69.8	%		68.3	%		69.1	%		72.5	%		96.1	%
Policyholder benefits and dividends			0.1	%		0.0	%		0.1	%		0.1	%		0.1	%
Other expense ratio			26.0	%		25.9	%		26.6	%		26.5	%		25.8	%
Payment fees credit			(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.5	%)

Total combined ratio			95.3	%		93.6	%		95.2	%		98.5	%		121.5	%
Effect of catastrophe losses			9.8	%		5.4	%		5.2	%		6.2	%		35.8	%

Combined ratio excluding catastrophes			85.5	%		88.2	%		90.0	%		92.3	%		85.7	%


Auto
Loss and loss adjustment expense ratio			65.3	%		71.0	%		74.7	%		66.8	%		71.4	%
Policyholder benefits and dividends			0.1	%		0.0	%		0.1	%		0.1	%		0.1	%
Other expense ratio			25.6	%		25.1	%		26.2	%		25.6	%		25.3	%
Payment fees credit			(0.7	%)		(0.6	%)		(0.6	%)		(0.7	%)		(0.6	%)

Total combined ratio			90.3	%		95.5	%		100.4	%		91.8	%		96.2	%
Effect of catastrophe losses			1.8	%		0.7	%		1.1	%		(0.1	%)		5.7	%

Combined ratio excluding catastrophes			88.5	%		94.8	%		99.3	%		91.9	%		90.5	%


Homeowners & Other
Loss and loss adjustment expense ratio			79.3	%		62.6	%		57.4	%		84.0	%		146.1	%
Policyholder benefits and dividends			0.1	%		0.0	%		0.1	%		0.1	%		0.1	%
Other expense ratio			26.8	%		27.5	%		27.3	%		28.5	%		27.1	%
Payment fees credit			(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)

Total combined ratio			105.8	%		89.7	%		84.4	%		112.2	%		172.9	%
Effect of catastrophe losses			26.6	%		15.4	%		13.5	%		19.0	%		96.8	%

Combined ratio excluding catastrophes			79.2	%		74.3	%		70.9	%		93.2	%		76.1	%


Pre-Tax Catastrophe Losses
Auto		$	8		$	3		$	6		$	—		$	28
Homeowners & Other			63			37			33			46			239

Total		$	71		$	40		$	39		$	46		$	267

INTERNATIONAL
JAPAN

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended														For the Year-to-Date Period Ended
		June 30,		September 30,		December 31,			March 31,			June 30,				June 30,		June 30,
Unaudited (In millions)		2010		2010		2010			2011			2011				2010		2011


OPERATING REVENUES
Premiums		$	—	$	—	$	499		$	1,517		$	1,602			$	—	$	3,119
Universal life and investment-type product policy fees			—		—		55			194			195				—		389
Net investment income			—		—		145			439			517				—		956
Other revenues			—		—		7			9			4				—		13

Total operating revenues			—		—		706			2,159			2,318				—		4,477


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			—		—		309			949			1,019				—		1,968
Interest credited to policyholder account balances			—		—		123			369			388				—		757
Interest credited to bank deposits			—		—		—			—			—				—		—
Capitalization of DAC			—		—		(149	)		(522	)		(519	)			—		(1,041	)
Amortization of DAC and VOBA			—		—		82			292			371				—		663
Amortization of negative VOBA			—		—		(49	)		(146	)		(141	)			—		(287	)
Interest expense on debt			—		—		—			—			—				—		—
Other expenses			—		—		244			770			823				—		1,593

Total operating expenses			—		—		560			1,712			1,941				—		3,653


Operating earnings before provision for income tax			—		—		146			447			377				—		824
Provision for income tax expense (benefit)			—		—		52			157			132				—		289

Operating earnings			—		—		94			290			245				—		535
Preferred stock dividends			—		—		—			—			—				—		—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	—	$	—	$	94		$	290		$	245			$	—	$	535


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

Operating earnings		$	—	$	—	$	94		$	290		$	245			$	—	$	535
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			—		—		(9	)		(47	)		(47	)			—		(94	)
Net derivative gains (losses)			—		—		(144	)		(8	)		135				—		127
Universal life and investment-type product policy fees			—		—		—			—			—				—		—
Net investment income			—		—		116			259			(168	)			—		91
Other revenues			—		—		—			—			3				—		3
Policyholder benefits and claims and policyholder dividends			—		—		5			(8	)		(10	)			—		(18	)
Interest credited to policyholder account balances			—		—		(116	)		(259	)		197				—		(62	)
Amortization of DAC and VOBA			—		—		—			—			—				—		—
Amortization of negative VOBA			—		—		7			19			19				—		38
Interest expense on debt			—		—		—			—			—				—		—
Other expenses			—		—		—			—			5				—		5
Provision for income tax (expense) benefit			—		—		49			16			(48	)			—		(32	)

Income (loss) from continuing operations, net of income tax			—		—		2			262			331				—		593
Income (loss) from discontinued operations, net of income tax			—		—		—			—			—				—		—

Net income (loss)			—		—		2			262			331				—		593
Less: Net income (loss) attributable to noncontrolling interest			—		—		—			—			1				—		1

Net income (loss) attributable to MetLife, Inc.			—		—		2			262			330				—		592
Less: Preferred stock dividends			—		—		—			—			—				—		—
Less: Preferred stock redemption premium			—		—		—			—			—				—		—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	—	$	—	$	2		$	262		$	330			$	—	$	592



Premiums, Fees and Other Revenues (Operating)		$	—	$	—	$	561		$	1,720		$	1,801			$	—	$	3,521

INTERNATIONAL
OTHER INTERNATIONAL REGIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011				2010			2011


OPERATING REVENUES
Premiums		$	817		$	878		$	1,103		$	1,611		$	1,653			$	1,644		$	3,264
Universal life and investment-type product policy fees			312			301			363			436			470				601			906
Net investment income			274			451			313			421			539				702			960
Other revenues			4			7			16			33			35				5			68

Total operating revenues			1,407			1,637			1,795			2,501			2,697				2,952			5,198


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			751			763			774			1,102			1,218				1,516			2,320
Interest credited to policyholder account balances			41			242			121			143			152				191			295
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(157	)		(168	)		(269	)		(397	)		(442	)			(338	)		(839	)
Amortization of DAC and VOBA			109			104			177			288			312				209			600
Amortization of negative VOBA			—			—			(8	)		(18	)		(23	)			—			(41	)
Interest expense on debt			2			(1	)		1			2			—				3			2
Other expenses			477			506			744			1,002			1,109				983			2,111

Total operating expenses			1,223			1,446			1,540			2,122			2,326				2,564			4,448


Operating earnings before provision for income tax			184			191			255			379			371				388			750
Provision for income tax expense (benefit)			42			2			47			102			109				99			211

Operating earnings			142			189			208			277			262				289			539
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	142		$	189		$	208		$	277		$	262			$	289		$	539


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

Operating earnings		$	142		$	189		$	208		$	277		$	262			$	289		$	539
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			5			(239	)		(12	)		(112	)		(33	)			(29	)		(145	)
Net derivative gains (losses)			260			(109	)		(504	)		76			(261	)			266			(185	)
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			(111	)		(11	)		63			133			127				(124	)		260
Other revenues			—			—			—			(1	)		1				—			—
Policyholder benefits and claims and policyholder dividends			(114	)		(138	)		7			(10	)		(174	)			(133	)		(184	)
Interest credited to policyholder account balances			—			—			(95	)		(176	)		(120	)			—			(296	)
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			(8	)		4			(1	)		1			(52	)			(11	)		(51	)
Provision for income tax (expense) benefit			(106	)		169			138			17			166				(82	)		183

Income (loss) from continuing operations, net of income tax			68			(135	)		(196	)		205			(84	)			176			121
Income (loss) from discontinued operations, net of income tax			4			2			13			(61	)		1				7			(60	)

Net income (loss)			72			(133	)		(183	)		144			(83	)			183			61
Less: Net income (loss) attributable to noncontrolling interest			(8	)		4			1			7			(3	)			(10	)		4

Net income (loss) attributable to MetLife, Inc.			80			(137	)		(184	)		137			(80	)			193			57
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	80		$	(137	)	$	(184	)	$	137		$	(80	)		$	193		$	57



Premiums, Fees and Other Revenues (Operating)		$	1,133		$	1,186		$	1,482		$	2,080		$	2,158			$	2,250		$	4,238

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011				2010			2011


OPERATING REVENUES
Premiums		$	3		$	3		$	5		$	2		$	2			$	3		$	4
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			223			225			301			330			297				466			627
Other revenues			231			309			291			182			202				444			384

Total operating revenues			457			537			597			514			501				913			1,015


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			(2	)		(4	)		(3	)		2			1				(7	)		3
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			36			33			29			23			23				75			46
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			(1	)		2			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			262			292			311			319			325				523			644
Other expenses			273			278			330			311			337				547			648

Total operating expenses			569			598			669			655			686				1,138			1,341


Operating earnings before provision for income tax			(112	)		(61	)		(72	)		(141	)		(185	)			(225	)		(326	)
Provision for income tax expense (benefit)			(102	)		(14	)		(115	)		(114	)		(130	)			(171	)		(244	)

Operating earnings			(10	)		(47	)		43			(27	)		(55	)			(54	)		(82	)
Preferred stock dividends			31			30			31			30			31				61			61

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(41	)	$	(77	)	$	12		$	(57	)	$	(86	)		$	(115	)	$	(143	)


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

Operating earnings		$	(10	)	$	(47	)	$	43		$	(27	)	$	(55	)		$	(54	)	$	(82	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(102	)		(228	)		(192	)		2			(102	)			(110	)		(100	)
Net derivative gains (losses)			72			(140	)		26			(80	)		1				53			(79	)
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			111			120			104			98			98				225			196
Other revenues			—			—			—			—			—				—			—
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			(103	)		(103	)		(99	)		(92	)		(92	)			(209	)		(184	)
Other expenses			(41	)		(46	)		(101	)		(63	)		(99	)			(69	)		(162	)
Provision for income tax (expense) benefit			24			136			77			44			67				41			111

Income (loss) from continuing operations, net of income tax			(49	)		(308	)		(142	)		(118	)		(182	)			(123	)		(300	)
Income (loss) from discontinued operations, net of income tax			—			(3	)		—			—			1				—			1

Net income (loss)			(49	)		(311	)		(142	)		(118	)		(181	)			(123	)		(299	)
Less: Net income (loss) attributable to noncontrolling interest			(3	)		—			—			—			(5	)			(2	)		(5	)

Net income (loss) attributable to MetLife, Inc.			(46	)		(311	)		(142	)		(118	)		(176	)			(121	)		(294	)
Less: Preferred stock dividends			31			30			31			30			31				61			61
Less: Preferred stock redemption premium			—			—			—			146			—				—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(77	)	$	(341	)	$	(173	)	$	(294	)	$	(207	)		$	(182	)	$	(501	)



Premiums, Fees and Other Revenues (Operating)		$	234		$	312		$	296		$	184		$	204			$	447		$	388

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



	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011				2010			2011


OPERATING REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			113			117			128			121			123				221			244
Other revenues			224			293			227			154			188				415			342

Total operating revenues			337			410			355			275			311				636			586


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			36			33			29			23			23				75			46
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			12			17			22			22			27				24			49
Other expenses			179			193			246			212			239				339			451

Total operating expenses			227			243			297			257			289				438			546


Operating earnings before provision for income tax			110			167			58			18			22				198			40
Provision for income tax expense (benefit)			43			66			12			7			8				78			15

Operating earnings			67			101			46			11			14				120			25
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	67		$	101		$	46		$	11		$	14			$	120		$	25


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

Operating earnings		$	67		$	101		$	46		$	11		$	14			$	120		$	25
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(7	)		(18	)		(6	)		(3	)		(6	)			(12	)		(9	)
Net derivative gains (losses)			(32	)		(9	)		7			(2	)		(9	)			(39	)		(11	)
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			—			—			—			—			—				—			—
Other revenues			—			—			—			—			—				—			—
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			1			(1	)		—			—			—				1			—
Provision for income tax (expense) benefit			15			11			(3	)		2			5				20			7

Income (loss) from continuing operations, net of income tax			44			84			44			8			4				90			12
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			44			84			44			8			4				90			12
Less: Net income (loss) attributable to noncontrolling interest			1			(1	)		—			—			—				1			—

Net income (loss) attributable to MetLife, Inc.			43			85			44			8			4				89			12
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	43		$	85		$	44		$	8		$	4			$	89		$	12



Premiums, Fees and Other Revenues (Operating)		$	224		$	293		$	227		$	154		$	188			$	415		$	342

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



	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2010			2010			2010			2011			2011				2010			2011


OPERATING REVENUES
Premiums		$	3		$	3		$	5		$	2		$	2			$	3		$	4
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			110			108			173			209			174				245			383
Other revenues			7			16			64			28			14				29			42

Total operating revenues			120			127			242			239			190				277			429


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			(2	)		(4	)		(3	)		2			1				(7	)		3
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			(1	)		2			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			250			275			289			297			298				499			595
Other expenses			94			85			84			99			98				208			197

Total operating expenses			342			355			372			398			397				700			795


Operating earnings before provision for income tax			(222	)		(228	)		(130	)		(159	)		(207	)			(423	)		(366	)
Provision for income tax expense (benefit)			(145	)		(80	)		(127	)		(121	)		(138	)			(249	)		(259	)

Operating earnings			(77	)		(148	)		(3	)		(38	)		(69	)			(174	)		(107	)
Preferred stock dividends			31			30			31			30			31				61			61

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(108	)	$	(178	)	$	(34	)	$	(68	)	$	(100	)		$	(235	)	$	(168	)


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

Operating earnings		$	(77	)	$	(148	)	$	(3	)	$	(38	)	$	(69	)		$	(174	)	$	(107	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(95	)		(210	)		(186	)		5			(96	)			(98	)		(91	)
Net derivative gains (losses)			104			(131	)		19			(78	)		10				92			(68	)
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			111			120			104			98			98				225			196
Other revenues			—			—			—			—			—				—			—
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			(103	)		(103	)		(99	)		(92	)		(92	)			(209	)		(184	)
Other expenses			(42	)		(45	)		(101	)		(63	)		(99	)			(70	)		(162	)
Provision for income tax (expense) benefit			9			125			80			42			62				21			104

Income (loss) from continuing operations, net of income tax			(93	)		(392	)		(186	)		(126	)		(186	)			(213	)		(312	)
Income (loss) from discontinued operations, net of income tax			—			(3	)		—			—			1				—			1

Net income (loss)			(93	)		(395	)		(186	)		(126	)		(185	)			(213	)		(311	)
Less: Net income (loss) attributable to noncontrolling interest			(4	)		1			—			—			(5	)			(3	)		(5	)

Net income (loss) attributable to MetLife, Inc.			(89	)		(396	)		(186	)		(126	)		(180	)			(210	)		(306	)
Less: Preferred stock dividends			31			30			31			30			31				61			61
Less: Preferred stock redemption premium			—			—			—			146			—				—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(120	)	$	(426	)	$	(217	)	$	(302	)	$	(211	)		$	(271	)	$	(513	)



Premiums, Fees and Other Revenues (Operating)		$	10		$	19		$	69		$	30		$	16			$	32		$	46

BANKING, CORPORATE & OTHER — BANKING (1), (2)

SUPPLEMENTAL INFORMATION


	At or For the Three Months Ended																At or For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions, except ratios)		2010			2010			2010			2011			2011				2010			2011


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		$	67		$	79		$	79		$	74			$	122		$	153
Provision for credit losses			—			(11	)		(3	)		2			(5	)			(4	)		(3	)
Non interest income			192			281			233			148			183				377			331
Non interest expense			(185	)		(197	)		(250	)		(216	)		(245	)			(348	)		(461	)

Income before taxes			71			140			59			13			7				147			20
Income tax expense			28			55			15			5			3				58			8

Net income (loss) available to MetLife, Inc.’s common shareholders		$	43		$	85		$	44		$	8		$	4			$	89		$	12


Selected Balance Sheet Accounts

Loans Held-for-Investment:
Commercial Loans & Mortgages		$	2,113		$	2,320		$	2,435		$	2,541		$	3,019
Residential			1,194			1,289			1,532			1,698			1,947
Agricultural			189			215			205			189			185

Total Loans			3,496			3,824			4,172			4,428			5,151

Allowance for Loan Losses			(71	)		(62	)		(65	)		(62	)		(67	)

Total Loans Held-for-Investment (Net)		$	3,425		$	3,762		$	4,107		$	4,366		$	5,084



Net Charge-offs		$	1		$	20		$	1		$	1		$	—			$	26		$	1


Loans Held-for-Sale		$	2,629		$	2,837		$	3,321		$	2,435		$	2,806

Total Assets		$	14,549		$	16,576		$	16,310		$	15,583		$	16,491

Total Deposits		$	9,790		$	9,362		$	10,317		$	9,313		$	10,022

Key Ratios & Statistics

Tier 1 Common Equity		$	1,011		$	1,093		$	1,113		$	1,113		$	1,123
Tier 1 Capital		$	1,013		$	1,093		$	1,163		$	1,163		$	1,173
Risk Weighted Assets		$	7,221		$	8,069		$	8,209		$	7,922		$	8,254

Tier 1 Common Equity Ratio			14.00	%		13.54	%		13.56	%		14.05	%		13.61	%
Tier 1 Capital Ratio			14.03	%		13.54	%		14.16	%		14.68	%		14.22	%
Total Capital Ratio			15.06	%		14.34	%		15.00	%		15.51	%		15.07	%
Tier 1 Leverage Ratio			7.38	%		7.27	%		7.14	%		7.43	%		7.38	%


Net Interest Margin			2.02	%		1.94	%		2.07	%		2.21	%		2.04	%			1.96	%		2.12	%

Allowance / Total Loans			2.04	%		1.63	%		1.57	%		1.40	%		1.29	%
Allowance / Non Performing Assets			176.00	%		144.00	%		148.00	%		128.00	%		81.00	%


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

(2)		Current period numbers are preliminary, subject to regulatory filing on July 29, 2011.

METLIFE, INC.

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS



	At or For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011


Fixed Maturity Securities
Yield (1)		5.34	%		5.81	%		5.31	%		4.91	%		4.94	%
Investment income (2), (3)	$	2,939		$	3,236		$	3,278		$	3,693		$	3,794
Investment gains (losses) (3)		(127	)		(65	)		3			(163	)		(105	)
Ending carrying value (2), (3)		247,098			261,988			325,391			334,409			342,607

Mortgage Loans
Yield (1)		5.55	%		5.54	%		5.55	%		5.54	%		5.50	%
Investment income (3), (4)		694			712			743			759			765
Investment gains (losses) (3)		11			37			2			47			68
Ending carrying value (3)		51,070			52,770			55,457			55,061			56,927

Real Estate and Real Estate Joint Ventures
Yield (1)		3.15	%		2.80	%		0.59	%		2.83	%		4.85	%
Investment income		54			48			11			57			99
Investment gains (losses) (3)		(17	)		(1	)		—			29			47
Ending carrying value		6,841			6,990			8,030			8,042			8,234

Policy Loans
Yield (1)		6.26	%		6.19	%		6.04	%		5.42	%		5.41	%
Investment income		157			155			161			160			160
Ending carrying value		10,047			10,089			11,761			11,872			11,858

Equity Securities
Yield (1)		5.37	%		2.75	%		6.01	%		3.45	%		6.04	%
Investment income		39			19			45			30			48
Investment gains (losses)		74			(1	)		4			36			(70	)
Ending carrying value		2,738			2,861			3,602			3,584			3,238

Other Limited Partnership Interests
Yield (1)		11.13	%		11.48	%		18.49	%		15.14	%		9.90	%
Investment income		161			170			283			243			159
Investment gains (losses)		(10	)		(4	)		(3	)		3			5
Ending carrying value		5,856			5,948			6,416			6,409			6,453

Cash and Short-term Investments
Yield (1)		0.36	%		0.42	%		0.63	%		0.94	%		0.92	%
Investment income		15			20			33			43			41
Investment gains (losses)		—			—			1			—			1
Ending carrying value (3)		20,341			26,019			22,302			19,455			22,026

Other Invested Assets (5)
Investment income		166			75			97			12			165
Investment gains (losses) (3)		17			(67	)		(16	)		4			(7	)
Ending carrying value		15,571			16,558			15,430			13,693			14,900

Total Investments
Investment income yield (1)		5.24	%		5.32	%		5.14	%		4.81	%		4.96	%
Investment fees and expenses yield		(0.13	)		(0.15	)		(0.14	)		(0.12	)		(0.13	)

Net Investment Income Yield (1), (3)		5.11	%		5.17	%		5.00	%		4.69	%		4.83	%


Investment income	$	4,225		$	4,435		$	4,651		$	4,997		$	5,231
Investment fees and expenses		(105	)		(121	)		(127	)		(128	)		(138	)

Net Investment Income (3)	$	4,120		$	4,314		$	4,524		$	4,869		$	5,093


Ending Carrying Value (3)	$	359,562		$	383,223		$	448,389		$	452,525		$	466,243


Gross investment gains	$	413		$	212		$	301		$	290		$	348
Gross investment losses		(293	)		(215	)		(184	)		(243	)		(290	)
Writedowns		(172	)		(98	)		(126	)		(91	)		(119	)

Investment Portfolio Gains (Losses) (3)		(52	)		(101	)		(9	)		(44	)		(61	)
Investment portfolio gains (losses) income tax (expense) benefit		11			29			5			15			23

Investment Portfolio Gains (Losses), Net of Income Tax	$	(41	)	$	(72	)	$	(4	)	$	(29	)	$	(38	)

Derivative Gains (Losses) (3)	$	1,322		$	(311	)	$	(1,615	)	$	(386	)	$	293

Derivative gains (losses) income tax (expense) benefit		(540	)		121			568			132			(104	)

Derivative Gains (Losses), Net of Income Tax	$	782		$	(190	)	$	(1,047	)	$	(254	)	$	189


(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses); collateral received from counterparties 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 $2,901 million, $3,756 million, $594 million, $745 million and $863 million in ending carrying value, and ($56) million, $194 million, $17 million, $28 million and $16 million of investment income related to trading and other securities at or for the three months ended June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, 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, $18,459 million and $18,690 million at December 31, 2010, March 31, 2011 and June 30, 2011, respectively; 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 and other securities (included within fixed maturity securities in the yield table above) of $257 million, $231 million, $201 million, $161 million and $147 million, mortgage loans of $7,107 million, $7,093 million, $6,840 million, $6,771 million and $6,697 million and cash and short-term investments of $27 million, $47 million, $39 million, $59 million and $21 million at June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, respectively; 3) Net investment income adjustments as presented on page 5 within the reconciliation to Net Income; 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
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011

Investment portfolio gains (losses) — in above yield table	$	(52	)	$	(101	)	$	(9	)	$	(44	)	$	(61	)
Real estate discontinued operations		(10	)		—			(4	)		(28	)		(43	)
Net investment gains (losses) related to CSEs		(2	)		16			(18	)		25			(16	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		50			(257	)		(53	)		(52	)		(35	)

Net investment gains (losses) — GAAP basis	$	(14	)	$	(342	)	$	(84	)	$	(99	)	$	(155	)



	For the Three Months Ended
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011

Derivative gains (losses) — in above yield table	$	1,322		$	(311	)	$	(1,615	)	$	(386	)	$	293
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		61			62			36			39			55
Equity method operating joint ventures		97			—			28			23			-
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		1			5			8			8			8
Settlement of foreign currency earnings hedges		—			—			—			1			(4	)

Net derivative gains (losses) — GAAP basis	$	1,481		$	(244	)	$	(1,543	)	$	(315	)	$	352


(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
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011


Fixed Maturity Securities
Yield (1)		5.54	%		5.63	%		5.54	%		4.91	%		4.93	%
Investment income (2), (3)	$	6,053		$	9,289		$	12,567		$	3,693		$	7,487
Investment gains (losses) (3)		(193	)		(258	)		(255	)		(163	)		(268	)
Ending carrying value (2), (3)		247,098			261,988			325,391			334,409			342,607

Mortgage Loans
Yield (1)		5.48	%		5.50	%		5.51	%		5.54	%		5.52	%
Investment income (3), (4)		1,366			2,078			2,821			759			1,524
Investment gains (losses) (3)		(17	)		20			22			47			115
Ending carrying value (3)		51,070			52,770			55,457			55,061			56,927

Real Estate and Real Estate Joint Ventures
Yield (1)		0.52	%		1.28	%		1.10	%		2.83	%		3.85	%
Investment income		18			66			77			57			156
Investment gains (losses) (3)		(39	)		(40	)		(40	)		29			76
Ending carrying value		6,841			6,990			8,030			8,042			8,234

Policy Loans
Yield (1)		6.66	%		6.50	%		6.38	%		5.42	%		5.41	%
Investment income		333			488			649			160			320
Ending carrying value		10,047			10,089			11,761			11,872			11,858

Equity Securities
Yield (1)		4.36	%		3.84	%		4.40	%		3.45	%		4.70	%
Investment income		64			83			128			30			78
Investment gains (losses)		101			100			104			36			(34	)
Ending carrying value		2,738			2,861			3,602			3,584			3,238

Other Limited Partnership Interests
Yield (1)		14.93	%		13.75	%		14.99	%		15.14	%		12.52	%
Investment income		426			596			879			243			402
Investment gains (losses)		(11	)		(15	)		(18	)		3			8
Ending carrying value		5,856			5,948			6,416			6,409			6,453

Cash and Short-term Investments
Yield (1)		0.37	%		0.39	%		0.46	%		0.94	%		0.93	%
Investment income		28			48			81			43			84
Investment gains (losses)		1			1			2			—			1
Ending carrying value (3)		20,341			26,019			22,302			19,455			22,026

Other Invested Assets (5)
Investment income		320			395			492			12			177
Investment gains (losses) (3)		75			8			(8	)		4			(3	)
Ending carrying value		15,571			16,558			15,430			13,693			14,900

Total Investments
Investment income yield (1)		5.39	%		5.36	%		5.30	%		4.81	%		4.89	%
Investment fees and expenses yield		(0.14	)		(0.14	)		(0.14	)		(0.12	)		(0.13	)

Net Investment Income Yield (1), (3)		5.25	%		5.22	%		5.16	%		4.69	%		4.76	%


Investment income	$	8,608		$	13,043		$	17,694		$	4,997		$	10,228
Investment fees and expenses		(217	)		(338	)		(465	)		(128	)		(266	)

Net Investment Income (3)	$	8,391		$	12,705		$	17,229		$	4,869		$	9,962


Ending Carrying Value (3)	$	359,562		$	383,223		$	448,389		$	452,525		$	466,243


Gross investment gains	$	687		$	899		$	1,200		$	290		$	638
Gross investment losses		(449	)		(664	)		(848	)		(243	)		(533	)
Writedowns		(321	)		(419	)		(545	)		(91	)		(210	)

Investment Portfolio Gains (Losses) (3)		(83	)		(184	)		(193	)		(44	)		(105	)
Investment portfolio gains (losses) income tax (expense) benefit		19			48			53			15			38

Investment Portfolio Gains (Losses), Net of Income Tax	$	(64	)	$	(136	)	$	(140	)	$	(29	)		(67	)

Derivative Gains (Losses) (3)	$	1,312		$	1,001		$	(614	)	$	(386	)	$	(93	)

Derivative gains (losses) income tax (expense) benefit		(529	)		(408	)		160			132			28

Derivative Gains (Losses), Net of Income Tax	$	783		$	593		$	(454	)	$	(254	)	$	(65	)


(1)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses); collateral received from counterparties 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 $2,901 million, $3,756 million, $594 million, $745 million and $863 million in ending carrying value, and $23 million, $217 million, $234 million, $28 million and $44 million of investment income related to trading and other securities at or for the year-to-date period ended June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, 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, $18,459 million and $18,690 million at December 31, 2010, March 31, 2011 and June 30, 2011, respectively; 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 and other securities (included within fixed maturity securities in the yield table above) of $257 million, $231 million, $201 million, $161 million and $147 million, mortgage loans of, $7,107 million, $7,093 million, $6,840 million, $6,771 million and $6,697 million and cash and short-term investments of $27 million, $47 million, $39 million, $59 million and $21 million at June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, respectively; 3) Net investment income adjustments as presented on page 5 within the reconciliation to Net Income; 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
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011

Investment portfolio gains (losses) — in above yield table	$	(83	)	$	(184	)	$	(193	)	$	(44	)	$	(105	)
Real estate discontinued operations		(10	)		(10	)		(14	)		(28	)		(71	)
Net investment gains (losses) related to certain CSEs		8			24			6			25			9
Other gains (losses) reported in net investment gains (losses) on GAAP basis		103			(154	)		(207	)		(52	)		(87	)

Net investment gains (losses) — GAAP basis	$	18		$	(324	)	$	(408	)	$	(99	)	$	(254	)



	For the Year-to-Date Period Ended
	June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011

Derivative gains (losses) — in above yield table	$	1,312		$	1,001		$	(614	)	$	(386	)	$	(93	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		110			172			208			39			94
Equity method operating joint ventures		102			102			130			23			23
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		3			11			8			16
Settlement of foreign currency earnings hedges		—			—			—			1			(3	)

Net derivative gains (losses) — GAAP basis	$	1,522		$	1,278		$	(265	)	$	(315	)	$	37


(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)


	June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011					June 30, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	3,058		46.2	%	$	2,028		44.3	%	$	4,268		64.9	%	$	4,806		72.8	%	$	3,315		62.1	%
20% or more for less than six months		595		9.0	%		285		6.2	%		368		5.6	%		446		6.8	%		825		15.5	%
20% or more for six months or greater		2,964		44.8	%		2,267		49.5	%		1,944		29.5	%		1,344		20.4	%		1,197		22.4	%

Total Gross Unrealized Losses	$	6,617		100.0	%	$	4,580		100.0	%	$	6,580		100.0	%	$	6,596		100.0	%	$	5,337		100.0	%


Total Gross Unrealized Gains	$	13,917				$	19,264				$	13,760				$	13,208				$	16,178




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

	June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011					June 30, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	65		20.3	%	$	66		28.9	%	$	71		29.5	%	$	74		34.9	%	$	42		36.5	%
20% or more for less than six months		129		40.3	%		25		11.0	%		22		9.1	%		18		8.5	%		4		3.5	%
20% or more for six months or greater		126		39.4	%		137		60.1	%		148		61.4	%		120		56.6	%		69		60.0	%

Total Gross Unrealized Losses	$	320		100.0	%	$	228		100.0	%	$	241		100.0	%	$	212		100.0	%	$	115		100.0	%


Total Gross Unrealized Gains	$	105				$	157				$	222				$	283				$	225


(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



		June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011					June 30, 2011
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


U.S. corporate securities		$	76,164		31.2	%	$	80,266		31.1	%	$	91,772		28.3	%	$	93,549		28.0	%	$	96,797		28.3	%
Foreign corporate securities			40,609		16.6	%		44,723		17.3	%		67,888		20.9	%		68,697		20.6	%		70,538		20.6	%
Foreign government securities			12,355		5.1	%		13,519		5.2	%		42,002		12.9	%		45,189		13.6	%		49,246		14.4	%
Residential mortgage-backed securities			42,750		17.5	%		45,900		17.9	%		44,733		13.8	%		45,007		13.5	%		43,550		12.8	%
U.S. Treasury and agency securities			32,862		13.5	%		34,360		13.3	%		33,304		10.2	%		35,479		10.6	%		35,565		10.4	%
Commercial mortgage-backed securities			15,984		6.5	%		15,533		6.0	%		20,675		6.4	%		19,785		5.9	%		19,518		5.7	%
Asset-backed securities			14,410		5.9	%		14,300		5.5	%		14,287		4.4	%		14,990		4.5	%		14,857		4.4	%
State and political subdivision securities			9,048		3.7	%		9,614		3.7	%		10,129		3.1	%		10,961		3.3	%		11,669		3.4	%
Other fixed maturity securities			15		0.0	%		17		0.0	%		7		0.0	%		7		0.0	%		4		0.0	%

Total fixed maturity securities available-for-sale		$	244,197		100.0	%	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%	$	341,744		100.0	%

NAIC RATING	RATING AGENCY DESIGNATION
1	Aaa / Aa / A	$	162,305		66.5	%	$	170,900		66.2	%	$	231,198		71.2	%	$	236,943		71.0	%	$	239,320		70.0	%
2	Baa		61,112		25.0	%		65,900		25.5	%		68,729		21.2	%		71,582		21.5	%		76,483		22.4	%
3	Ba		12,768		5.2	%		13,284		5.2	%		15,290		4.7	%		15,428		4.6	%		15,337		4.5	%
4	B		6,918		2.8	%		7,014		2.7	%		8,308		2.6	%		8,391		2.5	%		8,585		2.5	%
5	Caa and lower		910		0.4	%		836		0.3	%		1,142		0.3	%		1,172		0.4	%		1,121		0.3	%
6	In or near default		184		0.1	%		298		0.1	%		130		0.0	%		148		0.0	%		898		0.3	%

Total fixed maturity securities available-for-sale (1)		$	244,197		100.0	%	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%	$	341,744		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 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



	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2010		2010		2010		2011		2011

Traditional (2), (3)	$	4,114	$	4,223	$	5,171	$	5,611	$	5,709
Real estate joint ventures and funds		2,576		2,624		2,707		2,266		2,356

Subtotal		6,690		6,847		7,878		7,877		8,065
Foreclosed		151		143		152		165		169

Total Real Estate and Real Estate Joint Ventures	$	6,841	$	6,990	$	8,030	$	8,042	$	8,234


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

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

METLIFE, INC.

SUMMARY OF MORTGAGE LOANS



	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011

Commercial mortgage loans	$	35,040		$	36,088		$	37,818		$	38,087		$	39,050
Agricultural mortgage loans		12,380			12,598			12,751			12,761			12,981
Residential mortgage loans		1,734			1,910			2,231			2,399			2,657
Mortgage loans held-for-sale		2,650			2,840			3,321			2,435			2,805

Total Mortgage Loans		51,804			53,436			56,121			55,682			57,493
Valuation allowances		(734	)		(666	)		(664	)		(621	)		(566	)

Total Mortgage Loans, net (1)	$	51,070		$	52,770		$	55,457		$	55,061		$	56,927


(1)		Excludes the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities. See page 36, note 3 for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS

BY REGION AND PROPERTY TYPE



	June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011					June 30, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total

South Atlantic	$	7,608		21.7	%	$	7,756		21.5	%	$	8,016		21.2	%	$	8,035		21.1	%	$	8,429		21.5	%
Pacific		8,506		24.3	%		8,653		24.0	%		8,974		23.7	%		8,329		21.9	%		8,078		20.7	%
Middle Atlantic		6,085		17.4	%		6,405		17.7	%		6,484		17.1	%		6,674		17.5	%		7,278		18.6	%
International		3,618		10.3	%		3,597		10.0	%		4,214		11.1	%		4,773		12.5	%		4,711		12.1	%
West South Central		3,012		8.6	%		2,971		8.2	%		3,266		8.6	%		3,336		8.8	%		3,322		8.5	%
East North Central		2,504		7.1	%		3,005		8.4	%		3,066		8.1	%		2,926		7.7	%		3,189		8.2	%
New England		1,423		4.1	%		1,422		3.9	%		1,531		4.1	%		1,730		4.5	%		1,758		4.5	%
Mountain		907		2.6	%		906		2.5	%		884		2.3	%		915		2.4	%		911		2.3	%
West North Central		663		1.9	%		660		1.8	%		666		1.8	%		654		1.7	%		650		1.7	%
East South Central		460		1.3	%		459		1.3	%		461		1.2	%		460		1.2	%		467		1.2	%
Other		254		0.7	%		254		0.7	%		256		0.8	%		255		0.7	%		257		0.7	%

Total	$	35,040		100.0	%	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%	$	39,050		100.0	%


Office	$	15,296		43.7	%	$	15,973		44.3	%	$	16,857		44.6	%	$	16,728		43.9	%	$	17,951		46.0	%
Retail		8,032		22.9	%		8,278		22.9	%		9,215		24.3	%		9,217		24.2	%		8,901		22.8	%
Apartments		3,668		10.4	%		3,753		10.4	%		3,630		9.6	%		3,536		9.3	%		3,755		9.6	%
Hotel		3,111		8.9	%		3,078		8.6	%		3,089		8.2	%		3,223		8.5	%		3,135		8.0	%
Industrial		2,893		8.3	%		2,905		8.0	%		2,910		7.7	%		3,138		8.2	%		3,046		7.8	%
Other		2,040		5.8	%		2,101		5.8	%		2,117		5.6	%		2,245		5.9	%		2,262		5.8	%

Total	$	35,040		100.0	%	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%	$	39,050		100.0	%

METLIFE, INC.

APPENDIX

RECONCILIATION DETAIL



	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2010			2010			2010			2011			2011			2010			2011


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	945		$	988		$	1,239		$	1,448		$	1,360		$	1,839		$	2,808
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(14	)		(342	)		(84	)		(99	)		(155	)		18			(254	)
Net derivative gains (losses)		1,481			(244	)		(1,543	)		(315	)		352			1,522			37
Universal life and investment-type product policy fees:
Unearned revenue adjustments		7			—			(5	)		(3	)		1			6			(2	)
GMIB fees		52			54			56			58			58			100			116
Net investment income:
Investment hedge adjustments		(61	)		(62	)		(36	)		(39	)		(55	)		(110	)		(94	)
Income from discontinued real estate operations		(4	)		11			(3	)		(2	)		—			(7	)		(2	)
Joint venture adjustments		(97	)		—			(28	)		(23	)		—			(102	)		(23	)
Unit-linked contract income		—			—			211			419			(32	)		—			387
Securitization entities income		103			103			99			92			92			209			184
Other revenues — Settlement of foreign currency earnings hedges		—			—			—			(1	)		4			—			3
Policyholder benefits and dividends:
PDO adjustments		—			—			—			—			—			—			—
Inflation adjustments and pass through adjustments		(150	)		(174	)		42			(10	)		(197	)		(174	)		(207	)
GMIB costs		209			(235	)		(230	)		(145	)		(10	)		73			(155	)
Market value adjustments		—			—			—			(2	)		(1	)		—			(3	)
Interest credited to policyholder account balances:
PAB hedge adjustments		(1	)		(5	)		(8	)		(8	)		(8	)		2			(16	)
Unit-linked contract costs		—			—			(211	)		(435	)		77			—			(358	)
Amortization of DAC and VOBA:
Related to NIGL and NDGL		(212	)		(37	)		138			30			(124	)		(226	)		(94	)
Related to GMIB fees and GMIB costs		(100	)		55			93			37			(4	)		(64	)		33
Related to market value adjustments		—			—			—			—			—			—			—
Amortization of negative VOBA — Related to market value adjustments		—			—			7			19			19			—			38
Interest expense — Securitization entities debt expense		(103	)		(103	)		(99	)		(92	)		(92	)		(209	)		(184	)
Other expenses:
Noncontrolling interest		(12	)		4			2			7			(9	)		(13	)		(2	)
Regulatory implementation costs		—			—			—			(1	)		(10	)		—			(11	)
Business combinations		(36	)		(46	)		(101	)		(68	)		(126	)		(65	)		(194	)
Provision for income tax (expense) benefit		(471	)		351			528			187			61			(435	)		248

Income (loss) from continuing operations, net of income tax		1,536			318			67			1,054			1,201			2,364			2,255
Income (loss) from discontinued operations, net of income tax		11			2			18			(41	)		29			17			(12	)

Net income (loss)		1,547			320			85			1,013			1,230			2,381			2,243
Less: Net income (loss) attributable to noncontrolling interest		(10	)		4			3			7			(7	)		(11	)		—

Net income (loss) attributable to MetLife, Inc.		1,557			316			82			1,006			1,237			2,392			2,243
Less: Preferred stock dividends		31			30			31			30			31			61			61
Less: Preferred stock redemption premium		—			—			—			146			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,526		$	286		$	51		$	830		$	1,206		$	2,331		$	2,036

METLIFE INC - FORM 8-K - EX-99.2 - July 28, 2011

Attached files