METLIFE INC - FORM 8-K - EX-99.2

METLIFE INC - FORM 8-K - EX-99.2 - May 3, 2017

Attached files

Attached files

file	filename
EX-99.3 - EX-99.3 - METLIFE INC	d373989dex993.htm
EX-99.1 - EX-99.1 - METLIFE INC	d373989dex991.htm
8-K - 8-K - METLIFE INC	d373989d8k.htm

Exhibit 99.2

LOGO

First Quarter

Financial Supplement

March 31, 2017

LOGO


METLIFE
TABLE OF CONTENTS

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			2

CORPORATE OVERVIEW			3

CONSOLIDATED BALANCE SHEETS			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			8

U.S.
Statements of Operating Earnings Available to Common Shareholders			9
Group Benefits - Statements of Operating Earnings Available to Common Shareholders			10
Retirement and Income Solutions - Statements of Operating Earnings Available to Common Shareholders			11
Property & Casualty - Statements of Operating Earnings Available to Common Shareholders			12
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			13
Group Benefits - Other Operating Expenses by Major Category and Other Statistical Information			14
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Retirement and Income Solutions - Other Operating Expenses by Major Category and Spread			16
Property & Casualty - Other Operating Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data			17

ASIA
Statements of Operating Earnings Available to Common Shareholders			18
Operating Premiums, Fees and Other Revenues; Other Operating Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			19

LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			20
Other Operating Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			21

EMEA
Statements of Operating Earnings Available to Common Shareholders			22
Other Operating Expenses by Major Category and Other Statistical Information			23

METLIFE HOLDINGS
Statements of Operating Earnings Available to Common Shareholders			24
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			25
Other Operating Expenses by Major Category and Spread by Product			26
Other Statistical Information			27

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			28

BRIGHTHOUSE FINANCIAL
Statements of Operating Earnings Available to Common Shareholders			29

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			30
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			32
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution			33
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			34

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement and Income Solutions, U.S. - Property & Casualty,			A-2
Asia, Latin America, EMEA, MetLife Holdings, Corporate & Other and Brighthouse Financial			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, Other Operating Expenses and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Non-GAAP and Other Financial Disclosures			A-7
Acronyms			A-9

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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Revenues
Premiums	$	9,693		$	9,417		$	10,391		$	9,652		$	9,315		$	9,693		$	9,315
Universal life and investment-type product policy fees		2,344			2,286			2,296			2,280			2,302			2,344			2,302
Net investment income		4,559			4,887			5,464			5,037			5,196			4,559			5,196
Other revenues		487			487			366			419			374			487			374
Net investment gains (losses)		15			266			257			(367	)		8			15			8
Net derivative gains (losses)		1,335			(2,099	)		(1,051	)		(4,945	)		(926	)		1,335			(926	)
Total revenues		18,433			15,244			17,723			12,076			16,269			18,433			16,269

Expenses
Policyholder benefits and claims		9,678			10,274			10,855			9,997			9,859			9,678			9,859
Interest credited to policyholder account balances		1,326			1,500			1,820			1,636			1,712			1,326			1,712
Policyholder dividends		315			324			312			305			317			315			317
Goodwill impairment		-			-			260			-			-			-			-
Capitalization of DAC		(981	)		(915	)		(863	)		(830	)		(796	)		(981	)		(796	)
Amortization of DAC and VOBA		995			121			1,017			508			533			995			533
Amortization of negative VOBA		(99	)		(67	)		(55	)		(48	)		(43	)		(99	)		(43	)
Interest expense on debt		312			306			292			291			296			312			296
Other expenses		3,965			3,801			3,537			3,782			3,574			3,965			3,574
Total expenses		15,511			15,344			17,175			15,641			15,452			15,511			15,452
Income (loss) from continuing operations before provision for income tax		2,922			(100	)		548			(3,565	)		817			2,922			817
Provision for income tax expense (benefit)		719			(214	)		(25	)		(1,479	)		(12	)		719			(12	)
Income (loss) from continuing operations, net of income tax		2,203			114			573			(2,086	)		829			2,203			829
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		2,203			114			573			(2,086	)		829			2,203			829
Less: Net income (loss) attributable to noncontrolling interests		2			4			(4	)		2			3			2			3
Net income (loss) attributable to MetLife, Inc.		2,201			110			577			(2,088	)		826			2,201			826
Less: Preferred stock dividends		6			46			6			45			6			6			6
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,195		$	64		$	571		$	(2,133	)	$	820		$	2,195		$	820

Total Premiums, Fees and Other Revenues	$	12,524		$	12,190		$	13,053		$	12,351		$	11,991		$	12,524		$	11,991

LOGO


METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,195		$	64		$	571		$	(2,133	)	$	820
Adjustments from net income (loss) available to MetLife, Inc.’s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses)		15			266			257			(367	)		8
Less: Net derivative gains (losses)		1,335			(2,099	)		(1,051	)		(4,945	)		(926	)
Less: Goodwill impairment		-			-			(260	)		-			-
Less: Other adjustments to continuing operations (1)		(185	)		478			(193	)		(20	)		(233	)
Less: Provision for income tax (expense) benefit		(297	)		499			393			1,786			428
Add: Net income (loss) attributable to noncontrolling interests		2			4			(4	)		2			3
Operating earnings available to common shareholders	$	1,329		$	924		$	1,421		$	1,415		$	1,546

Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (2)	$	1.98		$	0.06		$	0.51		$	(1.94	)	$	0.75
Less: Net investment gains (losses)		0.01			0.24			0.23			(0.33	)		0.01
Less: Net derivative gains (losses)		1.20			(1.89	)		(0.95	)		(4.46	)		(0.84	)
Less: Goodwill impairment		-			-			(0.23	)		-			-
Less: Other adjustments to continuing operations		(0.16	)		0.43			(0.17	)		(0.03	)		(0.22	)
Less: Provision for income tax (expense) benefit		(0.27	)		0.45			0.35			1.60			0.39
Add: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-
Operating earnings available to common shareholders per common share - diluted (2)	$	1.20		$	0.83		$	1.28		$	1.28		$	1.41


	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Notable items impacting operating earnings available to common shareholders:
Variable investment income	$	(86	)	$	(9	)	$	22		$	-		$	15
Catastrophe experience and prior year development, net		(45	)		(15	)		16			-			(45	)
Actuarial assumption review and other insurance adjustments		-			(462	)		(319	)		(58	)		34
Litigation reserves & settlement costs		-			-			-			-			(44	)
Tax adjustments		10			-			-			-			-
Expense initiative costs		-			-			-			(28	)		(21	)
Total notable items (3)	$	(121	)	$	(486	)	$	(281	)	$	(86	)	$	(61	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income	$	(0.08	)	$	(0.01	)	$	0.02		$	-		$	0.01
Catastrophe experience and prior year development, net	$	(0.04	)	$	(0.01	)	$	0.01		$	-		$	(0.04	)
Actuarial assumption review and other insurance adjustments	$	-		$	(0.42	)	$	(0.29	)	$	(0.05	)	$	0.03
Litigation reserves & settlement costs	$	-		$	-		$	-		$	-		$	(0.04	)
Tax adjustments	$	0.01		$	-		$	-		$	-		$	-
Expense initiative costs	$	-		$	-		$	-		$	(0.03	)	$	(0.02	)
Total notable items (3)	$	(0.11	)	$	(0.44	)	$	(0.25	)	$	(0.08	)	$	(0.06	)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Weighted average common shares outstanding - diluted		1,108.6			1,109.1			1,109.3			1,108.8			1,098.7
(1) See Page A-1 for further detail. (2) For the three months ended December 31, 2016, 8.6 million shares related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted. (3) These notable items represent a positive (negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a stand alone basis and may not sum to total notable items. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan, such as 2017 expense initiative costs, to help investors have a better understanding of Company results and to evaluate and forecast those results.

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	March 31, 2016			June 30, 2016		September 30, 2016		December 31, 2016			March 31, 2017

Book value per common share (1)	$	67.10		$	70.18	$	69.35	$	59.56		$	60.91
Book value per common share, excluding AOCI other than FCTA (1)	$	53.31		$	53.20	$	53.40	$	49.83		$	50.52
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	44.17		$	43.98	$	44.40	$	41.14		$	41.64

	For the Three Months Ended
Unaudited	March 31, 2016			June 30, 2016		September 30, 2016		December 31, 2016			March 31, 2017

Return on MetLife, Inc.’s (2):
Common stockholders’ equity		12.6%			0.3%		3.0%		(12.1)%			5.0%
Common stockholders’ equity, excluding AOCI other than FCTA		15.3%			0.4%		3.9%		(15.1)%			6.0%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		18.6%			0.6%		4.8%		(18.1)%			7.4%

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity		7.6%			4.9%		7.4%		8.0%			9.4%
Common stockholders’ equity, excluding AOCI other than FCTA		9.3%			6.3%		9.7%		10.0%			11.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		11.3%			7.7%		11.8%		12.2%			13.8%

	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016		September 30, 2016		December 31, 2016			March 31, 2017

Common shares outstanding, beginning of period		1,098.0			1,098.5		1.098.8		1,099.0			1,095.5
Share repurchases		(1.4	)		-		-		(5.5	)		(16.0	)
Newly issued shares		1.9			0.3		0.2		2.0			1.8
Common shares outstanding, end of period		1,098.5			1,098.8		1,099.0		1,095.5			1,081.3

Weighted average common shares outstanding - basic		1,100.8			1,100.3		1,100.5		1,100.2			1,090.4
Dilutive effect of the exercise or issuance of stock-based awards		7.8			8.8		8.8		8.6			8.3
Weighted average common shares outstanding - diluted		1,108.6			1,109.1		1,109.3		1,108.8			1,098.7

MetLife Policyholder Trust Shares		169.8			167.2		165.6		163.3			161.3
(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, 2016.

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017				March 31, 2016			March 31, 2017

Total revenues	$	18,433		$	15,244		$	17,723		$	12,076		$	16,269			$	18,433		$	16,269
Less: Net investment (gains) losses		15			266			257			(367	)		8				15			8
Less: Net derivative (gains) losses		1,335			(2,099	)		(1,051	)		(4,945	)		(926	)			1,335			(926	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		25			9			(6	)		-			-				25			-
Less: other adjustments to revenues:
GMIB fees		101			104			103			103			101		`		101			101
Investment hedge adjustments		(221	)		(188	)		(226	)		(243	)		(214	)			(221	)		(214	)
Operating joint venture adjustments		5			-			-			1			(1	)			5			(1	)
Unit-linked contract income		(97	)		191			529			327			416				(97	)		416
Securitization entities income		-			3			1			(1	)		-				-			-
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6				(4	)		6
Divested business and Lag elimination		663			-			-			-			-				663			-
Total operating revenues	$	16,611		$	16,955		$	18,109		$	17,203		$	16,879			$	16,611		$	16,879


	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017				March 31, 2016			March 31, 2017

Total premiums, fees and other revenues	$	12,524		$	12,190		$	13,053		$	12,351		$	11,991			$	12,524		$	11,991
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		25			9			(6	)		-			-				25			-
GMIB fees		101			104			103			103			101				101			101
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6				(4	)		6
Divested business and Lag elimination		497			-			-			-			-				497			-
Total operating premiums, fees and other revenues	$	11,905		$	12,074		$	12,949		$	12,250		$	11,884			$	11,905		$	11,884
Total operating premiums, fees and other revenues on a constant currency basis	$	11,893		$	11,934		$	12,715		$	12,186		$	11,884

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Total expenses	$	15,511		$	15,344		$	17,175		$	15,641		$	15,452		$	15,511		$	15,452
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		6			(1,087	)		(209	)		(338	)		(241	)		6			(241	)
Less: Goodwill impairment		-			-			260			-			-			-			-
Less: other adjustments to expenses:
Inflation and pass through adjustments		71			66			(21	)		(198	)		26			71			26
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		42			330			248			291			245			42			245
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		7			4			7			6			3			7			3
PAB hedge adjustments		1			-			-			(1	)		-			1			-
Unit-linked contract costs		(77	)		186			505			318			402			(77	)		402
Securitization entities debt expense		-			3			1			(1	)		-			-			-
Noncontrolling interest		(5	)		(4	)		7			(4	)		(4	)		(5	)		(4	)
Regulatory implementation costs		-			-			-			1			-			-			-
Acquisition, integration and other costs		6			16			11			31			8			6			8
Divested businesses and Lag elimination		606			130			52			100			102			606			102
Total operating expenses	$	14,854		$	15,700		$	16,314		$	15,436		$	14,911		$	14,854		$	14,911


	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Capitalization of DAC (GAAP)	$	(981	)	$	(915	)	$	(863	)	$	(830	)	$	(796	)	$	(981	)	$	(796	)
Less: Divested business and Lag elimination		(105	)		-			-			-			-			(105	)		-
Capitalization of DAC	$	(876	)	$	(915	)	$	(863	)	$	(830	)	$	(796	)	$	(876	)	$	(796	)


	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Other expenses	$	3,965		$	3,801		$	3,537		$	3,782		$	3,574		$	3,965		$	3,574
Less: Noncontrolling interest		(5	)		(4	)		7			(4	)		(4	)		(5	)		(4	)
Less: Regulatory implementation costs		-			-			-			1			-			-			-
Less: Acquisition, integration and other costs		6			16			11			31			8			6			8
Less: Divested business and Lag elimination		254			130			52			101			102			254			102
Other operating expenses	$	3,710		$	3,659		$	3,467		$	3,653		$	3,468		$	3,710		$	3,468
Other operating expenses on a constant currency basis	$	3,709		$	3,602		$	3,373		$	3,631		$	3,468


	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Total Company other operating expenses by major category
Direct and allocated expenses	$	1,632		$	1,599		$	1,537		$	1,739		$	1,586		$	1,632		$	1,586
Pension and post-retirement benefit costs		105			106			81			85			80			105			80
Premium taxes, other taxes, and licenses & fees		206			189			188			159			189			206			189
Total fixed operating expenses	$	1,943		$	1,894		$	1,806		$	1,983		$	1,855		$	1,943		$	1,855
Commissions and other variable expenses		1,767			1,765			1,661			1,670			1,613			1,767			1,613
Total other operating expenses	$	3,710		$	3,659		$	3,467		$	3,653		$	3,468		$	3,710		$	3,468

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	371,981		$	387,508		$	390,442		$	350,889		$	355,528
Equity securities available-for-sale, at estimated fair value		3,374			3,333			3,289			3,194			3,377
Fair value option securities, at estimated fair value		14,993			14,314			14,730			13,923			14,399
Mortgage loans		68,651			69,399			71,156			74,545			76,541
Policy loans		11,257			11,240			11,177			11,028			11,115
Real estate and real estate joint ventures		8,733			9,063			9,186			9,041			9,464
Other limited partnership interests		7,022			6,982			6,878			6,778			6,762
Short-term investments, principally at estimated fair value		11,621			9,838			11,655			7,810			9,968
Other invested assets, principally at estimated fair value		27,095			31,834			30,278			23,185			19,724
Total investments		524,727			543,511			548,791			500,393			506,878
Cash and cash equivalents, principally at estimated fair value		13,290			17,067			15,883			17,877			17,411
Accrued investment income		4,198			3,884			4,197			3,988			3,984
Premiums, reinsurance and other receivables		27,843			26,035			26,178			26,081			25,916
Deferred policy acquisition costs and value of business acquired		23,973			24,748			24,748			24,798			25,547
Current income tax recoverable		125			51			-			20			25
Goodwill		9,729			9,852			9,592			9,220			9,350
Other assets		7,496			7,747			7,867			7,767			8,055
Separate account assets		306,047			309,672			315,648			308,620			317,521
Total assets	$	917,428		$	942,567		$	952,904		$	898,764		$	914,687

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	196,967		$	204,461		$	208,561		$	199,971		$	203,226
Policyholder account balances		207,593			213,526			216,192			210,235			214,757
Other policy-related balances		14,435			14,447			14,857			14,386			14,713
Policyholder dividends payable		706			734			763			708			699
Policyholder dividend obligation		2,586			3,343			3,352			1,931			1,983
Payables for collateral under securities loaned and other transactions		41,165			45,790			44,422			33,264			32,899
Short-term debt		100			103			201			242			260
Long-term debt		17,915			16,586			16,553			16,502			16,511
Collateral financing arrangements		4,127			4,113			4,084			4,071			4,059
Junior subordinated debt securities		3,168			3,168			3,168			3,169			3,169
Current income tax payable		-			-			151			-			-
Deferred income tax liability		13,776			14,966			14,359			9,367			9,550
Other liabilities		32,878			32,285			32,127			28,818			27,232
Separate account liabilities		306,047			309,672			315,648			308,620			317,521
Total liabilities		841,463			863,194			874,438			831,284			846,579

Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,769			30,783			30,797			30,944			30,990
Retained earnings		37,301			36,924			37,054			34,480			34,863
Treasury stock, at cost		(3,172	)		(3,172	)		(3,172	)		(3,474	)		(4,332	)
Accumulated other comprehensive income (loss)		10,865			14,632			13,595			5,347			6,396
Total MetLife, Inc.’s stockholders’ equity		75,775			79,179			78,286			67,309			67,929
Noncontrolling interests		190			194			180			171			179
Total equity		75,965			79,373			78,466			67,480			68,108
Total liabilities and equity	$	917,428		$	942,567		$	952,904		$	898,764		$	914,687

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
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Operating earnings before provision for income tax
U.S.
GROUP BENEFITS	$	229		$	288		$	296		$	277		$	298
RETIREMENT AND INCOME SOLUTIONS		370			399			472			458			429
PROPERTY & CASUALTY		16			(21	)		72			49			28
TOTAL U.S.	$	615		$	666		$	840		$	784		$	755
ASIA		400			399			466			469			441
LATIN AMERICA		201			175			186			139			181
EMEA		74			74			85			82			87
METLIFE HOLDINGS		392			(76	)		387			284			570
CORPORATE & OTHER		(367	)		(385	)		(277	)		(422	)		(376	)
BRIGHTHOUSE FINANCIAL (1)		442			402			108			431			310
Total operating earnings before provision for income tax	$	1,757		$	1,255		$	1,795		$	1,767		$	1,968

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	87		$	103		$	110		$	103		$	104
RETIREMENT AND INCOME SOLUTIONS		128			139			164			159			149
PROPERTY & CASUALTY		(6	)		(19	)		14			6			(1	)
TOTAL U.S.	$	209		$	223		$	288		$	268		$	252
ASIA		95			140			142			115			146
LATIN AMERICA		50			38			53			17			38
EMEA		11			10			11			10			12
METLIFE HOLDINGS		125			(43	)		121			85			185
CORPORATE & OTHER		(183	)		(188	)		(287	)		(289	)		(283	)
BRIGHTHOUSE FINANCIAL (1)		115			105			40			101			66
Total provision for income tax expense (benefit)	$	422		$	285		$	368		$	307		$	416

Operating earnings available to common shareholders
U.S.
GROUP BENEFITS	$	142		$	185		$	186		$	174		$	194
RETIREMENT AND INCOME SOLUTIONS		242			260			308			299			280
PROPERTY & CASUALTY		22			(2	)		58			43			29
TOTAL U.S.	$	406		$	443		$	552		$	516		$	503
ASIA		305			259			324			354			295
LATIN AMERICA		151			137			133			122			143
EMEA		63			64			74			72			75
METLIFE HOLDINGS		267			(33	)		266			199			385
CORPORATE & OTHER (2)		(190	)		(243	)		4			(178	)		(99	)
BRIGHTHOUSE FINANCIAL (1)		327			297			68			330			244
Total operating earnings available to common shareholders (2)	$	1,329		$	924		$	1,421		$	1,415		$	1,546

OPERATING RETURN ON ALLOCATED EQUITY (1), (3)
	For the Three Months Ended
Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

U.S.
GROUP BENEFITS		19.7%			25.7%			25.8%			24.1%			27.6%
RETIREMENT AND INCOME SOLUTIONS		14.2%			15.3%			18.1%			17.6%			20.2%
PROPERTY & CASUALTY		7.8%			(0.7)%			20.5%			15.2%			6.2%
TOTAL U.S.		15.0%			16.4%			20.4%			19.1%			19.7%
ASIA		11.0%			9.4%			11.7%			12.8%			9.4%
LATIN AMERICA		19.7%			17.9%			17.3%			15.9%			19.5%
EMEA		7.8%			7.9%			9.2%			8.9%			9.3%
METLIFE HOLDINGS		9.6%			(1.2)%			9.6%			7.2%			13.7%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (1), (3)
	For the Three Months Ended
Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

U.S.		16.5%			18.0%			22.4%			21.0%			22.9%
ASIA		19.0%			16.2%			20.2%			22.1%			15.0%
LATIN AMERICA		31.2%			28.3%			27.5%			25.2%			33.6%
EMEA		13.5%			13.8%			15.8%			15.6%			15.3%
METLIFE HOLDINGS		10.3%			(1.1)%			10.2%			7.7%			15.3%
(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis; therefore, return on equity calculations for the Brighthouse Financial segment are not presented in this QFS. (2) Includes impact of preferred stock dividends of $6 million, $46 million, $6 million, $45 million and $6 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017, respectively. (3) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

LOGO


U.S. STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	5,020		$	5,171		$	5,936		$	5,374		$	5,185		$	5,020		$	5,185
Universal life and investment-type product policy fees		250			248			245			246			265			250			265
Net investment income		1,460			1,565			1,590			1,591			1,612			1,460			1,612
Other revenues		204			193			192			195			204			204			204
Total operating revenues		6,934			7,177			7,963			7,406			7,266			6,934			7,266

Operating expenses
Policyholder benefits and claims and policyholder dividends		5,046			5,270			5,894			5,348			5,235			5,046			5,235
Interest credited to policyholder account balances		322			323			322			335			351			322			351
Capitalization of DAC		(111	)		(121	)		(124	)		(115	)		(100	)		(111	)		(100	)
Amortization of DAC and VOBA		118			118			117			118			114			118			114
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			3			2			2			2			2			2
Other operating expenses		942			918			912			934			909			942			909
Total operating expenses		6,319			6,511			7,123			6,622			6,511			6,319			6,511
Operating earnings before provision for income tax		615			666			840			784			755			615			755
Provision for income tax expense (benefit)		209			223			288			268			252			209			252
Operating earnings		406			443			552			516			503			406			503
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	406		$	443		$	552		$	516		$	503		$	406		$	503


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	406		$	443		$	552		$	516		$	503		$	406		$	503
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(101	)		70			44			(19	)		(26	)		(101	)		(26	)
Net derivative gains (losses)		204			328			(20	)		(459	)		(148	)		204			(148	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(59	)		(60	)		(73	)		(72	)		(66	)		(59	)		(66	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(7	)		(6	)		(1	)		12			(1	)		(7	)		(1	)
Interest credited to policyholder account balances		-			1			1			1			1			-			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		(13	)		(111	)		17			188			84			(13	)		84
Income (loss) from continuing operations, net of income tax		430			665			520			167			347			430			347
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		430			665			520			167			347			430			347
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		430			665			520			167			347			430			347
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	430		$	665		$	520		$	167		$	347		$	430		$	347

Total Operating Premiums, Fees and Other Revenues	$	5,474		$	5,612		$	6,373		$	5,815		$	5,654		$	5,474		$	5,654

LOGO


U.S. GROUP BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	3,810		$	3,787		$	3,740		$	3,722		$	3,971		$	3,810		$	3,971
Universal life and investment-type product policy fees		185			197			194			194			204			185			204
Net investment income		274			281			309			276			285			274			285
Other revenues		119			115			116			117			125			119			125
Total operating revenues		4,388			4,380			4,359			4,309			4,585			4,388			4,585

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,525			3,475			3,453			3,404			3,670			3,525			3,670
Interest credited to policyholder account balances		34			34			35			34			34			34			34
Capitalization of DAC		(13	)		(13	)		(11	)		(11	)		(9	)		(13	)		(9	)
Amortization of DAC and VOBA		9			11			10			9			10			9			10
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			-			-			-
Other operating expenses		604			584			576			596			582			604			582
Total operating expenses		4,159			4,092			4,063			4,032			4,287			4,159			4,287
Operating earnings before provision for income tax		229			288			296			277			298			229			298
Provision for income tax expense (benefit)		87			103			110			103			104			87			104
Operating earnings		142			185			186			174			194			142			194
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	142		$	185		$	186		$	174		$	194		$	142		$	194


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	142		$	185		$	186		$	174		$	194		$	142		$	194
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(30	)		4			14			(7	)		6			(30	)		6
Net derivative gains (losses)		169			182			3			(340	)		(34	)		169			(34	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(28	)		(27	)		(29	)		(27	)		(21	)		(28	)		(21	)
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		(40	)		(49	)		4			131			17			(40	)		17
Income (loss) from continuing operations, net of income tax		213			295			178			(69	)		162			213			162
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		213			295			178			(69	)		162			213			162
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		213			295			178			(69	)		162			213			162
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	213		$	295		$	178		$	(69	)	$	162		$	213		$	162

Total Operating Premiums, Fees and Other Revenues	$	4,114		$	4,099		$	4,050		$	4,033		$	4,300		$	4,114		$	4,300

LOGO


U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	345		$	516		$	1,317		$	770		$	346		$	345		$	346
Universal life and investment-type product policy fees		65			51			51			52			61			65			61
Net investment income		1,164			1,252			1,249			1,287			1,285			1,164			1,285
Other revenues		70			72			73			73			72			70			72
Total operating revenues		1,644			1,891			2,690			2,182			1,764			1,644			1,764

Operating expenses
Policyholder benefits and claims and policyholder dividends		869			1,094			1,830			1,302			903			869			903
Interest credited to policyholder account balances		288			289			287			301			317			288			317
Capitalization of DAC		-			(1	)		(5	)		(6	)		(2	)		-			(2	)
Amortization of DAC and VOBA		5			4			4			5			5			5			5
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			2			2
Other operating expenses		110			104			100			120			110			110			110
Total operating expenses		1,274			1,492			2,218			1,724			1,335			1,274			1,335
Operating earnings before provision for income tax		370			399			472			458			429			370			429
Provision for income tax expense (benefit)		128			139			164			159			149			128			149
Operating earnings		242			260			308			299			280			242			280
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	242		$	260		$	308		$	299		$	280		$	242		$	280


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	242		$	260		$	308		$	299		$	280		$	242		$	280
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(87	)		64			27			(9	)		(38	)		(87	)		(38	)
Net derivative gains (losses)		38			147			(21	)		(124	)		(111	)		38			(111	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(31	)		(33	)		(44	)		(45	)		(45	)		(31	)		(45	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(7	)		(6	)		(1	)		12			(1	)		(7	)		(1	)
Interest credited to policyholder account balances		-			1			1			1			1			-			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		31			(61	)		13			58			68			31			68
Income (loss) from continuing operations, net of income tax		186			372			283			192			154			186			154
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		186			372			283			192			154			186			154
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		186			372			283			192			154			186			154
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	186		$	372		$	283		$	192		$	154		$	186		$	154

Total Operating Premiums, Fees and Other Revenues	$	480		$	639		$	1,441		$	895		$	479		$	480		$	479

LOGO


U.S. PROPERTY & CASUALTY STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	865		$	868		$	879		$	882		$	868		$	865		$	868
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			32			32			28			42			22			42
Other revenues		15			6			3			5			7			15			7
Total operating revenues		902			906			914			915			917			902			917

Operating expenses
Policyholder benefits and claims and policyholder dividends		652			701			611			642			662			652			662
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(98	)		(107	)		(108	)		(98	)		(89	)		(98	)		(89	)
Amortization of DAC and VOBA		104			103			103			104			99			104			99
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		228			230			236			218			217			228			217
Total operating expenses		886			927			842			866			889			886			889
Operating earnings before provision for income tax		16			(21	)		72			49			28			16			28
Provision for income tax expense (benefit)		(6	)		(19	)		14			6			(1	)		(6	)		(1	)
Operating earnings		22			(2	)		58			43			29			22			29
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	22		$	(2	)	$	58		$	43		$	29		$	22		$	29


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	22		$	(2	)	$	58		$	43		$	29		$	22		$	29
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		16			2			3			(3	)		6			16			6
Net derivative gains (losses)		(3	)		(1	)		(2	)		5			(3	)		(3	)		(3	)
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		(4	)		(1	)		-			(1	)		(1	)		(4	)		(1	)
Income (loss) from continuing operations, net of income tax		31			(2	)		59			44			31			31			31
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		31			(2	)		59			44			31			31			31
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		31			(2	)		59			44			31			31			31
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	31		$	(2	)	$	59		$	44		$	31		$	31		$	31

Total Operating Premiums, Fees and Other Revenues	$	880		$	874		$	882		$	887		$	875		$	880		$	875

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U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	18,668		$	18,741		$	18,796		$	18,902		$	18,909
Premiums and deposits		4,629			4,611			4,665			4,480			4,819
Surrenders and withdrawals		(580	)		(600	)		(630	)		(581	)		(605	)
Benefit payments		(3,565	)		(3,512	)		(3,500	)		(3,430	)		(3,719	)

Net Flows		484			499			535			469			495
Net transfers from (to) separate account		-			-			4			-			(1	)
Interest		132			131			132			130			131
Policy charges		(144	)		(146	)		(146	)		(147	)		(150	)
Other		(399	)		(429	)		(419	)		(445	)		(402	)

Balance, end of period	$	18,741		$	18,796		$	18,902		$	18,909		$	18,982

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	638		$	625		$	628		$	749		$	761
Premiums and deposits		55			55			153			59			63
Surrenders and withdrawals		(14	)		(12	)		(13	)		(11	)		(17	)
Benefit payments		(1	)		(1	)		-			(1	)		(1	)

Net Flows		40			42			140			47			45
Investment performance		(4	)		12			35			14			47
Net transfers from (to) general account		-			-			(4	)		-			1
Policy charges		(47	)		(48	)		(50	)		(49	)		(51	)
Other		(2	)		(3	)		-			-			7

Balance, end of period	$	625		$	628		$	749		$	761		$	810

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U.S. GROUP BENEFITS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	346	$	331	$	326	$	341	$	311
Pension and post-retirement benefit costs		16		16		11		13		17
Premium taxes, other taxes, and licenses & fees		78		73		77		76		52
Total fixed operating expenses	$	440	$	420	$	414	$	430	$	380
Commissions and other variable expenses		164		164		162		166		202
Total other operating expenses	$	604	$	584	$	576	$	596	$	582

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Group Life (1)
Operating premiums, fees and other revenues	$	1,605	$	1,586	$	1,592	$	1,574	$	1,690
Mortality ratio		85.7%		85.5%		89.3%		88.2%		86.9%
Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,677	$	1,676	$	1,663	$	1,687	$	1,776
Interest adjusted benefit ratio (3)		81.2%		78.9%		76.9%		76.2%		79.9%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. (3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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U.S. RETIREMENT AND INCOME SOLUTIONS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	96,194		$	98,304		$	99,421		$	102,036		$	101,567
Premiums and deposits		11,272			14,503			18,071			18,705			15,875
Surrenders and withdrawals		(10,599	)		(14,198	)		(15,813	)		(16,134	)		(14,943	)
Benefit payments		(787	)		(771	)		(806	)		(789	)		(812	)

Net Flows		(114	)		(466	)		1,452			1,782			120
Net transfers from (to) separate account		(1	)		-			(1	)		-			4
Interest		830			830			830			845			856
Policy charges		(30	)		(31	)		(32	)		(4	)		(36	)
Other		1,425			784			366			(3,092	)		88

Balance, end of period	$	98,304		$	99,421		$	102,036		$	101,567		$	102,599

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	78,902		$	81,887		$	85,271		$	85,929		$	85,189
Premiums and deposits		1,913			1,513			1,876			1,683			1,115
Surrenders and withdrawals		(1,260	)		(1,073	)		(2,412	)		(1,360	)		(1,878	)
Benefit payments		(15	)		(18	)		(23	)		(12	)		(17	)

Net Flows		638			422			(559	)		311			(780	)
Investment performance		1,994			1,712			825			(1,731	)		1,084
Net transfers from (to) general account		1			-			1			-			(4	)
Policy charges		(87	)		(82	)		(74	)		(74	)		(80	)
Other		439			1,332			465			754			574

Balance, end of period	$	81,887		$	85,271		$	85,929		$	85,189		$	85,983

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U.S. RETIREMENT AND INCOME SOLUTIONS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	69	$	61	$	62	$	74	$	66
Pension and post-retirement benefit costs		5		5		4		4		5
Premium taxes, other taxes, and licenses & fees		3		1		1		3		3
Total fixed operating expenses	$	77	$	67	$	67	$	81	$	74
Commissions and other variable expenses		33		37		33		39		36
Total other operating expenses	$	110	$	104	$	100	$	120	$	110

SPREAD
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Investment income yield excluding variable investment income		4.51%		4.60%		4.59%		4.56%		4.49%
Variable investment income yield		0.08%		0.25%		0.25%		0.33%		0.37%
Total investment income yield		4.59%		4.85%		4.84%		4.89%		4.86%
Average crediting rate		3.37%		3.35%		3.38%		3.36%		3.32%
Annualized general account spread		1.22%		1.50%		1.46%		1.53%		1.54%

Annualized general account spread excluding variable investment income yield		1.14%		1.25%		1.21%		1.20%		1.17%

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U.S. PROPERTY & CASUALTY OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016			December 31, 2016		March 31, 2017

Direct and allocated expenses	$	95	$	93	$	88		$	93	$	108
Pension and post-retirement benefit costs		9		9		8			8		7
Premium taxes, other taxes, and licenses & fees		21		25		24			22		21
Total fixed operating expenses	$	125	$	127	$	120		$	123	$	136
Commissions and other variable expenses		103		103		116			95		81
Total other operating expenses	$	228	$	230	$	236		$	218	$	217
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016			December 31, 2016		March 31, 2017

Net Written Premiums by Product
Auto	$	550	$	577	$	603		$	563	$	564
Homeowners & Other		279		324		335			294		283
Total	$	829	$	901	$	938		$	857	$	847
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	865	$	868	$	879		$	882	$	868
Loss and loss adjustment expense ratio		75.5%		80.7%		69.5%			72.8%		76.2%
Other expense ratio		26.6%		26.0%		25.9%			25.2%		25.8%
Total combined ratio		102.1%		106.7%		95.4%			98.0%		102.0%

Effect of catastrophe losses		12.1%		16.7%		4.3%			3.2%		12.9%
Combined ratio excluding catastrophes		90.0%		90.0%		91.1%			94.8%		89.1%
Prior year development		- %		(0.8)%		(0.2)%			- %		(0.7)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		90.0%		90.8%		91.3%			94.8%		89.8%
Auto
Net earned premium	$	555	$	559	$	567		$	571	$	563
Loss and loss adjustment expense ratio		75.6%		79.0%		74.3%			85.2%		72.4%
Other expense ratio		26.9%		25.9%		25.3%			25.0%		25.4%
Total combined ratio		102.5%		104.9%		99.6%			110.2%		97.8%

Effect of catastrophe losses		1.8%		3.8%		1.7%			1.1%		1.4%
Combined ratio excluding catastrophes		100.7%		101.1%		97.9%			109.1%		96.4%
Prior year development		- %		0.1%		(0.3	)%		(0.1)%		(0.8)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		100.7%		101.0%		98.2%			109.2%		97.2%
Homeowners & Other
Net earned premium	$	310	$	309	$	312		$	311	$	305
Loss and loss adjustment expense ratio		75.4%		83.7%		60.7%			50.0%		83.3%
Other expense ratio		26.2%		26.1%		26.9%			25.7%		26.7%
Total combined ratio		101.6%		109.8%		87.6%			75.7%		110.0%

Effect of catastrophe losses		30.6%		40.0%		8.9%			7.1%		34.1%
Combined ratio excluding catastrophes		71.0%		69.8%		78.7%			68.6%		75.9%
Prior year development		- %		(2.3)%		(0.1)%			0.1%		(0.5)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		71.0%		72.1%		78.8%			68.5%		76.4%
Catastrophe Losses Before Provision for Income Tax
Auto	$	10	$	21	$	10		$	6	$	8
Homeowners & Other		95		124		27			22		104
Total	$	105	$	145	$	37		$	28	$	112
(1) This selective financial information and supplemental data is presented and calculated based on general industry standards.

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	1,658		$	1,681		$	1,822		$	1,741		$	1,708		$	1,658		$	1,708
Universal life and investment-type product policy fees		350			370			394			373			366			350			366
Net investment income		618			678			707			704			702			618			702
Other revenues		17			16			12			16			10			17			10
Total operating revenues		2,643			2,745			2,935			2,834			2,786			2,643			2,786

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,236			1,324			1,363			1,268			1,315			1,236			1,315
Interest credited to policyholder account balances		319			324			331			324			321			319			321
Capitalization of DAC		(385	)		(426	)		(440	)		(417	)		(420	)		(385	)		(420	)
Amortization of DAC and VOBA		286			304			331			303			291			286			291
Amortization of negative VOBA		(64	)		(57	)		(46	)		(41	)		(37	)		(64	)		(37	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		851			877			930			928			875			851			875
Total operating expenses		2,243			2,346			2,469			2,365			2,345			2,243			2,345
Operating earnings before provision for income tax		400			399			466			469			441			400			441
Provision for income tax expense (benefit)		95			140			142			115			146			95			146
Operating earnings		305			259			324			354			295			305			295
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	305		$	259		$	324		$	354		$	295		$	305		$	295


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	305		$	259		$	324		$	354		$	295		$	305		$	295
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		223			140			66			(241	)		117			223			117
Net derivative gains (losses)		411			606			(68	)		(996	)		177			411			177
Premiums		426			-			-			-			-			426			-
Universal life and investment-type product policy fees		92			7			(4	)		3			1			92			1
Net investment income		(39	)		(134	)		64			209			16			(39	)		16
Other revenues		-			3			7			(2	)		6			-			6
Policyholder benefits and claims and policyholder dividends		(322	)		(7	)		(8	)		(10	)		(5	)		(322	)		(5	)
Interest credited to policyholder account balances		78			114			(57	)		(205	)		(20	)		78			(20	)
Capitalization of DAC		105			-			-			-			-			105			-
Amortization of DAC and VOBA		(112	)		(12	)		10			-			(1	)		(112	)		(1	)
Amortization of negative VOBA		32			6			5			4			3			32			3
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(193	)		(7	)		(7	)		(20	)		(4	)		(193	)		(4	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(143	)		(204	)		29			305			(105	)		(143	)		(105	)
Income (loss) from continuing operations, net of income tax		863			771			361			(599	)		480			863			480
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		863			771			361			(599	)		480			863			480
Less: Net income (loss) attributable to noncontrolling interests		-			1			1			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		863			770			360			(599	)		480			863			480
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	863		$	770		$	360		$	(599	)	$	480		$	863		$	480

Total Operating Premiums, Fees and Other Revenues	$	2,025		$	2,067		$	2,228		$	2,130		$	2,084		$	2,025		$	2,084

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ASIA OPERATING PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Total operating premiums, fees and other revenues	$	2,025	$	2,067	$	2,228	$	2,130	$	2,084

Total operating premiums, fees and other revenues on a constant currency basis	$	2,055	$	1,997	$	2,056	$	2,078	$	2,084
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (1), (2)		156		147		159		181		187
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,211	$	2,144	$	2,215	$	2,259	$	2,271

OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	305	$	309	$	327	$	356	$	298
Pension and post-retirement benefit costs		18		19		19		19		19
Premium taxes, other taxes, and licenses & fees		35		39		37		5		31
Total fixed operating expenses	$	358	$	367	$	383	$	380	$	348
Commissions and other variable expenses		493		510		547		548		527
Total other operating expenses	$	851	$	877	$	930	$	928	$	875
Total other operating expenses, net of capitalization of DAC	$	466	$	451	$	490	$	511	$	455

Total other operating expenses on a constant currency basis	$	862	$	847	$	860	$	908	$	875
Add: Operating joint ventures other operating expenses on a constant currency basis (1), (2)		57		59		68		68		73
Total other operating expenses including operating joint ventures on a constant currency basis	$	919	$	906	$	928	$	976	$	948
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	503	$	473	$	498	$	540	$	493

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Japan:
Life	$	162	$	160	$	177	$	186	$	185
Accident & Health		82		85		76		89		87
Annuities		98		88		86		70		99
Other		3		4		4		2		3
Total Japan		345		337		343		347		374
Other Asia		173		217		193		251		327
Total sales	$	518	$	554	$	536	$	598	$	701

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Operating earnings available to common shareholders	$	305	$	259	$	324	$	354	$	295
Operating earnings available to common shareholders on a constant currency basis	$	311	$	253	$	309	$	347	$	295
(1) 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. (2) 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%.

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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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	601		$	631		$	653		$	644		$	647		$	601		$	647
Universal life and investment-type product policy fees		268			269			227			261			260			268			260
Net investment income		255			243			311			275			303			255			303
Other revenues		7			8			11			8			9			7			9
Total operating revenues		1,131			1,151			1,202			1,188			1,219			1,131			1,219

Operating expenses
Policyholder benefits and claims and policyholder dividends		550			583			681			629			633			550			633
Interest credited to policyholder account balances		80			84			85			79			82			80			82
Capitalization of DAC		(73	)		(80	)		(83	)		(85	)		(82	)		(73	)		(82	)
Amortization of DAC and VOBA		63			66			(2	)		57			78			63			78
Amortization of negative VOBA		-			-			(1	)		-			-			-			-
Interest expense on debt		-			-			1			1			1			-			1
Other operating expenses		310			323			335			368			326			310			326
Total operating expenses		930			976			1,016			1,049			1,038			930			1,038
Operating earnings before provision for income tax		201			175			186			139			181			201			181
Provision for income tax expense (benefit)		50			38			53			17			38			50			38
Operating earnings		151			137			133			122			143			151			143
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	151		$	137		$	133		$	122		$	143		$	151		$	143

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	151		$	137		$	133		$	122		$	143		$	151		$	143
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(22	)		18			12			85			12			(22	)		12
Net derivative gains (losses)		84			(28	)		(9	)		(44	)		136			84			136
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		16			4			17			11			31			16			31
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(44	)		(41	)		21			150			(20	)		(44	)		(20	)
Interest credited to policyholder account balances		(25	)		(19	)		(24	)		(17	)		(43	)		(25	)		(43	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		2			2			3			2			3			2			3
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(20	)		14			(5	)		(57	)		(31	)		(20	)		(31	)
Income (loss) from continuing operations, net of income tax		142			87			148			252			231			142			231
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		142			87			148			252			231			142			231
Less: Net income (loss) attributable to noncontrolling interests		1			2			2			1			2			1			2
Net income (loss) attributable to MetLife, Inc.		141			85			146			251			229			141			229
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	141		$	85		$	146		$	251		$	229		$	141		$	229

Total Operating Premiums, Fees and Other Revenues	$	876		$	908		$	891		$	913		$	916		$	876		$	916

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LATIN AMERICA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	121	$	119	$	127	$	163	$	127
Pension and post-retirement benefit costs		-		-		-		1		-
Premium taxes, other taxes, and licenses & fees		16		18		16		16		15
Total fixed operating expenses	$	137	$	137	$	143	$	180	$	142
Commissions and other variable expenses		173		186		192		188		184
Total other operating expenses	$	310	$	323	$	335	$	368	$	326
Total other operating expenses, net of capitalization of DAC	$	237	$	243	$	252	$	283	$	244
Total other operating expenses on a constant currency basis	$	313	$	315	$	327	$	370	$	326
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	240	$	238	$	247	$	285	$	244
SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Mexico	$	94	$	162	$	73	$	93	$	105
Chile		63		66		66		69		66
All other		64		61		68		78		56
Total sales	$	221	$	289	$	207	$	240	$	227
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Operating premiums, fees and other revenues	$	876	$	908	$	891	$	913	$	916
Operating earnings available to common shareholders	$	151	$	137	$	133	$	122	$	143

Operating premiums, fees and other revenues on a constant currency basis	$	866	$	878	$	862	$	911	$	916
Operating earnings available to common shareholders on a constant currency basis	$	142	$	130	$	129	$	119	$	143

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	500		$	519		$	500		$	508		$	502		$	500		$	502
Universal life and investment-type product policy fees		95			95			104			97			95			95			95
Net investment income		80			83			81			74			74			80			74
Other revenues		20			19			17			17			17			20			17
Total operating revenues		695			716			702			696			688			695			688

Operating expenses
Policyholder benefits and claims and policyholder dividends		261			283			257			266			269			261			269
Interest credited to policyholder account balances		29			30			28			25			24			29			24
Capitalization of DAC		(101	)		(106	)		(103	)		(93	)		(92	)		(101	)		(92	)
Amortization of DAC and VOBA		102			103			106			97			87			102			87
Amortization of negative VOBA		(3	)		(4	)		(3	)		(3	)		(3	)		(3	)		(3	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		333			336			332			322			316			333			316
Total operating expenses		621			642			617			614			601			621			601
Operating earnings before provision for income tax		74			74			85			82			87			74			87
Provision for income tax expense (benefit)		11			10			11			10			12			11			12
Operating earnings		63			64			74			72			75			63			75
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	63		$	64		$	74		$	72		$	75		$	63		$	75

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	63		$	64		$	74		$	72		$	75		$	63		$	75
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		8			16			24			(6	)		2			8			2
Net derivative gains (losses)		(1	)		3			25			(3	)		13			(1	)		13
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		6			7			5			6			7			6			7
Net investment income		82			300			436			93			349			82			349
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		9			28			10			(58	)		(9	)		9			(9	)
Interest credited to policyholder account balances		(77	)		(281	)		(424	)		(96	)		(339	)		(77	)		(339	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(1	)		-			1			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(2	)		(5	)		(1	)		(5	)		(3	)		(2	)		(3	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(14	)		(35	)		(34	)		22			(14	)		(14	)		(14	)
Income (loss) from continuing operations, net of income tax		74			96			115			26			81			74			81
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		74			96			115			26			81			74			81
Less: Net income (loss) attributable to noncontrolling interests		1			1			1			-			1			1			1
Net income (loss) attributable to MetLife, Inc.		73			95			114			26			80			73			80
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	73		$	95		$	114		$	26		$	80		$	73		$	80

Total Operating Premiums, Fees and Other Revenues	$	615		$	633		$	621		$	622		$	614		$	615		$	614

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EMEA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	157	$	149	$	150	$	153	$	142
Pension and post-retirement benefit costs		1		1		2		2		1
Premium taxes, other taxes, and licenses & fees		5		4		4		6		6
Total fixed operating expenses	$	163	$	154	$	156	$	161	$	149
Commissions and other variable expenses		170		182		176		161		167
Total other operating expenses	$	333	$	336	$	332	$	322	$	316
Total other operating expenses, net of capitalization of DAC	$	232	$	230	$	229	$	229	$	224
Total other operating expenses on a constant currency basis	$	318	$	317	$	316	$	318	$	316
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	221	$	217	$	218	$	226	$	224

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Operating premiums, fees and other revenues	$	615	$	633	$	621	$	622	$	614
Operating earnings available to common shareholders	$	63	$	64	$	74	$	72	$	75

Operating premiums, fees and other revenues on a constant currency basis	$	583	$	593	$	588	$	612	$	614
Operating earnings available to common shareholders on a constant currency basis	$	56	$	55	$	68	$	70	$	75
Total sales on a constant currency basis	$	245	$	247	$	222	$	224	$	256

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METLIFE HOLDINGS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	1,097		$	1,122		$	1,093		$	1,194		$	1,059		$	1,097		$	1,059
Universal life and investment-type product policy fees		355			361			357			363			362			355			362
Net investment income		1,475			1,477			1,537			1,455			1,441			1,475			1,441
Other revenues		204			203			105			69			96			204			96
Total operating revenues		3,131			3,163			3,092			3,081			2,958			3,131			2,958

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,823			1,927			1,853			1,931			1,736			1,823			1,736
Interest credited to policyholder account balances		258			261			261			262			257			258			257
Capitalization of DAC		(100	)		(96	)		(44	)		(41	)		(34	)		(100	)		(34	)
Amortization of DAC and VOBA		148			269			219			100			74			148			74
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		14			14			15			14			15			14			15
Other operating expenses		596			864			401			531			340			596			340
Total operating expenses		2,739			3,239			2,705			2,797			2,388			2,739			2,388
Operating earnings before provision for income tax		392			(76	)		387			284			570			392			570
Provision for income tax expense (benefit)		125			(43	)		121			85			185			125			185
Operating earnings		267			(33	)		266			199			385			267			385
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	267		$	(33	)	$	266		$	199		$	385		$	267		$	385


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	267		$	(33	)	$	266		$	199		$	385		$	267		$	385
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(114	)		251			5			61			4			(114	)		4
Net derivative gains (losses)		414			23			(469	)		(909	)		(18	)		414			(18	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		22			24			23			23			24			22			24
Net investment income		(76	)		(64	)		(68	)		(66	)		(57	)		(76	)		(57	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(2	)		(43	)		(71	)		(50	)		(65	)		(2	)		(65	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		83			116			93			20			15			83			15
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			(13	)		(1	)		-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(114	)		(107	)		174			323			34			(114	)		34
Income (loss) from continuing operations, net of income tax		480			167			(60	)		(400	)		322			480			322
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		480			167			(60	)		(400	)		322			480			322
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		480			167			(60	)		(400	)		322			480			322
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	480		$	167		$	(60	)	$	(400)		$	322		$	480		$	322

Total Operating Premiums, Fees and Other Revenues	$	1,656		$	1,686		$	1,555		$	1,626		$	1,517		$	1,656		$	1,517

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METLIFE HOLDINGS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	79,281		$	79,954		$	80,704		$	80,968		$	80,743
Premiums and deposits (2), (3)		1,456			1,450			1,412			1,483			1,405
Surrenders and withdrawals		(662	)		(590	)		(630	)		(590	)		(618	)
Benefit payments		(754	)		(725	)		(713	)		(712	)		(763	)

Net Flows		40			135			69			181			24
Net transfers from (to) separate account		11			21			16			12			25
Interest		792			794			799			799			812
Policy charges		(201	)		(202	)		(200	)		(242	)		(201	)
Other		31			2			(420	)		(975	)		(326	)

Balance, end of period	$	79,954		$	80,704		$	80,968		$	80,743		$	81,077

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	21,653		$	22,135		$	23,239		$	23,100		$	22,264
Premiums and deposits (2), (3)		517			368			230			239			202
Surrenders and withdrawals		(391	)		(316	)		(356	)		(417	)		(358	)
Benefit payments		(216	)		(208	)		(192	)		(175	)		(199	)

Net Flows		(90	)		(156	)		(318	)		(353	)		(355	)
Net transfers from (to) separate account		57			47			86			34			10
Interest		166			167			166			165			160
Policy charges		(6	)		(5	)		(5	)		(5	)		(5	)
Other		355			1,051			(68	)		(677	)		(552	)

Balance, end of period	$	22,135		$	23,239		$	23,100		$	22,264		$	21,522

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	5,120		$	5,029		$	5,070		$	5,210		$	5,200
Premiums and deposits (3)		79			80			75			73			76
Surrenders and withdrawals		(50	)		(57	)		(56	)		(52	)		(61	)
Benefit payments		(7	)		(7	)		(28	)		(5	)		(7	)

Net Flows		22			16			(9	)		16			8
Investment performance		(28	)		119			221			74			306
Net transfers from (to) general account		(11	)		(21	)		(16	)		(12	)		(25	)
Policy charges		(72	)		(72	)		(71	)		(72	)		(72	)
Other		(2	)		(1	)		15			(16	)		(2	)

Balance, end of period	$	5,029		$	5,070		$	5,210		$	5,200		$	5,415

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Balance, beginning of period	$	43,470		$	43,404		$	43,843		$	44,560		$	43,623
Premiums and deposits (3)		610			537			231			187			175
Surrenders and withdrawals		(645	)		(735	)		(740	)		(813	)		(903	)
Benefit payments		(84	)		(89	)		(91	)		(88	)		(90	)

Net Flows		(119	)		(287	)		(600	)		(714	)		(818	)
Investment performance		315			996			1,636			36			2,090
Net transfers from (to) general account		(57	)		(47	)		(86	)		(34	)		(10	)
Policy charges		(206	)		(223	)		(232	)		(224	)		(219	)
Other		1			-			(1	)		(1	)		1

Balance, end of period	$	43,404		$	43,843		$	44,560		$	43,623		$	44,667
(1) Long-Term Care and Japan reinsurance are reported as part of “Other” within Life & Other. (2) Includes premiums and deposits directed to the general account investment option of variable products. (3) Includes company-sponsored internal exchanges.

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METLIFE HOLDINGS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Direct and allocated expenses	$	229	$	221	$	211	$	199	$	175
Pension and post-retirement benefit costs		39		40		25		28		25
Premium taxes, other taxes, and licenses & fees		25		23		21		25		22
Total fixed operating expenses	$	293	$	284	$	257	$	252	$	222
Commissions and other variable expenses		303		580		144		279		118
Total other operating expenses	$	596	$	864	$	401	$	531	$	340

SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Investment income yield excluding variable investment income		6.05%		6.16%		6.15%		5.93%		5.89%
Variable investment income yield		0.09%		0.59%		0.35%		0.19%		0.24%
Total investment income yield		6.14%		6.75%		6.50%		6.12%		6.13%
Average crediting rate		4.54%		4.57%		4.55%		4.55%		4.62%
Annualized general account spread		1.60%		2.18%		1.95%		1.57%		1.51%

Annualized general account spread excluding variable investment income yield		1.51%		1.59%		1.60%		1.38%		1.27%

ANNUITIES (1)
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Investment income yield excluding variable investment income		5.07%		5.18%		5.18%		5.05%		5.03%
Variable investment income yield		0.10%		0.36%		0.38%		0.31%		0.29%
Total investment income yield		5.17%		5.54%		5.56%		5.36%		5.32%
Average crediting rate		3.19%		3.21%		3.16%		3.17%		3.16%
Annualized general account spread		1.98%		2.33%		2.40%		2.19%		2.16%

Annualized general account spread excluding variable investment income yield		1.88%		1.97%		2.02%		1.88%		1.87%

(1)	Represents the general account spread for deferred and payout annuities.

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METLIFE HOLDINGS OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017

Life (1)
Operating premiums, fees and other revenues	$	1,018	$	1,033	$	1,029	$	1,150	$	1,002
Interest adjusted benefit ratio (2)		56.6%		64.2%		60.4%		63.5%		48.6%

Lapse Ratio (3)
Traditional life		4.4%		4.3%		4.4%		4.5%		4.5%
Variable & universal life		4.4%		4.4%		4.6%		4.5%		4.5%
Fixed annuity		9.0%		7.6%		8.0%		8.0%		7.2%
Variable annuity		6.4%		6.2%		6.3%		6.6%		7.1%
(1) Represents traditional life and variable & universal life, components of Life & Other. (2) 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 59.4%. (3) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	(2	)	$	13		$	40		$	(11	)	$	37		$	(2	)	$	37
Universal life and investment-type product policy fees		(25	)		(31	)		(31	)		(32	)		(31	)		(25	)		(31	)
Net investment income		5			(35	)		(7	)		(25	)		5			5			5
Other revenues		(51	)		(301	)		(28	)		(137	)		(42	)		(51	)		(42	)
Total operating revenues		(73	)		(354	)		(26	)		(205	)		(31	)		(73	)		(31	)

Operating expenses
Policyholder benefits and claims and policyholder dividends		(26	)		(10	)		10			3			9			(26	)		9
Interest credited to policyholder account balances		4			1			-			-			-			4			-
Capitalization of DAC		(4	)		(3	)		1			(1	)		(1	)		(4	)		(1	)
Amortization of DAC and VOBA		2			3			2			1			1			2			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		264			254			241			243			246			264			246
Other operating expenses		54			(214	)		(3	)		(29	)		90			54			90
Total operating expenses		294			31			251			217			345			294			345
Operating earnings before provision for income tax		(367	)		(385	)		(277	)		(422	)		(376	)		(367	)		(376	)
Provision for income tax expense (benefit)		(183	)		(188	)		(287	)		(289	)		(283	)		(183	)		(283	)
Operating earnings		(184	)		(197	)		10			(133	)		(93	)		(184	)		(93	)
Preferred stock dividends		6			46			6			45			6			6			6
Operating earnings available to common shareholders	$	(190	)	$	(243	)	$	4		$	(178	)	$	(99	)	$	(190	)	$	(99	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(184	)	$	(197	)	$	10		$	(133	)	$	(93	)	$	(184	)	$	(93	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		82			(249	)		81			(185	)		(45	)		82			(45	)
Net derivative gains (losses)		(70	)		(58	)		(9	)		136			(121	)		(70	)		(121	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(5	)		22			3			1			3			(5	)		3
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		(32	)		(122	)		(29	)		(66	)		(86	)		(32	)		(86	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		38			137			(33	)		9			112			38			112
Income (loss) from continuing operations, net of income tax		(171	)		(467	)		23			(238	)		(230	)		(171	)		(230	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(171	)		(467	)		23			(238	)		(230	)		(171	)		(230	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			(8	)		1			-			-			-
Net income (loss) attributable to MetLife, Inc.		(171	)		(467	)		31			(239	)		(230	)		(171	)		(230	)
Less: Preferred stock dividends		6			46			6			45			6			6			6
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(177	)	$	(513	)	$	25		$	(284	)	$	(236	)	$	(177	)	$	(236	)

Total Operating Premiums, Fees and Other Revenues	$	(78	)	$	(319	)	$	(19	)	$	(180	)	$	(36	)	$	(78	)	$	(36	)

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Other business activities	$	(8	)	$	(3	)	$	6		$	-		$	5		$	(8	)	$	5
Other net investment income		4			(23	)		2			(16	)		3			4			3
Interest expense on debt		(171	)		(166	)		(157	)		(158	)		(160	)		(171	)		(160	)
Preferred stock dividends		(6	)		(46	)		(6	)		(45	)		(6	)		(6	)		(6	)
Corporate initiatives and projects		(25	)		(32	)		(23	)		(49	)		(32	)		(25	)		(32	)
Incremental tax benefit (expense)		54			53			190			141			151			54			151
Other		(38	)		(26	)		(8	)		(51	)		(60	)		(38	)		(60	)
Operating earnings available to common shareholders	$	(190	)	$	(243	)	$	4		$	(178	)	$	(99	)	$	(190	)	$	(99	)

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BRIGHTHOUSE FINANCIAL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Operating revenues
Premiums	$	393		$	280		$	347		$	202		$	177		$	393		$	177
Universal life and investment-type product policy fees		858			861			903			869			884			858			884
Net investment income		813			870			941			879			858			813			858
Other revenues		86			346			50			253			74			86			74
Total operating revenues		2,150			2,357			2,241			2,203			1,993			2,150			1,993

Operating expenses
Policyholder benefits and claims and policyholder dividends		703			1,008			814			675			631			703			631
Interest credited to policyholder account balances		289			291			288			294			275			289			275
Capitalization of DAC		(102	)		(83	)		(70	)		(78	)		(67	)		(102	)		(67	)
Amortization of DAC and VOBA		162			152			509			250			200			162			200
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		32			32			32			32			32			32			32
Other operating expenses		624			555			560			599			612			624			612
Total operating expenses		1,708			1,955			2,133			1,772			1,683			1,708			1,683
Operating earnings before provision for income tax		442			402			108			431			310			442			310
Provision for income tax expense (benefit)		115			105			40			101			66			115			66
Operating earnings		327			297			68			330			244			327			244
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	327		$	297		$	68		$	330		$	244		$	327		$	244


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	327		$	297		$	68		$	330		$	244		$	327		$	244
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(61	)		20			25			(62	)		(56	)		(61	)		(56	)
Net derivative gains (losses)		293			(2,973	)		(501	)		(2,670	)		(965	)		293			(965	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		73			75			73			71			69			73			69
Net investment income		(66	)		(62	)		(75	)		(92	)		(75	)		(66	)		(75	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(34	)		(144	)		(246	)		(226	)		(248	)		(34	)		(248	)
Interest credited to policyholder account balances		(1	)		(1	)		(1	)		-			(1	)		(1	)		(1	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(85	)		791			162			397			298			(85	)		298
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			(3	)		(1	)		1			-			-			-
Other operating expenses		(30	)		(10	)		(23	)		(39	)		(16	)		(30	)		(16	)
Goodwill impairment		-			-			(260	)		-			-			-			-
Provision for income tax (expense) benefit		(31	)		805			245			996			348			(31	)		348
Income (loss) from continuing operations, net of income tax		385			(1,205	)		(534	)		(1,294	)		(402	)		385			(402	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		385			(1,205	)		(534	)		(1,294	)		(402	)		385			(402	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		385			(1,205	)		(534	)		(1,294	)		(402	)		385			(402	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	385		$	(1,205	)	$	(534	)	$	(1,294	)	$	(402	)	$	385		$	(402	)

Total Operating Premiums, Fees and Other Revenues	$	1,337		$	1,487		$	1,300		$	1,324		$	1,135		$	1,337		$	1,135
(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Fixed Maturity Securities
Yield (1)		4.43%			4.40%			4.38%			4.34%			4.35%
Investment income (2), (3), (4)	$	3,628		$	3,539		$	3,573		$	3,477		$	3,414
Investment gains (losses) (3)		20			151			162			(307	)		(40	)
Ending carrying value (2), (3)		373,082			388,156			391,163			351,500			356,177
Mortgage Loans
Yield (1)		4.68%			4.94%			4.60%			4.37%			4.48%
Investment income (3), (4)		807			851			806			794			845
Investment gains (losses) (3)		(64	)		(98	)		(31	)		(31	)		(15	)
Ending carrying value (3)		68,482			69,240			71,013			74,409			76,412
Real Estate and Real Estate Joint Ventures
Yield (1)		3.39%			2.84%			5.68%			3.70%			3.68%
Investment income (3)		76			63			130			84			85
Investment gains (losses) (3)		2			45			(14	)		115			(1	)
Ending carrying value		8,733			9,063			9,186			9,041			9,464
Policy Loans
Yield (1)		5.19%			5.24%			5.28%			5.21%			5.23%
Investment income		149			147			148			145			145
Ending carrying value		11,257			11,240			11,177			11,028			11,115
Equity Securities
Yield (1)		5.02%			4.55%			4.94%			5.05%			4.92%
Investment income		37			33			35			35			34
Investment gains (losses)		(45	)		(3	)		8			(8	)		35
Ending carrying value		3,374			3,333			3,289			3,194			3,377
Other Limited Partnership Interests
Yield (1)		2.71%			6.86%			15.19%			12.38%			17.52%
Investment income		46			120			263			212			297
Investment gains (losses)		(27	)		(14	)		(9	)		(21	)		(17	)
Ending carrying value		7,022			6,982			6,878			6,778			6,762
Cash and Short-term Investments
Yield (1)		0.99%			1.23%			1.01%			0.93%			1.07%
Investment income		25			31			27			30			37
Investment gains (losses)		(7	)		6			(9	)		3			2
Ending carrying value		24,910			26,905			27,538			25,686			27,378
Other Invested Assets (1)
Investment income		271			247			327			324			295
Investment gains (losses) (3)		(6	)		(63	)		(10	)		3			(61	)
Ending carrying value		27,095			31,834			30,278			23,185			19,724
Total Investments
Investment income yield (1)		4.55%			4.61%			4.78%			4.61%			4.70%
Investment fees and expenses yield		(0.16	)%		(0.14	)%		(0.13	)%		(0.13	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.39%			4.47%			4.65%			4.48%			4.56%
Investment income	$	5,039		$	5,031		$	5,309		$	5,101		$	5,152
Investment fees and expenses		(167	)		(150	)		(149	)		(148	)		(157	)
Net investment income including Divested businesses and Lag elimination		4,872			4,881			5,160			4,953			4,995
Less: Net investment income from Divested businesses and Lag elimination		166			-			-			-			-
Net Investment Income (3)	$	4,706		$	4,881		$	5,160		$	4,953		$	4,995
Ending Carrying Value (3)	$	523,955		$	546,753		$	550,522		$	504,821		$	510,409
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(127	)	$	24		$	97		$	(246	)	$	(97	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		-			-			-			-
Investment Portfolio Gains (Losses) (3)	$	(124	)	$	24		$	97		$	(246	)	$	(97	)
Gross investment gains	$	481		$	404		$	350		$	360		$	252
Gross investment losses		(383	)		(158	)		(177	)		(533	)		(312	)
Writedowns		(222	)		(222	)		(76	)		(73	)		(37	)
Investment Portfolio Gains (Losses) (3)		(124	)		24			97			(246	)		(97	)
Investment portfolio gains (losses) income tax (expense) benefit		111			(12	)		(6	)		69			38
Investment Portfolio Gains (Losses), Net of Income Tax	$	(13	)	$	12		$	91		$	(177	)	$	(59	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	1,109		$	(2,284	)	$	(1,270	)	$	(5,189	)	$	(1,134	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			-			-			-			-
Derivative gains (losses) (3)		960			(2,284	)		(1,270	)		(5,189	)		(1,134	)
Derivative gains (losses) income tax (expense) benefit		(326	)		830			436			1,767			420
Derivative Gains (Losses), Net of Income Tax	$	634		$	(1,454	)	$	(834	)	$	(3,422	)	$	(714	)
(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 adjustments described on Page A-7 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 $1,101 million, $648 million, $721 million, $611 million and $649 million in ending carrying value, and $6 million, $10 million, $25 million, ($4) million and $29 million of investment income related to fair value option securities at or for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017, 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 March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $13,882 million, $13,657 million, $14,000 million, $13,304 million and $13,743 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $10 million, $9 million, $9 million, $8 million and $7 million and mortgage loans of $169 million, $159 million, $143 million, $136 million and $129 million and cash and short-term investments of $1 million, $0, $0, $1 million and $1 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(127	)	$	24		$	97		$	(246	)	$	(97	)
Operating joint venture adjustments		(5	)		-			-			(1	)		1
Net investment gains (losses) related to CSEs		2			(1	)		(1	)		-			-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		145			243			161			(120	)		104
Net investment gains (losses) - GAAP basis	$	15		$	266		$	257		$	(367	)	$	8

	For the Three Months Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	1,109		$	(2,284	)	$	(1,270	)	$	(5,189	)	$	(1,134	)
Investment hedge adjustments		221			188			226			243			214
Settlement of foreign currency earnings hedges		4			(3	)		(7	)		2			(6	)
PAB hedge adjustments		1			-			-			(1	)		-
Net derivative gains (losses) - GAAP basis	$	1,335		$	(2,099	)	$	(1,051	)	$	(4,945	)	$	(926	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Fixed Maturity Securities
Yield (1)		4.43%			4.41%			4.40%			4.39%			4.35%
Investment income (2), (3), (4)	$	3,628		$	7,167		$	10,740		$	14,217		$	3,414
Investment gains (losses) (3)		20			171			333			26			(40	)
Ending carrying value (2), (3)		373,082			388,156			391,163			351,500			356,177
Mortgage Loans
Yield (1)		4.68%			4.81%			4.74%			4.64%			4.48%
Investment income (3), (4)		807			1,658			2,464			3,258			845
Investment gains (losses) (3)		(64	)		(162	)		(193	)		(224	)		(15	)
Ending carrying value (3)		68,482			69,240			71,013			74,409			76,412
Real Estate and Real Estate Joint Ventures
Yield (1)		3.39%			3.11%			3.99%			3.92%			3.68%
Investment income (3)		76			139			269			353			85
Investment gains (losses) (3)		2			47			33			148			(1	)
Ending carrying value		8,733			9,063			9,186			9,041			9,464
Policy Loans
Yield (1)		5.19%			5.21%			5.24%			5.23%			5.23%
Investment income		149			296			444			589			145
Ending carrying value		11,257			11,240			11,177			11,028			11,115
Equity Securities
Yield (1)		5.02%			4.78%			4.83%			4.88%			4.92%
Investment income		37			70			105			140			34
Investment gains (losses)		(45	)		(48	)		(40	)		(48	)		35
Ending carrying value		3,374			3,333			3,289			3,194			3,377
Other Limited Partnership Interests
Yield (1)		2.71%			4.78%			8.21%			9.24%			17.52%
Investment income		46			166			429			641			297
Investment gains (losses)		(27	)		(41	)		(50	)		(71	)		(17	)
Ending carrying value		7,022			6,982			6,878			6,778			6,762
Cash and Short-term Investments
Yield (1)		0.99%			1.10%			1.07%			1.03%			1.07%
Investment income		25			56			83			113			37
Investment gains (losses)		(7	)		(1	)		(10	)		(7	)		2
Ending carrying value		24,910			26,905			27,538			25,686			27,378
Other Invested Assets (1)
Investment income		271			518			845			1,169			295
Investment gains (losses) (3)		(6	)		(69	)		(79	)		(76	)		(61	)
Ending carrying value		27,095			31,834			30,278			23,185			19,724
Total Investments
Investment income yield (1)		4.55%			4.58%			4.65%			4.64%			4.70%
Investment fees and expenses yield		(0.16	)%		(0.15	)%		(0.14	)%		(0.14	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.39%			4.43%			4.51%			4.50%			4.56%
Investment income	$	5,039		$	10,070		$	15,379		$	20,480		$	5,152
Investment fees and expenses		(167	)		(317	)		(466	)		(614	)		(157	)
Net investment income including Divested businesses and Lag elimination		4,872			9,753			14,913			19,866			4,995
Less: Net investment income from Divested businesses and Lag elimination		166			166			166			166			—
Net Investment Income (3)	$	4,706		$	9,587		$	14,747		$	19,700		$	4,995
Ending Carrying Value (3)	$	523,955		$	546,753		$	550,522		$	504,821		$	510,409
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(127	)	$	(103	)	$	(6	)	$	(252	)	$	(97	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		(3	)		(3	)		(3	)		—
Investment Portfolio Gains (Losses) (3)	$	(124	)	$	(100	)	$	(3	)	$	(249	)	$	(97	)
Gross investment gains	$	481		$	885		$	1,235		$	1,595		$	252
Gross investment losses		(383	)		(541	)		(718	)		(1,251	)		(312	)
Writedowns		(222	)		(444	)		(520	)		(593	)		(37	)
Investment Portfolio Gains (Losses) (3)		(124	)		(100	)		(3	)		(249	)		(97	)
Investment portfolio gains (losses) income tax (expense) benefit		111			99			93			162			38
Investment Portfolio Gains (Losses), Net of Income Tax	$	(13	)	$	(1	)	$	90		$	(87	)	$	(59	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	1,109		$	(1,175	)	$	(2,445	)	$	(7,634	)	$	(1,134	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			149			149			149			—
Derivative gains (losses) (3)		960			(1,324	)		(2,594	)		(7,783	)		(1,134	)
Derivative gains (losses) income tax (expense) benefit		(326	)		504			940			2,707			420
Derivative Gains (Losses), Net of Income Tax	$	634		$	(820	)	$	(1,654	)	$	(5,076	)	$	(714	)
(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 adjustments described on Page A-7 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 $1,101 million, $648 million, $721 million, $611 million and $649 million in ending carrying value, and $6 million, $16 million, $41 million, $37 million and $29 million of investment income related to fair value option securities at or for the year-to-date period ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017, 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 March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $13,882 million, $13,657 million, $14,000 million, $13,304 million and $13,743 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $10 million, $9 million, $9 million, $8 million and $7 million, mortgage loans of $169 million, $159 million, $143 million, $136 million and $129 million and cash and short-term investments of $1 million, $0, $0, $1 million and $1 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(127	)	$	(103	)	$	(6	)	$	(252	)	$	(97	)
Operating joint venture adjustments		(5	)		(5	)		(5	)		(6	)		1
Net investment gains (losses) related to certain CSEs		2			1			-			-			-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		145			388			549			429			104
Net investment gains (losses) - GAAP basis	$	15		$	281		$	538		$	171		$	8

	For the Year-to-Date Period Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	1,109		$	(1,175	)	$	(2,445	)	$	(7,634	)	$	(1,134	)
Investment hedge adjustments		221			409			635			878			214
Settlement of foreign currency earnings hedges		4			1			(6	)		(4	)		(6	)
PAB hedge adjustments		1			1			1			-			-
Net derivative gains (losses) - GAAP basis	$	1,335		$	(764	)	$	(1,815	)	$	(6,760	)	$	(926	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	2,850		77.1%	$	2,599		77.0%	$	2,239		79.8%	$	4,052		82.9%	$	3,713		87.7%
20% or more for less than six months		376		10.1%		358		10.6%		245		8.7%		551		11.3%		339		8.0%
20% or more for six months or greater		472		12.8%		418		12.4%		321		11.5%		282		5.8%		182		4.3%
Total Gross Unrealized Losses	$	3,698		100.0%	$	3,375		100.0%	$	2,805		100.0%	$	4,885		100.0%	$	4,234		100.0%

Total Gross Unrealized Gains	$	32,267			$	40,062			$	39,334			$	25,420			$	25,777


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	28		23.9%	$	23		28.0%	$	13		21.3%	$	18		28.6%	$	30		88.2%
20% or more for less than six months		40		34.2%		9		11.0%		10		16.4%		10		15.9%		2		5.9%
20% or more for six months or greater		49		41.9%		50		61.0%		38		62.3%		35		55.5%		2		5.9%
Total Gross Unrealized Losses	$	117		100.0%	$	82		100.0%	$	61		100.0%	$	63		100.0%	$	34		100.0%

Total Gross Unrealized Gains	$	481			$	501			$	512			$	513			$	492

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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	102,096		27.4%	$	104,615		27.0%	$	105,676		27.1%	$	100,853		28.7%	$	100,913		28.4%
Foreign government securities			56,656		15.2%		62,261		16.1%		63,765		16.3%		57,138		16.3%		60,438		17.0%
Foreign corporate securities			59,091		15.9%		59,212		15.3%		60,419		15.5%		57,057		16.3%		58,465		16.4%
U.S. government and agency securities			64,991		17.5%		69,737		18.0%		69,785		17.9%		57,523		16.4%		56,880		16.0%
Residential mortgage-backed securities			43,029		11.6%		44,598		11.5%		45,309		11.6%		36,993		10.5%		37,604		10.6%
State and political subdivision securities			16,539		4.4%		17,410		4.5%		17,463		4.5%		16,176		4.6%		16,225		4.6%
Asset-backed securities			16,202		4.4%		16,518		4.2%		15,584		3.9%		13,877		4.0%		13,809		3.9%
Commercial mortgage-backed securities			13,377		3.6%		13,157		3.4%		12,441		3.2%		11,272		3.2%		11,194		3.1%
Total Fixed Maturity Securities Available-For-Sale		$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%	$	355,528		100.0%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	270,295		72.7%	$	284,264		73.4%	$	284,526		72.9%	$	249,066		71.0%	$	252,358		71.0%
2	Baa		80,082		21.5%		81,120		20.9%		83,601		21.4%		81,097		23.1%		82,644		23.2%
3	Ba		15,288		4.1%		14,987		3.9%		15,040		3.9%		14,322		4.1%		14,236		4.0%
4	B		5,121		1.4%		5,865		1.5%		5,954		1.5%		5,494		1.6%		5,339		1.5%
5	Caa and lower		1,136		0.3%		1,157		0.3%		1,277		0.3%		904		0.2%		950		0.3%
6	In or near default		59		- %		115		- %		44		- %		6		- %		1		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%	$	355,528		100.0%
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. 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. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
Unaudited (In millions)	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017

Commercial mortgage loans		$45,445				$45,165				$45,801				$48,035				$49,101
Agricultural mortgage loans		13,226				13,434				14,141				14,456				14,754
Residential mortgage loans		10,192				11,108				11,401				12,262				12,910
Total Mortgage Loans		68,863				69,707				71,343				74,753				76,765
Valuation allowances		(381)				(467)				(330)				(344)				(353)
Total Mortgage Loans, net		$68,482				$69,240				$71,013				$74,409				$76,412
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 30, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	10,360		22.8%	$	10,183		22.5%	$	9,661		21.1%	$	11,254		23.4%	$	11,707		23.8%
Middle Atlantic		8,072		17.8%		8,291		18.4%		8,435		18.4%		8,708		18.1%		8,862		18.0%
International		8,264		18.2%		8,114		18.0%		8,169		17.8%		8,084		16.8%		8,260		16.8%
South Atlantic		6,167		13.6%		5,765		12.8%		6,031		13.2%		6,304		13.1%		6,211		12.6%
West South Central		4,190		9.2%		4,228		9.4%		4,303		9.4%		4,271		8.9%		4,254		8.7%
East North Central		2,217		4.9%		2,115		4.7%		2,303		5.0%		2,447		5.1%		2,691		5.5%
Mountain		1,297		2.8%		1,549		3.4%		1,548		3.4%		1,460		3.0%		1,459		3.0%
New England		1,581		3.5%		1,423		3.1%		1,417		3.1%		1,414		3.0%		1,408		2.9%
West North Central		511		1.1%		509		1.1%		506		1.1%		599		1.3%		581		1.2%
East South Central		630		1.4%		618		1.4%		633		1.4%		436		0.9%		547		1.1%
Multi-Region and Other		2,156		4.7%		2,370		5.2%		2,795		6.1%		3,058		6.4%		3,121		6.4%
Total	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%	$	49,101		100.0%


Office	$	22,037		48.5%	$	22,055		48.8%	$	22,552		49.2%	$	23,843		49.6%	$	24,724		50.3%
Retail		10,793		23.7%		11,109		24.6%		10,424		22.8%		10,619		22.1%		10,531		21.5%
Apartment		5,651		12.4%		5,872		13.0%		5,989		13.1%		5,870		12.2%		6,024		12.3%
Hotel		4,633		10.2%		4,048		9.0%		4,197		9.1%		4,367		9.1%		4,412		9.0%
Industrial		2,214		4.9%		2,008		4.4%		2,415		5.3%		2,998		6.3%		3,110		6.3%
Other		117		0.3%		73		0.2%		224		0.5%		338		0.7%		300		0.6%
Total	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%	$	49,101		100.0%

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Appendix

LOGO


APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017

Reconciliation to Operating Earnings
Income (loss) from continuing operations, net of income tax	$	2,203		$	114		$	573		$	(2,086	)	$	829		$	2,203		$	829
Less: adjustments from income (loss) from continuing operations, net of income tax, to operating earnings:
Net investment gains (losses)		15			266			257			(367	)		8			15			8
Net derivative gains (losses)		1,335			(2,099	)		(1,051	)		(4,945	)		(926	)		1,335			(926	)
Premiums - Divested businesses and Lag elimination		426			-			-			-			-			426			-
Universal life and investment-type product policy fees
Unearned revenue adjustments		25			9			(6	)		-			-			25			-
GMIB fees		101			104			103			103			101			101			101
Divested businesses and Lag elimination		67			-			-			-			-			67			-
Net investment income
Investment hedge adjustments		(221	)		(188	)		(226	)		(243	)		(214	)		(221	)		(214	)
Operating joint venture adjustments		5			-			-			1			(1	)		5			(1	)
Unit-linked contract income		(97	)		191			529			327			416			(97	)		416
Securitization entities income		-			3			1			(1	)		-			-			-
Divested businesses and Lag elimination		166			-			-			-			-			166			-
Other revenues
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6			(4	)		6
Divested businesses and Lag elimination		4			-			-			-			-			4			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation and pass through adjustments		(71	)		(66	)		21			198			(26	)		(71	)		(26	)
GMIB costs		(6	)		(137	)		(304	)		(371	)		(316	)		(6	)		(316	)
Market value adjustments		(17	)		(10	)		(12	)		(10	)		(6	)		(17	)		(6	)
Divested businesses and Lag elimination		(306	)		-			-			1			-			(306	)		-
Interest credited to policyholder account balances
PAB hedge adjustments		(1	)		-			-			1			-			(1	)		-
Unit-linked contract costs		77			(186	)		(505	)		(318	)		(402	)		77			(402	)
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		(6	)		1,087			209			338			241			(6	)		241
Related to GMIB fees and GMIB costs		(36	)		(193	)		56			80			71			(36	)		71
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		(72	)		-			-			-			-			(72	)		-
Amortization of negative VOBA
Related to market value adjustments		10			6			5			4			3			10			3
Divested businesses and Lag elimination		22			-			-			-			-			22			-
Interest expense on debt
Securitization entities debt expense		-			(3	)		(1	)		1			-			-			-
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other operating expenses
Noncontrolling interest		5			4			(7	)		4			4			5			4
Regulatory implementation costs		-			-			-			(1	)		-			-			-
Acquisition, integration and other costs		(6	)		(16	)		(11	)		(31	)		(8	)		(6	)		(8	)
Divested businesses and Lag elimination		(254	)		(130	)		(52	)		(101	)		(102	)		(254	)		(102	)
Goodwill impairment		-			-			(260	)		-			-			-			-
Provision for income tax (expense) benefit		(297	)		499			393			1,786			428			(297	)		428
Operating earnings	$	1,335		$	970		$	1,427		$	1,460		$	1,552		$	1,335		$	1,552
(1) For the three months and year-to-date period ended March 31, 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.

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income		$	(86	)	$	(9	)	$	22		$	-		$	15		$	(86	)	$	15
Catastrophe experience and prior year development, net			(45	)		(15	)		16			-			(45	)		(45	)		(45	)
Actuarial assumption review and other insurance adjustments			-			(462	)		(319	)		(58	)		34			-			34
Litigation reserves & settlement costs			-			-			-			-			(44	)		-			(44	)
Tax adjustments			10			-			-			-			-			10			-
Expense initiative costs			-			-			-			(28	)		(21	)		-			(21	)
Total notable items		$	(121	)	$	(486	)	$	(281	)	$	(86	)	$	(61	)	$	(121	)	$	(61	)

U.S.
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income		$	(33	)	$	-		$	1		$	-		$	22		$	(33	)	$	22
Catastrophe experience and prior year development, net			(45	)		(15	)		16			-			(45	)		(45	)		(45	)
Actuarial assumption review and other insurance adjustments			-			(25	)		-			-			-			-			-
Total notable items		$	(78	)	$	(40	)	$	17		$	-		$	(23	)	$	(78	)	$	(23	)

	GROUP BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
	Variable investment income	$	(1	)	$	(2	)	$	12		$	-		$	3		$	(1	)	$	3
	Total notable items	$	(1	)	$	(2	)	$	12		$	-		$	3		$	(1	)	$	3

	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
	Variable investment income	$	(25	)	$	2		$	(11	)	$	-		$	17		$	(25	)	$	17
	Actuarial assumption review and other insurance adjustments		-			(25	)		-			-			-			-			-
	Total notable items	$	(25	)	$	(23	)	$	(11	)	$	-		$	17		$	(25	)	$	17

	PROPERTY & CASUALTY
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
	Variable investment income	$	(7	)	$	-		$	-		$	-		$	2		$	(7	)	$	2
	Catastrophe experience and prior year development, net		(45	)		(15	)		16			-			(45	)		(45	)		(45	)
	Total notable items	$	(52	)	$	(15	)	$	16		$	-		$	(43	)	$	(52	)	$	(43	)
(1) These notable items represent a positive (negative) impact to operating earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan, such as 2017 expense initiative costs, to help investors have a better understanding of Company results and to evaluate and forecast those results.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income	$	(20	)	$	(10	)	$	(11	)	$	-		$	(3	)	$	(20	)	$	(3	)
Actuarial assumption review and other insurance adjustments		-			(44	)		(14	)		-			-			-			-
Tax adjustments		20			-			-			-			-			20			-
Total notable items	$	-		$	(54	)	$	(25	)	$	-		$	(3	)	$	-		$	(3	)

LATIN AMERICA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income	$	(3	)	$	(2	)	$	(1	)	$	-		$	(1	)	$	(3	)	$	(1	)
Actuarial assumption review and other insurance adjustments		-			-			8			-			-			-			-
Tax adjustments		(10	)		-			-			-			-			(10	)		-
Total notable items	$	(13	)	$	(2	)	$	7		$	-		$	(1	)	$	(13	)	$	(1	)

EMEA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	(16	)	$	-		$	-		$	-		$	-
Total notable items	$	-		$	-		$	(16	)	$	-		$	-		$	-		$	-

METLIFE HOLDINGS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income	$	(8	)	$	11		$	22		$	-		$	1		$	(8	)	$	1
Actuarial assumption review and other insurance adjustments		-			(315	)		(52	)		(91	)		76			-			76
Total notable items	$	(8	)	$	(304	)	$	(30	)	$	(91	)	$	77		$	(8	)	$	77

CORPORATE & OTHER
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income	$	(4	)	$	1		$	(6	)	$	-		$	(4	)	$	(4	)	$	(4	)
Litigation reserves & settlement costs		-			-			-			-			(44	)		-			(44	)
Expense initiative costs		-			-			-			(28	)		(21	)		-			(21	)
Total notable items	$	(4	)	$	1		$	(6	)	$	(28	)	$	(69	)	$	(4	)	$	(69	)

BRIGHTHOUSE FINANCIAL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			March 31, 2016			March 31, 2017
Variable investment income	$	(18	)	$	(9	)	$	17		$	-		$	-		$	(18	)	$	-
Actuarial assumption review and other insurance adjustments		-			(78	)		(245	)		33			(42	)		-			(42	)
Total notable items	$	(18	)	$	(87	)	$	(228	)	$	33		$	(42	)	$	(18	)	$	(42	)

(1) These notable items represent a positive (negative) impact to operating earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan, such as 2017 expense initiative costs, to help investors have a better understanding of Company results and to evaluate and forecast those results.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Total MetLife, Inc.’s stockholders’ equity	$	75,775		$	79,179		$	78,286		$	67,309		$	67,929
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		73,709			77,113			76,220			65,243			65,863
Less: Net unrealized investment gains (losses), net of income tax		17,171			20,635			19,657			12,631			13,189
Defined benefit plans adjustment, net of income tax		(2,024	)		(1,983	)		(2,121	)		(1,972	)		(1,951	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		58,562			58,461			58,684			54,584			54,625
Less: Goodwill, net of income tax		9,555			9,670			9,442			9,112			9,209
VODA and VOCRA, net of income tax		483			470			448			404			386
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	48,524		$	48,321		$	48,794		$	45,068		$	45,030

Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017

Book value per common share (1)	$	67.10		$	70.18		$	69.35		$	59.56		$	60.91
Less: Net unrealized investment gains (losses), net of income tax		15.63			18.78			17.88			11.53			12.20
Defined benefit plans adjustment, net of income tax		(1.84	)		(1.80	)		(1.93	)		(1.80	)		(1.81	)
Book value per common share, excluding AOCI other than FCTA (1)		53.31			53.20			53.40			49.83			50.52
Less: Goodwill, net of income tax		8.70			8.79			8.59			8.32			8.52
VODA and VOCRA, net of income tax		0.44			0.43			0.41			0.37			0.36
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	44.17		$	43.98		$	44.40		$	41.14		$	41.64

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			December 31, 2016

Return on MetLife, Inc.’s:
Common stockholders’ equity		12.6%			0.3%			3.0%			(12.1)%			5.0%			1.0%
Common stockholders’ equity, excluding AOCI other than FCTA		15.3%			0.4%			3.9%			(15.1)%			6.0%			1.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		18.6%			0.6%			4.8%			(18.1)%			7.4%			1.6%

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		7.6%			4.9%			7.4%			8.0%			9.4%			7.1%
Common stockholders’ equity, excluding AOCI other than FCTA		9.3%			6.3%			9.7%			10.0%			11.3%			8.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		11.3%			7.7%			11.8%			12.2%			13.8%			10.8%

Average common stockholders’ equity	$	69,796		$	75,411		$	76,667		$	70,732		$	65,553		$	71,634
Average common stockholders’ equity, excluding AOCI other than FCTA	$	57,362		$	58,512		$	58,573		$	56,634		$	54,605		$	57,291
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	47,439		$	48,423		$	48,558		$	46,931		$	45,049		$	47,412

(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Net income (loss) available to MetLife, Inc.’s 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 March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017 of $12 million, $12 million, $12 million, $11 million and $11 million, respectively, and for the year ended December 31, 2016 of $47 million.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2), (3) RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016			September 30, 2016		December 31, 2016		March 31, 2017
U.S.
GROUP BENEFITS			29.5%		40.9%			24.7 %		(9.6)%		23.0%
RETIREMENT AND INCOME SOLUTIONS			10.9%		21.8%			16.6 %		11.3 %		11.1%
PROPERTY & CASUALTY			11.0%		(0.7)%			20.9 %		15.6 %		6.7%
TOTAL U.S.			15.9%		24.6%			19.2 %		6.2 %		13.6%
ASIA			31.3%		27.9%			13.0 %		(21.7)%		15.3%
LATIN AMERICA			18.4%		11.1%			19.0 %		32.7 %		31.2%
EMEA			9.1%		11.8%			14.1 %		3.2 %		10.0%
METLIFE HOLDINGS			17.3%		6.0%			(2.2)%		(14.4)%		11.5%

RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016			September 30, 2016		December 31, 2016		March 31, 2017
U.S.			17.5%		27.0%			21.1%		6.8 %		15.8%
ASIA			53.7%		48.0%			22.5%		(37.2)%		24.4%
LATIN AMERICA			29.1%		17.6%			30.2%		51.9 %		53.8%
EMEA			15.6%		20.2%			24.2%		6.0 %		16.3%
METLIFE HOLDINGS			18.3%		6.5%			(2.1)%		(14.9)%		12.8%

OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016			September 30, 2016		December 31, 2016		March 31, 2017
U.S.
GROUP BENEFITS			19.7%		25.7%			25.8%		24.1%		27.6%
RETIREMENT AND INCOME SOLUTIONS			14.2%		15.3%			18.1%		17.6%		20.2%
PROPERTY & CASUALTY			7.8%		(0.7)%			20.5%		15.2%		6.2%
TOTAL U.S.			15.0%		16.4%			20.4%		19.1%		19.7%
ASIA			11.0%		9.4%			11.7%		12.8%		9.4%
LATIN AMERICA			19.7%		17.9%			17.3%		15.9%		19.5%
EMEA			7.8%		7.9%			9.2%		8.9%		9.3%
METLIFE HOLDINGS			9.6%		(1.2)%			9.6%		7.2%		13.7%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016			September 30, 2016		December 31, 2016		March 31, 2017
U.S.			16.5%		18.0%			22.4%		21.0%		22.9%
ASIA			19.0%		16.2%			20.2%		22.1%		15.0%
LATIN AMERICA			31.2%		28.3%			27.5%		25.2%		33.6%
EMEA			13.5%		13.8%			15.8%		15.6%		15.3%
METLIFE HOLDINGS			10.3%		(1.1	)%		10.2%		7.7%		15.3%
(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)			2016			2017		2016		2017
	U.S.
	GROUP BENEFITS			$	2,884		$	2,816
	RETIREMENT AND INCOME SOLUTIONS				6,813			5,538
	PROPERTY & CASUALTY				1,130			1,862
	TOTAL U.S.			$	10,827		$	10,216	$	9,855	$	8,792
	ASIA			$	11,045		$	12,587	$	6,431	$	7,898
	LATIN AMERICA			$	3,070		$	2,933	$	1,935	$	1,704
	EMEA			$	3,226		$	3,210	$	1,919	$	2,017
	METLIFE HOLDINGS			$	11,082		$	11,247	$	10,586	$	10,179
(3) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis; therefore, return on equity calculations for the Brighthouse Financial segment are not presented in this QFS. (4) Net income (loss) available to MetLife, Inc.‘s common shareholders used to calculate the return on allocated tangible equity and operating earnings available to common shareholders used to calculate the operating 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)	March 31, 2016		June 30, 2016			September 30, 2016		December 31, 2016		March 31, 2017
	U.S.	$	1	$	1		$	1	$	1	$	1
	ASIA	$	1	$	1		$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-		$	-	$	-	$	-
	EMEA	$	2	$	2		$	2	$	3	$	2
	METLIFE HOLDINGS	$	5	$	5		$	5	$	5	$	5

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES, OTHER OPERATING EXPENSES 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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
U.S. (1)	$	5,474		$	5,612		$	6,373		$	5,815		$	5,654
ASIA		2,055			1,997			2,056			2,078			2,084
LATIN AMERICA		866			878			862			911			916
EMEA		583			593			588			612			614
METLIFE HOLDINGS (1)		1,656			1,686			1,555			1,626			1,517
CORPORATE & OTHER (1)		(78	)		(319	)		(19	)		(180	)		(36	)
BRIGHTHOUSE FINANCIAL (1)		1,337			1,487			1,300			1,324			1,135
Total operating premiums, fees and other revenues on a constant currency basis	$	11,893		$	11,934		$	12,715		$	12,186		$	11,884
Total operating premiums, fees and other revenues	$	11,905		$	12,074		$	12,949		$	12,250		$	11,884

ASIA (including operating joint ventures) (2), (3)	$	2,211		$	2,144		$	2,215		$	2,259		$	2,271

OTHER OPERATING EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
U.S. (1)	$	942		$	918		$	912		$	934		$	909
ASIA		862			847			860			908			875
LATIN AMERICA		313			315			327			370			326
EMEA		318			317			316			318			316
METLIFE HOLDINGS (1)		596			864			401			531			340
CORPORATE & OTHER (1)		54			(214	)		(3	)		(29	)		90
BRIGHTHOUSE FINANCIAL (1)		624			555			560			599			612
Total other operating expenses on a constant currency basis	$	3,709		$	3,602		$	3,373		$	3,631		$	3,468
Total other operating expenses	$	3,710		$	3,659		$	3,467		$	3,653		$	3,468

ASIA (including operating joint ventures) (2), (3)	$	919		$	906		$	928		$	976		$	948

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017
U.S. (1)	$	406		$	443		$	552		$	516		$	503
ASIA		311			253			309			347			295
LATIN AMERICA		142			130			129			119			143
EMEA		56			55			68			70			75
METLIFE HOLDINGS (1)		267			(33	)		266			199			385
CORPORATE & OTHER (1)		(190	)		(243	)		4			(178	)		(99	)
BRIGHTHOUSE FINANCIAL (1)		327			297			68			330			244
Total operating earnings available to common shareholders on a constant currency basis	$	1,319		$	902		$	1,396		$	1,403		$	1,546
Total operating earnings available to common shareholders	$	1,329		$	924		$	1,421		$	1,415		$	1,546
(1) Amounts on a reported basis, as constant currency impact is not significant.
(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%.

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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 on a constant currency basis	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders
(vii)	operating earnings available to common shareholders per diluted common share	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(viii)	operating return on equity	(viii)	return on equity
(ix)	investment portfolio gains (losses)	(ix)	net investment gains (losses)
(x)	derivative gains (losses)	(x)	net derivative gains (losses)
(xi)	MetLife, Inc.’s tangible common stockholders’ equity	(xi)	MetLife, Inc.’s stockholders’ equity
(xii)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xii)	MetLife, Inc.’s stockholders’ equity

Reconciliations of these non-GAAP 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 and related measures

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operating earnings;

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operating earnings available to common shareholders; and

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operating earnings available to common shareholders per diluted common share.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is also MetLife’s GAAP measure of segment performance. Operating earnings and other financial measures based on operating earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Operating earnings and other financial measures based on operating earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

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

These financial measures, along with the related operating premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and divested businesses and certain entities required to be consolidated under GAAP. Also, these measures 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 and year-to-date period ended March 31, 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:

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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”);

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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) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities income”); and

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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:

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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”);

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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”);

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METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

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.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses or goodwill impairment. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within operating earnings and not within derivative gains (losses).

Return on equity, allocated equity, tangible equity and related measures

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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.

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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.

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

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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.

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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.

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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.

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

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

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of operating earnings and other financial measures based on operating earnings mentioned above.

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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.

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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.

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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.

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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.

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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.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

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

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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.

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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.

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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)
NRSRO		Nationally Recognized Statistical Rating Organizations
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

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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.