METLIFE INC - FORM 8-K - EX-99.2

METLIFE INC - FORM 8-K - EX-99.2 - August 2, 2017

Attached files

Attached files

file	filename
EX-99.3 - EX-99.3 - METLIFE INC	d431267dex993.htm
EX-99.1 - EX-99.1 - METLIFE INC	d431267dex991.htm
8-K - 8-K - METLIFE INC	d431267d8k.htm

Exhibit 99.2

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Second Quarter

Financial Supplement

June 30, 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

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METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017

Revenues
Premiums	$	9,417		$	10,391		$	9,652		$	9,315		$	9,935		$	19,110		$	19,250
Universal life and investment-type product policy fees		2,286			2,296			2,280			2,302			2,302			4,630			4,604
Net investment income		4,887			5,464			5,037			5,196			4,959			9,446			10,155
Other revenues		487			366			419			374			382			974			756
Net investment gains (losses)		266			257			(367	)		8			104			281			112
Net derivative gains (losses)		(2,099	)		(1,051	)		(4,945	)		(926	)		(437	)		(764	)		(1,363	)
Total revenues		15,244			17,723			12,076			16,269			17,245			33,677			33,514

Expenses
Policyholder benefits and claims		10,274			10,855			9,997			9,859			10,302			19,952			20,161
Interest credited to policyholder account balances		1,500			1,820			1,636			1,712			1,562			2,826			3,274
Policyholder dividends		324			312			305			317			320			639			637
Goodwill impairment		-			260			-			-			-			-			-
Capitalization of DAC		(915	)		(863	)		(830	)		(796	)		(821	)		(1,896	)		(1,617	)
Amortization of DAC and VOBA		121			1,017			508			533			704			1,116			1,237
Amortization of negative VOBA		(67	)		(55	)		(48	)		(43	)		(38	)		(166	)		(81	)
Interest expense on debt		306			292			291			296			295			618			591
Other expenses		3,801			3,537			3,782			3,574			3,919			7,766			7,493
Total expenses		15,344			17,175			15,641			15,452			16,243			30,855			31,695
Income (loss) from continuing operations before provision for income tax		(100	)		548			(3,565	)		817			1,002			2,822			1,819
Provision for income tax expense (benefit)		(214	)		(25	)		(1,479	)		(12	)		115			505			103
Income (loss) from continuing operations, net of income tax		114			573			(2,086	)		829			887			2,317			1,716
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		114			573			(2,086	)		829			887			2,317			1,716
Less: Net income (loss) attributable to noncontrolling interests		4			(4	)		2			3			3			6			6
Net income (loss) attributable to MetLife, Inc.		110			577			(2,088	)		826			884			2,311			1,710
Less: Preferred stock dividends		46			6			45			6			46			52			52
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	571		$	(2,133	)	$	820		$	838		$	2,259		$	1,658

Total Premiums, Fees and Other Revenues	$	12,190		$	13,053		$	12,351		$	11,991		$	12,619		$	24,714		$	24,610

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

Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	571		$	(2,133	)	$	820		$	838
Adjustments from net income (loss) available to MetLife, Inc.‘s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses)		266			257			(367	)		8			104
Less: Net derivative gains (losses)		(2,099	)		(1,051	)		(4,945	)		(926	)		(437	)
Less: Goodwill impairment		-			(260	)		-			-			-
Less: Other adjustments to continuing operations (1)		478			(193	)		(20	)		(233	)		(495	)
Less: Provision for income tax (expense) benefit		499			393			1,786			428			262
Add: Net income (loss) attributable to noncontrolling interests		4			(4	)		2			3			3
Operating earnings available to common shareholders	$	924		$	1,421		$	1,415		$	1,546		$	1,407

Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (2)	$	0.06		$	0.51		$	(1.94	)	$	0.75		$	0.77
Less: Net investment gains (losses)		0.24			0.23			(0.33	)		0.01			0.10
Less: Net derivative gains (losses)		(1.89	)		(0.95	)		(4.46	)		(0.84	)		(0.40	)
Less: Goodwill impairment		-			(0.23	)		-			-			-
Less: Other adjustments to continuing operations		0.43			(0.17	)		(0.03	)		(0.22	)		(0.47	)
Less: Provision for income tax (expense) benefit		0.45			0.35			1.60			0.39			0.24
Add: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-
Operating earnings available to common shareholders per common share - diluted (2)	$	0.83		$	1.28		$	1.28		$	1.41		$	1.30

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

Notable items impacting operating earnings available to common shareholders:
Variable investment income	$	(9	)	$	22		$	-		$	15		$	-
Catastrophe experience and prior year development, net		(15	)		16			-			(45	)		-
Actuarial assumption review and other insurance adjustments		(462	)		(319	)		(58	)		34			12
Litigation reserves & settlement costs		-			-			-			(44	)		-
Expense initiative costs		-			-			(28	)		(21	)		(22	)
Other expense-related items (3)		-			-			-			-			(58	)
Tax adjustments		-			-			-			-			27
Total notable items (4)	$	(486	)	$	(281	)	$	(86	)	$	(61	)	$	(41	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income	$	(0.01	)	$	0.02		$	-		$	0.01		$	-
Catastrophe experience and prior year development, net	$	(0.01	)	$	0.01		$	-		$	(0.04	)	$	-
Actuarial assumption review and other insurance adjustments	$	(0.42	)	$	(0.29	)	$	(0.05	)	$	0.03		$	0.01
Litigation reserves & settlement costs	$	-		$	-		$	-		$	(0.04	)	$	-
Expense initiative costs	$	-		$	-		$	(0.03	)	$	(0.02	)	$	(0.02	)
Other expense-related items (3)	$	-		$	-		$	-		$	-		$	(0.05	)
Tax adjustments	$	-		$	-		$	-		$	-		$	0.02
Total notable items (4)	$	(0.44	)	$	(0.25	)	$	(0.08	)	$	(0.06	)	$	(0.04	)

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

Weighted average common shares outstanding - diluted		1,109.1			1,109.3			1,108.8			1,098.7			1,082.1
(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) For the three months ended June 30, 2017, $36 million in lease impairments and $22 million associated with costs related to the separation of Brighthouse Financial are included. (4) 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.

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

Book value per common share (1)	$	70.18	$	69.35	$	59.56		$	60.91		$	63.37
Book value per common share, excluding AOCI other than FCTA (1)	$	53.20	$	53.40	$	49.83		$	50.52		$	51.03
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	43.98	$	44.40	$	41.14		$	41.64		$	42.00

	For the Three Months Ended
Unaudited	June 30, 2016		September 30, 2016		December 31, 2016			March 31, 2017			June 30, 2017
Return on MetLife, Inc.’s (2):
Common stockholders’ equity		0.3%		3.0%		(12.1)%			5.0%			5.0%
Common stockholders’ equity, excluding AOCI other than FCTA		0.4%		3.9%		(15.1)%			6.0%			6.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		0.6%		4.8%		(18.1)%			7.4%			7.6%

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity		4.9%		7.4%		8.0%			9.4%			8.4%
Common stockholders’ equity, excluding AOCI other than FCTA		6.3%		9.7%		10.0%			11.3%			10.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		7.7%		11.8%		12.2%			13.8%			12.6%

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

Common shares outstanding, beginning of period		1,098.5		1,098.8		1,099.0			1,095.5			1,081.3
Share repurchases		-		-		(5.5	)		(16.0	)		(18.3	)
Newly issued shares		0.3		0.2		2.0			1.8			0.5
Common shares outstanding, end of period		1,098.8		1,099.0		1,095.5			1,081.3			1,063.5

Weighted average common shares outstanding - basic		1,100.3		1,100.5		1,100.2			1,090.4			1,074.0
Dilutive effect of the exercise or issuance of stock-based awards		8.8		8.8		8.6			8.3			8.1
Weighted average common shares outstanding - diluted		1,109.1		1,109.3		1,108.8			1,098.7			1,082.1

MetLife Policyholder Trust Shares		167.2		165.6		163.3			161.3			159.1
(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.

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

Total revenues	$	15,244		$	17,723		$	12,076		$	16,269		$	17,245			$	33,677		$	33,514
Less: Net investment (gains) losses		266			257			(367	)		8			104				281			112
Less: Net derivative (gains) losses		(2,099	)		(1,051	)		(4,945	)		(926	)		(437	)			(764	)		(1,363	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		9			(6	)		-			-			10				34			10
Less: other adjustments to revenues:
GMIB fees		104			103			103			101			101		`		205			202
Investment hedge adjustments		(188	)		(226	)		(243	)		(214	)		(141	)			(409	)		(355	)
Operating joint venture adjustments		-			-			1			(1	)		1				5			-
Unit-linked contract income		191			529			327			416			214				94			630
Securitization entities income		3			1			(1	)		-			1				3			1
Settlement of foreign currency earnings hedges		3			7			(2	)		6			5				(1	)		11
Divested business and Lag elimination		-			-			-			-			-				663			-
Total operating revenues	$	16,955		$	18,109		$	17,203		$	16,879		$	17,387			$	33,566		$	34,266

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

Net investment income	$	4,887		$	5,464		$	5,037		$	5,196		$	4,959			$	9,446		$	10,155
Less: Adjustments to net investment income:
Investment hedge adjustments		(188	)		(226	)		(243	)		(214	)		(141	)			(409	)		(355	)
Operating joint venture adjustments		-			-			1			(1	)		1				5			-
Unit-linked contract income		191			529			327			416			214				94			630
Securitization entities income		3			1			(1	)		-			1				3			1
Divested businesses and Lag elimination		-			-			-			-			-				166			-
Net investment income, as reported on an operating basis	$	4,881		$	5,160		$	4,953		$	4,995		$	4,884			$	9,587		$	9,879

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

Total premiums, fees and other revenues	$	12,190		$	13,053		$	12,351		$	11,991		$	12,619			$	24,714		$	24,610
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		9			(6	)		-			-			10				34			10
GMIB fees		104			103			103			101			101				205			202
Settlement of foreign currency earnings hedges		3			7			(2	)		6			5				(1	)		11
Divested business and Lag elimination		-			-			-			-			-				497			-
Total operating premiums, fees and other revenues	$	12,074		$	12,949		$	12,250		$	11,884		$	12,503			$	23,979		$	24,387
Total operating premiums, fees and other revenues on a constant currency basis	$	12,015		$	12,797		$	12,272		$	11,969		$	12,503

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

Total expenses	$	15,344		$	17,175		$	15,641		$	15,452		$	16,243		$	30,855		$	31,695
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(1,087	)		(209	)		(338	)		(241	)		(154	)		(1,081	)		(395	)
Less: Goodwill impairment		-			260			-			-			-			-			-
Less: other adjustments to expenses:
Inflation and pass through adjustments		66			(21	)		(198	)		26			62			137			88
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		330			248			291			245			218			372			463
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		4			7			6			3			3			11			6
PAB hedge adjustments		-			-			(1	)		-			-			1			-
Unit-linked contract costs		186			505			318			402			213			109			615
Securitization entities debt expense		3			1			(1	)		-			1			3			1
Noncontrolling interest		(4	)		7			(4	)		(4	)		(3	)		(9	)		(7	)
Regulatory implementation costs		-			-			1			-			-			-			-
Acquisition, integration and other costs		16			11			31			8			14			22			22
Divested businesses and Lag elimination		130			52			100			102			332			736			434
Total operating expenses	$	15,700		$	16,314		$	15,436		$	14,911		$	15,557		$	30,554		$	30,468


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

Capitalization of DAC (GAAP)	$	(915	)	$	(863	)	$	(830	)	$	(796	)	$	(821	)	$	(1,896	)	$	(1,617	)
Less: Divested business and Lag elimination		-			-			-			-			-			(105	)		-
Capitalization of DAC	$	(915	)	$	(863	)	$	(830	)	$	(796	)	$	(821	)	$	(1,791	)	$	(1,617	)


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

Other expenses	$	3,801		$	3,537		$	3,782		$	3,574		$	3,919		$	7,766		$	7,493
Less: Noncontrolling interest		(4	)		7			(4	)		(4	)		(3	)		(9	)		(7	)
Less: Regulatory implementation costs		-			-			1			-			-			-			-
Less: Acquisition, integration and other costs		16			11			31			8			14			22			22
Less: Divested business and Lag elimination		130			52			101			102			332			384			434
Other operating expenses	$	3,659		$	3,467		$	3,653		$	3,468		$	3,576		$	7,369		$	7,044
Other operating expenses on a constant currency basis	$	3,634		$	3,405		$	3,662		$	3,497		$	3,576


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

Total Company other operating expenses by major category
Direct and allocated expenses	$	1,599		$	1,537		$	1,739		$	1,586		$	1,705		$	3,231		$	3,291
Pension and post-retirement benefit costs		106			81			85			80			78			211			158
Premium taxes, other taxes, and licenses & fees		189			188			159			189			167			395			356
Total fixed operating expenses	$	1,894		$	1,806		$	1,983		$	1,855		$	1,950		$	3,837		$	3,805
Commissions and other variable expenses		1,765			1,661			1,670			1,613			1,626			3,532			3,239
Total other operating expenses	$	3,659		$	3,467		$	3,653		$	3,468		$	3,576		$	7,369		$	7,044

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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	387,508		$	390,442		$	350,889		$	355,528		$	364,084
Equity securities available-for-sale, at estimated fair value		3,333			3,289			3,194			3,377			3,415
Fair value option securities, at estimated fair value		14,314			14,730			13,923			14,399			14,762
Mortgage loans		69,399			71,156			74,545			76,541			77,572
Policy loans		11,240			11,177			11,028			11,115			11,072
Real estate and real estate joint ventures		9,063			9,186			9,041			9,464			9,484
Other limited partnership interests		6,982			6,878			6,778			6,762			6,874
Short-term investments, principally at estimated fair value		9,838			11,655			7,810			9,968			7,177
Other invested assets, principally at estimated fair value		31,834			30,278			23,185			19,724			19,596
Total investments		543,511			548,791			500,393			506,878			514,036
Cash and cash equivalents, principally at estimated fair value		17,067			15,883			17,877			17,411			17,319
Accrued investment income		3,884			4,197			3,988			3,984			3,970
Premiums, reinsurance and other receivables		26,035			26,178			26,081			25,916			26,487
Deferred policy acquisition costs and value of business acquired		24,748			24,748			24,798			25,547			25,408
Current income tax recoverable		51			-			20			25			66
Goodwill		9,852			9,592			9,220			9,350			9,385
Other assets		7,747			7,867			7,767			8,055			8,073
Separate account assets		309,672			315,648			308,620			317,521			320,455
Total assets	$	942,567		$	952,904		$	898,764		$	914,687		$	925,199

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	204,461		$	208,561		$	199,971		$	203,226		$	205,836
Policyholder account balances		213,526			216,192			210,235			214,757			216,257
Other policy-related balances		14,447			14,857			14,386			14,713			14,708
Policyholder dividends payable		734			763			708			699			722
Policyholder dividend obligation		3,343			3,352			1,931			1,983			2,237
Payables for collateral under securities loaned and other transactions		45,790			44,422			33,264			32,899			33,725
Short-term debt		103			201			242			260			235
Long-term debt		16,586			16,553			16,502			16,511			19,508
Collateral financing arrangements		4,113			4,084			4,071			4,059			1,235
Junior subordinated debt securities		3,168			3,168			3,169			3,169			3,169
Current income tax payable		-			151			-			-			-
Deferred income tax liability		14,966			14,359			9,367			9,550			10,383
Other liabilities		32,285			32,127			28,818			27,232			27,060
Separate account liabilities		309,672			315,648			308,620			317,521			320,455
Total liabilities		863,194			874,438			831,284			846,579			855,530

Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,783			30,797			30,944			30,990			31,021
Retained earnings		36,924			37,054			34,480			34,863			35,270
Treasury stock, at cost		(3,172	)		(3,172	)		(3,474	)		(4,332	)		(5,284	)
Accumulated other comprehensive income (loss)		14,632			13,595			5,347			6,396			8,436
Total MetLife, Inc.’s stockholders’ equity		79,179			78,286			67,309			67,929			69,455
Noncontrolling interests		194			180			171			179			214
Total equity		79,373			78,466			67,480			68,108			69,669
Total liabilities and equity	$	942,567		$	952,904		$	898,764		$	914,687		$	925,199

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

Operating earnings before provision for income tax
U.S.
GROUP BENEFITS	$	288		$	296		$	277		$	298		$	312
RETIREMENT AND INCOME SOLUTIONS		399			472			458			429			411
PROPERTY & CASUALTY		(21	)		72			49			28			26
TOTAL U.S.	$	666		$	840		$	784		$	755		$	749
ASIA		399			466			469			441			467
LATIN AMERICA		175			186			139			181			188
EMEA		74			85			82			87			86
METLIFE HOLDINGS		(76	)		387			284			570			339
CORPORATE & OTHER		(385	)		(277	)		(422	)		(376	)		(371	)
BRIGHTHOUSE FINANCIAL (1)		402			108			431			310			372
Total operating earnings before provision for income tax	$	1,255		$	1,795		$	1,767		$	1,968		$	1,830

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	103		$	110		$	103		$	104		$	109
RETIREMENT AND INCOME SOLUTIONS		139			164			159			149			143
PROPERTY & CASUALTY		(19	)		14			6			(1	)		(2	)
TOTAL U.S.	$	223		$	288		$	268		$	252		$	250
ASIA		140			142			115			146			157
LATIN AMERICA		38			53			17			38			34
EMEA		10			11			10			12			14
METLIFE HOLDINGS		(43	)		121			85			185			104
CORPORATE & OTHER		(188	)		(287	)		(289	)		(283	)		(271	)
BRIGHTHOUSE FINANCIAL (1)		105			40			101			66			89
Total provision for income tax expense (benefit)	$	285		$	368		$	307		$	416		$	377

Operating earnings available to common shareholders
U.S.
GROUP BENEFITS	$	185		$	186		$	174		$	194		$	203
RETIREMENT AND INCOME SOLUTIONS		260			308			299			280			268
PROPERTY & CASUALTY		(2	)		58			43			29			28
TOTAL U.S.	$	443		$	552		$	516		$	503		$	499
ASIA		259			324			354			295			310
LATIN AMERICA		137			133			122			143			154
EMEA		64			74			72			75			72
METLIFE HOLDINGS		(33	)		266			199			385			235
CORPORATE & OTHER (2)		(243	)		4			(178	)		(99	)		(146	)
BRIGHTHOUSE FINANCIAL (1)		297			68			330			244			283
Total operating earnings available to common shareholders (2)	$	924		$	1,421		$	1,415		$	1,546		$	1,407

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

U.S.
GROUP BENEFITS		25.7%			25.8%			24.1%			27.6%			28.8%
RETIREMENT AND INCOME SOLUTIONS		15.3%			18.1%			17.6%			20.2%			19.4%
PROPERTY & CASUALTY		(0.7)%			20.5%			15.2%			6.2%			6.0%
TOTAL U.S.		16.4%			20.4%			19.1%			19.7%			19.5%
ASIA		9.4%			11.7%			12.8%			9.4%			9.9%
LATIN AMERICA		17.9%			17.3%			15.9%			19.5%			21.0%
EMEA		7.9%			9.2%			8.9%			9.3%			9.0%
METLIFE HOLDINGS		(1.2)%			9.6%			7.2%			13.7%			8.4%

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

U.S.		18.0%			22.4%			21.0%			22.9%			22.7%
ASIA		16.2%			20.2%			22.1%			15.0%			15.8%
LATIN AMERICA		28.3%			27.5%			25.2%			33.6%			36.2%
EMEA		13.8%			15.8%			15.6%			15.3%			14.7%
METLIFE HOLDINGS		(1.1)%			10.2%			7.7%			15.3%			9.4%
(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 $46 million, $6 million, $45 million, $6 million and $46 million for the three months ended June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 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.

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

Operating revenues
Premiums	$	5,171		$	5,936		$	5,374		$	5,185		$	5,877		$	10,191		$	11,062
Universal life and investment-type product policy fees		248			245			246			265			251			498			516
Net investment income		1,565			1,590			1,591			1,612			1,575			3,025			3,187
Other revenues		193			192			195			204			199			397			403
Total operating revenues		7,177			7,963			7,406			7,266			7,902			14,111			15,168

Operating expenses
Policyholder benefits and claims and policyholder dividends		5,270			5,894			5,348			5,235			5,878			10,316			11,113
Interest credited to policyholder account balances		323			322			335			351			359			645			710
Capitalization of DAC		(121	)		(124	)		(115	)		(100	)		(116	)		(232	)		(216	)
Amortization of DAC and VOBA		118			117			118			114			114			236			228
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		3			2			2			2			4			5			6
Other operating expenses		918			912			934			909			914			1,860			1,823
Total operating expenses		6,511			7,123			6,622			6,511			7,153			12,830			13,664
Operating earnings before provision for income tax		666			840			784			755			749			1,281			1,504
Provision for income tax expense (benefit)		223			288			268			252			250			432			502
Operating earnings		443			552			516			503			499			849			1,002
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	443		$	552		$	516		$	503		$	499		$	849		$	1,002


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	443		$	552		$	516		$	503		$	499		$	849		$	1,002
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		70			44			(19	)		(26	)		-			(31	)		(26	)
Net derivative gains (losses)		328			(20	)		(459	)		(148	)		128			532			(20	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(60	)		(73	)		(72	)		(66	)		(51	)		(119	)		(117	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(6	)		(1	)		12			(1	)		(2	)		(13	)		(3	)
Interest credited to policyholder account balances		1			1			1			1			1			1			2
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		(111	)		17			188			84			(27	)		(124	)		57
Income (loss) from continuing operations, net of income tax		665			520			167			347			548			1,095			895
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		665			520			167			347			548			1,095			895
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		665			520			167			347			548			1,095			895
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	665		$	520		$	167		$	347		$	548		$	1,095		$	895

Total Operating Premiums, Fees and Other Revenues	$	5,612		$	6,373		$	5,815		$	5,654		$	6,327		$	11,086		$	11,981

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

Operating revenues
Premiums	$	3,787		$	3,740		$	3,722		$	3,971		$	3,880		$	7,597		$	7,851
Universal life and investment-type product policy fees		197			194			194			204			200			382			404
Net investment income		281			309			276			285			280			555			565
Other revenues		115			116			117			125			122			234			247
Total operating revenues		4,380			4,359			4,309			4,585			4,482			8,768			9,067

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,475			3,453			3,404			3,670			3,560			7,000			7,230
Interest credited to policyholder account balances		34			35			34			34			34			68			68
Capitalization of DAC		(13	)		(11	)		(11	)		(9	)		(7	)		(26	)		(16	)
Amortization of DAC and VOBA		11			10			9			10			10			20			20
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			1			1			1
Other operating expenses		584			576			596			582			572			1,188			1,154
Total operating expenses		4,092			4,063			4,032			4,287			4,170			8,251			8,457
Operating earnings before provision for income tax		288			296			277			298			312			517			610
Provision for income tax expense (benefit)		103			110			103			104			109			190			213
Operating earnings		185			186			174			194			203			327			397
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	185		$	186		$	174		$	194		$	203		$	327		$	397


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	185		$	186		$	174		$	194		$	203		$	327		$	397
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		4			14			(7	)		6			(3	)		(26	)		3
Net derivative gains (losses)		182			3			(340	)		(34	)		26			351			(8	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(27	)		(29	)		(27	)		(21	)		(17	)		(55	)		(38	)
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		(49	)		4			131			17			(2	)		(89	)		15
Income (loss) from continuing operations, net of income tax		295			178			(69	)		162			207			508			369
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		295			178			(69	)		162			207			508			369
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		295			178			(69	)		162			207			508			369
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	295		$	178		$	(69	)	$	162		$	207		$	508		$	369

Total Operating Premiums, Fees and Other Revenues	$	4,099		$	4,050		$	4,033		$	4,300		$	4,202		$	8,213		$	8,502

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

Operating revenues
Premiums	$	516		$	1,317		$	770		$	346		$	1,115		$	861		$	1,461
Universal life and investment-type product policy fees		51			51			52			61			51			116			112
Net investment income		1,252			1,249			1,287			1,285			1,254			2,416			2,539
Other revenues		72			73			73			72			72			142			144
Total operating revenues		1,891			2,690			2,182			1,764			2,492			3,535			4,256

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,094			1,830			1,302			903			1,643			1,963			2,546
Interest credited to policyholder account balances		289			287			301			317			325			577			642
Capitalization of DAC		(1	)		(5	)		(6	)		(2	)		(8	)		(1	)		(10	)
Amortization of DAC and VOBA		4			4			5			5			4			9			9
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			3			4			5
Other operating expenses		104			100			120			110			114			214			224
Total operating expenses		1,492			2,218			1,724			1,335			2,081			2,766			3,416
Operating earnings before provision for income tax		399			472			458			429			411			769			840
Provision for income tax expense (benefit)		139			164			159			149			143			267			292
Operating earnings		260			308			299			280			268			502			548
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	260		$	308		$	299		$	280		$	268		$	502		$	548


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	260		$	308		$	299		$	280		$	268		$	502		$	548
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		64			27			(9	)		(38	)		4			(23	)		(34	)
Net derivative gains (losses)		147			(21	)		(124	)		(111	)		104			185			(7	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(33	)		(44	)		(45	)		(45	)		(34	)		(64	)		(79	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(6	)		(1	)		12			(1	)		(2	)		(13	)		(3	)
Interest credited to policyholder account balances		1			1			1			1			1			1			2
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		(61	)		13			58			68			(26	)		(30	)		42
Income (loss) from continuing operations, net of income tax		372			283			192			154			315			558			469
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		372			283			192			154			315			558			469
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		372			283			192			154			315			558			469
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	372		$	283		$	192		$	154		$	315		$	558		$	469

Total Operating Premiums, Fees and Other Revenues	$	639		$	1,441		$	895		$	479		$	1,238		$	1,119		$	1,717

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

Operating revenues
Premiums	$	868		$	879		$	882		$	868		$	882		$	1,733		$	1,750
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		32			32			28			42			41			54			83
Other revenues		6			3			5			7			5			21			12
Total operating revenues		906			914			915			917			928			1,808			1,845

Operating expenses
Policyholder benefits and claims and policyholder dividends		701			611			642			662			675			1,353			1,337
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(107	)		(108	)		(98	)		(89	)		(101	)		(205	)		(190	)
Amortization of DAC and VOBA		103			103			104			99			100			207			199
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		230			236			218			217			228			458			445
Total operating expenses		927			842			866			889			902			1,813			1,791
Operating earnings before provision for income tax		(21	)		72			49			28			26			(5	)		54
Provision for income tax expense (benefit)		(19	)		14			6			(1	)		(2	)		(25	)		(3	)
Operating earnings		(2	)		58			43			29			28			20			57
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	(2	)	$	58		$	43		$	29		$	28		$	20		$	57


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(2	)	$	58		$	43		$	29		$	28		$	20		$	57
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:																	-
Net investment gains (losses)		2			3			(3	)		6			(1	)		18			5
Net derivative gains (losses)		(1	)		(2	)		5			(3	)		(2	)		(4	)		(5	)
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		(1	)		-			(1	)		(1	)		1			(5	)		-
Income (loss) from continuing operations, net of income tax		(2	)		59			44			31			26			29			57
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(2	)		59			44			31			26			29			57
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(2	)		59			44			31			26			29			57
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(2	)	$	59		$	44		$	31		$	26		$	29		$	57

Total Operating Premiums, Fees and Other Revenues	$	874		$	882		$	887		$	875		$	887		$	1,754		$	1,762

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U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	18,741		$	18,796		$	18,902		$	18,909		$	18,982
Premiums and deposits		4,611			4,665			4,480			4,819			4,698
Surrenders and withdrawals		(600	)		(630	)		(581	)		(605	)		(658	)
Benefit payments		(3,512	)		(3,500	)		(3,430	)		(3,719	)		(3,627	)

Net Flows		499			535			469			495			413
Net transfers from (to) separate account		-			4			-			(1	)		-
Interest		131			132			130			131			131
Policy charges		(146	)		(146	)		(147	)		(150	)		(151	)
Other		(429	)		(419	)		(445	)		(402	)		(421	)

Balance, end of period	$	18,796		$	18,902		$	18,909		$	18,982		$	18,954

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	625		$	628		$	749		$	761		$	810
Premiums and deposits		55			153			59			63			60
Surrenders and withdrawals		(12	)		(13	)		(11	)		(17	)		(11	)
Benefit payments		(1	)		-			(1	)		(1	)		(1	)

Net Flows		42			140			47			45			48
Investment performance		12			35			14			47			31
Net transfers from (to) general account		-			(4	)		-			1			-
Policy charges		(48	)		(50	)		(49	)		(51	)		(51	)
Other		(3	)		-			-			7			(2	)

Balance, end of period	$	628		$	749		$	761		$	810		$	836

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

Direct and allocated expenses	$	331	$	326	$	341	$	311	$	309
Pension and post-retirement benefit costs		16		11		13		17		15
Premium taxes, other taxes, and licenses & fees		73		77		76		52		56
Total fixed operating expenses	$	420	$	414	$	430	$	380	$	380
Commissions and other variable expenses		164		162		166		202		192
Total other operating expenses	$	584	$	576	$	596	$	582	$	572

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

Group Life (1)
Operating premiums, fees and other revenues	$	1,586	$	1,592	$	1,574	$	1,690	$	1,663
Mortality ratio		85.5%		89.3%		88.2%		86.9%		87.3%
Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,676	$	1,663	$	1,687	$	1,776	$	1,664
Interest adjusted benefit ratio (3)		78.9%		76.9%		76.2%		79.9%		76.9%
(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	98,304		$	99,421		$	102,036		$	101,567		$	102,599
Premiums and deposits		14,503			18,071			18,705			15,875			19,471
Surrenders and withdrawals		(14,198	)		(15,813	)		(16,134	)		(14,943	)		(19,539	)
Benefit payments		(771	)		(806	)		(789	)		(812	)		(812	)

Net Flows		(466	)		1,452			1,782			120			(880	)
Net transfers from (to) separate account		-			(1	)		-			4			17
Interest		830			830			845			856			853
Policy charges		(31	)		(32	)		(4	)		(36	)		(31	)
Other		784			366			(3,092	)		88			859

Balance, end of period	$	99,421		$	102,036		$	101,567		$	102,599		$	103,417

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	81,887		$	85,271		$	85,929		$	85,189		$	85,983
Premiums and deposits		1,513			1,876			1,683			1,115			1,065
Surrenders and withdrawals		(1,073	)		(2,412	)		(1,360	)		(1,878	)		(1,631	)
Benefit payments		(18	)		(23	)		(12	)		(17	)		(11	)

Net Flows		422			(559	)		311			(780	)		(577	)
Investment performance		1,712			825			(1,731	)		1,084			1,354
Net transfers from (to) general account		-			1			-			(4	)		(17	)
Policy charges		(82	)		(74	)		(74	)		(80	)		(83	)
Other		1,332			465			754			574			389

Balance, end of period	$	85,271		$	85,929		$	85,189		$	85,983		$	87,049

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

Direct and allocated expenses	$	61	$	62	$	74	$	66	$	63
Pension and post-retirement benefit costs		5		4		4		5		5
Premium taxes, other taxes, and licenses & fees		1		1		3		3		1
Total fixed operating expenses	$	67	$	67	$	81	$	74	$	69
Commissions and other variable expenses		37		33		39		36		45
Total other operating expenses	$	104	$	100	$	120	$	110	$	114

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

Investment income yield excluding variable investment income		4.60%		4.59%		4.56%		4.49%		4.46%
Variable investment income yield		0.25%		0.25%		0.33%		0.37%		0.27%
Total investment income yield		4.85%		4.84%		4.89%		4.86%		4.73%
Average crediting rate		3.35%		3.38%		3.36%		3.32%		3.34%
Annualized general account spread		1.50%		1.46%		1.53%		1.54%		1.39%

Annualized general account spread excluding variable investment income yield		1.25%		1.21%		1.20%		1.17%		1.12%

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

Direct and allocated expenses	$	93	$	88	$	93	$	108	$	103
Pension and post-retirement benefit costs		9		8		8		7		8
Premium taxes, other taxes, and licenses & fees		25		24		22		21		25
Total fixed operating expenses	$	127	$	120	$	123	$	136	$	136
Commissions and other variable expenses		103		116		95		81		92
Total other operating expenses	$	230	$	236	$	218	$	217	$	228

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017

Net Written Premiums by Product
Auto	$	577	$	603	$	563	$	564	$	592
Homeowners & Other		324		335		294		283		323
Total	$	901	$	938	$	857	$	847	$	915
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	868	$	879	$	882	$	868	$	882
Loss and loss adjustment expense ratio		80.7%		69.5%		72.8%		76.2%		76.5%
Other expense ratio		26.0%		25.9%		25.2%		25.8%		25.6%
Total combined ratio		106.7%		95.4%		98.0%		102.0%		102.1%

Effect of catastrophe losses		16.7%		4.3%		3.2%		12.9%		14.4%
Combined ratio excluding catastrophes		90.0%		91.1%		94.8%		89.1%		87.7%
Prior year development		(0.8)%		(0.2)%		-%		(0.7)%		(0.5)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		90.8%		91.3%		94.8%		89.8%		88.2%
Auto
Net earned premium	$	559	$	567	$	571	$	563	$	573
Loss and loss adjustment expense ratio		79.0%		74.3%		85.2%		72.4%		71.4%
Other expense ratio		25.9%		25.3%		25.0%		25.4%		25.1%
Total combined ratio		104.9%		99.6%		110.2%		97.8%		96.5%

Effect of catastrophe losses		3.8%		1.7%		1.1%		1.4%		2.8%
Combined ratio excluding catastrophes		101.1%		97.9%		109.1%		96.4%		93.7%
Prior year development		0.1%		(0.3)%		(0.1)%		(0.8)%		(0.5)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		101.0%		98.2%		109.2%		97.2%		94.2%
Homeowners & Other
Net earned premium	$	309	$	312	$	311	$	305	$	309
Loss and loss adjustment expense ratio		83.7%		60.7%		50.0%		83.3%		85.9%
Other expense ratio		26.1%		26.9%		25.7%		26.7%		26.5%
Total combined ratio		109.8%		87.6%		75.7%		110.0%		112.4%

Effect of catastrophe losses		40.0%		8.9%		7.1%		34.1%		36.1%
Combined ratio excluding catastrophes		69.8%		78.7%		68.6%		75.9%		76.3%
Prior year development		(2.3)%		(0.1)%		0.1%		(0.5)%		(0.6)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		72.1%		78.8%		68.5%		76.4%		76.9%
Catastrophe Losses Before Provision for Income Tax
Auto	$	21	$	10	$	6	$	8	$	16
Homeowners & Other		124		27		22		104		111
Total	$	145	$	37	$	28	$	112	$	127
(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017

Operating revenues
Premiums	$	1,681		$	1,822		$	1,741		$	1,708		$	1,659		$	3,339		$	3,367
Universal life and investment-type product policy fees		370			394			373			366			375			720			741
Net investment income		678			707			704			702			729			1,296			1,431
Other revenues		16			12			16			10			11			33			21
Total operating revenues		2,745			2,935			2,834			2,786			2,774			5,388			5,560

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,324			1,363			1,268			1,315			1,247			2,560			2,562
Interest credited to policyholder account balances		324			331			324			321			333			643			654
Capitalization of DAC		(426	)		(440	)		(417	)		(420	)		(428	)		(811	)		(848	)
Amortization of DAC and VOBA		304			331			303			291			290			590			581
Amortization of negative VOBA		(57	)		(46	)		(41	)		(37	)		(30	)		(121	)		(67	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		877			930			928			875			895			1,728			1,770
Total operating expenses		2,346			2,469			2,365			2,345			2,307			4,589			4,652
Operating earnings before provision for income tax		399			466			469			441			467			799			908
Provision for income tax expense (benefit)		140			142			115			146			157			235			303
Operating earnings		259			324			354			295			310			564			605
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	259		$	324		$	354		$	295		$	310		$	564		$	605


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	259		$	324		$	354		$	295		$	310		$	564		$	605
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		140			66			(241	)		117			(19	)		363			98
Net derivative gains (losses)		606			(68	)		(996	)		177			(128	)		1,017			49
Premiums		-			-			-			-			-			426			-
Universal life and investment-type product policy fees		7			(4	)		3			1			10			99			11
Net investment income		(134	)		64			209			16			102			(173	)		118
Other revenues		3			7			(2	)		6			5			3			11
Policyholder benefits and claims and policyholder dividends		(7	)		(8	)		(10	)		(5	)		(5	)		(329	)		(10	)
Interest credited to policyholder account balances		114			(57	)		(205	)		(20	)		(108	)		192			(128	)
Capitalization of DAC		-			-			-			-			-			105			-
Amortization of DAC and VOBA		(12	)		10			-			(1	)		(10	)		(124	)		(11	)
Amortization of negative VOBA		6			5			4			3			3			38			6
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(7	)		(7	)		(20	)		(4	)		(9	)		(200	)		(13	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(204	)		29			305			(105	)		53			(347	)		(52	)
Income (loss) from continuing operations, net of income tax		771			361			(599	)		480			204			1,634			684
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		771			361			(599	)		480			204			1,634			684
Less: Net income (loss) attributable to noncontrolling interests		1			1			-			-			1			1			1
Net income (loss) attributable to MetLife, Inc.		770			360			(599	)		480			203			1,633			683
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	770		$	360		$	(599	)	$	480		$	203		$	1,633		$	683

Total Operating Premiums, Fees and Other Revenues	$	2,067		$	2,228		$	2,130		$	2,084		$	2,045		$	4,092		$	4,129

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

Total operating premiums, fees and other revenues	$	2,067	$	2,228	$	2,130	$	2,084	$	2,045

Total operating premiums, fees and other revenues on a constant currency basis	$	2,033	$	2,094	$	2,114	$	2,121	$	2,045
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (1), (2)		149		160		183		189		184
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,182	$	2,254	$	2,297	$	2,310	$	2,229

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

Direct and allocated expenses	$	309	$	327	$	356	$	298	$	315
Pension and post-retirement benefit costs		19		19		19		19		20
Premium taxes, other taxes, and licenses & fees		39		37		5		31		42
Total fixed operating expenses	$	367	$	383	$	380	$	348	$	377
Commissions and other variable expenses		510		547		548		527		518
Total other operating expenses	$	877	$	930	$	928	$	875	$	895
Total other operating expenses, net of capitalization of DAC	$	451	$	490	$	511	$	455	$	467

Total other operating expenses on a constant currency basis	$	863	$	876	$	923	$	889	$	895
Add: Operating joint ventures other operating expenses on a constant currency basis (1), (2)		61		68		69		78		76
Total other operating expenses including operating joint ventures on a constant currency basis	$	924	$	944	$	992	$	967	$	971
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	482	$	506	$	549	$	506	$	511

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

Japan:
Life	$	162	$	178	$	188	$	186	$	157
Accident & Health		87		78		90		89		79
Annuities		87		86		70		99		84
Other		4		4		2		3		3
Total Japan		340		346		350		377		323
Other Asia		219		194		253		329		213
Total sales	$	559	$	540	$	603	$	706	$	536

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

Operating earnings available to common shareholders	$	259	$	324	$	354	$	295	$	310
Operating earnings available to common shareholders on a constant currency basis	$	256	$	313	$	352	$	297	$	310
(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017

Operating revenues
Premiums	$	631		$	653		$	644		$	647		$	645		$	1,232		$	1,292
Universal life and investment-type product policy fees		269			227			261			260			275			537			535
Net investment income		243			311			275			303			289			498			592
Other revenues		8			11			8			9			8			15			17
Total operating revenues		1,151			1,202			1,188			1,219			1,217			2,282			2,436

Operating expenses
Policyholder benefits and claims and policyholder dividends		583			681			629			633			596			1,133			1,229
Interest credited to policyholder account balances		84			85			79			82			94			164			176
Capitalization of DAC		(80	)		(83	)		(85	)		(82	)		(88	)		(153	)		(170	)
Amortization of DAC and VOBA		66			(2	)		57			78			68			129			146
Amortization of negative VOBA		-			(1	)		-			-			-			-			-
Interest expense on debt		-			1			1			1			2			-			3
Other operating expenses		323			335			368			326			357			633			683
Total operating expenses		976			1,016			1,049			1,038			1,029			1,906			2,067
Operating earnings before provision for income tax		175			186			139			181			188			376			369
Provision for income tax expense (benefit)		38			53			17			38			34			88			72
Operating earnings		137			133			122			143			154			288			297
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	137		$	133		$	122		$	143		$	154		$	288		$	297

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	137		$	133		$	122		$	143		$	154		$	288		$	297
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		18			12			85			12			2			(4	)		14
Net derivative gains (losses)		(28	)		(9	)		(44	)		136			(9	)		56			127
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		4			17			11			31			-			20			31
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(41	)		21			150			(20	)		(51	)		(85	)		(71	)
Interest credited to policyholder account balances		(19	)		(24	)		(17	)		(43	)		(12	)		(44	)		(55	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		2			3			2			3			2			4			5
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		14			(5	)		(57	)		(31	)		11			(6	)		(20	)
Income (loss) from continuing operations, net of income tax		87			148			252			231			97			229			328
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		87			148			252			231			97			229			328
Less: Net income (loss) attributable to noncontrolling interests		2			2			1			2			2			3			4
Net income (loss) attributable to MetLife, Inc.		85			146			251			229			95			226			324
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	85		$	146		$	251		$	229		$	95		$	226		$	324

Total Operating Premiums, Fees and Other Revenues	$	908		$	891		$	913		$	916		$	928		$	1,784		$	1,844

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

Direct and allocated expenses	$	119	$	127	$	163	$	127	$	148
Pension and post-retirement benefit costs		-		-		1		-		1
Premium taxes, other taxes, and licenses & fees		18		16		16		15		15
Total fixed operating expenses	$	137	$	143	$	180	$	142	$	164
Commissions and other variable expenses		186		192		188		184		193
Total other operating expenses	$	323	$	335	$	368	$	326	$	357
Total other operating expenses, net of capitalization of DAC	$	243	$	252	$	283	$	244	$	269
Total other operating expenses on a constant currency basis	$	324	$	336	$	379	$	334	$	357
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	244	$	253	$	291	$	249	$	269

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

Mexico	$	176	$	80	$	102	$	115	$	94
Chile		65		65		68		65		63
All other		60		67		76		55		61
Total sales	$	301	$	212	$	246	$	235	$	218

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

Operating premiums, fees and other revenues	$	908	$	891	$	913	$	916	$	928
Operating earnings available to common shareholders	$	137	$	133	$	122	$	143	$	154

Operating premiums, fees and other revenues on a constant currency basis	$	909	$	892	$	946	$	950	$	928
Operating earnings available to common shareholders on a constant currency basis	$	135	$	134	$	126	$	150	$	154

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

Operating revenues
Premiums	$	519		$	500		$	508		$	502		$	505		$	1,019		$	1,007
Universal life and investment-type product policy fees		95			104			97			95			92			190			187
Net investment income		83			81			74			74			78			163			152
Other revenues		19			17			17			17			28			39			45
Total operating revenues		716			702			696			688			703			1,411			1,391

Operating expenses
Policyholder benefits and claims and policyholder dividends		283			257			266			269			270			544			539
Interest credited to policyholder account balances		30			28			25			24			25			59			49
Capitalization of DAC		(106	)		(103	)		(93	)		(92	)		(100	)		(207	)		(192	)
Amortization of DAC and VOBA		103			106			97			87			95			205			182
Amortization of negative VOBA		(4	)		(3	)		(3	)		(3	)		(5	)		(7	)		(8	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		336			332			322			316			332			669			648
Total operating expenses		642			617			614			601			617			1,263			1,218
Operating earnings before provision for income tax		74			85			82			87			86			148			173
Provision for income tax expense (benefit)		10			11			10			12			14			21			26
Operating earnings		64			74			72			75			72			127			147
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	64		$	74		$	72		$	75		$	72		$	127		$	147


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	64		$	74		$	72		$	75		$	72		$	127		$	147
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		16			24			(6	)		2			2			24			4
Net derivative gains (losses)		3			25			(3	)		13			5			2			18
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		7			5			6			7			5			13			12
Net investment income		300			436			93			349			96			382			445
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		28			10			(58	)		(9	)		(17	)		37			(26	)
Interest credited to policyholder account balances		(281	)		(424	)		(96	)		(339	)		(93	)		(358	)		(432	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(1	)		-			1			-			1			(1	)		1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(5	)		(1	)		(5	)		(3	)		(4	)		(7	)		(7	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(35	)		(34	)		22			(14	)		-			(49	)		(14	)
Income (loss) from continuing operations, net of income tax		96			115			26			81			67			170			148
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		96			115			26			81			67			170			148
Less: Net income (loss) attributable to noncontrolling interests		1			1			-			1			-			2			1
Net income (loss) attributable to MetLife, Inc.		95			114			26			80			67			168			147
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	95		$	114		$	26		$	80		$	67		$	168		$	147

Total Operating Premiums, Fees and Other Revenues	$	633		$	621		$	622		$	614		$	625		$	1,248		$	1,239

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

Direct and allocated expenses	$	149	$	150	$	153	$	142	$	140
Pension and post-retirement benefit costs		1		2		2		1		2
Premium taxes, other taxes, and licenses & fees		4		4		6		6		7
Total fixed operating expenses	$	154	$	156	$	161	$	149	$	149
Commissions and other variable expenses		182		176		161		167		183
Total other operating expenses	$	336	$	332	$	322	$	316	$	332
Total other operating expenses, net of capitalization of DAC	$	230	$	229	$	229	$	224	$	232
Total other operating expenses on a constant currency basis	$	324	$	323	$	325	$	323	$	332
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	221	$	222	$	231	$	229	$	232

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

Operating premiums, fees and other revenues	$	633	$	621	$	622	$	614	$	625
Operating earnings available to common shareholders	$	64	$	74	$	72	$	75	$	72

Operating premiums, fees and other revenues on a constant currency basis	$	607	$	602	$	627	$	628	$	625
Operating earnings available to common shareholders on a constant currency basis	$	58	$	70	$	72	$	78	$	72
Total sales on a constant currency basis	$	253	$	228	$	228	$	262	$	240

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

Operating revenues
Premiums	$	1,122		$	1,093		$	1,194		$	1,059		$	1,022		$	2,219		$	2,081
Universal life and investment-type product policy fees		361			357			363			362			345			716			707
Net investment income		1,477			1,537			1,455			1,441			1,401			2,952			2,842
Other revenues		203			105			69			96			37			407			133
Total operating revenues		3,163			3,092			3,081			2,958			2,805			6,294			5,763

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,927			1,853			1,931			1,736			1,720			3,750			3,456
Interest credited to policyholder account balances		261			261			262			257			255			519			512
Capitalization of DAC		(96	)		(44	)		(41	)		(34	)		(23	)		(196	)		(57	)
Amortization of DAC and VOBA		269			219			100			74			139			417			213
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		14			15			14			15			5			28			20
Other operating expenses		864			401			531			340			370			1,460			710
Total operating expenses		3,239			2,705			2,797			2,388			2,466			5,978			4,854
Operating earnings before provision for income tax		(76	)		387			284			570			339			316			909
Provision for income tax expense (benefit)		(43	)		121			85			185			104			82			289
Operating earnings		(33	)		266			199			385			235			234			620
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	(33	)	$	266		$	199		$	385		$	235		$	234		$	620


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(33	)	$	266		$	199		$	385		$	235		$	234		$	620
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		251			5			61			4			3			137			7
Net derivative gains (losses)		23			(469	)		(909	)		(18	)		(266	)		437			(284	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		24			23			23			24			25			46			49
Net investment income		(64	)		(68	)		(66	)		(57	)		(48	)		(140	)		(105	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(43	)		(71	)		(50	)		(65	)		(50	)		(45	)		(115	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		116			93			20			15			44			199			59
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			(13	)		(1	)		-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(107	)		174			323			34			102			(221	)		136
Income (loss) from continuing operations, net of income tax		167			(60	)		(400	)		322			45			647			367
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		167			(60	)		(400	)		322			45			647			367
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		167			(60	)		(400	)		322			45			647			367
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	167		$	(60	)	$	(400	)	$	322		$	45		$	647		$	367

Total Operating Premiums, Fees and Other Revenues	$	1,686		$	1,555		$	1,626		$	1,517		$	1,404		$	3,342		$	2,921

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METLIFE HOLDINGS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)


	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	79,954		$	80,704		$	80,968		$	80,743		$	81,077
Premiums and deposits (2), (3)		1,450			1,412			1,483			1,405			1,308
Surrenders and withdrawals		(590	)		(630	)		(590	)		(618	)		(611	)
Benefit payments		(725	)		(713	)		(712	)		(763	)		(659	)

Net Flows		135			69			181			24			38
Net transfers from (to) separate account		21			16			12			25			9
Interest		794			799			799			812			815
Policy charges		(202	)		(200	)		(242	)		(201	)		(200	)
Other		2			(420	)		(975	)		(326	)		(612	)

Balance, end of period	$	80,704		$	80,968		$	80,743		$	81,077		$	81,127

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	22,135		$	23,239		$	23,100		$	22,264		$	21,522
Premiums and deposits (2), (3)		368			230			239			202			135
Surrenders and withdrawals		(316	)		(356	)		(417	)		(358	)		(375	)
Benefit payments		(208	)		(192	)		(175	)		(199	)		(178	)

Net Flows		(156	)		(318	)		(353	)		(355	)		(418	)
Net transfers from (to) separate account		47			86			34			10			39
Interest		167			166			165			160			159
Policy charges		(5	)		(5	)		(5	)		(5	)		(5	)
Other		1,051			(68	)		(677	)		(552	)		32

Balance, end of period	$	23,239		$	23,100		$	22,264		$	21,522		$	21,329

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	5,029		$	5,070		$	5,210		$	5,200		$	5,415
Premiums and deposits (3)		80			75			73			76			73
Surrenders and withdrawals		(57	)		(56	)		(52	)		(61	)		(63	)
Benefit payments		(7	)		(28	)		(5	)		(7	)		(7	)

Net Flows		16			(9	)		16			8			3
Investment performance		119			221			74			306			201
Net transfers from (to) general account		(21	)		(16	)		(12	)		(25	)		(9	)
Policy charges		(72	)		(71	)		(72	)		(72	)		(71	)
Other		(1	)		15			(16	)		(2	)		(2	)

Balance, end of period	$	5,070		$	5,210		$	5,200		$	5,415		$	5,537

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Balance, beginning of period	$	43,404		$	43,843		$	44,560		$	43,623		$	44,667
Premiums and deposits (3)		537			231			187			175			168
Surrenders and withdrawals		(735	)		(740	)		(813	)		(903	)		(977	)
Benefit payments		(89	)		(91	)		(88	)		(90	)		(92	)

Net Flows		(287	)		(600	)		(714	)		(818	)		(901	)
Investment performance		996			1,636			36			2,090			1,410
Net transfers from (to) general account		(47	)		(86	)		(34	)		(10	)		(39	)
Policy charges		(223	)		(232	)		(224	)		(219	)		(230	)
Other		-			(1	)		(1	)		1			-

Balance, end of period	$	43,843		$	44,560		$	43,623		$	44,667		$	44,907
(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)	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017

Direct and allocated expenses	$	221	$	211	$	199	$	175	$	199
Pension and post-retirement benefit costs		40		25		28		25		22
Premium taxes, other taxes, and licenses & fees		23		21		25		22		14
Total fixed operating expenses	$	284	$	257	$	252	$	222	$	235
Commissions and other variable expenses		580		144		279		118		135
Total other operating expenses	$	864	$	401	$	531	$	340	$	370

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

Investment income yield excluding variable investment income		6.16%		6.15%		5.93%		5.89%		5.62%
Variable investment income yield		0.59%		0.35%		0.19%		0.24%		0.23%
Total investment income yield		6.75%		6.50%		6.12%		6.13%		5.85%
Average crediting rate		4.57%		4.55%		4.55%		4.62%		4.56%
Annualized general account spread		2.18%		1.95%		1.57%		1.51%		1.29%

Annualized general account spread excluding variable investment income yield		1.59%		1.60%		1.38%		1.27%		1.06%

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

Investment income yield excluding variable investment income		5.18%		5.18%		5.05%		5.03%		4.91%
Variable investment income yield		0.36%		0.38%		0.31%		0.29%		0.26%
Total investment income yield		5.54%		5.56%		5.36%		5.32%		5.17%
Average crediting rate		3.21%		3.16%		3.17%		3.16%		3.14%
Annualized general account spread		2.33%		2.40%		2.19%		2.16%		2.03%

Annualized general account spread excluding variable investment income yield		1.97%		2.02%		1.88%		1.87%		1.77%
(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)	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017

Life (1)
Operating premiums, fees and other revenues	$	1,033	$	1,029	$	1,150	$	1,002	$	946
Interest adjusted benefit ratio (2)		64.2%		60.4%		63.5%		48.6%		51.1%

Lapse Ratio (3)
Traditional life		4.3%		4.4%		4.5%		4.5%		4.6%
Variable & universal life		4.4%		4.6%		4.5%		4.5%		4.5%
Fixed annuity		7.6%		8.0%		8.0%		7.2%		7.3%
Variable annuity		6.2%		6.3%		6.6%		7.1%		7.6%
(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017

Operating revenues
Premiums	$	13		$	40		$	(11	)	$	37		$	10		$	11		$	47
Universal life and investment-type product policy fees		(31	)		(31	)		(32	)		(31	)		(32	)		(56	)		(63	)
Net investment income		(35	)		(7	)		(25	)		5			21			(30	)		26
Other revenues		(301	)		(28	)		(137	)		(42	)		(68	)		(352	)		(110	)
Total operating revenues		(354	)		(26	)		(205	)		(31	)		(69	)		(427	)		(100	)

Operating expenses
Policyholder benefits and claims and policyholder dividends		(10	)		10			3			9			(15	)		(36	)		(6	)
Interest credited to policyholder account balances		1			-			-			-			-			5			-
Capitalization of DAC		(3	)		1			(1	)		(1	)		(3	)		(7	)		(4	)
Amortization of DAC and VOBA		3			2			1			1			2			5			3
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		254			241			243			246			257			518			503
Other operating expenses		(214	)		(3	)		(29	)		90			61			(160	)		151
Total operating expenses		31			251			217			345			302			325			647
Operating earnings before provision for income tax		(385	)		(277	)		(422	)		(376	)		(371	)		(752	)		(747	)
Provision for income tax expense (benefit)		(188	)		(287	)		(289	)		(283	)		(271	)		(371	)		(554	)
Operating earnings		(197	)		10			(133	)		(93	)		(100	)		(381	)		(193	)
Preferred stock dividends		46			6			45			6			46			52			52
Operating earnings available to common shareholders	$	(243	)	$	4		$	(178	)	$	(99	)	$	(146	)	$	(433	)	$	(245	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(197	)	$	10		$	(133	)	$	(93	)	$	(100	)	$	(381	)	$	(193	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(249	)		81			(185	)		(45	)		116			(167	)		71
Net derivative gains (losses)		(58	)		(9	)		136			(121	)		(88	)		(128	)		(209	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			3			1			3			2			17			5
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		(122	)		(29	)		(66	)		(86	)		(332	)		(154	)		(418	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		137			(33	)		9			112			96			175			208
Income (loss) from continuing operations, net of income tax		(467	)		23			(238	)		(230	)		(306	)		(638	)		(536	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(467	)		23			(238	)		(230	)		(306	)		(638	)		(536	)
Less: Net income (loss) attributable to noncontrolling interests		-			(8	)		1			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(467	)		31			(239	)		(230	)		(306	)		(638	)		(536	)
Less: Preferred stock dividends		46			6			45			6			46			52			52
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(513	)	$	25		$	(284	)	$	(236	)	$	(352	)	$	(690	)	$	(588	)

Total Operating Premiums, Fees and Other Revenues	$	(319	)	$	(19	)	$	(180	)	$	(36	)	$	(90	)	$	(397	)	$	(126	)

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

Other business activities	$	(3	)	$	6		$	-		$	5		$	5		$	(11	)	$	10
Other net investment income		(23	)		2			(16	)		3			14			(19	)		17
Interest expense on debt		(166	)		(157	)		(158	)		(160	)		(167	)		(337	)		(327	)
Preferred stock dividends		(46	)		(6	)		(45	)		(6	)		(46	)		(52	)		(52	)
Corporate initiatives and projects		(32	)		(23	)		(49	)		(32	)		(67	)		(57	)		(99	)
Incremental tax benefit (expense)		53			190			141			151			142			107			293
Other		(26	)		(8	)		(51	)		(60	)		(27	)		(64	)		(87	)
Operating earnings available to common shareholders	$	(243	)	$	4		$	(178	)	$	(99	)	$	(146	)	$	(433	)	$	(245	)

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

Operating revenues
Premiums	$	280		$	347		$	202		$	177		$	217		$	673		$	394
Universal life and investment-type product policy fees		861			903			869			884			885			1,719			1,769
Net investment income		870			941			879			858			791			1,683			1,649
Other revenues		346			50			253			74			162			432			236
Total operating revenues		2,357			2,241			2,203			1,993			2,055			4,507			4,048

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,008			814			675			631			654			1,711			1,285
Interest credited to policyholder account balances		291			288			294			275			283			580			558
Capitalization of DAC		(83	)		(70	)		(78	)		(67	)		(63	)		(185	)		(130	)
Amortization of DAC and VOBA		152			509			250			200			136			314			336
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		32			32			32			32			26			64			58
Other operating expenses		555			560			599			612			647			1,179			1,259
Total operating expenses		1,955			2,133			1,772			1,683			1,683			3,663			3,366
Operating earnings before provision for income tax		402			108			431			310			372			844			682
Provision for income tax expense (benefit)		105			40			101			66			89			220			155
Operating earnings		297			68			330			244			283			624			527
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	297		$	68		$	330		$	244		$	283		$	624		$	527


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	297		$	68		$	330		$	244		$	283		$	624		$	527
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		20			25			(62	)		(56	)		-			(41	)		(56	)
Net derivative gains (losses)		(2,973	)		(501	)		(2,670	)		(965	)		(79	)		(2,680	)		(1,044	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		75			73			71			69			71			148			140
Net investment income		(62	)		(75	)		(92	)		(75	)		(26	)		(128	)		(101	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(144	)		(246	)		(226	)		(248	)		(147	)		(178	)		(395	)
Interest credited to policyholder account balances		(1	)		(1	)		-			(1	)		(1	)		(2	)		(2	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		791			162			397			298			105			706			403
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(3	)		(1	)		1			-			(1	)		(3	)		(1	)
Other operating expenses		(10	)		(23	)		(39	)		(16	)		-			(40	)		(16	)
Goodwill impairment		-			(260	)		-			-			-			-			-
Provision for income tax (expense) benefit		805			245			996			348			27			774			375
Income (loss) from continuing operations, net of income tax		(1,205	)		(534	)		(1,294	)		(402	)		232			(820	)		(170	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(1,205	)		(534	)		(1,294	)		(402	)		232			(820	)		(170	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(1,205	)		(534	)		(1,294	)		(402	)		232			(820	)		(170	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,205	)	$	(534	)	$	(1,294	)	$	(402	)	$	232		$	(820	)	$	(170	)

Total Operating Premiums, Fees and Other Revenues	$	1,487		$	1,300		$	1,324		$	1,135		$	1,264		$	2,824		$	2,399

(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Fixed Maturity Securities
Yield (1)		4.40%			4.38%			4.34%			4.35%			4.29%
Investment income (2), (3), (4)	$	3,539		$	3,573		$	3,477		$	3,414		$	3,402
Investment gains (losses) (3)		151			162			(307	)		(40	)		43
Ending carrying value (2), (3)		388,156			391,163			351,500			356,177			364,735
Mortgage Loans
Yield (1)		4.94%			4.60%			4.37%			4.48%			4.52%
Investment income (3), (4)		851			806			794			845			869
Investment gains (losses) (3)		(98	)		(31	)		(31	)		(15	)		(16	)
Ending carrying value (3)		69,240			71,013			74,409			76,412			77,449
Real Estate and Real Estate Joint Ventures
Yield (1)		2.84%			5.68%			3.70%			3.68%			3.94%
Investment income (3)		63			130			84			85			93
Investment gains (losses) (3)		45			(14	)		115			(1	)		271
Ending carrying value		9,063			9,186			9,041			9,464			9,484
Policy Loans
Yield (1)		5.24%			5.28%			5.21%			5.23%			5.28%
Investment income		147			148			145			145			146
Ending carrying value		11,240			11,177			11,028			11,115			11,072
Equity Securities
Yield (1)		4.55%			4.94%			5.05%			4.92%			4.74%
Investment income		33			35			35			34			35
Investment gains (losses)		(3	)		8			(8	)		35			2
Ending carrying value		3,333			3,289			3,194			3,377			3,415
Other Limited Partnership Interests
Yield (1)		6.86%			15.19%			12.38%			17.52%			14.23%
Investment income		120			263			212			297			243
Investment gains (losses)		(14	)		(9	)		(21	)		(17	)		(12	)
Ending carrying value		6,982			6,878			6,778			6,762			6,874
Cash and Short-term Investments
Yield (1)		1.23%			1.01%			0.93%			1.07%			1.27%
Investment income		31			27			30			37			39
Investment gains (losses)		6			(9	)		3			2			1
Ending carrying value		26,905			27,538			25,686			27,378			24,496
Other Invested Assets (1)
Investment income		247			327			324			295			204
Investment gains (losses) (3)		(63	)		(10	)		3			(61	)		(70	)
Ending carrying value		31,834			30,278			23,185			19,724			19,596
Total Investments
Investment income yield (1)		4.61%			4.78%			4.61%			4.70%			4.55%
Investment fees and expenses yield		(0.14	)%		(0.13	)%		(0.13	)%		(0.14	)%		(0.13	)%
Net Investment Income Yield (1), (3)		4.47%			4.65%			4.48%			4.56%			4.42%
Investment income	$	5,031		$	5,309		$	5,101		$	5,152		$	5,031
Investment fees and expenses		(150	)		(149	)		(148	)		(157	)		(147	)
Net investment income including Divested businesses and Lag elimination		4,881			5,160			4,953			4,995			4,884
Less: Net investment income from Divested businesses and Lag elimination		-			-			-			-			-
Net Investment Income, as reported on an operating basis (3)	$	4,881		$	5,160		$	4,953		$	4,995		$	4,884
Ending Carrying Value (3)	$	546,753		$	550,522		$	504,821		$	510,409		$	517,121
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	24		$	97		$	(246	)	$	(97	)	$	219
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			-			-
Investment Portfolio Gains (Losses) (3)	$	24		$	97		$	(246	)	$	(97	)	$	219
Gross investment gains	$	404		$	350		$	360		$	252		$	436
Gross investment losses		(158	)		(177	)		(533	)		(312	)		(112	)
Writedowns		(222	)		(76	)		(73	)		(37	)		(105	)
Investment Portfolio Gains (Losses) (3)		24			97			(246	)		(97	)		219
Investment portfolio gains (losses) income tax (expense) benefit		(12	)		(6	)		69			38			(69	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	12		$	91		$	(177	)	$	(59	)	$	150

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(2,284	)	$	(1,270	)	$	(5,189	)	$	(1,134	)	$	(573	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			-			-
Derivative gains (losses) (3)		(2,284	)		(1,270	)		(5,189	)		(1,134	)		(573	)
Derivative gains (losses) income tax (expense) benefit		830			436			1,767			420			188
Derivative Gains (Losses), Net of Income Tax	$	(1,454	)	$	(834	)	$	(3,422	)	$	(714	)	$	(385	)
(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 $648 million, $721 million, $611 million, $649 million and $651 million in ending carrying value, and $10 million, $25 million, ($4) million, $29 million and $16 million of investment income related to fair value option securities at or for the three months ended June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30,2017, 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 June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $13,657 million, $14,000 million, $13,304 million,$13,743 million and $14,104 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 $9 million, $9 million, $8 million, $7 million and $7 million and mortgage loans of $159 million, $143 million, $136 million, $129 million and $123 million and cash and short-term investments of $0, $0, $1 million, $1 million and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	24		$	97		$	(246	)	$	(97	)	$	219
Operating joint venture adjustments		-			-			(1	)		1			(1	)
Net investment gains (losses) related to CSEs		(1	)		(1	)		-			-			(1	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		243			161			(120	)		104			(113	)
Net investment gains (losses) - GAAP basis	$	266		$	257		$	(367	)	$	8		$	104

	For the Three Months Ended
	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(2,284	)	$	(1,270	)	$	(5,189	)	$	(1,134	)	$	(573	)
Investment hedge adjustments		188			226			243			214			141
Settlement of foreign currency earnings hedges		(3	)		(7	)		2			(6	)		(5	)
PAB hedge adjustments		-			-			(1	)		-			-
Net derivative gains (losses) - GAAP basis	$	(2,099	)	$	(1,051	)	$	(4,945	)	$	(926	)	$	(437	)
(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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Fixed Maturity Securities
Yield (1)		4.41%			4.40%			4.39%			4.35%			4.32%
Investment income (2), (3), (4)	$	7,167		$	10,740		$	14,217		$	3,414		$	6,816
Investment gains (losses) (3)		171			333			26			(40	)		3
Ending carrying value (2), (3)		388,156			391,163			351,500			356,177			364,735
Mortgage Loans
Yield (1)		4.81%			4.74%			4.64%			4.48%			4.50%
Investment income (3), (4)		1,658			2,464			3,258			845			1,714
Investment gains (losses) (3)		(162	)		(193	)		(224	)		(15	)		(31	)
Ending carrying value (3)		69,240			71,013			74,409			76,412			77,449
Real Estate and Real Estate Joint Ventures
Yield (1)		3.11%			3.99%			3.92%			3.68%			3.81%
Investment income (3)		139			269			353			85			178
Investment gains (losses) (3)		47			33			148			(1	)		270
Ending carrying value		9,063			9,186			9,041			9,464			9,484
Policy Loans
Yield (1)		5.21%			5.24%			5.23%			5.23%			5.25%
Investment income		296			444			589			145			291
Ending carrying value		11,240			11,177			11,028			11,115			11,072
Equity Securities
Yield (1)		4.78%			4.83%			4.88%			4.92%			4.83%
Investment income		70			105			140			34			69
Investment gains (losses)		(48	)		(40	)		(48	)		35			37
Ending carrying value		3,333			3,289			3,194			3,377			3,415
Other Limited Partnership Interests
Yield (1)		4.78%			8.21%			9.24%			17.52%			15.87%
Investment income		166			429			641			297			540
Investment gains (losses)		(41	)		(50	)		(71	)		(17	)		(29	)
Ending carrying value		6,982			6,878			6,778			6,762			6,874
Cash and Short-term Investments
Yield (1)		1.10%			1.07%			1.03%			1.07%			1.17%
Investment income		56			83			113			37			76
Investment gains (losses)		(1	)		(10	)		(7	)		2			3
Ending carrying value		26,905			27,538			25,686			27,378			24,496
Other Invested Assets (1)
Investment income		518			845			1,169			295			499
Investment gains (losses) (3)		(69	)		(79	)		(76	)		(61	)		(131	)
Ending carrying value		31,834			30,278			23,185			19,724			19,596
Total Investments
Investment income yield (1)		4.58%			4.65%			4.64%			4.70%			4.62%
Investment fees and expenses yield		(0.15	)%		(0.14	)%		(0.14	)%		(0.14	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.43%			4.51%			4.50%			4.56%			4.48%
Investment income	$	10,070		$	15,379		$	20,480		$	5,152		$	10,183
Investment fees and expenses		(317	)		(466	)		(614	)		(157	)		(304	)
Net investment income including Divested businesses and Lag elimination		9,753			14,913			19,866			4,995			9,879
Less: Net investment income from Divested businesses and Lag elimination		166			166			166			-			-
Net Investment Income, as reported on an operating basis (3)	$	9,587		$	14,747		$	19,700		$	4,995		$	9,879
Ending Carrying Value (3)	$	546,753		$	550,522		$	504,821		$	510,409		$	517,121
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(103	)	$	(6	)	$	(252	)	$	(97	)	$	122
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		(3	)		(3	)		-			-
Investment Portfolio Gains (Losses) (3)	$	(100	)	$	(3	)	$	(249	)	$	(97	)	$	122
Gross investment gains	$	885		$	1,235		$	1,595		$	252		$	688
Gross investment losses		(541	)		(718	)		(1,251	)		(312	)		(424	)
Writedowns		(444	)		(520	)		(593	)		(37	)		(142	)
Investment Portfolio Gains (Losses) (3)		(100	)		(3	)		(249	)		(97	)		122
Investment portfolio gains (losses) income tax (expense) benefit		99			93			162			38			(31	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(1	)	$	90		$	(87	)	$	(59	)	$	91

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(1,175	)	$	(2,445	)	$	(7,634	)	$	(1,134	)	$	(1,707	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			149			149			-			-
Derivative gains (losses) (3)		(1,324	)		(2,594	)		(7,783	)		(1,134	)		(1,707	)
Derivative gains (losses) income tax (expense) benefit		504			940			2,707			420			608
Derivative Gains (Losses), Net of Income Tax	$	(820	)	$	(1,654	)	$	(5,076	)	$	(714	)	$	(1,099	)
(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 $648 million, $721 million, $611 million, $649 million and $651 million in ending carrying value, and $16 million, $41 million, $37 million, $29 million and $45 million of investment income related to fair value option securities at or for the year-to-date period ended June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 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 June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $13,657 million, $14,000 million, $13,304 million, $13,743 million and $14,104 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 $9 million, $9 million, $8 million, $7 million and $7 million, mortgage loans of $159 million, $143 million, $136 million, $129 million and $123 million and cash and short-term investments of $0, $0, $1 million, $1 million and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(103	)	$	(6	)	$	(252	)	$	(97	)	$	122
Operating joint venture adjustments		(5	)		(5	)		(6	)		1			-
Net investment gains (losses) related to certain CSEs		1			-			-			-			(1	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		388			549			429			104			(9	)
Net investment gains (losses) - GAAP basis	$	281		$	538		$	171		$	8		$	112

	For the Year-to-Date Period Ended
	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(1,175	)	$	(2,445	)	$	(7,634	)	$	(1,134	)	$	(1,707	)
Investment hedge adjustments		409			635			878			214			355
Settlement of foreign currency earnings hedges		1			(6	)		(4	)		(6	)		(11	)
PAB hedge adjustments		1			1			-			-			-
Net derivative gains (losses) - GAAP basis	$	(764	)	$	(1,815	)	$	(6,760	)	$	(926	)	$	(1,363	)
(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)
	June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	2,599		77.0%	$	2,239		79.8%	$	4,052		82.9%	$	3,713		87.7%	$	2,615		92.7%
20% or more for less than six months		358		10.6%		245		8.7%		551		11.3%		339		8.0%		39		1.3%
20% or more for six months or greater		418		12.4%		321		11.5%		282		5.8%		182		4.3%		168		6.0%
Total Gross Unrealized Losses	$	3,375		100.0%	$	2,805		100.0%	$	4,885		100.0%	$	4,234		100.0%	$	2,822		100.0%

Total Gross Unrealized Gains	$	40,062			$	39,334			$	25,420			$	25,777			$	28,876


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

Less than 20%	$	23		28.0%	$	13		21.3%	$	18		28.6%	$	30		88.2%	$	25		80.6%
20% or more for less than six months		9		11.0%		10		16.4%		10		15.9%		2		5.9%		6		19.4%
20% or more for six months or greater		50		61.0%		38		62.3%		35		55.5%		2		5.9%		-		- %
Total Gross Unrealized Losses	$	82		100.0%	$	61		100.0%	$	63		100.0%	$	34		100.0%	$	31		100.0%

Total Gross Unrealized Gains	$	501			$	512			$	513			$	492			$	463

(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
		June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 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		$	104,615		27.0%	$	105,676		27.1%	$	100,853		28.7%	$	100,913		28.4%	$	102,599		28.2%
Foreign government securities			62,261		16.1%		63,765		16.3%		57,138		16.3%		60,438		17.0%		61,108		16.8%
Foreign corporate securities			59,212		15.3%		60,419		15.5%		57,057		16.3%		58,465		16.4%		60,474		16.6%
U.S. government and agency securities			69,737		18.0%		69,785		17.9%		57,523		16.4%		56,880		16.0%		59,879		16.4%
Residential mortgage-backed securities			44,598		11.5%		45,309		11.6%		36,993		10.5%		37,604		10.6%		38,532		10.6%
State and political subdivision securities			17,410		4.5%		17,463		4.5%		16,176		4.6%		16,225		4.6%		16,254		4.5%
Asset-backed securities			16,518		4.2%		15,584		3.9%		13,877		4.0%		13,809		3.9%		14,135		3.9%
Commercial mortgage-backed securities			13,157		3.4%		12,441		3.2%		11,272		3.2%		11,194		3.1%		11,103		3.0%
Total Fixed Maturity Securities Available-For-Sale		$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%	$	355,528		100.0%	$	364,084		100.0%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	284,264		73.4%	$	284,526		72.9%	$	249,066		71.0%	$	252,358		71.0%	$	258,444		71.0%
2	Baa		81,120		20.9%		83,601		21.4%		81,097		23.1%		82,644		23.2%		85,328		23.4%
3	Ba		14,987		3.9%		15,040		3.9%		14,322		4.1%		14,236		4.0%		13,799		3.8%
4	B		5,865		1.5%		5,954		1.5%		5,494		1.6%		5,339		1.5%		5,636		1.6%
5	Caa and lower		1,157		0.3%		1,277		0.3%		904		0.2%		950		0.3%		876		0.2%
6	In or near default		115		- %		44		- %		6		- %		1		- %		1		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%	$	355,528		100.0%	$	364,084		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)	June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017

Commercial mortgage loans		$45,165				$45,801				$48,035				$49,101				$49,549
Agricultural mortgage loans		13,434				14,141				14,456				14,754				14,877
Residential mortgage loans		11,108				11,401				12,262				12,910				13,379
Total Mortgage Loans		69,707				71,343				74,753				76,765				77,805
Valuation allowances		(467)				(330)				(344)				(353)				(356)
Total Mortgage Loans, net		$69,240				$71,013				$74,409				$76,412				$77,449
(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
	June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	10,183		22.5%	$	9,661		21.1%	$	11,254		23.4%	$	11,707		23.8%	$	11,622		23.5%
Middle Atlantic		8,291		18.4%		8,435		18.4%		8,708		18.1%		8,862		18.0%		9,279		18.7%
International		8,114		18.0%		8,169		17.8%		8,084		16.8%		8,260		16.8%		8,327		16.8%
South Atlantic		5,765		12.8%		6,031		13.2%		6,304		13.1%		6,211		12.6%		6,098		12.3%
West South Central		4,228		9.4%		4,303		9.4%		4,271		8.9%		4,254		8.7%		4,369		8.8%
East North Central		2,115		4.7%		2,303		5.0%		2,447		5.1%		2,691		5.5%		2,688		5.4%
Mountain		1,549		3.4%		1,548		3.4%		1,460		3.0%		1,459		3.0%		1,457		2.9%
New England		1,423		3.1%		1,417		3.1%		1,414		3.0%		1,408		2.9%		1,311		2.7%
East South Central		618		1.4%		633		1.4%		436		0.9%		547		1.1%		740		1.5%
West North Central		509		1.1%		506		1.1%		599		1.3%		581		1.2%		577		1.2%
Multi-Region and Other		2,370		5.2%		2,795		6.1%		3,058		6.4%		3,121		6.4%		3,081		6.2%
Total	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%	$	49,101		100.0%	$	49,549		100.0%


Office	$	22,055		48.8%	$	22,552		49.2%	$	23,843		49.6%	$	24,724		50.3%	$	24,676		49.8%
Retail		11,109		24.6%		10,424		22.8%		10,619		22.1%		10,531		21.5%		10,654		21.5%
Apartment		5,872		13.0%		5,989		13.1%		5,870		12.2%		6,024		12.3%		6,349		12.8%
Hotel		4,048		9.0%		4,197		9.1%		4,367		9.1%		4,412		9.0%		4,429		8.9%
Industrial		2,008		4.4%		2,415		5.3%		2,998		6.3%		3,110		6.3%		3,051		6.2%
Other		73		0.2%		224		0.5%		338		0.7%		300		0.6%		390		0.8%
Total	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%	$	49,101		100.0%	$	49,549		100.0%

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Appendix

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

Reconciliation to Operating Earnings
Income (loss) from continuing operations, net of income tax	$	114		$	573		$	(2,086	)	$	829		$	887		$	2,317		$	1,716
Less: adjustments from income (loss) from continuing operations, net of income tax, to operating earnings:
Net investment gains (losses)		266			257			(367	)		8			104			281			112
Net derivative gains (losses)		(2,099	)		(1,051	)		(4,945	)		(926	)		(437	)		(764	)		(1,363	)
Premiums - Divested businesses and Lag elimination		-			-			-			-			-			426			-
Universal life and investment-type product policy fees
Unearned revenue adjustments		9			(6	)		-			-			10			34			10
GMIB fees		104			103			103			101			101			205			202
Divested businesses and Lag elimination		-			-			-			-			-			67			-
Net investment income
Investment hedge adjustments		(188	)		(226	)		(243	)		(214	)		(141	)		(409	)		(355	)
Operating joint venture adjustments		-			-			1			(1	)		1			5			-
Unit-linked contract income		191			529			327			416			214			94			630
Securitization entities income		3			1			(1	)		-			1			3			1
Divested businesses and Lag elimination		-			-			-			-			-			166			-
Other revenues
Settlement of foreign currency earnings hedges		3			7			(2	)		6			5			(1	)		11
Divested businesses and Lag elimination		-			-			-			-			-			4			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation and pass through adjustments		(66	)		21			198			(26	)		(62	)		(137	)		(88	)
GMIB costs		(137	)		(304	)		(371	)		(316	)		(204	)		(143	)		(520	)
Market value adjustments		(10	)		(12	)		(10	)		(6	)		(6	)		(27	)		(12	)
Divested businesses and Lag elimination		-			-			1			-			-			(306	)		-
Interest credited to policyholder account balances
PAB hedge adjustments		-			-			1			-			-			(1	)		-
Unit-linked contract costs		(186	)		(505	)		(318	)		(402	)		(213	)		(109	)		(615	)
Divested businesses and Lag elimination		-			-			-			-			-			(101	)		-
Capitalization of DAC - Divested businesses and Lag elimination		-			-			-			-			-			105			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		1,087			209			338			241			154			1,081			395
Related to GMIB fees and GMIB costs		(193	)		56			80			71			(14	)		(229	)		57
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		-			-			-			-			-			(72	)		-
Amortization of negative VOBA
Related to market value adjustments		6			5			4			3			3			16			6
Divested businesses and Lag elimination		-			-			-			-			-			22			-
Interest expense on debt
Securitization entities debt expense		(3	)		(1	)		1			-			(1	)		(3	)		(1	)
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other operating expenses
Noncontrolling interest		4			(7	)		4			4			3			9			7
Regulatory implementation costs		-			-			(1	)		-			-			-			-
Acquisition, integration and other costs		(16	)		(11	)		(31	)		(8	)		(14	)		(22	)		(22	)
Divested businesses and Lag elimination		(130	)		(52	)		(101	)		(102	)		(332	)		(384	)		(434	)
Goodwill impairment		-			(260	)		-			-			-			-			-
Provision for income tax (expense) benefit		499			393			1,786			428			262			202			690
Operating earnings	$	970		$	1,427		$	1,460		$	1,552		$	1,453		$	2,305		$	3,005
(1) For the year-to-date period ended June 30, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

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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)		June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income		$	(9	)	$	22		$	-		$	15		$	-		$	(95	)	$	15
Catastrophe experience and prior year development, net			(15	)		16			-			(45	)		-			(60	)		(45	)
Actuarial assumption review and other insurance adjustments			(462	)		(319	)		(58	)		34			12			(462	)		46
Litigation reserves & settlement costs			-			-			-			(44	)		-			-			(44	)
Expense initiative costs			-			-			(28	)		(21	)		(22	)		-			(43	)
Other expense-related items (2)			-			-			-			-			(58	)		-			(58	)
Tax adjustments			-			-			-			-			27			10			27
Total notable items		$	(486	)	$	(281	)	$	(86	)	$	(61	)	$	(41	)	$	(607	)	$	(102	)

U.S.
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income		$	-		$	1		$	-		$	22		$	-		$	(33	)	$	22
Catastrophe experience and prior year development, net			(15	)		16			-			(45	)		-			(60	)		(45	)
Actuarial assumption review and other insurance adjustments			(25	)		-			-			-			-			(25	)		-
Total notable items		$	(40	)	$	17		$	-		$	(23	)	$	-		$	(118	)	$	(23	)

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

	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
	Variable investment income	$	2		$	(11	)	$	-		$	17		$	-		$	(23	)	$	17
	Actuarial assumption review and other insurance adjustments		(25	)		-			-			-			-			(25	)		-
	Total notable items	$	(23	)	$	(11	)	$	-		$	17		$	-		$	(48	)	$	17

	PROPERTY & CASUALTY
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
	Variable investment income	$	-		$	-		$	-		$	2		$	-		$	(7	)	$	2
	Catastrophe experience and prior year development, net		(15	)		16			-			(45	)		-			(60	)		(45	)
	Total notable items	$	(15	)	$	16		$	-		$	(43	)	$	-		$	(67	)	$	(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.
(2) For the three months ended June 30, 2017, $36 million in lease impairments and $22 million associated with costs related to the separation of Brighthouse Financial are included.

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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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income	$	(10	)	$	(11	)	$	-		$	(3	)	$	-		$	(30	)	$	(3	)
Actuarial assumption review and other insurance adjustments		(44	)		(14	)		-			-			12			(44	)		12
Tax adjustments		-			-			-			-			-			20			-
Total notable items	$	(54	)	$	(25	)	$	-		$	(3	)	$	12		$	(54	)	$	9

LATIN AMERICA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income	$	(2	)	$	(1	)	$	-		$	(1	)	$	-		$	(5	)	$	(1	)
Actuarial assumption review and other insurance adjustments		-			8			-			-			-			-			-
Tax adjustments		-			-			-			-			-			(10	)		-
Total notable items	$	(2	)	$	7		$	-		$	(1	)	$	-		$	(15	)	$	(1	)

EMEA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income	$	11		$	22		$	-		$	1		$	-		$	3		$	1
Actuarial assumption review and other insurance adjustments		(315	)		(52	)		(91	)		76			(40	)		(315	)		36
Total notable items	$	(304	)	$	(30	)	$	(91	)	$	77		$	(40	)	$	(312	)	$	37

CORPORATE & OTHER
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income	$	1		$	(6	)	$	-		$	(4	)	$	-		$	(3	)	$	(4	)
Litigation reserves & settlement costs		-			-			-			(44	)		-			-			(44	)
Expense initiative costs		-			-			(28	)		(21	)		(22	)		-			(43	)
Other expense-related items (2)		-			-			-			-			(36	)		-			(36	)
Tax adjustments		-			-			-			-			27			-			27
Total notable items	$	1		$	(6	)	$	(28	)	$	(69	)	$	(31	)	$	(3	)	$	(100	)

BRIGHTHOUSE FINANCIAL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			June 30, 2016			June 30, 2017
Variable investment income	$	(9	)	$	17		$	-		$	-		$	-		$	(27	)	$	-
Actuarial assumption review and other insurance adjustments		(78	)		(245	)		33			(42	)		40			(78	)		(2	)
Other expense-related items (2)		-			-			-			-			(22	)		-			(22	)
Total notable items	$	(87	)	$	(228	)	$	33		$	(42	)	$	18		$	(105	)	$	(24	)
(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.
(2) For the three months ended June 30, 2017, $36 million in lease impairments and $22 million associated with costs related to the separation of Brighthouse Financial are included.

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

Total MetLife, Inc.’s stockholders’ equity	$	79,179		$	78,286		$	67,309		$	67,929		$	69,455
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		77,113			76,220			65,243			65,863			67,389
Less: Net unrealized investment gains (losses), net of income tax		20,635			19,657			12,631			13,189			15,038
Defined benefit plans adjustment, net of income tax		(1,983	)		(2,121	)		(1,972	)		(1,951	)		(1,923	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		58,461			58,684			54,584			54,625			54,274
Less: Goodwill, net of income tax		9,670			9,442			9,112			9,209			9,230
VODA and VOCRA, net of income tax		470			448			404			386			373
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	48,321		$	48,794		$	45,068		$	45,030		$	44,671

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

Book value per common share (1)	$	70.18		$	69.35		$	59.56		$	60.91		$	63.37
Less: Net unrealized investment gains (losses), net of income tax		18.78			17.88			11.53			12.20			14.15
Defined benefit plans adjustment, net of income tax		(1.80	)		(1.93	)		(1.80	)		(1.81	)		(1.81	)
Book value per common share, excluding AOCI other than FCTA (1)		53.20			53.40			49.83			50.52			51.03
Less: Goodwill, net of income tax		8.79			8.59			8.32			8.52			8.68
VODA and VOCRA, net of income tax		0.43			0.41			0.37			0.36			0.35
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	43.98		$	44.40		$	41.14		$	41.64		$	42.00

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

Return on MetLife, Inc.’s:
Common stockholders’ equity		0.3%			3.0%			(12.1)%			5.0%			5.0%			1.0%
Common stockholders’ equity, excluding AOCI other than FCTA		0.4%			3.9%			(15.1)%			6.0%			6.2%			1.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		0.6%			4.8%			(18.1)%			7.4%			7.6%			1.6%

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		4.9%			7.4%			8.0%			9.4%			8.4%			7.1%
Common stockholders’ equity, excluding AOCI other than FCTA		6.3%			9.7%			10.0%			11.3%			10.3%			8.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		7.7%			11.8%			12.2%			13.8%			12.6%			10.8%

Average common stockholders’ equity	$	75,411		$	76,667		$	70,732		$	65,553		$	66,626		$	71,634
Average common stockholders’ equity, excluding AOCI other than FCTA	$	58,512		$	58,573		$	56,634		$	54,605		$	54,450		$	57,291
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	48,423		$	48,558		$	46,931		$	45,049		$	44,851		$	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 June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017 of $12 million, $12 million, $11 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		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017
U.S.
GROUP BENEFITS			40.9 %		24.7 %		(9.6)%		23.0%		29.4%
RETIREMENT AND INCOME SOLUTIONS			21.8 %		16.6 %		11.3 %		11.1%		22.8%
PROPERTY & CASUALTY			(0.7)%		20.9 %		15.6 %		6.7%		5.6%
TOTAL U.S.			24.6 %		19.2 %		6.2 %		13.6%		21.5%
ASIA			27.9 %		13.0 %		(21.7)%		15.3%		6.5%
LATIN AMERICA			11.1 %		19.0 %		32.7 %		31.2%		13.0%
EMEA			11.8 %		14.1 %		3.2 %		10.0%		8.3%
METLIFE HOLDINGS			6.0 %		(2.2)%		(14.4)%		11.5%		1.6%

RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017
U.S.			27.0%		21.1 %		6.8 %		15.8%		25.0%
ASIA			48.0%		22.5 %		(37.2)%		24.4%		10.3%
LATIN AMERICA			17.6%		30.2 %		51.9 %		53.8%		22.3%
EMEA			20.2%		24.2 %		6.0 %		16.3%		13.7%
METLIFE HOLDINGS			6.5%		(2.1)%		(14.9)%		12.8%		1.9%

OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017
U.S.
GROUP BENEFITS			25.7 %		25.8%		24.1%		27.6%		28.8%
RETIREMENT AND INCOME SOLUTIONS			15.3 %		18.1%		17.6%		20.2%		19.4%
PROPERTY & CASUALTY			(0.7)%		20.5%		15.2%		6.2%		6.0%
TOTAL U.S.			16.4 %		20.4%		19.1%		19.7%		19.5%
ASIA			9.4 %		11.7%		12.8%		9.4%		9.9%
LATIN AMERICA			17.9 %		17.3%		15.9%		19.5%		21.0%
EMEA			7.9 %		9.2%		8.9%		9.3%		9.0%
METLIFE HOLDINGS			(1.2)%		9.6%		7.2%		13.7%		8.4%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017
U.S.			18.0 %		22.4%		21.0%		22.9%		22.7%
ASIA			16.2 %		20.2%		22.1%		15.0%		15.8%
LATIN AMERICA			28.3 %		27.5%		25.2%		33.6%		36.2%
EMEA			13.8 %		15.8%		15.6%		15.3%		14.7%
METLIFE HOLDINGS			(1.1)%		10.2%		7.7%		15.3%		9.4%
(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)	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017
	U.S.	$	1	$	1	$	1	$	1	$	1
	ASIA	$	1	$	1	$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-	$	-	$	-	$	-
	EMEA	$	2	$	2	$	3	$	2	$	2
	METLIFE HOLDINGS	$	5	$	5	$	5	$	5	$	4

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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)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
U.S. (1)	$	5,612		$	6,373		$	5,815		$	5,654		$	6,327
ASIA		2,033			2,094			2,114			2,121			2,045
LATIN AMERICA		909			892			946			950			928
EMEA		607			602			627			628			625
METLIFE HOLDINGS (1)		1,686			1,555			1,626			1,517			1,404
CORPORATE & OTHER (1)		(319	)		(19	)		(180	)		(36	)		(90	)
BRIGHTHOUSE FINANCIAL (1)		1,487			1,300			1,324			1,135			1,264
Total operating premiums, fees and other revenues on a constant currency basis	$	12,015		$	12,797		$	12,272		$	11,969		$	12,503
Total operating premiums, fees and other revenues	$	12,074		$	12,949		$	12,250		$	11,884		$	12,503

ASIA (including operating joint ventures) (2), (3)	$	2,182		$	2,254		$	2,297		$	2,310		$	2,229

OTHER OPERATING EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
U.S. (1)	$	918		$	912		$	934		$	909		$	914
ASIA		863			876			923			889			895
LATIN AMERICA		324			336			379			334			357
EMEA		324			323			325			323			332
METLIFE HOLDINGS (1)		864			401			531			340			370
CORPORATE & OTHER (1)		(214	)		(3	)		(29	)		90			61
BRIGHTHOUSE FINANCIAL (1)		555			560			599			612			647
Total other operating expenses on a constant currency basis	$	3,634		$	3,405		$	3,662		$	3,497		$	3,576
Total other operating expenses	$	3,659		$	3,467		$	3,653		$	3,468		$	3,576

ASIA (including operating joint ventures) (2), (3)	$	924		$	944		$	992		$	967		$	971

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017
U.S. (1)	$	443		$	552		$	516		$	503		$	499
ASIA		256			313			352			297			310
LATIN AMERICA		135			134			126			150			154
EMEA		58			70			72			78			72
METLIFE HOLDINGS (1)		(33	)		266			199			385			235
CORPORATE & OTHER (1)		(243	)		4			(178	)		(99	)		(146	)
BRIGHTHOUSE FINANCIAL (1)		297			68			330			244			283
Total operating earnings available to common shareholders on a constant currency basis	$	913		$	1,407		$	1,417		$	1,558		$	1,407
Total operating earnings available to common shareholders	$	924		$	1,421		$	1,415		$	1,546		$	1,407
(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

•

operating earnings;

•

operating earnings available to common shareholders; and

•

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 year-to-date period ended June 30, 2016, operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods (“Lag elimination”). Operating revenues also excludes NIGL and NDGL. Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to revenues, in the line items indicated, in calculating operating revenues:

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity GMIB fees (“GMIB fees”);

•

Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) 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

•

Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following additional adjustments are made to expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (“Inflation and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•

Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);

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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

•

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.

•

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

•

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

•

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

•

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

•

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

•

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

•

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.

•

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.

•

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.

•

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.

•

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

•

Return on allocated 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:

•

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

•

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

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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.