METLIFE INC - FORM 8-K - EX-99.2

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8-K - 8-K - METLIFE INC	d671919d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d671919dex991.htm

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Fourth Quarter

Financial Supplement

December 31, 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 and other pass through adjustments (“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 and book value per common share, excluding accumulated other comprehensive income (loss) (“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 and book value per common share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page A-1, and in our earnings press release dated February 12, 2014, for the periods ended December 31, 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)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013

Operating earnings available to common shareholders	$	1,373		$	1,635		$	1,593		$	1,500		$	1,559
Preferred stock dividends		31			30			31			30			31
Operating earnings		1,404			1,665			1,624			1,530			1,590
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(200	)		314			110			(85	)		(178	)
Net derivative gains (losses)		(1,315	)		(630	)		(1,690	)		(546	)		(373	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations (1)		(931	)		(748	)		(106	)		(472	)		(312	)
Provision for income tax (expense) benefit (1), (2)		1,147			394			570			546			188
Income (loss) from continuing operations, net of income tax		105			995			508			973			915
Income (loss) from discontinued operations, net of income tax		31			(3	)		2			2			1
Net income (loss)		136			992			510			975			916
Less: Net income (loss) attributable to noncontrolling interests		9			6			8			3			8
Net income (loss) attributable to MetLife, Inc.		127			986			502			972			908
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	96		$	956		$	471		$	942		$	877


Operating earnings available to common shareholders per common share - diluted (3)	$	1.25		$	1.48		$	1.44		$	1.34		$	1.37
Net investment gains (losses)		(0.18	)		0.28			0.10			(0.08	)		(0.16	)
Net derivative gains (losses)		(1.20	)		(0.57	)		(1.53	)		(0.49	)		(0.33	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.85	)		(0.67	)		(0.09	)		(0.42	)		(0.27	)
Provision for income tax (expense) benefit		1.05			0.36			0.52			0.49			0.17
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)	$	0.09		$	0.87		$	0.43		$	0.84		$	0.77

Weighted average common shares outstanding - diluted		1,097.5			1,103.9			1,106.7			1,117.3			1,138.1

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

Book value per common share - (actual common shares outstanding) (4)	$	57.17		$	57.03		$	52.85		$	52.54		$	53.04
Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (4)	$	46.73		$	47.37		$	47.20		$	47.99		$	48.49

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

Common shares outstanding, beginning of period		1,062.6			1,091.7			1,094.2			1,096.6			1,120.8
Newly issued shares		29.1			2.5			2.4			24.2			1.2
Common shares outstanding, end of period		1,091.7			1,094.2			1,096.6			1,120.8			1,122.0

Weighted average common shares outstanding - basic		1,091.0			1,096.9			1,097.9			1,104.9			1,123.7
Dilutive effect of stock purchase contracts underlying common equity units (3)		-			-			-			1.9			2.8
Dilutive effect of the exercise or issuance of stock-based awards		6.5			7.0			8.8			10.5			11.6
Weighted average common shares outstanding - diluted		1,097.5			1,103.9			1,106.7			1,117.3			1,138.1
MetLife Policyholder Trust Shares		202.3			199.4			196.1			193.2			190.9
(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, September 30, 2013 and December 31, 2013 includes a deferred tax benefit (expense) of $324 million, $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income. (3) For the three months ended 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) Book value per common share and book value per common share, excluding AOCI, exclude $2,043 million of equity related to preferred stock.

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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	374,266		$	374,294		$	356,514		$	348,787		$	350,187
Equity securities available-for-sale, at estimated fair value		2,891			3,188			3,231			3,241			3,402
Fair value option and trading securities, at estimated fair value (1)		16,348			16,588			16,110			16,646			17,423
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		56,592			55,343			55,636			57,508			57,703
Held-for-sale, principally at estimated fair value		414			271			-			225			3
Mortgage loans, net		57,006			55,614			55,636			57,733			57,706
Policy loans		11,884			11,781			11,722			11,782			11,764
Real estate and real estate joint ventures		9,918			9,998			9,886			10,053			10,712
Other limited partnership interests		6,688			7,087			7,197			7,253			7,401
Short-term investments, principally at estimated fair value		16,906			13,653			12,990			12,664			13,955
Other invested assets, principally at estimated fair value		21,145			20,269			17,920			16,766			16,229
Total investments		517,052			512,472			491,206			484,925			488,779
Cash and cash equivalents, principally at estimated fair value (1)		15,738			9,983			9,184			11,376			7,585
Accrued investment income		4,374			4,555			4,357			4,519			4,255
Premiums, reinsurance and other receivables		21,634			23,052			23,283			23,473			21,859
Deferred policy acquisition costs and value of business acquired		24,761			24,645			24,782			25,639			26,706
Goodwill		9,953			9,696			9,447			9,509			10,542
Other assets		7,876			8,062			7,830			7,952			8,369
Separate account assets		235,393			249,220			245,573			255,250			317,201
Total assets	$	836,781		$	841,685		$	815,662		$	822,643		$	885,296

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	192,351		$	190,054		$	184,697		$	186,528		$	187,942
Policyholder account balances		225,821			224,044			215,195			214,512			212,885
Other policy-related balances		15,463			15,472			15,279			15,530			15,214
Policyholder dividends payable		728			713			750			769			675
Policyholder dividend obligation		3,828			3,599			2,273			2,013			1,771
Payables for collateral under securities loaned and other transactions		33,687			34,215			33,247			31,866			30,411
Bank deposits		6,416			-			-			-			-
Short-term debt		100			100			100			100			175
Long-term debt (1)		19,062			18,721			18,577			18,252			18,653
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,192			3,193			3,193			3,193			3,193
Current income tax payable		401			231			111			199			186
Deferred income tax liability		8,693			8,699			6,602			5,955			6,643
Other liabilities		22,492			24,260			25,331			22,902			23,168
Separate account liabilities		235,393			249,220			245,573			255,250			317,201
Total liabilities		771,823			776,717			755,124			761,265			822,313

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		121			96			130			110			887

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		28,011			28,072			28,137			29,221			29,277
Retained earnings		25,205			25,958			25,824			26,766			27,332
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		11,397			10,580			6,202			5,100			5,104
Total MetLife, Inc.’s stockholders’ equity		64,453			64,450			60,003			60,927			61,553
Noncontrolling interests		384			422			405			341			543
Total equity		64,837			64,872			60,408			61,268			62,096
Total liabilities and equity	$	836,781		$	841,685		$	815,662		$	822,643		$	885,296
(1) At December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, $2,717 million, $2,443 million, $2,299 million, $2,120 million and $1,621 million, respectively, of assets and $2,527 million, $2,268 million, $2,127 million, $1,946 million and $1,454 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.

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

OPERATING REVENUES
Premiums	$	10,585		$	9,151		$	9,157		$	9,094		$	10,273
Universal life and investment-type product policy fees		2,156			2,211			2,281			2,276			2,317
Net investment income		5,175			5,132			5,104			5,043			5,305
Other revenues		443			481			500			486			487
Total operating revenues		18,359			16,975			17,042			16,899			18,382

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,704			9,106			9,204			9,316			10,342
Interest credited to policyholder account balances		1,589			1,554			1,521			1,472			1,468
Capitalization of DAC		(1,308	)		(1,256	)		(1,212	)		(1,153	)		(1,165	)
Amortization of DAC and VOBA		946			1,016			1,105			979			983
Amortization of negative VOBA		(99	)		(131	)		(124	)		(113	)		(156	)
Interest expense on debt		292			288			287			288			296
Other expenses		4,266			4,087			4,014			4,031			4,483
Total operating expenses		16,390			14,664			14,795			14,820			16,251

Operating earnings before provision for income tax		1,969			2,311			2,247			2,079			2,131
Provision for income tax expense (benefit)		565			646			623			549			541
Operating earnings		1,404			1,665			1,624			1,530			1,590
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,373		$	1,635		$	1,593		$	1,500		$	1,559


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,404		$	1,665		$	1,624		$	1,530		$	1,590
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(200	)		314			110			(85	)		(178	)
Net derivative gains (losses)		(1,315	)		(630	)		(1,690	)		(546	)		(373	)
Premiums		4			-			1			-			(2	)
Universal life and investment-type product policy fees		94			80			90			96			100
Net investment income		373			945			178			(17	)		542
Other revenues		18			(1	)		(10	)		(10	)		(13	)
Policyholder benefits and claims and policyholder dividends		(644	)		(602	)		(85	)		(468	)		(243	)
Interest credited to policyholder account balances		(459	)		(1,036	)		(325	)		(128	)		(675	)
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(52	)		192			147			138			56
Amortization of negative VOBA		17			15			14			13			13
Interest expense on debt		(38	)		(33	)		(34	)		(29	)		(27	)
Other expenses (1)		(244	)		(308	)		(82	)		(67	)		(63	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		1,147			394			570			546			188
Income (loss) from continuing operations, net of income tax		105			995			508			973			915
Income (loss) from discontinued operations, net of income tax		31			(3	)		2			2			1
Net income (loss)		136			992			510			975			916
Less: Net income (loss) attributable to noncontrolling interests		9			6			8			3			8
Net income (loss) attributable to MetLife, Inc.		127			986			502			972			908
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	96		$	956		$	471		$	942		$	877

Total Operating Premiums, Fees and Other Revenues	$	13,184		$	11,843		$	11,938		$	11,856		$	13,077
(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, September 30, 2013 and December 31, 2013 includes a deferred tax benefit (expense) of $324 million, $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended December 31, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	10,273		$	7,754		$	1,901		$	586		$	32
Universal life and investment-type product policy fees		2,317			1,786			398			99			34
Net investment income		5,305			4,316			764			126			99
Other revenues		487			437			29			15			6
Total operating revenues		18,382			14,293			3,092			826			171

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,342			8,627			1,401			303			11
Interest credited to policyholder account balances		1,468			1,017			404			38			9
Capitalization of DAC		(1,165	)		(419	)		(560	)		(172	)		(14	)
Amortization of DAC and VOBA		983			470			356			157			-
Amortization of negative VOBA		(156	)		-			(102	)		(54	)		-
Interest expense on debt		296			2			-			1			293
Other expenses		4,483			2,495			1,124			459			405
Total operating expenses		16,251			12,192			2,623			732			704

Operating earnings before provision for income tax		2,131			2,101			469			94			(533	)
Provision for income tax expense (benefit)		541			681			145			5			(290	)
Operating earnings		1,590			1,420			324			89			(243	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,559		$	1,420		$	324		$	89		$	(274	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,590		$	1,420		$	324		$	89		$	(243	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(178	)		(1	)		78			(65	)		(190	)
Net derivative gains (losses)		(373	)		(8	)		(183	)		(26	)		(156	)
Premiums		(2	)		(2	)		-			-			-
Universal life and investment-type product policy fees		100			93			(2	)		9			-
Net investment income		542			(135	)		400			255			22
Other revenues		(13	)		-			(13	)		-			-
Policyholder benefits and claims and policyholder dividends		(243	)		(278	)		(18	)		53			-
Interest credited to policyholder account balances		(675	)		(38	)		(407	)		(230	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		56			64			3			(11	)		-
Amortization of negative VOBA		13			-			13			-			-
Interest expense on debt		(27	)		-			-			-			(27	)
Other expenses		(63	)		5			6			3			(77	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		188			91			(44	)		3			138
Income (loss) from continuing operations, net of income tax		915			1,211			157			80			(533	)
Income (loss) from discontinued operations, net of income tax		1			1			-			-			-
Net income (loss)		916			1,212			157			80			(533	)
Less: Net income (loss) attributable to noncontrolling interests		8			5			7			-			(4	)
Net income (loss) attributable to MetLife, Inc.		908			1,207			150			80			(529	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	877		$	1,207		$	150		$	80		$	(560	)

Total Operating Premiums, Fees and Other Revenues	$	13,077		$	9,977		$	2,328		$	700		$	72
(1) Consolidated and Asia results include a deferred tax expense of $86 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 December 31, 2012
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

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

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

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


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

Total Operating Premiums, Fees and Other Revenues	$	13,184		$	9,922		$	2,527		$	678		$	57
(1) Consolidated and Asia results include a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year Ended December 31, 2013
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	37,675		$	27,461		$	7,801		$	2,297		$	116
Universal life and investment-type product policy fees		9,085			6,838			1,722			386			139
Net investment income		20,584			16,790			2,915			498			381
Other revenues		1,954			1,737			92			97			28
Total operating revenues		69,298			52,826			12,530			3,278			664

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		37,968			31,111			5,755			1,039			63
Interest credited to policyholder account balances		6,015			4,136			1,690			147			42
Capitalization of DAC		(4,786	)		(1,901	)		(2,143	)		(714	)		(28	)
Amortization of DAC and VOBA		4,083			1,857			1,542			683			1
Amortization of negative VOBA		(524	)		(2	)		(427	)		(95	)		-
Interest expense on debt		1,159			10			-			1			1,148
Other expenses		16,615			9,599			4,312			1,810			894
Total operating expenses		60,530			44,810			10,729			2,871			2,120

Operating earnings before provision for income tax		8,768			8,016			1,801			407			(1,456	)
Provision for income tax expense (benefit)		2,359			2,649			557			78			(925	)
Operating earnings		6,409			5,367			1,244			329			(531	)
Preferred stock dividends		122			-			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	6,287		$	5,367		$	1,244		$	329		$	(653	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	6,409		$	5,367		$	1,244		$	329		$	(531	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		161			61			343			(16	)		(227	)
Net derivative gains (losses)		(3,239	)		(1,659	)		(1,057	)		(6	)		(517	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		366			349			2			15			-
Net investment income		1,648			(548	)		1,420			666			110
Other revenues		(34	)		-			(34	)		-			-
Policyholder benefits and claims and policyholder dividends		(1,398	)		(1,110	)		(341	)		53			-
Interest credited to policyholder account balances		(2,164	)		(113	)		(1,420	)		(631	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		533			534			15			(16	)		-
Amortization of negative VOBA		55			-			55			-			-
Interest expense on debt		(123	)		-			-			-			(123	)
Other expenses (1)		(520	)		4			(132	)		(12	)		(380	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		1,698			855			487			(33	)		389
Income (loss) from continuing operations, net of income tax		3,391			3,739			582			349			(1,279	)
Income (loss) from discontinued operations, net of income tax		2			1			(3	)		-			4
Net income (loss)		3,393			3,740			579			349			(1,275	)
Less: Net income (loss) attributable to noncontrolling interests		25			5			22			3			(5	)
Net income (loss) attributable to MetLife, Inc.		3,368			3,735			557			346			(1,270	)
Less: Preferred stock dividends		122			-			-			-			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,246		$	3,735		$	557		$	346		$	(1,392	)

Total Operating Premiums, Fees and Other Revenues	$	48,714		$	36,036		$	9,615		$	2,780		$	283
(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. (2) Consolidated and Asia results include a deferred tax benefit of $9 million related to the conversion of the Japan branch to a subsidiary and a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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

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

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

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


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

Total Operating Premiums, Fees and Other Revenues	$	47,879		$	34,950		$	9,861		$	2,824		$	244
(1) Consolidated and Asia results include a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary.

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

AMERICAS

RETAIL	$	633		$	626		$	581		$	659		$	658

GROUP, VOLUNTARY & WORKSITE BENEFITS		167			230			275			226			231

CORPORATE BENEFIT FUNDING		305			299			350			300			358

LATIN AMERICA		148			143			125			133			173

AMERICAS TOTAL	$	1,253		$	1,298		$	1,331		$	1,318		$	1,420

ASIA		198			333			330			257			324

EMEA		59			87			68			85			89

CORPORATE & OTHER		(137	)		(83	)		(136	)		(160	)		(274	)

METLIFE TOTAL	$	1,373		$	1,635		$	1,593		$	1,500		$	1,559
(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 Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	1,728		$	1,547		$	1,581		$	1,607		$	1,793		$	6,532		$	6,528
Universal life and investment-type product policy fees		1,196			1,167			1,238			1,257			1,250			4,561			4,912
Net investment income		1,935			1,961			1,987			1,928			2,022			7,670			7,898
Other revenues		232			243			257			267			251			879			1,018
Total operating revenues		5,091			4,918			5,063			5,059			5,316			19,642			20,356

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,342			2,153			2,272			2,234			2,369			9,010			9,028
Interest credited to policyholder account balances		591			579			589			582			581			2,375			2,331
Capitalization of DAC		(401	)		(374	)		(344	)		(318	)		(273	)		(1,753	)		(1,309	)
Amortization of DAC and VOBA		288			331			396			315			342			1,607			1,384
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			(1	)		-			-			-
Other expenses		1,309			1,278			1,265			1,245			1,296			5,369			5,084
Total operating expenses		4,129			3,967			4,179			4,057			4,315			16,608			16,518

Operating earnings before provision for income tax		962			951			884			1,002			1,001			3,034			3,838
Provision for income tax expense (benefit)		329			325			303			343			343			1,032			1,314
Operating earnings		633			626			581			659			658			2,002			2,524
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	633		$	626		$	581		$	659		$	658		$	2,002		$	2,524


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	633		$	626		$	581		$	659		$	658		$	2,002		$	2,524
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		34			73			23			(28	)		2			212			70
Net derivative gains (losses)		(475	)		(156	)		(421	)		(202	)		55			162			(724	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		86			80			79			92			92			318			343
Net investment income		(112	)		(119	)		(117	)		(118	)		(117	)		(395	)		(471	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(565	)		(403	)		(149	)		(413	)		(367	)		(1,187	)		(1,332	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(47	)		178			155			137			64			4			534
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			(1,692	)		-
Provision for income tax (expense) benefit		379			122			150			186			96			532			554
Income (loss) from continuing operations, net of income tax		(67	)		401			301			313			483			(44	)		1,498
Income (loss) from discontinued operations, net of income tax		23			-			-			-			1			33			1
Net income (loss)		(44	)		401			301			313			484			(11	)		1,499
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(44	)		401			301			313			484			(11	)		1,499
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(44	)	$	401		$	301		$	313		$	484		$	(11	)	$	1,499

Total Operating Premiums, Fees and Other Revenues	$	3,156		$	2,957		$	3,076		$	3,131		$	3,294		$	11,972		$	12,458

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

OPERATING REVENUES
Premiums	$	1,628		$	1,448		$	1,493		$	1,511		$	1,617		$	6,051		$	6,069
Universal life and investment-type product policy fees		422			396			417			415			395			1,639			1,623
Net investment income		1,190			1,204			1,198			1,178			1,254			4,666			4,834
Other revenues		141			144			160			152			144			527			600
Total operating revenues		3,381			3,192			3,268			3,256			3,410			12,883			13,126

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,157			1,926			2,053			1,971			2,045			8,056			7,995
Interest credited to policyholder account balances		222			215			222			226			226			868			889
Capitalization of DAC		(203	)		(181	)		(200	)		(176	)		(172	)		(781	)		(729	)
Amortization of DAC and VOBA		280			201			200			232			171			970			804
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			(1	)		-			(1	)		(1	)
Other expenses		674			652			675			652			713			2,672			2,692
Total operating expenses		3,130			2,813			2,950			2,904			2,983			11,784			11,650

Operating earnings before provision for income tax		251			379			318			352			427			1,099			1,476
Provision for income tax expense (benefit)		80			125			105			115			142			355			487
Operating earnings		171			254			213			237			285			744			989
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	171		$	254		$	213		$	237		$	285		$	744		$	989


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	171		$	254		$	213		$	237		$	285		$	744		$	989
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		49			24			(1	)		(3	)		(1	)		130			19
Net derivative gains (losses)		(43	)		(8	)		(87	)		(95	)		11			73			(179	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			(2	)		(4	)		(3	)		-			-			(9	)
Net investment income		(41	)		(49	)		(47	)		(52	)		(53	)		(136	)		(201	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(117	)		(13	)		(11	)		(10	)		(20	)		(124	)		(54	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		54			17			52			57			23			20			149
Income (loss) from continuing operations, net of income tax		73			223			115			131			245			707			714
Income (loss) from discontinued operations, net of income tax		9			-			-			-			1			18			1
Net income (loss)		82			223			115			131			246			725			715
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		82			223			115			131			246			725			715
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	82		$	223		$	115		$	131		$	246		$	725		$	715

Total Operating Premiums, Fees and Other Revenues	$	2,191		$	1,988		$	2,070		$	2,078		$	2,156		$	8,217		$	8,292

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

OPERATING REVENUES
Premiums	$	100		$	99		$	88		$	96		$	176		$	481		$	459
Universal life and investment-type product policy fees		774			771			821			842			855			2,922			3,289
Net investment income		745			757			789			750			768			3,004			3,064
Other revenues		91			99			97			115			107			352			418
Total operating revenues		1,710			1,726			1,795			1,803			1,906			6,759			7,230

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		185			227			219			263			324			954			1,033
Interest credited to policyholder account balances		369			364			367			356			355			1,507			1,442
Capitalization of DAC		(198	)		(193	)		(144	)		(142	)		(101	)		(972	)		(580	)
Amortization of DAC and VOBA		8			130			196			83			171			637			580
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			1			1
Other expenses		635			626			590			593			583			2,697			2,392
Total operating expenses		999			1,154			1,229			1,153			1,332			4,824			4,868

Operating earnings before provision for income tax		711			572			566			650			574			1,935			2,362
Provision for income tax expense (benefit)		249			200			198			228			201			677			827
Operating earnings		462			372			368			422			373			1,258			1,535
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	462		$	372		$	368		$	422		$	373		$	1,258		$	1,535


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	462		$	372		$	368		$	422		$	373		$	1,258		$	1,535
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(15	)		49			24			(25	)		3			82			51
Net derivative gains (losses)		(432	)		(148	)		(334	)		(107	)		44			89			(545	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		86			82			83			95			92			318			352
Net investment income		(71	)		(70	)		(70	)		(66	)		(64	)		(259	)		(270	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(565	)		(403	)		(149	)		(413	)		(367	)		(1,187	)		(1,332	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		70			191			166			147			84			128			588
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			(1,692	)		-
Provision for income tax (expense) benefit		325			105			98			129			73			512			405
Income (loss) from continuing operations, net of income tax		(140	)		178			186			182			238			(751	)		784
Income (loss) from discontinued operations, net of income tax		14			-			-			-			-			15			-
Net income (loss)		(126	)		178			186			182			238			(736	)		784
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(126	)		178			186			182			238			(736	)		784
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(126	)	$	178		$	186		$	182		$	238		$	(736	)	$	784

Total Operating Premiums, Fees and Other Revenues	$	965		$	969		$	1,006		$	1,053		$	1,138		$	3,755		$	4,166

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AMERICAS

RETAIL

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)


	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	83,307		$	83,826		$	84,008		$	84,419		$	84,811
Premiums and deposits (2), (3)		2,170			1,991			2,030			1,966			2,110
Surrenders and withdrawals		(840	)		(901	)		(823	)		(825	)		(790	)
Benefit payments		(867	)		(821	)		(781	)		(716	)		(707	)

Net Flows		463			269			426			425			613
Net transfers from (to) separate account		79			46			50			22			35
Interest		815			809			819			825			827
Policy charges		(461	)		(462	)		(482	)		(473	)		(475	)
Other		(377	)		(480	)		(402	)		(407	)		(511	)

Balance, end of period	$	83,826		$	84,008		$	84,419		$	84,811		$	85,300

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	51,590		$	51,542		$	50,020		$	48,990		$	48,428
Premiums and deposits (2), (3)		1,047			1,019			772			816			816
Surrenders and withdrawals		(1,214	)		(1,023	)		(998	)		(908	)		(1,372	)
Benefit payments		(422	)		(405	)		(420	)		(408	)		(396	)

Net Flows		(589	)		(409	)		(646	)		(500	)		(952	)
Net transfers from (to) separate account		(335	)		(555	)		(214	)		58			(119	)
Interest		430			424			429			417			415
Policy charges		(12	)		(12	)		(15	)		(13	)		(12	)
Other		458			(970	)		(584	)		(524	)		(772	)

Balance, end of period	$	51,542		$	50,020		$	48,990		$	48,428		$	46,988

*SEPARATE ACCOUNT LIABILITIES* LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	8,515		$	8,463		$	8,957		$	8,919		$	9,420
Premiums and deposits (3)		178			172			165			163			166
Surrenders and withdrawals		(121	)		(118	)		(116	)		(108	)		(102	)
Benefit payments		(12	)		(10	)		(11	)		(10	)		(11	)

Net Flows		45			44			38			45			53
Investment performance		117			632			108			604			647
Net transfers from (to) general account		(79	)		(46	)		(50	)		(22	)		(35	)
Policy charges		(135	)		(129	)		(132	)		(132	)		(132	)
Other		-			(7	)		(2	)		6			(8	)

Balance, end of period	$	8,463		$	8,957		$	8,919		$	9,420		$	9,945

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	139,484		$	142,050		$	150,826		$	149,117		$	155,977
Premiums and deposits (3)		2,961			2,964			2,382			2,240			1,451
Surrenders and withdrawals		(2,177	)		(2,175	)		(2,444	)		(2,289	)		(2,594	)
Benefit payments		(283	)		(269	)		(317	)		(295	)		(301	)

Net Flows		501			520			(379	)		(344	)		(1,444	)
Investment performance		2,517			8,434			(684	)		8,165			8,664
Net transfers from (to) general account		335			555			214			(58	)		119
Policy charges		(788	)		(734	)		(860	)		(903	)		(880	)
Other		1			1			-			-			-

Balance, end of period	$	142,050		$	150,826		$	149,117		$	155,977		$	162,436
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the General Account investment option of variable products. (3) Includes company sponsored internal exchanges.

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

Direct and allocated expenses	$	500	$	451	$	451	$	470	$	542
Pension and post-retirement benefit costs		40		60		60		60		60
Premium taxes, other taxes, and licenses & fees		33		40		41		36		43
Total fixed operating expenses	$	573	$	551	$	552	$	566	$	645

Commissions and other variable expenses		736		727		713		679		651

Total other expenses	$	1,309	$	1,278	$	1,265	$	1,245	$	1,296

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

Life Sales (1)
Term Life	$	33	$	23	$	26	$	21	$	22
Whole Life		36		29		31		36		41
Variable Life		8		9		9		11		8
Universal Life		50		43		47		17		16
Total life sales	$	127	$	104	$	113	$	85	$	87

Annuity Sales (2)
Fixed and indexed annuity sales	$	207	$	213	$	191	$	188	$	422
Variable annuity sales		3,569		3,520		2,761		2,693		1,669
Total annuity sales	$	3,776	$	3,733	$	2,952	$	2,881	$	2,091

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	2,817	$	2,822	$	2,277	$	2,175	$	1,397
General Accounts
Fixed and indexed annuity		207		213		191		188		422
Variable annuity		752		698		484		518		272
Total general accounts		959		911		675		706		694
Total annuity premiums and deposits	$	3,776	$	3,733	$	2,952	$	2,881	$	2,091
(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	December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013

Investment income yield excluding variable investment income		6.37%		6.30%		6.22%		6.17%		6.13%
Variable investment income yield		0.62%		0.54%		0.31%		0.04%		0.54%
Total investment income yield		6.99%		6.84%		6.53%		6.21%		6.67%
Average crediting rate		4.54%		4.50%		4.52%		4.52%		4.50%
Annualized general account spread		2.45%		2.34%		2.01%		1.69%		2.17%

Annualized general account spread excluding variable investment income yield		1.83%		1.80%		1.70%		1.65%		1.63%

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

Investment income yield excluding variable investment income		6.21%		6.21%		6.37%		6.07%		6.01%
Variable investment income yield		0.21%		0.13%		0.16%		0.13%		0.27%
Total investment income yield		6.42%		6.34%		6.53%		6.20%		6.28%
Average crediting rate		3.40%		3.38%		3.39%		3.39%		3.38%
Annualized general account spread		3.02%		2.96%		3.14%		2.81%		2.90%

Annualized general account spread excluding variable investment income yield		2.81%		2.83%		2.98%		2.68%		2.63%

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

Life (3)
Operating premiums, fees and other revenues	$	1,544	$	1,349	$	1,399	$	1,406	$	1,485
Life mortality as percentage of expected		99.0%		92.7%		89.7%		73.1%		74.8%

Lapse Ratio (4)
Traditional life		5.8%		5.8%		5.8%		5.9%		5.9%
Variable & universal life		4.9%		4.9%		4.8%		4.6%		4.5%
Fixed annuity		9.4%		8.4%		8.6%		8.8%		9.9%
Variable annuity		6.0%		5.9%		6.0%		6.1%		6.2%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	433	$	429	$	440	$	451	$	453
Combined ratio including catastrophes		100.4%		94.5%		107.5%		92.6%		88.6%
Combined ratio excluding catastrophes		84.5%		88.7%		86.1%		86.3%		85.2%

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

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	3,773		$	3,874		$	3,797		$	3,767		$	3,812		$	14,794		$	15,250
Universal life and investment-type product policy fees		165			180			170			171			167			662			688
Net investment income		443			453			472			459			472			1,768			1,856
Other revenues		102			108			105			103			102			422			418
Total operating revenues		4,483			4,615			4,544			4,500			4,553			17,646			18,212

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,538			3,640			3,514			3,527			3,546			13,691			14,227
Interest credited to policyholder account balances		40			39			39			38			39			167			155
Capitalization of DAC		(36	)		(33	)		(35	)		(37	)		(36	)		(138	)		(141	)
Amortization of DAC and VOBA		35			34			33			37			36			133			140
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			1			1
Other expenses		659			588			578			595			619			2,351			2,380
Total operating expenses		4,236			4,268			4,130			4,160			4,204			16,205			16,762

Operating earnings before provision for income tax		247			347			414			340			349			1,441			1,450
Provision for income tax expense (benefit)		80			117			139			114			118			481			488
Operating earnings		167			230			275			226			231			960			962
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	167		$	230		$	275		$	226		$	231		$	960		$	962


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	167		$	230		$	275		$	226		$	231		$	960		$	962
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(18	)		17			(28	)		(3	)		(7	)		(7	)		(21	)
Net derivative gains (losses)		(162	)		(129	)		(310	)		(173	)		(64	)		(63	)		(676	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(33	)		(40	)		(45	)		(44	)		(43	)		(140	)		(172	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(1	)		-			-			-			-			(1	)		-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		76			53			134			78			39			75			304
Income (loss) from continuing operations, net of income tax		29			131			26			84			156			824			397
Income (loss) from discontinued operations, net of income tax		2			-			-			-			-			2			-
Net income (loss)		31			131			26			84			156			826			397
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		31			131			26			84			156			826			397
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	31		$	131		$	26		$	84		$	156		$	826		$	397

Operating Premiums, Fees and Other Revenues
Group	$	3,426		$	3,557		$	3,456		$	3,420		$	3,455		$	13,430		$	13,888
Voluntary & Worksite		614			605			616			621			626			2,448			2,468
Total Group, Voluntary & Worksite Benefits	$	4,040		$	4,162		$	4,072		$	4,041		$	4,081		$	15,878		$	16,356

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)*
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	26,922		$	26,772		$	26,444		$	25,974		$	26,064
Premiums and deposits		4,269			4,445			4,327			4,515			4,283
Surrenders and withdrawals		(798	)		(832	)		(795	)		(998	)		(723	)
Benefit payments		(3,110	)		(3,297	)		(3,150	)		(3,145	)		(3,213	)

Net Flows		361			316			382			372			347
Net transfers from (to) separate account		1			-			-			-			-
Interest		218			211			214			218			221
Policy charges		(127	)		(130	)		(131	)		(131	)		(118	)
Other		(603	)		(725	)		(935	)		(369	)		(286	)

Balance, end of period	$	26,772		$	26,444		$	25,974		$	26,064		$	26,228

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	533		$	532		$	562		$	566		$	602
Premiums and deposits		49			49			50			52			50
Surrenders and withdrawals		(14	)		(13	)		(11	)		(12	)		(11	)
Benefit payments		(1	)		(1	)		(1	)		-			-

Net Flows		34			35			38			40			39
Investment performance		6			37			9			39			46
Net transfers from (to) general account		(1	)		-			-			-			-
Policy charges		(40	)		(41	)		(42	)		(42	)		(42	)
Other		-			(1	)		(1	)		(1	)		(1	)

Balance, end of period	$	532		$	562		$	566		$	602		$	644
(1) All of the group property & casualty activity is reflected within the “Other” category.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012		March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013

Direct and allocated expenses	$	417	$	421	$	404	$	422	$	442
Pension and post-retirement benefit costs		8		25		25		25		25
Premium taxes, other taxes, and licenses & fees		56		58		62		59		57
Total fixed operating expenses	$	481	$	504	$	491	$	506	$	524

Commissions and other variable expenses		178		84		87		89		95

Total other expenses	$	659	$	588	$	578	$	595	$	619

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

Investment income yield excluding variable investment income		5.79%		5.95%		5.97%		5.91%		5.72%
Variable investment income yield		0.37%		0.21%		0.36%		0.16%		0.45%
Total investment income yield		6.16%		6.16%		6.33%		6.07%		6.17%
Average crediting rate		3.31%		3.31%		3.33%		3.30%		3.36%
Annualized general account spread		2.85%		2.85%		3.00%		2.77%		2.81%

Annualized general account spread excluding variable investment income yield		2.48%		2.64%		2.64%		2.61%		2.36%

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

Group Life (2)
Operating premiums, fees and other revenues	$	1,370	$	1,438	$	1,406	$	1,352	$	1,368
Mortality ratio		84.6%		91.3%		86.5%		90.3%		87.9%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,560	$	1,604	$	1,605	$	1,602	$	1,593
Benefit ratio		91.6%		88.9%		89.5%		90.5%		90.8%

Group Property & Casualty (4)
Operating premiums, fees and other revenues	$	357	$	345	$	358	$	363	$	367
Combined ratio including catastrophes		107.2%		92.8%		97.7%		90.2%		93.7%
Combined ratio excluding catastrophes		91.1%		90.4%		92.1%		87.5%		92.9%

(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 Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	1,757		$	464		$	503		$	490		$	1,402		$	3,237		$	2,859
Universal life and investment-type product policy fees		64			68			65			54			60			225			247
Net investment income		1,450			1,435			1,443			1,424			1,488			5,703			5,790
Other revenues		66			73			67			68			70			259			278
Total operating revenues		3,337			2,040			2,078			2,036			3,020			9,424			9,174

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,411			1,098			1,110			1,144			2,050			5,704			5,402
Interest credited to policyholder account balances		342			343			305			292			293			1,358			1,233
Capitalization of DAC		(1	)		(17	)		(6	)		(2	)		(2	)		(29	)		(27	)
Amortization of DAC and VOBA		4			11			6			4			2			22			23
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			3			2			8			9
Other expenses		110			143			121			134			125			478			523
Total operating expenses		2,868			1,580			1,538			1,575			2,470			7,541			7,163

Operating earnings before provision for income tax		469			460			540			461			550			1,883			2,011
Provision for income tax expense (benefit)		164			161			190			161			192			659			704
Operating earnings		305			299			350			300			358			1,224			1,307
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	305		$	299		$	350		$	300		$	358		$	1,224		$	1,307


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	305		$	299		$	350		$	300		$	358		$	1,224		$	1,307
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		86			22			(3	)		(15	)		(12	)		107			(8	)
Net derivative gains (losses)		(8	)		105			(209	)		(140	)		9			(157	)		(235	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		7			25			(1	)		(5	)		(4	)		62			15
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		4			8			31			(3	)		8			(30	)		44
Interest credited to policyholder account balances		(5	)		(2	)		(2	)		(6	)		(3	)		(13	)		(13	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		2			1			(1	)		-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(30	)		(56	)		65			59			-			11			68
Income (loss) from continuing operations, net of income tax		361			402			230			190			356			1,204			1,178
Income (loss) from discontinued operations, net of income tax		4			-			-			-			-			11			-
Net income (loss)		365			402			230			190			356			1,215			1,178
Less: Net income (loss) attributable to noncontrolling interests		1			-			-			-			-			1			-
Net income (loss) attributable to MetLife, Inc.		364			402			230			190			356			1,214			1,178
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	364		$	402		$	230		$	190		$	356		$	1,214		$	1,178

Total Operating Premiums, Fees and Other Revenues	$	1,887		$	605		$	635		$	612		$	1,532		$	3,721		$	3,384

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AMERICAS CORPORATE BENEFIT FUNDING *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	116,659		$	116,910		$	119,187		$	112,395		$	111,203
Premiums and deposits		10,469			14,790			13,826			12,264			13,104
Surrenders and withdrawals		(9,666	)		(11,765	)		(17,483	)		(12,717	)		(11,584	)
Benefit payments		(902	)		(876	)		(887	)		(923	)		(890	)

Net Flows		(99	)		2,149			(4,544	)		(1,376	)		630
Net transfers from (to) separate account		(11	)		5			(5	)		(4	)		2
Interest		1,048			1,036			1,007			994			998
Policy charges		(18	)		(29	)		(38	)		(40	)		(15	)
Other		(669	)		(884	)		(3,212	)		(766	)		(364	)

Balance, end of period	$	116,910		$	119,187		$	112,395		$	111,203		$	112,454

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Balance, beginning of period	$	76,905		$	71,875		$	75,735		$	74,845		$	76,029
Premiums and deposits		2,268			1,868			1,982			2,557			1,915
Surrenders and withdrawals		(2,699	)		(1,414	)		(922	)		(1,209	)		(1,127	)
Benefit payments		(13	)		(19	)		(20	)		(13	)		(16	)

Net Flows		(444	)		435			1,040			1,335			772
Investment performance		364			697			(1,286	)		860			787
Net transfers from (to) general account		11			(5	)		5			4			(2	)
Policy charges		(75	)		(86	)		(85	)		(81	)		(81	)
Other		(4,886	)		2,819			(564	)		(934	)		(482	)

Balance, end of period	$	71,875		$	75,735		$	74,845		$	76,029		$	77,023

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

Direct and allocated expenses	$	73		$	69	$	69	$	81	$	72
Pension and post-retirement benefit costs		5			14		14		14		14
Premium taxes, other taxes, and licenses & fees		(1	)		3		4		4		2
Total fixed operating expenses	$	77		$	86	$	87	$	99	$	88

Commissions and other variable expenses		33			57		34		35		37

Total other expenses	$	110		$	143	$	121	$	134	$	125

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

Investment income yield excluding variable investment income		4.72%			4.68%		4.68%		4.80%		4.77%
Variable investment income yield		0.38%			0.28%		0.33%		0.23%		0.44%
Total investment income yield		5.10%			4.96%		5.01%		5.03%		5.21%
Average crediting rate		3.59%			3.53%		3.42%		3.46%		3.44%
Annualized general account spread		1.51%			1.43%		1.59%		1.57%		1.77%

Annualized general account spread excluding variable investment income yield		1.13%			1.15%		1.26%		1.34%		1.33%

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

OPERATING REVENUES
Premiums	$	630		$	675		$	710		$	692		$	747		$	2,578		$	2,824
Universal life and investment-type product policy fees		204			225			235			222			309			785			991
Net investment income		317			277			281			354			334			1,198			1,246
Other revenues		5			4			5			-			14			16			23
Total operating revenues		1,156			1,181			1,231			1,268			1,404			4,577			5,084

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		564			554			601			637			662			2,231			2,454
Interest credited to policyholder account balances		104			104			103			106			104			393			417
Capitalization of DAC		(115	)		(105	)		(108	)		(103	)		(108	)		(353	)		(424	)
Amortization of DAC and VOBA		73			74			83			63			90			224			310
Amortization of negative VOBA		(1	)		(1	)		-			(1	)		-			(5	)		(2	)
Interest expense on debt		2			(1	)		1			-			-			(1	)		-
Other expenses		373			372			390			395			455			1,375			1,612
Total operating expenses		1,000			997			1,070			1,097			1,203			3,864			4,367

Operating earnings before provision for income tax		156			184			161			171			201			713			717
Provision for income tax expense (benefit)		8			41			36			38			28			130			143
Operating earnings		148			143			125			133			173			583			574
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	148		$	143		$	125		$	133		$	173		$	583		$	574


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	148		$	143		$	125		$	133		$	173		$	583		$	574
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		10			-			9			(5	)		16			(2	)		20
Net derivative gains (losses)		(4	)		9			(28	)		3			(8	)		38			(24	)
Premiums		4			-			1			-			(2	)		64			(1	)
Universal life and investment-type product policy fees		3			1			2			2			1			11			6
Net investment income		34			8			1			42			29			156			80
Other revenues		-			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		(37	)		(63	)		171			(11	)		81			(241	)		178
Interest credited to policyholder account balances		(38	)		(11	)		(3	)		(51	)		(35	)		(151	)		(100	)
Capitalization of DAC		-			-			-			-			-			5			-
Amortization of DAC and VOBA		(1	)		-			-			-			-			(4	)		-
Amortization of negative VOBA		-			-			-			-			-			2			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(5	)		-			(1	)		-			5			(36	)		4
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		17			19			(49	)		3			(44	)		53			(71	)
Income (loss) from continuing operations, net of income tax		131			106			228			116			216			479			666
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		131			106			228			116			216			479			666
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			5			1			5
Net income (loss) attributable to MetLife, Inc.		131			106			228			116			211			478			661
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	131		$	106		$	228		$	116		$	211		$	478		$	661

Total Operating Premiums, Fees and Other Revenues	$	839		$	904		$	950		$	914		$	1,070		$	3,379		$	3,838

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

OPERATING REVENUES
Premiums	$	2,129		$	1,998		$	1,980		$	1,922		$	1,901		$	8,344		$	7,801
Universal life and investment-type product policy fees		389			444			442			438			398			1,491			1,722
Net investment income		745			732			723			696			764			2,895			2,915
Other revenues		9			13			28			22			29			26			92
Total operating revenues		3,272			3,187			3,173			3,078			3,092			12,756			12,530

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,569			1,415			1,433			1,506			1,401			5,819			5,755
Interest credited to policyholder account balances		461			442			437			407			404			1,784			1,690
Capitalization of DAC		(567	)		(546	)		(522	)		(515	)		(560	)		(2,288	)		(2,143	)
Amortization of DAC and VOBA		375			401			392			393			356			1,563			1,542
Amortization of negative VOBA		(69	)		(113	)		(113	)		(99	)		(102	)		(456	)		(427	)
Interest expense on debt		-			-			-			-			-			5			-
Other expenses		1,188			1,094			1,054			1,040			1,124			4,738			4,312
Total operating expenses		2,957			2,693			2,681			2,732			2,623			11,165			10,729

Operating earnings before provision for income tax		315			494			492			346			469			1,591			1,801
Provision for income tax expense (benefit)		117			161			162			89			145			554			557
Operating earnings		198			333			330			257			324			1,037			1,244
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	198		$	333		$	330		$	257		$	324		$	1,037		$	1,244


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	198		$	333		$	330		$	257		$	324		$	1,037		$	1,244
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(174	)		128			85			52			78			(342	)		343
Net derivative gains (losses)		(159	)		(552	)		(486	)		164			(183	)		(170	)		(1,057	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		4			1			2			1			(2	)		-			2
Net investment income		240			638			446			(64	)		400			526			1,420
Other revenues		5			-			(10	)		(11	)		(13	)		23			(34	)
Policyholder benefits and claims and policyholder dividends		(45	)		(144	)		(138	)		(41	)		(18	)		(127	)		(341	)
Interest credited to policyholder account balances		(242	)		(639	)		(438	)		64			(407	)		(539	)		(1,420	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(4	)		10			1			1			3			(4	)		15
Amortization of negative VOBA		17			15			14			13			13			65			55
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		4			(150	)		6			6			6			24			(132	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		424			283			154			94			(44	)		483			487
Income (loss) from continuing operations, net of income tax		268			(77	)		(34	)		536			157			976			582
Income (loss) from discontinued operations, net of income tax		-			(3	)		(1	)		1			-			-			(3	)
Net income (loss)		268			(80	)		(35	)		537			157			976			579
Less: Net income (loss) attributable to noncontrolling interests		1			4			5			6			7			26			22
Net income (loss) attributable to MetLife, Inc.		267			(84	)		(40	)		531			150			950			557
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	267		$	(84	)	$	(40	)	$	531		$	150		$	950		$	557

Total Operating Premiums, Fees and Other Revenues	$	2,527		$	2,455		$	2,450		$	2,382		$	2,328		$	9,861		$	9,615
(1) The three months ended March 31, 2013 and June 30, 2013 includes net investment gains of $11 million and $8 million, respectively, expenses of $154 million and $0, respectively, and a tax benefit of $119 million and $0, respectively, which are related to a settlement of an acquisition tax contingency. The year ended December 31, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, which are related to the settlement of such acquisition tax contingency. (2) The three months and year ended December 31, 2013 includes a deferred tax benefit (expense) of ($86) million and $9 million, respectively, the three months ended September 30, 2013 includes a deferred tax benefit of $95 million and both the three months and year ended December 31, 2012 includes a deferred tax benefit of $324 million, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 and year ended December 31, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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

OPERATING REVENUES
Premiums	$	555		$	567		$	558		$	586		$	586		$	2,370		$	2,297
Universal life and investment-type product policy fees		100			91			96			100			99			333			386
Net investment income		129			128			120			124			126			535			498
Other revenues		23			27			34			21			15			121			97
Total operating revenues		807			813			808			831			826			3,359			3,278

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		255			237			256			243			303			1,196			1,039
Interest credited to policyholder account balances		35			35			37			37			38			126			147
Capitalization of DAC		(188	)		(177	)		(192	)		(173	)		(172	)		(723	)		(714	)
Amortization of DAC and VOBA		170			165			195			166			157			626			683
Amortization of negative VOBA		(29	)		(17	)		(11	)		(13	)		(54	)		(94	)		(95	)
Interest expense on debt		(2	)		1			(1	)		-			1			1			1
Other expenses		477			448			460			443			459			1,810			1,810
Total operating expenses		718			692			744			703			732			2,942			2,871

Operating earnings before provision for income tax		89			121			64			128			94			417			407
Provision for income tax expense (benefit)		30			34			(4	)		43			5			146			78
Operating earnings		59			87			68			85			89			271			329
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	59		$	87		$	68		$	85		$	89		$	271		$	329


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	59		$	87		$	68		$	85		$	89		$	271		$	329
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(6	)		16			23			10			(65	)		31			(16	)
Net derivative gains (losses)		5			(6	)		(4	)		30			(26	)		61			(6	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			(2	)		7			1			9			15			15
Net investment income		185			393			(132	)		150			255			813			666
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			53			-			53
Interest credited to policyholder account balances		(174	)		(384	)		118			(135	)		(230	)		(784	)		(631	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			4			(9	)		-			(11	)		(18	)		(16	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(12	)		(3	)		(5	)		(7	)		3			(48	)		(12	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(30	)		(22	)		3			(17	)		3			(48	)		(33	)
Income (loss) from continuing operations, net of income tax		28			83			69			117			80			293			349
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		28			83			69			117			80			293			349
Less: Net income (loss) attributable to noncontrolling interests		3			2			-			1			-			9			3
Net income (loss) attributable to MetLife, Inc.		25			81			69			116			80			284			346
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	25		$	81		$	69		$	116		$	80		$	284		$	346

Total Operating Premiums, Fees and Other Revenues	$	678		$	685		$	688		$	707		$	700		$	2,824		$	2,780

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

OPERATING REVENUES
Premiums	$	13		$	26		$	28		$	30		$	32		$	56		$	116
Universal life and investment-type product policy fees		38			36			35			34			34			155			139
Net investment income		156			146			78			58			99			703			381
Other revenues		6			13			4			5			6			33			28
Total operating revenues		213			221			145			127			171			947			664

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		25			9			18			25			11			119			63
Interest credited to policyholder account balances		16			12			11			10			9			39			42
Capitalization of DAC		-			(4	)		(5	)		(5	)		(14	)		-			(28	)
Amortization of DAC and VOBA		1			-			-			1			-			2			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		290			286			283			286			293			1,176			1,148
Other expenses		150			164			146			179			405			559			894
Total operating expenses		482			467			453			496			704			1,895			2,120

Operating earnings before provision for income tax		(269	)		(246	)		(308	)		(369	)		(533	)		(948	)		(1,456	)
Provision for income tax expense (benefit)		(163	)		(193	)		(203	)		(239	)		(290	)		(679	)		(925	)
Operating earnings		(106	)		(53	)		(105	)		(130	)		(243	)		(269	)		(531	)
Preferred stock dividends		31			30			31			30			31			122			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(137	)	$	(83	)	$	(136	)	$	(160	)	$	(274	)	$	(391	)	$	(653	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(106	)	$	(53	)	$	(105	)	$	(130	)	$	(243	)	$	(269	)	$	(531	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(132	)		58			1			(96	)		(190	)		(351	)		(227	)
Net derivative gains (losses)		(512	)		99			(232	)		(228	)		(156	)		(1,790	)		(517	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		52			40			26			22			22			490			110
Other revenues		13			(1	)		-			1			-			126			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(38	)		(33	)		(34	)		(29	)		(27	)		(166	)		(123	)
Other expenses		(233	)		(156	)		(81	)		(66	)		(77	)		(1,371	)		(380	)
Goodwill impairment		-			-			-			-			-			(176	)		-
Provision for income tax (expense) benefit		311			(5	)		113			143			138			1,089			389
Income (loss) from continuing operations, net of income tax		(645	)		(51	)		(312	)		(383	)		(533	)		(2,418	)		(1,279	)
Income (loss) from discontinued operations, net of income tax		2			-			3			1			-			2			4
Net income (loss)		(643	)		(51	)		(309	)		(382	)		(533	)		(2,416	)		(1,275	)
Less: Net income (loss) attributable to noncontrolling interests		4			-			3			(4	)		(4	)		1			(5	)
Net income (loss) attributable to MetLife, Inc.		(647	)		(51	)		(312	)		(378	)		(529	)		(2,417	)		(1,270	)
Less: Preferred stock dividends		31			30			31			30			31			122			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(678	)	$	(81	)	$	(343	)	$	(408	)	$	(560	)	$	(2,539	)	$	(1,392	)

Total Operating Premiums, Fees and Other Revenues	$	57		$	75		$	67		$	69		$	72		$	244		$	283

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Fixed Maturity Securities
Yield (1)		4.85%			4.83%			4.71%			4.92%			4.90%
Investment income (2), (3), (4)	$	3,850		$	3,833		$	3,687		$	3,792		$	3,786
Investment gains (losses) (3)		74			313			144			(77	)		30
Ending carrying value (2), (3)		375,108			375,275			357,447			349,614			351,476
Mortgage Loans
Yield (1)		5.71%			5.52%			5.40%			5.34%			6.05%
Investment income (3), (4)		786			738			716			725			841
Investment gains (losses) (3)		8			12			23			(13	)		-
Ending carrying value (3)		54,340			53,207			53,368			55,637			56,108
Real Estate and Real Estate Joint Ventures
Yield (1)		3.10%			2.40%			4.26%			3.09%			4.00%
Investment income (3)		72			60			106			77			104
Investment gains (losses) (3)		43			(20	)		(8	)		3			-
Ending carrying value		9,918			9,998			9,886			10,053			10,712
Policy Loans
Yield (1)		5.19%			5.22%			5.18%			5.38%			5.27%
Investment income		155			155			152			158			155
Ending carrying value		11,884			11,781			11,722			11,782			11,764
Equity Securities
Yield (1)		5.36%			3.41%			5.13%			3.87%			5.30%
Investment income		37			24			36			28			39
Investment gains (losses)		(9	)		(27	)		4			3			25
Ending carrying value		2,891			3,188			3,231			3,241			3,402
Other Limited Partnership Interests
Yield (1)		15.01%			14.25%			15.43%			7.95%			15.82%
Investment income		252			246			275			144			290
Investment gains (losses)		(18	)		-			(41	)		-			(7	)
Ending carrying value		6,688			7,087			7,197			7,253			7,401
Cash and Short-term Investments
Yield (1)		0.77%			0.89%			1.10%			0.97%			1.01%
Investment income		43			45			42			39			42
Investment gains (losses)		3			39			15			6			3
Ending carrying value (3)		32,634			23,635			22,170			24,039			21,540
Other Invested Assets (1)
Investment income		126			179			222			217			201
Investment gains (losses) (3)		(134	)		(32	)		12			6			(27	)
Ending carrying value		21,145			20,269			17,920			16,766			16,229
Total Investments
Investment income yield (1)		4.93%			4.93%			5.00%			4.98%			5.20%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.15%	)
Net Investment Income Yield (1), (3), (5)		4.80%			4.80%			4.87%			4.85%			5.05%
Investment income	$	5,321		$	5,280		$	5,236		$	5,180		$	5,458
Investment fees and expenses		(135	)		(143	)		(131	)		(137	)		(152	)
Net investment income including Divested businesses		5,186			5,137			5,105			5,043			5,306
Less: Net investment income from Divested businesses (5)		11			5			1			-			1
Net Investment Income (3)	$	5,175		$	5,132		$	5,104		$	5,043		$	5,305
Ending Carrying Value (3)	$	514,608		$	504,440		$	482,941		$	478,385		$	478,632
Investment portfolio gains (losses) including Divested businesses	$	(33	)	$	285		$	149		$	(72	)	$	24
Less: Investment portfolio gains (losses) from Divested businesses (5)		2			-			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	(35	)	$	285		$	149		$	(72	)	$	24
Gross investment gains	$	359		$	560		$	400		$	281		$	331
Gross investment losses		(170	)		(196	)		(195	)		(293	)		(238	)
Writedowns		(224	)		(79	)		(56	)		(60	)		(69	)
Investment Portfolio Gains (Losses) (3), (5)		(35	)		285			149			(72	)		24
Investment portfolio gains (losses) income tax (expense) benefit		33			(124	)		(42	)		62			(41	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(2	)	$	161		$	107		$	(10	)	$	(17	)

Derivative Gains (Losses) including Divested businesses	$	(1,453	)	$	(763	)	$	(1,870	)	$	(738	)	$	(560	)
Less: Derivative gains (losses) from Divested businesses (5)		1			-			-			-			-
Derivative gains (losses) (3), (5)		(1,454	)		(763	)		(1,870	)		(738	)		(560	)
Derivative gains (losses) income tax (expense) benefit		530			270			645			262			202
Derivative Gains (Losses), Net of Income Tax	$	(924	)	$	(493	)	$	(1,225	)	$	(476	)	$	(358	)
(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”) and contractholder-directed unit-linked investments. 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 $842 million, $981 million, $933 million, $827 million and $1,289 million in ending carrying value, and $20 million, $21 million, ($11) million, $14 million and $41 million of investment income related to fair value option and trading securities at or for the three months ended December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 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 December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 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 $15,465 million, $15,572 million, $15,150 million, $15,796 million and $16,111 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 $41 million, $35 million, $27 million, $23 million and $23 million, mortgage loans of $2,666 million, $2,407 million, $2,268 million, $2,096 million and $1,598 million and cash and short-term investments of $10 million, $1 million, $4 million, $1 million and $0; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(33	)	$	285		$	149		$	(72	)	$	24
Real estate discontinued operations		(44	)		6			(1	)		1			-
Net investment gains (losses) related to CSEs		11			8			8			4			13
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(134	)		15			(46	)		(18	)		(215	)
Net investment gains (losses) - GAAP basis	$	(200	)	$	314		$	110		$	(85	)	$	(178	)

	For the Three Months Ended
	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(1,453	)	$	(763	)	$	(1,870	)	$	(738	)	$	(560	)
Investment hedge adjustments		138			131			167			175			170
Joint venture adjustments		-			-			1			-			1
Settlement of foreign currency earnings hedges		(5	)		-			10			11			13
PAB hedge adjustments		5			2			2			6			3
Net derivative gains (losses) - GAAP basis	$	(1,315	)	$	(630	)	$	(1,690	)	$	(546	)	$	(373	)
(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.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Fixed Maturity Securities
Yield (1)		4.85%			4.83%			4.77%			4.82%			4.84%
Investment income (2), (3), (4)	$	15,243		$	3,833		$	7,520		$	11,312		$	15,098
Investment gains (losses) (3)		(47	)		313			457			380			410
Ending carrying value (2), (3)		375,108			375,275			357,447			349,614			351,476
Mortgage Loans
Yield (1)		5.64%			5.52%			5.46%			5.42%			5.58%
Investment income (3), (4)		3,190			738			1,454			2,179			3,020
Investment gains (losses) (3)		57			12			35			22			22
Ending carrying value (3)		54,340			53,207			53,368			55,637			56,108
Real Estate and Real Estate Joint Ventures
Yield (1)		4.59%			2.40%			3.33%			3.25%			3.44%
Investment income (3)		401			60			166			243			347
Investment gains (losses) (3)		33			(20	)		(28	)		(25	)		(25	)
Ending carrying value		9,918			9,998			9,886			10,053			10,712
Policy Loans
Yield (1)		5.25%			5.22%			5.20%			5.26%			5.26%
Investment income		626			155			307			465			620
Ending carrying value		11,884			11,781			11,722			11,782			11,764
Equity Securities
Yield (1)		4.60%			3.41%			4.28%			4.14%			4.44%
Investment income		133			24			60			88			127
Investment gains (losses)		4			(27	)		(23	)		(20	)		5
Ending carrying value		2,891			3,188			3,231			3,241			3,402
Other Limited Partnership Interests
Yield (1)		12.76%			14.25%			14.85%			12.50%			13.35%
Investment income		845			246			521			665			955
Investment gains (losses)		(36	)		-			(41	)		(41	)		(48	)
Ending carrying value		6,688			7,087			7,197			7,253			7,401
Cash and Short-term Investments
Yield (1)		0.69%			0.89%			0.98%			0.98%			0.98%
Investment income		143			45			87			126			168
Investment gains (losses)		6			39			54			60			63
Ending carrying value (3)		32,634			23,635			22,170			24,039			21,540
Other Invested Assets (1)
Investment income		595			179			401			618			819
Investment gains (losses) (3)		(157	)		(32	)		(20	)		(14	)		(41	)
Ending carrying value		21,145			20,269			17,920			16,766			16,229
Total Investments
Investment income yield (1)		4.96%			4.93%			4.97%			4.97%			5.03%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.83%			4.80%			4.84%			4.84%			4.90%
Investment income	$	21,176		$	5,280		$	10,516		$	15,696		$	21,154
Investment fees and expenses		(554	)		(143	)		(274	)		(411	)		(563	)
Net investment income including Divested businesses		20,622			5,137			10,242			15,285			20,591
Less: Net investment income from Divested businesses (5)		150			5			6			6			7
Net Investment Income (3)	$	20,472		$	5,132		$	10,236		$	15,279		$	20,584
Ending Carrying Value (3)	$	514,608		$	504,440		$	482,941		$	478,385		$	478,632
Investment portfolio gains (losses) including Divested businesses	$	(140	)	$	285		$	434		$	362		$	386
Less: Investment portfolio gains (losses) from Divested businesses (5)		37			-			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	(177	)	$	285		$	434		$	362		$	386
Gross investment gains	$	1,149		$	560		$	960		$	1,241		$	1,572
Gross investment losses		(814	)		(196	)		(391	)		(684	)		(922	)
Writedowns		(512	)		(79	)		(135	)		(195	)		(264	)
Investment Portfolio Gains (Losses) (3), (5)		(177	)		285			434			362			386
Investment portfolio gains (losses) income tax (expense) benefit		77			(124	)		(166	)		(104	)		(145	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(100	)	$	161		$	268		$	258		$	241

Derivative Gains (Losses) including Divested businesses	$	(2,357	)	$	(763	)	$	(2,633	)	$	(3,371	)	$	(3,931	)
Less: Derivative gains (losses) from Divested businesses (5)		(6	)		-			-			-			-
Derivative gains (losses) (3), (5)		(2,351	)		(763	)		(2,633	)		(3,371	)		(3,931	)
Derivative gains (losses) income tax (expense) benefit		839			270			915			1,177			1,379
Derivative Gains (Losses), Net of Income Tax	$	(1,512	)	$	(493	)	$	(1,718	)	$	(2,194	)	$	(2,552	)
(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 $842 million, $981 million, $933 million, $827 million and $1,289 million in ending carrying value, and $88 million, $21 million, $10 million, $24 million and $65 million of investment income related to fair value option and trading securities at or for the year-to-date period ended December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 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 December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 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 $15,465 million, $15,572 million, $15,150 million, $15,796 million and $16,111 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 $41 million, $35 million, $27 million, $23 million and $23 million, mortgage loans of $2,666 million, $2,407 million, $2,268 million, $2,096 million and $1,598 million and cash and short-term investments of $10 million, $1 million, $4 million, $1 million and $0; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(140	)	$	285		$	434		$	362		$	386
Real estate discontinued operations		(69	)		6			5			6			6
Net investment gains (losses) related to certain CSEs		25			8			16			20			33
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(168	)		15			(31	)		(49	)		(264	)
Net investment gains (losses) - GAAP basis	$	(352	)	$	314		$	424		$	339		$	161

	For the Year-to-Date Period Ended
	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(2,357	)	$	(763	)	$	(2,633	)	$	(3,371	)	$	(3,931	)
Investment hedge adjustments		448			131			298			473			643
Joint venture adjustments		-			-			1			1			2
Settlement of foreign currency earnings hedges		(23	)		-			10			21			34
PAB hedge adjustments		13			2			4			10			13
Net derivative gains (losses) - GAAP basis	$	(1,919	)	$	(630	)	$	(2,320	)	$	(2,866	)	$	(3,239	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calfculated 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 December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, includes $177 million, $0, $0, $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)
	December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,000		57.2%	$	1,155		73.8%	$	3,271		89.1%	$	3,721		88.9%	$	3,971		86.5%
20% or more for less than six months		89		5.1%		46		2.9%		135		3.7%		181		4.3%		325		7.1%
20% or more for six months or greater		659		37.7%		364		23.3%		266		7.2%		282		6.8%		296		6.4%
Total Gross Unrealized Losses	$	1,748		100.0%	$	1,565		100.0%	$	3,672		100.0%	$	4,184		100.0%	$	4,592		100.0%

Total Gross Unrealized Gains	$	35,144			$	33,326			$	24,560			$	22,071			$	21,180


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

Less than 20%	$	30		18.9%	$	28		32.6%	$	41		43.6%	$	68		51.1%	$	44		37.6%
20% or more for less than six months		10		6.3%		4		4.6%		3		3.2%		19		14.3%		34		29.1%
20% or more for six months or greater		119		74.8%		54		62.8%		50		53.2%		46		34.6%		39		33.3%
Total Gross Unrealized Losses	$	159		100.0%	$	86		100.0%	$	94		100.0%	$	133		100.0%	$	117		100.0%

Total Gross Unrealized Gains	$	212			$	376			$	403			$	396			$	507

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

U.S. corporate securities		$	114,126		30.5%	$	113,006		30.2%	$	109,008		30.6%	$	107,491		30.8%	$	106,469		30.4%
Foreign corporate securities			67,184		18.0%		66,086		17.7%		64,186		18.0%		63,648		18.2%		63,152		18.0%
Foreign government securities			57,336		15.3%		55,435		14.8%		52,297		14.7%		53,004		15.2%		54,437		15.6%
U.S. Treasury and agency securities			47,967		12.8%		54,457		14.5%		47,426		13.3%		44,154		12.7%		45,123		12.9%
Residential mortgage-backed securities			37,479		10.0%		36,347		9.7%		36,441		10.2%		35,478		10.2%		35,055		10.0%
Commercial mortgage-backed securities			19,129		5.1%		17,897		4.8%		17,263		4.8%		16,896		4.8%		16,550		4.7%
Asset-backed securities			15,997		4.3%		16,114		4.3%		15,655		4.4%		14,161		4.1%		15,571		4.4%
State and political subdivision securities			15,048		4.0%		14,952		4.0%		14,238		4.0%		13,955		4.0%		13,830		4.0%
Total fixed maturity securities available-for-sale		$	374,266		100.0%	$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%

NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	258,568		69.1%	$	259,419		69.3%	$	248,115		69.6%	$	239,347		68.6%	$	242,069		69.1%
2	Baa		90,193		24.1%		89,202		23.8%		83,506		23.4%		84,269		24.2%		84,114		24.0%
3	Ba		14,434		3.8%		14,488		3.9%		13,908		3.9%		13,782		3.9%		13,597		3.9%
4	B		9,607		2.6%		9,557		2.6%		9,302		2.6%		9,690		2.8%		9,378		2.7%
5	Caa and lower		1,379		0.4%		1,548		0.4%		1,614		0.5%		1,639		0.5%		955		0.3%
6	In or near default		85		0.0%		80		0.0%		69		0.0%		60		0.0%		74		0.0%
Total fixed maturity securities available-for-sale (1)		$	374,266		100.0%	$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%
(1) Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on ratings from revised NAIC rating methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available. These revised NAIC ratings may not correspond to the rating agency designations. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
		December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013
Unaudited (In millions)
Traditional (2), (3)			$8,489				$8,595				$8,566				$8,787				$9,498
Real estate joint ventures and funds			941				903				855				823				769
Subtotal			9,430				9,498				9,421				9,610				10,267
Foreclosed			488				500				465				443				445
Total Real Estate and Real Estate Joint Ventures			$9,918				$9,998				$9,886				$10,053				$10,712
(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)
	December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013
Unaudited (In millions)

Commercial mortgage loans		$40,472				$39,605				$39,110				$40,262				$40,926
Agricultural mortgage loans		12,843				12,669				12,669				12,830				12,391
Residential mortgage loans		958				994				1,891				2,646				3,110
Mortgage loans held-for-sale		414				271				-				225				3
Total Mortgage Loans		54,687				53,539				53,670				55,963				56,430
Valuation allowances		(347)				(332)				(302)				(326)				(322)
Total Mortgage Loans, net		$54,340				$53,207				$53,368				$55,637				$56,108
(1) 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 (2)
	December 31, 2012				March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	7,932		19.6%	$	7,718		19.5%	$	7,879		20.2%	$	8,214		20.4%	$	8,961		21.9%
Middle Atlantic		6,780		16.7%		6,970		17.6%		6,987		17.9%		7,356		18.3%		7,367		18.0%
South Atlantic		7,969		19.7%		7,655		19.3%		7,276		18.6%		7,095		17.6%		6,977		17.1%
International		5,567		13.8%		5,344		13.5%		5,364		13.7%		6,158		15.3%		6,709		16.4%
West South Central		3,436		8.5%		3,496		8.8%		3,444		8.8%		3,483		8.7%		3,619		8.8%
East North Central		3,026		7.5%		2,765		7.0%		2,714		6.9%		2,680		6.7%		2,717		6.6%
New England		1,489		3.7%		1,488		3.8%		1,476		3.8%		1,473		3.7%		1,404		3.4%
Mountain		906		2.2%		875		2.2%		874		2.2%		835		2.0%		834		2.0%
East South Central		457		1.1%		456		1.2%		454		1.2%		420		1.0%		471		1.2%
West North Central		288		0.7%		285		0.7%		283		0.7%		203		0.5%		148		0.4%
Multi-Region and Other		2,622		6.5%		2,553		6.4%		2,359		6.0%		2,345		5.8%		1,719		4.2%
Total	$	40,472		100.0%	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%


Office	$	19,524		48.2%	$	19,519		49.3%	$	19,389		49.6%	$	19,955		49.6%	$	20,629		50.4%
Retail		9,601		23.7%		9,120		23.0%		8,889		22.7%		9,528		23.7%		9,245		22.6%
Hotel		3,555		8.8%		3,423		8.6%		3,571		9.1%		3,774		9.4%		4,219		10.3%
Apartment		3,999		9.9%		3,945		10.0%		3,855		9.9%		3,882		9.6%		3,724		9.1%
Industrial		3,159		7.8%		3,077		7.8%		3,045		7.8%		2,840		7.0%		2,897		7.1%
Other		634		1.6%		521		1.3%		361		0.9%		283		0.7%		212		0.5%
Total	$	40,472		100.0%	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%

(2)	Commercial mortgage loans by property type amounts for the prior periods have been reclassified to conform to the current period method of classifying loans collateralized by mixed-used properties according to the predominant property type.

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Appendix

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

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,404		$	1,665		$	1,624		$	1,530		$	1,590		$	5,808		$	6,409
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(200	)		314			110			(85	)		(178	)		(352	)		161
Net derivative gains (losses)		(1,315	)		(630	)		(1,690	)		(546	)		(373	)		(1,919	)		(3,239	)
Premiums - Divested businesses		4			-			1			-			(2	)		64			(1	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		5			(3	)		5			(2	)		7			15			7
GMIB fees		86			82			83			96			92			318			353
Divested businesses		3			1			2			2			1			11			6
Net investment income
Investment hedge adjustments		(138	)		(131	)		(167	)		(175	)		(170	)		(448	)		(643	)
Income from discontinued real estate operations		(1	)		(1	)		(3	)		(3	)		(2	)		(3	)		(9	)
Joint venture adjustments		-			-			(1	)		-			(1	)		-			(2	)
Unit-linked contract income		463			1,039			314			132			687			1,473			2,172
Securitization entities income		38			33			34			29			27			163			123
Divested businesses		11			5			1			-			1			327			7
Other revenues
Settlement of foreign currency earnings hedges		5			-			(10	)		(11	)		(13	)		23			(34	)
Divested businesses		13			(1	)		-			1			-			127			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(28	)		(68	)		202			(6	)		137			(226	)		265
GMIB costs		(563	)		(401	)		(147	)		(412	)		(366	)		(1,177	)		(1,326	)
Market value adjustments		(48	)		(131	)		(138	)		(50	)		(15	)		(140	)		(334	)
Divested businesses		(5	)		(2	)		(2	)		-			1			(43	)		(3	)
Interest credited to policyholder account balances
PAB hedge adjustments		(5	)		(2	)		(2	)		(6	)		(3	)		(13	)		(13	)
Unit-linked contract costs		(454	)		(1,033	)		(323	)		(121	)		(672	)		(1,468	)		(2,149	)
Divested businesses		-			(1	)		-			(1	)		-			(6	)		(2	)
Capitalization of DAC - Divested businesses		-			-			-			-			-			5			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		38			78			104			53			(39	)		(41	)		196
Related to GMIB fees and GMIB costs		(89	)		114			43			85			95			23			337
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		-			-			-			-			(4	)		-
Amortization of negative VOBA
Related to market value adjustments		17			15			14			13			13			65			55
Divested businesses		-			-			-			-			-			2			-
Interest expense on debt
Securitization entities debt expense		(38	)		(33	)		(34	)		(29	)		(27	)		(163	)		(123	)
Divested businesses		-			-			-			-			-			(3	)		-
Other expenses
Noncontrolling interest		17			5			10			-			10			39			25
Regulatory implementation costs		(12	)		(4	)		(3	)		(5	)		(6	)		(51	)		(18	)
Acquisition & integration costs (1)		(69	)		(181	)		(61	)		(30	)		(48	)		(280	)		(320	)
Divested businesses		(180	)		(128	)		(28	)		(32	)		(19	)		(1,139	)		(207	)
Goodwill impairment		-			-			-			-			-			(1,868	)		-
Provision for income tax (expense) benefit (1), (2)		1,147			394			570			546			188			2,195			1,698
Income (loss) from continuing operations, net of income tax		105			995			508			973			915			1,314			3,391
Income (loss) from discontinued operations, net of income tax		31			(3	)		2			2			1			48			2
Net income (loss)		136			992			510			975			916			1,362			3,393
Less: Net income (loss) attributable to noncontrolling interests		9			6			8			3			8			38			25
Net income (loss) attributable to MetLife, Inc.		127			986			502			972			908			1,324			3,368
Less: Preferred stock dividends		31			30			31			30			31			122			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	96		$	956		$	471		$	942		$	877		$	1,202		$	3,246
(1) The three months ended March 31, 2013 and June 30, 2013 includes net investment gains of $11 million and $8 million, respectively, expenses of $154 million and $0, respectively, and a tax benefit of $119 million and $0, respectively, which are related to a settlement of an acquisition tax contingency. The year ended December 31, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, which are related to the settlement of such acquisition tax contingency. (2) The three months and year ended December 31, 2013 includes a deferred tax benefit (expense) of ($86) million and $9 million, respectively, the three months ended September 30, 2013 includes a deferred tax benefit of $95 million and both the three months and year ended December 31, 2012 includes a deferred tax benefit of $324 million, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 and year ended December 31, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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APPENDIX TOTAL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	783		$	780		$	800		$	822		$	832		$	3,069		$	3,234
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		48			38			39			38			39			203			154
Other revenues		7			6			11			6			4			40			27
Total operating revenues		838			824			850			866			875			3,312			3,415

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		609			529			622			546			532			2,211			2,229
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(96	)		(92	)		(103	)		(107	)		(99	)		(374	)		(401	)
Amortization of DAC and VOBA		94			93			94			99			99			358			385
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		205			208			215			227			229			804			879
Total operating expenses		812			738			828			765			761			2,999			3,092

Operating earnings before provision for income tax		26			86			22			101			114			313			323
Provision for income tax expense (benefit)		(5	)		18			(5	)		20			27			56			60
Operating earnings		31			68			27			81			87			257			263
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	31		$	68		$	27		$	81		$	87		$	257		$	263


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	31		$	68		$	27		$	81		$	87		$	257		$	263
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			4			(4	)		3			2			22			5
Net derivative gains (losses)		4			(1	)		6			1			1			2			7
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		(3	)		(1	)		-			(2	)		(1	)		(9	)		(4	)
Income (loss) from continuing operations, net of income tax		37			70			29			83			89			272			271
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		37			70			29			83			89			272			271
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		37			70			29			83			89			272			271
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	37		$	70		$	29		$	83		$	89		$	272		$	271

Total Operating Premiums, Fees and Other Revenues	$	790		$	786		$	811		$	828		$	836		$	3,109		$	3,261
(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 Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	429		$	425		$	436		$	446		$	450		$	1,680		$	1,757
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		27			21			23			20			22			116			86
Other revenues		4			4			4			5			3			16			16
Total operating revenues		460			450			463			471			475			1,812			1,859

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		314			286			355			296			275			1,186			1,212
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(67	)		(64	)		(70	)		(73	)		(67	)		(260	)		(274	)
Amortization of DAC and VOBA		65			65			65			68			68			254			266
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		120			116			122			126			124			471			488
Total operating expenses		432			403			472			417			400			1,651			1,692

Operating earnings before provision for income tax		28			47			(9	)		54			75			161			167
Provision for income tax expense (benefit)		2			9			(10	)		10			19			26			28
Operating earnings		26			38			1			44			56			135			139
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	26		$	38		$	1		$	44		$	56		$	135		$	139


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	26		$	38		$	1		$	44		$	56		$	135		$	139
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			2			(2	)		2			1			12			3
Net derivative gains (losses)		2			(1	)		4			1			-			1			4
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		-			(1	)		(1	)		-			(5	)		(2	)
Income (loss) from continuing operations, net of income tax		29			39			2			46			57			143			144
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		29			39			2			46			57			143			144
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		29			39			2			46			57			143			144
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	29		$	39		$	2		$	46		$	57		$	143		$	144

Total Operating Premiums, Fees and Other Revenues	$	433		$	429		$	440		$	451		$	453		$	1,696		$	1,773
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			December 31, 2012			December 31, 2013

OPERATING REVENUES
Premiums	$	354		$	355		$	364		$	376		$	382		$	1,389		$	1,477
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		21			17			16			18			17			87			68
Other revenues		3			2			7			1			1			24			11
Total operating revenues		378			374			387			395			400			1,500			1,556

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		295			243			267			250			257			1,025			1,017
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(29	)		(28	)		(33	)		(34	)		(32	)		(114	)		(127	)
Amortization of DAC and VOBA		29			28			29			31			31			104			119
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		85			92			93			101			105			333			391
Total operating expenses		380			335			356			348			361			1,348			1,400

Operating earnings before provision for income tax		(2	)		39			31			47			39			152			156
Provision for income tax expense (benefit)		(7	)		9			5			10			8			30			32
Operating earnings		5			30			26			37			31			122			124
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	5		$	30		$	26		$	37		$	31		$	122		$	124


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5		$	30		$	26		$	37		$	31		$	122		$	124
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			2			(2	)		1			1			10			2
Net derivative gains (losses)		2			-			2			-			1			1			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		(2	)		(1	)		1			(1	)		(1	)		(4	)		(2	)
Income (loss) from continuing operations, net of income tax		8			31			27			37			32			129			127
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		8			31			27			37			32			129			127
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		8			31			27			37			32			129			127
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	8		$	31		$	27		$	37		$	32		$	129		$	127

Total Operating Premiums, Fees and Other Revenues	$	357		$	357		$	371		$	377		$	383		$	1,413		$	1,488
(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 - February 12, 2014

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