METLIFE INC - FORM 8-K - EX-99.2

Attached files

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8-K - FORM 8-K - METLIFE INC	d28934d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d28934dex991.htm
EX-99.3 - EX-99.3 - METLIFE INC	d28934dex993.htm

Exhibit 99.2

LOGO

Third Quarter

Financial Supplement

September 30, 2015

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 Statement of Operating Earnings Available to Common Shareholders			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			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
Other Expenses by Major Category and Sales on a Constant Currency Basis			25

ASIA
Statements of Operating Earnings Available to Common Shareholders			26
Other Expenses by Major Category and Sales on a Constant Currency Basis			27

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			28
Other Expenses by Major Category and Sales on a Constant Currency Basis			29

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			30

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			31
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			33
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			34
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			35

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
Return on Allocated Equity			A-5
Operating Premiums, Fees and Other Revenues and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Property & Casualty Supplemental Information:
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-7
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-8
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-9

LOGO

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 (“Operating 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 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 news release dated November 4, 2015, for the period ended September 30, 2015, which is available at www.metlife.com.

In addition, the following are return on equity and allocated 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 MetLife, Inc.’s average 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 MetLife, Inc.’s average common stockholders’ equity, excluding AOCI other than FCTA.

•

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

•

Operating return on allocated equity - operating earnings available to common shareholders divided by allocated equity.

•

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

•

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

•

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

•

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

Please see Page 11 for information on allocated equity.

LOGO


METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Operating earnings available to common shareholders	$	1,825		$	1,583		$	1,638		$	1,765		$	705
Preferred stock dividends		30			31			30			31			6
Operating earnings		1,855			1,614			1,668			1,796			711
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		109			230			286			(133	)		382
Net derivative gains (losses)		478			185			821			(912	)		485
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(146	)		(453	)		(310	)		(177	)		(206	)
Provision for income tax (expense) benefit		(202	)		(49	)		(302	)		545			(174	)
Income (loss) from continuing operations, net of income tax		2,094			1,527			2,163			1,119			1,198
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,094			1,527			2,163			1,119			1,198
Less: Net income (loss) attributable to noncontrolling interests		-			6			5			4			(5	)
Net income (loss) attributable to MetLife, Inc.		2,094			1,521			2,158			1,115			1,203
Less: Preferred stock dividends		30			31			30			31			6
Preferred stock repurchase premium		-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,064		$	1,490		$	2,128		$	1,042		$	1,197


Operating earnings available to common shareholders per common share - diluted	$	1.60		$	1.38		$	1.44		$	1.56		$	0.62
Net investment gains (losses)		0.10			0.20			0.25			(0.12	)		0.34
Net derivative gains (losses)		0.42			0.16			0.72			(0.81	)		0.43
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.13	)		(0.39	)		(0.27	)		(0.15	)		(0.18	)
Provision for income tax (expense) benefit		(0.18	)		(0.04	)		(0.27	)		0.48			(0.15	)
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		-			0.01			-			-			-
Preferred stock repurchase premium		-			-			-			0.04			-
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted	$	1.81		$	1.30		$	1.87		$	0.92		$	1.06

	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	62		$	-		$	-		$	-		$	(37	)
Catastrophe experience and prior year development, net		38			16			(16	)		-			21
Actuarial assumption review and other insurance adjustments		16			5			-			-			(92	)
Litigation reserves & settlement costs		-			(117	)		-			-			-
Tax adjustments		(9	)		27			-			61			(720	)
Total notable items (1)	$	107		$	(69	)	$	(16	)	$	61		$	(828	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	0.05		$	-		$	-		$	-		$	(0.03	)
Catastrophe experience and prior year development, net	$	0.03		$	0.01		$	(0.01	)	$	-		$	0.02
Actuarial assumption review and other insurance adjustments	$	0.01		$	-		$	-		$	-		$	(0.08	)
Litigation reserves & settlement costs	$	-		$	(0.10	)	$	-		$	-		$	-
Tax adjustments	$	(0.01	)	$	0.02		$	-		$	0.05		$	(0.64	)
Total notable items (1)	$	0.09		$	(0.06	)	$	(0.01	)	$	0.05		$	(0.73	)

	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Weighted average common shares outstanding - diluted		1,141.0			1,147.3			1,135.8			1,128.4			1,129.9
(1) 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	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Book value per common share, excluding AOCI other than FCTA (1)	$	49.69		$	49.53		$	50.45		$	50.73		$	51.11
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	39.95		$	40.36		$	41.32		$	41.73		$	42.21
Book value per common share (1)	$	61.44		$	61.85		$	64.37		$	60.27		$	61.39

	For the Three Months Ended
Unaudited	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		13.2%			11.3%			11.7%			12.5%			5.0%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		16.7%			14.1%			14.4%			15.3%			6.1%
Common stockholders’ equity		10.7%			9.1%			9.2%			10.2%			4.2%

Return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		15.0%			10.7%			15.2%			7.4%			8.4%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		18.8%			13.3%			18.7%			9.1%			10.3%
Common stockholders’ equity		12.1%			8.6%			12.0%			6.0%			7.1%

	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Common shares outstanding, beginning of period		1,126.6			1,119.1			1,131.9			1,114.3			1,116.8
Share repurchases		(8.1	)		(10.7	)		(19.9	)		(0.2	)		(2.3	)
Newly issued shares		0.6			23.5			2.3			2.7			0.3
Common shares outstanding, end of period		1,119.1			1,131.9			1,114.3			1,116.8			1,114.8

Weighted average common shares outstanding - basic		1,125.1			1,135.8			1,125.7			1,117.8			1,118.9
Dilutive effect of stock purchase contracts underlying common equity units		4.6			-			-			-			-
Dilutive effect of the exercise or issuance of stock-based awards		11.3			11.5			10.1			10.6			11.0
Weighted average common shares outstanding - diluted		1,141.0			1,147.3			1,135.8			1,128.4			1,129.9

MetLife Policyholder Trust Shares		183.6			180.5			178.3			175.0			173.2
(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 year ended December 31, 2014. (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.

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	368,070		$	365,425		$	366,275		$	351,353		$	351,578
Equity securities available-for-sale, at estimated fair value		3,689			3,631			3,713			3,677			3,399
Fair value option and trading securities, at estimated fair value (1)		17,246			16,689			16,471			16,460			15,361
Mortgage loans		58,038			60,118			62,409			64,010			63,553
Policy loans		11,756			11,618			11,606			11,575			11,549
Real estate and real estate joint ventures		10,393			10,525			10,310			10,207			9,923
Other limited partnership interests		8,214			8,085			8,074			8,099			7,901
Short-term investments, principally at estimated fair value		12,240			8,621			14,130			14,594			14,957
Other invested assets, principally at estimated fair value		17,905			21,283			23,763			20,409			23,356
Total investments		507,551			505,995			516,751			500,384			501,577
Cash and cash equivalents, principally at estimated fair value (1)		8,783			10,808			8,127			8,074			10,216
Accrued investment income		4,380			4,120			4,298			3,990			4,187
Premiums, reinsurance and other receivables		23,814			22,244			24,190			24,872			25,808
Deferred policy acquisition costs and value of business acquired		25,503			24,442			24,003			24,379			23,996
Goodwill		10,216			9,872			9,717			9,644			9,546
Other assets		8,900			7,862			7,980			7,589			7,881
Separate account assets		319,480			316,994			324,724			319,477			299,249
Total assets	$	908,627		$	902,337		$	919,790		$	898,409		$	882,460

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	189,282		$	189,586		$	191,217		$	188,928		$	190,754
Policyholder account balances		215,226			209,294			206,591			204,262			202,291
Other policy-related balances		15,026			14,422			14,586			14,393			14,521
Policyholder dividends payable		710			684			677			699			716
Policyholder dividend obligation		2,825			3,155			3,483			2,328			2,309
Payables for collateral under securities loaned and other transactions		33,776			35,326			37,312			35,532			37,991
Short-term debt		100			100			100			100			100
Long-term debt (1)		16,389			16,286			17,714			16,770			16,755
Collateral financing arrangements		4,196			4,196			4,196			4,164			4,152
Junior subordinated debt securities		3,193			3,193			3,193			3,193			3,194
Current income tax payable		293			184			243			71			21
Deferred income tax liability		11,357			11,821			13,305			10,762			11,363
Other liabilities		25,373			24,437			28,040			27,741			27,977
Separate account liabilities		319,480			316,994			324,724			319,477			299,249
Total liabilities		837,226			829,678			845,381			828,420			811,393

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		102			99			95			92			79

Equity
Preferred stock, at par value		1			1			1			-			-
Common stock, at par value		11			12			12			12			12
Additional paid-in capital		29,488			30,543			30,632			30,718			30,726
Retained earnings		30,928			32,020			33,754			34,376			35,153
Treasury stock, at cost		(615	)		(1,172	)		(2,158	)		(2,172	)		(2,279	)
Accumulated other comprehensive income (loss)		10,992			10,649			11,529			6,443			6,891
Total MetLife, Inc.’s stockholders’ equity		70,805			72,053			73,770			69,377			70,503
Noncontrolling interests		494			507			544			520			485
Total equity		71,299			72,560			74,314			69,897			70,988
Total liabilities and equity	$	908,627		$	902,337		$	919,790		$	898,409		$	882,460
(1) At September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, $331 million, $295 million, $287 million, $280 million and $218 million, respectively, of assets and $186 million, $151 million, $143 million, $134 million and $72 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 31 and 32, 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)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Operating revenues
Premiums	$	9,685		$	10,267		$	9,253		$	9,313		$	10,376
Universal life and investment-type product policy fees		2,522			2,336			2,294			2,335			2,247
Net investment income		5,193			5,111			4,982			5,185			4,849
Other revenues		518			531			503			527			495
Total operating revenues		17,918			18,245			17,032			17,360			17,967

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,854			10,287			9,447			9,503			10,780
Interest credited to policyholder account balances		1,426			1,409			1,331			1,342			1,331
Capitalization of DAC		(1,071	)		(1,034	)		(968	)		(927	)		(955	)
Amortization of DAC and VOBA		999			953			953			1,001			971
Amortization of negative VOBA		(96	)		(98	)		(90	)		(83	)		(82	)
Interest expense on debt		292			293			297			307			294
Other expenses (1)		4,003			4,321			3,800			3,882			4,126
Total operating expenses		15,407			16,131			14,770			15,025			16,465

Operating earnings before provision for income tax		2,511			2,114			2,262			2,335			1,502
Provision for income tax expense (benefit) (1)		656			500			594			539			791
Operating earnings		1,855			1,614			1,668			1,796			711
Preferred stock dividends		30			31			30			31			6
Operating earnings available to common shareholders	$	1,825		$	1,583		$	1,638		$	1,765		$	705


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,855		$	1,614		$	1,668		$	1,796		$	711
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		109			230			286			(133	)		382
Net derivative gains (losses)		478			185			821			(912	)		485
Premiums		18			5			-			(1	)		(1	)
Universal life and investment-type product policy fees		106			103			100			99			99
Net investment income		217			338			479			(238	)		(890	)
Other revenues		-			13			(8	)		(9	)		(11	)
Policyholder benefits and claims and policyholder dividends		(5	)		(320	)		(149	)		(180	)		92
Interest credited to policyholder account balances		(391	)		(539	)		(664	)		44			684
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(55	)		(5	)		(72	)		104			(160	)
Amortization of negative VOBA		11			11			10			9			8
Interest expense on debt		(3	)		(4	)		(1	)		(1	)		(8	)
Other expenses		(44	)		(55	)		(5	)		(4	)		(19	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(202	)		(49	)		(302	)		545			(174	)
Income (loss) from continuing operations, net of income tax		2,094			1,527			2,163			1,119			1,198
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,094			1,527			2,163			1,119			1,198
Less: Net income (loss) attributable to noncontrolling interests		-			6			5			4			(5	)
Net income (loss) attributable to MetLife, Inc.		2,094			1,521			2,158			1,115			1,203
Less: Preferred stock dividends		30			31			30			31			6
Preferred stock repurchase premium		-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,064		$	1,490		$	2,128		$	1,042		$	1,197

Total Operating Premiums, Fees and Other Revenues	$	12,725		$	13,134		$	12,050		$	12,175		$	13,118
(1) The three months ended September 30, 2015 includes a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other expenses. See notable items on pages A-2 and A-3.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended September 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	10,376		$	8,121		$	1,736		$	501		$	18
Universal life and investment-type product policy fees		2,247			1,733			382			106			26
Net investment income		4,849			4,085			670			82			12
Other revenues		495			435			26			11			23
Total operating revenues		17,967			14,374			2,814			700			79

Operating expenses
Policyholder benefits and claims and policyholder dividends		10,780			9,196			1,331			233			20
Interest credited to policyholder account balances		1,331			972			327			27			5
Capitalization of DAC		(955	)		(413	)		(435	)		(107	)		-
Amortization of DAC and VOBA		971			535			309			127			-
Amortization of negative VOBA		(82	)		-			(77	)		(5	)		-
Interest expense on debt		294			-			-			-			294
Other expenses (1)		4,126			2,386			896			352			492
Total operating expenses		16,465			12,676			2,351			627			811

Operating earnings before provision for income tax		1,502			1,698			463			73			(732	)
Provision for income tax expense (benefit) (1)		791			435			125			7			224
Operating earnings		711			1,263			338			66			(956	)
Preferred stock dividends		6			-			-			-			6
Operating earnings available to common shareholders	$	705		$	1,263		$	338		$	66		$	(962	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	711		$	1,263		$	338		$	66		$	(956	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		382			229			325			14			(186	)
Net derivative gains (losses)		485			(4	)		107			7			375
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		99			99			2			(2	)		-
Net investment income		(890	)		(187	)		(194	)		(513	)		4
Other revenues		(11	)		-			(11	)		-			-
Policyholder benefits and claims and policyholder dividends		92			102			(10	)		-			-
Interest credited to policyholder account balances		684			(2	)		187			499			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(160	)		(160	)		(2	)		2			-
Amortization of negative VOBA		8			-			8			-			-
Interest expense on debt		(8	)		-			-			-			(8	)
Other expenses		(19	)		3			(1	)		-			(21	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(174	)		(40	)		(94	)		12			(52	)
Income (loss) from continuing operations, net of income tax		1,198			1,302			655			85			(844	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,198			1,302			655			85			(844	)
Less: Net income (loss) attributable to noncontrolling interests		(5	)		4			(3	)		3			(9	)
Net income (loss) attributable to MetLife, Inc.		1,203			1,298			658			82			(835	)
Less: Preferred stock dividends		6			-			-			-			6
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,197		$	1,298		$	658		$	82		$	(841	)

Total Operating Premiums, Fees and Other Revenues	$	13,118		$	10,289		$	2,144		$	618		$	67
(1) Consolidated and Corporate & Other results include a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other expenses. See notable items on pages A-2 and A-3.

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

Operating revenues
Premiums	$	9,685		$	7,142		$	1,939		$	581		$	23
Universal life and investment-type product policy fees		2,522			1,879			487			127			29
Net investment income		5,193			4,221			738			109			125
Other revenues		518			456			27			22			13
Total operating revenues		17,918			13,698			3,191			839			190

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,854			8,052			1,535			252			15
Interest credited to policyholder account balances		1,426			981			394			43			8
Capitalization of DAC		(1,071	)		(399	)		(507	)		(165	)		-
Amortization of DAC and VOBA		999			480			367			152			-
Amortization of negative VOBA		(96	)		-			(89	)		(7	)		-
Interest expense on debt		292			1			-			-			291
Other expenses		4,003			2,380			1,027			463			133
Total operating expenses		15,407			11,495			2,727			738			447

Operating earnings before provision for income tax		2,511			2,203			464			101			(257	)
Provision for income tax expense (benefit)		656			660			154			23			(181	)
Operating earnings		1,855			1,543			310			78			(76	)
Preferred stock dividends		30			-			-			-			30
Operating earnings available to common shareholders	$	1,825		$	1,543		$	310		$	78		$	(106	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,855		$	1,543		$	310		$	78		$	(76	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		109			176			136			(9	)		(194	)
Net derivative gains (losses)		478			356			(80	)		16			186
Premiums		18			(1	)		-			19			-
Universal life and investment-type product policy fees		106			98			7			1			-
Net investment income		217			(151	)		145			219			4
Other revenues		-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(5	)		54			(51	)		(8	)		-
Interest credited to policyholder account balances		(391	)		(27	)		(151	)		(213	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(55	)		(53	)		1			(3	)		-
Amortization of negative VOBA		11			-			11			-			-
Interest expense on debt		(3	)		-			-			-			(3	)
Other expenses		(44	)		(5	)		6			(14	)		(31	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(202	)		(175	)		4			(9	)		(22	)
Income (loss) from continuing operations, net of income tax		2,094			1,815			338			77			(136	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,094			1,815			338			77			(136	)
Less: Net income (loss) attributable to noncontrolling interests		-			2			5			1			(8	)
Net income (loss) attributable to MetLife, Inc.		2,094			1,813			333			76			(128	)
Less: Preferred stock dividends		30			-			-			-			30
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,064		$	1,813		$	333		$	76		$	(158	)

Total Operating Premiums, Fees and Other Revenues	$	12,725		$	9,477		$	2,453		$	730		$	65

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended September 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	28,942		$	22,057		$	5,297		$	1,534		$	54
Universal life and investment-type product policy fees		6,876			5,300			1,179			322			75
Net investment income		15,016			12,484			2,033			249			250
Other revenues		1,525			1,341			82			40			62
Total operating revenues		52,359			41,182			8,591			2,145			441

Operating expenses
Policyholder benefits and claims and policyholder dividends		29,730			24,907			4,046			737			40
Interest credited to policyholder account balances		4,004			2,902			992			91			19
Capitalization of DAC		(2,850	)		(1,210	)		(1,268	)		(372	)		-
Amortization of DAC and VOBA		2,925			1,565			971			388			1
Amortization of negative VOBA		(255	)		(1	)		(241	)		(13	)		-
Interest expense on debt		898			1			-			-			897
Other expenses (1)		11,808			7,225			2,669			1,103			811
Total operating expenses		46,260			35,389			7,169			1,934			1,768

Operating earnings before provision for income tax		6,099			5,793			1,422			211			(1,327	)
Provision for income tax expense (benefit) (1)		1,924			1,706			332			25			(139	)
Operating earnings		4,175			4,087			1,090			186			(1,188	)
Preferred stock dividends		67			-			-			-			67
Operating earnings available to common shareholders	$	4,108		$	4,087		$	1,090		$	186		$	(1,255	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,175		$	4,087		$	1,090		$	186		$	(1,188	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		535			489			450			22			(426	)
Net derivative gains (losses)		394			65			134			21			174
Premiums		(2	)		(2	)		-			-			-
Universal life and investment-type product policy fees		298			290			12			(4	)		-
Net investment income		(649	)		(538	)		108			(231	)		12
Other revenues		(28	)		-			(28	)		-			-
Policyholder benefits and claims and policyholder dividends		(237	)		(134	)		(103	)		-			-
Interest credited to policyholder account balances		64			(40	)		(119	)		223			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(128	)		(123	)		(9	)		4			-
Amortization of negative VOBA		27			-			27			-			-
Interest expense on debt		(10	)		-			-			-			(10	)
Other expenses		(28	)		9			(1	)		1			(37	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		69			(24	)		7			(7	)		93
Income (loss) from continuing operations, net of income tax		4,480			4,079			1,568			215			(1,382	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		4,480			4,079			1,568			215			(1,382	)
Less: Net income (loss) attributable to noncontrolling interests		4			10			(2	)		4			(8	)
Net income (loss) attributable to MetLife, Inc.		4,476			4,069			1,570			211			(1,374	)
Less: Preferred stock dividends		67			-			-			-			67
Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	4,367		$	4,069		$	1,570		$	211		$	(1,483	)

Total Operating Premiums, Fees and Other Revenues	$	37,343		$	28,698		$	6,558		$	1,896		$	191
(1) Consolidated and Corporate & Other results include a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other expenses. See notable items on pages A-2 and A-3.

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

Operating revenues
Premiums	$	28,755		$	21,186		$	5,742		$	1,762		$	65
Universal life and investment-type product policy fees		7,205			5,480			1,276			353			96
Net investment income		15,373			12,476			2,162			328			407
Other revenues		1,502			1,336			78			49			39
Total operating revenues		52,835			40,478			9,258			2,492			607

Operating expenses
Policyholder benefits and claims and policyholder dividends		29,191			23,993			4,357			784			57
Interest credited to policyholder account balances		4,252			2,939			1,175			112			26
Capitalization of DAC		(3,148	)		(1,179	)		(1,458	)		(511	)		-
Amortization of DAC and VOBA		3,074			1,531			1,067			476			-
Amortization of negative VOBA		(298	)		(1	)		(275	)		(22	)		-
Interest expense on debt		885			5			-			-			880
Other expenses		11,933			7,085			2,995			1,383			470
Total operating expenses		45,889			34,373			7,861			2,222			1,433

Operating earnings before provision for income tax		6,946			6,105			1,397			270			(826	)
Provision for income tax expense (benefit)		1,878			1,853			430			49			(454	)
Operating earnings		5,068			4,252			967			221			(372	)
Preferred stock dividends		91			-			-			-			91
Operating earnings available to common shareholders	$	4,977		$	4,252		$	967		$	221		$	(463	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5,068		$	4,252		$	967		$	221		$	(372	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(427	)		(530	)		375			(16	)		(256	)
Net derivative gains (losses)		1,132			1,071			(122	)		103			80
Premiums		40			-			-			40			-
Universal life and investment-type product policy fees		302			286			8			8			-
Net investment income		331			(390	)		112			579			30
Other revenues		(16	)		1			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(680	)		(567	)		(95	)		(18	)		-
Interest credited to policyholder account balances		(743	)		(76	)		(114	)		(553	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(100	)		(95	)		5			(10	)		-
Amortization of negative VOBA		35			-			35			-			-
Interest expense on debt		(34	)		-			-			-			(34	)
Other expenses		(59	)		(3	)		16			(16	)		(56	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(38	)		56			(64	)		(60	)		30
Income (loss) from continuing operations, net of income tax		4,812			4,005			1,106			279			(578	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		4,809			4,002			1,106			279			(578	)
Less: Net income (loss) attributable to noncontrolling interests		21			11			15			2			(7	)
Net income (loss) attributable to MetLife, Inc.		4,788			3,991			1,091			277			(571	)
Less: Preferred stock dividends		91			-			-			-			91
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	4,697		$	3,991		$	1,091		$	277		$	(662	)

Total Operating Premiums, Fees and Other Revenues	$	37,462		$	28,002		$	7,096		$	2,164		$	200
(1) Consolidated and Americas results include a pre-tax net investment loss of $633 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

AMERICAS
RETAIL
Life & Other	$	365		$	333		$	203		$	278		$	183
Annuities		420			385			450			412			340
RETAIL		785			718			653			690			523
GROUP, VOLUNTARY & WORKSITE BENEFITS		241			238			228			231			238
CORPORATE BENEFIT FUNDING		395			360			369			406			326
LATIN AMERICA		122			152			131			116			176
AMERICAS		1,543			1,468			1,381			1,443			1,263
ASIA		310			340			327			425			338
EMEA		78			64			70			50			66
CORPORATE & OTHER		(106	)		(289	)		(140	)		(153	)		(962	)
METLIFE TOTAL	$	1,825		$	1,583		$	1,638		$	1,765		$	705

OPERATING RETURN ON ALLOCATED EQUITY (2), (3):
	For the Three Months Ended
Unaudited	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

AMERICAS
RETAIL
Life & Other		16.6%			15.1%			9.0%			12.3%			8.1%
Annuities		14.2%			13.0%			14.4%			13.2%			10.9%
GROUP, VOLUNTARY & WORKSITE BENEFITS		16.7%			16.5%			14.2%			14.4%			14.8%
CORPORATE BENEFIT FUNDING		21.5%			19.6%			19.1%			21.0%			16.9%
LATIN AMERICA		13.5%			16.8%			15.1%			13.3%			20.2%
AMERICAS		16.5%			15.7%			14.1%			14.8%			12.9%
ASIA		10.6%			11.6%			11.4%			14.8%			11.7%
EMEA		9.0%			7.4%			8.4%			6.0%			7.9%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2), (3):
	For the Three Months Ended
Unaudited	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

AMERICAS		18.8%			17.9%			15.9%			16.6%			14.6%
ASIA		18.3%			20.1%			19.6%			25.4%			20.2%
EMEA		17.2%			14.2%			15.4%			11.2%			14.6%
(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 26, (vi) EMEA, Page 28, and (vii) Corporate & Other, Page 30. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 6. (2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and allocated tangible equity for the periods presented. (3) Allocated equity is defined as the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI, other than FCTA.

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AMERICAS RETAIL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	1,869		$	1,875		$	1,749		$	1,747		$	1,806		$	5,405		$	5,302
Universal life and investment-type product policy fees		1,311			1,260			1,236			1,252			1,229			3,814			3,717
Net investment income		1,965			1,981			1,980			2,003			1,930			5,906			5,913
Other revenues		275			274			251			263			241			785			755
Total operating revenues		5,420			5,390			5,216			5,265			5,206			15,910			15,687

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,555			2,451			2,449			2,373			2,607			7,400			7,429
Interest credited to policyholder account balances		567			562			542			551			550			1,683			1,643
Capitalization of DAC		(239	)		(247	)		(247	)		(257	)		(266	)		(722	)		(770	)
Amortization of DAC and VOBA		335			373			375			400			432			1,142			1,207
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		2			(1	)		-			(1	)		(1	)		(2	)
Other expenses		1,163			1,225			1,176			1,220			1,197			3,486			3,593
Total operating expenses		4,380			4,366			4,294			4,287			4,519			12,988			13,100

Operating earnings before provision for income tax		1,040			1,024			922			978			687			2,922			2,587
Provision for income tax expense (benefit)		255			306			269			288			164			824			721
Operating earnings		785			718			653			690			523			2,098			1,866
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	785		$	718		$	653		$	690		$	523		$	2,098		$	1,866


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	785		$	718		$	653		$	690		$	523		$	2,098		$	1,866
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			(32	)		68			9			70			25			147
Net derivative gains (losses)		283			(15	)		313			(95	)		(282	)		579			(64	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		96			96			94			94			97			281			285
Net investment income		(109	)		(117	)		(128	)		(105	)		(108	)		(340	)		(341	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(34	)		(129	)		(96	)		(160	)		136			(367	)		(120	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(53	)		-			(62	)		99			(160	)		(95	)		(123	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(68	)		71			(66	)		55			86			(29	)		75
Income (loss) from continuing operations, net of income tax		909			592			776			587			362			2,152			1,725
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		909			592			776			587			362			2,150			1,725
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		909			592			776			587			362			2,150			1,725
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	909		$	592		$	776		$	587		$	362		$	2,150		$	1,725

Total Operating Premiums, Fees and Other Revenues	$	3,455		$	3,409		$	3,236		$	3,262		$	3,276		$	10,004		$	9,774

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	1,521		$	1,627		$	1,494		$	1,522		$	1,521		$	4,515		$	4,537
Universal life and investment-type product policy fees		434			402			392			384			395			1,228			1,171
Net investment income		1,247			1,263			1,245			1,275			1,225			3,718			3,745
Other revenues		165			166			144			153			139			456			436
Total operating revenues		3,367			3,458			3,275			3,334			3,280			9,917			9,889

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,974			2,055			2,070			2,016			2,081			5,997			6,167
Interest credited to policyholder account balances		230			229			227			230			234			675			691
Capitalization of DAC		(158	)		(163	)		(158	)		(159	)		(165	)		(471	)		(482	)
Amortization of DAC and VOBA		164			193			210			205			237			561			652
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		1			(1	)		(1	)		(1	)		(2	)		(3	)
Other expenses		621			648			632			634			626			1,854			1,892
Total operating expenses		2,830			2,963			2,980			2,925			3,012			8,614			8,917

Operating earnings before provision for income tax		537			495			295			409			268			1,303			972
Provision for income tax expense (benefit)		172			162			92			131			85			417			308
Operating earnings		365			333			203			278			183			886			664
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	365		$	333		$	203		$	278		$	183		$	886		$	664


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	365		$	333		$	203		$	278		$	183		$	886		$	664
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(9	)		(35	)		1			19			42			(22	)		62
Net derivative gains (losses)		98			119			186			(110	)		145			173			221
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			(1	)		1			(1	)		-
Net investment income		(56	)		(57	)		(60	)		(59	)		(58	)		(165	)		(177	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			6			17			(10	)		(13	)		-			(6	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		68			(19	)		(19	)		24			(68	)		41			(63	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(36	)		(2	)		(44	)		48			(17	)		(9	)		(13	)
Income (loss) from continuing operations, net of income tax		430			345			284			189			215			903			688
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		430			345			284			189			215			901			688
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		430			345			284			189			215			901			688
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	430		$	345		$	284		$	189		$	215		$	901		$	688

Total Operating Premiums, Fees and Other Revenues	$	2,120		$	2,195		$	2,030		$	2,059		$	2,055		$	6,199		$	6,144

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	348		$	248		$	255		$	225		$	285		$	890		$	765
Universal life and investment-type product policy fees		877			858			844			868			834			2,586			2,546
Net investment income		718			718			735			728			705			2,188			2,168
Other revenues		110			108			107			110			102			329			319
Total operating revenues		2,053			1,932			1,941			1,931			1,926			5,993			5,798

Operating expenses
Policyholder benefits and claims and policyholder dividends		581			396			379			357			526			1,403			1,262
Interest credited to policyholder account balances		337			333			315			321			316			1,008			952
Capitalization of DAC		(81	)		(84	)		(89	)		(98	)		(101	)		(251	)		(288	)
Amortization of DAC and VOBA		171			180			165			195			195			581			555
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			1			-			1			1
Other expenses		542			577			544			586			571			1,632			1,701
Total operating expenses		1,550			1,403			1,314			1,362			1,507			4,374			4,183

Operating earnings before provision for income tax		503			529			627			569			419			1,619			1,615
Provision for income tax expense (benefit)		83			144			177			157			79			407			413
Operating earnings		420			385			450			412			340			1,212			1,202
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	420		$	385		$	450		$	412		$	340		$	1,212		$	1,202


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	420		$	385		$	450		$	412		$	340		$	1,212		$	1,202
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		18			3			67			(10	)		28			47			85
Net derivative gains (losses)		185			(134	)		127			15			(427	)		406			(285	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		96			96			94			95			96			282			285
Net investment income		(53	)		(60	)		(68	)		(46	)		(50	)		(175	)		(164	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(34	)		(135	)		(113	)		(150	)		149			(367	)		(114	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(121	)		19			(43	)		75			(92	)		(136	)		(60	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(32	)		73			(22	)		7			103			(20	)		88
Income (loss) from continuing operations, net of income tax		479			247			492			398			147			1,249			1,037
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		479			247			492			398			147			1,249			1,037
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		479			247			492			398			147			1,249			1,037
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	479		$	247		$	492		$	398		$	147		$	1,249		$	1,037

Total Operating Premiums, Fees and Other Revenues	$	1,335		$	1,214		$	1,206		$	1,203		$	1,221		$	3,805		$	3,630

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AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	85,870		$	86,162		$	86,756		$	87,073		$	87,302

Premiums and deposits (2), (3)		1,929			1,958			2,005			1,983			1,959
Surrenders and withdrawals		(774	)		(730	)		(727	)		(758	)		(756	)
Benefit payments		(749	)		(637	)		(905	)		(764	)		(800	)

Net Flows		406			591			373			461			403

Net transfers from (to) separate account		25			23			27			19			26
Interest		836			835			839			852			858
Policy charges		(478	)		(484	)		(487	)		(489	)		(494	)
Other		(497	)		(371	)		(435	)		(614	)		(374	)

Balance, end of period	$	86,162		$	86,756		$	87,073		$	87,302		$	87,721

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	46,809		$	47,529		$	47,601		$	47,780		$	47,460
Premiums and deposits (2), (3)		952			850			805			909			1,123
Surrenders and withdrawals		(894	)		(1,520	)		(946	)		(851	)		(766	)
Benefit payments		(415	)		(406	)		(428	)		(425	)		(448	)

Net Flows		(357	)		(1,076	)		(569	)		(367	)		(91	)
Net transfers from (to) separate account		34			2			9			51			224
Interest		402			399			383			391			386
Policy charges		(13	)		(10	)		(13	)		(14	)		(12	)
Other		654			757			369			(381	)		2,170

Balance, end of period	$	47,529		$	47,601		$	47,780		$	47,460		$	50,137

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	10,198		$	9,949		$	10,173		$	10,354		$	10,258
Premiums and deposits (3)		162			158			160			160			153
Surrenders and withdrawals		(119	)		(99	)		(109	)		(112	)		(108	)
Benefit payments		(15	)		(11	)		(12	)		(17	)		(45	)

Net Flows		28			48			39			31			-
Investment performance		(119	)		334			301			27			(668	)
Net transfers from (to) general account		(25	)		(23	)		(27	)		(19	)		(26	)
Policy charges		(132	)		(130	)		(132	)		(132	)		(130	)
Other		(1	)		(5	)		-			(3	)		-

Balance, end of period	$	9,949		$	10,173		$	10,354		$	10,258		$	9,434

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	166,093		$	160,995		$	161,553		$	163,288		$	159,999

Premiums and deposits (3)		1,290			1,370			1,384			1,626			1,503
Surrenders and withdrawals		(2,829	)		(3,000	)		(2,770	)		(2,934	)		(2,617	)
Benefit payments		(321	)		(330	)		(347	)		(335	)		(341	)

Net Flows		(1,860	)		(1,960	)		(1,733	)		(1,643	)		(1,455	)
Investment performance		(2,261	)		3,431			4,348			(663	)		(9,408	)
Net transfers from (to) general account		(34	)		(2	)		(9	)		(51	)		(224	)
Policy charges		(943	)		(910	)		(870	)		(933	)		(927	)
Other		-			(1	)		(1	)		1			1

Balance, end of period	$	160,995		$	161,553		$	163,288		$	159,999		$	147,986
(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)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	417	$	476	$	452	$	465	$	462
Pension and post-retirement benefit costs		62		50		45		50		49
Premium taxes, other taxes, and licenses & fees		53		51		42		54		47
Total fixed operating expenses	$	532	$	577	$	539	$	569	$	558

Commissions and other variable expenses		631		648		637		651		639

Total other expenses	$	1,163	$	1,225	$	1,176	$	1,220	$	1,197

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Life Sales (1)
Term Life	$	14	$	21	$	22	$	24	$	24
Whole Life		30		37		38		38		39
Variable Life		7		9		8		7		6
Universal Life		10		11		11		14		14
Total life sales	$	61	$	78	$	79	$	83	$	83

Annuity Sales (2)
Fixed and indexed annuity sales	$	505	$	464	$	430	$	511	$	667
Variable annuity sales		1,533		1,606		1,608		1,865		1,769
Total annuity sales	$	2,038	$	2,070	$	2,038	$	2,376	$	2,436

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,248	$	1,323	$	1,346	$	1,570	$	1,427
General Accounts
Fixed and indexed annuity		505		464		430		511		667
Variable annuity		285		283		262		295		342
Total general accounts		790		747		692		806		1,009
Total annuity premiums and deposits	$	2,038	$	2,070	$	2,038	$	2,376	$	2,436
(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. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. (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	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Investment income yield excluding variable investment income		6.06%		6.13%		6.01%		6.29%		6.13%
Variable investment income yield		0.51%		0.38%		0.32%		0.39%		0.18%
Total investment income yield		6.57%		6.51%		6.33%		6.68%		6.31%
Average crediting rate		4.51%		4.50%		4.53%		4.53%		4.52%
Annualized general account spread		2.06%		2.01%		1.80%		2.15%		1.79%

Annualized general account spread excluding variable investment income yield		1.55%		1.63%		1.48%		1.76%		1.61%

ANNUITIES (2)
	For the Three Months Ended
Unaudited	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Investment income yield excluding variable investment income		5.64%		5.64%		5.72%		5.48%		5.38%
Variable investment income yield		0.31%		0.22%		0.22%		0.37%		0.19%
Total investment income yield		5.95%		5.86%		5.94%		5.85%		5.57%
Average crediting rate		3.53%		3.52%		3.48%		3.51%		3.41%
Annualized general account spread		2.42%		2.34%		2.46%		2.34%		2.16%

Annualized general account spread excluding variable investment income yield		2.11%		2.12%		2.24%		1.97%		1.97%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Life (3)
Operating premiums, fees and other revenues	$	1,427	$	1,499	$	1,370	$	1,386	$	1,396
Interest adjusted benefit ratio		51.7%		53.9%		59.3%		53.0%		57.4%

Lapse Ratio (4)
Traditional life		5.9%		5.9%		5.8%		5.6%		5.4%
Variable & universal life		4.0%		3.8%		3.8%		3.6%		3.6%
Fixed annuity		10.1%		10.6%		9.8%		9.9%		9.8%
Variable annuity		6.7%		6.9%		7.0%		7.0%		7.0%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	457	$	458	$	445	$	448	$	448
Combined ratio including catastrophes		83.6%		85.8%		89.3%		100.1%		90.9%
Combined ratio excluding catastrophes		79.3%		81.5%		79.4%		80.2%		84.0%

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

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	4,010		$	3,929		$	4,117		$	4,104		$	4,092		$	12,050		$	12,313
Universal life and investment-type product policy fees		180			178			188			183			188			538			559
Net investment income		475			465			478			481			485			1,396			1,444
Other revenues		103			106			113			114			113			314			340
Total operating revenues		4,768			4,678			4,896			4,882			4,878			14,298			14,656

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,729			3,598			3,835			3,805			3,805			11,299			11,445
Interest credited to policyholder account balances		38			39			37			38			39			117			114
Capitalization of DAC		(37	)		(36	)		(36	)		(36	)		(41	)		(107	)		(113	)
Amortization of DAC and VOBA		38			40			41			39			40			109			120
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			-			-			-
Other expenses		634			671			664			681			666			1,900			2,011
Total operating expenses		4,402			4,313			4,541			4,527			4,509			13,318			13,577

Operating earnings before provision for income tax		366			365			355			355			369			980			1,079
Provision for income tax expense (benefit)		125			127			127			124			131			340			382
Operating earnings		241			238			228			231			238			640			697
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	241		$	238		$	228		$	231		$	238		$	640		$	697


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	241		$	238		$	228		$	231		$	238		$	640		$	697
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(9	)		(29	)		3			8			11			(10	)		22
Net derivative gains (losses)		106			232			205			(264	)		259			293			200
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(41	)		(45	)		(42	)		(41	)		(42	)		(122	)		(125	)
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		(19	)		(55	)		(58	)		104			(80	)		(56	)		(34	)
Income (loss) from continuing operations, net of income tax		278			341			336			38			386			745			760
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		278			341			336			38			386			745			760
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		278			341			336			38			386			745			760
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	278		$	341		$	336		$	38		$	386		$	745		$	760

Total Operating Premiums, Fees and Other Revenues	$	4,293		$	4,213		$	4,418		$	4,401		$	4,393		$	12,902		$	13,212

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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)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	26,657		$	26,772		$	26,938		$	27,293		$	27,348
Premiums and deposits		4,845			4,548			4,553			4,572			4,510
Surrenders and withdrawals		(1,101	)		(904	)		(624	)		(689	)		(673	)
Benefit payments		(3,392	)		(3,210	)		(3,378	)		(3,450	)		(3,393	)

Net Flows		352			434			551			433			444
Net transfers from (to) separate account		-			-			-			-			-
Interest		227			227			224			229			233
Policy charges		(136	)		(134	)		(139	)		(140	)		(138	)
Other		(328	)		(361	)		(281	)		(467	)		(346	)

Balance, end of period	$	26,772		$	26,938		$	27,293		$	27,348		$	27,541

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	667		$	656		$	669		$	677		$	674
Premiums and deposits		53			52			57			54			55
Surrenders and withdrawals		(11	)		(11	)		(19	)		(11	)		(16	)
Benefit payments		(1	)		(1	)		-			(1	)		(1	)

Net Flows		41			40			38			42			38
Investment performance		(5	)		17			18			4			(48	)
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(45	)		(44	)		(46	)		(46	)		(47	)
Other		(2	)		-			(2	)		(3	)		(3	)

Balance, end of period	$	656		$	669		$	677		$	674		$	614
(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)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	378	$	406	$	384	$	391	$	383
Pension and post-retirement benefit costs		26		22		18		20		20
Premium taxes, other taxes, and licenses & fees		77		80		81		88		81
Total fixed operating expenses	$	481	$	508	$	483	$	499	$	484

Commissions and other variable expenses		153		163		181		182		182

Total other expenses	$	634	$	671	$	664	$	681	$	666

SPREAD (1)
	For the Three Months Ended
Unaudited	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Investment income yield excluding variable investment income		5.63%		5.62%		5.61%		5.57%		5.47%
Variable investment income yield		0.51%		0.25%		0.31%		0.35%		0.52%
Total investment income yield		6.14%		5.87%		5.92%		5.92%		5.99%
Average crediting rate		3.37%		3.40%		3.41%		3.36%		3.35%
Annualized general account spread		2.77%		2.47%		2.51%		2.56%		2.64%

Annualized general account spread excluding variable investment income yield		2.26%		2.22%		2.20%		2.21%		2.12%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Group Life (2)
Operating premiums, fees and other revenues	$	1,464	$	1,461	$	1,583	$	1,531	$	1,521
Mortality ratio		87.8%		86.7%		90.7%		86.1%		86.1%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,608	$	1,630	$	1,708	$	1,656	$	1,662
Interest adjusted loss ratio (4)		80.5%		78.5%		77.0%		80.5%		80.7%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	382	$	388	$	383	$	390	$	398
Combined ratio including catastrophes		91.0%		92.3%		101.2%		96.0%		97.7%
Combined ratio excluding catastrophes		86.2%		90.8%		89.7%		85.5%		92.7%

(1) Excludes group property & casualty. (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (3) Includes dental, disability, long-term care (“LTC”), critical illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability. (5) Excludes the portion of group property & casualty reported in the Latin America segment.

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AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	451		$	1,330		$	418		$	319		$	1,555		$	1,438		$	2,292
Universal life and investment-type product policy fees		60			54			54			59			55			172			168
Net investment income		1,464			1,425			1,430			1,526			1,391			4,259			4,347
Other revenues		71			72			71			77			70			214			218
Total operating revenues		2,046			2,881			1,973			1,981			3,071			6,083			7,025

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,033			1,912			991			933			2,154			3,194			4,078
Interest credited to policyholder account balances		279			296			293			294			295			844			882
Capitalization of DAC		(11	)		(1	)		(6	)		(4	)		(1	)		(30	)		(11	)
Amortization of DAC and VOBA		5			4			5			6			6			15			17
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			3			1			1			1			6			3
Other expenses		133			115			124			130			113			377			367
Total operating expenses		1,441			2,329			1,408			1,360			2,568			4,406			5,336

Operating earnings before provision for income tax		605			552			565			621			503			1,677			1,689
Provision for income tax expense (benefit)		210			192			196			215			177			579			588
Operating earnings		395			360			369			406			326			1,098			1,101
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	395		$	360		$	369		$	406		$	326		$	1,098		$	1,101


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	395		$	360		$	369		$	406		$	326		$	1,098		$	1,101
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		180			124			205			(31	)		139			(556	)		313
Net derivative gains (losses)		28			96			80			(134	)		127			256			73
Premiums		-			-			-			-			-			2			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(15	)		(22	)		(27	)		(24	)		(25	)		36			(76	)
Other revenues		-			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		(5	)		(31	)		(10	)		39			(11	)		(66	)		18
Interest credited to policyholder account balances		(4	)		(3	)		(2	)		(2	)		(1	)		(11	)		(5	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(7	)		(1	)		-			-			-			(17	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(63	)		(57	)		(86	)		53			(79	)		109			(112	)
Income (loss) from continuing operations, net of income tax		509			466			529			307			476			852			1,312
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(1	)		-
Net income (loss)		509			466			529			307			476			851			1,312
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		509			466			529			307			476			851			1,312
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	509		$	466		$	529		$	307		$	476		$	851		$	1,312

Total Operating Premiums, Fees and Other Revenues	$	582		$	1,456		$	543		$	455		$	1,680		$	1,824		$	2,678
(1) The year-to-date period ended September 30, 2014 includes a pre-tax net investment loss of $633 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	111,317		$	113,467		$	115,295		$	116,067		$	112,858
Premiums and deposits		18,194			16,797			17,434			16,963			21,217
Surrenders and withdrawals		(15,013	)		(15,761	)		(16,497	)		(18,124	)		(21,937	)
Benefit payments		(915	)		(878	)		(915	)		(951	)		(972	)

Net Flows		2,266			158			22			(2,112	)		(1,692	)
Net transfers from (to) separate account		10			(14	)		(8	)		(11	)		(25	)
Interest		946			956			952			951			955
Policy charges		(39	)		(17	)		(30	)		(34	)		(32	)
Other		(1,033	)		745			(164	)		(2,003	)		(1,160	)

Balance, end of period	$	113,467		$	115,295		$	116,067		$	112,858		$	110,904

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Balance, beginning of period	$	81,721		$	81,967		$	81,150		$	86,091		$	85,253
Premiums and deposits		1,041			233			1,731			1,074			1,239
Surrenders and withdrawals		(1,935	)		(1,174	)		(1,527	)		(1,496	)		(1,458	)
Benefit payments		(18	)		(14	)		(13	)		(20	)		(13	)

Net Flows		(912	)		(955	)		191			(442	)		(232	)
Investment performance		25			1,456			1,326			(1,036	)		(67	)
Net transfers from (to) general account		(10	)		14			8			11			25
Policy charges		(81	)		(79	)		(81	)		(86	)		(83	)
Other		1,224			(1,253	)		3,497			715			(2,288	)

Balance, end of period	$	81,967		$	81,150		$	86,091		$	85,253		$	82,608

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	71	$	77		$	77	$	78	$	69
Pension and post-retirement benefit costs		8		6			6		7		7
Premium taxes, other taxes, and licenses & fees		4		(2	)		2		6		2
Total fixed operating expenses	$	83	$	81		$	85	$	91	$	78

Commissions and other variable expenses		50		34			39		39		35

Total other expenses	$	133	$	115		$	124	$	130	$	113

SPREAD
	For the Three Months Ended
Unaudited	September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015		September 30, 2015

Investment income yield excluding variable investment income		4.81%		4.67%			4.60%		4.81%		4.50%
Variable investment income yield		0.49%		0.32%			0.34%		0.50%		0.32%
Total investment income yield		5.30%		4.99%			4.94%		5.31%		4.82%
Average crediting rate		3.35%		3.34%			3.28%		3.27%		3.33%
Annualized general account spread		1.95%		1.65%			1.66%		2.04%		1.49%

Annualized general account spread excluding variable investment income yield		1.46%		1.33%			1.32%		1.54%		1.17%

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AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	812		$	746		$	699		$	783		$	668		$	2,293		$	2,150
Universal life and investment-type product policy fees		328			283			294			301			261			956			856
Net investment income		317			314			218			283			279			915			780
Other revenues		7			12			10			7			11			23			28
Total operating revenues		1,464			1,355			1,221			1,374			1,219			4,187			3,814

Operating expenses
Policyholder benefits and claims and policyholder dividends		735			686			581			744			630			2,100			1,955
Interest credited to policyholder account balances		97			99			86			89			88			295			263
Capitalization of DAC		(112	)		(125	)		(111	)		(100	)		(105	)		(320	)		(316	)
Amortization of DAC and VOBA		102			69			78			86			57			265			221
Amortization of negative VOBA		-			-			-			(1	)		-			(1	)		(1	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		450			488			425			419			410			1,322			1,254
Total operating expenses		1,272			1,217			1,059			1,237			1,080			3,661			3,376

Operating earnings before provision for income tax		192			138			162			137			139			526			438
Provision for income tax expense (benefit)		70			(14	)		31			21			(37	)		110			15
Operating earnings		122			152			131			116			176			416			423
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	122		$	152		$	131		$	116		$	176		$	416		$	423


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	122		$	152		$	131		$	116		$	176		$	416		$	423
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(4	)		19			(2	)		-			9			11			7
Net derivative gains (losses)		(61	)		(3	)		(21	)		(15	)		(108	)		(57	)		(144	)
Premiums		(1	)		(1	)		-			(1	)		(1	)		(2	)		(2	)
Universal life and investment-type product policy fees		2			1			2			1			2			5			5
Net investment income		14			3			12			4			(12	)		36			4
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		93			(82	)		6			(15	)		(23	)		(134	)		(32	)
Interest credited to policyholder account balances		(23	)		(21	)		(18	)		(16	)		(1	)		(65	)		(35	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		2			4			3			3			3			14			9
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(25	)		16			5			9			33			32			47
Income (loss) from continuing operations, net of income tax		119			88			118			86			78			256			282
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		119			88			118			86			78			256			282
Less: Net income (loss) attributable to noncontrolling interests		2			2			3			3			4			11			10
Net income (loss) attributable to MetLife, Inc.		117			86			115			83			74			245			272
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	117		$	86		$	115		$	83		$	74		$	245		$	272

Total Operating Premiums, Fees and Other Revenues	$	1,147		$	1,041		$	1,003		$	1,091		$	940		$	3,272		$	3,034

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AMERICAS LATIN AMERICA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	168	$	207	$	156	$	165	$	148
Pension and post-retirement benefit costs		2		2		2		-		1
Premium taxes, other taxes, and licenses & fees		21		23		18		20		19
Total fixed operating expenses	$	191	$	232	$	176	$	185	$	168

Commissions and other variable expenses		259		256		249		234		242

Total other expenses	$	450	$	488	$	425	$	419	$	410

Total other expenses on a constant currency basis (1)	$	376	$	427	$	389	$	393	$	410

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Mexico	$	141	$	148	$	120	$	105	$	125
Chile		60		53		51		62		58
All other		67		86		111		104		93
Total sales	$	268	$	287	$	282	$	271	$	276
(1) Calculated using the average foreign currency exchange rates for the current period and applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	1,939		$	1,824		$	1,752		$	1,809		$	1,736		$	5,742		$	5,297
Universal life and investment-type product policy fees		487			417			397			400			382			1,276			1,179
Net investment income		738			724			684			679			670			2,162			2,033
Other revenues		27			28			28			28			26			78			82
Total operating revenues		3,191			2,993			2,861			2,916			2,814			9,258			8,591

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,535			1,367			1,340			1,375			1,331			4,357			4,046
Interest credited to policyholder account balances		394			369			337			328			327			1,175			992
Capitalization of DAC		(507	)		(456	)		(435	)		(398	)		(435	)		(1,458	)		(1,268	)
Amortization of DAC and VOBA		367			330			326			336			309			1,067			971
Amortization of negative VOBA		(89	)		(89	)		(86	)		(78	)		(77	)		(275	)		(241	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,027			980			904			869			896			2,995			2,669
Total operating expenses		2,727			2,501			2,386			2,432			2,351			7,861			7,169

Operating earnings before provision for income tax		464			492			475			484			463			1,397			1,422
Provision for income tax expense (benefit)		154			152			148			59			125			430			332
Operating earnings		310			340			327			425			338			967			1,090
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	310		$	340		$	327		$	425		$	338		$	967		$	1,090


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	310		$	340		$	327		$	425		$	338		$	967		$	1,090
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		136			137			68			57			325			375			450
Net derivative gains (losses)		(80	)		(410	)		18			9			107			(122	)		134
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		7			3			6			4			2			8			12
Net investment income		145			281			129			173			(194	)		112			108
Other revenues		-			(5	)		(8	)		(9	)		(11	)		(17	)		(28	)
Policyholder benefits and claims and policyholder dividends		(51	)		(75	)		(49	)		(44	)		(10	)		(95	)		(103	)
Interest credited to policyholder account balances		(151	)		(289	)		(131	)		(175	)		187			(114	)		(119	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			(2	)		(12	)		5			(2	)		5			(9	)
Amortization of negative VOBA		11			11			10			9			8			35			27
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		6			4			-			-			(1	)		16			(1	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		4			99			(10	)		111			(94	)		(64	)		7
Income (loss) from continuing operations, net of income tax		338			94			348			565			655			1,106			1,568
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		338			94			348			565			655			1,106			1,568
Less: Net income (loss) attributable to noncontrolling interests		5			4			-			1			(3	)		15			(2	)
Net income (loss) attributable to MetLife, Inc.		333			90			348			564			658			1,091			1,570
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	333		$	90		$	348		$	564		$	658		$	1,091		$	1,570

Total Operating Premiums, Fees and Other Revenues	$	2,453		$	2,269		$	2,177		$	2,237		$	2,144		$	7,096		$	6,558

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ASIA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	346	$	332	$	299	$	320	$	314
Pension and post-retirement benefit costs		18		19		19		17		17
Premium taxes, other taxes, and licenses & fees		42		48		36		37		55
Total fixed operating expenses	$	406	$	399	$	354	$	374	$	386

Commissions and other variable expenses		621		581		550		495		510

Total other expenses	$	1,027	$	980	$	904	$	869	$	896

Total other expenses on a constant currency basis (1)	$	875	$	896	$	869	$	843	$	896

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015

Japan:
Life	$	146	$	168	$	165	$	193	$	178
Accident & Health		83		126		108		115		102
Annuities		92		72		63		60		81
Other		6		5		4		6		4
Total Japan		327		371		340		374		365
Other Asia (3)		324		216		228		184		223
Total sales	$	651	$	587	$	568	$	558	$	588
(1) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. (3) Amounts in the prior periods have been updated to conform with current period presentation.

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	581		$	547		$	508		$	525		$	501		$	1,762		$	1,534
Universal life and investment-type product policy fees		127			113			102			114			106			353			322
Net investment income		109			100			83			84			82			328			249
Other revenues		22			11			10			19			11			49			40
Total operating revenues		839			771			703			742			700			2,492			2,145

Operating expenses
Policyholder benefits and claims and policyholder dividends		252			269			239			265			233			784			737
Interest credited to policyholder account balances		43			36			30			34			27			112			91
Capitalization of DAC		(165	)		(169	)		(133	)		(132	)		(107	)		(511	)		(372	)
Amortization of DAC and VOBA		152			137			128			133			127			476			388
Amortization of negative VOBA		(7	)		(9	)		(4	)		(4	)		(5	)		(22	)		(13	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		463			463			362			389			352			1,383			1,103
Total operating expenses		738			727			622			685			627			2,222			1,934

Operating earnings before provision for income tax		101			44			81			57			73			270			211
Provision for income tax expense (benefit)		23			(20	)		11			7			7			49			25
Operating earnings		78			64			70			50			66			221			186
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	78		$	64		$	70		$	50		$	66		$	221		$	186


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	78		$	64		$	70		$	50		$	66		$	221		$	186
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(9	)		(1	)		3			5			14			(16	)		22
Net derivative gains (losses)		16			11			1			13			7			103			21
Premiums		19			6			-			-			-			40			-
Universal life and investment-type product policy fees		1			3			(2	)		-			(2	)		8			(4	)
Net investment income		219			231			531			(249	)		(513	)		579			(231	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(8	)		(3	)		-			-			-			(18	)		-
Interest credited to policyholder account balances		(213	)		(226	)		(513	)		237			499			(553	)		223
Capitalization of DAC		-			-			-			-			-			1			-
Amortization of DAC and VOBA		(3	)		(3	)		2			-			2			(10	)		4
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(14	)		(3	)		1			-			-			(16	)		1
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(9	)		(28	)		(26	)		7			12			(60	)		(7	)
Income (loss) from continuing operations, net of income tax		77			51			67			63			85			279			215
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		77			51			67			63			85			279			215
Less: Net income (loss) attributable to noncontrolling interests		1			(1	)		2			(1	)		3			2			4
Net income (loss) attributable to MetLife, Inc.		76			52			65			64			82			277			211
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	76		$	52		$	65		$	64		$	82		$	277		$	211

Total Operating Premiums, Fees and Other Revenues	$	730		$	671		$	620		$	658		$	618		$	2,164		$	1,896

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EMEA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015		September 30, 2015

Direct and allocated expenses	$	192	$	211		$	158	$	178	$	190
Pension and post-retirement benefit costs		5		(5	)		2		1		2
Premium taxes, other taxes, and licenses & fees		5		4			3		2		4
Total fixed operating expenses	$	202	$	210		$	163	$	181	$	196

Commissions and other variable expenses		261		253			199		208		156

Total other expenses	$	463	$	463		$	362	$	389	$	352

Total other expenses on a constant currency basis (1)	$	399	$	424		$	358	$	385	$	352

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015		September 30, 2015

Total sales	$	244	$	264		$	266	$	251	$	225
(1) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	23		$	16		$	10		$	26		$	18		$	65		$	54
Universal life and investment-type product policy fees		29			31			23			26			26			96			75
Net investment income		125			102			109			129			12			407			250
Other revenues		13			28			20			19			23			39			62
Total operating revenues		190			177			162			200			79			607			441

Operating expenses
Policyholder benefits and claims and policyholder dividends		15			4			12			8			20			57			40
Interest credited to policyholder account balances		8			8			6			8			5			26			19
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			1			-			-			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		291			287			297			306			294			880			897
Other expenses (1)		133			379			145			174			492			470			811
Total operating expenses		447			678			460			497			811			1,433			1,768

Operating earnings before provision for income tax		(257	)		(501	)		(298	)		(297	)		(732	)		(826	)		(1,327	)
Provision for income tax expense (benefit) (1)		(181	)		(243	)		(188	)		(175	)		224			(454	)		(139	)
Operating earnings		(76	)		(258	)		(110	)		(122	)		(956	)		(372	)		(1,188	)
Preferred stock dividends		30			31			30			31			6			91			67
Operating earnings available to common shareholders	$	(106	)	$	(289	)	$	(140	)	$	(153	)	$	(962	)	$	(463	)	$	(1,255	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(76	)	$	(258	)	$	(110	)	$	(122	)	$	(956	)	$	(372	)	$	(1,188	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(194	)		12			(59	)		(181	)		(186	)		(256	)		(426	)
Net derivative gains (losses)		186			274			225			(426	)		375			80			174
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		4			7			4			4			4			30			12
Other revenues		-			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		(3	)		(4	)		(1	)		(1	)		(8	)		(34	)		(10	)
Other expenses		(31	)		(59	)		(9	)		(7	)		(21	)		(56	)		(37	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(22	)		(95	)		(61	)		206			(52	)		30			93
Income (loss) from continuing operations, net of income tax		(136	)		(105	)		(11	)		(527	)		(844	)		(578	)		(1,382	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(136	)		(105	)		(11	)		(527	)		(844	)		(578	)		(1,382	)
Less: Net income (loss) attributable to noncontrolling interests		(8	)		1			-			1			(9	)		(7	)		(8	)
Net income (loss) attributable to MetLife, Inc.		(128	)		(106	)		(11	)		(528	)		(835	)		(571	)		(1,374	)
Less: Preferred stock dividends		30			31			30			31			6			91			67
Preferred stock repurchase premium		-			-			-			42			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(158	)	$	(137	)	$	(41	)	$	(601	)	$	(841	)	$	(662	)	$	(1,483	)

Total Operating Premiums, Fees and Other Revenues	$	65		$	75		$	53		$	71		$	67		$	200		$	191
(1) The three months and year-to-date periods ended September 30, 2015 include a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other expenses. See notable items on pages A-2 and A-3.

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Other business activities	$	21		$	24		$	12		$	12		$	5		$	56		$	29
Other net investment income		88			66			71			83			16			271			170
Interest expense on debt		(189	)		(187	)		(193	)		(199	)		(191	)		(572	)		(583	)
Preferred stock dividends		(30	)		(31	)		(30	)		(31	)		(6	)		(91	)		(67	)
Acquisition costs		-			-			-			-			-			(5	)		-
Corporate initiatives and projects		(43	)		(69	)		(39	)		(58	)		(45	)		(114	)		(142	)
Incremental tax benefit (expense)		91			68			84			71			(480	)		164			(325	)
Other		(44	)		(160	)		(45	)		(31	)		(261	)		(172	)		(337	)
Operating earnings available to common shareholders	$	(106	)	$	(289	)	$	(140	)	$	(153	)	$	(962	)	$	(463	)	$	(1,255	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Fixed Maturity Securities
Yield (1)		4.73%			4.84%			4.64%			4.79%			4.55%
Investment income (2), (3), (4)	$	3,704		$	3,761		$	3,569		$	3,665		$	3,467
Investment gains (losses) (3)		153			246			133			115			88
Ending carrying value (2), (3)		369,432			366,783			367,640			352,610			352,856
Mortgage Loans
Yield (1)		5.44%			5.03%			4.80%			5.10%			4.95%
Investment income (3), (4)		774			737			730			801			785
Investment gains (losses) (3)		(30	)		(11	)		(43	)		(9	)		(26	)
Ending carrying value (3)		57,725			59,838			62,137			63,744			63,349
Real Estate and Real Estate Joint Ventures
Yield (1)		3.69%			3.03%			3.10%			7.40%			3.99%
Investment income (3)		94			79			81			189			101
Investment gains (losses) (3)		86			72			27			(33	)		263
Ending carrying value		10,393			10,525			10,310			10,207			9,923
Policy Loans
Yield (1)		5.37%			5.36%			5.24%			5.22%			5.09%
Investment income		158			156			152			151			147
Ending carrying value		11,756			11,618			11,606			11,575			11,549
Equity Securities
Yield (1)		3.95%			4.64%			4.01%			4.58%			4.66%
Investment income		31			35			31			35			36
Investment gains (losses)		14			1			8			8			7
Ending carrying value		3,689			3,631			3,713			3,677			3,399
Other Limited Partnership Interests
Yield (1)		14.77%			9.76%			10.62%			12.38%			10.82%
Investment income		299			199			215			250			216
Investment gains (losses)		(14	)		(26	)		16			(9	)		(59	)
Ending carrying value		8,214			8,085			8,074			8,099			7,901
Cash and Short-term Investments
Yield (1)		1.06%			1.02%			1.00%			1.05%			0.74%
Investment income		40			37			33			33			23
Investment gains (losses)		-			12			6			(12	)		-
Ending carrying value		21,023			19,429			22,257			22,668			25,173
Other Invested Assets (1)
Investment income		233			253			327			223			225
Investment gains (losses) (3)		(18	)		(96	)		18			(19	)		15
Ending carrying value		17,905			21,283			23,763			20,409			23,356
Total Investments
Investment income yield (1)		5.03%			4.97%			4.89%			5.08%			4.76%
Investment fees and expenses yield		(0.13	)%		(0.14	)%		(0.15	)%		(0.15	)%		(0.14	)%
Net Investment Income Yield (1), (3), (5)		4.90%			4.83%			4.74%			4.93%			4.62%
Investment income	$	5,333		$	5,257		$	5,138		$	5,347		$	5,000
Investment fees and expenses		(137	)		(144	)		(156	)		(162	)		(151	)
Net investment income including Divested businesses		5,196			5,113			4,982			5,185			4,849
Less: Net investment income from Divested businesses (5)		3			2			-			-			-
Net Investment Income (3)	$	5,193		$	5,111		$	4,982		$	5,185		$	4,849
Ending Carrying Value (3)	$	500,137		$	501,192		$	509,500		$	492,989		$	497,506
Investment portfolio gains (losses) including Divested businesses	$	191		$	198		$	165		$	41		$	288
Less: Investment portfolio gains (losses) from Divested businesses (5)		2			-			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	189		$	198		$	165		$	41		$	288
Gross investment gains	$	419		$	559		$	445		$	419		$	708
Gross investment losses		(167	)		(237	)		(236	)		(261	)		(366	)
Writedowns		(63	)		(124	)		(44	)		(117	)		(54	)
Investment Portfolio Gains (Losses) (3), (5)		189			198			165			41			288
Investment portfolio gains (losses) income tax (expense) benefit		(104	)		(69	)		(52	)		103			(53	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	85		$	129		$	113		$	144		$	235

Derivative Gains (Losses) including Divested businesses	$	306		$	(18	)	$	611		$	(1,103	)	$	279
Less: Derivative gains (losses) from Divested businesses (5)		-			-			-			-			-
Derivative gains (losses) (3), (5)		306			(18	)		611			(1,103	)		279
Derivative gains (losses) income tax (expense) benefit		(119	)		(22	)		(217	)		382			(110	)
Derivative Gains (Losses), Net of Income Tax	$	187		$	(40	)	$	394		$	(721	)	$	169
(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 $1,362 million, $1,358 million, $1,365 million, $1,257 million and $1,278 million in ending carrying value, and $14 million, $8 million, $37 million, $2 million and $(35) million of investment income related to fair value option and trading securities at or for the three months ended September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, 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 September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,866 million, $15,316 million, $15,091 million, $15,189 million and $14,069 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 $18 million, $15 million, $15 million, $14 million and $14 million and mortgage loans of $313 million, $280 million, $272 million, $266 million and $204 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
	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	189		$	198		$	165		$	41		$	288
Real estate discontinued operations		-			-			-			-			-
Operating joint venture adjustments		-			-			(1	)		4			3
Net investment gains (losses) related to CSEs		3			(1	)		(2	)		2			(3	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(83	)		33			124			(180	)		94
Net investment gains (losses) - GAAP basis	$	109		$	230		$	286		$	(133	)	$	382

	For the Three Months Ended
	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	306		$	(18	)	$	611		$	(1,103	)	$	279
Investment hedge adjustments (5)		169			192			200			180			194
Operating joint venture adjustments		(1	)		3			-			-			-
Settlement of foreign currency earnings hedges		-			5			8			9			11
PAB hedge adjustments		4			3			2			2			1
Net derivative gains (losses) - GAAP basis	$	478		$	185		$	821		$	(912	)	$	485
(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 September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, excludes $0, $0, $0, $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)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Fixed Maturity Securities
Yield (1)		4.80%			4.81%			4.64%			4.72%			4.66%
Investment income (2), (3), (4)	$	11,185		$	14,946		$	3,569		$	7,234		$	10,701
Investment gains (losses) (3)		302			548			133			248			336
Ending carrying value (2), (3)		369,432			366,783			367,640			352,610			352,856
Mortgage Loans
Yield (1)		5.19%			5.15%			4.80%			4.95%			4.95%
Investment income (3), (4)		2,191			2,928			730			1,531			2,316
Investment gains (losses) (3)		(25	)		(36	)		(43	)		(52	)		(78	)
Ending carrying value (3)		57,725			59,838			62,137			63,744			63,349
Real Estate and Real Estate Joint Ventures
Yield (1)		3.88%			3.67%			3.10%			5.23%			4.83%
Investment income (3)		297			376			81			270			371
Investment gains (losses) (3)		145			217			27			(6	)		257
Ending carrying value		10,393			10,525			10,310			10,207			9,923
Policy Loans
Yield (1)		5.36%			5.36%			5.24%			5.23%			5.18%
Investment income		473			629			152			303			450
Ending carrying value		11,756			11,618			11,606			11,575			11,549
Equity Securities
Yield (1)		4.18%			4.30%			4.01%			4.30%			4.42%
Investment income		98			133			31			66			102
Investment gains (losses)		64			65			8			16			23
Ending carrying value		3,689			3,631			3,713			3,677			3,399
Other Limited Partnership Interests
Yield (1)		14.14%			13.01%			10.62%			11.50%			11.27%
Investment income		834			1,033			215			465			681
Investment gains (losses)		(52	)		(78	)		16			7			(52	)
Ending carrying value		8,214			8,085			8,074			8,099			7,901
Cash and Short-term Investments
Yield (1)		1.09%			1.07%			1.00%			1.02%			0.93%
Investment income		124			161			33			66			89
Investment gains (losses)		(1	)		11			6			(6	)		(6	)
Ending carrying value		21,023			19,429			22,257			22,668			25,173
Other Invested Assets (1)
Investment income		653			906			327			550			775
Investment gains (losses) (3)		(24	)		(120	)		18			(1	)		14
Ending carrying value		17,905			21,283			23,763			20,409			23,356
Total Investments
Investment income yield (1)		5.02%			5.01%			4.89%			4.99%			4.91%
Investment fees and expenses yield		(0.13	)%		(0.13	)%		(0.15	)%		(0.15	)%		(0.15	)%
Net Investment Income Yield (1), (3), (5)		4.89%			4.88%			4.74%			4.84%			4.76%
Investment income	$	15,855		$	21,112		$	5,138		$	10,485		$	15,485
Investment fees and expenses		(412	)		(556	)		(156	)		(318	)		(469	)
Net investment income including Divested businesses		15,443			20,556			4,982			10,167			15,016
Less: Net investment income from Divested businesses (5)		70			72			-			-			-
Net Investment Income (3)	$	15,373		$	20,484		$	4,982		$	10,167		$	15,016
Ending Carrying Value (3)	$	500,137		$	501,192		$	509,500		$	492,989		$	497,506
Investment portfolio gains (losses) including Divested businesses	$	409		$	607		$	165		$	206		$	494
Less: Investment portfolio gains (losses) from Divested businesses (5)		2			2			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	407		$	605		$	165		$	206		$	494
Gross investment gains	$	1,130		$	1,689		$	445		$	864		$	1,572
Gross investment losses		(552	)		(789	)		(236	)		(497	)		(863	)
Writedowns		(171	)		(295	)		(44	)		(161	)		(215	)
Investment Portfolio Gains (Losses) (3), (5)		407			605			165			206			494
Investment portfolio gains (losses) income tax (expense) benefit		(191	)		(260	)		(52	)		51			(2	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	216		$	345		$	113		$	257		$	492

Derivative Gains (Losses) including Divested businesses	$	593		$	575		$	611		$	(492	)	$	(213	)
Less: Derivative gains (losses) from Divested businesses (5)		80			80			-			-			-
Derivative gains (losses) (3), (5)		513			495			611			(492	)		(213	)
Derivative gains (losses) income tax (expense) benefit		(177	)		(199	)		(217	)		165			55
Derivative Gains (Losses), Net of Income Tax	$	336		$	296		$	394		$	(327	)	$	(158	)

(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 $1,362 million, $1,358 million, $1,365 million, $1,257 million and $1,278 million in ending carrying value, and $95 million, $103 million, $37 million, $39 million and $4 million of investment income related to fair value option and trading securities at or for the year-to-date period ended September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, 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 September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,866 million, $15,316 million, $15,091 million, $15,189 million and $14,069 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 $18 million, $15 million, $15 million, $14 million and $14 million and mortgage loans of $313 million, $280 million, $272 million, $266 million and $204 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
	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	407		$	605		$	165		$	206		$	494
Real estate discontinued operations		5			5			-			-			-
Operating joint venture adjustments		-			-			(1	)		3			6
Net investment gains (losses) related to certain CSEs		6			5			(2	)		-			(3	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(845	)		(812	)		124			(56	)		38
Net investment gains (losses) - GAAP basis	$	(427	)	$	(197	)	$	286		$	153		$	535

	For the Year-to-Date Period Ended
	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	593		$	575		$	611		$	(492	)	$	(213	)
Investment hedge adjustments (5)		513			705			200			380			574
Operating joint venture adjustments		(2	)		1			-			-			-
Settlement of foreign currency earnings hedges		17			22			8			17			28
PAB hedge adjustments		11			14			2			4			5
Net derivative gains (losses) - GAAP basis	$	1,132		$	1,317		$	821		$	(91	)	$	394
(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 September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015, excludes $1 million, $1 million, $0, $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 GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,502		87.1%	$	1,557		78.3%	$	1,683		76.2%	$	3,044		86.8%	$	3,510		80.3%
20% or more for less than six months		68		4.0%		289		14.5%		384		17.4%		190		5.4%		569		13.0%
20% or more for six months or greater		154		8.9%		143		7.2%		141		6.4%		275		7.8%		295		6.7%
Total Gross Unrealized Losses	$	1,724		100.0%	$	1,989		100.0%	$	2,208		100.0%	$	3,509		100.0%	$	4,374		100.0%

Total Gross Unrealized Gains	$	28,596			$	32,634			$	35,574			$	26,029			$	26,749


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	16		40.0%	$	16		23.9%	$	20		29.0%	$	29		39.7%	$	28		19.1%
20% or more for less than six months		-		- %		24		35.8%		20		29.0%		11		15.1%		84		57.1%
20% or more for six months or greater		24		60.0%		27		40.3%		29		42.0%		33		45.2%		35		23.8%
Total Gross Unrealized Losses	$	40		100.0%	$	67		100.0%	$	69		100.0%	$	73		100.0%	$	147		100.0%

Total Gross Unrealized Gains	$	618			$	622			$	649			$	633			$	450

(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
		September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	107,974		29.3%	$	105,954		29.0%	$	106,335		29.0%	$	101,146		28.8%	$	100,957		28.7%
U.S. Treasury and agency securities			56,862		15.5%		61,516		16.8%		60,472		16.5%		57,538		16.4%		59,671		17.0%
Foreign corporate securities			61,877		16.8%		61,675		16.9%		60,494		16.5%		59,098		16.8%		58,404		16.6%
Foreign government securities			56,396		15.3%		52,666		14.4%		52,361		14.3%		51,057		14.5%		50,523		14.4%
Residential mortgage-backed securities			40,619		11.1%		39,846		10.9%		43,784		12.0%		41,518		11.8%		40,050		11.4%
State and political subdivision securities			14,840		4.0%		15,187		4.2%		15,710		4.3%		15,164		4.3%		15,479		4.4%
Asset-backed securities			14,853		4.0%		14,249		3.9%		13,808		3.8%		13,990		4.0%		14,132		4.0%
Commercial mortgage-backed securities			14,649		4.0%		14,332		3.9%		13,311		3.6%		11,842		3.4%		12,362		3.5%
Total Fixed Maturity Securities Available-For-Sale		$	368,070		100.0%	$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%	$	351,578		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	257,120		69.9%	$	257,083		70.4%	$	258,707		70.6%	$	248,764		70.8%	$	250,047		71.1%
2	Baa		85,685		23.3%		83,408		22.8%		82,394		22.5%		79,669		22.7%		79,358		22.6%
3	Ba		15,045		4.1%		15,145		4.1%		16,314		4.5%		15,621		4.4%		15,306		4.4%
4	B		8,589		2.3%		8,385		2.3%		7,457		2.0%		5,955		1.7%		5,407		1.5%
5	Caa and lower		1,535		0.4%		1,340		0.4%		1,325		0.4%		1,260		0.4%		1,383		0.4%
6	In or near default		96		- %		64		- %		78		- %		84		- %		77		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	368,070		100.0%	$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%	$	351,578		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)		September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015

Traditional (2), (3)			$9,273				$9,558				$9,458				$9,590				$9,325
Real estate joint ventures and funds			691				647				595				577				553
Subtotal			9,964				10,205				10,053				10,167				9,878
Foreclosed			429				320				257				40				45
Total Real Estate and Real Estate Joint Ventures			$10,393				$10,525				$10,310				$10,207				$9,923

(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)	September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015

Commercial mortgage loans		$40,540				$41,088				$42,164				$42,953				$41,619
Agricultural mortgage loans		11,929				12,378				12,333				12,498				12,771
Residential mortgage loans		5,563				6,677				7,955				8,618				9,270
Total Mortgage Loans		58,032				60,143				62,452				64,069				63,660
Valuation allowances		(307)				(305)				(315)				(325)				(311)
Total Mortgage Loans, net		$57,725				$59,838				$62,137				$63,744				$63,349
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 31, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,815		21.7%	$	8,620		21.0%	$	9,197		21.8%	$	9,221		21.5%	$	9,208		22.1%
Middle Atlantic		7,582		18.7%		7,689		18.7%		7,617		18.1%		7,864		18.3%		7,743		18.6%
International		6,636		16.4%		7,251		17.7%		7,630		18.1%		7,222		16.8%		7,548		18.1%
South Atlantic		6,705		16.5%		6,384		15.5%		6,249		14.8%		6,355		14.8%		5,858		14.1%
West South Central		3,763		9.3%		3,990		9.7%		3,939		9.3%		4,404		10.3%		4,289		10.3%
East North Central		2,589		6.4%		2,430		5.9%		2,520		6.0%		2,260		5.3%		2,127		5.1%
New England		1,197		3.0%		1,155		2.8%		1,151		2.7%		1,352		3.1%		1,350		3.2%
Mountain		933		2.3%		932		2.3%		1,169		2.8%		1,168		2.7%		1,118		2.7%
East South Central		384		0.9%		424		1.0%		423		1.0%		390		0.9%		408		1.0%
West North Central		142		0.4%		140		0.3%		138		0.3%		150		0.3%		234		0.6%
Multi-Region and Other		1,794		4.4%		2,073		5.1%		2,131		5.1%		2,567		6.0%		1,736		4.2%
Total	$	40,540		100.0%	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%


Office	$	21,160		52.2%	$	21,400		52.1%	$	21,094		50.0%	$	21,334		49.7%	$	19,951		47.9%
Retail		9,263		22.8%		9,389		22.9%		9,543		22.6%		9,982		23.2%		10,002		24.0%
Apartment		3,392		8.4%		3,786		9.2%		4,696		11.2%		4,806		11.2%		4,865		11.7%
Hotel		4,317		10.6%		4,196		10.2%		4,483		10.6%		4,431		10.3%		4,456		10.7%
Industrial		2,178		5.4%		2,133		5.2%		2,157		5.1%		2,205		5.1%		2,191		5.3%
Other		230		0.6%		184		0.4%		191		0.5%		195		0.5%		154		0.4%
Total	$	40,540		100.0%	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,855		$	1,614		$	1,668		$	1,796		$	711		$	5,068		$	4,175
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		109			230			286			(133	)		382			(427	)		535
Net derivative gains (losses)		478			185			821			(912	)		485			1,132			394
Premiums - Divested businesses		18			5			-			(1	)		(1	)		40			(2	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		8			6			4			3			1			14			8
GMIB fees		96			96			94			95			96			282			285
Divested businesses		2			1			2			1			2			6			5
Net investment income
Investment hedge adjustments		(169	)		(192	)		(200	)		(180	)		(194	)		(512	)		(574	)
Income from discontinued real estate operations		-			-			-			-			-			(1	)		-
Operating joint venture adjustments		1			(3	)		1			(4	)		(3	)		2			(6	)
Unit-linked contract income		379			527			677			(55	)		(701	)		739			(79	)
Securitization entities income		3			4			1			1			8			34			10
Divested businesses		3			2			-			-			-			69			-
Other revenues
Settlement of foreign currency earnings hedges		-			(5	)		(8	)		(9	)		(11	)		(17	)		(28	)
Divested businesses		-			18			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			6			17			(10	)		(13	)		-			(6	)
Inflation and pass through adjustments		93			(104	)		(3	)		25			(23	)		(156	)		(1	)
GMIB costs		(34	)		(134	)		(112	)		(150	)		149			(366	)		(113	)
Market value adjustments		(54	)		(85	)		(51	)		(45	)		(21	)		(97	)		(117	)
Divested businesses		(10	)		(3	)		-			-			-			(61	)		-
Interest credited to policyholder account balances
PAB hedge adjustments		(4	)		(3	)		(2	)		(2	)		(1	)		(11	)		(5	)
Unit-linked contract costs		(387	)		(534	)		(662	)		46			685			(732	)		69
Divested businesses		-			(2	)		-			-			-			-			-
Capitalization of DAC - Divested businesses		-			-			-			-			-			1			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		27			(4	)		(112	)		104			(28	)		(37	)		(36	)
Related to GMIB fees and GMIB costs		(81	)		(1	)		40			-			(132	)		(62	)		(92	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		-			-			-			-			(1	)		-
Amortization of negative VOBA
Related to market value adjustments		11			11			10			9			8			35			27
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(3	)		(4	)		(1	)		(1	)		(8	)		(34	)		(10	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		(3	)		12			5			7			(11	)		21			1
Regulatory implementation costs		-			(1	)		(1	)		(1	)		-			(2	)		(2	)
Acquisition & integration costs		(17	)		(24	)		(8	)		(7	)		(6	)		(31	)		(21	)
Divested businesses		(24	)		(42	)		(1	)		(3	)		(2	)		(47	)		(6	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(202	)		(49	)		(302	)		545			(174	)		(38	)		69
Income (loss) from continuing operations, net of income tax		2,094			1,527			2,163			1,119			1,198			4,812			4,480
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(3	)		-
Net income (loss)		2,094			1,527			2,163			1,119			1,198			4,809			4,480
Less: Net income (loss) attributable to noncontrolling interests		-			6			5			4			(5	)		21			4
Net income (loss) attributable to MetLife, Inc.		2,094			1,521			2,158			1,115			1,203			4,788			4,476
Less: Preferred stock dividends		30			31			30			31			6			91			67
Preferred stock repurchase premium		-			-			-			42			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,064		$	1,490		$	2,128		$	1,042		$	1,197		$	4,697		$	4,367
(1) The year-to-date period ended September 30, 2014 includes a pre-tax net investment loss of $633 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan		$	62		$	-		$	-		$	-		$	(37	)	$	136		$	(37	)
Catastrophe experience and prior year development, net			38			16			(16	)		-			21			17			5
Actuarial assumption review and other insurance adjustments			16			5			-			-			(92	)		72			(92	)
Litigation reserves & settlement costs			-			(117	)		-			-			-			(57	)		-
Tax adjustments			(9	)		27			-			61			(720	)		(9	)		(659	)
Total notable items		$	107		$	(69	)	$	(16	)	$	61		$	(828	)	$	159		$	(783	)

RETAIL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan		$	25		$	-		$	-		$	-		$	(6	)	$	42		$	(6	)
Catastrophe experience and prior year development, net			23			6			(3	)		(2	)		13			3			8
Actuarial assumption review and other insurance adjustments			19			(9	)		-			-			(107	)		75			(107	)
Tax adjustments			38			-			-			-			13			38			13
Total notable items		$	105		$	(3	)	$	(3	)	$	(2	)	$	(87	)	$	158		$	(92	)

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015
	Variable investment income, as compared to plan	$	17		$	-		$	-		$	-		$	(4	)	$	20		$	(4	)
	Catastrophe experience and prior year development, net		23			6			(3	)		(2	)		13			3			8
	Actuarial assumption review and other insurance adjustments		37			(9	)		-			-			(69	)		93			(69	)
	Tax adjustments		5			-			-			-			(1	)		5			(1	)
	Total notable items	$	82		$	(3	)	$	(3	)	$	(2	)	$	(61	)	$	121		$	(66	)

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015
	Variable investment income, as compared to plan	$	8		$	-		$	-		$	-		$	(2	)	$	22		$	(2	)
	Actuarial assumption review and other insurance adjustments		(18	)		-			-			-			(38	)		(18	)		(38	)
	Tax adjustments		33			-			-			-			14			33			14
	Total notable items	$	23		$	-		$	-		$	-		$	(26	)	$	37		$	(26	)

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan		$	8		$	-		$	-		$	-		$	11		$	8		$	11
Catastrophe experience and prior year development, net			15			10			(12	)		2			8			14			(2	)
Actuarial assumption review and other insurance adjustments			-			(9	)		-			-			-			-			-
Total notable items		$	23		$	1		$	(12	)	$	2		$	19		$	22		$	9
(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-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan	$	33		$	-		$	-		$	-	$	12		$	69		$	12
Tax adjustments		-			-			-			-		(1	)		-			(1	)
Total notable items	$	33		$	-		$	-		$	-	$	11		$	69		$	11

LATIN AMERICA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan	$	-		$	-		$	-		$	-	$	(2	)	$	-		$	(2	)
Catastrophe experience and prior year development, net		-			-			(1	)		-		-			-			(1	)
Tax adjustments		(41	)		13			-			-		60			(41	)		60
Total notable items	$	(41	)	$	13		$	(1	)	$	-	$	58		$	(41	)	$	57

ASIA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan	$	3		$	-		$	-		$	-	$	(10	)	$	3		$	(10	)
Actuarial assumption review and other insurance adjustments		(13	)		23			-			-		9			(13	)		9
Tax adjustments		-			-			-			61		-			-			61
Total notable items	$	(10	)	$	23		$	-		$	61	$	(1	)	$	(10	)	$	60

EMEA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			September 30, 2014			September 30, 2015
Actuarial assumption review and other insurance adjustments	$	10		$	-		$	-		$	-	$	6		$	10		$	6
Tax adjustments		-			14			-			-		-			-			-
Total notable items	$	10		$	14		$	-		$	-	$	6		$	10		$	6

CORPORATE & OTHER
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			September 30, 2014			September 30, 2015
Variable investment income, as compared to plan	$	(7	)	$	-		$	-		$	-	$	(42	)	$	14		$	(42	)
Litigation reserves & settlement costs		-			(117	)		-			-		-			(57	)		-
Tax adjustments		(6	)		-			-			-		(792	)		(6	)		(792	)
Total notable items	$	(13	)	$	(117	)	$	-		$	-	$	(834	)	$	(49	)	$	(834	)

(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)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Total MetLife, Inc.’s stockholders’ equity	$	70,805		$	72,053		$	73,770		$	69,377		$	70,503
Less: Preferred stock		2,043			2,043			2,043			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		68,762			70,010			71,727			67,311			68,437
Less: Net unrealized investment gains (losses), net of income tax		14,689			16,235			17,761			12,863			13,634
Defined benefit plans adjustment, net of income tax		(1,537	)		(2,283	)		(2,246	)		(2,206	)		(2,169	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		55,610			56,058			56,212			56,654			56,972
Less: Goodwill, net of income tax		10,127			9,759			9,592			9,508			9,398
VODA and VOCRA, net of income tax		780			620			576			546			522
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	44,703		$	45,679		$	46,044		$	46,600		$	47,052

Unaudited	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

Book value per common share (1)	$	61.44		$	61.85		$	64.37		$	60.27		$	61.39
Less: Net unrealized investment gains (losses), net of income tax		13.12			14.34			15.94			11.52			12.23
Defined benefit plans adjustment, net of income tax		(1.37	)		(2.02	)		(2.02	)		(1.98	)		(1.95	)
Book value per common share, excluding AOCI other than FCTA (1)		49.69			49.53			50.45			50.73			51.11
Less: Goodwill, net of income tax		9.04			8.62			8.61			8.51			8.43
VODA and VOCRA, net of income tax		0.70			0.55			0.52			0.49			0.47
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	39.95		$	40.36		$	41.32		$	41.73		$	42.21

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2014

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		10.7%			9.1%			9.2%			10.2%			4.2%			10.0%
Common stockholders’ equity, excluding AOCI other than FCTA		13.2%			11.3%			11.7%			12.5%			5.0%			12.0%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		16.7%			14.1%			14.4%			15.3%			6.1%			15.2%

Return on MetLife, Inc.’s:
Common stockholders’ equity		12.1%			8.6%			12.0%			6.0%			7.1%			9.4%
Common stockholders’ equity, excluding AOCI other than FCTA		15.0%			10.7%			15.2%			7.4%			8.4%			11.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		18.8%			13.3%			18.7%			9.1%			10.3%			14.3%

Average common stockholders’ equity	$	68,155		$	69,386		$	70,869		$	69,519		$	67,874		$	65,909
Average common stockholders’ equity, excluding AOCI other than FCTA	$	55,181		$	55,834		$	56,135		$	56,433		$	56,813		$	54,565
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	44,146		$	45,191		$	45,862		$	46,322		$	46,826		$	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 September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015 and September 30, 2015 of $13 million, $13 million, $12 million, $12 million and $12 million, respectively, and for the year ended December 31, 2014 of $53 million.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015
AMERICAS
RETAIL
Life & Other			16.6%		15.1%		9.0%		12.3%		8.1%
Annuities			14.2%		13.0%		14.4%		13.2%		10.9%
GROUP, VOLUNTARY & WORKSITE BENEFITS			16.7%		16.5%		14.2%		14.4%		14.8%
CORPORATE BENEFIT FUNDING			21.5%		19.6%		19.1%		21.0%		16.9%
LATIN AMERICA			13.5%		16.8%		15.1%		13.3%		20.2%
AMERICAS			16.5%		15.7%		14.1%		14.8%		12.9%
ASIA			10.6%		11.6%		11.4%		14.8%		11.7%
EMEA			9.0%		7.4%		8.4%		6.0%		7.9%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3):
		For the Three Months Ended
Unaudited		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015
AMERICAS			18.8%		17.9%		15.9%		16.6%		14.6%
ASIA			18.3%		20.1%		19.6%		25.4%		20.2%
EMEA			17.2%		14.2%		15.4%		11.2%		14.6%

RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015
AMERICAS
RETAIL
Life & Other			19.5%		15.7%		12.6%		8.4%		9.5%
Annuities			16.2%		8.4%		15.8%		12.8%		4.7%
GROUP, VOLUNTARY & WORKSITE BENEFITS			19.3%		23.7%		20.9%		2.4%		24.0%
CORPORATE BENEFIT FUNDING			27.7%		25.4%		27.4%		15.9%		24.6%
LATIN AMERICA			12.9%		9.5%		13.2%		9.5%		8.5%
AMERICAS			19.4%		15.9%		18.0%		10.4%		13.3%
ASIA			11.4%		3.1%		12.1%		19.6%		22.9%
EMEA			8.7%		6.0%		7.8%		7.7%		9.8%

RETURN ON ALLOCATED TANGIBLE EQUITY (3):
		For the Three Months Ended
Unaudited		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015
AMERICAS			22.1%		18.1%		20.2%		11.7%		15.0%
ASIA			19.7%		5.4%		20.8%		33.7%		39.3%
EMEA			16.7%		11.7%		14.4%		14.2%		18.0%
(1) Annualized using quarter-to-date results. (2) Allocated equity is defined as the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI, other than FCTA. Allocated equity and allocated tangible equity are presented below:
				ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)			2014		2015		2014		2015
	AMERICAS
	RETAIL
	Life & Other			$	8,802	$	9,006
	Annuities				11,815		12,469
	GROUP, VOLUNTARY & WORKSITE BENEFITS				5,758		6,420
	CORPORATE BENEFIT FUNDING				7,350		7,729
	LATIN AMERICA				3,625		3,480
	AMERICAS			$	37,350	$	39,104	$	33,009	$	34,900
	ASIA			$	11,695	$	11,509	$	6,787	$	6,708
	EMEA			$	3,481	$	3,332	$	1,888	$	1,865
(3) Operating earnings available to common shareholders used to calculate the operating return on allocated tangible equity and net income (loss) available to MetLife, Inc.’s common shareholders used to calculate the return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015
	AMERICAS	$	9	$	9	$	9	$	8	$	8
	ASIA	$	1	$	1	$	1	$	1	$	1
	EMEA	$	3	$	3	$	2	$	2	$	2

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

RETAIL (1)	$	3,455		$	3,409		$	3,236		$	3,262		$	3,276
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		4,293			4,213			4,418			4,401			4,393
CORPORATE BENEFIT FUNDING (1)		582			1,456			543			455			1,680
LATAM (2)		937			894			908			1,013			940
ASIA (2)		2,085			2,058			2,089			2,167			2,144
EMEA (2)		623			616			613			649			618
CORPORATE & OTHER (1)		65			75			53			71			67
METLIFE TOTAL	$	12,040		$	12,721		$	11,860		$	12,018		$	13,118

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015

RETAIL (1)	$	785		$	718		$	653		$	690		$	523
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		241			238			228			231			238
CORPORATE BENEFIT FUNDING (1)		395			360			369			406			326
LATAM (2)		88			126			114			104			176
ASIA (2)		268			317			316			415			338
EMEA (2)		58			56			68			48			66
CORPORATE & OTHER (1)		(106	)		(289	)		(140	)		(153	)		(962	)
METLIFE TOTAL	$	1,729		$	1,526		$	1,608		$	1,741		$	705
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period.

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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-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	855		$	861		$	845		$	856		$	867		$	2,518		$	2,568
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		44			44			41			42			39			125			122
Other revenues		4			6			5			6			5			13			16
Total operating revenues		903			911			891			904			911			2,656			2,706

Operating expenses
Policyholder benefits and claims and policyholder dividends		527			541			584			626			593			1,742			1,803
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(108	)		(101	)		(96	)		(105	)		(113	)		(309	)		(314	)
Amortization of DAC and VOBA		102			105			101			101			104			299			306
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		230			230			220			232			240			687			692
Total operating expenses		751			775			809			854			824			2,419			2,487

Operating earnings before provision for income tax		152			136			82			50			87			237			219
Provision for income tax expense (benefit)		39			35			17			3			20			43			40
Operating earnings		113			101			65			47			67			194			179
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	113		$	101		$	65		$	47		$	67		$	194		$	179


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	113		$	101		$	65		$	47		$	67		$	194		$	179
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			2			-			6			(6	)		5			-
Net derivative gains (losses)		1			(5	)		(5	)		7			-			(2	)		2
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		1			2			(5	)		3			(1	)		-
Income (loss) from continuing operations, net of income tax		115			99			62			55			64			196			181
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		115			99			62			55			64			196			181
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		115			99			62			55			64			196			181
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	115		$	99		$	62		$	55		$	64		$	196		$	181

Total Operating Premiums, Fees and Other Revenues	$	859		$	867		$	850		$	862		$	872		$	2,531		$	2,584
(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-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	454		$	454		$	442		$	444		$	445		$	1,346		$	1,331
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		23			24			22			23			20			68			65
Other revenues		3			4			3			4			3			10			10
Total operating revenues		480			482			467			471			468			1,424			1,406

Operating expenses
Policyholder benefits and claims and policyholder dividends		263			269			280			328			289			927			897
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(73	)		(67	)		(62	)		(70	)		(72	)		(208	)		(204	)
Amortization of DAC and VOBA		69			70			67			68			68			204			203
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		122			120			111			121			121			363			353
Total operating expenses		381			392			396			447			406			1,286			1,249

Operating earnings before provision for income tax		99			90			71			24			62			138			157
Provision for income tax expense (benefit)		28			25			18			1			16			26			35
Operating earnings		71			65			53			23			46			112			122
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	71		$	65		$	53		$	23		$	46		$	112		$	122


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	71		$	65		$	53		$	23		$	46		$	112		$	122
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			1			-			4			(4	)		3			-
Net derivative gains (losses)		1			(3	)		(3	)		4			-			(1	)		1
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		1			1			(3	)		2			(1	)		-
Income (loss) from continuing operations, net of income tax		72			64			51			28			44			113			123
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		72			64			51			28			44			113			123
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		72			64			51			28			44			113			123
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	72		$	64		$	51		$	28		$	44		$	113		$	123

Total Operating Premiums, Fees and Other Revenues	$	457		$	458		$	445		$	448		$	448		$	1,356		$	1,341
(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-to-Date Period Ended
Unaudited (In millions)	September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2014			September 30, 2015

Operating revenues
Premiums	$	401		$	407		$	403		$	412		$	422		$	1,172		$	1,237
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		21			20			19			19			19			57			57
Other revenues		1			2			2			2			2			3			6
Total operating revenues		423			429			424			433			443			1,232			1,300

Operating expenses
Policyholder benefits and claims and policyholder dividends		264			272			304			298			304			815			906
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(35	)		(34	)		(34	)		(35	)		(41	)		(101	)		(110	)
Amortization of DAC and VOBA		33			35			34			33			36			95			103
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		108			110			109			111			119			324			339
Total operating expenses		370			383			413			407			418			1,133			1,238

Operating earnings before provision for income tax		53			46			11			26			25			99			62
Provision for income tax expense (benefit)		11			10			(1	)		2			4			17			5
Operating earnings		42			36			12			24			21			82			57
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	42		$	36		$	12		$	24		$	21		$	82		$	57

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	42		$	36		$	12		$	24		$	21		$	82		$	57
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			1			-			2			(2	)		2			-
Net derivative gains (losses)		-			(2	)		(2	)		3			-			(1	)		1
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			-			1			(2	)		1			-			-
Income (loss) from continuing operations, net of income tax		43			35			11			27			20			83			58
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		43			35			11			27			20			83			58
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		43			35			11			27			20			83			58
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	43		$	35		$	11		$	27		$	20		$	83		$	58

Total Operating Premiums, Fees and Other Revenues	$	402		$	409		$	405		$	414		$	424		$	1,175		$	1,243
(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 - November 4, 2015

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