METLIFE INC - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - METLIFE INC	d613468dex991.htm
8-K - FORM 8-K - METLIFE INC	d613468d8k.htm

Exhibit 99.2

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Third Quarter

Financial Supplement

September 30, 2013

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TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

CORPORATE OVERVIEW			3

METLIFE
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 OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			10

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
Other Expenses by Major Category and Sales by Product			15
Spread by Product and Other Statistical Information			16

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			18
Other Expenses by Major Category, Spread and Other Statistical Information			19

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			20
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			21
Other Expenses by Major Category and Spread			22

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			23

ASIA
Statements of Operating Earnings Available to Common Shareholders			24

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			25

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			26

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			27
Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale			29
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			30
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			31

APPENDIX
Reconciliation Detail			A-1
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-2
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-3
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-4

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NOTE TO FINANCIAL SUPPLEMENT

As used in this Quarterly Financial Supplement (“QFS”), “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

This 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. Consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, operating earnings 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 and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife (“Divested businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). Operating expenses also excludes goodwill impairments.

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 excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“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 or that are used to replicate certain 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 additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (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 excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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 of 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 and book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”), should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share and book value per 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 A-1, and in our earnings press release dated October 30, 2013, for the periods ended September 30, 2013, which is available at www.metlife.com.

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

Operating earnings available to common shareholders	$	1,417		$	1,373		$	1,635		$	1,593		$	1,500
Preferred stock dividends		30			31			30			31			30
Operating earnings		1,447			1,404			1,665			1,624			1,530
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		22			(200	)		314			110			(85	)
Net derivative gains (losses)		(718	)		(1,315	)		(630	)		(1,690	)		(546	)
Goodwill impairment		(1,868	)		-			-			-			-
Other adjustments to continuing operations (1)		(472	)		(931	)		(748	)		(106	)		(472	)
Provision for income tax (expense) benefit (1), (2)		632			1,147			394			570			546
Income (loss) from continuing operations, net of income tax		(957	)		105			995			508			973
Income (loss) from discontinued operations, net of income tax		-			31			(3	)		2			2
Net income (loss)		(957	)		136			992			510			975
Less: Net income (loss) attributable to noncontrolling interests		(3	)		9			6			8			3
Net income (loss) attributable to MetLife, Inc.		(954	)		127			986			502			972
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(984	)	$	96		$	956		$	471		$	942


Operating earnings available to common shareholders per common share - diluted (3), (4)	$	1.32		$	1.25		$	1.48		$	1.44		$	1.34
Net investment gains (losses)		0.02			(0.18	)		0.28			0.10			(0.08	)
Net derivative gains (losses)		(0.67	)		(1.20	)		(0.57	)		(1.53	)		(0.49	)
Goodwill impairment		(1.74	)		-			-			-			-
Other adjustments to continuing operations		(0.44	)		(0.85	)		(0.67	)		(0.09	)		(0.42	)
Provision for income tax (expense) benefit		0.59			1.05			0.36			0.52			0.49
Discontinued operations, net of income tax		-			0.03			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		-			0.01			0.01			0.01			-
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (3), (4)	$	(0.92	)	$	0.09		$	0.87		$	0.43		$	0.84

Weighted average common shares outstanding - diluted		1,071.0			1,097.5			1,103.9			1,106.7			1,117.3

Unaudited	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

Book value per common share - (actual common shares outstanding) (5)	$	58.35		$	57.17		$	57.03		$	52.85		$	52.54
Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (5)	$	47.70		$	46.73		$	47.37		$	47.20		$	47.99

	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

Common shares outstanding, beginning of period		1,062.2			1,062.6			1,091.7			1,094.2			1,096.6
Newly issued shares		0.4			29.1			2.5			2.4			24.2
Common shares outstanding, end of period		1,062.6			1,091.7			1,094.2			1,096.6			1,120.8

Weighted average common shares outstanding - basic		1,065.0			1,091.0			1,096.9			1,097.9			1,104.9
Dilutive effect of stock purchase contracts underlying common equity units (3)		-			-			-			-			1.9
Dilutive effect of the exercise or issuance of stock-based awards (4)		6.0			6.5			7.0			8.8			10.5
Weighted average common shares outstanding - diluted		1,071.0			1,097.5			1,103.9			1,106.7			1,117.3
MetLife Policyholder Trust Shares		206.2			202.3			199.4			196.1			193.2
(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million and the three months ended September 30, 2013 includes a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income. (3) For the three months ended September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. (4) For the three months ended September 30, 2012, 6.0 million shares related to the assumed exercise or issuance of stock-based awards are excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted. (5) Book value per common share and book value per common share, excluding AOCI, exclude $2,043 million of equity related to preferred stock.

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	378,005		$	374,266		$	374,294		$	356,514		$	348,787
Equity securities available-for-sale, at estimated fair value		2,803			2,891			3,188			3,231			3,241
Fair value option and trading securities, at estimated fair value (1)		15,995			16,348			16,588			16,110			16,646
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		57,884			56,592			55,343			55,636			57,508
Held-for-sale, principally at estimated fair value		1,286			414			271			-			225
Mortgage loans, net		59,170			57,006			55,614			55,636			57,733
Policy loans		11,949			11,884			11,781			11,722			11,782
Real estate and real estate joint ventures		8,749			9,918			9,998			9,886			10,053
Other limited partnership interests		6,730			6,688			7,087			7,197			7,253
Short-term investments, principally at estimated fair value		14,678			16,906			13,653			12,990			12,664
Other invested assets, principally at estimated fair value		23,477			21,145			20,269			17,920			16,766
Total investments		521,556			517,052			512,472			491,206			484,925
Cash and cash equivalents, principally at estimated fair value (1)		16,950			15,738			9,983			9,184			11,376
Accrued investment income		4,716			4,374			4,555			4,357			4,519
Premiums, reinsurance and other receivables		22,939			21,634			23,052			23,283			23,473
Deferred policy acquisition costs and value of business acquired		24,604			24,761			24,645			24,782			25,639
Goodwill		10,024			9,953			9,696			9,447			9,509
Other assets		8,123			7,876			8,062			7,830			7,952
Separate account assets		237,373			235,393			249,220			245,573			255,250
Total assets	$	846,285		$	836,781		$	841,685		$	815,662		$	822,643

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	191,068		$	192,351		$	190,054		$	184,697		$	186,528
Policyholder account balances		226,882			225,821			224,044			215,195			214,512
Other policy-related balances		15,836			15,463			15,472			15,279			15,530
Policyholder dividends payable		817			728			713			750			769
Policyholder dividend obligation		3,909			3,828			3,599			2,273			2,013
Payables for collateral under securities loaned and other transactions		38,493			33,687			34,215			33,247			31,866
Bank deposits		6,515			6,416			-			-			-
Short-term debt		100			100			100			100			100
Long-term debt (1)		19,621			19,062			18,721			18,577			18,252
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,192			3,192			3,193			3,193			3,193
Current income tax payable		451			401			231			111			199
Deferred income tax liability		9,275			8,693			8,699			6,602			5,955
Other liabilities		24,007			22,492			24,260			25,331			22,902
Separate account liabilities		237,373			235,393			249,220			245,573			255,250
Total liabilities		781,735			771,823			776,717			755,124			761,265

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		152			121			96			130			110

Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		11			11			11			11			11
Additional paid-in capital		26,964			28,011			28,072			28,137			29,221
Retained earnings		25,920			25,205			25,958			25,824			26,766
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		11,325			11,397			10,580			6,202			5,100
Total MetLife, Inc.’s stockholders’ equity		64,049			64,453			64,450			60,003			60,927
Noncontrolling interests		349			384			422			405			341
Total equity		64,398			64,837			64,872			60,408			61,268
Total liabilities and equity	$	846,285		$	836,781		$	841,685		$	815,662		$	822,643
(1) At September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, $2,935 million, $2,717 million, $2,443 million, $2,299 million and $2,120 million, respectively, of assets and $2,733 million, $2,527 million, $2,268 million, $2,127 million and $1,946 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 27 and 28, note 3, for the amounts by asset category.

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METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

OPERATING REVENUES
Premiums	$	9,080		$	10,585		$	9,151		$	9,157		$	9,094
Universal life and investment-type product policy fees		2,048			2,156			2,211			2,281			2,276
Net investment income		5,048			5,175			5,132			5,104			5,043
Other revenues		435			443			481			500			486
Total operating revenues		16,611			18,359			16,975			17,042			16,899

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,995			10,704			9,106			9,204			9,316
Interest credited to policyholder account balances		1,589			1,589			1,554			1,521			1,472
Capitalization of DAC		(1,301	)		(1,308	)		(1,256	)		(1,212	)		(1,153	)
Amortization of DAC and VOBA		1,051			946			1,016			1,105			979
Amortization of negative VOBA		(155	)		(99	)		(131	)		(124	)		(113	)
Interest expense on debt		286			292			288			287			288
Other expenses		4,120			4,266			4,087			4,014			4,031
Total operating expenses		14,585			16,390			14,664			14,795			14,820

Operating earnings before provision for income tax		2,026			1,969			2,311			2,247			2,079
Provision for income tax expense (benefit)		579			565			646			623			549
Operating earnings		1,447			1,404			1,665			1,624			1,530
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,417		$	1,373		$	1,635		$	1,593		$	1,500


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,447		$	1,404		$	1,665		$	1,624		$	1,530
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		22			(200	)		314			110			(85	)
Net derivative gains (losses)		(718	)		(1,315	)		(630	)		(1,690	)		(546	)
Premiums		16			4			-			1			-
Universal life and investment-type product policy fees		83			94			80			90			96
Net investment income		469			373			945			178			(17	)
Other revenues		20			18			(1	)		(10	)		(10	)
Policyholder benefits and claims and policyholder dividends		(303	)		(644	)		(602	)		(85	)		(468	)
Interest credited to policyholder account balances		(513	)		(459	)		(1,036	)		(325	)		(128	)
Capitalization of DAC		1			-			-			-			-
Amortization of DAC and VOBA		43			(52	)		192			147			138
Amortization of negative VOBA		15			17			15			14			13
Interest expense on debt		(40	)		(38	)		(33	)		(34	)		(29	)
Other expenses (1)		(263	)		(244	)		(308	)		(82	)		(67	)
Goodwill impairment		(1,868	)		-			-			-			-
Provision for income tax (expense) benefit (1), (2)		632			1,147			394			570			546
Income (loss) from continuing operations, net of income tax		(957	)		105			995			508			973
Income (loss) from discontinued operations, net of income tax		-			31			(3	)		2			2
Net income (loss)		(957	)		136			992			510			975
Less: Net income (loss) attributable to noncontrolling interests		(3	)		9			6			8			3
Net income (loss) attributable to MetLife, Inc.		(954	)		127			986			502			972
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(984	)	$	96		$	956		$	471		$	942

Total Operating Premiums, Fees and Other Revenues	$	11,563		$	13,184		$	11,843		$	11,938		$	11,856
(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million and the three months ended September 30, 2013 includes a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary.The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended September 30, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,094		$	6,556		$	1,922		$	586		$	30
Universal life and investment-type product policy fees		2,276			1,704			438			100			34
Net investment income		5,043			4,165			696			124			58
Other revenues		486			438			22			21			5
Total operating revenues		16,899			12,863			3,078			831			127

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,316			7,542			1,506			243			25
Interest credited to policyholder account balances		1,472			1,018			407			37			10
Capitalization of DAC		(1,153	)		(460	)		(515	)		(173	)		(5	)
Amortization of DAC and VOBA		979			419			393			166			1
Amortization of negative VOBA		(113	)		(1	)		(99	)		(13	)		-
Interest expense on debt		288			2			-			-			286
Other expenses		4,031			2,369			1,040			443			179
Total operating expenses		14,820			10,889			2,732			703			496

Operating earnings before provision for income tax		2,079			1,974			346			128			(369	)
Provision for income tax expense (benefit)		549			656			89			43			(239	)
Operating earnings		1,530			1,318			257			85			(130	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,500		$	1,318		$	257		$	85		$	(160	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,530		$	1,318		$	257		$	85		$	(130	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(85	)		(51	)		52			10			(96	)
Net derivative gains (losses)		(546	)		(512	)		164			30			(228	)
Premiums		-			-			-			-			-
Universal life and investment-type product policy fees		96			94			1			1			-
Net investment income		(17	)		(125	)		(64	)		150			22
Other revenues		(10	)		-			(11	)		-			1
Policyholder benefits and claims and policyholder dividends		(468	)		(427	)		(41	)		-			-
Interest credited to policyholder account balances		(128	)		(57	)		64			(135	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		138			137			1			-			-
Amortization of negative VOBA		13			-			13			-			-
Interest expense on debt		(29	)		-			-			-			(29	)
Other expenses		(67	)		-			6			(7	)		(66	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		546			326			94			(17	)		143
Income (loss) from continuing operations, net of income tax		973			703			536			117			(383	)
Income (loss) from discontinued operations, net of income tax		2			-			1			-			1
Net income (loss)		975			703			537			117			(382	)
Less: Net income (loss) attributable to noncontrolling interests		3			-			6			1			(4	)
Net income (loss) attributable to MetLife, Inc.		972			703			531			116			(378	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	942		$	703		$	531		$	116		$	(408	)

Total Operating Premiums, Fees and Other Revenues	$	11,856		$	8,698		$	2,382		$	707		$	69
(1) Consolidated and Asia results include a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary and a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended September 30, 2012
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,080		$	6,417		$	2,112		$	536		$	15
Universal life and investment-type product policy fees		2,048			1,540			388			82			38
Net investment income		5,048			4,100			709			122			117
Other revenues		435			388			4			35			8
Total operating revenues		16,611			12,445			3,213			775			178

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,995			7,254			1,455			255			31
Interest credited to policyholder account balances		1,589			1,078			468			32			11
Capitalization of DAC		(1,301	)		(564	)		(579	)		(158	)		-
Amortization of DAC and VOBA		1,051			524			396			130			1
Amortization of negative VOBA		(155	)		(1	)		(128	)		(26	)		-
Interest expense on debt		286			(1	)		-			2			285
Other expenses		4,120			2,328			1,206			440			146
Total operating expenses		14,585			10,618			2,818			675			474

Operating earnings before provision for income tax		2,026			1,827			395			100			(296	)
Provision for income tax expense (benefit)		579			597			136			38			(192	)
Operating earnings		1,447			1,230			259			62			(104	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,417		$	1,230		$	259		$	62		$	(134	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,447		$	1,230		$	259		$	62		$	(104	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		22			31			(47	)		73			(35	)
Net derivative gains (losses)		(718	)		(65	)		(31	)		13			(635	)
Premiums		16			16			-			-			-
Universal life and investment-type product policy fees		83			84			(2	)		1			-
Net investment income		469			(77	)		135			348			63
Other revenues		20			-			7			-			13
Policyholder benefits and claims and policyholder dividends		(303	)		(265	)		(38	)		-			-
Interest credited to policyholder account balances		(513	)		(42	)		(134	)		(337	)		-
Capitalization of DAC		1			1			-			-			-
Amortization of DAC and VOBA		43			47			(2	)		(2	)		-
Amortization of negative VOBA		15			-			15			-			-
Interest expense on debt		(40	)		-			-			-			(40	)
Other expenses		(263	)		(10	)		4			(22	)		(235	)
Goodwill impairment		(1,868	)		(1,692	)		-			-			(176	)
Provision for income tax (expense) benefit		632			328			27			(32	)		309
Income (loss) from continuing operations, net of income tax		(957	)		(414	)		193			104			(840	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		(957	)		(414	)		193			104			(840	)
Less: Net income (loss) attributable to noncontrolling interests		(3	)		-			8			(5	)		(6	)
Net income (loss) attributable to MetLife, Inc.		(954	)		(414	)		185			109			(834	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(984	)	$	(414	)	$	185		$	109		$	(864	)

Total Operating Premiums, Fees and Other Revenues	$	11,563		$	8,345		$	2,504		$	653		$	61

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended September 30, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	27,402		$	19,707		$	5,900		$	1,711		$	84
Universal life and investment-type product policy fees		6,768			5,052			1,324			287			105
Net investment income		15,279			12,474			2,151			372			282
Other revenues		1,467			1,300			63			82			22
Total operating revenues		50,916			38,533			9,438			2,452			493

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		27,626			22,484			4,354			736			52
Interest credited to policyholder account balances		4,547			3,119			1,286			109			33
Capitalization of DAC		(3,621	)		(1,482	)		(1,583	)		(542	)		(14	)
Amortization of DAC and VOBA		3,100			1,387			1,186			526			1
Amortization of negative VOBA		(368	)		(2	)		(325	)		(41	)		-
Interest expense on debt		863			8			-			-			855
Other expenses		12,132			7,104			3,188			1,351			489
Total operating expenses		44,279			32,618			8,106			2,139			1,416

Operating earnings before provision for income tax		6,637			5,915			1,332			313			(923	)
Provision for income tax expense (benefit)		1,818			1,968			412			73			(635	)
Operating earnings		4,819			3,947			920			240			(288	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,728		$	3,947		$	920		$	240		$	(379	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,819		$	3,947		$	920		$	240		$	(288	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		339			62			265			49			(37	)
Net derivative gains (losses)		(2,866	)		(1,651	)		(874	)		20			(361	)
Premiums		1			1			-			-			-
Universal life and investment-type product policy fees		266			256			4			6			-
Net investment income		1,106			(413	)		1,020			411			88
Other revenues		(21	)		-			(21	)		-			-
Policyholder benefits and claims and policyholder dividends		(1,155	)		(832	)		(323	)		-			-
Interest credited to policyholder account balances		(1,489	)		(75	)		(1,013	)		(401	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		477			470			12			(5	)		-
Amortization of negative VOBA		42			-			42			-			-
Interest expense on debt		(96	)		-			-			-			(96	)
Other expenses (1)		(457	)		(1	)		(138	)		(15	)		(303	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		1,510			764			531			(36	)		251
Income (loss) from continuing operations, net of income tax		2,476			2,528			425			269			(746	)
Income (loss) from discontinued operations, net of income tax		1			-			(3	)		-			4
Net income (loss)		2,477			2,528			422			269			(742	)
Less: Net income (loss) attributable to noncontrolling interests		17			-			15			3			(1	)
Net income (loss) attributable to MetLife, Inc.		2,460			2,528			407			266			(741	)
Less: Preferred stock dividends		91			-			-			-			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,369		$	2,528		$	407		$	266		$	(832	)

Total Operating Premiums, Fees and Other Revenues	$	35,637		$	26,059		$	7,287		$	2,080		$	211
(1) Consolidated and Asia results include net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. (2) Consolidated and Asia results include a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary and a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended September 30, 2012
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	27,326		$	19,253		$	6,215		$	1,815		$	43
Universal life and investment-type product policy fees		6,056			4,604			1,102			233			117
Net investment income		15,297			12,194			2,150			406			547
Other revenues		1,313			1,171			17			98			27
Total operating revenues		49,992			37,222			9,484			2,552			734

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		27,066			21,781			4,250			941			94
Interest credited to policyholder account balances		4,653			3,216			1,323			91			23
Capitalization of DAC		(3,976	)		(1,720	)		(1,721	)		(535	)		-
Amortization of DAC and VOBA		3,231			1,586			1,188			456			1
Amortization of negative VOBA		(456	)		(4	)		(387	)		(65	)		-
Interest expense on debt		898			4			5			3			886
Other expenses		12,414			7,122			3,550			1,333			409
Total operating expenses		43,830			31,985			8,208			2,224			1,413

Operating earnings before provision for income tax		6,162			5,237			1,276			328			(679	)
Provision for income tax expense (benefit)		1,758			1,721			437			116			(516	)
Operating earnings		4,404			3,516			839			212			(163	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,313		$	3,516		$	839		$	212		$	(254	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,404		$	3,516		$	839		$	212		$	(163	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(152	)		198			(168	)		37			(219	)
Net derivative gains (losses)		(604	)		629			(11	)		56			(1,278	)
Premiums		60			60			-			-			-
Universal life and investment-type product policy fees		250			240			(4	)		14			-
Net investment income		1,139			(213	)		286			628			438
Other revenues		132			1			18			-			113
Policyholder benefits and claims and policyholder dividends		(942	)		(860	)		(82	)		-			-
Interest credited to policyholder account balances		(1,028	)		(121	)		(297	)		(610	)		-
Capitalization of DAC		5			5			-			-			-
Amortization of DAC and VOBA		30			48			-			(18	)		-
Amortization of negative VOBA		50			2			48			-			-
Interest expense on debt		(128	)		-			-			-			(128	)
Other expenses		(1,187	)		(33	)		20			(36	)		(1,138	)
Goodwill impairment		(1,868	)		(1,692	)		-			-			(176	)
Provision for income tax (expense) benefit		1,048			229			59			(18	)		778
Income (loss) from continuing operations, net of income tax		1,209			2,009			708			265			(1,773	)
Income (loss) from discontinued operations, net of income tax		17			17			-			-			-
Net income (loss)		1,226			2,026			708			265			(1,773	)
Less: Net income (loss) attributable to noncontrolling interests		29			1			25			6			(3	)
Net income (loss) attributable to MetLife, Inc.		1,197			2,025			683			259			(1,770	)
Less: Preferred stock dividends		91			-			-			-			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,106		$	2,025		$	683		$	259		$	(1,861	)

Total Operating Premiums, Fees and Other Revenues	$	34,695		$	25,028		$	7,334		$	2,146		$	187

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METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013

AMERICAS

RETAIL	$	492		$	633		$	626		$	581		$	659

GROUP, VOLUNTARY & WORKSITE BENEFITS		283			167			230			275			226

CORPORATE BENEFIT FUNDING		303			305			299			350			300

LATIN AMERICA		152			148			143			125			133

AMERICAS TOTAL	$	1,230		$	1,253		$	1,298		$	1,331		$	1,318

ASIA		259			198			333			330			257

EMEA		62			59			87			68			85

CORPORATE & OTHER		(134	)		(137	)		(83	)		(136	)		(160	)

METLIFE TOTAL	$	1,417		$	1,373		$	1,635		$	1,593		$	1,500
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 20, (iv) Latin America, Page 23, (v) Asia, Page 24, (vi) EMEA, Page 25, and (vii) Corporate & Other, Page 26. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax appears on Page 5.

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AMERICAS RETAIL 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	1,604		$	1,728		$	1,547		$	1,581		$	1,607		$	4,804		$	4,735
Universal life and investment-type product policy fees		1,132			1,196			1,167			1,238			1,257			3,365			3,662
Net investment income		1,930			1,935			1,961			1,987			1,928			5,735			5,876
Other revenues		221			232			243			257			267			647			767
Total operating revenues		4,887			5,091			4,918			5,063			5,059			14,551			15,040

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,228			2,342			2,153			2,272			2,234			6,668			6,659
Interest credited to policyholder account balances		598			591			579			589			582			1,784			1,750
Capitalization of DAC		(430	)		(401	)		(374	)		(344	)		(318	)		(1,352	)		(1,036	)
Amortization of DAC and VOBA		438			288			331			396			315			1,319			1,042
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			(1	)		-			-
Other expenses		1,308			1,309			1,278			1,265			1,245			4,060			3,788
Total operating expenses		4,142			4,129			3,967			4,179			4,057			12,479			12,203

Operating earnings before provision for income tax		745			962			951			884			1,002			2,072			2,837
Provision for income tax expense (benefit)		253			329			325			303			343			703			971
Operating earnings		492			633			626			581			659			1,369			1,866
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	492		$	633		$	626		$	581		$	659		$	1,369		$	1,866


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	492		$	633		$	626		$	581		$	659		$	1,369		$	1,866
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		53			34			73			23			(28	)		178			68
Net derivative gains (losses)		191			(475	)		(156	)		(421	)		(202	)		637			(779	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		83			86			80			79			92			232			251
Net investment income		(105	)		(112	)		(119	)		(117	)		(118	)		(283	)		(354	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(279	)		(565	)		(403	)		(149	)		(413	)		(622	)		(965	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		47			(47	)		178			155			137			51			470
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		(1,692	)		-			-			-			-			(1,692	)		-
Provision for income tax (expense) benefit		224			379			122			150			186			153			458
Income (loss) from continuing operations, net of income tax		(986	)		(67	)		401			301			313			23			1,015
Income (loss) from discontinued operations, net of income tax		-			23			-			-			-			10			-
Net income (loss)		(986	)		(44	)		401			301			313			33			1,015
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(986	)		(44	)		401			301			313			33			1,015
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(986	)	$	(44	)	$	401		$	301		$	313		$	33		$	1,015

Total Operating Premiums, Fees and Other Revenues	$	2,957		$	3,156		$	2,957		$	3,076		$	3,131		$	8,816		$	9,164

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AMERICAS RETAIL - LIFE & 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	1,500		$	1,628		$	1,448		$	1,493		$	1,511		$	4,423		$	4,452
Universal life and investment-type product policy fees		394			422			396			417			415			1,217			1,228
Net investment income		1,181			1,190			1,204			1,198			1,178			3,476			3,580
Other revenues		133			141			144			160			152			386			456
Total operating revenues		3,208			3,381			3,192			3,268			3,256			9,502			9,716

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,979			2,157			1,926			2,053			1,971			5,899			5,950
Interest credited to policyholder account balances		217			222			215			222			226			646			663
Capitalization of DAC		(186	)		(203	)		(181	)		(200	)		(176	)		(578	)		(557	)
Amortization of DAC and VOBA		252			280			201			200			232			690			633
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			(1	)		(1	)		(1	)
Other expenses		644			674			652			675			652			1,998			1,979
Total operating expenses		2,906			3,130			2,813			2,950			2,904			8,654			8,667

Operating earnings before provision for income tax		302			251			379			318			352			848			1,049
Provision for income tax expense (benefit)		98			80			125			105			115			275			345
Operating earnings		204			171			254			213			237			573			704
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	204		$	171		$	254		$	213		$	237		$	573		$	704


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	204		$	171		$	254		$	213		$	237		$	573		$	704
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		21			49			24			(1	)		(3	)		81			20
Net derivative gains (losses)		(37	)		(43	)		(8	)		(87	)		(95	)		116			(190	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(3	)		-			(2	)		(4	)		(3	)		-			(9	)
Net investment income		(39	)		(41	)		(49	)		(47	)		(52	)		(95	)		(148	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		7			(117	)		(13	)		(11	)		(10	)		(7	)		(34	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		17			54			17			52			57			(34	)		126
Income (loss) from continuing operations, net of income tax		170			73			223			115			131			634			469
Income (loss) from discontinued operations, net of income tax		-			9			-			-			-			9			-
Net income (loss)		170			82			223			115			131			643			469
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		170			82			223			115			131			643			469
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	170		$	82		$	223		$	115		$	131		$	643		$	469

Total Operating Premiums, Fees and Other Revenues	$	2,027		$	2,191		$	1,988		$	2,070		$	2,078		$	6,026		$	6,136

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AMERICAS RETAIL - ANNUITIES 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	104		$	100		$	99		$	88		$	96		$	381		$	283
Universal life and investment-type product policy fees		738			774			771			821			842			2,148			2,434
Net investment income		749			745			757			789			750			2,259			2,296
Other revenues		88			91			99			97			115			261			311
Total operating revenues		1,679			1,710			1,726			1,795			1,803			5,049			5,324

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		249			185			227			219			263			769			709
Interest credited to policyholder account balances		381			369			364			367			356			1,138			1,087
Capitalization of DAC		(244	)		(198	)		(193	)		(144	)		(142	)		(774	)		(479	)
Amortization of DAC and VOBA		186			8			130			196			83			629			409
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			-			1			1
Other expenses		664			635			626			590			593			2,062			1,809
Total operating expenses		1,236			999			1,154			1,229			1,153			3,825			3,536

Operating earnings before provision for income tax		443			711			572			566			650			1,224			1,788
Provision for income tax expense (benefit)		155			249			200			198			228			428			626
Operating earnings		288			462			372			368			422			796			1,162
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	288		$	462		$	372		$	368		$	422		$	796		$	1,162


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	288		$	462		$	372		$	368		$	422		$	796		$	1,162
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		32			(15	)		49			24			(25	)		97			48
Net derivative gains (losses)		228			(432	)		(148	)		(334	)		(107	)		521			(589	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		86			86			82			83			95			232			260
Net investment income		(66	)		(71	)		(70	)		(70	)		(66	)		(188	)		(206	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(279	)		(565	)		(403	)		(149	)		(413	)		(622	)		(965	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		40			70			191			166			147			58			504
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		(1,692	)		-			-			-			-			(1,692	)		-
Provision for income tax (expense) benefit		207			325			105			98			129			187			332
Income (loss) from continuing operations, net of income tax		(1,156	)		(140	)		178			186			182			(611	)		546
Income (loss) from discontinued operations, net of income tax		-			14			-			-			-			1			-
Net income (loss)		(1,156	)		(126	)		178			186			182			(610	)		546
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(1,156	)		(126	)		178			186			182			(610	)		546
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,156	)	$	(126	)	$	178		$	186		$	182		$	(610	)	$	546

Total Operating Premiums, Fees and Other Revenues	$	930		$	965		$	969		$	1,006		$	1,053		$	2,790		$	3,028

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AMERICAS RETAIL *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES* LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	83,063		$	83,307		$	83,826		$	84,008		$	84,419
Premiums and deposits (2), (3)		2,017			2,170			1,991			2,030			1,966
Surrenders and withdrawals		(881	)		(840	)		(901	)		(823	)		(825	)
Benefit payments		(795	)		(867	)		(821	)		(781	)		(716	)

Net Flows		341			463			269			426			425
Net transfers from (to) separate account		30			79			46			50			22
Interest		811			815			809			819			825
Policy charges		(443	)		(461	)		(462	)		(482	)		(473	)
Other		(495	)		(377	)		(480	)		(402	)		(407	)

Balance, end of period	$	83,307		$	83,826		$	84,008		$	84,419		$	84,811

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	52,226		$	51,590		$	51,542		$	50,020		$	48,990
Premiums and deposits (2), (3)		1,266			1,047			1,019			772			816
Surrenders and withdrawals		(861	)		(1,214	)		(1,023	)		(998	)		(908	)
Benefit payments		(390	)		(422	)		(405	)		(420	)		(408	)

Net Flows		15			(589	)		(409	)		(646	)		(500	)
Net transfers from (to) separate account		(604	)		(335	)		(555	)		(214	)		58
Interest		449			430			424			429			417
Policy charges		(14	)		(12	)		(12	)		(15	)		(13	)
Other		(482	)		458			(970	)		(584	)		(524	)

Balance, end of period	$	51,590		$	51,542		$	50,020		$	48,990		$	48,428

*SEPARATE ACCOUNT LIABILITIES* LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	8,232		$	8,515		$	8,463		$	8,957		$	8,919
Premiums and deposits (3)		167			178			172			165			163
Surrenders and withdrawals		(109	)		(121	)		(118	)		(116	)		(108	)
Benefit payments		(12	)		(12	)		(10	)		(11	)		(10	)

Net Flows		46			45			44			38			45
Investment performance		401			117			632			108			604
Net transfers from (to) general account		(30	)		(79	)		(46	)		(50	)		(22	)
Policy charges		(133	)		(135	)		(129	)		(132	)		(132	)
Other		(1	)		-			(7	)		(2	)		6

Balance, end of period	$	8,515		$	8,463		$	8,957		$	8,919		$	9,420

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	131,416		$	139,484		$	142,050		$	150,826		$	149,117
Premiums and deposits (3)		3,836			2,961			2,964			2,382			2,240
Surrenders and withdrawals		(2,019	)		(2,177	)		(2,175	)		(2,444	)		(2,289	)
Benefit payments		(242	)		(283	)		(269	)		(317	)		(295	)

Net Flows		1,575			501			520			(379	)		(344	)
Investment performance		6,637			2,517			8,434			(684	)		8,165
Net transfers from (to) general account		604			335			555			214			(58	)
Policy charges		(750	)		(788	)		(734	)		(860	)		(903	)
Other		2			1			1			-			-

Balance, end of period	$	139,484		$	142,050		$	150,826		$	149,117		$	155,977
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the General Account investment option of variable products. (3) Includes company sponsored internal exchanges.

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AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Direct and allocated expenses	$	460	$	500	$	451	$	451	$	470
Pension and post-retirement benefit costs		57		40		60		60		60
Premium taxes, other taxes, and licenses & fees		40		33		40		41		36
Total fixed operating expenses	$	557	$	573	$	551	$	552	$	566

Commissions and other variable expenses		751		736		727		713		679

Total other expenses	$	1,308	$	1,309	$	1,278	$	1,265	$	1,245

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Life Sales (1)
Term Life	$	31	$	33	$	23	$	26	$	21
Whole Life		30		36		29		31		36
Variable Life		7		8		9		9		11
Universal Life		36		50		43		47		17
Total life sales	$	104	$	127	$	104	$	113	$	85

Annuity Sales (2)
Fixed annuity sales	$	253	$	207	$	213	$	191	$	188
Variable annuity sales		4,595		3,569		3,520		2,761		2,693
Total annuity sales	$	4,848	$	3,776	$	3,733	$	2,952	$	2,881

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	3,655	$	2,817	$	2,822	$	2,277	$	2,175
General Accounts
Fixed annuity		253		207		213		191		188
Variable annuity		940		752		698		484		518
Total general accounts		1,193		959		911		675		706
Total annuity premiums and deposits	$	4,848	$	3,776	$	3,733	$	2,952	$	2,881
(1) Statistical sales information is calculated 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) Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

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AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE (1)
	For the Three Months Ended
Unaudited	September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Investment income yield excluding variable investment income		6.69%			6.37%		6.30%		6.22%		6.17%
Variable investment income yield		(0.05%	)		0.62%		0.54%		0.31%		0.04%
Total investment income yield		6.64%			6.99%		6.84%		6.53%		6.21%
Average crediting rate		4.49%			4.54%		4.50%		4.52%		4.52%
Annualized general account spread		2.15%			2.45%		2.34%		2.01%		1.69%

Annualized general account spread excluding variable investment income yield		2.20%			1.83%		1.80%		1.70%		1.65%

DEFERRED ANNUITIES (2)
	For the Three Months Ended
Unaudited	September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Investment income yield excluding variable investment income		6.29%			6.21%		6.21%		6.37%		6.07%
Variable investment income yield		0.11%			0.21%		0.13%		0.16%		0.13%
Total investment income yield		6.40%			6.42%		6.34%		6.53%		6.20%
Average crediting rate		3.43%			3.40%		3.38%		3.39%		3.39%
Annualized general account spread		2.97%			3.02%		2.96%		3.14%		2.81%

Annualized general account spread excluding variable investment income yield		2.86%			2.81%		2.83%		2.98%		2.68%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Life (3)
Operating premiums, fees and other revenues	$	1,403		$	1,544	$	1,349	$	1,399	$	1,406
Life mortality as percentage of expected		91.3%			99.0%		92.7%		89.7%		73.1%

Lapse Ratio (4)
Traditional life		5.9%			5.8%		5.8%		5.8%		5.9%
Variable & universal life		5.1%			4.9%		4.9%		4.8%		4.6%
Fixed annuity		9.9%			9.4%		8.4%		8.6%		8.8%
Variable annuity		6.0%			6.0%		5.9%		6.0%		6.1%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	424		$	433	$	429	$	440	$	451
Combined ratio including catastrophes		94.6%			100.4%		94.5%		107.5%		92.6%
Combined ratio excluding catastrophes		90.6%			84.5%		88.7%		86.1%		86.3%

(1) Represents the general account spread for variable & universal life, a component of Life & Other. (2) Represents the general account spread for deferred annuities, a component of Annuities. (3) Represents traditional life and variable & universal life, components of Life & Other. (4) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	3,753		$	3,773		$	3,874		$	3,797		$	3,767		$	11,021		$	11,438
Universal life and investment-type product policy fees		166			165			180			170			171			497			521
Net investment income		450			443			453			472			459			1,325			1,384
Other revenues		100			102			108			105			103			320			316
Total operating revenues		4,469			4,483			4,615			4,544			4,500			13,163			13,659

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,449			3,538			3,640			3,514			3,527			10,153			10,681
Interest credited to policyholder account balances		42			40			39			39			38			127			116
Capitalization of DAC		(38	)		(36	)		(33	)		(35	)		(37	)		(102	)		(105	)
Amortization of DAC and VOBA		40			35			34			33			37			98			104
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			1			-			1			1
Other expenses		547			659			588			578			595			1,692			1,761
Total operating expenses		4,041			4,236			4,268			4,130			4,160			11,969			12,558

Operating earnings before provision for income tax		428			247			347			414			340			1,194			1,101
Provision for income tax expense (benefit)		145			80			117			139			114			401			370
Operating earnings		283			167			230			275			226			793			731
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	283		$	167		$	230		$	275		$	226		$	793		$	731


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	283		$	167		$	230		$	275		$	226		$	793		$	731
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			(18	)		17			(28	)		(3	)		11			(14	)
Net derivative gains (losses)		(81	)		(162	)		(129	)		(310	)		(173	)		99			(612	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(33	)		(33	)		(40	)		(45	)		(44	)		(107	)		(129	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			(1	)		-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		38			76			53			134			78			(1	)		265
Income (loss) from continuing operations, net of income tax		212			29			131			26			84			795			241
Income (loss) from discontinued operations, net of income tax		-			2			-			-			-			-			-
Net income (loss)		212			31			131			26			84			795			241
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		212			31			131			26			84			795			241
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	212		$	31		$	131		$	26		$	84		$	795		$	241

Operating Premiums, Fees and Other Revenues
Group	$	3,406		$	3,426		$	3,557		$	3,456		$	3,420		$	10,004		$	10,433
Voluntary & Worksite		613			614			605			616			621			1,834			1,842
Total Group, Voluntary & Worksite Benefits	$	4,019		$	4,040		$	4,162		$	4,072		$	4,041		$	11,838		$	12,275

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	26,642		$	26,922		$	26,772		$	26,444		$	25,974
Premiums and deposits		4,428			4,269			4,445			4,327			4,515
Surrenders and withdrawals		(975	)		(798	)		(832	)		(795	)		(998	)
Benefit payments		(3,072	)		(3,110	)		(3,297	)		(3,150	)		(3,145	)

Net Flows		381			361			316			382			372
Net transfers from (to) separate account		-			1			-			-			-
Interest		211			218			211			214			218
Policy charges		(133	)		(127	)		(130	)		(131	)		(131	)
Other		(179	)		(603	)		(725	)		(935	)		(369	)

Balance, end of period	$	26,922		$	26,772		$	26,444		$	25,974		$	26,064

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	508		$	533		$	532		$	562		$	566
Premiums and deposits		48			49			49			50			52
Surrenders and withdrawals		(10	)		(14	)		(13	)		(11	)		(12	)
Benefit payments		(1	)		(1	)		(1	)		(1	)		-

Net Flows		37			34			35			38			40
Investment performance		28			6			37			9			39
Net transfers from (to) general account		-			(1	)		-			-			-
Policy charges		(39	)		(40	)		(41	)		(42	)		(42	)
Other		(1	)		-			(1	)		(1	)		(1	)

Balance, end of period	$	533		$	532		$	562		$	566		$	602
(1) All of the group property & casualty activity is reflected within the “Other” category.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Direct and allocated expenses	$	382	$	417	$	421	$	404	$	422
Pension and post-retirement benefit costs		19		8		25		25		25
Premium taxes, other taxes, and licenses & fees		56		56		58		62		59
Total fixed operating expenses	$	457	$	481	$	504	$	491	$	506

Commissions and other variable expenses		90		178		84		87		89

Total other expenses	$	547	$	659	$	588	$	578	$	595

SPREAD (1)
	For the Three Months Ended
Unaudited	September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Investment income yield excluding variable investment income		6.01%		5.79%		5.95%		5.97%		5.91%
Variable investment income yield		0.21%		0.37%		0.21%		0.36%		0.16%
Total investment income yield		6.22%		6.16%		6.16%		6.33%		6.07%
Average crediting rate		3.31%		3.31%		3.31%		3.33%		3.30%
Annualized general account spread		2.91%		2.85%		2.85%		3.00%		2.77%

Annualized general account spread excluding variable investment income yield		2.70%		2.48%		2.64%		2.64%		2.61%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013

Group Life (2)
Operating premiums, fees and other revenues	$	1,379	$	1,370	$	1,438	$	1,406	$	1,352
Mortality ratio		88.1%		84.6%		91.3%		86.5%		90.3%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,555	$	1,560	$	1,604	$	1,605	$	1,602
Benefit ratio		88.5%		91.6%		88.9%		89.5%		90.5%

Group Property & Casualty (4)
Operating premiums, fees and other revenues	$	356	$	357	$	345	$	358	$	363
Combined ratio including catastrophes		87.8%		107.2%		92.8%		97.7%		90.2%
Combined ratio excluding catastrophes		87.2%		91.1%		90.4%		92.1%		87.5%

(1) Excludes group property & casualty. (2) Excludes accidental death and dismemberment (“AD&D”) and certain experience-rated contracts. (3) Includes dental, disability, long-term care, AD&D, critical illness and vision. (4) Beginning with the three months ended March 31, 2013, excludes the portion of group property & casualty reported in the Latin America segment.

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AMERICAS 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	450		$	1,757		$	464		$	503		$	490		$	1,480		$	1,457
Universal life and investment-type product policy fees		53			64			68			65			54			161			187
Net investment income		1,421			1,450			1,435			1,443			1,424			4,253			4,302
Other revenues		64			66			73			67			68			193			208
Total operating revenues		1,988			3,337			2,040			2,078			2,036			6,087			6,154

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,070			2,411			1,098			1,110			1,144			3,293			3,352
Interest credited to policyholder account balances		339			342			343			305			292			1,016			940
Capitalization of DAC		(13	)		(1	)		(17	)		(6	)		(2	)		(28	)		(25	)
Amortization of DAC and VOBA		4			4			11			6			4			18			21
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			3			6			7
Other expenses		120			110			143			121			134			368			398
Total operating expenses		1,522			2,868			1,580			1,538			1,575			4,673			4,693

Operating earnings before provision for income tax		466			469			460			540			461			1,414			1,461
Provision for income tax expense (benefit)		163			164			161			190			161			495			512
Operating earnings		303			305			299			350			300			919			949
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	303		$	305		$	299		$	350		$	300		$	919		$	949


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	303		$	305		$	299		$	350		$	300		$	919		$	949
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(25	)		86			22			(3	)		(15	)		21			4
Net derivative gains (losses)		(194	)		(8	)		105			(209	)		(140	)		(149	)		(244	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		16			7			25			(1	)		(5	)		55			19
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(12	)		4			8			31			(3	)		(34	)		36
Interest credited to policyholder account balances		(5	)		(5	)		(2	)		(2	)		(6	)		(8	)		(10	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(2	)		2			1			(1	)		-			(2	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		78			(30	)		(56	)		65			59			41			68
Income (loss) from continuing operations, net of income tax		159			361			402			230			190			843			822
Income (loss) from discontinued operations, net of income tax		-			4			-			-			-			7			-
Net income (loss)		159			365			402			230			190			850			822
Less: Net income (loss) attributable to noncontrolling interests		-			1			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		159			364			402			230			190			850			822
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	159		$	364		$	402		$	230		$	190		$	850		$	822

Total Operating Premiums, Fees and Other Revenues	$	567		$	1,887		$	605		$	635		$	612		$	1,834		$	1,852

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AMERICAS CORPORATE BENEFIT FUNDING *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	114,430		$	116,659		$	116,910		$	119,187		$	112,395
Premiums and deposits		12,906			10,469			14,790			13,826			12,264
Surrenders and withdrawals		(12,028	)		(9,666	)		(11,765	)		(17,483	)		(12,717	)
Benefit payments		(899	)		(902	)		(876	)		(887	)		(923	)

Net Flows		(21	)		(99	)		2,149			(4,544	)		(1,376	)
Net transfers from (to) separate account		(11	)		(11	)		5			(5	)		(4	)
Interest		1,041			1,048			1,036			1,007			994
Policy charges		(34	)		(18	)		(29	)		(38	)		(40	)
Other		1,254			(669	)		(884	)		(3,212	)		(766	)

Balance, end of period	$	116,659		$	116,910		$	119,187		$	112,395		$	111,203

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Balance, beginning of period	$	69,704		$	76,905		$	71,875		$	75,735		$	74,845
Premiums and deposits		2,494			2,268			1,868			1,982			2,557
Surrenders and withdrawals		(757	)		(2,699	)		(1,414	)		(922	)		(1,209	)
Benefit payments		(21	)		(13	)		(19	)		(20	)		(13	)

Net Flows		1,716			(444	)		435			1,040			1,335
Investment performance		1,466			364			697			(1,286	)		860
Net transfers from (to) general account		11			11			(5	)		5			4
Policy charges		(78	)		(75	)		(86	)		(85	)		(81	)
Other		4,086			(4,886	)		2,819			(564	)		(934	)

Balance, end of period	$	76,905		$	71,875		$	75,735		$	74,845		$	76,029

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013		September 30, 2013

Direct and allocated expenses	$	63	$	73		$	69	$	69	$	81
Pension and post-retirement benefit costs		11		5			14		14		14
Premium taxes, other taxes, and licenses & fees		5		(1	)		3		4		4
Total fixed operating expenses	$	79	$	77		$	86	$	87	$	99

Commissions and other variable expenses		41		33			57		34		35

Total other expenses	$	120	$	110		$	143	$	121	$	134

SPREAD
	For the Three Months Ended
Unaudited	September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013		September 30, 2013

Investment income yield excluding variable investment income		4.83%		4.72%			4.68%		4.68%		4.80%
Variable investment income yield		0.24%		0.38%			0.28%		0.33%		0.23%
Total investment income yield		5.07%		5.10%			4.96%		5.01%		5.03%
Average crediting rate		3.64%		3.59%			3.53%		3.42%		3.46%
Annualized general account spread		1.43%		1.51%			1.43%		1.59%		1.57%

Annualized general account spread excluding variable investment income yield		1.19%		1.13%			1.15%		1.26%		1.34%

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AMERICAS LATIN AMERICA 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	610		$	630		$	675		$	710		$	692		$	1,948		$	2,077
Universal life and investment-type product policy fees		189			204			225			235			222			581			682
Net investment income		299			317			277			281			354			881			912
Other revenues		3			5			4			5			-			11			9
Total operating revenues		1,101			1,156			1,181			1,231			1,268			3,421			3,680

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		507			564			554			601			637			1,667			1,792
Interest credited to policyholder account balances		99			104			104			103			106			289			313
Capitalization of DAC		(83	)		(115	)		(105	)		(108	)		(103	)		(238	)		(316	)
Amortization of DAC and VOBA		42			73			74			83			63			151			220
Amortization of negative VOBA		(1	)		(1	)		(1	)		-			(1	)		(4	)		(2	)
Interest expense on debt		(4	)		2			(1	)		1			-			(3	)		-
Other expenses		353			373			372			390			395			1,002			1,157
Total operating expenses		913			1,000			997			1,070			1,097			2,864			3,164

Operating earnings before provision for income tax		188			156			184			161			171			557			516
Provision for income tax expense (benefit)		36			8			41			36			38			122			115
Operating earnings		152			148			143			125			133			435			401
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	152		$	148		$	143		$	125		$	133		$	435		$	401


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	152		$	148		$	143		$	125		$	133		$	435		$	401
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2	)		10			-			9			(5	)		(12	)		4
Net derivative gains (losses)		19			(4	)		9			(28	)		3			42			(16	)
Premiums		16			4			-			1			-			60			1
Universal life and investment-type product policy fees		1			3			1			2			2			8			5
Net investment income		45			34			8			1			42			122			51
Other revenues		-			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		26			(37	)		(63	)		171			(11	)		(204	)		97
Interest credited to policyholder account balances		(37	)		(38	)		(11	)		(3	)		(51	)		(113	)		(65	)
Capitalization of DAC		1			-			-			-			-			5			-
Amortization of DAC and VOBA		-			(1	)		-			-			-			(3	)		-
Amortization of negative VOBA		-			-			-			-			-			2			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(8	)		(5	)		-			(1	)		-			(31	)		(1	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(12	)		17			19			(49	)		3			36			(27	)
Income (loss) from continuing operations, net of income tax		201			131			106			228			116			348			450
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		201			131			106			228			116			348			450
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			1			-
Net income (loss) attributable to MetLife, Inc.		201			131			106			228			116			347			450
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	201		$	131		$	106		$	228		$	116		$	347		$	450

Total Operating Premiums, Fees and Other Revenues	$	802		$	839		$	904		$	950		$	914		$	2,540		$	2,768

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ASIA 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	2,112		$	2,129		$	1,998		$	1,980		$	1,922		$	6,215		$	5,900
Universal life and investment-type product policy fees		388			389			444			442			438			1,102			1,324
Net investment income		709			745			732			723			696			2,150			2,151
Other revenues		4			9			13			28			22			17			63
Total operating revenues		3,213			3,272			3,187			3,173			3,078			9,484			9,438

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,455			1,569			1,415			1,433			1,506			4,250			4,354
Interest credited to policyholder account balances		468			461			442			437			407			1,323			1,286
Capitalization of DAC		(579	)		(567	)		(546	)		(522	)		(515	)		(1,721	)		(1,583	)
Amortization of DAC and VOBA		396			375			401			392			393			1,188			1,186
Amortization of negative VOBA		(128	)		(69	)		(113	)		(113	)		(99	)		(387	)		(325	)
Interest expense on debt		-			-			-			-			-			5			-
Other expenses		1,206			1,188			1,094			1,054			1,040			3,550			3,188
Total operating expenses		2,818			2,957			2,693			2,681			2,732			8,208			8,106

Operating earnings before provision for income tax		395			315			494			492			346			1,276			1,332
Provision for income tax expense (benefit)		136			117			161			162			89			437			412
Operating earnings		259			198			333			330			257			839			920
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	259		$	198		$	333		$	330		$	257		$	839		$	920


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	259		$	198		$	333		$	330		$	257		$	839		$	920
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(47	)		(174	)		128			85			52			(168	)		265
Net derivative gains (losses)		(31	)		(159	)		(552	)		(486	)		164			(11	)		(874	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(2	)		4			1			2			1			(4	)		4
Net investment income		135			240			638			446			(64	)		286			1,020
Other revenues		7			5			-			(10	)		(11	)		18			(21	)
Policyholder benefits and claims and policyholder dividends		(38	)		(45	)		(144	)		(138	)		(41	)		(82	)		(323	)
Interest credited to policyholder account balances		(134	)		(242	)		(639	)		(438	)		64			(297	)		(1,013	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(2	)		(4	)		10			1			1			-			12
Amortization of negative VOBA		15			17			15			14			13			48			42
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		4			4			(150	)		6			6			20			(138	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		27			424			283			154			94			59			531
Income (loss) from continuing operations, net of income tax		193			268			(77	)		(34	)		536			708			425
Income (loss) from discontinued operations, net of income tax		-			-			(3	)		(1	)		1			-			(3	)
Net income (loss)		193			268			(80	)		(35	)		537			708			422
Less: Net income (loss) attributable to noncontrolling interests		8			1			4			5			6			25			15
Net income (loss) attributable to MetLife, Inc.		185			267			(84	)		(40	)		531			683			407
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	185		$	267		$	(84	)	$	(40	)	$	531		$	683		$	407

Total Operating Premiums, Fees and Other Revenues	$	2,504		$	2,527		$	2,455		$	2,450		$	2,382		$	7,334		$	7,287
(1) The three months ended March 31, 2013 and June 30, 2013 includes net investment gains of $11 million and $8 million, respectively, expenses of $154 million and $0, respectively, and a tax benefit of $119 million and $0, respectively, which are related to a settlement of an acquisition tax contingency. The year-to-date period ended September 30, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, which are related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million and the three months ended and year-to-date period ended September 30, 2013 includes a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary. The three months ended and year-to-date period ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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EMEA 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	536		$	555		$	567		$	558		$	586		$	1,815		$	1,711
Universal life and investment-type product policy fees		82			100			91			96			100			233			287
Net investment income		122			129			128			120			124			406			372
Other revenues		35			23			27			34			21			98			82
Total operating revenues		775			807			813			808			831			2,552			2,452

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		255			255			237			256			243			941			736
Interest credited to policyholder account balances		32			35			35			37			37			91			109
Capitalization of DAC		(158	)		(188	)		(177	)		(192	)		(173	)		(535	)		(542	)
Amortization of DAC and VOBA		130			170			165			195			166			456			526
Amortization of negative VOBA		(26	)		(29	)		(17	)		(11	)		(13	)		(65	)		(41	)
Interest expense on debt		2			(2	)		1			(1	)		-			3			-
Other expenses		440			477			448			460			443			1,333			1,351
Total operating expenses		675			718			692			744			703			2,224			2,139

Operating earnings before provision for income tax		100			89			121			64			128			328			313
Provision for income tax expense (benefit)		38			30			34			(4	)		43			116			73
Operating earnings		62			59			87			68			85			212			240
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	62		$	59		$	87		$	68		$	85		$	212		$	240


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	62		$	59		$	87		$	68		$	85		$	212		$	240
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		73			(6	)		16			23			10			37			49
Net derivative gains (losses)		13			5			(6	)		(4	)		30			56			20
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			1			(2	)		7			1			14			6
Net investment income		348			185			393			(132	)		150			628			411
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		(337	)		(174	)		(384	)		118			(135	)		(610	)		(401	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(2	)		-			4			(9	)		-			(18	)		(5	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(22	)		(12	)		(3	)		(5	)		(7	)		(36	)		(15	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(32	)		(30	)		(22	)		3			(17	)		(18	)		(36	)
Income (loss) from continuing operations, net of income tax		104			28			83			69			117			265			269
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		104			28			83			69			117			265			269
Less: Net income (loss) attributable to noncontrolling interests		(5	)		3			2			-			1			6			3
Net income (loss) attributable to MetLife, Inc.		109			25			81			69			116			259			266
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	109		$	25		$	81		$	69		$	116		$	259		$	266

Total Operating Premiums, Fees and Other Revenues	$	653		$	678		$	685		$	688		$	707		$	2,146		$	2,080

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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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	15		$	13		$	26		$	28		$	30		$	43		$	84
Universal life and investment-type product policy fees		38			38			36			35			34			117			105
Net investment income		117			156			146			78			58			547			282
Other revenues		8			6			13			4			5			27			22
Total operating revenues		178			213			221			145			127			734			493

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		31			25			9			18			25			94			52
Interest credited to policyholder account balances		11			16			12			11			10			23			33
Capitalization of DAC		-			-			(4	)		(5	)		(5	)		-			(14	)
Amortization of DAC and VOBA		1			1			-			-			1			1			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		285			290			286			283			286			886			855
Other expenses		146			150			164			146			179			409			489
Total operating expenses		474			482			467			453			496			1,413			1,416

Operating earnings before provision for income tax		(296	)		(269	)		(246	)		(308	)		(369	)		(679	)		(923	)
Provision for income tax expense (benefit)		(192	)		(163	)		(193	)		(203	)		(239	)		(516	)		(635	)
Operating earnings		(104	)		(106	)		(53	)		(105	)		(130	)		(163	)		(288	)
Preferred stock dividends		30			31			30			31			30			91			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(134	)	$	(137	)	$	(83	)	$	(136	)	$	(160	)	$	(254	)	$	(379	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(104	)	$	(106	)	$	(53	)	$	(105	)	$	(130	)	$	(163	)	$	(288	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(35	)		(132	)		58			1			(96	)		(219	)		(37	)
Net derivative gains (losses)		(635	)		(512	)		99			(232	)		(228	)		(1,278	)		(361	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		63			52			40			26			22			438			88
Other revenues		13			13			(1	)		-			1			113			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(40	)		(38	)		(33	)		(34	)		(29	)		(128	)		(96	)
Other expenses		(235	)		(233	)		(156	)		(81	)		(66	)		(1,138	)		(303	)
Goodwill impairment		(176	)		-			-			-			-			(176	)		-
Provision for income tax (expense) benefit		309			311			(5	)		113			143			778			251
Income (loss) from continuing operations, net of income tax		(840	)		(645	)		(51	)		(312	)		(383	)		(1,773	)		(746	)
Income (loss) from discontinued operations, net of income tax		-			2			-			3			1			-			4
Net income (loss)		(840	)		(643	)		(51	)		(309	)		(382	)		(1,773	)		(742	)
Less: Net income (loss) attributable to noncontrolling interests		(6	)		4			-			3			(4	)		(3	)		(1	)
Net income (loss) attributable to MetLife, Inc.		(834	)		(647	)		(51	)		(312	)		(378	)		(1,770	)		(741	)
Less: Preferred stock dividends		30			31			30			31			30			91			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(864	)	$	(678	)	$	(81	)	$	(343	)	$	(408	)	$	(1,861	)	$	(832	)

Total Operating Premiums, Fees and Other Revenues	$	61		$	57		$	75		$	67		$	69		$	187		$	211

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Fixed Maturity Securities
Yield (1)		4.85%			4.85%			4.83%			4.71%			4.92%
Investment income (2), (3), (4)	$	3,833		$	3,850		$	3,833		$	3,687		$	3,792
Investment gains (losses) (3)		34			74			313			144			(77	)
Ending carrying value (2), (3)		378,748			375,108			375,275			357,447			349,614
Mortgage Loans
Yield (1)		5.81%			5.71%			5.52%			5.40%			5.34%
Investment income (3), (4)		810			786			738			716			725
Investment gains (losses) (3)		-			8			12			23			(13	)
Ending carrying value (3)		56,291			54,340			53,207			53,368			55,637
Real Estate and Real Estate Joint Ventures
Yield (1)		2.95%			3.10%			2.40%			4.26%			3.09%
Investment income (3)		64			72			60			106			77
Investment gains (losses) (3)		(15	)		43			(20	)		(8	)		3
Ending carrying value		8,749			9,918			9,998			9,886			10,053
Policy Loans
Yield (1)		5.25%			5.19%			5.22%			5.18%			5.38%
Investment income		157			155			155			152			158
Ending carrying value		11,949			11,884			11,781			11,722			11,782
Equity Securities
Yield (1)		3.65%			5.36%			3.41%			5.13%			3.87%
Investment income		26			37			24			36			28
Investment gains (losses)		3			(9	)		(27	)		4			3
Ending carrying value		2,803			2,891			3,188			3,231			3,241
Other Limited Partnership Interests
Yield (1)		8.66%			15.01%			14.25%			15.43%			7.95%
Investment income		145			252			246			275			144
Investment gains (losses)		(7	)		(18	)		-			(41	)		-
Ending carrying value		6,730			6,688			7,087			7,197			7,253
Cash and Short-term Investments
Yield (1)		0.66%			0.77%			0.89%			1.10%			0.97%
Investment income		34			43			45			42			39
Investment gains (losses)		3			3			39			15			6
Ending carrying value (3)		31,625			32,634			23,635			22,170			24,039
Other Invested Assets (1)
Investment income		140			126			179			222			217
Investment gains (losses) (3)		12			(134	)		(32	)		12			6
Ending carrying value		23,477			21,145			20,269			17,920			16,766
Total Investments
Investment income yield (1)		4.88%			4.93%			4.93%			5.00%			4.98%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.75%			4.80%			4.80%			4.87%			4.85%
Investment income	$	5,209		$	5,321		$	5,280		$	5,236		$	5,180
Investment fees and expenses		(140	)		(135	)		(143	)		(131	)		(137	)
Net investment income including Divested businesses		5,069			5,186			5,137			5,105			5,043
Less: Net investment income from Divested businesses (5)		21			11			5			1			-
Net Investment Income (3)	$	5,048		$	5,175		$	5,132		$	5,104		$	5,043
Ending Carrying Value (3)	$	520,372		$	514,608		$	504,440		$	482,941		$	478,385
Investment portfolio gains (losses) including Divested businesses	$	30		$	(33	)	$	285		$	149		$	(72	)
Less: Investment portfolio gains (losses) from Divested businesses (5)		(26	)		2			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	56		$	(35	)	$	285		$	149		$	(72	)
Gross investment gains	$	257		$	359		$	560		$	400		$	281
Gross investment losses		(127	)		(170	)		(196	)		(195	)		(293	)
Writedowns		(74	)		(224	)		(79	)		(56	)		(60	)
Investment Portfolio Gains (Losses) (3), (5)		56			(35	)		285			149			(72	)
Investment portfolio gains (losses) income tax (expense) benefit		(13	)		33			(124	)		(42	)		62
Investment Portfolio Gains (Losses), Net of Income Tax	$	43		$	(2	)	$	161		$	107		$	(10	)

Derivative Gains (Losses) including Divested businesses	$	(824	)	$	(1,453	)	$	(763	)	$	(1,870	)	$	(738	)
Less: Derivative gains (losses) from Divested businesses (5)		-			1			-			-			-
Derivative gains (losses) (3), (5)		(824	)		(1,454	)		(763	)		(1,870	)		(738	)
Derivative gains (losses) income tax (expense) benefit		281			530			270			645			262
Derivative Gains (Losses), Net of Income Tax	$	(543	)	$	(924	)	$	(493	)	$	(1,225	)	$	(476	)
(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $743 million, $842 million, $981 million, $933 million and $827 million in ending carrying value, and $24 million, $20 million, $21 million, ($11) million and $14 million of investment income related to fair value option and trading securities at or for the three months ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,199 million, $15,465 million, $15,572 million, $15,150 million and $15,796 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $53 million, $41 million, $35 million, $27 million and $23 million, mortgage loans of $2,879 million, $2,666 million, $2,407 million, $2,268 million and $2,096 million and cash and short-term investments of $3 million, $10 million, $1 million, $4 million and $1 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	30		$	(33	)	$	285		$	149		$	(72	)
Real estate discontinued operations		-			(44	)		6			(1	)		1
Net investment gains (losses) related to CSEs		15			11			8			8			4
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(23	)		(134	)		15			(46	)		(18	)
Net investment gains (losses) - GAAP basis	$	22		$	(200	)	$	314		$	110		$	(85	)

	For the Three Months Ended
	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(824	)	$	(1,453	)	$	(763	)	$	(1,870	)	$	(738	)
Investment hedge adjustments		108			138			131			167			175
Joint venture adjustments		-			-			-			1			-
Settlement of foreign currency earnings hedges		(7	)		(5	)		-			10			11
PAB hedge adjustments		5			5			2			2			6
Net derivative gains (losses) - GAAP basis	$	(718	)	$	(1,315	)	$	(630	)	$	(1,690	)	$	(546	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the three months ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, includes $4 million,$0, $0, $0 and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Fixed Maturity Securities
Yield (1)		4.86%			4.85%			4.83%			4.77%			4.82%
Investment income (2), (3), (4)	$	11,393		$	15,243		$	3,833		$	7,520		$	11,312
Investment gains (losses) (3)		(121	)		(47	)		313			457			380
Ending carrying value (2), (3)		378,748			375,108			375,275			357,447			349,614
Mortgage Loans
Yield (1)		5.62%			5.64%			5.52%			5.46%			5.42%
Investment income (3), (4)		2,404			3,190			738			1,454			2,179
Investment gains (losses) (3)		49			57			12			35			22
Ending carrying value (3)		56,291			54,340			53,207			53,368			55,637
Real Estate and Real Estate Joint Ventures
Yield (1)		5.14%			4.59%			2.40%			3.33%			3.25%
Investment income (3)		329			401			60			166			243
Investment gains (losses) (3)		(10	)		33			(20	)		(28	)		(25	)
Ending carrying value		8,749			9,918			9,998			9,886			10,053
Policy Loans
Yield (1)		5.27%			5.25%			5.22%			5.20%			5.26%
Investment income		471			626			155			307			465
Ending carrying value		11,949			11,884			11,781			11,722			11,782
Equity Securities
Yield (1)		4.36%			4.60%			3.41%			4.28%			4.14%
Investment income		96			133			24			60			88
Investment gains (losses)		13			4			(27	)		(23	)		(20	)
Ending carrying value		2,803			2,891			3,188			3,231			3,241
Other Limited Partnership Interests
Yield (1)		12.00%			12.76%			14.25%			14.85%			12.50%
Investment income		593			845			246			521			665
Investment gains (losses)		(18	)		(36	)		-			(41	)		(41	)
Ending carrying value		6,730			6,688			7,087			7,197			7,253
Cash and Short-term Investments
Yield (1)		0.67%			0.69%			0.89%			0.98%			0.98%
Investment income		100			143			45			87			126
Investment gains (losses)		3			6			39			54			60
Ending carrying value (3)		31,625			32,634			23,635			22,170			24,039
Other Invested Assets (1)
Investment income		469			595			179			401			618
Investment gains (losses) (3)		(23	)		(157	)		(32	)		(20	)		(14	)
Ending carrying value		23,477			21,145			20,269			17,920			16,766
Total Investments
Investment income yield (1)		4.98%			4.96%			4.93%			4.97%			4.97%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.85%			4.83%			4.80%			4.84%			4.84%
Investment income	$	15,855		$	21,176		$	5,280		$	10,516		$	15,696
Investment fees and expenses		(419	)		(554	)		(143	)		(274	)		(411	)
Net investment income including Divested businesses		15,436			20,622			5,137			10,242			15,285
Less: Net investment income from Divested businesses (5)		139			150			5			6			6
Net Investment Income (3)	$	15,297		$	20,472		$	5,132		$	10,236		$	15,279
Ending Carrying Value (3)	$	520,372		$	514,608		$	504,440		$	482,941		$	478,385
Investment portfolio gains (losses) including Divested businesses	$	(107	)	$	(140	)	$	285		$	434		$	362
Less: Investment portfolio gains (losses) from Divested businesses (5)		35			37			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	(142	)	$	(177	)	$	285		$	434		$	362
Gross investment gains	$	790		$	1,149		$	560		$	960		$	1,241
Gross investment losses		(644	)		(814	)		(196	)		(391	)		(684	)
Writedowns		(288	)		(512	)		(79	)		(135	)		(195	)
Investment Portfolio Gains (Losses) (3), (5)		(142	)		(177	)		285			434			362
Investment portfolio gains (losses) income tax (expense) benefit		44			77			(124	)		(166	)		(104	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(98	)	$	(100	)	$	161		$	268		$	258

Derivative Gains (Losses) including Divested businesses	$	(904	)	$	(2,357	)	$	(763	)	$	(2,633	)	$	(3,371	)
Less: Derivative gains (losses) from Divested businesses (5)		(7	)		(6	)		-			-			-
Derivative gains (losses) (3), (5)		(897	)		(2,351	)		(763	)		(2,633	)		(3,371	)
Derivative gains (losses) income tax (expense) benefit		309			839			270			915			1,177
Derivative Gains (Losses), Net of Income Tax	$	(588	)	$	(1,512	)	$	(493	)	$	(1,718	)	$	(2,194	)

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $743 million, $842 million, $981 million, $933 million and $827 million in ending carrying value, and $68 million, $88 million, $21 million, $10 million and $24 million of investment income related to fair value option and trading securities at or for the year-to-date period ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,199 million, $15,465 million, $15,572 million, $15,150 million and $15,796 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $53 million, $41 million, $35 million, $27 million and $23 million, mortgage loans of $2,879 million, $2,666 million, $2,407 million, $2,268 million and $2,096 million and cash and short-term investments of $3 million, $10 million, $1 million, $4 million and $1 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(107	)	$	(140	)	$	285		$	434		$	362
Real estate discontinued operations		(25	)		(69	)		6			5			6
Net investment gains (losses) related to certain CSEs		14			25			8			16			20
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(34	)		(168	)		15			(31	)		(49	)
Net investment gains (losses) - GAAP basis	$	(152	)	$	(352	)	$	314		$	424		$	339

	For the Year-to-Date Period Ended
	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(904	)	$	(2,357	)	$	(763	)	$	(2,633	)	$	(3,371	)
Investment hedge adjustments		310			448			131			298			473
Joint venture adjustments		-			-			-			1			1
Settlement of foreign currency earnings hedges		(18	)		(23	)		-			10			21
PAB hedge adjustments		8			13			2			4			10
Net derivative gains (losses) - GAAP basis	$	(604	)	$	(1,919	)	$	(630	)	$	(2,320	)	$	(2,866	)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the year-to-date period ended September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, includes $177 million, $177 million, $0, $0 and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,157		51.6%	$	1,000		57.2%	$	1,155		73.8%	$	3,271		89.1%	$	3,721		88.9%
20% or more for less than six months		111		5.0%		89		5.1%		46		2.9%		135		3.7%		181		4.3%
20% or more for six months or greater		973		43.4%		659		37.7%		364		23.3%		266		7.2%		282		6.8%
Total Gross Unrealized Losses	$	2,241		100.0%	$	1,748		100.0%	$	1,565		100.0%	$	3,672		100.0%	$	4,184		100.0%

Total Gross Unrealized Gains	$	35,455			$	35,144			$	33,326			$	24,560			$	22,071


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	33		16.6%	$	30		18.9%	$	28		32.6%	$	41		43.6%	$	68		51.1%
20% or more for less than six months		28		14.1%		10		6.3%		4		4.6%		3		3.2%		19		14.3%
20% or more for six months or greater		138		69.3%		119		74.8%		54		62.8%		50		53.2%		46		34.6%
Total Gross Unrealized Losses	$	199		100.0%	$	159		100.0%	$	86		100.0%	$	94		100.0%	$	133		100.0%

Total Gross Unrealized Gains	$	164			$	212			$	376			$	403			$	396

(1) MetLife’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.

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
Unaudited (In millions)		September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	113,942		30.1%	$	114,126		30.5%	$	113,006		30.2%	$	109,008		30.6%	$	107,491		30.8%
Foreign corporate securities			65,257		17.3%		67,184		18.0%		66,086		17.7%		64,186		18.0%		63,648		18.2%
Foreign government securities			57,405		15.2%		57,336		15.3%		55,435		14.8%		52,297		14.7%		53,004		15.2%
U.S. Treasury and agency securities			51,448		13.6%		47,967		12.8%		54,457		14.5%		47,426		13.3%		44,154		12.7%
Residential mortgage-backed securities			40,591		10.7%		37,479		10.0%		36,347		9.7%		36,441		10.2%		35,478		10.2%
Commercial mortgage-backed securities			19,440		5.1%		19,129		5.1%		17,897		4.8%		17,263		4.8%		16,896		4.8%
Asset-backed securities			15,005		4.0%		15,997		4.3%		16,114		4.3%		15,655		4.4%		14,161		4.1%
State and political subdivision securities			14,917		4.0%		15,048		4.0%		14,952		4.0%		14,238		4.0%		13,955		4.0%
Total fixed maturity securities available-for-sale		$	378,005		100.0%	$	374,266		100.0%	$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%

NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	264,892		70.1%	$	258,568		69.1%	$	259,419		69.3%	$	248,115		69.6%	$	239,347		68.6%
2	Baa		87,930		23.3%		90,193		24.1%		89,202		23.8%		83,506		23.4%		84,269		24.2%
3	Ba		15,029		4.0%		14,434		3.8%		14,488		3.9%		13,908		3.9%		13,782		3.9%
4	B		8,881		2.3%		9,607		2.6%		9,557		2.6%		9,302		2.6%		9,690		2.8%
5	Caa and lower		1,207		0.3%		1,379		0.4%		1,548		0.4%		1,614		0.5%		1,639		0.5%
6	In or near default		66		0.0%		85		0.0%		80		0.0%		69		0.0%		60		0.0%
Total fixed maturity securities available-for-sale (1)		$	378,005		100.0%	$	374,266		100.0%	$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%
(1) Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on ratings from revised NAIC rating methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. 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 until a final rating becomes available. These revised 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 credit rating provider list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
Unaudited (In millions)		September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013

Traditional (2), (3)			$ 7,338				$ 8,489				$ 8,595				$ 8,566				$ 8,787
Real estate joint ventures and funds			1,083				941				903				855				823
Subtotal			8,421				9,430				9,498				9,421				9,610
Foreclosed			328				488				500				465				443
Total Real Estate and Real Estate Joint Ventures			$ 8,749				$ 9,918				$ 9,998				$ 9,886				$ 10,053
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
	September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013
Unaudited (In millions)

Commercial mortgage loans		$ 41,941				$ 40,472				$ 39,605				$ 39,110				$ 40,262
Agricultural mortgage loans		12,600				12,843				12,669				12,669				12,830
Residential mortgage loans		818				958				994				1,891				2,646
Mortgage loans held-for-sale		1,286				414				271				-				225
Total Mortgage Loans		56,645				54,687				53,539				53,670				55,963
Valuation allowances		(354)				(347)				(332)				(302)				(326)
Total Mortgage Loans, net		$ 56,291				$ 54,340				$ 53,207				$ 53,368				$ 55,637
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 27, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,189		19.5%	$	7,932		19.6%	$	7,718		19.5%	$	7,879		20.2%	$	8,214		20.4%
Middle Atlantic		7,014		16.7%		6,780		16.7%		6,970		17.6%		6,987		17.9%		7,356		18.3%
South Atlantic		8,430		20.1%		7,969		19.7%		7,655		19.3%		7,276		18.6%		7,095		17.6%
International		5,436		13.0%		5,567		13.8%		5,344		13.5%		5,364		13.7%		6,158		15.3%
West South Central		3,485		8.3%		3,436		8.5%		3,496		8.8%		3,444		8.8%		3,483		8.7%
East North Central		3,161		7.5%		3,026		7.5%		2,765		7.0%		2,714		6.9%		2,680		6.7%
New England		1,551		3.7%		1,489		3.7%		1,488		3.8%		1,476		3.8%		1,473		3.7%
Mountain		990		2.4%		906		2.2%		875		2.2%		874		2.2%		835		2.0%
East South Central		459		1.1%		457		1.1%		456		1.2%		454		1.2%		420		1.0%
West North Central		335		0.8%		288		0.7%		285		0.7%		283		0.7%		203		0.5%
Multi-Region and Other		2,891		6.9%		2,622		6.5%		2,553		6.4%		2,359		6.0%		2,345		5.8%
Total	$	41,941		100.0%	$	40,472		100.0%	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%


Office	$	18,899		45.1%	$	18,012		44.5%	$	18,259		46.1%	$	18,096		46.3%	$	18,315		45.5%
Retail		9,758		23.3%		9,445		23.3%		8,973		22.7%		8,746		22.4%		9,384		23.3%
Apartment		4,114		9.8%		3,944		9.8%		3,897		9.8%		3,811		9.7%		3,865		9.6%
Hotel		3,482		8.3%		3,355		8.3%		3,278		8.3%		3,426		8.7%		3,629		9.0%
Industrial		3,237		7.7%		3,159		7.8%		3,077		7.8%		3,045		7.8%		2,840		7.1%
Other		2,451		5.8%		2,557		6.3%		2,121		5.3%		1,986		5.1%		2,229		5.5%
Total	$	41,941		100.0%	$	40,472		100.0%	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,447		$	1,404		$	1,665		$	1,624		$	1,530		$	4,404		$	4,819
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		22			(200	)		314			110			(85	)		(152	)		339
Net derivative gains (losses)		(718	)		(1,315	)		(630	)		(1,690	)		(546	)		(604	)		(2,866	)
Premiums - Divested businesses		16			4			-			1			-			60			1
Universal life and investment-type product policy fees
Unearned revenue adjustments		(4	)		5			(3	)		5			(2	)		10			-
GMIB fees		86			86			82			83			96			232			261
Divested businesses		1			3			1			2			2			8			5
Net investment income
Investment hedge adjustments		(108	)		(138	)		(131	)		(167	)		(175	)		(310	)		(473	)
Income from discontinued real estate operations		-			(1	)		(1	)		(3	)		(3	)		(2	)		(7	)
Joint venture adjustments		-			-			-			(1	)		-			-			(1	)
Unit-linked contract income		512			463			1,039			314			132			1,010			1,485
Securitization entities income		40			38			33			34			29			125			96
Divested businesses		25			11			5			1			-			316			6
Other revenues
Settlement of foreign currency earnings hedges		7			5			-			(10	)		(11	)		18			(21	)
Divested businesses		13			13			(1	)		-			1			114			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		26			(28	)		(68	)		202			(6	)		(198	)		128
GMIB costs		(278	)		(563	)		(401	)		(147	)		(412	)		(614	)		(960	)
Market value adjustments		(40	)		(48	)		(131	)		(138	)		(50	)		(92	)		(319	)
Divested businesses		(11	)		(5	)		(2	)		(2	)		-			(38	)		(4	)
Interest credited to policyholder account balances
PAB hedge adjustments		(5	)		(5	)		(2	)		(2	)		(6	)		(8	)		(10	)
Unit-linked contract costs		(507	)		(454	)		(1,033	)		(323	)		(121	)		(1,014	)		(1,477	)
Divested businesses		(1	)		-			(1	)		-			(1	)		(6	)		(2	)
Capitalization of DAC - Divested businesses		1			-			-			-			-			5			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		(14	)		38			78			104			53			(79	)		235
Related to GMIB fees and GMIB costs		57			(89	)		114			43			85			112			242
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			(1	)		-			-			-			(3	)		-
Amortization of negative VOBA
Related to market value adjustments		15			17			15			14			13			48			42
Divested businesses		-			-			-			-			-			2			-
Interest expense on debt
Securitization entities debt expense		(40	)		(38	)		(33	)		(34	)		(29	)		(125	)		(96	)
Divested businesses		-			-			-			-			-			(3	)		-
Other expenses
Noncontrolling interest		(13	)		17			5			10			-			22			15
Regulatory implementation costs		(18	)		(12	)		(4	)		(3	)		(5	)		(39	)		(12	)
Acquisition & integration costs (1)		(80	)		(69	)		(181	)		(61	)		(30	)		(211	)		(272	)
Divested businesses		(152	)		(180	)		(128	)		(28	)		(32	)		(959	)		(188	)
Goodwill impairment		(1,868	)		-			-			-			-			(1,868	)		-
Provision for income tax (expense) benefit (1), (2)		632			1,147			394			570			546			1,048			1,510
Income (loss) from continuing operations, net of income tax		(957	)		105			995			508			973			1,209			2,476
Income (loss) from discontinued operations, net of income tax		-			31			(3	)		2			2			17			1
Net income (loss)		(957	)		136			992			510			975			1,226			2,477
Less: Net income (loss) attributable to noncontrolling interests		(3	)		9			6			8			3			29			17
Net income (loss) attributable to MetLife, Inc.		(954	)		127			986			502			972			1,197			2,460
Less: Preferred stock dividends		30			31			30			31			30			91			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(984	)	$	96		$	956		$	471		$	942		$	1,106		$	2,369
(1) The three months ended March 31, 2013 and June 30, 2013 includes net investment gains of $11 million and $8 million, respectively, expenses of $154 million and $0, respectively, and a tax benefit of $119 million and $0, respectively, which are related to a settlement of an acquisition tax contingency. The year-to-date period ended September 30, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, which are related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million and the three months ended and year-to-date period ended September 30, 2013 includes a deferred tax benefit of $95 million related to the conversion of the Japan branch to a subsidiary. The three months ended and year-to-date period ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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APPENDIX TOTAL PROPERTY & CASUALTY (1) 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	772		$	783		$	780		$	800		$	822		$	2,286		$	2,402
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		51			48			38			39			38			155			115
Other revenues		8			7			6			11			6			33			23
Total operating revenues		831			838			824			850			866			2,474			2,540

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		515			609			529			622			546			1,602			1,697
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(98	)		(96	)		(92	)		(103	)		(107	)		(278	)		(302	)
Amortization of DAC and VOBA		90			94			93			94			99			264			286
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		203			205			208			215			227			599			650
Total operating expenses		710			812			738			828			765			2,187			2,331

Operating earnings before provision for income tax		121			26			86			22			101			287			209
Provision for income tax expense (benefit)		30			(5	)		18			(5	)		20			61			33
Operating earnings		91			31			68			27			81			226			176
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	91		$	31		$	68		$	27		$	81		$	226		$	176


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	91		$	31		$	68		$	27		$	81		$	226		$	176
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			5			4			(4	)		3			17			3
Net derivative gains (losses)		2			4			(1	)		6			1			(2	)		6
Premiums		-			-			-			-			-			-			-
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		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(3	)		(3	)		(1	)		-			(2	)		(6	)		(3	)
Income (loss) from continuing operations, net of income tax		95			37			70			29			83			235			182
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		95			37			70			29			83			235			182
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		95			37			70			29			83			235			182
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	95		$	37		$	70		$	29		$	83		$	235		$	182

Total Operating Premiums, Fees and Other Revenues	$	780		$	790		$	786		$	811		$	828		$	2,319		$	2,425
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

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APPENDIX RETAIL PROPERTY & CASUALTY (1) 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	420		$	429		$	425		$	436		$	446		$	1,251		$	1,307
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		29			27			21			23			20			89			64
Other revenues		4			4			4			4			5			12			13
Total operating revenues		453			460			450			463			471			1,352			1,384

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		283			314			286			355			296			872			937
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(65	)		(67	)		(64	)		(70	)		(73	)		(193	)		(207	)
Amortization of DAC and VOBA		63			65			65			65			68			189			198
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		119			120			116			122			126			351			364
Total operating expenses		400			432			403			472			417			1,219			1,292

Operating earnings before provision for income tax		53			28			47			(9	)		54			133			92
Provision for income tax expense (benefit)		11			2			9			(10	)		10			24			9
Operating earnings		42			26			38			1			44			109			83
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	42		$	26		$	38		$	1		$	44		$	109		$	83


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	42		$	26		$	38		$	1		$	44		$	109		$	83
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			2			2			(2	)		2			10			2
Net derivative gains (losses)		1			2			(1	)		4			1			(1	)		4
Premiums		-			-			-			-			-			-			-
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		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(2	)		(1	)		-			(1	)		(1	)		(4	)		(2	)
Income (loss) from continuing operations, net of income tax		44			29			39			2			46			114			87
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		44			29			39			2			46			114			87
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		44			29			39			2			46			114			87
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	44		$	29		$	39		$	2		$	46		$	114		$	87

Total Operating Premiums, Fees and Other Revenues	$	424		$	433		$	429		$	440		$	451		$	1,263		$	1,320
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1) 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, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			September 30, 2012			September 30, 2013

OPERATING REVENUES
Premiums	$	352		$	354		$	355		$	364		$	376		$	1,035		$	1,095
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			21			17			16			18			66			51
Other revenues		4			3			2			7			1			21			10
Total operating revenues		378			378			374			387			395			1,122			1,156

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		232			295			243			267			250			730			760
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(33	)		(29	)		(28	)		(33	)		(34	)		(85	)		(95	)
Amortization of DAC and VOBA		27			29			28			29			31			75			88
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		84			85			92			93			101			248			286
Total operating expenses		310			380			335			356			348			968			1,039

Operating earnings before provision for income tax		68			(2	)		39			31			47			154			117
Provision for income tax expense (benefit)		19			(7	)		9			5			10			37			24
Operating earnings		49			5			30			26			37			117			93
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	49		$	5		$	30		$	26		$	37		$	117		$	93


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	49		$	5		$	30		$	26		$	37		$	117		$	93
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			3			2			(2	)		1			7			1
Net derivative gains (losses)		1			2			-			2			-			(1	)		2
Premiums		-			-			-			-			-			-			-
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		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(2	)		(1	)		1			(1	)		(2	)		(1	)
Income (loss) from continuing operations, net of income tax		51			8			31			27			37			121			95
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		51			8			31			27			37			121			95
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		51			8			31			27			37			121			95
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	51		$	8		$	31		$	27		$	37		$	121		$	95

Total Operating Premiums, Fees and Other Revenues	$	356		$	357		$	357		$	371		$	377		$	1,056		$	1,105
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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METLIFE INC - FORM 8-K - EX-99.2 - October 30, 2013

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