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”). Operating expenses also excludes goodwill impairments.

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

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

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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

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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:

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Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets (“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”);

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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”);

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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;

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

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

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Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition and 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 32, and in MetLife’s earnings press release dated October 31, 2012, for the three months ended September 30, 2012, which is available at www.metlife.com.

ASSETS

Investments:

Fixed maturity securities available-for-sale, at estimated fair value

Equity securities available-for-sale, at estimated fair value

Trading and other securities, at estimated fair value (1)

Mortgage loans:

Held-for-investment, principally at amortized cost (1)

Held-for-sale, principally at estimated fair value (2)

Mortgage loans, net

Policy loans

Real estate and real estate joint ventures

Other limited partnership interests

Short-term investments, principally at estimated fair value

Other invested assets, principally at estimated fair value

Total investments

Cash and cash equivalents, principally at estimated fair value (1)

Accrued investment income

Premiums, reinsurance and other receivables

Deferred policy acquisition costs and value of business acquired

Goodwill

Other assets

Assets of subsidiaries held-for-sale

Separate account assets

Total assets

LIABILITIES AND EQUITY

Liabilities

Future policy benefits

Policyholder account balances

Other policy-related balances

Policyholder dividends payable

Policyholder dividend obligation

Payables for collateral under securities loaned and other transactions

Bank deposits

Short-term debt

Long-term debt (1)

Collateral financing arrangements

Junior subordinated debt securities

Current income tax payable

Deferred income tax liability

Other liabilities (2)

Liabilities of subsidiaries held-for-sale

Separate account liabilities

Total liabilities

Redeemable noncontrolling interests in partially owned consolidated subsidiaries

Equity

Preferred stock, at par value

Convertible preferred stock, at par value

Common stock, at par value

Additional paid-in capital

Retained earnings

Treasury stock, at cost

Accumulated other comprehensive income (loss)

Total MetLife, Inc.’s stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

(1)    At September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, $3,380 million, $3,276 million, $3,116 million, $3,023 million and $2,935 million, respectively, of assets and $3,157 million, $3,068 million, $2,916 million, $2,821 million and $2,733 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See Pages 27 and 28, note 3 for the amounts by asset category.

(2)    At December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, $7,652 million, $8,283 million, $259 million and $0, respectively, of assets and $7,626 million, $8,252 million, $257 million and $0, respectively, of liabilities are included related to securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

OPERATING REVENUES

Premiums

Universal life and investment-type product policy fees

Net investment income

Other revenues

Total operating revenues

OPERATING EXPENSES

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

Total operating expenses

Operating earnings before provision for income tax

Provision for income tax expense (benefit)

Operating earnings

Preferred stock dividends

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

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

Operating earnings

Adjustments from operating earnings to income (loss) from continuing operations:

Net investment gains (losses)

Net derivative gains (losses)

Premiums

Universal life and investment-type product policy fees

Net investment income