METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
EX-99.1 - EX-99.1 - METLIFE INC	d231705dex991.htm
8-K - 8-K - METLIFE INC	d231705d8k.htm

Exhibit 99.2

LOGO

Second Quarter

Financial Supplement

June 30, 2016

LOGO


METLIFE
TABLE OF CONTENTS

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			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, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			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 Operating 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 Operating 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 Operating Expenses by Major Category and Spread			23

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			24
Other Operating Expenses by Major Category, Sales on a Constant Currency Basis and Other Statistical Information			25

ASIA
Statements of Operating Earnings Available to Common Shareholders			26
Operating Premiums, Fees and Other Revenues, Other Operating Expenses by Major Category; Sales on a Constant Currency Basis and Other Statistical Information			27

EMEA
Statements of Operating Earnings Available to Common Shareholders			28
Other Operating Expenses by Major Category and Other Statistical Information			29

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			30

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			31
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			33
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			34
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			35

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
Return on Allocated Equity			A-5
Operating Premiums, Fees and Other Revenues and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Property & Casualty Supplemental Information:
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-7
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-8
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-9
Non-GAAP and Other Financial Disclosures			A-10
MetLife Acronyms			A-12

LOGO


METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016		June 30, 2016			June 30, 2015			June 30, 2016

Revenues
Premiums	$	9,312		$	10,375		$	9,605		$	9,693	$	9,417		$	18,565		$	19,110
Universal life and investment-type product policy fees		2,434			2,346			2,333			2,344		2,286			4,828			4,630
Net investment income		4,947			3,959			4,914			4,559		4,887			10,408			9,446
Other revenues		518			484			486			487		487			1,013			974
Net investment gains (losses)		(133	)		382			62			15		266			153			281
Net derivative gains (losses)		(912	)		485			(356	)		1,335		(2,099	)		(91	)		(764	)
Total revenues		16,166			18,031			17,044			18,433		15,244			34,876			33,677


Expenses
Policyholder benefits and claims		9,352			10,334			9,772			9,678		10,274			18,609			19,952
Interest credited to policyholder account balances		1,298			647			1,670			1,326		1,500			3,293			2,826
Policyholder dividends		331			354			363			315		324			670			639
Other expenses		4,072			4,533			4,104			4,192		3,246			8,132			7,438
Total expenses		15,053			15,868			15,909			15,511		15,344			30,704			30,855
Income (loss) from continuing operations before provision for income tax		1,113			2,163			1,135			2,922		(100	)		4,172			2,822
Provision for income tax expense (benefit)		(6	)		965			293			719		(214	)		890			505
Income (loss) from continuing operations, net of income tax		1,119			1,198			842			2,203		114			3,282			2,317
Income (loss) from discontinued operations, net of income tax		-			-			-			-		-			-			-
Net income (loss)		1,119			1,198			842			2,203		114			3,282			2,317
Less: Net income (loss) attributable to noncontrolling interests		4			(5	)		8			2		4			9			6
Net income (loss) attributable to MetLife, Inc.		1,115			1,203			834			2,201		110			3,273			2,311
Less: Preferred stock dividends		31			6			49			6		46			61			52
Preferred stock repurchase premium		42			-			-			-		-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,197		$	785		$	2,195	$	64		$	3,170		$	2,259

Total Premiums, Fees and Other Revenues	$	12,264		$	13,205		$	12,424		$	12,524	$	12,190		$	24,406		$	24,714

LOGO


METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Operating earnings available to common shareholders	$	1,765		$	705		$	1,376		$	1,329		$	924
Preferred stock dividends		31			6			49			6			46
Operating earnings		1,796			711			1,425			1,335			970
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(133	)		382			62			15			266
Net derivative gains (losses)		(912	)		485			(356	)		1,335			(2,099	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(177	)		(206	)		(398	)		(185	)		478
Provision for income tax (expense) benefit		545			(174	)		109			(297	)		499
Income (loss) from continuing operations, net of income tax		1,119			1,198			842			2,203			114
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,119			1,198			842			2,203			114
Less: Net income (loss) attributable to noncontrolling interests		4			(5	)		8			2			4
Net income (loss) attributable to MetLife, Inc.		1,115			1,203			834			2,201			110
Less: Preferred stock dividends		31			6			49			6			46
Preferred stock repurchase premium		42			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,197		$	785		$	2,195		$	64

Operating earnings available to common shareholders per common share - diluted	$	1.56		$	0.62		$	1.23		$	1.20		$	0.83
Net investment gains (losses)		(0.12	)		0.34			0.06			0.01			0.24
Net derivative gains (losses)		(0.81	)		0.43			(0.32	)		1.20			(1.89	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.15	)		(0.18	)		(0.36	)		(0.16	)		0.43
Provision for income tax (expense) benefit		0.48			(0.15	)		0.10			(0.27	)		0.45
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		-			-			0.01			-			-
Preferred stock repurchase premium		0.04			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted	$	0.92		$	1.06		$	0.70		$	1.98		$	0.06

	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	-		$	(37	)	$	(137	)	$	(86	)	$	(9	)
Catastrophe experience and prior year development, net		-			21			(9	)		(45	)		(15	)
Actuarial assumption review and other insurance adjustments		-			(92	)		-			-			(462	)
Tax adjustments		61			(720	)		31			10			-
Total notable items (1)	$	61		$	(828	)	$	(115	)	$	(121	)	$	(486	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	-		$	(0.03	)	$	(0.12	)	$	(0.08	)	$	(0.01	)
Catastrophe experience and prior year development, net	$	-		$	0.02		$	(0.01	)	$	(0.04	)	$	(0.01	)
Actuarial assumption review and other insurance adjustments	$	-		$	(0.08	)	$	-		$	-		$	(0.42	)
Tax adjustments	$	0.05		$	(0.64	)	$	0.03		$	0.01		$	-
Total notable items (1)	$	0.05		$	(0.73	)	$	(0.10	)	$	(0.11	)	$	(0.44	)

	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Weighted average common shares outstanding - diluted		1,128.4			1,129.9			1,121.4			1,108.6			1,109.1
(1) 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 standalone basis and may not sum to total notable items.

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Book value per common share (1)	$	60.27		$	61.39		$	60.00		$	67.10		$	70.18
Book value per common share, excluding AOCI other than FCTA (1)	$	50.73		$	51.11		$	51.15		$	53.31		$	53.20
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	41.73		$	42.21		$	42.22		$	44.17		$	43.98

	For the Three Months Ended
Unaudited	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Return on MetLife, Inc.’s (2):
Common stockholders’ equity		6.0%			7.1%			4.7%			12.6%			0.3%
Common stockholders’ equity, excluding AOCI other than FCTA		7.4%			8.4%			5.6%			15.3%			0.4%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		9.1%			10.3%			6.8%			18.6%			0.6%

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity		10.2%			4.2%			8.2%			7.6%			4.9%
Common stockholders’ equity, excluding AOCI other than FCTA		12.5%			5.0%			9.7%			9.3%			6.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		15.3%			6.1%			11.9%			11.3%			7.7%

	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Common shares outstanding, beginning of period		1,114.3			1,116.8			1,114.8			1,098.0			1,098.5
Share repurchases		(0.2	)		(2.3	)		(17.1	)		(1.4	)		-
Newly issued shares		2.7			0.3			0.3			1.9			0.3
Common shares outstanding, end of period		1,116.8			1,114.8			1,098.0			1,098.5			1,098.8

Weighted average common shares outstanding - basic		1,117.8			1,118.9			1,110.9			1,100.8			1,100.3
Dilutive effect of the exercise or issuance of stock-based awards		10.6			11.0			10.5			7.8			8.8
Weighted average common shares outstanding - diluted		1,128.4			1,129.9			1,121.4			1,108.6			1,109.1

MetLife Policyholder Trust Shares		175.0			173.2			171.0			169.8			167.2
(1) Calculated using common shares outstanding, end of period.
(2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.’s common stockholders’ equity and operating return on MetLife, Inc.’s common stockholders’ equity for the year ended December 31, 2015.

LOGO


METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	351,353		$	351,578		$	351,402		$	371,981		$	387,508
Equity securities available-for-sale, at estimated fair value		3,677			3,399			3,321			3,374			3,333
Fair value option and trading securities, at estimated fair value		16,460			15,361			15,024			14,993			14,314
Mortgage loans		64,010			63,553			67,102			68,651			69,399
Policy loans		11,575			11,549			11,258			11,257			11,240
Real estate and real estate joint ventures		10,207			9,923			8,433			8,733			9,063
Other limited partnership interests		8,099			7,901			7,096			7,022			6,982
Short-term investments, principally at estimated fair value		14,594			14,957			9,299			11,621			9,838
Other invested assets, principally at estimated fair value		20,409			23,356			22,524			27,095			31,834
Total investments		500,384			501,577			495,459			524,727			543,511
Cash and cash equivalents, principally at estimated fair value		8,074			10,216			12,752			13,290			17,067
Accrued investment income		3,990			4,187			3,988			4,198			3,884
Premiums, reinsurance and other receivables		24,872			25,808			22,702			27,843			26,035
Deferred policy acquisition costs and value of business acquired		24,379			23,996			24,130			23,973			24,748
Current income tax recoverable		-			-			161			125			51
Goodwill		9,644			9,546			9,477			9,729			9,852
Other assets		7,589			7,881			7,666			7,496			7,747
Separate account assets		319,477			299,249			301,598			306,047			309,672
Total assets	$	898,409		$	882,460		$	877,933		$	917,428		$	942,567

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	188,928		$	190,754		$	191,879		$	196,967		$	204,461
Policyholder account balances		204,262			202,291			202,722			207,593			213,526
Other policy-related balances		14,393			14,521			14,255			14,435			14,447
Policyholder dividends payable		699			716			720			706			734
Policyholder dividend obligation		2,328			2,309			1,783			2,586			3,343
Payables for collateral under securities loaned and other transactions		35,532			37,991			36,871			41,165			45,790
Short-term debt		100			100			100			100			103
Long-term debt		16,770			16,755			18,023			17,915			16,586
Collateral financing arrangements		4,164			4,152			4,139			4,127			4,113
Junior subordinated debt securities		3,193			3,194			3,194			3,168			3,168
Current income tax payable		71			21			-			-			-
Deferred income tax liability		10,762			11,363			10,592			13,776			14,966
Other liabilities		27,741			27,977			23,561			32,878			32,285
Separate account liabilities		319,477			299,249			301,598			306,047			309,672
Total liabilities		828,420			811,393			809,437			841,463			863,194

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		92			79			77			-			-

Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,718			30,726			30,749			30,769			30,783
Retained earnings		34,376			35,153			35,519			37,301			36,924
Treasury stock, at cost		(2,172	)		(2,279	)		(3,102	)		(3,172	)		(3,172	)
Accumulated other comprehensive income (loss)		6,443			6,891			4,771			10,865			14,632
Total MetLife, Inc.’s stockholders’ equity		69,377			70,503			67,949			75,775			79,179
Noncontrolling interests		520			485			470			190			194
Total equity		69,897			70,988			68,419			75,965			79,373
Total liabilities and equity	$	898,409		$	882,460		$	877,933		$	917,428		$	942,567

LOGO


METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Operating revenues
Premiums	$	9,313		$	10,376		$	9,606		$	9,267		$	9,417
Universal life and investment-type product policy fees		2,335			2,247			2,237			2,151			2,173
Net investment income		5,185			4,849			4,773			4,706			4,881
Other revenues		527			495			495			487			484
Total operating revenues		17,360			17,967			17,111			16,611			16,955

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,503			10,780			9,835			9,593			10,385
Interest credited to policyholder account balances		1,342			1,331			1,330			1,301			1,314
Capitalization of DAC		(927	)		(955	)		(987	)		(876	)		(915	)
Amortization of DAC and VOBA		1,001			971			877			881			1,015
Amortization of negative VOBA		(83	)		(82	)		(71	)		(67	)		(61	)
Interest expense on debt		307			294			302			312			303
Other operating expenses (1)		3,882			4,126			3,998			3,710			3,659
Total operating expenses		15,025			16,465			15,284			14,854			15,700
Operating earnings before provision for income tax		2,335			1,502			1,827			1,757			1,255
Provision for income tax expense (benefit) (1)		539			791			402			422			285
Operating earnings		1,796			711			1,425			1,335			970
Preferred stock dividends		31			6			49			6			46
Operating earnings available to common shareholders	$	1,765		$	705		$	1,376		$	1,329		$	924


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	1,796		$	711		$	1,425		$	1,335		$	970
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(133	)		382			62			15			266
Net derivative gains (losses)		(912	)		485			(356	)		1,335			(2,099	)
Premiums		(1	)		(1	)		(1	)		426			-
Universal life and investment-type product policy fees		99			99			96			193			113
Net investment income		(238	)		(890	)		141			(147	)		6
Other revenues		(9	)		(11	)		(9	)		-			3
Policyholder benefits and claims and policyholder dividends		(180	)		92			(300	)		(400	)		(213	)
Interest credited to policyholder account balances		44			684			(340	)		(25	)		(186	)
Capitalization of DAC		-			-			-			105			-
Amortization of DAC and VOBA		104			(160	)		(6	)		(114	)		894
Amortization of negative VOBA		9			8			8			32			6
Interest expense on debt		(1	)		(8	)		2			-			(3	)
Other operating expenses		(4	)		(19	)		11			(255	)		(142	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		545			(174	)		109			(297	)		499
Income (loss) from continuing operations, net of income tax		1,119			1,198			842			2,203			114
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,119			1,198			842			2,203			114
Less: Net income (loss) attributable to noncontrolling interests		4			(5	)		8			2			4
Net income (loss) attributable to MetLife, Inc.		1,115			1,203			834			2,201			110
Less: Preferred stock dividends		31			6			49			6			46
Preferred stock repurchase premium		42			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,197		$	785		$	2,195		$	64

Total Operating Premiums, Fees and Other Revenues	$	12,175		$	13,118		$	12,338		$	11,905		$	12,074
(1) The three months ended September 30, 2015 includes a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other operating expenses. See notable items on pages A-2 and A-3.

LOGO


METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2016
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	9,417		$	7,204		$	1,681		$	519		$	13
Universal life and investment-type product policy fees		2,173			1,683			370			95			25
Net investment income		4,881			4,076			678			83			44
Other revenues		484			422			16			19			27
Total operating revenues		16,955			13,385			2,745			716			109

Operating expenses
Policyholder benefits and claims and policyholder dividends		10,385			8,753			1,324			283			25
Interest credited to policyholder account balances		1,314			959			324			30			1
Capitalization of DAC		(915	)		(381	)		(426	)		(106	)		(2	)
Amortization of DAC and VOBA		1,015			605			304			103			3
Amortization of negative VOBA		(61	)		-			(57	)		(4	)		-
Interest expense on debt		303			4			-			-			299
Other operating expenses		3,659			2,291			877			336			155
Total operating expenses		15,700			12,231			2,346			642			481
Operating earnings before provision for income tax		1,255			1,154			399			74			(372	)
Provision for income tax expense (benefit)		285			319			140			10			(184	)
Operating earnings		970			835			259			64			(188	)
Preferred stock dividends		46			-			-			-			46
Operating earnings available to common shareholders	$	924		$	835		$	259		$	64		$	(234	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	970		$	835		$	259		$	64		$	(188	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		266			180			140			16			(70	)
Net derivative gains (losses)		(2,099	)		(3,174	)		606			3			466
Premiums		-			-			-			-			-
Universal life and investment-type product policy fees		113			99			7			7			-
Net investment income		6			(179	)		(134	)		300			19
Other revenues		3			-			3			-			-
Policyholder benefits and claims and policyholder dividends		(213	)		(234	)		(7	)		28			-
Interest credited to policyholder account balances		(186	)		(19	)		114			(281	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		894			907			(12	)		(1	)		-
Amortization of negative VOBA		6			-			6			-			-
Interest expense on debt		(3	)		-			-			-			(3	)
Other operating expenses		(142	)		2			(7	)		(5	)		(132	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		499			844			(204	)		(35	)		(106	)
Income (loss) from continuing operations, net of income tax		114			(739	)		771			96			(14	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		114			(739	)		771			96			(14	)
Less: Net income (loss) attributable to noncontrolling interests		4			2			1			1			-
Net income (loss) attributable to MetLife, Inc.		110			(741	)		770			95			(14	)
Less: Preferred stock dividends		46			-			-			-			46
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	(741	)	$	770		$	95		$	(60	)

Total Operating Premiums, Fees and Other Revenues	$	12,074		$	9,309		$	2,067		$	633		$	65

LOGO


METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	9,313		$	6,953		$	1,809		$	525		$	26
Universal life and investment-type product policy fees		2,335			1,795			400			114			26
Net investment income		5,185			4,293			679			84			129
Other revenues		527			461			28			19			19
Total operating revenues		17,360			13,502			2,916			742			200

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,503			7,855			1,375			265			8
Interest credited to policyholder account balances		1,342			972			328			34			8
Capitalization of DAC		(927	)		(397	)		(398	)		(132	)		-
Amortization of DAC and VOBA		1,001			531			336			133			1
Amortization of negative VOBA		(83	)		(1	)		(78	)		(4	)		-
Interest expense on debt		307			1			-			-			306
Other operating expenses		3,882			2,450			869			389			174
Total operating expenses		15,025			11,411			2,432			685			497
Operating earnings before provision for income tax		2,335			2,091			484			57			(297	)
Provision for income tax expense (benefit)		539			648			59			7			(175	)
Operating earnings		1,796			1,443			425			50			(122	)
Preferred stock dividends		31			-			-			-			31
Operating earnings available to common shareholders	$	1,765		$	1,443		$	425		$	50		$	(153	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	1,796		$	1,443		$	425		$	50		$	(122	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(133	)		(14	)		57			5			(181	)
Net derivative gains (losses)		(912	)		(508	)		9			13			(426	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		99			95			4			-			-
Net investment income		(238	)		(166	)		173			(249	)		4
Other revenues		(9	)		-			(9	)		-			-
Policyholder benefits and claims and policyholder dividends		(180	)		(136	)		(44	)		-			-
Interest credited to policyholder account balances		44			(18	)		(175	)		237			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		104			99			5			-			-
Amortization of negative VOBA		9			-			9			-			-
Interest expense on debt		(1	)		-			-			-			(1	)
Other operating expenses		(4	)		3			-			-			(7	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		545			221			111			7			206
Income (loss) from continuing operations, net of income tax		1,119			1,018			565			63			(527	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,119			1,018			565			63			(527	)
Less: Net income (loss) attributable to noncontrolling interests		4			3			1			(1	)		1
Net income (loss) attributable to MetLife, Inc.		1,115			1,015			564			64			(528	)
Less: Preferred stock dividends		31			-			-			-			31
Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,015		$	564		$	64		$	(601	)

Total Operating Premiums, Fees and Other Revenues	$	12,175		$	9,209		$	2,237		$	658		$	71

LOGO


METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2016
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	18,684		$	14,287		$	3,339		$	1,019		$	39
Universal life and investment-type product policy fees		4,324			3,365			720			190			49
Net investment income		9,587			8,002			1,296			163			126
Other revenues		971			845			33			39			54
Total operating revenues		33,566			26,499			5,388			1,411			268

Operating expenses
Policyholder benefits and claims and policyholder dividends		19,978			16,824			2,560			544			50
Interest credited to policyholder account balances		2,615			1,908			643			59			5
Capitalization of DAC		(1,791	)		(769	)		(811	)		(207	)		(4	)
Amortization of DAC and VOBA		1,896			1,096			590			205			5
Amortization of negative VOBA		(128	)		-			(121	)		(7	)		-
Interest expense on debt		615			8			-			-			607
Other operating expenses		7,369			4,643			1,728			669			329
Total operating expenses		30,554			23,710			4,589			1,263			992
Operating earnings before provision for income tax		3,012			2,789			799			148			(724	)
Provision for income tax expense (benefit)		707			816			235			21			(365	)
Operating earnings		2,305			1,973			564			127			(359	)
Preferred stock dividends		52			-			-			-			52
Operating earnings available to common shareholders	$	2,253		$	1,973		$	564		$	127		$	(411	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	2,305		$	1,973		$	564		$	127		$	(359	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		281			(91	)		363			24			(15	)
Net derivative gains (losses)		(764	)		(2,725	)		1,017			2			942
Premiums		426			-			426			-			-
Universal life and investment-type product policy fees		306			194			99			13			-
Net investment income		(141	)		(363	)		(173	)		382			13
Other revenues		3			-			3			-			-
Policyholder benefits and claims and policyholder dividends		(613	)		(321	)		(329	)		37			-
Interest credited to policyholder account balances		(211	)		(45	)		192			(358	)		-
Capitalization of DAC		105			-			105			-			-
Amortization of DAC and VOBA		780			905			(124	)		(1	)		-
Amortization of negative VOBA		38			-			38			-			-
Interest expense on debt		(3	)		-			-			-			(3	)
Other operating expenses		(397	)		4			(200	)		(7	)		(194	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		202			836			(347	)		(49	)		(238	)
Income (loss) from continuing operations, net of income tax		2,317			367			1,634			170			146
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,317			367			1,634			170			146
Less: Net income (loss) attributable to noncontrolling interests		6			3			1			2			-
Net income (loss) attributable to MetLife, Inc.		2,311			364			1,633			168			146
Less: Preferred stock dividends		52			-			-			-			52
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,259		$	364		$	1,633		$	168		$	94

Total Operating Premiums, Fees and Other Revenues	$	23,979		$	18,497		$	4,092		$	1,248		$	142

LOGO


METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	18,566		$	13,936		$	3,561		$	1,033		$	36
Universal life and investment-type product policy fees		4,629			3,567			797			216			49
Net investment income		10,167			8,399			1,363			167			238
Other revenues		1,030			906			56			29			39
Total operating revenues		34,392			26,808			5,777			1,445			362

Operating expenses
Policyholder benefits and claims and policyholder dividends		18,950			15,711			2,715			504			20
Interest credited to policyholder account balances		2,673			1,930			665			64			14
Capitalization of DAC		(1,895	)		(797	)		(833	)		(265	)		-
Amortization of DAC and VOBA		1,954			1,030			662			261			1
Amortization of negative VOBA		(173	)		(1	)		(164	)		(8	)		-
Interest expense on debt		604			1			-			-			603
Other operating expenses		7,682			4,839			1,773			751			319
Total operating expenses		29,795			22,713			4,818			1,307			957
Operating earnings before provision for income tax		4,597			4,095			959			138			(595	)
Provision for income tax expense (benefit)		1,133			1,271			207			18			(363	)
Operating earnings		3,464			2,824			752			120			(232	)
Preferred stock dividends		61			-			-			-			61
Operating earnings available to common shareholders	$	3,403		$	2,824		$	752		$	120		$	(293	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	3,464		$	2,824		$	752		$	120		$	(232	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		153			260			125			8			(240	)
Net derivative gains (losses)		(91	)		69			27			14			(201	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		199			191			10			(2	)		-
Net investment income		241			(351	)		302			282			8
Other revenues		(17	)		-			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(329	)		(236	)		(93	)		-			-
Interest credited to policyholder account balances		(620	)		(38	)		(306	)		(276	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		32			37			(7	)		2			-
Amortization of negative VOBA		19			-			19			-			-
Interest expense on debt		(2	)		-			-			-			(2	)
Other operating expenses		(9	)		6			-			1			(16	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		243			16			101			(19	)		145
Income (loss) from continuing operations, net of income tax		3,282			2,777			913			130			(538	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		3,282			2,777			913			130			(538	)
Less: Net income (loss) attributable to noncontrolling interests		9			6			1			1			1
Net income (loss) attributable to MetLife, Inc.		3,273			2,771			912			129			(539	)
Less: Preferred stock dividends		61			-			-			-			61
Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,170		$	2,771		$	912		$	129		$	(642	)

Total Operating Premiums, Fees and Other Revenues	$	24,225		$	18,409		$	4,414		$	1,278		$	124

LOGO


METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

AMERICAS
RETAIL
Life & Other	$	278		$	183		$	195		$	172		$	(27	)
Annuities		412			340			387			360			211
RETAIL	$	690		$	523		$	582		$	532		$	184
GROUP, VOLUNTARY & WORKSITE BENEFITS		231			238			214			174			221
CORPORATE BENEFIT FUNDING		406			326			286			295			302
LATIN AMERICA		116			176			150			137			128
AMERICAS	$	1,443		$	1,263		$	1,232		$	1,138		$	835
ASIA	$	425		$	338		$	290		$	305		$	259
EMEA	$	50		$	66		$	54		$	63		$	64
CORPORATE & OTHER	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(234	)

OPERATING RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

AMERICAS
RETAIL
Life & Other		12.3%			8.1%			8.7%			8.3%			(1.3)%
Annuities		13.2%			10.9%			12.4%			10.6%			6.2%
GROUP, VOLUNTARY & WORKSITE BENEFITS		14.4%			14.8%			13.3%			12.3%			15.6%
CORPORATE BENEFIT FUNDING		21.0%			16.9%			14.8%			14.4%			14.8%
LATIN AMERICA		13.3%			20.2%			17.2%			17.6%			16.5%
AMERICAS		14.8%			12.9%			12.6%			11.7%			8.6%
ASIA		14.8%			11.7%			10.1%			11.0%			9.4%
EMEA		6.0%			7.9%			6.5%			7.8%			7.9%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

AMERICAS		16.6%			14.6%			14.2%			13.0%			9.6%
ASIA		25.4%			20.2%			17.4%			19.0%			16.2%
EMEA		11.2%			14.6%			12.2%			13.5%			13.8%
(1) A supplemental 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 26, (vi) EMEA, Page 28, and (vii) Corporate & Other, Page 30. (2) Annualized using quarter-to-date results. See Page A-5 for supplemental information on the return on allocated equity and allocated tangible equity for the periods presented.

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	1,747		$	1,806		$	1,926		$	1,740		$	1,695		$	3,496		$	3,435
Universal life and investment-type product policy fees		1,252			1,229			1,216			1,149			1,156			2,488			2,305
Net investment income		2,003			1,930			1,901			1,880			1,950			3,983			3,830
Other revenues		263			241			234			215			224			514			439
Total operating revenues		5,265			5,206			5,277			4,984			5,025			10,481			10,009

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,373			2,607			2,566			2,458			2,937			4,822			5,395
Interest credited to policyholder account balances		551			550			555			522			525			1,093			1,047
Capitalization of DAC		(257	)		(266	)		(278	)		(255	)		(245	)		(504	)		(500	)
Amortization of DAC and VOBA		400			432			354			373			487			775			860
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			(1	)		1			2			1			(1	)		3
Other operating expenses		1,220			1,197			1,262			1,149			1,124			2,396			2,273
Total operating expenses		4,287			4,519			4,460			4,249			4,829			8,581			9,078
Operating earnings before provision for income tax		978			687			817			735			196			1,900			931
Provision for income tax expense (benefit)		288			164			235			203			12			557			215
Operating earnings		690			523			582			532			184			1,343			716
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	690		$	523		$	582		$	532		$	184		$	1,343		$	716


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	690		$	523		$	582		$	532		$	184		$	1,343		$	716
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			70			(112	)		(117	)		84			77			(33	)
Net derivative gains (losses)		(95	)		(282	)		(95	)		(11	)		(3,643	)		218			(3,654	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		94			97			95			95			99			188			194
Net investment income		(105	)		(108	)		(114	)		(109	)		(92	)		(233	)		(201	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(160	)		136			(284	)		(16	)		(165	)		(256	)		(181	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		99			(160	)		(7	)		(2	)		907			37			905
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		55			86			182			56			984			(11	)		1,040
Income (loss) from continuing operations, net of income tax		587			362			247			428			(1,642	)		1,363			(1,214	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		587			362			247			428			(1,642	)		1,363			(1,214	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		587			362			247			428			(1,642	)		1,363			(1,214	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	587		$	362		$	247		$	428		$	(1,642	)	$	1,363		$	(1,214	)

Total Operating Premiums, Fees and Other Revenues	$	3,262		$	3,276		$	3,376		$	3,104		$	3,075		$	6,498		$	6,179

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Operating revenues
Premiums	$	1,522		$	1,521		$	1,624		$	1,505		$	1,526		$	3,016		$	3,031
Universal life and investment-type product policy fees		384			395			402			384			368			776			752
Net investment income		1,275			1,225			1,189			1,164			1,221			2,520			2,385
Other revenues		153			139			123			120			126			297			246
Total operating revenues		3,334			3,280			3,338			3,173			3,241			6,609			6,414

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,016			2,081			2,128			2,050			2,417			4,086			4,467
Interest credited to policyholder account balances		230			234			239			230			230			457			460
Capitalization of DAC		(159	)		(165	)		(164	)		(148	)		(152	)		(317	)		(300	)
Amortization of DAC and VOBA		205			237			202			199			214			415			413
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		(1	)		1			1			-			(2	)		1
Other operating expenses		634			626			648			592			590			1,266			1,182
Total operating expenses		2,925			3,012			3,054			2,924			3,299			5,905			6,223
Operating earnings before provision for income tax		409			268			284			249			(58	)		704			191
Provision for income tax expense (benefit)		131			85			89			77			(31	)		223			46
Operating earnings		278			183			195			172			(27	)		481			145
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	278		$	183		$	195		$	172		$	(27	)	$	481		$	145


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	278		$	183		$	195		$	172		$	(27	)	$	481		$	145
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		19			42			(89	)		(57	)		38			20			(19	)
Net derivative gains (losses)		(110	)		145			27			28			126			76			154
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(1	)		1			(1	)		-			1			(1	)		1
Net investment income		(59	)		(58	)		(60	)		(53	)		(45	)		(119	)		(98	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(10	)		(13	)		-			-			-			7			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		24			(68	)		9			25			16			5			41
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		48			(17	)		40			20			(47	)		4			(27	)
Income (loss) from continuing operations, net of income tax		189			215			121			135			62			473			197
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		189			215			121			135			62			473			197
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		189			215			121			135			62			473			197
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	189		$	215		$	121		$	135		$	62		$	473		$	197

Total Operating Premiums, Fees and Other Revenues	$	2,059		$	2,055		$	2,149		$	2,009		$	2,020		$	4,089		$	4,029

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	225		$	285		$	302		$	235		$	169		$	480		$	404
Universal life and investment-type product policy fees		868			834			814			765			788			1,712			1,553
Net investment income		728			705			712			716			729			1,463			1,445
Other revenues		110			102			111			95			98			217			193
Total operating revenues		1,931			1,926			1,939			1,811			1,784			3,872			3,595

Operating expenses
Policyholder benefits and claims and policyholder dividends		357			526			438			408			520			736			928
Interest credited to policyholder account balances		321			316			316			292			295			636			587
Capitalization of DAC		(98	)		(101	)		(114	)		(107	)		(93	)		(187	)		(200	)
Amortization of DAC and VOBA		195			195			152			174			273			360			447
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			1			1			1			2
Other operating expenses		586			571			614			557			534			1,130			1,091
Total operating expenses		1,362			1,507			1,406			1,325			1,530			2,676			2,855
Operating earnings before provision for income tax		569			419			533			486			254			1,196			740
Provision for income tax expense (benefit)		157			79			146			126			43			334			169
Operating earnings		412			340			387			360			211			862			571
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	412		$	340		$	387		$	360		$	211		$	862		$	571


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	412		$	340		$	387		$	360		$	211		$	862		$	571
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(10	)		28			(23	)		(60	)		46			57			(14	)
Net derivative gains (losses)		15			(427	)		(122	)		(39	)		(3,769	)		142			(3,808	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		95			96			96			95			98			189			193
Net investment income		(46	)		(50	)		(54	)		(56	)		(47	)		(114	)		(103	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(150	)		149			(284	)		(16	)		(165	)		(263	)		(181	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		75			(92	)		(16	)		(27	)		891			32			864
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		7			103			142			36			1,031			(15	)		1,067
Income (loss) from continuing operations, net of income tax		398			147			126			293			(1,704	)		890			(1,411	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		398			147			126			293			(1,704	)		890			(1,411	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		398			147			126			293			(1,704	)		890			(1,411	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	398		$	147		$	126		$	293		$	(1,704	)	$	890		$	(1,411	)

Total Operating Premiums, Fees and Other Revenues	$	1,203		$	1,221		$	1,227		$	1,095		$	1,055		$	2,409		$	2,150

LOGO

AMERICAS

RETAIL

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)


	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	87,073		$	87,302		$	87,721		$	88,162		$	88,511
Premiums and deposits (2), (3)		1,983			1,959			2,064			2,010			2,037
Surrenders and withdrawals		(758	)		(756	)		(720	)		(752	)		(709	)
Benefit payments		(764	)		(800	)		(744	)		(877	)		(782	)

Net Flows		461			403			600			381			546
Net transfers from (to) separate account		19			26			20			25			38
Interest		852			858			867			834			884
Policy charges		(489	)		(494	)		(501	)		(502	)		(508	)
Other		(614	)		(374	)		(545	)		(389	)		1,131

Balance, end of period	$	87,302		$	87,721		$	88,162		$	88,511		$	90,602

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	47,780		$	47,460		$	50,137		$	49,527		$	50,901
Premiums and deposits (2), (3)		909			1,123			1,177			1,320			1,129
Surrenders and withdrawals		(851	)		(766	)		(1,199	)		(1,046	)		(680	)
Benefit payments		(425	)		(448	)		(424	)		(432	)		(423	)

Net Flows		(367	)		(91	)		(446	)		(158	)		26
Net transfers from (to) separate account		51			224			(57	)		131			96
Interest		391			386			387			364			369
Policy charges		(14	)		(12	)		(11	)		(13	)		(12	)
Other		(381	)		2,170			(483	)		1,050			4,857

Balance, end of period	$	47,460		$	50,137		$	49,527		$	50,901		$	56,237

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	10,354		$	10,258		$	9,434		$	9,718		$	9,580
Premiums and deposits (3)		160			153			152			153			155
Surrenders and withdrawals		(112	)		(108	)		(95	)		(99	)		(111	)
Benefit payments		(17	)		(45	)		(12	)		(14	)		(21	)

Net Flows		31			-			45			40			23
Investment performance		27			(668	)		393			(19	)		219
Net transfers from (to) general account		(19	)		(26	)		(20	)		(25	)		(38	)
Policy charges		(132	)		(130	)		(132	)		(132	)		(131	)
Other		(3	)		-			(2	)		(2	)		-

Balance, end of period	$	10,258		$	9,434		$	9,718		$	9,580		$	9,653

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	163,288		$	159,999		$	147,986		$	150,064		$	148,896
Premiums and deposits (3)		1,626			1,503			1,542			1,307			921
Surrenders and withdrawals		(2,934	)		(2,617	)		(2,523	)		(2,188	)		(2,449	)
Benefit payments		(335	)		(341	)		(299	)		(327	)		(337	)

Net Flows		(1,643	)		(1,455	)		(1,280	)		(1,208	)		(1,865	)
Investment performance		(663	)		(9,408	)		4,185			986			3,293
Net transfers from (to) general account		(51	)		(224	)		57			(131	)		(96	)
Policy charges		(933	)		(927	)		(885	)		(815	)		(888	)
Other		1			1			1			-			1

Balance, end of period	$	159,999		$	147,986		$	150,064		$	148,896		$	149,341
(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.

LOGO


AMERICAS RETAIL OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	465	$	462	$	509	$	436	$	413
Pension and post-retirement benefit costs		50		49		50		51		52
Premium taxes, other taxes, and licenses & fees		54		47		47		51		49
Total fixed operating expenses	$	569	$	558	$	606	$	538	$	514
Commissions and other variable expenses		651		639		656		611		610
Total other operating expenses	$	1,220	$	1,197	$	1,262	$	1,149	$	1,124

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Life Sales
Term life	$	24	$	24	$	24	$	21	$	19
Whole life		38		39		39		34		37
Variable life		7		6		7		5		5
Universal life		14		14		15		15		15
Total life sales	$	83	$	83	$	85	$	75	$	76

Annuity Sales
Fixed and indexed annuity sales	$	511	$	667	$	730	$	721	$	737
Variable annuity sales		1,865		1,769		1,810		1,601		1,138
Total annuity sales	$	2,376	$	2,436	$	2,540	$	2,322	$	1,875

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,570	$	1,427	$	1,467	$	1,243	$	863
General Accounts
Fixed and indexed annuity		511		667		730		721		737
Variable annuity		295		342		343		358		275
Total general accounts		806		1,009		1,073		1,079		1,012
Total annuity premiums and deposits	$	2,376	$	2,436	$	2,540	$	2,322	$	1,875

LOGO

AMERICAS

RETAIL

SPREAD BY PRODUCT

VARIABLE & UNIVERSAL LIFE (1)


	For the Three Months Ended
Unaudited	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Investment income yield excluding variable investment income		6.29%		6.13%		6.11%		5.73%		5.81%
Variable investment income yield		0.39%		0.18%		(0.29)%		(0.05)%		0.37%
Total investment income yield		6.68%		6.31%		5.82%		5.68%		6.18%
Average crediting rate		4.53%		4.52%		4.63%		4.50%		4.47%
Annualized general account spread		2.15%		1.79%		1.19%		1.18%		1.71%

Annualized general account spread excluding variable investment income yield		1.76%		1.61%		1.48%		1.23%		1.34%

ANNUITIES (2)
	For the Three Months Ended
Unaudited	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Investment income yield excluding variable investment income		5.48%		5.38%		5.46%		5.23%		5.14%
Variable investment income yield		0.37%		0.19%		0.07%		0.15%		0.20%
Total investment income yield		5.85%		5.57%		5.53%		5.38%		5.34%
Average crediting rate		3.51%		3.41%		3.45%		3.24%		3.23%
Annualized general account spread		2.34%		2.16%		2.08%		2.14%		2.11%

Annualized general account spread excluding variable investment income yield		1.97%		1.97%		2.01%		1.99%		1.91%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Life (3)
Operating premiums, fees and other revenues	$	1,386	$	1,396	$	1,504	$	1,376	$	1,381
Interest adjusted benefit ratio (4)		53.0%		57.4%		54.9%		54.8%		78.0%

Lapse Ratio (5)
Traditional life		5.6%		5.4%		5.3%		5.1%		5.1%
Variable & universal life		3.6%		3.6%		3.7%		3.8%		3.8%
Fixed annuity		9.9%		9.8%		8.5%		9.3%		8.9%
Variable annuity		7.0%		7.0%		6.8%		6.6%		6.4%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	448	$	448	$	445	$	439	$	436
Combined ratio including catastrophes		100.1%		90.9%		96.1%		100.4%		108.9%
Combined ratio excluding catastrophes		80.2%		84.0%		89.4%		86.3%		86.9%

(1) Represents the general account spread for variable & universal life, a component of Life & Other. (2) Represents the general account spread for deferred and payout annuities. (3) Represents traditional life and variable & universal life, components of Life & Other. (4) For the three months ended June 30, 2016, this ratio included notable items related to actuarial assumption review and other insurance adjustments. Excluding these items, the ratio would have been 56.7%. (5) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	4,104		$	4,092		$	4,045		$	4,294		$	4,276		$	8,221		$	8,570
Universal life and investment-type product policy fees		183			188			181			185			197			371			382
Net investment income		481			485			454			447			458			959			905
Other revenues		114			113			111			131			117			227			248
Total operating revenues		4,882			4,878			4,791			5,057			5,048			9,778			10,105

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,805			3,805			3,725			4,034			3,990			7,640			8,024
Interest credited to policyholder account balances		38			39			37			37			37			75			74
Capitalization of DAC		(36	)		(41	)		(38	)		(36	)		(39	)		(72	)		(75	)
Amortization of DAC and VOBA		39			40			44			40			39			80			79
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			1			-			1
Other operating expenses		681			666			692			712			685			1,345			1,397
Total operating expenses		4,527			4,509			4,460			4,787			4,713			9,068			9,500
Operating earnings before provision for income tax		355			369			331			270			335			710			605
Provision for income tax expense (benefit)		124			131			117			96			114			251			210
Operating earnings		231			238			214			174			221			459			395
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	231		$	238		$	214		$	174		$	221		$	459		$	395


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	231		$	238		$	214		$	174		$	221		$	459		$	395
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		8			11			(55	)		(39	)		11			11			(28	)
Net derivative gains (losses)		(264	)		259			(23	)		291			314			(59	)		605
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(41	)		(42	)		(46	)		(45	)		(44	)		(83	)		(89	)
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 operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		104			(80	)		43			(72	)		(94	)		46			(166	)
Income (loss) from continuing operations, net of income tax		38			386			133			309			408			374			717
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		38			386			133			309			408			374			717
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		38			386			133			309			408			374			717
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	38		$	386		$	133		$	309		$	408		$	374		$	717

Total Operating Premiums, Fees and Other Revenues	$	4,401		$	4,393		$	4,337		$	4,610		$	4,590		$	8,819		$	9,200

LOGO


AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	27,293		$	27,348		$	27,541		$	27,707		$	27,956
Premiums and deposits		4,572			4,510			4,423			4,696			4,676
Surrenders and withdrawals		(689	)		(673	)		(607	)		(583	)		(603	)
Benefit payments		(3,450	)		(3,393	)		(3,324	)		(3,595	)		(3,548	)

Net Flows		433			444			492			518			525
Net transfers from (to) separate account		-			-			-			-			-
Interest		229			233			238			234			235
Policy charges		(140	)		(138	)		(141	)		(144	)		(146	)
Other		(467	)		(346	)		(423	)		(359	)		(388	)

Balance, end of period	$	27,348		$	27,541		$	27,707		$	27,956		$	28,182

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	677		$	674		$	614		$	638		$	625
Premiums and deposits		54			55			55			55			55
Surrenders and withdrawals		(11	)		(16	)		(12	)		(14	)		(12	)
Benefit payments		(1	)		(1	)		(1	)		(1	)		(1	)

Net Flows		42			38			42			40			42
Investment performance		4			(48	)		31			(4	)		12
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(46	)		(47	)		(47	)		(47	)		(48	)
Other		(3	)		(3	)		(2	)		(2	)		(3	)

Balance, end of period	$	674		$	614		$	638		$	625		$	628
(1) All of the group property & casualty activity is reflected within the “Other” category.

LOGO


AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	391	$	383	$	410	$	400	$	382
Pension and post-retirement benefit costs		20		20		21		22		22
Premium taxes, other taxes, and licenses & fees		88		81		81		89		85
Total fixed operating expenses	$	499	$	484	$	512	$	511	$	489
Commissions and other variable expenses		182		182		180		201		196
Total other operating expenses	$	681	$	666	$	692	$	712	$	685

SPREAD (1)
	For the Three Months Ended
Unaudited	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Investment income yield excluding variable investment income		5.57%		5.47%		5.43%		5.41%		5.48%
Variable investment income yield		0.35%		0.52%		0.08%		0.19%		0.16%
Total investment income yield		5.92%		5.99%		5.51%		5.60%		5.64%
Average crediting rate		3.36%		3.35%		3.38%		3.39%		3.37%
Annualized general account spread		2.56%		2.64%		2.13%		2.21%		2.27%

Annualized general account spread excluding variable investment income yield		2.21%		2.12%		2.05%		2.02%		2.11%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Group Life (2)
Operating premiums, fees and other revenues	$	1,531	$	1,521	$	1,515	$	1,590	$	1,572
Mortality ratio		86.1%		86.1%		86.8%		85.9%		85.7%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,656	$	1,662	$	1,678	$	1,776	$	1,773
Interest adjusted loss ratio (4)		80.5%		80.7%		77.7%		83.2%		80.7%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	390	$	398	$	403	$	413	$	409
Combined ratio including catastrophes		96.0%		97.7%		99.8%		102.9%		103.1%
Combined ratio excluding catastrophes		85.5%		92.7%		96.4%		93.0%		92.5%

(1) Excludes group property & casualty. (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (3) Includes dental, disability, LTC, 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.

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	319		$	1,555		$	727		$	358		$	517		$	737		$	875
Universal life and investment-type product policy fees		59			55			91			80			61			113			141
Net investment income		1,526			1,391			1,363			1,342			1,421			2,956			2,763
Other revenues		77			70			68			70			72			148			142
Total operating revenues		1,981			3,071			2,249			1,850			2,071			3,954			3,921

Operating expenses
Policyholder benefits and claims and policyholder dividends		933			2,154			1,369			962			1,181			1,924			2,143
Interest credited to policyholder account balances		294			295			302			310			313			587			623
Capitalization of DAC		(4	)		(1	)		(8	)		-			(1	)		(10	)		(1	)
Amortization of DAC and VOBA		6			6			4			5			4			11			9
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			1			-			2			2			2			4
Other operating expenses		130			113			145			120			109			254			229
Total operating expenses		1,360			2,568			1,812			1,399			1,608			2,768			3,007
Operating earnings before provision for income tax		621			503			437			451			463			1,186			914
Provision for income tax expense (benefit)		215			177			151			156			161			411			317
Operating earnings		406			326			286			295			302			775			597
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	406		$	326		$	286		$	295		$	302		$	775		$	597


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	406		$	326		$	286		$	295		$	302		$	775		$	597
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(31	)		139			2			(93	)		67			174			(26	)
Net derivative gains (losses)		(134	)		127			(56	)		85			181			(54	)		266
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(24	)		(25	)		(29	)		(46	)		(47	)		(51	)		(93	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		39			(11	)		3			(28	)		(26	)		29			(54	)
Interest credited to policyholder account balances		(2	)		(1	)		(2	)		(1	)		-			(4	)		(1	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		53			(79	)		28			29			(61	)		(33	)		(32	)
Income (loss) from continuing operations, net of income tax		307			476			232			241			416			836			657
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		307			476			232			241			416			836			657
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		307			476			232			241			416			836			657
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	307		$	476		$	232		$	241		$	416		$	836		$	657

Total Operating Premiums, Fees and Other Revenues	$	455		$	1,680		$	886		$	508		$	650		$	998		$	1,158

LOGO


AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	116,067		$	112,858		$	110,904		$	112,048		$	112,918
Premiums and deposits		16,963			21,217			18,960			13,927			16,273
Surrenders and withdrawals		(18,124	)		(21,937	)		(17,483	)		(14,781	)		(16,542	)
Benefit payments		(951	)		(972	)		(939	)		(971	)		(947	)

Net Flows		(2,112	)		(1,692	)		538			(1,825	)		(1,216	)
Net transfers from (to) separate account		(11	)		(25	)		(4	)		(9	)		(16	)
Interest		951			955			967			966			961
Policy charges		(34	)		(32	)		(9	)		(31	)		(33	)
Other		(2,003	)		(1,160	)		(348	)		1,769			1,278

Balance, end of period	$	112,858		$	110,904		$	112,048		$	112,918		$	113,892

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	86,091		$	85,253		$	82,608		$	82,157		$	85,268
Premiums and deposits		1,074			1,239			2,588			1,997			1,512
Surrenders and withdrawals		(1,496	)		(1,458	)		(1,390	)		(1,269	)		(1,075	)
Benefit payments		(20	)		(13	)		(28	)		(21	)		(23	)

Net Flows		(442	)		(232	)		1,170			707			414
Investment performance		(1,036	)		(67	)		133			2,008			1,772
Net transfers from (to) general account		11			25			4			9			16
Policy charges		(86	)		(83	)		(106	)		(103	)		(93	)
Other		715			(2,288	)		(1,652	)		490			1,277

Balance, end of period	$	85,253		$	82,608		$	82,157		$	85,268		$	88,654

LOGO


AMERICAS CORPORATE BENEFIT FUNDING OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	78	$	69	$	72	$	74	$	64
Pension and post-retirement benefit costs		7		7		7		6		6
Premium taxes, other taxes, and licenses & fees		6		2		23		4		1
Total fixed operating expenses	$	91	$	78	$	102	$	84	$	71
Commissions and other variable expenses		39		35		43		36		38
Total other operating expenses	$	130	$	113	$	145	$	120	$	109

SPREAD
	For the Three Months Ended
Unaudited	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Investment income yield excluding variable investment income		4.81%		4.50%		4.53%		4.58%		4.68%
Variable investment income yield		0.50%		0.32%		0.20%		0.08%		0.23%
Total investment income yield		5.31%		4.82%		4.73%		4.66%		4.91%
Average crediting rate		3.27%		3.33%		3.35%		3.40%		3.41%
Annualized general account spread		2.04%		1.49%		1.38%		1.26%		1.50%

Annualized general account spread excluding variable investment income yield		1.54%		1.17%		1.18%		1.18%		1.27%

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	783		$	668		$	741		$	691		$	716		$	1,482		$	1,407
Universal life and investment-type product policy fees		301			261			260			268			269			595			537
Net investment income		283			279			267			257			247			501			504
Other revenues		7			11			14			7			9			17			16
Total operating revenues		1,374			1,219			1,282			1,223			1,241			2,595			2,464

Operating expenses
Policyholder benefits and claims and policyholder dividends		744			630			670			617			645			1,325			1,262
Interest credited to policyholder account balances		89			88			86			80			84			175			164
Capitalization of DAC		(100	)		(105	)		(110	)		(97	)		(96	)		(211	)		(193	)
Amortization of DAC and VOBA		86			57			82			73			75			164			148
Amortization of negative VOBA		(1	)		-			-			-			-			(1	)		-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		419			410			412			371			373			844			744
Total operating expenses		1,237			1,080			1,140			1,044			1,081			2,296			2,125
Operating earnings before provision for income tax		137			139			142			179			160			299			339
Provision for income tax expense (benefit)		21			(37	)		(8	)		42			32			52			74
Operating earnings		116			176			150			137			128			247			265
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	116		$	176		$	150		$	137		$	128		$	247		$	265


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	116		$	176		$	150		$	137		$	128		$	247		$	265
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			9			75			(22	)		18			(2	)		(4	)
Net derivative gains (losses)		(15	)		(108	)		9			84			(26	)		(36	)		58
Premiums		(1	)		(1	)		(1	)		-			-			(1	)		-
Universal life and investment-type product policy fees		1			2			2			-			-			3			-
Net investment income		4			(12	)		4			16			4			16			20
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(15	)		(23	)		(10	)		(43	)		(43	)		(9	)		(86	)
Interest credited to policyholder account balances		(16	)		(1	)		(19	)		(25	)		(19	)		(34	)		(44	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		3			3			3			2			2			6			4
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		9			33			(109	)		(21	)		15			14			(6	)
Income (loss) from continuing operations, net of income tax		86			78			104			128			79			204			207
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		86			78			104			128			79			204			207
Less: Net income (loss) attributable to noncontrolling interests		3			4			1			1			2			6			3
Net income (loss) attributable to MetLife, Inc.		83			74			103			127			77			198			204
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	83		$	74		$	103		$	127		$	77		$	198		$	204

Total Operating Premiums, Fees and Other Revenues	$	1,091		$	940		$	1,015		$	966		$	994		$	2,094		$	1,960

LOGO


AMERICAS LATIN AMERICA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	165	$	148	$	168	$	142	$	139
Pension and post-retirement benefit costs		-		1		1		1		1
Premium taxes, other taxes, and licenses & fees		20		19		19		18		20
Total fixed operating expenses	$	185	$	168	$	188	$	161	$	160
Commissions and other variable expenses		234		242		224		210		213
Total other operating expenses	$	419	$	410	$	412	$	371	$	373
Total other operating expenses, net of capitalization of DAC	$	319	$	305	$	302	$	274	$	277
Total other operating expenses on a constant currency basis	$	366	$	383	$	395	$	379	$	373
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	278	$	283	$	289	$	280	$	277

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Mexico	$	95	$	114	$	126	$	105	$	180
Chile		62		57		61		61		64
All other		96		84		84		94		82
Total sales	$	253	$	255	$	271	$	260	$	326

OTHER STATISTICAL INFORMATION

LATIN AMERICA
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Operating premiums, fees and other revenues	$	1,091	$	940	$	1,015	$	966	$	994
Operating earnings available to common shareholders	$	116	$	176	$	150	$	137	$	128
Net income (loss) available to MetLife, Inc.’s common shareholders	$	83	$	74	$	103	$	127	$	77

Operating premiums, fees and other revenues on a constant currency basis	$	955	$	882	$	982	$	984	$	994
Operating earnings available to common shareholders on a constant currency basis	$	94	$	166	$	136	$	138	$	128

LATIN AMERICA EXCLUDING U.S. DIRECT BUSINESS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Operating premiums, fees and other revenues	$	1,014	$	857	$	931	$	876	$	908
Total other operating expenses	$	364	$	348	$	359	$	310	$	323
Total other operating expenses, net of capitalization of DAC	$	281	$	267	$	264	$	237	$	243
Operating earnings available to common shareholders	$	136	$	183	$	157	$	151	$	137
Net income (loss) available to MetLife, Inc.’s common shareholders	$	103	$	80	$	111	$	141	$	85

Operating premiums, fees and other revenues on a constant currency basis	$	878	$	799	$	898	$	894	$	908
Total other operating expenses on a constant currency basis	$	311	$	321	$	342	$	318	$	323
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	240	$	245	$	251	$	243	$	243
Operating earnings available to common shareholders on a constant currency basis	$	114	$	173	$	143	$	152	$	137
Total sales on a constant currency basis	$	206	$	226	$	248	$	228	$	303

LOGO


ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	1,809		$	1,736		$	1,640		$	1,658		$	1,681		$	3,561		$	3,339
Universal life and investment-type product policy fees		400			382			363			350			370			797			720
Net investment income		679			670			642			618			678			1,363			1,296
Other revenues		28			26			23			17			16			56			33
Total operating revenues		2,916			2,814			2,668			2,643			2,745			5,777			5,388

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,375			1,331			1,229			1,236			1,324			2,715			2,560
Interest credited to policyholder account balances		328			327			317			319			324			665			643
Capitalization of DAC		(398	)		(435	)		(452	)		(385	)		(426	)		(833	)		(811	)
Amortization of DAC and VOBA		336			309			285			286			304			662			590
Amortization of negative VOBA		(78	)		(77	)		(68	)		(64	)		(57	)		(164	)		(121	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		869			896			942			851			877			1,773			1,728
Total operating expenses		2,432			2,351			2,253			2,243			2,346			4,818			4,589
Operating earnings before provision for income tax		484			463			415			400			399			959			799
Provision for income tax expense (benefit)		59			125			125			95			140			207			235
Operating earnings		425			338			290			305			259			752			564
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	425		$	338		$	290		$	305		$	259		$	752		$	564


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	425		$	338		$	290		$	305		$	259		$	752		$	564
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		57			325			51			223			140			125			363
Net derivative gains (losses)		9			107			(67	)		411			606			27			1,017
Premiums		-			-			-			426			-			-			426
Universal life and investment-type product policy fees		4			2			-			92			7			10			99
Net investment income		173			(194	)		76			(39	)		(134	)		302			(173	)
Other revenues		(9	)		(11	)		(9	)		-			3			(17	)		3
Policyholder benefits and claims and policyholder dividends		(44	)		(10	)		(9	)		(322	)		(7	)		(93	)		(329	)
Interest credited to policyholder account balances		(175	)		187			(78	)		78			114			(306	)		192
Capitalization of DAC		-			-			-			105			-			-			105
Amortization of DAC and VOBA		5			(2	)		-			(112	)		(12	)		(7	)		(124	)
Amortization of negative VOBA		9			8			8			32			6			19			38
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			(1	)		5			(193	)		(7	)		-			(200	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		111			(94	)		(28	)		(143	)		(204	)		101			(347	)
Income (loss) from continuing operations, net of income tax		565			655			239			863			771			913			1,634
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		565			655			239			863			771			913			1,634
Less: Net income (loss) attributable to noncontrolling interests		1			(3	)		6			-			1			1			1
Net income (loss) attributable to MetLife, Inc.		564			658			233			863			770			912			1,633
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	564		$	658		$	233		$	863		$	770		$	912		$	1,633

Total Operating Premiums, Fees and Other Revenues	$	2,237		$	2,144		$	2,026		$	2,025		$	2,067		$	4,414		$	4,092

LOGO


ASIA OPERATING PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Total operating premiums, fees and other revenues	$	2,237	$	2,144	$	2,026	$	2,025	$	2,067

Total operating premiums, fees and other revenues on a constant currency basis	$	2,381	$	2,351	$	2,192	$	2,125	$	2,067
Less: India operating premiums, fees and other revenues on a constant currency basis (1)		56		75		75		-		-
Total operating premiums, fees and other revenues excluding India on a constant currency basis		2,325		2,276		2,117		2,125		2,067
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (2), (3)		139		141		157		164		156
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,464	$	2,417	$	2,274	$	2,289	$	2,223

OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	320	$	314	$	339	$	305	$	309
Pension and post-retirement benefit costs		17		17		18		18		19
Premium taxes, other taxes, and licenses & fees		37		55		34		35		39
Total fixed operating expenses	$	374	$	386	$	391	$	358	$	367
Commissions and other variable expenses		495		510		551		493		510
Total other operating expenses	$	869	$	896	$	942	$	851	$	877
Total other operating expenses, net of capitalization of DAC	$	471	$	461	$	490	$	466	$	451

Total other operating expenses on a constant currency basis	$	921	$	985	$	1,007	$	890	$	877
Less: India other operating expenses on a constant currency basis (1)		32		31		40		-		-
Total other operating expenses excluding India on a constant currency basis		889		954		967		890		877
Add: Operating joint ventures other operating expenses on a constant currency basis (2), (3)		59		57		67		60		65
Total other operating expenses including operating joint ventures on a constant currency basis	$	948	$	1,011	$	1,034	$	950	$	942
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	510	$	522	$	536	$	517	$	491

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Japan:
Life	$	221	$	204	$	197	$	179	$	180
Accident & Health		131		116		107		87		90
Annuities		69		92		93		109		98
Other		7		5		5		3		4
Total Japan		428		417		402		378		372
Other Asia		183		223		231		175		218
Total sales	$	611	$	640	$	633	$	553	$	590

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
Operating earnings available to common shareholders	$	425	$	338	$	290	$	305	$	259
Operating earnings available to common shareholders on a constant currency basis	$	437	$	355	$	305	$	314	$	259
Net income (loss) available to MetLife, Inc.’s common shareholders	$	564	$	658	$	233	$	863	$	770
(1) Effective January 1, 2016, we no longer consolidate the results from our operating joint venture in India and, therefore, we do not report India’s results on the operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses lines on the statement of operating earnings available to common shareholders. The removal of India’s results from prior years’ operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses provides comparability between periods. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	525		$	501		$	502		$	500		$	519		$	1,033		$	1,019
Universal life and investment-type product policy fees		114			106			102			95			95			216			190
Net investment income		84			82			77			80			83			167			163
Other revenues		19			11			21			20			19			29			39
Total operating revenues		742			700			702			695			716			1,445			1,411

Operating expenses
Policyholder benefits and claims and policyholder dividends		265			233			251			261			283			504			544
Interest credited to policyholder account balances		34			27			29			29			30			64			59
Capitalization of DAC		(132	)		(107	)		(100	)		(101	)		(106	)		(265	)		(207	)
Amortization of DAC and VOBA		133			127			109			102			103			261			205
Amortization of negative VOBA		(4	)		(5	)		(3	)		(3	)		(4	)		(8	)		(7	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		389			352			366			333			336			751			669
Total operating expenses		685			627			652			621			642			1,307			1,263
Operating earnings before provision for income tax		57			73			50			74			74			138			148
Provision for income tax expense (benefit)		7			7			(4	)		11			10			18			21
Operating earnings		50			66			54			63			64			120			127
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	50		$	66		$	54		$	63		$	64		$	120		$	127


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	50		$	66		$	54		$	63		$	64		$	120		$	127
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			14			5			8			16			8			24
Net derivative gains (losses)		13			7			19			(1	)		3			14			2
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			(2	)		(1	)		6			7			(2	)		13
Net investment income		(249	)		(513	)		252			82			300			282			382
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			9			28			-			37
Interest credited to policyholder account balances		237			499			(241	)		(77	)		(281	)		(276	)		(358	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			2			1			-			(1	)		2			(1	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			(1	)		(2	)		(5	)		1			(7	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		7			12			(15	)		(14	)		(35	)		(19	)		(49	)
Income (loss) from continuing operations, net of income tax		63			85			73			74			96			130			170
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		63			85			73			74			96			130			170
Less: Net income (loss) attributable to noncontrolling interests		(1	)		3			-			1			1			1			2
Net income (loss) attributable to MetLife, Inc.		64			82			73			73			95			129			168
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	82		$	73		$	73		$	95		$	129		$	168

Total Operating Premiums, Fees and Other Revenues	$	658		$	618		$	625		$	615		$	633		$	1,278		$	1,248

LOGO


EMEA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Direct and allocated expenses	$	178	$	190	$	192	$	157	$	149
Pension and post-retirement benefit costs		1		2		1		1		1
Premium taxes, other taxes, and licenses & fees		2		4		-		5		4
Total fixed operating expenses	$	181	$	196	$	193	$	163	$	154
Commissions and other variable expenses		208		156		173		170		182
Total other operating expenses	$	389	$	352	$	366	$	333	$	336
Total other operating expenses, net of capitalization of DAC	$	257	$	245	$	266	$	232	$	230
Total other operating expenses on a constant currency basis	$	381	$	349	$	366	$	337	$	336
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	252	$	243	$	261	$	234	$	230

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Operating premiums, fees and other revenues	$	658	$	618	$	625	$	615	$	633
Operating earnings available to common shareholders	$	50	$	66	$	54	$	63	$	64
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64	$	82	$	73	$	73	$	95

Operating premiums, fees and other revenues on a constant currency basis	$	640	$	609	$	626	$	623	$	633
Operating earnings available to common shareholders on a constant currency basis	$	47	$	61	$	58	$	64	$	64
Total sales on a constant currency basis	$	246	$	221	$	231	$	269	$	270

LOGO


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)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	26		$	18		$	25		$	26		$	13		$	36		$	39
Universal life and investment-type product policy fees		26			26			24			24			25			49			49
Net investment income		129			12			69			82			44			238			126
Other revenues		19			23			24			27			27			39			54
Total operating revenues		200			79			142			159			109			362			268

Operating expenses
Policyholder benefits and claims and policyholder dividends		8			20			25			25			25			20			50
Interest credited to policyholder account balances		8			5			4			4			1			14			5
Capitalization of DAC		-			-			(1	)		(2	)		(2	)		-			(4	)
Amortization of DAC and VOBA		1			-			(1	)		2			3			1			5
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		306			294			301			308			299			603			607
Other operating expenses (1)		174			492			179			174			155			319			329
Total operating expenses		497			811			507			511			481			957			992
Operating earnings before provision for income tax		(297	)		(732	)		(365	)		(352	)		(372	)		(595	)		(724	)
Provision for income tax expense (benefit) (1)		(175	)		224			(214	)		(181	)		(184	)		(363	)		(365	)
Operating earnings		(122	)		(956	)		(151	)		(171	)		(188	)		(232	)		(359	)
Preferred stock dividends		31			6			49			6			46			61			52
Operating earnings available to common shareholders	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(234	)	$	(293	)	$	(411	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(122	)	$	(956	)	$	(151	)	$	(171	)	$	(188	)	$	(232	)	$	(359	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(181	)		(186	)		96			55			(70	)		(240	)		(15	)
Net derivative gains (losses)		(426	)		375			(143	)		476			466			(201	)		942
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		4			4			(2	)		(6	)		19			8			13
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		(1	)		(8	)		2			-			(3	)		(2	)		(3	)
Other operating expenses		(7	)		(21	)		4			(62	)		(132	)		(16	)		(194	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		206			(52	)		8			(132	)		(106	)		145			(238	)
Income (loss) from continuing operations, net of income tax		(527	)		(844	)		(186	)		160			(14	)		(538	)		146
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(527	)		(844	)		(186	)		160			(14	)		(538	)		146
Less: Net income (loss) attributable to noncontrolling interests		1			(9	)		1			-			-			1			-
Net income (loss) attributable to MetLife, Inc.		(528	)		(835	)		(187	)		160			(14	)		(539	)		146
Less: Preferred stock dividends		31			6			49			6			46			61			52
Preferred stock repurchase premium		42			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(601	)	$	(841	)	$	(236	)	$	154		$	(60	)	$	(642	)	$	94

Total Operating Premiums, Fees and Other Revenues	$	71		$	67		$	73		$	77		$	65		$	124		$	142
(1) The three months ended September 30, 2015 includes a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other operating expenses. See notable items on pages A-2 and A-3.
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Other business activities	$	12		$	5		$	10		$	8		$	5		$	24		$	13
Other net investment income		83			16			45			53			28			154			81
Interest expense on debt		(199	)		(191	)		(196	)		(200	)		(196	)		(392	)		(396	)
Preferred stock dividends		(31	)		(6	)		(49	)		(6	)		(46	)		(61	)		(52	)
Acquisition costs		-			-			-			-			-			-			-
Corporate initiatives and projects		(58	)		(45	)		(52	)		(28	)		(36	)		(97	)		(64	)
Incremental tax benefit (expense)		71			(480	)		86			58			54			155			112
Other		(31	)		(261	)		(44	)		(62	)		(43	)		(76	)		(105	)
Operating earnings available to common shareholders	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(234	)	$	(293	)	$	(411	)

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Fixed Maturity Securities
Yield (1)		4.79%			4.55%			4.55%			4.43%			4.40%
Investment income (2), (3), (4)	$	3,665		$	3,467		$	3,500		$	3,628		$	3,539
Investment gains (losses) (3)		115			88			(222	)		20			151
Ending carrying value (2), (3)		352,610			352,856			352,433			373,082			388,156
Mortgage Loans
Yield (1)		5.10%			4.95%			5.03%			4.68%			4.94%
Investment income (3), (4)		801			785			819			807			851
Investment gains (losses) (3)		(9	)		(26	)		(27	)		(64	)		(98	)
Ending carrying value (3)		63,744			63,349			66,930			68,482			69,240
Real Estate and Real Estate Joint Ventures
Yield (1)		7.40%			3.99%			5.11%			3.39%			2.84%
Investment income (3)		189			101			117			76			63
Investment gains (losses) (3)		(33	)		263			274			2			45
Ending carrying value		10,207			9,923			8,433			8,733			9,063
Policy Loans
Yield (1)		5.22%			5.09%			5.37%			5.19%			5.24%
Investment income		151			147			153			149			147
Ending carrying value		11,575			11,549			11,258			11,257			11,240
Equity Securities
Yield (1)		4.58%			4.66%			5.62%			5.02%			4.55%
Investment income		35			36			42			37			33
Investment gains (losses)		8			7			(2	)		(45	)		(3	)
Ending carrying value		3,677			3,399			3,321			3,374			3,333
Other Limited Partnership Interests
Yield (1)		12.38%			10.82%			(0.65	)%		2.71%			6.86%
Investment income		250			216			(12	)		46			120
Investment gains (losses)		(9	)		(59	)		(15	)		(27	)		(14	)
Ending carrying value		8,099			7,901			7,096			7,022			6,982
Cash and Short-term Investments
Yield (1)		1.05%			0.74%			1.40%			0.99%			1.23%
Investment income		33			23			40			25			31
Investment gains (losses)		(12	)		-			3			(7	)		6
Ending carrying value		22,668			25,173			22,051			24,910			26,905
Other Invested Assets (1)
Investment income		223			225			278			271			247
Investment gains (losses) (3)		(19	)		15			(21	)		(6	)		(63	)
Ending carrying value		20,409			23,356			22,524			27,095			31,834
Total Investments
Investment income yield (1)		5.08%			4.76%			4.68%			4.55%			4.61%
Investment fees and expenses yield		(0.15	)%		(0.14	)%		(0.16	)%		(0.16	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.93%			4.62%			4.52%			4.39%			4.47%
Investment income	$	5,347		$	5,000		$	4,937		$	5,039		$	5,031
Investment fees and expenses		(162	)		(151	)		(164	)		(167	)		(150	)
Net investment income including Divested businesses and Lag elimination		5,185			4,849			4,773			4,872			4,881
Less: Net investment income from Divested businesses and Lag elimination		-			-			-			166			-
Net Investment Income (3)	$	5,185		$	4,849		$	4,773		$	4,706		$	4,881
Ending Carrying Value (3)	$	492,989		$	497,506		$	494,046		$	523,955		$	546,753
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	41		$	288		$	(10	)	$	(127	)	$	24
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			(3	)		-
Investment Portfolio Gains (Losses) (3)	$	41		$	288		$	(10	)	$	(124	)	$	24
Gross investment gains	$	419		$	708		$	611		$	481		$	404
Gross investment losses		(261	)		(366	)		(491	)		(383	)		(158	)
Writedowns		(117	)		(54	)		(130	)		(222	)		(222	)
Investment Portfolio Gains (Losses) (3)		41			288			(10	)		(124	)		24
Investment portfolio gains (losses) income tax (expense) benefit		103			(53	)		(114	)		111			(12	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	144		$	235		$	(124	)	$	(13	)	$	12

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(1,103	)	$	279		$	(569	)	$	1,109		$	(2,284	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			149			-
Derivative gains (losses) (3)		(1,103	)		279			(569	)		960			(2,284	)
Derivative gains (losses) income tax (expense) benefit		382			(110	)		194			(326	)		830
Derivative Gains (Losses), Net of Income Tax	$	(721	)	$	169		$	(375	)	$	634		$	(1,454	)
(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 A-10 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 $1,257 million, $1,278 million, $1,031 million, $1,101 million and $648 million in ending carrying value, and $2 million, ($35) million, $17 million, $6 million and $10 million of investment income related to fair value option and trading securities at or for the three months ended June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016, 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 June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,189 million, $14,069 million, $13,981 million, $13,882 million and $13,657 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 $14 million, $14 million, $12 million, $10 million and $9 million and mortgage loans of $266 million, $204 million, $172 million, $169 million and $159 million and cash and short-term investments of $0, $0, $0, $1 million 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
	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	41		$	288		$	(10	)	$	(127	)	$	24
Operating joint venture adjustments		4			3			(2	)		(5	)		-
Net investment gains (losses) related to CSEs		2			(3	)		-			2			(1	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(180	)		94			74			145			243
Net investment gains (losses) - GAAP basis	$	(133	)	$	382		$	62		$	15		$	266

	For the Three Months Ended
	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(1,103	)	$	279		$	(569	)	$	1,109		$	(2,284	)
Investment hedge adjustments		180			194			202			221			188
Settlement of foreign currency earnings hedges		9			11			9			4			(3	)
PAB hedge adjustments		2			1			2			1			-
Net derivative gains (losses) - GAAP basis	$	(912	)	$	485		$	(356	)	$	1,335		$	(2,099	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Fixed Maturity Securities
Yield (1)		4.72%			4.66%			4.63%			4.43%			4.41%
Investment income (2), (3), (4)	$	7,234		$	10,701		$	14,201		$	3,628		$	7,167
Investment gains (losses) (3)		248			336			114			20			171
Ending carrying value (2), (3)		352,610			352,856			352,433			373,082			388,156
Mortgage Loans
Yield (1)		4.95%			4.95%			4.97%			4.68%			4.81%
Investment income (3), (4)		1,531			2,316			3,135			807			1,658
Investment gains (losses) (3)		(52	)		(78	)		(105	)		(64	)		(162	)
Ending carrying value (3)		63,744			63,349			66,930			68,482			69,240
Real Estate and Real Estate Joint Ventures
Yield (1)		5.23%			4.83%			4.89%			3.39%			3.11%
Investment income (3)		270			371			488			76			139
Investment gains (losses) (3)		(6	)		257			531			2			47
Ending carrying value		10,207			9,923			8,433			8,733			9,063
Policy Loans
Yield (1)		5.23%			5.18%			5.23%			5.19%			5.21%
Investment income		303			450			603			149			296
Ending carrying value		11,575			11,549			11,258			11,257			11,240
Equity Securities
Yield (1)		4.30%			4.42%			4.71%			5.02%			4.78%
Investment income		66			102			144			37			70
Investment gains (losses)		16			23			21			(45	)		(48	)
Ending carrying value		3,677			3,399			3,321			3,374			3,333
Other Limited Partnership Interests
Yield (1)		11.50%			11.27%			8.45%			2.71%			4.78%
Investment income		465			681			669			46			166
Investment gains (losses)		7			(52	)		(67	)		(27	)		(41	)
Ending carrying value		8,099			7,901			7,096			7,022			6,982
Cash and Short-term Investments
Yield (1)		1.02%			0.93%			1.04%			0.99%			1.10%
Investment income		66			89			129			25			56
Investment gains (losses)		(6	)		(6	)		(3	)		(7	)		(1	)
Ending carrying value		22,668			25,173			22,051			24,910			26,905
Other Invested Assets (1)
Investment income		550			775			1,053			271			518
Investment gains (losses) (3)		(1	)		14			(7	)		(6	)		(69	)
Ending carrying value		20,409			23,356			22,524			27,095			31,834
Total Investments
Investment income yield (1)		4.99%			4.91%			4.85%			4.55%			4.58%
Investment fees and expenses yield		(0.15	)%		(0.15	)%		(0.15	)%		(0.16	)%		(0.15	)%
Net Investment Income Yield (1), (3)		4.84%			4.76%			4.70%			4.39%			4.43%
Investment income	$	10,485		$	15,485		$	20,422		$	5,039		$	10,070
Investment fees and expenses		(318	)		(469	)		(633	)		(167	)		(317	)
Net investment income including Divested businesses and Lag elimination		10,167			15,016			19,789			4,872			9,753
Less: Net investment income from Divested businesses and Lag elimination		-			-			-			166			166
Net Investment Income (3)	$	10,167		$	15,016		$	19,789		$	4,706		$	9,587
Ending Carrying Value (3)	$	492,989		$	497,506		$	494,046		$	523,955		$	546,753
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	206		$	494		$	484		$	(127	)	$	(103	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			(3	)		(3	)
Investment Portfolio Gains (Losses) (3)	$	206		$	494		$	484		$	(124	)	$	(100	)
Gross investment gains	$	864		$	1,572		$	2,183		$	481		$	885
Gross investment losses		(497	)		(863	)		(1,354	)		(383	)		(541	)
Writedowns		(161	)		(215	)		(345	)		(222	)		(444	)
Investment Portfolio Gains (Losses) (3)		206			494			484			(124	)		(100	)
Investment portfolio gains (losses) income tax (expense) benefit		51			(2	)		(116	)		111			99
Investment Portfolio Gains (Losses), Net of Income Tax	$	257		$	492		$	368		$	(13	)	$	(1	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(492	)	$	(213	)	$	(782	)	$	1,109		$	(1,175	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			149			149
Derivative gains (losses) (3)		(492	)		(213	)		(782	)		960			(1,324	)
Derivative gains (losses) income tax (expense) benefit		165			55			249			(326	)		504
Derivative Gains (Losses), Net of Income Tax	$	(327	)	$	(158	)	$	(533	)	$	634		$	(820	)
(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 A-10 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 $1,257 million, $1,278 million, $1,031 million, $1,101 million and $648 million in ending carrying value, and $39 million, $4 million, $21 million, $6 million and $16 million of investment income related to fair value option and trading securities at or for the year-to-date period ended June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016, 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 June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,189 million, $14,069 million, $13,981 million, $13,882 million and $13,657 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 $14 million, $14 million, $12 million, $10 million and $9 million, mortgage loans of $266 million, $204 million, $172 million, $169 million and $159 million and cash and short-term investments of $0, $0, $0, $1 million 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
	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	206		$	494		$	484		$	(127	)	$	(103	)
Operating joint venture adjustments		3			6			4			(5	)		(5	)
Net investment gains (losses) related to CSEs		-			(3	)		(3	)		2			1
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(56	)		38			112			145			388
Net investment gains (losses) - GAAP basis	$	153		$	535		$	597		$	15		$	281

	For the Year-to-Date Period Ended
	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(492	)	$	(213	)	$	(782	)	$	1,109		$	(1,175	)
Investment hedge adjustments		380			574			776			221			409
Settlement of foreign currency earnings hedges		17			28			37			4			1
PAB hedge adjustments		4			5			7			1			1
Net derivative gains (losses) - GAAP basis	$	(91	)	$	394		$	38		$	1,335		$	(764	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

LOGO


INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	3,044		86.8%	$	3,510		80.3%	$	4,127		75.8%	$	2,850		77.1%	$	2,599		77.0%
20% or more for less than six months		190		5.4%		569		13.0%		954		17.5%		376		10.1%		358		10.6%
20% or more for six months or greater		275		7.8%		295		6.7%		364		6.7%		472		12.8%		418		12.4%
Total Gross Unrealized Losses	$	3,509		100.0%	$	4,374		100.0%	$	5,445		100.0%	$	3,698		100.0%	$	3,375		100.0%

Total Gross Unrealized Gains	$	26,029			$	26,749			$	23,883			$	32,267			$	40,062


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	29		39.7%	$	28		19.1%	$	26		16.5%	$	28		23.9%	$	23		28.0%
20% or more for less than six months		11		15.1%		84		57.1%		94		59.5%		40		34.2%		9		11.0%
20% or more for six months or greater		33		45.2%		35		23.8%		38		24.0%		49		41.9%		50		61.0%
Total Gross Unrealized Losses	$	73		100.0%	$	147		100.0%	$	158		100.0%	$	117		100.0%	$	82		100.0%

Total Gross Unrealized Gains	$	633			$	450			$	482			$	481			$	501

(1) The review of 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.

LOGO


INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
Unaudited (In millions, except ratios)		June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	101,146		28.8%	$	100,957		28.7%	$	100,794		28.7%	$	102,096		27.4%	$	104,615		27.0%
U.S. government and agency securities			57,538		16.4%		59,671		17.0%		61,646		17.5%		64,991		17.5%		69,737		18.0%
Foreign government securities			51,057		14.5%		50,523		14.4%		50,499		14.4%		56,656		15.2%		62,261		16.1%
Foreign corporate securities			59,098		16.8%		58,404		16.6%		57,198		16.3%		59,091		15.9%		59,212		15.3%
Residential mortgage-backed securities			41,518		11.8%		40,050		11.4%		38,797		11.0%		43,029		11.6%		44,598		11.5%
State and political subdivision securities			15,164		4.3%		15,479		4.4%		15,441		4.4%		16,539		4.4%		17,410		4.5%
Asset-backed securities			13,990		4.0%		14,132		4.0%		14,394		4.1%		16,202		4.4%		16,518		4.2%
Commercial mortgage-backed securities			11,842		3.4%		12,362		3.5%		12,633		3.6%		13,377		3.6%		13,157		3.4%
Total Fixed Maturity Securities Available-For-Sale		$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	248,764		70.8%	$	250,047		71.1%	$	250,803		71.4%	$	270,295		72.7%	$	284,264		73.4%
2	Baa		79,669		22.7%		79,358		22.6%		79,523		22.6%		80,082		21.5%		81,120		20.9%
3	Ba		15,621		4.4%		15,306		4.4%		15,142		4.3%		15,288		4.1%		14,987		3.9%
4	B		5,955		1.7%		5,407		1.5%		4,839		1.4%		5,121		1.4%		5,865		1.5%
5	Caa and lower		1,260		0.4%		1,383		0.4%		1,041		0.3%		1,136		0.3%		1,157		0.3%
6	In or near default		84		—%		77		—%		54		—%		59		—%		115		—%
Total Fixed Maturity Securities Available-For-Sale (1)		$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%
(1) Amounts presented are based on rating agency ratings and equivalent designations of the 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)		June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016
Traditional (2), (3)			$9,590				$9,325				$7,906				$8,267				$8,678
Real estate joint ventures and funds			577				553				482				418				337
Subtotal			10,167				9,878				8,388				8,685				9,015
Foreclosed			40				45				45				48				48
Total Real Estate and Real Estate Joint Ventures			$10,207				$9,923				$8,433				$8,733				$9,063
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

LOGO


INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
Unaudited (In millions)	June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016

Commercial mortgage loans		$42,953				$41,619				$44,012				$45,445				$45,165
Agricultural mortgage loans		12,498				12,771				13,188				13,226				13,434
Residential mortgage loans		8,618				9,270				10,048				10,192				11,108
Total Mortgage Loans		64,069				63,660				67,248				68,863				69,707
Valuation allowances		(325)				(311)				(318)				(381)				(467)
Total Mortgage Loans, net		$63,744				$63,349				$66,930				$68,482				$69,240
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 31, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,221		21.5%	$	9,208		22.1%	$	9,583		21.8%	$	10,360		22.8%	$	10,183		22.5%
Middle Atlantic		7,864		18.3%		7,743		18.6%		8,154		18.5%		8,072		17.8%		8,291		18.4%
International		7,222		16.8%		7,548		18.1%		7,889		17.9%		8,264		18.2%		8,114		18.0%
South Atlantic		6,355		14.8%		5,858		14.1%		6,127		13.9%		6,167		13.6%		5,765		12.8%
West South Central		4,404		10.3%		4,289		10.3%		4,311		9.8%		4,190		9.2%		4,228		9.4%
East North Central		2,260		5.3%		2,127		5.1%		2,346		5.3%		2,217		4.9%		2,115		4.7%
Mountain		1,168		2.7%		1,118		2.7%		1,117		2.5%		1,297		2.8%		1,549		3.4%
New England		1,352		3.1%		1,350		3.2%		1,367		3.1%		1,581		3.5%		1,423		3.1%
East South Central		390		0.9%		408		1.0%		512		1.2%		630		1.4%		618		1.4%
West North Central		150		0.3%		234		0.6%		520		1.2%		511		1.1%		509		1.1%
Multi-Region and Other		2,567		6.0%		1,736		4.2%		2,086		4.8%		2,156		4.7%		2,370		5.2%
Total	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%


Office	$	21,334		49.7%	$	19,951		47.9%	$	21,525		48.9%	$	22,037		48.5%	$	22,055		48.8%
Retail		9,982		23.2%		10,002		24.0%		10,466		23.8%		10,793		23.7%		11,109		24.6%
Apartment		4,806		11.2%		4,865		11.7%		5,171		11.7%		5,651		12.4%		5,872		13.0%
Hotel		4,431		10.3%		4,456		10.7%		4,396		10.0%		4,633		10.2%		4,048		9.0%
Industrial		2,205		5.1%		2,191		5.3%		2,334		5.3%		2,214		4.9%		2,008		4.4%
Other		195		0.5%		154		0.4%		120		0.3%		117		0.3%		73		0.2%
Total	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%

LOGO

Appendix

LOGO


APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	1,796		$	711		$	1,425		$	1,335		$	970		$	3,464		$	2,305
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(133	)		382			62			15			266			153			281
Net derivative gains (losses)		(912	)		485			(356	)		1,335			(2,099	)		(91	)		(764	)
Premiums - Divested businesses and Lag elimination		(1	)		(1	)		(1	)		426			-			(1	)		426
Universal life and investment-type product policy fees
Unearned revenue adjustments		3			1			(3	)		25			9			7			34
GMIB fees		95			96			97			101			104			189			205
Divested businesses and Lag elimination		1			2			2			67			-			3			67
Net investment income
Investment hedge adjustments		(180	)		(194	)		(202	)		(221	)		(188	)		(380	)		(409	)
Income from discontinued real estate operations		-			-			-			-			-			-			-
Operating joint venture adjustments		(4	)		(3	)		2			5			-			(3	)		5
Unit-linked contract income		(55	)		(701	)		343			(97	)		191			622			94
Securitization entities income		1			8			(2	)		-			3			2			3
Divested businesses and Lag elimination		-			-			-			166			-			-			166
Other revenues
Settlement of foreign currency earnings hedges		(9	)		(11	)		(9	)		(4	)		3			(17	)		(1	)
Divested businesses and Lag elimination		-			-			-			4			-			-			4
Policyholder benefits and claims and policyholder dividends
PDO adjustments		(10	)		(13	)		-			-			-			7			-
Inflation and pass through adjustments		25			(23	)		6			(71	)		(66	)		22			(137	)
GMIB costs		(150	)		149			(286	)		(6	)		(137	)		(262	)		(143	)
Market value adjustments		(45	)		(21	)		(19	)		(17	)		(10	)		(96	)		(27	)
Divested businesses and Lag elimination		-			-			(1	)		(306	)		-			-			(306	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(1	)		(2	)		(1	)		-			(4	)		(1	)
Unit-linked contract costs		46			685			(338	)		77			(186	)		(616	)		(109	)
Divested businesses and Lag elimination		-			-			-			(101	)		-			-			(101	)
Capitalization of DAC - Divested businesses and Lag elimination		-			-			-			105			-			-			105
Amortization of DAC and VOBA
Related to NIGL and NDGL		104			(28	)		27			(6	)		1,087			(8	)		1,081
Related to GMIB fees and GMIB costs		-			(132	)		(33	)		(36	)		(193	)		40			(229	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		-			-			-			(72	)		-			-			(72	)
Amortization of negative VOBA
Related to market value adjustments		9			8			8			10			6			19			16
Divested businesses and Lag elimination		-			-			-			22			-			-			22
Interest expense on debt
Securitization entities debt expense		(1	)		(8	)		2			-			(3	)		(2	)		(3	)
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other operating expenses
Noncontrolling interest		7			(11	)		12			5			4			12			9
Regulatory implementation costs		(1	)		-			-			-			-			(2	)		-
Acquisition, integration and other costs		(7	)		(6	)		(7	)		(6	)		(16	)		(15	)		(22	)
Divested businesses and Lag elimination		(3	)		(2	)		6			(254	)		(130	)		(4	)		(384	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		545			(174	)		109			(297	)		499			243			202
Income (loss) from continuing operations, net of income tax		1,119			1,198			842			2,203			114			3,282			2,317
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		1,119			1,198			842			2,203			114			3,282			2,317
Less: Net income (loss) attributable to noncontrolling interests		4			(5	)		8			2			4			9			6
Net income (loss) attributable to MetLife, Inc.		1,115			1,203			834			2,201			110			3,273			2,311
Less: Preferred stock dividends		31			6			49			6			46			61			52
Preferred stock repurchase premium		42			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,197		$	785		$	2,195		$	64		$	3,170		$	2,259
(1) For the three months ended March 31, 2016, and for the year-to-date period ended June 30, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods.

A-1

LOGO


APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan		$	-		$	(37	)	$	(137	)	$	(86	)	$	(9	)	$	-		$	(95	)
Catastrophe experience and prior year development, net			-			21			(9	)		(45	)		(15	)		(16	)		(60	)
Actuarial assumption review and other insurance adjustments			-			(92	)		-			-			(462	)		-			(462	)
Tax adjustments			61			(720	)		31			10			-			61			10
Total notable items		$	61		$	(828	)	$	(115	)	$	(121	)	$	(486	)	$	45		$	(607	)

RETAIL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan		$	-		$	(6	)	$	(57	)	$	(23	)	$	9		$	-		$	(14	)
Catastrophe experience and prior year development, net			(2	)		13			(7	)		(31	)		(9	)		(5	)		(40	)
Actuarial assumption review and other insurance adjustments			-			(107	)		-			-			(391	)		-			(391	)
Tax adjustments			-			13			-			-			-			-			-
Total notable items		$	(2	)	$	(87	)	$	(64	)	$	(54	)	$	(391	)	$	(5	)	$	(445	)

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
	Variable investment income, as compared to plan	$	-		$	(4	)	$	(47	)	$	(18	)	$	10		$	-		$	(8	)
	Catastrophe experience and prior year development, net		(2	)		13			(7	)		(31	)		(9	)		(5	)		(40	)
	Actuarial assumption review and other insurance adjustments		-			(69	)		-			-			(210	)		-			(210	)
	Tax adjustments		-			(1	)		-			-			-			-			-
	Total notable items	$	(2	)	$	(61	)	$	(54	)	$	(49	)	$	(209	)	$	(5	)	$	(258	)

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
	Variable investment income, as compared to plan	$	-		$	(2	)	$	(10	)	$	(5	)	$	(1	)	$	-		$	(6	)
	Actuarial assumption review and other insurance adjustments		-			(38	)		-			-			(181	)		-			(181	)
	Tax adjustments		-			14			-			-			-			-			-
	Total notable items	$	-		$	(26	)	$	(10	)	$	(5	)	$	(182	)	$	-		$	(187	)

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			J une 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan		$	-		$	11		$	(10	)	$	(5	)	$	(3	)	$	-		$	(8	)
Catastrophe experience and prior year development, net			2			8			(1	)		(12	)		(4	)		(10	)		(16	)
Total notable items		$	2		$	19		$	(11	)	$	(17	)	$	(7	)	$	(10	)	$	(24	)
(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

A-2

LOGO


APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	12		$	(9	)	$	(30	)	$	(2	)	$	-		$	(32	)
Actuarial assumption review and other insurance adjustments		-		-			-			-			(27	)		-			(27	)
Tax adjustments		-		(1	)		-			-			-			-			-
Total notable items	$	-	$	11		$	(9	)	$	(30	)	$	(29	)	$	-		$	(59	)

LATIN AMERICA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	(2	)	$	(3	)	$	(3	)	$	(2	)	$	-		$	(5	)
Catastrophe experience and prior year development, net		-		-			(1	)		(2	)		(2	)		(1	)		(4	)
Tax adjustments		-		60			31			(10	)		-			-			(10	)
Total notable items	$	-	$	58		$	27		$	(15	)	$	(4	)	$	(1	)	$	(19	)

ASIA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	(10	)	$	(24	)	$	(20	)	$	(10	)	$	-		$	(30	)
Actuarial assumption review and other insurance adjustments		-		9			-			-			(44	)		-			(44	)
Tax adjustments		61		-			-			20			-			61			20
Total notable items	$	61	$	(1	)	$	(24	)	$	-		$	(54	)	$	61		$	(54	)

EMEA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Actuarial assumption review and other insurance adjustments	$	-	$	6		$	-		$	-		$	-		$	-		$	-
Total notable items	$	-	$	6		$	-		$	-		$	-		$	-		$	-

CORPORATE & OTHER
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	(42	)	$	(34	)	$	(5	)	$	(1	)	$	-		$	(6	)
Tax adjustments		-		(792	)		-			-			-			-			-
Total notable items	$	-	$	(834	)	$	(34	)	$	(5	)	$	(1	)	$	-		$	(6	)

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

A-3

LOGO


APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Total MetLife, Inc.’s stockholders’ equity	$	69,377		$	70,503		$	67,949		$	75,775		$	79,179
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		67,311			68,437			65,883			73,709			77,113
Less: Net unrealized investment gains (losses), net of income tax		12,863			13,634			11,773			17,171			20,635
Defined benefit plans adjustment, net of income tax		(2,206	)		(2,169	)		(2,052	)		(2,024	)		(1,983	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		56,654			56,972			56,162			58,562			58,461
Less: Goodwill, net of income tax		9,508			9,398			9,314			9,555			9,670
VODA and VOCRA, net of income tax		546			522			494			483			470
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,600		$	47,052		$	46,354		$	48,524		$	48,321

Unaudited	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

Book value per common share (1)	$	60.27		$	61.39		$	60.00		$	67.10		$	70.18
Less: Net unrealized investment gains (losses), net of income tax		11.52			12.23			10.72			15.63			18.78
Defined benefit plans adjustment, net of income tax		(1.98	)		(1.95	)		(1.87	)		(1.84	)		(1.80	)
Book value per common share, excluding AOCI other than FCTA (1)		50.73			51.11			51.15			53.31			53.20
Less: Goodwill, net of income tax		8.51			8.43			8.48			8.70			8.79
VODA and VOCRA, net of income tax		0.49			0.47			0.45			0.44			0.43
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	41.73		$	42.21		$	42.22		$	44.17		$	43.98

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			December 31, 2015

Return on MetLife, Inc.’s:
Common stockholders’ equity		6.0%			7.1%			4.7%			12.6%			0.3%			7.5%
Common stockholders’ equity, excluding AOCI other than FCTA		7.4%			8.4%			5.6%			15.3%			0.4%			9.1%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		9.1%			10.3%			6.8%			18.6%			0.6%			11.2%

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		10.2%			4.2%			8.2%			7.6%			4.9%			8.0%
Common stockholders’ equity, excluding AOCI other than FCTA		12.5%			5.0%			9.7%			9.3%			6.3%			9.7%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		15.3%			6.1%			11.9%			11.3%			7.7%			11.9%

Average common stockholders’ equity	$	69,519		$	67,874		$	67,160		$	69,796		$	75,411		$	68,674
Average common stockholders’ equity, excluding AOCI other than FCTA	$	56,433		$	56,813		$	56,567		$	57,362		$	58,512		$	56,412
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,322		$	46,826		$	46,703		$	47,439		$	48,423		$	46,346

(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Net income available to common shareholders and operating earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016 of $12 million, $12 million, $12 million, $12 million and $12 million, respectively, and for the year ended December 31, 2015, of $48 million.

A-4

LOGO


APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
AMERICAS
RETAIL
Life & Other			12.3%		8.1%		8.7%		8.3%		(1.3)%
Annuities			13.2%		10.9%		12.4%		10.6%		6.2%
GROUP, VOLUNTARY & WORKSITE BENEFITS			14.4%		14.8%		13.3%		12.3%		15.6%
CORPORATE BENEFIT FUNDING			21.0%		16.9%		14.8%		14.4%		14.8%
LATIN AMERICA			13.3%		20.2%		17.2%		17.6%		16.5%
AMERICAS			14.8%		12.9%		12.6%		11.7%		8.6%
ASIA			14.8%		11.7%		10.1%		11.0%		9.4%
EMEA			6.0%		7.9%		6.5%		7.8%		7.9%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
AMERICAS			16.6%		14.6%		14.2%		13.0%		9.6%
ASIA			25.4%		20.2%		17.4%		19.0%		16.2%
EMEA			11.2%		14.6%		12.2%		13.5%		13.8%

RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
AMERICAS
RETAIL
Life & Other			8.4%		9.5%		5.4%		6.5%		3.0%
Annuities			12.8%		4.7%		4.0%		8.6%		(50.0)%
GROUP, VOLUNTARY & WORKSITE BENEFITS			2.4%		24.0%		8.3%		21.8%		28.8%
CORPORATE BENEFIT FUNDING			15.9%		24.6%		12.0%		11.8%		20.4%
LATIN AMERICA			9.5%		8.5%		11.8%		16.3%		9.9%
AMERICAS			10.4%		13.3%		7.3%		11.4%		(7.6)%
ASIA			19.6%		22.9%		8.1%		31.3%		27.9%
EMEA			7.7%		9.8%		8.8%		9.1%		11.8%

RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
AMERICAS			11.7%		15.0%		8.3%		12.6%		(8.3)%
ASIA			33.7%		39.3%		14.0%		53.7%		48.0%
EMEA			14.2%		18.0%		16.3%		15.6%		20.2%
(1) Annualized using quarter-to-date results. (2) Allocated equity and allocated tangible equity are presented below:
				ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)			2015		2016		2015		2016
	AMERICAS
	RETAIL
	Life & Other			$	9,006	$	8,323
	Annuities				12,469		13,645
	GROUP, VOLUNTARY & WORKSITE BENEFITS				6,420		5,670
	CORPORATE BENEFIT FUNDING				7,729		8,169
	LATIN AMERICA				3,480		3,110
	AMERICAS			$	39,104	$	38,917	$	34,900	$	35,200
	ASIA			$	11,509	$	11,045	$	6,708	$	6,431
	EMEA			$	3,332	$	3,226	$	1,865	$	1,919
(3) Operating earnings available to common shareholders used to calculate the operating return on allocated tangible equity and net income (loss) available to MetLife, Inc.’s common shareholders used to calculate the return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
	AMERICAS	$	8	$	8	$	8	$	8	$	8
	ASIA	$	1	$	1	$	1	$	1	$	1
	EMEA	$	2	$	2	$	3	$	2	$	2

A-5

LOGO


APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

RETAIL (1)	$	3,262		$	3,276		$	3,376		$	3,104		$	3,075
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)	$	4,401		$	4,393		$	4,337		$	4,610		$	4,590
CORPORATE BENEFIT FUNDING (1)	$	455		$	1,680		$	886		$	508		$	650
LATAM	$	955		$	882		$	982		$	984		$	994
ASIA	$	2,381		$	2,351		$	2,192		$	2,125		$	2,067
EMEA	$	640		$	609		$	626		$	623		$	633
CORPORATE & OTHER (1)	$	71		$	67		$	73		$	77		$	65

LATAM (excluding U.S. Direct Business)	$	878		$	799		$	898		$	894		$	908
ASIA (including operating joint ventures) (2), (3)	$	2,464		$	2,417		$	2,274		$	2,289		$	2,223
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

RETAIL (1)	$	690		$	523		$	582		$	532		$	184
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)	$	231		$	238		$	214		$	174		$	221
CORPORATE BENEFIT FUNDING (1)	$	406		$	326		$	286		$	295		$	302
LATAM	$	94		$	166		$	136		$	138		$	128
ASIA	$	437		$	355		$	305		$	314		$	259
EMEA	$	47		$	61		$	58		$	64		$	64
CORPORATE & OTHER (1)	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(234	)

LATAM (excluding U.S. Direct Business)	$	114		$	173		$	143		$	152		$	137
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Operating premiums, universal life and investment-type product policy fees and other revenues are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

A-6

LOGO


APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	856		$	867		$	869		$	865		$	868		$	1,701		$	1,733
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		42			39			34			22			32			83			54
Other revenues		6			5			6			15			6			11			21
Total operating revenues		904			911			909			902			906			1,795			1,808

Operating expenses
Policyholder benefits and claims and policyholder dividends		626			593			631			652			701			1,210			1,353
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(105	)		(113	)		(108	)		(98	)		(107	)		(201	)		(205	)
Amortization of DAC and VOBA		101			104			106			104			103			202			207
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		232			240			231			228			230			452			458
Total operating expenses		854			824			860			886			927			1,663			1,813
Operating earnings before provision for income tax		50			87			49			16			(21	)		132			(5	)
Provision for income tax expense (benefit)		3			20			5			(6	)		(19	)		20			(25	)
Operating earnings		47			67			44			22			(2	)		112			20
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	47		$	67		$	44		$	22		$	(2	)	$	112		$	20


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	47		$	67		$	44		$	22		$	(2	)	$	112		$	20
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		6			(6	)		(11	)		16			2			6			18
Net derivative gains (losses)		7			-			(2	)		(3	)		(1	)		2			(4	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(5	)		3			3			(4	)		(1	)		(3	)		(5	)
Income (loss) from continuing operations, net of income tax		55			64			34			31			(2	)		117			29
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		55			64			34			31			(2	)		117			29
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		55			64			34			31			(2	)		117			29
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	55		$	64		$	34		$	31		$	(2	)	$	117		$	29

Total Operating Premiums, Fees and Other Revenues	$	862		$	872		$	875		$	880		$	874		$	1,712		$	1,754
(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-7

LOGO


APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	444		$	445		$	442		$	436		$	433		$	886		$	869
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		23			20			18			11			18			45			29
Other revenues		4			3			3			3			3			7			6
Total operating revenues		471			468			463			450			454			938			904

Operating expenses
Policyholder benefits and claims and policyholder dividends		328			289			308			324			359			608			683
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(70	)		(72	)		(68	)		(61	)		(68	)		(132	)		(129	)
Amortization of DAC and VOBA		68			68			68			67			66			135			133
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		121			121			119			109			117			232			226
Total operating expenses		447			406			427			439			474			843			913
Operating earnings before provision for income tax		24			62			36			11			(20	)		95			(9	)
Provision for income tax expense (benefit)		1			16			6			(2	)		(14	)		19			(16	)
Operating earnings		23			46			30			13			(6	)		76			7
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	23		$	46		$	30		$	13		$	(6	)	$	76		$	7


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	23		$	46		$	30		$	13		$	(6	)	$	76		$	7
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		4			(4	)		(6	)		9			1			4			10
Net derivative gains (losses)		4			-			(1	)		(2	)		-			1			(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(3	)		2			2			(2	)		(1	)		(2	)		(3	)
Income (loss) from continuing operations, net of income tax		28			44			25			18			(6	)		79			12
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		28			44			25			18			(6	)		79			12
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		28			44			25			18			(6	)		79			12
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	28		$	44		$	25		$	18		$	(6	)	$	79		$	12

Total Operating Premiums, Fees and Other Revenues	$	448		$	448		$	445		$	439		$	436		$	893		$	875
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

A-8

LOGO


APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS—GROUP PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			June 30, 2015			June 30, 2016

Operating revenues
Premiums	$	412		$	422		$	427		$	429		$	435		$	815		$	864
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		19			19			16			11			14			38			25
Other revenues		2			2			3			12			3			4			15
Total operating revenues		433			443			446			452			452			857			904

Operating expenses
Policyholder benefits and claims and policyholder dividends		298			304			323			328			342			602			670
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(35	)		(41	)		(40	)		(37	)		(39	)		(69	)		(76	)
Amortization of DAC and VOBA		33			36			38			37			37			67			74
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		111			119			112			119			113			220			232
Total operating expenses		407			418			433			447			453			820			900
Operating earnings before provision for income tax		26			25			13			5			(1	)		37			4
Provision for income tax expense (benefit)		2			4			(1	)		(4	)		(5	)		1			(9	)
Operating earnings		24			21			14			9			4			36			13
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	24		$	21		$	14		$	9		$	4		$	36		$	13


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	24		$	21		$	14		$	9		$	4		$	36		$	13
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(2	)		(5	)		7			1			2			8
Net derivative gains (losses)		3			-			(1	)		(1	)		(1	)		1			(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(2	)		1			1			(2	)		-			(1	)		(2	)
Income (loss) from continuing operations, net of income tax		27			20			9			13			4			38			17
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		27			20			9			13			4			38			17
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		27			20			9			13			4			38			17
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	27		$	20		$	9		$	13		$	4		$	38		$	17

Total Operating Premiums, Fees and Other Revenues	$	414		$	424		$	430		$	441		$	438		$	819		$	879
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

A-9

LOGO


METLIFE NON-GAAP AND OTHER FINANCIAL DISCLOSURES In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	operating revenues	(i)	revenues
(ii)	operating expenses	(ii)	expenses
(iii)	operating premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	operating earnings	(iv)	income (loss) from continuing operations, net of income tax
(v)	operating earnings available to common shareholders	(v)	net income (loss) available to MetLife, Inc.’s common shareholders
(vi)	operating earnings available to common shareholders per diluted common share	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(vii)	operating return on equity	(vii)	return on equity
(viii)	investment portfolio gains (losses)	(viii)	net investment gains (losses)
(ix)	derivative gains (losses)	(ix)	net derivative gains (losses)
(x)	MetLife, Inc.’s tangible common stockholders’ equity	(x)	MetLife, Inc.’s stockholders’ equity
(xi)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xi)	MetLife, Inc.’s stockholders’ equity
Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com. Our definitions of the various non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies: Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with GAAP 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”). In addition, for the three months ended March 31, 2016 and for the year-to-date period ended June 30, 2016, operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods (“Lag elimination”). Operating revenues also excludes NIGL and NDGL. Operating expenses also excludes goodwill impairments. The following additional adjustments are made to 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 GMIB fees (“GMIB fees”);
•	Net investment income: (i) includes earned income on derivatives 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 (“Operating 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 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 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 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 earned income on derivatives 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 DAC and 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 operating expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition, integration and other 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.

A-10

LOGO

METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

The following additional information is relevant to an understanding of our performance results:

•

MetLife, Inc.’s tangible common stockholders’ equity or tangible equity - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - 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.

•

Allocated equity - portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

•

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

•

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 MetLife, Inc.’s average tangible common stockholders’ equity.

•

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

•

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

•

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 MetLife, Inc.’s average tangible common stockholders’ equity.

•

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

•

Operating return on allocated equity - operating earnings available to common shareholders divided by allocated equity.

•

Operating return on allocated tangible equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

•

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

•

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

•

Statistical sales information for Retail - Life sales are 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. Annuity sales consist of statutory premiums direct and assumed, excluding company sponsored internal exchanges. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

•

Statistical sales information for Latin America, Asia and EMEA - calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

•

All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

A-11

LOGO


METLIFE ACRONYMS
AOCI		Accumulated other comprehensive income (loss)
CSE		Consolidated securitization entity
DAC		Deferred policy acquisition costs
EMEA		Europe, the Middle East and Africa
FCTA		Foreign currency translation adjustments
GAAP		Accounting principles generally accepted in the United States of America
GMIB		Guaranteed minimum income benefits
LTC		Long-term care
NAIC		National Association of Insurance Commissioners
NDGL		Net derivative gains (losses)
NIGL		Net investment gains (losses)
PDO		Policyholder dividend obligation
PAB		Policyholder account balances
QFS		Quarterly financial supplement
VIE		Variable interest entity
VOBA		Value of business acquired
VOCRA		Value of customer relationships acquired
VODA		Value of distribution agreements

A-12

LOGO

METLIFE INC - FORM 8-K - EX-99.2 - August 3, 2016

Attached files