METLIFE INC - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - METLIFE INC	d868695dex991.htm
8-K - 8-K - METLIFE INC	d868695d8k.htm

Exhibit 99.2

LOGO

Fourth Quarter

Financial Supplement

December 31, 2014

LOGO


METLIFE
TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

CORPORATE OVERVIEW			3

METLIFE
Consolidated Balance Sheets			5
Consolidated Statements of Operating Earnings Available to Common Shareholders			6
Consolidating Statements of Operating Earnings Available to Common Shareholders			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			11

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Other Expenses by Major Category and Sales by Product			16
Spread by Product and Other Statistical Information			17

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
Other Expenses by Major Category, Spread and Other Statistical Information			20

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			21
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			22
Other Expenses by Major Category and Spread			23

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			24

ASIA
Statements of Operating Earnings Available to Common Shareholders			25

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			26

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			27

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			28
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			30
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			31
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			32

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, Retail, Retail - Life & Other, Retail - Annuities and Group, Voluntary & Worksite Benefits			A-2
Corporate Benefit Funding, Latin America, Asia, EMEA and Corporate & Other			A-3
Equity Details, Book Value Details and Return on Equity			A-4
Property & Casualty Supplemental Information:
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-5
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-6
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-7

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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. In addition to the tax impact of the adjustments mentioned above, provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

MetLife, Inc.’s tangible common stockholders’ equity is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and is also reduced by the impact of goodwill, value of distribution agreements (“VODA”) and value of customer relationships acquired (“VOCRA”), all net of income tax. MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than foreign currency translation adjustments (“FCTA”), is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

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, investment portfolio gains (losses) and derivative gains (losses) 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, net investment gains (losses) and net derivative gains (losses), respectively. MetLife, Inc.’s tangible common stockholders’ equity and MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA, should not be viewed as substitutes for total MetLife, Inc.’s stockholders’ equity calculated in accordance with GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix, and in our earnings press release dated February 11, 2015, for the period ended December 31, 2014, which is available at www.metlife.com.

In addition, the following are return on equity definitions:

•

Operating return on MetLife, Inc.’s tangible common stockholders’ equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.’s tangible common stockholders’ equity.

•

Operating return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA.

•

Operating return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI.

•

Operating return on MetLife, Inc.’s common stockholders’ equity - operating earnings available to common shareholders divided by average MetLife, Inc.’s common stockholders’ equity.

•

Return on MetLife, Inc.’s tangible common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.’s tangible common stockholders’ equity.

•

Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA.

•

Return on MetLife, Inc.’s common stockholders’ equity, excluding AOCI - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity, excluding AOCI.

•

Return on MetLife, Inc.’s common stockholders’ equity - net income (loss) available to MetLife, Inc.’s common shareholders divided by average MetLife, Inc.’s common stockholders’ equity.

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

Operating earnings available to common shareholders	$	1,554		$	1,562		$	1,590		$	1,825		$	1,583
Preferred stock dividends		31			30			31			30			31
Operating earnings		1,585			1,592			1,621			1,855			1,614
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(178	)		(411	)		(125	)		109			230
Net derivative gains (losses)		(373	)		343			311			478			185
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(303	)		(302	)		(475	)		(146	)		(453	)
Provision for income tax (expense) benefit (2)		184			120			44			(202	)		(49	)
Income (loss) from continuing operations, net of income tax		915			1,342			1,376			2,094			1,527
Income (loss) from discontinued operations, net of income tax		1			(3	)		-			-			-
Net income (loss)		916			1,339			1,376			2,094			1,527
Less: Net income (loss) attributable to noncontrolling interests		8			11			10			-			6
Net income (loss) attributable to MetLife, Inc.		908			1,328			1,366			2,094			1,521
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	877		$	1,298		$	1,335		$	2,064		$	1,490


Operating earnings available to common shareholders per common share - diluted	$	1.37		$	1.37		$	1.39		$	1.60		$	1.38
Net investment gains (losses)		(0.16	)		(0.36	)		(0.11	)		0.10			0.20
Net derivative gains (losses)		(0.33	)		0.30			0.27			0.42			0.16
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.27	)		(0.27	)		(0.41	)		(0.13	)		(0.39	)
Provision for income tax (expense) benefit		0.17			0.11			0.04			(0.18	)		(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	$	0.77		$	1.14		$	1.17		$	1.81		$	1.30

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

Notable items impacting operating earnings available to common shareholders:

Variable investment income, as compared to plan	$	101		$	63		$	11		$	62		$	-
Catastrophe experience and prior year development, net		15			-			(21	)		38			16
Actuarial assumption review and other insurance adjustments		-			-			56			16			5
Litigation reserves & settlement costs		(147	)		(57	)		-			-			(117	)
Tax adjustments		11			-			-			(9	)		27
Total notable items (3)	$	(20	)	$	6		$	46		$	107		$	(69	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:

Variable investment income, as compared to plan	$	0.09		$	0.06		$	0.01		$	0.05		$	-
Catastrophe experience and prior year development, net	$	0.01		$	-		$	(0.02	)	$	0.03		$	0.01
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	0.05		$	0.01		$	-
Litigation reserves & settlement costs	$	(0.13	)	$	(0.05	)	$	-		$	-		$	(0.10	)
Tax adjustments	$	0.01		$	-		$	-		$	(0.01	)	$	0.02
Total notable items (3)	$	(0.02	)	$	0.01		$	0.04		$	0.09		$	(0.06	)

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

Weighted average common shares outstanding - diluted		1,138.1			1,140.5			1,142.3			1,141.0			1,147.3
(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 December 31, 2013 includes a deferred tax expense of $86 million related to the conversion of the Japan branch to a subsidiary. (3) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share-diluted. The per share data for each notable item is calculated on a stand alone basis and may not sum to total notable items.

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METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014			December 31, 2014

Book value per common share, excluding AOCI other than FCTA (1)	$	47.01	$	47.70	$	48.60	$	49.69		$	49.53
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	36.91	$	37.76	$	38.69	$	39.95		$	40.36
Book value per common share, excluding AOCI (1)	$	48.49	$	49.34	$	50.14	$	51.62		$	52.44
Book value per common share (1)	$	53.04	$	56.65	$	59.96	$	61.44		$	61.85

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

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		11.8%		11.7%		11.7%		13.2%			11.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		15.1%		15.0%		14.9%		16.7%			14.1%
Common stockholders’ equity, excluding AOCI		11.5%		11.4%		11.4%		12.8%			10.8%
Common stockholders’ equity		10.5%		10.1%		9.7%		10.7%			9.1%

Return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		6.7%		9.8%		9.9%		15.0%			10.7%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		8.6%		12.5%		12.5%		18.8%			13.3%
Common stockholders’ equity, excluding AOCI		6.5%		9.4%		9.5%		14.5%			10.2%
Common stockholders’ equity		5.9%		8.4%		8.1%		12.1%			8.6%

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

Common shares outstanding, beginning of period		1,120.8		1,122.0		1,124.8		1,126.6			1,119.1
Share repurchases (4)		-		-		-		(8.1	)		(10.7	)
Newly issued shares		1.2		2.8		1.8		0.6			23.5
Common shares outstanding, end of period		1,122.0		1,124.8		1,126.6		1,119.1			1,131.9

Weighted average common shares outstanding - basic		1,123.7		1,126.9		1,128.0		1,125.1			1,135.8
Dilutive effect of stock purchase contracts underlying common equity units		2.8		3.4		3.8		4.6			-
Dilutive effect of the exercise or issuance of stock-based awards		11.6		10.2		10.5		11.3			11.5
Weighted average common shares outstanding - diluted		1,138.1		1,140.5		1,142.3		1,141.0			1,147.3

MetLife Policyholder Trust Shares		190.9		188.4		185.7		183.6			180.5
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the operating return on MetLife, Inc.’s common stockholders’ equity and return on MetLife, Inc.’s common stockholders’ equity for the years ended December 31, 2013 and 2014. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, excludes the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014 of $13 million, $13 million, $14 million, $13 million and $13 million, respectively. (4) 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 December 31, 2013 and March 31, 2014.

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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	350,187		$	355,069		$	367,056		$	368,070		$	365,425
Equity securities available-for-sale, at estimated fair value		3,402			3,693			3,863			3,689			3,631
Fair value option and trading securities, at estimated fair value (1)		17,423			17,494			17,831			17,246			16,689
Mortgage loans		57,706			57,139			57,223			58,038			60,118
Policy loans		11,764			11,762			11,785			11,756			11,618
Real estate and real estate joint ventures		10,712			9,930			10,101			10,393			10,525
Other limited partnership interests		7,401			7,819			7,964			8,214			8,085
Short-term investments, principally at estimated fair value		13,955			13,908			12,366			12,240			8,621
Other invested assets, principally at estimated fair value		16,229			16,433			17,116			17,905			21,283
Total investments		488,779			493,247			505,305			507,551			505,995
Cash and cash equivalents, principally at estimated fair value (1)		7,585			8,573			7,393			8,783			10,808
Accrued investment income		4,255			4,446			4,234			4,380			4,120
Premiums, reinsurance and other receivables		21,859			23,031			23,730			23,814			22,244
Deferred policy acquisition costs and value of business acquired		26,706			26,352			25,915			25,503			24,442
Goodwill		10,542			10,433			10,430			10,216			9,872
Other assets		8,369			8,387			9,136			8,900			7,862
Separate account assets		317,201			316,434			324,977			319,480			316,994
Total assets	$	885,296		$	890,903		$	911,120		$	908,627		$	902,337

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	187,942		$	189,970		$	189,675		$	189,282		$	189,586
Policyholder account balances		212,885			209,498			213,799			215,226			209,294
Other policy-related balances		15,214			15,369			15,361			15,026			14,422
Policyholder dividends payable		675			656			682			710			684
Policyholder dividend obligation		1,771			2,463			2,986			2,825			3,155
Payables for collateral under securities loaned and other transactions		30,411			32,469			33,187			33,776			35,326
Short-term debt		175			100			100			100			100
Long-term debt (1)		18,653			16,793			16,783			16,389			16,286
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		186			239			232			293			184
Deferred income tax liability		6,643			8,906			10,453			11,357			11,821
Other liabilities		23,168			24,178			25,214			25,373			24,437
Separate account liabilities		317,201			316,434			324,977			319,480			316,994
Total liabilities		822,313			824,464			840,838			837,226			829,678

Redeemable noncontrolling interests		887			107			108			102			99

Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		11			11			11			11			12
Additional paid-in capital		29,277			29,384			29,438			29,488			30,543
Retained earnings		27,332			28,319			29,259			30,928			32,020
Treasury stock, at cost		(172	)		(172	)		(176	)		(615	)		(1,172	)
Accumulated other comprehensive income (loss)		5,104			8,215			11,058			10,992			10,649
Total MetLife, Inc.’s stockholders’ equity		61,553			65,758			69,591			70,805			72,053
Noncontrolling interests		543			574			583			494			507
Total equity		62,096			66,332			70,174			71,299			72,560
Total liabilities and equity	$	885,296		$	890,903		$	911,120		$	908,627		$	902,337
(1) At December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, $1,621 million, $1,159 million, $656 million, $331 million and $295 million, respectively, of assets and $1,454 million, $996 million, $505 million, $186 million and $151 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 28 and 29, note 3, for the amounts by asset category.

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

OPERATING REVENUES
Premiums	$	10,269		$	9,217		$	9,853		$	9,685		$	10,267
Universal life and investment-type product policy fees		2,317			2,323			2,360			2,522			2,336
Net investment income		5,257			5,085			5,095			5,193			5,111
Other revenues		487			491			493			518			531
Total operating revenues		18,330			17,116			17,801			17,918			18,245

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,304			9,373			9,964			9,854			10,287
Interest credited to policyholder account balances		1,468			1,401			1,425			1,426			1,409
Capitalization of DAC		(1,165	)		(1,046	)		(1,031	)		(1,071	)		(1,034	)
Amortization of DAC and VOBA		983			1,050			1,025			999			953
Amortization of negative VOBA		(156	)		(103	)		(99	)		(96	)		(98	)
Interest expense on debt		296			294			299			292			293
Other expenses		4,478			3,951			3,979			4,003			4,321
Total operating expenses		16,208			14,920			15,562			15,407			16,131

Operating earnings before provision for income tax		2,122			2,196			2,239			2,511			2,114
Provision for income tax expense (benefit)		537			604			618			656			500
Operating earnings		1,585			1,592			1,621			1,855			1,614
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,554		$	1,562		$	1,590		$	1,825		$	1,583


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,585		$	1,592		$	1,621		$	1,855		$	1,614
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(178	)		(411	)		(125	)		109			230
Net derivative gains (losses)		(373	)		343			311			478			185
Premiums		2			2			20			18			5
Universal life and investment-type product policy fees		100			98			98			106			103
Net investment income		590			(50	)		164			217			338
Other revenues		(13	)		(13	)		(3	)		-			13
Policyholder benefits and claims and policyholder dividends		(281	)		(254	)		(421	)		(5	)		(320	)
Interest credited to policyholder account balances		(675	)		(68	)		(284	)		(391	)		(539	)
Capitalization of DAC		-			-			1			-			-
Amortization of DAC and VOBA		56			(8	)		(37	)		(55	)		(5	)
Amortization of negative VOBA		13			12			12			11			11
Interest expense on debt		(27	)		(18	)		(13	)		(3	)		(4	)
Other expenses		(68	)		(3	)		(12	)		(44	)		(55	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (2)		184			120			44			(202	)		(49	)
Income (loss) from continuing operations, net of income tax		915			1,342			1,376			2,094			1,527
Income (loss) from discontinued operations, net of income tax		1			(3	)		-			-			-
Net income (loss)		916			1,339			1,376			2,094			1,527
Less: Net income (loss) attributable to noncontrolling interests		8			11			10			-			6
Net income (loss) attributable to MetLife, Inc.		908			1,328			1,366			2,094			1,521
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	877		$	1,298		$	1,335		$	2,064		$	1,490

Total Operating Premiums, Fees and Other Revenues	$	13,073		$	12,031		$	12,706		$	12,725		$	13,134
(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 December 31, 2013 includes a deferred tax expense of $86 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended December 31, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	10,267		$	7,859		$	1,824		$	547		$	37
Universal life and investment-type product policy fees		2,336			1,775			417			113			31
Net investment income		5,111			4,250			716			120			25
Other revenues		531			463			28			11			29
Total operating revenues		18,245			14,347			2,985			791			122

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,287			8,638			1,367			269			13
Interest credited to policyholder account balances		1,409			996			369			36			8
Capitalization of DAC		(1,034	)		(390	)		(456	)		(169	)		(19	)
Amortization of DAC and VOBA		953			477			330			137			9
Amortization of negative VOBA		(98	)		-			(89	)		(9	)		-
Interest expense on debt		293			6			-			-			287
Other expenses		4,321			2,456			979			454			432
Total operating expenses		16,131			12,183			2,500			718			730

Operating earnings before provision for income tax		2,114			2,164			485			73			(608	)
Provision for income tax expense (benefit)		500			685			150			(12	)		(323	)
Operating earnings		1,614			1,479			335			85			(285	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,583		$	1,479		$	335		$	85		$	(316	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,614		$	1,479		$	335		$	85		$	(285	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		230			82			137			(1	)		12
Net derivative gains (losses)		185			310			(410	)		11			274
Premiums		5			(1	)		-			6			-
Universal life and investment-type product policy fees		103			97			3			3			-
Net investment income		338			(182	)		281			231			8
Other revenues		13			-			(5	)		-			18
Policyholder benefits and claims and policyholder dividends		(320	)		(242	)		(75	)		(3	)		-
Interest credited to policyholder account balances		(539	)		(24	)		(289	)		(226	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(5	)		-			(2	)		(3	)		-
Amortization of negative VOBA		11			-			11			-			-
Interest expense on debt		(4	)		-			-			-			(4	)
Other expenses		(55	)		3			4			(3	)		(59	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(49	)		(25	)		99			(28	)		(95	)
Income (loss) from continuing operations, net of income tax		1,527			1,497			89			72			(131	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,527			1,497			89			72			(131	)
Less: Net income (loss) attributable to noncontrolling interests		6			2			4			(1	)		1
Net income (loss) attributable to MetLife, Inc.		1,521			1,495			85			73			(132	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,490		$	1,495		$	85		$	73		$	(163	)

Total Operating Premiums, Fees and Other Revenues	$	13,134		$	10,097		$	2,269		$	671		$	97

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

OPERATING REVENUES
Premiums	$	10,269		$	7,750		$	1,901		$	586		$	32
Universal life and investment-type product policy fees		2,317			1,786			398			99			34
Net investment income		5,257			4,273			764			126			94
Other revenues		487			437			29			15			6
Total operating revenues		18,330			14,246			3,092			826			166

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		10,304			8,589			1,401			303			11
Interest credited to policyholder account balances		1,468			1,017			404			38			9
Capitalization of DAC		(1,165	)		(419	)		(560	)		(172	)		(14	)
Amortization of DAC and VOBA		983			470			356			157			-
Amortization of negative VOBA		(156	)		-			(102	)		(54	)		-
Interest expense on debt		296			2			-			1			293
Other expenses		4,478			2,490			1,124			459			405
Total operating expenses		16,208			12,149			2,623			732			704

Operating earnings before provision for income tax		2,122			2,097			469			94			(538	)
Provision for income tax expense (benefit)		537			678			145			5			(291	)
Operating earnings		1,585			1,419			324			89			(247	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,554		$	1,419		$	324		$	89		$	(278	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,585		$	1,419		$	324		$	89		$	(247	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(178	)		(1	)		78			(65	)		(190	)
Net derivative gains (losses)		(373	)		(8	)		(183	)		(26	)		(156	)
Premiums		2			2			-			-			-
Universal life and investment-type product policy fees		100			93			(2	)		9			-
Net investment income		590			(87	)		400			255			22
Other revenues		(13	)		-			(13	)		-			-
Policyholder benefits and claims and policyholder dividends		(281	)		(316	)		(18	)		53			-
Interest credited to policyholder account balances		(675	)		(38	)		(407	)		(230	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		56			64			3			(11	)		-
Amortization of negative VOBA		13			-			13			-			-
Interest expense on debt		(27	)		-			-			-			(27	)
Other expenses		(68	)		-			6			3			(77	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1)		184			87			(44	)		3			138
Income (loss) from continuing operations, net of income tax		915			1,215			157			80			(537	)
Income (loss) from discontinued operations, net of income tax		1			1			-			-			-
Net income (loss)		916			1,216			157			80			(537	)
Less: Net income (loss) attributable to noncontrolling interests		8			5			7			-			(4	)
Net income (loss) attributable to MetLife, Inc.		908			1,211			150			80			(533	)
Less: Preferred stock dividends		31			-			-			-			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	877		$	1,211		$	150		$	80		$	(564	)

Total Operating Premiums, Fees and Other Revenues	$	13,073		$	9,973		$	2,328		$	700		$	72
(1) Consolidated and Asia results include a deferred tax expense of $86 million related to the conversion of the Japan branch to a subsidiary.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year Ended December 31, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	39,022		$	28,994		$	7,566		$	2,309		$	153
Universal life and investment-type product policy fees		9,541			7,255			1,693			466			127
Net investment income		20,484			16,943			2,856			508			177
Other revenues		2,033			1,799			106			60			68
Total operating revenues		71,080			54,991			12,221			3,343			525

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		39,478			32,597			5,724			1,053			104
Interest credited to policyholder account balances		5,661			3,935			1,544			148			34
Capitalization of DAC		(4,182	)		(1,528	)		(1,914	)		(680	)		(60	)
Amortization of DAC and VOBA		4,027			2,004			1,397			613			13
Amortization of negative VOBA		(396	)		(1	)		(364	)		(31	)		-
Interest expense on debt		1,178			11			-			-			1,167
Other expenses		16,254			9,455			3,971			1,810			1,018
Total operating expenses		62,020			46,473			10,358			2,913			2,276

Operating earnings before provision for income tax		9,060			8,518			1,863			430			(1,751	)
Provision for income tax expense (benefit)		2,378			2,814			575			68			(1,079	)
Operating earnings		6,682			5,704			1,288			362			(672	)
Preferred stock dividends		122			-			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	6,560		$	5,704		$	1,288		$	362		$	(794	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	6,682		$	5,704		$	1,288		$	362		$	(672	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(197	)		(448	)		512			(17	)		(244	)
Net derivative gains (losses)		1,317			1,381			(532	)		114			354
Premiums		45			(1	)		-			46			-
Universal life and investment-type product policy fees		405			383			11			11			-
Net investment income		669			(572	)		393			810			38
Other revenues		(3	)		1			(22	)		-			18
Policyholder benefits and claims and policyholder dividends		(1,000	)		(809	)		(170	)		(21	)		-
Interest credited to policyholder account balances		(1,282	)		(100	)		(403	)		(779	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(105	)		(95	)		3			(13	)		-
Amortization of negative VOBA		46			-			46			-			-
Interest expense on debt		(38	)		-			-			-			(38	)
Other expenses		(114	)		-			20			(19	)		(115	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(87	)		31			35			(88	)		(65	)
Income (loss) from continuing operations, net of income tax		6,339			5,475			1,181			407			(724	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		6,336			5,472			1,181			407			(724	)
Less: Net income (loss) attributable to noncontrolling interests		27			13			19			1			(6	)
Net income (loss) attributable to MetLife, Inc.		6,309			5,459			1,162			406			(718	)
Less: Preferred stock dividends		122			-			-			-			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	6,187		$	5,459		$	1,162		$	406		$	(840	)

Total Operating Premiums, Fees and Other Revenues	$	50,596		$	38,048		$	9,365		$	2,835		$	348
(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.

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

OPERATING REVENUES
Premiums	$	37,583		$	27,369		$	7,801		$	2,297		$	116
Universal life and investment-type product policy fees		9,085			6,838			1,722			386			139
Net investment income		20,394			16,621			2,915			498			360
Other revenues		1,954			1,737			92			97			28
Total operating revenues		69,016			52,565			12,530			3,278			643

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		37,746			30,889			5,755			1,039			63
Interest credited to policyholder account balances		6,015			4,136			1,690			147			42
Capitalization of DAC		(4,786	)		(1,901	)		(2,143	)		(714	)		(28	)
Amortization of DAC and VOBA		4,083			1,857			1,542			683			1
Amortization of negative VOBA		(524	)		(2	)		(427	)		(95	)		-
Interest expense on debt		1,159			10			-			1			1,148
Other expenses		16,596			9,580			4,312			1,810			894
Total operating expenses		60,289			44,569			10,729			2,871			2,120

Operating earnings before provision for income tax		8,727			7,996			1,801			407			(1,477	)
Provision for income tax expense (benefit)		2,344			2,641			557			78			(932	)
Operating earnings		6,383			5,355			1,244			329			(545	)
Preferred stock dividends		122			-			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	6,261		$	5,355		$	1,244		$	329		$	(667	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	6,383		$	5,355		$	1,244		$	329		$	(545	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		161			61			343			(16	)		(227	)
Net derivative gains (losses)		(3,239	)		(1,659	)		(1,057	)		(6	)		(517	)
Premiums		91			91			-			-			-
Universal life and investment-type product policy fees		366			349			2			15			-
Net investment income		1,838			(358	)		1,420			666			110
Other revenues		(34	)		-			(34	)		-			-
Policyholder benefits and claims and policyholder dividends		(1,620	)		(1,332	)		(341	)		53			-
Interest credited to policyholder account balances		(2,164	)		(113	)		(1,420	)		(631	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		533			534			15			(16	)		-
Amortization of negative VOBA		55			-			55			-			-
Interest expense on debt		(123	)		-			-			-			(123	)
Other expenses (1)		(539	)		(15	)		(132	)		(12	)		(380	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		1,683			840			487			(33	)		389
Income (loss) from continuing operations, net of income tax		3,391			3,753			582			349			(1,293	)
Income (loss) from discontinued operations, net of income tax		2			1			(3	)		-			4
Net income (loss)		3,393			3,754			579			349			(1,289	)
Less: Net income (loss) attributable to noncontrolling interests		25			5			22			3			(5	)
Net income (loss) attributable to MetLife, Inc.		3,368			3,749			557			346			(1,284	)
Less: Preferred stock dividends		122			-			-			-			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,246		$	3,749		$	557		$	346		$	(1,406	)

Total Operating Premiums, Fees and Other Revenues	$	48,622		$	35,944		$	9,615		$	2,780		$	283
(1) Consolidated and Asia results include net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. (2) Consolidated and Asia results include a deferred tax benefit of $9 million related to the conversion of the Japan branch to a subsidiary and a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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

AMERICAS

RETAIL	$	658		$	612		$	652		$	699		$	683

GROUP, VOLUNTARY & WORKSITE BENEFITS		231			188			205			237			235

CORPORATE BENEFIT FUNDING		357			355			374			408			374

LATIN AMERICA		173			183			160			152			187

AMERICAS TOTAL	$	1,419		$	1,338		$	1,391		$	1,496		$	1,479

ASIA		324			328			319			306			335

EMEA		89			88			93			96			85

CORPORATE & OTHER		(278	)		(192	)		(213	)		(73	)		(316	)

METLIFE TOTAL	$	1,554		$	1,562		$	1,590		$	1,825		$	1,583
(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 12, (ii) Group, Voluntary & Worksite Benefits, Page 18, (iii) Corporate Benefit Funding, Page 21, (iv) Latin America, Page 24, (v) Asia, Page 25, (vi) EMEA, Page 26, and (vii) Corporate & Other, Page 27. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 6.

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

OPERATING REVENUES
Premiums	$	1,793		$	1,724		$	1,812		$	1,869		$	1,875		$	6,528		$	7,280
Universal life and investment-type product policy fees		1,250			1,247			1,256			1,311			1,260			4,912			5,074
Net investment income		2,022			2,014			1,963			1,983			1,993			7,898			7,953
Other revenues		251			245			265			275			274			1,018			1,059
Total operating revenues		5,316			5,230			5,296			5,438			5,402			20,356			21,366

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,369			2,407			2,438			2,555			2,451			9,028			9,851
Interest credited to policyholder account balances		581			555			561			567			562			2,331			2,245
Capitalization of DAC		(273	)		(234	)		(249	)		(239	)		(247	)		(1,309	)		(969	)
Amortization of DAC and VOBA		342			429			378			335			373			1,384			1,515
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			(1	)		2			-			1
Other expenses		1,296			1,142			1,177			1,156			1,220			5,084			4,695
Total operating expenses		4,315			4,299			4,305			4,373			4,361			16,518			17,338

Operating earnings before provision for income tax		1,001			931			991			1,065			1,041			3,838			4,028
Provision for income tax expense (benefit)		343			319			339			366			358			1,314			1,382
Operating earnings		658			612			652			699			683			2,524			2,646
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	658		$	612		$	652		$	699		$	683		$	2,524		$	2,646


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	658		$	612		$	652		$	699		$	683		$	2,524		$	2,646
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			6			10			9			(32	)		70			(7	)
Net derivative gains (losses)		55			71			225			283			(15	)		(724	)		564
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		92			93			92			96			96			343			377
Net investment income		(117	)		(117	)		(114	)		(109	)		(117	)		(471	)		(457	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(367	)		(118	)		(215	)		(34	)		(129	)		(1,332	)		(496	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		64			(5	)		(37	)		(53	)		-			534			(95	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		96			25			14			(68	)		71			554			42
Income (loss) from continuing operations, net of income tax		483			567			627			823			557			1,498			2,574
Income (loss) from discontinued operations, net of income tax		1			(2	)		-			-			-			1			(2	)
Net income (loss)		484			565			627			823			557			1,499			2,572
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		484			565			627			823			557			1,499			2,572
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	484		$	565		$	627		$	823		$	557		$	1,499		$	2,572

Total Operating Premiums, Fees and Other Revenues	$	3,294		$	3,216		$	3,333		$	3,455		$	3,409		$	12,458		$	13,413

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

OPERATING REVENUES
Premiums	$	1,617		$	1,486		$	1,508		$	1,521		$	1,627		$	6,069		$	6,142
Universal life and investment-type product policy fees		395			400			394			434			402			1,623			1,630
Net investment income		1,254			1,235			1,204			1,231			1,244			4,834			4,914
Other revenues		144			137			154			165			166			600			622
Total operating revenues		3,410			3,258			3,260			3,351			3,439			13,126			13,308

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,045			2,032			1,991			1,974			2,055			7,995			8,052
Interest credited to policyholder account balances		226			219			226			230			229			889			904
Capitalization of DAC		(172	)		(145	)		(168	)		(158	)		(163	)		(729	)		(634	)
Amortization of DAC and VOBA		171			201			196			164			193			804			754
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			(1	)		(1	)		1			(1	)		(1	)
Other expenses		713			586			639			614			640			2,692			2,479
Total operating expenses		2,983			2,893			2,883			2,823			2,955			11,650			11,554

Operating earnings before provision for income tax		427			365			377			528			484			1,476			1,754
Provision for income tax expense (benefit)		142			121			124			178			163			487			586
Operating earnings		285			244			253			350			321			989			1,168
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	285		$	244		$	253		$	350		$	321		$	989		$	1,168


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	285		$	244		$	253		$	350		$	321		$	989		$	1,168
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1	)		(14	)		1			(9	)		(35	)		19			(57	)
Net derivative gains (losses)		11			69			6			98			119			(179	)		292
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			(1	)		-			-			(9	)		(1	)
Net investment income		(53	)		(55	)		(54	)		(56	)		(57	)		(201	)		(222	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			6			-			6
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(20	)		(16	)		(11	)		68			(19	)		(54	)		22
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		23			6			21			(36	)		(2	)		149			(11	)
Income (loss) from continuing operations, net of income tax		245			234			215			415			333			714			1,197
Income (loss) from discontinued operations, net of income tax		1			(2	)		-			-			-			1			(2	)
Net income (loss)		246			232			215			415			333			715			1,195
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		246			232			215			415			333			715			1,195
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	246		$	232		$	215		$	415		$	333		$	715		$	1,195

Total Operating Premiums, Fees and Other Revenues	$	2,156		$	2,023		$	2,056		$	2,120		$	2,195		$	8,292		$	8,394

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

OPERATING REVENUES
Premiums	$	176		$	238		$	304		$	348		$	248		$	459		$	1,138
Universal life and investment-type product policy fees		855			847			862			877			858			3,289			3,444
Net investment income		768			779			759			752			749			3,064			3,039
Other revenues		107			108			111			110			108			418			437
Total operating revenues		1,906			1,972			2,036			2,087			1,963			7,230			8,058

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		324			375			447			581			396			1,033			1,799
Interest credited to policyholder account balances		355			336			335			337			333			1,442			1,341
Capitalization of DAC		(101	)		(89	)		(81	)		(81	)		(84	)		(580	)		(335	)
Amortization of DAC and VOBA		171			228			182			171			180			580			761
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			1			1			2
Other expenses		583			556			538			542			580			2,392			2,216
Total operating expenses		1,332			1,406			1,422			1,550			1,406			4,868			5,784

Operating earnings before provision for income tax		574			566			614			537			557			2,362			2,274
Provision for income tax expense (benefit)		201			198			215			188			195			827			796
Operating earnings		373			368			399			349			362			1,535			1,478
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	373		$	368		$	399		$	349		$	362		$	1,535		$	1,478


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	373		$	368		$	399		$	349		$	362		$	1,535		$	1,478
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			20			9			18			3			51			50
Net derivative gains (losses)		44			2			219			185			(134	)		(545	)		272
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		92			93			93			96			96			352			378
Net investment income		(64	)		(62	)		(60	)		(53	)		(60	)		(270	)		(235	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(367	)		(118	)		(215	)		(34	)		(135	)		(1,332	)		(502	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		84			11			(26	)		(121	)		19			588			(117	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		73			19			(7	)		(32	)		73			405			53
Income (loss) from continuing operations, net of income tax		238			333			412			408			224			784			1,377
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		238			333			412			408			224			784			1,377
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		238			333			412			408			224			784			1,377
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	238		$	333		$	412		$	408		$	224		$	784		$	1,377

Total Operating Premiums, Fees and Other Revenues	$	1,138		$	1,193		$	1,277		$	1,335		$	1,214		$	4,166		$	5,019

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AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	84,811		$	85,300		$	85,606		$	85,875		$	86,167

Premiums and deposits (2), (3)		2,110			1,980			1,985			1,928			1,959
Surrenders and withdrawals		(790	)		(753	)		(783	)		(774	)		(730	)
Benefit payments		(707	)		(851	)		(804	)		(749	)		(637	)

Net Flows		613			376			398			405			592

Net transfers from (to) separate account		35			28			27			25			23
Interest		827			824			833			836			835
Policy charges		(475	)		(477	)		(477	)		(478	)		(484	)
Other		(511	)		(445	)		(512	)		(496	)		(347	)

Balance, end of period	$	85,300		$	85,606		$	85,875		$	86,167		$	86,786

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	48,428		$	46,988		$	46,899		$	46,809		$	47,529
Premiums and deposits (2), (3)		816			842			849			952			850
Surrenders and withdrawals		(1,372	)		(1,163	)		(912	)		(894	)		(1,520	)
Benefit payments		(396	)		(414	)		(414	)		(415	)		(406	)

Net Flows		(952	)		(735	)		(477	)		(357	)		(1,076	)
Net transfers from (to) separate account		(119	)		(21	)		(10	)		34			2
Interest		415			395			397			402			399
Policy charges		(12	)		(13	)		(14	)		(13	)		(10	)
Other		(772	)		285			14			654			757

Balance, end of period	$	46,988		$	46,899		$	46,809		$	47,529		$	47,601

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	9,420		$	9,945		$	9,971		$	10,198		$	9,949
Premiums and deposits (3)		166			164			158			162			158
Surrenders and withdrawals		(102	)		(113	)		(111	)		(119	)		(99	)
Benefit payments		(11	)		(16	)		(10	)		(15	)		(11	)

Net Flows		53			35			37			28			48
Investment performance		647			151			354			(119	)		334
Net transfers from (to) general account		(35	)		(28	)		(27	)		(25	)		(23	)
Policy charges		(132	)		(133	)		(133	)		(132	)		(130	)
Other		(8	)		1			(4	)		(1	)		(5	)

Balance, end of period	$	9,945		$	9,971		$	10,198		$	9,949		$	10,173

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	155,977		$	162,436		$	162,713		$	166,093		$	160,995

Premiums and deposits (3)		1,451			1,331			1,344			1,290			1,370
Surrenders and withdrawals		(2,594	)		(2,631	)		(2,871	)		(2,829	)		(3,000	)
Benefit payments		(301	)		(320	)		(359	)		(321	)		(330	)

Net Flows		(1,444	)		(1,620	)		(1,886	)		(1,860	)		(1,960	)
Investment performance		8,664			2,723			6,170			(2,261	)		3,431
Net transfers from (to) general account		119			21			10			(34	)		(2	)
Policy charges		(880	)		(849	)		(913	)		(943	)		(910	)
Other		-			2			(1	)		-			(1	)

Balance, end of period	$	162,436		$	162,713		$	166,093		$	160,995		$	161,553
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the General Account investment option of variable products. (3) Includes company sponsored internal exchanges.

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

Direct and allocated expenses	$	542	$	445	$	447	$	431	$	489
Pension and post-retirement benefit costs		60		58		57		67		57
Premium taxes, other taxes, and licenses & fees		43		39		47		40		38
Total fixed operating expenses	$	645	$	542	$	551	$	538	$	584

Commissions and other variable expenses		651		600		626		618		636

Total other expenses	$	1,296	$	1,142	$	1,177	$	1,156	$	1,220

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

Life Sales (1)
Term Life	$	22	$	16	$	16	$	14	$	21
Whole Life		41		29		36		30		37
Variable Life		8		7		16		7		9
Universal Life		16		12		12		10		11
Total life sales	$	87	$	64	$	80	$	61	$	78

Annuity Sales (2)
Fixed and indexed annuity sales	$	422	$	426	$	460	$	505	$	464
Variable annuity sales		1,669		1,603		1,602		1,533		1,606
Total annuity sales	$	2,091	$	2,029	$	2,062	$	2,038	$	2,070

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,397	$	1,290	$	1,302	$	1,248	$	1,323
General Accounts
Fixed and indexed annuity		422		426		460		505		464
Variable annuity		272		313		300		285		283
Total general accounts		694		739		760		790		747
Total annuity premiums and deposits	$	2,091	$	2,029	$	2,062	$	2,038	$	2,070
(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	December 31, 2013		March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014

Investment income yield excluding variable investment income		6.13%		6.13%		6.15%		6.06%		6.13%
Variable investment income yield		0.54%		0.53%		0.02%		0.51%		0.38%
Total investment income yield		6.67%		6.66%		6.17%		6.57%		6.51%
Average crediting rate		4.50%		4.50%		4.50%		4.51%		4.50%
Annualized general account spread		2.17%		2.16%		1.67%		2.06%		2.01%

Annualized general account spread excluding variable investment income yield		1.63%		1.63%		1.65%		1.55%		1.63%

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

Investment income yield excluding variable investment income		6.01%		5.88%		5.84%		5.69%		5.56%
Variable investment income yield		0.27%		0.36%		0.24%		0.28%		0.20%
Total investment income yield		6.28%		6.24%		6.08%		5.97%		5.76%
Average crediting rate		3.38%		3.29%		3.29%		3.31%		3.30%
Annualized general account spread		2.90%		2.95%		2.79%		2.66%		2.46%

Annualized general account spread excluding variable investment income yield		2.63%		2.59%		2.55%		2.38%		2.26%

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

Life (3)
Operating premiums, fees and other revenues	$	1,485	$	1,368	$	1,377	$	1,427	$	1,499
Interest Adjusted Benefit Ratio		54.2%		56.9%		48.9%		51.7%		53.9%

Lapse Ratio (4)
Traditional life		5.9%		5.8%		5.8%		5.9%		5.9%
Variable & universal life		4.5%		4.3%		4.1%		4.0%		3.8%
Fixed annuity		9.9%		10.5%		10.3%		10.1%		10.6%
Variable annuity		6.2%		6.3%		6.5%		6.7%		6.9%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	453	$	447	$	452	$	457	$	458
Combined ratio including catastrophes		88.6%		94.3%		107.5%		83.6%		85.8%
Combined ratio excluding catastrophes		85.2%		89.3%		83.6%		79.3%		81.5%

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

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

OPERATING REVENUES
Premiums	$	3,812		$	4,002		$	4,038		$	4,010		$	3,929		$	15,250		$	15,979
Universal life and investment-type product policy fees		167			177			181			180			178			688			716
Net investment income		472			453			458			473			460			1,856			1,844
Other revenues		102			107			104			103			106			418			420
Total operating revenues		4,553			4,739			4,781			4,766			4,673			18,212			18,959

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,546			3,781			3,789			3,729			3,598			14,227			14,897
Interest credited to policyholder account balances		39			40			39			38			39			155			156
Capitalization of DAC		(36	)		(34	)		(36	)		(37	)		(36	)		(141	)		(143	)
Amortization of DAC and VOBA		36			36			35			38			40			140			149
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			1			1			1
Other expenses		619			628			638			634			670			2,380			2,570
Total operating expenses		4,204			4,451			4,465			4,402			4,312			16,762			17,630

Operating earnings before provision for income tax		349			288			316			364			361			1,450			1,329
Provision for income tax expense (benefit)		118			100			111			127			126			488			464
Operating earnings		231			188			205			237			235			962			865
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	231		$	188		$	205		$	237		$	235		$	962		$	865


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	231		$	188		$	205		$	237		$	235		$	962		$	865
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(7	)		(11	)		10			(9	)		(29	)		(21	)		(39	)
Net derivative gains (losses)		(64	)		116			71			106			232			(676	)		525
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(43	)		(39	)		(42	)		(41	)		(45	)		(172	)		(167	)
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		39			(23	)		(14	)		(19	)		(55	)		304			(111	)
Income (loss) from continuing operations, net of income tax		156			231			230			274			338			397			1,073
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		156			231			230			274			338			397			1,073
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		156			231			230			274			338			397			1,073
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	156		$	231		$	230		$	274		$	338		$	397		$	1,073

Operating Premiums, Fees and Other Revenues
Group	$	3,455		$	3,657		$	3,684		$	3,647		$	3,563		$	13,888		$	14,551
Voluntary & Worksite		626			629			639			646			650			2,468			2,564
Total Group, Voluntary & Worksite Benefits	$	4,081		$	4,286		$	4,323		$	4,293		$	4,213		$	16,356		$	17,115

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	26,064		$	26,228		$	26,460		$	26,657		$	26,772
Premiums and deposits		4,283			4,546			4,500			4,845			4,548
Surrenders and withdrawals		(723	)		(725	)		(729	)		(1,101	)		(904	)
Benefit payments		(3,213	)		(3,390	)		(3,364	)		(3,392	)		(3,210	)

Net Flows		347			431			407			352			434
Net transfers from (to) separate account		-			-			-			-			-
Interest		221			219			223			227			227
Policy charges		(118	)		(137	)		(139	)		(136	)		(134	)
Other		(286	)		(281	)		(294	)		(328	)		(361	)

Balance, end of period	$	26,228		$	26,460		$	26,657		$	26,772		$	26,938

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	602		$	644		$	646		$	667		$	656
Premiums and deposits		50			54			52			53			52
Surrenders and withdrawals		(11	)		(14	)		(9	)		(11	)		(11	)
Benefit payments		-			(1	)		(2	)		(1	)		(1	)

Net Flows		39			39			41			41			40
Investment performance		46			9			26			(5	)		17
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(42	)		(44	)		(45	)		(45	)		(44	)
Other		(1	)		(2	)		(1	)		(2	)		-

Balance, end of period	$	644		$	646		$	667		$	656		$	669
(1) All of the group property & casualty activity is reflected within the “Other” category.

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

Direct and allocated expenses	$	442	$	441	$	432	$	436	$	464
Pension and post-retirement benefit costs		25		24		23		26		21
Premium taxes, other taxes, and licenses & fees		57		71		80		76		80
Total fixed operating expenses	$	524	$	536	$	535	$	538	$	565

Commissions and other variable expenses		95		92		103		96		105

Total other expenses	$	619	$	628	$	638	$	634	$	670

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

Investment income yield excluding variable investment income		5.72%		5.57%		5.64%		5.63%		5.62%
Variable investment income yield		0.45%		0.34%		0.32%		0.51%		0.25%
Total investment income yield		6.17%		5.91%		5.96%		6.14%		5.87%
Average crediting rate		3.36%		3.36%		3.36%		3.37%		3.40%
Annualized general account spread		2.81%		2.55%		2.60%		2.77%		2.47%

Annualized general account spread excluding variable investment income yield		2.36%		2.21%		2.28%		2.26%		2.22%

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

Group Life (2)
Operating premiums, fees and other revenues	$	1,368	$	1,436	$	1,435	$	1,402	$	1,399
Mortality ratio		87.9%		93.6%		87.3%		89.9%		88.4%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,593	$	1,695	$	1,705	$	1,669	$	1,692
Interest Adjusted Loss Ratio (4)		80.9%		78.8%		82.6%		79.0%		77.4%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	367	$	366	$	371	$	382	$	388
Combined ratio including catastrophes		93.7%		98.2%		96.4%		91.0%		92.3%
Combined ratio excluding catastrophes		92.9%		94.3%		86.8%		86.2%		90.8%

(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 Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014

OPERATING REVENUES
Premiums	$	1,398		$	301		$	686		$	451		$	1,330		$	2,767		$	2,768
Universal life and investment-type product policy fees		60			57			55			60			54			247			226
Net investment income		1,445			1,410			1,443			1,493			1,453			5,621			5,799
Other revenues		70			68			75			71			72			278			286
Total operating revenues		2,973			1,836			2,259			2,075			2,909			8,913			9,079

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,012			888			1,273			1,033			1,912			5,180			5,106
Interest credited to policyholder account balances		293			278			287			279			296			1,233			1,140
Capitalization of DAC		(2	)		(1	)		(18	)		(11	)		(1	)		(27	)		(31	)
Amortization of DAC and VOBA		2			4			6			5			4			23			19
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			3			9			9
Other expenses		120			120			134			139			120			504			513
Total operating expenses		2,427			1,291			1,684			1,447			2,334			6,922			6,756

Operating earnings before provision for income tax		546			545			575			628			575			1,991			2,323
Provision for income tax expense (benefit)		189			190			201			220			201			696			812
Operating earnings		357			355			374			408			374			1,295			1,511
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	357		$	355		$	374		$	408		$	374		$	1,295		$	1,511


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	357		$	355		$	374		$	408		$	374		$	1,295		$	1,511
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(12	)		(541	)		(195	)		180			124			(8	)		(432	)
Net derivative gains (losses)		9			103			125			28			96			(235	)		352
Premiums		4			-			2			-			-			92			2
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		44			40			11			(15	)		(22	)		205			14
Other revenues		-			-			1			-			-			-			1
Policyholder benefits and claims and policyholder dividends		(30	)		(33	)		(28	)		(5	)		(31	)		(178	)		(97	)
Interest credited to policyholder account balances		(3	)		(3	)		(4	)		(4	)		(3	)		(13	)		(14	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(5	)		(6	)		(4	)		(7	)		(1	)		(19	)		(18	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(4	)		148			24			(63	)		(57	)		53			52
Income (loss) from continuing operations, net of income tax		360			63			306			522			480			1,192			1,371
Income (loss) from discontinued operations, net of income tax		-			(1	)		-			-			-			-			(1	)
Net income (loss)		360			62			306			522			480			1,192			1,370
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		360			62			306			522			480			1,192			1,370
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	360		$	62		$	306		$	522		$	480		$	1,192		$	1,370

Total Operating Premiums, Fees and Other Revenues	$	1,528		$	426		$	816		$	582		$	1,456		$	3,292		$	3,280

(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 ended December 31, 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)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	111,203		$	112,454		$	110,073		$	111,317		$	113,467
Premiums and deposits		13,100			11,769			20,774			18,194			16,797
Surrenders and withdrawals		(11,584	)		(14,691	)		(16,760	)		(15,013	)		(15,761	)
Benefit payments		(848	)		(869	)		(870	)		(915	)		(878	)

Net Flows		668			(3,791	)		3,144			2,266			158
Net transfers from (to) separate account		2			30			(6	)		10			(14	)
Interest		962			941			952			946			956
Policy charges		(15	)		(38	)		(40	)		(39	)		(17	)
Other		(366	)		477			(2,806	)		(1,033	)		745

Balance, end of period	$	112,454		$	110,073		$	111,317		$	113,467		$	115,295

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	76,029		$	77,023		$	79,612		$	81,721		$	81,967

Premiums and deposits		1,915			2,244			3,997			1,041			233
Surrenders and withdrawals		(1,127	)		(1,530	)		(2,444	)		(1,935	)		(1,174	)
Benefit payments		(16	)		(21	)		(13	)		(18	)		(14	)

Net Flows		772			693			1,540			(912	)		(955	)
Investment performance		787			1,395			1,661			25			1,456
Net transfers from (to) general account		(2	)		(30	)		6			(10	)		14
Policy charges		(81	)		(77	)		(83	)		(81	)		(79	)
Other		(482	)		608			(1,015	)		1,224			(1,253	)

Balance, end of period	$	77,023		$	79,612		$	81,721		$	81,967		$	81,150

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

Direct and allocated expenses	$	68	$	70	$	65	$	72	$	78
Pension and post-retirement benefit costs		14		13		13		14		11
Premium taxes, other taxes, and licenses & fees		2		5		-		4		(2	)
Total fixed operating expenses	$	84	$	88	$	78	$	90	$	87

Commissions and other variable expenses		36		32		56		49		33
Total other expenses	$	120	$	120	$	134	$	139	$	120

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

Investment income yield excluding variable investment income		4.77%		4.67%		4.77%		4.81%		4.67%
Variable investment income yield		0.44%		0.39%		0.44%		0.49%		0.32%
Total investment income yield		5.21%		5.06%		5.21%		5.30%		4.99%
Average crediting rate		3.44%		3.41%		3.44%		3.35%		3.34%
Annualized general account spread		1.77%		1.65%		1.77%		1.95%		1.65%

Annualized general account spread excluding variable investment income yield		1.33%		1.26%		1.33%		1.46%		1.33%

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

OPERATING REVENUES
Premiums	$	747		$	668		$	780		$	794		$	725		$	2,824		$	2,967
Universal life and investment-type product policy fees		309			311			317			328			283			991			1,239
Net investment income		334			325			332			346			344			1,246			1,347
Other revenues		14			7			9			7			11			23			34
Total operating revenues		1,404			1,311			1,438			1,475			1,363			5,084			5,587

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		662			604			743			719			677			2,454			2,743
Interest credited to policyholder account balances		104			98			100			97			99			417			394
Capitalization of DAC		(108	)		(89	)		(93	)		(97	)		(106	)		(424	)		(385	)
Amortization of DAC and VOBA		90			79			81			101			60			310			321
Amortization of negative VOBA		-			-			(1	)		-			-			(2	)		(1	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		455			402			412			417			446			1,612			1,677
Total operating expenses		1,203			1,094			1,242			1,237			1,176			4,367			4,749

Operating earnings before provision for income tax		201			217			196			238			187			717			838
Provision for income tax expense (benefit)		28			34			36			86			-			143			156
Operating earnings		173			183			160			152			187			574			682
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	173		$	183		$	160		$	152		$	187		$	574		$	682


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	173		$	183		$	160		$	152		$	187		$	574		$	682
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		16			29			(14	)		(4	)		19			20			30
Net derivative gains (losses)		(8	)		(4	)		8			(61	)		(3	)		(24	)		(60	)
Premiums		(2	)		(1	)		-			(1	)		(1	)		(1	)		(3	)
Universal life and investment-type product policy fees		1			2			1			2			1			6			6
Net investment income		29			3			19			14			2			80			38
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		81			(83	)		(144	)		93			(82	)		178			(216	)
Interest credited to policyholder account balances		(35	)		(14	)		(28	)		(23	)		(21	)		(100	)		(86	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		5			6			6			2			4			4			18
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(44	)		19			38			(25	)		16			(71	)		48
Income (loss) from continuing operations, net of income tax		216			140			46			149			122			666			457
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		216			140			46			149			122			666			457
Less: Net income (loss) attributable to noncontrolling interests		5			5			4			2			2			5			13
Net income (loss) attributable to MetLife, Inc.		211			135			42			147			120			661			444
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	211		$	135		$	42		$	147		$	120		$	661		$	444

Total Operating Premiums, Fees and Other Revenues	$	1,070		$	986		$	1,106		$	1,129		$	1,019		$	3,838		$	4,240

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

OPERATING REVENUES
Premiums	$	1,901		$	1,890		$	1,913		$	1,939		$	1,824		$	7,801		$	7,566
Universal life and investment-type product policy fees		398			389			400			487			417			1,722			1,693
Net investment income		764			693			717			730			716			2,915			2,856
Other revenues		29			27			24			27			28			92			106
Total operating revenues		3,092			2,999			3,054			3,183			2,985			12,530			12,221

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,401			1,397			1,425			1,535			1,367			5,755			5,724
Interest credited to policyholder account balances		404			387			394			394			369			1,690			1,544
Capitalization of DAC		(560	)		(494	)		(457	)		(507	)		(456	)		(2,143	)		(1,914	)
Amortization of DAC and VOBA		356			338			362			367			330			1,542			1,397
Amortization of negative VOBA		(102	)		(94	)		(92	)		(89	)		(89	)		(427	)		(364	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,124			990			976			1,026			979			4,312			3,971
Total operating expenses		2,623			2,524			2,608			2,726			2,500			10,729			10,358

Operating earnings before provision for income tax		469			475			446			457			485			1,801			1,863
Provision for income tax expense (benefit)		145			147			127			151			150			557			575
Operating earnings		324			328			319			306			335			1,244			1,288
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	324		$	328		$	319		$	306		$	335		$	1,244		$	1,288


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	324		$	328		$	319		$	306		$	335		$	1,244		$	1,288
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		78			157			82			136			137			343			512
Net derivative gains (losses)		(183	)		(7	)		(35	)		(80	)		(410	)		(1,057	)		(532	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(2	)		-			1			7			3			2			11
Net investment income		400			(35	)		2			145			281			1,420			393
Other revenues		(13	)		(13	)		(4	)		-			(5	)		(34	)		(22	)
Policyholder benefits and claims and policyholder dividends		(18	)		(18	)		(26	)		(51	)		(75	)		(341	)		(170	)
Interest credited to policyholder account balances		(407	)		35			2			(151	)		(289	)		(1,420	)		(403	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		3			1			3			1			(2	)		15			3
Amortization of negative VOBA		13			12			12			11			11			55			46
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		6			6			4			6			4			(132	)		20
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		(44	)		(41	)		(27	)		4			99			487			35
Income (loss) from continuing operations, net of income tax		157			425			333			334			89			582			1,181
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(3	)		-
Net income (loss)		157			425			333			334			89			579			1,181
Less: Net income (loss) attributable to noncontrolling interests		7			6			4			5			4			22			19
Net income (loss) attributable to MetLife, Inc.		150			419			329			329			85			557			1,162
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	150		$	419		$	329		$	329		$	85		$	557		$	1,162

Total Operating Premiums, Fees and Other Revenues	$	2,328		$	2,306		$	2,337		$	2,453		$	2,269		$	9,615		$	9,365
(1) The year ended December 31, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, which are related to the settlement of an acquisition tax contingency. (2) The three months and year ended December 31, 2013 include a deferred tax benefit (expense) of ($86) million and $9 million, respectively, related to the conversion of the Japan branch to a subsidiary. The year ended December 31, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

LOGO


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

OPERATING REVENUES
Premiums	$	586		$	597		$	584		$	581		$	547		$	2,297		$	2,309
Universal life and investment-type product policy fees		99			109			117			127			113			386			466
Net investment income		126			123			134			131			120			498			508
Other revenues		15			16			11			22			11			97			60
Total operating revenues		826			845			846			861			791			3,278			3,343

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		303			261			271			252			269			1,039			1,053
Interest credited to policyholder account balances		38			34			35			43			36			147			148
Capitalization of DAC		(172	)		(176	)		(170	)		(165	)		(169	)		(714	)		(680	)
Amortization of DAC and VOBA		157			164			160			152			137			683			613
Amortization of negative VOBA		(54	)		(9	)		(6	)		(7	)		(9	)		(95	)		(31	)
Interest expense on debt		1			-			-			-			-			1			-
Other expenses		459			456			446			454			454			1,810			1,810
Total operating expenses		732			730			736			729			718			2,871			2,913

Operating earnings before provision for income tax		94			115			110			132			73			407			430
Provision for income tax expense (benefit)		5			27			17			36			(12	)		78			68
Operating earnings		89			88			93			96			85			329			362
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	89		$	88		$	93		$	96		$	85		$	329		$	362


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	89		$	88		$	93		$	96		$	85		$	329		$	362
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(65	)		(9	)		2			(9	)		(1	)		(16	)		(17	)
Net derivative gains (losses)		(26	)		38			49			16			11			(6	)		114
Premiums		-			3			18			19			6			-			46
Universal life and investment-type product policy fees		9			3			4			1			3			15			11
Net investment income		255			87			273			219			231			666			810
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		53			(2	)		(8	)		(8	)		(3	)		53			(21	)
Interest credited to policyholder account balances		(230	)		(86	)		(254	)		(213	)		(226	)		(631	)		(779	)
Capitalization of DAC		-			-			1			-			-			-			1
Amortization of DAC and VOBA		(11	)		(4	)		(3	)		(3	)		(3	)		(16	)		(13	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		3			(2	)		-			(14	)		(3	)		(12	)		(19	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			(13	)		(38	)		(9	)		(28	)		(33	)		(88	)
Income (loss) from continuing operations, net of income tax		80			103			137			95			72			349			407
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		80			103			137			95			72			349			407
Less: Net income (loss) attributable to noncontrolling interests		-			-			1			1			(1	)		3			1
Net income (loss) attributable to MetLife, Inc.		80			103			136			94			73			346			406
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	80		$	103		$	136		$	94		$	73		$	346		$	406

Total Operating Premiums, Fees and Other Revenues	$	700		$	722		$	712		$	730		$	671		$	2,780		$	2,835

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

OPERATING REVENUES
Premiums	$	32		$	35		$	40		$	41		$	37		$	116		$	153
Universal life and investment-type product policy fees		34			33			34			29			31			139			127
Net investment income		94			67			48			37			25			360			177
Other revenues		6			21			5			13			29			28			68
Total operating revenues		166			156			127			120			122			643			525

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		11			35			25			31			13			63			104
Interest credited to policyholder account balances		9			9			9			8			8			42			34
Capitalization of DAC		(14	)		(18	)		(8	)		(15	)		(19	)		(28	)		(60	)
Amortization of DAC and VOBA		-			-			3			1			9			1			13
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		293			292			297			291			287			1,148			1,167
Other expenses		405			213			196			177			432			894			1,018
Total operating expenses		704			531			522			493			730			2,120			2,276

Operating earnings before provision for income tax		(538	)		(375	)		(395	)		(373	)		(608	)		(1,477	)		(1,751	)
Provision for income tax expense (benefit)		(291	)		(213	)		(213	)		(330	)		(323	)		(932	)		(1,079	)
Operating earnings		(247	)		(162	)		(182	)		(43	)		(285	)		(545	)		(672	)
Preferred stock dividends		31			30			31			30			31			122			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(278	)	$	(192	)	$	(213	)	$	(73	)	$	(316	)	$	(667	)	$	(794	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(247	)	$	(162	)	$	(182	)	$	(43	)	$	(285	)	$	(545	)	$	(672	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(190	)		(42	)		(20	)		(194	)		12			(227	)		(244	)
Net derivative gains (losses)		(156	)		26			(132	)		186			274			(517	)		354
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			11			15			4			8			110			38
Other revenues		-			-			-			-			18			-			18
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		(27	)		(18	)		(13	)		(3	)		(4	)		(123	)		(38	)
Other expenses		(77	)		(7	)		(18	)		(31	)		(59	)		(380	)		(115	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		138			5			47			(22	)		(95	)		389			(65	)
Income (loss) from continuing operations, net of income tax		(537	)		(187	)		(303	)		(103	)		(131	)		(1,293	)		(724	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			4			-
Net income (loss)		(537	)		(187	)		(303	)		(103	)		(131	)		(1,289	)		(724	)
Less: Net income (loss) attributable to noncontrolling interests		(4	)		-			1			(8	)		1			(5	)		(6	)
Net income (loss) attributable to MetLife, Inc.		(533	)		(187	)		(304	)		(95	)		(132	)		(1,284	)		(718	)
Less: Preferred stock dividends		31			30			31			30			31			122			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(564	)	$	(217	)	$	(335	)	$	(125	)	$	(163	)	$	(1,406	)	$	(840	)

Total Operating Premiums, Fees and Other Revenues	$	72		$	89		$	79		$	83		$	97		$	283		$	348

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Fixed Maturity Securities
Yield (1)		4.90%			4.76%			4.90%			4.73%			4.84%
Investment income (2), (3), (4)	$	3,786		$	3,685		$	3,796		$	3,704		$	3,761
Investment gains (losses) (3)		30			95			54			153			246
Ending carrying value (2), (3)		351,476			356,352			368,428			369,432			366,783
Mortgage Loans
Yield (1)		6.05%			5.08%			5.05%			5.44%			5.03%
Investment income (3), (4)		841			709			708			774			737
Investment gains (losses) (3)		-			(11	)		16			(30	)		(11	)
Ending carrying value (3)		56,108			55,999			56,585			57,725			59,838
Real Estate and Real Estate Joint Ventures
Yield (1)		4.00%			3.45%			4.54%			3.69%			3.03%
Investment income (3)		104			89			114			94			79
Investment gains (losses) (3)		-			60			(1	)		86			72
Ending carrying value		10,712			9,930			10,101			10,393			10,525
Policy Loans
Yield (1)		5.27%			5.33%			5.36%			5.37%			5.36%
Investment income		155			157			158			158			156
Ending carrying value		11,764			11,762			11,785			11,756			11,618
Equity Securities
Yield (1)		5.30%			3.86%			4.72%			3.95%			4.64%
Investment income		39			30			37			31			35
Investment gains (losses)		25			25			25			14			1
Ending carrying value		3,402			3,693			3,863			3,689			3,631
Other Limited Partnership Interests
Yield (1)		15.82%			17.28%			10.46%			14.77%			9.76%
Investment income		290			329			206			299			199
Investment gains (losses)		(7	)		(2	)		(36	)		(14	)		(26	)
Ending carrying value		7,401			7,819			7,964			8,214			8,085
Cash and Short-term Investments
Yield (1)		1.01%			1.16%			1.05%			1.06%			1.02%
Investment income		42			45			39			40			37
Investment gains (losses)		3			(1	)		-			-			12
Ending carrying value		21,540			22,481			19,759			21,023			19,429
Other Invested Assets (1)
Investment income		201			220			200			233			253
Investment gains (losses) (3)		(27	)		(3	)		(3	)		(18	)		(96	)
Ending carrying value		16,229			16,433			17,116			17,905			21,283
Total Investments
Investment income yield (1)		5.20%			5.02%			5.01%			5.03%			4.97%
Investment fees and expenses yield		(0.15)%			(0.13)%			(0.13)%			(0.13)%			(0.14)%
Net Investment Income Yield (1), (3), (5)		5.05%			4.89%			4.88%			4.90%			4.83%
Investment income	$	5,458		$	5,264		$	5,258		$	5,333		$	5,257
Investment fees and expenses		(152	)		(136	)		(139	)		(137	)		(144	)
Net investment income including Divested businesses		5,306			5,128			5,119			5,196			5,113
Less: Net investment income from Divested businesses (5)		49			43			24			3			2
Net Investment Income (3)	$	5,257		$	5,085		$	5,095		$	5,193		$	5,111
Ending Carrying Value (3)	$	478,632		$	484,469		$	495,601		$	500,137		$	501,192
Investment portfolio gains (losses) including Divested businesses	$	24		$	163		$	55		$	191		$	198
Less: Investment portfolio gains (losses) from Divested businesses (5)		(6	)		-			-			2			-
Investment Portfolio Gains (Losses) (3), (5)	$	30		$	163		$	55		$	189		$	198
Gross investment gains	$	331		$	441		$	270		$	419		$	559
Gross investment losses		(232	)		(258	)		(127	)		(167	)		(237	)
Writedowns		(69	)		(20	)		(88	)		(63	)		(124	)
Investment Portfolio Gains (Losses) (3), (5)		30			163			55			189			198
Investment portfolio gains (losses) income tax (expense) benefit		(42	)		(32	)		(55	)		(104	)		(69	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(12	)	$	131		$	-		$	85		$	129

Derivative Gains (Losses) including Divested businesses	$	(560	)	$	152		$	135		$	306		$	(18	)
Less: Derivative gains (losses) from Divested businesses (5)		(1	)		35			45			-			-
Derivative gains (losses) (3), (5)		(559	)		117			90			306			(18	)
Derivative gains (losses) income tax (expense) benefit		202			(39	)		(19	)		(119	)		(22	)
Derivative Gains (Losses), Net of Income Tax	$	(357	)	$	78		$	71		$	187		$	(40	)
(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 $1,289 million, $1,283 million, $1,372 million, $1,362 million and $1,358 million in ending carrying value, and $41 million, $37 million, $44 million, $14 million and $8 million of investment income related to fair value option and trading securities at or for the three months ended December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 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 December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 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 $16,111 million, $16,192 million, $16,441 million, $15,866 million and $15,316 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 $23 million, $19 million, $18 million, $18 million and $15 million, mortgage loans of $1,598 million, $1,140 million, $638 million, $313 million and $280 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	24		$	163		$	55		$	189		$	198
Real estate discontinued operations		-			5			-			-			-
Net investment gains (losses) related to CSEs		13			2			1			3			(1	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(215	)		(581	)		(181	)		(83	)		33
Net investment gains (losses) - GAAP basis	$	(178	)	$	(411	)	$	(125	)	$	109		$	230

	For the Three Months Ended
	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(560	)	$	152		$	135		$	306		$	(18	)
Investment hedge adjustments (5)		170			175			169			169			192
Joint venture adjustments		1			-			(1	)		(1	)		3
Settlement of foreign currency earnings hedges		13			13			4			-			5
PAB hedge adjustments		3			3			4			4			3
Net derivative gains (losses) - GAAP basis	$	(373	)	$	343		$	311		$	478		$	185
(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 December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, excludes $2 million, ($3) million, $4 million, $0 and $0, 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 INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Fixed Maturity Securities
Yield (1)		4.84%			4.76%			4.83%			4.80%			4.81%
Investment income (2), (3), (4)	$	15,098		$	3,685		$	7,481		$	11,185		$	14,946
Investment gains (losses) (3)		410			95			149			302			548
Ending carrying value (2), (3)		351,476			356,352			368,428			369,432			366,783
Mortgage Loans
Yield (1)		5.58%			5.08%			5.06%			5.19%			5.15%
Investment income (3), (4)		3,020			709			1,417			2,191			2,928
Investment gains (losses) (3)		22			(11	)		5			(25	)		(36	)
Ending carrying value (3)		56,108			55,999			56,585			57,725			59,838
Real Estate and Real Estate Joint Ventures
Yield (1)		3.44%			3.45%			3.98%			3.88%			3.67%
Investment income (3)		347			89			203			297			376
Investment gains (losses) (3)		(25	)		60			59			145			217
Ending carrying value		10,712			9,930			10,101			10,393			10,525
Policy Loans
Yield (1)		5.26%			5.33%			5.35%			5.36%			5.36%
Investment income		620			157			315			473			629
Ending carrying value		11,764			11,762			11,785			11,756			11,618
Equity Securities
Yield (1)		4.44%			3.86%			4.30%			4.18%			4.30%
Investment income		127			30			67			98			133
Investment gains (losses)		5			25			50			64			65
Ending carrying value		3,402			3,693			3,863			3,689			3,631
Other Limited Partnership Interests
Yield (1)		13.35%			17.28%			13.81%			14.14%			13.01%
Investment income		955			329			535			834			1,033
Investment gains (losses)		(48	)		(2	)		(38	)		(52	)		(78	)
Ending carrying value		7,401			7,819			7,964			8,214			8,085
Cash and Short-term Investments
Yield (1)		0.98%			1.16%			1.11%			1.09%			1.07%
Investment income		168			45			84			124			161
Investment gains (losses)		63			(1	)		(1	)		(1	)		11
Ending carrying value		21,540			22,481			19,759			21,023			19,429
Other Invested Assets (1)
Investment income		819			220			420			653			906
Investment gains (losses) (3)		(41	)		(3	)		(6	)		(24	)		(120	)
Ending carrying value		16,229			16,433			17,116			17,905			21,283
Total Investments
Investment income yield (1)		5.03%			5.02%			5.02%			5.02%			5.01%
Investment fees and expenses yield		(0.13)%			(0.13)%			(0.13)%			(0.13)%			(0.13)%
Net Investment Income Yield (1), (3), (5)		4.90%			4.89%			4.89%			4.89%			4.88%
Investment income	$	21,154		$	5,264		$	10,522		$	15,855		$	21,112
Investment fees and expenses		(563	)		(136	)		(275	)		(412	)		(556	)
Net investment income including Divested businesses		20,591			5,128			10,247			15,443			20,556
Less: Net investment income from Divested businesses (5)		197			43			67			70			72
Net Investment Income (3)	$	20,394		$	5,085		$	10,180		$	15,373		$	20,484
Ending Carrying Value (3)	$	478,632		$	484,469		$	495,601		$	500,137		$	501,192
Investment portfolio gains (losses) including Divested businesses	$	386		$	163		$	218		$	409		$	607
Less: Investment portfolio gains (losses) from Divested businesses (5)		(6	)		-			-			2			2
Investment Portfolio Gains (Losses) (3), (5)	$	392		$	163		$	218		$	407		$	605
Gross investment gains	$	1,570		$	441		$	711		$	1,130		$	1,689
Gross investment losses		(914	)		(258	)		(385	)		(552	)		(789	)
Writedowns		(264	)		(20	)		(108	)		(171	)		(295	)
Investment Portfolio Gains (Losses) (3), (5)		392			163			218			407			605
Investment portfolio gains (losses) income tax (expense) benefit		(147	)		(32	)		(87	)		(191	)		(260	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	245		$	131		$	131		$	216		$	345

Derivative Gains (Losses) including Divested businesses	$	(3,931	)	$	152		$	287		$	593		$	575
Less: Derivative gains (losses) from Divested businesses (5)		47			35			80			80			80
Derivative gains (losses) (3), (5)		(3,978	)		117			207			513			495
Derivative gains (losses) income tax (expense) benefit		1,389			(39	)		(58	)		(177	)		(199	)
Derivative Gains (Losses), Net of Income Tax	$	(2,589	)	$	78		$	149		$	336		$	296
(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 $1,289 million, $1,283 million, $1,372 million, $1,362 million and $1,358 million in ending carrying value, and $65 million, $37 million, $81 million, $95 million and $103 million of investment income related to fair value option and trading securities at or for the year-to-date period ended December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 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 December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 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 $16,111 million, $16,192 million, $16,441 million, $15,866 million and $15,316 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 $23 million, $19 million, $18 million, $18 million and $15 million, mortgage loans of $1,598 million, $1,140 million, $638 million, $313 million and $280 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	386		$	163		$	218		$	407		$	605
Real estate discontinued operations		6			5			5			5			5
Net investment gains (losses) related to certain CSEs		33			2			3			6			5
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(264	)		(581	)		(762	)		(845	)		(812	)
Net investment gains (losses) - GAAP basis	$	161		$	(411	)	$	(536	)	$	(427	)	$	(197	)

	For the Year-to-Date Period Ended
	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(3,931	)	$	152		$	287		$	593		$	575
Investment hedge adjustments (5)		643			175			344			513			705
Joint venture adjustments		2			-			(1	)		(2	)		1
Settlement of foreign currency earnings hedges		34			13			17			17			22
PAB hedge adjustments		13			3			7			11			14
Net derivative gains (losses) - GAAP basis	$	(3,239	)	$	343		$	654		$	1,132		$	1,317
(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 December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, excludes $10 million, ($3) million, $1 million, $1 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)
	December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	3,971		86.5%	$	2,376		85.8%	$	1,312		83.5%	$	1,502		87.1%	$	1,557		78.3%
20% or more for less than six months		325		7.1%		161		5.8%		24		1.5%		68		4.0%		289		14.5%
20% or more for six months or greater		296		6.4%		231		8.4%		236		15.0%		154		8.9%		143		7.2%
Total Gross Unrealized Losses	$	4,592		100.0%	$	2,768		100.0%	$	1,572		100.0%	$	1,724		100.0%	$	1,989		100.0%

Total Gross Unrealized Gains	$	21,180			$	25,295			$	29,341			$	28,596			$	32,634


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	44		37.6%	$	54		52.9%	$	17		38.6%	$	16		40.0%	$	16		23.9%
20% or more for less than six months		34		29.1%		15		14.7%		-		0.0%		-		0.0%		24		35.8%
20% or more for six months or greater		39		33.3%		33		32.4%		27		61.4%		24		60.0%		27		40.3%
Total Gross Unrealized Losses	$	117		100.0%	$	102		100.0%	$	44		100.0%	$	40		100.0%	$	67		100.0%

Total Gross Unrealized Gains	$	507			$	554			$	655			$	618			$	622

(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
		December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	106,469		30.4%	$	109,200		30.8%	$	109,393		29.8%	$	107,974		29.3%	$	105,954		29.0%
Foreign corporate securities			63,152		18.0%		64,177		18.1%		62,488		17.0%		61,877		16.8%		61,675		16.9%
U.S. Treasury and agency securities			45,123		12.9%		44,809		12.6%		54,347		14.8%		56,862		15.5%		61,516		16.8%
Foreign government securities			54,437		15.6%		54,707		15.4%		56,627		15.4%		56,396		15.3%		52,666		14.4%
Residential mortgage-backed securities			35,055		10.0%		37,203		10.5%		39,064		10.7%		40,619		11.1%		39,846		10.9%
State and political subdivision securities			13,830		4.0%		14,328		4.0%		14,698		4.0%		14,840		4.0%		15,187		4.2%
Commercial mortgage-backed securities			16,550		4.7%		15,992		4.5%		15,651		4.3%		14,649		4.0%		14,332		3.9%
Asset-backed securities			15,571		4.4%		14,653		4.1%		14,788		4.0%		14,853		4.0%		14,249		3.9%
Total Fixed Maturity Securities Available-For-Sale		$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%	$	368,070		100.0%	$	365,425		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	242,069		69.1%	$	245,669		69.2%	$	255,560		69.6%	$	257,120		69.9%	$	257,083		70.4%
2	Baa		84,114		24.0%		84,939		23.9%		86,401		23.6%		85,685		23.3%		83,408		22.8%
3	Ba		13,597		3.9%		14,263		4.0%		14,794		4.0%		15,045		4.1%		15,145		4.1%
4	B		9,378		2.7%		9,191		2.6%		9,277		2.5%		8,589		2.3%		8,385		2.3%
5	Caa and lower		955		0.3%		958		0.3%		992		0.3%		1,535		0.4%		1,340		0.4%
6	In or near default		74		0.0%		49		0.0%		32		0.0%		96		0.0%		64		0.0%
Total Fixed Maturity Securities Available-For-Sale (1)		$	350,187		100.0%	$	355,069		100.0%	$	367,056		100.0%	$	368,070		100.0%	$	365,425		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
Unaudited (In millions)		December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014

Traditional (2), (3)			$9,498				$8,773				$8,996				$9,273				$9,558
Real estate joint ventures and funds			769				718				691				691				647
Subtotal			10,267				9,491				9,687				9,964				10,205
Foreclosed			445				439				414				429				320
Total Real Estate and Real Estate Joint Ventures			$10,712				$9,930				$10,101				$10,393				$10,525
(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)	December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014

Commercial mortgage loans		$40,926				$40,398				$40,604				$40,540				$41,088
Agricultural mortgage loans		12,391				12,284				11,961				11,929				12,378
Residential mortgage loans		3,110				3,643				4,314				5,563				6,677
Mortgage loans held-for-sale		3				-				-				-				-
Total Mortgage Loans		56,430				56,325				56,879				58,032				60,143
Valuation allowances		(322)				(326)				(294)				(307)				(305)
Total Mortgage Loans, net		$56,108				$55,999				$56,585				$57,725				$59,838
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 28, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2013				March 31, 2014				June 30, 2014				September 30, 2014				December 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,961		21.9%	$	8,836		21.9%	$	9,017		22.2%	$	8,815		21.7%	$	8,620		21.0%
Middle Atlantic		7,367		18.0%		7,277		18.0%		7,232		17.8%		7,582		18.7%		7,689		18.7%
International		6,709		16.4%		6,431		15.9%		6,763		16.7%		6,636		16.4%		7,251		17.7%
South Atlantic		6,977		17.1%		6,964		17.2%		6,714		16.5%		6,705		16.5%		6,384		15.5%
West South Central		3,619		8.8%		3,613		8.9%		3,734		9.2%		3,763		9.3%		3,990		9.7%
East North Central		2,717		6.6%		2,526		6.3%		2,455		6.0%		2,589		6.4%		2,430		5.9%
New England		1,404		3.4%		1,404		3.5%		1,406		3.5%		1,197		3.0%		1,155		2.8%
Mountain		834		2.0%		936		2.3%		935		2.3%		933		2.3%		932		2.3%
East South Central		471		1.2%		395		1.0%		383		0.9%		384		0.9%		424		1.0%
West North Central		148		0.4%		146		0.4%		144		0.4%		142		0.4%		140		0.3%
Multi-Region and Other		1,719		4.2%		1,870		4.6%		1,821		4.5%		1,794		4.4%		2,073		5.1%
Total	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%	$	40,540		100.0%	$	41,088		100.0%


Office	$	20,629		50.4%	$	20,641		51.1%	$	20,692		51.0%	$	21,160		52.2%	$	21,400		52.1%
Retail		9,245		22.6%		8,969		22.2%		9,049		22.3%		9,263		22.8%		9,389		22.9%
Hotel		4,219		10.3%		4,092		10.1%		4,154		10.2%		4,317		10.6%		4,196		10.2%
Apartment		3,724		9.1%		3,738		9.3%		3,948		9.7%		3,392		8.4%		3,786		9.2%
Industrial		2,897		7.1%		2,714		6.7%		2,444		6.0%		2,178		5.4%		2,133		5.2%
Other		212		0.5%		244		0.6%		317		0.8%		230		0.6%		184		0.4%
Total	$	40,926		100.0%	$	40,398		100.0%	$	40,604		100.0%	$	40,540		100.0%	$	41,088		100.0%

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Appendix

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

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,585		$	1,592		$	1,621		$	1,855		$	1,614		$	6,383		$	6,682
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1), (2)		(178	)		(411	)		(125	)		109			230			161			(197	)
Net derivative gains (losses)		(373	)		343			311			478			185			(3,239	)		1,317
Premiums—Divested businesses		2			2			20			18			5			91			45
Universal life and investment-type product policy fees
Unearned revenue adjustments		7			3			3			8			6			7			20
GMIB fees		92			93			93			96			96			353			378
Divested businesses		1			2			2			2			1			6			7
Net investment income
Investment hedge adjustments		(168	)		(178	)		(165	)		(169	)		(192	)		(633	)		(704	)
Income from discontinued real estate operations		(2	)		(1	)		-			-			-			(9	)		(1	)
Joint venture adjustments		(1	)		-			1			1			(3	)		(2	)		(1	)
Unit-linked contract income		687			65			295			379			527			2,172			1,266
Securitization entities income		27			18			13			3			4			123			38
Divested businesses		47			46			20			3			2			187			71
Other revenues
Settlement of foreign currency earnings hedges		(13	)		(13	)		(4	)		-			(5	)		(34	)		(22	)
Divested businesses		-			-			1			-			18			-			19
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			6			-			6
Inflation and pass through adjustments		137			(89	)		(160	)		93			(104	)		265			(260	)
GMIB costs		(366	)		(117	)		(215	)		(34	)		(134	)		(1,326	)		(500	)
Market value adjustments		(15	)		(17	)		(26	)		(54	)		(85	)		(334	)		(182	)
Divested businesses		(37	)		(31	)		(20	)		(10	)		(3	)		(225	)		(64	)
Interest credited to policyholder account balances
PAB hedge adjustments		(3	)		(3	)		(4	)		(4	)		(3	)		(13	)		(14	)
Unit-linked contract costs		(672	)		(65	)		(280	)		(387	)		(534	)		(2,149	)		(1,266	)
Divested businesses		-			-			-			-			(2	)		(2	)		(2	)
Capitalization of DAC—Divested businesses		-			-			1			-			-			-			1
Amortization of DAC and VOBA
Related to NIGL and NDGL		(39	)		(1	)		(63	)		27			(4	)		196			(41	)
Related to GMIB fees and GMIB costs		95			(7	)		26			(81	)		(1	)		337			(63	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			-			-			(1	)		-			-			(1	)
Amortization of negative VOBA
Related to market value adjustments		13			12			12			11			11			55			46
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(27	)		(18	)		(13	)		(3	)		(4	)		(123	)		(38	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		10			13			11			(3	)		12			25			33
Regulatory implementation costs		(6	)		-			(2	)		-			(1	)		(18	)		(3	)
Acquisition & integration costs (2)		(48	)		(4	)		(10	)		(17	)		(24	)		(320	)		(55	)
Divested businesses		(24	)		(12	)		(11	)		(24	)		(42	)		(226	)		(89	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (2), (3)		184			120			44			(202	)		(49	)		1,683			(87	)
Income (loss) from continuing operations, net of income tax		915			1,342			1,376			2,094			1,527			3,391			6,339
Income (loss) from discontinued operations, net of income tax		1			(3	)		-			-			-			2			(3	)
Net income (loss)		916			1,339			1,376			2,094			1,527			3,393			6,336
Less: Net income (loss) attributable to noncontrolling interests		8			11			10			-			6			25			27
Net income (loss) attributable to MetLife, Inc.		908			1,328			1,366			2,094			1,521			3,368			6,309
Less: Preferred stock dividends		31			30			31			30			31			122			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	877		$	1,298		$	1,335		$	2,064		$	1,490		$	3,246		$	6,187
(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 ended December 31, 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 year ended December 31, 2013 includes net investment gains of $19 million, expenses of $154 million and a tax benefit of $119 million, related to the settlement of an acquisition tax contingency. (3) The three months and year ended December 31, 2013 include a deferred tax benefit (expense) of ($86) million and $9 million, respectively, related to the conversion of the Japan branch to a subsidiary. The year ended December 31, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan		$	101		$	63		$	11		$	62		$	-		$	129		$	136
Catastrophe experience and prior year development, net			15			-			(21	)		38			16			28			33
Actuarial assumption review and other insurance adjustments			-			-			56			16			5			(26	)		77
Litigation reserves & settlement costs			(147	)		(57	)		-			-			(117	)		(147	)		(174	)
Tax adjustments			11			-			-			(9	)		27			33			18
Total notable items		$	(20	)	$	6		$	46		$	107		$	(69	)	$	17		$	90

RETAIL
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan		$	44		$	26		$	(9	)	$	25		$	-		$	68		$	42
Catastrophe experience and prior year development, net			6			-			(20	)		23			6			(2	)		9
Actuarial assumption review and other insurance adjustments			-			-			56			19			(9	)		59			66
Litigation reserves & settlement costs			(36	)		-			-			-			-			(36	)		-
Total notable items		$	14		$	26		$	27		$	67		$	(3	)	$	89		$	117

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
	Variable investment income, as compared to plan	$	31		$	15		$	(12	)	$	17		$	-		$	49		$	20
	Catastrophe experience and prior year development, net		6			-			(20	)		23			6			(2	)		9
	Actuarial assumption review and other insurance adjustments		-			-			56			37			(9	)		(11	)		84
	Litigation reserves & settlement costs		(36	)		-			-			-			-			(36	)		-
	Total notable items	$	1		$	15		$	24		$	77		$	(3	)	$	-		$	113

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
	Variable investment income, as compared to plan	$	13		$	11		$	3		$	8		$	-		$	19		$	22
	Actuarial assumption review and other insurance adjustments		-			-			-			(18	)		-			70			(18	)
	Total notable items	$	13		$	11		$	3		$	(10	)	$	-		$	89		$	4

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan		$	7		$	1		$	(1	)	$	8		$	-		$	5		$	8
Catastrophe experience and prior year development, net			9			-			(1	)		15			10			30			24
Actuarial assumption review and other insurance adjustments			-			-			-			-			(9	)		-			(9	)
Total notable items		$	16		$	1		$	(2	)	$	23		$	1		$	35		$	23
(1) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan	$	27		$	15		$	21	$	33		$	-		$	35		$	69
Litigation reserves & settlement costs		(10	)		-			-		-			-			(10	)		-
Total notable items	$	17		$	15		$	21	$	33		$	-		$	25		$	69

LATIN AMERICA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-	$	-		$	-		$	7		$	-
Tax adjustments		-			-			-		(41	)		13			-			(28	)
Total notable items	$	-		$	-		$	-	$	(41	)	$	13		$	7		$	(28	)

ASIA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan	$	14		$	-		$	-	$	3		$	-		$	22		$	3
Actuarial assumption review and other insurance adjustments		-			-			-		(13	)		23			(70	)		10
Total notable items	$	14		$	-		$	-	$	(10	)	$	23		$	(48	)	$	13

EMEA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-	$	10		$	-		$	(22	)	$	10
Tax adjustments		11			-			-		-			14			33			14
Total notable items	$	11		$	-		$	-	$	10		$	14		$	11		$	24

CORPORATE & OTHER
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014		September 30, 2014			December 31, 2014			December 31, 2013			December 31, 2014
Variable investment income, as compared to plan	$	9		$	21		$	-	$	(7	)	$	-		$	(1	)	$	14
Litigation reserves & settlement costs		(101	)		(57	)		-		-			(117	)		(101	)		(174	)
Tax adjustments		-			-			-		32			-			-			32
Total notable items	$	(92	)	$	(36	)	$	-	$	25		$	(117	)	$	(102	)	$	(128	)

(1) Notable items represent a positive/(negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014

Total MetLife, Inc.’s stockholders’ equity	$	61,553		$	65,758		$	69,591		$	70,805		$	72,053
Less: Preferred stock		2,043			2,043			2,043			2,043			2,043
MetLife, Inc.’s common stockholders’ equity		59,510			63,715			67,548			68,762			70,010
Less: Net unrealized investment gains (losses), net of income tax		8,414			11,680			14,385			14,689			16,235
Less: Defined benefit plans adjustment, net of income tax		(1,651	)		(1,622	)		(1,588	)		(1,537	)		(2,283	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		52,747			53,657			54,751			55,610			56,058
Less: Foreign currency translation adjustments, net of income tax		(1,659	)		(1,843	)		(1,739	)		(2,160	)		(3,303	)
MetLife, Inc.’s common stockholders’ equity, excluding AOCI	$	54,406		$	55,500		$	56,490		$	57,770		$	59,361

Unaudited (In millions)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014

Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	$	52,747		$	53,657		$	54,751		$	55,610		$	56,058
Less: Goodwill, net of income tax		10,473			10,363			10,351			10,127			9,759
Less: VODA and VOCRA, net of income tax		866			827			811			780			620
Total MetLife, Inc.’s common stockholders’ tangible equity (excludes AOCI other than FCTA)	$	41,408		$	42,467		$	43,589		$	44,703		$	45,679

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

Book value per common share (1)	$	53.04		$	56.65		$	59.96		$	61.44		$	61.85
Less: Net unrealized investment gains (losses), net of income tax		7.50			10.39			12.77			13.12			14.34
Less: Defined benefit plans adjustment, net of income tax		(1.47	)		(1.44	)		(1.41	)		(1.37	)		(2.02	)
Book value per common share, excluding AOCI other than FCTA (1)		47.01			47.70			48.60			49.69			49.53
Less: Foreign currency translation adjustments, net of income tax		(1.48	)		(1.64	)		(1.54	)		(1.93	)		(2.91	)
Book value per common share, excluding AOCI (1)	$	48.49		$	49.34		$	50.14		$	51.62		$	52.44

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

Book value per common share, excluding AOCI other than FCTA (1)	$	47.01		$	47.70		$	48.60		$	49.69		$	49.53
Less: Goodwill, net of income tax		9.33			9.20			9.19			9.04			8.62
Less: VODA and VOCRA, net of income tax		0.77			0.74			0.72			0.70			0.55
Book value per common share—tangible equity (excludes AOCI other than FCTA) (1)	$	36.91		$	37.76		$	38.69		$	39.95		$	40.36

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2013			March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014			December 31, 2013		December 31, 2014

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		10.5%			10.1%			9.7%			10.7%			9.1%			10.4%		10.0%
Common stockholders’ equity, excluding AOCI other than FCTA		11.8%			11.7%			11.7%			13.2%			11.3%			12.2%		12.0%
Common stockholders’ equity, excluding AOCI		11.5%			11.4%			11.4%			12.8%			10.8%			11.9%		11.6%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		15.1%			15.0%			14.9%			16.7%			14.1%			15.6%		15.2%

Return on MetLife, Inc.’s:
Common stockholders’ equity		5.9%			8.4%			8.1%			12.1%			8.6%			5.4%		9.4%
Common stockholders’ equity, excluding AOCI other than FCTA		6.7%			9.8%			9.9%			15.0%			10.7%			6.3%		11.3%
Common stockholders’ equity, excluding AOCI		6.5%			9.4%			9.5%			14.5%			10.2%			6.2%		10.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		8.6%			12.5%			12.5%			18.8%			13.3%			8.2%		14.3%

Average common stockholders’ equity	$	59,197		$	61,613		$	65,632		$	68,155		$	69,386		$	60,234	$	65,909
Average common stockholders’ equity, excluding AOCI other than FCTA	$	52,457		$	53,202		$	54,204		$	55,181		$	55,834		$	51,190	$	54,565
Average common stockholders’ equity, excluding AOCI	$	54,095		$	54,953		$	55,995		$	57,130		$	58,566		$	52,557	$	56,705
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	41,623		$	41,938		$	43,028		$	44,146		$	45,191		$	40,502	$	43,569
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014 of $13 million, $13 million, $14 million, $13 million and $13 million, respectively, and for the years ended December 31, 2013 and 2014 of $55 million and $53 million, respectively.

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

OPERATING REVENUES
Premiums	$	832		$	825		$	838		$	855		$	861		$	3,234		$	3,379
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		39			34			33			34			35			154			136
Other revenues		4			5			4			4			6			27			19
Total operating revenues		875			864			875			893			902			3,415			3,534

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		532			574			641			527			541			2,229			2,283
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(99	)		(96	)		(105	)		(108	)		(101	)		(401	)		(410	)
Amortization of DAC and VOBA		99			100			97			102			105			385			404
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		229			223			234			230			230			879			917
Total operating expenses		761			801			867			751			775			3,092			3,194

Operating earnings before provision for income tax		114			63			8			142			127			323			340
Provision for income tax expense (benefit)		27			9			(9	)		36			32			60			68
Operating earnings		87			54			17			106			95			263			272
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	87		$	54		$	17		$	106		$	95		$	263		$	272


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	87		$	54		$	17		$	106		$	95		$	263		$	272
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			4			(1	)		2			2			5			7
Net derivative gains (losses)		1			(2	)		(1	)		1			(5	)		7			(7	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(1	)		1			(1	)		1			(4	)		-
Income (loss) from continuing operations, net of income tax		89			55			16			108			93			271			272
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		89			55			16			108			93			271			272
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		89			55			16			108			93			271			272
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	89		$	55		$	16		$	108		$	93		$	271		$	272

Total Operating Premiums, Fees and Other Revenues	$	836		$	830		$	842		$	859		$	867		$	3,261		$	3,398

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

OPERATING REVENUES
Premiums	$	450		$	444		$	448		$	454		$	454		$	1,757		$	1,800
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			19			18			18			19			86			74
Other revenues		3			3			4			3			4			16			14
Total operating revenues		475			466			470			475			477			1,859			1,888

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		275			300			364			263			269			1,212			1,196
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(67	)		(64	)		(71	)		(73	)		(67	)		(274	)		(275	)
Amortization of DAC and VOBA		68			68			67			69			70			266			274
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		124			116			125			122			120			488			483
Total operating expenses		400			420			485			381			392			1,692			1,678

Operating earnings before provision for income tax		75			46			(15	)		94			85			167			210
Provision for income tax expense (benefit)		19			9			(13	)		26			23			28			45
Operating earnings		56			37			(2	)		68			62			139			165
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	56		$	37		$	(2	)	$	68		$	62		$	139		$	165


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	56		$	37		$	(2	)	$	68		$	62		$	139		$	165
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			2			-			1			1			3			4
Net derivative gains (losses)		-			(1	)		(1	)		1			(3	)		4			(4	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			-			-			(1	)		1			(2	)		-
Income (loss) from continuing operations, net of income tax		57			38			(3	)		69			61			144			165
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		57			38			(3	)		69			61			144			165
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		57			38			(3	)		69			61			144			165
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	57		$	38		$	(3	)	$	69		$	61		$	144		$	165

Total Operating Premiums, Fees and Other Revenues	$	453		$	447		$	452		$	457		$	458		$	1,773		$	1,814
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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

OPERATING REVENUES
Premiums	$	382		$	381		$	390		$	401		$	407		$	1,477		$	1,579
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		17			15			15			16			16			68			62
Other revenues		1			2			-			1			2			11			5
Total operating revenues		400			398			405			418			425			1,556			1,646

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		257			274			277			264			272			1,017			1,087
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(32	)		(32	)		(34	)		(35	)		(34	)		(127	)		(135	)
Amortization of DAC and VOBA		31			32			30			33			35			119			130
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		105			107			109			108			110			391			434
Total operating expenses		361			381			382			370			383			1,400			1,516

Operating earnings before provision for income tax		39			17			23			48			42			156			130
Provision for income tax expense (benefit)		8			-			4			10			9			32			23
Operating earnings		31			17			19			38			33			124			107
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	31		$	17		$	19		$	38		$	33		$	124		$	107


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	31		$	17		$	19		$	38		$	33		$	124		$	107
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			2			(1	)		1			1			2			3
Net derivative gains (losses)		1			(1	)		-			-			(2	)		3			(3	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(1	)		1			-			-			(2	)		-
Income (loss) from continuing operations, net of income tax		32			17			19			39			32			127			107
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		32			17			19			39			32			127			107
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		32			17			19			39			32			127			107
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	32		$	17		$	19		$	39		$	32		$	127		$	107

Total Operating Premiums, Fees and Other Revenues	$	383		$	383		$	390		$	402		$	409		$	1,488		$	1,584
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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METLIFE INC - FORM 8-K - EX-99.2 - February 11, 2015

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