METLIFE INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - METLIFE INC	y91071e8vk.htm
EX-99.1 - EX-99.1 - METLIFE INC	y91071exv99w1.htm
EX-99.3 - EX-99.3 - METLIFE INC	y91071exv99w3.htm

First Quarter
Financial Supplement

March 31, 2011


METLIFE, INC.
TABLE OF CONTENTS

NOTE TO FINANCIALS			2

HIGHLIGHTS
Corporate Overview			3

METLIFE, INC.
Consolidated Balance Sheets			4
Consolidated Statements of Operating Earnings Available to Common Shareholders			5
Consolidating Statement of Operating Earnings Available to Common Shareholders			6

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			8

U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			9
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			13
Other Expenses by Major Category and Individual Life Sales by Product			14
Spread by Product			15

U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			16
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			17
Other Expenses by Major Category and Individual Annuity Sales by Product			18
Spread			19

U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			20
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			21
Other Expenses by Major Category			22
Spread			23

U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders			24
Net Written Premiums by Product and Selected Financial Information and Supplemental Data			27

INTERNATIONAL - JAPAN
Statements of Operating Earnings Available to Common Shareholders			28

INTERNATIONAL - OTHER INTERNATIONAL REGIONS
Statements of Operating Earnings Available to Common Shareholders			29

BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			30
Banking - Supplemental Information			33

INVESTMENTS
Investment Results by Asset Category and Annualized Yields			34
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules			36
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			37
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			38

APPENDIX			39

METLIFE, INC.

NOTE TO FINANCIALS

This Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with accounting principles generally accepted in the United States of America (“GAAP”), accounting guidance for segment reporting is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues exclude net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

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

• Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), (iv) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Joint venture adjustments”) and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and

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

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

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

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

• Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) exclude amounts related to (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;

• Amortization of negative VOBA excludes amounts related to Market value adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and

• Other expenses exclude costs related to (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”) and (iii) business combinations.

We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results from operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (“AOCI”) and book value per diluted common share, excluding AOCI should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, GAAP net income (loss) from continuing operations, net of income tax, GAAP net income (loss) available to MetLife, Inc.’s common shareholders, GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, book value per common share and book value per diluted share, respectively. These reconciliations to the most directly comparable GAAP measure, are included in this QFS and in MetLife’s earnings press release dated May 4, 2011, for the three months ended March 31, 2011, which are available at www.metlife.com.

METLIFE, INC.

CORPORATE OVERVIEW


	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions, except per share data) (1), (2)		2010			2010			2010			2010			2011


Operating earnings available to common shareholders		$	864		$	914		$	958		$	1,208		$	1,418
Preferred stock dividends			30			31			30			31			30

Operating earnings			894			945			988			1,239			1,448
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			32			(14	)		(342	)		(84	)		(99	)
Net derivative gains (losses)			41			1,481			(244	)		(1,543	)		(315	)
Other adjustments to continuing operations			(174	)		(404	)		(433	)		(72	)		(166	)
Provision for income tax (expense) benefit			36			(472	)		351			527			187

Income (loss) from continuing operations, net of income tax			829			1,536			320			67			1,055
Income (loss) from discontinued operations, net of income tax			5			11			—			18			(42	)

Net income (loss)			834			1,547			320			85			1,013
Less: Net income (loss) attributable to noncontrolling interest			(1	)		(10	)		4			3			7

Net income (loss) attributable to MetLife, Inc.			835			1,557			316			82			1,006
Less: Preferred stock dividends			30			31			30			31			30
Less: Preferred stock redemption premium (3)			—			—			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	805		$	1,526		$	286		$	51		$	830


Operating earnings available to common shareholders — diluted		$	1.04		$	1.10		$	1.08		$	1.19		$	1.33
Net investment gains (losses)			0.04			(0.02	)		(0.39	)		(0.08	)		(0.09	)
Net derivative gains (losses)			0.05			1.79			(0.28	)		(1.52	)		(0.29	)
Other adjustments to continuing operations			(0.21	)		(0.48	)		(0.49	)		(0.08	)		(0.15	)
Provision for income tax (expense) benefit			0.04			(0.57	)		0.40			0.52			0.17
Discontinued operations, net of income tax			0.01			0.01			—			0.02			(0.04	)
Less: Net income (loss) attributable to noncontrolling interest			—			(0.01	)		—			—			0.01
Less: Preferred stock redemption premium			—			—			—			—			0.14

Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted		$	0.97		$	1.84		$	0.32		$	0.05		$	0.78


Weighted average common shares outstanding — diluted (3)			828.6			830.5			883.1			1,014.9			1,069.5



		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2010			2010			2010			2010			2011


Book value per common share — (actual common shares outstanding)		$	41.21		$	45.51		$	48.93		$	44.18		$	45.24
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)		$	42.67		$	44.50		$	44.48		$	43.23		$	44.18

Book value per common share — diluted — (weighted average common shares outstanding)		$	40.75		$	44.95		$	50.25		$	45.90		$	44.67
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)		$	42.19		$	43.96		$	45.68		$	44.91		$	43.63



	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011


Common shares outstanding, beginning of period			818.8			819.4			820.4			906.9			1,054.4
Treasury stock, net			0.3			—			—			—			—
Newly issued shares (3)			0.3			1.0			86.5			147.5			1.7

Common shares outstanding, end of period			819.4			820.4			906.9			1,054.4			1,056.1


Weighted average common shares outstanding — basic (3)			822.6			822.9			875.8			1,007.3			1,058.5
Dilutive effect of stock purchase contracts underlying common equity units			—			—			—			—			2.6
Dilutive effect of stock-based awards			6.0			7.6			7.3			7.6			8.4

Weighted average common shares outstanding — diluted (3)			828.6			830.5			883.1			1,014.9			1,069.5

Policyholder Trust Shares			229.9			227.4			225.9			222.3			219.0


(1)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(2)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan Insurance Company Limited (“MetLife Taiwan”), to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

(3)		In connection with the financing of the acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”) in November 2010, MetLife, Inc. issued to AM Holdings LLC (formerly known as ALICO Holdings LLC)(“AM Holdings”) 6,857,000 shares of convertible preferred stock. For purposes of the December 31, 2010 common share and weighted average common share calculations, the convertible preferred stock was treated as 68,570,000 shares of common stock. On March 8, 2011, MetLife, Inc. issued 68,570,000 shares of common stock for net proceeds of $3.0 billion, which were used to repurchase and cancel the 6,857,000 shares of convertible preferred stock held by AM Holdings, resulting in a preferred stock redemption premium of $146 million. As the convertible preferred stock shares were treated as common shares in the December 31, 2010 share calculations, there is no impact to the March 31, 2011 share calculations for the 68,570,000 shares of common stock issued on March 8, 2011.

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS (1)



	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	237,549		$	244,197		$	258,232		$	324,797		$	333,664
Equity securities available-for-sale, at estimated fair value		3,062			2,738			2,861			3,602			3,584
Trading and other securities, at estimated fair value (2)		3,039			3,158			3,987			18,589			19,365
Mortgage loans:
Held-for-investment, principally at amortized cost (2)		55,353			55,527			57,023			58,976			59,397
Held-for-sale, principally at estimated fair value		2,003			2,650			2,840			3,321			2,435

Mortgage loans, net		57,356			58,177			59,863			62,297			61,832
Policy loans		10,015			10,047			10,089			11,761			11,872
Real estate and real estate joint ventures		6,866			6,841			6,990			8,030			8,042
Other limited partnership interests		5,753			5,856			5,948			6,416			6,409
Short-term investments, principally at estimated fair value		7,987			9,704			11,587			9,384			8,822
Other invested assets, principally at estimated fair value		12,314			15,571			16,558			15,430			13,693

Total investments		343,941			356,289			376,115			460,306			467,283
Cash and cash equivalents, principally at estimated fair value (2)		9,117			10,664			14,479			12,957			10,692
Accrued investment income		3,352			3,202			3,422			4,328			4,478
Premiums, reinsurance and other receivables		17,541			18,160			18,639			19,799			20,315
Deferred policy acquisition costs and value of business acquired		18,516			17,539			17,272			27,092			27,979
Current income tax recoverable		—			255			193			—			—
Deferred income tax assets		189			—			—			—			—
Goodwill		5,049			5,037			4,966			11,781			11,946
Other assets		6,846			6,694			6,894			8,174			9,321
Assets of subsidiaries held-for-sale		2,763			2,875			3,091			3,331			3,413
Separate account assets		158,252			153,192			172,184			183,138			195,914

Total assets	$	565,566		$	573,907		$	617,255		$	730,906		$	751,341

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	135,416		$	138,076		$	141,331		$	170,912		$	172,987
Policyholder account balances		141,552			142,623			145,133			210,757			214,641
Other policy-related balances		8,630			8,611			8,861			15,750			15,641
Policyholder dividends payable		745			775			834			830			820
Policyholder dividend obligation		—			1,080			2,014			876			793
Payables for collateral under securities loaned and other transactions		25,982			29,772			31,891			27,272			28,625
Bank deposits		10,032			9,790			9,362			10,316			9,313
Short-term debt		318			879			2,057			306			572
Long-term debt (2)		20,177			20,647			24,512			27,586			27,604
Collateral financing arrangements		5,297			5,297			5,297			5,297			5,297
Junior subordinated debt securities		3,191			3,191			3,191			3,191			3,191
Current income tax payable		57			—			—			297			113
Deferred income tax liability		—			2,017			3,521			1,856			2,238
Other liabilities		17,195			15,593			17,435			20,366			20,037
Liabilities of subsidiaries held-for-sale		2,543			2,640			2,863			3,043			3,206
Separate account liabilities		158,252			153,192			172,184			183,138			195,914

Total liabilities		529,387			534,183			570,486			681,793			700,992

Redeemable noncontrolling interest in partially owned consolidated subsidiaries		—			—			—			117			128

Equity
Preferred stock, at par value		1			1			1			1			1
Convertible preferred stock, at par value		—			—			—			—			—
Common stock, at par value		8			8			9			10			11
Additional paid-in capital		16,871			16,896			20,451			26,423			26,668
Retained earnings		20,294			21,820			22,096			21,363			22,193
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		(1,191	)		822			4,030			1,000			1,115

Total MetLife, Inc.’s stockholders’ equity		35,811			39,375			46,415			48,625			49,816
Noncontrolling interests		368			349			354			371			405

Total equity		36,179			39,724			46,769			48,996			50,221

Total liabilities and equity	$	565,566		$	573,907		$	617,255		$	730,906		$	751,341


(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

(2)		At March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2011, $7,377 million, $7,391 million, $7,371 million, $7,080 million and $6,991 million, respectively, of assets and $7,106 million, $7,129 million, $7,075 million, $6,820 million and $6,684 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See pages 34 and 35, note 4 for the amounts by asset category.

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2)



	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011


OPERATING REVENUES
Premiums		$	6,788		$	6,584		$	6,484		$	7,215		$	8,554
Universal life and investment-type product policy fees			1,358			1,423			1,398			1,638			1,834
Net investment income			4,271			4,120			4,314			4,524			4,869
Other revenues			513			544			624			647			567

Total operating revenues			12,930			12,671			12,820			14,024			15,824


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,681			7,377			7,291			7,623			8,446
Interest credited to policyholder account balances			1,145			1,047			1,259			1,246			1,481
Interest credited to bank deposits			39			36			33			29			23
Capitalization of DAC			(733	)		(756	)		(766	)		(1,044	)		(1,569	)
Amortization of DAC and VOBA			619			702			591			890			1,123
Amortization of negative VOBA			—			—			—			(57	)		(164	)
Interest expense on debt			264			266			294			315			323
Other expenses			2,629			2,698			2,710			3,341			4,098

Total operating expenses			11,644			11,370			11,412			12,343			13,761


Operating earnings before provision for income tax			1,286			1,301			1,408			1,681			2,063
Provision for income tax expense (benefit)			392			356			420			442			615

Operating earnings			894			945			988			1,239			1,448
Preferred stock dividends			30			31			30			31			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	864		$	914		$	958		$	1,208		$	1,418


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	894		$	945		$	988		$	1,239		$	1,448

Adjustments from operating earnings to income (loss) from continuing operations: (3)
Net investment gains (losses)			32			(14	)		(342	)		(84	)		(99	)
Net derivative gains (losses)			41			1,481			(244	)		(1,543	)		(315	)
Universal life and investment-type product policy fees			47			59			54			51			55
Net investment income			50			(58	)		54			244			448
Other revenues			—			—			—			—			(1	)
Policyholder benefits and claims and policyholder dividends			(160	)		59			(409	)		(188	)		(157	)
Interest credited to policyholder account balances			3			(1	)		(5	)		(219	)		(443	)
Amortization of DAC and VOBA			22			(312	)		18			231			67
Amortization of negative VOBA			—			—			—			7			19
Interest expense on debt			(106	)		(103	)		(103	)		(99	)		(92	)
Other expenses			(30	)		(48	)		(42	)		(99	)		(62	)
Provision for income tax (expense) benefit			36			(472	)		351			527			187

Income (loss) from continuing operations, net of income tax			829			1,536			320			67			1,055
Income (loss) from discontinued operations, net of income tax			5			11			—			18			(42	)

Net income (loss)			834			1,547			320			85			1,013
Less: Net income (loss) attributable to noncontrolling interest			(1	)		(10	)		4			3			7

Net income (loss) attributable to MetLife, Inc.			835			1,557			316			82			1,006
Less: Preferred stock dividends			30			31			30			31			30
Less: Preferred stock redemption premium			—			—			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	805		$	1,526		$	286		$	51		$	830



Premiums, Fees and Other Revenues (Operating)		$	8,659		$	8,551		$	8,506		$	9,500		$	10,955


(1)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(2)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

(3)		See appendix, page 39, for detail line item adjustments.

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS



	For the Three Months Ended March 31, 2011
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	8,554		$	5,424		$	3,128		$	2
Universal life and investment-type product policy fees		1,834			1,204			630			—
Net investment income		4,869			3,679			860			330
Other revenues		567			343			42			182

Total operating revenues		15,824			10,650			4,660			514


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,446			6,393			2,051			2
Interest credited to policyholder account balances		1,481			969			512			—
Interest credited to bank deposits		23			—			—			23
Capitalization of DAC		(1,569	)		(650	)		(919	)		—
Amortization of DAC and VOBA		1,123			543			580			—
Amortization of negative VOBA		(164	)		—			(164	)		—
Interest expense on debt		323			2			2			319
Other expenses		4,098			2,015			1,772			311

Total operating expenses		13,761			9,272			3,834			655


Operating earnings before provision for income tax		2,063			1,378			826			(141	)
Provision for income tax expense (benefit)		615			470			259			(114	)

Operating earnings		1,448			908			567			(27	)
Preferred stock dividends		30			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,418		$	908		$	567		$	(57	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	1,448		$	908		$	567		$	(27	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(99	)		58			(159	)		2
Net derivative gains (losses)		(315	)		(303	)		68			(80	)
Universal life and investment-type product policy fees		55			55			—			—
Net investment income		448			(42	)		392			98
Other revenues		(1	)		—			(1	)		—
Policyholder benefits and claims and policyholder dividends		(157	)		(139	)		(18	)		—
Interest credited to policyholder account balances		(443	)		(8	)		(435	)		—
Amortization of DAC and VOBA		67			67			—			—
Amortization of negative VOBA		19			—			19			—
Interest expense on debt		(92	)		—			—			(92	)
Other expenses		(62	)		—			1			(63	)
Provision for income tax (expense) benefit		187			110			33			44

Income (loss) from continuing operations, net of income tax		1,055			706			467			(118	)
Income (loss) from discontinued operations, net of income tax		(42	)		19			(61	)		—

Net income (loss)		1,013			725			406			(118	)
Less: Net income (loss) attributable to noncontrolling interest		7			—			7			—

Net income (loss) attributable to MetLife, Inc.		1,006			725			399			(118	)
Less: Preferred stock dividends		30			—			—			30
Less: Preferred stock redemption premium		146			—			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	830		$	725		$	399		$	(294	)



Premiums, Fees and Other Revenues (Operating)	$	10,955		$	6,971		$	3,800		$	184

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2)



	For the Three Months Ended March 31, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other


OPERATING REVENUES
Premiums	$	6,788		$	5,961		$	827		$	—
Universal life and investment-type product policy fees		1,358			1,069			289			—
Net investment income		4,271			3,600			428			243
Other revenues		513			299			1			213

Total operating revenues		12,930			10,929			1,545			456


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		7,681			6,921			765			(5	)
Interest credited to policyholder account balances		1,145			995			150			—
Interest credited to bank deposits		39			—			—			39
Capitalization of DAC		(733	)		(552	)		(181	)		—
Amortization of DAC and VOBA		619			519			100			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		264			2			1			261
Other expenses		2,629			1,849			506			274

		11,644			9,734			1,341			569


Operating earnings before provision for income tax		1,286			1,195			204			(113	)
Provision for income tax expense (benefit)		392			404			57			(69	)

Operating earnings		894			791			147			(44	)
Preferred stock dividends		30			—			—			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	864		$	791		$	147		$	(74	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	894		$	791		$	147		$	(44	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		32			74			(34	)		(8	)
Net derivative gains (losses)		41			54			6			(19	)
Universal life and investment-type product policy fees		47			47			—			—
Net investment income		50			(51	)		(13	)		114
Other revenues		—			—			—			—
Policyholder benefits and claims and policyholder dividends		(160	)		(141	)		(19	)		—
Interest credited to policyholder account balances		3			3			—			—
Amortization of DAC and VOBA		22			22			—			—
Amortization of negative VOBA		—			—			—			—
Interest expense on debt		(106	)		—			—			(106	)
Other expenses		(30	)		1			(3	)		(28	)
Provision for income tax (expense) benefit		36			(5	)		24			17

Income (loss) from continuing operations, net of income tax		829			795			108			(74	)
Income (loss) from discontinued operations, net of income tax		5			2			3			—

Net income (loss)		834			797			111			(74	)
Less: Net income (loss) attributable to noncontrolling interest		(1	)		—			(2	)		1

Net income (loss) attributable to MetLife, Inc.		835			797			113			(75	)
Less: Preferred stock dividends		30			—			—			30
Less: Preferred stock redemption premium		—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	805		$	797		$	113		$	(105	)



Premiums, Fees and Other Revenues (Operating)	$	8,659		$	7,329		$	1,117		$	213


(1)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(2)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

METLIFE, INC.

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2), (3)



	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,		March 31,
Unaudited (In millions)	2010			2010			2010			2010		2011


U.S. BUSINESS

INSURANCE PRODUCTS	$	298		$	369		$	345		$	309	$	350

RETIREMENT PRODUCTS		201			136			238			228		212

CORPORATE BENEFIT FUNDING		220			235			182			283		289

AUTO & HOME		72			73			81			74		57


U.S. BUSINESS TOTAL	$	791		$	813		$	846		$	894	$	908

INTERNATIONAL (4)

JAPAN		—			—			—			94		290

OTHER INTERNATIONAL REGIONS		147			142			189			208		277


INTERNATIONAL TOTAL	$	147		$	142		$	189		$	302	$	567

BANKING, CORPORATE & OTHER		(74	)		(41	)		(77	)		12		(57	)


METLIFE, INC. CONSOLIDATED	$	864		$	914		$	958		$	1,208	$	1,418


(1)		A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment appears in the QFS as follows: (i) Insurance Products, page 9, (ii) Retirement Products, page 16, (iii) Corporate Benefit Funding, page 20, (iv) Auto & Home, page 24, (v) Japan, page 28, (vi) All Other International Regions, page 29, and (vi) Banking, Corporate & Other, page 30. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) for MetLife, Inc. appears on page 5.

(2)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(3)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

(4)		In the first quarter of 2011, the Company began reporting the results from its international operations as two separate segments to reflect a change in the manner in which the financial results are reviewed and evaluated by executive management. The assets, liabilities and the operating results relating to the acquisition of ALICO are included in Japan and Other International Regions segments. Prior period results have been adjusted to conform to this new presentation of segments.

U.S. BUSINESS

INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	4,323		$	4,317		$	4,234		$	4,326		$	4,192		$	4,323		$	4,192
Universal life and investment-type product policy fees		549			546			539			613			564			549			564
Net investment income		1,504			1,495			1,515			1,554			1,529			1,504			1,529
Other revenues		189			188			185			199			200			189			200

Total operating revenues		6,565			6,546			6,473			6,692			6,485			6,565			6,485


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		4,847			4,721			4,685			4,822			4,665			4,847			4,665
Interest credited to policyholder account balances		234			237			243			249			241			234			241
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(206	)		(217	)		(204	)		(214	)		(216	)		(206	)		(216	)
Amortization of DAC and VOBA		239			206			221			300			231			239			231
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			1			—			—			—
Other expenses		992			1,031			998			1,059			1,025			992			1,025

Total operating expenses		6,106			5,978			5,943			6,217			5,946			6,106			5,946


Operating earnings before provision for income tax		459			568			530			475			539			459			539
Provision for income tax expense (benefit)		161			199			185			166			189			161			189

Operating earnings		298			369			345			309			350			298			350
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	298		$	369		$	345		$	309		$	350		$	298		$	350


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	298		$	369		$	345		$	309		$	350		$	298		$	350

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		13			(4	)		69			25			37			13			37
Net derivative gains (losses)		20			605			86			(496	)		(169	)		20			(169	)
Universal life and investment-type product policy fees		(1	)		7			—			(5	)		(3	)		(1	)		(3	)
Net investment income		(36	)		(36	)		(36	)		(40	)		(48	)		(36	)		(48	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1	)		1			(5	)		—			—			(1	)		—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(10	)		(40	)		(28	)		(12	)		—			(10	)		—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			1			—			—			—
Provision for income tax (expense) benefit		5			(187	)		(30	)		182			65			5			65

Income (loss) from continuing operations, net of income tax		288			715			401			(36	)		232			288			232
Income (loss) from discontinued operations, net of income tax		1			—			—			2			19			1			19

Net income (loss)		289			715			401			(34	)		251			289			251
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		289			715			401			(34	)		251			289			251
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	715		$	401		$	(34	)	$	251		$	289		$	251



Premiums, Fees and Other Revenues (Operating)	$	5,061		$	5,051		$	4,958		$	5,138		$	4,956		$	5,061		$	4,956

U.S. BUSINESS

INSURANCE PRODUCTS — GROUP LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except ratios)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	1,871		$	1,841		$	1,775		$	1,735		$	1,765		$	1,871		$	1,765
Universal life and investment-type product policy fees		152			149			159			156			159			152			159
Net investment income		207			204			209			206			200			207			200
Other revenues		3			1			2			—			2			3			2

Total operating revenues		2,233			2,195			2,145			2,097			2,126			2,233			2,126


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,865			1,793			1,781			1,746			1,768			1,865			1,768
Interest credited to policyholder account balances		44			43			44			42			40			44			40
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(4	)		(4	)		(3	)		(4	)		(5	)		(4	)		(5	)
Amortization of DAC and VOBA		5			4			4			2			3			5			3
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		141			145			143			160			140			141			140

Total operating expenses		2,051			1,981			1,969			1,946			1,946			2,051			1,946


Operating earnings before provision for income tax		182			214			176			151			180			182			180
Provision for income tax expense (benefit)		64			75			61			53			63			64			63

Operating earnings		118			139			115			98			117			118			117
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	118		$	139		$	115		$	98		$	117		$	118		$	117


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	118		$	139		$	115		$	98		$	117		$	118		$	117

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		2			(6	)		15			(2	)		3			2			3
Net derivative gains (losses)		23			58			(1	)		(9	)		(22	)		23			(22	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(18	)		(18	)		(17	)		(18	)		(18	)		(18	)		(18	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		(2	)		(12	)		1			10			13			(2	)		13

Income (loss) from continuing operations, net of income tax		123			161			113			79			93			123			93
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		123			161			113			79			93			123			93
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		123			161			113			79			93			123			93
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	123		$	161		$	113		$	79		$	93		$	123		$	93



Premiums, Fees and Other Revenues (Operating)	$	2,026		$	1,991		$	1,936		$	1,891		$	1,926		$	2,026		$	1,926



Group Life Mortality Ratio		89.5	%		86.6	%		89.0	%		89.7	%		88.2	%

U.S. BUSINESS
INSURANCE PRODUCTS — INDIVIDUAL LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except ratios)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	967		$	1,004		$	988		$	1,113		$	951		$	967		$	951
Universal life and investment-type product policy fees		397			397			380			457			405			397			405
Net investment income		1,086			1,066			1,086			1,116			1,097			1,086			1,097
Other revenues		94			100			94			110			107			94			107

Total operating revenues		2,544			2,567			2,548			2,796			2,560			2,544			2,560


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,627			1,636			1,608			1,750			1,603			1,627			1,603
Interest credited to policyholder account balances		185			188			195			203			198			185			198
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(159	)		(171	)		(162	)		(172	)		(166	)		(159	)		(166	)
Amortization of DAC and VOBA		198			169			186			259			192			198			192
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			1			—			—			—
Other expenses		516			528			507			527			525			516			525

Total operating expenses		2,367			2,350			2,334			2,568			2,352			2,367			2,352


Operating earnings before provision for income tax		177			217			214			228			208			177			208
Provision for income tax expense (benefit)		62			76			75			79			73			62			73

Operating earnings		115			141			139			149			135			115			135
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	115		$	141		$	139		$	149		$	135		$	115		$	135


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	115		$	141		$	139		$	149		$	135		$	115		$	135

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		17			—			21			28			25			17			25
Net derivative gains (losses)		(11	)		176			(28	)		(115	)		(70	)		(11	)		(70	)
Universal life and investment-type product policy fees		(1	)		7			—			(5	)		(3	)		(1	)		(3	)
Net investment income		(11	)		(12	)		(10	)		(13	)		(16	)		(11	)		(16	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(10	)		(40	)		(28	)		(12	)		—			(10	)		—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			1			—			—			—
Provision for income tax (expense) benefit		5			(46	)		16			39			23			5			23

Income (loss) from continuing operations, net of income tax		104			226			110			72			94			104			94
Income (loss) from discontinued operations, net of income tax		1			—			—			2			19			1			19

Net income (loss)		105			226			110			74			113			105			113
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		105			226			110			74			113			105			113
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	105		$	226		$	110		$	74		$	113		$	105		$	113



Premiums, Fees and Other Revenues (Operating)	$	1,458		$	1,501		$	1,462		$	1,680		$	1,463		$	1,458		$	1,463



Mortality as a Percentage of Expected		87.6	%		80.4	%		86.7	%		82.9	%		92.5	%



Lapse Ratio
Traditional Life		6.7	%		6.4	%		6.2	%		6.4	%		6.5	%
Variable & Universal Life		6.1	%		5.9	%		5.9	%		6.1	%		6.0	%

U.S. BUSINESS
INSURANCE PRODUCTS — NON-MEDICAL HEALTH
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except ratios)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	1,485		$	1,472		$	1,471		$	1,478		$	1,476		$	1,485		$	1,476
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		211			225			220			232			232			211			232
Other revenues		92			87			89			89			91			92			91

Total operating revenues		1,788			1,784			1,780			1,799			1,799			1,788			1,799


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,355			1,292			1,296			1,326			1,294			1,355			1,294
Interest credited to policyholder account balances		5			6			4			4			3			5			3
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(43	)		(42	)		(39	)		(38	)		(45	)		(43	)		(45	)
Amortization of DAC and VOBA		36			33			31			39			36			36			36
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		335			358			348			372			360			335			360

Total operating expenses		1,688			1,647			1,640			1,703			1,648			1,688			1,648


Operating earnings before provision for income tax		100			137			140			96			151			100			151
Provision for income tax expense (benefit)		35			48			49			34			53			35			53

Operating earnings		65			89			91			62			98			65			98
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	65		$	89		$	91		$	62		$	98		$	65		$	98


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	65		$	89		$	91		$	62		$	98		$	65		$	98

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(6	)		2			33			(1	)		9			(6	)		9
Net derivative gains (losses)		8			371			115			(372	)		(77	)		8			(77	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(7	)		(6	)		(9	)		(9	)		(14	)		(7	)		(14	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(1	)		1			(5	)		—			—			(1	)		—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		2			(129	)		(47	)		133			29			2			29

Income (loss) from continuing operations, net of income tax		61			328			178			(187	)		45			61			45
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		61			328			178			(187	)		45			61			45
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		61			328			178			(187	)		45			61			45
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	61		$	328		$	178		$	(187	)	$	45		$	61		$	45



Premiums, Fees and Other Revenues (Operating)	$	1,577		$	1,559		$	1,560		$	1,567		$	1,567		$	1,577		$	1,567



Non-Medical Health Benefit Ratio		91.2	%		87.8	%		88.0	%		89.7	%		87.7	%

U.S. BUSINESS
INSURANCE PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


GROUP LIFE
	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	11,966		$	12,060		$	12,017		$	12,005		$	11,892
Premiums and deposits		3,598			3,515			3,509			3,292			3,418
Surrenders and withdrawals		(1,361	)		(1,442	)		(1,495	)		(1,423	)		(1,379	)
Benefit payments		(1,970	)		(1,923	)		(1,921	)		(1,900	)		(1,888	)

Net Flows		267			150			93			(31	)		151
Net transfers from (to) separate account		1			1			1			—			2
Interest		72			75			72			73			67
Policy charges		(128	)		(126	)		(125	)		(123	)		(120	)
Other		(118	)		(143	)		(53	)		(32	)		(29	)

Balance, end of period	$	12,060		$	12,017		$	12,005		$	11,892		$	11,963


INDIVIDUAL LIFE
	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	73,923		$	74,387		$	74,844		$	75,300		$	76,264
Premiums and deposits		2,070			2,002			2,059			2,181			2,108
Surrenders and withdrawals		(908	)		(919	)		(936	)		(944	)		(943	)
Benefit payments		(671	)		(588	)		(616	)		(621	)		(678	)

Net Flows		491			495			507			616			487
Net transfers from (to) separate account		29			29			37			32			23
Interest		748			747			756			766			765
Policy charges		(400	)		(401	)		(408	)		(414	)		(419	)
Other		(404	)		(413	)		(436	)		(36	)		(407	)

Balance, end of period	$	74,387		$	74,844		$	75,300		$	76,264		$	76,713


NON-MEDICAL HEALTH
	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	13,239		$	13,484		$	13,689		$	13,901		$	14,187
Premiums and deposits		1,518			1,502			1,747			1,500			1,504
Surrenders and withdrawals		(5	)		(5	)		(255	)		(3	)		(3	)
Benefit payments		(1,137	)		(1,119	)		(1,083	)		(1,093	)		(1,136	)

Net Flows		376			378			409			404			365
Net transfers from (to) separate account		—			—			—			—			—
Interest		148			152			150			157			157
Policy charges		—			—			—			—			—
Other		(279	)		(325	)		(347	)		(275	)		(325	)

Balance, end of period	$	13,484		$	13,689		$	13,901		$	14,187		$	14,384

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	433		$	450		$	411		$	456		$	491
Premiums and deposits		40			44			47			45			50
Surrenders and withdrawals		(9	)		(8	)		(8	)		(14	)		(10	)
Benefit payments		(1	)		—			—			(1	)		—

Net Flows		30			36			39			30			40
Investment Performance		19			(40	)		42			40			24
Net transfers from (to) general account		(1	)		(2	)		(1	)		—			(2	)
Policy charges		(31	)		(33	)		(35	)		(35	)		(37	)
Other		—			—			—			—			—

Balance, end of period	$	450		$	411		$	456		$	491		$	516


INDIVIDUAL LIFE
	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	8,405		$	8,682		$	7,915		$	8,576		$	9,076
Premiums and deposits		208			197			193			190			193
Surrenders and withdrawals		(124	)		(141	)		(116	)		(153	)		(139	)
Benefit payments		(8	)		(9	)		(10	)		(9	)		(12	)

Net Flows		76			47			67			28			42
Investment Performance		374			(643	)		764			652			413
Net transfers from (to) general account		(29	)		(29	)		(37	)		(32	)		(23	)
Policy charges		(143	)		(141	)		(140	)		(139	)		(139	)
Other		(1	)		(1	)		7			(9	)		(1	)

Balance, end of period	$	8,682		$	7,915		$	8,576		$	9,076		$	9,368

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT


OTHER EXPENSES
	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2010		2010		2010		2010		2011


Direct and allocated expenses	$	554	$	570	$	555	$	593	$	581
Pension and post-retirement benefit costs		51		52		52		52		51
Premium taxes, other taxes, and licenses & fees		69		78		76		81		71

Total fixed operating expenses	$	674	$	700	$	683	$	726	$	703


Commissions and other variable expenses		318		331		315		333		322


Total other expenses	$	992	$	1,031	$	998	$	1,059	$	1,025


INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2010		2010		2010		2010		2011


Individual Life Sales
Term Life	$	33	$	35	$	32	$	32	$	30
Whole Life		29		29		28		29		27
Variable Life		9		10		9		8		9
Universal Life		41		44		48		61		57

Total Individual Life sales (2)	$	112	$	118	$	117	$	130	$	123


(1)		Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.

(2)		Of the $123 million of Individual Life sales during the three months ended March 31, 2011, approximately 40% were distributed through MetLife agents, 12% through New England Financial agents, 44% through MetLife’s third party channels and 4% through other channels.

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2010			2010			2010			2010			2011

Investment income yield		5.42	%		5.32	%		5.54	%		5.40	%		5.52	%
Average crediting rate		2.15	%		2.13	%		2.08	%		2.06	%		2.01	%

Annualized general account spread		3.27	%		3.19	%		3.46	%		3.34	%		3.51	%

VARIABLE & UNIVERSAL LIFE


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2010			2010			2010			2010			2011

Investment income yield		6.28	%		6.24	%		6.30	%		6.44	%		6.72	%
Average crediting rate		4.47	%		4.43	%		4.48	%		4.63	%		4.53	%

Annualized general account spread (1)		1.81	%		1.81	%		1.82	%		1.81	%		2.19	%

NON-MEDICAL HEALTH


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2010			2010			2010			2010			2011

Investment income yield		5.95	%		6.23	%		5.96	%		6.38	%		6.19	%
Average crediting rate		4.80	%		4.80	%		4.78	%		4.72	%		4.70	%

Annualized general account spread		1.15	%		1.43	%		1.18	%		1.66	%		1.49	%


(1)		This represents the general account spread for Variable and Universal Life, a component of Individual Life.

U.S. BUSINESS

RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2)


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except ratios)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	253		$	250		$	227		$	145		$	206		$	253		$	206
Universal life and investment-type product policy fees		465			509			500			550			586			465			586
Net investment income		852			842			856			845			786			852			786
Other revenues		49			54			56			61			75			49			75

Total operating revenues		1,619			1,655			1,639			1,601			1,653			1,619			1,653


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		407			422			378			280			375			407			375
Interest credited to policyholder account balances		406			405			394			407			393			406			393
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(234	)		(262	)		(270	)		(301	)		(317	)		(234	)		(317	)
Amortization of DAC and VOBA		169			272			153			214			198			169			198
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			1			2			(1	)		—			1			—
Other expenses		562			607			615			653			678			562			678

Total operating expenses		1,311			1,445			1,272			1,252			1,327			1,311			1,327


Operating earnings before provision for income tax		308			210			367			349			326			308			326
Provision for income tax expense (benefit)		107			74			129			121			114			107			114

Operating earnings		201			136			238			228			212			201			212
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	201		$	136		$	238		$	228		$	212		$	201		$	212


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	201		$	136		$	238		$	228		$	212		$	201		$	212

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		21			70			5			43			9			21			9
Net derivative gains (losses)		93			418			116			(392	)		(7	)		93			(7	)
Universal life and investment-type product policy fees		48			52			54			56			58			48			58
Net investment income		(67	)		(67	)		(67	)		(47	)		(38	)		(67	)		(38	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(136	)		209			(235	)		(230	)		(147	)		(136	)		(147	)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Amortization of DAC and VOBA		32			(272	)		46			243			67			32			67
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			1			—			—			—
Provision for income tax (expense) benefit		4			(145	)		28			109			20			4			20

Income (loss) from continuing operations, net of income tax		196			401			185			11			174			196			174
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		196			401			185			11			174			196			174
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			1			—			—			—

Net income (loss) attributable to MetLife, Inc.		196			401			185			10			174			196			174
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	196		$	401		$	185		$	10		$	174		$	196		$	174



Premiums, Fees and Other Revenues (Operating)	$	767		$	813		$	783		$	756		$	867		$	767		$	867


Lapse Ratio

Fixed Annuities		6.8	%		6.7	%		6.3	%		6.0	%		6.2	%
Variable Annuities		6.8	%		6.8	%		7.3	%		7.3	%		7.3	%


(1)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(2)		In the first quarter of 2011, management realigned the reporting of NDGL related to certain income annuity products to better conform to the way it manages and assesses its business. These NDGL results, which were previously reported in the Corporate Benefit Funding segment, are now reported in the Retirement Products segment.

U.S. BUSINESS
RETIREMENT PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	55,081		$	54,965		$	57,356		$	57,485		$	55,346
Premiums and deposits (1), (2)		1,738			1,828			2,038			1,775			1,745
Surrenders and withdrawals		(852	)		(834	)		(1,160	)		(999	)		(913	)
Benefit payments		(496	)		(488	)		(480	)		(469	)		(496	)

Net Flows		390			506			398			307			336
Net transfers from (to) separate account		(892	)		(689	)		(808	)		(1,131	)		(846	)
Interest		559			561			547			560			545
Policy charges		(12	)		(14	)		(13	)		(16	)		(17	)
Other		(161	)		2,027			5			(1,859	)		(391	)

Balance, end of period	$	54,965		$	57,356		$	57,485		$	55,346		$	54,973

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	87,157		$	92,603		$	87,367		$	97,587		$	107,335
Premiums and deposits (1)		3,004			3,348			3,312			3,978			4,564
Surrenders and withdrawals		(1,622	)		(1,622	)		(1,813	)		(1,851	)		(2,106	)
Benefit payments		(179	)		(193	)		(183	)		(205	)		(206	)

Net Flows		1,203			1,533			1,316			1,922			2,252
Investment Performance		3,758			(7,004	)		8,549			7,191			4,664
Net transfers from (to) general account		892			689			808			1,131			846
Policy charges		(406	)		(454	)		(453	)		(496	)		(529	)
Other		(1	)		—			—			—			1

Balance, end of period	$	92,603		$	87,367		$	97,587		$	107,335		$	114,569


(1)		Includes company sponsored internal exchanges.

(2)		Includes premiums and deposits directed to the General Account investment option of a variable annuity product.

U.S. BUSINESS
RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES


	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2010		2010		2010		2010		2011


Direct and allocated expenses	$	179	$	189	$	185	$	180	$	181
Pension and post-retirement benefit costs		21		22		21		21		20
Premium taxes, other taxes, and licenses & fees		7		8		8		6		7

Total fixed operating expenses	$	207	$	219	$	214	$	207	$	208


Commissions and other variable expenses		355		388		401		446		470


Total other expenses	$	562	$	607	$	615	$	653	$	678

INDIVIDUAL ANNUITY SALES BY PRODUCT (1)


	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (in millions)	2010		2010		2010		2010		2011


Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales	$	488	$	472	$	472	$	383	$	362
Variable annuity sales		4,037		4,498		4,662		5,129		5,691

Total annuity sales (2)	$	4,525	$	4,970	$	5,134	$	5,512	$	6,053


Separate Account and General Account
Separate Accounts

Total variable annuities separate accounts	$	2,875	$	3,218	$	3,178	$	3,809	$	4,384

General Accounts
Fixed annuity		488		472		472		383		362
Variable annuity		1,162		1,280		1,484		1,320		1,307

Total general accounts		1,650		1,752		1,956		1,703		1,669

Total premiums and deposits	$	4,525	$	4,970	$	5,134	$	5,512	$	6,053


(1)		Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

(2)		Of the $6,053 million of Annuity Sales during the three months ended March 31, 2011, approximately 17% were distributed through MetLife agents, 5% through New England Financial agents, 68% through MetLife’s third party channels, 7% through MetLife Resources representatives, 2% through Retirement & Benefit Funding, and 1% through other distribution channels.

U.S. BUSINESS
RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2010			2010			2010			2010			2011


Investment income yield		6.19	%		6.07	%		6.36	%		6.47	%		6.17	%
Average crediting rate		3.75	%		3.69	%		3.68	%		3.65	%		3.58	%

Annualized general account spread		2.44	%		2.38	%		2.68	%		2.82	%		2.59	%

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums	$	671		$	474		$	402		$	391		$	291		$	671		$	291
Universal life and investment-type product policy fees		55			56			58			57			54			55			54
Net investment income		1,191			1,234			1,216			1,313			1,311			1,191			1,311
Other revenues		63			59			59			65			60			63			60

Total operating revenues		1,980			1,823			1,735			1,826			1,716			1,980			1,716


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,173			979			963			926			821			1,173			821
Interest credited to policyholder account balances		355			364			380			346			335			355			335
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(8	)		(3	)		(6	)		(2	)		(12	)		(8	)		(12	)
Amortization of DAC and VOBA		4			4			4			4			5			4			5
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			1			1			3			2			1			2
Other expenses		116			117			113			114			119			116			119

Total operating expenses		1,641			1,462			1,455			1,391			1,270			1,641			1,270


Operating earnings before provision for income tax		339			361			280			435			446			339			446
Provision for income tax expense (benefit)		119			126			98			152			157			119			157

Operating earnings		220			235			182			283			289			220			289
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	220		$	235		$	182		$	283		$	289		$	220		$	289


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	220		$	235		$	182		$	283		$	289		$	220		$	289

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		41			16			54			65			12			41			12
Net derivative gains (losses)		(59	)		129			(193	)		(39	)		(127	)		(59	)		(127	)
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		52			45			48			48			44			52			44
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		(4	)		(37	)		(31	)		30			8			(4	)		8
Interest credited to policyholder account balances		3			(1	)		(5	)		(8	)		(8	)		3			(8	)
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		1			1			—			1			—			1			—
Provision for income tax (expense) benefit		(14	)		(59	)		46			(28	)		25			(14	)		25

Income (loss) from continuing operations, net of income tax		240			329			101			352			243			240			243
Income (loss) from discontinued operations, net of income tax		1			7			1			3			—			1			—

Net income (loss)		241			336			102			355			243			241			243
Less: Net income (loss) attributable to noncontrolling interest		—			1			—			1			—			—			—

Net income (loss) attributable to MetLife, Inc.		241			335			102			354			243			241			243
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	241		$	335		$	102		$	354		$	243		$	241		$	243



Premiums, Fees and Other Revenues (Operating)	$	789		$	589		$	519		$	513		$	405		$	789		$	405


(1)		In the first quarter of 2011, management realigned the reporting of NDGL related to certain income annuity products to better conform to the way it manages and assesses its business. These NDGL results, which were previously reported in the Corporate Benefit Funding segment, are now reported in the Retirement Products segment.

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	92,899		$	95,796		$	95,475		$	97,929		$	96,960
Premiums and deposits		11,588			12,013			12,351			13,947			16,668
Surrenders and withdrawals		(8,851	)		(13,432	)		(11,707	)		(13,124	)		(14,789	)
Benefit payments		(683	)		(702	)		(774	)		(707	)		(713	)

Net Flows		2,054			(2,121	)		(130	)		116			1,166
Net transfers from (to) separate account		16			(59	)		(98	)		(12	)		(4	)
Interest		972			984			1,002			982			970
Policy charges		(32	)		(34	)		(30	)		(25	)		(34	)
Other		(113	)		909			1,710			(2,030	)		(369	)

Balance, end of period	$	95,796		$	95,475		$	97,929		$	96,960		$	98,689

SEPARATE ACCOUNT LIABILITIES


	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Balance, beginning of period	$	45,688		$	48,781		$	49,885		$	56,670		$	56,571
Premiums and deposits		2,061			1,240			4,835			1,811			4,177
Surrenders and withdrawals		(1,504	)		(1,250	)		(1,637	)		(1,189	)		(1,255	)
Benefit payments		(10	)		(17	)		(9	)		(15	)		(68	)

Net Flows		547			(27	)		3,189			607			2,854
Investment Performance		1,046			505			2,062			205			758
Net transfers from (to) general account		(16	)		59			98			12			4
Policy charges		(61	)		(50	)		(57	)		(61	)		(67	)
Other		1,577			617			1,493			(862	)		884

Balance, end of period	$	48,781		$	49,885		$	56,670		$	56,571		$	61,004

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY


	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2010		2010		2010		2010		2011


Direct and allocated expenses	$	49	$	64	$	54	$	65	$	64
Pension and post-retirement benefit costs		10		11		12		11		11
Premium taxes, other taxes, and licenses & fees		3		5		5		1		6

Total fixed operating expenses	$	62	$	80	$	71	$	77	$	81


Commissions and other variable expenses		54		37		42		37		38


Total other expenses	$	116	$	117	$	113	$	114	$	119

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD


CORPORATE BENEFIT FUNDING	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2010			2010			2010			2010			2011


Investment income yield		5.04	%		5.16	%		5.19	%		5.39	%		5.31	%
Average crediting rate		4.00	%		4.04	%		4.16	%		3.83	%		3.74	%

Annualized general account spread		1.04	%		1.12	%		1.03	%		1.56	%		1.57	%

U.S. BUSINESS
AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums (1)	$	714		$	723		$	740		$	746		$	735		$	714		$	735
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		53			52			51			53			53			53			53
Other revenues		(2	)		8			8			8			8			(2	)		8

Total operating revenues		765			783			799			807			796			765			796


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		494			506			506			515			532			494			532
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(104	)		(117	)		(118	)		(109	)		(105	)		(104	)		(105	)
Amortization of DAC and VOBA		107			111			110			111			109			107			109
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		179			193			200			197			193			179			193

Total operating expenses		676			693			698			714			729			676			729


Operating earnings before provision for income tax		89			90			101			93			67			89			67
Provision for income tax expense (benefit)		17			17			20			19			10			17			10

Operating earnings		72			73			81			74			57			72			57
Preferred stock dividends		—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	72		$	73		$	81		$	74		$	57		$	72		$	57


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	72		$	73		$	81		$	74		$	57		$	72		$	57

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(1	)		1			(3	)		(4	)		—			(1	)		—
Net derivative gains (losses)		—			(3	)		(4	)		6			—			—			—
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		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		—			1			2			—			—			—			—

Income (loss) from continuing operations, net of income tax		71			72			76			76			57			71			57
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—

Net income (loss)		71			72			76			76			57			71			57
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—

Net income (loss) attributable to MetLife, Inc.		71			72			76			76			57			71			57
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders	$	71		$	72		$	76		$	76		$	57		$	71		$	57



Premiums, Fees and Other Revenues (Operating)	$	712		$	731		$	748		$	754		$	743		$	712		$	743


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME — AUTO
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011				2010			2011


OPERATING REVENUES
Premiums (1)		$	484		$	489		$	500		$	500		$	493			$	484		$	493
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			34			34			32			35			34				34			34
Other revenues			4			5			5			5			5				4			5

Total operating revenues			522			528			537			540			532				522			532


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			336			320			355			375			329				336			329
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(68	)		(76	)		(78	)		(69	)		(69	)			(68	)		(69	)
Amortization of DAC and VOBA			69			74			74			70			68				69			68
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			120			127			130			129			128				120			128

Total operating expenses			457			445			481			505			456				457			456


Operating earnings before provision for income tax			65			83			56			35			76				65			76
Provision for income tax expense (benefit)			13			21			10			3			18				13			18

Operating earnings			52			62			46			32			58				52			58
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	52		$	62		$	46		$	32		$	58			$	52		$	58


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	52		$	62		$	46		$	32		$	58			$	52		$	58

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(1	)		1			(2	)		(3	)		—				(1	)		—
Net derivative gains (losses)			—			(2	)		(2	)		3			—				—			—
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			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			—			1			1			—			—				—			—

Income (loss) from continuing operations, net of income tax			51			62			43			32			58				51			58
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			51			62			43			32			58				51			58
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			51			62			43			32			58				51			58
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	51		$	62		$	43		$	32		$	58			$	51		$	58



Premiums, Fees and Other Revenues (Operating)		$	488		$	494		$	505		$	505		$	498			$	488		$	498


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME — HOMEOWNERS & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011				2010			2011


OPERATING REVENUES
Premiums (1)		$	230		$	234		$	240		$	246		$	242			$	230		$	242
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			19			18			19			18			19				19			19
Other revenues			(6	)		3			3			3			3				(6	)		3

Total operating revenues			243			255			262			267			264				243			264


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			158			186			151			140			203				158			203
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(36	)		(41	)		(40	)		(40	)		(36	)			(36	)		(36	)
Amortization of DAC and VOBA			38			37			36			41			41				38			41
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			59			66			70			68			65				59			65

Total operating expenses			219			248			217			209			273				219			273


Operating earnings before provision for income tax			24			7			45			58			(9	)			24			(9	)
Provision for income tax expense (benefit)			4			(4	)		10			16			(8	)			4			(8	)

Operating earnings			20			11			35			42			(1	)			20			(1	)
Preferred stock dividends			—			—			—			—			—				—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	20		$	11		$	35		$	42		$	(1	)		$	20		$	(1	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	20		$	11		$	35		$	42		$	(1	)		$	20		$	(1	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			—			—			(1	)		(1	)		—				—			—
Net derivative gains (losses)			—			(1	)		(2	)		3			—				—			—
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			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Amortization of negative VOBA			—			—			—			—			—				—			—
Interest expense on debt			—			—			—			—			—				—			—
Other expenses			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			—			—			1			—			—				—			—

Income (loss) from continuing operations, net of income tax			20			10			33			44			(1	)			20			(1	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—

Net income (loss)			20			10			33			44			(1	)			20			(1	)
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—

Net income (loss) attributable to MetLife, Inc.			20			10			33			44			(1	)			20			(1	)
Less: Preferred stock dividends			—			—			—			—			—				—			—
Less: Preferred stock redemption premium			—			—			—			—			—				—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	20		$	10		$	33		$	44		$	(1	)		$	20		$	(1	)



Premiums, Fees and Other Revenues (Operating)		$	224		$	237		$	243		$	249		$	245			$	224		$	245


(1)		Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

U.S. BUSINESS
AUTO & HOME

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA


	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions, except ratios)		2010			2010			2010			2010			2011


Net Written Premiums by Product
Automobile		$	486		$	509		$	513		$	489		$	496
Homeowners			190			242			254			229			201
Other			21			13			13			11			22

Total		$	697		$	764		$	780		$	729		$	719


Selected Financial Information and Supplemental Data

Total Auto & Home
Loss and loss adjustment expense ratio			69.5	%		69.8	%		68.3	%		69.1	%		72.5	%
Policyholder benefits and dividends			(0.3	%)		0.1	%		0.0	%		0.1	%		0.1	%
Other expense ratio			25.5	%		26.0	%		25.9	%		26.6	%		26.5	%
Payment fees credit			(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)

Total combined ratio			94.1	%		95.3	%		93.6	%		95.2	%		98.5	%
Effect of catastrophe losses			5.3	%		9.8	%		5.4	%		5.2	%		6.2	%

Combined ratio excluding catastrophes			88.8	%		85.5	%		88.2	%		90.0	%		92.3	%


Auto
Loss and loss adjustment expense ratio			69.8	%		65.3	%		71.0	%		74.7	%		66.8	%
Policyholder benefits and dividends			(0.3	%)		0.1	%		0.0	%		0.1	%		0.1	%
Other expense ratio			25.0	%		25.6	%		25.1	%		26.2	%		25.6	%
Payment fees credit			(0.7	%)		(0.7	%)		(0.6	%)		(0.6	%)		(0.7	%)

Total combined ratio			93.8	%		90.3	%		95.5	%		100.4	%		91.8	%
Effect of catastrophe losses			0.5	%		1.8	%		0.7	%		1.1	%		(0.1	%)

Combined ratio excluding catastrophes			93.3	%		88.5	%		94.8	%		99.3	%		91.9	%


Homeowners & Other
Loss and loss adjustment expense ratio			68.7	%		79.3	%		62.6	%		57.4	%		84.0	%
Policyholder benefits and dividends			(0.3	%)		0.1	%		0.0	%		0.1	%		0.1	%
Other expense ratio			26.7	%		26.8	%		27.5	%		27.3	%		28.5	%
Payment fees credit			(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)

Total combined ratio			94.7	%		105.8	%		89.7	%		84.4	%		112.2	%
Effect of catastrophe losses			15.3	%		26.6	%		15.4	%		13.5	%		19.0	%

Combined ratio excluding catastrophes			79.4	%		79.2	%		74.3	%		70.9	%		93.2	%


Pre-Tax Catastrophe Losses
Auto		$	3		$	8		$	3		$	6		$	—
Homeowners & Other			35			63			37			33			46

Total		$	38		$	71		$	40		$	39		$	46

INTERNATIONAL
JAPAN

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended													For the Year-to-Date Period Ended
		March 31,		June 30,		September 30,		December 31,			March 31,				March 31,		March 31,
Unaudited (In millions)		2010		2010		2010		2010			2011				2010		2011


OPERATING REVENUES
Premiums		$	—	$	—	$	—	$	499		$	1,517			$	—	$	1,517
Universal life and investment-type product policy fees			—		—		—		55			194				—		194
Net investment income			—		—		—		145			439				—		439
Other revenues			—		—		—		7			9				—		9

Total operating revenues			—		—		—		706			2,159				—		2,159


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			—		—		—		309			949				—		949
Interest credited to policyholder account balances			—		—		—		123			369				—		369
Interest credited to bank deposits			—		—		—		—			—				—		—
Capitalization of DAC			—		—		—		(149	)		(522	)			—		(522	)
Amortization of DAC and VOBA			—		—		—		82			292				—		292
Amortization of negative VOBA			—		—		—		(49	)		(146	)			—		(146	)
Interest expense on debt			—		—		—		—			—				—		—
Other expenses			—		—		—		244			770				—		770

Total operating expenses			—		—		—		560			1,712				—		1,712


Operating earnings before provision for income tax			—		—		—		146			447				—		447
Provision for income tax expense (benefit)			—		—		—		52			157				—		157

Operating earnings			—		—		—		94			290				—		290
Preferred stock dividends			—		—		—		—			—				—		—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	—	$	—	$	—	$	94		$	290			$	—	$	290


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	—	$	—	$	—	$	94		$	290			$	—	$	290

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			—		—		—		(9	)		(47	)			—		(47	)
Net derivative gains (losses)			—		—		—		(144	)		(8	)			—		(8	)
Universal life and investment-type product policy fees			—		—		—		—			—				—		—
Net investment income			—		—		—		116			259				—		259
Other revenues			—		—		—		—			—				—		—
Policyholder benefits and claims and policyholder dividends			—		—		—		5			(8	)			—		(8	)
Interest credited to policyholder account balances			—		—		—		(116	)		(259	)			—		(259	)
Amortization of DAC and VOBA			—		—		—		—			—				—		—
Amortization of negative VOBA			—		—		—		7			19				—		19
Interest expense on debt			—		—		—		—			—				—		—
Other expenses			—		—		—		—			—				—		—
Provision for income tax (expense) benefit			—		—		—		49			16				—		16

Income (loss) from continuing operations, net of income tax			—		—		—		2			262				—		262
Income (loss) from discontinued operations, net of income tax			—		—		—		—			—				—		—

Net income (loss)			—		—		—		2			262				—		262
Less: Net income (loss) attributable to noncontrolling interest			—		—		—		—			—				—		—

Net income (loss) attributable to MetLife, Inc.			—		—		—		2			262				—		262
Less: Preferred stock dividends			—		—		—		—			—				—		—
Less: Preferred stock redemption premium			—		—		—		—			—				—		—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	—	$	—	$	—	$	2		$	262			$	—	$	262



Premiums, Fees and Other Revenues (Operating)		$	—	$	—	$	—	$	561		$	1,720			$	—	$	1,720

(1)

In the first quarter of 2011, the Company began reporting the results of its international operations as two separate segments to reflect a change in the manner in which the financial results are reviewed and evaluated by executive management. The assets, liabilities and the operating results relating to the acquisition of ALICO are included in Japan and Other International Regions segments. The Japan segment is comprised of the business acquired in the acquisition of ALICO. Prior period results have been adjusted to conform to this new presentation of segments.

INTERNATIONAL

OTHER INTERNATIONAL REGIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2)


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums		$	827		$	817		$	878		$	1,103		$	1,611		$	827		$	1,611
Universal life and investment-type product policy fees			289			312			301			363			436			289			436
Net investment income			428			274			451			313			421			428			421
Other revenues			1			4			7			16			33			1			33

Total operating revenues			1,545			1,407			1,637			1,795			2,501			1,545			2,501


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			765			751			763			774			1,102			765			1,102
Interest credited to policyholder account balances			150			41			242			121			143			150			143
Interest credited to bank deposits			—			—			—			—			—			—			—
Capitalization of DAC			(181	)		(157	)		(168	)		(269	)		(397	)		(181	)		(397	)
Amortization of DAC and VOBA			100			109			104			177			288			100			288
Amortization of negative VOBA			—			—			—			(8	)		(18	)		—			(18	)
Interest expense on debt			1			2			(1	)		1			2			1			2
Other expenses			506			477			506			744			1,002			506			1,002

Total operating expenses			1,341			1,223			1,446			1,540			2,122			1,341			2,122


Operating earnings before provision for income tax			204			184			191			255			379			204			379
Provision for income tax expense (benefit)			57			42			2			47			102			57			102

Operating earnings			147			142			189			208			277			147			277
Preferred stock dividends			—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	147		$	142		$	189		$	208		$	277		$	147		$	277


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	147		$	142		$	189		$	208		$	277		$	147		$	277

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(34	)		5			(239	)		(12	)		(112	)		(34	)		(112	)
Net derivative gains (losses)			6			260			(109	)		(504	)		76			6			76
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			(13	)		(111	)		(11	)		63			133			(13	)		133
Other revenues			—			—			—			—			(1	)		—			(1	)
Policyholder benefits and claims and policyholder dividends			(19	)		(114	)		(138	)		7			(10	)		(19	)		(10	)
Interest credited to policyholder account balances			—			—			—			(95	)		(176	)		—			(176	)
Amortization of DAC and VOBA			—			—			—			—			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			—			—			—			—			—			—			—
Other expenses			(3	)		(8	)		4			(1	)		1			(3	)		1
Provision for income tax (expense) benefit			24			(106	)		169			138			17			24			17

Income (loss) from continuing operations, net of income tax			108			68			(135	)		(196	)		205			108			205
Income (loss) from discontinued operations, net of income tax			3			4			2			13			(61	)		3			(61	)

Net income (loss)			111			72			(133	)		(183	)		144			111			144
Less: Net income (loss) attributable to noncontrolling interest			(2	)		(8	)		4			1			7			(2	)		7

Net income (loss) attributable to MetLife, Inc.			113			80			(137	)		(184	)		137			113			137
Less: Preferred stock dividends			—			—			—			—			—			—			—
Less: Preferred stock redemption premium			—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	113		$	80		$	(137	)	$	(184	)	$	137		$	113		$	137



Premiums, Fees and Other Revenues (Operating)		$	1,117		$	1,133		$	1,186		$	1,482		$	2,080		$	1,117		$	2,080

(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the consolidated statements of operating earnings available to common shareholders and consolidated balance sheets.

(2)		In the first quarter of 2011, the Company began reporting the results from its international operations as two separate segments to reflect a change in the manner in which the financial results are reviewed and evaluated by executive management. The assets, liabilities and the operating results relating to the acquisition of ALICO are included in Japan and Other International Regions segments. Prior period results have been adjusted to conform to this new presentation of segments.

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums		$	—		$	3		$	3		$	5		$	2		$	—		$	2
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			243			223			225			301			330			243			330
Other revenues			213			231			309			291			182			213			182

Total operating revenues			456			457			537			597			514			456			514


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			(5	)		(2	)		(4	)		(3	)		2			(5	)		2
Interest credited to policyholder account balances			—			—			—			—			—			—			—
Interest credited to bank deposits			39			36			33			29			23			39			23
Capitalization of DAC			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			(1	)		2			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			261			262			292			311			319			261			319
Other expenses			274			273			278			330			311			274			311

Total operating expenses			569			569			598			669			655			569			655


Operating earnings before provision for income tax			(113	)		(112	)		(61	)		(72	)		(141	)		(113	)		(141	)
Provision for income tax expense (benefit)			(69	)		(102	)		(14	)		(115	)		(114	)		(69	)		(114	)

Operating earnings			(44	)		(10	)		(47	)		43			(27	)		(44	)		(27	)
Preferred stock dividends			30			31			30			31			30			30			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(74	)	$	(41	)	$	(77	)	$	12		$	(57	)	$	(74	)	$	(57	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(44	)	$	(10	)	$	(47	)	$	43		$	(27	)	$	(44	)	$	(27	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(8	)		(102	)		(228	)		(192	)		2			(8	)		2
Net derivative gains (losses)			(19	)		72			(140	)		26			(80	)		(19	)		(80	)
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			114			111			120			104			98			114			98
Other revenues			—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—			—			—
Interest credited to policyholder account balances			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			—			—			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			(106	)		(103	)		(103	)		(99	)		(92	)		(106	)		(92	)
Other expenses			(28	)		(41	)		(46	)		(101	)		(63	)		(28	)		(63	)
Provision for income tax (expense) benefit			17			24			136			77			44			17			44

Income (loss) from continuing operations, net of income tax			(74	)		(49	)		(308	)		(142	)		(118	)		(74	)		(118	)
Income (loss) from discontinued operations, net of income tax			—			—			(3	)		—			—			—			—

Net income (loss)			(74	)		(49	)		(311	)		(142	)		(118	)		(74	)		(118	)
Less: Net income (loss) attributable to noncontrolling interest			1			(3	)		—			—			—			1			—

Net income (loss) attributable to MetLife, Inc.			(75	)		(46	)		(311	)		(142	)		(118	)		(75	)		(118	)
Less: Preferred stock dividends			30			31			30			31			30			30			30
Less: Preferred stock redemption premium			—			—			—			—			146			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(105	)	$	(77	)	$	(341	)	$	(173	)	$	(294	)	$	(105	)	$	(294	)



Premiums, Fees and Other Revenues (Operating)		$	213		$	234		$	312		$	296		$	184		$	213		$	184

BANKING, CORPORATE & OTHER — BANKING
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			108			113			117			128			121			108			121
Other revenues			191			224			293			227			154			191			154

Total operating revenues			299			337			410			355			275			299			275


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—			—			—
Interest credited to policyholder account balances			—			—			—			—			—			—			—
Interest credited to bank deposits			39			36			33			29			23			39			23
Capitalization of DAC			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			—			—			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			12			12			17			22			22			12			22
Other expenses			160			179			193			246			212			160			212

Total operating expenses			211			227			243			297			257			211			257


Operating earnings before provision for income tax			88			110			167			58			18			88			18
Provision for income tax expense (benefit)			35			43			66			12			7			35			7

Operating earnings			53			67			101			46			11			53			11
Preferred stock dividends			—			—			—			—			—			—			—

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	53		$	67		$	101		$	46		$	11		$	53		$	11


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	53		$	67		$	101		$	46		$	11		$	53		$	11

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(5	)		(7	)		(18	)		(6	)		(3	)		(5	)		(3	)
Net derivative gains (losses)			(7	)		(32	)		(9	)		7			(2	)		(7	)		(2	)
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			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			—			—			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			—			—			—			—			—			—			—
Other expenses			—			1			(1	)		—			—			—			—
Provision for income tax (expense) benefit			5			15			11			(3	)		2			5			2

Income (loss) from continuing operations, net of income tax			46			44			84			44			8			46			8
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—			—			—

Net income (loss)			46			44			84			44			8			46			8
Less: Net income (loss) attributable to noncontrolling interest			—			1			(1	)		—			—			—			—

Net income (loss) attributable to MetLife, Inc.			46			43			85			44			8			46			8
Less: Preferred stock dividends			—			—			—			—			—			—			—
Less: Preferred stock redemption premium			—			—			—			—			—			—			—

Net income (loss) available to MetLife, Inc.’s common shareholders		$	46		$	43		$	85		$	44		$	8		$	46		$	8



Premiums, Fees and Other Revenues (Operating)		$	191		$	224		$	293		$	227		$	154		$	191		$	154

BANKING, CORPORATE & OTHER — CORPORATE & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS


	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)		2010			2010			2010			2010			2011			2010			2011


OPERATING REVENUES
Premiums		$	—		$	3		$	3		$	5		$	2		$	—		$	2
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			135			110			108			173			209			135			209
Other revenues			22			7			16			64			28			22			28

Total operating revenues			157			120			127			242			239			157			239


OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			(5	)		(2	)		(4	)		(3	)		2			(5	)		2
Interest credited to policyholder account balances			—			—			—			—			—			—			—
Interest credited to bank deposits			—			—			—			—			—			—			—
Capitalization of DAC			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			(1	)		2			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			249			250			275			289			297			249			297
Other expenses			114			94			85			84			99			114			99

Total operating expenses			358			342			355			372			398			358			398


Operating earnings before provision for income tax			(201	)		(222	)		(228	)		(130	)		(159	)		(201	)		(159	)
Provision for income tax expense (benefit)			(104	)		(145	)		(80	)		(127	)		(121	)		(104	)		(121	)

Operating earnings			(97	)		(77	)		(148	)		(3	)		(38	)		(97	)		(38	)
Preferred stock dividends			30			31			30			31			30			30			30

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(127	)	$	(108	)	$	(178	)	$	(34	)	$	(68	)	$	(127	)	$	(68	)


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP

Operating earnings		$	(97	)	$	(77	)	$	(148	)	$	(3	)	$	(38	)	$	(97	)	$	(38	)

Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(3	)		(95	)		(210	)		(186	)		5			(3	)		5
Net derivative gains (losses)			(12	)		104			(131	)		19			(78	)		(12	)		(78	)
Universal life and investment-type product policy fees			—			—			—			—			—			—			—
Net investment income			114			111			120			104			98			114			98
Other revenues			—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends			—			—			—			—			—			—			—
Interest credited to policyholder account balances			—			—			—			—			—			—			—
Amortization of DAC and VOBA			—			—			—			—			—			—			—
Amortization of negative VOBA			—			—			—			—			—			—			—
Interest expense on debt			(106	)		(103	)		(103	)		(99	)		(92	)		(106	)		(92	)
Other expenses			(28	)		(42	)		(45	)		(101	)		(63	)		(28	)		(63	)
Provision for income tax (expense) benefit			12			9			125			80			42			12			42

Income (loss) from continuing operations, net of income tax			(120	)		(93	)		(392	)		(186	)		(126	)		(120	)		(126	)
Income (loss) from discontinued operations, net of income tax			—			—			(3	)		—			—			—			—

Net income (loss)			(120	)		(93	)		(395	)		(186	)		(126	)		(120	)		(126	)
Less: Net income (loss) attributable to noncontrolling interest			1			(4	)		1			—			—			1			—

Net income (loss) attributable to MetLife, Inc.			(121	)		(89	)		(396	)		(186	)		(126	)		(121	)		(126	)
Less: Preferred stock dividends			30			31			30			31			30			30			30
Less: Preferred stock redemption premium			—			—			—			—			146			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders		$	(151	)	$	(120	)	$	(426	)	$	(217	)	$	(302	)	$	(151	)	$	(302	)



Premiums, Fees and Other Revenues (Operating)		$	22		$	10		$	19		$	69		$	30		$	22		$	30

BANKING, CORPORATE & OTHER — BANKING (1)

SUPPLEMENTAL INFORMATION


	At or For the Three Months Ended																At or For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions, except ratios)		2010			2010			2010			2010			2011				2010			2011


The following supplemental information for MetLife Bank is presented in accordance with the quarterly call report regulatory filing:

Income Statement
Net interest income, net of interest expense		$	58		$	64		$	67		$	79		$	79			$	58		$	79
Provision for credit losses			(4	)		—			(11	)		(3	)		2				(4	)		2
Non interest income			185			192			281			233			148				185			148
Non interest expense			(163	)		(185	)		(197	)		(250	)		(216	)			(163	)		(216	)

Income before taxes			76			71			140			59			13				76			13
Income tax expense			30			28			55			15			5				30			5

Net income (loss) available to MetLife, Inc.’s common shareholders		$	46		$	43		$	85		$	44		$	8			$	46		$	8


Selected Balance Sheet Accounts

Loans Held-for-Investment:
Commercial Loans & Mortgages		$	2,104		$	2,113		$	2,320		$	2,435		$	2,541
Consumer			938			1,194			1,289			1,532			1,698
Agriculture			174			189			215			205			189

Total Loans			3,216			3,496			3,824			4,172			4,428

Allowance for Loan Losses			(73	)		(71	)		(62	)		(65	)		(62	)

Total Loans Held-for-Investments (Net)		$	3,143		$	3,425		$	3,762		$	4,107		$	4,366



Net Charge-offs		$	24		$	1		$	20		$	1		$	1			$	24		$	1


Loans Held-for-Sale		$	2,003		$	2,629		$	2,837		$	3,321		$	2,435

Total Assets		$	13,573		$	14,549		$	16,576		$	16,310		$	15,583

Total Deposits		$	10,032		$	9,790		$	9,362		$	10,317		$	9,313

Key Ratios & Statistics

Tier 1 Common Equity		$	947		$	1,011		$	1,093		$	1,113		$	1,113
Tier 1 Capital		$	948		$	1,013		$	1,093		$	1,163		$	1,163
Risk Weighted Assets		$	6,909		$	7,221		$	8,069		$	8,209		$	7,922

Tier 1 Common Equity Ratio			13.71	%		14.00	%		13.54	%		13.56	%		14.05	%
Tier 1 Capital Ratio			13.73	%		14.03	%		13.54	%		14.16	%		14.68	%
Total Capital Ratio			14.83	%		15.06	%		14.34	%		15.00	%		15.51	%
Tier 1 Leverage Ratio			7.05	%		7.38	%		7.27	%		7.14	%		7.43	%


Net Interest Margin			1.91	%		2.02	%		1.94	%		2.07	%		2.21	%			1.91	%		2.21	%

Allowance / Total Loans			2.27	%		2.04	%		1.63	%		1.57	%		1.40	%
Allowance / Non Performing Assets			162.00	%		176.00	%		144.00	%		148.00	%		128.00	%


(1)		All amounts on this page relate to MetLife Bank only.

METLIFE, INC.

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS (1)



	At or For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011


Fixed Maturity Securities
Yield (2)		5.74	%		5.34	%		5.81	%		5.31	%		4.91	%
Investment income (3), (4)	$	3,114		$	2,939		$	3,236		$	3,278		$	3,693
Investment gains (losses) (4)		(66	)		(127	)		(65	)		3			(163	)
Ending carrying value (3), (4)		240,314			247,098			261,988			325,391			334,409

Mortgage Loans
Yield (2)		5.40	%		5.55	%		5.54	%		5.55	%		5.54	%
Investment income (4), (5)		672			694			712			743			759
Investment gains (losses) (4)		(28	)		11			37			2			47
Ending carrying value (4)		50,291			51,070			52,770			55,457			55,061

Real Estate and Real Estate Joint Ventures
Yield (2)		(2.11	%)		3.15	%		2.80	%		0.59	%		2.83	%
Investment income		(36	)		54			48			11			57
Investment gains (losses) (4)		(22	)		(17	)		(1	)		—			29
Ending carrying value		6,866			6,841			6,990			8,030			8,042

Policy Loans
Yield (2)		7.05	%		6.26	%		6.19	%		6.04	%		5.42	%
Investment income		176			157			155			161			160
Ending carrying value		10,015			10,047			10,089			11,761			11,872

Equity Securities
Yield (2)		3.39	%		5.37	%		2.75	%		6.01	%		3.45	%
Investment income		25			39			19			45			30
Investment gains (losses)		27			74			(1	)		4			36
Ending carrying value		3,062			2,738			2,861			3,602			3,584

Other Limited Partnership Interests
Yield (2)		18.85	%		11.13	%		11.48	%		18.49	%		15.14	%
Investment income		265			161			170			283			243
Investment gains (losses)		(1	)		(10	)		(4	)		(3	)		3
Ending carrying value		5,753			5,856			5,948			6,416			6,409

Cash and Short-term Investments
Yield (2)		0.38	%		0.36	%		0.42	%		0.63	%		0.94	%
Investment income		13			15			20			33			43
Investment gains (losses)		1			—			—			1			—
Ending carrying value (4)		17,066			20,341			26,019			22,302			19,455

Other Invested Assets (6)
Investment income		154			166			75			97			12
Investment gains (losses) (4)		58			17			(67	)		(16	)		4
Ending carrying value		12,314			15,571			16,558			15,430			13,693

Total Investments
Investment income yield (2)		5.54	%		5.24	%		5.32	%		5.14	%		4.81	%
Investment fees and expenses yield		(0.14	)		(0.13	)		(0.15	)		(0.14	)		(0.12	)

Net Investment Income Yield (2), (4)		5.40	%		5.11	%		5.17	%		5.00	%		4.69	%


Investment income		4,383			4,225			4,435			4,651			4,997
Investment fees and expenses		(112	)		(105	)		(121	)		(127	)		(128	)

Net Investment Income (4)	$	4,271		$	4,120		$	4,314		$	4,524		$	4,869


Ending Carrying Value (4)	$	345,681		$	359,562		$	383,223		$	448,389		$	452,525


Gross investment gains	$	274		$	413		$	212		$	301		$	290
Gross investment losses		(156	)		(293	)		(215	)		(184	)		(243	)
Writedowns		(149	)		(172	)		(98	)		(126	)		(91	)

Investment Portfolio Gains (Losses) (4)		(31	)		(52	)		(101	)		(9	)		(44	)
Investment portfolio gains (losses) income tax benefit (provision)		8			11			29			5			15

Investment Portfolio Gains (Losses), Net of Income Tax	$	(23	)	$	(41	)	$	(72	)	$	(4	)	$	(29	)

Derivative Gains (Losses) (4)	$	(10	)	$	1,322		$	(311	)	$	(1,615	)	$	(386	)
Derivative gains (losses) income tax benefit (provision)		11			(540	)		121			568			132

Derivative Gains (Losses), Net of Income Tax	$	1		$	782		$	(190	)	$	(1,047	)	$	(254	)

(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Investment Portfolio Results By Asset Category and Annualized Yields.

(2)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses); collateral received from counterparties associated with our securities lending program; the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”); and effective October 1, 2010, contractholder-directed unit-linked investments. Yields also exclude the investment income recognized on investments held by CSEs and effective October 1, 2010, contractholder-directed unit-linked investments.

(3)		Fixed maturity securities includes $2,765 million, $2,901 million, $3,756 million, $594 million and $745 million in ending carrying value, and $79 million, ($56) million, $194 million, $17 million and $28 million of investment income related to trading and other securities at or for the three months ended March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2011 respectively.

(4)		Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million and $18,459 million at December 31, 2010 and March 31, 2011, respectively; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading and other securities (included within fixed maturity securities in the yield table above) of $274 million, $257 million, $231 million, $201 million and $161 million, mortgage loans of $7,065 million, $7,107 million, $7,093 million, $6,840 million and $6,771 million and cash and short-term investments of $38 million, $27 million, $47 million, $39 million and $59 million at March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2011, respectively; 3) Net investment income adjustments as presented on page 5 within the reconciliation to Net Income; 4) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 5) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:


	For the Three Months Ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011

Investment portfolio gains (losses) — in above yield table	$	(31	)	$	(52	)	$	(101	)	$	(9	)	$	(44	)
Real estate discontinued operations		—			(10	)		—			(4	)		(28	)
Net investment gains (losses) related to CSEs		10			(2	)		16			(18	)		25
Other gains (losses) reported in net investment gains (losses) on GAAP basis		53			50			(257	)		(53	)		(52	)

Net investment gains (losses) — GAAP basis	$	32		$	(14	)	$	(342	)	$	(84	)	$	(99	)


	For the Three Months Ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011

Derivative gains (losses) — in above yield table	$	(10	)	$	1,322		$	(311	)	$	(1,615	)	$	(386	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		49			61			62			36			39
Equity method operating joint ventures		5			97			—			28			23
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(3	)		1			5			8			8
Settlement of foreign currency earnings hedges		—			—			—			—			1

Net derivative gains (losses) — GAAP basis	$	41		$	1,481		$	(244	)	$	(1,543	)	$	(315	)

(5)		Investment income includes prepayment fees.

(6)		Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated fair values are included within other liabilities. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the above yield table.

METLIFE, INC.

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS (1)



	At or For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011


Fixed Maturity Securities
Yield (2)		5.74	%		5.54	%		5.63	%		5.54	%		4.91	%
Investment income (3), (4)	$	3,114		$	6,053		$	9,289		$	12,567		$	3,693
Investment gains (losses) (4)		(66	)		(193	)		(258	)		(255	)		(163	)
Ending carrying value (3), (4)		240,314			247,098			261,988			325,391			334,409

Mortgage Loans
Yield (2)		5.40	%		5.48	%		5.50	%		5.51	%		5.54	%
Investment income (4), (5)		672			1,366			2,078			2,821			759
Investment gains (losses) (4)		(28	)		(17	)		20			22			47
Ending carrying value (4)		50,291			51,070			52,770			55,457			55,061

Real Estate and Real Estate Joint Ventures
Yield (2)		(2.11	%)		0.52	%		1.28	%		1.10	%		2.83	%
Investment income		(36	)		18			66			77			57
Investment gains (losses) (4)		(22	)		(39	)		(40	)		(40	)		29
Ending carrying value		6,866			6,841			6,990			8,030			8,042

Policy Loans
Yield (2)		7.05	%		6.66	%		6.50	%		6.38	%		5.42	%
Investment income		176			333			488			649			160
Ending carrying value		10,015			10,047			10,089			11,761			11,872

Equity Securities
Yield (2)		3.39	%		4.36	%		3.84	%		4.40	%		3.45	%
Investment income		25			64			83			128			30
Investment gains (losses)		27			101			100			104			36
Ending carrying value		3,062			2,738			2,861			3,602			3,584

Other Limited Partnership Interests
Yield (2)		18.85	%		14.93	%		13.75	%		14.99	%		15.14	%
Investment income		265			426			596			879			243
Investment gains (losses)		(1	)		(11	)		(15	)		(18	)		3
Ending carrying value		5,753			5,856			5,948			6,416			6,409

Cash and Short-term Investments
Yield (2)		0.38	%		0.37	%		0.39	%		0.46	%		0.94	%
Investment income		13			28			48			81			43
Investment gains (losses)		1			1			1			2			—
Ending carrying value (4)		17,066			20,341			26,019			22,302			19,455

Other Invested Assets (6)
Investment income		154			320			395			492			12
Investment gains (losses) (4)		58			75			8			(8	)		4
Ending carrying value		12,314			15,571			16,558			15,430			13,693

Total Investments
Investment income yield (2)		5.54	%		5.39	%		5.36	%		5.30	%		4.81	%
Investment fees and expenses yield		(0.14	)		(0.14	)		(0.14	)		(0.14	)		(0.12	)

Net Investment Income Yield (2), (4)		5.40	%		5.25	%		5.22	%		5.16	%		4.69	%


Investment income		4,383			8,608			13,043			17,694			4,997
Investment fees and expenses		(112	)		(217	)		(338	)		(465	)		(128	)

Net Investment Income (4)	$	4,271		$	8,391		$	12,705		$	17,229		$	4,869


Ending Carrying Value (4)	$	345,681		$	359,562		$	383,223		$	448,389		$	452,525


Gross investment gains	$	274		$	687		$	899		$	1,200		$	290
Gross investment losses		(156	)		(449	)		(664	)		(848	)		(243	)
Writedowns		(149	)		(321	)		(419	)		(545	)		(91	)

Investment Portfolio Gains (Losses) (4)		(31	)		(83	)		(184	)		(193	)		(44	)
Investment portfolio gains (losses) income tax benefit (provision)		8			19			48			53			15

Investment Portfolio Gains (Losses), Net of Income Tax	$	(23	)	$	(64	)	$	(136	)	$	(140	)	$	(29	)

Derivative Gains (Losses) (4)	$	(10	)	$	1,312		$	1,001		$	(614	)	$	(386	)
Derivative gains (losses) income tax benefit (provision)		11			(529	)		(408	)		160			132

Derivative Gains (Losses), Net of Income Tax	$	1		$	783		$	593		$	(454	)	$	(254	)

(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Investment Portfolio Results By Asset Category and Annualized Yields.

(2)		Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses); collateral received from counterparties associated with our securities lending program; the effects of consolidating under GAAP certain VIEs that are treated as CSEs; and effective October 1, 2010, contractholder-directed unit-linked investments. Yields also exclude the investment income recognized on investments held by CSEs and effective October 1, 2010, contractholder-directed unit-linked investments.

(3)		Fixed maturity securities includes $2,765 million, $2,901 million, $3,756 million, $594 million and $745 million in ending carrying value, and $79 million, $23 million, $217 million, $234 million and $28 million of investment income related to trading and other securities at or for the year-to-date period ended March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2011, respectively.

(4)		Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million and $18,459 million at December 31, 2010 and March 31, 2011, respectively; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading and other securities (included within fixed maturity securities in the yield table above) of $274 million, $257 million, $231 million, $201 million and $161 million, mortgage loans of $7,065 million, $7,107 million, $7,093 million, $6,840 million and $6,771 million and cash and short-term investments of $38 million, $27 million, $47 million, $39 million and $59 million at March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2011, respectively; 3) Net investment income adjustments as presented on page 5 within the reconciliation to Net Income; 4) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 5) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:


	For the Year-to-Date Period Ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011

Investment portfolio gains (losses) — in above yield table	$	(31	)	$	(83	)	$	(184	)	$	(193	)	$	(44	)
Real estate discontinued operations		—			(10	)		(10	)		(14	)		(28	)
Net investment gains (losses) related to certain CSEs		10			8			24			6			25
Other gains (losses) reported in net investment gains (losses) on GAAP basis		53			103			(154	)		(207	)		(52	)

Net investment gains (losses) — GAAP basis	$	32		$	18		$	(324	)	$	(408	)	$	(99	)


	For the Year-to-Date Period Ended
	March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010			March 31, 2011

Derivative gains (losses) — in above yield table	$	(10	)	$	1,312		$	1,001		$	(614	)	$	(386	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		49			110			172			208			39
Equity method operating joint ventures		5			102			102			130			23
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(3	)		(2	)		3			11			8
Settlement of foreign currency earnings hedges		—			—			—			—			1

Net derivative gains (losses) — GAAP basis	$	41		$	1,522		$	1,278		$	(265	)	$	(315	)

(5)		Investment income includes prepayment fees.

(6)		Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated fair values are included within other liabilities. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the above yield table.

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1), (2)


	March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	4,218		51.3	%	$	3,058		46.2	%	$	2,028		44.3	%	$	4,268		64.9	%	$	4,806		72.8	%
20% or more for less than six months		480		5.9	%		595		9.0	%		285		6.2	%		368		5.6	%		446		6.8	%
20% or more for six months or greater		3,521		42.8	%		2,964		44.8	%		2,267		49.5	%		1,944		29.5	%		1,344		20.4	%

Total Gross Unrealized Losses	$	8,219		100.0	%	$	6,617		100.0	%	$	4,580		100.0	%	$	6,580		100.0	%	$	6,596		100.0	%


Total Gross Unrealized Gains	$	9,617				$	13,917				$	19,264				$	13,760				$	13,208




GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1), (2)

	March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Less than 20%	$	84		34.0	%	$	65		20.3	%	$	66		28.9	%	$	71		29.5	%	$	74		34.9	%
20% or more for less than six months		35		14.2	%		129		40.3	%		25		11.0	%		22		9.1	%		18		8.5	%
20% or more for six months or greater		128		51.8	%		126		39.4	%		137		60.1	%		148		61.4	%		120		56.6	%

Total Gross Unrealized Losses	$	247		100.0	%	$	320		100.0	%	$	228		100.0	%	$	241		100.0	%	$	212		100.0	%


Total Gross Unrealized Gains	$	207				$	105				$	157				$	222				$	283

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

(2)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Gross Unrealized Gains and Losses Aging Schedules for Fixed Maturities and Equity Securities Available-For-Sale.

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION (1)



		March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


U.S. corporate securities		$	73,490		30.9	%	$	76,164		31.2	%	$	80,266		31.1	%	$	91,772		28.3	%	$	93,549		28.0	%
Foreign corporate securities			39,882		16.8	%		40,609		16.6	%		44,723		17.3	%		67,888		20.9	%		68,697		20.6	%
Foreign government securities			12,023		5.1	%		12,355		5.1	%		13,519		5.2	%		42,002		12.9	%		45,189		13.6	%
Residential mortgage-backed securities			42,980		18.1	%		42,750		17.5	%		45,900		17.9	%		44,733		13.8	%		45,007		13.5	%
U.S. Treasury and agency securities			30,741		12.9	%		32,862		13.5	%		34,360		13.3	%		33,304		10.2	%		35,479		10.6	%
Commercial mortgage-backed securities			16,495		6.9	%		15,984		6.5	%		15,533		6.0	%		20,675		6.4	%		19,785		5.9	%
Asset-backed securities			13,882		5.9	%		14,410		5.9	%		14,300		5.5	%		14,287		4.4	%		14,990		4.5	%
State and political subdivision securities			8,039		3.4	%		9,048		3.7	%		9,614		3.7	%		10,129		3.1	%		10,961		3.3	%
Other fixed maturity securities			17		0.0	%		15		0.0	%		17		0.0	%		7		0.0	%		7		0.0	%

Total fixed maturity securities available-for-sale		$	237,549		100.0	%	$	244,197		100.0	%	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%

NAIC RATING	RATING AGENCY DESIGNATION
1	Aaa / Aa / A	$	158,136		66.6	%	$	162,305		66.5	%	$	170,900		66.2	%	$	231,198		71.2	%	$	236,943		71.0	%
2	Baa		58,952		24.8	%		61,112		25.0	%		65,900		25.5	%		68,729		21.2	%		71,582		21.5	%
3	Ba		12,101		5.1	%		12,768		5.2	%		13,284		5.2	%		15,290		4.7	%		15,428		4.6	%
4	B		6,930		2.9	%		6,918		2.8	%		7,014		2.7	%		8,308		2.6	%		8,391		2.5	%
5	Caa and lower		1,279		0.5	%		910		0.4	%		836		0.3	%		1,142		0.3	%		1,172		0.4	%
6	In or near default		151		0.1	%		184		0.1	%		298		0.1	%		130		0.0	%		148		0.0	%

Total fixed maturity securities available-for-sale (2)		$	237,549		100.0	%	$	244,197		100.0	%	$	258,232		100.0	%	$	324,797		100.0	%	$	333,664		100.0	%


(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Summary of Fixed Maturity Securities Available-For-Sale By Sector and Quality Distribution.

(2)		Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by the Company’s insurance subsidiaries that file NAIC statutory financial statements are based on final ratings from revised NAIC rating methodologies which became effective December 31, 2009 (for residential mortgage-backed securities, including residential mortgage-backed securities backed by sub-prime mortgage loans reported within asset-backed securities) and December 31, 2010 (for commercial mortgage-backed securities and all other asset-backed securities). These final NAIC ratings may not correspond to the rating agency designations. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES



	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2010		2010		2010		2010		2011

Traditional (3), (4)	$	4,161	$	4,114	$	4,223	$	5,171	$	5,611
Real estate joint ventures and funds		2,569		2,576		2,624		2,707		2,266
Subtotal		6,730		6,690		6,847		7,878		7,877
Foreclosed		136		151		143		152		165

Total Real Estate and Real Estate Joint Ventures (4)	$	6,866	$	6,841	$	6,990	$	8,030	$	8,042


(3)		Includes wholly-owned real estate and operating real estate joint ventures.

(4)		Includes real estate held-for-sale and held-for-investment.

METLIFE, INC.

SUMMARY OF MORTGAGE LOANS (1)



	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011

Commercial mortgage loans	$	35,348		$	35,040		$	36,088		$	37,818		$	38,087
Agricultural mortgage loans		12,203			12,380			12,598			12,751			12,761
Residential mortgage loans		1,488			1,734			1,910			2,231			2,399
Mortgage loans held-for-sale		2,003			2,650			2,840			3,321			2,435

Total Mortgage Loans		51,042			51,804			53,436			56,121			55,682
Valuation allowances		(751	)		(734	)		(666	)		(664	)		(621	)

Total Mortgage Loans, Net (2)	$	50,291		$	51,070		$	52,770		$	55,457		$	55,061


(1)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Summary of Mortgage Loans.

(2)		Balance excludes the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities. See page 34, note 4, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (3)



	March 31, 2010					June 30, 2010					September 30, 2010					December 31, 2010					March 31, 2011
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total


Pacific	$	8,658		24.5	%	$	8,506		24.3	%	$	8,653		24.0	%	$	8,974		23.7	%	$	8,329		21.9	%
South Atlantic		7,547		21.3	%		7,608		21.7	%		7,756		21.5	%		8,016		21.2	%		8,035		21.1	%
Middle Atlantic		6,174		17.5	%		6,085		17.4	%		6,405		17.7	%		6,484		17.1	%		6,674		17.5	%
International		3,732		10.6	%		3,618		10.3	%		3,597		10.0	%		4,214		11.1	%		4,773		12.5	%
West South Central		2,915		8.2	%		3,012		8.6	%		2,971		8.2	%		3,266		8.6	%		3,336		8.8	%
East North Central		2,558		7.2	%		2,504		7.1	%		3,005		8.4	%		3,066		8.1	%		2,926		7.7	%
New England		1,427		4.0	%		1,423		4.1	%		1,422		3.9	%		1,531		4.1	%		1,730		4.5	%
Mountain		944		2.7	%		907		2.6	%		906		2.5	%		884		2.3	%		915		2.4	%
West North Central		664		1.9	%		663		1.9	%		660		1.8	%		666		1.8	%		654		1.7	%
East South Central		448		1.3	%		460		1.3	%		459		1.3	%		461		1.2	%		460		1.2	%
Other		281		0.8	%		254		0.7	%		254		0.7	%		256		0.8	%		255		0.7	%

Total	$	35,348		100.0	%	$	35,040		100.0	%	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%


Office	$	15,283		43.2	%	$	15,296		43.7	%	$	15,973		44.3	%	$	16,857		44.6	%	$	16,728		43.9	%
Retail		8,138		23.0	%		8,032		22.9	%		8,278		22.9	%		9,215		24.3	%		9,217		24.2	%
Apartments		3,693		10.5	%		3,668		10.4	%		3,753		10.4	%		3,630		9.6	%		3,536		9.3	%
Hotel		3,119		8.8	%		3,111		8.9	%		3,078		8.6	%		3,089		8.2	%		3,223		8.5	%
Industrial		2,816		8.0	%		2,893		8.3	%		2,905		8.0	%		2,910		7.7	%		3,138		8.2	%
Other		2,299		6.5	%		2,040		5.8	%		2,101		5.8	%		2,117		5.6	%		2,245		5.9	%

Total	$	35,348		100.0	%	$	35,040		100.0	%	$	36,088		100.0	%	$	37,818		100.0	%	$	38,087		100.0	%


(3)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the Summary of Commercial Mortgage Loans.

METLIFE, INC.

APPENDIX

RECONCILIATION DETAIL (1), (2)



	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2010			2010			2010			2010			2011			2010			2011


Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	894		$	945		$	988		$	1,239		$	1,448		$	894		$	1,448
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		32			(14	)		(342	)		(84	)		(99	)		32			(99	)
Net derivative gains (losses)		41			1,481			(244	)		(1,543	)		(315	)		41			(315	)
Universal life and investment-type product policy fees:
Unearned revenue adjustments		(1	)		7			—			(5	)		(3	)		(1	)		(3	)
GMIB fees		48			52			54			56			58			48			58
Net investment income:
Investment hedge adjustments		(49	)		(61	)		(62	)		(36	)		(39	)		(49	)		(39	)
Joint venture adjustments		(5	)		(97	)		—			(28	)		(23	)		(5	)		(23	)
Income from discontinued real estate operations		(2	)		(3	)		13			(2	)		(1	)		(2	)		(1	)
Unit-linked contract income		—			—			—			211			419			—			419
Securitization entities income		106			103			103			99			92			106			92
Other revenues - Settlement of foreign currency earnings hedges		—			—			—			—			(1	)		—			(1	)
Policyholder benefits and claims and policyholder dividends:
PDO adjustments		—			—			—			—			—			—			—
Inflation adjustments and pass through adjustments		(24	)		(150	)		(174	)		42			(10	)		(24	)		(10	)
GMIB costs		(136	)		209			(235	)		(230	)		(145	)		(136	)		(145	)
Market value adjustments		—			—			—			—			(2	)		—			(2	)
Interest credited to policyholder account balances:
PAB hedge adjustments		3			(1	)		(5	)		(8	)		(8	)		3			(8	)
Unit-linked contract costs		—			—			—			(211	)		(435	)		—			(435	)
Amortization of DAC and VOBA:
Related to NIGL and NDGL		(14	)		(212	)		(37	)		138			30			(14	)		30
Related to GMIB fees and GMIB costs		36			(100	)		55			93			37			36			37
Related to market value adjustments		—			—			—			—			—			—			—
Amortization of negative VOBA - Related to market value adjustments		—			—			—			7			19			—			19
Interest expense - Securitization entities debt expense		(106	)		(103	)		(103	)		(99	)		(92	)		(106	)		(92	)
Other expenses:
Noncontrolling interest		(1	)		(12	)		4			2			7			(1	)		7
Regulatory implementation costs		—			—			—			—			(1	)		—			(1	)
Business combinations		(29	)		(36	)		(46	)		(101	)		(68	)		(29	)		(68	)
Provision for income tax (expense) benefit		36			(472	)		351			527			187			36			187

Income (loss) from continuing operations, net of income tax		829			1,536			320			67			1,055			829			1,055
Income (loss) from discontinued operations, net of income tax		5			11			—			18			(42	)		5			(42	)

Net income (loss)		834			1,547			320			85			1,013			834			1,013
Less: Net income (loss) attributable to noncontrolling interest		(1	)		(10	)		4			3			7			(1	)		7

Net income (loss) attributable to MetLife, Inc.		835			1,557			316			82			1,006			835			1,006
Less: Preferred stock dividends		30			31			30			31			30			30			30
Less: Preferred stock redemption premium		—			—			—			—			146			—			146

Net income (loss) available to MetLife, Inc.’s common shareholders	$	805		$	1,526		$	286		$	51		$	830		$	805		$	830


(1)		In the first quarter of 2011, management modified its definition of operating earnings and operating earnings available to common shareholders to exclude impacts related to certain variable annuity guarantees and Market value adjustments associated with surrenders or terminations of contracts to better conform to the way it manages and assesses its business. Operating earnings and operating earnings available to common shareholders results for prior periods have been adjusted to conform to this modified definition.

(2)		During the first quarter of 2011, MetLife, Inc. entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third-party. The operations and financial position of MetLife Taiwan have been reflected as discontinued operations in the appendix reconciliation detail.

METLIFE INC - FORM 8-K - EX-99.2 - May 4, 2011

Attached files