METLIFE INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - METLIFE INC	d762824d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d762824dex991.htm

Exhibit 99.2

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Second Quarter

Financial Supplement

June 30, 2014

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METLIFE
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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METLIFE

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 July 30, 2014, for the period ended June 30, 2014, which is available at www.metlife.com.

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

Operating earnings available to common shareholders	$	1,585		$	1,495		$	1,554		$	1,562		$	1,590
Preferred stock dividends		31			30			31			30			31
Operating earnings		1,616			1,525			1,585			1,592			1,621
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1), (2)		110			(85	)		(178	)		(411	)		(125	)
Net derivative gains (losses)		(1,690	)		(546	)		(373	)		343			311
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(94	)		(465	)		(303	)		(302	)		(475	)
Provision for income tax (expense) benefit (3), (4)		566			544			184			120			44
Income (loss) from continuing operations, net of income tax		508			973			915			1,342			1,376
Income (loss) from discontinued operations, net of income tax		2			2			1			(3	)		-
Net income (loss)		510			975			916			1,339			1,376
Less: Net income (loss) attributable to noncontrolling interests		8			3			8			11			10
Net income (loss) attributable to MetLife, Inc.		502			972			908			1,328			1,366
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	471		$	942		$	877		$	1,298		$	1,335


Operating earnings available to common shareholders per common share - diluted (5)	$	1.43		$	1.34		$	1.37		$	1.37		$	1.39
Net investment gains (losses)		0.10			(0.08	)		(0.16	)		(0.36	)		(0.11	)
Net derivative gains (losses)		(1.53	)		(0.49	)		(0.33	)		0.30			0.27
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.08	)		(0.42	)		(0.27	)		(0.27	)		(0.41	)
Provision for income tax (expense) benefit		0.52			0.49			0.17			0.11			0.04
Discontinued operations, net of income tax		-			-			-			-			-
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 (5)	$	0.43		$	0.84		$	0.77		$	1.14		$	1.17

Weighted average common shares outstanding - diluted		1,106.7			1,117.3			1,138.1			1,140.5			1,142.3

Unaudited	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

Book value per common share - (actual common shares outstanding) (6)	$	52.85		$	52.54		$	53.04		$	56.65		$	59.96
Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (6)	$	47.20		$	47.99		$	48.49		$	49.34		$	50.14

	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

Common shares outstanding, beginning of period		1,094.2			1,096.6			1,120.8			1,122.0			1,124.8
Newly issued shares		2.4			24.2			1.2			2.8			1.8
Common shares outstanding, end of period (7)		1,096.6			1,120.8			1,122.0			1,124.8			1,126.6

Weighted average common shares outstanding - basic		1,097.9			1,104.9			1,123.7			1,126.9			1,128.0
Dilutive effect of stock purchase contracts underlying common equity units (5)		-			1.9			2.8			3.4			3.8
Dilutive effect of the exercise or issuance of stock-based awards		8.8			10.5			11.6			10.2			10.5
Weighted average common shares outstanding - diluted		1,106.7			1,117.3			1,138.1			1,140.5			1,142.3
MetLife Policyholder Trust Shares		196.1			193.2			190.9			188.4			185.7
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) The three months ended June 30, 2013 includes net investment gains of $8 million related to a settlement of an acquisition tax contingency. (3) The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $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. (4) The three months ended June 30, 2014 includes a charge of $23 million related to timing of certain tax credits. (5) For the three months ended 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. (6) Book value per common share and book value per common share, excluding AOCI, exclude $2,043 million of equity related to preferred stock. (7) For the three months ended June 30, 2014, the number of shares repurchased was less than 100,000 shares. There were no shares repurchased for the three months ended June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014.

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	356,514		$	348,787		$	350,187		$	355,069		$	367,056
Equity securities available-for-sale, at estimated fair value		3,231			3,241			3,402			3,693			3,863
Fair value option and trading securities, at estimated fair value (1)		16,110			16,646			17,423			17,494			17,831
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		55,636			57,508			57,703			57,139			57,223
Held-for-sale, principally at estimated fair value		-			225			3			-			-
Mortgage loans, net		55,636			57,733			57,706			57,139			57,223
Policy loans		11,722			11,782			11,764			11,762			11,785
Real estate and real estate joint ventures		9,886			10,053			10,712			9,930			10,101
Other limited partnership interests		7,197			7,253			7,401			7,819			7,964
Short-term investments, principally at estimated fair value		12,990			12,664			13,955			13,908			12,366
Other invested assets, principally at estimated fair value		17,920			16,766			16,229			16,433			17,116
Total investments		491,206			484,925			488,779			493,247			505,305
Cash and cash equivalents, principally at estimated fair value (1)		9,184			11,376			7,585			8,573			7,393
Accrued investment income		4,357			4,519			4,255			4,446			4,234
Premiums, reinsurance and other receivables		23,283			23,473			21,859			23,031			23,730
Deferred policy acquisition costs and value of business acquired		24,782			25,639			26,706			26,352			25,915
Goodwill		9,447			9,509			10,542			10,433			10,430
Other assets		7,830			7,952			8,369			8,387			9,136
Separate account assets		245,573			255,250			317,201			316,434			324,977
Total assets	$	815,662		$	822,643		$	885,296		$	890,903		$	911,120

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	184,697		$	186,528		$	187,942		$	189,970		$	189,675
Policyholder account balances		215,195			214,512			212,885			209,498			213,799
Other policy-related balances		15,279			15,530			15,214			15,369			15,361
Policyholder dividends payable		750			769			675			656			682
Policyholder dividend obligation		2,273			2,013			1,771			2,463			2,986
Payables for collateral under securities loaned and other transactions		33,247			31,866			30,411			32,469			33,187
Short-term debt		100			100			175			100			100
Long-term debt (1)		18,577			18,252			18,653			16,793			16,783
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,193			3,193			3,193			3,193			3,193
Current income tax payable		111			199			186			239			232
Deferred income tax liability		6,602			5,955			6,643			8,906			10,453
Other liabilities		25,331			22,902			23,168			24,178			25,214
Separate account liabilities		245,573			255,250			317,201			316,434			324,977
Total liabilities		755,124			761,265			822,313			824,464			840,838

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		130			110			887			107			108

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		28,137			29,221			29,277			29,384			29,438
Retained earnings		25,824			26,766			27,332			28,319			29,259
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(176	)
Accumulated other comprehensive income (loss)		6,202			5,100			5,104			8,215			11,058
Total MetLife, Inc.’s stockholders’ equity		60,003			60,927			61,553			65,758			69,591
Noncontrolling interests		405			341			543			574			583
Total equity		60,408			61,268			62,096			66,332			70,174
Total liabilities and equity	$	815,662		$	822,643		$	885,296		$	890,903		$	911,120
(1) At June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, $2,299 million, $2,120 million, $1,621 million, $1,159 million and $656 million, respectively, of assets and $2,127 million, $1,946 million, $1,454 million, $996 million and $505 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)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

OPERATING REVENUES
Premiums	$	9,157		$	9,054		$	10,269		$	9,217		$	9,853
Universal life and investment-type product policy fees		2,281			2,276			2,317			2,323			2,360
Net investment income		5,057			4,998			5,257			5,085			5,095
Other revenues		500			486			487			491			493
Total operating revenues		16,995			16,814			18,330			17,116			17,801

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,174			9,243			10,304			9,373			9,964
Interest credited to policyholder account balances		1,521			1,472			1,468			1,401			1,425
Capitalization of DAC		(1,212	)		(1,153	)		(1,165	)		(1,046	)		(1,031	)
Amortization of DAC and VOBA		1,105			979			983			1,050			1,025
Amortization of negative VOBA		(124	)		(113	)		(156	)		(103	)		(99	)
Interest expense on debt		287			288			296			294			299
Other expenses		4,009			4,026			4,478			3,951			3,979
Total operating expenses		14,760			14,742			16,208			14,920			15,562

Operating earnings before provision for income tax		2,235			2,072			2,122			2,196			2,239
Provision for income tax expense (benefit)		619			547			537			604			618
Operating earnings		1,616			1,525			1,585			1,592			1,621
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,585		$	1,495		$	1,554		$	1,562		$	1,590


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,616		$	1,525		$	1,585		$	1,592		$	1,621
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1), (2)		110			(85	)		(178	)		(411	)		(125	)
Net derivative gains (losses)		(1,690	)		(546	)		(373	)		343			311
Premiums		1			40			2			2			20
Universal life and investment-type product policy fees		90			96			100			98			98
Net investment income		225			28			590			(50	)		164
Other revenues		(10	)		(10	)		(13	)		(13	)		(3	)
Policyholder benefits and claims and policyholder dividends		(115	)		(541	)		(281	)		(254	)		(421	)
Interest credited to policyholder account balances		(325	)		(128	)		(675	)		(68	)		(284	)
Capitalization of DAC		-			-			-			-			1
Amortization of DAC and VOBA		147			138			56			(8	)		(37	)
Amortization of negative VOBA		14			13			13			12			12
Interest expense on debt		(34	)		(29	)		(27	)		(18	)		(13	)
Other expenses		(87	)		(72	)		(68	)		(3	)		(12	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (3), (4)		566			544			184			120			44
Income (loss) from continuing operations, net of income tax		508			973			915			1,342			1,376
Income (loss) from discontinued operations, net of income tax		2			2			1			(3	)		-
Net income (loss)		510			975			916			1,339			1,376
Less: Net income (loss) attributable to noncontrolling interests		8			3			8			11			10
Net income (loss) attributable to MetLife, Inc.		502			972			908			1,328			1,366
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	471		$	942		$	877		$	1,298		$	1,335

Total Operating Premiums, Fees and Other Revenues	$	11,938		$	11,816		$	13,073		$	12,031		$	12,706
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) The three months ended June 30, 2013 includes net investment gains of $8 million related to a settlement of an acquisition tax contingency. (3) The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $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. (4) The three months ended June 30, 2014 includes a charge of $23 million related to the timing of certain tax credits.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,853		$	7,316		$	1,913		$	584		$	40
Universal life and investment-type product policy fees		2,360			1,809			400			117			34
Net investment income		5,095			4,196			717			134			48
Other revenues		493			453			24			11			5
Total operating revenues		17,801			13,774			3,054			846			127

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,964			8,243			1,425			271			25
Interest credited to policyholder account balances		1,425			987			394			35			9
Capitalization of DAC		(1,031	)		(396	)		(457	)		(170	)		(8	)
Amortization of DAC and VOBA		1,025			500			362			160			3
Amortization of negative VOBA		(99	)		(1	)		(92	)		(6	)		-
Interest expense on debt		299			2			-			-			297
Other expenses		3,979			2,361			976			446			196
Total operating expenses		15,562			11,696			2,608			736			522

Operating earnings before provision for income tax		2,239			2,078			446			110			(395	)
Provision for income tax expense (benefit)		618			687			127			17			(213	)
Operating earnings		1,621			1,391			319			93			(182	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,590		$	1,391		$	319		$	93		$	(213	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,621		$	1,391		$	319		$	93		$	(182	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(125	)		(189	)		82			2			(20	)
Net derivative gains (losses)		311			429			(35	)		49			(132	)
Premiums		20			2			-			18			-
Universal life and investment-type product policy fees		98			93			1			4			-
Net investment income		164			(126	)		2			273			15
Other revenues		(3	)		1			(4	)		-			-
Policyholder benefits and claims and policyholder dividends		(421	)		(387	)		(26	)		(8	)		-
Interest credited to policyholder account balances		(284	)		(32	)		2			(254	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(37	)		(37	)		3			(3	)		-
Amortization of negative VOBA		12			-			12			-			-
Interest expense on debt		(13	)		-			-			-			(13	)
Other expenses		(12	)		2			4			-			(18	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (2)		44			62			(27	)		(38	)		47
Income (loss) from continuing operations, net of income tax		1,376			1,209			333			137			(303	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,376			1,209			333			137			(303	)
Less: Net income (loss) attributable to noncontrolling interests		10			4			4			1			1
Net income (loss) attributable to MetLife, Inc.		1,366			1,205			329			136			(304	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,335		$	1,205		$	329		$	136		$	(335	)

Total Operating Premiums, Fees and Other Revenues	$	12,706		$	9,578		$	2,337		$	712		$	79
(1) Consolidated and Americas results include a pretax net investment loss of $138 million related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) Consolidated, Asia and Corporate & Other results include a charge of $23 million, $13 million and $10 million, respectively, related to the timing of certain tax credits.

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

OPERATING REVENUES
Premiums	$	9,157		$	6,591		$	1,980		$	558		$	28
Universal life and investment-type product policy fees		2,281			1,708			442			96			35
Net investment income		5,057			4,142			723			120			72
Other revenues		500			434			28			34			4
Total operating revenues		16,995			12,875			3,173			808			139

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,174			7,467			1,433			256			18
Interest credited to policyholder account balances		1,521			1,036			437			37			11
Capitalization of DAC		(1,212	)		(493	)		(522	)		(192	)		(5	)
Amortization of DAC and VOBA		1,105			518			392			195			-
Amortization of negative VOBA		(124	)		-			(113	)		(11	)		-
Interest expense on debt		287			5			-			(1	)		283
Other expenses		4,009			2,349			1,054			460			146
Total operating expenses		14,760			10,882			2,681			744			453

Operating earnings before provision for income tax		2,235			1,993			492			64			(314	)
Provision for income tax expense (benefit)		619			666			162			(4	)		(205	)
Operating earnings		1,616			1,327			330			68			(109	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,585		$	1,327		$	330		$	68		$	(140	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,616		$	1,327		$	330		$	68		$	(109	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		110			1			85			23			1
Net derivative gains (losses)		(1,690	)		(968	)		(486	)		(4	)		(232	)
Premiums		1			1			-			-			-
Universal life and investment-type product policy fees		90			81			2			7			-
Net investment income		225			(115	)		446			(132	)		26
Other revenues		(10	)		-			(10	)		-			-
Policyholder benefits and claims and policyholder dividends		(115	)		23			(138	)		-			-
Interest credited to policyholder account balances		(325	)		(5	)		(438	)		118			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		147			155			1			(9	)		-
Amortization of negative VOBA		14			-			14			-			-
Interest expense on debt		(34	)		-			-			-			(34	)
Other expenses		(87	)		(7	)		6			(5	)		(81	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		566			296			154			3			113
Income (loss) from continuing operations, net of income tax		508			789			(34	)		69			(316	)
Income (loss) from discontinued operations, net of income tax		2			-			(1	)		-			3
Net income (loss)		510			789			(35	)		69			(313	)
Less: Net income (loss) attributable to noncontrolling interests		8			-			5			-			3
Net income (loss) attributable to MetLife, Inc.		502			789			(40	)		69			(316	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	471		$	789		$	(40	)	$	69		$	(347	)

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

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	19,070		$	14,011		$	3,803		$	1,181		$	75
Universal life and investment-type product policy fees		4,683			3,601			789			226			67
Net investment income		10,180			8,398			1,410			257			115
Other revenues		984			880			51			27			26
Total operating revenues		34,917			26,890			6,053			1,691			283

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		19,337			15,923			2,822			532			60
Interest credited to policyholder account balances		2,826			1,958			781			69			18
Capitalization of DAC		(2,077	)		(754	)		(951	)		(346	)		(26	)
Amortization of DAC and VOBA		2,075			1,048			700			324			3
Amortization of negative VOBA		(202	)		(1	)		(186	)		(15	)		-
Interest expense on debt		593			4			-			-			589
Other expenses		7,930			4,653			1,966			902			409
Total operating expenses		30,482			22,831			5,132			1,466			1,053

Operating earnings before provision for income tax		4,435			4,059			921			225			(770	)
Provision for income tax expense (benefit)		1,222			1,330			274			44			(426	)
Operating earnings		3,213			2,729			647			181			(344	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,152		$	2,729		$	647		$	181		$	(405	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,213		$	2,729		$	647		$	181		$	(344	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(536	)		(706	)		239			(7	)		(62	)
Net derivative gains (losses)		654			715			(42	)		87			(106	)
Premiums		22			1			-			21			-
Universal life and investment-type product policy fees		196			188			1			7			-
Net investment income		114			(239	)		(33	)		360			26
Other revenues		(16	)		1			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(675	)		(621	)		(44	)		(10	)		-
Interest credited to policyholder account balances		(352	)		(49	)		37			(340	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(45	)		(42	)		4			(7	)		-
Amortization of negative VOBA		24			-			24			-			-
Interest expense on debt		(31	)		-			-			-			(31	)
Other expenses		(15	)		2			10			(2	)		(25	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (2)		164			231			(68	)		(51	)		52
Income (loss) from continuing operations, net of income tax		2,718			2,210			758			240			(490	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		2,715			2,207			758			240			(490	)
Less: Net income (loss) attributable to noncontrolling interests		21			9			10			1			1
Net income (loss) attributable to MetLife, Inc.		2,694			2,198			748			239			(491	)
Less: Preferred stock dividends		61			-			-			-			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,633		$	2,198		$	748		$	239		$	(552	)

Total Operating Premiums, Fees and Other Revenues	$	24,737		$	18,492		$	4,643		$	1,434		$	168
(1) Consolidated and Americas results include a pre-tax net investment loss of $633 million related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) Consolidated, Asia and Corporate & Other results include a charge of $23 million, $13 million and $10 million, respectively, related to the timing of certain tax credits.

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

OPERATING REVENUES
Premiums	$	18,260		$	13,103		$	3,978		$	1,125		$	54
Universal life and investment-type product policy fees		4,492			3,348			886			187			71
Net investment income		10,139			8,223			1,455			248			213
Other revenues		981			862			41			61			17
Total operating revenues		33,872			25,536			6,360			1,621			355

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		18,199			14,831			2,848			493			27
Interest credited to policyholder account balances		3,075			2,101			879			72			23
Capitalization of DAC		(2,468	)		(1,022	)		(1,068	)		(369	)		(9	)
Amortization of DAC and VOBA		2,121			968			793			360			-
Amortization of negative VOBA		(255	)		(1	)		(226	)		(28	)		-
Interest expense on debt		575			6			-			-			569
Other expenses		8,092			4,726			2,148			908			310
Total operating expenses		29,339			21,609			5,374			1,436			920

Operating earnings before provision for income tax		4,533			3,927			986			185			(565	)
Provision for income tax expense (benefit)		1,260			1,307			323			30			(400	)
Operating earnings		3,273			2,620			663			155			(165	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,212		$	2,620		$	663		$	155		$	(226	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,273		$	2,620		$	663		$	155		$	(165	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		424			113			213			39			59
Net derivative gains (losses)		(2,320	)		(1,139	)		(1,038	)		(10	)		(133	)
Premiums		49			49			-			-			-
Universal life and investment-type product policy fees		170			162			3			5			-
Net investment income		1,220			(191	)		1,084			261			66
Other revenues		(11	)		-			(10	)		-			(1	)
Policyholder benefits and claims and policyholder dividends		(798	)		(516	)		(282	)		-			-
Interest credited to policyholder account balances		(1,361	)		(18	)		(1,077	)		(266	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		339			333			11			(5	)		-
Amortization of negative VOBA		29			-			29			-			-
Interest expense on debt		(67	)		-			-			-			(67	)
Other expenses (1)		(399	)		(10	)		(144	)		(8	)		(237	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		955			429			437			(19	)		108
Income (loss) from continuing operations, net of income tax		1,503			1,832			(111	)		152			(370	)
Income (loss) from discontinued operations, net of income tax		(1	)		-			(4	)		-			3
Net income (loss)		1,502			1,832			(115	)		152			(367	)
Less: Net income (loss) attributable to noncontrolling interests		14			-			9			2			3
Net income (loss) attributable to MetLife, Inc.		1,488			1,832			(124	)		150			(370	)
Less: Preferred stock dividends		61			-			-			-			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,427		$	1,832		$	(124	)	$	150		$	(431	)

Total Operating Premiums, Fees and Other Revenues	$	23,733		$	17,313		$	4,905		$	1,373		$	142
(1) Consolidated and Asia results include net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency.

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METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014

AMERICAS

RETAIL	$	581		$	659		$	658		$	612		$	652

GROUP, VOLUNTARY & WORKSITE BENEFITS		275			226			231			188			205

CORPORATE BENEFIT FUNDING		346			298			357			355			374

LATIN AMERICA		125			133			173			183			160

AMERICAS TOTAL	$	1,327		$	1,316		$	1,419		$	1,338		$	1,391

ASIA		330			257			324			328			319

EMEA		68			85			89			88			93

CORPORATE & OTHER		(140	)		(163	)		(278	)		(192	)		(213	)

METLIFE TOTAL	$	1,585		$	1,495		$	1,554		$	1,562		$	1,590
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 20, (iv) Latin America, Page 23, (v) Asia, Page 24, (vi) EMEA, Page 25, and (vii) Corporate & Other, Page 26. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 5.

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AMERICAS RETAIL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	1,581		$	1,607		$	1,793		$	1,724		$	1,812		$	3,128		$	3,536
Universal life and investment-type product policy fees		1,238			1,257			1,250			1,247			1,256			2,405			2,503
Net investment income		1,987			1,928			2,022			2,014			1,963			3,948			3,977
Other revenues		257			267			251			245			265			500			510
Total operating revenues		5,063			5,059			5,316			5,230			5,296			9,981			10,526

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,272			2,234			2,369			2,407			2,438			4,425			4,845
Interest credited to policyholder account balances		589			582			581			555			561			1,168			1,116
Capitalization of DAC		(344	)		(318	)		(273	)		(234	)		(249	)		(718	)		(483	)
Amortization of DAC and VOBA		396			315			342			429			378			727			807
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			(1	)		-			-			-			1			-
Other expenses		1,265			1,245			1,296			1,142			1,177			2,543			2,319
Total operating expenses		4,179			4,057			4,315			4,299			4,305			8,146			8,604

Operating earnings before provision for income tax		884			1,002			1,001			931			991			1,835			1,922
Provision for income tax expense (benefit)		303			343			343			319			339			628			658
Operating earnings		581			659			658			612			652			1,207			1,264
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	581		$	659		$	658		$	612		$	652		$	1,207		$	1,264


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	581		$	659		$	658		$	612		$	652		$	1,207		$	1,264
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		23			(28	)		2			6			10			96			16
Net derivative gains (losses)		(421	)		(202	)		55			71			225			(577	)		296
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		79			92			92			93			92			159			185
Net investment income		(117	)		(118	)		(117	)		(117	)		(114	)		(236	)		(231	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(149	)		(413	)		(367	)		(118	)		(215	)		(552	)		(333	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		155			137			64			(5	)		(37	)		333			(42	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		150			186			96			25			14			272			39
Income (loss) from continuing operations, net of income tax		301			313			483			567			627			702			1,194
Income (loss) from discontinued operations, net of income tax		-			-			1			(2	)		-			-			(2	)
Net income (loss)		301			313			484			565			627			702			1,192
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		301			313			484			565			627			702			1,192
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	301		$	313		$	484		$	565		$	627		$	702		$	1,192

Total Operating Premiums, Fees and Other Revenues	$	3,076		$	3,131		$	3,294		$	3,216		$	3,333		$	6,033		$	6,549

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	1,493		$	1,511		$	1,617		$	1,486		$	1,508		$	2,941		$	2,994
Universal life and investment-type product policy fees		417			415			395			400			394			813			794
Net investment income		1,198			1,178			1,254			1,235			1,204			2,402			2,439
Other revenues		160			152			144			137			154			304			291
Total operating revenues		3,268			3,256			3,410			3,258			3,260			6,460			6,518

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,053			1,971			2,045			2,032			1,991			3,979			4,023
Interest credited to policyholder account balances		222			226			226			219			226			437			445
Capitalization of DAC		(200	)		(176	)		(172	)		(145	)		(168	)		(381	)		(313	)
Amortization of DAC and VOBA		200			232			171			201			196			401			397
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			(1	)		-			-			(1	)		-			(1	)
Other expenses		675			652			713			586			639			1,327			1,225
Total operating expenses		2,950			2,904			2,983			2,893			2,883			5,763			5,776

Operating earnings before provision for income tax		318			352			427			365			377			697			742
Provision for income tax expense (benefit)		105			115			142			121			124			230			245
Operating earnings		213			237			285			244			253			467			497
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	213		$	237		$	285		$	244		$	253		$	467		$	497


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	213		$	237		$	285		$	244		$	253		$	467		$	497
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1	)		(3	)		(1	)		(14	)		1			23			(13	)
Net derivative gains (losses)		(87	)		(95	)		11			69			6			(95	)		75
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(4	)		(3	)		-			-			(1	)		(6	)		(1	)
Net investment income		(47	)		(52	)		(53	)		(55	)		(54	)		(96	)		(109	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(11	)		(10	)		(20	)		(16	)		(11	)		(24	)		(27	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		52			57			23			6			21			69			27
Income (loss) from continuing operations, net of income tax		115			131			245			234			215			338			449
Income (loss) from discontinued operations, net of income tax		-			-			1			(2	)		-			-			(2	)
Net income (loss)		115			131			246			232			215			338			447
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		115			131			246			232			215			338			447
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	115		$	131		$	246		$	232		$	215		$	338		$	447

Total Operating Premiums, Fees and Other Revenues	$	2,070		$	2,078		$	2,156		$	2,023		$	2,056		$	4,058		$	4,079

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	88		$	96		$	176		$	238		$	304		$	187		$	542
Universal life and investment-type product policy fees		821			842			855			847			862			1,592			1,709
Net investment income		789			750			768			779			759			1,546			1,538
Other revenues		97			115			107			108			111			196			219
Total operating revenues		1,795			1,803			1,906			1,972			2,036			3,521			4,008

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		219			263			324			375			447			446			822
Interest credited to policyholder account balances		367			356			355			336			335			731			671
Capitalization of DAC		(144	)		(142	)		(101	)		(89	)		(81	)		(337	)		(170	)
Amortization of DAC and VOBA		196			83			171			228			182			326			410
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			1			1			1
Other expenses		590			593			583			556			538			1,216			1,094
Total operating expenses		1,229			1,153			1,332			1,406			1,422			2,383			2,828

Operating earnings before provision for income tax		566			650			574			566			614			1,138			1,180
Provision for income tax expense (benefit)		198			228			201			198			215			398			413
Operating earnings		368			422			373			368			399			740			767
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	368		$	422		$	373		$	368		$	399		$	740		$	767


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	368		$	422		$	373		$	368		$	399		$	740		$	767
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		24			(25	)		3			20			9			73			29
Net derivative gains (losses)		(334	)		(107	)		44			2			219			(482	)		221
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		83			95			92			93			93			165			186
Net investment income		(70	)		(66	)		(64	)		(62	)		(60	)		(140	)		(122	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(149	)		(413	)		(367	)		(118	)		(215	)		(552	)		(333	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		166			147			84			11			(26	)		357			(15	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		98			129			73			19			(7	)		203			12
Income (loss) from continuing operations, net of income tax		186			182			238			333			412			364			745
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		186			182			238			333			412			364			745
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		186			182			238			333			412			364			745
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	186		$	182		$	238		$	333		$	412		$	364		$	745

Total Operating Premiums, Fees and Other Revenues	$	1,006		$	1,053		$	1,138		$	1,193		$	1,277		$	1,975		$	2,470

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AMERICAS RETAIL *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES* LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	84,008		$	84,419		$	84,811		$	85,300		$	85,606

Premiums and deposits (2), (3)		2,030			1,966			2,110			1,980			1,985
Surrenders and withdrawals		(823	)		(825	)		(790	)		(753	)		(783	)
Benefit payments		(781	)		(716	)		(707	)		(851	)		(804	)

Net Flows		426			425			613			376			398

Net transfers from (to) separate account		50			22			35			28			27
Interest		819			825			827			824			833
Policy charges		(482	)		(473	)		(475	)		(477	)		(477	)
Other		(402	)		(407	)		(511	)		(445	)		(512	)

Balance, end of period	$	84,419		$	84,811		$	85,300		$	85,606		$	85,875

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	50,020		$	48,990		$	48,428		$	46,988		$	46,899
Premiums and deposits (2), (3)		772			816			816			842			849
Surrenders and withdrawals		(998	)		(908	)		(1,372	)		(1,163	)		(912	)
Benefit payments		(420	)		(408	)		(396	)		(414	)		(414	)

Net Flows		(646	)		(500	)		(952	)		(735	)		(477	)
Net transfers from (to) separate account		(214	)		58			(119	)		(21	)		(10	)
Interest		429			417			415			395			397
Policy charges		(15	)		(13	)		(12	)		(13	)		(14	)
Other		(584	)		(524	)		(772	)		285			14

Balance, end of period	$	48,990		$	48,428		$	46,988		$	46,899		$	46,809

*SEPARATE ACCOUNT LIABILITIES* LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	8,957		$	8,919		$	9,420		$	9,945		$	9,971
Premiums and deposits (3)		165			163			166			164			158
Surrenders and withdrawals		(116	)		(108	)		(102	)		(113	)		(111	)
Benefit payments		(11	)		(10	)		(11	)		(16	)		(10	)

Net Flows		38			45			53			35			37
Investment performance		108			604			647			151			354
Net transfers from (to) general account		(50	)		(22	)		(35	)		(28	)		(27	)
Policy charges		(132	)		(132	)		(132	)		(133	)		(133	)
Other		(2	)		6			(8	)		1			(4	)

Balance, end of period	$	8,919		$	9,420		$	9,945		$	9,971		$	10,198

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	150,826		$	149,117		$	155,977		$	162,436		$	162,713

Premiums and deposits (3)		2,382			2,240			1,451			1,331			1,344
Surrenders and withdrawals		(2,444	)		(2,289	)		(2,594	)		(2,631	)		(2,871	)
Benefit payments		(317	)		(295	)		(301	)		(320	)		(359	)

Net Flows		(379	)		(344	)		(1,444	)		(1,620	)		(1,886	)
Investment performance		(684	)		8,165			8,664			2,723			6,170
Net transfers from (to) general account		214			(58	)		119			21			10
Policy charges		(860	)		(903	)		(880	)		(849	)		(913	)
Other		-			-			-			2			(1	)

Balance, end of period	$	149,117		$	155,977		$	162,436		$	162,713		$	166,093
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the General Account investment option of variable products. (3) Includes company sponsored internal exchanges.

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AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Direct and allocated expenses	$	451	$	470	$	542	$	445	$	447
Pension and post-retirement benefit costs		60		60		60		58		57
Premium taxes, other taxes, and licenses & fees		41		36		43		39		47
Total fixed operating expenses	$	552	$	566	$	645	$	542	$	551

Commissions and other variable expenses		713		679		651		600		626

Total other expenses	$	1,265	$	1,245	$	1,296	$	1,142	$	1,177

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Life Sales (1)
Term Life	$	26	$	21	$	22	$	16	$	16
Whole Life		31		36		41		29		36
Variable Life		9		11		8		7		16
Universal Life		47		17		16		12		12
Total life sales	$	113	$	85	$	87	$	64	$	80

Annuity Sales (2)
Fixed and indexed annuity sales	$	191	$	188	$	422	$	426	$	460
Variable annuity sales		2,761		2,693		1,669		1,603		1,602
Total annuity sales	$	2,952	$	2,881	$	2,091	$	2,029	$	2,062

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	2,277	$	2,175	$	1,397	$	1,290	$	1,302
General Accounts
Fixed and indexed annuity		191		188		422		426		460
Variable annuity		484		518		272		313		300
Total general accounts		675		706		694		739		760
Total annuity premiums and deposits	$	2,952	$	2,881	$	2,091	$	2,029	$	2,062
(1) Statistical sales information is calculated using the LIMRA definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. (2) Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

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AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE (1)
	For the Three Months Ended
Unaudited	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Investment income yield excluding variable investment income		6.22%		6.17%		6.13%		6.13%		6.15%
Variable investment income yield		0.31%		0.04%		0.54%		0.53%		0.02%
Total investment income yield		6.53%		6.21%		6.67%		6.66%		6.17%
Average crediting rate		4.52%		4.52%		4.50%		4.50%		4.50%
Annualized general account spread		2.01%		1.69%		2.17%		2.16%		1.67%

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

DEFERRED ANNUITIES (2)
	For the Three Months Ended
Unaudited	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Investment income yield excluding variable investment income		6.37%		6.07%		6.01%		5.88%		5.84%
Variable investment income yield		0.16%		0.13%		0.27%		0.36%		0.24%
Total investment income yield		6.53%		6.20%		6.28%		6.24%		6.08%
Average crediting rate		3.39%		3.39%		3.38%		3.29%		3.29%
Annualized general account spread		3.14%		2.81%		2.90%		2.95%		2.79%

Annualized general account spread excluding variable investment income yield		2.98%		2.68%		2.63%		2.59%		2.55%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Life (3)
Operating premiums, fees and other revenues	$	1,399	$	1,406	$	1,485	$	1,368	$	1,377
Interest Adjusted Benefit Ratio		53.6%		51.0%		54.2%		56.9%		48.9%

Lapse Ratio (4)
Traditional life		5.8%		5.9%		5.9%		5.8%		5.8%
Variable & universal life		4.8%		4.6%		4.5%		4.3%		4.1%
Fixed annuity		8.6%		8.8%		9.9%		10.5%		10.3%
Variable annuity		6.0%		6.1%		6.2%		6.3%		6.5%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	440	$	451	$	453	$	447	$	452
Combined ratio including catastrophes		107.5%		92.6%		88.6%		94.3%		107.5%
Combined ratio excluding catastrophes		86.1%		86.3%		85.2%		89.3%		83.6%

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

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	3,797		$	3,767		$	3,812		$	4,002		$	4,038		$	7,671		$	8,040
Universal life and investment-type product policy fees		170			171			167			177			181			350			358
Net investment income		472			459			472			453			458			925			911
Other revenues		105			103			102			107			104			213			211
Total operating revenues		4,544			4,500			4,553			4,739			4,781			9,159			9,520

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,514			3,527			3,546			3,781			3,789			7,154			7,570
Interest credited to policyholder account balances		39			38			39			40			39			78			79
Capitalization of DAC		(35	)		(37	)		(36	)		(34	)		(36	)		(68	)		(70	)
Amortization of DAC and VOBA		33			37			36			36			35			67			71
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			-			1			-
Other expenses		578			595			619			628			638			1,166			1,266
Total operating expenses		4,130			4,160			4,204			4,451			4,465			8,398			8,916

Operating earnings before provision for income tax		414			340			349			288			316			761			604
Provision for income tax expense (benefit)		139			114			118			100			111			256			211
Operating earnings		275			226			231			188			205			505			393
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	275		$	226		$	231		$	188		$	205		$	505		$	393


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	275		$	226		$	231		$	188		$	205		$	505		$	393
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(28	)		(3	)		(7	)		(11	)		10			(11	)		(1	)
Net derivative gains (losses)		(310	)		(173	)		(64	)		116			71			(439	)		187
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(45	)		(44	)		(43	)		(39	)		(42	)		(85	)		(81	)
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		134			78			39			(23	)		(14	)		187			(37	)
Income (loss) from continuing operations, net of income tax		26			84			156			231			230			157			461
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		26			84			156			231			230			157			461
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		26			84			156			231			230			157			461
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	26		$	84		$	156		$	231		$	230		$	157		$	461

Operating Premiums, Fees and Other Revenues
Group	$	3,456		$	3,420		$	3,455		$	3,657		$	3,684		$	7,013		$	7,341
Voluntary & Worksite		616			621			626			629			639			1,221			1,268
Total Group, Voluntary & Worksite Benefits	$	4,072		$	4,041		$	4,081		$	4,286		$	4,323		$	8,234		$	8,609

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	26,444		$	25,974		$	26,064		$	26,228		$	26,460
Premiums and deposits		4,327			4,515			4,283			4,546			4,500
Surrenders and withdrawals		(795	)		(998	)		(723	)		(725	)		(729	)
Benefit payments		(3,150	)		(3,145	)		(3,213	)		(3,390	)		(3,364	)

Net Flows		382			372			347			431			407
Net transfers from (to) separate account		-			-			-			-			-
Interest		214			218			221			219			223
Policy charges		(131	)		(131	)		(118	)		(137	)		(139	)
Other		(935	)		(369	)		(286	)		(281	)		(294	)

Balance, end of period	$	25,974		$	26,064		$	26,228		$	26,460		$	26,657

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	562		$	566		$	602		$	644		$	646
Premiums and deposits		50			52			50			54			52
Surrenders and withdrawals		(11	)		(12	)		(11	)		(14	)		(9	)
Benefit payments		(1	)		-			-			(1	)		(2	)

Net Flows		38			40			39			39			41
Investment performance		9			39			46			9			26
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(42	)		(42	)		(42	)		(44	)		(45	)
Other		(1	)		(1	)		(1	)		(2	)		(1	)

Balance, end of period	$	566		$	602		$	644		$	646		$	667
(1) All of the group property & casualty activity is reflected within the “Other” category.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Direct and allocated expenses	$	404	$	422	$	442	$	441	$	432
Pension and post-retirement benefit costs		25		25		25		24		23
Premium taxes, other taxes, and licenses & fees		62		59		57		71		80
Total fixed operating expenses	$	491	$	506	$	524	$	536	$	535

Commissions and other variable expenses		87		89		95		92		103
Total other expenses	$	578	$	595	$	619	$	628	$	638

SPREAD (1)
	For the Three Months Ended
Unaudited	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Investment income yield excluding variable investment income		5.97%		5.91%		5.72%		5.57%		5.64%
Variable investment income yield		0.36%		0.16%		0.45%		0.34%		0.32%
Total investment income yield		6.33%		6.07%		6.17%		5.91%		5.96%
Average crediting rate		3.33%		3.30%		3.36%		3.36%		3.36%
Annualized general account spread		3.00%		2.77%		2.81%		2.55%		2.60%

Annualized general account spread excluding variable investment income yield		2.64%		2.61%		2.36%		2.21%		2.28%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Group Life (2)
Operating premiums, fees and other revenues	$	1,406	$	1,352	$	1,368	$	1,436	$	1,435
Mortality ratio		86.5%		90.3%		87.9%		93.6%		87.3%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,605	$	1,602	$	1,593	$	1,695	$	1,705
Interest Adjusted Loss Ratio (4)		80.0%		80.6%		80.9%		78.8%		82.6%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	358	$	363	$	367	$	366	$	371
Combined ratio including catastrophes		97.7%		90.2%		93.7%		98.2%		96.4%
Combined ratio excluding catastrophes		92.1%		87.5%		92.9%		94.3%		86.8%

(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 (“LTC”), AD&D, critical illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability. (5) Excludes the portion of group property & casualty reported in the Latin America segment.

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AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	503		$	450		$	1,398		$	301		$	686		$	919		$	987
Universal life and investment-type product policy fees		65			54			60			57			55			133			112
Net investment income		1,402			1,384			1,445			1,410			1,443			2,792			2,853
Other revenues		67			68			70			68			75			140			143
Total operating revenues		2,037			1,956			2,973			1,836			2,259			3,984			4,095

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,080			1,071			2,012			888			1,273			2,097			2,161
Interest credited to policyholder account balances		305			292			293			278			287			648			565
Capitalization of DAC		(6	)		(2	)		(2	)		(1	)		(18	)		(23	)		(19	)
Amortization of DAC and VOBA		6			4			2			4			6			17			10
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			3			2			2			2			4			4
Other expenses		116			129			120			120			134			255			254
Total operating expenses		1,503			1,497			2,427			1,291			1,684			2,998			2,975

Operating earnings before provision for income tax		534			459			546			545			575			986			1,120
Provision for income tax expense (benefit)		188			161			189			190			201			346			391
Operating earnings		346			298			357			355			374			640			729
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	346		$	298		$	357		$	355		$	374		$	640		$	729


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	346		$	298		$	357		$	355		$	374		$	640		$	729
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(3	)		(15	)		(12	)		(541	)		(195	)		19			(736	)
Net derivative gains (losses)		(209	)		(140	)		9			103			125			(104	)		228
Premiums		-			40			4			-			2			48			2
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		46			40			44			40			11			121			51
Other revenues		-			-			-			-			1			-			1
Policyholder benefits and claims and policyholder dividends		1			(76	)		(30	)		(33	)		(28	)		(72	)		(61	)
Interest credited to policyholder account balances		(2	)		(6	)		(3	)		(3	)		(4	)		(4	)		(7	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(6	)		(5	)		(5	)		(6	)		(4	)		(9	)		(10	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		61			57			(4	)		148			24			-			172
Income (loss) from continuing operations, net of income tax		234			193			360			63			306			639			369
Income (loss) from discontinued operations, net of income tax		-			-			-			(1	)		-			-			(1	)
Net income (loss)		234			193			360			62			306			639			368
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		234			193			360			62			306			639			368
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	234		$	193		$	360		$	62		$	306		$	639		$	368

Total Operating Premiums, Fees and Other Revenues	$	635		$	572		$	1,528		$	426		$	816		$	1,192		$	1,242
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, and the year-to-date period ended June 30, 2014 includes a pre-tax net investment loss of $633 million, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd.

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AMERICAS CORPORATE BENEFIT FUNDING *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	119,187		$	112,395		$	111,203		$	112,454		$	110,073
Premiums and deposits		13,826			12,224			13,100			11,769			20,774
Surrenders and withdrawals		(17,483	)		(12,717	)		(11,584	)		(14,691	)		(16,760	)
Benefit payments		(847	)		(881	)		(848	)		(869	)		(870	)

Net Flows		(4,504	)		(1,374	)		668			(3,791	)		3,144
Net transfers from (to) separate account		(5	)		(4	)		2			30			(6	)
Interest		975			960			962			941			952
Policy charges		(38	)		(40	)		(15	)		(38	)		(40	)
Other		(3,220	)		(734	)		(366	)		477			(2,806	)

Balance, end of period	$	112,395		$	111,203		$	112,454		$	110,073		$	111,317

*SEPARATE ACCOUNT LIABILITIES*
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Balance, beginning of period	$	75,735		$	74,845		$	76,029		$	77,023		$	79,612
Premiums and deposits		1,982			2,557			1,915			2,244			3,997
Surrenders and withdrawals		(922	)		(1,209	)		(1,127	)		(1,530	)		(2,444	)
Benefit payments		(20	)		(13	)		(16	)		(21	)		(13	)

Net Flows		1,040			1,335			772			693			1,540
Investment performance		(1,286	)		860			787			1,395			1,661
Net transfers from (to) general account		5			4			(2	)		(30	)		6
Policy charges		(85	)		(81	)		(81	)		(77	)		(83	)
Other		(564	)		(934	)		(482	)		608			(1,015	)

Balance, end of period	$	74,845		$	76,029		$	77,023		$	79,612		$	81,721

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Direct and allocated expenses	$	65	$	76	$	68	$	70	$	65
Pension and post-retirement benefit costs		14		14		14		13		13
Premium taxes, other taxes, and licenses & fees		4		4		2		5		-
Total fixed operating expenses	$	83	$	94	$	84	$	88	$	78

Commissions and other variable expenses		33		35		36		32		56
Total other expenses	$	116	$	129	$	120	$	120	$	134

SPREAD
	For the Three Months Ended
Unaudited	June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014		June 30, 2014

Investment income yield excluding variable investment income		4.68%		4.80%		4.77%		4.67%		4.77%
Variable investment income yield		0.33%		0.23%		0.44%		0.39%		0.44%
Total investment income yield		5.01%		5.03%		5.21%		5.06%		5.21%
Average crediting rate		3.42%		3.46%		3.44%		3.41%		3.44%
Annualized general account spread		1.59%		1.57%		1.77%		1.65%		1.77%

Annualized general account spread excluding variable investment income yield		1.26%		1.34%		1.33%		1.26%		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-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	710		$	692		$	747		$	668		$	780		$	1,385		$	1,448
Universal life and investment-type product policy fees		235			222			309			311			317			460			628
Net investment income		281			354			334			325			332			558			657
Other revenues		5			-			14			7			9			9			16
Total operating revenues		1,231			1,268			1,404			1,311			1,438			2,412			2,749

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		601			637			662			604			743			1,155			1,347
Interest credited to policyholder account balances		103			106			104			98			100			207			198
Capitalization of DAC		(108	)		(103	)		(108	)		(89	)		(93	)		(213	)		(182	)
Amortization of DAC and VOBA		83			63			90			79			81			157			160
Amortization of negative VOBA		-			(1	)		-			-			(1	)		(1	)		(1	)
Interest expense on debt		1			-			-			-			-			-			-
Other expenses		390			395			455			402			412			762			814
Total operating expenses		1,070			1,097			1,203			1,094			1,242			2,067			2,336

Operating earnings before provision for income tax		161			171			201			217			196			345			413
Provision for income tax expense (benefit)		36			38			28			34			36			77			70
Operating earnings		125			133			173			183			160			268			343
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	125		$	133		$	173		$	183		$	160		$	268		$	343


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	125		$	133		$	173		$	183		$	160		$	268		$	343
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			(5	)		16			29			(14	)		9			15
Net derivative gains (losses)		(28	)		3			(8	)		(4	)		8			(19	)		4
Premiums		1			-			(2	)		(1	)		-			1			(1	)
Universal life and investment-type product policy fees		2			2			1			2			1			3			3
Net investment income		1			42			29			3			19			9			22
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		171			(11	)		81			(83	)		(144	)		108			(227	)
Interest credited to policyholder account balances		(3	)		(51	)		(35	)		(14	)		(28	)		(14	)		(42	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(1	)		-			5			6			6			(1	)		12
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(49	)		3			(44	)		19			38			(30	)		57
Income (loss) from continuing operations, net of income tax		228			116			216			140			46			334			186
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		228			116			216			140			46			334			186
Less: Net income (loss) attributable to noncontrolling interests		-			-			5			5			4			-			9
Net income (loss) attributable to MetLife, Inc.		228			116			211			135			42			334			177
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	228		$	116		$	211		$	135		$	42		$	334		$	177

Total Operating Premiums, Fees and Other Revenues	$	950		$	914		$	1,070		$	986		$	1,106		$	1,854		$	2,092

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	1,980		$	1,922		$	1,901		$	1,890		$	1,913		$	3,978		$	3,803
Universal life and investment-type product policy fees		442			438			398			389			400			886			789
Net investment income		723			696			764			693			717			1,455			1,410
Other revenues		28			22			29			27			24			41			51
Total operating revenues		3,173			3,078			3,092			2,999			3,054			6,360			6,053

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,433			1,506			1,401			1,397			1,425			2,848			2,822
Interest credited to policyholder account balances		437			407			404			387			394			879			781
Capitalization of DAC		(522	)		(515	)		(560	)		(494	)		(457	)		(1,068	)		(951	)
Amortization of DAC and VOBA		392			393			356			338			362			793			700
Amortization of negative VOBA		(113	)		(99	)		(102	)		(94	)		(92	)		(226	)		(186	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,054			1,040			1,124			990			976			2,148			1,966
Total operating expenses		2,681			2,732			2,623			2,524			2,608			5,374			5,132

Operating earnings before provision for income tax		492			346			469			475			446			986			921
Provision for income tax expense (benefit)		162			89			145			147			127			323			274
Operating earnings		330			257			324			328			319			663			647
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	330		$	257		$	324		$	328		$	319		$	663		$	647


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	330		$	257		$	324		$	328		$	319		$	663		$	647
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		85			52			78			157			82			213			239
Net derivative gains (losses)		(486	)		164			(183	)		(7	)		(35	)		(1,038	)		(42	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		2			1			(2	)		-			1			3			1
Net investment income		446			(64	)		400			(35	)		2			1,084			(33	)
Other revenues		(10	)		(11	)		(13	)		(13	)		(4	)		(10	)		(17	)
Policyholder benefits and claims and policyholder dividends		(138	)		(41	)		(18	)		(18	)		(26	)		(282	)		(44	)
Interest credited to policyholder account balances		(438	)		64			(407	)		35			2			(1,077	)		37
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			1			3			1			3			11			4
Amortization of negative VOBA		14			13			13			12			12			29			24
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		6			6			6			6			4			(144	)		10
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2), (3)		154			94			(44	)		(41	)		(27	)		437			(68	)
Income (loss) from continuing operations, net of income tax		(34	)		536			157			425			333			(111	)		758
Income (loss) from discontinued operations, net of income tax		(1	)		1			-			-			-			(4	)		-
Net income (loss)		(35	)		537			157			425			333			(115	)		758
Less: Net income (loss) attributable to noncontrolling interests		5			6			7			6			4			9			10
Net income (loss) attributable to MetLife, Inc.		(40	)		531			150			419			329			(124	)		748
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(40	)	$	531		$	150		$	419		$	329		$	(124	)	$	748

Total Operating Premiums, Fees and Other Revenues	$	2,450		$	2,382		$	2,328		$	2,306		$	2,337		$	4,905		$	4,643
(1) The three months and year-to-date period ended June 30, 2013 include net investment gains of $8 million and $19 million, respectively, expenses of $0 and $154 million, respectively, and a tax benefit of $0 and $119 million, respectively, related to a settlement of an acquisition tax contingency. (2) The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $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) The three months and year-to-date period ended June 30, 2014 include a charge of $13 million related to the timing of certain tax credits.

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	558		$	586		$	586		$	597		$	584		$	1,125		$	1,181
Universal life and investment-type product policy fees		96			100			99			109			117			187			226
Net investment income		120			124			126			123			134			248			257
Other revenues		34			21			15			16			11			61			27
Total operating revenues		808			831			826			845			846			1,621			1,691

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		256			243			303			261			271			493			532
Interest credited to policyholder account balances		37			37			38			34			35			72			69
Capitalization of DAC		(192	)		(173	)		(172	)		(176	)		(170	)		(369	)		(346	)
Amortization of DAC and VOBA		195			166			157			164			160			360			324
Amortization of negative VOBA		(11	)		(13	)		(54	)		(9	)		(6	)		(28	)		(15	)
Interest expense on debt		(1	)		-			1			-			-			-			-
Other expenses		460			443			459			456			446			908			902
Total operating expenses		744			703			732			730			736			1,436			1,466

Operating earnings before provision for income tax		64			128			94			115			110			185			225
Provision for income tax expense (benefit)		(4	)		43			5			27			17			30			44
Operating earnings		68			85			89			88			93			155			181
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	68		$	85		$	89		$	88		$	93		$	155		$	181


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	68		$	85		$	89		$	88		$	93		$	155		$	181
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		23			10			(65	)		(9	)		2			39			(7	)
Net derivative gains (losses)		(4	)		30			(26	)		38			49			(10	)		87
Premiums		-			-			-			3			18			-			21
Universal life and investment-type product policy fees		7			1			9			3			4			5			7
Net investment income		(132	)		150			255			87			273			261			360
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			53			(2	)		(8	)		-			(10	)
Interest credited to policyholder account balances		118			(135	)		(230	)		(86	)		(254	)		(266	)		(340	)
Capitalization of DAC		-			-			-			-			1			-			1
Amortization of DAC and VOBA		(9	)		-			(11	)		(4	)		(3	)		(5	)		(7	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(5	)		(7	)		3			(2	)		-			(8	)		(2	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			(17	)		3			(13	)		(38	)		(19	)		(51	)
Income (loss) from continuing operations, net of income tax		69			117			80			103			137			152			240
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		69			117			80			103			137			152			240
Less: Net income (loss) attributable to noncontrolling interests		-			1			-			-			1			2			1
Net income (loss) attributable to MetLife, Inc.		69			116			80			103			136			150			239
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	69		$	116		$	80		$	103		$	136		$	150		$	239

Total Operating Premiums, Fees and Other Revenues	$	688		$	707		$	700		$	722		$	712		$	1,373		$	1,434

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	28		$	30		$	32		$	35		$	40		$	54		$	75
Universal life and investment-type product policy fees		35			34			34			33			34			71			67
Net investment income		72			53			94			67			48			213			115
Other revenues		4			5			6			21			5			17			26
Total operating revenues		139			122			166			156			127			355			283

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		18			25			11			35			25			27			60
Interest credited to policyholder account balances		11			10			9			9			9			23			18
Capitalization of DAC		(5	)		(5	)		(14	)		(18	)		(8	)		(9	)		(26	)
Amortization of DAC and VOBA		-			1			-			-			3			-			3
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		283			286			293			292			297			569			589
Other expenses		146			179			405			213			196			310			409
Total operating expenses		453			496			704			531			522			920			1,053

Operating earnings before provision for income tax		(314	)		(374	)		(538	)		(375	)		(395	)		(565	)		(770	)
Provision for income tax expense (benefit)		(205	)		(241	)		(291	)		(213	)		(213	)		(400	)		(426	)
Operating earnings		(109	)		(133	)		(247	)		(162	)		(182	)		(165	)		(344	)
Preferred stock dividends		31			30			31			30			31			61			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(140	)	$	(163	)	$	(278	)	$	(192	)	$	(213	)	$	(226	)	$	(405	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(109	)	$	(133	)	$	(247	)	$	(162	)	$	(182	)	$	(165	)	$	(344	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			(96	)		(190	)		(42	)		(20	)		59			(62	)
Net derivative gains (losses)		(232	)		(228	)		(156	)		26			(132	)		(133	)		(106	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		26			22			22			11			15			66			26
Other revenues		-			1			-			-			-			(1	)		-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(34	)		(29	)		(27	)		(18	)		(13	)		(67	)		(31	)
Other expenses		(81	)		(66	)		(77	)		(7	)		(18	)		(237	)		(25	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1)		113			143			138			5			47			108			52
Income (loss) from continuing operations, net of income tax		(316	)		(386	)		(537	)		(187	)		(303	)		(370	)		(490	)
Income (loss) from discontinued operations, net of income tax		3			1			-			-			-			3			-
Net income (loss)		(313	)		(385	)		(537	)		(187	)		(303	)		(367	)		(490	)
Less: Net income (loss) attributable to noncontrolling interests		3			(4	)		(4	)		-			1			3			1
Net income (loss) attributable to MetLife, Inc.		(316	)		(381	)		(533	)		(187	)		(304	)		(370	)		(491	)
Less: Preferred stock dividends		31			30			31			30			31			61			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(347	)	$	(411	)	$	(564	)	$	(217	)	$	(335	)	$	(431	)	$	(552	)

Total Operating Premiums, Fees and Other Revenues	$	67		$	69		$	72		$	89		$	79		$	142		$	168
(1) The three months and year-to-date period ended June 30, 2014 include a charge of $10 million related to the timing of certain tax credits.

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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)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Fixed Maturity Securities
Yield (1)		4.71%			4.92%			4.90%			4.76%			4.90%
Investment income (2), (3), (4)	$	3,687		$	3,792		$	3,786		$	3,685		$	3,796
Investment gains (losses) (3)		144			(77	)		30			95			54
Ending carrying value (2), (3)		357,447			349,614			351,476			356,352			368,428
Mortgage Loans
Yield (1)		5.40%			5.34%			6.05%			5.08%			5.05%
Investment income (3), (4)		716			725			841			709			708
Investment gains (losses) (3)		23			(13	)		-			(11	)		16
Ending carrying value (3)		53,368			55,637			56,108			55,999			56,585
Real Estate and Real Estate Joint Ventures
Yield (1)		4.26%			3.09%			4.00%			3.45%			4.54%
Investment income (3)		106			77			104			89			114
Investment gains (losses) (3)		(8	)		3			-			60			(1	)
Ending carrying value		9,886			10,053			10,712			9,930			10,101
Policy Loans
Yield (1)		5.18%			5.38%			5.27%			5.33%			5.36%
Investment income		152			158			155			157			158
Ending carrying value		11,722			11,782			11,764			11,762			11,785
Equity Securities
Yield (1)		5.13%			3.87%			5.30%			3.86%			4.72%
Investment income		36			28			39			30			37
Investment gains (losses)		4			3			25			25			25
Ending carrying value		3,231			3,241			3,402			3,693			3,863
Other Limited Partnership Interests
Yield (1)		15.43%			7.95%			15.82%			17.28%			10.46%
Investment income		275			144			290			329			206
Investment gains (losses)		(41	)		-			(7	)		(2	)		(36	)
Ending carrying value		7,197			7,253			7,401			7,819			7,964
Cash and Short-term Investments
Yield (1)		1.10%			0.97%			1.01%			1.16%			1.05%
Investment income		42			39			42			45			39
Investment gains (losses)		15			6			3			(1	)		-
Ending carrying value (3)		22,170			24,039			21,540			22,481			19,759
Other Invested Assets (1)
Investment income		222			217			201			220			200
Investment gains (losses) (3)		12			6			(27	)		(3	)		(3	)
Ending carrying value		17,920			16,766			16,229			16,433			17,116
Total Investments
Investment income yield (1)		5.00%			4.98%			5.20%			5.02%			5.01%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.15%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.87%			4.85%			5.05%			4.89%			4.88%
Investment income	$	5,236		$	5,180		$	5,458		$	5,264		$	5,258
Investment fees and expenses		(131	)		(137	)		(152	)		(136	)		(139	)
Net investment income including Divested businesses		5,105			5,043			5,306			5,128			5,119
Less: Net investment income from Divested businesses (5)		48			45			49			43			24
Net Investment Income (3)	$	5,057		$	4,998		$	5,257		$	5,085		$	5,095
Ending Carrying Value (3)	$	482,941		$	478,385		$	478,632		$	484,469		$	495,601
Investment portfolio gains (losses) including Divested businesses	$	149		$	(72	)	$	24		$	163		$	55
Less: Investment portfolio gains (losses) from Divested businesses (5)		-			1			(6	)		-			-
Investment Portfolio Gains (Losses) (3), (5)	$	149		$	(73	)	$	30		$	163		$	55
Gross investment gains	$	400		$	280		$	331		$	441		$	270
Gross investment losses		(195	)		(293	)		(232	)		(258	)		(127	)
Writedowns		(56	)		(60	)		(69	)		(20	)		(88	)
Investment Portfolio Gains (Losses) (3), (5)		149			(73	)		30			163			55
Investment portfolio gains (losses) income tax (expense) benefit		(42	)		63			(42	)		(32	)		(55	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	107		$	(10	)	$	(12	)	$	131		$	-

Derivative Gains (Losses) including Divested businesses	$	(1,870	)	$	(738	)	$	(560	)	$	152		$	135
Less: Derivative gains (losses) from Divested businesses (5)		(99	)		20			(1	)		35			45
Derivative gains (losses) (3), (5)		(1,771	)		(758	)		(559	)		117			90
Derivative gains (losses) income tax (expense) benefit		623			265			202			(39	)		(19	)
Derivative Gains (Losses), Net of Income Tax	$	(1,148	)	$	(493	)	$	(357	)	$	78		$	71
(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 $933 million, $827 million, $1,289 million, $1,283 million and $1,372 million in ending carrying value, and ($11) million, $14 million, $41 million, $37 million and $44 million of investment income related to fair value option and trading securities at or for the three months ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,150 million, $15,796 million, $16,111 million, $16,192 million and $16,441 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 $27 million, $23 million, $23 million, $19 million and $18 million, mortgage loans of $2,268 million, $2,096 million, $1,598 million, $1,140 million and $638 million and cash and short-term investments of $4 million, $1 million, $0, $0 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
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	149		$	(72	)	$	24		$	163		$	55
Real estate discontinued operations		(1	)		1			-			5			-
Net investment gains (losses) related to CSEs		8			4			13			2			1
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(46	)		(18	)		(215	)		(581	)		(181	)
Net investment gains (losses) - GAAP basis	$	110		$	(85	)	$	(178	)	$	(411	)	$	(125	)

	For the Three Months Ended
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(1,870	)	$	(738	)	$	(560	)	$	152		$	135
Investment hedge adjustments (5)		167			175			170			175			169
Joint venture adjustments		1			-			1			-			(1	)
Settlement of foreign currency earnings hedges		10			11			13			13			4
PAB hedge adjustments		2			6			3			3			4
Net derivative gains (losses) - GAAP basis	$	(1,690	)	$	(546	)	$	(373	)	$	343		$	311
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses for the three months ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, excludes $7 million, $1 million, $2 million, ($3) million and $4 million, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Fixed Maturity Securities
Yield (1)		4.77%			4.82%			4.84%			4.76%			4.83%
Investment income (2), (3), (4)	$	7,520		$	11,312		$	15,098		$	3,685		$	7,481
Investment gains (losses) (3)		457			380			410			95			149
Ending carrying value (2), (3)		357,447			349,614			351,476			356,352			368,428
Mortgage Loans
Yield (1)		5.46%			5.42%			5.58%			5.08%			5.06%
Investment income (3), (4)		1,454			2,179			3,020			709			1,417
Investment gains (losses) (3)		35			22			22			(11	)		5
Ending carrying value (3)		53,368			55,637			56,108			55,999			56,585
Real Estate and Real Estate Joint Ventures
Yield (1)		3.33%			3.25%			3.44%			3.45%			3.98%
Investment income (3)		166			243			347			89			203
Investment gains (losses) (3)		(28	)		(25	)		(25	)		60			59
Ending carrying value		9,886			10,053			10,712			9,930			10,101
Policy Loans
Yield (1)		5.20%			5.26%			5.26%			5.33%			5.35%
Investment income		307			465			620			157			315
Ending carrying value		11,722			11,782			11,764			11,762			11,785
Equity Securities
Yield (1)		4.28%			4.14%			4.44%			3.86%			4.30%
Investment income		60			88			127			30			67
Investment gains (losses)		(23	)		(20	)		5			25			50
Ending carrying value		3,231			3,241			3,402			3,693			3,863
Other Limited Partnership Interests
Yield (1)		14.85%			12.50%			13.35%			17.28%			13.81%
Investment income		521			665			955			329			535
Investment gains (losses)		(41	)		(41	)		(48	)		(2	)		(38	)
Ending carrying value		7,197			7,253			7,401			7,819			7,964
Cash and Short-term Investments
Yield (1)		0.98%			0.98%			0.98%			1.16%			1.11%
Investment income		87			126			168			45			84
Investment gains (losses)		54			60			63			(1	)		(1	)
Ending carrying value (3)		22,170			24,039			21,540			22,481			19,759
Other Invested Assets (1)
Investment income		401			618			819			220			420
Investment gains (losses) (3)		(20	)		(14	)		(41	)		(3	)		(6	)
Ending carrying value		17,920			16,766			16,229			16,433			17,116
Total Investments
Investment income yield (1)		4.97%			4.97%			5.03%			5.02%			5.02%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.84%			4.84%			4.90%			4.89%			4.89%
Investment income	$	10,516		$	15,696		$	21,154		$	5,264		$	10,522
Investment fees and expenses		(274	)		(411	)		(563	)		(136	)		(275	)
Net investment income including Divested businesses		10,242			15,285			20,591			5,128			10,247
Less: Net investment income from Divested businesses (5)		103			148			197			43			67
Net Investment Income (3)	$	10,139		$	15,137		$	20,394		$	5,085		$	10,180
Ending Carrying Value (3)	$	482,941		$	478,385		$	478,632		$	484,469		$	495,601
Investment portfolio gains (losses) including Divested businesses	$	434		$	362		$	386		$	163		$	218
Less: Investment portfolio gains (losses) from Divested businesses (5)		(1	)		-			(6	)		-			-
Investment Portfolio Gains (Losses) (3), (5)	$	435		$	362		$	392		$	163		$	218
Gross investment gains	$	959		$	1,239		$	1,570		$	441		$	711
Gross investment losses		(389	)		(682	)		(914	)		(258	)		(385	)
Writedowns		(135	)		(195	)		(264	)		(20	)		(108	)
Investment Portfolio Gains (Losses) (3), (5)		435			362			392			163			218
Investment portfolio gains (losses) income tax (expense) benefit		(168	)		(105	)		(147	)		(32	)		(87	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	267		$	257		$	245		$	131		$	131

Derivative Gains (Losses) including Divested businesses	$	(2,633	)	$	(3,371	)	$	(3,931	)	$	152		$	287
Less: Derivative gains (losses) from Divested businesses (5)		28			48			47			35			80
Derivative gains (losses) (3), (5)		(2,661	)		(3,419	)		(3,978	)		117			207
Derivative gains (losses) income tax (expense) benefit		922			1,187			1,389			(39	)		(58	)
Derivative Gains (Losses), Net of Income Tax	$	(1,739	)	$	(2,232	)	$	(2,589	)	$	78		$	149
(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 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 $933 million, $827 million, $1,289 million, $1,283 million and $1,372 million in ending carrying value, and $10 million, $24 million, $65 million, $37 million and $81 million of investment income related to fair value option and trading securities at or for the year-to-date period ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,150 million, $15,796 million, $16,111 million, $16,192 million and $16,441 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 $27 million, $23 million, $23 million, $19 million and $18 million, mortgage loans of $2,268 million, $2,096 million, $1,598 million, $1,140 million and $638 million and cash and short-term investments of $4 million, $1 million, $0, $0 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
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	434		$	362		$	386		$	163		$	218
Real estate discontinued operations		5			6			6			5			5
Net investment gains (losses) related to certain CSEs		16			20			33			2			3
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(31	)		(49	)		(264	)		(581	)		(762	)
Net investment gains (losses) - GAAP basis	$	424		$	339		$	161		$	(411	)	$	(536	)

	For the Year-to-Date Period Ended
	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(2,633	)	$	(3,371	)	$	(3,931	)	$	152		$	287
Investment hedge adjustments (5)		298			473			643			175			344
Joint venture adjustments		1			1			2			-			(1	)
Settlement of foreign currency earnings hedges		10			21			34			13			17
PAB hedge adjustments		4			10			13			3			7
Net derivative gains (losses) - GAAP basis	$	(2,320	)	$	(2,866	)	$	(3,239	)	$	343		$	654
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014 and June 30, 2014, excludes $7 million, $8 million, $10 million, ($3) million and $1 million, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	3,271		89.1%	$	3,721		88.9%	$	3,971		86.5%	$	2,376		85.8%	$	1,312		83.5%
20% or more for less than six months		135		3.7%		181		4.3%		325		7.1%		161		5.8%		24		1.5%
20% or more for six months or greater		266		7.2%		282		6.8%		296		6.4%		231		8.4%		236		15.0%
Total Gross Unrealized Losses	$	3,672		100.0%	$	4,184		100.0%	$	4,592		100.0%	$	2,768		100.0%	$	1,572		100.0%

Total Gross Unrealized Gains	$	24,560			$	22,071			$	21,180			$	25,295			$	29,341


GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	41		43.6%	$	68		51.1%	$	44		37.6%	$	54		52.9%	$	17		38.6%
20% or more for less than six months		3		3.2%		19		14.3%		34		29.1%		15		14.7%		-		0.0%
20% or more for six months or greater		50		53.2%		46		34.6%		39		33.3%		33		32.4%		27		61.4%
Total Gross Unrealized Losses	$	94		100.0%	$	133		100.0%	$	117		100.0%	$	102		100.0%	$	44		100.0%

Total Gross Unrealized Gains	$	403			$	396			$	507			$	554			$	655

(1) MetLife’s review of its fixed maturity securities and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
Unaudited (In millions)		June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	109,008		30.6%	$	107,491		30.8%	$	106,469		30.4%	$	109,200		30.8%	$	109,393		29.8%
Foreign corporate securities			64,186		18.0%		63,648		18.2%		63,152		18.0%		64,177		18.1%		62,488		17.0%
Foreign government securities			52,297		14.7%		53,004		15.2%		54,437		15.6%		54,707		15.4%		56,627		15.4%
U.S. Treasury and agency securities			47,426		13.3%		44,154		12.7%		45,123		12.9%		44,809		12.6%		54,347		14.8%
Residential mortgage-backed securities			36,441		10.2%		35,478		10.2%		35,055		10.0%		37,203		10.5%		39,064		10.7%
Commercial mortgage-backed securities			17,263		4.8%		16,896		4.8%		16,550		4.7%		15,992		4.5%		15,651		4.3%
Asset-backed securities			15,655		4.4%		14,161		4.1%		15,571		4.4%		14,653		4.1%		14,788		4.0%
State and political subdivision securities			14,238		4.0%		13,955		4.0%		13,830		4.0%		14,328		4.0%		14,698		4.0%
Total fixed maturity securities available-for-sale		$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	248,115		69.6%	$	239,347		68.6%	$	242,069		69.1%	$	245,669		69.2%	$	255,560		69.6%
2	Baa		83,506		23.4%		84,269		24.2%		84,114		24.0%		84,939		23.9%		86,401		23.6%
3	Ba		13,908		3.9%		13,782		3.9%		13,597		3.9%		14,263		4.0%		14,794		4.0%
4	B		9,302		2.6%		9,690		2.8%		9,378		2.7%		9,191		2.6%		9,277		2.5%
5	Caa and lower		1,614		0.5%		1,639		0.5%		955		0.3%		958		0.3%		992		0.3%
6	In or near default		69		0.0%		60		0.0%		74		0.0%		49		0.0%		32		0.0%
Total fixed maturity securities available-for-sale (1)		$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%
(1) Amounts presented are based on rating agency ratings and equivalent designations 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 designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC 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 designation is used until a final designation becomes available. These revised NAIC designations may not correspond to the rating agency ratings. The rating agency ratings are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
		June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014
Unaudited (In millions)
Traditional (2), (3)			$8,566				$8,787				$9,498				$8,773				$8,996
Real estate joint ventures and funds			855				823				769				718				691
Subtotal			9,421				9,610				10,267				9,491				9,687
Foreclosed			465				443				445				439				414
Total Real Estate and Real Estate Joint Ventures			$9,886				$10,053				$10,712				$9,930				$10,101
(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)
Unaudited (In millions)	June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014

Commercial mortgage loans		$39,110				$40,262				$40,926				$40,398				$40,604
Agricultural mortgage loans		12,669				12,830				12,391				12,284				11,961
Residential mortgage loans		1,891				2,646				3,110				3,643				4,314
Mortgage loans held-for-sale		-				225				3				-				-
Total Mortgage Loans		53,670				55,963				56,430				56,325				56,879
Valuation allowances		(302)				(326)				(322)				(326)				(294)
Total Mortgage Loans, net		$53,368				$55,637				$56,108				$55,999				$56,585
(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
	June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014				June 30, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	7,879		20.2%	$	8,214		20.4%	$	8,961		21.9%	$	8,836		21.9%	$	9,017		22.2%
Middle Atlantic		6,987		17.9%		7,356		18.3%		7,367		18.0%		7,277		18.0%		7,232		17.8%
International		5,364		13.7%		6,158		15.3%		6,709		16.4%		6,431		15.9%		6,763		16.7%
South Atlantic		7,276		18.6%		7,095		17.6%		6,977		17.1%		6,964		17.2%		6,714		16.5%
West South Central		3,444		8.8%		3,483		8.7%		3,619		8.8%		3,613		8.9%		3,734		9.2%
East North Central		2,714		6.9%		2,680		6.7%		2,717		6.6%		2,526		6.3%		2,455		6.0%
New England		1,476		3.8%		1,473		3.7%		1,404		3.4%		1,404		3.5%		1,406		3.5%
Mountain		874		2.2%		835		2.0%		834		2.0%		936		2.3%		935		2.3%
East South Central		454		1.2%		420		1.0%		471		1.2%		395		1.0%		383		0.9%
West North Central		283		0.7%		203		0.5%		148		0.4%		146		0.4%		144		0.4%
Multi-Region and Other		2,359		6.0%		2,345		5.8%		1,719		4.2%		1,870		4.6%		1,821		4.5%
Total	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%


Office	$	19,389		49.6%	$	19,955		49.6%	$	20,629		50.4%	$	20,641		51.1%	$	20,692		51.0%
Retail		8,889		22.7%		9,528		23.7%		9,245		22.6%		8,969		22.2%		9,049		22.3%
Hotel		3,571		9.1%		3,774		9.4%		4,219		10.3%		4,092		10.1%		4,154		10.2%
Apartment		3,855		9.9%		3,882		9.6%		3,724		9.1%		3,738		9.3%		3,948		9.7%
Industrial		3,045		7.8%		2,840		7.0%		2,897		7.1%		2,714		6.7%		2,444		6.0%
Other		361		0.9%		283		0.7%		212		0.5%		244		0.6%		317		0.8%
Total	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,616		$	1,525		$	1,585		$	1,592		$	1,621		$	3,273		$	3,213
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1), (2)		110			(85	)		(178	)		(411	)		(125	)		424			(536	)
Net derivative gains (losses)		(1,690	)		(546	)		(373	)		343			311			(2,320	)		654
Premiums - Divested businesses		1			40			2			2			20			49			22
Universal life and investment-type product policy fees
Unearned revenue adjustments		5			(2	)		7			3			3			2			6
GMIB fees		83			96			92			93			93			165			186
Divested businesses		2			2			1			2			2			3			4
Net investment income
Investment hedge adjustments		(160	)		(174	)		(168	)		(178	)		(165	)		(291	)		(343	)
Income from discontinued real estate operations		(3	)		(3	)		(2	)		(1	)		-			(4	)		(1	)
Joint venture adjustments		(1	)		-			(1	)		-			1			(1	)		1
Unit-linked contract income		314			132			687			65			295			1,353			360
Securitization entities income		34			29			27			18			13			67			31
Divested businesses		41			44			47			46			20			96			66
Other revenues
Settlement of foreign currency earnings hedges		(10	)		(11	)		(13	)		(13	)		(4	)		(10	)		(17	)
Divested businesses		-			1			-			-			1			(1	)		1
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		202			(6	)		137			(89	)		(160	)		134			(249	)
GMIB costs		(147	)		(412	)		(366	)		(117	)		(215	)		(548	)		(332	)
Market value adjustments		(138	)		(50	)		(15	)		(17	)		(26	)		(269	)		(43	)
Divested businesses		(32	)		(73	)		(37	)		(31	)		(20	)		(115	)		(51	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(6	)		(3	)		(3	)		(4	)		(4	)		(7	)
Unit-linked contract costs		(323	)		(121	)		(672	)		(65	)		(280	)		(1,356	)		(345	)
Divested businesses		-			(1	)		-			-			-			(1	)		-
Capitalization of DAC - Divested businesses		-			-			-			-			1			-			1
Amortization of DAC and VOBA
Related to NIGL and NDGL		104			53			(39	)		(1	)		(63	)		182			(64	)
Related to GMIB fees and GMIB costs		43			85			95			(7	)		26			157			19
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			-			-			-			-			-			-
Amortization of negative VOBA
Related to market value adjustments		14			13			13			12			12			29			24
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(34	)		(29	)		(27	)		(18	)		(13	)		(67	)		(31	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		10			-			10			13			11			15			24
Regulatory implementation costs		(3	)		(5	)		(6	)		-			(2	)		(7	)		(2	)
Acquisition & integration costs (2)		(61	)		(30	)		(48	)		(4	)		(10	)		(242	)		(14	)
Divested businesses		(33	)		(37	)		(24	)		(12	)		(11	)		(165	)		(23	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (2), (3), (4)		566			544			184			120			44			955			164
Income (loss) from continuing operations, net of income tax		508			973			915			1,342			1,376			1,503			2,718
Income (loss) from discontinued operations, net of income tax		2			2			1			(3	)		-			(1	)		(3	)
Net income (loss)		510			975			916			1,339			1,376			1,502			2,715
Less: Net income (loss) attributable to noncontrolling interests		8			3			8			11			10			14			21
Net income (loss) attributable to MetLife, Inc.		502			972			908			1,328			1,366			1,488			2,694
Less: Preferred stock dividends		31			30			31			30			31			61			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	471		$	942		$	877		$	1,298		$	1,335		$	1,427		$	2,633
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, and the year-to-date period ended June 30, 2014 includes a pre-tax net investment loss of $633 million, related to the sale of the wholly-owned subsidiary, MetLife Assurance Ltd. (2) The three months and year-to-date period ended June 30, 2013 include net investment gains of $8 million and $19 million, respectively, expenses of $0 and $154 million, respectively, and a tax benefit of $0 and $119 million, respectively, related to a settlement of an acquisition tax contingency. (3) The three months ended September 30, 2013 and December 31, 2013 includes a deferred tax benefit (expense) of $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. (4) The three months and year-to-date period ended June 30, 2014 include a charge of $23 million related to the timing of certain tax credits.

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APPENDIX TOTAL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	800		$	822		$	832		$	825		$	838		$	1,580		$	1,663
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		39			38			39			34			33			77			67
Other revenues		11			6			4			5			4			17			9
Total operating revenues		850			866			875			864			875			1,674			1,739

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		622			546			532			574			641			1,151			1,215
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(103	)		(107	)		(99	)		(96	)		(105	)		(195	)		(201	)
Amortization of DAC and VOBA		94			99			99			100			97			187			197
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		215			227			229			223			234			423			457
Total operating expenses		828			765			761			801			867			1,566			1,668

Operating earnings before provision for income tax		22			101			114			63			8			108			71
Provision for income tax expense (benefit)		(5	)		20			27			9			(9	)		13			-
Operating earnings		27			81			87			54			17			95			71
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	27		$	81		$	87		$	54		$	17		$	95		$	71

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	27		$	81		$	87		$	54		$	17		$	95		$	71
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(4	)		3			2			4			(1	)		-			3
Net derivative gains (losses)		6			1			1			(2	)		(1	)		5			(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	)		-
Income (loss) from continuing operations, net of income tax		29			83			89			55			16			99			71
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		29			83			89			55			16			99			71
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		29			83			89			55			16			99			71
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	29		$	83		$	89		$	55		$	16		$	99		$	71

Total Operating Premiums, Fees and Other Revenues	$	811		$	828		$	836		$	830		$	842		$	1,597		$	1,672
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

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APPENDIX RETAIL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	436		$	446		$	450		$	444		$	448		$	861		$	892
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		23			20			22			19			18			44			37
Other revenues		4			5			3			3			4			8			7
Total operating revenues		463			471			475			466			470			913			936

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		355			296			275			300			364			641			664
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(70	)		(73	)		(67	)		(64	)		(71	)		(134	)		(135	)
Amortization of DAC and VOBA		65			68			68			68			67			130			135
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		122			126			124			116			125			238			241
Total operating expenses		472			417			400			420			485			875			905

Operating earnings before provision for income tax		(9	)		54			75			46			(15	)		38			31
Provision for income tax expense (benefit)		(10	)		10			19			9			(13	)		(1	)		(4	)
Operating earnings		1			44			56			37			(2	)		39			35
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1		$	44		$	56		$	37		$	(2	)	$	39		$	35


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1		$	44		$	56		$	37		$	(2	)	$	39		$	35
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2	)		2			1			2			-			-			2
Net derivative gains (losses)		4			1			-			(1	)		(1	)		3			(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(1	)		-			-			-			(1	)		-
Income (loss) from continuing operations, net of income tax		2			46			57			38			(3	)		41			35
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		2			46			57			38			(3	)		41			35
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		2			46			57			38			(3	)		41			35
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2		$	46		$	57		$	38		$	(3	)	$	41		$	35

Total Operating Premiums, Fees and Other Revenues	$	440		$	451		$	453		$	447		$	452		$	869		$	899
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			June 30, 2014			June 30, 2013			June 30, 2014

OPERATING REVENUES
Premiums	$	364		$	376		$	382		$	381		$	390		$	719		$	771
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		16			18			17			15			15			33			30
Other revenues		7			1			1			2			-			9			2
Total operating revenues		387			395			400			398			405			761			803

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		267			250			257			274			277			510			551
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(33	)		(34	)		(32	)		(32	)		(34	)		(61	)		(66	)
Amortization of DAC and VOBA		29			31			31			32			30			57			62
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		93			101			105			107			109			185			216
Total operating expenses		356			348			361			381			382			691			763

Operating earnings before provision for income tax		31			47			39			17			23			70			40
Provision for income tax expense (benefit)		5			10			8			-			4			14			4
Operating earnings		26			37			31			17			19			56			36
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	26		$	37		$	31		$	17		$	19		$	56		$	36


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	26		$	37		$	31		$	17		$	19		$	56		$	36
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2	)		1			1			2			(1	)		-			1
Net derivative gains (losses)		2			-			1			(1	)		-			2			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			(1	)		(1	)		(1	)		1			-			-
Income (loss) from continuing operations, net of income tax		27			37			32			17			19			58			36
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		27			37			32			17			19			58			36
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		27			37			32			17			19			58			36
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	27		$	37		$	32		$	17		$	19		$	58		$	36

Total Operating Premiums, Fees and Other Revenues	$	371		$	377		$	383		$	383		$	390		$	728		$	773
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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METLIFE INC - FORM 8-K - EX-99.2 - July 30, 2014

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