METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - METLIFE INC	d571305d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d571305dex991.htm
EX-99.3 - EX-99.3 - METLIFE INC	d571305dex993.htm

Exhibit 99.2

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Second Quarter

Financial Supplement

June 30, 2013

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TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

CORPORATE OVERVIEW			3

METLIFE
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 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

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NOTE TO FINANCIAL SUPPLEMENT

As used in this Quarterly Financial Supplement (“QFS”), “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

This 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 (“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 or that are used to replicate certain 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.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

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, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, 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 July 31, 2013, for the periods ended June 30, 2013, which is available at www.metlife.com.

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

Operating earnings available to common shareholders	$	1,432		$	1,417		$	1,373		$	1,635		$	1,593
Preferred stock dividends		31			30			31			30			31
Operating earnings		1,463			1,447			1,404			1,665			1,624
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(64	)		22			(200	)		314			110
Net derivative gains (losses)		2,092			(718	)		(1,315	)		(630	)		(1,690	)
Goodwill impairment		-			(1,868	)		-			-			-
Other adjustments to continuing operations (1)		(736	)		(472	)		(931	)		(748	)		(106	)
Provision for income tax (expense) benefit (1), (2)		(455	)		632			1,147			394			570
Income (loss) from continuing operations, net of income tax		2,300			(957	)		105			995			508
Income (loss) from discontinued operations, net of income tax		3			-			31			(3	)		2
Net income (loss)		2,303			(957	)		136			992			510
Less: Net income (loss) attributable to noncontrolling interests		8			(3	)		9			6			8
Net income (loss) attributable to MetLife, Inc.		2,295			(954	)		127			986			502
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,264		$	(984	)	$	96		$	956		$	471


Operating earnings available to common shareholders per common share - diluted (3), (4)	$	1.34		$	1.32		$	1.25		$	1.48		$	1.44
Net investment gains (losses)		(0.06	)		0.02			(0.18	)		0.28			0.10
Net derivative gains (losses)		1.96			(0.67	)		(1.20	)		(0.57	)		(1.53	)
Goodwill impairment		-			(1.74	)		-			-			-
Other adjustments to continuing operations		(0.68	)		(0.44	)		(0.85	)		(0.67	)		(0.09	)
Provision for income tax (expense) benefit		(0.43	)		0.59			1.05			0.36			0.52
Discontinued operations, net of income tax		-			-			0.03			-			-
Less: Net income (loss) attributable to noncontrolling interests		0.01			-			0.01			0.01			0.01
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (3), (4)	$	2.12		$	(0.92	)	$	0.09		$	0.87		$	0.43

Weighted average common shares outstanding - diluted		1,070.0			1,071.0			1,097.5			1,103.9			1,106.7

Unaudited	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

Book value per common share - (actual common shares outstanding) (5)	$	56.83		$	58.35		$	57.17		$	57.03		$	52.85
Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (5)	$	48.60		$	47.70		$	46.73		$	47.37		$	47.20

Book value per common share - diluted - (weighted average common shares outstanding) (5)	$	56.41		$	57.90		$	56.87		$	56.53		$	52.37
Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (5)	$	48.25		$	47.32		$	46.48		$	46.95		$	46.77

	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

Common shares outstanding, beginning of period		1,060.9			1,062.2			1,062.6			1,091.7			1,094.2
Newly issued shares		1.3			0.4			29.1			2.5			2.4
Common shares outstanding, end of period		1,062.2			1,062.6			1,091.7			1,094.2			1,096.6

Weighted average common shares outstanding - basic		1,064.7			1,065.0			1,091.0			1,096.9			1,097.9
Dilutive effect of stock purchase contracts underlying common equity units (3)		-			-			-			-			-
Dilutive effect of the exercise or issuance of stock-based awards (4)		5.3			6.0			6.5			7.0			8.8
Weighted average common shares outstanding - diluted		1,070.0			1,071.0			1,097.5			1,103.9			1,106.7
MetLife Policyholder Trust Shares		207.5			206.2			202.3			199.4			196.1

(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency.

(2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

(3) For the three months ended June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted.

(4) For the three months ended September 30, 2012, 6.0 million shares related to the assumed exercise or issuance of stock-based awards are excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted.

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

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	366,339		$	378,005		$	374,266		$	374,294		$	356,514
Equity securities available-for-sale, at estimated fair value		2,882			2,803			2,891			3,188			3,231
Fair value option and trading securities, at estimated fair value (1)		18,328			15,995			16,348			16,588			16,110
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		57,201			57,884			56,592			55,343			55,636
Held-for-sale, principally at estimated fair value (2)		1,740			1,286			414			271			-
Mortgage loans, net		58,941			59,170			57,006			55,614			55,636
Policy loans		11,912			11,949			11,884			11,781			11,722
Real estate and real estate joint ventures		8,477			8,749			9,918			9,998			9,886
Other limited partnership interests		6,726			6,730			6,688			7,087			7,197
Short-term investments, principally at estimated fair value		18,526			14,678			16,906			13,653			12,990
Other invested assets, principally at estimated fair value		24,288			23,477			21,145			20,269			17,920
Total investments		516,419			521,556			517,052			512,472			491,206
Cash and cash equivalents, principally at estimated fair value (1)		16,035			16,950			15,738			9,983			9,184
Accrued investment income		4,404			4,716			4,374			4,555			4,357
Premiums, reinsurance and other receivables		23,974			22,939			21,634			23,052			23,283
Deferred policy acquisition costs and value of business acquired		24,505			24,604			24,761			24,645			24,782
Goodwill		11,823			10,024			9,953			9,696			9,447
Other assets		7,711			8,123			7,876			8,062			7,830
Separate account assets		220,317			237,373			235,393			249,220			245,573
Total assets	$	825,188		$	846,285		$	836,781		$	841,685		$	815,662

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	188,509		$	191,068		$	192,351		$	190,054		$	184,697
Policyholder account balances		225,909			226,882			225,821			224,044			215,195
Other policy-related balances		15,664			15,836			15,463			15,472			15,279
Policyholder dividends payable		786			817			728			713			750
Policyholder dividend obligation		3,369			3,909			3,828			3,599			2,273
Payables for collateral under securities loaned and other transactions		40,302			38,493			33,687			34,215			33,247
Bank deposits		6,832			6,515			6,416			-			-
Short-term debt		101			100			100			100			100
Long-term debt (1)		18,879			19,621			19,062			18,721			18,577
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,192			3,192			3,192			3,193			3,193
Current income tax payable		310			451			401			231			111
Deferred income tax liability		8,603			9,275			8,693			8,699			6,602
Other liabilities (2)		25,395			24,007			22,492			24,260			25,331
Separate account liabilities		220,317			237,373			235,393			249,220			245,573
Total liabilities		762,364			781,735			771,823			776,717			755,124

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		95			152			121			96			130

Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		11			11			11			11			11
Additional paid-in capital		26,927			26,964			28,011			28,072			28,137
Retained earnings		26,904			25,920			25,205			25,958			25,824
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		8,735			11,325			11,397			10,580			6,202
Total MetLife, Inc.’s stockholders’ equity		62,406			64,049			64,453			64,450			60,003
Noncontrolling interests		323			349			384			422			405
Total equity		62,729			64,398			64,837			64,872			60,408
Total liabilities and equity	$	825,188		$	846,285		$	836,781		$	841,685		$	815,662
(1) At June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013, and June 30, 2013, $3,023 million, $2,935 million, $2,717 million, $2,443 million and $2,299 million, respectively, of assets and $2,821 million, $2,733 million, $2,527 million, $2,268 million and $2,127 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 27 and 28, note 3, for the amounts by asset category. (2) At June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, $259 million, $0, $0, $0 and $0, respectively, of assets and $257 million, $0, $0, $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 CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

OPERATING REVENUES
Premiums	$	9,139		$	9,080		$	10,585		$	9,151		$	9,157
Universal life and investment-type product policy fees		1,999			2,048			2,156			2,211			2,281
Net investment income		5,172			5,048			5,175			5,132			5,104
Other revenues		426			435			443			481			500
Total operating revenues		16,736			16,611			18,359			16,975			17,042

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,132			8,995			10,704			9,106			9,204
Interest credited to policyholder account balances		1,525			1,589			1,589			1,554			1,521
Capitalization of DAC		(1,313	)		(1,301	)		(1,308	)		(1,256	)		(1,212	)
Amortization of DAC and VOBA		1,162			1,051			946			1,016			1,105
Amortization of negative VOBA		(164	)		(155	)		(99	)		(131	)		(124	)
Interest expense on debt		297			286			292			288			287
Other expenses		4,051			4,120			4,266			4,087			4,014
Total operating expenses		14,690			14,585			16,390			14,664			14,795

Operating earnings before provision for income tax		2,046			2,026			1,969			2,311			2,247
Provision for income tax expense (benefit)		583			579			565			646			623
Operating earnings		1,463			1,447			1,404			1,665			1,624
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,432		$	1,417		$	1,373		$	1,635		$	1,593


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,463		$	1,447		$	1,404		$	1,665		$	1,624
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(64	)		22			(200	)		314			110
Net derivative gains (losses)		2,092			(718	)		(1,315	)		(630	)		(1,690	)
Premiums		22			16			4			-			1
Universal life and investment-type product policy fees		98			83			94			80			90
Net investment income		(453	)		469			373			945			178
Other revenues		(33	)		20			18			(1	)		(10	)
Policyholder benefits and claims and policyholder dividends		(131	)		(303	)		(644	)		(602	)		(85	)
Interest credited to policyholder account balances		503			(513	)		(459	)		(1,036	)		(325	)
Capitalization of DAC		2			1			-			-			-
Amortization of DAC and VOBA		(317	)		43			(52	)		192			147
Amortization of negative VOBA		17			15			17			15			14
Interest expense on debt		(45	)		(40	)		(38	)		(33	)		(34	)
Other expenses (1)		(399	)		(263	)		(244	)		(308	)		(82	)
Goodwill impairment		-			(1,868	)		-			-			-
Provision for income tax (expense) benefit (1), (2)		(455	)		632			1,147			394			570
Income (loss) from continuing operations, net of income tax		2,300			(957	)		105			995			508
Income (loss) from discontinued operations, net of income tax		3			-			31			(3	)		2
Net income (loss)		2,303			(957	)		136			992			510
Less: Net income (loss) attributable to noncontrolling interests		8			(3	)		9			6			8
Net income (loss) attributable to MetLife, Inc.		2,295			(954	)		127			986			502
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,264		$	(984	)	$	96		$	956		$	471

Total Operating Premiums, Fees and Other Revenues	$	11,564		$	11,563		$	13,184		$	11,843		$	11,938
(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,157		$	6,591		$	1,980		$	558		$	28
Universal life and investment-type product policy fees		2,281			1,708			442			96			35
Net investment income		5,104			4,183			723			120			78
Other revenues		500			434			28			34			4
Total operating revenues		17,042			12,916			3,173			808			145

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,204			7,497			1,433			256			18
Interest credited to policyholder account balances		1,521			1,036			437			37			11
Capitalization of DAC		(1,212	)		(493	)		(522	)		(192	)		(5	)
Amortization of DAC and VOBA		1,105			518			392			195			-
Amortization of negative VOBA		(124	)		-			(113	)		(11	)		-
Interest expense on debt		287			5			-			(1	)		283
Other expenses		4,014			2,354			1,054			460			146
Total operating expenses		14,795			10,917			2,681			744			453

Operating earnings before provision for income tax		2,247			1,999			492			64			(308	)
Provision for income tax expense (benefit)		623			668			162			(4	)		(203	)
Operating earnings		1,624			1,331			330			68			(105	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,593		$	1,331		$	330		$	68		$	(136	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,624		$	1,331		$	330		$	68		$	(105	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		110			1			85			23			1
Net derivative gains (losses)		(1,690	)		(968	)		(486	)		(4	)		(232	)
Premiums		1			1			-			-			-
Universal life and investment-type product policy fees		90			81			2			7			-
Net investment income		178			(162	)		446			(132	)		26
Other revenues		(10	)		-			(10	)		-			-
Policyholder benefits and claims and policyholder dividends		(85	)		53			(138	)		-			-
Interest credited to policyholder account balances		(325	)		(5	)		(438	)		118			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		147			155			1			(9	)		-
Amortization of negative VOBA		14			-			14			-			-
Interest expense on debt		(34	)		-			-			-			(34	)
Other expenses		(82	)		(2	)		6			(5	)		(81	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		570			300			154			3			113
Income (loss) from continuing operations, net of income tax		508			785			(34	)		69			(312	)
Income (loss) from discontinued operations, net of income tax		2			-			(1	)		-			3
Net income (loss)		510			785			(35	)		69			(309	)
Less: Net income (loss) attributable to noncontrolling interests		8			-			5			-			3
Net income (loss) attributable to MetLife, Inc.		502			785			(40	)		69			(312	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	471		$	785		$	(40	)	$	69		$	(343	)

Total Operating Premiums, Fees and Other Revenues	$	11,938		$	8,733		$	2,450		$	688		$	67
(1) Consolidated and Asia results include net investment gains of $8 million related to a settlement of an acquisition tax contingency.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2012
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,139		$	6,434		$	2,064		$	627		$	14
Universal life and investment-type product policy fees		1,999			1,537			352			71			39
Net investment income		5,172			4,047			760			127			238
Other revenues		426			397			(3	)		27			5
Total operating revenues		16,736			12,415			3,173			852			296

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,132			7,302			1,435			343			52
Interest credited to policyholder account balances		1,525			1,061			426			26			12
Capitalization of DAC		(1,313	)		(558	)		(555	)		(200	)		-
Amortization of DAC and VOBA		1,162			563			419			180			-
Amortization of negative VOBA		(164	)		(1	)		(128	)		(35	)		-
Interest expense on debt		297			2			4			1			290
Other expenses		4,051			2,368			1,153			422			108
Total operating expenses		14,690			10,737			2,754			737			462

Operating earnings before provision for income tax		2,046			1,678			419			115			(166	)
Provision for income tax expense (benefit)		583			550			140			37			(144	)
Operating earnings		1,463			1,128			279			78			(22	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,432		$	1,128		$	279		$	78		$	(53	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,463		$	1,128		$	279		$	78		$	(22	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(64	)		202			(43	)		(18	)		(205	)
Net derivative gains (losses)		2,092			1,801			50			14			227
Premiums		22			22			-			-			-
Universal life and investment-type product policy fees		98			86			(1	)		13			-
Net investment income		(453	)		(96	)		(357	)		(178	)		178
Other revenues		(33	)		1			6			-			(40	)
Policyholder benefits and claims and policyholder dividends		(131	)		(110	)		(21	)		-			-
Interest credited to policyholder account balances		503			(26	)		352			177			-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		(317	)		(302	)		1			(16	)		-
Amortization of negative VOBA		17			1			16			-			-
Interest expense on debt		(45	)		-			-			-			(45	)
Other expenses		(399	)		(13	)		10			(20	)		(376	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(455	)		(565	)		(21	)		36			95
Income (loss) from continuing operations, net of income tax		2,300			2,131			271			86			(188	)
Income (loss) from discontinued operations, net of income tax		3			3			-			-			-
Net income (loss)		2,303			2,134			271			86			(188	)
Less: Net income (loss) attributable to noncontrolling interests		8			1			10			(6	)		3
Net income (loss) attributable to MetLife, Inc.		2,295			2,133			261			92			(191	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,264		$	2,133		$	261		$	92		$	(222	)

Total Operating Premiums, Fees and Other Revenues	$	11,564		$	8,368		$	2,413		$	725		$	58

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	18,308		$	13,151		$	3,978		$	1,125		$	54
Universal life and investment-type product policy fees		4,492			3,348			886			187			71
Net investment income		10,236			8,309			1,455			248			224
Other revenues		981			862			41			61			17
Total operating revenues		34,017			25,670			6,360			1,621			366

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		18,310			14,942			2,848			493			27
Interest credited to policyholder account balances		3,075			2,101			879			72			23
Capitalization of DAC		(2,468	)		(1,022	)		(1,068	)		(369	)		(9	)
Amortization of DAC and VOBA		2,121			968			793			360			-
Amortization of negative VOBA		(255	)		(1	)		(226	)		(28	)		-
Interest expense on debt		575			6			-			-			569
Other expenses		8,101			4,735			2,148			908			310
Total operating expenses		29,459			21,729			5,374			1,436			920

Operating earnings before provision for income tax		4,558			3,941			986			185			(554	)
Provision for income tax expense (benefit)		1,269			1,312			323			30			(396	)
Operating earnings		3,289			2,629			663			155			(158	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,228		$	2,629		$	663		$	155		$	(219	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,289		$	2,629		$	663		$	155		$	(158	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		424			113			213			39			59
Net derivative gains (losses)		(2,320	)		(1,139	)		(1,038	)		(10	)		(133	)
Premiums		1			1			-			-			-
Universal life and investment-type product policy fees		170			162			3			5			-
Net investment income		1,123			(288	)		1,084			261			66
Other revenues		(11	)		-			(10	)		-			(1	)
Policyholder benefits and claims and policyholder dividends		(687	)		(405	)		(282	)		-			-
Interest credited to policyholder account balances		(1,361	)		(18	)		(1,077	)		(266	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		339			333			11			(5	)		-
Amortization of negative VOBA		29			-			29			-			-
Interest expense on debt		(67	)		-			-			-			(67	)
Other expenses (1)		(390	)		(1	)		(144	)		(8	)		(237	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		964			438			437			(19	)		108
Income (loss) from continuing operations, net of income tax		1,503			1,825			(111	)		152			(363	)
Income (loss) from discontinued operations, net of income tax		(1	)		-			(4	)		-			3
Net income (loss)		1,502			1,825			(115	)		152			(360	)
Less: Net income (loss) attributable to noncontrolling interests		14			-			9			2			3
Net income (loss) attributable to MetLife, Inc.		1,488			1,825			(124	)		150			(363	)
Less: Preferred stock dividends		61			-			-			-			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,427		$	1,825		$	(124	)	$	150		$	(424	)

Total Operating Premiums, Fees and Other Revenues	$	23,781		$	17,361		$	4,905		$	1,373		$	142
(1) Consolidated and Asia results include net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2012
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	18,246		$	12,836		$	4,103		$	1,279		$	28
Universal life and investment-type product policy fees		4,008			3,064			714			151			79
Net investment income		10,249			8,094			1,441			284			430
Other revenues		878			783			13			63			19
Total operating revenues		33,381			24,777			6,271			1,777			556

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		18,071			14,527			2,795			686			63
Interest credited to policyholder account balances		3,064			2,138			855			59			12
Capitalization of DAC		(2,675	)		(1,156	)		(1,142	)		(377	)		-
Amortization of DAC and VOBA		2,180			1,062			792			326			-
Amortization of negative VOBA		(301	)		(3	)		(259	)		(39	)		-
Interest expense on debt		612			5			5			1			601
Other expenses		8,294			4,794			2,344			893			263
Total operating expenses		29,245			21,367			5,390			1,549			939

Operating earnings before provision for income tax		4,136			3,410			881			228			(383	)
Provision for income tax expense (benefit)		1,179			1,124			301			78			(324	)
Operating earnings		2,957			2,286			580			150			(59	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,896		$	2,286		$	580		$	150		$	(120	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	2,957		$	2,286		$	580		$	150		$	(59	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(174	)		167			(121	)		(36	)		(184	)
Net derivative gains (losses)		114			694			20			43			(643	)
Premiums		44			44			-			-			-
Universal life and investment-type product policy fees		167			156			(2	)		13			-
Net investment income		670			(136	)		151			280			375
Other revenues		112			1			11			-			100
Policyholder benefits and claims and policyholder dividends		(639	)		(595	)		(44	)		-			-
Interest credited to policyholder account balances		(515	)		(79	)		(163	)		(273	)		-
Capitalization of DAC		4			4			-			-			-
Amortization of DAC and VOBA		(13	)		1			2			(16	)		-
Amortization of negative VOBA		35			2			33			-			-
Interest expense on debt		(88	)		-			-			-			(88	)
Other expenses		(924	)		(23	)		16			(14	)		(903	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		416			(99	)		32			14			469
Income (loss) from continuing operations, net of income tax		2,166			2,423			515			161			(933	)
Income (loss) from discontinued operations, net of income tax		17			17			-			-			-
Net income (loss)		2,183			2,440			515			161			(933	)
Less: Net income (loss) attributable to noncontrolling interests		32			1			17			11			3
Net income (loss) attributable to MetLife, Inc.		2,151			2,439			498			150			(936	)
Less: Preferred stock dividends		61			-			-			-			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,090		$	2,439		$	498		$	150		$	(997	)

Total Operating Premiums, Fees and Other Revenues	$	23,132		$	16,683		$	4,830		$	1,493		$	126

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METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013

AMERICAS

RETAIL	$	408		$	492		$	633		$	626		$	581

GROUP, VOLUNTARY & WORKSITE BENEFITS		267			283			167			230			275

CORPORATE BENEFIT FUNDING		318			303			305			299			350

LATIN AMERICA		135			152			148			143			125

AMERICAS TOTAL	$	1,128		$	1,230		$	1,253		$	1,298		$	1,331

ASIA		279			259			198			333			330

EMEA		78			62			59			87			68

CORPORATE & OTHER		(53	)		(134	)		(137	)		(83	)		(136	)

METLIFE TOTAL	$	1,432		$	1,417		$	1,373		$	1,635		$	1,593
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax 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 to income (loss) from continuing operations, net of income tax 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-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	1,576		$	1,604		$	1,728		$	1,547		$	1,581		$	3,200		$	3,128
Universal life and investment-type product policy fees		1,119			1,132			1,196			1,167			1,238			2,233			2,405
Net investment income		1,894			1,930			1,935			1,961			1,987			3,805			3,948
Other revenues		217			221			232			243			257			426			500
Total operating revenues		4,806			4,887			5,091			4,918			5,063			9,664			9,981

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,212			2,228			2,342			2,153			2,272			4,440			4,425
Interest credited to policyholder account balances		590			598			591			579			589			1,186			1,168
Capitalization of DAC		(446	)		(430	)		(401	)		(374	)		(344	)		(922	)		(718	)
Amortization of DAC and VOBA		477			438			288			331			396			881			727
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			1			-			1
Other expenses		1,355			1,308			1,309			1,278			1,265			2,752			2,543
Total operating expenses		4,188			4,142			4,129			3,967			4,179			8,337			8,146

Operating earnings before provision for income tax		618			745			962			951			884			1,327			1,835
Provision for income tax expense (benefit)		210			253			329			325			303			450			628
Operating earnings		408			492			633			626			581			877			1,207
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	408		$	492		$	633		$	626		$	581		$	877		$	1,207


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	408		$	492		$	633		$	626		$	581		$	877		$	1,207
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		58			53			34			73			23			125			96
Net derivative gains (losses)		972			191			(475	)		(156	)		(421	)		446			(577	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		82			83			86			80			79			149			159
Net investment income		(94	)		(105	)		(112	)		(119	)		(117	)		(178	)		(236	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		50			(279	)		(565	)		(403	)		(149	)		(343	)		(552	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(300	)		47			(47	)		178			155			4			333
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			(1,692	)		-			-			-			-			-
Provision for income tax (expense) benefit		(269	)		224			379			122			150			(71	)		272
Income (loss) from continuing operations, net of income tax		907			(986	)		(67	)		401			301			1,009			702
Income (loss) from discontinued operations, net of income tax		-			-			23			-			-			10			-
Net income (loss)		907			(986	)		(44	)		401			301			1,019			702
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		907			(986	)		(44	)		401			301			1,019			702
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	907		$	(986	)	$	(44	)	$	401		$	301		$	1,019		$	702

Total Operating Premiums, Fees and Other Revenues	$	2,912		$	2,957		$	3,156		$	2,957		$	3,076		$	5,859		$	6,033

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	1,476		$	1,500		$	1,628		$	1,448		$	1,493		$	2,923		$	2,941
Universal life and investment-type product policy fees		410			394			422			396			417			823			813
Net investment income		1,144			1,181			1,190			1,204			1,198			2,295			2,402
Other revenues		129			133			141			144			160			253			304
Total operating revenues		3,159			3,208			3,381			3,192			3,268			6,294			6,460

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,980			1,979			2,157			1,926			2,053			3,920			3,979
Interest credited to policyholder account balances		213			217			222			215			222			429			437
Capitalization of DAC		(198	)		(186	)		(203	)		(181	)		(200	)		(392	)		(381	)
Amortization of DAC and VOBA		219			252			280			201			200			438			401
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		-			-			-			-			(1	)		-
Other expenses		675			644			674			652			675			1,354			1,327
Total operating expenses		2,888			2,906			3,130			2,813			2,950			5,748			5,763

Operating earnings before provision for income tax		271			302			251			379			318			546			697
Provision for income tax expense (benefit)		89			98			80			125			105			177			230
Operating earnings		182			204			171			254			213			369			467
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	182		$	204		$	171		$	254		$	213		$	369		$	467


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	182		$	204		$	171		$	254		$	213		$	369		$	467
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		23			21			49			24			(1	)		60			23
Net derivative gains (losses)		322			(37	)		(43	)		(8	)		(87	)		153			(95	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		8			(3	)		-			(2	)		(4	)		3			(6	)
Net investment income		(32	)		(39	)		(41	)		(49	)		(47	)		(56	)		(96	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(25	)		7			(117	)		(13	)		(11	)		(14	)		(24	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(104	)		17			54			17			52			(51	)		69
Income (loss) from continuing operations, net of income tax		374			170			73			223			115			464			338
Income (loss) from discontinued operations, net of income tax		-			-			9			-			-			9			-
Net income (loss)		374			170			82			223			115			473			338
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		374			170			82			223			115			473			338
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	374		$	170		$	82		$	223		$	115		$	473		$	338

Total Operating Premiums, Fees and Other Revenues	$	2,015		$	2,027		$	2,191		$	1,988		$	2,070		$	3,999		$	4,058

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	100		$	104		$	100		$	99		$	88		$	277		$	187
Universal life and investment-type product policy fees		709			738			774			771			821			1,410			1,592
Net investment income		750			749			745			757			789			1,510			1,546
Other revenues		88			88			91			99			97			173			196
Total operating revenues		1,647			1,679			1,710			1,726			1,795			3,370			3,521

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		232			249			185			227			219			520			446
Interest credited to policyholder account balances		377			381			369			364			367			757			731
Capitalization of DAC		(248	)		(244	)		(198	)		(193	)		(144	)		(530	)		(337	)
Amortization of DAC and VOBA		258			186			8			130			196			443			326
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			1			1			1
Other expenses		680			664			635			626			590			1,398			1,216
Total operating expenses		1,300			1,236			999			1,154			1,229			2,589			2,383

Operating earnings before provision for income tax		347			443			711			572			566			781			1,138
Provision for income tax expense (benefit)		121			155			249			200			198			273			398
Operating earnings		226			288			462			372			368			508			740
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	226		$	288		$	462		$	372		$	368		$	508		$	740


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	226		$	288		$	462		$	372		$	368		$	508		$	740
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		35			32			(15	)		49			24			65			73
Net derivative gains (losses)		650			228			(432	)		(148	)		(334	)		293			(482	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		74			86			86			82			83			146			165
Net investment income		(62	)		(66	)		(71	)		(70	)		(70	)		(122	)		(140	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		50			(279	)		(565	)		(403	)		(149	)		(343	)		(552	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(275	)		40			70			191			166			18			357
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			(1,692	)		-			-			-			-			-
Provision for income tax (expense) benefit		(165	)		207			325			105			98			(20	)		203
Income (loss) from continuing operations, net of income tax		533			(1,156	)		(140	)		178			186			545			364
Income (loss) from discontinued operations, net of income tax		-			-			14			-			-			1			-
Net income (loss)		533			(1,156	)		(126	)		178			186			546			364
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		533			(1,156	)		(126	)		178			186			546			364
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	533		$	(1,156	)	$	(126	)	$	178		$	186		$	546		$	364

Total Operating Premiums, Fees and Other Revenues	$	897		$	930		$	965		$	969		$	1,006		$	1,860		$	1,975

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AMERICAS RETAIL *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES* LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	82,622		$	83,063		$	83,307		$	83,826		$	84,008
Premiums and deposits (2), (3)		2,124			2,017			2,170			1,991			2,030
Surrenders and withdrawals		(913	)		(881	)		(840	)		(901	)		(823	)
Benefit payments		(685	)		(795	)		(867	)		(821	)		(781	)

Net Flows		526			341			463			269			426
Net transfers from (to) separate account		23			30			79			46			50
Interest		806			811			815			809			819
Policy charges		(443	)		(443	)		(461	)		(462	)		(482	)
Other		(471	)		(495	)		(377	)		(480	)		(402	)

Balance, end of period	$	83,063		$	83,307		$	83,826		$	84,008		$	84,419

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	51,360		$	52,226		$	51,590		$	51,542		$	50,020
Premiums and deposits (2), (3)		1,245			1,266			1,047			1,019			772
Surrenders and withdrawals		(905	)		(861	)		(1,214	)		(1,023	)		(998	)
Benefit payments		(391	)		(390	)		(422	)		(405	)		(420	)

Net Flows		(51	)		15			(589	)		(409	)		(646	)
Net transfers from (to) separate account		(750	)		(604	)		(335	)		(555	)		(214	)
Interest		444			449			430			424			429
Policy charges		(16	)		(14	)		(12	)		(12	)		(15	)
Other		1,239			(482	)		458			(970	)		(584	)

Balance, end of period	$	52,226		$	51,590		$	51,542		$	50,020		$	48,990

*SEPARATE ACCOUNT LIABILITIES* LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	8,641		$	8,232		$	8,515		$	8,463		$	8,957
Premiums and deposits (3)		174			167			178			172			165
Surrenders and withdrawals		(116	)		(109	)		(121	)		(118	)		(116	)
Benefit payments		(10	)		(12	)		(12	)		(10	)		(11	)

Net Flows		48			46			45			44			38
Investment performance		(304	)		401			117			632			108
Net transfers from (to) general account		(23	)		(30	)		(79	)		(46	)		(50	)
Policy charges		(133	)		(133	)		(135	)		(129	)		(132	)
Other		3			(1	)		-			(7	)		(2	)

Balance, end of period	$	8,232		$	8,515		$	8,463		$	8,957		$	8,919

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	133,462		$	131,416		$	139,484		$	142,050		$	150,826
Premiums and deposits (3)		3,870			3,836			2,961			2,964			2,382
Surrenders and withdrawals		(2,103	)		(2,019	)		(2,177	)		(2,175	)		(2,444	)
Benefit payments		(254	)		(242	)		(283	)		(269	)		(317	)

Net Flows		1,513			1,575			501			520			(379	)
Investment performance		(3,587	)		6,637			2,517			8,434			(684	)
Net transfers from (to) general account		750			604			335			555			214
Policy charges		(723	)		(750	)		(788	)		(734	)		(860	)
Other		1			2			1			1			-

Balance, end of period	$	131,416		$	139,484		$	142,050		$	150,826		$	149,117
(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)	June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013

Direct and allocated expenses	$	484	$	460	$	500	$	451	$	451
Pension and post-retirement benefit costs		57		57		40		60		60
Premium taxes, other taxes, and licenses & fees		46		40		33		40		41
Total fixed operating expenses	$	587	$	557	$	573	$	551	$	552

Commissions and other variable expenses		768		751		736		727		713

Total other expenses	$	1,355	$	1,308	$	1,309	$	1,278	$	1,265

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013

Life Sales (1)
Term Life	$	36	$	31	$	33	$	23	$	26
Whole Life		33		30		36		29		31
Variable Life		8		7		8		9		9
Universal Life		37		36		50		43		47
Total life sales	$	114	$	104	$	127	$	104	$	113

Annuity Sales (2)
Fixed annuity sales	$	225	$	253	$	207	$	213	$	191
Variable annuity sales		4,613		4,595		3,569		3,520		2,761
Total annuity sales	$	4,838	$	4,848	$	3,776	$	3,733	$	2,952

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	3,669	$	3,655	$	2,817	$	2,822	$	2,277
General Accounts
Fixed annuity		225		253		207		213		191
Variable annuity		944		940		752		698		484
Total general accounts		1,169		1,193		959		911		675
Total annuity premiums and deposits	$	4,838	$	4,848	$	3,776	$	3,733	$	2,952
(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 (1)
	For the Three Months Ended
Unaudited	June 30, 2012		September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013

Investment income yield excluding variable investment income		6.28%		6.69%			6.37%		6.30%		6.22%
Variable investment income yield		0.17%		(0.05%	)		0.62%		0.54%		0.31%
Total investment income yield		6.45%		6.64%			6.99%		6.84%		6.53%
Average crediting rate		4.52%		4.49%			4.54%		4.50%		4.52%
Annualized general account spread		1.93%		2.15%			2.45%		2.34%		2.01%

Annualized general account spread excluding variable investment income yield		1.76%		2.20%			1.83%		1.80%		1.70%

DEFERRED ANNUITIES (2)
	For the Three Months Ended
Unaudited	June 30, 2012		September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013

Investment income yield excluding variable investment income		6.34%		6.29%			6.21%		6.21%		6.37%
Variable investment income yield		0.08%		0.11%			0.21%		0.13%		0.16%
Total investment income yield		6.42%		6.40%			6.42%		6.34%		6.53%
Average crediting rate		3.41%		3.43%			3.40%		3.38%		3.39%
Annualized general account spread		3.01%		2.97%			3.02%		2.96%		3.14%

Annualized general account spread excluding variable investment income yield		2.93%		2.86%			2.81%		2.83%		2.98%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2012		September 30, 2012			December 31, 2012		March 31, 2013		June 30, 2013

Life (3)
Operating premiums, fees and other revenues	$	1,397	$	1,403		$	1,544	$	1,349	$	1,399
Life mortality as percentage of expected		85.6%		91.3%			99.0%		92.7%		89.7%

Lapse Ratio (4)
Traditional life		6.0%		5.9%			5.8%		5.8%		5.8%
Variable & universal life		5.3%		5.1%			4.9%		4.9%		4.8%
Fixed annuity		9.8%		9.9%			9.4%		8.4%		8.6%
Variable annuity		6.2%		6.0%			6.0%		5.9%		6.0%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	421	$	424		$	433	$	429	$	440
Combined ratio including catastrophes		105.4%		94.6%			100.4%		94.5%		107.5%
Combined ratio excluding catastrophes		80.8%		90.6%			84.5%		88.7%		86.1%

(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-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	3,683		$	3,753		$	3,773		$	3,874		$	3,797		$	7,268		$	7,671
Universal life and investment-type product policy fees		165			166			165			180			170			331			350
Net investment income		439			450			443			453			472			875			925
Other revenues		112			100			102			108			105			220			213
Total operating revenues		4,399			4,469			4,483			4,615			4,544			8,694			9,159

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,391			3,449			3,538			3,640			3,514			6,704			7,154
Interest credited to policyholder account balances		43			42			40			39			39			85			78
Capitalization of DAC		(33	)		(38	)		(36	)		(33	)		(35	)		(64	)		(68	)
Amortization of DAC and VOBA		28			40			35			34			33			58			67
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			1			-			1
Other expenses		570			547			659			588			578			1,145			1,166
Total operating expenses		3,999			4,041			4,236			4,268			4,130			7,928			8,398

Operating earnings before provision for income tax		400			428			247			347			414			766			761
Provision for income tax expense (benefit)		133			145			80			117			139			256			256
Operating earnings		267			283			167			230			275			510			505
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	267		$	283		$	167		$	230		$	275		$	510		$	505


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	267		$	283		$	167		$	230		$	275		$	510		$	505
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		13			5			(18	)		17			(28	)		6			(11	)
Net derivative gains (losses)		555			(81	)		(162	)		(129	)		(310	)		180			(439	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(38	)		(33	)		(33	)		(40	)		(45	)		(74	)		(85	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			(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		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(186	)		38			76			53			134			(39	)		187
Income (loss) from continuing operations, net of income tax		611			212			29			131			26			583			157
Income (loss) from discontinued operations, net of income tax		-			-			2			-			-			-			-
Net income (loss)		611			212			31			131			26			583			157
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		611			212			31			131			26			583			157
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	611		$	212		$	31		$	131		$	26		$	583		$	157

Operating Premiums, Fees and Other Revenues
Group	$	3,345		$	3,406		$	3,426		$	3,557		$	3,456		$	6,598		$	7,013
Voluntary & Worksite		615			613			614			605			616			1,221			1,221
Total Group, Voluntary & Worksite Benefits	$	3,960		$	4,019		$	4,040		$	4,162		$	4,072		$	7,819		$	8,234

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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)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	25,661		$	26,642		$	26,922		$	26,772		$	26,444
Premiums and deposits		4,330			4,428			4,269			4,445			4,327
Surrenders and withdrawals		(898	)		(975	)		(798	)		(832	)		(795	)
Benefit payments		(3,017	)		(3,072	)		(3,110	)		(3,297	)		(3,150	)

Net Flows		415			381			361			316			382
Net transfers from (to) separate account		(1	)		-			1			-			-
Interest		209			211			218			211			214
Policy charges		(125	)		(133	)		(127	)		(130	)		(131	)
Other		483			(179	)		(603	)		(725	)		(935	)

Balance, end of period	$	26,642		$	26,922		$	26,772		$	26,444		$	25,974

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	528		$	508		$	533		$	532		$	562
Premiums and deposits		49			48			49			49			50
Surrenders and withdrawals		(10	)		(10	)		(14	)		(13	)		(11	)
Benefit payments		(1	)		(1	)		(1	)		(1	)		(1	)

Net Flows		38			37			34			35			38
Investment performance		(18	)		28			6			37			9
Net transfers from (to) general account		1			-			(1	)		-			-
Policy charges		(40	)		(39	)		(40	)		(41	)		(42	)
Other		(1	)		(1	)		-			(1	)		(1	)

Balance, end of period	$	508		$	533		$	532		$	562		$	566
(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)	June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013

Direct and allocated expenses	$	399	$	382	$	417	$	421	$	404
Pension and post-retirement benefit costs		19		19		8		25		25
Premium taxes, other taxes, and licenses & fees		60		56		56		58		62
Total fixed operating expenses	$	478	$	457	$	481	$	504	$	491

Commissions and other variable expenses		92		90		178		84		87

Total other expenses	$	570	$	547	$	659	$	588	$	578

SPREAD (1)
	For the Three Months Ended
Unaudited	June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013

Investment income yield excluding variable investment income		5.93%		6.01%		5.79%		5.95%		5.97%
Variable investment income yield		0.09%		0.21%		0.37%		0.21%		0.36%
Total investment income yield		6.02%		6.22%		6.16%		6.16%		6.33%
Average crediting rate		3.29%		3.31%		3.31%		3.31%		3.33%
Annualized general account spread		2.73%		2.91%		2.85%		2.85%		3.00%

Annualized general account spread excluding variable investment income yield		2.64%		2.70%		2.48%		2.64%		2.64%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013		June 30, 2013

Group Life (2)
Operating premiums, fees and other revenues	$	1,392	$	1,379	$	1,370	$	1,438	$	1,406
Mortality ratio		87.3%		88.1%		84.6%		91.3%		86.5%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,497	$	1,555	$	1,560	$	1,604	$	1,605
Benefit ratio		87.4%		88.5%		91.6%		88.9%		89.5%

Group Property & Casualty (4)
Operating premiums, fees and other revenues	$	357	$	356	$	357	$	345	$	358
Combined ratio including catastrophes		98.7%		87.8%		107.2%		92.8%		97.7%
Combined ratio excluding catastrophes		86.6%		87.2%		91.1%		90.4%		92.1%

(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. (4) Beginning with the three months ended March 31, 2013, excludes the portion of group property & casualty reported in the Latin America segment.

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AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	523		$	450		$	1,757		$	464		$	503		$	1,030		$	967
Universal life and investment-type product policy fees		57			53			64			68			65			108			133
Net investment income		1,431			1,421			1,450			1,435			1,443			2,832			2,878
Other revenues		65			64			66			73			67			129			140
Total operating revenues		2,076			1,988			3,337			2,040			2,078			4,099			4,118

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,131			1,070			2,411			1,098			1,110			2,223			2,208
Interest credited to policyholder account balances		338			339			342			343			305			677			648
Capitalization of DAC		(8	)		(13	)		(1	)		(17	)		(6	)		(15	)		(23	)
Amortization of DAC and VOBA		4			4			4			11			6			14			17
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			4			4
Other expenses		120			120			110			143			121			248			264
Total operating expenses		1,587			1,522			2,868			1,580			1,538			3,151			3,118

Operating earnings before provision for income tax		489			466			469			460			540			948			1,000
Provision for income tax expense (benefit)		171			163			164			161			190			332			351
Operating earnings		318			303			305			299			350			616			649
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	318		$	303		$	305		$	299		$	350		$	616		$	649


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	318		$	303		$	305		$	299		$	350		$	616		$	649
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		144			(25	)		86			22			(3	)		46			19
Net derivative gains (losses)		288			(194	)		(8	)		105			(209	)		45			(104	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		10			16			7			25			(1	)		39			24
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(16	)		(12	)		4			8			31			(22	)		39
Interest credited to policyholder account balances		(1	)		(5	)		(5	)		(2	)		(2	)		(3	)		(4	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			(2	)		2			1			(1	)		-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(148	)		78			(30	)		(56	)		65			(37	)		9
Income (loss) from continuing operations, net of income tax		595			159			361			402			230			684			632
Income (loss) from discontinued operations, net of income tax		3			-			4			-			-			7			-
Net income (loss)		598			159			365			402			230			691			632
Less: Net income (loss) attributable to noncontrolling interests		-			-			1			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		598			159			364			402			230			691			632
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	598		$	159		$	364		$	402		$	230		$	691		$	632

Total Operating Premiums, Fees and Other Revenues	$	645		$	567		$	1,887		$	605		$	635		$	1,267		$	1,240

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AMERICAS CORPORATE BENEFIT FUNDING *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	108,339		$	114,430		$	116,659		$	116,910		$	119,187
Premiums and deposits		19,383			12,906			10,469			14,790			13,826
Surrenders and withdrawals		(14,885	)		(12,028	)		(9,666	)		(11,765	)		(17,483	)
Benefit payments		(850	)		(899	)		(902	)		(876	)		(887	)

Net Flows		3,648			(21	)		(99	)		2,149			(4,544	)
Net transfers from (to) separate account		(11	)		(11	)		(11	)		5			(5	)
Interest		1,059			1,041			1,048			1,036			1,007
Policy charges		(31	)		(34	)		(18	)		(29	)		(38	)
Other		1,426			1,254			(669	)		(884	)		(3,212	)

Balance, end of period	$	114,430		$	116,659		$	116,910		$	119,187		$	112,395

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Balance, beginning of period	$	68,635		$	69,704		$	76,905		$	71,875		$	75,735
Premiums and deposits		1,546			2,494			2,268			1,868			1,982
Surrenders and withdrawals		(1,198	)		(757	)		(2,699	)		(1,414	)		(922	)
Benefit payments		(17	)		(21	)		(13	)		(19	)		(20	)

Net Flows		331			1,716			(444	)		435			1,040
Investment performance		1,077			1,466			364			697			(1,286	)
Net transfers from (to) general account		11			11			11			(5	)		5
Policy charges		(81	)		(78	)		(75	)		(86	)		(85	)
Other		(269	)		4,086			(4,886	)		2,819			(564	)

Balance, end of period	$	69,704		$	76,905		$	71,875		$	75,735		$	74,845

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2012		September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013

Direct and allocated expenses	$	61	$	63	$	73		$	69	$	69
Pension and post-retirement benefit costs		11		11		5			14		14
Premium taxes, other taxes, and licenses & fees		5		5		(1	)		3		4
Total fixed operating expenses	$	77	$	79	$	77		$	86	$	87

Commissions and other variable expenses		43		41		33			57		34

Total other expenses	$	120	$	120	$	110		$	143	$	121

SPREAD
	For the Three Months Ended
Unaudited	June 30, 2012		September 30, 2012		December 31, 2012			March 31, 2013		June 30, 2013

Investment income yield excluding variable investment income		4.95%		4.83%		4.72%			4.68%		4.68%
Variable investment income yield		0.32%		0.24%		0.38%			0.28%		0.33%
Total investment income yield		5.27%		5.07%		5.10%			4.96%		5.01%
Average crediting rate		3.72%		3.64%		3.59%			3.53%		3.42%
Annualized general account spread		1.55%		1.43%		1.51%			1.43%		1.59%

Annualized general account spread excluding variable investment income yield		1.23%		1.19%		1.13%			1.15%		1.26%

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AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	652		$	610		$	630		$	675		$	710		$	1,338		$	1,385
Universal life and investment-type product policy fees		196			189			204			225			235			392			460
Net investment income		283			299			317			277			281			582			558
Other revenues		3			3			5			4			5			8			9
Total operating revenues		1,134			1,101			1,156			1,181			1,231			2,320			2,412

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		568			507			564			554			601			1,160			1,155
Interest credited to policyholder account balances		90			99			104			104			103			190			207
Capitalization of DAC		(71	)		(83	)		(115	)		(105	)		(108	)		(155	)		(213	)
Amortization of DAC and VOBA		54			42			73			74			83			109			157
Amortization of negative VOBA		(1	)		(1	)		(1	)		(1	)		-			(3	)		(1	)
Interest expense on debt		-			(4	)		2			(1	)		1			1			-
Other expenses		323			353			373			372			390			649			762
Total operating expenses		963			913			1,000			997			1,070			1,951			2,067

Operating earnings before provision for income tax		171			188			156			184			161			369			345
Provision for income tax expense (benefit)		36			36			8			41			36			86			77
Operating earnings		135			152			148			143			125			283			268
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	135		$	152		$	148		$	143		$	125		$	283		$	268


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	135		$	152		$	148		$	143		$	125		$	283		$	268
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(13	)		(2	)		10			-			9			(10	)		9
Net derivative gains (losses)		(14	)		19			(4	)		9			(28	)		23			(19	)
Premiums		22			16			4			-			1			44			1
Universal life and investment-type product policy fees		4			1			3			1			2			7			3
Net investment income		26			45			34			8			1			77			9
Other revenues		1			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		(144	)		26			(37	)		(63	)		171			(230	)		108
Interest credited to policyholder account balances		(25	)		(37	)		(38	)		(11	)		(3	)		(76	)		(14	)
Capitalization of DAC		2			1			-			-			-			4			-
Amortization of DAC and VOBA		(2	)		-			(1	)		-			-			(3	)		-
Amortization of negative VOBA		1			-			-			-			-			2			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(13	)		(8	)		(5	)		-			(1	)		(23	)		(1	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		38			(12	)		17			19			(49	)		48			(30	)
Income (loss) from continuing operations, net of income tax		18			201			131			106			228			147			334
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		18			201			131			106			228			147			334
Less: Net income (loss) attributable to noncontrolling interests		1			-			-			-			-			1			-
Net income (loss) attributable to MetLife, Inc.		17			201			131			106			228			146			334
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	17		$	201		$	131		$	106		$	228		$	146		$	334

Total Operating Premiums, Fees and Other Revenues	$	851		$	802		$	839		$	904		$	950		$	1,738		$	1,854

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	2,064		$	2,112		$	2,129		$	1,998		$	1,980		$	4,103		$	3,978
Universal life and investment-type product policy fees		352			388			389			444			442			714			886
Net investment income		760			709			745			732			723			1,441			1,455
Other revenues		(3	)		4			9			13			28			13			41
Total operating revenues		3,173			3,213			3,272			3,187			3,173			6,271			6,360

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,435			1,455			1,569			1,415			1,433			2,795			2,848
Interest credited to policyholder account balances		426			468			461			442			437			855			879
Capitalization of DAC		(555	)		(579	)		(567	)		(546	)		(522	)		(1,142	)		(1,068	)
Amortization of DAC and VOBA		419			396			375			401			392			792			793
Amortization of negative VOBA		(128	)		(128	)		(69	)		(113	)		(113	)		(259	)		(226	)
Interest expense on debt		4			-			-			-			-			5			-
Other expenses		1,153			1,206			1,188			1,094			1,054			2,344			2,148
Total operating expenses		2,754			2,818			2,957			2,693			2,681			5,390			5,374

Operating earnings before provision for income tax		419			395			315			494			492			881			986
Provision for income tax expense (benefit)		140			136			117			161			162			301			323
Operating earnings		279			259			198			333			330			580			663
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	279		$	259		$	198		$	333		$	330		$	580		$	663


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	279		$	259		$	198		$	333		$	330		$	580		$	663
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(43	)		(47	)		(174	)		128			85			(121	)		213
Net derivative gains (losses)		50			(31	)		(159	)		(552	)		(486	)		20			(1,038	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(1	)		(2	)		4			1			2			(2	)		3
Net investment income		(357	)		135			240			638			446			151			1,084
Other revenues		6			7			5			-			(10	)		11			(10	)
Policyholder benefits and claims and policyholder dividends		(21	)		(38	)		(45	)		(144	)		(138	)		(44	)		(282	)
Interest credited to policyholder account balances		352			(134	)		(242	)		(639	)		(438	)		(163	)		(1,077	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			(2	)		(4	)		10			1			2			11
Amortization of negative VOBA		16			15			17			15			14			33			29
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		10			4			4			(150	)		6			16			(144	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		(21	)		27			424			283			154			32			437
Income (loss) from continuing operations, net of income tax		271			193			268			(77	)		(34	)		515			(111	)
Income (loss) from discontinued operations, net of income tax		-			-			-			(3	)		(1	)		-			(4	)
Net income (loss)		271			193			268			(80	)		(35	)		515			(115	)
Less: Net income (loss) attributable to noncontrolling interests		10			8			1			4			5			17			9
Net income (loss) attributable to MetLife, Inc.		261			185			267			(84	)		(40	)		498			(124	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	261		$	185		$	267		$	(84	)	$	(40	)	$	498		$	(124	)

Total Operating Premiums, Fees and Other Revenues	$	2,413		$	2,504		$	2,527		$	2,455		$	2,450		$	4,830		$	4,905
(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months and year-to-date period ended June 30, 2013 include net investment gains of $8 million and $19 million, respectively, expenses of $0 and $154 million, respectively, and a tax benefit of $0 and $119 million, respectively, related to the settlement of such acquisition tax contingency. (2) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	627		$	536		$	555		$	567		$	558		$	1,279		$	1,125
Universal life and investment-type product policy fees		71			82			100			91			96			151			187
Net investment income		127			122			129			128			120			284			248
Other revenues		27			35			23			27			34			63			61
Total operating revenues		852			775			807			813			808			1,777			1,621

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		343			255			255			237			256			686			493
Interest credited to policyholder account balances		26			32			35			35			37			59			72
Capitalization of DAC		(200	)		(158	)		(188	)		(177	)		(192	)		(377	)		(369	)
Amortization of DAC and VOBA		180			130			170			165			195			326			360
Amortization of negative VOBA		(35	)		(26	)		(29	)		(17	)		(11	)		(39	)		(28	)
Interest expense on debt		1			2			(2	)		1			(1	)		1			-
Other expenses		422			440			477			448			460			893			908
Total operating expenses		737			675			718			692			744			1,549			1,436

Operating earnings before provision for income tax		115			100			89			121			64			228			185
Provision for income tax expense (benefit)		37			38			30			34			(4	)		78			30
Operating earnings		78			62			59			87			68			150			155
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	78		$	62		$	59		$	87		$	68		$	150		$	155


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	78		$	62		$	59		$	87		$	68		$	150		$	155
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(18	)		73			(6	)		16			23			(36	)		39
Net derivative gains (losses)		14			13			5			(6	)		(4	)		43			(10	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		13			1			1			(2	)		7			13			5
Net investment income		(178	)		348			185			393			(132	)		280			261
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		177			(337	)		(174	)		(384	)		118			(273	)		(266	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(16	)		(2	)		-			4			(9	)		(16	)		(5	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(20	)		(22	)		(12	)		(3	)		(5	)		(14	)		(8	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		36			(32	)		(30	)		(22	)		3			14			(19	)
Income (loss) from continuing operations, net of income tax		86			104			28			83			69			161			152
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		86			104			28			83			69			161			152
Less: Net income (loss) attributable to noncontrolling interests		(6	)		(5	)		3			2			-			11			2
Net income (loss) attributable to MetLife, Inc.		92			109			25			81			69			150			150
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	92		$	109		$	25		$	81		$	69		$	150		$	150

Total Operating Premiums, Fees and Other Revenues	$	725		$	653		$	678		$	685		$	688		$	1,493		$	1,373

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	14		$	15		$	13		$	26		$	28		$	28		$	54
Universal life and investment-type product policy fees		39			38			38			36			35			79			71
Net investment income		238			117			156			146			78			430			224
Other revenues		5			8			6			13			4			19			17
Total operating revenues		296			178			213			221			145			556			366

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		52			31			25			9			18			63			27
Interest credited to policyholder account balances		12			11			16			12			11			12			23
Capitalization of DAC		-			-			-			(4	)		(5	)		-			(9	)
Amortization of DAC and VOBA		-			1			1			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		290			285			290			286			283			601			569
Other expenses		108			146			150			164			146			263			310
Total operating expenses		462			474			482			467			453			939			920

Operating earnings before provision for income tax		(166	)		(296	)		(269	)		(246	)		(308	)		(383	)		(554	)
Provision for income tax expense (benefit)		(144	)		(192	)		(163	)		(193	)		(203	)		(324	)		(396	)
Operating earnings		(22	)		(104	)		(106	)		(53	)		(105	)		(59	)		(158	)
Preferred stock dividends		31			30			31			30			31			61			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(53	)	$	(134	)	$	(137	)	$	(83	)	$	(136	)	$	(120	)	$	(219	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(22	)	$	(104	)	$	(106	)	$	(53	)	$	(105	)	$	(59	)	$	(158	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(205	)		(35	)		(132	)		58			1			(184	)		59
Net derivative gains (losses)		227			(635	)		(512	)		99			(232	)		(643	)		(133	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		178			63			52			40			26			375			66
Other revenues		(40	)		13			13			(1	)		-			100			(1	)
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		(45	)		(40	)		(38	)		(33	)		(34	)		(88	)		(67	)
Other expenses		(376	)		(235	)		(233	)		(156	)		(81	)		(903	)		(237	)
Goodwill impairment		-			(176	)		-			-			-			-			-
Provision for income tax (expense) benefit		95			309			311			(5	)		113			469			108
Income (loss) from continuing operations, net of income tax		(188	)		(840	)		(645	)		(51	)		(312	)		(933	)		(363	)
Income (loss) from discontinued operations, net of income tax		-			-			2			-			3			-			3
Net income (loss)		(188	)		(840	)		(643	)		(51	)		(309	)		(933	)		(360	)
Less: Net income (loss) attributable to noncontrolling interests		3			(6	)		4			-			3			3			3
Net income (loss) attributable to MetLife, Inc.		(191	)		(834	)		(647	)		(51	)		(312	)		(936	)		(363	)
Less: Preferred stock dividends		31			30			31			30			31			61			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(222	)	$	(864	)	$	(678	)	$	(81	)	$	(343	)	$	(997	)	$	(424	)

Total Operating Premiums, Fees and Other Revenues	$	58		$	61		$	57		$	75		$	67		$	126		$	142

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Fixed Maturity Securities
Yield (1)		4.76%			4.85%			4.85%			4.83%			4.71%
Investment income (2), (3), (4)	$	3,720		$	3,833		$	3,850		$	3,833		$	3,687
Investment gains (losses) (3)		(19	)		34			74			313			144
Ending carrying value (2), (3)		367,138			378,748			375,108			375,275			357,447
Mortgage Loans
Yield (1)		5.44%			5.81%			5.71%			5.52%			5.40%
Investment income (3), (4)		764			810			786			738			716
Investment gains (losses) (3)		13			-			8			12			23
Ending carrying value (3)		55,750			56,291			54,340			53,207			53,368
Real Estate and Real Estate Joint Ventures
Yield (1)		8.75%			2.95%			3.10%			2.40%			4.26%
Investment income (3)		185			64			72			60			106
Investment gains (losses) (3)		(12	)		(15	)		43			(20	)		(8	)
Ending carrying value		8,477			8,749			9,918			9,998			9,886
Policy Loans
Yield (1)		5.27%			5.25%			5.19%			5.22%			5.18%
Investment income		156			157			155			155			152
Ending carrying value		11,912			11,949			11,884			11,781			11,722
Equity Securities
Yield (1)		5.24%			3.65%			5.36%			3.41%			5.13%
Investment income		38			26			37			24			36
Investment gains (losses)		19			3			(9	)		(27	)		4
Ending carrying value		2,882			2,803			2,891			3,188			3,231
Other Limited Partnership Interests
Yield (1)		16.07%			8.66%			15.01%			14.25%			15.43%
Investment income		266			145			252			246			275
Investment gains (losses)		(9	)		(7	)		(18	)		-			(41	)
Ending carrying value		6,726			6,730			6,688			7,087			7,197
Cash and Short-term Investments
Yield (1)		0.65%			0.66%			0.77%			0.89%			1.10%
Investment income		34			34			43			45			42
Investment gains (losses)		-			3			3			39			15
Ending carrying value (3)		34,540			31,625			32,634			23,635			22,170
Other Invested Assets (1)
Investment income		197			140			126			179			222
Investment gains (losses) (3)		(10	)		12			(134	)		(32	)		12
Ending carrying value		24,288			23,477			21,145			20,269			17,920
Total Investments
Investment income yield (1)		5.05%			4.88%			4.93%			4.93%			5.00%
Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.92%			4.75%			4.80%			4.80%			4.87%
Investment income	$	5,360		$	5,209		$	5,321		$	5,280		$	5,236
Investment fees and expenses		(139	)		(140	)		(135	)		(143	)		(131	)
Net investment income including Divested businesses		5,221			5,069			5,186			5,137			5,105
Less: Net investment income from Divested businesses (5)		49			21			11			5			1
Net Investment Income (3)	$	5,172		$	5,048		$	5,175		$	5,132		$	5,104
Ending Carrying Value (3)	$	511,713		$	520,372		$	514,608		$	504,440		$	482,941
Investment portfolio gains (losses) including Divested businesses	$	(18	)	$	30		$	(33	)	$	285		$	149
Less: Investment portfolio gains (losses) from Divested businesses (5)		(35	)		(26	)		2			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	17		$	56		$	(35	)	$	285		$	149
Gross investment gains	$	255		$	257		$	359		$	560		$	400
Gross investment losses		(182	)		(127	)		(170	)		(196	)		(195	)
Writedowns		(56	)		(74	)		(224	)		(79	)		(56	)
Investment Portfolio Gains (Losses) (3), (5)		17			56			(35	)		285			149
Investment portfolio gains (losses) income tax (expense) benefit		(13	)		(13	)		33			(124	)		(42	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	4		$	43		$	(2	)	$	161		$	107

Derivative Gains (Losses) including Divested businesses	$	1,984		$	(824	)	$	(1,453	)	$	(763	)	$	(1,870	)
Less: Derivative gains (losses) from Divested businesses (5)		(2	)		-			1			-			-
Derivative gains (losses) (3), (5)		1,986			(824	)		(1,454	)		(763	)		(1,870	)
Derivative gains (losses) income tax (expense) benefit		(699	)		281			530			270			645
Derivative Gains (Losses), Net of Income Tax	$	1,287		$	(543	)	$	(924	)	$	(493	)	$	(1,225	)
(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 $799 million, $743 million, $842 million, $981 million and $933 million in ending carrying value, and ($1) million, $24 million, $20 million, $21 million and ($11) million of investment income related to fair value option and trading securities at or for the three months ended June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, 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 June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,459 million, $15,199 million, $15,465 million, $15,572 million and $15,150 million; B) Ending carrying value excludes the following 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 $70 million, $53 million, $41 million, $35 million and $27 million, mortgage loans of $2,932 million, $2,879 million, $2,666 million, $2,407 million and $2,268 million and cash and short-term investments of $21 million, $3 million, $10 million, $1 million and $4 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $259 million, $0, $0, $0 and $0; D) Net investment income adjustments as presented on Page A-1; E) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) as presented above and GAAP adjustments as presented below:


	For the Three Months Ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(18	)	$	30		$	(33	)	$	285		$	149
Real estate discontinued operations		(4	)		-			(44	)		6			(1	)
Net investment gains (losses) related to CSEs		4			15			11			8			8
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(46	)		(23	)		(134	)		15			(46	)
Net investment gains (losses) - GAAP basis	$	(64	)	$	22		$	(200	)	$	314		$	110

	For the Three Months Ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Derivative gains (losses) including Divested businesses—in above yield table	$	1,984		$	(824	)	$	(1,453	)	$	(763	)	$	(1,870	)
Investment hedge adjustments		113			108			138			131			167
Joint venture adjustments		-			-			-			-			1
Settlement of foreign currency earnings hedges		(6	)		(7	)		(5	)		-			10
PAB hedge adjustments		1			5			5			2			2
Net derivative gains (losses) - GAAP basis	$	2,092		$	(718	)	$	(1,315	)	$	(630	)	$	(1,690	)
(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 June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, includes $88 million, $4 million, $0, $0 and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Fixed Maturity Securities
Yield (1)		4.86%			4.86%			4.85%			4.83%			4.77%
Investment income (2), (3), (4)	$	7,560		$	11,393		$	15,243		$	3,833		$	7,520
Investment gains (losses) (3)		(155	)		(121	)		(47	)		313			457
Ending carrying value (2), (3)		367,138			378,748			375,108			375,275			357,447
Mortgage Loans
Yield (1)		5.53%			5.62%			5.64%			5.52%			5.46%
Investment income (3), (4)		1,594			2,404			3,190			738			1,454
Investment gains (losses) (3)		49			49			57			12			35
Ending carrying value (3)		55,750			56,291			54,340			53,207			53,368
Real Estate and Real Estate Joint Ventures
Yield (1)		6.25%			5.14%			4.59%			2.40%			3.33%
Investment income (3)		265			329			401			60			166
Investment gains (losses) (3)		5			(10	)		33			(20	)		(28	)
Ending carrying value		8,477			8,749			9,918			9,998			9,886
Policy Loans
Yield (1)		5.28%			5.27%			5.25%			5.22%			5.20%
Investment income		314			471			626			155			307
Ending carrying value		11,912			11,949			11,884			11,781			11,722
Equity Securities
Yield (1)		4.69%			4.36%			4.60%			3.41%			4.28%
Investment income		70			96			133			24			60
Investment gains (losses)		10			13			4			(27	)		(23	)
Ending carrying value		2,882			2,803			2,891			3,188			3,231
Other Limited Partnership Interests
Yield (1)		13.74%			12.00%			12.76%			14.25%			14.85%
Investment income		448			593			845			246			521
Investment gains (losses)		(11	)		(18	)		(36	)		-			(41	)
Ending carrying value		6,726			6,730			6,688			7,087			7,197
Cash and Short-term Investments
Yield (1)		0.67%			0.67%			0.69%			0.89%			0.98%
Investment income		66			100			143			45			87
Investment gains (losses)		-			3			6			39			54
Ending carrying value (3)		34,540			31,625			32,634			23,635			22,170
Other Invested Assets (1)
Investment income		329			469			595			179			401
Investment gains (losses) (3)		(35	)		(23	)		(157	)		(32	)		(20	)
Ending carrying value		24,288			23,477			21,145			20,269			17,920
Total Investments
Investment income yield (1)		5.03%			4.98%			4.96%			4.93%			4.97%
Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.90%			4.85%			4.83%			4.80%			4.84%
Investment income	$	10,646		$	15,855		$	21,176		$	5,280		$	10,516
Investment fees and expenses		(279	)		(419	)		(554	)		(143	)		(274	)
Net investment income including Divested businesses		10,367			15,436			20,622			5,137			10,242
Less: Net investment income from Divested businesses (5)		118			139			150			5			6
Net Investment Income (3)	$	10,249		$	15,297		$	20,472		$	5,132		$	10,236
Ending Carrying Value (3)	$	511,713		$	520,372		$	514,608		$	504,440		$	482,941
Investment portfolio gains (losses) including Divested businesses	$	(137	)	$	(107	)	$	(140	)	$	285		$	434
Less: Investment portfolio gains (losses) from Divested businesses (5)		61			35			37			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	(198	)	$	(142	)	$	(177	)	$	285		$	434
Gross investment gains	$	533		$	790		$	1,149		$	560		$	960
Gross investment losses		(517	)		(644	)		(814	)		(196	)		(391	)
Writedowns		(214	)		(288	)		(512	)		(79	)		(135	)
Investment Portfolio Gains (Losses) (3), (5)		(198	)		(142	)		(177	)		285			434
Investment portfolio gains (losses) income tax (expense) benefit		57			44			77			(124	)		(166	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(141	)	$	(98	)	$	(100	)	$	161		$	268

Derivative Gains (Losses) including Divested businesses	$	(80	)	$	(904	)	$	(2,357	)	$	(763	)	$	(2,633	)
Less: Derivative gains (losses) from Divested businesses (5)		(7	)		(7	)		(6	)		-			-
Derivative gains (losses) (3), (5)		(73	)		(897	)		(2,351	)		(763	)		(2,633	)
Derivative gains (losses) income tax (expense) benefit		28			309			839			270			915
Derivative Gains (Losses), Net of Income Tax	$	(45	)	$	(588	)	$	(1,512	)	$	(493	)	$	(1,718	)
(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 $799 million, $743 million, $842 million, $981 million and $933 million in ending carrying value, and $44 million, $68 million, $88 million, $21 million and $10 million of investment income related to fair value option and trading securities at or for the year-to-date period ended June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, 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 June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,459 million, $15,199 million, $15,465 million, $15,572 million and $15,150 million; B) Ending carrying value excludes the following 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 $70 million, $53 million, $41 million, $35 million and $27 million, mortgage loans of $2,932 million, $2,879 million, $2,666 million, $2,407 million and $2,268 million and cash and short-term investments of $21 million, $3 million, $10 million, $1 million and $4 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $259 million, $0, $0, $0 and $0; D) Net investment income adjustments as presented on Page A-1; E) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(137	)	$	(107	)	$	(140	)	$	285		$	434
Real estate discontinued operations		(25	)		(25	)		(69	)		6			5
Net investment gains (losses) related to certain CSEs		(1	)		14			25			8			16
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(11	)		(34	)		(168	)		15			(31	)
Net investment gains (losses) - GAAP basis	$	(174	)	$	(152	)	$	(352	)	$	314		$	424

	For the Year-to-Date Period Ended
	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(80	)	$	(904	)	$	(2,357	)	$	(763	)	$	(2,633	)
Investment hedge adjustments		202			310			448			131			298
Joint venture adjustments		-			-			-			-			1
Settlement of foreign currency earnings hedges		(11	)		(18	)		(23	)		-			10
PAB hedge adjustments		3			8			13			2			4
Net derivative gains (losses) - GAAP basis	$	114		$	(604	)	$	(1,919	)	$	(630	)	$	(2,320	)
(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 June 30, 2012, September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, includes $173 million, $177 million, $177 million, $0 and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2012				September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,813		52.1%	$	1,157		51.6%	$	1,000		57.2%	$	1,155		73.8%	$	3,271		89.1%
20% or more for less than six months		272		7.8%		111		5.0%		89		5.1%		46		2.9%		135		3.7%
20% or more for six months or greater		1,397		40.1%		973		43.4%		659		37.7%		364		23.3%		266		7.2%
Total Gross Unrealized Losses	$	3,482		100.0%	$	2,241		100.0%	$	1,748		100.0%	$	1,565		100.0%	$	3,672		100.0%

Total Gross Unrealized Gains	$	30,950			$	35,455			$	35,144			$	33,326			$	24,560


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2012				September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	56		25.3%	$	33		16.6%	$	30		18.9%	$	28		32.6%	$	41		43.6%
20% or more for less than six months		19		8.6%		28		14.1%		10		6.3%		4		4.6%		3		3.2%
20% or more for six months or greater		146		66.1%		138		69.3%		119		74.8%		54		62.8%		50		53.2%
Total Gross Unrealized Losses	$	221		100.0%	$	199		100.0%	$	159		100.0%	$	86		100.0%	$	94		100.0%

Total Gross Unrealized Gains	$	130			$	164			$	212			$	376			$	403

(1) MetLife’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)		June 30, 2012				September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	110,373		30.1%	$	113,942		30.1%	$	114,126		30.5%	$	113,006		30.2%	$	109,008		30.6%
Foreign corporate securities			63,345		17.3%		65,257		17.3%		67,184		18.0%		66,086		17.7%		64,186		18.0%
Foreign government securities			56,193		15.3%		57,405		15.2%		57,336		15.3%		55,435		14.8%		52,297		14.7%
U.S. Treasury and agency securities			47,841		13.1%		51,448		13.6%		47,967		12.8%		54,457		14.5%		47,426		13.3%
Residential mortgage-backed securities			41,064		11.2%		40,591		10.7%		37,479		10.0%		36,347		9.7%		36,441		10.2%
Commercial mortgage-backed securities			19,017		5.2%		19,440		5.1%		19,129		5.1%		17,897		4.8%		17,263		4.8%
Asset-backed securities			13,892		3.8%		15,005		4.0%		15,997		4.3%		16,114		4.3%		15,655		4.4%
State and political subdivision securities			14,614		4.0%		14,917		4.0%		15,048		4.0%		14,952		4.0%		14,238		4.0%
Total fixed maturity securities available-for-sale		$	366,339		100.0%	$	378,005		100.0%	$	374,266		100.0%	$	374,294		100.0%	$	356,514		100.0%

NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	258,302		70.5%	$	264,892		70.1%	$	258,568		69.1%	$	259,419		69.3%	$	248,115		69.6%
2	Baa		83,515		22.8%		87,930		23.3%		90,193		24.1%		89,202		23.8%		83,506		23.4%
3	Ba		14,848		4.1%		15,029		4.0%		14,434		3.8%		14,488		3.9%		13,908		3.9%
4	B		8,503		2.3%		8,881		2.3%		9,607		2.6%		9,557		2.6%		9,302		2.6%
5	Caa and lower		1,121		0.3%		1,207		0.3%		1,379		0.4%		1,548		0.4%		1,614		0.5%
6	In or near default		50		0.0%		66		0.0%		85		0.0%		80		0.0%		69		0.0%
Total fixed maturity securities available-for-sale (1)		$	366,339		100.0%	$	378,005		100.0%	$	374,266		100.0%	$	374,294		100.0%	$	356,514		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
		June 30, 2012				September 30, 2012				December 31, 2012				March 31, 2013				June 30, 2013
Unaudited (In millions)
Traditional (2), (3)			$ 7,083				$ 7,338				$ 8,489				$ 8,595				$ 8,566
Real estate joint ventures and funds			1,109				1,083				941				903				855
Subtotal			8,192				8,421				9,430				9,498				9,421
Foreclosed			285				328				488				500				465
Total Real Estate and Real Estate Joint Ventures			$ 8,477				$ 8,749				$ 9,918				$ 9,998				$ 9,886
(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)
	June 30, 2012					September 30, 2012					December 31, 2012					March 31, 2013					June 30, 2013
Unaudited (In millions)

Commercial mortgage loans			$ 41,035					$ 41,941					$ 40,472					$ 39,605					$ 39,110
Agricultural mortgage loans			12,848					12,600					12,843					12,669					12,669
Residential mortgage loans			747					818					958					994					1,891
Mortgage loans held-for-sale			1,481					1,286					414					271					-
Total Mortgage Loans			56,111					56,645					54,687					53,539					53,670
Valuation allowances			(361)					(354)					(347)					(332)					(302)
Total Mortgage Loans, net			$ 55,750					$ 56,291					$ 54,340					$ 53,207					$ 53,368
(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
	June 30, 2012					September 30, 2012					December 31, 2012					March 31, 2013					June 30, 2013
Unaudited (In millions)	Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total		Amount			% of Total

Pacific		$	7,973		19.4%		$	8,189		19.5%		$	7,932		19.6%		$	7,718		19.5%		$	7,879		20.2%
South Atlantic			8,966		21.9%			8,430		20.1%			7,969		19.7%			7,655		19.3%			7,276		18.6%
Middle Atlantic			6,412		15.6%			7,014		16.7%			6,780		16.7%			6,970		17.6%			6,987		17.9%
International			4,955		12.1%			5,436		13.0%			5,567		13.8%			5,344		13.5%			5,364		13.7%
West South Central			3,492		8.5%			3,485		8.3%			3,436		8.5%			3,496		8.8%			3,444		8.8%
East North Central			3,110		7.6%			3,161		7.5%			3,026		7.5%			2,765		7.0%			2,714		6.9%
New England			1,553		3.8%			1,551		3.7%			1,489		3.7%			1,488		3.8%			1,476		3.8%
Mountain			992		2.4%			990		2.4%			906		2.2%			875		2.2%			874		2.2%
East South Central			460		1.1%			459		1.1%			457		1.1%			456		1.2%			454		1.2%
West North Central			338		0.8%			335		0.8%			288		0.7%			285		0.7%			283		0.7%
Multi-Region and Other			2,784		6.8%			2,891		6.9%			2,622		6.5%			2,553		6.4%			2,359		6.0%
Total		$	41,035		100.0%		$	41,941		100.0%		$	40,472		100.0%		$	39,605		100.0%		$	39,110		100.0%


Office		$	18,502		45.1%		$	18,899		45.1%		$	18,012		44.5%		$	18,259		46.1%		$	18,096		46.3%
Retail			9,669		23.6%			9,758		23.3%			9,445		23.3%			8,973		22.7%			8,746		22.4%
Apartment			4,303		10.5%			4,114		9.8%			3,944		9.8%			3,897		9.8%			3,811		9.7%
Hotel			3,181		7.7%			3,482		8.3%			3,355		8.3%			3,278		8.3%			3,426		8.7%
Industrial			3,224		7.9%			3,237		7.7%			3,159		7.8%			3,077		7.8%			3,045		7.8%
Other			2,156		5.2%			2,451		5.8%			2,557		6.3%			2,121		5.3%			1,986		5.1%
Total		$	41,035		100.0%		$	41,941		100.0%		$	40,472		100.0%		$	39,605		100.0%		$	39,110		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,463		$	1,447		$	1,404		$	1,665		$	1,624		$	2,957		$	3,289
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(64	)		22			(200	)		314			110			(174	)		424
Net derivative gains (losses)		2,092			(718	)		(1,315	)		(630	)		(1,690	)		114			(2,320	)
Premiums - Divested businesses		22			16			4			-			1			44			1
Universal life and investment-type product policy fees
Unearned revenue adjustments		20			(4	)		5			(3	)		5			14			2
GMIB fees		74			86			86			82			83			146			165
Divested businesses		4			1			3			1			2			7			3
Net investment income
Investment hedge adjustments		(113	)		(108	)		(138	)		(131	)		(167	)		(202	)		(298	)
Income from discontinued real estate operations		(2	)		-			(1	)		(1	)		(3	)		(2	)		(4	)
Joint venture adjustments		-			-			-			-			(1	)		-			(1	)
Unit-linked contract income		(517	)		512			463			1,039			314			498			1,353
Securitization entities income		42			40			38			33			34			85			67
Divested businesses		137			25			11			5			1			291			6
Other revenues
Settlement of foreign currency earnings hedges		6			7			5			-			(10	)		11			(10	)
Divested businesses		(39	)		13			13			(1	)		-			101			(1	)
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments (2)		(148	)		26			(28	)		(68	)		202			(224	)		134
GMIB costs		52			(278	)		(563	)		(401	)		(147	)		(336	)		(548	)
Market value adjustments (2)		(23	)		(40	)		(48	)		(131	)		(138	)		(52	)		(269	)
Divested businesses		(12	)		(11	)		(5	)		(2	)		(2	)		(27	)		(4	)
Interest credited to policyholder account balances
PAB hedge adjustments		(1	)		(5	)		(5	)		(2	)		(2	)		(3	)		(4	)
Unit-linked contract costs		509			(507	)		(454	)		(1,033	)		(323	)		(507	)		(1,356	)
Divested businesses		(5	)		(1	)		-			(1	)		-			(5	)		(1	)
Capitalization of DAC - Divested businesses		2			1			-			-			-			4			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		(257	)		(14	)		38			78			104			(65	)		182
Related to GMIB fees and GMIB costs		(58	)		57			(89	)		114			43			55			157
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(2	)		-			(1	)		-			-			(3	)		-
Amortization of negative VOBA
Related to market value adjustments		16			15			17			15			14			33			29
Divested businesses		1			-			-			-			-			2			-
Interest expense on debt
Securitization entities debt expense		(42	)		(40	)		(38	)		(33	)		(34	)		(85	)		(67	)
Divested businesses		(3	)		-			-			-			-			(3	)		-
Other expenses
Noncontrolling interest		11			(13	)		17			5			10			35			15
Regulatory implementation costs		(14	)		(18	)		(12	)		(4	)		(3	)		(21	)		(7	)
Acquisition & integration costs (1)		(56	)		(80	)		(69	)		(181	)		(61	)		(131	)		(242	)
Divested businesses		(340	)		(152	)		(180	)		(128	)		(28	)		(807	)		(156	)
Goodwill impairment		-			(1,868	)		-			-			-			-			-
Provision for income tax (expense) benefit (1), (3)		(455	)		632			1,147			394			570			416			964
Income (loss) from continuing operations, net of income tax		2,300			(957	)		105			995			508			2,166			1,503
Income (loss) from discontinued operations, net of income tax		3			-			31			(3	)		2			17			(1	)
Net income (loss)		2,303			(957	)		136			992			510			2,183			1,502
Less: Net income (loss) attributable to noncontrolling interests		8			(3	)		9			6			8			32			14
Net income (loss) attributable to MetLife, Inc.		2,295			(954	)		127			986			502			2,151			1,488
Less: Preferred stock dividends		31			30			31			30			31			61			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,264		$	(984	)	$	96		$	956		$	471		$	2,090		$	1,427
(1) The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months and year-to-date period ended June, 30, 2013 include net investment gains of $8 million and $19 million, respectively, expenses of $0 and $154 million, respectively, and a tax benefit of $0 and $119 million, respectively, related to the settlement of such acquisition tax contingency. (2) Certain amounts in prior periods have been reclassified to conform to current period presentation. (3) The three months ended December 31, 2012 includes a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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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-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	761		$	772		$	783		$	780		$	800		$	1,514		$	1,580
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		51			51			48			38			39			104			77
Other revenues		17			8			7			6			11			25			17
Total operating revenues		829			831			838			824			850			1,643			1,674

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		584			515			609			529			622			1,087			1,151
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(94	)		(98	)		(96	)		(92	)		(103	)		(180	)		(195	)
Amortization of DAC and VOBA		87			90			94			93			94			174			187
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		205			203			205			208			215			396			423
Total operating expenses		782			710			812			738			828			1,477			1,566

Operating earnings before provision for income tax		47			121			26			86			22			166			108
Provision for income tax expense (benefit)		3			30			(5	)		18			(5	)		31			13
Operating earnings		44			91			31			68			27			135			95
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	44		$	91		$	31		$	68		$	27		$	135		$	95


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	44		$	91		$	31		$	68		$	27		$	135		$	95
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		11			5			5			4			(4	)		12			-
Net derivative gains (losses)		(5	)		2			4			(1	)		6			(4	)		5
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		(2	)		(3	)		(3	)		(1	)		-			(3	)		(1	)
Income (loss) from continuing operations, net of income tax		48			95			37			70			29			140			99
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		48			95			37			70			29			140			99
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		48			95			37			70			29			140			99
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	48		$	95		$	37		$	70		$	29		$	140		$	99

Total Operating Premiums, Fees and Other Revenues	$	778		$	780		$	790		$	786		$	811		$	1,539		$	1,597
(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 reported segment as defined by MetLife.

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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-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	417		$	420		$	429		$	425		$	436		$	831		$	861
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		30			29			27			21			23			60			44
Other revenues		4			4			4			4			4			8			8
Total operating revenues		451			453			460			450			463			899			913

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		323			283			314			286			355			589			641
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(67	)		(65	)		(67	)		(64	)		(70	)		(128	)		(134	)
Amortization of DAC and VOBA		62			63			65			65			65			126			130
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		122			119			120			116			122			232			238
Total operating expenses		440			400			432			403			472			819			875

Operating earnings before provision for income tax		11			53			28			47			(9	)		80			38
Provision for income tax expense (benefit)		(2	)		11			2			9			(10	)		13			(1	)
Operating earnings		13			42			26			38			1			67			39
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	13		$	42		$	26		$	38		$	1		$	67		$	39


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	13		$	42		$	26		$	38		$	1		$	67		$	39
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		6			3			2			2			(2	)		7			-
Net derivative gains (losses)		(3	)		1			2			(1	)		4			(2	)		3
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	)		(1	)		-			(1	)		(2	)		(1	)
Income (loss) from continuing operations, net of income tax		15			44			29			39			2			70			41
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		15			44			29			39			2			70			41
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		15			44			29			39			2			70			41
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	15		$	44		$	29		$	39		$	2		$	70		$	41

Total Operating Premiums, Fees and Other Revenues	$	421		$	424		$	433		$	429		$	440		$	839		$	869
(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-to-Date Period Ended
Unaudited (In millions)	June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			June 30, 2012			June 30, 2013

OPERATING REVENUES
Premiums	$	344		$	352		$	354		$	355		$	364		$	683		$	719
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		21			22			21			17			16			44			33
Other revenues		13			4			3			2			7			17			9
Total operating revenues		378			378			378			374			387			744			761

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		261			232			295			243			267			498			510
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(27	)		(33	)		(29	)		(28	)		(33	)		(52	)		(61	)
Amortization of DAC and VOBA		25			27			29			28			29			48			57
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		83			84			85			92			93			164			185
Total operating expenses		342			310			380			335			356			658			691

Operating earnings before provision for income tax		36			68			(2	)		39			31			86			70
Provision for income tax expense (benefit)		5			19			(7	)		9			5			18			14
Operating earnings		31			49			5			30			26			68			56
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	31		$	49		$	5		$	30		$	26		$	68		$	56


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	31		$	49		$	5		$	30		$	26		$	68		$	56
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			2			3			2			(2	)		5			-
Net derivative gains (losses)		(2	)		1			2			-			2			(2	)		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	)		(1	)		(2	)		(1	)		1			(1	)		-
Income (loss) from continuing operations, net of income tax		33			51			8			31			27			70			58
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		33			51			8			31			27			70			58
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		33			51			8			31			27			70			58
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	33		$	51		$	8		$	31		$	27		$	70		$	58

Total Operating Premiums, Fees and Other Revenues	$	357		$	356		$	357		$	357		$	371		$	700		$	728
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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METLIFE INC - FORM 8-K - EX-99.2 - July 31, 2013

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