METLIFE INC - FORM 8-K - EX-99.1 - SLIDE PRESENTATIONS TO BE PRESENTED AT METLIFE, INC.

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EX-99.2 - PRESS RELEASE OF METLIFE, INC., DATED DECEMBER 13, 2012 - METLIFE INC	d450611dex992.htm

2 0 1 2

Agenda

GUIDANCE

PRESENTATION

Exhibit 99.1

This presentation may contain or incorporate by reference forward-looking statements. Forward-looking statements give expectations or forecasts of future events and

use words such as “anticipate,”

“estimate,”

“expect,”

“project”

and other terms of similar meaning. Any or all forward-looking statements may turn out to be

wrong, and actual results could differ materially from those expressed or implied in the forward-looking statements.

Predictions of future performance are

inherently difficult and are subject to numerous risks and uncertainties, including those identified in the “Risk Factors”

section of MetLife, Inc.’s filings with the U.S.

Securities and Exchange Commission. The company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes

aware that such statement is not likely to be achieved. Additional discussion of forward-looking statements may be included in other slides in this presentation; if so,

please refer to those slides for more information.

The presentation may also contain measures that are not calculated based on accounting principles generally accepted in the United States of America, also known as

GAAP. Additional discussion of non-GAAP financial information may be included in other slides in this presentation, on the Investor Relations portion of MetLife's

website (www.metlife.com), or elsewhere on that website; if so, please refer to those slides or the website for more information.

Cautionary Statement on Forward Looking Statements and

Non-GAAP Financial Information

Agenda

Overview

Steven A. Kandarian

Chairman, President & Chief Executive Officer

Finance

John C.R. Hele

Chief Financial Officer

Q&A

Appendix

GUIDANCE PRESENTATION

2 0 1 2

Steven A. Kandarian

Chairman, President &

Chief Executive Officer

Strategy to Become a World-Class Company

Build Global

Employee Benefits

Business

Refocus the U.S.

Business

Grow

Emerging Markets

Drive Toward

Customer Centricity

and a Global Brand

LOBAL

ORLD

-C

LASS

CALE

Full Year 2012 Financial Overview

$4.80 -

$5.20

$4.03

3Q12

YTD

4Q12E

$1.12 -

$1.22

$5.15 -

$5.25

(Operating Earnings per Share)

2012 Plan

2012E

Normalized

2012 Plan vs Estimate

$5.22 -

$5.32

The bars represent mid-points of ranges.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

4Q12 estimate reflects impact

from Superstorm Sandy

Investment spreads benefit

from variable investment

income & interest rate hedges

Improved underwriting

margins

Expenses remain under

control

Mixed Global Economic Outlook

Europe

The Americas

Japan

Latin America

U.S.

Asia

EMEA

Asia (Ex-Japan)

Low interest rates, regulatory and fiscal uncertainty, modest recovery

Recession risk, increasing debt burden, high savings rate

Sustainable growth, contained inflation, continued progress

Cooling growth, moderate inflation, sound fiscal policy

Recession, fiscal contraction, structural reforms proposed

Interest Rate Hedge Income Flat, Portfolio Yield Declines

Interest rate hedge income

is estimated to be flat next

year

Effect of low reinvestment

rates more evident in 2013

(Pre-tax $ in Millions)

Excludes Corporate & Other. 2012 Estimate and 2013 Plan represent mid-points of ranges.

Portfolio yield includes interest rate hedge income.

$370

$537

5.66%

5.57%

5.27%

2011

2012 Estimate

2013 Plan

Interest Rate Hedge Income

Portfolio Yield

U.S. Business

2013 Guidance Illustrates Resilience of Operating Earnings

Low interest rate impact is

consistent with what we have

said previously

Still project operating earnings

growth over time even if rates

remain low

2011 Normalized

2013 Low Rate

Scenario

2013 Plan

Low Rates Reducing Operating

EPS Growth Rate as Expected

$4.95 -

$5.35

$5.07

$4.69

Represents a 4% compound annual growth rate, which is consistent with the hypothetical scenario (presented in the 3Q11 Earnings Call Supplement available on the Investor

Relations portion of our Internet website (www.metlife.com)) where U.S. Treasury yields remain flat for five years.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Number not adjusted for divestment of bank. Adjusting for the divestment, 2011 normalized operating EPS is $4.61.

Expanding Operating ROE in a Challenging Environment

Expect to Achieve 12% Operating ROE

by 2016

Even if Interest Rates Remain Low

The bars represent mid-points of ranges.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

12.0% -

14.0%

11.0% -

11.1%

2012 Estimate

2016 Target

Upward Trend in EPS and Operating ROE Despite Low Rates

Growth in non-U.S. through 2016 should drive overall growth in

operating earnings even if low interest rates persist

Focused on what we can control, cost saves and strategic initiatives

expected to contribute 200 bps to operating ROE by 2016

Sense of urgency around strategic initiatives considering elevated risk

of lower-for-longer interest rate scenario

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Base Case is Business Generates Excess Capital

Assuming regulatory capital rules reflect the insurance business

model, MetLife should generate excess capital

Shift from market sensitive to protection products improves our risk

profile and free cash flow

Goal is to increase free cash flow from approximately 40% of operating

earnings to at least 50% over time

We remain committed to returning capital to shareholders

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

GUIDANCE PRESENTATION

2 0 1 2

John C. R. Hele

Executive Vice President &

Chief Financial Officer

Agenda

Review of estimated results

–

Fourth quarter 2012

–

Full year 2012

Review of 2013 plan

Fourth Quarter 2012 Estimate

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

($ in Millions, except per share data)

Operating Earnings

$1,215

$1,320

Operating Earnings per Share

1.12

1.22

PY Development/CATs

DAC and Other Assumption Items

Reorganization Costs

Variable Investment Income

Q4 2012 "Normalized" Operating EPS

1.19

1.29

DAC and Other

($750)

($550)

Net Investment Gains/(Losses)

($200)

($100)

Net Derivative Gains/(Losses)

($300)

$300

Book Value per Share (including AOCI)

$57.57

$58.01

Book Value per Share (excluding AOCI)

$46.97

$47.41

4th Quarter

0.06

0.01

(0.05)

0.05

4Q12 DAC and Other Actuarial Assumptions Update

Projected

charge

$600

$800

million

after-tax

for

DAC

and

other

actuarial assumption updates

Reflects changes in variable annuity lapse rates

Includes changes to long-term fixed income returns

Full Year 2012 Financial Overview

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

($ in Billions, except per share data)

2011

Actual

2012 Plan

2012 Estimate

Premiums,

Fees

Other

Revenues

(Operating)

$45.4

$47.3

$48.6

$47.3

$47.7

Operating Earnings

$4.7

$5.1

$5.6

$5.5

$5.6

Operating Earnings per Share

$4.38

$4.80

$5.20

$5.15

$5.25

Operating Expense Ratio

24.4%

23.9%

24.5%

23.9%

24.1%

Operating Return on Equity

10.1%

10.0%

10.6%

11.0%

11.1%

2012 MetLife Capital Position Year-End Estimate

Enterprise capital levels remain strong

–

Combined

U.S.

RBC

ratio

425%

450%

–

Japan

solvency

margin

ratio

(SMR)

800%

900%

–

$5.4 billion cash and liquid assets at holding companies

Moody’s

leverage

ratio

27.0%

Calculated based on the Company’s principal U.S. insurance subsidiaries, excluding American Life Insurance Company.

Reported leverage includes 3Q12 AOCI held constant, and $400 million maturing senior note repayment in December 2012.

2013 Plan Assumptions

5% annual S&P 500 Index growth

–

S&P 500 Index of 1,422 as of Dec. 31, 2012

U.S interest rates based on consensus

–

10 year at 1.65% at Dec. 31, 2012 going to 2.38% at Dec. 31, 2013

Exchange rates at consensus

–

Yen/$ at 79 at Dec. 31, 2012; 84 at Dec. 31, 2013

No stock buybacks assumed

Effective corporate tax rate of 28.5%

2013 Plan

($ in Millions, except per share data)

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Operating Earnings

$5,500

$5,940

Average Shares Outstanding (in Millions)

Operating Earnings per Share

4.95

5.35

Operating Expense Ratio

23.6%

24.5%

Net Investment Gains/(Losses)

($600)

($200)

Book Value per Share (excluding AOCI)

50.48

51.66

Operating Return on Equity

10.2%

10.9%

1,110.4

2013 Plan

Variable Investment Income Outlook

Alternative Investments

Real Estate Funds

and Other Joint Ventures

Prepayments

($ in Millions)

Variable Investment Income Plan

$800M to $1.2B for 2013

Range

200

400

600

800

1,000

1,200

1,400

2012 Plan

2012 Estimate

2013 Plan

2013 Operating Earnings by Line of Business

($ in Millions)

Calculated using mid-point of ranges before rounding.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Growth Rate

Retail

$1,860

$1,910

$2,010

4.0%

Group, Voluntary & Worksite Benefits

990

1,000

995

1,055

3.0%

Corporate Benefit Funding

1,160

1,170

1,095

1,155

(3.4%)

Latin America

580

590

560

620

0.9%

The Americas

4,590

4,670

4,560

4,840

1.5%

Asia

1,075

1,090

1,130

1,230

8.9%

EMEA

250

260

250

290

5.7%

Corporate & Other

(310)

(440)

(420)

Total

$5,605

$5,710

$5,500

$5,940

1.1%

2012 Normalized

Estimate

2013 Plan

2013 Cash

and Liquid Assets Estimate at Holding Companies

Holding Companies Cash Roll Forward

($ in Billions)

2012E

Subsidiary Dividends

Mandatory

Equity Units

Expenses

and Other

Current Common

Dividend and

Debt Maturity

2013 Cash and Liquid

Assets Before

Incremental

Capital Actions

$5.4

$3.0 -

$3.5

$1.0

($1.6)

$4.8 -

$5.8

($2.5 -

$3.0)

2013 cash and liquid assets is prior to incremental capital actions such as M&A, common stock buybacks and common stock dividend increase. The bars represent mid-points of

ranges.

Targeting more than a 40%

decline in VA sales for 2013

Continued movement toward

lower-risk product design and

rationalizing distribution

Consistent with strategy to

shift mix toward less capital-

intensive products

Managing Variable Annuity Risk

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

($ in Billions)

MetLife

U.S.

Variable

Annuity

Sales

$15.3

$13.9

$15.4

$18.3

$28.4

2007

2008

2009

2010

2011

2012E

2013P

$17.5 -

$18.5

$10.0 -

$11.0

Key Takeaways

2012 was a good year with operating earnings growth expected to be

in a range of 18% to 20%

2013 looks challenging, but still see double-digit operating ROE

despite no assumption for capital management

Focused on risk reduction and improving free cash flow

Well positioned to manage in tough environment

No material change in long-term outlook

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Appendix

2 0 1 2

GUIDANCE PRESENTATION

Safe Harbor Statement

These materials may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact

that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words

and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future

actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of

contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.

Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current

expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees

of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors

that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange

Commission (the “SEC”). These factors include: (1) difficult conditions in the global capital markets; (2) concerns over U.S. fiscal policy and the “fiscal cliff” in the U.S.,

as well as rating agency downgrades of U.S. Treasury securities; (3) uncertainty about the effectiveness of governmental and regulatory actions

to stabilize the financial system, the imposition of fees relating thereto, or the promulgation of additional regulations; (4) increased volatility and disruption of the capital

and credit markets, which may affect our ability to seek financing or access our credit facilities; (5) impact of comprehensive financial services regulation reform on us;

(6) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (7) exposure to

financial and capital market risk, including as a result of the disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (8) changes in

general economic conditions, including the performance of financial markets and interest rates, which may affect our ability to raise capital, generate fee income and

market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified

assets; (9) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (10) investment losses and defaults,

and changes to investment valuations; (11) impairments of goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage

loans; (13) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (14) our ability to address unforeseen liabilities, asset

impairments, or rating actions arising from acquisitions or dispositions, including our acquisition of American Life Insurance Company and Delaware American Life

Insurance Company (collectively, “ALICO”) and to successfully integrate and manage the growth of acquired businesses with minimal disruption; (15) uncertainty with

respect to the outcome of the closing agreement entered into with the United States Internal Revenue Service in connection with the acquisition of ALICO; (16) the

dilutive impact on our stockholders resulting from the settlement of common equity units issued in connection with the acquisition of ALICO or otherwise; (17)

regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (18) MetLife, Inc.’s primary reliance, as a holding

company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such

dividends; (19) downgrades in our claims paying ability, financial strength or credit ratings; (20) ineffectiveness of risk management policies and procedures; (21)

availability and effectiveness of reinsurance or indemnification arrangements, as well as default or failure of counterparties to perform; (22) discrepancies between

actual claims experience and assumptions used in setting prices for our products and establishing the liabilities for our obligations for future policy benefits and claims;

(23) catastrophe losses; (24) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new

products by new and existing competitors, distribution of amounts available under U.S. government programs, and for personnel; (25) unanticipated changes in

industry trends; (26) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business

acquired or goodwill; (27) changes in accounting standards, practices and/or policies; (28) increased expenses relating to pension and postretirement benefit plans, as

well as health care and other employee benefits; (29) exposure to losses related to variable annuity guarantee benefits,

Safe Harbor Statement (Continued)

including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or

longevity, and the adjustment for nonperformance risk; (30) deterioration in the experience of the “closed block” established in connection with the reorganization

of Metropolitan Life Insurance Company; (31) adverse results or other consequences from litigation, arbitration or regulatory investigations; (32) inability to protect

our intellectual property rights or claims of infringement of the intellectual property rights of others; (33) discrepancies between actual experience and assumptions

used in establishing liabilities related to other contingencies or obligations; (34) regulatory, legislative or tax changes relating to our insurance, banking,

international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing

benefits to employees; (35) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or

natural catastrophes, including any related impact on our disaster recovery systems, cyber- or other information security systems and management continuity

planning; (36) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (37) other risks and

uncertainties described from time to time in MetLife, Inc.’s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such

statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

Explanatory Note on Non-GAAP Financial Information

All references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information slide and the Appendix) to net income

(loss), net income (loss) per share, operating earnings, operating earnings per share, book value per common share, premiums, fees and other

revenues and operating return on equity, should be read as net income (loss) available to MetLife, Inc.'s common shareholders, net income

(loss) available to MetLife, Inc.'s common shareholders per diluted common share, operating earnings available to common shareholders,

operating

earnings

available

common

shareholders

per

diluted

common

share,

book

value

per

common

share,

excluding

accumulated

other

comprehensive income (loss) ("AOCI"), premiums, fees and other revenues (operating) and operating return on MetLife, Inc.’s common equity,

excluding AOCI, respectively.

Operating

earnings

the

measure

segment

profit

loss

that

MetLife

uses

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

MetLife's

measure

segment

performance.

Operating

earnings

also

measure

which

MetLife

senior

management's and many other employees' performance is evaluated for the purposes of determining their compensation under applicable

compensation plans.

Operating earnings 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

discontinued

operations

and

other

businesses

that

have

been

will

sold

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:

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL 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, (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, (iv)

excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to

securitization entities that are variable interest entities ("VIEs") consolidated under GAAP; 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, (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, (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 and excludes

amounts related to net investment income earned on contractholder-directed unit-linked investments;

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

negative

VOBA

excludes

amounts

Market

Value

Adjustments;

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii)

acquisition and integration costs.

Operating return on MetLife, Inc.'s common equity is defined as operating earnings available to common shareholders divided by average GAAP

common equity.

Operating expense ratio is calculated by dividing operating expenses (other expenses net of capitalization of DAC) by premiums, fees and other

revenues (operating).

MetLife believes the presentation of operating earnings and operating earnings available to common shareholders as MetLife measures it for

management purposes enhances the understanding of the company's performance by highlighting the results of operations and the underlying

profitability

drivers

the

business.

Operating

revenues,

operating

expenses,

operating

earnings,

operating

earnings

available

common

shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding AOCI,

book value per diluted common share, excluding AOCI, operating return on MetLife, Inc.’s common equity, operating return on MetLife, Inc.’s

common equity, excluding AOCI, investment portfolio gains (losses) and derivative gains (losses) should not be viewed as substitutes for the

following

financial

measures

calculated

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, book value per diluted common share, return on

MetLife, Inc.’s common equity, return on MetLife, Inc.’s common equity, excluding AOCI, net investment gains (losses) and net derivative gains

(losses), respectively.

Explanatory Note on Non-GAAP Financial Information

(Continued)

Explanatory Note on Non-GAAP Financial Information

(Continued)

For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP

measures may be included in an Appendix to the presentation materials and/or are on the Investor Relations portion of our Internet website.

Additional information about our historical results is also available on our Internet website in our Quarterly Financial Supplements for the

corresponding periods.

Managed Assets (as defined below) is a financial measure based on methodologies other than GAAP. MetLife utilizes “Managed Assets” to

describe assets in its investment portfolio which are actively managed and reflected at estimated fair value. MetLife believes the use of Managed

Assets enhances the understanding and comparability of its investment portfolio by excluding assets such as policy loans, other invested assets,

mortgage loans held-for-sale, and mortgage loans held by consolidated securitization entities, as substantially all of those assets are not actively

managed in MetLife’s investment portfolio. Trading and other securities are also excluded as this amount is primarily comprised of contractholder-

directed unit-linked investments, where the contractholder, and not the company, directs the investment of these funds. Mortgage loans and

certain real estate investments have also been adjusted from carrying value to estimated fair value.

The non-GAAP measures used in this presentation should not be viewed as substitutes for the most directly comparable GAAP measures.

In this presentation, we may refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are

used as relevant measures of business activity.

The impact of changes in foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current period

and is applied to the prior period.

In this presentation, we may provide guidance on our future earnings, premiums, fees and other revenues, earnings per diluted common share,

book value per common share and return on common equity on an operating or non-GAAP basis. A reconciliation of the non-GAAP measures to

the most directly comparable GAAP measures is not accessible on a forward-looking basis because we believe it is not possible to provide other

than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or without the range

and from period to period and may have a significant impact on GAAP net income.

Reconciliations

2 0 1 2

GUIDANCE PRESENTATION

Reconciliation of Operating Earnings Available to Common Shareholders to

Income (Loss) from Continuing Operations, Net of Income Tax

($ in Millions, except per share data)

2011

3Q12 YTD

Operating earnings available to common shareholders

4,677

4,313

Add: Preferred stock dividends

122

Operating earnings

4,799

4,404

Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:

Add: Net investment gains (losses)

(867)

(152)

Add: Net derivative gains (losses)

4,824

(604)

Add: Goodwill impairment

(1,868)

Add: Other adjustments to continuing operations

(1,451)

(1,619)

Add: Provision for income tax (expense) benefit

(914)

1,048

Income (loss) from continuing operations, net of income tax

6,391

1,209

Operating earnings available to common shareholders per diluted common share

4.38

4.03

Add: Preferred stock dividends

0.11

0.09

Operating earnings per diluted common share

4.49

4.12

Adjustments from operating earnings per diluted common share

to income (loss) from continuing operations, net of income tax per diluted common share:

Add: Net investment gains (losses)

(0.81)

(0.14)

Add: Net derivative gains (losses)

4.52

(0.57)

Add: Goodwill impairment

(1.75)

Add: Other adjustments to continuing operations

(1.36)

(1.51)

Add: Provision for income tax (expense) benefit

(0.86)

0.98

Income (loss) from continuing operations, net of income tax per diluted common share

5.98

1.13

1,068.1

1,070.0

Weighted

Average

Outstanding -

Diluted

Reconciliation of Premiums, Fees & Other Revenues (Operating) to

Premiums,

Fees & Other Revenues (GAAP) and Calculation of Operating Expense Ratio

($ in Millions)

2011

Premiums, fees & other revenues (operating)

45,449

Adjustments from premiums, fees & other revenues (operating) to

premiums, fees & other revenues (GAAP):

Add: Premiums

Add: Universal life and investment-type product policy fees

278

Add: Other revenues

880

Premiums, fees & other revenues (GAAP)

46,699

Operating expenses

(1)

11,071

Operating expense ratio

24.4%

(1) Other expenses (operating) net of capitalization of DAC.

Reconciliation of Return on Common Equity

2011

Return on MetLife, Inc.'s Common Equity (1)

Return on MetLife, Inc.'s common equity (2)

12.2%

Return on MetLife, Inc.'s common equity, excluding AOCI (2)

13.2%

Operating return on MetLife, Inc.'s common equity (3)

9.3%

Operating return on MetLife, Inc.'s common equity, excluding AOCI (3)

10.1%

(1) Annualized using year-to date results.

(2) Return on MetLife, Inc.'s common equity is defined as net income available to common shareholders divided by average GAAP common equity.

(3) Operating return on MetLife, Inc.'s common equity is defined as operating earnings available to common shareholders divided by average GAAP common equity.

Outlook

2 0 1 2

GUIDANCE PRESENTATION

2012 Normalized Operating Earnings

($ in Millions)

Normalized

Adjustments

Retail

$1,875

$1,925

($15)

$1,860

$1,910

Group, Voluntary & Worksite Benefits

955

965

990

1,000

Corporate Benefit Funding

1,195

1,205

(37)

1,160

1,170

Latin America

580

590

580

590

The Americas

4,605

4,685

(18)

4,590

4,670

Asia

1,060

1,075

1,090

EMEA

265

275

(12)

250

260

Corporate & Other

(400)

(310)

Total

$5,530

$5,635

$71

$5,605

$5,710

2012 Estimate

2012 Normalized

Estimate

See “2012 Schedule of Normalized Adjustments” elsewhere in this Appendix.

See “Explanatory Note on Non-GAAP Financial Information” elsewhere in this Appendix.

Normalized Operating Earnings Per Share

Operating Earnings per Share

$5.15

5.25

Variable Investment Income

Prior Year Development/CATS

DAC & Other

Reserve Adjustments

Reorganization Costs

Japan Earthquake

Other

Japan Re Market

ELNY Liquidation

"Normalized" Operating EPS

$5.22

5.32

Alico Integration

Other

"Normalized" Operating EPS

MetLife Bank Divested Business

"Normalized" Operating EPS

0.08

$4.69

0.05

0.02

0.03

0.04

0.05

(0.02)

$4.61

2012 Estimate

(0.12)

0.04

0.08

2011

(0.13)

0.14

(0.03)

0.11

0.04

$4.38

See “Explanatory Note on Non-GAAP Financial Information” elsewhere in this Appendix.

2012 Schedule of Normalized Adjustments

Variable

Investment

Income

Prior Year

Development/

CATS

DAC & Other

Reorganization

Costs

Other

Normalized

Adjustments

Retail

($9)

$28

($60)

$26

($15)

Group, Voluntary & Worksite Benefits

Corporate Benefit Funding

(37)

Latin America

The Americas

(46)

(38)

(18)

Asia

(28)

EMEA

(12)

Corporate & Other

(57)

Total

($131)

$40

$49

$82

$31

$71

See “Explanatory Note on Non-GAAP Financial Information” elsewhere in this Appendix.

2013

Premiums,

Fees

Other

Revenues

Growth

($ in Billions)

Operating.

Calculated using mid-point of ranges before rounding.

Growth Rate

Retail

$11.9

$12.0

$12.1

$12.5

2.8%

Group, Voluntary & Worksite Benefits

15.8

15.9

16.3

16.8

4.6%

Corporate Benefit Funding

3.5

3.6

2.7

2.9

(22.1%)

Latin America

3.4

3.7

3.9

10.6%

The Americas

34.6

34.9

34.8

36.1

1.8%

Asia

9.7

9.8

10.1

10.3

4.0%

EMEA

2.8

2.7

2.8

(2.0%)

Corporate & Other

0.2

0.3

0.5

Total

$47.3

$47.7

$47.9

$49.7

2.7%

2012 Estimate

2013 Plan

See “Explanatory Note on Non-GAAP Financial Information” elsewhere in this Appendix.

2013 Operating Expense Ratio

Expense discipline continues

Maintaining focus on Alico

integration

Pension/PRB cost has a

negative impact of $90 million

2012E

2013P

Excl. Pension/PRB

Pension/PRB

Operating Expense Ratio

23.6% -

24.5%

23.9% -

24.1%

22.5% -

23.4%

22.9% -

23.1%

See “Explanatory Note on Non-GAAP Financial Information” elsewhere in this Appendix.

METLIFE INC - FORM 8-K - EX-99.1 - SLIDE PRESENTATIONS TO BE PRESENTED AT METLIFE, INC. - December 13, 2012

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