METLIFE INC - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - METLIFE INC	d479010dex991.htm
8-K - FORM 8-K - METLIFE INC	d479010d8k.htm

Exhibit 99.2

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Fourth Quarter

Financial Supplement

December 31, 2012

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METLIFE, INC. TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			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			10

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
Other Expenses by Major Category and Sales by Product			15
Spread by Product and Other Statistical Information			16

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			18
Other Expenses by Major Category, Spread and Other Statistical Information			19

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

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			23

ASIA
Statements of Operating Earnings Available to Common Shareholders			24

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			25

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			26

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			27
Gross Unrealized Gains and Losses Aging Schedules—Fixed Maturity Securities and Equity Securities Available-for-Sale			29
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			30
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			31

APPENDIX
Reconciliation Detail			A-1
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-2
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-3
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-4



		METLIFE, INC. NOTE TO FINANCIAL SUPPLEMENT 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:
		•		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 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 A-1 and in our earnings press release dated February 13, 2013, for the three months and year ended December 31, 2012, which is available at www.metlife.com.

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

	Operating earnings available to common shareholders	$	1,244		$	1,464		$	1,432		$	1,417		$	1,373
	Preferred stock dividends		31			30			31			30			31
	Operating earnings		1,275			1,494			1,463			1,447			1,404
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(558	)		(110	)		(64	)		22			(200	)
	Net derivative gains (losses)		591			(1,978	)		2,092			(718	)		(1,315	)
	Goodwill impairment		-			-			-			(1,868	)		-
	Other adjustments to continuing operations		(536	)		(411	)		(736	)		(472	)		(931	)
	Provision for income tax (expense) benefit (1)		191			871			(455	)		632			1,147
	Income (loss) from continuing operations, net of income tax		963			(134	)		2,300			(957	)		105
	Income (loss) from discontinued operations, net of income tax		25			14			3			-			31
	Net income (loss)		988			(120	)		2,303			(957	)		136
	Less: Net income (loss) attributable to noncontrolling interest		(2	)		24			8			(3	)		9
	Net income (loss) attributable to MetLife, Inc.		990			(144	)		2,295			(954	)		127
	Less: Preferred stock dividends		31			30			31			30			31
	Less: Preferred stock redemption premium		-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	959		$	(174	)	$	2,264		$	(984	)	$	96


	Operating earnings available to common shareholders per common share - diluted (2), (3)	$	1.17		$	1.37		$	1.34		$	1.32		$	1.25
	Net investment gains (losses)		(0.52	)		(0.10	)		(0.06	)		0.02			(0.18	)
	Net derivative gains (losses)		0.55			(1.85	)		1.96			(0.67	)		(1.20	)
	Goodwill impairment		-			-			-			(1.74	)		-
	Other adjustments to continuing operations		(0.50	)		(0.38	)		(0.68	)		(0.44	)		(0.85	)
	Provision for income tax (expense) benefit		0.18			0.81			(0.43	)		0.59			1.05
	Discontinued operations, net of income tax		0.02			0.01			-			-			0.03
	Less: Net income (loss) attributable to noncontrolling interest		-			0.02			0.01			-			0.01
	Less: Preferred stock redemption premium		-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (2), (3)	$	0.90		$	(0.16	)	$	2.12		$	(0.92	)	$	0.09

	Weighted average common shares outstanding - diluted		1,066.3			1,070.9			1,070.0			1,071.0			1,097.5

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

	Book value per common share - (actual common shares outstanding) (4)	$	52.43		$	53.37		$	56.83		$	58.35		$	57.17
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (4)	$	46.69		$	46.52		$	48.60		$	47.70		$	46.73
	Book value per common share - diluted - (weighted average common shares outstanding) (4)	$	52.03		$	52.87		$	56.41		$	57.90		$	56.87
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (4)	$	46.32		$	46.09		$	48.25		$	47.32		$	46.48

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

	Common shares outstanding, beginning of period		1,057.6			1,058.0			1,060.9			1,062.2			1,062.6
	Newly issued shares		0.4			2.9			1.3			0.4			29.1
	Common shares outstanding, end of period		1,058.0			1,060.9			1,062.2			1,062.6			1,091.7

	Weighted average common shares outstanding - basic		1,060.4			1,064.3			1,064.7			1,065.0			1,091.0
	Dilutive effect of stock purchase contracts underlying common equity units (2)		-			-			-			-			-
	Dilutive effect of the exercise or issuance of stock-based awards (3)		5.9			6.6			5.3			6.0			6.5
	Weighted average common shares outstanding - diluted		1,066.3			1,070.9			1,070.0			1,071.0			1,097.5

	Policyholder Trust Shares		212.9			209.7			207.5			206.2			202.3

(1)	Includes deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary for the three months ended December 31, 2012.
(2)	For the three months ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 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.
(3)	For the three months ended March 31, 2012 and September 30, 2012, 6.6 million shares and 6.0 million shares, respectively, related to the assumed exercise or issuance of stock-based awards should be 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.
(4)	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.

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METLIFE, INC.
CONSOLIDATED BALANCE SHEETS

	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012

	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value	$	350,271		$	354,451		$	366,339		$	378,005		$	374,266
	Equity securities available-for-sale, at estimated fair value		3,023			3,043			2,882			2,803			2,891
	Fair value option and trading securities, at estimated fair value (1)		18,268			19,026			18,328			15,995			16,348
	Mortgage loans:
	Held-for-investment, principally at amortized cost (1)		56,915			56,641			57,201			57,884			56,592
	Held-for-sale, principally at estimated fair value (2)		15,178			11,947			1,740			1,286			414
	Mortgage loans, net		72,093			68,588			58,941			59,170			57,006
	Policy loans		11,892			11,896			11,912			11,949			11,884
	Real estate and real estate joint ventures		8,563			8,472			8,477			8,749			9,918
	Other limited partnership interests		6,378			6,487			6,726			6,730			6,688
	Short-term investments, principally at estimated fair value		17,310			11,801			18,526			14,678			16,906
	Other invested assets, principally at estimated fair value		23,581			20,172			24,288			23,477			21,145
	Total investments		511,379			503,936			516,419			521,556			517,052
	Cash and cash equivalents, principally at estimated fair value (1)		10,461			18,667			16,035			16,950			15,738
	Accrued investment income		4,344			4,612			4,404			4,716			4,374
	Premiums, reinsurance and other receivables		22,481			23,759			23,974			22,939			21,634
	Deferred policy acquisition costs and value of business acquired		24,619			25,105			24,505			24,604			24,761
	Goodwill		11,935			11,903			11,823			10,024			9,953
	Other assets		7,984			9,647			7,711			8,123			7,876
	Separate account assets		203,023			221,975			220,317			237,373			235,393
	Total assets	$	796,226		$	819,604		$	825,188		$	846,285		$	836,781

	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits	$	184,275		$	184,141		$	188,509		$	191,068		$	192,351
	Policyholder account balances		217,700			220,813			225,909			226,882			225,821
	Other policy-related balances		15,599			16,029			15,664			15,836			15,463
	Policyholder dividends payable		774			761			786			817			728
	Policyholder dividend obligation		2,919			2,700			3,369			3,909			3,828
	Payables for collateral under securities loaned and other transactions		33,716			32,496			40,302			38,493			33,687
	Bank deposits		10,507			10,478			6,832			6,515			6,416
	Short-term debt		686			101			101			100			100
	Long-term debt (1)		23,692			23,389			18,879			19,621			19,062
	Collateral financing arrangements		4,647			4,647			4,196			4,196			4,196
	Junior subordinated debt securities		3,192			3,192			3,192			3,192			3,192
	Current income tax payable		193			239			310			451			401
	Deferred income tax liability		6,395			6,375			8,603			9,275			8,693
	Other liabilities (2)		30,914			33,144			25,395			24,007			22,492
	Separate account liabilities		203,023			221,975			220,317			237,373			235,393
	Total liabilities		738,232			760,480			762,364			781,735			771,823

	Redeemable noncontrolling interests in partially owned consolidated subsidiaries		105			114			95			152			121

	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		26,782			26,920			26,927			26,964			28,011
	Retained earnings		24,814			24,640			26,904			25,920			25,205
	Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
	Accumulated other comprehensive income (loss)		6,083			7,266			8,735			11,325			11,397
	Total MetLife, Inc.’s stockholders’ equity		57,519			58,666			62,406			64,049			64,453
	Noncontrolling interests		370			344			323			349			384
	Total equity		57,889			59,010			62,729			64,398			64,837
	Total liabilities and equity	$	796,226		$	819,604		$	825,188		$	846,285		$	836,781
(1)	At December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, $3,276 million, $3,116 million, $3,023 million, $2,935 million and $2,717 million, respectively, of assets and $3,068 million, $2,916 million, $2,821 million, $2,733 million and $2,527 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, September 30, 2012 and December 31, 2012, $7,652 million, $8,283 million, $259 million, $0 and $0, respectively, of assets and $7,626 million, $8,252 million, $257 million, $0 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.

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

OPERATING REVENUES
Premiums	$	9,148		$	9,107		$	9,139		$	9,080		$	10,585
Universal life and investment-type product policy fees		1,882			2,009			1,999			2,048			2,156
Net investment income		4,892			5,077			5,172			5,048			5,175
Other revenues		420			452			426			435			443
Total operating revenues		16,342			16,645			16,736			16,611			18,359

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,926			8,939			9,132			8,995			10,704
Interest credited to policyholder account balances		1,536			1,539			1,525			1,589			1,589
Capitalization of DAC		(1,398	)		(1,362	)		(1,313	)		(1,301	)		(1,308	)
Amortization of DAC and VOBA		1,060			1,018			1,162			1,051			946
Amortization of negative VOBA		(143	)		(137	)		(164	)		(155	)		(99	)
Interest expense on debt		326			315			297			286			292
Other expenses		4,257			4,243			4,051			4,120			4,266
Total operating expenses		14,564			14,555			14,690			14,585			16,390

Operating earnings before provision for income tax		1,778			2,090			2,046			2,026			1,969
Provision for income tax expense (benefit)		503			596			583			579			565
Operating earnings		1,275			1,494			1,463			1,447			1,404
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,244		$	1,464		$	1,432		$	1,417		$	1,373

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,275		$	1,494		$	1,463		$	1,447		$	1,404
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(558	)		(110	)		(64	)		22			(200	)
Net derivative gains (losses)		591			(1,978	)		2,092			(718	)		(1,315	)
Premiums		23			22			22			16			4
Universal life and investment-type product policy fees		68			69			98			83			94
Net investment income		35			1,123			(453	)		469			373
Other revenues		234			145			(33	)		20			18
Policyholder benefits and claims and policyholder dividends		(485	)		(508	)		(131	)		(303	)		(644	)
Interest credited to policyholder account balances		37			(1,018	)		503			(513	)		(459	)
Capitalization of DAC		2			2			2			1			-
Amortization of DAC and VOBA		73			304			(317	)		43			(52	)
Amortization of negative VOBA		18			18			17			15			17
Interest expense on debt		(43	)		(43	)		(45	)		(40	)		(38	)
Other expenses		(498	)		(525	)		(399	)		(263	)		(244	)
Goodwill impairment		-			-			-			(1,868	)		-
Provision for income tax (expense) benefit (1)		191			871			(455	)		632			1,147
Income (loss) from continuing operations, net of income tax		963			(134	)		2,300			(957	)		105
Income (loss) from discontinued operations, net of income tax		25			14			3			-			31
Net income (loss)		988			(120	)		2,303			(957	)		136
Less: Net income (loss) attributable to noncontrolling interest		(2	)		24			8			(3	)		9
Net income (loss) attributable to MetLife, Inc.		990			(144	)		2,295			(954	)		127
Less: Preferred stock dividends		31			30			31			30			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	959		$	(174	)	$	2,264		$	(984	)	$	96

Total Operating Premiums, Fees and Other Revenues	$	11,450		$	11,568		$	11,564		$	11,563		$	13,184

(1)

Includes deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary for the three months ended December 31, 2012.

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

OPERATING REVENUES
Premiums	$	10,585		$	7,888		$	2,129		$	555		$	13
Universal life and investment-type product policy fees		2,156			1,629			389			100			38
Net investment income		5,175			4,145			745			129			156
Other revenues		443			405			9			23			6
Total operating revenues		18,359			14,067			3,272			807			213

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,704			8,855			1,569			255			25
Interest credited to policyholder account balances		1,589			1,077			461			35			16
Capitalization of DAC		(1,308	)		(553	)		(567	)		(188	)		-
Amortization of DAC and VOBA		946			400			375			170			1
Amortization of negative VOBA		(99	)		(1	)		(69	)		(29	)		-
Interest expense on debt		292			4			-			(2	)		290
Other expenses		4,266			2,451			1,188			477			150
Total operating expenses		16,390			12,233			2,957			718			482

Operating earnings before provision for income tax		1,969			1,834			315			89			(269	)
Provision for income tax expense (benefit)		565			581			117			30			(163	)
Operating earnings		1,404			1,253			198			59			(106	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,373		$	1,253		$	198		$	59		$	(137	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,404		$	1,253		$	198		$	59		$	(106	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(200	)		112			(174	)		(6	)		(132	)
Net derivative gains (losses)		(1,315	)		(649	)		(159	)		5			(512	)
Premiums		4			4			-			-			-
Universal life and investment-type product policy fees		94			89			4			1			-
Net investment income		373			(104	)		240			185			52
Other revenues		18			-			5			-			13
Policyholder benefits and claims and policyholder dividends		(644	)		(599	)		(45	)		-			-
Interest credited to policyholder account balances		(459	)		(43	)		(242	)		(174	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(52	)		(48	)		(4	)		-			-
Amortization of negative VOBA		17			-			17			-			-
Interest expense on debt		(38	)		-			-			-			(38	)
Other expenses		(244	)		(3	)		4			(12	)		(233	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		1,147			442			424			(30	)		311
Income (loss) from continuing operations, net of income tax		105			454			268			28			(645	)
Income (loss) from discontinued operations, net of income tax		31			29			-			-			2
Net income (loss)		136			483			268			28			(643	)
Less: Net income (loss) attributable to noncontrolling interest		9			1			1			3			4
Net income (loss) attributable to MetLife, Inc.		127			482			267			25			(647	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	96		$	482		$	267		$	25		$	(678	)

Total Operating Premiums, Fees and Other Revenues	$	13,184		$	9,922		$	2,527		$	678		$	57

(1)

Consolidated and Asia results include a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended December 31, 2011
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,148		$	6,612		$	1,942		$	581		$	13
Universal life and investment-type product policy fees		1,882			1,440			323			79			40
Net investment income		4,892			3,902			676			107			207
Other revenues		420			367			8			39			6
Total operating revenues		16,342			12,321			2,949			806			266

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,926			7,311			1,308			282			25
Interest credited to policyholder account balances		1,536			1,074			414			48			-
Capitalization of DAC		(1,398	)		(709	)		(515	)		(174	)		-
Amortization of DAC and VOBA		1,060			584			323			152			1
Amortization of negative VOBA		(143	)		(2	)		(134	)		(7	)		-
Interest expense on debt		326			3			-			(1	)		324
Other expenses		4,257			2,526			1,151			433			147
Total operating expenses		14,564			10,787			2,547			733			497

Operating earnings before provision for income tax		1,778			1,534			402			73			(231	)
Provision for income tax expense (benefit)		503			501			143			26			(167	)
Operating earnings		1,275			1,033			259			47			(64	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,244		$	1,033		$	259		$	47		$	(95	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,275		$	1,033		$	259		$	47		$	(64	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(558	)		(57	)		(109	)		(221	)		(171	)
Net derivative gains (losses)		591			828			(27	)		3			(213	)
Premiums		23			23			-			-			-
Universal life and investment-type product policy fees		68			68			-			-			-
Net investment income		35			(56	)		(147	)		101			137
Other revenues		234			(1	)		5			(1	)		231
Policyholder benefits and claims and policyholder dividends		(485	)		(464	)		(21	)		-			-
Interest credited to policyholder account balances		37			(37	)		155			(81	)		-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		73			72			1			-			-
Amortization of negative VOBA		18			1			17			-			-
Interest expense on debt		(43	)		-			-			-			(43	)
Other expenses		(498	)		(23	)		2			(23	)		(454	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		191			(128	)		58			57			204
Income (loss) from continuing operations, net of income tax		963			1,261			193			(118	)		(373	)
Income (loss) from discontinued operations, net of income tax		25			(2	)		27			-			-
Net income (loss)		988			1,259			220			(118	)		(373	)
Less: Net income (loss) attributable to noncontrolling interest		(2	)		(6	)		8			(6	)		2
Net income (loss) attributable to MetLife, Inc.		990			1,265			212			(112	)		(375	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	959		$	1,265		$	212		$	(112	)	$	(406	)

Total Operating Premiums, Fees and Other Revenues	$	11,450		$	8,419		$	2,273		$	699		$	59

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

OPERATING REVENUES
Premiums	$	37,911		$	27,141		$	8,344		$	2,370		$	56
Universal life and investment-type product policy fees		8,212			6,233			1,491			333			155
Net investment income		20,472			16,339			2,895			535			703
Other revenues		1,756			1,576			26			121			33
Total operating revenues		68,351			51,289			12,756			3,359			947

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		37,770			30,636			5,819			1,196			119
Interest credited to policyholder account balances		6,242			4,293			1,784			126			39
Capitalization of DAC		(5,284	)		(2,273	)		(2,288	)		(723	)		-
Amortization of DAC and VOBA		4,177			1,986			1,563			626			2
Amortization of negative VOBA		(555	)		(5	)		(456	)		(94	)		-
Interest expense on debt		1,190			8			5			1			1,176
Other expenses		16,680			9,573			4,738			1,810			559
Total operating expenses		60,220			44,218			11,165			2,942			1,895

Operating earnings before provision for income tax		8,131			7,071			1,591			417			(948	)
Provision for income tax expense (benefit)		2,323			2,302			554			146			(679	)
Operating earnings		5,808			4,769			1,037			271			(269	)
Preferred stock dividends		122			-			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	5,686		$	4,769		$	1,037		$	271		$	(391	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5,808		$	4,769		$	1,037		$	271		$	(269	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(352	)		310			(342	)		31			(351	)
Net derivative gains (losses)		(1,919	)		(20	)		(170	)		61			(1,790	)
Premiums		64			64			-			-			-
Universal life and investment-type product policy fees		344			329			-			15			-
Net investment income		1,512			(317	)		526			813			490
Other revenues		150			1			23			-			126
Policyholder benefits and claims and policyholder dividends		(1,586	)		(1,459	)		(127	)		-			-
Interest credited to policyholder account balances		(1,487	)		(164	)		(539	)		(784	)		-
Capitalization of DAC		5			5			-			-			-
Amortization of DAC and VOBA		(22	)		-			(4	)		(18	)		-
Amortization of negative VOBA		67			2			65			-			-
Interest expense on debt		(166	)		-			-			-			(166	)
Other expenses		(1,431	)		(36	)		24			(48	)		(1,371	)
Goodwill impairment		(1,868	)		(1,692	)		-			-			(176	)
Provision for income tax (expense) benefit (1)		2,195			671			483			(48	)		1,089
Income (loss) from continuing operations, net of income tax		1,314			2,463			976			293			(2,418	)
Income (loss) from discontinued operations, net of income tax		48			46			-			-			2
Net income (loss)		1,362			2,509			976			293			(2,416	)
Less: Net income (loss) attributable to noncontrolling interest		38			2			26			9			1
Net income (loss) attributable to MetLife, Inc.		1,324			2,507			950			284			(2,417	)
Less: Preferred stock dividends		122			-			-			-			122
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,202		$	2,507		$	950		$	284		$	(2,539	)

Total Operating Premiums, Fees and Other Revenues	$	47,879		$	34,950		$	9,861		$	2,824		$	244

(1)

Consolidated and Asia results include a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year Ended December 31, 2011
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	36,269		$	26,022		$	7,716		$	2,477		$	54
Universal life and investment-type product policy fees		7,528			5,715			1,343			315			155
Net investment income		19,638			15,713			2,475			562			888
Other revenues		1,652			1,433			36			123			60
Total operating revenues		65,087			48,883			11,570			3,477			1,157

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		36,241			29,586			5,239			1,290			126
Interest credited to policyholder account balances		6,057			4,284			1,607			166			-
Capitalization of DAC		(5,549	)		(2,835	)		(2,045	)		(669	)		-
Amortization of DAC and VOBA		4,355			2,255			1,486			613			1
Amortization of negative VOBA		(619	)		(6	)		(560	)		(53	)		-
Interest expense on debt		1,304			11			-			-			1,293
Other expenses		16,620			9,870			4,522			1,723			505
Total operating expenses		58,409			43,165			10,249			3,070			1,925

Operating earnings before provision for income tax		6,678			5,718			1,321			407			(768	)
Provision for income tax expense (benefit)		1,879			1,866			441			156			(584	)
Operating earnings		4,799			3,852			880			251			(184	)
Preferred stock dividends		122			-			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,677		$	3,852		$	880		$	251		$	(306	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,799		$	3,852		$	880		$	251		$	(184	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(867	)		145			(305	)		(525	)		(182	)
Net derivative gains (losses)		4,824			3,914			202			32			676
Premiums		92			92			-			-			-
Universal life and investment-type product policy fees		278			278			-			-			-
Net investment income		(53	)		(182	)		(521	)		(27	)		677
Other revenues		880			(1	)		13			(1	)		869
Policyholder benefits and claims and policyholder dividends		(676	)		(628	)		(48	)		-			-
Interest credited to policyholder account balances		454			(97	)		512			39			-
Capitalization of DAC		9			9			-			-			-
Amortization of DAC and VOBA		(543	)		(524	)		(19	)		-			-
Amortization of negative VOBA		78			4			74			-			-
Interest expense on debt		(325	)		-			-			-			(325	)
Other expenses		(1,645	)		(58	)		3			(86	)		(1,504	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(914	)		(1,082	)		44			164			(40	)
Income (loss) from continuing operations, net of income tax		6,391			5,722			835			(153	)		(13	)
Income (loss) from discontinued operations, net of income tax		24			64			(44	)		-			4
Net income (loss)		6,415			5,786			791			(153	)		(9	)
Less: Net income (loss) attributable to noncontrolling interest		(8	)		(3	)		9			(12	)		(2	)
Net income (loss) attributable to MetLife, Inc.		6,423			5,789			782			(141	)		(7	)
Less: Preferred stock dividends		122			-			-			-			122
Less: Preferred stock redemption premium		146			-			-			-			146
Net income (loss) available to MetLife, Inc.’s common shareholders	$	6,155		$	5,789		$	782		$	(141	)	$	(275	)

Total Operating Premiums, Fees and Other Revenues	$	45,449		$	33,170		$	9,095		$	2,915		$	269

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

	AMERICAS

	RETAIL	$	444		$	469		$	408		$	492		$	633

	GROUP, VOLUNTARY & WORKSITE BENEFITS		240			243			267			283			167

	CORPORATE BENEFIT FUNDING		226			298			318			303			305

	LATIN AMERICA		123			148			135			152			148

	AMERICAS TOTAL	$	1,033		$	1,158		$	1,128		$	1,230		$	1,253

	ASIA		259			301			279			259			198

	EMEA		47			72			78			62			59

	CORPORATE & OTHER		(95	)		(67	)		(53	)		(134	)		(137	)

	METLIFE, INC. CONSOLIDATED	$	1,244		$	1,464		$	1,432		$	1,417		$	1,373

(1) A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 20, (iv) Latin America, Page 23, (v) Asia, Page 24, (vi) EMEA, Page 25, and (vii) Corporate & Other, Page 26. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders appears on Page 5.

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

	OPERATING REVENUES
	Premiums	$	1,804		$	1,624		$	1,576		$	1,604		$	1,728		$	6,711		$	6,532
	Universal life and investment-type product policy fees		1,046			1,114			1,119			1,132			1,196			4,096			4,561
	Net investment income		1,829			1,911			1,894			1,930			1,935			7,414			7,670
	Other revenues		196			209			217			221			232			779			879
	Total operating revenues		4,875			4,858			4,806			4,887			5,091			19,000			19,642

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		2,207			2,228			2,212			2,228			2,342			9,220			9,010
	Interest credited to policyholder account balances		609			596			590			598			591			2,412			2,375
	Capitalization of DAC		(611	)		(476	)		(446	)		(430	)		(401	)		(2,339	)		(1,753	)
	Amortization of DAC and VOBA		482			404			477			438			288			1,845			1,607
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		1			-			-			-			-			1			-
	Other expenses		1,514			1,397			1,355			1,308			1,309			5,854			5,369
	Total operating expenses		4,202			4,149			4,188			4,142			4,129			16,993			16,608

	Operating earnings before provision for income tax		673			709			618			745			962			2,007			3,034
	Provision for income tax expense (benefit)		229			240			210			253			329			672			1,032
	Operating earnings		444			469			408			492			633			1,335			2,002
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	444		$	469		$	408		$	492		$	633		$	1,335		$	2,002

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	444		$	469		$	408		$	492		$	633		$	1,335		$	2,002
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		24			67			58			53			34			158			212
	Net derivative gains (losses)		562			(526)			972			191			(475	)		2,321			162
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		66			67			82			83			86			270			318
	Net investment income		(82	)		(84	)		(94	)		(105	)		(112	)		(258	)		(395	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		(449	)		(393	)		50			(279	)		(565	)		(201	)		(1,187	)
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		73			304			(300)			47			(47	)		(520	)		4
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			-			-			-			-			-			-
	Goodwill impairment		-			-			-			(1,692	)		-			-			(1,692	)
	Provision for income tax (expense) benefit		(69	)		198			(269)			224			379			(619	)		532
	Income (loss) from continuing operations, net of income tax		569			102			907			(986	)		(67	)		2,486			(44	)
	Income (loss) from discontinued operations, net of income tax		(2	)		10			-			-			23			35			33
	Net income (loss)		567			112			907			(986	)		(44	)		2,521			(11	)
	Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			1			-
	Net income (loss) attributable to MetLife, Inc.		567			112			907			(986	)		(44	)		2,520			(11	)
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	567		$	112		$	907		$	(986	)	$	(44	)	$	2,520		$	(11	)

	Total Operating Premiums, Fees and Other Revenues	$	3,046		$	2,947		$	2,912		$	2,957		$	3,156		$	11,586		$	11,972

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

OPERATING REVENUES
Premiums	$	1,596		$	1,447		$	1,476		$	1,500		$	1,628		$	6,000		$	6,051
Universal life and investment-type product policy fees		412			413			410			394			422			1,634			1,639
Net investment income		1,093			1,151			1,144			1,181			1,190			4,544			4,666
Other revenues		116			124			129			133			141			472			527
Total operating revenues		3,217			3,135			3,159			3,208			3,381			12,650			12,883

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,891			1,940			1,980			1,979			2,157			8,067			8,056
Interest credited to policyholder account balances		211			216			213			217			222			819			868
Capitalization of DAC		(221	)		(194	)		(198	)		(186	)		(203	)		(848	)		(781	)
Amortization of DAC and VOBA		278			219			219			252			280			930			970
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			(1)			-			-			-			(1	)
Other expenses		706			679			675			644			674			2,737			2,672
Total operating expenses		2,865			2,860			2,888			2,906			3,130			11,705			11,784

Operating earnings before provision for income tax		352			275			271			302			251			945			1,099
Provision for income tax expense (benefit)		117			88			89			98			80			299			355
Operating earnings		235			187			182			204			171			646			744
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	235		$	187		$	182		$	204		$	171		$	646		$	744

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	235		$	187		$	182		$	204		$	171		$	646		$	744
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		9			37			23			21			49			70			130
Net derivative gains (losses)		44			(169)			322			(37	)		(43	)		634			73
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			(5)			8			(3	)		-			14			-
Net investment income		(25	)		(24	)		(32	)		(39	)		(41	)		(89	)		(136	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		117			11			(25)			7			(117	)		63			(124	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(51	)		53			(104)			17			54			(244	)		20
Income (loss) from continuing operations, net of income tax		329			90			374			170			73			1,094			707
Income (loss) from discontinued operations, net of income tax		(2	)		9			-			-			9			35			18
Net income (loss)		327			99			374			170			82			1,129			725
Less: Net income (loss) attributable to noncontrolling interest		2			-			-			-			-			2			-
Net income (loss) attributable to MetLife, Inc.		325			99			374			170			82			1,127			725
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	325		$	99		$	374		$	170		$	82		$	1,127		$	725

Total Operating Premiums, Fees and Other Revenues	$	2,124		$	1,984		$	2,015		$	2,027		$	2,191		$	8,106		$	8,217

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

OPERATING REVENUES
Premiums	$	208		$	177		$	100		$	104		$	100		$	711		$	481
Universal life and investment-type product policy fees		634			701			709			738			774			2,462			2,922
Net investment income		736			760			750			749			745			2,870			3,004
Other revenues		80			85			88			88			91			307			352
Total operating revenues		1,658			1,723			1,647			1,679			1,710			6,350			6,759

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		316			288			232			249			185			1,153			954
Interest credited to policyholder account balances		398			380			377			381			369			1,593			1,507
Capitalization of DAC		(390	)		(282	)		(248	)		(244	)		(198	)		(1,491	)		(972	)
Amortization of DAC and VOBA		204			185			258			186			8			915			637
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			1			-			-			1			1
Other expenses		808			718			680			664			635			3,117			2,697
Total operating expenses		1,337			1,289			1,300			1,236			999			5,288			4,824

Operating earnings before provision for income tax		321			434			347			443			711			1,062			1,935
Provision for income tax expense (benefit)		112			152			121			155			249			373			677
Operating earnings		209			282			226			288			462			689			1,258
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	209		$	282		$	226		$	288		$	462		$	689		$	1,258

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	209		$	282		$	226		$	288		$	462		$	689		$	1,258
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		15			30			35			32			(15	)		88			82
Net derivative gains (losses)		518			(357)			650			228			(432	)		1,687			89
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		66			72			74			86			86			256			318
Net investment income		(57	)		(60	)		(62	)		(66	)		(71	)		(169	)		(259	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(449	)		(393	)		50			(279	)		(565	)		(201	)		(1,187	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(44	)		293			(275)			40			70			(583	)		128
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			(1,692	)		-			-			(1,692	)
Provision for income tax (expense) benefit		(18	)		145			(165)			207			325			(375	)		512
Income (loss) from continuing operations, net of income tax		240			12			533			(1,156	)		(140	)		1,392			(751	)
Income (loss) from discontinued operations, net of income tax		-			1			-			-			14			-			15
Net income (loss)		240			13			533			(1,156	)		(126	)		1,392			(736	)
Less: Net income (loss) attributable to noncontrolling interest		(2	)		-			-			-			-			(1	)		-
Net income (loss) attributable to MetLife, Inc.		242			13			533			(1,156	)		(126	)		1,393			(736	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	242		$	13		$	533		$	(1,156	)	$	(126	)	$	1,393		$	(736	)

Total Operating Premiums, Fees and Other Revenues	$	922		$	963		$	897		$	930		$	965		$	3,480		$	3,755

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	AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	81,832		$	82,105		$	82,622		$	83,063		$	83,307
	Premiums and deposits (2), (3)		2,259			2,137			2,124			2,017			2,170
	Surrenders and withdrawals		(887	)		(886	)		(913	)		(881	)		(840	)
	Benefit payments		(735	)		(741	)		(685	)		(795	)		(867	)

	Net Flows		637			510			526			341			463
	Net transfers from (to) separate account		27			28			23			30			79
	Interest		802			810			806			811			815
	Policy charges		(446	)		(445	)		(443	)		(443	)		(461	)
	Other		(747	)		(386	)		(471	)		(495	)		(377	)

	Balance, end of period	$	82,105		$	82,622		$	83,063		$	83,307		$	83,826
	ANNUITIES
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	54,991		$	53,899		$	51,360		$	52,226		$	51,590
	Premiums and deposits (2), (3)		2,216			1,483			1,245			1,266			1,047
	Surrenders and withdrawals		(1,300	)		(1,346	)		(905	)		(861	)		(1,214	)
	Benefit payments		(370	)		(400	)		(391	)		(390	)		(422	)

	Net Flows		546			(263	)		(51	)		15			(589	)
	Net transfers from (to) separate account		(1,401	)		(1,251	)		(750	)		(604	)		(335	)
	Interest		472			450			444			449			430
	Policy charges		(15	)		(15	)		(16	)		(14	)		(12	)
	Other		(694	)		(1,460	)		1,239			(482	)		458

	Balance, end of period	$	53,899		$	51,360		$	52,226		$	51,590		$	51,542
	SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	8,071		$	7,946		$	8,641		$	8,232		$	8,515
	Premiums and deposits (3)		240			180			174			167			178
	Surrenders and withdrawals		(109	)		(111	)		(116	)		(109	)		(121	)
	Benefit payments		(8	)		(12	)		(10	)		(12	)		(12	)

	Net Flows		123			57			48			46			45
	Investment performance		576			809			(304	)		401			117
	Net transfers from (to) general account		(27	)		(28	)		(23	)		(30	)		(79	)
	Policy charges		(136	)		(134	)		(133	)		(133	)		(135	)
	Other		(661	)		(9	)		3			(1	)		—

	Balance, end of period	$	7,946		$	8,641		$	8,232		$	8,515		$	8,463
	ANNUITIES
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	108,655		$	120,263		$	133,462		$	131,416		$	139,484
	Premiums and deposits (3)		5,778			4,232			3,870			3,836			2,961
	Surrenders and withdrawals		(1,993	)		(2,151	)		(2,103	)		(2,019	)		(2,177	)
	Benefit payments		(203	)		(242	)		(254	)		(242	)		(283	)

	Net Flows		3,582			1,839			1,513			1,575			501
	Investment performance		7,214			10,760			(3,587	)		6,637			2,517
	Net transfers from (to) general account		1,401			1,251			750			604			335
	Policy charges		(589	)		(652	)		(723	)		(750	)		(788	)
	Other		—			1			1			2			1

	Balance, end of period	$	120,263		$	133,462		$	131,416		$	139,484		$	142,050

(1)	All of the retail property & casualty activity is reflected within the “Other” category.
(2)	Includes premiums and deposits directed to the General Account investment option of variable products.
(3)	Includes company sponsored internal exchanges.

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

	Direct and allocated expenses	$	505	$	491	$	484	$	460	$	500
	Pension and post-retirement benefit costs		56		57		57		57		40
	Premium taxes, other taxes, and licenses & fees		50		48		46		40		33
	Total fixed operating expenses	$	611	$	596	$	587	$	557	$	573

	Commissions and other variable expenses		903		801		768		751		736
	Total other expenses	$	1,514	$	1,397	$	1,355	$	1,308	$	1,309

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

	Life Sales (1)
	Term Life	$	35	$	34	$	36	$	31	$	33
	Whole Life		29		28		33		30		36
	Variable Life		16		8		8		7		8
	Universal Life		56		42		37		36		50
	Total life sales	$	136	$	112	$	114	$	104	$	127

	Annuity Sales (2)
	Fixed annuity sales	$	453	$	435	$	225	$	253	$	207
	Variable annuity sales		7,229		4,926		4,613		4,595		3,569
	Total annuity sales	$	7,682	$	5,361	$	4,838	$	4,848	$	3,776

	Annuity Separate Account and General Account
	Separate Accounts
	Total variable annuity separate accounts	$	5,538	$	3,964	$	3,669	$	3,655	$	2,817
	General Accounts
	Fixed annuity		453		435		225		253		207
	Variable annuity		1,691		962		944		940		752
	Total general accounts		2,144		1,397		1,169		1,193		959
	Total annuity premiums and deposits	$	7,682	$	5,361	$	4,838	$	4,848	$	3,776

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

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AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
			For the Three Months Ended
	Unaudited		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012

	Investment income yield		5.80%			6.42%			6.45%			6.64%			6.99%
	Average crediting rate		4.49%			4.61%			4.52%			4.49%			4.54%
	Annualized general account spread (1)		1.31%			1.81%			1.93%			2.15%			2.45%

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

	Investment income yield		6.48%			6.48%			6.42%			6.40%			6.42%
	Average crediting rate		3.47%			3.39%			3.41%			3.43%			3.40%
	Annualized general account spread (2)		3.01%			3.09%			3.01%			2.97%			3.02%

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

	Life (3)
	Operating premiums, fees and other revenues	$	1,516		$	1,378		$	1,397		$	1,403		$	1,544
	Life mortality as percentage of expected		81.1	%		91.6	%		85.6	%		91.3	%		99.0	%

	Lapse Ratio (4)
	Traditional life		6.1	%		5.9	%		6.0	%		5.9	%		5.8	%
	Variable & universal life		5.4	%		5.3	%		5.3	%		5.1	%		4.9	%
	Fixed annuity		7.8	%		9.5	%		9.8	%		9.9	%		9.4	%
	Variable annuity		6.8	%		6.5	%		6.2	%		6.0	%		6.0	%

	Retail Property & Casualty
	Operating premiums, fees and other revenues	$	423		$	418		$	421		$	424		$	433
	Combined ratio including catastrophes		91.2	%		91.2	%		105.4	%		94.6	%		100.4	%
	Combined ratio excluding catastrophes		88.4	%		87.1	%		80.8	%		90.6	%		84.5	%

	(1) Represents the general account spread for variable & universal life, a component of Life & Other. (2) Represents the general account spread for deferred annuities, a component of Annuities. (3) Represents traditional life and variable & universal life, components of Life & Other. (4) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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

	OPERATING REVENUES
	Premiums	$	3,491		$	3,585		$	3,683		$	3,753		$	3,773		$	13,949		$	14,794
	Universal life and investment-type product policy fees		157			166			165			166			165			630			662
	Net investment income		438			436			439			450			443			1,768			1,768
	Other revenues		103			108			112			100			102			390			422
	Total operating revenues		4,189			4,295			4,399			4,469			4,483			16,737			17,646

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		3,212			3,313			3,391			3,449			3,538			13,015			13,691
	Interest credited to policyholder account balances		44			42			43			42			40			178			167
	Capitalization of DAC		(32	)		(31	)		(33	)		(38	)		(36	)		(176	)		(138	)
	Amortization of DAC and VOBA		46			30			28			40			35			186			133
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			1			-			-			1
	Other expenses		559			575			570			547			659			2,198			2,351
	Total operating expenses		3,829			3,929			3,999			4,041			4,236			15,401			16,205

	Operating earnings before provision for income tax		360			366			400			428			247			1,336			1,441
	Provision for income tax expense (benefit)		120			123			133			145			80			445			481
	Operating earnings		240			243			267			283			167			891			960
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	240		$	243		$	267		$	283		$	167		$	891		$	960

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	240		$	243		$	267		$	283		$	167		$	891		$	960
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(10	)		(7	)		13			5			(18	)		(26	)		(7	)
	Net derivative gains (losses)		114			(375	)		555			(81	)		(162	)		1,203			(63	)
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		(34	)		(36	)		(38	)		(33	)		(33	)		(137	)		(140	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		(1	)		-			-			-			(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	)		-			-			-			-			-			-
	Goodwill impairment		-			-			-			-			-			-			-
	Provision for income tax (expense) benefit		(23	)		147			(186	)		38			76			(363	)		75
	Income (loss) from continuing operations, net of income tax		285			(28	)		611			212			29			1,568			824
	Income (loss) from discontinued operations, net of income tax		-			-			-			-			2			2			2
	Net income (loss)		285			(28	)		611			212			31			1,570			826
	Less: Net income (loss) attributable to noncontrolling interest		(1	)		-			-			-			-			(1	)		-
	Net income (loss) attributable to MetLife, Inc.		286			(28	)		611			212			31			1,571			826
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	286		$	(28	)	$	611		$	212		$	31		$	1,571		$	826

	Operating Premiums, Fees and Other Revenues
	Group	$	3,147		$	3,253		$	3,345		$	3,406		$	3,426		$	12,585		$	13,430
	Voluntary & Worksite		604			606			615			613			614			2,384			2,448
	Total Group, Voluntary & Worksite Benefits	$	3,751		$	3,859		$	3,960		$	4,019		$	4,040		$	14,969		$	15,878

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)*
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	25,373		$	25,582		$	25,661		$	26,642		$	26,922
	Premiums and deposits		4,118			4,296			4,330			4,428			4,269
	Surrenders and withdrawals		(899	)		(909	)		(898	)		(975	)		(798	)
	Benefit payments		(2,841	)		(2,984	)		(3,017	)		(3,072	)		(3,110	)

	Net Flows		378			403			415			381			361
	Net transfers from (to) separate account		2			-			(1	)		-			1
	Interest		213			212			209			211			218
	Policy charges		(122	)		(125	)		(125	)		(133	)		(127	)
	Other		(262	)		(411	)		483			(179	)		(603	)

	Balance, end of period	$	25,582		$	25,661		$	26,642		$	26,922		$	26,772

	SEPARATE ACCOUNT LIABILITIES
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Balance, beginning of period	$	444		$	478		$	528		$	508		$	533
	Premiums and deposits		47			49			49			48			49
	Surrenders and withdrawals		(7	)		(12	)		(10	)		(10	)		(14	)
	Benefit payments		-			(1	)		(1	)		(1	)		(1	)

	Net Flows		40			36			38			37			34
	Investment performance		34			53			(18	)		28			6
	Net transfers from (to) general account		(2	)		-			1			-			(1	)
	Policy charges		(38	)		(39	)		(40	)		(39	)		(40	)
	Other		-			-			(1	)		(1	)		-

	Balance, end of period	$	478		$	528		$	508		$	533		$	532

	(1) All of the group property & casualty activity is reflected within the “Other” category.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012

	Direct and allocated expenses	$	401		$	418		$	399		$	382		$	417
	Pension and post-retirement benefit costs		21			19			19			19			8
	Premium taxes, other taxes, and licenses & fees		51			55			60			56			56
	Total fixed operating expenses	$	473		$	492		$	478		$	457		$	481

	Commissions and other variable expenses		86			83			92			90			178
	Total other expenses	$	559		$	575		$	570		$	547		$	659

	SPREAD (1)
			For the Three Months Ended
	Unaudited		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012

	Investment income yield		6.05	%		6.01	%		6.02	%		6.22	%		6.16	%
	Average crediting rate		3.29	%		3.29	%		3.29	%		3.31	%		3.31	%
	Annualized general account spread		2.76	%		2.72	%		2.73	%		2.91	%		2.85	%

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

	Group Life (2)
	Operating premiums, fees and other revenues	$	1,317		$	1,362		$	1,392		$	1,379		$	1,370
	Mortality ratio		85.2	%		89.1	%		87.3	%		88.1	%		84.6	%
	Group Non-Medical Health (3)
	Operating premiums, fees and other revenues	$	1,372		$	1,415		$	1,497		$	1,555		$	1,560
	Benefit ratio		89.7	%		87.5	%		87.4	%		88.5	%		91.6	%
	Group Property & Casualty
	Operating premiums, fees and other revenues	$	344		$	343		$	357		$	356		$	357
	Combined ratio including catastrophes		96.9	%		92.3	%		98.7	%		87.8	%		107.2	%
	Combined ratio excluding catastrophes		92.4	%		89.8	%		86.6	%		87.2	%		91.1	%

	(1) Excludes group property & casualty. (2) Excludes accidental death and dismemberment (“AD&D”) and certain experience-rated contracts. (3) Includes dental, disability, long term care, AD&D, critical illness and vision.

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

OPERATING REVENUES
Premiums	$	716		$	507		$	523		$	450		$	1,757		$	2,848		$	3,237
Universal life and investment-type product policy fees		51			51			57			53			64			232			225
Net investment income		1,337			1,401			1,431			1,421			1,450			5,506			5,703
Other revenues		67			64			65			64			66			249			259
Total operating revenues		2,171			2,023			2,076			1,988			3,337			8,835			9,424

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,362			1,092			1,131			1,070			2,411			5,287			5,704
Interest credited to policyholder account balances		330			339			338			339			342			1,323			1,358
Capitalization of DAC		(2	)		(7	)		(8	)		(13	)		(1	)		(25	)		(29	)
Amortization of DAC and VOBA		3			10			4			4			4			17			22
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			9			8
Other expenses		129			128			120			120			110			513			478
Total operating expenses		1,824			1,564			1,587			1,522			2,868			7,124			7,541

Operating earnings before provision for income tax		347			459			489			466			469			1,711			1,883
Provision for income tax expense (benefit)		121			161			171			163			164			599			659
Operating earnings		226			298			318			303			305			1,112			1,224
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	226		$	298		$	318		$	303		$	305		$	1,112		$	1,224

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	226		$	298		$	318		$	303		$	305		$	1,112		$	1,224
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(66	)		(98	)		144			(25	)		86			19			107
Net derivative gains (losses)		146			(243	)		288			(194	)		(8	)		426			(157	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		24			29			10			16			7			133			62
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		7			(6	)		(16	)		(12	)		4			(35	)		(30	)
Interest credited to policyholder account balances		(1	)		(2	)		(1	)		(5	)		(5	)		(19	)		(13	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(4	)		-			-			(2	)		2			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(35	)		111			(148	)		78			(30	)		(182	)		11
Income (loss) from continuing operations, net of income tax		297			89			595			159			361			1,454			1,204
Income (loss) from discontinued operations, net of income tax		-			4			3			-			4			27			11
Net income (loss)		297			93			598			159			365			1,481			1,215
Less: Net income (loss) attributable to noncontrolling interest		(5	)		-			-			-			1			(3	)		1
Net income (loss) attributable to MetLife, Inc.		302			93			598			159			364			1,484			1,214
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	302		$	93		$	598		$	159		$	364		$	1,484		$	1,214

Total Operating Premiums, Fees and Other Revenues	$	834		$	622		$	645		$	567		$	1,887		$	3,329		$	3,721

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AMERICAS CORPORATE BENEFIT FUNDING

*FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Balance, beginning of period	$	104,585		$	106,024		$	108,339		$	114,430		$	116,659
Premiums and deposits		13,677			17,655			19,383			12,906			10,469
Surrenders and withdrawals		(12,491	)		(14,745	)		(14,885	)		(12,028	)		(9,666	)
Benefit payments		(860	)		(838	)		(850	)		(899	)		(902	)

Net Flows		326			2,072			3,648			(21	)		(99	)
Net transfers from (to) separate account		(31	)		(5	)		(11	)		(11	)		(11	)
Interest		1,010			1,021			1,059			1,041			1,048
Policy charges		(32	)		(21	)		(31	)		(34	)		(18	)
Other		166			(752	)		1,426			1,254			(669	)

Balance, end of period	$	106,024		$	108,339		$	114,430		$	116,659		$	116,910

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Balance, beginning of period	$	65,054		$	64,851		$	68,635		$	69,704		$	76,905
Premiums and deposits		1,984			2,383			1,546			2,494			2,268
Surrenders and withdrawals		(2,106	)		(1,311	)		(1,198	)		(757	)		(2,699	)
Benefit payments		(13	)		(16	)		(17	)		(21	)		(13	)

Net Flows		(135	)		1,056			331			1,716			(444	)
Investment performance		1,354			1,115			1,077			1,466			364
Net transfers from (to) general account		31			5			11			11			11
Policy charges		(79	)		(84	)		(81	)		(78	)		(75	)
Other		(1,374	)		1,692			(269	)		4,086			(4,886	)

Balance, end of period	$	64,851		$	68,635		$	69,704		$	76,905		$	71,875

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

	Direct and allocated expenses	$ 84	$ 76	$ 61	$ 63	$ 73
	Pension and post-retirement benefit costs	12	11	11	11	5
	Premium taxes, other taxes, and licenses & fees	4	3	5	5	(1)
	Total fixed operating expenses	$ 100	$ 90	$ 77	$ 79	$ 77

	Commissions and other variable expenses	29	38	43	41	33
	Total other expenses	$ 129	$ 128	$ 120	$ 120	$ 110

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

	Investment income yield	5.12%	5.35%	5.27%	5.07%	5.10%
	Average crediting rate	3.87%	3.87%	3.72%	3.64%	3.59%
	Annualized general account spread	1.25%	1.48%	1.55%	1.43%	1.51%

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AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

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

	OPERATING REVENUES
	Premiums	$	601		$	686		$	652	$	610		$	630		$	2,514		$	2,578
	Universal life and investment-type product policy fees		186			196			196		189			204			757			785
	Net investment income		298			299			283		299			317			1,025			1,198
	Other revenues		1			5			3		3			5			15			16
	Total operating revenues		1,086			1,186			1,134		1,101			1,156			4,311			4,577

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		530			592			568		507			564			2,064			2,231
	Interest credited to policyholder account balances		91			100			90		99			104			371			393
	Capitalization of DAC		(64	)		(84)			(71)		(83	)		(115	)		(295	)		(353	)
	Amortization of DAC and VOBA		53			55			54		42			73			207			224
	Amortization of negative VOBA		(2	)		(2	)		(1)		(1	)		(1	)		(6	)		(5	)
	Interest expense on debt		-			1			-		(4	)		2			1			(1	)
	Other expenses		324			326			323		353			373			1,305			1,375
	Total operating expenses		932			988			963		913			1,000			3,647			3,864

	Operating earnings before provision for income tax		154			198			171		188			156			664			713
	Provision for income tax expense (benefit)		31			50			36		36			8			150			130
	Operating earnings		123			148			135		152			148			514			583
	Preferred stock dividends		-			-			-		-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	123		$	148		$	135	$	152		$	148		$	514		$	583

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	123		$	148		$	135	$	152		$	148		$	514		$	583
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(5	)		3			(13)		(2	)		10			(6	)		(2	)
	Net derivative gains (losses)		6			37			(14)		19			(4	)		(36	)		38
	Premiums		23			22			22		16			4			92			64
	Universal life and investment-type product policy fees		2			3			4		1			3			8			11
	Net investment income		36			51			26		45			34			80			156
	Other revenues		(1	)		-			1		-			-			(1	)		1
	Policyholder benefits and claims and policyholder dividends		(21	)		(86)			(144)		26			(37	)		(392	)		(241	)
	Interest credited to policyholder account balances		(36	)		(51)			(25)		(37	)		(38	)		(78	)		(151	)
	Capitalization of DAC		2			2			2		1			-			9			5
	Amortization of DAC and VOBA		(1	)		(1)			(2)		-			(1	)		(4	)		(4	)
	Amortization of negative VOBA		1			1			1		-			-			4			2
	Interest expense on debt		-			-			-		-			-			-			-
	Other expenses		(18	)		(10)			(13)		(8	)		(5	)		(58	)		(36	)
	Goodwill impairment		-			-			-		-			-			-			-
	Provision for income tax (expense) benefit		(1	)		10			38		(12	)		17			82			53
	Income (loss) from continuing operations, net of income tax		110			129			18		201			131			214			479
	Income (loss) from discontinued operations, net of income tax		-			-			-		-			-			-			-
	Net income (loss)		110			129			18		201			131			214			479
	Less: Net income (loss) attributable to noncontrolling interest		-			-			1		-			-			-			1
	Net income (loss) attributable to MetLife, Inc.		110			129			17		201			131			214			478
	Less: Preferred stock dividends		-			-			-		-			-			-			-
	Less: Preferred stock redemption premium		-			-			-		-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	110		$	129		$	17	$	201		$	131		$	214		$	478

	Total Operating Premiums, Fees and Other Revenues	$	788		$	887		$	851	$	802		$	839		$	3,286		$	3,379

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

OPERATING REVENUES
Premiums	$	1,942		$	2,039		$	2,064		$	2,112		$	2,129		$	7,716		$	8,344
Universal life and investment-type product policy fees		323			362			352			388			389			1,343			1,491
Net investment income		676			681			760			709			745			2,475			2,895
Other revenues		8			16			(3	)		4			9			36			26
Total operating revenues		2,949			3,098			3,173			3,213			3,272			11,570			12,756

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,308			1,360			1,435			1,455			1,569			5,239			5,819
Interest credited to policyholder account balances		414			429			426			468			461			1,607			1,784
Capitalization of DAC		(515	)		(587	)		(555	)		(579	)		(567	)		(2,045	)		(2,288	)
Amortization of DAC and VOBA		323			373			419			396			375			1,486			1,563
Amortization of negative VOBA		(134	)		(131	)		(128	)		(128	)		(69	)		(560	)		(456	)
Interest expense on debt		-			1			4			-			-			-			5
Other expenses		1,151			1,191			1,153			1,206			1,188			4,522			4,738
Total operating expenses		2,547			2,636			2,754			2,818			2,957			10,249			11,165

Operating earnings before provision for income tax		402			462			419			395			315			1,321			1,591
Provision for income tax expense (benefit)		143			161			140			136			117			441			554
Operating earnings		259			301			279			259			198			880			1,037
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	259		$	301		$	279		$	259		$	198		$	880		$	1,037

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	259		$	301		$	279		$	259		$	198		$	880		$	1,037
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(109	)		(78	)		(43	)		(47	)		(174	)		(305	)		(342	)
Net derivative gains (losses)		(27	)		(30	)		50			(31	)		(159	)		202			(170	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			(1	)		(1	)		(2	)		4			-			-
Net investment income		(147	)		508			(357	)		135			240			(521	)		526
Other revenues		5			5			6			7			5			13			23
Policyholder benefits and claims and policyholder dividends		(21	)		(23	)		(21	)		(38	)		(45	)		(48	)		(127	)
Interest credited to policyholder account balances		155			(515	)		352			(134	)		(242	)		512			(539	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			1			1			(2	)		(4	)		(19	)		(4	)
Amortization of negative VOBA		17			17			16			15			17			74			65
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		2			6			10			4			4			3			24
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1)		58			53			(21	)		27			424			44			483
Income (loss) from continuing operations, net of income tax		193			244			271			193			268			835			976
Income (loss) from discontinued operations, net of income tax		27			-			-			-			-			(44	)		-
Net income (loss)		220			244			271			193			268			791			976
Less: Net income (loss) attributable to noncontrolling interest		8			7			10			8			1			9			26
Net income (loss) attributable to MetLife, Inc.		212			237			261			185			267			782			950
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	212		$	237		$	261		$	185		$	267		$	782		$	950

Total Operating Premiums, Fees and Other Revenues	$	2,273		$	2,417		$	2,413		$	2,504		$	2,527		$	9,095		$	9,861

(1) Includes deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary for both the three months and year ended December 31, 2012.

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

OPERATING REVENUES
Premiums	$	581		$	652		$	627		$	536		$	555		$	2,477		$	2,370
Universal life and investment-type product policy fees		79			80			71			82			100			315			333
Net investment income		107			157			127			122			129			562			535
Other revenues		39			36			27			35			23			123			121
Total operating revenues		806			925			852			775			807			3,477			3,359

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		282			343			343			255			255			1,290			1,196
Interest credited to policyholder account balances		48			33			26			32			35			166			126
Capitalization of DAC		(174	)		(177	)		(200	)		(158	)		(188	)		(669	)		(723	)
Amortization of DAC and VOBA		152			146			180			130			170			613			626
Amortization of negative VOBA		(7	)		(4	)		(35	)		(26	)		(29	)		(53	)		(94	)
Interest expense on debt		(1	)		-			1			2			(2	)		-			1
Other expenses		433			471			422			440			477			1,723			1,810
Total operating expenses		733			812			737			675			718			3,070			2,942

Operating earnings before provision for income tax		73			113			115			100			89			407			417
Provision for income tax expense (benefit)		26			41			37			38			30			156			146
Operating earnings		47			72			78			62			59			251			271
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	47		$	72		$	78		$	62		$	59		$	251		$	271

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	47		$	72		$	78		$	62		$	59		$	251		$	271
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(221	)		(18	)		(18	)		73			(6	)		(525	)		31
Net derivative gains (losses)		3			29			14			13			5			32			61
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			13			1			1			-			15
Net investment income		101			458			(178	)		348			185			(27	)		813
Other revenues		(1	)		-			-			-			-			(1	)		-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		(81	)		(450	)		177			(337	)		(174	)		39			(784	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			(16	)		(2	)		-			-			(18	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(23	)		6			(20	)		(22	)		(12	)		(86	)		(48	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		57			(22	)		36			(32	)		(30	)		164			(48	)
Income (loss) from continuing operations, net of income tax		(118	)		75			86			104			28			(153	)		293
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(118	)		75			86			104			28			(153	)		293
Less: Net income (loss) attributable to noncontrolling interest		(6	)		17			(6	)		(5	)		3			(12	)		9
Net income (loss) attributable to MetLife, Inc.		(112	)		58			92			109			25			(141	)		284
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(112	)	$	58		$	92		$	109		$	25		$	(141	)	$	284

Total Operating Premiums, Fees and Other Revenues	$	699		$	768		$	725		$	653		$	678		$	2,915		$	2,824

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			December 31, 2011			December 31, 2012

OPERATING REVENUES
Premiums	$	13		$	14		$	14		$	15		$	13		$	54		$	56
Universal life and investment-type product policy fees		40			40			39			38			38			155			155
Net investment income		207			192			238			117			156			888			703
Other revenues		6			14			5			8			6			60			33
Total operating revenues		266			260			296			178			213			1,157			947

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		25			11			52			31			25			126			119
Interest credited to policyholder account balances		-			-			12			11			16			-			39
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			-			-			1			1			1			2
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		324			311			290			285			290			1,293			1,176
Other expenses		147			155			108			146			150			505			559
Total operating expenses		497			477			462			474			482			1,925			1,895

Operating earnings before provision for income tax		(231	)		(217	)		(166	)		(296	)		(269	)		(768	)		(948	)
Provision for income tax expense (benefit)		(167	)		(180	)		(144	)		(192	)		(163	)		(584	)		(679	)
Operating earnings		(64	)		(37	)		(22	)		(104	)		(106	)		(184	)		(269	)
Preferred stock dividends		31			30			31			30			31			122			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(95	)	$	(67	)	$	(53	)	$	(134	)	$	(137	)	$	(306	)	$	(391	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(64	)	$	(37	)	$	(22	)	$	(104	)	$	(106	)	$	(184	)	$	(269	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(171	)		21			(205	)		(35	)		(132	)		(182	)		(351	)
Net derivative gains (losses)		(213	)		(870	)		227			(635	)		(512	)		676			(1,790	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		137			197			178			63			52			677			490
Other revenues		231			140			(40	)		13			13			869			126
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		(43	)		(43	)		(45	)		(40	)		(38	)		(325	)		(166	)
Other expenses		(454	)		(527	)		(376	)		(235	)		(233	)		(1,504	)		(1,371	)
Goodwill impairment		-			-			-			(176	)		-			-			(176	)
Provision for income tax (expense) benefit		204			374			95			309			311			(40	)		1,089
Income (loss) from continuing operations, net of income tax		(373	)		(745	)		(188	)		(840	)		(645	)		(13	)		(2,418	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			2			4			2
Net income (loss)		(373	)		(745	)		(188	)		(840	)		(643	)		(9	)		(2,416	)
Less: Net income (loss) attributable to noncontrolling interest		2			-			3			(6	)		4			(2	)		1
Net income (loss) attributable to MetLife, Inc.		(375	)		(745	)		(191	)		(834	)		(647	)		(7	)		(2,417	)
Less: Preferred stock dividends		31			30			31			30			31			122			122
Less: Preferred stock redemption premium		-			-			-			-			-			146			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(406	)	$	(775	)	$	(222	)	$	(864	)	$	(678	)	$	(275	)	$	(2,539	)

Total Operating Premiums, Fees and Other Revenues	$	59		$	68		$	58		$	61		$	57		$	269		$	244

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Fixed Maturity Securities
Yield (1)		4.90	%		4.96	%		4.76	%		4.85	%		4.85	%
Investment income (2), (3), (4)	$	3,808		$	3,840		$	3,720		$	3,833		$	3,850
Investment gains (losses) (3)		(478	)		(136	)		(19	)		34			74
Ending carrying value (2), (3)		351,011			355,269			367,138			378,748			375,108
Mortgage Loans
Yield (1)		5.53	%		5.62	%		5.44	%		5.81	%		5.71	%
Investment income (3), (4)		832			830			764			810			786
Investment gains (losses) (3)		15			36			13			-			8
Ending carrying value (3)		61,303			57,281			55,750			56,291			54,340
Real Estate and Real Estate Joint Ventures
Yield (1)		2.65	%		3.76	%		8.75	%		2.95	%		3.10	%
Investment income (3)		55			80			185			64			72
Investment gains (losses) (3)		(11	)		17			(12	)		(15	)		43
Ending carrying value		8,563			8,472			8,477			8,749			9,918
Policy Loans
Yield (1)		5.35	%		5.30	%		5.27	%		5.25	%		5.19	%
Investment income		159			158			156			157			155
Ending carrying value		11,892			11,896			11,912			11,949			11,884
Equity Securities
Yield (1)		4.52	%		4.17	%		5.24	%		3.65	%		5.36	%
Investment income		35			32			38			26			37
Investment gains (losses)		14			(9	)		19			3			(9	)
Ending carrying value		3,023			3,043			2,882			2,803			2,891
Other Limited Partnership Interests
Yield (1)		6.16	%		11.34	%		16.07	%		8.66	%		15.01	%
Investment income		99			182			266			145			252
Investment gains (losses)		(4	)		(2	)		(9	)		(7	)		(18	)
Ending carrying value		6,378			6,487			6,726			6,730			6,688
Cash and Short-term Investments
Yield (1)		0.87	%		0.69	%		0.65	%		0.66	%		0.77	%
Investment income		33			32			34			34			43
Investment gains (losses)		1			-			-			3			3
Ending carrying value (3)		27,750			30,465			34,540			31,625			32,634
Other Invested Assets (1)
Investment income		108			132			197			140			126
Investment gains (losses) (3)		(6	)		(25	)		(10	)		12			(134	)
Ending carrying value		23,581			20,172			24,288			23,477			21,145
Total Investments
Investment income yield (1)		4.87	%		5.00	%		5.05	%		4.88	%		4.93	%
Investment fees and expenses yield		(0.14	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.73	%		4.87	%		4.92	%		4.75	%		4.80	%
Investment income	$	5,129		$	5,286		$	5,360		$	5,209		$	5,321
Investment fees and expenses		(143	)		(140	)		(139	)		(140	)		(135	)
Net investment income including Divested businesses		4,986			5,146			5,221			5,069			5,186
Less: Net investment income from Divested businesses (5)		94			69			49			21			11
Net Investment Income (3)	$	4,892		$	5,077		$	5,172		$	5,048		$	5,175
Ending Carrying Value (3)	$	493,501		$	493,085		$	511,713		$	520,372		$	514,608
Investment portfolio gains (losses) including Divested businesses	$	(469	)	$	(119	)	$	(18	)	$	30		$	(33	)
Less: Investment portfolio gains (losses) from Divested businesses (5)		(138	)		96			(35	)		(26	)		2
Investment Portfolio Gains (Losses) (3), (5)	$	(331	)	$	(215	)	$	17		$	56		$	(35	)
Gross investment gains	$	247		$	278		$	255		$	257		$	359
Gross investment losses		(328	)		(335	)		(182	)		(127	)		(170	)
Writedowns		(250	)		(158	)		(56	)		(74	)		(224	)
Investment Portfolio Gains (Losses) (3), (5)		(331	)		(215	)		17			56			(35	)
Investment portfolio gains (losses) income tax (expense) benefit		118			70			(13	)		(13	)		33
Investment Portfolio Gains (Losses), Net of Income Tax	$	(213	)	$	(145	)	$	4		$	43		$	(2	)

Derivative Gains (Losses) including Divested businesses	$	509		$	(2,064	)	$	1,984		$	(824	)	$	(1,453	)
Less: Derivative gains (losses) from Divested businesses (5)		(13	)		(5	)		(2	)		-			1
Derivative gains (losses) (3), (5)		522			(2,059	)		1,986			(824	)		(1,454	)
Derivative gains (losses) income tax (expense) benefit		(171	)		727			(699	)		281			530
Derivative Gains (Losses), Net of Income Tax	$	351		$	(1,332	)	$	1,287		$	(543	)	$	(924	)

(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 A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as 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 $740 million, $818 million, $799 million, $743 million and $842 million in ending carrying value, and $25 million, $45 million, ($1) million, $24 million and $20 million of investment income related to fair value option and trading securities at or for the three months ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 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 periods ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,411 million, $18,119 million, $17,459 million, $15,199 million and $15,465 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $117 million, $89 million, $70 million, $53 million and $41 million, mortgage loans of $3,138 million, $3,024 million, $2,932 million, $2,879 million and $2,666 million and cash and short-term investments of $21 million, $3 million, $21 million, $3 million and $10 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $7,652 million, $8,283 million, $259 million, $0 and $0; D) Net investment income adjustments as presented on Page A-1 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Investment portfolio gains (losses) including Divested businesses—in above yield table	$	(469	)	$	(119	)	$	(18	)	$	30		$	(33	)
Real estate discontinued operations		1			(21	)		(4	)		-			(44	)
Net investment gains (losses) related to CSEs		3			(5	)		4			15			11
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(93	)		35			(46	)		(23	)		(134	)
Net investment gains (losses)—GAAP basis	$	(558	)	$	(110	)	$	(64	)	$	22		$	(200	)

	For the Three Months Ended
	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Derivative gains (losses) including Divested businesses—in above yield table	$	509		$	(2,064	)	$	1,984		$	(824	)	$	(1,453	)
Investment hedge adjustments		85			89			113			108			138
Joint venture adjustments		-			-			-			-			-
Settlement of foreign currency earnings hedges		(4	)		(5	)		(6	)		(7	)		(5	)
PAB hedge adjustments		1			2			1			5			5
Net derivative gains (losses)—GAAP basis	$	591		$	(1,978	)	$	2,092		$	(718	)	$	(1,315	)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the three months ended March 31, 2012, June 30, 2012, September 31, 2012 and December 31, 2012, includes $85 million, $88 million, $4 million and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section 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-to-Date Period Ended
	Unaudited (In millions, except yields)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Fixed Maturity Securities
	Yield (1)		4.94%			4.96%			4.86%			4.86%			4.85%
	Investment income (2), (3), (4)	$	15,016		$	3,840		$	7,560		$	11,393		$	15,243
	Investment gains (losses) (3)		(932	)		(136	)		(155	)		(121	)		(47	)
	Ending carrying value (2), (3)		351,011			355,269			367,138			378,748			375,108
	Mortgage Loans
	Yield (1)		5.53%			5.62%			5.53%			5.62%			5.64%
	Investment income (3), (4)		3,162			830			1,594			2,404			3,190
	Investment gains (losses) (3)		175			36			49			49			57
	Ending carrying value (3)		61,303			57,281			55,750			56,291			54,340
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.76%			3.76%			6.25%			5.14%			4.59%
	Investment income (3)		307			80			265			329			401
	Investment gains (losses) (3)		230			17			5			(10	)		33
	Ending carrying value		8,563			8,472			8,477			8,749			9,918
	Policy Loans
	Yield (1)		5.43%			5.30%			5.28%			5.27%			5.25%
	Investment income		641			158			314			471			626
	Ending carrying value		11,892			11,896			11,912			11,949			11,884
	Equity Securities
	Yield (1)		4.44%			4.17%			4.69%			4.36%			4.60%
	Investment income		141			32			70			96			133
	Investment gains (losses)		(23	)		(9	)		10			13			4
	Ending carrying value		3,023			3,043			2,882			2,803			2,891
	Other Limited Partnership Interests
	Yield (1)		10.58%			11.34%			13.74%			12.00%			12.76%
	Investment income		681			182			448			593			845
	Investment gains (losses)		4			(2	)		(11	)		(18	)		(36	)
	Ending carrying value		6,378			6,487			6,726			6,730			6,688
	Cash and Short-term Investments
	Yield (1)		1.04%			0.69%			0.67%			0.67%			0.69%
	Investment income		155			32			66			100			143
	Investment gains (losses)		2			-			-			3			6
	Ending carrying value (3)		27,750			30,465			34,540			31,625			32,634
	Other Invested Assets (1)
	Investment income		439			132			329			469			595
	Investment gains (losses) (3)		(9	)		(25	)		(35	)		(23	)		(157	)
	Ending carrying value		23,581			20,172			24,288			23,477			21,145
	Total Investments
	Investment income yield (1)		5.00%			5.00%			5.03%			4.98%			4.96%
	Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
	Net Investment Income Yield (1), (3), (5)		4.87%			4.87%			4.90%			4.85%			4.83%
	Investment income	$	20,542		$	5,286		$	10,646		$	15,855		$	21,176
	Investment fees and expenses		(546	)		(140	)		(279	)		(419	)		(554	)
	Net investment income including Divested businesses		19,996			5,146			10,367			15,436			20,622
	Less: Net investment income from Divested businesses (5)		358			69			118			139			150
	Net Investment Income (3)	$	19,638		$	5,077		$	10,249		$	15,297		$	20,472
	Ending Carrying Value (3)	$	493,501		$	493,085		$	511,713		$	520,372		$	514,608
	Investment portfolio gains (losses) including Divested businesses	$	(553	)	$	(119	)	$	(137	)	$	(107	)	$	(140	)
	Less: Investment portfolio gains (losses) from Divested businesses (5)		(140	)		96			61			35			37
	Investment Portfolio Gains (Losses) (3), (5)	$	(413	)	$	(215	)	$	(198	)	$	(142	)	$	(177	)
	Gross investment gains	$	1,354		$	278		$	533		$	790		$	1,149
	Gross investment losses		(1,058	)		(335	)		(517	)		(644	)		(814	)
	Writedowns		(709	)		(158	)		(214	)		(288	)		(512	)
	Investment Portfolio Gains (Losses) (3), (5)		(413	)		(215	)		(198	)		(142	)		(177	)
	Investment portfolio gains (losses) income tax (expense) benefit		148			70			57			44			77
	Investment Portfolio Gains (Losses), Net of Income Tax	$	(265	)	$	(145	)	$	(141	)	$	(98	)	$	(100	)
	Derivative Gains (Losses) including Divested businesses	$	4,545		$	(2,064	)	$	(80	)	$	(904	)	$	(2,357	)
	Less: Derivative gains (losses) from Divested businesses (5)		(163	)		(5	)		(7	)		(7	)		(6	)
	Derivative gains (losses) (3), (5)		4,708			(2,059	)		(73	)		(897	)		(2,351	)
	Derivative gains (losses) income tax (expense) benefit		(1,643	)		727			28			309			839
	Derivative Gains (Losses), Net of Income Tax	$	3,065		$	(1,332	)	$	(45	)	$	(588	)	$	(1,512	)

	(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 A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, 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 $740 million, $818 million, $799 million, $743 million and $842 million in ending carrying value, and $31 million, $45 million, $44 million, $68 million and $88 million of investment income related to fair value option and trading securities at or for the year-to-date period ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 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 periods ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,411 million, $18,119 million, $17,459 million, $15,199 million and $15,465 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $117 million, $89 million, $70 million, $53 million and $41 million, mortgage loans of $3,138 million, $3,024 million, $2,932 million, $2,879 million and $2,666 million and cash and short-term investments of $21 million, $3 million, $21 million, $3 million and $10 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $7,652 million, $8,283 million, $259 million, $0 and $0; D) Net investment income adjustments as presented on Page A-1 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
		For the Year-to-Date Period Ended
		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Investment portfolio gains (losses) including Divested businesses—in above yield table	$	(553	)	$	(119	)	$	(137	)	$	(107	)	$	(140	)
	Real estate discontinued operations		(96	)		(21	)		(25	)		(25	)		(69	)
	Net investment gains (losses) related to certain CSEs		5			(5	)		(1	)		14			25
	Other gains (losses) reported in net investment gains (losses) on GAAP basis		(223	)		35			(11	)		(34	)		(168	)
	Net investment gains (losses)—GAAP basis	$	(867	)	$	(110	)	$	(174	)	$	(152	)	$	(352	)

		For the Year-to-Date Period Ended
		December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	Derivative gains (losses) including Divested businesses—in above yield table	$	4,545		$	(2,064	)	$	(80	)	$	(904	)	$	(2,357	)
	Investment hedge adjustments		249			89			202			310			448
	Joint venture adjustments		23			-			-			-			-
	Settlement of foreign currency earnings hedges		(12	)		(5	)		(11	)		(18	)		(23	)
	PAB hedge adjustments		19			2			3			8			13
	Net derivative gains (losses)—GAAP basis	$	4,824		$	(1,978	)	$	114		$	(604	)	$	(1,919	)

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

	(5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the year-to-date period ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, includes $85 million, $173 million, $177 million and $177 million, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above. See Page 2 for discussion of Divested businesses.

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	INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		December 31, 2011					March 31, 2012					June 30, 2012					September 30, 2012					December 31, 2012
	Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total

	Less than 20%	$	2,896		52.5	%	$	1,963		52.6	%	$	1,813		52.1	%	$	1,157		51.6	%	$	1,000		57.2	%
	20% or more for less than six months		1,332		24.2	%		258		6.9	%		272		7.8	%		111		5.0	%		89		5.1	%
	20% or more for six months or greater		1,285		23.3	%		1,512		40.5	%		1,397		40.1	%		973		43.4	%		659		37.7	%
	Total Gross Unrealized Losses	$	5,513		100.0	%	$	3,733		100.0	%	$	3,482		100.0	%	$	2,241		100.0	%	$	1,748		100.0	%

	Total Gross Unrealized Gains	$	25,973				$	25,203				$	30,950				$	35,455				$	35,144


	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
		December 31, 2011					March 31, 2012					June 30, 2012					September 30, 2012					December 31, 2012
	Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total

	Less than 20%	$	76		25.4	%	$	33		18.6	%	$	56		25.3	%	$	33		16.6	%	$	30		18.9	%
	20% or more for less than six months		123		41.1	%		14		7.9	%		19		8.6	%		28		14.1	%		10		6.3	%
	20% or more for six months or greater		100		33.5	%		130		73.5	%		146		66.1	%		138		69.3	%		119		74.8	%
	Total Gross Unrealized Losses	$	299		100.0	%	$	177		100.0	%	$	221		100.0	%	$	199		100.0	%	$	159		100.0	%

	Total Gross Unrealized Gains	$	114				$	158				$	130				$	164				$	212


(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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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
	Unaudited (In millions)		December 31, 2011					March 31, 2012					June 30, 2012					September 30, 2012					December 31, 2012
			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
	U.S. corporate securities		$	105,785		30.2	%	$	105,273		29.7	%	$	110,373		30.1	%	$	113,942		30.1	%	$	114,126		30.5	%
	Foreign corporate securities			64,018		18.3	%		65,354		18.4	%		63,345		17.3	%		65,257		17.3	%		67,184		18.0	%
	Foreign government securities			52,536		15.0	%		55,338		15.6	%		56,193		15.3	%		57,405		15.2	%		57,336		15.3	%
	U.S. Treasury and agency securities			40,012		11.4	%		41,416		11.7	%		47,841		13.1	%		51,448		13.6	%		47,967		12.8	%
	Residential mortgage-backed securities			42,637		12.2	%		41,279		11.7	%		41,064		11.2	%		40,591		10.7	%		37,479		10.0	%
	Commercial mortgage-backed securities			19,069		5.4	%		18,732		5.3	%		19,017		5.2	%		19,440		5.1	%		19,129		5.1	%
	Asset-backed securities			12,979		3.7	%		13,143		3.7	%		13,892		3.8	%		15,005		4.0	%		15,997		4.3	%
	State and political subdivision securities			13,235		3.8	%		13,916		3.9	%		14,614		4.0	%		14,917		4.0	%		15,048		4.0	%
	Total fixed maturity securities available-for-sale		$	350,271		100.0	%	$	354,451		100.0	%	$	366,339		100.0	%	$	378,005		100.0	%	$	374,266		100.0	%

	NAIC	RATING AGENCY
	RATING	DESIGNATION
	1	Aaa / Aa / A	$	246,786		70.5	%	$	248,544		70.1	%	$	258,302		70.5	%	$	264,892		70.1	%	$	258,568		69.1	%
	2	Baa		78,531		22.4	%		80,882		22.8	%		83,515		22.8	%		87,930		23.3	%		90,193		24.1	%
	3	Ba		14,375		4.1	%		14,618		4.1	%		14,848		4.1	%		15,029		4.0	%		14,434		3.8	%
	4	B		8,849		2.5	%		9,051		2.6	%		8,503		2.3	%		8,881		2.3	%		9,607		2.6	%
	5	Caa and lower		1,668		0.5	%		1,334		0.4	%		1,121		0.3	%		1,207		0.3	%		1,379		0.4	%
	6	In or near default		62		0.0	%		22		0.0	%		50		0.0	%		66		0.0	%		85		0.0	%
	Total fixed maturity securities available-for-sale (1)		$	350,271		100.0	%	$	354,451		100.0	%	$	366,339		100.0	%	$	378,005		100.0	%	$	374,266		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 maintain the NAIC statutory basis of accounting 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 credit rating provider list. SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES


	December 31, 2011		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Unaudited (In millions)
Traditional (2), (3)		$ 5,959		$ 6,954		$ 7,083		$ 7,338		$ 8,489
Real estate joint ventures and funds		2,340		1,172		1,109		1,083		941
Subtotal		8,299		8,126		8,192		8,421		9,430
Foreclosed		264		346		285		328		488
Total Real Estate and Real Estate Joint Ventures		$ 8,563		$ 8,472		$ 8,477		$ 8,749		$ 9,918
(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)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Commercial mortgage loans	$	40,440		$	40,329		$	41,035		$	41,941		$	40,472
Agricultural mortgage loans		13,129			12,946			12,848			12,600			12,843
Residential mortgage loans		689			788			747			818			958
Mortgage loans held-for-sale		7,526			3,664			1,481			1,286			414
Total Mortgage Loans		61,784			57,727			56,111			56,645			54,687
Valuation allowances		(481	)		(446	)		(361	)		(354	)		(347)
Total Mortgage Loans, net	$	61,303		$	57,281		$	55,750		$	56,291		$	54,340


(1) Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition. See Page 27, note 3 for the amount excluded for each period presented. (2) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 27, note 3 for the amount excluded for each period presented. SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2011				March 31, 2012				June 30, 2012				September 30, 2012				December 31, 2012
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

South Atlantic	$	9,022		22.3%	$	8,968		22.2%	$	8,966		21.9%	$	8,430		20.1%	$	7,969		19.7%
Pacific		8,209		20.3%		8,015		19.9%		7,973		19.4%		8,189		19.5%		7,932		19.6%
Middle Atlantic		6,370		15.8%		6,288		15.6%		6,412		15.6%		7,014		16.7%		6,780		16.7%
International		4,713		11.7%		4,839		12.0%		4,955		12.1%		5,436		13.0%		5,567		13.8%
West South Central		3,220		8.0%		3,289		8.1%		3,492		8.5%		3,485		8.3%		3,436		8.5%
East North Central		2,984		7.3%		2,936		7.3%		3,110		7.6%		3,161		7.5%		3,026		7.5%
New England		1,563		3.9%		1,572		3.9%		1,553		3.8%		1,551		3.7%		1,489		3.7%
Mountain		746		1.8%		810		2.0%		992		2.4%		990		2.4%		906		2.2%
East South Central		487		1.2%		483		1.2%		460		1.1%		459		1.1%		457		1.1%
West North Central		365		0.9%		346		0.9%		338		0.8%		335		0.8%		288		0.7%
Multi-Region and Other		2,761		6.8%		2,783		6.9%		2,784		6.8%		2,891		6.9%		2,622		6.5%
Total	$	40,440		100.0%	$	40,329		100.0%	$	41,035		100.0%	$	41,941		100.0%	$	40,472		100.0%

Office	$	18,582		45.9%	$	18,320		45.4%	$	18,502		45.1%	$	18,899		45.1%	$	18,012		44.5%
Retail		9,524		23.6%		9,545		23.7%		9,669		23.6%		9,758		23.3%		9,445		23.3%
Apartment		4,011		9.9%		3,930		9.7%		4,303		10.5%		4,114		9.8%		3,944		9.8%
Hotel		3,114		7.7%		3,136		7.8%		3,181		7.7%		3,482		8.3%		3,355		8.3%
Industrial		3,102		7.7%		3,288		8.2%		3,224		7.9%		3,237		7.7%		3,159		7.8%
Other		2,107		5.2%		2,110		5.2%		2,156		5.2%		2,451		5.8%		2,557		6.3%
Total	$	40,440		100.0%	$	40,329		100.0%	$	41,035		100.0%	$	41,941		100.0%	$	40,472		100.0%

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Appendix

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

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,275		$	1,494		$	1,463		$	1,447		$	1,404		$	4,799		$	5,808
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(558	)		(110	)		(64	)		22			(200	)		(867	)		(352	)
Net derivative gains (losses)		591			(1,978	)		2,092			(718	)		(1,315	)		4,824			(1,919	)
Premiums—Divested businesses		23			22			22			16			4			92			64
Universal life and investment-type product policy fees
Unearned revenue adjustments		-			(6	)		20			(4	)		5			14			15
GMIB fees		66			72			74			86			86			256			318
Divested businesses		2			3			4			1			3			8			11
Net investment income
Investment hedge adjustments		(85	)		(89	)		(113	)		(108	)		(138	)		(249	)		(448	)
Income from discontinued real estate operations		(1	)		-			(2	)		-			(1	)		(10	)		(3	)
Joint venture adjustments		-			-			-			-			-			(23	)		-
Unit-linked contract income		(16	)		1,015			(517	)		512			463			(453	)		1,473
Securitization entities income		43			43			42			40			38			324			163
Divested businesses		94			154			137			25			11			358			327
Other revenues
Settlement of foreign currency earnings hedges		4			5			6			7			5			12			23
Divested businesses		230			140			(39	)		13			13			868			127
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(24	)		(98	)		(169	)		(13	)		(73	)		(420	)		(353	)
GMIB costs		(448	)		(388	)		52			(278	)		(563	)		(192	)		(1,177	)
Market value adjustments		-			(7	)		(2	)		(1	)		(3	)		(7	)		(13	)
Divested businesses		(13	)		(15	)		(12	)		(11	)		(5	)		(57	)		(43	)
Interest credited to policyholder account balances
PAB hedge adjustments		(1	)		(2	)		(1	)		(5	)		(5	)		(19	)		(13	)
Unit-linked contract costs		40			(1,016	)		509			(507	)		(454	)		483			(1,468	)
Divested businesses		(2	)		-			(5	)		(1	)		-			(10	)		(6	)
Capitalization of DAC—Divested businesses		2			2			2			1			-			9			5
Amortization of DAC and VOBA
Related to NIGL and NDGL		(16	)		192			(257	)		(14	)		38			(526	)		(41	)
Related to GMIB fees and GMIB costs		90			113			(58	)		57			(89	)		(13	)		23
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		(1	)		(2	)		-			(1	)		(4	)		(4	)
Amortization of negative VOBA
Related to market value adjustments		17			17			16			15			17			74			65
Divested businesses		1			1			1			-			-			4			2
Interest expense on debt
Securitization entities debt expense		(43	)		(43	)		(42	)		(40	)		(38	)		(324	)		(163	)
Divested businesses		-			-			(3	)		-			-			(1	)		(3	)
Other expenses
Noncontrolling interest		1			24			11			(13	)		17			(8	)		39
Regulatory implementation costs		(9	)		(7	)		(14	)		(18	)		(12	)		(23	)		(51	)
Acquisition & integration costs		(133	)		(75	)		(56	)		(80	)		(69	)		(412	)		(280	)
Divested businesses		(357	)		(467	)		(340	)		(152	)		(180	)		(1,202	)		(1,139	)
Goodwill impairment		-			-			-			(1,868	)		-			-			(1,868	)
Provision for income tax (expense) benefit (1)		191			871			(455	)		632			1,147			(914	)		2,195
Income (loss) from continuing operations, net of income tax		963			(134	)		2,300			(957	)		105			6,391			1,314
Income (loss) from discontinued operations, net of income tax		25			14			3			-			31			24			48
Net income (loss)		988			(120	)		2,303			(957	)		136			6,415			1,362
Less: Net income (loss) attributable to noncontrolling interest		(2	)		24			8			(3	)		9			(8	)		38
Net income (loss) attributable to MetLife, Inc.		990			(144	)		2,295			(954	)		127			6,423			1,324
Less: Preferred stock dividends		31			30			31			30			31			122			122
Less: Preferred stock redemption premium		-			-			-			-			-			146			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	959		$	(174	)	$	2,264		$	(984	)	$	96		$	6,155		$	1,202

(1)

Includes deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary for both the three months and year ended December 31, 2012.

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APPENDIX TOTAL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			December 31, 2011			December 31, 2012

OPERATING REVENUES
Premiums	$	757		$	753		$	761		$	772		$	783		$	3,000		$	3,069
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		51			53			51			51			48			205			203
Other revenues		10			8			17			8			7			33			40
Total operating revenues		818			814			829			831			838			3,238			3,312

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		511			503			584			515			609			2,375			2,211
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(84	)		(86	)		(94	)		(98	)		(96	)		(346	)		(374	)
Amortization of DAC and VOBA		86			87			87			90			94			343			358
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		201			191			205			203			205			792			804
Total operating expenses		714			695			782			710			812			3,164			2,999

Operating earnings before provision for income tax		104			119			47			121			26			74			313
Provision for income tax expense (benefit)		23			28			3			30			(5	)		(29	)		56
Operating earnings		81			91			44			91			31			103			257
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	81		$	91		$	44		$	91		$	31		$	103		$	257

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	81		$	91		$	44		$	91		$	31		$	103		$	257
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			1			11			5			5			(9	)		22
Net derivative gains (losses)		(2	)		1			(5	)		2			4			(12	)		2
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		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			(1	)		(2	)		(3	)		(3	)		7			(9	)
Income (loss) from continuing operations, net of income tax		80			92			48			95			37			89			272
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		80			92			48			95			37			89			272
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		80			92			48			95			37			89			272
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	80		$	92		$	48		$	95		$	37		$	89		$	272

Total Operating Premiums, Fees and Other Revenues	$	767		$	761		$	778		$	780		$	790		$	3,033		$	3,109

(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reportable segment as defined by MetLife, Inc.

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APPENDIX RETAIL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

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

OPERATING REVENUES
Premiums	$	419		$	414		$	417		$	420		$	429		$	1,668		$	1,680
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		28			30			30			29			27			118			116
Other revenues		4			4			4			4			4			17			16
Total operating revenues		451			448			451			453			460			1,803			1,812

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		264			266			323			283			314			1,328			1,186
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(64	)		(61)			(67)			(65	)		(67	)		(254	)		(260	)
Amortization of DAC and VOBA		64			64			62			63			65			252			254
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		119			110			122			119			120			472			471
Total operating expenses		383			379			440			400			432			1,798			1,651

Operating earnings before provision for income tax		68			69			11			53			28			5			161
Provision for income tax expense (benefit)		17			15			(2	)		11			2			(30	)		26
Operating earnings		51			54			13			42			26			35			135
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	51		$	54		$	13		$	42		$	26		$	35		$	135

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	51		$	54		$	13		$	42		$	26		$	35		$	135
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		-			1			6			3			2			(5	)		12
Net derivative gains (losses)		(1	)		1			(3	)		1			2			(7	)		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		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			(1	)		(1)			(2	)		(1	)		4			(5	)
Income (loss) from continuing operations, net of income tax		51			55			15			44			29			27			143
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		51			55			15			44			29			27			143
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		51			55			15			44			29			27			143
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	51		$	55		$	15		$	44		$	29		$	27		$	143

Total Operating Premiums, Fees and Other Revenues	$	423		$	418		$	421		$	424		$	433		$	1,685		$	1,696

(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			December 31, 2011			December 31, 2012

OPERATING REVENUES
Premiums	$	338		$	339		$	344		$	352		$	354		$	1,332		$	1,389
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		23			23			21			22			21			87			87
Other revenues		6			4			13			4			3			16			24
Total operating revenues		367			366			378			378			378			1,435			1,500

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		247			237			261			232			295			1,047			1,025
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(20	)		(25	)		(27	)		(33	)		(29	)		(92	)		(114	)
Amortization of DAC and VOBA		22			23			25			27			29			91			104
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		82			81			83			84			85			320			333
Total operating expenses		331			316			342			310			380			1,366			1,348

Operating earnings before provision for income tax		36			50			36			68			(2	)		69			152
Provision for income tax expense (benefit)		6			13			5			19			(7	)		1			30
Operating earnings		30			37			31			49			5			68			122
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	30		$	37		$	31		$	49		$	5		$	68		$	122

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	30		$	37		$	31		$	49		$	5		$	68		$	122
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			-			5			2			3			(4	)		10
Net derivative gains (losses)		(1	)		-			(2	)		1			2			(5	)		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		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		-			(1	)		(1	)		(2	)		3			(4	)
Income (loss) from continuing operations, net of income tax		29			37			33			51			8			62			129
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		29			37			33			51			8			62			129
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		29			37			33			51			8			62			129
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	29		$	37		$	33		$	51		$	8		$	62		$	129

Total Operating Premiums, Fees and Other Revenues	$	344		$	343		$	357		$	356		$	357		$	1,348		$	1,413

(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits segment.

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METLIFE INC - FORM 8-K - EX-99.2 - February 13, 2013

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