METLIFE INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - METLIFE INC	y93159e8vk.htm
EX-99.1 - EX-99.1 - METLIFE INC	y93159exv99w1.htm

Third Quarter
Financial Supplement

September 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 excludes 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 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 common 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 October 27, 2011, for the three months ended September 30, 2011, which is available at www.metlife.com.

METLIFE, INC.

CORPORATE OVERVIEW



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


Operating earnings available to common shareholders		$	958		$	1,208		$	1,418		$	1,329		$	1,179
Preferred stock dividends			30			31			30			31			30

Operating earnings			988			1,239			1,448			1,360			1,209
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(342	)		(84	)		(99	)		(155	)		(55	)
Net derivative gains (losses)			(244	)		(1,543	)		(315	)		352			4,196
Other adjustments to continuing operations			(437	)		(72	)		(167	)		(419	)		(478	)
Provision for income tax (expense) benefit			352			527			187			61			(1,300	)

Income (loss) from continuing operations, net of income tax			317			67			1,054			1,199			3,572
Income (loss) from discontinued operations, net of income tax			3			18			(41	)		31			4

Net income (loss)			320			85			1,013			1,230			3,576
Less: Net income (loss) attributable to noncontrolling interest			4			3			7			(7	)		(6	)

Net income (loss) attributable to MetLife, Inc.			316			82			1,006			1,237			3,582
Less: Preferred stock dividends			30			31			30			31			30
Less: Preferred stock redemption premium (1)			—			—			146			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	286		$	51		$	830		$	1,206		$	3,552


Operating earnings available to common shareholders — diluted		$	1.08		$	1.19		$	1.33		$	1.24		$	1.11
Net investment gains (losses)			(0.39	)		(0.08	)		(0.09	)		(0.14	)		(0.05	)
Net derivative gains (losses)			(0.28	)		(1.52	)		(0.29	)		0.33			3.94
Other adjustments to continuing operations			(0.49	)		(0.08	)		(0.15	)		(0.40	)		(0.46	)
Provision for income tax (expense) benefit			0.40			0.52			0.17			0.06			(1.22	)
Discontinued operations, net of income tax			—			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		$	0.32		$	0.05		$	0.78		$	1.13		$	3.33


Weighted average common shares outstanding — diluted (1)			883.1			1,014.9			1,069.5			1,071.0			1,066.2



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


Book value per common share — (actual common shares outstanding) (2)		$	48.93		$	44.18		$	45.24		$	48.48		$	55.13
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding) (2)		$	44.48		$	43.23		$	44.18		$	45.31		$	48.69

Book value per common share — diluted — (weighted average common shares outstanding) (2)		$	50.25		$	45.90		$	44.67		$	47.87		$	54.68
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding) (2)		$	45.68		$	44.91		$	43.63		$	44.73		$	48.29



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


Common shares outstanding, beginning of period			820.4			906.9			1,054.4			1,056.1			1,057.4
Newly issued shares (1)			86.5			147.5			1.7			1.3			0.2

Common shares outstanding, end of period			906.9			1,054.4			1,056.1			1,057.4			1,057.6


Weighted average common shares outstanding — basic (1)			875.8			1,007.3			1,058.5			1,059.8			1,060.2
Dilutive effect of stock purchase contracts underlying common equity units			—			—			2.6			4.0			—
Dilutive effect of stock-based awards			7.3			7.6			8.4			7.2			6.0

Weighted average common shares outstanding — diluted (1)			883.1			1,014.9			1,069.5			1,071.0			1,066.2

Policyholder Trust Shares			225.9			222.3			219.0			216.5			215.3


(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



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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	258,232		$	324,797		$	333,664		$	341,744		$	353,927
Equity securities available-for-sale, at estimated fair value		2,861			3,602			3,584			3,238			3,118
Trading and other securities, at estimated fair value (1)		3,987			18,589			19,365			19,700			18,698
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		57,023			58,976			59,397			60,819			59,209
Held-for-sale, principally at estimated fair value		2,840			3,321			2,435			2,805			3,740

Mortgage loans, net		59,863			62,297			61,832			63,624			62,949
Policy loans		10,089			11,761			11,872			11,858			11,932
Real estate and real estate joint ventures		6,990			8,030			8,042			8,234			8,197
Other limited partnership interests		5,948			6,416			6,409			6,453			6,538
Short-term investments, principally at estimated fair value		11,587			9,384			8,822			12,419			15,913
Other invested assets, principally at estimated fair value		16,558			15,430			13,693			14,900			23,138

Total investments		376,115			460,306			467,283			482,170			504,410
Cash and cash equivalents, principally at estimated fair value (1)		14,479			12,957			10,692			9,628			10,001
Accrued investment income		3,422			4,328			4,478			4,341			4,793
Premiums, reinsurance and other receivables		18,639			19,799			20,315			21,070			23,137
Deferred policy acquisition costs and value of business acquired		17,272			27,092			27,979			28,241			27,623
Current income tax recoverable		193			—			—			—			—
Goodwill		4,966			11,781			11,946			12,036			12,006
Other assets		6,894			8,174			9,321			8,246			8,340
Assets of subsidiaries held-for-sale		3,091			3,331			3,413			3,369			3,421
Separate account assets		172,184			183,138			195,914			202,382			191,499

Total assets	$	617,255		$	730,906		$	751,341		$	771,483		$	785,230

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	141,331		$	170,912		$	172,987		$	176,353		$	182,736
Policyholder account balances		145,133			210,757			214,641			217,597			217,764
Other policy-related balances		8,861			15,750			15,641			15,456			15,451
Policyholder dividends payable		834			830			820			853			871
Policyholder dividend obligation		2,014			876			793			1,281			2,782
Payables for collateral under securities loaned and other transactions		31,891			27,272			28,625			30,079			34,933
Bank deposits		9,362			10,316			9,313			10,022			10,685
Short-term debt		2,057			306			572			102			451
Long-term debt (1)		24,512			27,586			27,604			28,269			24,753
Collateral financing arrangements		5,297			5,297			5,297			5,297			5,297
Junior subordinated debt securities		3,191			3,191			3,191			3,192			3,192
Current income tax payable		—			297			113			133			385
Deferred income tax liability		3,521			1,856			2,238			3,764			7,214
Other liabilities		17,435			20,366			20,037			19,707			23,121
Liabilities of subsidiaries held-for-sale		2,863			3,043			3,206			3,163			3,221
Separate account liabilities		172,184			183,138			195,914			202,382			191,499

Total liabilities		570,486			681,793			700,992			717,650			724,355

Redeemable noncontrolling interests in partially owned consolidated subsidiaries		—			117			128			124			130

Equity
Preferred stock, at par value		1			1			1			1			1
Convertible preferred stock, at par value		—			—			—			—			—
Common stock, at par value		9			10			11			11			11
Additional paid-in capital		20,451			26,423			26,668			26,714			26,744
Retained earnings		22,096			21,363			22,193			23,399			26,951
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		4,030			1,000			1,115			3,356			6,813

Total MetLife, Inc.’s stockholders’ equity		46,415			48,625			49,816			53,309			60,348
Noncontrolling interests		354			371			405			400			397

Total equity		46,769			48,996			50,221			53,709			60,745

Total liabilities and equity	$	617,255		$	730,906		$	751,341		$	771,483		$	785,230


(1)		At September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011 and September 30, 2011, $7,371 million, $7,080 million, $6,991 million, $6,865 million and $3,380 million, respectively, of assets and $7,075 million, $6,820 million, $6,684 million, $6,547 million and $3,157 million, respectively, of liabilities are included related to certain securitization entities that 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
Unaudited (In millions)		September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011


OPERATING REVENUES
Premiums		$	6,484		$	7,215		$	8,554		$	9,294		$	9,342
Universal life and investment-type product policy fees			1,398			1,638			1,834			1,910			1,908
Net investment income			4,314			4,524			4,869			5,093			5,052
Other revenues			624			647			567			588			715

Total operating revenues			12,820			14,024			15,824			16,885			17,017


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,291			7,623			8,446			9,285			9,619
Interest credited to policyholder account balances			1,259			1,246			1,481			1,511			1,537
Interest credited to bank deposits			33			29			23			23			26
Capitalization of DAC			(766	)		(1,044	)		(1,569	)		(1,698	)		(1,852	)
Amortization of DAC and VOBA			591			890			1,123			1,253			1,237
Amortization of negative VOBA			—			(57	)		(164	)		(164	)		(151	)
Interest expense on debt			294			315			323			328			328
Other expenses			2,710			3,341			4,098			4,407			4,630

Total operating expenses			11,412			12,343			13,761			14,945			15,374


Operating earnings before provision for income tax			1,408			1,681			2,063			1,940			1,643
Provision for income tax expense (benefit)			420			442			615			580			434

Operating earnings			988			1,239			1,448			1,360			1,209
Preferred stock dividends			30			31			30			31			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	958		$	1,208		$	1,418		$	1,329		$	1,179


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	988		$	1,239		$	1,448		$	1,360		$	1,209
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(342	)		(84	)		(99	)		(155	)		(55	)
Net derivative gains (losses)			(244	)		(1,543	)		(315	)		352			4,196
Universal life and investment-type product policy fees			54			51			55			59			90
Net investment income			50			244			447			3			(795	)
Other revenues			—			—			(1	)		4			5
Policyholder benefits and claims and policyholder dividends			(409	)		(188	)		(157	)		(208	)		218
Interest credited to policyholder account balances			(5	)		(219	)		(443	)		69			799
Amortization of DAC and VOBA			18			231			67			(128	)		(621	)
Amortization of negative VOBA			—			7			19			19			19
Interest expense on debt			(103	)		(99	)		(92	)		(92	)		(97	)
Other expenses			(42	)		(99	)		(62	)		(145	)		(96	)
Provision for income tax (expense) benefit			352			527			187			61			(1,300	)

Income (loss) from continuing operations, net of income tax			317			67			1,054			1,199			3,572
Income (loss) from discontinued operations, net of income tax			3			18			(41	)		31			4

Net income (loss)			320			85			1,013			1,230			3,576
Less: Net income (loss) attributable to noncontrolling interest			4			3			7			(7	)		(6	)

Net income (loss) attributable to MetLife, Inc.			316			82			1,006			1,237			3,582
Less: Preferred stock dividends			30			31			30			31			30
Less: Preferred stock redemption premium			—			—			146			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	286		$	51		$	830		$	1,206		$	3,552



Premiums, Fees and Other Revenues (Operating)		$	8,506		$	9,500		$	10,955		$	11,792		$	11,965

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



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


OPERATING REVENUES
Premiums		$	9,342		$	6,036		$	3,303		$	3
Universal life and investment-type product policy fees			1,908			1,255			653			—
Net investment income			5,052			3,665			1,090			297
Other revenues			715			362			45			308

Total operating revenues			17,017			11,318			5,091			608


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			9,619			7,301			2,314			4
Interest credited to policyholder account balances			1,537			990			547			—
Interest credited to bank deposits			26			—			—			26
Capitalization of DAC			(1,852	)		(818	)		(1,034	)		—
Amortization of DAC and VOBA			1,237			651			586			—
Amortization of negative VOBA			(151	)		—			(151	)		—
Interest expense on debt			328			2			—			326
Other expenses			4,630			2,209			1,983			438

Total operating expenses			15,374			10,335			4,245			794


Operating earnings before provision for income tax			1,643			983			846			(186	)
Provision for income tax expense (benefit)			434			328			268			(162	)

Operating earnings			1,209			655			578			(24	)
Preferred stock dividends			30			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,179		$	655		$	578		$	(54	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	1,209		$	655		$	578		$	(24	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(55	)		118			(261	)		88
Net derivative gains (losses)			4,196			2,953			1,273			(30	)
Universal life and investment-type product policy fees			90			90			—			—
Net investment income			(795	)		(68	)		(831	)		104
Other revenues			5			—			5			—
Policyholder benefits and claims and policyholder dividends			218			370			(152	)		—
Interest credited to policyholder account balances			799			(2	)		801			—
Amortization of DAC and VOBA			(621	)		(601	)		(20	)		—
Amortization of negative VOBA			19			—			19			—
Interest expense on debt			(97	)		—			—			(97	)
Other expenses			(96	)		4			(21	)		(79	)
Provision for income tax (expense) benefit			(1,300	)		(1,002	)		(320	)		22

Income (loss) from continuing operations, net of income tax			3,572			2,517			1,071			(16	)
Income (loss) from discontinued operations, net of income tax			4			13			(11	)		2

Net income (loss)			3,576			2,530			1,060			(14	)
Less: Net income (loss) attributable to noncontrolling interest			(6	)		3			(10	)		1

Net income (loss) attributable to MetLife, Inc.			3,582			2,527			1,070			(15	)
Less: Preferred stock dividends			30			—			—			30
Less: Preferred stock redemption premium			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	3,552		$	2,527		$	1,070		$	(45	)



Premiums, Fees and Other Revenues (Operating)		$	11,965		$	7,653		$	4,001		$	311

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



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


OPERATING REVENUES
Premiums		$	6,484		$	5,603		$	878		$	3
Universal life and investment-type product policy fees			1,398			1,097			301			—
Net investment income			4,314			3,638			451			225
Other revenues			624			308			7			309

Total operating revenues			12,820			10,646			1,637			537


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,291			6,532			763			(4	)
Interest credited to policyholder account balances			1,259			1,017			242			—
Interest credited to bank deposits			33			—			—			33
Capitalization of DAC			(766	)		(598	)		(168	)		—
Amortization of DAC and VOBA			591			488			104			(1	)
Amortization of negative VOBA			—			—			—			—
Interest expense on debt			294			3			(1	)		292
Other expenses			2,710			1,926			506			278

Total operating expenses			11,412			9,368			1,446			598


Operating earnings before provision for income tax			1,408			1,278			191			(61	)
Provision for income tax expense (benefit)			420			432			2			(14	)

Operating earnings			988			846			189			(47	)
Preferred stock dividends			30			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	958		$	846		$	189		$	(77	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	988		$	846		$	189		$	(47	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(342	)		125			(239	)		(228	)
Net derivative gains (losses)			(244	)		5			(109	)		(140	)
Universal life and investment-type product policy fees			54			54			—			—
Net investment income			50			(59	)		(11	)		120
Other revenues			—			—			—			—
Policyholder benefits and claims and policyholder dividends			(409	)		(271	)		(138	)		—
Interest credited to policyholder account balances			(5	)		(5	)		—			—
Amortization of DAC and VOBA			18			18			—			—
Amortization of negative VOBA			—			—			—			—
Interest expense on debt			(103	)		—			—			(103	)
Other expenses			(42	)		—			4			(46	)
Provision for income tax (expense) benefit			352			47			169			136

Income (loss) from continuing operations, net of income tax			317			760			(135	)		(308	)
Income (loss) from discontinued operations, net of income tax			3			4			2			(3	)

Net income (loss)			320			764			(133	)		(311	)
Less: Net income (loss) attributable to noncontrolling interest			4			—			4			—

Net income (loss) attributable to MetLife, Inc.			316			764			(137	)		(311	)
Less: Preferred stock dividends			30			—			—			30
Less: Preferred stock redemption premium			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	286		$	764		$	(137	)	$	(341	)



Premiums, Fees and Other Revenues (Operating)		$	8,506		$	7,008		$	1,186		$	312

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


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


OPERATING REVENUES
Premiums		$	27,190		$	17,497		$	9,686		$	7
Universal life and investment-type product policy fees			5,652			3,704			1,948			—
Net investment income			15,014			11,084			3,006			924
Other revenues			1,870			1,052			126			692

Total operating revenues			49,726			33,337			14,766			1,623


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			27,350			20,741			6,602			7
Interest credited to policyholder account balances			4,529			2,930			1,599			—
Interest credited to bank deposits			72			—			—			72
Capitalization of DAC			(5,119	)		(2,205	)		(2,914	)		—
Amortization of DAC and VOBA			3,613			1,764			1,849			—
Amortization of negative VOBA			(479	)		—			(479	)		—
Interest expense on debt			979			7			2			970
Other expenses			13,135			6,362			5,687			1,086

Total operating expenses			44,080			29,599			12,346			2,135


Operating earnings before provision for income tax			5,646			3,738			2,420			(512	)
Provision for income tax expense (benefit)			1,629			1,267			768			(406	)

Operating earnings			4,017			2,471			1,652			(106	)
Preferred stock dividends			91			—			—			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	3,926		$	2,471		$	1,652		$	(197	)


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

Operating earnings		$	4,017		$	2,471		$	1,652		$	(106	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(309	)		203			(500	)		(12	)
Net derivative gains (losses)			4,233			3,127			1,215			(109	)
Universal life and investment-type product policy fees			204			204			—			—
Net investment income			(345	)		(165	)		(480	)		300
Other revenues			8			—			8			—
Policyholder benefits and claims and policyholder dividends			(147	)		207			(354	)		—
Interest credited to policyholder account balances			425			(18	)		443			—
Amortization of DAC and VOBA			(682	)		(662	)		(20	)		—
Amortization of negative VOBA			57			—			57			—
Interest expense on debt			(281	)		—			—			(281	)
Other expenses			(303	)		5			(67	)		(241	)
Provision for income tax (expense) benefit			(1,052	)		(1,016	)		(169	)		133

Income (loss) from continuing operations, net of income tax			5,825			4,356			1,785			(316	)
Income (loss) from discontinued operations, net of income tax			(6	)		62			(71	)		3

Net income (loss)			5,819			4,418			1,714			(313	)
Less: Net income (loss) attributable to noncontrolling interest			(6	)		3			(5	)		(4	)

Net income (loss) attributable to MetLife, Inc.			5,825			4,415			1,719			(309	)
Less: Preferred stock dividends			91			—			—			91
Less: Preferred stock redemption premium			146			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	5,588		$	4,415		$	1,719		$	(546	)



Premiums, Fees and Other Revenues (Operating)		$	34,712		$	22,253		$	11,760		$	699

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


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


OPERATING REVENUES
Premiums		$	19,856		$	17,328		$	2,522		$	6
Universal life and investment-type product policy fees			4,179			3,277			902			—
Net investment income			12,705			10,861			1,153			691
Other revenues			1,681			916			12			753

Total operating revenues			38,421			32,382			4,589			1,450


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			22,349			20,081			2,279			(11	)
Interest credited to policyholder account balances			3,451			3,018			433			—
Interest credited to bank deposits			108			—			—			108
Capitalization of DAC			(2,255	)		(1,749	)		(506	)		—
Amortization of DAC and VOBA			1,912			1,600			313			(1	)
Amortization of negative VOBA			—			—			—			—
Interest expense on debt			824			7			2			815
Other expenses			8,037			5,723			1,489			825

Total operating expenses			34,426			28,680			4,010			1,736


Operating earnings before provision for income tax			3,995			3,702			579			(286	)
Provision for income tax expense (benefit)			1,168			1,252			101			(185	)

Operating earnings			2,827			2,450			478			(101	)
Preferred stock dividends			91			—			—			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2,736		$	2,450		$	478		$	(192	)


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

Operating earnings		$	2,827		$	2,450		$	478		$	(101	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(324	)		282			(268	)		(338	)
Net derivative gains (losses)			1,278			1,208			157			(87	)
Universal life and investment-type product policy fees			160			160			—			—
Net investment income			40			(170	)		(135	)		345
Other revenues			—			—			—			—
Policyholder benefits and claims and policyholder dividends			(510	)		(239	)		(271	)		—
Interest credited to policyholder account balances			(3	)		(3	)		—			—
Amortization of DAC and VOBA			(272	)		(272	)		—			—
Amortization of negative VOBA			—			—			—			—
Interest expense on debt			(312	)		—			—			(312	)
Other expenses			(120	)		2			(7	)		(115	)
Provision for income tax (expense) benefit			(83	)		(347	)		87			177

Income (loss) from continuing operations, net of income tax			2,681			3,071			41			(431	)
Income (loss) from discontinued operations, net of income tax			20			14			9			(3	)

Net income (loss)			2,701			3,085			50			(434	)
Less: Net income (loss) attributable to noncontrolling interest			(7	)		1			(6	)		(2	)

Net income (loss) attributable to MetLife, Inc.			2,708			3,084			56			(432	)
Less: Preferred stock dividends			91			—			—			91
Less: Preferred stock redemption premium			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	2,617		$	3,084		$	56		$	(523	)



Premiums, Fees and Other Revenues (Operating)		$	25,716		$	21,521		$	3,436		$	759

METLIFE, INC.

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


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


U.S. BUSINESS

INSURANCE PRODUCTS		$	345		$	309	$	350		$	449		$	265

RETIREMENT PRODUCTS			238			228		212			201			104

CORPORATE BENEFIT FUNDING			182			283		289			314			264

AUTO & HOME			81			74		57			(56	)		22


U.S. BUSINESS TOTAL		$	846		$	894	$	908		$	908		$	655

INTERNATIONAL

JAPAN			—			94		290			245			315

OTHER INTERNATIONAL REGIONS			189			208		277			262			263


INTERNATIONAL TOTAL		$	189		$	302	$	567		$	507		$	578

BANKING, CORPORATE & OTHER			(77	)		12		(57	)		(86	)		(54	)


METLIFE, INC. CONSOLIDATED		$	958		$	1,208	$	1,418		$	1,329		$	1,179


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


OPERATING REVENUES
Premiums		$	4,234		$	4,326		$	4,192		$	4,268			$4,159			$	12,874		$	12,619
Universal life and investment-type product policy fees			539			613			564			565			566				1,634			1,695
Net investment income			1,515			1,554			1,529			1,572			1,526				4,514			4,627
Other revenues			185			199			200			204			216				562			620

Total operating revenues			6,473			6,692			6,485			6,609			6,467				19,584			19,561


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			4,685			4,822			4,665			4,634			4,816				14,253			14,115
Interest credited to policyholder account balances			243			249			241			246			255				714			742
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(204	)		(214	)		(216	)		(214	)		(213	)			(627	)		(643	)
Amortization of DAC and VOBA			221			300			231			214			186				666			631
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			1			—			—			—				—			—
Other expenses			998			1,059			1,025			1,038			1,016				3,021			3,079

Total operating expenses			5,943			6,217			5,946			5,918			6,060				18,027			17,924


Operating earnings before provision for income tax			530			475			539			691			407				1,557			1,637
Provision for income tax expense (benefit)			185			166			189			242			142				545			573

Operating earnings			345			309			350			449			265				1,012			1,064
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	345		$	309		$	350		$	449		$	265			$	1,012		$	1,064


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	345		$	309		$	350		$	449		$	265			$	1,012		$	1,064
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			69			25			37			3			15				78			55
Net derivative gains (losses)			86			(496	)		(169	)		261			1,597				711			1,689
Universal life and investment-type product policy fees			—			(5	)		(3	)		1			16				6			14
Net investment income			(37	)		(40	)		(49	)		(56	)		(59	)			(110	)		(164	)
Other revenues			—			—			—			—			—				—			—
Policyholder benefits and claims and policyholder dividends			(5	)		—			—			—			1				(5	)		1
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Amortization of DAC and VOBA			(28	)		(12	)		—			(4	)		(56	)			(78	)		(60	)
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			—			1			—			—			1				—			1
Provision for income tax (expense) benefit			(29	)		182			65			(73	)		(530	)			(211	)		(538	)

Income (loss) from continuing operations, net of income tax			401			(36	)		231			581			1,250				1,403			2,062
Income (loss) from discontinued operations, net of income tax			—			2			20			8			8				2			36

Net income (loss)			401			(34	)		251			589			1,258				1,405			2,098
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			401			(34	)		251			589			1,258				1,405			2,098
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	401		$	(34	)	$	251		$	589		$	1,258			$	1,405		$	2,098



Premiums, Fees and Other Revenues (Operating)		$	4,958		$	5,138		$	4,956		$	5,037		$	4,941			$	15,070		$	14,934

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


OPERATING REVENUES
Premiums		$	1,775		$	1,735		$	1,765		$	1,818		$	1,711			$	5,487		$	5,294
Universal life and investment-type product policy fees			159			156			159			155			159				460			473
Net investment income			209			206			200			205			200				620			605
Other revenues			2			—			2			1			—				6			3

Total operating revenues			2,145			2,097			2,126			2,179			2,070				6,573			6,375


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			1,781			1,746			1,768			1,726			1,847				5,439			5,341
Interest credited to policyholder account balances			44			42			40			42			43				131			125
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(3	)		(4	)		(5	)		(4	)		(4	)			(11	)		(13	)
Amortization of DAC and VOBA			4			2			3			5			3				13			11
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			143			160			140			141			141				429			422

Total operating expenses			1,969			1,946			1,946			1,910			2,030				6,001			5,886

Operating earnings before provision for income tax			176			151			180			269			40				572			489
Provision for income tax expense (benefit)			61			53			63			94			14				200			171

Operating earnings			115			98			117			175			26				372			318
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	115		$	98		$	117		$	175		$	26			$	372		$	318


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	115		$	98		$	117		$	175		$	26			$	372		$	318
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			15			(2	)		3			(6	)		(14	)			11			(17	)
Net derivative gains (losses)			(1	)		(9	)		(22	)		36			56				80			70
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			(16	)		(19	)		(18	)		(21	)		(21	)			(52	)		(60	)
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			10			13			(3	)		(8	)			(13	)		2

Income (loss) from continuing operations, net of income tax			114			78			93			181			39				398			313
Income (loss) from discontinued operations, net of income tax			(1	)		1			—			—			2				(1	)		2

Net income (loss)			113			79			93			181			41				397			315
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			113			79			93			181			41				397			315
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	113		$	79		$	93		$	181		$	41			$	397		$	315



Premiums, Fees and Other Revenues (Operating)		$	1,936		$	1,891		$	1,926		$	1,974		$	1,870			$	5,953		$	5,770



Group Life Mortality Ratio			89.0	%		89.7	%		88.2	%		82.1	%		98.5	%

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


OPERATING REVENUES
Premiums	$	988		$	1,113		$	951		$	988		$	993		$	2,959		$	2,932
Universal life and investment-type product policy fees		380			457			405			410			407			1,174			1,222
Net investment income		1,086			1,116			1,097			1,119			1,074			3,238			3,290
Other revenues		94			110			107			112			123			288			342

Total operating revenues		2,548			2,796			2,560			2,629			2,597			7,659			7,786


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,608			1,750			1,603			1,628			1,709			4,871			4,940
Interest credited to policyholder account balances		195			203			198			201			209			568			608
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(162	)		(172	)		(166	)		(171	)		(176	)		(492	)		(513	)
Amortization of DAC and VOBA		186			259			192			173			152			553			517
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			1			—			—			—			—			—
Other expenses		507			527			525			545			519			1,551			1,589

Total operating expenses		2,334			2,568			2,352			2,376			2,413			7,051			7,141


Operating earnings before provision for income tax		214			228			208			253			184			608			645
Provision for income tax expense (benefit)		75			79			73			89			64			213			226

Operating earnings		139			149			135			164			120			395			419
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	139		$	149		$	135		$	164		$	120		$	395		$	419


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

Operating earnings	$	139		$	149		$	135		$	164		$	120		$	395		$	419
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		21			28			25			1			21			38			47
Net derivative gains (losses)		(28	)		(115	)		(70	)		81			525			137			536
Universal life and investment-type product policy fees		—			(5	)		(3	)		1			16			6			14
Net investment income		(12	)		(12	)		(17	)		(19	)		(21	)		(36	)		(57	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(28	)		(12	)		—			(4	)		(56	)		(78	)		(60	)
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			1			—			—			—			—			—
Provision for income tax (expense) benefit		17			39			23			(22	)		(169	)		(24	)		(168	)

Income (loss) from continuing operations, net of income tax		109			73			93			202			436			438			731
Income (loss) from discontinued operations, net of income tax		1			1			20			8			6			3			34

Net income (loss)		110			74			113			210			442			441			765
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		110			74			113			210			442			441			765
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	110		$	74		$	113		$	210		$	442		$	441		$	765



Premiums, Fees and Other Revenues (Operating)	$	1,462		$	1,680		$	1,463		$	1,510		$	1,523		$	4,421		$	4,496



Mortality as a Percentage of Expected		86.7	%		82.9	%		92.5	%		84.4	%		98.5	%


Lapse Ratio

Traditional Life		6.2	%		6.4	%		6.5	%		6.6	%		6.8	%
Variable & Universal Life		5.9	%		6.1	%		6.0	%		5.8	%		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
Unaudited (In millions, except ratios)	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011


OPERATING REVENUES
Premiums	$	1,471		$	1,478		$	1,476		$	1,462		$	1,455		$	4,428		$	4,393
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		220			232			232			248			252			656			732
Other revenues		89			89			91			91			93			268			275

Total operating revenues		1,780			1,799			1,799			1,801			1,800			5,352			5,400


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,296			1,326			1,294			1,280			1,260			3,943			3,834
Interest credited to policyholder account balances		4			4			3			3			3			15			9
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(39	)		(38	)		(45	)		(39	)		(33	)		(124	)		(117	)
Amortization of DAC and VOBA		31			39			36			36			31			100			103
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		348			372			360			352			356			1,041			1,068

Total operating expenses		1,640			1,703			1,648			1,632			1,617			4,975			4,897


Operating earnings before provision for income tax		140			96			151			169			183			377			503
Provision for income tax expense (benefit)		49			34			53			59			64			132			176

Operating earnings		91			62			98			110			119			245			327
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	91		$	62		$	98		$	110		$	119		$	245		$	327


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	91		$	62		$	98		$	110		$	119		$	245		$	327
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		33			(1	)		9			8			8			29			25
Net derivative gains (losses)		115			(372	)		(77	)		144			1,016			494			1,083
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(9	)		(9	)		(14	)		(16	)		(17	)		(22	)		(47	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(5	)		—			—			—			1			(5	)		1
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			1			—			1
Provision for income tax (expense) benefit		(47	)		133			29			(48	)		(353	)		(174	)		(372	)

Income (loss) from continuing operations, net of income tax		178			(187	)		45			198			775			567			1,018
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		178			(187	)		45			198			775			567			1,018
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		178			(187	)		45			198			775			567			1,018
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	178		$	(187	)	$	45		$	198		$	775		$	567		$	1,018



Premiums, Fees and Other Revenues (Operating)	$	1,560		$	1,567		$	1,567		$	1,553		$	1,548		$	4,696		$	4,668



Non-Medical Health Benefit Ratio		88.0	%		89.7	%		87.7	%		87.5	%		86.6	%

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

Balance, beginning of period		$	12,017		$	12,005		$	11,892		$	11,963		$	11,744
Premiums and deposits			3,509			3,292			3,418			3,038			2,791
Surrenders and withdrawals			(1,495	)		(1,423	)		(1,379	)		(1,231	)		(1,087	)
Benefit payments			(1,921	)		(1,900	)		(1,888	)		(1,844	)		(1,827	)

Net Flows			93			(31	)		151			(37	)		(123	)
Net transfers from (to) separate account			1			—			2			2			3
Interest			72			73			67			69			69
Policy charges			(125	)		(123	)		(120	)		(133	)		(109	)
Other			(53	)		(32	)		(29	)		(120	)		3

Balance, end of period		$	12,005		$	11,892		$	11,963		$	11,744		$	11,587


INDIVIDUAL LIFE

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

Balance, beginning of period		$	74,844		$	75,300		$	76,264		$	76,713		$	77,207
Premiums and deposits			2,059			2,181			2,108			2,055			2,066
Surrenders and withdrawals			(936	)		(944	)		(943	)		(895	)		(905	)
Benefit payments			(616	)		(621	)		(678	)		(627	)		(694	)

Net Flows			507			616			487			533			467
Net transfers from (to) separate account			37			32			23			36			27
Interest			756			766			765			767			777
Policy charges			(408	)		(414	)		(419	)		(428	)		(435	)
Other			(436	)		(36	)		(407	)		(414	)		(389	)

Balance, end of period		$	75,300		$	76,264		$	76,713		$	77,207		$	77,654


NON-MEDICAL HEALTH

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

Balance, beginning of period		$	13,689		$	13,901		$	14,187		$	14,384		$	14,581
Premiums and deposits			1,747			1,500			1,504			1,488			1,583
Surrenders and withdrawals			(255	)		(3	)		(3	)		(3	)		(103	)
Benefit payments			(1,083	)		(1,093	)		(1,136	)		(1,116	)		(1,074	)

Net Flows			409			404			365			369			406
Net transfers from (to) separate account			—			—			—			—			—
Interest			150			157			157			161			164
Policy charges			—			—			—			—			—
Other			(347	)		(275	)		(325	)		(333	)		(349	)

Balance, end of period		$	13,901		$	14,187		$	14,384		$	14,581		$	14,802

SEPARATE ACCOUNT LIABILITIES


GROUP LIFE

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

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

Net Flows			39			30			40			40			39
Investment performance			42			40			24			—			(70	)
Net transfers from (to) general account			(1	)		—			(2	)		(2	)		(3	)
Policy charges			(35	)		(35	)		(37	)		(38	)		(38	)
Other			—			—			—			—			—

Balance, end of period		$	456		$	491		$	516		$	516		$	444


INDIVIDUAL LIFE

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

Balance, beginning of period		$	7,915		$	8,576		$	9,076		$	9,368		$	9,301
Premiums and deposits			193			190			193			184			178
Surrenders and withdrawals			(116	)		(153	)		(139	)		(131	)		(116	)
Benefit payments			(10	)		(9	)		(12	)		(14	)		(8	)

Net Flows			67			28			42			39			54
Investment performance			764			652			413			69			(1,121	)
Net transfers from (to) general account			(37	)		(32	)		(23	)		(36	)		(27	)
Policy charges			(140	)		(139	)		(139	)		(139	)		(136	)
Other			7			(9	)		(1	)		—			—

Balance, end of period		$	8,576		$	9,076		$	9,368		$	9,301		$	8,071

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES



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


Direct and allocated expenses		$	555	$	593	$	581	$	584	$	562
Pension and post-retirement benefit costs			52		52		51		51		55
Premium taxes, other taxes, and licenses & fees			76		81		71		73		66

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


Commissions and other variable expenses			315		333		322		330		333


Total other expenses		$	998	$	1,059	$	1,025	$	1,038	$	1,016

INDIVIDUAL LIFE SALES BY PRODUCT (1)



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


Individual Life Sales
Term Life		$	32	$	32	$	30	$	33	$	32
Whole Life			28		29		27		30		27
Variable Life			9		8		9		11		9
Universal Life			48		61		57		54		52

Total Individual Life sales (2)		$	117	$	130	$	123	$	128	$	120


(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 $120 million of Individual Life Sales during the three months ended September 30, 2011, approximately 39% were distributed through MetLife agents, 14% through New England Financial agents, 42% through MetLife’s third party channels and 5% through other channels.

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE



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

Investment income yield			5.54	%		5.40	%		5.52	%		5.73	%		5.66	%
Average crediting rate			2.08	%		2.06	%		2.01	%		2.07	%		2.11	%

Annualized general account spread			3.46	%		3.34	%		3.51	%		3.66	%		3.55	%

VARIABLE & UNIVERSAL LIFE



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

Investment income yield			6.30	%		6.44	%		6.72	%		6.57	%		6.33	%
Average crediting rate			4.48	%		4.63	%		4.53	%		4.47	%		4.55	%

Annualized general account spread (1)			1.82	%		1.81	%		2.19	%		2.10	%		1.78	%

NON-MEDICAL HEALTH



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

Investment income yield			5.96	%		6.38	%		6.19	%		6.53	%		6.35	%
Average crediting rate			4.78	%		4.72	%		4.70	%		4.70	%		4.66	%

Annualized general account spread			1.18	%		1.66	%		1.49	%		1.83	%		1.69	%


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

U.S. BUSINESS
RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



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


OPERATING REVENUES
Premiums		$	227		$	145		$	206		$	240		$	393			$	730		$	839
Universal life and investment-type product policy fees			500			550			586			622			620				1,474			1,828
Net investment income			856			845			786			792			800				2,550			2,378
Other revenues			56			61			75			75			77				159			227

Total operating revenues			1,639			1,601			1,653			1,729			1,890				4,913			5,272


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			378			280			375			402			585				1,207			1,362
Interest credited to policyholder account balances			394			407			393			395			408				1,205			1,196
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(270	)		(301	)		(317	)		(400	)		(478	)			(766	)		(1,195	)
Amortization of DAC and VOBA			153			214			198			238			347				594			783
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			2			(1	)		—			1			—				4			1
Other expenses			615			653			678			784			867				1,784			2,329

Total operating expenses			1,272			1,252			1,327			1,420			1,729				4,028			4,476


Operating earnings before provision for income tax			367			349			326			309			161				885			796
Provision for income tax expense (benefit)			129			121			114			108			57				310			279

Operating earnings			238			228			212			201			104				575			517
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	238		$	228		$	212		$	201		$	104			$	575		$	517


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	238		$	228		$	212		$	201		$	104			$	575		$	517
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			5			43			9			42			21				96			72
Net derivative gains (losses)			116			(392	)		(7	)		271			956				627			1,220
Universal life and investment-type product policy fees			54			56			58			58			74				154			190
Net investment income			(68	)		(47	)		(38	)		(33	)		(47	)			(202	)		(118	)
Other revenues			—			—			—			—			—				—			—
Policyholder benefits and claims and policyholder dividends			(235	)		(230	)		(147	)		(12	)		407				(162	)		248
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Amortization of DAC and VOBA			46			243			67			(124	)		(545	)			(194	)		(602	)
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			—			1			—			—			1				—			1
Provision for income tax (expense) benefit			28			109			20			(71	)		(303	)			(113	)		(354	)

Income (loss) from continuing operations, net of income tax			184			11			174			332			668				781			1,174
Income (loss) from discontinued operations, net of income tax			1			—			—			—			—				1			—

Net income (loss)			185			11			174			332			668				782			1,174
Less: Net income (loss) attributable to noncontrolling interest			—			1			—			—			1				—			1

Net income (loss) attributable to MetLife, Inc.			185			10			174			332			667				782			1,173
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	185		$	10		$	174		$	332		$	667			$	782		$	1,173



Premiums, Fees and Other Revenues (Operating)		$	783		$	756		$	867		$	937		$	1,090			$	2,363		$	2,894


Lapse Ratio

Fixed Annuities			6.3	%		6.0	%		6.2	%		6.4	%		6.6	%
Variable Annuities			7.3	%		7.3	%		7.3	%		7.4	%		6.9	%

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

Balance, beginning of period		$	57,356		$	57,485		$	55,346		$	54,973		$	55,675
Premiums and deposits (1), (2)			2,038			1,775			1,745			2,027			2,812
Surrenders and withdrawals			(1,160	)		(999	)		(913	)		(921	)		(991	)
Benefit payments			(480	)		(469	)		(496	)		(493	)		(503	)

Net Flows			398			307			336			613			1,318
Net transfers from (to) separate account			(808	)		(1,131	)		(846	)		(733	)		(624	)
Interest			547			560			545			546			551
Policy charges			(13	)		(16	)		(17	)		(20	)		(19	)
Other			5			(1,859	)		(391	)		296			3,418

Balance, end of period		$	57,485		$	55,346		$	54,973		$	55,675		$	60,319

SEPARATE ACCOUNT LIABILITIES



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

Balance, beginning of period		$	87,367		$	97,587		$	107,335		$	114,569		$	118,522
Premiums and deposits (1)			3,312			3,978			4,564			5,703			6,787
Surrenders and withdrawals			(1,813	)		(1,851	)		(2,106	)		(2,330	)		(2,112	)
Benefit payments			(183	)		(205	)		(206	)		(219	)		(209	)

Net Flows			1,316			1,922			2,252			3,154			4,466
Investment performance			8,549			7,191			4,664			655			(14,336	)
Net transfers from (to) general account			808			1,131			846			733			624
Policy charges			(453	)		(496	)		(529	)		(589	)		(574	)
Other			—			—			1			—			5

Balance, end of period		$	97,587		$	107,335		$	114,569		$	118,522		$	108,707


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


Direct and allocated expenses		$	185	$	180	$	181	$	198	$	187
Pension and post-retirement benefit costs			21		21		20		20		21
Premium taxes, other taxes, and licenses & fees			8		6		7		7		6

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


Commissions and other variable expenses			401		446		470		559		653


Total other expenses		$	615	$	653	$	678	$	784	$	867

INDIVIDUAL ANNUITY SALES BY PRODUCT (1)


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


Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales		$	472	$	383	$	362	$	376	$	617
Variable annuity sales			4,662		5,129		5,691		6,971		8,561

Total annuity sales (2)		$	5,134	$	5,512	$	6,053	$	7,347	$	9,178


Separate Account and General Account
Separate Accounts

Total variable annuities separate accounts		$	3,178	$	3,809	$	4,384	$	5,398	$	6,442

General Accounts
Fixed annuity			472		383		362		376		617
Variable annuity			1,484		1,320		1,307		1,573		2,119

Total general accounts			1,956		1,703		1,669		1,949		2,736

Total premiums and deposits		$	5,134	$	5,512	$	6,053	$	7,347	$	9,178


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

(2)		Of the $9,178 million of Individual Annuity Sales during the three months ended September 30, 2011, approximately 13% were distributed through MetLife agents, 4% through New England Financial agents, 76% 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
Unaudited	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011


Investment income yield		6.36	%		6.47	%		6.17	%		6.11	%		6.07	%
Average crediting rate		3.68	%		3.65	%		3.58	%		3.54	%		3.50	%

Annualized general account spread		2.68	%		2.82	%		2.59	%		2.57	%		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
Unaudited (In millions)	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			September 30, 2010			September 30, 2011


OPERATING REVENUES
Premiums	$	402		$	391		$	291		$	781		$	724		$	1,547		$	1,796
Universal life and investment-type product policy fees		58			57			54			58			69			169			181
Net investment income		1,216			1,313			1,311			1,325			1,289			3,641			3,925
Other revenues		59			65			60			61			61			181			182

Total operating revenues		1,735			1,826			1,716			2,225			2,143			5,538			6,084


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		963			926			821			1,292			1,287			3,115			3,400
Interest credited to policyholder account balances		380			346			335			330			327			1,099			992
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(6	)		(2	)		(12	)		(6	)		(6	)		(17	)		(24	)
Amortization of DAC and VOBA		4			4			5			5			4			12			14
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			3			2			2			2			3			6
Other expenses		113			114			119			118			126			346			363

Total operating expenses		1,455			1,391			1,270			1,741			1,740			4,558			4,751


Operating earnings before provision for income tax		280			435			446			484			403			980			1,333
Provision for income tax expense (benefit)		98			152			157			170			139			343			466

Operating earnings		182			283			289			314			264			637			867
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	182		$	283		$	289		$	314		$	264		$	637		$	867


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	182		$	283		$	289		$	314		$	264		$	637		$	867
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		54			65			12			(12	)		86			111			86
Net derivative gains (losses)		(193	)		(39	)		(127	)		(52	)		407			(123	)		228
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		46			48			44			35			38			142			117
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(31	)		30			8			(12	)		(38	)		(72	)		(42	)
Interest credited to policyholder account balances		(5	)		(8	)		(8	)		(8	)		(2	)		(3	)		(18	)
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			1			—			1			2			2			3
Provision for income tax (expense) benefit		46			(28	)		25			17			(173	)		(26	)		(131	)

Income (loss) from continuing operations, net of income tax		99			352			243			283			584			668			1,110
Income (loss) from discontinued operations, net of income tax		3			3			—			21			5			11			26

Net income (loss)		102			355			243			304			589			679			1,136
Less: Net income (loss) attributable to noncontrolling interest		—			1			—			—			2			1			2

Net income (loss) attributable to MetLife, Inc.		102			354			243			304			587			678			1,134
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	102		$	354		$	243		$	304		$	587		$	678		$	1,134



Premiums, Fees and Other Revenues (Operating)	$	519		$	513		$	405		$	900		$	854		$	1,897		$	2,159

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

Balance, beginning of period	$	95,475		$	97,929		$	96,960		$	98,689		$	99,747
Premiums and deposits		12,351			13,947			16,668			11,052			14,196
Surrenders and withdrawals		(11,707	)		(13,124	)		(14,789	)		(10,718	)		(17,347	)
Benefit payments		(774	)		(707	)		(713	)		(711	)		(762	)

Net Flows		(130	)		116			1,166			(377	)		(3,913	)
Net transfers from (to) separate account		(98	)		(12	)		(4	)		(4	)		(12	)
Interest		1,002			982			970			961			948
Policy charges		(30	)		(25	)		(34	)		(34	)		(34	)
Other		1,710			(2,030	)		(369	)		512			2,522

Balance, end of period	$	97,929		$	96,960		$	98,689		$	99,747		$	99,258

SEPARATE ACCOUNT LIABILITIES


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

Balance, beginning of period	$	49,885		$	56,670		$	56,571		$	61,004		$	63,195
Premiums and deposits		4,835			1,811			4,177			2,854			3,068
Surrenders and withdrawals		(1,637	)		(1,189	)		(1,255	)		(1,404	)		(2,061	)
Benefit payments		(9	)		(15	)		(68	)		(23	)		(17	)

Net Flows		3,189			607			2,854			1,427			990
Investment performance		2,062			205			758			1,012			807
Net transfers from (to) general account		98			12			4			4			12
Policy charges		(57	)		(61	)		(67	)		(61	)		(63	)
Other		1,493			(862	)		884			(191	)		63

Balance, end of period	$	56,670		$	56,571		$	61,004		$	63,195		$	65,004

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY


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


Direct and allocated expenses	$	54	$	65	$	64	$	64	$	66
Pension and post-retirement benefit costs		12		11		11		11		11
Premium taxes, other taxes, and licenses & fees		5		1		6		5		10

Total fixed operating expenses	$	71	$	77	$	81	$	80	$	87


Commissions and other variable expenses		42		37		38		38		39


Total other expenses	$	113	$	114	$	119	$	118	$	126

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD

CORPORATE BENEFIT FUNDING


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

Investment income yield		5.19	%		5.39	%		5.31	%		5.27	%		5.16	%
Average crediting rate		4.16	%		3.83	%		3.74	%		3.66	%		3.71	%

Annualized general account spread		1.03	%		1.56	%		1.57	%		1.61	%		1.45	%

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


OPERATING REVENUES
Premiums (1)	$	740		$	746		$	735		$	748			$	760		$	2,177		$	2,243
Universal life and investment-type product policy fees		—			—			—			—				—			—			—
Net investment income		51			53			53			51				50			156			154
Other revenues		8			8			8			7				8			14			23

Total operating revenues		799			807			796			806				818			2,347			2,420


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		506			515			532			719				613			1,506			1,864
Interest credited to policyholder account balances		—			—			—			—				—			—			—
Interest credited to bank deposits		—			—			—			—				—			—			—
Capitalization of DAC		(118	)		(109	)		(105	)		(117	)			(121	)		(339	)		(343	)
Amortization of DAC and VOBA		110			111			109			113				114			328			336
Amortization of negative VOBA		—			—			—			—				—			—			—
Interest expense on debt		—			—			—			—				—			—			—
Other expenses		200			197			193			198				200			572			591

Total operating expenses		698			714			729			913				806			2,067			2,448


Operating earnings before provision for income tax		101			93			67			(107	)			12			280			(28	)
Provision for income tax expense (benefit)		20			19			10			(51	)			(10	)		54			(51	)

Operating earnings		81			74			57			(56	)			22			226			23
Preferred stock dividends		—			—			—			—				—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	81		$	74		$	57		$	(56	)		$	22		$	226		$	23


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

Operating earnings	$	81		$	74		$	57		$	(56	)		$	22		$	226		$	23
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(3	)		(4	)		—			(6	)			(4	)		(3	)		(10	)
Net derivative gains (losses)		(4	)		6			—			(3	)			(7	)		(7	)		(10	)
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		2			—			—			3				4			3			7

Income (loss) from continuing operations, net of income tax		76			76			57			(62	)			15			219			10
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—			—			—

Net income (loss)		76			76			57			(62	)			15			219			10
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—			—			—

Net income (loss) attributable to MetLife, Inc.		76			76			57			(62	)			15			219			10
Less: Preferred stock dividends		—			—			—			—				—			—			—
Less: Preferred stock redemption premium		—			—			—			—				—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	76		$	76		$	57		$	(62	)		$	15		$	219		$	10



Premiums, Fees and Other Revenues (Operating)	$	748		$	754		$	743		$	755			$	768		$	2,191		$	2,266


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


OPERATING REVENUES
Premiums (1)	$	500		$	500		$	493		$	501			$	508		$	1,473		$	1,502
Universal life and investment-type product policy fees		—			—			—			—				—			—			—
Net investment income		32			35			34			31				31			100			96
Other revenues		5			5			5			4				5			14			14

Total operating revenues		537			540			532			536				544			1,587			1,612


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		355			375			329			358				344			1,011			1,031
Interest credited to policyholder account balances		—			—			—			—				—			—			—
Interest credited to bank deposits		—			—			—			—				—			—			—
Capitalization of DAC		(78	)		(69	)		(69	)		(77	)			(76	)		(222	)		(222	)
Amortization of DAC and VOBA		74			70			68			76				74			217			218
Amortization of negative VOBA		—			—			—			—				—			—			—
Interest expense on debt		—			—			—			—				—			—			—
Other expenses		130			129			128			128				129			377			385

Total operating expenses		481			505			456			485				471			1,383			1,412


Operating earnings before provision for income tax		56			35			76			51				73			204			200
Provision for income tax expense (benefit)		10			3			18			8				18			44			44

Operating earnings		46			32			58			43				55			160			156
Preferred stock dividends		—			—			—			—				—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	46		$	32		$	58		$	43			$	55		$	160		$	156


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

Operating earnings	$	46		$	32		$	58		$	43			$	55		$	160		$	156
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(2	)		(3	)		—			(4	)			(2	)		(2	)		(6	)
Net derivative gains (losses)		(2	)		3			—			(2	)			(4	)		(4	)		(6	)
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				3			2			4

Income (loss) from continuing operations, net of income tax		43			32			58			38				52			156			148
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—			—			—

Net income (loss)		43			32			58			38				52			156			148
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—			—			—

Net income (loss) attributable to MetLife, Inc.		43			32			58			38				52			156			148
Less: Preferred stock dividends		—			—			—			—				—			—			—
Less: Preferred stock redemption premium		—			—			—			—				—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	43		$	32		$	58		$	38			$	52		$	156		$	148



Premiums, Fees and Other Revenues (Operating)	$	505		$	505		$	498		$	505			$	513		$	1,487		$	1,516


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


OPERATING REVENUES
Premiums (1)	$	240		$	246		$	242		$	247		$	252		$	704		$	741
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		19			18			19			20			19			56			58
Other revenues		3			3			3			3			3			—			9

Total operating revenues		262			267			264			270			274			760			808


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		151			140			203			361			269			495			833
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(40	)		(40	)		(36	)		(40	)		(45	)		(117	)		(121	)
Amortization of DAC and VOBA		36			41			41			37			40			111			118
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		70			68			65			70			71			195			206

Total operating expenses		217			209			273			428			335			684			1,036


Operating earnings before provision for income tax		45			58			(9	)		(158	)		(61	)		76			(228	)
Provision for income tax expense (benefit)		10			16			(8	)		(59	)		(28	)		10			(95	)

Operating earnings		35			42			(1	)		(99	)		(33	)		66			(133	)
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	35		$	42		$	(1	)	$	(99	)	$	(33	)	$	66		$	(133	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	35		$	42		$	(1	)	$	(99	)	$	(33	)	$	66		$	(133	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(1	)		(1)			—			(2	)		(2	)		(1	)		(4	)
Net derivative gains (losses)		(2	)		3			—			(1	)		(3	)		(3	)		(4	)
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			1			1			3

Income (loss) from continuing operations, net of income tax		33			44			(1	)		(100	)		(37	)		63			(138	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		33			44			(1	)		(100	)		(37	)		63			(138	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		33			44			(1	)		(100	)		(37	)		63			(138	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	33		$	44		$	(1	)	$	(100	)	$	(37	)	$	63		$	(138	)



Premiums, Fees and Other Revenues (Operating)	$	243		$	249		$	245		$	250		$	255		$	704		$	750


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


Net Written Premiums by Product
Automobile	$	513		$	489		$	496		$	509		$	529
Homeowners		254			229			201			255			265
Other		13			11			22			14			13

Total	$	780		$	729		$	719		$	778		$	807


Selected Financial Information and Supplemental Data

Total Auto & Home
Loss and loss adjustment expense ratio		68.3	%		69.1	%		72.5	%		96.1	%		80.6	%
Policyholder benefits and dividends		0.0	%		0.1	%		0.1	%		0.1	%		0.0	%
Other expense ratio		25.9	%		26.6	%		26.5	%		25.8	%		25.6	%
Payment fees credit		(0.6	%)		(0.6	%)		(0.6	%)		(0.5	%)		(0.5	%)

Total combined ratio		93.6	%		95.2	%		98.5	%		121.5	%		105.7	%
Effect of catastrophe losses		5.4	%		5.2	%		6.2	%		35.8	%		17.7	%

Combined ratio excluding catastrophes		88.2	%		90.0	%		92.3	%		85.7	%		88.0	%


Auto
Loss and loss adjustment expense ratio		71.0	%		74.7	%		66.8	%		71.4	%		67.6	%
Policyholder benefits and dividends		0.0	%		0.1	%		0.1	%		0.1	%		0.0	%
Other expense ratio		25.1	%		26.2	%		25.6	%		25.3	%		25.2	%
Payment fees credit		(0.6	%)		(0.6	%)		(0.7	%)		(0.6	%)		(0.6	%)

Total combined ratio		95.5	%		100.4	%		91.8	%		96.2	%		92.2	%
Effect of catastrophe losses		0.7	%		1.1	%		(0.1	%)		5.7	%		2.8	%

Combined ratio excluding catastrophes		94.8	%		99.3	%		91.9	%		90.5	%		89.4	%


Homeowners & Other
Loss and loss adjustment expense ratio		62.6	%		57.4	%		84.0	%		146.1	%		106.7	%
Policyholder benefits and dividends		0.0	%		0.1	%		0.1	%		0.1	%		0.0	%
Other expense ratio		27.5	%		27.3	%		28.5	%		27.1	%		26.5	%
Payment fees credit		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)

Total combined ratio		89.7	%		84.4	%		112.2	%		172.9	%		132.8	%
Effect of catastrophe losses		15.4	%		13.5	%		19.0	%		96.8	%		47.7	%

Combined ratio excluding catastrophes		74.3	%		70.9	%		93.2	%		76.1	%		85.1	%


Pre-Tax Catastrophe Losses
Auto	$	3		$	6		$	—		$	28		$	14
Homeowners & Other		37			33			46			239			121

Total	$	40		$	39		$	46		$	267		$	135

INTERNATIONAL
JAPAN

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



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


OPERATING REVENUES
Premiums		$	—	$	499		$	1,517		$	1,602		$	1,601			$	—	$	4,720
Universal life and investment-type product policy fees			—		55			194			195			220				—		609
Net investment income			—		145			439			517			540				—		1,496
Other revenues			—		7			9			4			5				—		18

Total operating revenues			—		706			2,159			2,318			2,366				—		6,843


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			—		309			949			1,019			999				—		2,967
Interest credited to policyholder account balances			—		123			369			388			401				—		1,158
Interest credited to bank deposits			—		—			—			—			—				—		—
Capitalization of DAC			—		(149	)		(522	)		(519	)		(619	)			—		(1,660	)
Amortization of DAC and VOBA			—		82			292			371			318				—		981
Amortization of negative VOBA			—		(49	)		(146	)		(141	)		(135	)			—		(422	)
Interest expense on debt			—		—			—			—			—				—		—
Other expenses			—		244			770			823			909				—		2,502

Total operating expenses			—		560			1,712			1,941			1,873				—		5,526


Operating earnings before provision for income tax			—		146			447			377			493				—		1,317
Provision for income tax expense (benefit)			—		52			157			132			178				—		467

Operating earnings			—		94			290			245			315				—		850
Preferred stock dividends			—		—			—			—			—				—		—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	—	$	94		$	290		$	245		$	315			$	—	$	850


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	—	$	94		$	290		$	245		$	315			$	—	$	850
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			—		(9	)		(47	)		(47	)		(21	)			—		(115	)
Net derivative gains (losses)			—		(144	)		(8	)		135			101				—		228
Universal life and investment-type product policy fees			—		—			—			—			—				—		—
Net investment income			—		116			259			(168	)		(354	)			—		(263	)
Other revenues			—		—			—			3			5				—		8
Policyholder benefits and claims and policyholder dividends			—		5			(8	)		(10	)		(9	)			—		(27	)
Interest credited to policyholder account balances			—		(116	)		(259	)		197			332				—		270
Amortization of DAC and VOBA			—		—			—			—			(20	)			—		(20	)
Amortization of negative VOBA			—		7			19			19			19				—		57
Interest expense on debt			—		—			—			—			—				—		—
Other expenses			—		—			—			5			(15	)			—		(10	)
Provision for income tax (expense) benefit			—		49			16			(48	)		(12	)			—		(44	)

Income (loss) from continuing operations, net of income tax			—		2			262			331			341				—		934
Income (loss) from discontinued operations, net of income tax			—		—			—			—			—				—		—

Net income (loss)			—		2			262			331			341				—		934
Less: Net income (loss) attributable to noncontrolling interest			—		—			—			1			2				—		3

Net income (loss) attributable to MetLife, Inc.			—		2			262			330			339				—		931
Less: Preferred stock dividends			—		—			—			—			—				—		—
Less: Preferred stock redemption premium			—		—			—			—			—				—		—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	—	$	2		$	262		$	330		$	339			$	—	$	931



Premiums, Fees and Other Revenues (Operating)		$	—	$	561		$	1,720		$	1,801		$	1,826			$	—	$	5,347

INTERNATIONAL
OTHER INTERNATIONAL REGIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



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


OPERATING REVENUES
Premiums		$	878		$	1,103		$	1,611		$	1,653		$	1,702			$	2,522		$	4,966
Universal life and investment-type product policy fees			301			363			436			470			433				902			1,339
Net investment income			451			313			421			539			550				1,153			1,510
Other revenues			7			16			33			35			40				12			108

Total operating revenues			1,637			1,795			2,501			2,697			2,725				4,589			7,923


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			763			774			1,102			1,218			1,315				2,279			3,635
Interest credited to policyholder account balances			242			121			143			152			146				433			441
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(168	)		(269	)		(397	)		(442	)		(415	)			(506	)		(1,254	)
Amortization of DAC and VOBA			104			177			288			312			268				313			868
Amortization of negative VOBA			—			(8	)		(18	)		(23	)		(16	)			—			(57	)
Interest expense on debt			(1	)		1			2			—			—				2			2
Other expenses			506			744			1,002			1,109			1,074				1,489			3,185

Total operating expenses			1,446			1,540			2,122			2,326			2,372				4,010			6,820


Operating earnings before provision for income tax			191			255			379			371			353				579			1,103
Provision for income tax expense (benefit)			2			47			102			109			90				101			301

Operating earnings			189			208			277			262			263				478			802
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	189		$	208		$	277		$	262		$	263			$	478		$	802


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	189		$	208		$	277		$	262		$	263			$	478		$	802
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(239	)		(12	)		(112	)		(33	)		(240	)			(268	)		(385	)
Net derivative gains (losses)			(109	)		(504	)		76			(261	)		1,172				157			987
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			(11	)		63			133			127			(477	)			(135	)		(217	)
Other revenues			—			—			(1	)		1			—				—			—
Policyholder benefits and claims and policyholder dividends			(138	)		7			(10	)		(174	)		(143	)			(271	)		(327	)
Interest credited to policyholder account balances			—			(95	)		(176	)		(120	)		469				—			173
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			4			(1	)		1			(52	)		(6	)			(7	)		(57	)
Provision for income tax (expense) benefit			169			138			17			166			(308	)			87			(125	)

Income (loss) from continuing operations, net of income tax			(135	)		(196	)		205			(84	)		730				41			851
Income (loss) from discontinued operations, net of income tax			2			13			(61	)		1			(11	)			9			(71	)

Net income (loss)			(133	)		(183	)		144			(83	)		719				50			780
Less: Net income (loss) attributable to noncontrolling interest			4			1			7			(3	)		(12	)			(6	)		(8	)

Net income (loss) attributable to MetLife, Inc.			(137	)		(184	)		137			(80	)		731				56			788
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(137	)	$	(184	)	$	137		$	(80	)	$	731			$	56		$	788



Premiums, Fees and Other Revenues (Operating)		$	1,186		$	1,482		$	2,080		$	2,158		$	2,175			$	3,436		$	6,413

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



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


OPERATING REVENUES
Premiums		$	3		$	5		$	2		$	2		$	3			$	6		$	7
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			225			301			330			297			297				691			924
Other revenues			309			291			182			202			308				753			692

Total operating revenues			537			597			514			501			608				1,450			1,623


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			(4	)		(3	)		2			1			4				(11	)		7
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			33			29			23			23			26				108			72
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			(1	)		2			—			—			—				(1	)		—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			292			311			319			325			326				815			970
Other expenses			278			330			311			337			438				825			1,086

Total operating expenses			598			669			655			686			794				1,736			2,135


Operating earnings before provision for income tax			(61	)		(72	)		(141	)		(185	)		(186	)			(286	)		(512	)
Provision for income tax expense (benefit)			(14	)		(115	)		(114	)		(130	)		(162	)			(185	)		(406	)

Operating earnings			(47	)		43			(27	)		(55	)		(24	)			(101	)		(106	)
Preferred stock dividends			30			31			30			31			30				91			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(77	)	$	12		$	(57	)	$	(86	)	$	(54	)		$	(192	)	$	(197	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	(47	)	$	43		$	(27	)	$	(55	)	$	(24	)		$	(101	)	$	(106	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(228	)		(192	)		2			(102	)		88				(338	)		(12	)
Net derivative gains (losses)			(140	)		26			(80	)		1			(30	)			(87	)		(109	)
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			120			104			98			98			104				345			300
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	)		(99	)		(92	)		(92	)		(97	)			(312	)		(281	)
Other expenses			(46	)		(101	)		(63	)		(99	)		(79	)			(115	)		(241	)
Provision for income tax (expense) benefit			136			77			44			67			22				177			133

Income (loss) from continuing operations, net of income tax			(308	)		(142	)		(118	)		(182	)		(16	)			(431	)		(316	)
Income (loss) from discontinued operations, net of income tax			(3	)		—			—			1			2				(3	)		3

Net income (loss)			(311	)		(142	)		(118	)		(181	)		(14	)			(434	)		(313	)
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			(5	)		1				(2	)		(4	)

Net income (loss) attributable to MetLife, Inc.			(311	)		(142	)		(118	)		(176	)		(15	)			(432	)		(309	)
Less: Preferred stock dividends			30			31			30			31			30				91			91
Less: Preferred stock redemption premium			—			—			146			—			—				—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(341	)	$	(173	)	$	(294	)	$	(207	)	$	(45	)		$	(523	)	$	(546	)



Premiums, Fees and Other Revenues (Operating)		$	312		$	296		$	184		$	204		$	311			$	759		$	699

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


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


OPERATING REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		117			128			121			123			129			338			373
Other revenues		293			227			154			188			296			708			638

Total operating revenues		410			355			275			311			425			1,046			1,011


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		33			29			23			23			26			108			72
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		17			22			22			27			28			41			77
Other expenses		193			246			212			239			289			532			740

Total operating expenses		243			297			257			289			343			681			889


Operating earnings before provision for income tax		167			58			18			22			82			365			122
Provision for income tax expense (benefit)		66			12			7			8			31			144			46

Operating earnings		101			46			11			14			51			221			76
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	101		$	46		$	11		$	14		$	51		$	221		$	76


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	101		$	46		$	11		$	14		$	51		$	221		$	76
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(18	)		(6	)		(3	)		(6	)		(59	)		(30	)		(68	)
Net derivative gains (losses)		(9	)		7			(2	)		(9	)		(140	)		(48	)		(151	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		—			—			—			—			1			—			1
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	)		—			—			—			—			—			—
Provision for income tax (expense) benefit		11			(3	)		2			5			77			31			84

Income (loss) from continuing operations, net of income tax		84			44			8			4			(70	)		174			(58	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		84			44			8			4			(70	)		174			(58	)
Less: Net income (loss) attributable to noncontrolling interest		(1	)		—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		85			44			8			4			(70	)		174			(58	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	85		$	44		$	8		$	4		$	(70	)	$	174		$	(58	)



Premiums, Fees and Other Revenues (Operating)	$	293		$	227		$	154		$	188		$	296		$	708		$	638

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


OPERATING REVENUES
Premiums	$	3		$	5		$	2		$	2		$	3		$	6		$	7
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		108			173			209			174			168			353			551
Other revenues		16			64			28			14			12			45			54

Total operating revenues		127			242			239			190			183			404			612


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		(4	)		(3	)		2			1			4			(11	)		7
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(1	)		2			—			—			—			(1	)		—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		275			289			297			298			298			774			893
Other expenses		85			84			99			98			149			293			346

Total operating expenses		355			372			398			397			451			1,055			1,246


Operating earnings before provision for income tax		(228	)		(130	)		(159	)		(207	)		(268	)		(651	)		(634	)
Provision for income tax expense (benefit)		(80	)		(127	)		(121	)		(138	)		(193	)		(329	)		(452	)

Operating earnings		(148	)		(3	)		(38	)		(69	)		(75	)		(322	)		(182	)
Preferred stock dividends		30			31			30			31			30			91			91

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(178	)	$	(34	)	$	(68	)	$	(100	)	$	(105	)	$	(413	)	$	(273	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(148	)	$	(3	)	$	(38	)	$	(69	)	$	(75	)	$	(322	)	$	(182	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(210	)		(186	)		5			(96	)		147			(308	)		56
Net derivative gains (losses)		(131	)		19			(78	)		10			110			(39	)		42
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		120			104			98			98			103			345			299
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	)		(99	)		(92	)		(92	)		(97	)		(312	)		(281	)
Other expenses		(45	)		(101	)		(63	)		(99	)		(79	)		(115	)		(241	)
Provision for income tax (expense) benefit		125			80			42			62			(55	)		146			49

Income (loss) from continuing operations, net of income tax		(392	)		(186	)		(126	)		(186	)		54			(605	)		(258	)
Income (loss) from discontinued operations, net of income tax		(3	)		—			—			1			2			(3	)		3

Net income (loss)		(395	)		(186	)		(126	)		(185	)		56			(608	)		(255	)
Less: Net income (loss) attributable to noncontrolling interest		1			—			—			(5	)		1			(2	)		(4	)

Net income (loss) attributable to MetLife, Inc.		(396	)		(186	)		(126	)		(180	)		55			(606	)		(251	)
Less: Preferred stock dividends		30			31			30			31			30			91			91
Less: Preferred stock redemption premium		—			—			146			—			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	(426	)	$	(217	)	$	(302	)	$	(211	)	$	25		$	(697	)	$	(488	)



Premiums, Fees and Other Revenues (Operating)	$	19		$	69		$	30		$	16		$	15		$	51		$	61

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

SUPPLEMENTAL INFORMATION


	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			September 30, 2010			September 30, 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	$	67		$	79		$	79		$	74		$	74		$	189		$	227
Provision for credit losses		(11	)		(3	)		2			(5	)		12			(15	)		9
Non interest income (3)		281			233			148			183			157			658			488
Non interest expense (4)		(197	)		(250	)		(216	)		(245	)		(359	)		(545	)		(820	)

Income before taxes		140			59			13			7			(116	)		287			(96	)
Income tax expense		55			15			5			3			(46	)		113			(38	)

Net income (loss) available to MetLife, Inc.’s common shareholders	$	85		$	44		$	8		$	4		$	(70	)	$	174		$	(58	)


Selected Balance Sheet Accounts
Loans Held-for-Investment:
Commercial Loans & Mortgages	$	2,320		$	2,435		$	2,541		$	3,019		$	3,139
Residential		1,289			1,532			1,698			1,947			2,426
Agricultural		215			205			189			185			223

Total Loans		3,824			4,172			4,428			5,151			5,788

Allowance for Loan Losses		(62	)		(65	)		(62	)		(67	)		(53	)

Total Loans Held-for-Investment (Net)	$	3,762		$	4,107		$	4,366		$	5,084		$	5,735



Net Charge-offs	$	20		$	1		$	1		$	—		$	2		$	45		$	3


Loans Held-for-Sale	$	2,837		$	3,321		$	2,435		$	2,806		$	3,734

Total Assets	$	16,576		$	16,310		$	15,583		$	16,491		$	17,650

Total Deposits	$	9,362		$	10,317		$	9,313		$	10,022		$	10,686

Key Ratios & Statistics

Tier 1 Common Equity	$	1,093		$	1,113		$	1,113		$	1,123		$	1,142
Tier 1 Capital	$	1,093		$	1,163		$	1,163		$	1,173		$	1,242
Risk Weighted Assets	$	8,069		$	8,209		$	7,922		$	8,278		$	8,778

Tier 1 Common Equity Ratio		13.54	%		13.56	%		14.05	%		13.57	%		13.01	%
Tier 1 Capital Ratio		13.54	%		14.16	%		14.68	%		14.17	%		14.15	%
Total Capital Ratio		14.34	%		15.00	%		15.51	%		15.03	%		14.76	%
Tier 1 Leverage Ratio		7.27	%		7.14	%		7.43	%		7.38	%		7.19	%


Net Interest Margin		1.94	%		2.07	%		2.21	%		2.04	%		1.87	%		1.95	%		2.03	%

Allowance / Total Loans		1.63	%		1.57	%		1.40	%		1.29	%		0.91	%
Allowance / Non Performing Assets		144.00	%		148.00	%		128.00	%		81.00	%		73.00	%


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

(2)		Current period numbers are preliminary, subject to regulatory filing on October 28, 2011. Prior period results reflect final filed results.

(3)		Current period non-interest income includes $119 million losses from de-designation of cash flow hedges as a result of MetLife Inc.’s announcement to explore the sale of MetLife Bank’s depository business.

(4)		Current period non-interest expense includes a $65 million goodwill impairment.

METLIFE, INC.

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS



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


Fixed Maturity Securities
Yield (1)		5.81	%		5.31	%		4.91	%		4.94	%		4.79	%
Investment income (2), (3)	$	3,236		$	3,278		$	3,693		$	3,794		$	3,721
Investment gains (losses) (3)		(65	)		3			(163	)		(105	)		(186	)
Ending carrying value (2), (3)		261,988			325,391			334,409			342,607			354,611

Mortgage Loans
Yield (1)		5.54	%		5.55	%		5.54	%		5.50	%		5.56	%
Investment income (3), (4)		712			743			759			765			806
Investment gains (losses) (3)		37			2			47			68			45
Ending carrying value (3)		52,770			55,457			55,061			56,927			59,722

Real Estate and Real Estate Joint Ventures
Yield (1)		2.80	%		0.59	%		2.83	%		4.85	%		4.67	%
Investment income		48			11			57			99			96
Investment gains (losses) (3)		(1	)		—			29			47			165
Ending carrying value		6,990			8,030			8,042			8,234			8,197

Policy Loans
Yield (1)		6.19	%		6.04	%		5.42	%		5.41	%		5.43	%
Investment income		155			161			160			160			162
Ending carrying value		10,089			11,761			11,872			11,858			11,932

Equity Securities
Yield (1)		2.75	%		6.01	%		3.45	%		6.04	%		3.59	%
Investment income		19			45			30			48			28
Investment gains (losses)		(1	)		4			36			(70	)		(3	)
Ending carrying value		2,861			3,602			3,584			3,238			3,118

Other Limited Partnership Interests
Yield (1)		11.48	%		18.49	%		15.14	%		9.90	%		11.08	%
Investment income		170			283			243			159			180
Investment gains (losses)		(4	)		(3	)		3			5			—
Ending carrying value		5,948			6,416			6,409			6,453			6,538

Cash and Short-term Investments
Yield (1)		0.42	%		0.63	%		0.94	%		0.92	%		0.72	%
Investment income		20			33			43			41			38
Investment gains (losses)		—			1			—			1			—
Ending carrying value (3)		26,019			22,302			19,455			22,026			25,901

Other Invested Assets (5)
Investment income		75			97			12			165			158
Investment gains (losses) (3)		(67	)		(16	)		4			(7	)		—
Ending carrying value		16,558			15,430			13,693			14,900			23,138

Total Investments
Investment income yield (1)		5.32	%		5.14	%		4.81	%		4.96	%		4.76	%
Investment fees and expenses yield		(0.15	)		(0.14	)		(0.12	)		(0.13	)		(0.13	)

Net Investment Income Yield (1), (3)		5.17	%		5.00	%		4.69	%		4.83	%		4.63	%


Investment income		4,435			4,651			4,997			5,231			5,189
Investment fees and expenses		(121	)		(127	)		(128	)		(138	)		(137	)

Net Investment Income (3)	$	4,314		$	4,524		$	4,869		$	5,093		$	5,052


Ending Carrying Value (3)	$	383,223		$	448,389		$	452,525		$	466,243		$	493,157


Gross investment gains	$	212		$	301		$	290		$	348		$	477
Gross investment losses		(215	)		(184	)		(243	)		(290	)		(199	)
Writedowns		(98	)		(126	)		(91	)		(119	)		(257	)

Investment Portfolio Gains (Losses) (3)		(101	)		(9	)		(44	)		(61	)		21
Investment portfolio gains (losses) income tax (expense) benefit		29			5			15			23			(7	)

Investment Portfolio Gains (Losses), Net of Income Tax	$	(72	)	$	(4	)	$	(29	)	$	(38	)	$	14

Derivative Gains (Losses) (3)	$	(311	)	$	(1,615	)	$	(386	)	$	293		$	4,130

Derivative gains (losses) income tax (expense) benefit		121			568			132			(104	)		(1,442	)

Derivative Gains (Losses), Net of Income Tax	$	(190	)	$	(1,047	)	$	(254	)	$	189		$	2,688


(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 $3,756 million, $594 million, $745 million, $863 million and $684 million in ending carrying value, and $194 million, $17 million, $28 million, $16 million and ($38) million of investment income related to trading and other securities at or for the three months ended September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011 and September 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, $18,690 million and $17,874 million at December 31, 2010, March 31, 2011, June 30, 2011 and September 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 $231 million, $201 million, $161 million, $147 million and $140 million, mortgage loans of $7,093 million, $6,840 million, $6,771 million, $6,697 million and $3,227 million and cash and short-term investments of $47 million, $39 million, $59 million, $21 million and $13 million at September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011 and September 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
	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011

Investment portfolio gains (losses) — in above yield table	$	(101	)	$	(9	)	$	(44	)	$	(61	)	$	21
Real estate discontinued operations		—			(4	)		(28	)		(43	)		(26	)
Net investment gains (losses) related to CSEs		16			(18	)		25			(16	)		(7	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(257	)		(53	)		(52	)		(35	)		(43	)

Net investment gains (losses) — GAAP basis	$	(342	)	$	(84	)	$	(99	)	$	(155	)	$	(55	)


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

Derivative gains (losses) — in above yield table	$	(311	)	$	(1,615	)	$	(386	)	$	293		$	4,130
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		62			36			39			55			69
Equity method operating joint ventures		—			28			23			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		5			8			8			8			2
Settlement of foreign currency earnings hedges		—			—			1			(4	)		(5	)

Net derivative gains (losses) — GAAP basis	$	(244	)	$	(1,543	)	$	(315	)	$	352		$	4,196


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


Fixed Maturity Securities
Yield (1)		5.63	%		5.54	%		4.91	%		4.93	%		4.95	%
Investment income (2), (3)	$	9,289		$	12,567		$	3,693		$	7,487		$	11,208
Investment gains (losses) (3)		(258	)		(255	)		(163	)		(268	)		(454	)
Ending carrying value (2), (3)		261,988			325,391			334,409			342,607			354,611

Mortgage Loans
Yield (1)		5.50	%		5.51	%		5.54	%		5.52	%		5.54	%
Investment income (3), (4)		2,078			2,821			759			1,524			2,330
Investment gains (losses) (3)		20			22			47			115			160
Ending carrying value (3)		52,770			55,457			55,061			56,927			59,722

Real Estate and Real Estate Joint Ventures
Yield (1)		1.28	%		1.10	%		2.83	%		3.85	%		4.15	%
Investment income		66			77			57			156			252
Investment gains (losses) (3)		(40	)		(40	)		29			76			241
Ending carrying value		6,990			8,030			8,042			8,234			8,197

Policy Loans
Yield (1)		6.50	%		6.38	%		5.42	%		5.41	%		5.46	%
Investment income		488			649			160			320			482
Ending carrying value		10,089			11,761			11,872			11,858			11,932

Equity Securities
Yield (1)		3.84	%		4.40	%		3.45	%		4.70	%		4.42	%
Investment income		83			128			30			78			106
Investment gains (losses)		100			104			36			(34	)		(37	)
Ending carrying value		2,861			3,602			3,584			3,238			3,118

Other Limited Partnership Interests
Yield (1)		13.75	%		14.99	%		15.14	%		12.52	%		12.07	%
Investment income		596			879			243			402			582
Investment gains (losses)		(15	)		(18	)		3			8			8
Ending carrying value		5,948			6,416			6,409			6,453			6,538

Cash and Short-term Investments
Yield (1)		0.39	%		0.46	%		0.94	%		0.93	%		0.87	%
Investment income		48			81			43			84			122
Investment gains (losses)		1			2			—			1			1
Ending carrying value (3)		26,019			22,302			19,455			22,026			25,901
Other Invested Assets (5)
Investment income		395			492			12			177			335
Investment gains (losses) (3)		8			(8	)		4			(3	)		(3	)
Ending carrying value		16,558			15,430			13,693			14,900			23,138
Total Investments
Investment income yield (1)		5.36	%		5.30	%		4.81	%		4.89	%		4.90	%
Investment fees and expenses yield		(0.14	)		(0.14	)		(0.12	)		(0.13	)		(0.13	)

Net Investment Income Yield (1), (3)		5.22	%		5.16	%		4.69	%		4.76	%		4.77	%


Investment income		13,043			17,694			4,997			10,228			15,417
Investment fees and expenses		(338	)		(465	)		(128	)		(266	)		(403	)

Net Investment Income (3)	$	12,705		$	17,229		$	4,869		$	9,962		$	15,014


Ending Carrying Value (3)	$	383,223		$	448,389		$	452,525		$	466,243		$	493,157


Gross investment gains	$	899		$	1,200		$	290		$	638		$	1,115
Gross investment losses		(664	)		(848	)		(243	)		(533	)		(732	)
Writedowns		(419	)		(545	)		(91	)		(210	)		(467	)

Investment Portfolio Gains (Losses) (3)		(184	)		(193	)		(44	)		(105	)		(84	)
Investment portfolio gains (losses) income tax (expense) benefit		48			53			15			38			31

Investment Portfolio Gains (Losses), Net of Income Tax	$	(136	)	$	(140	)	$	(29	)	$	(67	)	$	(53	)

Derivative Gains (Losses) (3)	$	1,001		$	(614	)	$	(386	)	$	(93	)	$	4,037

Derivative gains (losses) income tax (expense) benefit		(408	)		160			132			28			(1,414	)

Derivative Gains (Losses), Net of Income Tax	$	593		$	(454	)	$	(254	)	$	(65	)	$	2,623


(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 $3,756 million, $594 million, $745 million, $863 million and $684 million in ending carrying value, and $217 million, $234 million, $28 million, $44 million and $6 million of investment income related to trading and other securities at or for the year-to-date period ended September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011, and September 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, $18,690 million and $17,874 million at December 31, 2010, March 31, 2011, June 30, 2011 and September 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 $231 million, $201 million, $161 million, $147 million and $140 million, mortgage loans of $7,093 million, $6,840 million, $6,771 million, $6,697 million and $3,227 million and cash and short-term investments of $47 million, $39 million, $59 million, $21 million and $13 million at September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011 and September 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
	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011

Investment portfolio gains (losses) — in above yield table	$	(184	)	$	(193	)	$	(44	)	$	(105	)	$	(84	)
Real estate discontinued operations		(10	)		(14	)		(28	)		(71	)		(97	)
Net investment gains (losses) related to certain CSEs		24			6			25			9			2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(154	)		(207	)		(52	)		(87	)		(130	)

Net investment gains (losses) — GAAP basis	$	(324	)	$	(408	)	$	(99	)	$	(254	)	$	(309	)


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

Derivative gains (losses) — in above yield table	$	1,001		$	(614	)	$	(386	)	$	(93	)	$	4,037
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		172			208			39			94			163
Equity method operating joint ventures		102			130			23			23			23
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		3			11			8			16			18
Settlement of foreign currency earnings hedges		—			—			1			(3	)		(8	)

Net derivative gains (losses) — GAAP basis	$	1,278		$	(265	)	$	(315	)	$	37		$	4,233


(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)


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


Less than 20%	$	2,028		44.3	%	$	4,268		64.9	%	$	4,806		72.8	%	$	3,315		62.1	%	$	2,818		53.7	%
20% or more for less than six months		285		6.2	%		368		5.6	%		446		6.8	%		825		15.5	%		1,377		26.2	%
20% or more for six months or greater		2,267		49.5	%		1,944		29.5	%		1,344		20.4	%		1,197		22.4	%		1,055		20.1	%

Total Gross Unrealized Losses	$	4,580		100.0	%	$	6,580		100.0	%	$	6,596		100.0	%	$	5,337		100.0	%	$	5,250		100.0	%


Total Gross Unrealized Gains	$	19,264				$	13,760				$	13,208				$	16,178				$	25,168

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


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


Less than 20%	$	66		28.9	%	$	71		29.5	%	$	74		34.9	%	$	42		36.5	%	$	53		23.3	%
20% or more for less than six months		25		11.0	%		22		9.1	%		18		8.5	%		4		3.5	%		89		39.0	%
20% or more for six months or greater		137		60.1	%		148		61.4	%		120		56.6	%		69		60.0	%		86		37.7	%

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


Total Gross Unrealized Gains	$	157				$	222				$	283				$	225				$	119

(1)

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

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION


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


U.S. corporate securities	$	80,266		31.1	%	$	91,772		28.3	%	$	93,549		28.0	%	$	96,797		28.3	%	$	106,575		30.1	%
Foreign corporate securities		44,723		17.3	%		67,888		20.9	%		68,697		20.6	%		70,538		20.6	%		63,522		18.0	%
Foreign government securities		13,519		5.2	%		42,002		12.9	%		45,189		13.6	%		49,246		14.4	%		52,959		15.0	%
Residential mortgage-backed securities		45,900		17.9	%		44,733		13.8	%		45,007		13.5	%		43,550		12.8	%		41,893		11.8	%
U.S. Treasury and agency securities		34,360		13.3	%		33,304		10.2	%		35,479		10.6	%		35,565		10.4	%		41,834		11.8	%
Commercial mortgage-backed securities		15,533		6.0	%		20,675		6.4	%		19,785		5.9	%		19,518		5.7	%		19,585		5.5	%
Asset-backed securities		14,300		5.5	%		14,287		4.4	%		14,990		4.5	%		14,857		4.4	%		14,418		4.1	%
State and political subdivision securities		9,614		3.7	%		10,129		3.1	%		10,961		3.3	%		11,669		3.4	%		13,141		3.7	%
Other fixed maturity securities		17		0.0	%		7		0.0	%		7		0.0	%		4		0.0	%		—		0.0	%

Total fixed maturity securities available-for-sale	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%	$	341,744		100.0	%	$	353,927		100.0	%

NAIC RATING AGENCY RATING DESIGNATION
1 Aaa / Aa / A	$	170,900		66.2	%	$	231,198		71.2	%	$	236,943		71.0	%	$	239,761		70.2	%	$	250,596		70.8	%
2 Baa		65,900		25.5	%		68,729		21.2	%		71,582		21.5	%		77,066		22.5	%		78,837		22.3	%
3 Ba		13,284		5.2	%		15,290		4.7	%		15,428		4.6	%		15,266		4.5	%		15,348		4.3	%
4 B		7,014		2.7	%		8,308		2.6	%		8,391		2.5	%		8,489		2.5	%		7,844		2.2	%
5 Caa and lower		836		0.3	%		1,142		0.3	%		1,172		0.4	%		1,103		0.3	%		1,157		0.3	%
6 In or near default		298		0.1	%		130		0.0	%		148		0.0	%		59		0.0	%		145		0.1	%

Total fixed maturity securities available-for-sale (1), (2)	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%	$	341,744		100.0	%	$	353,927		100.0	%

(1)		Certain amounts in prior periods have been reclassified to conform with current period presentation based on updated interim ratings methodology.

(2)		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 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). Currently, the NAIC evaluates structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of the Company acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used for interim reporting. These 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


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

Traditional (3), (4)	$	4,223	$	5,171	$	5,611	$	5,709	$	5,697
Real estate joint ventures and funds		2,624		2,707		2,266		2,356		2,327

Subtotal		6,847		7,878		7,877		8,065		8,024
Foreclosed		143		152		165		169		173

Total Real Estate and Real Estate Joint Ventures	$	6,990	$	8,030	$	8,042	$	8,234	$	8,197

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

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

METLIFE, INC.

SUMMARY OF MORTGAGE LOANS


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

Commercial mortgage loans	$	36,088		$	37,818		$	38,087		$	39,050		$	40,120
Agricultural mortgage loans		12,598			12,751			12,761			12,981			12,967
Residential mortgage loans		1,910			2,231			2,399			2,657			3,424
Mortgage loans held-for-sale		2,840			3,321			2,435			2,805			3,740

Total Mortgage Loans		53,436			56,121			55,682			57,493			60,251
Valuation allowances		(666	)		(664	)		(621	)		(566	)		(529	)

Total Mortgage Loans, net (1)	$	52,770		$	55,457		$	55,061		$	56,927		$	59,722

(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


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

South Atlantic	$	7,756		21.5	%	$	8,016		21.2	%	$	8,035		21.1	%	$	8,429		21.5	%	$	8,626		21.5	%
Pacific		8,653		24.0	%		8,974		23.7	%		8,329		21.9	%		8,078		20.7	%		8,556		21.3	%
Middle Atlantic		6,405		17.7	%		6,484		17.1	%		6,674		17.5	%		7,278		18.6	%		7,917		19.8	%
International		3,597		10.0	%		4,214		11.1	%		4,773		12.5	%		4,711		12.1	%		4,650		11.6	%
West South Central		2,971		8.2	%		3,266		8.6	%		3,336		8.8	%		3,322		8.5	%		3,257		8.1	%
East North Central		3,005		8.4	%		3,066		8.1	%		2,926		7.7	%		3,189		8.2	%		3,253		8.1	%
New England		1,422		3.9	%		1,531		4.1	%		1,730		4.5	%		1,758		4.5	%		1,723		4.3	%
Mountain		906		2.5	%		884		2.3	%		915		2.4	%		911		2.3	%		896		2.2	%
West North Central		660		1.8	%		666		1.8	%		654		1.7	%		650		1.7	%		534		1.3	%
East South Central		459		1.3	%		461		1.2	%		460		1.2	%		467		1.2	%		453		1.1	%
Other		254		0.7	%		256		0.8	%		255		0.7	%		257		0.7	%		255		0.7	%

Total	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%	$	39,050		100.0	%	$	40,120		100.0	%


Office	$	15,973		44.3	%	$	16,857		44.6	%	$	16,728		43.9	%	$	17,951		46.0	%	$	19,290		48.1	%
Retail		8,278		22.9	%		9,215		24.3	%		9,217		24.2	%		8,901		22.8	%		8,564		21.3	%
Apartments		3,753		10.4	%		3,630		9.6	%		3,536		9.3	%		3,755		9.6	%		4,166		10.4	%
Industrial		2,905		8.0	%		2,910		7.7	%		3,138		8.2	%		3,046		7.8	%		3,138		7.8	%
Hotel		3,078		8.6	%		3,089		8.2	%		3,223		8.5	%		3,135		8.0	%		2,982		7.4	%
Other		2,101		5.8	%		2,117		5.6	%		2,245		5.9	%		2,262		5.8	%		1,980		5.0	%

Total	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%	$	39,050		100.0	%	$	40,120		100.0	%

METLIFE, INC.

APPENDIX
RECONCILIATION DETAIL


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


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	988		$	1,239		$	1,448		$	1,360		$	1,209		$	2,827		$	4,017
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(342	)		(84	)		(99	)		(155	)		(55	)		(324	)		(309	)
Net derivative gains (losses)		(244	)		(1,543	)		(315	)		352			4,196			1,278			4,233
Universal life and investment-type product policy fees:
Unearned revenue adjustments		—			(5	)		(3	)		1			16			6			14
GMIB fees		54			56			58			58			74			154			190
Net investment income:
Investment hedge adjustments		(62	)		(36	)		(39	)		(55	)		(69	)		(172	)		(163	)
Income from discontinued real estate operations		9			(2	)		(2	)		(2	)		1			2			(3	)
Joint venture adjustments		—			(28	)		(23	)		—			—			(102	)		(23	)
Unit-linked contract income		—			211			419			(32	)		(824	)		—			(437	)
Securitization entities income		103			99			92			92			97			312			281
Other revenues — Settlement of foreign currency earnings hedges		—			—			(1	)		4			5			—			8
Policyholder benefits and claims and policyholder dividends:
PDO adjustments		—			—			—			—			—			—			—
Inflation adjustments and pass through adjustments		(174	)		42			(10	)		(197	)		(189	)		(348	)		(396	)
GMIB costs		(235	)		(230	)		(145	)		(10	)		411			(162	)		256
Market value adjustments		—			—			(2	)		(1	)		(4	)		—			(7	)
Interest credited to policyholder account balances:
PAB hedge adjustments		(5	)		(8	)		(8	)		(8	)		(2	)		(3	)		(18	)
Unit-linked contract costs		—			(211	)		(435	)		77			801			—			443
Amortization of DAC and VOBA:
Related to NIGL and NDGL		(37	)		138			30			(124	)		(471	)		(263	)		(565	)
Related to GMIB fees and GMIB costs		55			93			37			(4	)		(150	)		(9	)		(117	)
Related to market value adjustments		—			—			—			—			—			—			—
Amortization of negative VOBA — Related to market value adjustments		—			7			19			19			19			—			57
Interest expense — Securitization entities debt expense		(103	)		(99	)		(92	)		(92	)		(97	)		(312	)		(281	)
Other expenses:
Noncontrolling interest		4			2			7			(9	)		(8	)		(9	)		(10	)
Regulatory implementation costs		—			—			(1	)		(10	)		(3	)		—			(14	)
Business combinations		(46	)		(101	)		(68	)		(126	)		(85	)		(111	)		(279	)
Provision for income tax (expense) benefit		352			527			187			61			(1,300	)		(83	)		(1,052	)

Income (loss) from continuing operations, net of income tax		317			67			1,054			1,199			3,572			2,681			5,825
Income (loss) from discontinued operations, net of income tax		3			18			(41	)		31			4			20			(6	)

Net income (loss)		320			85			1,013			1,230			3,576			2,701			5,819
Less: Net income (loss) attributable to noncontrolling interest		4			3			7			(7	)		(6	)		(7	)		(6	)

Net income (loss) attributable to MetLife, Inc.		316			82			1,006			1,237			3,582			2,708			5,825
Less: Preferred stock dividends		30			31			30			31			30			91			91
Less: Preferred stock redemption premium		—			—			146			—			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	286		$	51		$	830		$	1,206		$	3,552		$	2,617		$	5,588

METLIFE INC - FORM 8-K - EX-99.2 - October 27, 2011

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