METLIFE INC - FORM 8-K - EX-99.2 - FIRST QUARTER FINANCIAL SUPPLEMENT MARCH 31, 2012

Attached files

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8-K - FORM 8-K - METLIFE INC	d301190d8k.htm
EX-99.1 - PRESS RELEASE - METLIFE INC	d301190dex991.htm

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First Quarter

Financial Supplement

March 31, 2012

LOGO

METLIFE, INC.

TABLE OF CONTENTS


NOTE TO FINANCIALS			2

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

THE AMERICAS - RETAIL PRODUCTS
Statements of Operating Earnings Available to Common Shareholders			9
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			12
Other Expenses by Major Category and Sales by Product			13
Spread by Product			14

THE AMERICAS - GROUP, VOLUNTARY AND WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			15
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
Other Expenses by Major Category			20
Spread by Product			21
Net Written Premiums by Product and Selected Financial Information and Supplemental Data			22

THE AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			23
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			24
Other Expenses by Major Category			25
Spread			26

THE AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			27

ASIA
Statements of Operating Earnings Available to Common Shareholders			28

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			29

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

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

APPENDIX			36

LOGO

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, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

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

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested businesses”). Operating revenues also excludes 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 excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB fees”);

•

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

•

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

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

•

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

•

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

•

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

•

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

•

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

•

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition & integration costs.

We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (loss) (“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 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 common share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page 36, and in MetLife’s earnings press release dated April 26, 2012, for the three months ended March 31, 2012, which is available at www.metlife.com.

LOGO


	METLIFE, INC.
	CORPORATE OVERVIEW
		For the Three Months Ended
	Unaudited (In millions, except per share data) (1)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

	Operating earnings available to common shareholders	$	1,318		$	1,207		$	996		$	1,247		$	1,463
	Preferred stock dividends		30			31			30			31			30
	Operating earnings		1,348			1,238			1,026			1,278			1,493
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(99	)		(155	)		(55	)		(558	)		(110	)
	Net derivative gains (losses)		(315	)		352			4,196			591			(1,978	)
	Other adjustments to continuing operations		(213	)		(447	)		(394	)		(542	)		(410	)
	Provision for income tax (expense) benefit		203			73			(1,329	)		194			871
	Income (loss) from continuing operations, net of income tax		924			1,061			3,444			963			(134	)
	Income (loss) from discontinued operations, net of income tax		(40	)		32			6			25			14
	Net income (loss)		884			1,093			3,450			988			(120	)
	Less: Net income (loss) attributable to noncontrolling interest		7			(7	)		(6	)		(2	)		24
	Net income (loss) attributable to MetLife, Inc.		877			1,100			3,456			990			(144	)
	Less: Preferred stock dividends		30			31			30			31			30
	Less: Preferred stock redemption premium (2)		146			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	701		$	1,069		$	3,426		$	959		$	(174	)

	Operating earnings available to common shareholders per common share - diluted (3), (4)	$	1.23		$	1.13		$	0.93		$	1.17		$	1.37
	Net investment gains (losses)		(0.09	)		(0.14	)		(0.05	)		(0.52	)		(0.10	)
	Net derivative gains (losses)		(0.29	)		0.33			3.94			0.55			(1.85	)
	Other adjustments to continuing operations		(0.19	)		(0.43	)		(0.38	)		(0.50	)		(0.38	)
	Provision for income tax (expense) benefit		0.19			0.07			(1.25	)		0.18			0.81
	Discontinued operations, net of income tax		(0.04	)		0.03			0.01			0.02			0.01
	Less: Net income (loss) attributable to noncontrolling interest		0.01			(0.01	)		(0.01	)		-			0.02
	Less: Preferred stock redemption premium		0.14			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (3), (4)	$	0.66		$	1.00		$	3.21		$	0.90		$	(0.16	)

	Weighted average common shares outstanding - diluted (2)		1,069.5			1,071.0			1,066.2			1,066.3			1070.9

	Unaudited	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

	Book value per common share - (actual common shares outstanding) (5)	$	43.42		$	46.56		$	53.15		$	52.43		$	53.37
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (5)	$	42.24		$	43.24		$	46.50		$	46.69		$	46.52
	Book value per common share - diluted - (weighted average common shares outstanding) (5)	$	42.88		$	45.97		$	52.72		$	52.03		$	52.87
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (5)	$	41.71		$	42.70		$	46.13		$	46.32		$	46.09

		For the Three Months Ended
	Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

	Common shares outstanding, beginning of period		1,054.4			1,056.1			1,057.4			1,057.6			1,058.0
	Newly issued shares (2)		1.7			1.3			0.2			0.4			2.9
	Common shares outstanding, end of period		1,056.1			1,057.4			1,057.6			1,058.0			1,060.9

	Weighted average common shares outstanding - basic (2)		1,058.5			1,059.8			1,060.2			1,060.4			1,064.3
	Dilutive effect of stock purchase contracts underlying common equity units (3)		2.6			4.0			-			-			-
	Dilutive effect of stock-based awards (4)		8.4			7.2			6.0			5.9			6.6
	Weighted average common shares outstanding - diluted (2)		1,069.5			1,071.0			1,066.2			1,066.3			1,070.9

	Policyholder Trust Shares		219.0			216.5			215.3			212.9			209.7

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

(2)	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.

(3)	For the three months ended September 30, 2011, December 31, 2011 and March 31, 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted.

(4)	For the three months ended March 31, 2012, 6.6 million shares, related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted.

(5)	Book value per common share, book value per common share, excluding AOCI, book value per common share - diluted and book value per common share, excluding AOCI - diluted exclude $2,043 million of equity related to preferred stock.

LOGO


METLIFE, INC.
CONSOLIDATED BALANCE SHEETS (1)
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	333,664		$	341,744		$	353,927		$	350,271		$	354,451
Equity securities available-for-sale, at estimated fair value		3,584			3,238			3,118			3,023			3,043
Trading and other securities, at estimated fair value (2)		19,365			19,700			18,698			18,268			19,026
Mortgage loans:
Held-for-investment, principally at amortized cost (2)		59,397			60,819			59,209			56,915			56,641
Held-for-sale, principally at estimated fair value (3)		2,435			2,805			3,740			15,178			11,947
Mortgage loans, net		61,832			63,624			62,949			72,093			68,588
Policy loans		11,872			11,858			11,932			11,892			11,896
Real estate and real estate joint ventures		8,042			8,234			8,197			8,563			8,472
Other limited partnership interests		6,409			6,453			6,538			6,378			6,487
Short-term investments, principally at estimated fair value		8,822			12,419			15,913			17,310			11,801
Other invested assets, principally at estimated fair value		13,662			14,866			23,103			23,581			20,172
Total investments		467,252			482,136			504,375			511,379			503,936
Cash and cash equivalents, principally at estimated fair value (2)		10,692			9,628			10,001			10,461			18,667
Accrued investment income		4,478			4,341			4,793			4,344			4,612
Premiums, reinsurance and other receivables		20,315			21,070			23,137			22,481			23,759
Deferred policy acquisition costs and value of business acquired		25,147			25,234			24,516			24,619			25,105
Goodwill		11,946			12,036			12,006			11,935			11,903
Other assets		9,321			8,246			8,340			7,984			9,647
Assets of subsidiaries held-for-sale		3,413			3,369			3,421			-			-
Separate account assets		195,914			202,382			191,499			203,023			221,975
Total assets	$	748,478		$	768,442		$	782,088		$	796,226		$	819,604

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	173,002		$	176,372		$	182,756		$	184,275		$	184,141
Policyholder account balances		214,641			217,597			217,764			217,700			220,813
Other policy-related balances		15,641			15,456			15,451			15,599			16,029
Policyholder dividends payable		820			853			871			774			761
Policyholder dividend obligation		793			1,281			2,782			2,919			2,700
Payables for collateral under securities loaned and other transactions		28,625			30,079			34,933			33,716			32,496
Bank deposits		9,313			10,022			10,685			10,507			10,478
Short-term debt		572			102			451			686			101
Long-term debt (2)		27,604			28,269			24,753			23,692			23,389
Collateral financing arrangements		5,297			5,297			5,297			4,647			4,647
Junior subordinated debt securities		3,191			3,192			3,192			3,192			3,192
Current income tax payable		113			133			385			193			239
Deferred income tax liability		1,282			2,747			6,155			6,395			6,375
Other liabilities (3)		20,037			19,707			23,121			30,914			33,144
Liabilities of subsidiaries held-for-sale		3,206			3,163			3,221			-			-
Separate account liabilities		195,914			202,382			191,499			203,023			221,975
Total liabilities		700,051			716,652			723,316			738,232			760,480

Redeemable noncontrolling interests in partially owned consolidated subsidiaries		128			124			130			105			114

Equity
Preferred stock, at par value		1			1			1			1			1
Convertible preferred stock, at par value		-			-			-			-			-
Common stock, at par value		11			11			11			11			11
Additional paid-in capital		26,668			26,714			26,744			26,782			26,920
Retained earnings		20,147			21,216			24,642			24,814			24,640
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		1,245			3,502			7,024			6,083			7,266
Total MetLife, Inc.’s stockholders’ equity		47,900			51,272			58,250			57,519			58,666
Noncontrolling interests		399			394			392			370			344
Total equity		48,299			51,666			58,642			57,889			59,010
Total liabilities and equity	$	748,478		$	768,442		$	782,088		$	796,226		$	819,604

(1)

Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

(2)

At March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, $6,991 million, $6,865 million, $3,380 million, $3,276 million and $3,116 million, respectively, of assets and $6,684 million, $6,547 million, $3,157 million, $3,068 million and $2,916 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See pages 31 and 32, note 3 for the amounts by asset category.

(3)

At December 31, 2011 and March 31, 2012, $7,652 million and $8,283 million, respectively, of assets and $7,626 million and $8,252 million, respectively, of liabilities are included related to securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition.

LOGO


METLIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	8,532		$	9,270		$	9,319		$	9,148		$	9,107
Universal life and investment-type product policy fees		1,832			1,908			1,906			1,882			2,009
Net investment income		4,783			5,011			4,970			4,897			5,085
Other revenues		468			458			517			468			489
Total operating revenues		15,615			16,647			16,712			16,395			16,690

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,439			9,272			9,604			8,926			8,939
Interest credited to policyholder account balances		1,479			1,508			1,534			1,536			1,539
Capitalization of DAC		(1,262	)		(1,365	)		(1,524	)		(1,398	)		(1,362	)
Amortization of DAC and VOBA		997			1,136			1,162			1,060			1,018
Amortization of negative VOBA		(163	)		(163	)		(150	)		(143	)		(137	)
Interest expense on debt		323			328			328			326			313
Other expenses		3,890			4,172			4,389			4,304			4,291
Total operating expenses		13,703			14,888			15,343			14,611			14,601

Operating earnings before provision for income tax		1,912			1,759			1,369			1,784			2,089
Provision for income tax expense (benefit)		564			521			343			506			596
Operating earnings		1,348			1,238			1,026			1,278			1,493
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,318		$	1,207		$	996		$	1,247		$	1,463

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,348		$	1,238		$	1,026		$	1,278		$	1,493
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(99	)		(155	)		(55	)		(558	)		(110	)
Net derivative gains (losses)		(315	)		352			4,196			591			(1,978	)
Premiums		22			24			23			23			22
Universal life and investment-type product policy fees		57			61			92			68			69
Net investment income		530			82			(717	)		30			1,115
Other revenues		98			134			203			186			108
Policyholder benefits and claims and policyholder dividends		(170	)		(223	)		202			(485	)		(508	)
Interest credited to policyholder account balances		(445	)		66			796			37			(1,018	)
Capitalization of DAC		2			2			3			2			2
Amortization of DAC and VOBA		58			(118	)		(556	)		73			304
Amortization of negative VOBA		20			20			20			18			18
Interest expense on debt		(92	)		(92	)		(97	)		(43	)		(45	)
Other expenses		(293	)		(403	)		(363	)		(451	)		(477	)
Provision for income tax (expense) benefit		203			73			(1,329	)		194			871
Income (loss) from continuing operations, net of income tax		924			1,061			3,444			963			(134	)
Income (loss) from discontinued operations, net of income tax		(40	)		32			6			25			14
Net income (loss)		884			1,093			3,450			988			(120	)
Less: Net income (loss) attributable to noncontrolling interest		7			(7	)		(6	)		(2	)		24
Net income (loss) attributable to MetLife, Inc.		877			1,100			3,456			990			(144	)
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	$	701		$	1,069		$	3,426		$	959		$	(174	)

Premiums, Fees and Other Revenues (Operating)	$	10,832		$	11,636		$	11,742		$	11,498		$	11,605

(1)

Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

LOGO


METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended March 31, 2012
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,107		$	6,402		$	1,947		$	744		$	14
Universal life and investment-type product policy fees		2,009			1,527			323			119			40
Net investment income		5,085			4,047			653			185			200
Other revenues		489			386			16			36			51
Total operating revenues		16,690			12,362			2,939			1,084			305

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,939			7,225			1,269			434			11
Interest credited to policyholder account balances		1,539			1,077			427			35			-
Capitalization of DAC		(1,362	)		(598	)		(561	)		(203	)		-
Amortization of DAC and VOBA		1,018			499			355			164			-
Amortization of negative VOBA		(137	)		(2	)		(130	)		(5	)		-
Interest expense on debt		313			3			1			-			309
Other expenses		4,291			2,426			1,122			540			203
Total operating expenses		14,601			10,630			2,483			965			523

Operating earnings before provision for income tax		2,089			1,732			456			119			(218	)
Provision for income tax expense (benefit)		596			574			159			43			(180	)
Operating earnings		1,493			1,158			297			76			(38	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,463		$	1,158		$	297		$	76		$	(68	)

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,493		$	1,158		$	297		$	76		$	(38	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(110	)		(35	)		(103	)		7			21
Net derivative gains (losses)		(1,978	)		(1,107	)		(30	)		29			(870	)
Premiums		22			22			-			-			-
Universal life and investment-type product policy fees		69			70			(1	)		-			-
Net investment income		1,115			(40	)		507			459			189
Other revenues		108			-			5			-			103
Policyholder benefits and claims and policyholder dividends		(508	)		(485	)		(23	)		-			-
Interest credited to policyholder account balances		(1,018	)		(53	)		(514	)		(451	)		-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		304			303			1			-			-
Amortization of negative VOBA		18			1			17			-			-
Interest expense on debt		(45	)		-			-			-			(45	)
Other expenses		(477	)		(10	)		2			10			(479	)
Provision for income tax (expense) benefit		871			466			57			(26	)		374
Income (loss) from continuing operations, net of income tax		(134	)		292			215			104			(745	)
Income (loss) from discontinued operations, net of income tax		14			14			-			-			-
Net income (loss)		(120	)		306			215			104			(745	)
Less: Net income (loss) attributable to noncontrolling interest		24			-			2			22			-
Net income (loss) attributable to MetLife, Inc.		(144	)		306			213			82			(745	)
Less: Preferred stock dividends		30			-			-			-			30
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(174	)	$	306		$	213		$	82		$	(775	)

Premiums, Fees and Other Revenues (Operating)	$	11,605		$	8,315		$	2,286		$	899		$	105

LOGO

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended March 31, 2011
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	8,532		$	6,018		$	1,803		$	697		$	14
Universal life and investment-type product policy fees		1,832			1,393			297			104			38
Net investment income		4,783			3,845			513			173			252
Other revenues		468			347			12			26			83
Total operating revenues		15,615			11,603			2,625			1,000			387

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,439			6,817			1,198			408			16
Interest credited to policyholder account balances		1,479			1,060			380			39			-
Capitalization of DAC		(1,262	)		(630	)		(451	)		(181	)		-
Amortization of DAC and VOBA		997			504			329			164			-
Amortization of negative VOBA		(163	)		(2	)		(146	)		(15	)		-
Interest expense on debt		323			2			1			1			319
Other expenses		3,890			2,324			990			458			118
Total operating expenses		13,703			10,075			2,301			874			453

Operating earnings before provision for income tax		1,912			1,528			324			126			(66	)
Provision for income tax expense (benefit)		564			504			100			47			(87	)
Operating earnings		1,348			1,024			224			79			21
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,318		$	1,024		$	224		$	79		$	(9	)

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,348		$	1,024		$	224		$	79		$	21
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(99	)		78			(126	)		(54	)		3
Net derivative gains (losses)		(315	)		(308	)		56			19			(82	)
Premiums		22			22			-			-			-
Universal life and investment-type product policy fees		57			57			-			-			-
Net investment income		530			(28	)		243			140			175
Other revenues		98			(2	)		1			-			99
Policyholder benefits and claims and policyholder dividends		(170	)		(162	)		(8	)		-			-
Interest credited to policyholder account balances		(445	)		(21	)		(267	)		(157	)		-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		58			58			-			-			-
Amortization of negative VOBA		20			1			19			-			-
Interest expense on debt		(92	)		-			-			-			(92	)
Other expenses		(293	)		(13	)		(2	)		4			(282	)
Provision for income tax (expense) benefit		203			95			28			20			60
Income (loss) from continuing operations, net of income tax		924			803			168			51			(98	)
Income (loss) from discontinued operations, net of income tax		(40	)		21			(61	)		-			-
Net income (loss)		884			824			107			51			(98	)
Less: Net income (loss) attributable to noncontrolling interest		7			-			-			7			-
Net income (loss) attributable to MetLife, Inc.		877			824			107			44			(98	)
Less: Preferred stock dividends		30			-			-			-			30
Less: Preferred stock redemption premium		146			-			-			-			146
Net income (loss) available to MetLife, Inc.’s common shareholders	$	701		$	824		$	107		$	44		$	(274	)

Premiums, Fees and Other Revenues (Operating)	$	10,832		$	7,758		$	2,112		$	827		$	135

(1)

Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

LOGO


METLIFE, INC. SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

THE AMERICAS

RETAIL PRODUCTS	$	341		$	333		$	200		$	386		$	408

GROUP, VOLUNTARY AND WORKSITE BENEFITS		273			228			167			298			304

CORPORATE BENEFIT FUNDING		289			325			272			226			298

LATIN AMERICA		121			129			141			123			148

THE AMERICAS TOTAL	$	1,024		$	1,015		$	780		$	1,033		$	1,158

ASIA		224			171			222			250			297

EMEA		79			64			65			56			76

CORPORATE & OTHER		(9	)		(43	)		(71	)		(92	)		(68	)

METLIFE, INC. CONSOLIDATED	$	1,318		$	1,207		$	996		$	1,247		$	1,463

(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) Retail Products, page 9, (ii) Group, Voluntary and Worksite Benefits, page 15, (iii) Corporate Benefit Funding, page 23, (iv) Latin America, page 27, (v) Asia, page 28, (vi) EMEA, page 29, and (vii) 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) Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

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THE AMERICAS RETAIL PRODUCTS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	1,025		$	1,135		$	1,275		$	1,306		$	1,136		$	1,025		$	1,136
Universal life and investment-type product policy fees		991			1,032			1,027			1,046			1,114			991			1,114
Net investment income		1,808			1,827			1,788			1,776			1,856			1,808			1,856
Other revenues		182			187			200			191			205			182			205
Total operating revenues		4,006			4,181			4,290			4,319			4,311			4,006			4,311

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,779			1,876			2,122			1,878			1,902			1,779			1,902
Interest credited to policyholder account balances		591			595			617			609			596			591			596
Capitalization of DAC		(421	)		(499	)		(582	)		(536	)		(405	)		(421	)		(405	)
Amortization of DAC and VOBA		338			368			449			409			333			338			333
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			-			-			-
Other expenses		1,197			1,324			1,377			1,364			1,256			1,197			1,256
Total operating expenses		3,484			3,664			3,983			3,725			3,682			3,484			3,682

Operating earnings before provision for income tax		522			517			307			594			629			522			629
Provision for income tax expense (benefit)		181			184			107			208			221			181			221
Operating earnings		341			333			200			386			408			341			408
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	341		$	333		$	200		$	386		$	408		$	341		$	408

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	341		$	333		$	200		$	386		$	408		$	341		$	408
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		35			47			44			22			66			35			66
Net derivative gains (losses)		(74	)		336			1,443			560			(522	)		(74	)		(522	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		55			59			90			66			67			55			67
Net investment income		(53	)		(51	)		(68	)		(80	)		(82	)		(53	)		(82	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(147	)		(12	)		407			(449	)		(393	)		(147	)		(393	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		59			(117	)		(535	)		73			304			59			304
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		43			(91	)		(482	)		(68	)		196			43			196
Income (loss) from continuing operations, net of income tax		259			504			1,099			510			44			259			44
Income (loss) from discontinued operations, net of income tax		20			9			8			(2	)		10			20			10
Net income (loss)		279			513			1,107			508			54			279			54
Less: Net income (loss) attributable to noncontrolling interest		-			-			1			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		279			513			1,106			508			54			279			54
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	279		$	513		$	1,106		$	508		$	54		$	279		$	54

Premiums, Fees and Other Revenues (Operating)	$	2,198		$	2,354		$	2,502		$	2,543		$	2,455		$	2,198		$	2,455

(1) Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

LOGO


THE AMERICAS
RETAIL PRODUCTS - LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	951		$	988		$	993		$	1,098		$	959		$	951		$	959
Universal life and investment-type product policy fees		405			410			407			412			413			405			413
Net investment income		1,097			1,118			1,074			1,040			1,096			1,097			1,096
Other revenues		107			112			123			111			120			107			120
Total operating revenues		2,560			2,628			2,597			2,661			2,588			2,560			2,588

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,603			1,628			1,709			1,562			1,614			1,603			1,614
Interest credited to policyholder account balances		198			201			209			211			216			198			216
Capitalization of DAC		(133	)		(136	)		(132	)		(146	)		(123	)		(133	)		(123	)
Amortization of DAC and VOBA		161			153			130			205			148			161			148
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		525			545			519			556			538			525			538
Total operating expenses		2,354			2,391			2,435			2,388			2,393			2,354			2,393

Operating earnings before provision for income tax		206			237			162			273			195			206			195
Provision for income tax expense (benefit)		71			85			55			96			69			71			69
Operating earnings		135			152			107			177			126			135			126
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	135		$	152		$	107		$	177		$	126		$	135		$	126

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	135		$	152		$	107		$	177		$	126		$	135		$	126
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		26			6			21			7			36			26			36
Net derivative gains (losses)		(70	)		81			525			42			(165	)		(70	)		(165	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(3)			1			16			-			(5)			(3)			(5)
Net investment income		(17	)		(20	)		(23	)		(23	)		(22	)		(17	)		(22	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(3)			(51)			117			11			-			11
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		22			(23	)		(172	)		(50	)		51			22			51
Income (loss) from continuing operations, net of income tax		93			194			423			270			32			93			32
Income (loss) from discontinued operations, net of income tax		20			9			8			(2)			9			20			9
Net income (loss)		113			203			431			268			41			113			41
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			2			-			-			-
Net income (loss) attributable to MetLife, Inc.		113			203			431			266			41			113			41
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	113		$	203		$	431		$	266		$	41		$	113		$	41

Premiums, Fees and Other Revenues (Operating)	$	1,463		$	1,510		$	1,523		$	1,621		$	1,492		$	1,463		$	1,492

Mortality as a Percentage of Expected		92.5	%		84.4	%		98.5	%		81.1	%		91.6	%

Lapse Ratio
Traditional Life		6.5	%		6.6	%		6.8	%		6.1	%		5.9	%
Variable & Universal Life		6.0	%		5.8	%		5.8	%		5.4	%		5.3	%

(1)

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THE AMERICAS

RETAIL PRODUCTS - ANNUITIES

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	74		$	147		$	282		$	208		$	177		$	74		$	177
Universal life and investment-type product policy fees		586			622			620			634			701			586			701
Net investment income		711			709			714			736			760			711			760
Other revenues		75			75			77			80			85			75			85
Total operating revenues		1,446			1,553			1,693			1,658			1,723			1,446			1,723

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		176			248			413			316			288			176			288
Interest credited to policyholder account balances		393			394			408			398			380			393			380
Capitalization of DAC		(288	)		(363	)		(450	)		(390	)		(282	)		(288	)		(282	)
Amortization of DAC and VOBA		177			215			319			204			185			177			185
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			-			-			-
Other expenses		672			779			858			808			718			672			718
Total operating expenses		1,130			1,273			1,548			1,337			1,289			1,130			1,289

Operating earnings before provision for income tax		316			280			145			321			434			316			434
Provision for income tax expense (benefit)		110			99			52			112			152			110			152
Operating earnings		206			181			93			209			282			206			282
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	206		$	181		$	93		$	209		$	282		$	206		$	282

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	206		$	181		$	93		$	209		$	282		$	206		$	282
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		9			41			23			15			30			9			30
Net derivative gains (losses)		(4	)		255			918			518			(357	)		(4	)		(357	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		58			58			74			66			72			58			72
Net investment income		(36	)		(31	)		(45	)		(57	)		(60	)		(36	)		(60	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(147	)		(12	)		407			(449	)		(393	)		(147	)		(393	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		59			(114	)		(484	)		(44	)		293			59			293
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		21			(68	)		(310	)		(18	)		145			21			145
Income (loss) from continuing operations, net of income tax		166			310			676			240			12			166			12
Income (loss) from discontinued operations, net of income tax		-			-			-			-			1			-			1
Net income (loss)		166			310			676			240			13			166			13
Less: Net income (loss) attributable to noncontrolling interest		-			-			1			(2	)		-			-			-
Net income (loss) attributable to MetLife, Inc.		166			310			675			242			13			166			13
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	166		$	310		$	675		$	242		$	13		$	166		$	13

Premiums, Fees and Other Revenues (Operating)	$	735		$	844		$	979		$	922		$	963		$	735		$	963

Lapse Ratio
Fixed Annuities		6.2	%		6.4	%		6.6	%		7.8	%		9.5	%
Variable Annuities		7.3	%		7.4	%		6.9	%		6.8	%		6.5	%

(1)

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THE AMERICAS

RETAIL PRODUCTS

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE


	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	76,264		$	76,713		$	77,207		$	77,654		$	77,949
Premiums and deposits (1), (2)		2,108			2,055			2,066			2,157			2,041
Surrenders and withdrawals		(943	)		(895	)		(905	)		(887	)		(886	)
Benefit payments		(678	)		(627	)		(694	)		(670	)		(676	)

Net Flows		487			533			467			600			479
Net transfers from (to) separate account		23			36			27			27			28
Interest		765			767			777			780			788
Policy charges		(419	)		(428	)		(435	)		(446	)		(445	)
Other		(407	)		(414	)		(389	)		(666	)		(328	)

Balance, end of period	$	76,713		$	77,207		$	77,654		$	77,949		$	78,471
ANNUITIES (3)
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	50,860		$	50,334		$	50,885		$	54,991		$	53,899
Premiums and deposits (1), (2)		1,608			1,931			2,699			2,216			1,483
Surrenders and withdrawals		(913	)		(921	)		(991	)		(1,300	)		(1,346	)
Benefit payments		(372	)		(376	)		(384	)		(370	)		(400	)

Net Flows		323			634			1,324			546			(263	)
Net transfers from (to) separate account		(846	)		(733	)		(624	)		(1,401	)		(1,251	)
Interest		479			479			484			472			450
Policy charges		(17	)		(20	)		(19	)		(15	)		(15	)
Other		(465	)		191			2,941			(694	)		(1,460	)

Balance, end of period	$	50,334		$	50,885		$	54,991		$	53,899		$	51,360
SEPARATE ACCOUNT LIABILITIES
LIFE
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	9,076		$	9,368		$	9,301		$	8,071		$	7,946
Premiums and deposits (2)		193			184			178			240			180
Surrenders and withdrawals		(139	)		(131	)		(116	)		(109	)		(111	)
Benefit payments		(12	)		(14	)		(8	)		(8	)		(12	)

Net Flows		42			39			54			123			57
Investment performance		413			69			(1,121	)		576			809
Net transfers from (to) general account		(23	)		(36	)		(27	)		(27	)		(28	)
Policy charges		(139	)		(139	)		(136	)		(136	)		(134	)
Other		(1	)		-			-			(661	)		(9	)

Balance, end of period	$	9,368		$	9,301		$	8,071		$	7,946		$	8,641
ANNUITIES (3)
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	107,282		$	114,510		$	118,463		$	108,655		$	120,263
Premiums and deposits (2)		4,563			5,703			6,787			5,778			4,232
Surrenders and withdrawals		(2,106	)		(2,330	)		(2,112	)		(1,993	)		(2,151	)
Benefit payments		(206	)		(219	)		(209	)		(203	)		(242	)

Net Flows		2,251			3,154			4,466			3,582			1,839
Investment performance		4,661			655			(14,329	)		7,214			10,760
Net transfers from (to) general account		846			733			624			1,401			1,251
Policy charges		(529	)		(589	)		(574	)		(589	)		(652	)
Other		(1	)		-			5			-			1

Balance, end of period	$	114,510		$	118,463		$	108,655		$	120,263		$	133,462

(1)

Includes premiums and deposits directed to the General Account investment option of variable products.

(2)

Includes company sponsored internal exchanges.

(3)

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THE AMERICAS

RETAIL PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND SALES BY PRODUCT

OTHER EXPENSES (1)


	For the Three Months Ended
Unaudited (In millions)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Direct and allocated expenses	$	397	$	424	$	390	$	437	$	429
Pension and post-retirement benefit costs		51		51		55		51		52
Premium taxes, other taxes, and licenses & fees		32		32		25		37		36
Total fixed operating expenses	$	480	$	507	$	470	$	525	$	517

Commissions and other variable expenses		717		817		907		839		739

Total other expenses	$	1,197	$	1,324	$	1,377	$	1,364	$	1,256

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Life Sales (2)
Term Life	$	30	$	33	$	32	$	35	$	34
Whole Life		27		30		27		29		28
Variable Life		9		11		9		16		8
Universal Life		57		54		52		56		42
Total Life sales	$	123	$	128	$	120	$	136	$	112
Annuities Sales (1), (3)
Fixed annuity sales	$	231	$	283	$	506	$	453	$	435
Variable annuity sales		5,684		6,968		8,559		7,229		4,926
Total annuity sales	$	5,915	$	7,251	$	9,065	$	7,682	$	5,361
Annuity Separate Account and General Account (1)
Separate Accounts
Total variable annuities separate accounts	$	4,383	$	5,398	$	6,442	$	5,538	$	3,964
General Accounts
Fixed annuity		231		283		506		453		435
Variable annuity		1,301		1,570		2,117		1,691		962
Total general accounts		1,532		1,853		2,623		2,144		1,397
Total annuity premiums and deposits	$	5,915	$	7,251	$	9,065	$	7,682	$	5,361

(1)

(2)

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.

(3)

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

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THE AMERICAS

RETAIL PRODUCTS

SPREAD BY PRODUCT

VARIABLE & UNIVERSAL LIFE


	For the Three Months Ended
Unaudited	March 31, 2011	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012

Investment income yield	6.72%	6.57%	6.33%	5.80%	6.42%
Average crediting rate	4.53%	4.47%	4.55%	4.49%	4.61%
Annualized general account spread (1)	2.19%	2.10%	1.78%	1.31%	1.81%
DEFERRED ANNUITIES
	For the Three Months Ended
Unaudited	March 31, 2011	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012

Investment income yield	6.17%	6.11%	6.07%	6.48%	6.48%
Average crediting rate	3.58%	3.54%	3.50%	3.47%	3.39%
Annualized general account spread (2)	2.59%	2.57%	2.57%	3.01%	3.09%

(1)

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

(2)

This represents the general account spread for Deferred Annuities, a component of Annuities.

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THE AMERICAS GROUP, VOLUNTARY AND WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	3,976		$	4,028		$	3,926		$	3,989		$	4,073		$	3,976		$	4,073
Universal life and investment-type product policy fees		159			155			159			157			166			159			166
Net investment income		485			505			502			491			491			485			491
Other revenues		101			99			101			108			112			101			112
Total operating revenues		4,721			4,787			4,688			4,745			4,842			4,721			4,842

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,594			3,725			3,720			3,541			3,639			3,594			3,639
Interest credited to policyholder account balances		43			45			46			44			42			43			42
Capitalization of DAC		(122	)		(123	)		(125	)		(107	)		(102	)		(122	)		(102	)
Amortization of DAC and VOBA		114			119			115			119			101			114			101
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		692			692			697			709			716			692			716
Total operating expenses		4,321			4,458			4,453			4,306			4,396			4,321			4,396

Operating earnings before provision for income tax		400			329			235			439			446			400			446
Provision for income tax expense (benefit)		127			101			68			141			142			127			142
Operating earnings		273			228			167			298			304			273			304
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	273		$	228		$	167		$	298		$	304		$	273		$	304

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	273		$	228		$	167		$	298		$	304		$	273		$	304
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		11			(8	)		(11	)		(8	)		(6	)		11			(6	)
Net derivative gains (losses)		(99	)		177			1,065			116			(379	)		(99	)		(379	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(32	)		(37	)		(38	)		(36	)		(38	)		(32	)		(38	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			1			(1	)		-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			1			(1	)		-			-			-
Provision for income tax (expense) benefit		42			(47	)		(355	)		(24	)		149			42			149
Income (loss) from continuing operations, net of income tax		195			313			830			344			30			195			30
Income (loss) from discontinued operations, net of income tax		-			-			2			-			-			-			-
Net income (loss)		195			313			832			344			30			195			30
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			(1	)		-			-			-
Net income (loss) attributable to MetLife, Inc.		195			313			832			345			30			195			30
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	195		$	313		$	832		$	345		$	30		$	195		$	30

Premiums, Fees and Other Revenues (Operating)	$	4,236		$	4,282		$	4,186		$	4,254		$	4,351		$	4,236		$	4,351

(1)

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THE AMERICAS

GROUP, VOLUNTARY AND WORKSITE BENEFITS - GROUP LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	1,765		$	1,818		$	1,711		$	1,771		$	1,820		$	1,765		$	1,820
Universal life and investment-type product policy fees		159			155			159			157			166			159			166
Net investment income		200			205			200			194			194			200			194
Other revenues		2			1			-			1			-			2			-
Total operating revenues		2,126			2,179			2,070			2,123			2,180			2,126			2,180

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,768			1,726			1,847			1,732			1,835			1,768			1,835
Interest credited to policyholder account balances		40			42			43			40			39			40			39
Capitalization of DAC		(4	)		(3	)		(3	)		(2	)		-			(4	)		-
Amortization of DAC and VOBA		3			4			1			4			1			3			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		140			141			141			142			145			140			145
Total operating expenses		1,947			1,910			2,029			1,916			2,020			1,947			2,020

Operating earnings before provision for income tax		179			269			41			207			160			179			160
Provision for income tax expense (benefit)		63			94			14			73			55			63			55
Operating earnings		116			175			27			134			105			116			105
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	116		$	175		$	27		$	134		$	105		$	116		$	105

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	116		$	175		$	27		$	134		$	105		$	116		$	105
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		3			(6	)		(14	)		(1	)		-			3			-
Net derivative gains (losses)		(22	)		36			56			13			(19	)		(22	)		(19	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(18	)		(21	)		(21	)		(20	)		(19	)		(18	)		(19	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		13			(3	)		(8	)		3			13			13			13
Income (loss) from continuing operations, net of income tax		92			181			40			129			80			92			80
Income (loss) from discontinued operations, net of income tax		-			-			2			-			-			-			-
Net income (loss)		92			181			42			129			80			92			80
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		92			181			42			129			80			92			80
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	92		$	181		$	42		$	129		$	80		$	92		$	80

Premiums, Fees and Other Revenues (Operating)	$	1,926		$	1,974		$	1,870		$	1,929		$	1,986		$	1,926		$	1,986

Group Life Mortality Ratio		88.2	%		82.1	%		98.5	%		85.2	%		89.1	%

(1)

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THE AMERICAS

GROUP, VOLUNTARY AND WORKSITE BENEFITS - NON-MEDICAL HEALTH

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	1,476		$	1,462		$	1,455		$	1,461		$	1,500		$	1,476		$	1,500
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		232			249			252			246			244			232			244
Other revenues		91			91			93			97			104			91			104
Total operating revenues		1,799			1,802			1,800			1,804			1,848			1,799			1,848

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,294			1,280			1,260			1,298			1,301			1,294			1,301
Interest credited to policyholder account balances		3			3			3			4			3			3			3
Capitalization of DAC		(37	)		(32	)		(29	)		(21	)		(16	)		(37	)		(16	)
Amortization of DAC and VOBA		26			31			26			29			13			26			13
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		359			353			356			366			380			359			380
Total operating expenses		1,645			1,635			1,616			1,676			1,681			1,645			1,681

Operating earnings before provision for income tax		154			167			184			128			167			154			167
Provision for income tax expense (benefit)		54			58			65			45			59			54			59
Operating earnings		100			109			119			83			108			100			108
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	100		$	109		$	119		$	83		$	108		$	100		$	108

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	100		$	109		$	119		$	83		$	108		$	100		$	108
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		8			4			7			(8	)		(7	)		8			(7	)
Net derivative gains (losses)		(77	)		144			1,016			105			(361	)		(77	)		(361	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(14	)		(16	)		(17	)		(16	)		(19	)		(14	)		(19	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			1			(1	)		-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			1			(1	)		-			-			-
Provision for income tax (expense) benefit		29			(47	)		(351	)		(27	)		137			29			137
Income (loss) from continuing operations, net of income tax		46			194			776			135			(142	)		46			(142	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		46			194			776			135			(142	)		46			(142	)
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			(1	)		-			-			-
Net income (loss) attributable to MetLife, Inc.		46			194			776			136			(142	)		46			(142	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	46		$	194		$	776		$	136		$	(142	)	$	46		$	(142	)

Premiums, Fees and Other Revenues (Operating)	$	1,567		$	1,553		$	1,548		$	1,558		$	1,604		$	1,567		$	1,604

Non-Medical Health Benefit Ratio		87.7	%		87.5	%		86.6	%		88.9	%		86.7	%

(1)

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THE AMERICAS

GROUP, VOLUNTARY AND WORKSITE BENEFITS - PROPERTY AND CASUALTY

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums (2)	$	735		$	748		$	760		$	757		$	753		$	735		$	753
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		53			51			50			51			53			53			53
Other revenues		8			7			8			10			8			8			8
Total operating revenues		796			806			818			818			814			796			814

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (2)		532			719			613			511			503			532			503
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(81	)		(88	)		(93	)		(84	)		(86	)		(81	)		(86	)
Amortization of DAC and VOBA		85			84			88			86			87			85			87
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		193			198			200			201			191			193			191
Total operating expenses		729			913			808			714			695			729			695

Operating earnings before provision for income tax		67			(107	)		10			104			119			67			119
Provision for income tax expense (benefit)		10			(51	)		(11	)		23			28			10			28
Operating earnings		57			(56	)		21			81			91			57			91
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	57		$	(56	)	$	21		$	81		$	91		$	57		$	91

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	57		$	(56	)	$	21		$	81		$	91		$	57		$	91
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		-			(6	)		(4	)		1			1			-			1
Net derivative gains (losses)		-			(3	)		(7	)		(2	)		1			-			1
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			3			4			-			(1	)		-			(1	)
Income (loss) from continuing operations, net of income tax		57			(62	)		14			80			92			57			92
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		57			(62	)		14			80			92			57			92
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		57			(62	)		14			80			92			57			92
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	57		$	(62	)	$	14		$	80		$	92		$	57		$	92

Premiums, Fees and Other Revenues (Operating)	$	743		$	755		$	768		$	767		$	761		$	743		$	761

(1)

(2)

Premiums reflect earned premiums and policyholder benefits and claims and policyholder dividends includes losses and loss adjustment expense.

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THE AMERICAS

GROUP, VOLUNTARY AND WORKSITE BENEFITS

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
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	11,892		$	11,963		$	11,744		$	11,587		$	11,456
Premiums and deposits		3,418			3,038			2,791			2,731			2,863
Surrenders and withdrawals		(1,379	)		(1,231	)		(1,087	)		(896	)		(906	)
Benefit payments		(1,888	)		(1,844	)		(1,827	)		(1,833	)		(1,916	)

Net Flows		151			(37	)		(123	)		2			41
Net transfers from (to) separate account		2			2			3			2			-
Interest		67			69			69			68			68
Policy charges		(120	)		(133	)		(109	)		(122	)		(125	)
Other		(29	)		(120	)		3			(81	)		(29	)

Balance, end of period	$	11,963		$	11,744		$	11,587		$	11,456		$	11,411

NON-MEDICAL HEALTH
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	14,187		$	14,384		$	14,581		$	14,802		$	15,181
Premiums and deposits		1,504			1,488			1,583			1,488			1,529
Surrenders and withdrawals		(3	)		(3	)		(103	)		(3	)		(3	)
Benefit payments		(1,136	)		(1,116	)		(1,074	)		(1,073	)		(1,133	)

Net Flows		365			369			406			412			393
Net transfers from (to) separate account		-			-			-			-			-
Interest		157			161			164			167			167
Policy charges		-			-			-			-			-
Other		(325	)		(333	)		(349	)		(200	)		(417	)

Balance, end of period	$	14,384		$	14,581		$	14,802		$	15,181		$	15,324

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	491		$	516		$	516		$	444		$	478
Premiums and deposits		50			47			47			47			49
Surrenders and withdrawals		(10	)		(7	)		(8	)		(7	)		(12	)
Benefit payments		-			-			-			-			(1	)

Net Flows		40			40			39			40			36
Investment performance		24			-			(70	)		34			53
Net transfers from (to) general account		(2	)		(2	)		(3	)		(2	)		-
Policy charges		(37	)		(38	)		(38	)		(38	)		(39	)
Other		-			-			-			-			-

Balance, end of period	$	516		$	516		$	444		$	478		$	528

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THE AMERICAS
GROUP, VOLUNTARY AND WORKSITE BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY (1)

OTHER EXPENSES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Direct and allocated expenses	$	451	$	441	$	445	$	468	$	479
Pension and post-retirement benefit costs		25		25		25		25		24
Premium taxes, other taxes, and licenses & fees		64		68		68		63		67
Total fixed operating expenses	$	540	$	534	$	538	$	556	$	570

Commissions and other variable expenses		152		158		159		153		146

Total other expenses	$	692	$	692	$	697	$	709	$	716

(1)

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THE AMERICAS

GROUP, VOLUNTARY AND WORKSITE BENEFITS

SPREAD BY PRODUCT

GROUP LIFE


	For the Three Months Ended
Unaudited	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Investment income yield	5.52	%	5.73	%	5.66	%	5.62	%	5.69	%
Average crediting rate	2.01	%	2.07	%	2.11	%	2.01	%	2.01	%
Annualized general account spread	3.51	%	3.66	%	3.55	%	3.61	%	3.68	%

NON-MEDICAL HEALTH


	For the Three Months Ended
Unaudited	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Investment income yield	6.19	%	6.53	%	6.35	%	6.40	%	6.37	%
Average crediting rate	4.70	%	4.70	%	4.66	%	4.68	%	4.68	%
Annualized general account spread	1.49	%	1.83	%	1.69	%	1.72	%	1.69	%

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THE AMERICAS
GROUP, VOLUNTARY AND WORKSITE BENEFITS - PROPERTY & CASUALTY
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA (1)


		For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

Net Written Premiums by Product
Automobile	$	496		$	509		$	529		$	491		$	502
Homeowners		201			255			265			238			214
Other		22			14			13			11			25
Total	$	719		$	778		$	807		$	740		$	741

Selected Financial Information and Supplemental Data

Total Property & Casualty
Net earned premium		735			748			760			757			753
Loss and loss adjustment expense ratio		72.5	%		96.1	%		80.6	%		67.5	%		66.9	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.0	%		0.0	%		0.0	%
Other expense ratio		26.7	%		26.0	%		25.7	%		26.7	%		25.3	%
Payment fees credit		(0.6	%)		(0.5	%)		(0.5	%)		(0.5	%)		(0.5	%)
Total combined ratio		98.7	%		121.7	%		105.8	%		93.7	%		91.7	%
Effect of catastrophe losses		6.2	%		35.8	%		17.7	%		3.6	%		3.5	%
Combined ratio excluding catastrophes		92.5	%		85.9	%		88.1	%		90.1	%		88.2	%

Auto
Net earned premium		493			501			508			503			497
Loss and loss adjustment expense ratio		66.8	%		71.4	%		67.6	%		74.7	%		70.3	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.0	%		0.0	%		0.0	%
Other expense ratio		25.9	%		25.3	%		25.2	%		26.0	%		24.8	%
Payment fees credit		(0.7	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)
Total combined ratio		92.1	%		96.2	%		92.2	%		100.1	%		94.5	%
Effect of catastrophe losses		(0.1	%)		5.7	%		2.8	%		0.6	%		0.6	%
Combined ratio excluding catastrophes		92.2	%		90.5	%		89.4	%		99.5	%		93.9	%

Homeowners & Other
Net earned premium		242			247			252			254			256
Loss and loss adjustment expense ratio		84.0	%		146.1	%		106.7	%		53.3	%		60.2	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.0	%		0.0	%		0.0	%
Other expense ratio		28.4	%		27.4	%		27.0	%		28.3	%		26.6	%
Payment fees credit		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)
Total combined ratio		112.1	%		173.2	%		133.3	%		81.2	%		86.4	%
Effect of catastrophe losses		19.0	%		96.8	%		47.7	%		9.4	%		8.9	%
Combined ratio excluding catastrophes		93.1	%		76.4	%		85.6	%		71.8	%		77.5	%

Pre-Tax Catastrophe Losses
Auto	$	-		$	28		$	14		$	4		$	3
Homeowners & Other		46			239			121			23			23
Total	$	46		$	267		$	135		$	27		$	26

(1)

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THE AMERICAS

CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	423		$	874		$	835		$	716		$	507		$	423		$	507
Universal life and investment-type product policy fees		54			58			69			51			51			54			51
Net investment income		1,386			1,408			1,375			1,337			1,401			1,386			1,401
Other revenues		60			61			61			67			64			60			64
Total operating revenues		1,923			2,401			2,340			2,171			2,023			1,923			2,023

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,020			1,446			1,459			1,362			1,092			1,020			1,092
Interest credited to policyholder account balances		335			331			327			330			339			335			339
Capitalization of DAC		(12	)		(5	)		(6	)		(2	)		(7	)		(12	)		(7	)
Amortization of DAC and VOBA		5			5			4			3			10			5			10
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			3			2			2			2			2			2
Other expenses		126			122			136			129			128			126			128
Total operating expenses		1,476			1,902			1,922			1,824			1,564			1,476			1,564

Operating earnings before provision for income tax		447			499			418			347			459			447			459
Provision for income tax expense (benefit)		158			174			146			121			161			158			161
Operating earnings		289			325			272			226			298			289			298
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	289		$	325		$	272		$	226		$	298		$	289		$	298

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	289		$	325		$	272		$	226		$	298		$	289		$	298
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		12			(10	)		83			(66	)		(98	)		12			(98	)
Net derivative gains (losses)		(130	)		(37	)		447			146			(243	)		(130	)		(243	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		41			33			36			24			29			41			29
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		8			(12	)		(38	)		7			(6	)		8			(6	)
Interest credited to policyholder account balances		(8	)		(8	)		(2	)		(1	)		(2	)		(8	)		(2	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			1			3			(4	)		-			-			-
Provision for income tax (expense) benefit		27			10			(184	)		(35	)		111			27			111
Income (loss) from continuing operations, net of income tax		239			302			617			297			89			239			89
Income (loss) from discontinued operations, net of income tax		1			21			4			-			4			1			4
Net income (loss)		240			323			621			297			93			240			93
Less: Net income (loss) attributable to noncontrolling interest		-			-			2			(5	)		-			-			-
Net income (loss) attributable to MetLife, Inc.		240			323			619			302			93			240			93
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	240		$	323		$	619		$	302		$	93		$	240		$	93

Premiums, Fees and Other Revenues (Operating)	$	537		$	993		$	965		$	834		$	622		$	537		$	622

(1)

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THE AMERICAS

CORPORATE BENEFIT FUNDING

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES (1)

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES


	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	101,456		$	103,328		$	104,538		$	104,585		$	106,024
Premiums and deposits		16,805			11,148			14,309			13,677			17,655
Surrenders and withdrawals		(14,794	)		(10,718	)		(17,348	)		(12,491	)		(14,745	)
Benefit payments		(831	)		(827	)		(881	)		(860	)		(838	)

Net Flows		1,180			(397	)		(3,920	)		326			2,072
Net transfers from (to) separate account		(4	)		(4	)		(12	)		(31	)		(5	)
Interest		1,036			1,028			1,015			1,010			1,021
Policy charges		(34	)		(34	)		(34	)		(32	)		(21	)
Other		(306	)		617			2,998			166			(752	)

Balance, end of period	$	103,328		$	104,538		$	104,585		$	106,024		$	108,339

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)		March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Balance, beginning of period	$	56,625		$	61,061		$	63,252		$	65,054		$	64,851
Premiums and deposits		4,181			2,853			3,064			1,984			2,383
Surrenders and withdrawals		(1,256	)		(1,404	)		(2,050	)		(2,106	)		(1,311	)
Benefit payments		(68	)		(23	)		(17	)		(13	)		(16	)

Net Flows		2,857			1,426			997			(135	)		1,056
Investment performance		761			1,012			799			1,354			1,115
Net transfers from (to) general account		4			4			12			31			5
Policy charges		(67	)		(61	)		(63	)		(79	)		(84	)
Other		881			(190	)		57			(1,374	)		1,692

Balance, end of period	$	61,061		$	63,252		$	65,054		$	64,851		$	68,635

(1)

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THE AMERICAS
CORPORATE BENEFIT FUNDING
OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012

Direct and allocated expenses	$	70	$	69	$	72	$	84	$	76
Pension and post-retirement benefit costs		12		12		12		12		11
Premium taxes, other taxes, and licenses & fees		6		5		10		4		3
Total fixed operating expenses	$	88	$	86	$	94	$	100	$	90

Commissions and other variable expenses		38		36		42		29		38

Total other expenses	$	126	$	122	$	136	$	129	$	128

(1)

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THE AMERICAS
CORPORATE BENEFIT FUNDING
SPREAD (1)

CORPORATE BENEFIT FUNDING
	For the Three Months Ended
Unaudited	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

Investment income yield		5.32	%		5.33	%		5.23	%		5.12	%		5.35	%
Average crediting rate		3.85	%		3.76	%		3.81	%		3.87	%		3.87	%
Annualized general account spread		1.47	%		1.57	%		1.42	%		1.25	%		1.48	%

(1)

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THE AMERICAS
LATIN AMERICA
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	594		$	647		$	672		$	601		$	686		$	594		$	686
Universal life and investment-type product policy fees		189			194			188			186			196			189			196
Net investment income		166			272			289			298			299			166			299
Other revenues		4			2			8			1			5			4			5
Total operating revenues		953			1,115			1,157			1,086			1,186			953			1,186

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		424			534			576			530			592			424			592
Interest credited to policyholder account balances		91			94			95			91			100			91			100
Capitalization of DAC		(75	)		(78	)		(78	)		(64	)		(84	)		(75	)		(84	)
Amortization of DAC and VOBA		47			62			45			53			55			47			55
Amortization of negative VOBA		(2	)		(2	)		-			(2	)		(2	)		(2	)		(2	)
Interest expense on debt		-			1			-			-			1			-			1
Other expenses		309			339			333			324			326			309			326
Total operating expenses		794			950			971			932			988			794			988

Operating earnings before provision for income tax		159			165			186			154			198			159			198
Provision for income tax expense (benefit)		38			36			45			31			50			38			50
Operating earnings		121			129			141			123			148			121			148
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	121		$	129		$	141		$	123		$	148		$	121		$	148

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	121		$	129		$	141		$	123		$	148		$	121		$	148
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		20			(13	)		(8	)		(5	)		3			20			3
Net derivative gains (losses)		(5	)		8			(45	)		6			37			(5	)		37
Premiums		22			24			23			23			22			22			22
Universal life and investment-type product policy fees		2			2			2			2			3			2			3
Net investment income		16			21			7			36			51			16			51
Other revenues		(2)			2			-			(1)			-			(2)			-
Policyholder benefits and claims and policyholder dividends		(23	)		(189	)		(159	)		(21	)		(86	)		(23	)		(86	)
Interest credited to policyholder account balances		(13	)		(22	)		(7	)		(36	)		(51	)		(13	)		(51	)
Capitalization of DAC		2			2			3			2			2			2			2
Amortization of DAC and VOBA		(1)			(1	)		(1	)		(1	)		(1	)		(1)			(1	)
Amortization of negative VOBA		1			1			1			1			1			1			1
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(13	)		(15	)		(12	)		(18	)		(10	)		(13	)		(10	)
Provision for income tax (expense) benefit		(17	)		56			44			(1	)		10			(17	)		10
Income (loss) from continuing operations, net of income tax		110			5			(11	)		110			129			110			129
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		110			5			(11	)		110			129			110			129
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		110			5			(11	)		110			129			110			129
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	110		$	5		$	(11	)	$	110		$	129		$	110		$	129

Premiums, Fees and Other Revenues (Operating)	$	787		$	843		$	868		$	788		$	887		$	787		$	887

(1) Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

LOGO


ASIA
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	1,803		$	1,884		$	1,905		$	1,880		$	1,947		$	1,803		$	1,947
Universal life and investment-type product policy fees		297			296			318			280			323			297			323
Net investment income		513			596			618			650			653			513			653
Other revenues		12			8			8			6			16			12			16
Total operating revenues		2,625			2,784			2,849			2,816			2,939			2,625			2,939

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,198			1,272			1,259			1,247			1,269			1,198			1,269
Interest credited to policyholder account balances		380			398			413			413			427			380			427
Capitalization of DAC		(451	)		(467	)		(562	)		(501	)		(561	)		(451	)		(561	)
Amortization of DAC and VOBA		329			401			386			304			355			329			355
Amortization of negative VOBA		(146	)		(141	)		(135	)		(133	)		(130	)		(146	)		(130	)
Interest expense on debt		1			(1	)		-			-			1			1			1
Other expenses		990			1,063			1,161			1,098			1,122			990			1,122
Total operating expenses		2,301			2,525			2,522			2,428			2,483			2,301			2,483

Operating earnings before provision for income tax		324			259			327			388			456			324			456
Provision for income tax expense (benefit)		100			88			105			138			159			100			159
Operating earnings		224			171			222			250			297			224			297
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	224		$	171		$	222		$	250		$	297		$	224		$	297

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	224		$	171		$	222		$	250		$	297		$	224		$	297
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(126	)		(32	)		(22	)		(111	)		(103	)		(126	)		(103	)
Net derivative gains (losses)		56			5			168			(27	)		(30	)		56			(30	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			(1	)		-			(1	)
Net investment income		243			(175	)		(443	)		(147	)		507			243			507
Other revenues		1			2			5			5			5			1			5
Policyholder benefits and claims and policyholder dividends		(8	)		(10	)		(9	)		(21	)		(23	)		(8	)		(23	)
Interest credited to policyholder account balances		(267	)		204			421			155			(514	)		(267	)		(514	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			(20	)		1			1			-			1
Amortization of negative VOBA		19			19			19			17			17			19			17
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(2	)		3			3			4			2			(2	)		2
Provision for income tax (expense) benefit		28			10			(58	)		61			57			28			57
Income (loss) from continuing operations, net of income tax		168			197			286			187			215			168			215
Income (loss) from discontinued operations, net of income tax		(61	)		1			(11	)		27			-			(61	)		-
Net income (loss)		107			198			275			214			215			107			215
Less: Net income (loss) attributable to noncontrolling interest		-			1			2			3			2			-			2
Net income (loss) attributable to MetLife, Inc.		107			197			273			211			213			107			213
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	107		$	197		$	273		$	211		$	213		$	107		$	213

Premiums, Fees and Other Revenues (Operating)	$	2,112		$	2,188		$	2,231		$	2,166		$	2,286		$	2,112		$	2,286

(1) Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

LOGO


EMEA
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	697		$	689		$	692		$	643		$	744		$	697		$	744
Universal life and investment-type product policy fees		104			135			106			122			119			104			119
Net investment income		173			178			176			133			185			173			185
Other revenues		26			29			29			41			36			26			36
Total operating revenues		1,000			1,031			1,003			939			1,084			1,000			1,084

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		408			395			407			343			434			408			434
Interest credited to policyholder account balances		39			45			36			49			35			39			35
Capitalization of DAC		(181	)		(193	)		(171	)		(188	)		(203	)		(181	)		(203	)
Amortization of DAC and VOBA		164			181			163			171			164			164			164
Amortization of negative VOBA		(15	)		(20	)		(15	)		(8	)		(5	)		(15	)		(5	)
Interest expense on debt		1			-			-			(1	)		-			1			-
Other expenses		458			514			475			486			540			458			540
Total operating expenses		874			922			895			852			965			874			965

Operating earnings before provision for income tax		126			109			108			87			119			126			119
Provision for income tax expense (benefit)		47			45			43			31			43			47			43
Operating earnings		79			64			65			56			76			79			76
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	79		$	64		$	65		$	56		$	76		$	79		$	76

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	79		$	64		$	65		$	56		$	76		$	79		$	76
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(54	)		(34	)		(232	)		(219	)		7			(54	)		7
Net derivative gains (losses)		19			(12	)		22			3			29			19			29
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		140			121			(388	)		101			459			140			459
Other revenues		-			-			-			(1	)		-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		(157	)		(108	)		384			(81	)		(451	)		(157	)		(451	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		4			(47	)		(23	)		(25	)		10			4			10
Provision for income tax (expense) benefit		20			6			87			54			(26	)		20			(26	)
Income (loss) from continuing operations, net of income tax		51			(10	)		(85	)		(112	)		104			51			104
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		51			(10	)		(85	)		(112	)		104			51			104
Less: Net income (loss) attributable to noncontrolling interest		7			(3	)		(12	)		(1	)		22			7			22
Net income (loss) attributable to MetLife, Inc.		44			(7	)		(73	)		(111	)		82			44			82
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	44		$	(7	)	$	(73	)	$	(111	)	$	82		$	44		$	82

Premiums, Fees and Other Revenues (Operating)	$	827		$	853		$	827		$	806		$	899		$	827		$	899

(1) Certain amounts in the prior periods have been revised in connection with MetLife, Inc.’s reorganization into three broad geographic regions as well as the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

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CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)


	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

OPERATING REVENUES
Premiums	$	14		$	13		$	14		$	13		$	14		$	14		$	14
Universal life and investment-type product policy fees		38			38			39			40			40			38			40
Net investment income		252			225			222			212			200			252			200
Other revenues		83			72			110			54			51			83			51
Total operating revenues		387			348			385			319			305			387			305

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		16			24			61			25			11			16			11
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			1			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		319			325			326			324			309			319			309
Other expenses		118			118			210			194			203			118			203
Total operating expenses		453			467			597			544			523			453			523

Operating earnings before provision for income tax		(66	)		(119	)		(212	)		(225	)		(218	)		(66	)		(218	)
Provision for income tax expense (benefit)		(87	)		(107	)		(171	)		(164	)		(180	)		(87	)		(180	)
Operating earnings		21			(12	)		(41	)		(61	)		(38	)		21			(38	)
Preferred stock dividends		30			31			30			31			30			30			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(9	)	$	(43	)	$	(71	)	$	(92	)	$	(68	)	$	(9	)	$	(68	)

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	21		$	(12	)	$	(41	)	$	(61	)	$	(38	)	$	21		$	(38	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		3			(105	)		91			(171	)		21			3			21
Net derivative gains (losses)		(82	)		(125	)		1,096			(213	)		(870	)		(82	)		(870	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		175			170			177			132			189			175			189
Other revenues		99			130			198			183			103			99			103
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(92	)		(92	)		(97	)		(43	)		(45	)		(92	)		(45	)
Other expenses		(282	)		(345	)		(335	)		(407	)		(479	)		(282	)		(479	)
Provision for income tax (expense) benefit		60			129			(381	)		207			374			60			374
Income (loss) from continuing operations, net of income tax		(98	)		(250	)		708			(373	)		(745	)		(98	)		(745	)
Income (loss) from discontinued operations, net of income tax		-			1			3			-			-			-			-
Net income (loss)		(98	)		(249	)		711			(373	)		(745	)		(98	)		(745	)
Less: Net income (loss) attributable to noncontrolling interest		-			(5	)		1			2			-			-			-
Net income (loss) attributable to MetLife, Inc.		(98	)		(244	)		710			(375	)		(745	)		(98	)		(745	)
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	$	(274	)	$	(275	)	$	680		$	(406	)	$	(775	)	$	(274	)	$	(775	)

Premiums, Fees and Other Revenues (Operating)	$	135		$	123		$	163		$	107		$	105		$	135		$	105

(1)

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INVESTMENTS

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS


	At or For the Three Months Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Fixed Maturity Securities
Yield (1)		4.91%			4.94%			4.79%			4.90%			4.96%
Investment income (2), (3), (4)	$	3,693		$	3,794		$	3,721		$	3,808		$	3,840
Investment gains (losses) (3)		(163	)		(105	)		(186	)		(478	)		(136	)
Ending carrying value (2), (3)		334,409			342,607			354,611			351,011			355,269
Mortgage Loans
Yield (1)		5.54%			5.50%			5.56%			5.53%			5.62%
Investment income (3), (4)		759			765			806			832			830
Investment gains (losses) (3)		47			68			45			15			36
Ending carrying value (3)		55,061			56,927			59,722			61,303			57,281
Real Estate and Real Estate Joint Ventures
Yield (1)		2.83%			4.85%			4.67%			2.65%			3.76%
Investment income (3)		57			99			96			55			80
Investment gains (losses) (3)		29			47			165			(11	)		17
Ending carrying value		8,042			8,234			8,197			8,563			8,472
Policy Loans
Yield (1)		5.42%			5.41%			5.43%			5.35%			5.30%
Investment income		160			160			162			159			158
Ending carrying value		11,872			11,858			11,932			11,892			11,896
Equity Securities
Yield (1)		3.45%			6.04%			3.59%			4.52%			4.17%
Investment income		30			48			28			35			32
Investment gains (losses)		36			(70	)		(3	)		14			(9	)
Ending carrying value		3,584			3,238			3,118			3,023			3,043
Other Limited Partnership Interests
Yield (1)		15.14%			9.90%			11.08%			6.16%			11.34%
Investment income		243			159			180			99			182
Investment gains (losses)		3			5			-			(4	)		(2	)
Ending carrying value		6,409			6,453			6,538			6,378			6,487
Cash and Short-term Investments
Yield (1)		1.09%			1.09%			1.03%			0.87%			0.69%
Investment income		43			41			38			33			32
Investment gains (losses)		-			1			-			1			-
Ending carrying value (3)		19,455			22,026			25,901			27,750			30,465
Other Invested Assets (1)
Investment income (5)		10			163			158			108			132
Investment gains (losses) (3)		4			(7	)		-			(6	)		(25	)
Ending carrying value (5)		13,662			14,866			23,103			23,581			20,172
Total Investments
Investment income yield (1), (5)		4.92%			5.08%			4.97%			4.87%			5.00%
Investment fees and expenses yield		(0.12	)		(0.13	)		(0.13	)		(0.14	)		(0.13	)
Net Investment Income Yield (1), (3), (5), (6)		4.80%			4.95%			4.84%			4.73%			4.87%
Investment income (5)	$	4,995		$	5,229		$	5,189		$	5,129		$	5,286
Investment fees and expenses		(128	)		(138	)		(137	)		(143	)		(140	)
Net Investment Income including Divested businesses (5)		4,867			5,091			5,052			4,986			5,146
Less: Net investment Income from Divested businesses (6)		84			80			82			89			61
Net Investment Income (3), (5)		4,783			5,011			4,970			4,897			5,085
Ending Carrying Value (3), (5)	$	452,494		$	466,209		$	493,122		$	493,501		$	493,085
Investment portfolio gains (losses) including Divested businesses	$	(44	)	$	(61	)	$	21		$	(469	)	$	(119	)
Less: Investment portfolio gains (losses) from Divested businesses (6)		(3	)		(6	)		7			(138	)		96
Investment Portfolio Gains (Losses) (3), (6)		(41	)		(55	)		14			(331	)		(215	)
Gross investment gains		285			348			474			247			278
Gross investment losses		(243	)		(288	)		(199	)		(328	)		(335	)
Writedowns		(83	)		(115	)		(261	)		(250	)		(158	)
Investment Portfolio Gains (Losses) (3)		(41	)		(55	)		14			(331	)		(215	)
Investment portfolio gains (losses) income tax (expense) benefit		14			21			(5	)		118			70
Investment Portfolio Gains (Losses), Net of Income Tax	$	(27	)	$	(34	)	$	9		$	(213	)	$	(145	)

Derivative Gains (Losses) including Divested businesses	$	(386	)	$	293		$	4,129		$	509		$	(2,064	)
Less: Derivative gains (losses) from Divested businesses (6)		(2	)		(9	)		(139	)		(13	)		(5	)
Derivative gains (losses) (3), (6)		(384	)		302			4,268			522			(2,059	)
Derivative gains (losses) income tax (expense) benefit		131			(107	)		(1,496	)		(171	)		727
Derivative Gains (Losses), Net of Income Tax	$	(253	)	$	195		$	2,772		$	351		$	(1,332	)

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on page 2 and as presented on Page 36. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2) Fixed maturity securities includes $745 million, $863 million, $684 million, $740 million and $818 million in ending carrying value, and $28 million, $16 million, ($38) million, $25 million and $45 million of investment income related to trading and other securities at or for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively.

(3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the three month periods ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively: A) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $18,459 million, $18,690 million, $17,874 million, $17,411 million and $18,119 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $161 million, $147 million, $140 million, $117 million and $89 million, mortgage loans of $6,771 million, $6,697 million, $3,227 million, $3,138 million and $3,024 million and cash and short-term investments of $59 million, $21 million, $13 million, $21 million and $3 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $0, $0, $7,652 million and $8,283 million; D) Net investment income adjustments as presented on page 36 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Investment portfolio gains (losses) - in above yield table	$	(44	)	$	(61	)	$	21		$	(469	)	$	(119	)
Real estate discontinued operations		(28	)		(43	)		(26	)		1			(21	)
Net investment gains (losses) related to CSEs		25			(16	)		(7	)		3			(5	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(52	)		(35	)		(43	)		(93	)		35
Net investment gains (losses) - GAAP basis	$	(99	)	$	(155	)	$	(55	)	$	(558	)	$	(110	)

	For the Three Months Ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Derivative gains (losses) - in above yield table	$	(386	)	$	293		$	4,129		$	509		$	(2,064	)
Investment hedge adjustments		39			55			70			85			89
Joint venture adjustments		23			-			-			-			-
Settlement of foreign currency earnings hedges		1			(4	)		(5	)		(4	)		(5	)
PAB hedge adjustments		8			8			2			1			2
Net derivative gains (losses) - GAAP basis	$	(315	)	$	352		$	4,196		$	591		$	(1,978	)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

(5) Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

(6) Yields are calculated including net investment income of certain Divested businesses and related carry values. The net investment income adjustment on Page 36 for all of the Divested businesses for the three months ended March 31, 2012 includes $85 million for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield sections presented above. See page 2 for discussion of Divested businesses.

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INVESTMENTS

INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS


	At or For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Fixed Maturity Securities
Yield (1)		4.91%			4.93%			4.95%			4.94%			4.96%
Investment income (2), (3), (4)	$	3,693		$	7,487		$	11,208		$	15,016		$	3,840
Investment gains (losses) (3)		(163	)		(268	)		(454	)		(932	)		(136	)
Ending carrying value (2), (3)		334,409			342,607			354,611			351,011			355,269
Mortgage Loans
Yield (1)		5.54%			5.52%			5.54%			5.53%			5.62%
Investment income (3), (4)		759			1,524			2,330			3,162			830
Investment gains (losses) (3)		47			115			160			175			36
Ending carrying value (3)		55,061			56,927			59,722			61,303			57,281
Real Estate and Real Estate Joint Ventures
Yield (1)		2.83%			3.85%			4.15%			3.76%			3.76%
Investment income (3)		57			156			252			307			80
Investment gains (losses) (3)		29			76			241			230			17
Ending carrying value		8,042			8,234			8,197			8,563			8,472
Policy Loans
Yield (1)		5.42%			5.41%			5.46%			5.43%			5.30%
Investment income		160			320			482			641			158
Ending carrying value		11,872			11,858			11,932			11,892			11,896
Equity Securities
Yield (1)		3.45%			4.70%			4.42%			4.44%			4.17%
Investment income		30			78			106			141			32
Investment gains (losses)		36			(34	)		(37	)		(23	)		(9	)
Ending carrying value		3,584			3,238			3,118			3,023			3,043
Other Limited Partnership Interests
Yield (1)		15.14%			12.52%			12.07%			10.58%			11.34%
Investment income		243			402			582			681			182
Investment gains (losses)		3			8			8			4			(2	)
Ending carrying value		6,409			6,453			6,538			6,378			6,487
Cash and Short-term Investments
Yield (1)		1.09%			1.09%			1.10%			1.04%			0.69%
Investment income		43			84			122			155			32
Investment gains (losses)		-			1			1			2			-
Ending carrying value (3)		19,455			22,026			25,901			27,750			30,465
Other Invested Assets (1)
Investment income (5)		10			173			331			439			132
Investment gains (losses) (3)		4			(3	)		(3	)		(9	)		(25	)
Ending carrying value (5)		13,662			14,866			23,103			23,581			20,172
Total Investments
Investment income yield (1), (5)		4.92%			5.00%			5.05%			5.00%			5.00%
Investment fees and expenses yield		(0.12	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5), (6)		4.80%			4.87%			4.92%			4.87%			4.87%
Investment income (5)	$	4,995		$	10,224		$	15,413		$	20,542		$	5,286
Investment fees and expenses		(128	)		(266	)		(403	)		(546	)		(140	)
Net Investment Income including Divested businesses (5)		4,867			9,958			15,010			19,996			5,146
Less: Net investment Income from Divested businesses (6)		84			164			246			335			61
Net Investment Income (3), (5)		4,783			9,794			14,764			19,661			5,085
Ending Carrying Value (3), (5)	$	452,494		$	466,209		$	493,122		$	493,501		$	493,085
Investment portfolio gains (losses) including Divested businesses	$	(44	)	$	(105	)	$	(84	)	$	(553	)	$	(119	)
Less: Investment portfolio gains (losses) from Divested businesses (6)		(3	)		(9	)		(2	)		(140	)		96
Investment Portfolio Gains (Losses) (3), (6)		(41	)		(96	)		(82	)		(413	)		(215	)
Gross investment gains		285			633			1,107			1,354			278
Gross investment losses		(243	)		(531	)		(730	)		(1,058	)		(335	)
Writedowns		(83	)		(198	)		(459	)		(709	)		(158	)
Investment Portfolio Gains (Losses) (3)		(41	)		(96	)		(82	)		(413	)		(215	)
Investment portfolio gains (losses) income tax (expense) benefit		14			35			30			148			70
Investment Portfolio Gains (Losses), Net of Income Tax	$	(27	)	$	(61	)	$	(52	)	$	(265	)	$	(145	)
Derivative Gains (Losses) including Divested businesses	$	(386	)	$	(93	)	$	4,036		$	4,545		$	(2,064	)
Less: Derivative gains (losses) from Divested businesses (6)		(2	)		(11	)		(150	)		(163	)		(5	)
Derivative gains (losses) (3), (6)		(384	)		(82	)		4,186			4,708			(2,059	)
Derivative gains (losses) income tax (expense) benefit		131			24			(1,472	)		(1,643	)		727
Derivative Gains (Losses), Net of Income Tax	$	(253	)	$	(58	)	$	2,714		$	3,065		$	(1,332	)

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on page 2 and as presented on Page 36. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2) Fixed maturity securities includes $745 million, $863 million, $684 million, $740 million and $818 million in ending carrying value, and $28 million, $44 million, $6 million, $31 million and $45 million of investment income related to trading and other securities at or for the year-to-date period ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively.

(3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the three month periods ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively: A) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $18,459 million, $18,690 million, $17,874 million, $17,411 million and $18,119 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $161 million, $147 million, $140 million, $117 million and $89 million, mortgage loans of $6,771 million, $6,697 million, $3,227 million, $3,138 million and $3,024 million and cash and short-term investments of $59 million, $21 million, $13 million, $21 million and $3 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $0, $0, $7,652 million and $8,283 million; D) Net investment income adjustments as presented on page 36 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Investment portfolio gains (losses) - in above yield table	$	(44	)	$	(105	)	$	(84	)	$	(553	)	$	(119	)
Real estate discontinued operations		(28	)		(71	)		(97	)		(96	)		(21	)
Net investment gains (losses) related to certain CSEs		25			9			2			5			(5	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(52	)		(87	)		(130	)		(223	)		35
Net investment gains (losses) - GAAP basis	$	(99	)	$	(254	)	$	(309	)	$	(867	)	$	(110	)

	For the Year-to-Date Period Ended
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012
Derivative gains (losses) - in above yield table	$	(386	)	$	(93	)	$	4,036		$	4,545		$	(2,064	)
Investment hedge adjustments		39			94			164			249			89
Joint venture adjustments		23			23			23			23			-
Settlement of foreign currency earnings hedges		1			(3	)		(8	)		(12	)		(5	)
PAB hedge adjustments		8			16			18			19			2
Net derivative gains (losses) - GAAP basis	$	(315	)	$	37		$	4,233		$	4,824		$	(1,978	)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

(5) Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

(6) Yields are calculated including net investment income of certain Divested businesses and related carry values. The net investment income adjustment on Page 36 for all of the Divested businesses for the three months ended March 31, 2012 includes $85 million for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield sections presented above. See page 2 for discussion of Divested businesses.

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GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)


	March 31, 2011				June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	4,806		72.8%	$	3,315		62.1%	$	2,818		53.7%	$	2,896		52.5%	$	1,963		52.6%
20% or more for less than six months		446		6.8%		825		15.5%		1,377		26.2%		1,332		24.2%		258		6.9%
20% or more for six months or greater		1,344		20.4%		1,197		22.4%		1,055		20.1%		1,285		23.3%		1,512		40.5%
Total Gross Unrealized Losses	$	6,596		100.0%	$	5,337		100.0%	$	5,250		100.0%	$	5,513		100.0%	$	3,733		100.0%

Total Gross Unrealized Gains	$	13,208			$	16,178			$	25,168			$	25,973			$	25,203


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

	March 31, 2011				June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	74		34.9%	$	42		36.5%	$	53		23.3%	$	76		25.4%	$	33		18.6%
20% or more for less than six months		18		8.5%		4		3.5%		89		39.0%		123		41.1%		14		7.9%
20% or more for six months or greater		120		56.6%		69		60.0%		86		37.7%		100		33.5%		130		73.5%
Total Gross Unrealized Losses	$	212		100.0%	$	115		100.0%	$	228		100.0%	$	299		100.0%	$	177		100.0%

Total Gross Unrealized Gains	$	283			$	225			$	119			$	114			$	158

(1)

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

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SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION


Unaudited (In millions)		March 31, 2011				June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	93,549		28.0%	$	96,797		28.3%	$	106,575		30.1%	$	105,785		30.2%	$	105,273		29.7%
Foreign corporate securities			68,697		20.6%		70,538		20.6%		63,522		18.0%		64,018		18.3%		65,354		18.4%
Foreign government securities			45,189		13.6%		49,246		14.4%		52,959		15.0%		52,536		15.0%		55,338		15.6%
U.S. Treasury and agency securities			35,479		10.6%		35,565		10.4%		41,834		11.8%		40,012		11.4%		41,416		11.7%
Residential mortgage-backed securities			46,120		13.8%		44,615		13.1%		42,890		12.1%		42,637		12.2%		41,279		11.7%
Commercial mortgage-backed securities			19,785		5.9%		19,518		5.7%		19,585		5.5%		19,069		5.4%		18,732		5.3%
State and political subdivision securities			10,961		3.3%		11,669		3.4%		13,141		3.7%		13,235		3.8%		13,916		3.9%
Asset-backed securities			13,877		4.2%		13,792		4.1%		13,421		3.8%		12,979		3.7%		13,143		3.7%
Other fixed maturity securities			7		0.0%		4		0.0%		-		0.0%		-		0.0%		-		0.0%
Total fixed maturity securities available-for-sale		$	333,664		100.0%	$	341,744		100.0%	$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%

NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	236,943		71.0%	$	239,761		70.2%	$	250,596		70.8%	$	246,786		70.5%	$	248,544		70.1%
2	Baa		71,582		21.5%		77,066		22.5%		78,837		22.3%		78,531		22.4%		80,882		22.8%
3	Ba		15,428		4.6%		15,266		4.5%		15,348		4.3%		14,375		4.1%		14,618		4.1%
4	B		8,391		2.5%		8,489		2.5%		7,844		2.2%		8,849		2.5%		9,051		2.6%
5	Caa and lower		1,172		0.4%		1,103		0.3%		1,157		0.3%		1,668		0.5%		1,334		0.4%
6	In or near default		148		0.0%		59		0.0%		145		0.1%		62		0.0%		22		0.0%
Total fixed maturity securities available-for-sale (1)		$	333,664		100.0%	$	341,744		100.0%	$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%

(1)

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., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that file NAIC statutory financial statements are based on ratings from revised NAIC rating methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available. These revised 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, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012
Unaudited (In millions)
Traditional (2), (3)	$	5,611	$	5,709	$	5,697	$	5,959	$	6,954
Real estate joint ventures and funds		2,266		2,356		2,327		2,340		1,172
Subtotal		7,877		8,065		8,024		8,299		8,126
Foreclosed		165		169		173		264		346
Total Real Estate and Real Estate Joint Ventures	$	8,042	$	8,234	$	8,197	$	8,563	$	8,472

(2)

Includes wholly-owned real estate and operating real estate joint ventures.

(3)

Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1), (2)
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012

Commercial mortgage loans	$	38,087		$	39,050		$	40,120		$	40,440		$	40,329
Agricultural mortgage loans		12,761			12,981			12,967			13,129			12,946
Residential mortgage loans		2,399			2,657			3,424			689			788
Mortgage loans held-for-sale		2,435			2,805			3,740			7,526			3,664
Total Mortgage Loans		55,682			57,493			60,251			61,784			57,727
Valuation allowances		(621	)		(566	)		(529	)		(481	)		(446	)
Total Mortgage Loans, net	$	55,061		$	56,927		$	59,722		$	61,303		$	57,281

(1) Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition, of $7,652 million and $8,283 million as of December 31, 2011 and March 31, 2012, respectively.

(2) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See page 31, note 3 for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS

BY REGION AND PROPERTY TYPE


	March 31, 2011					June 30, 2011					September 30, 2011					December 31, 2011					March 31, 2012
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total

South Atlantic	$	7,930		20.8	%	$	8,323		21.3	%	$	8,591		21.4	%	$	9,022		22.3	%	$	8,968		22.2	%
Pacific		8,052		21.1	%		7,801		20.0	%		8,195		20.4	%		8,209		20.3	%		8,015		19.9	%
Middle Atlantic		5,301		13.9	%		5,873		15.0	%		6,535		16.3	%		6,370		15.8	%		6,288		15.6	%
International		4,636		12.2	%		4,518		11.6	%		4,540		11.3	%		4,713		11.7	%		4,839		12.0	%
West South Central		2,921		7.7	%		3,019		7.7	%		3,145		7.9	%		3,220		8.0	%		3,289		8.1	%
East North Central		2,848		7.5	%		3,111		8.0	%		3,101		7.7	%		2,984		7.3	%		2,936		7.3	%
New England		1,482		3.9	%		1,510		3.9	%		1,491		3.7	%		1,563		3.9	%		1,572		3.9	%
Mountain		842		2.2	%		838		2.1	%		823		2.1	%		746		1.8	%		810		2.0	%
East South Central		460		1.2	%		467		1.2	%		454		1.1	%		487		1.2	%		483		1.2	%
West North Central		631		1.7	%		628		1.6	%		511		1.3	%		365		0.9	%		346		0.9	%
Multi-Region and Other		2,984		7.8	%		2,962		7.6	%		2,734		6.8	%		2,761		6.8	%		2,783		6.9	%
Total	$	38,087		100.0	%	$	39,050		100.0	%	$	40,120		100.0	%	$	40,440		100.0	%	$	40,329		100.0	%

Office	$	16,728		43.9	%	$	17,951		46.0	%	$	19,290		48.1	%	$	18,582		45.9	%	$	18,320		45.4	%
Retail		9,217		24.2	%		8,901		22.8	%		8,564		21.3	%		9,524		23.6	%		9,545		23.7	%
Apartments		3,536		9.3	%		3,755		9.6	%		4,166		10.4	%		4,011		9.9	%		3,930		9.7	%
Industrial		3,138		8.2	%		3,046		7.8	%		3,138		7.8	%		3,102		7.7	%		3,288		8.2	%
Hotel		3,223		8.5	%		3,135		8.0	%		2,982		7.4	%		3,114		7.7	%		3,136		7.8	%
Other		2,245		5.9	%		2,262		5.8	%		1,980		5.0	%		2,107		5.2	%		2,110		5.2	%
Total	$	38,087		100.0	%	$	39,050		100.0	%	$	40,120		100.0	%	$	40,440		100.0	%	$	40,329		100.0	%

LOGO


METLIFE, INC. APPENDIX RECONCILIATION DETAIL (1)
Unaudited (In millions)	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			March 31, 2011			March 31, 2012

Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,348		$	1,238		$	1,026		$	1,278		$	1,493		$	1,348		$	1,493
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(99	)		(155	)		(55	)		(558	)		(110	)		(99	)		(110	)
Net derivative gains (losses)		(315	)		352			4,196			591			(1,978	)		(315	)		(1,978	)
Premiums		22			24			23			23			22			22			22
Universal life and investment-type product policy fees
Unearned revenue adjustments		(3	)		1			16			-			(6	)		(3	)		(6	)
GMIB fees		58			58			74			66			72			58			72
Related to divested businesses		2			2			2			2			3			2			3
Net investment income
Investment hedge adjustments		(39	)		(55	)		(70	)		(85	)		(89	)		(39	)		(89	)
Income from discontinued real estate operations		(3	)		(3	)		(2	)		(1	)		-			(3	)		-
Joint venture adjustments		(23	)		-			-			-			-			(23	)		-
Unit-linked contract income		419			(32	)		(824	)		(16	)		1,015			419			1,015
Securitization entities income		92			92			97			43			43			92			43
Related to divested businesses		84			80			82			89			146			84			146
Other revenues
Settlement of foreign currency earnings hedges		(1	)		4			5			4			5			(1	)		5
Related to divested businesses		99			130			198			182			103			99			103
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(10	)		(197	)		(189	)		(24	)		(98	)		(10	)		(98	)
GMIB costs		(145	)		(10	)		411			(448	)		(388	)		(145	)		(388	)
Market value adjustments		(2	)		(1	)		(4	)		-			(7	)		(2	)		(7	)
Related to divested businesses		(13	)		(15	)		(16	)		(13	)		(15	)		(13	)		(15	)
Interest credited to policyholder account balances
PAB hedge adjustments		(8	)		(8	)		(2	)		(1	)		(2	)		(8	)		(2	)
Unit-linked contract costs		(435	)		77			801			40			(1,016	)		(435	)		(1,016	)
Related to divested businesses		(2	)		(3	)		(3	)		(2	)		-			(2	)		-
Capitalization of DAC		2			2			3			2			2			2			2
Amortization of DAC and VOBA
Related to NIGL and NDGL		28			(112	)		(426	)		(16	)		192			28			192
Related to GMIB fees and GMIB costs		31			(5	)		(129	)		90			113			31			113
Related to market value adjustments		-			-			-			-			-			-			-
Related to divested businesses		(1	)		(1	)		(1	)		(1	)		(1	)		(1	)		(1	)
Amortization of negative VOBA
Related to market value adjustments		19			19			19			17			17			19			17
Related to divested businesses		1			1			1			1			1			1			1
Interest expense on debt
Securitization entities debt expense		(92	)		(92	)		(97	)		(43	)		(43	)		(92	)		(43	)
Related to divested businesses		-			-			-			-			(2	)		-			(2	)
Other expenses
Noncontrolling interest		7			(9	)		(7	)		1			24			7			24
Regulatory implementation costs		(1	)		(10	)		(3	)		(9	)		(7	)		(1	)		(7	)
Acquisition & integration costs		(68	)		(126	)		(85	)		(133	)		(75	)		(68	)		(75	)
Related to divested businesses		(231	)		(258	)		(268	)		(310	)		(419	)		(231	)		(419	)
Provision for income tax (expense) benefit		203			73			(1,329	)		194			871			203			871
Income (loss) from continuing operations, net of income tax		924			1,061			3,444			963			(134	)		924			(134	)
Income (loss) from discontinued operations, net of income tax		(40	)		32			6			25			14			(40	)		14
Net income (loss)		884			1,093			3,450			988			(120	)		884			(120	)
Less: Net income (loss) attributable to noncontrolling interest		7			(7	)		(6	)		(2	)		24			7			24
Net income (loss) attributable to MetLife, Inc.		877			1,100			3,456			990			(144	)		877			(144	)
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	$	701		$	1,069		$	3,426		$	959		$	(174	)	$	701		$	(174	)

(1) Certain amounts in the prior periods have been revised in connection with the retrospective application of the first quarter 2012 adoption of ASU 2010-26.

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METLIFE INC - FORM 8-K - EX-99.2 - FIRST QUARTER FINANCIAL SUPPLEMENT MARCH 31, 2012 - April 26, 2012

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