METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - 8-K - METLIFE INC	d105315d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d105315dex991.htm
EX-99.3 - EX-99.3 - METLIFE INC	d105315dex993.htm

Exhibit 99.2

LOGO

Fourth Quarter

Financial Supplement

December 31, 2015

LOGO


METLIFE
TABLE OF CONTENTS

CORPORATE OVERVIEW			2

METLIFE
Consolidated Balance Sheets			4
Consolidated Statements of Operating Earnings Available to Common Shareholders			5
Consolidating Statement of Operating Earnings Available to Common Shareholders			6

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			10

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
Other Expenses by Major Category and Sales by Product			15
Spread by Product and Other Statistical Information			16

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			18
Other Expenses by Major Category, Spread and Other Statistical Information			19

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			20
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			21
Other Expenses by Major Category and Spread			22

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			23
Other Expenses by Major Category and Sales on a Constant Currency Basis			24

ASIA
Statements of Operating Earnings Available to Common Shareholders			25
Other Expenses by Major Category and Sales on a Constant Currency Basis			26

EMEA
Statements of Operating Earnings Available to Common Shareholders			27
Other Expenses by Major Category and Sales on a Constant Currency Basis			28

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			29

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			30
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			32
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			33
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			34

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
Non-GAAP and Other Financial Disclosures			A-10
MetLife Acronyms			A-12

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METLIFE As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of these non-GAAP financial measures and other financial disclosures. CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015

Operating earnings available to common shareholders	$	1,583		$	1,638		$	1,765		$	705		$	1,376
Preferred stock dividends		31			30			31			6			49
Operating earnings		1,614			1,668			1,796			711			1,425
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		230			286			(133	)		382			62
Net derivative gains (losses)		185			821			(912	)		485			(356	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(453	)		(310	)		(177	)		(206	)		(398	)
Provision for income tax (expense) benefit		(49	)		(302	)		545			(174	)		109
Income (loss) from continuing operations, net of income tax		1,527			2,163			1,119			1,198			842
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,527			2,163			1,119			1,198			842
Less: Net income (loss) attributable to noncontrolling interests		6			5			4			(5	)		8
Net income (loss) attributable to MetLife, Inc.		1,521			2,158			1,115			1,203			834
Less: Preferred stock dividends		31			30			31			6			49
Preferred stock repurchase premium		-			-			42			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,490		$	2,128		$	1,042		$	1,197		$	785


Operating earnings available to common shareholders per common share - diluted	$	1.38		$	1.44		$	1.56		$	0.62		$	1.23
Net investment gains (losses)		0.20			0.25			(0.12	)		0.34			0.06
Net derivative gains (losses)		0.16			0.72			(0.81	)		0.43			(0.32	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.39	)		(0.27	)		(0.15	)		(0.18	)		(0.36	)
Provision for income tax (expense) benefit		(0.04	)		(0.27	)		0.48			(0.15	)		0.10
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		0.01			-			-			-			0.01
Preferred stock repurchase premium		-			-			0.04			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	1.30		$	1.87		$	0.92		$	1.06		$	0.70

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

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	-		$	-		$	-		$	(37	)	$	(137	)
Catastrophe experience and prior year development, net		16			(16	)		-			21			(9	)
Actuarial assumption review and other insurance adjustments		5			-			-			(92	)		-
Litigation reserves & settlement costs		(117	)		-			-			-			-
Tax adjustments		27			-			61			(720	)		31
Total notable items (1)	$	(69	)	$	(16	)	$	61		$	(828	)	$	(115)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	-		$	-		$	-		$	(0.03	)	$	(0.12	)
Catastrophe experience and prior year development, net	$	0.01		$	(0.01	)	$	-		$	0.02		$	(0.01	)
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-		$	(0.08	)	$	-
Litigation reserves & settlement costs	$	(0.10	)	$	-		$	-		$	-		$	-
Tax adjustments	$	0.02		$	-		$	0.05		$	(0.64	)	$	0.03
Total notable items (1)	$	(0.06	)	$	(0.01	)	$	0.05		$	(0.73	)	$	(0.10	)

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

Weighted average common shares outstanding - diluted		1,147.3			1,135.8			1,128.4			1,129.9			1,121.4
(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	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015

Book value per common share, excluding AOCI other than FCTA (1)	$	49.53		$	50.45		$	50.73		$	51.11		$	51.15
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	40.36		$	41.32		$	41.73		$	42.21		$	42.22
Book value per common share (1)	$	61.85		$	64.37		$	60.27		$	61.39		$	60.00

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

Operating return on MetLife, Inc.'s (2):
Common stockholders' equity, excluding AOCI other than FCTA		11.3%			11.7%			12.5%			5.0%			9.7%
Tangible common stockholders' equity (excludes AOCI other than FCTA)		14.1%			14.4%			15.3%			6.1%			11.9%
Common stockholders' equity		9.1%			9.2%			10.2%			4.2%			8.2%

Return on MetLife, Inc.'s (2):
Common stockholders' equity, excluding AOCI other than FCTA		10.7%			15.2%			7.4%			8.4%			5.6%
Tangible common stockholders' equity (excludes AOCI other than FCTA)		13.3%			18.7%			9.1%			10.3%			6.8%
Common stockholders' equity		8.6%			12.0%			6.0%			7.1%			4.7%

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

Common shares outstanding, beginning of period		1,119.1			1,131.9			1,114.3			1,116.8			1,114.8
Share repurchases		(10.7	)		(19.9	)		(0.2	)		(2.3	)		(17.1	)
Newly issued shares		23.5			2.3			2.7			0.3			0.3
Common shares outstanding, end of period		1,131.9			1,114.3			1,116.8			1,114.8			1,098.0

Weighted average common shares outstanding - basic		1,135.8			1,125.7			1,117.8			1,118.9			1,110.9
Dilutive effect of the exercise or issuance of stock-based awards		11.5			10.1			10.6			11.0			10.5
Weighted average common shares outstanding - diluted		1,147.3			1,135.8			1,128.4			1,129.9			1,121.4
MetLife Policyholder Trust Shares		180.5			178.3			175.0			173.2			171.0
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the operating return on MetLife, Inc.'s common stockholders' equity and return on MetLife, Inc.'s common stockholders' equity for the years ended December 31, 2014 and 2015.

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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	365,425		$	366,275		$	351,353		$	351,578		$	351,402
Equity securities available-for-sale, at estimated fair value		3,631			3,713			3,677			3,399			3,321
Fair value option and trading securities, at estimated fair value (1)		16,689			16,471			16,460			15,361			15,024
Mortgage loans		60,118			62,409			64,010			63,553			67,102
Policy loans		11,618			11,606			11,575			11,549			11,258
Real estate and real estate joint ventures		10,525			10,310			10,207			9,923			8,433
Other limited partnership interests		8,085			8,074			8,099			7,901			7,096
Short-term investments, principally at estimated fair value		8,621			14,130			14,594			14,957			9,299
Other invested assets, principally at estimated fair value		21,283			23,763			20,409			23,356			22,524
Total investments		505,995			516,751			500,384			501,577			495,459
Cash and cash equivalents, principally at estimated fair value (1)		10,808			8,127			8,074			10,216			12,752
Accrued investment income		4,120			4,298			3,990			4,187			3,988
Premiums, reinsurance and other receivables		22,244			24,190			24,872			25,808			22,702
Deferred policy acquisition costs and value of business acquired		24,442			24,003			24,379			23,996			24,130
Current income tax recoverable		-			-			-			-			161
Goodwill		9,872			9,717			9,644			9,546			9,477
Other assets		7,862			7,980			7,589			7,881			7,666
Separate account assets		316,994			324,724			319,477			299,249			301,598
Total assets	$	902,337		$	919,790		$	898,409		$	882,460		$	877,933

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	189,586		$	191,217		$	188,928		$	190,754		$	191,879
Policyholder account balances		209,294			206,591			204,262			202,291			202,722
Other policy-related balances		14,422			14,586			14,393			14,521			14,255
Policyholder dividends payable		684			677			699			716			720
Policyholder dividend obligation		3,155			3,483			2,328			2,309			1,783
Payables for collateral under securities loaned and other transactions		35,326			37,312			35,532			37,991			36,871
Short-term debt		100			100			100			100			100
Long-term debt (1)		16,286			17,714			16,770			16,755			18,023
Collateral financing arrangements		4,196			4,196			4,164			4,152			4,139
Junior subordinated debt securities		3,193			3,193			3,193			3,194			3,194
Current income tax payable		184			243			71			21			-
Deferred income tax liability		11,821			13,305			10,762			11,363			10,592
Other liabilities		24,437			28,040			27,741			27,977			23,561
Separate account liabilities		316,994			324,724			319,477			299,249			301,598
Total liabilities		829,678			845,381			828,420			811,393			809,437

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		99			95			92			79			77

Equity
Preferred stock, at par value		1			1			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,543			30,632			30,718			30,726			30,749
Retained earnings		32,020			33,754			34,376			35,153			35,519
Treasury stock, at cost		(1,172	)		(2,158	)		(2,172	)		(2,279	)		(3,102	)
Accumulated other comprehensive income (loss)		10,649			11,529			6,443			6,891			4,771
Total MetLife, Inc.'s stockholders' equity		72,053			73,770			69,377			70,503			67,949
Noncontrolling interests		507			544			520			485			470
Total equity		72,560			74,314			69,897			70,988			68,419
Total liabilities and equity	$	902,337		$	919,790		$	898,409		$	882,460		$	877,933
(1) At December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, $295 million, $287 million, $280 million, $218 million and $184 million, respectively, of assets and $151 million, $143 million, $134 million, $72 million and $60 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 30 and 31, note 3, for the amounts by asset category.

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METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015

Operating revenues
Premiums	$	10,267		$	9,253		$	9,313		$	10,376		$	9,606
Universal life and investment-type product policy fees		2,336			2,294			2,335			2,247			2,237
Net investment income		5,111			4,982			5,185			4,849			4,773
Other revenues		531			503			527			495			495
Total operating revenues		18,245			17,032			17,360			17,967			17,111

Operating expenses
Policyholder benefits and claims and policyholder dividends		10,287			9,447			9,503			10,780			9,835
Interest credited to policyholder account balances		1,409			1,331			1,342			1,331			1,330
Capitalization of DAC		(1,034	)		(968	)		(927	)		(955	)		(987	)
Amortization of DAC and VOBA		953			953			1,001			971			877
Amortization of negative VOBA		(98	)		(90	)		(83	)		(82	)		(71	)
Interest expense on debt		293			297			307			294			302
Other expenses (1)		4,321			3,800			3,882			4,126			3,998
Total operating expenses		16,131			14,770			15,025			16,465			15,284

Operating earnings before provision for income tax		2,114			2,262			2,335			1,502			1,827
Provision for income tax expense (benefit) (1)		500			594			539			791			402
Operating earnings		1,614			1,668			1,796			711			1,425
Preferred stock dividends		31			30			31			6			49
Operating earnings available to common shareholders	$	1,583		$	1,638		$	1,765		$	705		$	1,376


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,614		$	1,668		$	1,796		$	711		$	1,425
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		230			286			(133	)		382			62
Net derivative gains (losses)		185			821			(912	)		485			(356	)
Premiums		5			-			(1	)		(1	)		(1	)
Universal life and investment-type product policy fees		103			100			99			99			96
Net investment income		338			479			(238	)		(890	)		141
Other revenues		13			(8	)		(9	)		(11	)		(9	)
Policyholder benefits and claims and policyholder dividends		(320	)		(149	)		(180	)		92			(300	)
Interest credited to policyholder account balances		(539	)		(664	)		44			684			(340	)
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(5	)		(72	)		104			(160	)		(6	)
Amortization of negative VOBA		11			10			9			8			8
Interest expense on debt		(4	)		(1	)		(1	)		(8	)		2
Other expenses		(55	)		(5	)		(4	)		(19	)		11
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(49	)		(302	)		545			(174	)		109
Income (loss) from continuing operations, net of income tax		1,527			2,163			1,119			1,198			842
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,527			2,163			1,119			1,198			842
Less: Net income (loss) attributable to noncontrolling interests		6			5			4			(5	)		8
Net income (loss) attributable to MetLife, Inc.		1,521			2,158			1,115			1,203			834
Less: Preferred stock dividends		31			30			31			6			49
Preferred stock repurchase premium		-			-			42			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,490		$	2,128		$	1,042		$	1,197		$	785

Total Operating Premiums, Fees and Other Revenues	$	13,134		$	12,050		$	12,175		$	13,118		$	12,338
(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 December 31, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	9,606		$	7,439		$	1,640		$	502		$	25
Universal life and investment-type product policy fees		2,237			1,748			363			102			24
Net investment income		4,773			3,985			642			77			69
Other revenues		495			427			23			21			24
Total operating revenues		17,111			13,599			2,668			702			142

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,835			8,330			1,229			251			25
Interest credited to policyholder account balances		1,330			980			317			29			4
Capitalization of DAC		(987	)		(434	)		(452	)		(100	)		(1	)
Amortization of DAC and VOBA		877			484			285			109			(1	)
Amortization of negative VOBA		(71	)		-			(68	)		(3	)		-
Interest expense on debt		302			1			-			-			301
Other expenses		3,998			2,511			942			366			179
Total operating expenses		15,284			11,872			2,253			652			507

Operating earnings before provision for income tax		1,827			1,727			415			50			(365	)
Provision for income tax expense (benefit)		402			495			125			(4	)		(214	)
Operating earnings		1,425			1,232			290			54			(151	)
Preferred stock dividends		49			-			-			-			49
Operating earnings available to common shareholders	$	1,376		$	1,232		$	290		$	54		$	(200	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,425		$	1,232		$	290		$	54		$	(151	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		62			(90	)		51			5			96
Net derivative gains (losses)		(356	)		(165	)		(67	)		19			(143	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		96			97			-			(1	)		-
Net investment income		141			(185	)		76			252			(2	)
Other revenues		(9	)		-			(9	)		-			-
Policyholder benefits and claims and policyholder dividends		(300	)		(291	)		(9	)		-			-
Interest credited to policyholder account balances		(340	)		(21	)		(78	)		(241	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(6	)		(7	)		-			1			-
Amortization of negative VOBA		8			-			8			-			-
Interest expense on debt		2			-			-			-			2
Other expenses		11			3			5			(1	)		4
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		109			144			(28	)		(15	)		8
Income (loss) from continuing operations, net of income tax		842			716			239			73			(186	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		842			716			239			73			(186	)
Less: Net income (loss) attributable to noncontrolling interests		8			1			6			-			1
Net income (loss) attributable to MetLife, Inc.		834			715			233			73			(187	)
Less: Preferred stock dividends		49			-			-			-			49
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	785		$	715		$	233		$	73		$	(236	)

Total Operating Premiums, Fees and Other Revenues	$	12,338		$	9,614		$	2,026		$	625		$	73

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

Operating revenues
Premiums	$	10,267		$	7,880		$	1,824		$	547		$	16
Universal life and investment-type product policy fees		2,336			1,775			417			113			31
Net investment income		5,111			4,185			724			100			102
Other revenues		531			464			28			11			28
Total operating revenues		18,245			14,304			2,993			771			177

Operating expenses
Policyholder benefits and claims and policyholder dividends		10,287			8,647			1,367			269			4
Interest credited to policyholder account balances		1,409			996			369			36			8
Capitalization of DAC		(1,034	)		(409	)		(456	)		(169	)		-
Amortization of DAC and VOBA		953			486			330			137			-
Amortization of negative VOBA		(98	)		-			(89	)		(9	)		-
Interest expense on debt		293			6			-			-			287
Other expenses		4,321			2,499			980			463			379
Total operating expenses		16,131			12,225			2,501			727			678

Operating earnings before provision for income tax		2,114			2,079			492			44			(501	)
Provision for income tax expense (benefit)		500			611			152			(20	)		(243	)
Operating earnings		1,614			1,468			340			64			(258	)
Preferred stock dividends		31			-			-			-			31
Operating earnings available to common shareholders	$	1,583		$	1,468		$	340		$	64		$	(289	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,614		$	1,468		$	340		$	64		$	(258	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		230			82			137			(1	)		12
Net derivative gains (losses)		185			310			(410	)		11			274
Premiums		5			(1	)		-			6			-
Universal life and investment-type product policy fees		103			97			3			3			-
Net investment income		338			(181	)		281			231			7
Other revenues		13			-			(5	)		-			18
Policyholder benefits and claims and policyholder dividends		(320	)		(242	)		(75	)		(3	)		-
Interest credited to policyholder account balances		(539	)		(24	)		(289	)		(226	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(5	)		-			(2	)		(3	)		-
Amortization of negative VOBA		11			-			11			-			-
Interest expense on debt		(4	)		-			-			-			(4	)
Other expenses		(55	)		3			4			(3	)		(59	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(49	)		(25	)		99			(28	)		(95	)
Income (loss) from continuing operations, net of income tax		1,527			1,487			94			51			(105	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,527			1,487			94			51			(105	)
Less: Net income (loss) attributable to noncontrolling interests		6			2			4			(1	)		1
Net income (loss) attributable to MetLife, Inc.		1,521			1,485			90			52			(106	)
Less: Preferred stock dividends		31			-			-			-			31
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,490		$	1,485		$	90		$	52		$	(137	)

Total Operating Premiums, Fees and Other Revenues	$	13,134		$	10,119		$	2,269		$	671		$	75

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year Ended December 31, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	38,548		$	29,496		$	6,937		$	2,036		$	79
Universal life and investment-type product policy fees		9,113			7,048			1,542			424			99
Net investment income		19,789			16,469			2,675			326			319
Other revenues		2,020			1,768			105			61			86
Total operating revenues		69,470			54,781			11,259			2,847			583

Operating expenses
Policyholder benefits and claims and policyholder dividends		39,565			33,237			5,275			988			65
Interest credited to policyholder account balances		5,334			3,882			1,309			120			23
Capitalization of DAC		(3,837	)		(1,644	)		(1,720	)		(472	)		(1	)
Amortization of DAC and VOBA		3,802			2,049			1,256			497			-
Amortization of negative VOBA		(326	)		(1	)		(309	)		(16	)		-
Interest expense on debt		1,200			2			-			-			1,198
Other expenses (1)		15,806			9,736			3,611			1,469			990
Total operating expenses		61,544			47,261			9,422			2,586			2,275

Operating earnings before provision for income tax		7,926			7,520			1,837			261			(1,692	)
Provision for income tax expense (benefit) (1)		2,326			2,201			457			21			(353	)
Operating earnings		5,600			5,319			1,380			240			(1,339	)
Preferred stock dividends		116			-			-			-			116
Operating earnings available to common shareholders	$	5,484		$	5,319		$	1,380		$	240		$	(1,455	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5,600		$	5,319		$	1,380		$	240		$	(1,339	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		597			399			501			27			(330	)
Net derivative gains (losses)		38			(100	)		67			40			31
Premiums		(3	)		(3	)		-			-			-
Universal life and investment-type product policy fees		394			387			12			(5	)		-
Net investment income		(508	)		(723	)		184			21			10
Other revenues		(37	)		-			(37	)		-			-
Policyholder benefits and claims and policyholder dividends		(537	)		(425	)		(112	)		-			-
Interest credited to policyholder account balances		(276	)		(61	)		(197	)		(18	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(134	)		(130	)		(9	)		5			-
Amortization of negative VOBA		35			-			35			-			-
Interest expense on debt		(8	)		-			-			-			(8	)
Other expenses		(17	)		12			4			-			(33	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		178			120			(21	)		(22	)		101
Income (loss) from continuing operations, net of income tax		5,322			4,795			1,807			288			(1,568	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		5,322			4,795			1,807			288			(1,568	)
Less: Net income (loss) attributable to noncontrolling interests		12			11			4			4			(7	)
Net income (loss) attributable to MetLife, Inc.		5,310			4,784			1,803			284			(1,561	)
Less: Preferred stock dividends		116			-			-			-			116
Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	5,152		$	4,784		$	1,803		$	284		$	(1,719	)

Total Operating Premiums, Fees and Other Revenues	$	49,681		$	38,312		$	8,584		$	2,521		$	264
(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 Ended December 31, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	39,022		$	29,066		$	7,566		$	2,309		$	81
Universal life and investment-type product policy fees		9,541			7,255			1,693			466			127
Net investment income		20,484			16,661			2,886			428			509
Other revenues		2,033			1,800			106			60			67
Total operating revenues		71,080			54,782			12,251			3,263			784

Operating expenses
Policyholder benefits and claims and policyholder dividends		39,478			32,640			5,724			1,053			61
Interest credited to policyholder account balances		5,661			3,935			1,544			148			34
Capitalization of DAC		(4,182	)		(1,588	)		(1,914	)		(680	)		-
Amortization of DAC and VOBA		4,027			2,017			1,397			613			-
Amortization of negative VOBA		(396	)		(1	)		(364	)		(31	)		-
Interest expense on debt		1,178			11			-			-			1,167
Other expenses		16,254			9,584			3,975			1,846			849
Total operating expenses		62,020			46,598			10,362			2,949			2,111

Operating earnings before provision for income tax		9,060			8,184			1,889			314			(1,327	)
Provision for income tax expense (benefit)		2,378			2,464			582			29			(697	)
Operating earnings		6,682			5,720			1,307			285			(630	)
Preferred stock dividends		122			-			-			-			122
Operating earnings available to common shareholders	$	6,560		$	5,720		$	1,307		$	285		$	(752	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	6,682		$	5,720		$	1,307		$	285		$	(630	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(197	)		(448	)		512			(17	)		(244	)
Net derivative gains (losses)		1,317			1,381			(532	)		114			354
Premiums		45			(1	)		-			46			-
Universal life and investment-type product policy fees		405			383			11			11			-
Net investment income		669			(571	)		393			810			37
Other revenues		(3	)		1			(22	)		-			18
Policyholder benefits and claims and policyholder dividends		(1,000	)		(809	)		(170	)		(21	)		-
Interest credited to policyholder account balances		(1,282	)		(100	)		(403	)		(779	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(105	)		(95	)		3			(13	)		-
Amortization of negative VOBA		46			-			46			-			-
Interest expense on debt		(38	)		-			-			-			(38	)
Other expenses		(114	)		-			20			(19	)		(115	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(87	)		31			35			(88	)		(65	)
Income (loss) from continuing operations, net of income tax		6,339			5,492			1,200			330			(683	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		6,336			5,489			1,200			330			(683	)
Less: Net income (loss) attributable to noncontrolling interests		27			13			19			1			(6	)
Net income (loss) attributable to MetLife, Inc.		6,309			5,476			1,181			329			(677	)
Less: Preferred stock dividends		122			-			-			-			122
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	6,187		$	5,476		$	1,181		$	329		$	(799	)

Total Operating Premiums, Fees and Other Revenues	$	50,596		$	38,121		$	9,365		$	2,835		$	275
(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)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015

AMERICAS
RETAIL
Life & Other	$	333		$	203		$	278		$	183		$	195
Annuities		385			450			412			340			387
RETAIL		718			653			690			523			582
GROUP, VOLUNTARY & WORKSITE BENEFITS		238			228			231			238			214
CORPORATE BENEFIT FUNDING		360			369			406			326			286
LATIN AMERICA		152			131			116			176			150
AMERICAS		1,468			1,381			1,443			1,263			1,232
ASIA		340			327			425			338			290
EMEA		64			70			50			66			54
CORPORATE & OTHER		(289	)		(140	)		(153	)		(962	)		(200	)
METLIFE TOTAL	$	1,583		$	1,638		$	1,765		$	705		$	1,376

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

AMERICAS
RETAIL
Life & Other		15.1%			9.0%			12.3%			8.1%			8.7%
Annuities		13.0%			14.4%			13.2%			10.9%			12.4%
GROUP, VOLUNTARY & WORKSITE BENEFITS		16.5%			14.2%			14.4%			14.8%			13.3%
CORPORATE BENEFIT FUNDING		19.6%			19.1%			21.0%			16.9%			14.8%
LATIN AMERICA		16.8%			15.1%			13.3%			20.2%			17.2%
AMERICAS		15.7%			14.1%			14.8%			12.9%			12.6%
ASIA		11.6%			11.4%			14.8%			11.7%			10.1%
EMEA		7.4%			8.4%			6.0%			7.9%			6.5%

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

AMERICAS		17.9%			15.9%			16.6%			14.6%			14.2%
ASIA		20.1%			19.6%			25.4%			20.2%			17.4%
EMEA		14.2%			15.4%			11.2%			14.6%			12.2%
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 20, (iv) Latin America, Page 23, (v) Asia, Page 25, (vi) EMEA, Page 27, and (vii) Corporate & Other, Page 29. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 5. (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.

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

Operating revenues
Premiums	$	1,875		$	1,749		$	1,747		$	1,806		$	1,926		$	7,280		$	7,228
Universal life and investment-type product policy fees		1,260			1,236			1,252			1,229			1,216			5,074			4,933
Net investment income		1,981			1,980			2,003			1,930			1,901			7,887			7,814
Other revenues		274			251			263			241			234			1,059			989
Total operating revenues		5,390			5,216			5,265			5,206			5,277			21,300			20,964

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,451			2,449			2,373			2,607			2,566			9,851			9,995
Interest credited to policyholder account balances		562			542			551			550			555			2,245			2,198
Capitalization of DAC		(247	)		(247	)		(257	)		(266	)		(278	)		(969	)		(1,048	)
Amortization of DAC and VOBA		373			375			400			432			354			1,515			1,561
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			(1	)		-			(1	)		1			1			(1	)
Other expenses		1,225			1,176			1,220			1,197			1,262			4,711			4,855
Total operating expenses		4,366			4,294			4,287			4,519			4,460			17,354			17,560

Operating earnings before provision for income tax		1,024			922			978			687			817			3,946			3,404
Provision for income tax expense (benefit)		306			269			288			164			235			1,130			956
Operating earnings		718			653			690			523			582			2,816			2,448
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	718		$	653		$	690		$	523		$	582		$	2,816		$	2,448


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	718		$	653		$	690		$	523		$	582		$	2,816		$	2,448
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(32	)		68			9			70			(112	)		(7	)		35
Net derivative gains (losses)		(15	)		313			(95	)		(282	)		(95	)		564			(159	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		96			94			94			97			95			377			380
Net investment income		(117	)		(128	)		(105	)		(108	)		(114	)		(457	)		(455	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(129	)		(96	)		(160	)		136			(284	)		(496	)		(404	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(62	)		99			(160	)		(7	)		(95	)		(130	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		71			(66	)		55			86			182			42			257
Income (loss) from continuing operations, net of income tax		592			776			587			362			247			2,744			1,972
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		592			776			587			362			247			2,742			1,972
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		592			776			587			362			247			2,742			1,972
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	592		$	776		$	587		$	362		$	247		$	2,742		$	1,972

Total Operating Premiums, Fees and Other Revenues	$	3,409		$	3,236		$	3,262		$	3,276		$	3,376		$	13,413		$	13,150

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

Operating revenues
Premiums	$	1,627		$	1,494		$	1,522		$	1,521		$	1,624		$	6,142		$	6,161
Universal life and investment-type product policy fees		402			392			384			395			402			1,630			1,573
Net investment income		1,263			1,245			1,275			1,225			1,189			4,981			4,934
Other revenues		166			144			153			139			123			622			559
Total operating revenues		3,458			3,275			3,334			3,280			3,338			13,375			13,227

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,055			2,070			2,016			2,081			2,128			8,052			8,295
Interest credited to policyholder account balances		229			227			230			234			239			904			930
Capitalization of DAC		(163	)		(158	)		(159	)		(165	)		(164	)		(634	)		(646	)
Amortization of DAC and VOBA		193			210			205			237			202			754			854
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			(1	)		(1	)		(1	)		1			(1	)		(2	)
Other expenses		648			632			634			626			648			2,502			2,540
Total operating expenses		2,963			2,980			2,925			3,012			3,054			11,577			11,971

Operating earnings before provision for income tax		495			295			409			268			284			1,798			1,256
Provision for income tax expense (benefit)		162			92			131			85			89			579			397
Operating earnings		333			203			278			183			195			1,219			859
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	333		$	203		$	278		$	183		$	195		$	1,219		$	859


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	333		$	203		$	278		$	183		$	195		$	1,219		$	859
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(35	)		1			19			42			(89	)		(57	)		(27	)
Net derivative gains (losses)		119			186			(110	)		145			27			292			248
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			(1	)		1			(1	)		(1	)		(1	)
Net investment income		(57	)		(60	)		(59	)		(58	)		(60	)		(222	)		(237	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		6			17			(10	)		(13	)		-			6			(6	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(19	)		(19	)		24			(68	)		9			22			(54	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(2	)		(44	)		48			(17	)		40			(11	)		27
Income (loss) from continuing operations, net of income tax		345			284			189			215			121			1,248			809
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		345			284			189			215			121			1,246			809
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		345			284			189			215			121			1,246			809
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	345		$	284		$	189		$	215		$	121		$	1,246		$	809

Total Operating Premiums, Fees and Other Revenues	$	2,195		$	2,030		$	2,059		$	2,055		$	2,149		$	8,394		$	8,293

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

Operating revenues
Premiums	$	248		$	255		$	225		$	285		$	302		$	1,138		$	1,067
Universal life and investment-type product policy fees		858			844			868			834			814			3,444			3,360
Net investment income		718			735			728			705			712			2,906			2,880
Other revenues		108			107			110			102			111			437			430
Total operating revenues		1,932			1,941			1,931			1,926			1,939			7,925			7,737

Operating expenses
Policyholder benefits and claims and policyholder dividends		396			379			357			526			438			1,799			1,700
Interest credited to policyholder account balances		333			315			321			316			316			1,341			1,268
Capitalization of DAC		(84	)		(89	)		(98	)		(101	)		(114	)		(335	)		(402	)
Amortization of DAC and VOBA		180			165			195			195			152			761			707
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			1			-			-			2			1
Other expenses		577			544			586			571			614			2,209			2,315
Total operating expenses		1,403			1,314			1,362			1,507			1,406			5,777			5,589

Operating earnings before provision for income tax		529			627			569			419			533			2,148			2,148
Provision for income tax expense (benefit)		144			177			157			79			146			551			559
Operating earnings		385			450			412			340			387			1,597			1,589
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	385		$	450		$	412		$	340		$	387		$	1,597		$	1,589


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	385		$	450		$	412		$	340		$	387		$	1,597		$	1,589
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			67			(10	)		28			(23	)		50			62
Net derivative gains (losses)		(134	)		127			15			(427	)		(122	)		272			(407	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		96			94			95			96			96			378			381
Net investment income		(60	)		(68	)		(46	)		(50	)		(54	)		(235	)		(218	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(135	)		(113	)		(150	)		149			(284	)		(502	)		(398	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		19			(43	)		75			(92	)		(16	)		(117	)		(76	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		73			(22	)		7			103			142			53			230
Income (loss) from continuing operations, net of income tax		247			492			398			147			126			1,496			1,163
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		247			492			398			147			126			1,496			1,163
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		247			492			398			147			126			1,496			1,163
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	247		$	492		$	398		$	147		$	126		$	1,496		$	1,163

Total Operating Premiums, Fees and Other Revenues	$	1,214		$	1,206		$	1,203		$	1,221		$	1,227		$	5,019		$	4,857

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AMERICAS

RETAIL

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)


	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	86,162		$	86,756		$	87,073		$	87,302		$	87,721
Premiums and deposits (2), (3)		1,958			2,005			1,983			1,959			2,064
Surrenders and withdrawals		(730	)		(727	)		(758	)		(756	)		(720	)
Benefit payments		(637	)		(905	)		(764	)		(800	)		(744	)

Net Flows		591			373			461			403			600
Net transfers from (to) separate account		23			27			19			26			20
Interest		835			839			852			858			867
Policy charges		(484	)		(487	)		(489	)		(494	)		(501	)
Other		(371	)		(435	)		(614	)		(374	)		(545	)

Balance, end of period	$	86,756		$	87,073		$	87,302		$	87,721		$	88,162

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	47,529		$	47,601		$	47,780		$	47,460		$	50,137
Premiums and deposits (2), (3)		850			805			909			1,123			1,177
Surrenders and withdrawals		(1,520	)		(946	)		(851	)		(766	)		(1,199	)
Benefit payments		(406	)		(428	)		(425	)		(448	)		(424	)

Net Flows		(1,076	)		(569	)		(367	)		(91	)		(446	)
Net transfers from (to) separate account		2			9			51			224			(57	)
Interest		399			383			391			386			387
Policy charges		(10	)		(13	)		(14	)		(12	)		(11	)
Other		757			369			(381	)		2,170			(483	)

Balance, end of period	$	47,601		$	47,780		$	47,460		$	50,137		$	49,527

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	9,949		$	10,173		$	10,354		$	10,258		$	9,434
Premiums and deposits (3)		158			160			160			153			152
Surrenders and withdrawals		(99	)		(109	)		(112	)		(108	)		(95	)
Benefit payments		(11	)		(12	)		(17	)		(45	)		(12	)

Net Flows		48			39			31			-			45
Investment performance		334			301			27			(668	)		393
Net transfers from (to) general account		(23	)		(27	)		(19	)		(26	)		(20	)
Policy charges		(130	)		(132	)		(132	)		(130	)		(132	)
Other		(5	)		-			(3	)		-			(2	)

Balance, end of period	$	10,173		$	10,354		$	10,258		$	9,434		$	9,718

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	160,995		$	161,553		$	163,288		$	159,999		$	147,986
Premiums and deposits (3)		1,370			1,384			1,626			1,503			1,542
Surrenders and withdrawals		(3,000	)		(2,770	)		(2,934	)		(2,617	)		(2,523	)
Benefit payments		(330	)		(347	)		(335	)		(341	)		(299	)

Net Flows		(1,960	)		(1,733	)		(1,643	)		(1,455	)		(1,280	)
Investment performance		3,431			4,348			(663	)		(9,408	)		4,185
Net transfers from (to) general account		(2	)		(9	)		(51	)		(224	)		57
Policy charges		(910	)		(870	)		(933	)		(927	)		(885	)
Other		(1	)		(1	)		1			1			1

Balance, end of period	$	161,553		$	163,288		$	159,999		$	147,986		$	150,064
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the general account investment option of variable products. (3) Includes company-sponsored internal exchanges.

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

Direct and allocated expenses	$	476	$	452	$	465	$	462	$	509
Pension and post-retirement benefit costs		50		45		50		49		50
Premium taxes, other taxes, and licenses & fees		51		42		54		47		47
Total fixed operating expenses	$	577	$	539	$	569	$	558	$	606

Commissions and other variable expenses		648		637		651		639		656

Total other expenses	$	1,225	$	1,176	$	1,220	$	1,197	$	1,262

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

Life Sales
Term Life	$	21	$	22	$	24	$	24	$	24
Whole Life		37		38		38		39		39
Variable Life		9		8		7		6		7
Universal Life		11		11		14		14		15
Total life sales	$	78	$	79	$	83	$	83	$	85

Annuity Sales (1)
Fixed and indexed annuity sales	$	464	$	430	$	511	$	667	$	730
Variable annuity sales		1,606		1,608		1,865		1,769		1,810
Total annuity sales	$	2,070	$	2,038	$	2,376	$	2,436	$	2,540

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,323	$	1,346	$	1,570	$	1,427	$	1,467
General Accounts
Fixed and indexed annuity		464		430		511		667		730
Variable annuity		283		262		295		342		343
Total general accounts		747		692		806		1,009		1,073
Total annuity premiums and deposits	$	2,070	$	2,038	$	2,376	$	2,436	$	2,540
(1) Statutory premiums direct and assumed, excluding company-sponsored internal exchanges.

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AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE (1)
	For the Three Months Ended
Unaudited	December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015

Investment income yield excluding variable investment income		6.13%		6.01%		6.29%		6.13%		6.11%
Variable investment income yield		0.38%		0.32%		0.39%		0.18%		(0.29)%
Total investment income yield		6.51%		6.33%		6.68%		6.31%		5.82%
Average crediting rate		4.50%		4.53%		4.53%		4.52%		4.63%
Annualized general account spread		2.01%		1.80%		2.15%		1.79%		1.19%

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

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

Investment income yield excluding variable investment income		5.64%		5.72%		5.48%		5.38%		5.46%
Variable investment income yield		0.22%		0.22%		0.37%		0.19%		0.07%
Total investment income yield		5.86%		5.94%		5.85%		5.57%		5.53%
Average crediting rate		3.52%		3.48%		3.51%		3.41%		3.45%
Annualized general account spread		2.34%		2.46%		2.34%		2.16%		2.08%

Annualized general account spread excluding variable investment income yield		2.12%		2.24%		1.97%		1.97%		2.01%

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

Life (3)
Operating premiums, fees and other revenues	$	1,499	$	1,370	$	1,386	$	1,396	$	1,504
Interest adjusted benefit ratio		53.9%		59.3%		53.0%		57.4%		54.9%

Lapse Ratio (4)
Traditional life		5.9%		5.8%		5.6%		5.4%		5.3%
Variable & universal life		3.8%		3.8%		3.6%		3.6%		3.7%
Fixed annuity		10.6%		9.8%		9.9%		9.8%		8.5%
Variable annuity		6.9%		7.0%		7.0%		7.0%		6.8%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	458	$	445	$	448	$	448	$	445
Combined ratio including catastrophes		85.8%		89.3%		100.1%		90.9%		96.1%
Combined ratio excluding catastrophes		81.5%		79.4%		80.2%		84.0%		89.4%

(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 Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Operating revenues
Premiums	$	3,929		$	4,117		$	4,104		$	4,092		$	4,045		$	15,979		$	16,358
Universal life and investment-type product policy fees		178			188			183			188			181			716			740
Net investment income		465			478			481			485			454			1,861			1,898
Other revenues		106			113			114			113			111			420			451
Total operating revenues		4,678			4,896			4,882			4,878			4,791			18,976			19,447

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,598			3,835			3,805			3,805			3,725			14,897			15,170
Interest credited to policyholder account balances		39			37			38			39			37			156			151
Capitalization of DAC		(36	)		(36	)		(36	)		(41	)		(38	)		(143	)		(151	)
Amortization of DAC and VOBA		40			41			39			40			44			149			164
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			-			1			-
Other expenses		671			664			681			666			692			2,571			2,703
Total operating expenses		4,313			4,541			4,527			4,509			4,460			17,631			18,037

Operating earnings before provision for income tax		365			355			355			369			331			1,345			1,410
Provision for income tax expense (benefit)		127			127			124			131			117			467			499
Operating earnings		238			228			231			238			214			878			911
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	238		$	228		$	231		$	238		$	214		$	878		$	911


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	238		$	228		$	231		$	238		$	214		$	878		$	911
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(29	)		3			8			11			(55	)		(39	)		(33	)
Net derivative gains (losses)		232			205			(264	)		259			(23	)		525			177
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(45	)		(42	)		(41	)		(42	)		(46	)		(167	)		(171	)
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		(55	)		(58	)		104			(80	)		43			(111	)		9
Income (loss) from continuing operations, net of income tax		341			336			38			386			133			1,086			893
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		341			336			38			386			133			1,086			893
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		341			336			38			386			133			1,086			893
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	341		$	336		$	38		$	386		$	133		$	1,086		$	893

Total Operating Premiums, Fees and Other Revenues	$	4,213		$	4,418		$	4,401		$	4,393		$	4,337		$	17,115		$	17,549

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	26,772		$	26,938		$	27,293		$	27,348		$	27,541
Premiums and deposits		4,548			4,553			4,572			4,510			4,423
Surrenders and withdrawals		(904	)		(624	)		(689	)		(673	)		(607	)
Benefit payments		(3,210	)		(3,378	)		(3,450	)		(3,393	)		(3,324	)

Net Flows		434			551			433			444			492
Net transfers from (to) separate account		-			-			-			-			-
Interest		227			224			229			233			238
Policy charges		(134	)		(139	)		(140	)		(138	)		(141	)
Other		(361	)		(281	)		(467	)		(346	)		(423	)

Balance, end of period	$	26,938		$	27,293		$	27,348		$	27,541		$	27,707

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	656		$	669		$	677		$	674		$	614
Premiums and deposits		52			57			54			55			55
Surrenders and withdrawals		(11	)		(19	)		(11	)		(16	)		(12	)
Benefit payments		(1	)		-			(1	)		(1	)		(1	)

Net Flows		40			38			42			38			42
Investment performance		17			18			4			(48	)		31
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(44	)		(46	)		(46	)		(47	)		(47	)
Other		-			(2	)		(3	)		(3	)		(2	)

Balance, end of period	$	669		$	677		$	674		$	614		$	638
(1) All of the group property & casualty activity is reflected within the “Other” category.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015

Direct and allocated expenses	$	406	$	384	$	391	$	383	$	410
Pension and post-retirement benefit costs		22		18		20		20		21
Premium taxes, other taxes, and licenses & fees		80		81		88		81		81
Total fixed operating expenses	$	508	$	483	$	499	$	484	$	512

Commissions and other variable expenses		163		181		182		182		180

Total other expenses	$	671	$	664	$	681	$	666	$	692

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

Investment income yield excluding variable investment income		5.62%		5.61%		5.57%		5.47%		5.43%
Variable investment income yield		0.25%		0.31%		0.35%		0.52%		0.08%
Total investment income yield		5.87%		5.92%		5.92%		5.99%		5.51%
Average crediting rate		3.40%		3.41%		3.36%		3.35%		3.38%
Annualized general account spread		2.47%		2.51%		2.56%		2.64%		2.13%

Annualized general account spread excluding variable investment income yield		2.22%		2.20%		2.21%		2.12%		2.05%

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

Group Life (2)
Operating premiums, fees and other revenues	$	1,461	$	1,583	$	1,531	$	1,521	$	1,515
Mortality ratio		86.7%		90.7%		86.1%		86.1%		86.8%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,630	$	1,708	$	1,656	$	1,662	$	1,678
Interest adjusted loss ratio (4)		78.5%		77.0%		80.5%		80.7%		77.7%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	388	$	383	$	390	$	398	$	403
Combined ratio including catastrophes		92.3%		101.2%		96.0%		97.7%		99.8%
Combined ratio excluding catastrophes		90.8%		89.7%		85.5%		92.7%		96.4%

(1) Excludes group property & casualty. (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (3) Includes dental, disability, 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 Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Operating revenues
Premiums	$	1,330		$	418		$	319		$	1,555		$	727		$	2,768		$	3,019
Universal life and investment-type product policy fees		54			54			59			55			91			226			259
Net investment income		1,425			1,430			1,526			1,391			1,363			5,684			5,710
Other revenues		72			71			77			70			68			286			286
Total operating revenues		2,881			1,973			1,981			3,071			2,249			8,964			9,274

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,912			991			933			2,154			1,369			5,106			5,447
Interest credited to policyholder account balances		296			293			294			295			302			1,140			1,184
Capitalization of DAC		(1	)		(6	)		(4	)		(1	)		(8	)		(31	)		(19	)
Amortization of DAC and VOBA		4			5			6			6			4			19			21
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		3			1			1			1			-			9			3
Other expenses		115			124			130			113			145			492			512
Total operating expenses		2,329			1,408			1,360			2,568			1,812			6,735			7,148

Operating earnings before provision for income tax		552			565			621			503			437			2,229			2,126
Provision for income tax expense (benefit)		192			196			215			177			151			771			739
Operating earnings		360			369			406			326			286			1,458			1,387
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	360		$	369		$	406		$	326		$	286		$	1,458		$	1,387


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	360		$	369		$	406		$	326		$	286		$	1,458		$	1,387
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		124			205			(31	)		139			2			(432	)		315
Net derivative gains (losses)		96			80			(134	)		127			(56	)		352			17
Premiums		-			-			-			-			-			2			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(22	)		(27	)		(24	)		(25	)		(29	)		14			(105	)
Other revenues		-			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		(31	)		(10	)		39			(11	)		3			(97	)		21
Interest credited to policyholder account balances		(3	)		(2	)		(2	)		(1	)		(2	)		(14	)		(7	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(1	)		-			-			-			-			(18	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(57	)		(86	)		53			(79	)		28			52			(84	)
Income (loss) from continuing operations, net of income tax		466			529			307			476			232			1,318			1,544
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(1	)		-
Net income (loss)		466			529			307			476			232			1,317			1,544
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		466			529			307			476			232			1,317			1,544
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	466		$	529		$	307		$	476		$	232		$	1,317		$	1,544

Total Operating Premiums, Fees and Other Revenues	$	1,456		$	543		$	455		$	1,680		$	886		$	3,280		$	3,564
(1) The year ended December 31, 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)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	113,467		$	115,295		$	116,067		$	112,858		$	110,904
Premiums and deposits		16,797			17,434			16,963			21,217			18,960
Surrenders and withdrawals		(15,761	)		(16,497	)		(18,124	)		(21,937	)		(17,483	)
Benefit payments		(878	)		(915	)		(951	)		(972	)		(939	)

Net Flows		158			22			(2,112	)		(1,692	)		538
Net transfers from (to) separate account		(14	)		(8	)		(11	)		(25	)		(4	)
Interest		956			952			951			955			967
Policy charges		(17	)		(30	)		(34	)		(32	)		(9	)
Other		745			(164	)		(2,003	)		(1,160	)		(348	)

Balance, end of period	$	115,295		$	116,067		$	112,858		$	110,904		$	112,048

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Balance, beginning of period	$	81,967		$	81,150		$	86,091		$	85,253		$	82,608
Premiums and deposits		233			1,731			1,074			1,239			2,588
Surrenders and withdrawals		(1,174	)		(1,527	)		(1,496	)		(1,458	)		(1,390	)
Benefit payments		(14	)		(13	)		(20	)		(13	)		(28	)

Net Flows		(955	)		191			(442	)		(232	)		1,170
Investment performance		1,456			1,326			(1,036	)		(67	)		133
Net transfers from (to) general account		14			8			11			25			4
Policy charges		(79	)		(81	)		(86	)		(83	)		(106	)
Other		(1,253	)		3,497			715			(2,288	)		(1,652	)

Balance, end of period	$	81,150		$	86,091		$	85,253		$	82,608		$	82,157

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

Direct and allocated expenses	$	77		$	77	$	78	$	69	$	72
Pension and post-retirement benefit costs		6			6		7		7		7
Premium taxes, other taxes, and licenses & fees		(2	)		2		6		2		23
Total fixed operating expenses	$	81		$	85	$	91	$	78	$	102

Commissions and other variable expenses		34			39		39		35		43

Total other expenses	$	115		$	124	$	130	$	113	$	145

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

Investment income yield excluding variable investment income		4.67%			4.60%		4.81%		4.50%		4.53%
Variable investment income yield		0.32%			0.34%		0.50%		0.32%		0.20%
Total investment income yield		4.99%			4.94%		5.31%		4.82%		4.73%
Average crediting rate		3.34%			3.28%		3.27%		3.33%		3.35%
Annualized general account spread		1.65%			1.66%		2.04%		1.49%		1.38%

Annualized general account spread excluding variable investment income yield		1.33%			1.32%		1.54%		1.17%		1.18%

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

Operating revenues
Premiums	$	746		$	699		$	783		$	668		$	741		$	3,039		$	2,891
Universal life and investment-type product policy fees		283			294			301			261			260			1,239			1,116
Net investment income		314			218			283			279			267			1,229			1,047
Other revenues		12			10			7			11			14			35			42
Total operating revenues		1,355			1,221			1,374			1,219			1,282			5,542			5,096

Operating expenses
Policyholder benefits and claims and policyholder dividends		686			581			744			630			670			2,786			2,625
Interest credited to policyholder account balances		99			86			89			88			86			394			349
Capitalization of DAC		(125	)		(111	)		(100	)		(105	)		(110	)		(445	)		(426	)
Amortization of DAC and VOBA		69			78			86			57			82			334			303
Amortization of negative VOBA		-			-			(1	)		-			-			(1	)		(1	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		488			425			419			410			412			1,810			1,666
Total operating expenses		1,217			1,059			1,237			1,080			1,140			4,878			4,516

Operating earnings before provision for income tax		138			162			137			139			142			664			580
Provision for income tax expense (benefit)		(14	)		31			21			(37	)		(8	)		96			7
Operating earnings		152			131			116			176			150			568			573
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	152		$	131		$	116		$	176		$	150		$	568		$	573


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	152		$	131		$	116		$	176		$	150		$	568		$	573
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		19			(2	)		-			9			75			30			82
Net derivative gains (losses)		(3	)		(21	)		(15	)		(108	)		9			(60	)		(135	)
Premiums		(1	)		-			(1	)		(1	)		(1	)		(3	)		(3	)
Universal life and investment-type product policy fees		1			2			1			2			2			6			7
Net investment income		3			12			4			(12	)		4			39			8
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(82	)		6			(15	)		(23	)		(10	)		(216	)		(42	)
Interest credited to policyholder account balances		(21	)		(18	)		(16	)		(1	)		(19	)		(86	)		(54	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		4			3			3			3			3			18			12
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		16			5			9			33			(109	)		48			(62	)
Income (loss) from continuing operations, net of income tax		88			118			86			78			104			344			386
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		88			118			86			78			104			344			386
Less: Net income (loss) attributable to noncontrolling interests		2			3			3			4			1			13			11
Net income (loss) attributable to MetLife, Inc.		86			115			83			74			103			331			375
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	86		$	115		$	83		$	74		$	103		$	331		$	375

Total Operating Premiums, Fees and Other Revenues	$	1,041		$	1,003		$	1,091		$	940		$	1,015		$	4,313		$	4,049

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

Direct and allocated expenses	$	207	$	156	$	165	$	148	$	168
Pension and post-retirement benefit costs		2		2		-		1		1
Premium taxes, other taxes, and licenses & fees		23		18		20		19		19
Total fixed operating expenses	$	232	$	176	$	185	$	168	$	188

Commissions and other variable expenses		256		249		234		242		224

Total other expenses	$	488	$	425	$	419	$	410	$	412

Total other expenses on a constant currency basis	$	415	$	381	$	380	$	398	$	412

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

Mexico	$	145	$	118	$	103	$	123	$	137
Chile		51		50		60		56		59
All other		83		105		100		88		91
Total sales	$	279	$	273	$	263	$	267	$	287

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

Operating revenues
Premiums	$	1,824		$	1,752		$	1,809		$	1,736		$	1,640		$	7,566		$	6,937
Universal life and investment-type product policy fees		417			397			400			382			363			1,693			1,542
Net investment income		724			684			679			670			642			2,886			2,675
Other revenues		28			28			28			26			23			106			105
Total operating revenues		2,993			2,861			2,916			2,814			2,668			12,251			11,259

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,367			1,340			1,375			1,331			1,229			5,724			5,275
Interest credited to policyholder account balances		369			337			328			327			317			1,544			1,309
Capitalization of DAC		(456	)		(435	)		(398	)		(435	)		(452	)		(1,914	)		(1,720	)
Amortization of DAC and VOBA		330			326			336			309			285			1,397			1,256
Amortization of negative VOBA		(89	)		(86	)		(78	)		(77	)		(68	)		(364	)		(309	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		980			904			869			896			942			3,975			3,611
Total operating expenses		2,501			2,386			2,432			2,351			2,253			10,362			9,422

Operating earnings before provision for income tax		492			475			484			463			415			1,889			1,837
Provision for income tax expense (benefit)		152			148			59			125			125			582			457
Operating earnings		340			327			425			338			290			1,307			1,380
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	340		$	327		$	425		$	338		$	290		$	1,307		$	1,380


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	340		$	327		$	425		$	338		$	290		$	1,307		$	1,380
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		137			68			57			325			51			512			501
Net derivative gains (losses)		(410	)		18			9			107			(67	)		(532	)		67
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		3			6			4			2			-			11			12
Net investment income		281			129			173			(194	)		76			393			184
Other revenues		(5	)		(8	)		(9	)		(11	)		(9	)		(22	)		(37	)
Policyholder benefits and claims and policyholder dividends		(75	)		(49	)		(44	)		(10	)		(9	)		(170	)		(112	)
Interest credited to policyholder account balances		(289	)		(131	)		(175	)		187			(78	)		(403	)		(197	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(2	)		(12	)		5			(2	)		-			3			(9	)
Amortization of negative VOBA		11			10			9			8			8			46			35
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		4			-			-			(1	)		5			20			4
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		99			(10	)		111			(94	)		(28	)		35			(21	)
Income (loss) from continuing operations, net of income tax		94			348			565			655			239			1,200			1,807
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		94			348			565			655			239			1,200			1,807
Less: Net income (loss) attributable to noncontrolling interests		4			-			1			(3	)		6			19			4
Net income (loss) attributable to MetLife, Inc.		90			348			564			658			233			1,181			1,803
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	90		$	348		$	564		$	658		$	233		$	1,181		$	1,803

Total Operating Premiums, Fees and Other Revenues	$	2,269		$	2,177		$	2,237		$	2,144		$	2,026		$	9,365		$	8,584

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

Direct and allocated expenses	$	332	$	299	$	320	$	314	$	339
Pension and post-retirement benefit costs		19		19		17		17		18
Premium taxes, other taxes, and licenses & fees		48		36		37		55		34
Total fixed operating expenses	$	399	$	354	$	374	$	386	$	391

Commissions and other variable expenses		581		550		495		510		551

Total other expenses	$	980	$	904	$	869	$	896	$	942

Total other expenses on a constant currency basis	$	908	$	882	$	855	$	908	$	942

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

Japan:
Life	$	172	$	168	$	197	$	182	$	176
Accident & Health		128		110		117		104		95
Annuities		74		65		62		82		83
Other		5		4		6		4		5
Total Japan		379		347		382		372		359
Other Asia		216		229		184		223		232
Total sales	$	595	$	576	$	566	$	595	$	591

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

Operating revenues
Premiums	$	547		$	508		$	525		$	501		$	502		$	2,309		$	2,036
Universal life and investment-type product policy fees		113			102			114			106			102			466			424
Net investment income		100			83			84			82			77			428			326
Other revenues		11			10			19			11			21			60			61
Total operating revenues		771			703			742			700			702			3,263			2,847

Operating expenses
Policyholder benefits and claims and policyholder dividends		269			239			265			233			251			1,053			988
Interest credited to policyholder account balances		36			30			34			27			29			148			120
Capitalization of DAC		(169	)		(133	)		(132	)		(107	)		(100	)		(680	)		(472	)
Amortization of DAC and VOBA		137			128			133			127			109			613			497
Amortization of negative VOBA		(9	)		(4	)		(4	)		(5	)		(3	)		(31	)		(16	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		463			362			389			352			366			1,846			1,469
Total operating expenses		727			622			685			627			652			2,949			2,586

Operating earnings before provision for income tax		44			81			57			73			50			314			261
Provision for income tax expense (benefit)		(20	)		11			7			7			(4	)		29			21
Operating earnings		64			70			50			66			54			285			240
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	64		$	70		$	50		$	66		$	54		$	285		$	240


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	64		$	70		$	50		$	66		$	54		$	285		$	240
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1	)		3			5			14			5			(17	)		27
Net derivative gains (losses)		11			1			13			7			19			114			40
Premiums		6			-			-			-			-			46			-
Universal life and investment-type product policy fees		3			(2	)		-			(2	)		(1	)		11			(5	)
Net investment income		231			531			(249	)		(513	)		252			810			21
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(3	)		-			-			-			-			(21	)		-
Interest credited to policyholder account balances		(226	)		(513	)		237			499			(241	)		(779	)		(18	)
Capitalization of DAC		-			-			-			-			-			1			-
Amortization of DAC and VOBA		(3	)		2			-			2			1			(13	)		5
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(3	)		1			-			-			(1	)		(19	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(28	)		(26	)		7			12			(15	)		(88	)		(22	)
Income (loss) from continuing operations, net of income tax		51			67			63			85			73			330			288
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		51			67			63			85			73			330			288
Less: Net income (loss) attributable to noncontrolling interests		(1	)		2			(1	)		3			-			1			4
Net income (loss) attributable to MetLife, Inc.		52			65			64			82			73			329			284
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	52		$	65		$	64		$	82		$	73		$	329		$	284

Total Operating Premiums, Fees and Other Revenues	$	671		$	620		$	658		$	618		$	625		$	2,835		$	2,521

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

Direct and allocated expenses	$	211		$	158	$	178	$	190	$	192
Pension and post-retirement benefit costs		(5	)		2		1		2		1
Premium taxes, other taxes, and licenses & fees		4			3		2		4		-
Total fixed operating expenses	$	210		$	163	$	181	$	196	$	193

Commissions and other variable expenses		253			199		208		156		173

Total other expenses	$	463		$	362	$	389	$	352	$	366

Total other expenses on a constant currency basis	$	417		$	350	$	380	$	347	$	366

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

Total sales	$	260		$	262	$	247	$	222	$	232

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

Operating revenues
Premiums	$	16		$	10		$	26		$	18		$	25		$	81		$	79
Universal life and investment-type product policy fees		31			23			26			26			24			127			99
Net investment income		102			109			129			12			69			509			319
Other revenues		28			20			19			23			24			67			86
Total operating revenues		177			162			200			79			142			784			583

Operating expenses
Policyholder benefits and claims and policyholder dividends		4			12			8			20			25			61			65
Interest credited to policyholder account balances		8			6			8			5			4			34			23
Capitalization of DAC		-			-			-			-			(1	)		-			(1	)
Amortization of DAC and VOBA		-			-			1			-			(1	)		-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		287			297			306			294			301			1,167			1,198
Other expenses (1)		379			145			174			492			179			849			990
Total operating expenses		678			460			497			811			507			2,111			2,275

Operating earnings before provision for income tax		(501	)		(298	)		(297	)		(732	)		(365	)		(1,327	)		(1,692	)
Provision for income tax expense (benefit) (1)		(243	)		(188	)		(175	)		224			(214	)		(697	)		(353	)
Operating earnings		(258	)		(110	)		(122	)		(956	)		(151	)		(630	)		(1,339	)
Preferred stock dividends		31			30			31			6			49			122			116
Operating earnings available to common shareholders	$	(289	)	$	(140	)	$	(153	)	$	(962	)	$	(200	)	$	(752	)	$	(1,455	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(258	)	$	(110	)	$	(122	)	$	(956	)	$	(151	)	$	(630	)	$	(1,339	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		12			(59	)		(181	)		(186	)		96			(244	)		(330	)
Net derivative gains (losses)		274			225			(426	)		375			(143	)		354			31
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		7			4			4			4			(2	)		37			10
Other revenues		18			-			-			-			-			18			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(4	)		(1	)		(1	)		(8	)		2			(38	)		(8	)
Other expenses		(59	)		(9	)		(7	)		(21	)		4			(115	)		(33	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(95	)		(61	)		206			(52	)		8			(65	)		101
Income (loss) from continuing operations, net of income tax		(105	)		(11	)		(527	)		(844	)		(186	)		(683	)		(1,568	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(105	)		(11	)		(527	)		(844	)		(186	)		(683	)		(1,568	)
Less: Net income (loss) attributable to noncontrolling interests		1			-			1			(9	)		1			(6	)		(7	)
Net income (loss) attributable to MetLife, Inc.		(106	)		(11	)		(528	)		(835	)		(187	)		(677	)		(1,561	)
Less: Preferred stock dividends		31			30			31			6			49			122			116
Preferred stock repurchase premium		-			-			42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(137	)	$	(41	)	$	(601	)	$	(841	)	$	(236	)	$	(799	)	$	(1,719	)

Total Operating Premiums, Fees and Other Revenues	$	75		$	53		$	71		$	67		$	73		$	275		$	264
(1) The three months ended September 30, 2015 and year ended December 31, 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 Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Other business activities	$	24		$	12		$	12		$	5		$	10		$	80		$	39
Other net investment income		66			71			83			16			45			337			215
Interest expense on debt		(187	)		(193	)		(199	)		(191	)		(196	)		(759	)		(779	)
Preferred stock dividends		(31	)		(30	)		(31	)		(6	)		(49	)		(122	)		(116	)
Acquisition costs		-			-			-			-			-			(5	)		-
Corporate initiatives and projects		(69	)		(39	)		(58	)		(45	)		(52	)		(183	)		(194	)
Incremental tax benefit (expense)		68			84			71			(480	)		86			232			(239	)
Other		(160	)		(45	)		(31	)		(261	)		(44	)		(332	)		(381	)
Operating earnings available to common shareholders	$	(289	)	$	(140	)	$	(153	)	$	(962	)	$	(200	)	$	(752	)	$	(1,455	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Fixed Maturity Securities
Yield (1)		4.84%			4.64%			4.79%			4.55%			4.55%
Investment income (2), (3), (4)	$	3,761		$	3,569		$	3,665		$	3,467		$	3,500
Investment gains (losses) (3)		246			133			115			88			(222	)
Ending carrying value (2), (3)		366,783			367,640			352,610			352,856			352,433
Mortgage Loans
Yield (1)		5.03%			4.80%			5.10%			4.95%			5.03%
Investment income (3), (4)		737			730			801			785			819
Investment gains (losses) (3)		(11	)		(43	)		(9	)		(26	)		(27	)
Ending carrying value (3)		59,838			62,137			63,744			63,349			66,930
Real Estate and Real Estate Joint Ventures
Yield (1)		3.03%			3.10%			7.40%			3.99%			5.11%
Investment income (3)		79			81			189			101			117
Investment gains (losses) (3)		72			27			(33	)		263			274
Ending carrying value		10,525			10,310			10,207			9,923			8,433
Policy Loans
Yield (1)		5.36%			5.24%			5.22%			5.09%			5.37%
Investment income		156			152			151			147			153
Ending carrying value		11,618			11,606			11,575			11,549			11,258
Equity Securities
Yield (1)		4.64%			4.01%			4.58%			4.66%			5.62%
Investment income		35			31			35			36			42
Investment gains (losses)		1			8			8			7			(2	)
Ending carrying value		3,631			3,713			3,677			3,399			3,321
Other Limited Partnership Interests
Yield (1)		9.76%			10.62%			12.38%			10.82%			(0.65)%
Investment income		199			215			250			216			(12	)
Investment gains (losses)		(26	)		16			(9	)		(59	)		(15	)
Ending carrying value		8,085			8,074			8,099			7,901			7,096
Cash and Short-term Investments
Yield (1)		1.02%			1.00%			1.05%			0.74%			1.40%
Investment income		37			33			33			23			40
Investment gains (losses)		12			6			(12	)		-			3
Ending carrying value		19,429			22,257			22,668			25,173			22,051
Other Invested Assets (1)
Investment income		253			327			223			225			278
Investment gains (losses) (3)		(96	)		18			(19	)		15			(21	)
Ending carrying value		21,283			23,763			20,409			23,356			22,524
Total Investments
Investment income yield (1)		4.97%			4.89%			5.08%			4.76%			4.68%
Investment fees and expenses yield		(0.14)%			(0.15)%			(0.15)%			(0.14)%			(0.16)%
Net Investment Income Yield (1), (3), (5)		4.83%			4.74%			4.93%			4.62%			4.52%
Investment income	$	5,257		$	5,138		$	5,347		$	5,000		$	4,937
Investment fees and expenses		(144	)		(156	)		(162	)		(151	)		(164	)
Net investment income including Divested businesses		5,113			4,982			5,185			4,849			4,773
Less: Net investment income from Divested businesses (5)		2			-			-			-			-
Net Investment Income (3)	$	5,111		$	4,982		$	5,185		$	4,849		$	4,773
Ending Carrying Value (3)	$	501,192		$	509,500		$	492,989		$	497,506		$	494,046
Investment portfolio gains (losses) including Divested businesses	$	198		$	165		$	41		$	288		$	(10	)
Less: Investment portfolio gains (losses) from Divested businesses (5)		-			-			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	198		$	165		$	41		$	288		$	(10	)
Gross investment gains	$	559		$	445		$	419		$	708		$	611
Gross investment losses		(237	)		(236	)		(261	)		(366	)		(491	)
Writedowns		(124	)		(44	)		(117	)		(54	)		(130	)
Investment Portfolio Gains (Losses) (3), (5)		198			165			41			288			(10	)
Investment portfolio gains (losses) income tax (expense) benefit		(69	)		(52	)		103			(53	)		(114	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	129		$	113		$	144		$	235		$	(124	)

Derivative Gains (Losses) including Divested businesses	$	(18	)	$	611		$	(1,103	)	$	279		$	(569	)
Less: Derivative gains (losses) from Divested businesses (5)		-			-			-			-			-
Derivative gains (losses) (3), (5)		(18	)		611			(1,103	)		279			(569	)
Derivative gains (losses) income tax (expense) benefit		(22	)		(217	)		382			(110	)		194
Derivative Gains (Losses), Net of Income Tax	$	(40	)	$	394		$	(721	)	$	169		$	(375	)
(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 A-10 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 $1,358 million, $1,365 million, $1,257 million, $1,278 million and $1,031 million in ending carrying value, and $8 million, $37 million, $2 million, ($35) million and $17 million of investment income related to fair value option and trading securities at or for the three months ended December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 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 December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 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 $15,316 million, $15,091 million, $15,189 million, $14,069 million and $13,981 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 $15 million, $15 million, $14 million, $14 million and $12 million and mortgage loans of $280 million, $272 million, $266 million, $204 million and $172 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	198		$	165		$	41		$	288		$	(10	)
Real estate discontinued operations		-			-			-			-			-
Operating joint venture adjustments		-			(1	)		4			3			(2	)
Net investment gains (losses) related to CSEs		(1	)		(2	)		2			(3	)		-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		33			124			(180	)		94			74
Net investment gains (losses) - GAAP basis	$	230		$	286		$	(133	)	$	382		$	62

	For the Three Months Ended
	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	(18	)	$	611		$	(1,103	)	$	279		$	(569	)
Investment hedge adjustments		192			200			180			194			202
Operating joint venture adjustments		3			-			-			-			-
Settlement of foreign currency earnings hedges		5			8			9			11			9
PAB hedge adjustments		3			2			2			1			2
Net derivative gains (losses) - GAAP basis	$	185		$	821		$	(912	)	$	485		$	(356	)
(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.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Fixed Maturity Securities
Yield (1)		4.81%			4.64%			4.72%			4.66%			4.63%
Investment income (2), (3), (4)	$	14,946		$	3,569		$	7,234		$	10,701		$	14,201
Investment gains (losses) (3)		548			133			248			336			114
Ending carrying value (2), (3)		366,783			367,640			352,610			352,856			352,433
Mortgage Loans
Yield (1)		5.15%			4.80%			4.95%			4.95%			4.97%
Investment income (3), (4)		2,928			730			1,531			2,316			3,135
Investment gains (losses) (3)		(36	)		(43	)		(52	)		(78	)		(105	)
Ending carrying value (3)		59,838			62,137			63,744			63,349			66,930
Real Estate and Real Estate Joint Ventures
Yield (1)		3.67%			3.10%			5.23%			4.83%			4.89%
Investment income (3)		376			81			270			371			488
Investment gains (losses) (3)		217			27			(6	)		257			531
Ending carrying value		10,525			10,310			10,207			9,923			8,433
Policy Loans
Yield (1)		5.36%			5.24%			5.23%			5.18%			5.23%
Investment income		629			152			303			450			603
Ending carrying value		11,618			11,606			11,575			11,549			11,258
Equity Securities
Yield (1)		4.30%			4.01%			4.30%			4.42%			4.71%
Investment income		133			31			66			102			144
Investment gains (losses)		65			8			16			23			21
Ending carrying value		3,631			3,713			3,677			3,399			3,321
Other Limited Partnership Interests
Yield (1)		13.01%			10.62%			11.50%			11.27%			8.45%
Investment income		1,033			215			465			681			669
Investment gains (losses)		(78	)		16			7			(52	)		(67	)
Ending carrying value		8,085			8,074			8,099			7,901			7,096
Cash and Short-term Investments
Yield (1)		1.07%			1.00%			1.02%			0.93%			1.04%
Investment income		161			33			66			89			129
Investment gains (losses)		11			6			(6	)		(6	)		(3	)
Ending carrying value		19,429			22,257			22,668			25,173			22,051
Other Invested Assets (1)
Investment income		906			327			550			775			1,053
Investment gains (losses) (3)		(120	)		18			(1	)		14			(7	)
Ending carrying value		21,283			23,763			20,409			23,356			22,524
Total Investments
Investment income yield (1)		5.01%			4.89%			4.99%			4.91%			4.85%
Investment fees and expenses yield		(0.13)%			(0.15)%			(0.15)%			(0.15)%			(0.15)%
Net Investment Income Yield (1), (3), (5)		4.88%			4.74%			4.84%			4.76%			4.70%
Investment income	$	21,112		$	5,138		$	10,485		$	15,485		$	20,422
Investment fees and expenses		(556	)		(156	)		(318	)		(469	)		(633	)
Net investment income including Divested businesses		20,556			4,982			10,167			15,016			19,789
Less: Net investment income from Divested businesses (5)		72			-			-			-			-
Net Investment Income (3)	$	20,484		$	4,982		$	10,167		$	15,016		$	19,789
Ending Carrying Value (3)	$	501,192		$	509,500		$	492,989		$	497,506		$	494,046
Investment portfolio gains (losses) including Divested businesses	$	607		$	165		$	206		$	494		$	484
Less: Investment portfolio gains (losses) from Divested businesses (5)		2			-			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	605		$	165		$	206		$	494		$	484
Gross investment gains	$	1,689		$	445		$	864		$	1,572		$	2,183
Gross investment losses		(789	)		(236	)		(497	)		(863	)		(1,354	)
Writedowns		(295	)		(44	)		(161	)		(215	)		(345	)
Investment Portfolio Gains (Losses) (3), (5)		605			165			206			494			484
Investment portfolio gains (losses) income tax (expense) benefit		(260	)		(52	)		51			(2	)		(116	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	345		$	113		$	257		$	492		$	368

Derivative Gains (Losses) including Divested businesses	$	575		$	611		$	(492	)	$	(213	)	$	(782	)
Less: Derivative gains (losses) from Divested businesses (5)		80			-			-			-			-
Derivative gains (losses) (3), (5)		495			611			(492	)		(213	)		(782	)
Derivative gains (losses) income tax (expense) benefit		(199	)		(217	)		165			55			249
Derivative Gains (Losses), Net of Income Tax	$	296		$	394		$	(327	)	$	(158	)	$	(533	)
(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 A-10 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 $1,358 million, $1,365 million, $1,257 million,$1,278 million and $1,031 million in ending carrying value, and $103 million, $37 million, $39 million, $4 million and $21 million of investment income related to fair value option and trading securities at or for the year-to-date period ended December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 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 December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 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 $15,316 million, $15,091 million, $15,189 million, $14,069 million and $13,981 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 $15 million, $15 million, $14 million, $14 million and $12 million and mortgage loans of $280 million, $272 million, $266 million, $204 million and $172 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	605		$	165		$	206		$	494		$	484
Real estate discontinued operations		5			-			-			-			-
Operating joint venture adjustments		-			(1	)		3			6			4
Net investment gains (losses) related to certain CSEs		5			(2	)		-			(3	)		(3	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(812	)		124			(56	)		38			112
Net investment gains (losses) - GAAP basis	$	(197	)	$	286		$	153		$	535		$	597

	For the Year-to-Date Period Ended
	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	575		$	611		$	(492	)	$	(213	)	$	(782	)
Investment hedge adjustments (5)		705			200			380			574			776
Operating joint venture adjustments		1			-			-			-			-
Settlement of foreign currency earnings hedges		22			8			17			28			37
PAB hedge adjustments		14			2			4			5			7
Net derivative gains (losses) - GAAP basis	$	1,317		$	821		$	(91	)	$	394		$	38
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, excludes $1 million, $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 GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015
Unaudited (In millions, except ratio)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,557		78.3%	$	1,683		76.2%	$	3,044		86.8%	$	3,510		80.3%	$	4,127		75.8%
20% or more for less than six months		289		14.5%		384		17.4%		190		5.4%		569		13.0%		954		17.5%
20% or more for six months or greater		143		7.2%		141		6.4%		275		7.8%		295		6.7%		364		6.7%
Total Gross Unrealized Losses	$	1,989		100.0%	$	2,208		100.0%	$	3,509		100.0%	$	4,374		100.0%	$	5,445		100.0%

Total Gross Unrealized Gains	$	32,634			$	35,574			$	26,029			$	26,749			$	23,883


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

Less than 20%	$	16		23.9%	$	20		29.0%	$	29		39.7%	$	28		19.1%	$	26		16.5%
20% or more for less than six months		24		35.8%		20		29.0%		11		15.1%		84		57.1%		94		59.5%
20% or more for six months or greater		27		40.3%		29		42.0%		33		45.2%		35		23.8%		38		24.0%
Total Gross Unrealized Losses	$	67		100.0%	$	69		100.0%	$	73		100.0%	$	147		100.0%	$	158		100.0%

Total Gross Unrealized Gains	$	622			$	649			$	633			$	450			$	482

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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	105,954		29.0%	$	106,335		29.0%	$	101,146		28.8%	$	100,957		28.7%	$	100,794		28.7%
U.S. treasury and agency securities			61,516		16.8%		60,472		16.5%		57,538		16.4%		59,671		17.0%		61,646		17.5%
Foreign corporate securities			61,675		16.9%		60,494		16.5%		59,098		16.8%		58,404		16.6%		57,198		16.3%
Foreign government securities			52,666		14.4%		52,361		14.3%		51,057		14.5%		50,523		14.4%		50,499		14.4%
Residential mortgage-backed securities			39,846		10.9%		43,784		12.0%		41,518		11.8%		40,050		11.4%		38,797		11.0%
State and political subdivision securities			15,187		4.2%		15,710		4.3%		15,164		4.3%		15,479		4.4%		15,441		4.4%
Asset-backed securities			14,249		3.9%		13,808		3.8%		13,990		4.0%		14,132		4.0%		14,394		4.1%
Commercial mortgage-backed securities			14,332		3.9%		13,311		3.6%		11,842		3.4%		12,362		3.5%		12,633		3.6%
Total Fixed Maturity Securities Available-For-Sale		$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	257,083		70.4%	$	258,707		70.6%	$	248,764		70.8%	$	250,047		71.1%	$	250,803		71.4%
2	Baa		83,408		22.8%		82,394		22.5%		79,669		22.7%		79,358		22.6%		79,523		22.6%
3	Ba		15,145		4.1%		16,314		4.5%		15,621		4.4%		15,306		4.4%		15,142		4.3%
4	B		8,385		2.3%		7,457		2.0%		5,955		1.7%		5,407		1.5%		4,839		1.4%
5	Caa and lower		1,340		0.4%		1,325		0.4%		1,260		0.4%		1,383		0.4%		1,041		0.3%
6	In or near default		64		- %		78		- %		84		- %		77		- %		54		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%
(1) Amounts presented are based on rating agency ratings and equivalent designations of the NAIC, except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.'s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC's present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed designation is used until a final designation becomes available. These revised NAIC designations may not correspond to the rating agency ratings. The rating agency ratings are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
Unaudited (In millions)		December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015

Traditional (2), (3)			$ 9,558				$ 9,458				$ 9,590				$ 9,325				$ 7,906
Real estate joint ventures and funds			647				595				577				553				482
Subtotal			10,205				10,053				10,167				9,878				8,388
Foreclosed			320				257				40				45				45
Total Real Estate and Real Estate Joint Ventures			$10,525				$10,310				$10,207				$9,923				$8,433
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
	December 31, 2014				March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015
Unaudited (In millions)

Commercial mortgage loans		$41,088				$42,164				$42,953				$41,619				$44,012
Agricultural mortgage loans		12,378				12,333				12,498				12,771				13,188
Residential mortgage loans		6,677				7,955				8,618				9,270				10,048
Total Mortgage Loans		60,143				62,452				64,069				63,660				67,248
Valuation allowances		(305)				(315)				(325)				(311)				(318)
Total Mortgage Loans, net		$59,838				$62,137				$63,744				$63,349				$66,930
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 30, note 3, for the amount excluded for each period presented.

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

Pacific	$	8,620		21.0%	$	9,197		21.8%	$	9,221		21.5%	$	9,208		22.1%	$	9,583		21.8%
Middle Atlantic		7,689		18.7%		7,617		18.1%		7,864		18.3%		7,743		18.6%		8,154		18.5%
International		7,251		17.7%		7,630		18.1%		7,222		16.8%		7,548		18.1%		7,889		17.9%
South Atlantic		6,384		15.5%		6,249		14.8%		6,355		14.8%		5,858		14.1%		6,127		13.9%
West South Central		3,990		9.7%		3,939		9.3%		4,404		10.3%		4,289		10.3%		4,311		9.8%
East North Central		2,430		5.9%		2,520		6.0%		2,260		5.3%		2,127		5.1%		2,346		5.3%
New England		1,155		2.8%		1,151		2.7%		1,352		3.1%		1,350		3.2%		1,367		3.1%
Mountain		932		2.3%		1,169		2.8%		1,168		2.7%		1,118		2.7%		1,117		2.5%
West North Central		140		0.3%		138		0.3%		150		0.3%		234		0.6%		520		1.2%
East South Central		424		1.0%		423		1.0%		390		0.9%		408		1.0%		512		1.2%
Multi-Region and Other		2,073		5.1%		2,131		5.1%		2,567		6.0%		1,736		4.2%		2,086		4.8%
Total	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%


Office	$	21,400		52.1%	$	21,094		50.0 %	$	21,334		49.7%	$	19,951		47.9%	$	21,525		48.9%
Retail		9,389		22.9%		9,543		22.6%		9,982		23.2%		10,002		24.0%		10,466		23.8%
Apartment		3,786		9.2%		4,696		11.2%		4,806		11.2%		4,865		11.7%		5,171		11.7%
Hotel		4,196		10.2%		4,483		10.6%		4,431		10.3%		4,456		10.7%		4,396		10.0%
Industrial		2,133		5.2%		2,157		5.1%		2,205		5.1%		2,191		5.3%		2,334		5.3%
Other		184		0.4%		191		0.5%		195		0.5%		154		0.4%		120		0.3%
Total	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%

LOGO

Appendix

LOGO


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

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP

Operating earnings	$	1,614		$	1,668		$	1,796		$	711		$	1,425		$	6,682		$	5,600
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		230			286			(133	)		382			62			(197	)		597
Net derivative gains (losses)		185			821			(912	)		485			(356	)		1,317			38
Premiums - Divested businesses		5			-			(1	)		(1	)		(1	)		45			(3	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		6			4			3			1			(3	)		20			5
GMIB fees		96			94			95			96			97			378			382
Divested businesses		1			2			1			2			2			7			7
Net investment income
Investment hedge adjustments		(192	)		(200	)		(180	)		(194	)		(202	)		(704	)		(776	)
Income from discontinued real estate operations		-			-			-			-			-			(1	)		-
Operating joint venture adjustments		(3	)		1			(4	)		(3	)		2			(1	)		(4	)
Unit-linked contract income		527			677			(55	)		(701	)		343			1,266			264
Securitization entities income		4			1			1			8			(2	)		38			8
Divested businesses		2			-			-			-			-			71			-
Other revenues
Settlement of foreign currency earnings hedges		(5	)		(8	)		(9	)		(11	)		(9	)		(22	)		(37	)
Divested businesses		18			-			-			-			-			19			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		6			17			(10	)		(13	)		-			6			(6	)
Inflation and pass through adjustments		(104	)		(3	)		25			(23	)		6			(260	)		5
GMIB costs		(134	)		(112	)		(150	)		149			(286	)		(500	)		(399	)
Market value adjustments		(85	)		(51	)		(45	)		(21	)		(19	)		(182	)		(136	)
Divested businesses		(3	)		-			-			-			(1	)		(64	)		(1	)
Interest credited to policyholder account balances
PAB hedge adjustments		(3	)		(2	)		(2	)		(1	)		(2	)		(14	)		(7	)
Unit-linked contract costs		(534	)		(662	)		46			685			(338	)		(1,266	)		(269	)
Divested businesses		(2	)		-			-			-			-			(2	)		-
Capitalization of DAC—Divested businesses		-			-			-			-			-			1			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		(4	)		(112	)		104			(28	)		27			(41	)		(9	)
Related to GMIB fees and GMIB costs		(1	)		40			-			(132	)		(33	)		(63	)		(125	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			-			-			-			-			(1	)		-
Amortization of negative VOBA
Related to market value adjustments		11			10			9			8			8			46			35
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(4	)		(1	)		(1	)		(8	)		2			(38	)		(8	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		12			5			7			(11	)		12			33			13
Regulatory implementation costs		(1	)		(1	)		(1	)		-			-			(3	)		(2	)
Acquisition & integration costs		(24	)		(8	)		(7	)		(6	)		(7	)		(55	)		(28	)
Divested businesses		(42	)		(1	)		(3	)		(2	)		6			(89	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(49	)		(302	)		545			(174	)		109			(87	)		178
Income (loss) from continuing operations, net of income tax		1,527			2,163			1,119			1,198			842			6,339			5,322
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(3	)		-
Net income (loss)		1,527			2,163			1,119			1,198			842			6,336			5,322
Less: Net income (loss) attributable to noncontrolling interests		6			5			4			(5	)		8			27			12
Net income (loss) attributable to MetLife, Inc.		1,521			2,158			1,115			1,203			834			6,309			5,310
Less: Preferred stock dividends		31			30			31			6			49			122			116
Preferred stock repurchase premium		-			-			42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,490		$	2,128		$	1,042		$	1,197		$	785		$	6,187		$	5,152
(1) The year ended December 31, 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 Ended
Unaudited (In millions)		December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan		$	-		$	-		$	-		$	(37	)	$	(137	)	$	136		$	(174	)
Catastrophe experience and prior year development, net			16			(16	)		-			21			(9	)		33			(4	)
Actuarial assumption review and other insurance adjustments			5			-			-			(92	)		-			77			(92	)
Litigation reserves & settlement costs			(117	)		-			-			-			-			(174	)		-
Tax adjustments			27			-			61			(720	)		31			18			(628	)
Total notable items		$	(69	)	$	(16	)	$	61		$	(828	)	$	(115	)	$	90		$	(898	)

RETAIL
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan		$	-		$	-		$	-		$	(6	)	$	(57	)	$	42		$	(63	)
Catastrophe experience and prior year development, net			6			(3	)		(2	)		13			(7	)		9			1
Actuarial assumption review and other insurance adjustments			(9	)		-			-			(107	)		-			66			(107	)
Tax adjustments			-			-			-			13			-			38			13
Total notable items		$	(3	)	$	(3	)	$	(2	)	$	(87	)	$	(64	)	$	155		$	(156	)

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
	Variable investment income, as compared to plan	$	-		$	-		$	-		$	(4	)	$	(47	)	$	20		$	(51	)
	Catastrophe experience and prior year development, net		6			(3	)		(2	)		13			(7	)		9			1
	Actuarial assumption review and other insurance adjustments		(9	)		-			-			(69	)		-			84			(69	)
	Tax adjustments		-			-			-			(1	)		-			5			(1	)
	Total notable items	$	(3	)	$	(3	)	$	(2	)	$	(61	)	$	(54	)	$	118		$	(120	)

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
	Variable investment income, as compared to plan	$	-		$	-		$	-		$	(2	)	$	(10	)	$	22		$	(12	)
	Actuarial assumption review and other insurance adjustments		-			-			-			(38	)		-			(18	)		(38	)
	Tax adjustments		-			-			-			14			-			33			14
	Total notable items	$	-		$	-		$	-		$	(26	)	$	(10	)	$	37		$	(36	)

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan		$	-		$	-		$	-		$	11		$	(10	)	$	8		$	1
Catastrophe experience and prior year development, net			10			(12	)		2			8			(1	)		24			(3	)
Actuarial assumption review and other insurance adjustments			(9	)		-			-			-			-			(9	)		-
Total notable items		$	1		$	(12	)	$	2		$	19		$	(11	)	$	23		$	(2	)
(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan	$	-		$	-		$	-	$	12		$	(9	)	$	69		$	3
Tax adjustments		-			-			-		(1	)		-			-			(1	)
Total notable items	$	-		$	-		$	-	$	11		$	(9	)	$	69		$	2

LATIN AMERICA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan	$	-		$	-		$	-	$	(2	)	$	(3	)	$	-		$	(5	)
Catastrophe experience and prior year development, net		-			(1	)		-		-			(1	)		-			(2	)
Tax adjustments		13			-			-		60			31			(28	)		91
Total notable items	$	13		$	(1	)	$	-	$	58		$	27		$	(28	)	$	84

ASIA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan	$	-		$	-		$	-	$	(10	)	$	(24	)	$	3		$	(34	)
Actuarial assumption review and other insurance adjustments		23			-			-		9			-			10			9
Tax adjustments		-			-			61		-			-			-			61
Total notable items	$	23		$	-		$	61	$	(1	)	$	(24	)	$	13		$	36

EMEA
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-	$	6		$	-		$	10		$	6
Tax adjustments		14			-			-		-			-			14			-
Total notable items	$	14		$	-		$	-	$	6		$	-		$	24		$	6

CORPORATE & OTHER
	For the Three Months Ended														For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015
Variable investment income, as compared to plan	$	-		$	-		$	-	$	(42	)	$	(34	)	$	14		$	(76	)
Litigation reserves & settlement costs		(117	)		-			-		-			-			(174	)		-
Tax adjustments		-			-			-		(792	)		-			(6	)		(792	)
Total notable items	$	(117	)	$	-		$	-	$	(834	)	$	(34	)	$	(166	)	$	(868	)

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

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015

Total MetLife, Inc.'s stockholders' equity	$	72,053		$	73,770		$	69,377		$	70,503		$	67,949
Less: Preferred stock		2,043			2,043			2,066			2,066			2,066
MetLife, Inc.'s common stockholders' equity		70,010			71,727			67,311			68,437			65,883
Less: Net unrealized investment gains (losses), net of income tax		16,235			17,761			12,863			13,634			11,773
Defined benefit plans adjustment, net of income tax		(2,283	)		(2,246	)		(2,206	)		(2,169	)		(2,052	)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA		56,058			56,212			56,654			56,972			56,162
Less: Goodwill, net of income tax		9,759			9,592			9,508			9,398			9,314
VODA and VOCRA, net of income tax		620			576			546			522			494
Total MetLife, Inc.'s tangible common stockholders' equity (excludes AOCI other than FCTA)	$	45,679		$	46,044		$	46,600		$	47,052		$	46,354

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

Book value per common share (1)	$	61.85		$	64.37		$	60.27		$	61.39		$	60.00
Less: Net unrealized investment gains (losses), net of income tax		14.34			15.94			11.52			12.23			10.72
Defined benefit plans adjustment, net of income tax		(2.02	)		(2.02	)		(1.98	)		(1.95	)		(1.87	)
Book value per common share, excluding AOCI other than FCTA (1)		49.53			50.45			50.73			51.11			51.15
Less: Goodwill, net of income tax		8.62			8.61			8.51			8.43			8.48
VODA and VOCRA, net of income tax		0.55			0.52			0.49			0.47			0.45
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	40.36		$	41.32		$	41.73		$	42.21		$	42.22

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

Operating return on MetLife, Inc.'s:
Common stockholders' equity		9.1%			9.2%			10.2%			4.2%			8.2%			10.0%		8.0%
Common stockholders' equity, excluding AOCI other than FCTA		11.3%			11.7%			12.5%			5.0%			9.7%			12.0%		9.7%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (3)		14.1%			14.4%			15.3%			6.1%			11.9%			15.2%		11.9%

Return on MetLife, Inc.'s:
Common stockholders' equity		8.6%			12.0%			6.0%			7.1%			4.7%			9.4%		7.5%
Common stockholders' equity, excluding AOCI other than FCTA		10.7%			15.2%			7.4%			8.4%			5.6%			11.3%		9.1%
Tangible common stockholders' equity (excludes AOCI other than FCTA) (3)		13.3%			18.7%			9.1%			10.3%			6.8%			14.3%		11.2%

Average common stockholders' equity	$	69,386		$	70,869		$	69,519		$	67,874		$	67,160		$	65,909	$	68,674
Average common stockholders' equity, excluding AOCI other than FCTA	$	55,834		$	56,135		$	56,433		$	56,813		$	56,567		$	54,565	$	56,412
Average tangible common stockholders' equity (excludes AOCI other than FCTA)	$	45,191		$	45,862		$	46,322		$	46,826		$	46,703		$	43,569	$	46,346

(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015 of $13 million, $12 million, $12 million, $12 million and $12 million, respectively, and for the years ended December 31, 2014 and 2015 of $53 million and $48 million, respectively.

A-4

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
AMERICAS
RETAIL
Life & Other			15.1%		9.0%		12.3%		8.1%		8.7%
Annuities			13.0%		14.4%		13.2%		10.9%		12.4%
GROUP, VOLUNTARY & WORKSITE BENEFITS			16.5%		14.2%		14.4%		14.8%		13.3%
CORPORATE BENEFIT FUNDING			19.6%		19.1%		21.0%		16.9%		14.8%
LATIN AMERICA			16.8%		15.1%		13.3%		20.2%		17.2%
AMERICAS			15.7%		14.1%		14.8%		12.9%		12.6%
ASIA			11.6%		11.4%		14.8%		11.7%		10.1%
EMEA			7.4%		8.4%		6.0%		7.9%		6.5%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
AMERICAS			17.9%		15.9%		16.6%		14.6%		14.2%
ASIA			20.1%		19.6%		25.4%		20.2%		17.4%
EMEA			14.2%		15.4%		11.2%		14.6%		12.2%

RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
AMERICAS
RETAIL
Life & Other			15.7%		12.6%		8.4%		9.5%		5.4%
Annuities			8.4%		15.8%		12.8%		4.7%		4.0%
GROUP, VOLUNTARY & WORKSITE BENEFITS			23.7%		20.9%		2.4%		24.0%		8.3%
CORPORATE BENEFIT FUNDING			25.4%		27.4%		15.9%		24.6%		12.0%
LATIN AMERICA			9.5%		13.2%		9.5%		8.5%		11.8%
AMERICAS			15.9%		18.0%		10.4%		13.3%		7.3%
ASIA			3.1%		12.1%		19.6%		22.9%		8.1%
EMEA			6.0%		7.8%		7.7%		9.8%		8.8%

RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
AMERICAS			18.1%		20.2%		11.7%		15.0%		8.3%
ASIA			5.4%		20.8%		33.7%		39.3%		14.0%
EMEA			11.7%		14.4%		14.2%		18.0%		16.3%
(1) Annualized using quarter-to-date results. (2) 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)	December 31, 2014		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
	AMERICAS	$	9	$	9	$	8	$	8	$	8
	ASIA	$	1	$	1	$	1	$	1	$	1
	EMEA	$	3	$	2	$	2	$	2	$	3

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

RETAIL (1)	$	3,409		$	3,236		$	3,262		$	3,276		$	3,376
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		4,213			4,418			4,401			4,393			4,337
CORPORATE BENEFIT FUNDING (1)		1,456			543			455			1,680			886
LATAM		869			891			985			914			1,015
ASIA		2,086			2,119			2,198			2,174			2,026
EMEA		608			599			639			608			625
CORPORATE & OTHER (1)		75			53			71			67			73
METLIFE TOTAL	$	12,716		$	11,859		$	12,011		$	13,112		$	12,338

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

RETAIL (1)	$	718		$	653		$	690		$	523		$	582
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		238			228			231			238			214
CORPORATE BENEFIT FUNDING (1)		360			369			406			326			286
LATAM		121			111			100			171			150
ASIA		318			317			415			339			290
EMEA		55			65			47			61			54
CORPORATE & OTHER (1)		(289	)		(140	)		(153	)		(962	)		(200	)
METLIFE TOTAL	$	1,521		$	1,603		$	1,736		$	696		$	1,376
(1) Amounts on a reported basis, as constant currency impact is not significant.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Operating revenues
Premiums	$	861		$	845		$	856		$	867		$	869		$	3,379		$	3,437
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		44			41			42			39			34			169			156
Other revenues		6			5			6			5			6			19			22
Total operating revenues		911			891			904			911			909			3,567			3,615

Operating expenses
Policyholder benefits and claims and policyholder dividends		541			584			626			593			631			2,283			2,434
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(101	)		(96	)		(105	)		(113	)		(108	)		(410	)		(422	)
Amortization of DAC and VOBA		105			101			101			104			106			404			412
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		230			220			232			240			231			917			923
Total operating expenses		775			809			854			824			860			3,194			3,347

Operating earnings before provision for income tax		136			82			50			87			49			373			268
Provision for income tax expense (benefit)		35			17			3			20			5			78			45
Operating earnings		101			65			47			67			44			295			223
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	101		$	65		$	47		$	67		$	44		$	295		$	223


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	101		$	65		$	47		$	67		$	44		$	295		$	223
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			-			6			(6	)		(11	)		7			(11	)
Net derivative gains (losses)		(5	)		(5	)		7			-			(2	)		(7	)		-
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			2			(5	)		3			3			-			3
Income (loss) from continuing operations, net of income tax		99			62			55			64			34			295			215
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		99			62			55			64			34			295			215
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		99			62			55			64			34			295			215
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	99		$	62		$	55		$	64		$	34		$	295		$	215

Total Operating Premiums, Fees and Other Revenues	$	867		$	850		$	862		$	872		$	875		$	3,398		$	3,459
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Operating revenues
Premiums	$	454		$	442		$	444		$	445		$	442		$	1,800		$	1,773
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		24			22			23			20			18			92			83
Other revenues		4			3			4			3			3			14			13
Total operating revenues		482			467			471			468			463			1,906			1,869

Operating expenses
Policyholder benefits and claims and policyholder dividends		269			280			328			289			308			1,196			1,205
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(67	)		(62	)		(70	)		(72	)		(68	)		(275	)		(272	)
Amortization of DAC and VOBA		70			67			68			68			68			274			271
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		120			111			121			121			119			483			472
Total operating expenses		392			396			447			406			427			1,678			1,676

Operating earnings before provision for income tax		90			71			24			62			36			228			193
Provision for income tax expense (benefit)		25			18			1			16			6			51			41
Operating earnings		65			53			23			46			30			177			152
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	65		$	53		$	23		$	46		$	30		$	177		$	152


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	65		$	53		$	23		$	46		$	30		$	177		$	152
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			-			4			(4	)		(6	)		4			(6	)
Net derivative gains (losses)		(3	)		(3	)		4			-			(1	)		(4	)		-
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			1			(3	)		2			2			-			2
Income (loss) from continuing operations, net of income tax		64			51			28			44			25			177			148
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		64			51			28			44			25			177			148
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		64			51			28			44			25			177			148
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	51		$	28		$	44		$	25		$	177		$	148

Total Operating Premiums, Fees and Other Revenues	$	458		$	445		$	448		$	448		$	445		$	1,814		$	1,786
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - GROUP PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2014			March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2014			December 31, 2015

Operating revenues
Premiums	$	407		$	403		$	412		$	422		$	427		$	1,579		$	1,664
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		20			19			19			19			16			77			73
Other revenues		2			2			2			2			3			5			9
Total operating revenues		429			424			433			443			446			1,661			1,746

Operating expenses
Policyholder benefits and claims and policyholder dividends		272			304			298			304			323			1,087			1,229
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(34	)		(34	)		(35	)		(41	)		(40	)		(135	)		(150	)
Amortization of DAC and VOBA		35			34			33			36			38			130			141
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		110			109			111			119			112			434			451
Total operating expenses		383			413			407			418			433			1,516			1,671

Operating earnings before provision for income tax		46			11			26			25			13			145			75
Provision for income tax expense (benefit)		10			(1	)		2			4			(1	)		27			4
Operating earnings		36			12			24			21			14			118			71
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	36		$	12		$	24		$	21		$	14		$	118		$	71

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	36		$	12		$	24		$	21		$	14		$	118		$	71
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			-			2			(2	)		(5	)		3			(5	)
Net derivative gains (losses)		(2	)		(2	)		3			-			(1	)		(3	)		-
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			1			(2	)		1			1			-			1
Income (loss) from continuing operations, net of income tax		35			11			27			20			9			118			67
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		35			11			27			20			9			118			67
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		35			11			27			20			9			118			67
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	35		$	11		$	27		$	20		$	9		$	118		$	67

Total Operating Premiums, Fees and Other Revenues	$	409		$	405		$	414		$	424		$	430		$	1,584		$	1,673
(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

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:


Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	operating revenues	(i)	GAAP revenues
(ii)	operating expenses	(ii)	GAAP expenses
(iii)	operating earnings	(iii)	income (loss) from continuing operations, net of income tax
(iv)	operating earnings available to common shareholders	(iv)	net income (loss) available to MetLife, Inc.’s common shareholders
(v)	operating earnings available to common shareholders per diluted common share	(v)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(vi)	investment portfolio gains (losses)	(vi)	net investment gains (losses)
(vii)	derivative gains (losses)	(vii)	net derivative gains (losses)
(viii)	MetLife, Inc.’s tangible common stockholders’ equity	(viii)	MetLife, Inc.’s stockholders’ equity
(ix)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(ix)	MetLife, Inc.’s stockholders’ equity

Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com.

Our definitions of the various non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with 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 NIGL and 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 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 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 DAC and 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.

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METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

The following additional information is relevant to an understanding of our performance results:

•

MetLife, Inc.’s tangible common stockholders’ equity or tangible equity - MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA - 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.

•

Allocated equity - 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.

•

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 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 - operating earnings available to common shareholders divided by MetLife, Inc.’s average 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 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 - net income (loss) available to MetLife, Inc.’s 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 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.

•

Statistical sales information for Retail - Life sales are 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. Annuity sales consist of statutory premiums direct and assumed, excluding company sponsored internal exchanges. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

•

Statistical sales information for Latin America, Asia and EMEA - 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.

•

All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange.

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METLIFE ACRONYMS

AOCI		Accumulated other comprehensive income (loss)
CSE		Consolidated securitization entity
DAC		Deferred policy acquisition costs
EMEA		Europe, the Middle East and Africa
FCTA		Foreign currency translation adjustments
GAAP		Accounting principles generally accepted in the United States of America
GMIB		Guaranteed minimum income benefits
LTC		Long-term care
NAIC		National Association of Insurance Commissioners
NDGL		Net derivative gains (losses)
NIGL		Net investment gains (losses)
PDO		Policyholder dividend obligation
PAB		Policyholder account balances
QFS		Quarterly financial supplement
VIE		Variable interest entity
VOBA		Value of business acquired
VOCRA		Value of customer relationships acquired
VODA		Value of distribution agreements

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METLIFE INC - FORM 8-K - EX-99.2 - February 3, 2016

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