METLIFE INC - FORM 8-K - EX-99.2

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8-K - 8-K - METLIFE INC	d809233d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d809233dex991.htm

Exhibit 99.2

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Third Quarter

Financial Supplement

September 30, 2014

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METLIFE TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

CORPORATE OVERVIEW			3

METLIFE
Consolidated Balance Sheets			5
Consolidated Statements of Operating Earnings Available to Common Shareholders			6
Consolidating Statement of Operating Earnings Available to Common Shareholders			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			11

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Other Expenses by Major Category and Sales by Product			16
Spread by Product and Other Statistical Information			17

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
Other Expenses by Major Category, Spread and Other Statistical Information			20

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

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			24

ASIA
Statements of Operating Earnings Available to Common Shareholders			25

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			26

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			27

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			28
Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale			30
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			31
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			32

APPENDIX
Reconciliation Detail			A-1
NOTABLE ITEMS
MetLife Total, Retail, Retail-Life & Other, Retail-Annuities and Group, Voluntary & Worksite Benefits			A-2
Corporate Benefit Funding, Latin America, Asia, EMEA and Corporate & Other			A-3
Equity Details, Book Value Details and Return on Equity			A-4
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-5
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-6
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-7

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METLIFE

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 and other pass through adjustments (“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. In addition to the tax impact of the adjustments mentioned above, provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

MetLife, Inc.’s tangible common stockholders’ equity is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and is also reduced by the impact of goodwill, value of distribution agreements (“VODA”) and value of customer relationships acquired (“VOCRA”), all net of income tax. MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than foreign currency translation adjustments (“FCTAs”), is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

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, investment portfolio gains (losses) and derivative gains (losses) 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, net investment gains (losses) and net derivative gains (losses), respectively. MetLife, Inc.’s tangible common stockholders’ equity and MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTAs, should not be viewed as substitutes for total MetLife, Inc.’s stockholders’ equity calculated in accordance with GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix, and in our earnings press release dated October 29, 2014, for the period ended September 30, 2014, which is available at www.metlife.com.

In addition, the following are return on equity definitions:

•

Operating return on MetLife, Inc.’s tangible common stockholders’ equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.’s tangible common stockholders’ equity.

•

Operating return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs.

•

Operating return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI.

•

Operating return on MetLife, Inc.’s common stockholders’ equity - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity.

•

Return on MetLife, Inc.’s tangible common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.’s tangible common stockholders’ equity.

•

Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs.

•

Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI.

•

Return on MetLife, Inc.’s common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity.

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Operating earnings available to common shareholders	$	1,495		$	1,554		$	1,562		$	1,590		$	1,825
Preferred stock dividends		30			31			30			31			30
Operating earnings		1,525			1,585			1,592			1,621			1,855
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(85	)		(178	)		(411	)		(125	)		109
Net derivative gains (losses)		(546	)		(373	)		343			311			478
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(465	)		(303	)		(302	)		(475	)		(146	)
Provision for income tax (expense) benefit (2)		544			184			120			44			(202	)
Income (loss) from continuing operations, net of income tax		973			915			1,342			1,376			2,094
Income (loss) from discontinued operations, net of income tax		2			1			(3	)		-			-
Net income (loss)		975			916			1,339			1,376			2,094
Less: Net income (loss) attributable to noncontrolling interests		3			8			11			10			-
Net income (loss) attributable to MetLife, Inc.		972			908			1,328			1,366			2,094
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	942		$	877		$	1,298		$	1,335		$	2,064


Operating earnings available to common shareholders per common share - diluted	$	1.34		$	1.37		$	1.37		$	1.39		$	1.60
Net investment gains (losses)		(0.08	)		(0.16	)		(0.36	)		(0.11	)		0.10
Net derivative gains (losses)		(0.49	)		(0.33	)		0.30			0.27			0.42
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.42	)		(0.27	)		(0.27	)		(0.41	)		(0.13	)
Provision for income tax (expense) benefit		0.49			0.17			0.11			0.04			(0.18	)
Discontinued operations, net of income tax		-			-			-			-			-
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	$	0.84		$	0.77		$	1.14		$	1.17		$	1.81

	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Notable items impacting operating earnings available to common shareholders:

Variable investment income, as compared to plan	$	-		$	101		$	63		$	11		$	62
Catastrophe experience and prior year development, net		21			15			-			(21	)		38
Actuarial assumption review and other insurance adjustments		(29	)		-			-			56			16
Litigation reserves & settlement costs		-			(147	)		(57	)		-			-
Tax adjustments		-			11			-			-			(9	)
Total notable items (3)	$	(8	)	$	(20	)	$	6		$	46		$	107

Notable items impacting operating earnings available to common shareholders per common share - diluted:

Variable investment income, as compared to plan	$	-		$	0.09		$	0.06		$	0.01		$	0.05
Catastrophe experience and prior year development, net	$	0.02		$	0.01		$	-		$	(0.02	)	$	0.03
Actuarial assumption review and other insurance adjustments	$	(0.03	)	$	-		$	-		$	0.05		$	0.01
Litigation reserves & settlement costs	$	-		$	(0.13	)	$	(0.05	)	$	-		$	-
Tax adjustments	$	-		$	0.01		$	-		$	-		$	(0.01	)
Total notable items (3)	$	(0.01	)	$	(0.02	)	$	0.01		$	0.04		$	0.09

	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Weighted average common shares outstanding - diluted		1,117.3			1,138.1			1,140.5			1,142.3			1,141.0
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $95 million and ($86) million, respectively, 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) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share-diluted. The per share data for each notable item is calculated on a stand alone basis and may not sum to total notable items.

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METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Book value per common share, excluding AOCI other than FCTAs (1)	$	46.54	$	47.01	$	47.70	$	48.60	$	49.69
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTAs) (1)	$	37.33	$	36.91	$	37.76	$	38.69	$	39.95
Book value per common share, excluding AOCI (1)	$	47.99	$	48.49	$	49.34	$	50.14	$	51.62
Book value per common share (1)	$	52.54	$	53.04	$	56.65	$	59.96	$	61.44

	For the Three Months Ended
Unaudited	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTAs		11.7%		11.8%		11.7%		11.7%		13.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTAs) (3)		14.8%		15.1%		15.0%		14.9%		16.7%
Common stockholders’ equity, excluding AOCI		11.3%		11.5%		11.4%		11.4%		12.8%
Common stockholders’ equity		10.2%		10.5%		10.1%		9.7%		10.7%

Return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTAs		7.4%		6.7%		9.8%		9.9%		15.0%
Tangible common stockholders’ equity (excludes AOCI other than FCTAs) (3)		9.4%		8.6%		12.5%		12.5%		18.8%
Common stockholders’ equity, excluding AOCI		7.1%		6.5%		9.4%		9.5%		14.5%
Common stockholders’ equity		6.4%		5.9%		8.4%		8.1%		12.1%

	For the Three Months Ended
Unaudited (In millions)	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Common shares outstanding, beginning of period		1,096.6		1,120.8		1,122.0		1,124.8		1,126.6
Share repurchases (4)		-		-		-		-		(8.1	)
Newly issued shares		24.2		1.2		2.8		1.8		0.6
Common shares outstanding, end of period		1,120.8		1,122.0		1,124.8		1,126.6		1,119.1

Weighted average common shares outstanding - basic		1,104.9		1,123.7		1,126.9		1,128.0		1,125.1
Dilutive effect of stock purchase contracts underlying common equity units		1.9		2.8		3.4		3.8		4.6
Dilutive effect of the exercise or issuance of stock-based awards		10.5		11.6		10.2		10.5		11.3
Weighted average common shares outstanding - diluted		1,117.3		1,138.1		1,140.5		1,142.3		1,141.0

MetLife Policyholder Trust Shares		193.2		190.9		188.4		185.7		183.6
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earning available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, excludes the impact of amortization of VODA and VOCRA, net of income tax for the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 of $17 million, $13 million, $13 million, $14 million and $13 million, respectively. (4) For the three months ended June 30, 2014, the number of shares repurchased was less than 100,000 shares. There were no shares repurchased for the three months ended September 30, 2013, December 31, 2013 and March 31, 2014.

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	348,787		$	350,187		$	355,069		$	367,056		$	368,070
Equity securities available-for-sale, at estimated fair value		3,241			3,402			3,693			3,863			3,689
Fair value option and trading securities, at estimated fair value (1)		16,646			17,423			17,494			17,831			17,246
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		57,508			57,703			57,139			57,223			58,038
Held-for-sale, principally at estimated fair value		225			3			-			-			-
Mortgage loans, net		57,733			57,706			57,139			57,223			58,038
Policy loans		11,782			11,764			11,762			11,785			11,756
Real estate and real estate joint ventures		10,053			10,712			9,930			10,101			10,393
Other limited partnership interests		7,253			7,401			7,819			7,964			8,214
Short-term investments, principally at estimated fair value		12,664			13,955			13,908			12,366			12,240
Other invested assets, principally at estimated fair value		16,766			16,229			16,433			17,116			17,905
Total investments		484,925			488,779			493,247			505,305			507,551
Cash and cash equivalents, principally at estimated fair value (1)		11,376			7,585			8,573			7,393			8,783
Accrued investment income		4,519			4,255			4,446			4,234			4,380
Premiums, reinsurance and other receivables		23,473			21,859			23,031			23,730			23,814
Deferred policy acquisition costs and value of business acquired		25,639			26,706			26,352			25,915			25,503
Goodwill		9,509			10,542			10,433			10,430			10,216
Other assets		7,952			8,369			8,387			9,136			8,900
Separate account assets		255,250			317,201			316,434			324,977			319,480
Total assets	$	822,643		$	885,296		$	890,903		$	911,120		$	908,627

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	186,528		$	187,942		$	189,970		$	189,675		$	189,282
Policyholder account balances		214,512			212,885			209,498			213,799			215,226
Other policy-related balances		15,530			15,214			15,369			15,361			15,026
Policyholder dividends payable		769			675			656			682			710
Policyholder dividend obligation		2,013			1,771			2,463			2,986			2,825
Payables for collateral under securities loaned and other transactions		31,866			30,411			32,469			33,187			33,776
Short-term debt		100			175			100			100			100
Long-term debt (1)		18,252			18,653			16,793			16,783			16,389
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,193			3,193			3,193			3,193			3,193
Current income tax payable		199			186			239			232			293
Deferred income tax liability		5,955			6,643			8,906			10,453			11,357
Other liabilities		22,902			23,168			24,178			25,214			25,373
Separate account liabilities		255,250			317,201			316,434			324,977			319,480
Total liabilities		761,265			822,313			824,464			840,838			837,226

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		110			887			107			108			102

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		29,221			29,277			29,384			29,438			29,488
Retained earnings		26,766			27,332			28,319			29,259			30,928
Treasury stock, at cost		(172	)		(172	)		(172	)		(176	)		(615	)
Accumulated other comprehensive income (loss)		5,100			5,104			8,215			11,058			10,992
Total MetLife, Inc.’s stockholders’ equity		60,927			61,553			65,758			69,591			70,805
Noncontrolling interests		341			543			574			583			494
Total equity		61,268			62,096			66,332			70,174			71,299
Total liabilities and equity	$	822,643		$	885,296		$	890,903		$	911,120		$	908,627
(1) At September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, $2,120 million, $1,621 million, $1,159 million, $656 million and $331 million, respectively, of assets and $1,946 million, $1,454 million, $996 million, $505 million and $186 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 28 and 29, 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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

OPERATING REVENUES
Premiums	$	9,054		$	10,269		$	9,217		$	9,853		$	9,685
Universal life and investment-type product policy fees		2,276			2,317			2,323			2,360			2,522
Net investment income		4,998			5,257			5,085			5,095			5,193
Other revenues		486			487			491			493			518
Total operating revenues		16,814			18,330			17,116			17,801			17,918

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,243			10,304			9,373			9,964			9,854
Interest credited to policyholder account balances		1,472			1,468			1,401			1,425			1,426
Capitalization of DAC		(1,153	)		(1,165	)		(1,046	)		(1,031	)		(1,071	)
Amortization of DAC and VOBA		979			983			1,050			1,025			999
Amortization of negative VOBA		(113	)		(156	)		(103	)		(99	)		(96	)
Interest expense on debt		288			296			294			299			292
Other expenses		4,026			4,478			3,951			3,979			4,003
Total operating expenses		14,742			16,208			14,920			15,562			15,407

Operating earnings before provision for income tax		2,072			2,122			2,196			2,239			2,511
Provision for income tax expense (benefit)		547			537			604			618			656
Operating earnings		1,525			1,585			1,592			1,621			1,855
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,495		$	1,554		$	1,562		$	1,590		$	1,825


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,525		$	1,585		$	1,592		$	1,621		$	1,855
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(85	)		(178	)		(411	)		(125	)		109
Net derivative gains (losses)		(546	)		(373	)		343			311			478
Premiums		40			2			2			20			18
Universal life and investment-type product policy fees		96			100			98			98			106
Net investment income		28			590			(50	)		164			217
Other revenues		(10	)		(13	)		(13	)		(3	)		-
Policyholder benefits and claims and policyholder dividends		(541	)		(281	)		(254	)		(421	)		(5	)
Interest credited to policyholder account balances		(128	)		(675	)		(68	)		(284	)		(391	)
Capitalization of DAC		-			-			-			1			-
Amortization of DAC and VOBA		138			56			(8	)		(37	)		(55	)
Amortization of negative VOBA		13			13			12			12			11
Interest expense on debt		(29	)		(27	)		(18	)		(13	)		(3	)
Other expenses		(72	)		(68	)		(3	)		(12	)		(44	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (2)		544			184			120			44			(202	)
Income (loss) from continuing operations, net of income tax		973			915			1,342			1,376			2,094
Income (loss) from discontinued operations, net of income tax		2			1			(3	)		-			-
Net income (loss)		975			916			1,339			1,376			2,094
Less: Net income (loss) attributable to noncontrolling interests		3			8			11			10			-
Net income (loss) attributable to MetLife, Inc.		972			908			1,328			1,366			2,094
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	942		$	877		$	1,298		$	1,335		$	2,064

Total Operating Premiums, Fees and Other Revenues	$	11,816		$	13,073		$	12,031		$	12,706		$	12,725
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $95 million and ($86) million, respectively, 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, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,685		$	7,124		$	1,939		$	581		$	41
Universal life and investment-type product policy fees		2,522			1,879			487			127			29
Net investment income		5,193			4,295			730			131			37
Other revenues		518			456			27			22			13
Total operating revenues		17,918			13,754			3,183			861			120

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,854			8,036			1,535			252			31
Interest credited to policyholder account balances		1,426			981			394			43			8
Capitalization of DAC		(1,071	)		(384	)		(507	)		(165	)		(15	)
Amortization of DAC and VOBA		999			479			367			152			1
Amortization of negative VOBA		(96	)		-			(89	)		(7	)		-
Interest expense on debt		292			1			-			-			291
Other expenses		4,003			2,346			1,026			454			177
Total operating expenses		15,407			11,459			2,726			729			493

Operating earnings before provision for income tax		2,511			2,295			457			132			(373	)
Provision for income tax expense (benefit)		656			799			151			36			(330	)
Operating earnings		1,855			1,496			306			96			(43	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,825		$	1,496		$	306		$	96		$	(73	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,855		$	1,496		$	306		$	96		$	(43	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		109			176			136			(9	)		(194	)
Net derivative gains (losses)		478			356			(80	)		16			186
Premiums		18			(1	)		-			19			-
Universal life and investment-type product policy fees		106			98			7			1			-
Net investment income		217			(151	)		145			219			4
Other revenues		-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(5	)		54			(51	)		(8	)		-
Interest credited to policyholder account balances		(391	)		(27	)		(151	)		(213	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(55	)		(53	)		1			(3	)		-
Amortization of negative VOBA		11			-			11			-			-
Interest expense on debt		(3	)		-			-			-			(3	)
Other expenses		(44	)		(5	)		6			(14	)		(31	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(202	)		(175	)		4			(9	)		(22	)
Income (loss) from continuing operations, net of income tax		2,094			1,768			334			95			(103	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,094			1,768			334			95			(103	)
Less: Net income (loss) attributable to noncontrolling interests		-			2			5			1			(8	)
Net income (loss) attributable to MetLife, Inc.		2,094			1,766			329			94			(95	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,064		$	1,766		$	329		$	94		$	(125	)

Total Operating Premiums, Fees and Other Revenues	$	12,725		$	9,459		$	2,453		$	730		$	83

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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	$	9,054		$	6,516		$	1,922		$	586		$	30
Universal life and investment-type product policy fees		2,276			1,704			438			100			34
Net investment income		4,998			4,125			696			124			53
Other revenues		486			438			22			21			5
Total operating revenues		16,814			12,783			3,078			831			122

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,243			7,469			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		4,026			2,364			1,040			443			179
Total operating expenses		14,742			10,811			2,732			703			496

Operating earnings before provision for income tax		2,072			1,972			346			128			(374	)
Provision for income tax expense (benefit)		547			656			89			43			(241	)
Operating earnings		1,525			1,316			257			85			(133	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,495		$	1,316		$	257		$	85		$	(163	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,525		$	1,316		$	257		$	85		$	(133	)
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		40			40			-			-			-
Universal life and investment-type product policy fees		96			94			1			1			-
Net investment income		28			(80	)		(64	)		150			22
Other revenues		(10	)		-			(11	)		-			1
Policyholder benefits and claims and policyholder dividends		(541	)		(500	)		(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		(72	)		(5	)		6			(7	)		(66	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		544			324			94			(17	)		143
Income (loss) from continuing operations, net of income tax		973			706			536			117			(386	)
Income (loss) from discontinued operations, net of income tax		2			-			1			-			1
Net income (loss)		975			706			537			117			(385	)
Less: Net income (loss) attributable to noncontrolling interests		3			-			6			1			(4	)
Net income (loss) attributable to MetLife, Inc.		972			706			531			116			(381	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	942		$	706		$	531		$	116		$	(411	)

Total Operating Premiums, Fees and Other Revenues	$	11,816		$	8,658		$	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 Year-to-Date Period Ended September 30, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	28,755		$	21,135		$	5,742		$	1,762		$	116
Universal life and investment-type product policy fees		7,205			5,480			1,276			353			96
Net investment income		15,373			12,693			2,140			388			152
Other revenues		1,502			1,336			78			49			39
Total operating revenues		52,835			40,644			9,236			2,552			403

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		29,191			23,959			4,357			784			91
Interest credited to policyholder account balances		4,252			2,939			1,175			112			26
Capitalization of DAC		(3,148	)		(1,138	)		(1,458	)		(511	)		(41	)
Amortization of DAC and VOBA		3,074			1,527			1,067			476			4
Amortization of negative VOBA		(298	)		(1	)		(275	)		(22	)		-
Interest expense on debt		885			5			-			-			880
Other expenses		11,933			6,999			2,992			1,356			586
Total operating expenses		45,889			34,290			7,858			2,195			1,546

Operating earnings before provision for income tax		6,946			6,354			1,378			357			(1,143	)
Provision for income tax expense (benefit)		1,878			2,129			425			80			(756	)
Operating earnings		5,068			4,225			953			277			(387	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,977		$	4,225		$	953		$	277		$	(478	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5,068		$	4,225		$	953		$	277		$	(387	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(427	)		(530	)		375			(16	)		(256	)
Net derivative gains (losses)		1,132			1,071			(122	)		103			80
Premiums		40			-			-			40			-
Universal life and investment-type product policy fees		302			286			8			8			-
Net investment income		331			(390	)		112			579			30
Other revenues		(16	)		1			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(680	)		(567	)		(95	)		(18	)		-
Interest credited to policyholder account balances		(743	)		(76	)		(114	)		(553	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(100	)		(95	)		5			(10	)		-
Amortization of negative VOBA		35			-			35			-			-
Interest expense on debt		(34	)		-			-			-			(34	)
Other expenses		(59	)		(3	)		16			(16	)		(56	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(38	)		56			(64	)		(60	)		30
Income (loss) from continuing operations, net of income tax		4,812			3,978			1,092			335			(593	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		4,809			3,975			1,092			335			(593	)
Less: Net income (loss) attributable to noncontrolling interests		21			11			15			2			(7	)
Net income (loss) attributable to MetLife, Inc.		4,788			3,964			1,077			333			(586	)
Less: Preferred stock dividends		91			-			-			-			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	4,697		$	3,964		$	1,077		$	333		$	(677	)

Total Operating Premiums, Fees and Other Revenues	$	37,462		$	27,951		$	7,096		$	2,164		$	251
(1) Consolidated and Americas results include a pre-tax net investment loss of $633 million related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd.

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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	$	27,314		$	19,619		$	5,900		$	1,711		$	84
Universal life and investment-type product policy fees		6,768			5,052			1,324			287			105
Net investment income		15,137			12,348			2,151			372			266
Other revenues		1,467			1,300			63			82			22
Total operating revenues		50,686			38,319			9,438			2,452			477

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		27,442			22,300			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		12,118			7,090			3,188			1,351			489
Total operating expenses		44,081			32,420			8,106			2,139			1,416

Operating earnings before provision for income tax		6,605			5,899			1,332			313			(939	)
Provision for income tax expense (benefit)		1,807			1,963			412			73			(641	)
Operating earnings		4,798			3,936			920			240			(298	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,707		$	3,936		$	920		$	240		$	(389	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,798		$	3,936		$	920		$	240		$	(298	)
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		89			89			-			-			-
Universal life and investment-type product policy fees		266			256			4			6			-
Net investment income		1,248			(271	)		1,020			411			88
Other revenues		(21	)		-			(21	)		-			-
Policyholder benefits and claims and policyholder dividends		(1,339	)		(1,016	)		(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)		(471	)		(15	)		(138	)		(15	)		(303	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		1,499			753			531			(36	)		251
Income (loss) from continuing operations, net of income tax		2,476			2,538			425			269			(756	)
Income (loss) from discontinued operations, net of income tax		1			-			(3	)		-			4
Net income (loss)		2,477			2,538			422			269			(752	)
Less: Net income (loss) attributable to noncontrolling interests		17			-			15			3			(1	)
Net income (loss) attributable to MetLife, Inc.		2,460			2,538			407			266			(751	)
Less: Preferred stock dividends		91			-			-			-			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,369		$	2,538		$	407		$	266		$	(842	)

Total Operating Premiums, Fees and Other Revenues	$	35,549		$	25,971		$	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 SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

AMERICAS

RETAIL	$	659		$	658		$	612		$	652		$	699

GROUP, VOLUNTARY & WORKSITE BENEFITS		226			231			188			205			237

CORPORATE BENEFIT FUNDING		298			357			355			374			408

LATIN AMERICA		133			173			183			160			152

AMERICAS TOTAL	$	1,316		$	1,419		$	1,338		$	1,391		$	1,496

ASIA		257			324			328			319			306

EMEA		85			89			88			93			96

CORPORATE & OTHER		(163	)		(278	)		(192	)		(213	)		(73	)

METLIFE TOTAL	$	1,495		$	1,554		$	1,562		$	1,590		$	1,825
(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 12, (ii) Group, Voluntary & Worksite Benefits, Page 18, (iii) Corporate Benefit Funding, Page 21, (iv) Latin America, Page 24, (v) Asia, Page 25, (vi) EMEA, Page 26, and (vii) Corporate & Other, Page 27. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 6.

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	1,607		$	1,793		$	1,724		$	1,812		$	1,869		$	4,735		$	5,405
Universal life and investment-type product policy fees		1,257			1,250			1,247			1,256			1,311			3,662			3,814
Net investment income		1,928			2,022			2,014			1,963			1,983			5,876			5,960
Other revenues		267			251			245			265			275			767			785
Total operating revenues		5,059			5,316			5,230			5,296			5,438			15,040			15,964

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,234			2,369			2,407			2,438			2,555			6,659			7,400
Interest credited to policyholder account balances		582			581			555			561			567			1,750			1,683
Capitalization of DAC		(318	)		(273	)		(234	)		(249	)		(239	)		(1,036	)		(722	)
Amortization of DAC and VOBA		315			342			429			378			335			1,042			1,142
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		-			-			-			(1	)		-			(1	)
Other expenses		1,245			1,296			1,142			1,177			1,156			3,788			3,475
Total operating expenses		4,057			4,315			4,299			4,305			4,373			12,203			12,977

Operating earnings before provision for income tax		1,002			1,001			931			991			1,065			2,837			2,987
Provision for income tax expense (benefit)		343			343			319			339			366			971			1,024
Operating earnings		659			658			612			652			699			1,866			1,963
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	659		$	658		$	612		$	652		$	699		$	1,866		$	1,963


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	659		$	658		$	612		$	652		$	699		$	1,866		$	1,963
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(28	)		2			6			10			9			68			25
Net derivative gains (losses)		(202	)		55			71			225			283			(779	)		579
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		92			92			93			92			96			251			281
Net investment income		(118	)		(117	)		(117	)		(114	)		(109	)		(354	)		(340	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(413	)		(367	)		(118	)		(215	)		(34	)		(965	)		(367	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		137			64			(5	)		(37	)		(53	)		470			(95	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		186			96			25			14			(68	)		458			(29	)
Income (loss) from continuing operations, net of income tax		313			483			567			627			823			1,015			2,017
Income (loss) from discontinued operations, net of income tax		-			1			(2	)		-			-			-			(2	)
Net income (loss)		313			484			565			627			823			1,015			2,015
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		313			484			565			627			823			1,015			2,015
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	313		$	484		$	565		$	627		$	823		$	1,015		$	2,015

Total Operating Premiums, Fees and Other Revenues	$	3,131		$	3,294		$	3,216		$	3,333		$	3,455		$	9,164		$	10,004

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	1,511		$	1,617		$	1,486		$	1,508		$	1,521		$	4,452		$	4,515
Universal life and investment-type product policy fees		415			395			400			394			434			1,228			1,228
Net investment income		1,178			1,254			1,235			1,204			1,231			3,580			3,670
Other revenues		152			144			137			154			165			456			456
Total operating revenues		3,256			3,410			3,258			3,260			3,351			9,716			9,869

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,971			2,045			2,032			1,991			1,974			5,950			5,997
Interest credited to policyholder account balances		226			226			219			226			230			663			675
Capitalization of DAC		(176	)		(172	)		(145	)		(168	)		(158	)		(557	)		(471	)
Amortization of DAC and VOBA		232			171			201			196			164			633			561
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		-			-			(1	)		(1	)		(1	)		(2	)
Other expenses		652			713			586			639			614			1,979			1,839
Total operating expenses		2,904			2,983			2,893			2,883			2,823			8,667			8,599

Operating earnings before provision for income tax		352			427			365			377			528			1,049			1,270
Provision for income tax expense (benefit)		115			142			121			124			178			345			423
Operating earnings		237			285			244			253			350			704			847
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	237		$	285		$	244		$	253		$	350		$	704		$	847


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	237		$	285		$	244		$	253		$	350		$	704		$	847
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3	)		(1	)		(14	)		1			(9	)		20			(22	)
Net derivative gains (losses)		(95	)		11			69			6			98			(190	)		173
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(3	)		-			-			(1	)		-			(9	)		(1	)
Net investment income		(52	)		(53	)		(55	)		(54	)		(56	)		(148	)		(165	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(10	)		(20	)		(16	)		(11	)		68			(34	)		41
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		57			23			6			21			(36	)		126			(9	)
Income (loss) from continuing operations, net of income tax		131			245			234			215			415			469			864
Income (loss) from discontinued operations, net of income tax		-			1			(2	)		-			-			-			(2	)
Net income (loss)		131			246			232			215			415			469			862
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		131			246			232			215			415			469			862
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	131		$	246		$	232		$	215		$	415		$	469		$	862

Total Operating Premiums, Fees and Other Revenues	$	2,078		$	2,156		$	2,023		$	2,056		$	2,120		$	6,136		$	6,199

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	96		$	176		$	238		$	304		$	348		$	283		$	890
Universal life and investment-type product policy fees		842			855			847			862			877			2,434			2,586
Net investment income		750			768			779			759			752			2,296			2,290
Other revenues		115			107			108			111			110			311			329
Total operating revenues		1,803			1,906			1,972			2,036			2,087			5,324			6,095

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		263			324			375			447			581			709			1,403
Interest credited to policyholder account balances		356			355			336			335			337			1,087			1,008
Capitalization of DAC		(142	)		(101	)		(89	)		(81	)		(81	)		(479	)		(251	)
Amortization of DAC and VOBA		83			171			228			182			171			409			581
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			-			1			1
Other expenses		593			583			556			538			542			1,809			1,636
Total operating expenses		1,153			1,332			1,406			1,422			1,550			3,536			4,378

Operating earnings before provision for income tax		650			574			566			614			537			1,788			1,717
Provision for income tax expense (benefit)		228			201			198			215			188			626			601
Operating earnings		422			373			368			399			349			1,162			1,116
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	422		$	373		$	368		$	399		$	349		$	1,162		$	1,116


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	422		$	373		$	368		$	399		$	349		$	1,162		$	1,116
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(25	)		3			20			9			18			48			47
Net derivative gains (losses)		(107	)		44			2			219			185			(589	)		406
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		95			92			93			93			96			260			282
Net investment income		(66	)		(64	)		(62	)		(60	)		(53	)		(206	)		(175	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(413	)		(367	)		(118	)		(215	)		(34	)		(965	)		(367	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		147			84			11			(26	)		(121	)		504			(136	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		129			73			19			(7	)		(32	)		332			(20	)
Income (loss) from continuing operations, net of income tax		182			238			333			412			408			546			1,153
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		182			238			333			412			408			546			1,153
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		182			238			333			412			408			546			1,153
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	182		$	238		$	333		$	412		$	408		$	546		$	1,153

Total Operating Premiums, Fees and Other Revenues	$	1,053		$	1,138		$	1,193		$	1,277		$	1,335		$	3,028		$	3,805

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	84,419		$	84,811		$	85,300		$	85,606		$	85,875

Premiums and deposits (2), (3)		1,966			2,110			1,980			1,985			1,928
Surrenders and withdrawals		(825	)		(790	)		(753	)		(783	)		(774	)
Benefit payments		(716	)		(707	)		(851	)		(804	)		(749	)

Net Flows		425			613			376			398			405

Net transfers from (to) separate account		22			35			28			27			25
Interest		825			827			824			833			836
Policy charges		(473	)		(475	)		(477	)		(477	)		(478	)
Other		(407	)		(511	)		(445	)		(512	)		(496	)

Balance, end of period	$	84,811		$	85,300		$	85,606		$	85,875		$	86,167

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	48,990		$	48,428		$	46,988		$	46,899		$	46,809
Premiums and deposits (2), (3)		816			816			842			849			952
Surrenders and withdrawals		(908	)		(1,372	)		(1,163	)		(912	)		(894	)
Benefit payments		(408	)		(396	)		(414	)		(414	)		(415	)

Net Flows		(500	)		(952	)		(735	)		(477	)		(357	)
Net transfers from (to) separate account		58			(119	)		(21	)		(10	)		34
Interest		417			415			395			397			402
Policy charges		(13	)		(12	)		(13	)		(14	)		(13	)
Other		(524	)		(772	)		285			14			654

Balance, end of period	$	48,428		$	46,988		$	46,899		$	46,809		$	47,529

*SEPARATE ACCOUNT LIABILITIES* LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	8,919		$	9,420		$	9,945		$	9,971		$	10,198
Premiums and deposits (3)		163			166			164			158			162
Surrenders and withdrawals		(108	)		(102	)		(113	)		(111	)		(119	)
Benefit payments		(10	)		(11	)		(16	)		(10	)		(15	)

Net Flows		45			53			35			37			28
Investment performance		604			647			151			354			(119	)
Net transfers from (to) general account		(22	)		(35	)		(28	)		(27	)		(25	)
Policy charges		(132	)		(132	)		(133	)		(133	)		(132	)
Other		6			(8	)		1			(4	)		(1	)

Balance, end of period	$	9,420		$	9,945		$	9,971		$	10,198		$	9,949

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	149,117		$	155,977		$	162,436		$	162,713		$	166,093

Premiums and deposits (3)		2,240			1,451			1,331			1,344			1,290
Surrenders and withdrawals		(2,289	)		(2,594	)		(2,631	)		(2,871	)		(2,829	)
Benefit payments		(295	)		(301	)		(320	)		(359	)		(321	)

Net Flows		(344	)		(1,444	)		(1,620	)		(1,886	)		(1,860	)
Investment performance		8,165			8,664			2,723			6,170			(2,261	)
Net transfers from (to) general account		(58	)		119			21			10			(34	)
Policy charges		(903	)		(880	)		(849	)		(913	)		(943	)
Other		-			-			2			(1	)		-

Balance, end of period	$	155,977		$	162,436		$	162,713		$	166,093		$	160,995
(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, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Direct and allocated expenses	$	470	$	542	$	445	$	447	$	431
Pension and post-retirement benefit costs		60		60		58		57		67
Premium taxes, other taxes, and licenses & fees		36		43		39		47		40
Total fixed operating expenses	$	566	$	645	$	542	$	551	$	538

Commissions and other variable expenses		679		651		600		626		618

Total other expenses	$	1,245	$	1,296	$	1,142	$	1,177	$	1,156

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Life Sales (1)
Term Life	$	21	$	22	$	16	$	16	$	14
Whole Life		36		41		29		36		30
Variable Life		11		8		7		16		7
Universal Life		17		16		12		12		10
Total life sales	$	85	$	87	$	64	$	80	$	61

Annuity Sales (2)
Fixed and indexed annuity sales	$	188	$	422	$	426	$	460	$	505
Variable annuity sales		2,693		1,669		1,603		1,602		1,533
Total annuity sales	$	2,881	$	2,091	$	2,029	$	2,062	$	2,038

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	2,175	$	1,397	$	1,290	$	1,302	$	1,248
General Accounts
Fixed and indexed annuity		188		422		426		460		505
Variable annuity		518		272		313		300		285
Total general accounts		706		694		739		760		790
Total annuity premiums and deposits	$	2,881	$	2,091	$	2,029	$	2,062	$	2,038
(1) Statistical sales information is calculated using the LIMRA 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, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Investment income yield excluding variable investment income		6.17%		6.13%		6.13%		6.15%		6.06%
Variable investment income yield		0.04%		0.54%		0.53%		0.02%		0.51%
Total investment income yield		6.21%		6.67%		6.66%		6.17%		6.57%
Average crediting rate		4.52%		4.50%		4.50%		4.50%		4.51%
Annualized general account spread		1.69%		2.17%		2.16%		1.67%		2.06%

Annualized general account spread excluding variable investment income yield		1.65%		1.63%		1.63%		1.65%		1.55%

DEFERRED ANNUITIES (2)
	For the Three Months Ended
Unaudited	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Investment income yield excluding variable investment income		6.07%		6.01%		5.88%		5.84%		5.69%
Variable investment income yield		0.13%		0.27%		0.36%		0.24%		0.28%
Total investment income yield		6.20%		6.28%		6.24%		6.08%		5.97%
Average crediting rate		3.39%		3.38%		3.29%		3.29%		3.31%
Annualized general account spread		2.81%		2.90%		2.95%		2.79%		2.66%

Annualized general account spread excluding variable investment income yield		2.68%		2.63%		2.59%		2.55%		2.38%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Life (3)
Operating premiums, fees and other revenues	$	1,406	$	1,485	$	1,368	$	1,377	$	1,427
Interest Adjusted Benefit Ratio		51.0%		54.2%		56.9%		48.9%		51.7%

Lapse Ratio (4)
Traditional life		5.9%		5.9%		5.8%		5.8%		5.9%
Variable & universal life		4.6%		4.5%		4.3%		4.1%		4.0%
Fixed annuity		8.8%		9.9%		10.5%		10.3%		10.1%
Variable annuity		6.1%		6.2%		6.3%		6.5%		6.7%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	451	$	453	$	447	$	452	$	457
Combined ratio including catastrophes		92.6%		88.6%		94.3%		107.5%		83.6%
Combined ratio excluding catastrophes		86.3%		85.2%		89.3%		83.6%		79.3%

(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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	3,767		$	3,812		$	4,002		$	4,038		$	4,010		$	11,438		$	12,050
Universal life and investment-type product policy fees		171			167			177			181			180			521			538
Net investment income		459			472			453			458			473			1,384			1,384
Other revenues		103			102			107			104			103			316			314
Total operating revenues		4,500			4,553			4,739			4,781			4,766			13,659			14,286

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,527			3,546			3,781			3,789			3,729			10,681			11,299
Interest credited to policyholder account balances		38			39			40			39			38			116			117
Capitalization of DAC		(37	)		(36	)		(34	)		(36	)		(37	)		(105	)		(107	)
Amortization of DAC and VOBA		37			36			36			35			38			104			109
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			1			-
Other expenses		595			619			628			638			634			1,761			1,900
Total operating expenses		4,160			4,204			4,451			4,465			4,402			12,558			13,318

Operating earnings before provision for income tax		340			349			288			316			364			1,101			968
Provision for income tax expense (benefit)		114			118			100			111			127			370			338
Operating earnings		226			231			188			205			237			731			630
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	226		$	231		$	188		$	205		$	237		$	731		$	630


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	226		$	231		$	188		$	205		$	237		$	731		$	630
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3	)		(7	)		(11	)		10			(9	)		(14	)		(10	)
Net derivative gains (losses)		(173	)		(64	)		116			71			106			(612	)		293
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(44	)		(43	)		(39	)		(42	)		(41	)		(129	)		(122	)
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		78			39			(23	)		(14	)		(19	)		265			(56	)
Income (loss) from continuing operations, net of income tax		84			156			231			230			274			241			735
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		84			156			231			230			274			241			735
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		84			156			231			230			274			241			735
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	84		$	156		$	231		$	230		$	274		$	241		$	735

Operating Premiums, Fees and Other Revenues
Group	$	3,420		$	3,455		$	3,657		$	3,684		$	3,647		$	10,433		$	10,988
Voluntary & Worksite		621			626			629			639			646			1,842			1,914
Total Group, Voluntary & Worksite Benefits	$	4,041		$	4,081		$	4,286		$	4,323		$	4,293		$	12,275		$	12,902

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	25,974		$	26,064		$	26,228		$	26,460		$	26,657

Premiums and deposits		4,515			4,283			4,546			4,500			4,845
Surrenders and withdrawals		(998	)		(723	)		(725	)		(729	)		(1,101	)
Benefit payments		(3,145	)		(3,213	)		(3,390	)		(3,364	)		(3,392	)

Net Flows		372			347			431			407			352

Net transfers from (to) separate account		-			-			-			-			-
Interest		218			221			219			223			227
Policy charges		(131	)		(118	)		(137	)		(139	)		(136	)
Other		(369	)		(286	)		(281	)		(294	)		(328	)

Balance, end of period	$	26,064		$	26,228		$	26,460		$	26,657		$	26,772

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	566		$	602		$	644		$	646		$	667

Premiums and deposits		52			50			54			52			53
Surrenders and withdrawals		(12	)		(11	)		(14	)		(9	)		(11	)
Benefit payments		-			-			(1	)		(2	)		(1	)

Net Flows		40			39			39			41			41
Investment performance		39			46			9			26			(5	)
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(42	)		(42	)		(44	)		(45	)		(45	)
Other		(1	)		(1	)		(2	)		(1	)		(2	)

Balance, end of period	$	602		$	644		$	646		$	667		$	656
(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, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Direct and allocated expenses	$	422	$	442	$	441	$	432	$	436
Pension and post-retirement benefit costs		25		25		24		23		26
Premium taxes, other taxes, and licenses & fees		59		57		71		80		76
Total fixed operating expenses	$	506	$	524	$	536	$	535	$	538

Commissions and other variable expenses		89		95		92		103		96

Total other expenses	$	595	$	619	$	628	$	638	$	634

SPREAD (1)
	For the Three Months Ended
Unaudited	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Investment income yield excluding variable investment income		5.91%		5.72%		5.57%		5.64%		5.63%
Variable investment income yield		0.16%		0.45%		0.34%		0.32%		0.51%
Total investment income yield		6.07%		6.17%		5.91%		5.96%		6.14%
Average crediting rate		3.30%		3.36%		3.36%		3.36%		3.37%
Annualized general account spread		2.77%		2.81%		2.55%		2.60%		2.77%

Annualized general account spread excluding variable investment income yield		2.61%		2.36%		2.21%		2.28%		2.26%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Group Life (2)
Operating premiums, fees and other revenues	$	1,352	$	1,368	$	1,436	$	1,435	$	1,402
Mortality ratio		90.3%		87.9%		93.6%		87.3%		89.9%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,602	$	1,593	$	1,695	$	1,705	$	1,669
Interest Adjusted Loss Ratio (4)		80.6%		80.9%		78.8%		82.6%		79.0%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	363	$	367	$	366	$	371	$	382
Combined ratio including catastrophes		90.2%		93.7%		98.2%		96.4%		91.0%
Combined ratio excluding catastrophes		87.5%		92.9%		94.3%		86.8%		86.2%

(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 (“LTC”), AD&D, critical illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability. (5) 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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	450		$	1,398		$	301		$	686		$	451		$	1,369		$	1,438
Universal life and investment-type product policy fees		54			60			57			55			60			187			172
Net investment income		1,384			1,445			1,410			1,443			1,493			4,176			4,346
Other revenues		68			70			68			75			71			208			214
Total operating revenues		1,956			2,973			1,836			2,259			2,075			5,940			6,170

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,071			2,012			888			1,273			1,033			3,168			3,194
Interest credited to policyholder account balances		292			293			278			287			279			940			844
Capitalization of DAC		(2	)		(2	)		(1	)		(18	)		(11	)		(25	)		(30	)
Amortization of DAC and VOBA		4			2			4			6			5			21			15
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		3			2			2			2			2			7			6
Other expenses		129			120			120			134			139			384			393
Total operating expenses		1,497			2,427			1,291			1,684			1,447			4,495			4,422

Operating earnings before provision for income tax		459			546			545			575			628			1,445			1,748
Provision for income tax expense (benefit)		161			189			190			201			220			507			611
Operating earnings		298			357			355			374			408			938			1,137
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	298		$	357		$	355		$	374		$	408		$	938		$	1,137


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	298		$	357		$	355		$	374		$	408		$	938		$	1,137
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(15	)		(12	)		(541	)		(195	)		180			4			(556	)
Net derivative gains (losses)		(140	)		9			103			125			28			(244	)		256
Premiums		40			4			-			2			-			88			2
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		40			44			40			11			(15	)		161			36
Other revenues		-			-			-			1			-			-			1
Policyholder benefits and claims and policyholder dividends		(76	)		(30	)		(33	)		(28	)		(5	)		(148	)		(66	)
Interest credited to policyholder account balances		(6	)		(3	)		(3	)		(4	)		(4	)		(10	)		(11	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(5	)		(5	)		(6	)		(4	)		(7	)		(14	)		(17	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		57			(4	)		148			24			(63	)		57			109
Income (loss) from continuing operations, net of income tax		193			360			63			306			522			832			891
Income (loss) from discontinued operations, net of income tax		-			-			(1	)		-			-			-			(1	)
Net income (loss)		193			360			62			306			522			832			890
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		193			360			62			306			522			832			890
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	193		$	360		$	62		$	306		$	522		$	832		$	890

Total Operating Premiums, Fees and Other Revenues	$	572		$	1,528		$	426		$	816		$	582		$	1,764		$	1,824
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, and the year-to-date period ended September 30, 2014 includes a pre-tax net investment loss of $633 million, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd.

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	112,395		$	111,203		$	112,454		$	110,073		$	111,317
Premiums and deposits		12,224			13,100			11,769			20,774			18,194
Surrenders and withdrawals		(12,717	)		(11,584	)		(14,691	)		(16,760	)		(15,013	)
Benefit payments		(881	)		(848	)		(869	)		(870	)		(915	)

Net Flows		(1,374	)		668			(3,791	)		3,144			2,266
Net transfers from (to) separate account		(4	)		2			30			(6	)		10
Interest		960			962			941			952			946
Policy charges		(40	)		(15	)		(38	)		(40	)		(39	)
Other		(734	)		(366	)		477			(2,806	)		(1,033	)

Balance, end of period	$	111,203		$	112,454		$	110,073		$	111,317		$	113,467

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Balance, beginning of period	$	74,845		$	76,029		$	77,023		$	79,612		$	81,721
Premiums and deposits		2,557			1,915			2,244			3,997			1,041
Surrenders and withdrawals		(1,209	)		(1,127	)		(1,530	)		(2,444	)		(1,935	)
Benefit payments		(13	)		(16	)		(21	)		(13	)		(18	)

Net Flows		1,335			772			693			1,540			(912	)
Investment performance		860			787			1,395			1,661			25
Net transfers from (to) general account		4			(2	)		(30	)		6			(10	)
Policy charges		(81	)		(81	)		(77	)		(83	)		(81	)
Other		(934	)		(482	)		608			(1,015	)		1,224

Balance, end of period	$	76,029		$	77,023		$	79,612		$	81,721		$	81,967

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Direct and allocated expenses	$	76	$	68	$	70	$	65	$	72
Pension and post-retirement benefit costs		14		14		13		13		14
Premium taxes, other taxes, and licenses & fees		4		2		5		-		4
Total fixed operating expenses	$	94	$	84	$	88	$	78	$	90

Commissions and other variable expenses		35		36		32		56		49
Total other expenses	$	129	$	120	$	120	$	134	$	139

SPREAD
	For the Three Months Ended
Unaudited	September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014

Investment income yield excluding variable investment income		4.80%		4.77%		4.67%		4.77%		4.81%
Variable investment income yield		0.23%		0.44%		0.39%		0.44%		0.49%
Total investment income yield		5.03%		5.21%		5.06%		5.21%		5.30%
Average crediting rate		3.46%		3.44%		3.41%		3.44%		3.35%
Annualized general account spread		1.57%		1.77%		1.65%		1.77%		1.95%

Annualized general account spread excluding variable investment income yield		1.34%		1.33%		1.26%		1.33%		1.46%

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	692		$	747		$	668		$	780		$	794		$	2,077		$	2,242
Universal life and investment-type product policy fees		222			309			311			317			328			682			956
Net investment income		354			334			325			332			346			912			1,003
Other revenues		-			14			7			9			7			9			23
Total operating revenues		1,268			1,404			1,311			1,438			1,475			3,680			4,224

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		637			662			604			743			719			1,792			2,066
Interest credited to policyholder account balances		106			104			98			100			97			313			295
Capitalization of DAC		(103	)		(108	)		(89	)		(93	)		(97	)		(316	)		(279	)
Amortization of DAC and VOBA		63			90			79			81			101			220			261
Amortization of negative VOBA		(1	)		-			-			(1	)		-			(2	)		(1	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		395			455			402			412			417			1,157			1,231
Total operating expenses		1,097			1,203			1,094			1,242			1,237			3,164			3,573

Operating earnings before provision for income tax		171			201			217			196			238			516			651
Provision for income tax expense (benefit)		38			28			34			36			86			115			156
Operating earnings		133			173			183			160			152			401			495
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	133		$	173		$	183		$	160		$	152		$	401		$	495


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	133		$	173		$	183		$	160		$	152		$	401		$	495
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(5	)		16			29			(14	)		(4	)		4			11
Net derivative gains (losses)		3			(8	)		(4	)		8			(61	)		(16	)		(57	)
Premiums		-			(2	)		(1	)		-			(1	)		1			(2	)
Universal life and investment-type product policy fees		2			1			2			1			2			5			5
Net investment income		42			29			3			19			14			51			36
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(11	)		81			(83	)		(144	)		93			97			(134	)
Interest credited to policyholder account balances		(51	)		(35	)		(14	)		(28	)		(23	)		(65	)		(65	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			5			6			6			2			(1	)		14
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			(44	)		19			38			(25	)		(27	)		32
Income (loss) from continuing operations, net of income tax		116			216			140			46			149			450			335
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		116			216			140			46			149			450			335
Less: Net income (loss) attributable to noncontrolling interests		-			5			5			4			2			-			11
Net income (loss) attributable to MetLife, Inc.		116			211			135			42			147			450			324
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	116		$	211		$	135		$	42		$	147		$	450		$	324

Total Operating Premiums, Fees and Other Revenues	$	914		$	1,070		$	986		$	1,106		$	1,129		$	2,768		$	3,221

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	1,922		$	1,901		$	1,890		$	1,913		$	1,939		$	5,900		$	5,742
Universal life and investment-type product policy fees		438			398			389			400			487			1,324			1,276
Net investment income		696			764			693			717			730			2,151			2,140
Other revenues		22			29			27			24			27			63			78
Total operating revenues		3,078			3,092			2,999			3,054			3,183			9,438			9,236

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,506			1,401			1,397			1,425			1,535			4,354			4,357
Interest credited to policyholder account balances		407			404			387			394			394			1,286			1,175
Capitalization of DAC		(515	)		(560	)		(494	)		(457	)		(507	)		(1,583	)		(1,458	)
Amortization of DAC and VOBA		393			356			338			362			367			1,186			1,067
Amortization of negative VOBA		(99	)		(102	)		(94	)		(92	)		(89	)		(325	)		(275	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,040			1,124			990			976			1,026			3,188			2,992
Total operating expenses		2,732			2,623			2,524			2,608			2,726			8,106			7,858

Operating earnings before provision for income tax		346			469			475			446			457			1,332			1,378
Provision for income tax expense (benefit)		89			145			147			127			151			412			425
Operating earnings		257			324			328			319			306			920			953
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	257		$	324		$	328		$	319		$	306		$	920		$	953


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	257		$	324		$	328		$	319		$	306		$	920		$	953
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		52			78			157			82			136			265			375
Net derivative gains (losses)		164			(183	)		(7	)		(35	)		(80	)		(874	)		(122	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			(2	)		-			1			7			4			8
Net investment income		(64	)		400			(35	)		2			145			1,020			112
Other revenues		(11	)		(13	)		(13	)		(4	)		-			(21	)		(17	)
Policyholder benefits and claims and policyholder dividends		(41	)		(18	)		(18	)		(26	)		(51	)		(323	)		(95	)
Interest credited to policyholder account balances		64			(407	)		35			2			(151	)		(1,013	)		(114	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			3			1			3			1			12			5
Amortization of negative VOBA		13			13			12			12			11			42			35
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		6			6			6			4			6			(138	)		16
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		94			(44	)		(41	)		(27	)		4			531			(64	)
Income (loss) from continuing operations, net of income tax		536			157			425			333			334			425			1,092
Income (loss) from discontinued operations, net of income tax		1			-			-			-			-			(3	)		-
Net income (loss)		537			157			425			333			334			422			1,092
Less: Net income (loss) attributable to noncontrolling interests		6			7			6			4			5			15			15
Net income (loss) attributable to MetLife, Inc.		531			150			419			329			329			407			1,077
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	531		$	150		$	419		$	329		$	329		$	407		$	1,077

Total Operating Premiums, Fees and Other Revenues	$	2,382		$	2,328		$	2,306		$	2,337		$	2,453		$	7,287		$	7,096
(1) 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 an acquisition tax contingency. (2) The three months and year-to-date period ended September 30, 2013 include a deferred tax benefit of $95 million, and the three months ended December 31, 2013 includes a deferred tax expense of $86 million, related to the conversion of the Japan branch to a subsidiary. The three months and year-to-date period ended September 30, 2013 also include 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.

LOGO


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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	586		$	586		$	597		$	584		$	581		$	1,711		$	1,762
Universal life and investment-type product policy fees		100			99			109			117			127			287			353
Net investment income		124			126			123			134			131			372			388
Other revenues		21			15			16			11			22			82			49
Total operating revenues		831			826			845			846			861			2,452			2,552

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		243			303			261			271			252			736			784
Interest credited to policyholder account balances		37			38			34			35			43			109			112
Capitalization of DAC		(173	)		(172	)		(176	)		(170	)		(165	)		(542	)		(511	)
Amortization of DAC and VOBA		166			157			164			160			152			526			476
Amortization of negative VOBA		(13	)		(54	)		(9	)		(6	)		(7	)		(41	)		(22	)
Interest expense on debt		-			1			-			-			-			-			-
Other expenses		443			459			456			446			454			1,351			1,356
Total operating expenses		703			732			730			736			729			2,139			2,195

Operating earnings before provision for income tax		128			94			115			110			132			313			357
Provision for income tax expense (benefit)		43			5			27			17			36			73			80
Operating earnings		85			89			88			93			96			240			277
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	85		$	89		$	88		$	93		$	96		$	240		$	277


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	85		$	89		$	88		$	93		$	96		$	240		$	277
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		10			(65	)		(9	)		2			(9	)		49			(16	)
Net derivative gains (losses)		30			(26	)		38			49			16			20			103
Premiums		-			-			3			18			19			-			40
Universal life and investment-type product policy fees		1			9			3			4			1			6			8
Net investment income		150			255			87			273			219			411			579
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			53			(2	)		(8	)		(8	)		-			(18	)
Interest credited to policyholder account balances		(135	)		(230	)		(86	)		(254	)		(213	)		(401	)		(553	)
Capitalization of DAC		-			-			-			1			-			-			1
Amortization of DAC and VOBA		-			(11	)		(4	)		(3	)		(3	)		(5	)		(10	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(7	)		3			(2	)		-			(14	)		(15	)		(16	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(17	)		3			(13	)		(38	)		(9	)		(36	)		(60	)
Income (loss) from continuing operations, net of income tax		117			80			103			137			95			269			335
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		117			80			103			137			95			269			335
Less: Net income (loss) attributable to noncontrolling interests		1			-			-			1			1			3			2
Net income (loss) attributable to MetLife, Inc.		116			80			103			136			94			266			333
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	116		$	80		$	103		$	136		$	94		$	266		$	333

Total Operating Premiums, Fees and Other Revenues	$	707		$	700		$	722		$	712		$	730		$	2,080		$	2,164

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	30		$	32		$	35		$	40		$	41		$	84		$	116
Universal life and investment-type product policy fees		34			34			33			34			29			105			96
Net investment income		53			94			67			48			37			266			152
Other revenues		5			6			21			5			13			22			39
Total operating revenues		122			166			156			127			120			477			403

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		25			11			35			25			31			52			91
Interest credited to policyholder account balances		10			9			9			9			8			33			26
Capitalization of DAC		(5	)		(14	)		(18	)		(8	)		(15	)		(14	)		(41	)
Amortization of DAC and VOBA		1			-			-			3			1			1			4
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		286			293			292			297			291			855			880
Other expenses		179			405			213			196			177			489			586
Total operating expenses		496			704			531			522			493			1,416			1,546

Operating earnings before provision for income tax		(374	)		(538	)		(375	)		(395	)		(373	)		(939	)		(1,143	)
Provision for income tax expense (benefit)		(241	)		(291	)		(213	)		(213	)		(330	)		(641	)		(756	)
Operating earnings		(133	)		(247	)		(162	)		(182	)		(43	)		(298	)		(387	)
Preferred stock dividends		30			31			30			31			30			91			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(163	)	$	(278	)	$	(192	)	$	(213	)	$	(73	)	$	(389	)	$	(478	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(133	)	$	(247	)	$	(162	)	$	(182	)	$	(43	)	$	(298	)	$	(387	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(96	)		(190	)		(42	)		(20	)		(194	)		(37	)		(256	)
Net derivative gains (losses)		(228	)		(156	)		26			(132	)		186			(361	)		80
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			22			11			15			4			88			30
Other revenues		1			-			-			-			-			-			-
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		(29	)		(27	)		(18	)		(13	)		(3	)		(96	)		(34	)
Other expenses		(66	)		(77	)		(7	)		(18	)		(31	)		(303	)		(56	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		143			138			5			47			(22	)		251			30
Income (loss) from continuing operations, net of income tax		(386	)		(537	)		(187	)		(303	)		(103	)		(756	)		(593	)
Income (loss) from discontinued operations, net of income tax		1			-			-			-			-			4			-
Net income (loss)		(385	)		(537	)		(187	)		(303	)		(103	)		(752	)		(593	)
Less: Net income (loss) attributable to noncontrolling interests		(4	)		(4	)		-			1			(8	)		(1	)		(7	)
Net income (loss) attributable to MetLife, Inc.		(381	)		(533	)		(187	)		(304	)		(95	)		(751	)		(586	)
Less: Preferred stock dividends		30			31			30			31			30			91			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(411	)	$	(564	)	$	(217	)	$	(335	)	$	(125	)	$	(842	)	$	(677	)

Total Operating Premiums, Fees and Other Revenues	$	69		$	72		$	89		$	79		$	83		$	211		$	251

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Fixed Maturity Securities
Yield (1)		4.92%			4.90%			4.76%			4.90%			4.73%
Investment income (2), (3), (4)	$	3,792		$	3,786		$	3,685		$	3,796		$	3,704
Investment gains (losses) (3)		(77	)		30			95			54			153
Ending carrying value (2), (3)		349,614			351,476			356,352			368,428			369,432
Mortgage Loans
Yield (1)		5.34%			6.05%			5.08%			5.05%			5.44%
Investment income (3), (4)		725			841			709			708			774
Investment gains (losses) (3)		(13	)		-			(11	)		16			(30	)
Ending carrying value (3)		55,637			56,108			55,999			56,585			57,725
Real Estate and Real Estate Joint Ventures
Yield (1)		3.09%			4.00%			3.45%			4.54%			3.69%
Investment income (3)		77			104			89			114			94
Investment gains (losses) (3)		3			-			60			(1	)		86
Ending carrying value		10,053			10,712			9,930			10,101			10,393
Policy Loans
Yield (1)		5.38%			5.27%			5.33%			5.36%			5.37%
Investment income		158			155			157			158			158
Ending carrying value		11,782			11,764			11,762			11,785			11,756
Equity Securities
Yield (1)		3.87%			5.30%			3.86%			4.72%			3.95%
Investment income		28			39			30			37			31
Investment gains (losses)		3			25			25			25			14
Ending carrying value		3,241			3,402			3,693			3,863			3,689
Other Limited Partnership Interests
Yield (1)		7.95%			15.82%			17.28%			10.46%			14.77%
Investment income		144			290			329			206			299
Investment gains (losses)		-			(7	)		(2	)		(36	)		(14	)
Ending carrying value		7,253			7,401			7,819			7,964			8,214
Cash and Short-term Investments
Yield (1)		0.97%			1.01%			1.16%			1.05%			1.06%
Investment income		39			42			45			39			40
Investment gains (losses)		6			3			(1	)		-			-
Ending carrying value (3)		24,039			21,540			22,481			19,759			21,023
Other Invested Assets (1)
Investment income		217			201			220			200			233
Investment gains (losses) (3)		6			(27	)		(3	)		(3	)		(18	)
Ending carrying value		16,766			16,229			16,433			17,116			17,905
Total Investments
Investment income yield (1)		4.98%			5.20%			5.02%			5.01%			5.03%
Investment fees and expenses yield		(0.13%	)		(0.15%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.85%			5.05%			4.89%			4.88%			4.90%
Investment income	$	5,180		$	5,458		$	5,264		$	5,258		$	5,333
Investment fees and expenses		(137	)		(152	)		(136	)		(139	)		(137	)
Net investment income including Divested businesses		5,043			5,306			5,128			5,119			5,196
Less: Net investment income from Divested businesses (5)		45			49			43			24			3
Net Investment Income (3)	$	4,998		$	5,257		$	5,085		$	5,095		$	5,193
Ending Carrying Value (3)	$	478,385		$	478,632		$	484,469		$	495,601		$	500,137
Investment portfolio gains (losses) including Divested businesses	$	(72	)	$	24		$	163		$	55		$	191
Less: Investment portfolio gains (losses) from Divested businesses (5)		1			(6	)		-			-			2
Investment Portfolio Gains (Losses) (3), (5)	$	(73	)	$	30		$	163		$	55		$	189
Gross investment gains	$	280		$	331		$	441		$	270		$	419
Gross investment losses		(293	)		(232	)		(258	)		(127	)		(167	)
Writedowns		(60	)		(69	)		(20	)		(88	)		(63	)
Investment Portfolio Gains (Losses) (3), (5)		(73	)		30			163			55			189
Investment portfolio gains (losses) income tax (expense) benefit		63			(42	)		(32	)		(55	)		(104	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(10	)	$	(12	)	$	131		$	-		$	85

Derivative Gains (Losses) including Divested businesses	$	(738	)	$	(560	)	$	152		$	135		$	306
Less: Derivative gains (losses) from Divested businesses (5)		20			(1	)		35			45			-
Derivative gains (losses) (3), (5)		(758	)		(559	)		117			90			306
Derivative gains (losses) income tax (expense) benefit		265			202			(39	)		(19	)		(119	)
Derivative Gains (Losses), Net of Income Tax	$	(493	)	$	(357	)	$	78		$	71		$	187
(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”) and contractholder-directed unit-linked investments. 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 $827 million, $1,289 million, $1,283 million, $1,372 million and $1,362 million in ending carrying value, and $14 million, $41 million, $37 million, $44 million and $14 million of investment income related to fair value option and trading securities at or for the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, 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, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,796 million, $16,111 million, $16,192 million, $16,441 million and $15,866 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 $23 million, $23 million, $19 million, $18 million and $18 million, mortgage loans of $2,096 million, $1,598 million, $1,140 million, $638 million and $313 million and cash and short-term investments of $1 million, $0, $0, $0 and $0; 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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(72	)	$	24		$	163		$	55		$	189
Real estate discontinued operations		1			-			5			-			-
Net investment gains (losses) related to CSEs		4			13			2			1			3
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(18	)		(215	)		(581	)		(181	)		(83	)
Net investment gains (losses) - GAAP basis	$	(85	)	$	(178	)	$	(411	)	$	(125	)	$	109

	For the Three Months Ended
	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(738	)	$	(560	)	$	152		$	135		$	306
Investment hedge adjustments (5)		175			170			175			169			169
Joint venture adjustments		-			1			-			(1	)		(1	)
Settlement of foreign currency earnings hedges		11			13			13			4			-
PAB hedge adjustments		6			3			3			4			4
Net derivative gains (losses) - GAAP basis	$	(546	)	$	(373	)	$	343		$	311		$	478
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses for the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, excludes $1 million, $2 million, ($3) million, $4 million and $0, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Fixed Maturity Securities
Yield (1)		4.82%			4.84%			4.76%			4.83%			4.80%
Investment income (2), (3), (4)	$	11,312		$	15,098		$	3,685		$	7,481		$	11,185
Investment gains (losses) (3)		380			410			95			149			302
Ending carrying value (2), (3)		349,614			351,476			356,352			368,428			369,432
Mortgage Loans
Yield (1)		5.42%			5.58%			5.08%			5.06%			5.19%
Investment income (3), (4)		2,179			3,020			709			1,417			2,191
Investment gains (losses) (3)		22			22			(11	)		5			(25	)
Ending carrying value (3)		55,637			56,108			55,999			56,585			57,725
Real Estate and Real Estate Joint Ventures
Yield (1)		3.25%			3.44%			3.45%			3.98%			3.88%
Investment income (3)		243			347			89			203			297
Investment gains (losses) (3)		(25	)		(25	)		60			59			145
Ending carrying value		10,053			10,712			9,930			10,101			10,393
Policy Loans
Yield (1)		5.26%			5.26%			5.33%			5.35%			5.36%
Investment income		465			620			157			315			473
Ending carrying value		11,782			11,764			11,762			11,785			11,756
Equity Securities
Yield (1)		4.14%			4.44%			3.86%			4.30%			4.18%
Investment income		88			127			30			67			98
Investment gains (losses)		(20	)		5			25			50			64
Ending carrying value		3,241			3,402			3,693			3,863			3,689
Other Limited Partnership Interests
Yield (1)		12.50%			13.35%			17.28%			13.81%			14.14%
Investment income		665			955			329			535			834
Investment gains (losses)		(41	)		(48	)		(2	)		(38	)		(52	)
Ending carrying value		7,253			7,401			7,819			7,964			8,214
Cash and Short-term Investments
Yield (1)		0.98%			0.98%			1.16%			1.11%			1.09%
Investment income		126			168			45			84			124
Investment gains (losses)		60			63			(1	)		(1	)		(1	)
Ending carrying value (3)		24,039			21,540			22,481			19,759			21,023
Other Invested Assets (1)
Investment income		618			819			220			420			653
Investment gains (losses) (3)		(14	)		(41	)		(3	)		(6	)		(24	)
Ending carrying value		16,766			16,229			16,433			17,116			17,905
Total Investments
Investment income yield (1)		4.97%			5.03%			5.02%			5.02%			5.02%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.84%			4.90%			4.89%			4.89%			4.89%
Investment income	$	15,696		$	21,154		$	5,264		$	10,522		$	15,855
Investment fees and expenses		(411	)		(563	)		(136	)		(275	)		(412	)
Net investment income including Divested businesses		15,285			20,591			5,128			10,247			15,443
Less: Net investment income from Divested businesses (5)		148			197			43			67			70
Net Investment Income (3)	$	15,137		$	20,394		$	5,085		$	10,180		$	15,373
Ending Carrying Value (3)	$	478,385		$	478,632		$	484,469		$	495,601		$	500,137
Investment portfolio gains (losses) including Divested businesses	$	362		$	386		$	163		$	218		$	409
Less: Investment portfolio gains (losses) from Divested businesses (5)		-			(6	)		-			-			2
Investment Portfolio Gains (Losses) (3), (5)	$	362		$	392		$	163		$	218		$	407
Gross investment gains	$	1,239		$	1,570		$	441		$	711		$	1,130
Gross investment losses		(682	)		(914	)		(258	)		(385	)		(552	)
Writedowns		(195	)		(264	)		(20	)		(108	)		(171	)
Investment Portfolio Gains (Losses) (3), (5)		362			392			163			218			407
Investment portfolio gains (losses) income tax (expense) benefit		(105	)		(147	)		(32	)		(87	)		(191	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	257		$	245		$	131		$	131		$	216

Derivative Gains (Losses) including Divested businesses	$	(3,371	)	$	(3,931	)	$	152		$	287		$	593
Less: Derivative gains (losses) from Divested businesses (5)		48			47			35			80			80
Derivative gains (losses) (3), (5)		(3,419	)		(3,978	)		117			207			513
Derivative gains (losses) income tax (expense) benefit		1,187			1,389			(39	)		(58	)		(177	)
Derivative Gains (Losses), Net of Income Tax	$	(2,232	)	$	(2,589	)	$	78		$	149		$	336
(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 and contractholder-directed unit-linked investments. 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 $827 million, $1,289 million, $1,283 million, $1,372 million and $1,362 million in ending carrying value, and $24 million, $65 million, $37 million, $81 million and $95 million of investment income related to fair value option and trading securities at or for the year-to-date period ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, 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, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,796 million, $16,111 million, $16,192 million, $16,441 million and $15,866 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 $23 million, $23 million, $19 million, $18 million and $18 million, mortgage loans of $2,096 million, $1,598 million, $1,140 million, $638 million and $313 million and cash and short-term investments of $1 million, $0, $0, $0 and $0; 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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	362		$	386		$	163		$	218		$	407
Real estate discontinued operations		6			6			5			5			5
Net investment gains (losses) related to certain CSEs		20			33			2			3			6
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(49	)		(264	)		(581	)		(762	)		(845	)
Net investment gains (losses) - GAAP basis	$	339		$	161		$	(411	)	$	(536	)	$	(427	)

	For the Year-to-Date Period Ended
	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(3,371	)	$	(3,931	)	$	152		$	287		$	593
Investment hedge adjustments (5)		473			643			175			344			513
Joint venture adjustments		1			2			-			(1	)		(2	)
Settlement of foreign currency earnings hedges		21			34			13			17			17
PAB hedge adjustments		10			13			3			7			11
Net derivative gains (losses) - GAAP basis	$	(2,866	)	$	(3,239	)	$	343		$	654		$	1,132
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014, excludes $8 million, $10 million, ($3) million, $1 million and $1 million, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	3,721		88.9%	$	3,971		86.5%	$	2,376		85.8%	$	1,312		83.5%	$	1,502		87.1%
20% or more for less than six months		181		4.3%		325		7.1%		161		5.8%		24		1.5%		68		4.0%
20% or more for six months or greater		282		6.8%		296		6.4%		231		8.4%		236		15.0%		154		8.9%
Total Gross Unrealized Losses	$	4,184		100.0%	$	4,592		100.0%	$	2,768		100.0%	$	1,572		100.0%	$	1,724		100.0%

Total Gross Unrealized Gains	$	22,071			$	21,180			$	25,295			$	29,341			$	28,596


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	68		51.1%	$	44		37.6%	$	54		52.9%	$	17		38.6%	$	16		40.0%
20% or more for less than six months		19		14.3%		34		29.1%		15		14.7%		-		0.0%		-		0.0%
20% or more for six months or greater		46		34.6%		39		33.3%		33		32.4%		27		61.4%		24		60.0%
Total Gross Unrealized Losses	$	133		100.0%	$	117		100.0%	$	102		100.0%	$	44		100.0%	$	40		100.0%

Total Gross Unrealized Gains	$	396			$	507			$	554			$	655			$	618

(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
		September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	107,491		30.8%	$	106,469		30.4%	$	109,200		30.8%	$	109,393		29.8%	$	107,974		29.3%
Foreign corporate securities			63,648		18.2%		63,152		18.0%		64,177		18.1%		62,488		17.0%		61,877		16.8%
U.S. Treasury and agency securities			44,154		12.7%		45,123		12.9%		44,809		12.6%		54,347		14.8%		56,862		15.5%
Foreign government securities			53,004		15.2%		54,437		15.6%		54,707		15.4%		56,627		15.4%		56,396		15.3%
Residential mortgage-backed securities			35,478		10.2%		35,055		10.0%		37,203		10.5%		39,064		10.7%		40,619		11.1%
Asset-backed securities			14,161		4.1%		15,571		4.4%		14,653		4.1%		14,788		4.0%		14,853		4.0%
State and political subdivision securities			13,955		4.0%		13,830		4.0%		14,328		4.0%		14,698		4.0%		14,840		4.0%
Commercial mortgage-backed securities			16,896		4.8%		16,550		4.7%		15,992		4.5%		15,651		4.3%		14,649		4.0%
Total fixed maturity securities available-for-sale		$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%	$	368,070		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	239,347		68.6%	$	242,069		69.1%	$	245,669		69.2%	$	255,560		69.6%	$	257,120		69.9%
2	Baa		84,269		24.2%		84,114		24.0%		84,939		23.9%		86,401		23.6%		85,685		23.3%
3	Ba		13,782		3.9%		13,597		3.9%		14,263		4.0%		14,794		4.0%		15,045		4.1%
4	B		9,690		2.8%		9,378		2.7%		9,191		2.6%		9,277		2.5%		8,589		2.3%
5	Caa and lower		1,639		0.5%		955		0.3%		958		0.3%		992		0.3%		1,535		0.4%
6	In or near default		60		0.0%		74		0.0%		49		0.0%		32		0.0%		96		0.0%
Total fixed maturity securities available-for-sale (1)		$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%	$	368,070		100.0%
(1) Amounts presented are based on rating agency ratings and equivalent designations 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 designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC 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 designation is used until a final designation becomes available. These revised NAIC designations may not correspond to the rating agency ratings. The rating agency ratings 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, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014

Traditional (2), (3)			$8,787				$9,498				$8,773				$8,996				$9,273
Real estate joint ventures and funds			823				769				718				691				691
Subtotal			9,610				10,267				9,491				9,687				9,964
Foreclosed			443				445				439				414				429
Total Real Estate and Real Estate Joint Ventures			$10,053				$10,712				$9,930				$10,101				$10,393
(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)
Unaudited (In millions)	September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014

Commercial mortgage loans		$40,262				$40,926				$40,398				$40,604				$40,540
Agricultural mortgage loans		12,830				12,391				12,284				11,961				11,929
Residential mortgage loans		2,646				3,110				3,643				4,314				5,563
Mortgage loans held-for-sale		225				3				-				-				-
Total Mortgage Loans		55,963				56,430				56,325				56,879				58,032
Valuation allowances		(326)				(322)				(326)				(294)				(307)
Total Mortgage Loans, net		$55,637				$56,108				$55,999				$56,585				$57,725
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 28, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,214		20.4%	$	8,961		21.9%	$	8,836		21.9%	$	9,017		22.2%	$	8,815		21.7%
Middle Atlantic		7,356		18.3%		7,367		18.0%		7,277		18.0%		7,232		17.8%		7,582		18.7%
South Atlantic		7,095		17.6%		6,977		17.1%		6,964		17.2%		6,714		16.5%		6,705		16.5%
International		6,158		15.3%		6,709		16.4%		6,431		15.9%		6,763		16.7%		6,636		16.4%
West South Central		3,483		8.7%		3,619		8.8%		3,613		8.9%		3,734		9.2%		3,763		9.3%
East North Central		2,680		6.7%		2,717		6.6%		2,526		6.3%		2,455		6.0%		2,589		6.4%
New England		1,473		3.7%		1,404		3.4%		1,404		3.5%		1,406		3.5%		1,197		3.0%
Mountain		835		2.0%		834		2.0%		936		2.3%		935		2.3%		933		2.3%
East South Central		420		1.0%		471		1.2%		395		1.0%		383		0.9%		384		0.9%
West North Central		203		0.5%		148		0.4%		146		0.4%		144		0.4%		142		0.4%
Multi-Region and Other		2,345		5.8%		1,719		4.2%		1,870		4.6%		1,821		4.5%		1,794		4.4%
Total	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%	$	40,540		100.0%


Office	$	19,955		49.6%	$	20,629		50.4%	$	20,641		51.1%	$	20,692		51.0%	$	21,160		52.2%
Retail		9,528		23.7%		9,245		22.6%		8,969		22.2%		9,049		22.3%		9,263		22.8%
Hotel		3,774		9.4%		4,219		10.3%		4,092		10.1%		4,154		10.2%		4,317		10.6%
Apartment		3,882		9.6%		3,724		9.1%		3,738		9.3%		3,948		9.7%		3,392		8.4%
Industrial		2,840		7.0%		2,897		7.1%		2,714		6.7%		2,444		6.0%		2,178		5.4%
Other		283		0.7%		212		0.5%		244		0.6%		317		0.8%		230		0.6%
Total	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%	$	40,540		100.0%

LOGO

Appendix

LOGO


APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,525		$	1,585		$	1,592		$	1,621		$	1,855		$	4,798		$	5,068
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1), (2)		(85	)		(178	)		(411	)		(125	)		109			339			(427	)
Net derivative gains (losses)		(546	)		(373	)		343			311			478			(2,866	)		1,132
Premiums - Divested businesses		40			2			2			20			18			89			40
Universal life and investment-type product policy fees
Unearned revenue adjustments		(2	)		7			3			3			8			-			14
GMIB fees		96			92			93			93			96			261			282
Divested businesses		2			1			2			2			2			5			6
Net investment income
Investment hedge adjustments		(174	)		(168	)		(178	)		(165	)		(169	)		(465	)		(512	)
Income from discontinued real estate operations		(3	)		(2	)		(1	)		-			-			(7	)		(1	)
Joint venture adjustments		-			(1	)		-			1			1			(1	)		2
Unit-linked contract income		132			687			65			295			379			1,485			739
Securitization entities income		29			27			18			13			3			96			34
Divested businesses		44			47			46			20			3			140			69
Other revenues
Settlement of foreign currency earnings hedges		(11	)		(13	)		(13	)		(4	)		-			(21	)		(17	)
Divested businesses		1			-			-			1			-			-			1
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation and pass through adjustments		(6	)		137			(89	)		(160	)		93			128			(156	)
GMIB costs		(412	)		(366	)		(117	)		(215	)		(34	)		(960	)		(366	)
Market value adjustments		(50	)		(15	)		(17	)		(26	)		(54	)		(319	)		(97	)
Divested businesses		(73	)		(37	)		(31	)		(20	)		(10	)		(188	)		(61	)
Interest credited to policyholder account balances
PAB hedge adjustments		(6	)		(3	)		(3	)		(4	)		(4	)		(10	)		(11	)
Unit-linked contract costs		(121	)		(672	)		(65	)		(280	)		(387	)		(1,477	)		(732	)
Divested businesses		(1	)		-			-			-			-			(2	)		-
Capitalization of DAC - Divested businesses		-			-			-			1			-			-			1
Amortization of DAC and VOBA
Related to NIGL and NDGL		53			(39	)		(1	)		(63	)		27			235			(37	)
Related to GMIB fees and GMIB costs		85			95			(7	)		26			(81	)		242			(62	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			-			-			-			(1	)		-			(1	)
Amortization of negative VOBA
Related to market value adjustments		13			13			12			12			11			42			35
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(29	)		(27	)		(18	)		(13	)		(3	)		(96	)		(34	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		-			10			13			11			(3	)		15			21
Regulatory implementation costs		(5	)		(6	)		-			(2	)		-			(12	)		(2	)
Acquisition & integration costs (2)		(30	)		(48	)		(4	)		(10	)		(17	)		(272	)		(31	)
Divested businesses		(37	)		(24	)		(12	)		(11	)		(24	)		(202	)		(47	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (2), (3)		544			184			120			44			(202	)		1,499			(38	)
Income (loss) from continuing operations, net of income tax		973			915			1,342			1,376			2,094			2,476			4,812
Income (loss) from discontinued operations, net of income tax		2			1			(3	)		-			-			1			(3	)
Net income (loss)		975			916			1,339			1,376			2,094			2,477			4,809
Less: Net income (loss) attributable to noncontrolling interests		3			8			11			10			-			17			21
Net income (loss) attributable to MetLife, Inc.		972			908			1,328			1,366			2,094			2,460			4,788
Less: Preferred stock dividends		30			31			30			31			30			91			91
Net income (loss) available to MetLife, Inc.’s common shareholders	$	942		$	877		$	1,298		$	1,335		$	2,064		$	2,369		$	4,697
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, and the year-to-date period ended September 30, 2014 includes a pre-tax net investment loss of $633 million, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) 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, related to the settlement of an acquisition tax contingency. (3) The three months and year-to-date period ended September 30, 2013 include a deferred tax benefit of $95 million, and the three months ended December 31, 2013 includes a deferred tax expense of $86 million, related to the conversion of the Japan branch to a subsidiary. The three months and year-to-date period ended September 30, 2013 also include 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 METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan		$	-		$	101		$	63		$	11		$	62		$	28		$	136
Catastrophe experience and prior year development, net			21			15			-			(21	)		38			13			17
Actuarial assumption review and other insurance adjustments			(29	)		-			-			56			16			(26	)		72
Litigation reserves & settlement costs			-			(147	)		(57	)		-			-			-			(57	)
Tax adjustments			-			11			-			-			(9	)		22			(9	)
Total notable items		$	(8	)	$	(20	)	$	6		$	46		$	107		$	37		$	159

RETAIL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan		$	-		$	44		$	26		$	(9	)	$	25		$	24		$	42
Catastrophe experience and prior year development, net			10			6			-			(20	)		23			(8	)		3
Actuarial assumption review and other insurance adjustments			30			-			-			56			19			59			75
Litigation reserves & settlement costs			-			(36	)		-			-			-			-			-
Total notable items		$	40		$	14		$	26		$	27		$	67		$	75		$	120

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014
	Variable investment income, as compared to plan	$	-		$	31		$	15		$	(12	)	$	17		$	18		$	20
	Catastrophe experience and prior year development, net		10			6			-			(20	)		23			(8	)		3
	Actuarial assumption review and other insurance adjustments		(11	)		-			-			56			37			(11	)		93
	Litigation reserves & settlement costs		-			(36	)		-			-			-			-			-
	Total notable items	$	(1	)	$	1		$	15		$	24		$	77		$	(1	)	$	116

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014
	Variable investment income, as compared to plan	$	-		$	13		$	11		$	3		$	8		$	6		$	22
	Actuarial assumption review and other insurance adjustments		41			-			-			-			(18	)		70			(18	)
	Total notable items	$	41		$	13		$	11		$	3		$	(10	)	$	76		$	4

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan		$	-		$	7		$	1		$	(1	)	$	8		$	(2	)	$	8
Catastrophe experience and prior year development, net			11			9			-			(1	)		15			21			14
Total notable items		$	11		$	16		$	1		$	(2	)	$	23		$	19		$	22
(1) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan	$	-		$	27		$	15		$	21	$	33		$	8		$	69
Litigation reserves & settlement costs		-			(10	)		-			-		-			-			-
Total notable items	$	-		$	17		$	15		$	21	$	33		$	8		$	69

LATIN AMERICA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			September 30, 2013			September 30, 2014
Actuarial assumption review and other insurance adjustments	$	7		$	-		$	-		$	-	$	-		$	7		$	-
Tax adjustments		-			-			-			-		(41	)		-			(41	)
Total notable items	$	7		$	-		$	-		$	-	$	(41	)	$	7		$	(41	)

ASIA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan	$	-		$	14		$	-		$	-	$	3		$	8		$	3
Actuarial assumption review and other insurance adjustments		(70	)		-			-			-		(13	)		(70	)		(13	)
Total notable items	$	(70	)	$	14		$	-		$	-	$	(10	)	$	(62	)	$	(10	)

EMEA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			September 30, 2013			September 30, 2014
Actuarial assumption review and other insurance adjustments	$	4		$	-		$	-		$	-	$	10		$	(22	)	$	10
Tax adjustments		-			11			-			-		-			22			-
Total notable items	$	4		$	11		$	-		$	-	$	10		$	-		$	10

CORPORATE & OTHER
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			September 30, 2013			September 30, 2014
Variable investment income, as compared to plan	$	-		$	9		$	21		$	-	$	(7	)	$	(10	)	$	14
Litigation reserves & settlement costs		-			(101	)		(57	)		-		-			-			(57	)
Tax adjustments		-			-			-			-		32			-			32
Total notable items	$	-		$	(92	)	$	(36	)	$	-	$	25		$	(10	)	$	(11	)

(1) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Total MetLife, Inc.’s stockholders’ equity	$	60,927		$	61,553		$	65,758		$	69,591		$	70,805
Less: Preferred stock		2,043			2,043			2,043			2,043			2,043
MetLife, Inc.’s common stockholders’ equity		58,884			59,510			63,715			67,548			68,762
Less: Net unrealized investment gains (losses), net of income tax		9,100			8,414			11,680			14,385			14,689
Less: Defined benefit plans adjustment, net of income tax		(2,382	)		(1,651	)		(1,622	)		(1,588	)		(1,537	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs		52,166			52,747			53,657			54,751			55,610
Less: Foreign currency translation adjustments, net of income tax		(1,618	)		(1,659	)		(1,843	)		(1,739	)		(2,160	)
MetLife, Inc.’s common stockholders’ equity, excluding AOCI	$	53,784		$	54,406		$	55,500		$	56,490		$	57,770

Unaudited (In millions)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTAs	$	52,166		$	52,747		$	53,657		$	54,751		$	55,610
Less: Goodwill, net of income tax		9,443			10,473			10,363			10,351			10,127
Less: VODA and VOCRA, net of income tax		886			866			827			811			780
Total MetLife, Inc.’s common stockholders’ tangible equity (excludes AOCI other than FCTAs)	$	41,837		$	41,408		$	42,467		$	43,589		$	44,703

Unaudited	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Book value per common share (1)	$	52.54		$	53.04		$	56.65		$	59.96		$	61.44
Less: Net unrealized investment gains (losses), net of income tax		8.13			7.50			10.39			12.77			13.12
Less: Defined benefit plans adjustment, net of income tax		(2.13	)		(1.47	)		(1.44	)		(1.41	)		(1.37	)
Book value per common share, excluding AOCI other than FCTAs (1)		46.54			47.01			47.70			48.60			49.69
Less: Foreign currency translation adjustments, net of income tax		(1.45	)		(1.48	)		(1.64	)		(1.54	)		(1.93	)
Book value per common share, excluding AOCI (1)	$	47.99		$	48.49		$	49.34		$	50.14		$	51.62

Unaudited	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014

Book value per common share, excluding AOCI other than FCTAs (1)	$	46.54		$	47.01		$	47.70		$	48.60		$	49.69
Less: Goodwill, net of income tax		8.42			9.33			9.20			9.19			9.04
Less: VODA and VOCRA, net of income tax		0.79			0.77			0.74			0.72			0.70
Book value per common share - tangible equity (excludes AOCI other than FCTAs) (1)	$	37.33		$	36.91		$	37.76		$	38.69		$	39.95

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2013

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		10.2%			10.5%			10.1%			9.7%			10.7%			10.4%
Common stockholders’ equity, excluding AOCI other than FCTAs		11.7%			11.8%			11.7%			11.7%			13.2%			12.2%
Common stockholders’ equity, excluding AOCI		11.3%			11.5%			11.4%			11.4%			12.8%			11.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTAs) (3)		14.8%			15.1%			15.0%			14.9%			16.7%			15.6%

Return on MetLife, Inc.’s:
Common stockholders’ equity		6.4%			5.9%			8.4%			8.1%			12.1%			5.4%
Common stockholders’ equity, excluding AOCI other than FCTAs		7.4%			6.7%			9.8%			9.9%			15.0%			6.3%
Common stockholders’ equity, excluding AOCI		7.1%			6.5%			9.4%			9.5%			14.5%			6.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTAs) (3)		9.4%			8.6%			12.5%			12.5%			18.8%			8.2%

Average common stockholders’ equity	$	58,422		$	59,197		$	61,613		$	65,632		$	68,155		$	60,234
Average common stockholders’ equity, excluding AOCI other than FCTAs	$	51,050		$	52,457		$	53,202		$	54,204		$	55,181		$	51,190
Average common stockholders’ equity, excluding AOCI	$	52,771		$	54,095		$	54,953		$	55,995		$	57,130		$	52,557
Average tangible common stockholders’ equity (excludes AOCI other than FCTAs)	$	40,729		$	41,623		$	41,938		$	43,028		$	44,146		$	40,502
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earnings available to common shareholders’ and net income available to common shareholders’, used to calculate returns on tangible equity, excludes the impact of amortization of VODA and VOCRA, net of income tax for the three months ended September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014 and September 30, 2014 of $17 million, $13 million, $13 million, $14 million and $13 million, respectively, and the year ended December 31, 2013 of $55 million.

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	822		$	832		$	825		$	838		$	855		$	2,402		$	2,518
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		38			39			34			33			34			115			101
Other revenues		6			4			5			4			4			23			13
Total operating revenues		866			875			864			875			893			2,540			2,632

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		546			532			574			641			527			1,697			1,742
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(107	)		(99	)		(96	)		(105	)		(108	)		(302	)		(309	)
Amortization of DAC and VOBA		99			99			100			97			102			286			299
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		227			229			223			234			230			650			687
Total operating expenses		765			761			801			867			751			2,331			2,419

Operating earnings before provision for income tax		101			114			63			8			142			209			213
Provision for income tax expense (benefit)		20			27			9			(9	)		36			33			36
Operating earnings		81			87			54			17			106			176			177
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	81		$	87		$	54		$	17		$	106		$	176		$	177


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	81		$	87		$	54		$	17		$	106		$	176		$	177
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			2			4			(1	)		2			3			5
Net derivative gains (losses)		1			1			(2	)		(1	)		1			6			(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		(2	)		(1	)		(1	)		1			(1	)		(3	)		(1	)
Income (loss) from continuing operations, net of income tax		83			89			55			16			108			182			179
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		83			89			55			16			108			182			179
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		83			89			55			16			108			182			179
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	83		$	89		$	55		$	16		$	108		$	182		$	179

Total Operating Premiums, Fees and Other Revenues	$	828		$	836		$	830		$	842		$	859		$	2,425		$	2,531
(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.

A-5

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	446		$	450		$	444		$	448		$	454		$	1,307		$	1,346
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		20			22			19			18			18			64			55
Other revenues		5			3			3			4			3			13			10
Total operating revenues		471			475			466			470			475			1,384			1,411

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		296			275			300			364			263			937			927
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(73	)		(67	)		(64	)		(71	)		(73	)		(207	)		(208	)
Amortization of DAC and VOBA		68			68			68			67			69			198			204
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		126			124			116			125			122			364			363
Total operating expenses		417			400			420			485			381			1,292			1,286

Operating earnings before provision for income tax		54			75			46			(15	)		94			92			125
Provision for income tax expense (benefit)		10			19			9			(13	)		26			9			22
Operating earnings		44			56			37			(2	)		68			83			103
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	44		$	56		$	37		$	(2	)	$	68		$	83		$	103


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	44		$	56		$	37		$	(2	)	$	68		$	83		$	103
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			1			2			-			1			2			3
Net derivative gains (losses)		1			-			(1	)		(1	)		1			4			(1	)
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	)		-			-			-			(1	)		(2	)		(1	)
Income (loss) from continuing operations, net of income tax		46			57			38			(3	)		69			87			104
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		46			57			38			(3	)		69			87			104
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		46			57			38			(3	)		69			87			104
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	46		$	57		$	38		$	(3	)	$	69		$	87		$	104

Total Operating Premiums, Fees and Other Revenues	$	451		$	453		$	447		$	452		$	457		$	1,320		$	1,356
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

A-6

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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, 2013			December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			September 30, 2013			September 30, 2014

OPERATING REVENUES
Premiums	$	376		$	382		$	381		$	390		$	401		$	1,095		$	1,172
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		18			17			15			15			16			51			46
Other revenues		1			1			2			-			1			10			3
Total operating revenues		395			400			398			405			418			1,156			1,221

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		250			257			274			277			264			760			815
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(34	)		(32	)		(32	)		(34	)		(35	)		(95	)		(101	)
Amortization of DAC and VOBA		31			31			32			30			33			88			95
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		101			105			107			109			108			286			324
Total operating expenses		348			361			381			382			370			1,039			1,133

Operating earnings before provision for income tax		47			39			17			23			48			117			88
Provision for income tax expense (benefit)		10			8			-			4			10			24			14
Operating earnings		37			31			17			19			38			93			74
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	37		$	31		$	17		$	19		$	38		$	93		$	74


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	37		$	31		$	17		$	19		$	38		$	93		$	74
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			1			2			(1	)		1			1			2
Net derivative gains (losses)		-			1			(1	)		-			-			2			(1	)
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	)		(1	)		(1	)		1			-			(1	)		-
Income (loss) from continuing operations, net of income tax		37			32			17			19			39			95			75
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		37			32			17			19			39			95			75
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		37			32			17			19			39			95			75
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	37		$	32		$	17		$	19		$	39		$	95		$	75

Total Operating Premiums, Fees and Other Revenues	$	377		$	383		$	383		$	390		$	402		$	1,105		$	1,175
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

A-7

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METLIFE INC - FORM 8-K - EX-99.2 - October 29, 2014

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