METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - 8-K - METLIFE INC	d137570d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d137570dex991.htm
EX-99.3 - EX-99.3 - METLIFE INC	d137570dex993.htm

Exhibit 99.2

LOGO

First Quarter

Financial Supplement

March 31, 2016

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			8

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			9
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			12
Other Expenses by Major Category and Sales by Product			13
Spread by Product and Other Statistical Information			14

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			15
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			16
Other Expenses by Major Category, Spread and Other Statistical Information			17

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
Other Expenses by Major Category and Spread			20

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			21
Other Expenses by Major Category, Sales on a Constant Currency Basis and Other Statistical Information			22

ASIA
Statements of Operating Earnings Available to Common Shareholders			23
Operating Premiums, Fees and Other Revenues, Other Expenses by Major Category and Sales on a Constant Currency Basis			24

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

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

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

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, Retail, Retail - Life & Other, Retail - Annuities and Group, Voluntary & Worksite Benefits			A-2
Corporate Benefit Funding, Latin America, Asia, EMEA and Corporate & Other			A-3
Equity Details, Book Value Details and Return on Equity			A-4
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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Operating earnings available to common shareholders	$	1,638		$	1,765		$	705		$	1,376		$	1,329
Preferred stock dividends		30			31			6			49			6
Operating earnings		1,668			1,796			711			1,425			1,335
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		286			(133	)		382			62			15
Net derivative gains (losses)		821			(912	)		485			(356	)		1,335
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(310	)		(177	)		(206	)		(398	)		(185	)
Provision for income tax (expense) benefit		(302	)		545			(174	)		109			(297	)
Income (loss) from continuing operations, net of income tax		2,163			1,119			1,198			842			2,203
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,163			1,119			1,198			842			2,203
Less: Net income (loss) attributable to noncontrolling interests		5			4			(5	)		8			2
Net income (loss) attributable to MetLife, Inc.		2,158			1,115			1,203			834			2,201
Less: Preferred stock dividends		30			31			6			49			6
Preferred stock repurchase premium		-			42			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,128		$	1,042		$	1,197		$	785		$	2,195


Operating earnings available to common shareholders per common share - diluted	$	1.44		$	1.56		$	0.62		$	1.23		$	1.20
Net investment gains (losses)		0.25			(0.12	)		0.34			0.06			0.01
Net derivative gains (losses)		0.72			(0.81	)		0.43			(0.32	)		1.20
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.27	)		(0.15	)		(0.18	)		(0.36	)		(0.16	)
Provision for income tax (expense) benefit		(0.27	)		0.48			(0.15	)		0.10			(0.27	)
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			0.01			-
Preferred stock repurchase premium		-			0.04			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted	$	1.87		$	0.92		$	1.06		$	0.70		$	1.98

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	-		$	-		$	(37	)	$	(137	)	$	(86	)
Catastrophe experience and prior year development, net		(16	)		-			21			(9	)		(45	)
Actuarial assumption review and other insurance adjustments		-			-			(92	)		-			-
Tax adjustments		-			61			(720	)		31			10
Total notable items (1)	$	(16	)	$	61		$	(828	)	$	(115	)	$	(121)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	-		$	-		$	(0.03	)	$	(0.12	)	$	(0.08	)
Catastrophe experience and prior year development, net	$	(0.01	)	$	-		$	0.02		$	(0.01	)	$	(0.04	)
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	(0.08	)	$	-		$	-
Tax adjustments	$	-		$	0.05		$	(0.64	)	$	0.03		$	0.01
Total notable items (1)	$	(0.01	)	$	0.05		$	(0.73	)	$	(0.10	)	$	(0.11	)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Weighted average common shares outstanding - diluted		1,135.8			1,128.4			1,129.9			1,121.4			1,108.6
(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	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Book value per common share, excluding AOCI other than FCTA (1)	$	50.45		$	50.73		$	51.11		$	51.15		$	53.31
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	41.32		$	41.73		$	42.21		$	42.22		$	44.17
Book value per common share (1)	$	64.37		$	60.27		$	61.39		$	60.00		$	67.10

	For the Three Months Ended
Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		11.7%			12.5%			5.0%			9.7%			9.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		14.4%			15.3%			6.1%			11.9%			11.3%
Common stockholders’ equity		9.2%			10.2%			4.2%			8.2%			7.6%

Return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		15.2%			7.4%			8.4%			5.6%			15.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		18.7%			9.1%			10.3%			6.8%			18.6%
Common stockholders’ equity		12.0%			6.0%			7.1%			4.7%			12.6%

	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Common shares outstanding, beginning of period		1,131.9			1,114.3			1,116.8			1,114.8			1,098.0
Share repurchases		(19.9	)		(0.2	)		(2.3	)		(17.1	)		(1.4	)
Newly issued shares		2.3			2.7			0.3			0.3			1.9
Common shares outstanding, end of period		1,114.3			1,116.8			1,114.8			1,098.0			1,098.5

Weighted average common shares outstanding - basic		1,125.7			1,117.8			1,118.9			1,110.9			1,100.8
Dilutive effect of the exercise or issuance of stock-based awards		10.1			10.6			11.0			10.5			7.8
Weighted average common shares outstanding - diluted		1,135.8			1,128.4			1,129.9			1,121.4			1,108.6

MetLife Policyholder Trust Shares		178.3			175.0			173.2			171.0			169.8
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the operating return on MetLife, Inc.‘s common stockholders’ equity and return on MetLife, Inc.‘s common stockholders’ equity for the year ended December 31, 2015.

LOGO


METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	366,275		$	351,353		$	351,578		$	351,402		$	371,981
Equity securities available-for-sale, at estimated fair value		3,713			3,677			3,399			3,321			3,374
Fair value option and trading securities, at estimated fair value		16,471			16,460			15,361			15,024			14,993
Mortgage loans		62,409			64,010			63,553			67,102			68,651
Policy loans		11,606			11,575			11,549			11,258			11,257
Real estate and real estate joint ventures		10,310			10,207			9,923			8,433			8,733
Other limited partnership interests		8,074			8,099			7,901			7,096			7,022
Short-term investments, principally at estimated fair value		14,130			14,594			14,957			9,299			11,621
Other invested assets, principally at estimated fair value		23,763			20,409			23,356			22,524			27,095
Total investments		516,751			500,384			501,577			495,459			524,727
Cash and cash equivalents, principally at estimated fair value		8,127			8,074			10,216			12,752			13,290
Accrued investment income		4,298			3,990			4,187			3,988			4,198
Premiums, reinsurance and other receivables		24,190			24,872			25,808			22,702			27,843
Deferred policy acquisition costs and value of business acquired		24,003			24,379			23,996			24,130			23,973
Current income tax recoverable		-			-			-			161			125
Goodwill		9,717			9,644			9,546			9,477			9,729
Other assets		7,980			7,589			7,881			7,666			7,496
Separate account assets		324,724			319,477			299,249			301,598			306,047
Total assets	$	919,790		$	898,409		$	882,460		$	877,933		$	917,428

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	191,217		$	188,928		$	190,754		$	191,879		$	196,967
Policyholder account balances		206,591			204,262			202,291			202,722			207,593
Other policy-related balances		14,586			14,393			14,521			14,255			14,435
Policyholder dividends payable		677			699			716			720			706
Policyholder dividend obligation		3,483			2,328			2,309			1,783			2,586
Payables for collateral under securities loaned and other transactions		37,312			35,532			37,991			36,871			41,165
Short-term debt		100			100			100			100			100
Long-term debt		17,714			16,770			16,755			18,023			17,915
Collateral financing arrangements		4,196			4,164			4,152			4,139			4,127
Junior subordinated debt securities		3,193			3,193			3,194			3,194			3,168
Current income tax payable		243			71			21			-			-
Deferred income tax liability		13,305			10,762			11,363			10,592			13,776
Other liabilities		28,040			27,741			27,977			23,561			32,878
Separate account liabilities		324,724			319,477			299,249			301,598			306,047
Total liabilities		845,381			828,420			811,393			809,437			841,463

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

Equity
Preferred stock, at par value		1			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,632			30,718			30,726			30,749			30,769
Retained earnings		33,754			34,376			35,153			35,519			37,301
Treasury stock, at cost		(2,158	)		(2,172	)		(2,279	)		(3,102	)		(3,172	)
Accumulated other comprehensive income (loss)		11,529			6,443			6,891			4,771			10,865
Total MetLife, Inc.’s stockholders’ equity		73,770			69,377			70,503			67,949			75,775
Noncontrolling interests		544			520			485			470			190
Total equity		74,314			69,897			70,988			68,419			75,965
Total liabilities and equity	$	919,790		$	898,409		$	882,460		$	877,933		$	917,428

LOGO


METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Operating revenues
Premiums	$	9,253		$	9,313		$	10,376		$	9,606		$	9,267
Universal life and investment-type product policy fees		2,294			2,335			2,247			2,237			2,151
Net investment income		4,982			5,185			4,849			4,773			4,706
Other revenues		503			527			495			495			487
Total operating revenues		17,032			17,360			17,967			17,111			16,611

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,447			9,503			10,780			9,835			9,593
Interest credited to policyholder account balances		1,331			1,342			1,331			1,330			1,301
Capitalization of DAC		(968	)		(927	)		(955	)		(987	)		(876	)
Amortization of DAC and VOBA		953			1,001			971			877			881
Amortization of negative VOBA		(90	)		(83	)		(82	)		(71	)		(67	)
Interest expense on debt		297			307			294			302			312
Other expenses (1)		3,800			3,882			4,126			3,998			3,710
Total operating expenses		14,770			15,025			16,465			15,284			14,854
Operating earnings before provision for income tax		2,262			2,335			1,502			1,827			1,757
Provision for income tax expense (benefit) (1)		594			539			791			402			422
Operating earnings		1,668			1,796			711			1,425			1,335
Preferred stock dividends		30			31			6			49			6
Operating earnings available to common shareholders	$	1,638		$	1,765		$	705		$	1,376		$	1,329


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,668		$	1,796		$	711		$	1,425		$	1,335
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		286			(133	)		382			62			15
Net derivative gains (losses)		821			(912	)		485			(356	)		1,335
Premiums		-			(1	)		(1	)		(1	)		426
Universal life and investment-type product policy fees		100			99			99			96			193
Net investment income		479			(238	)		(890	)		141			(147	)
Other revenues		(8	)		(9	)		(11	)		(9	)		-
Policyholder benefits and claims and policyholder dividends		(149	)		(180	)		92			(300	)		(400	)
Interest credited to policyholder account balances		(664	)		44			684			(340	)		(25	)
Capitalization of DAC		-			-			-			-			105
Amortization of DAC and VOBA		(72	)		104			(160	)		(6	)		(114	)
Amortization of negative VOBA		10			9			8			8			32
Interest expense on debt		(1	)		(1	)		(8	)		2			-
Other expenses		(5	)		(4	)		(19	)		11			(255	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(302	)		545			(174	)		109			(297	)
Income (loss) from continuing operations, net of income tax		2,163			1,119			1,198			842			2,203
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,163			1,119			1,198			842			2,203
Less: Net income (loss) attributable to noncontrolling interests		5			4			(5	)		8			2
Net income (loss) attributable to MetLife, Inc.		2,158			1,115			1,203			834			2,201
Less: Preferred stock dividends		30			31			6			49			6
Preferred stock repurchase premium		-			42			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,128		$	1,042		$	1,197		$	785		$	2,195

Total Operating Premiums, Fees and Other Revenues	$	12,050		$	12,175		$	13,118		$	12,338		$	11,905
(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 March 31, 2016
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

Operating revenues
Premiums	$	9,267		$	7,083		$	1,658		$	500		$	26
Universal life and investment-type product policy fees		2,151			1,682			350			95			24
Net investment income		4,706			3,926			618			80			82
Other revenues		487			423			17			20			27
Total operating revenues		16,611			13,114			2,643			695			159

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,593			8,071			1,236			261			25
Interest credited to policyholder account balances		1,301			949			319			29			4
Capitalization of DAC		(876	)		(388	)		(385	)		(101	)		(2	)
Amortization of DAC and VOBA		881			491			286			102			2
Amortization of negative VOBA		(67	)		-			(64	)		(3	)		-
Interest expense on debt		312			4			-			-			308
Other expenses		3,710			2,352			851			333			174
Total operating expenses		14,854			11,479			2,243			621			511
Operating earnings before provision for income tax		1,757			1,635			400			74			(352	)
Provision for income tax expense (benefit)		422			497			95			11			(181	)
Operating earnings		1,335			1,138			305			63			(171	)
Preferred stock dividends		6			-			-			-			6
Operating earnings available to common shareholders	$	1,329		$	1,138		$	305		$	63		$	(177	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,335		$	1,138		$	305		$	63		$	(171	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		15			(271	)		223			8			55
Net derivative gains (losses)		1,335			449			411			(1	)		476
Premiums		426			-			426			-			-
Universal life and investment-type product policy fees		193			95			92			6			-
Net investment income		(147	)		(184	)		(39	)		82			(6	)
Other revenues		-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(400	)		(87	)		(322	)		9			-
Interest credited to policyholder account balances		(25	)		(26	)		78			(77	)		-
Capitalization of DAC		105			-			105			-			-
Amortization of DAC and VOBA		(114	)		(2	)		(112	)		-			-
Amortization of negative VOBA		32			-			32			-			-
Interest expense on debt		-			-			-			-			-
Other expenses		(255	)		2			(193	)		(2	)		(62	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(297	)		(8	)		(143	)		(14	)		(132	)
Income (loss) from continuing operations, net of income tax		2,203			1,106			863			74			160
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,203			1,106			863			74			160
Less: Net income (loss) attributable to noncontrolling interests		2			1			-			1			-
Net income (loss) attributable to MetLife, Inc.		2,201			1,105			863			73			160
Less: Preferred stock dividends		6			-			-			-			6
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,195		$	1,105		$	863		$	73		$	154

Total Operating Premiums, Fees and Other Revenues	$	11,905		$	9,188		$	2,025		$	615		$	77

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

Operating revenues
Premiums	$	9,253		$	6,983		$	1,752		$	508		$	10
Universal life and investment-type product policy fees		2,294			1,772			397			102			23
Net investment income		4,982			4,106			684			83			109
Other revenues		503			445			28			10			20
Total operating revenues		17,032			13,306			2,861			703			162

Operating expenses
Policyholder benefits and claims and policyholder dividends		9,447			7,856			1,340			239			12
Interest credited to policyholder account balances		1,331			958			337			30			6
Capitalization of DAC		(968	)		(400	)		(435	)		(133	)		-
Amortization of DAC and VOBA		953			499			326			128			-
Amortization of negative VOBA		(90	)		-			(86	)		(4	)		-
Interest expense on debt		297			-			-			-			297
Other expenses		3,800			2,389			904			362			145
Total operating expenses		14,770			11,302			2,386			622			460
Operating earnings before provision for income tax		2,262			2,004			475			81			(298	)
Provision for income tax expense (benefit)		594			623			148			11			(188	)
Operating earnings		1,668			1,381			327			70			(110	)
Preferred stock dividends		30			-			-			-			30
Operating earnings available to common shareholders	$	1,638		$	1,381		$	327		$	70		$	(140	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,668		$	1,381		$	327		$	70		$	(110	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		286			274			68			3			(59	)
Net derivative gains (losses)		821			577			18			1			225
Premiums		-			-			-			-			-
Universal life and investment-type product policy fees		100			96			6			(2	)		-
Net investment income		479			(185	)		129			531			4
Other revenues		(8	)		-			(8	)		-			-
Policyholder benefits and claims and policyholder dividends		(149	)		(100	)		(49	)		-			-
Interest credited to policyholder account balances		(664	)		(20	)		(131	)		(513	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(72	)		(62	)		(12	)		2			-
Amortization of negative VOBA		10			-			10			-			-
Interest expense on debt		(1	)		-			-			-			(1	)
Other expenses		(5	)		3			-			1			(9	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(302	)		(205	)		(10	)		(26	)		(61	)
Income (loss) from continuing operations, net of income tax		2,163			1,759			348			67			(11	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		2,163			1,759			348			67			(11	)
Less: Net income (loss) attributable to noncontrolling interests		5			3			-			2			-
Net income (loss) attributable to MetLife, Inc.		2,158			1,756			348			65			(11	)
Less: Preferred stock dividends		30			-			-			-			30
Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,128		$	1,756		$	348		$	65		$	(41	)

Total Operating Premiums, Fees and Other Revenues	$	12,050		$	9,200		$	2,177		$	620		$	53

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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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

AMERICAS
RETAIL
Life & Other	$	203		$	278		$	183		$	195		$	172
Annuities		450			412			340			387			360
RETAIL		653			690			523			582			532
GROUP, VOLUNTARY & WORKSITE BENEFITS		228			231			238			214			174
CORPORATE BENEFIT FUNDING		369			406			326			286			295
LATIN AMERICA		131			116			176			150			137
AMERICAS		1,381			1,443			1,263			1,232			1,138
ASIA		327			425			338			290			305
EMEA		70			50			66			54			63
CORPORATE & OTHER		(140	)		(153	)		(962	)		(200	)		(177	)
METLIFE TOTAL	$	1,638		$	1,765		$	705		$	1,376		$	1,329

OPERATING RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

AMERICAS
RETAIL
Life & Other		9.0%			12.3%			8.1%			8.7%			8.3%
Annuities		14.4%			13.2%			10.9%			12.4%			10.6%
GROUP, VOLUNTARY & WORKSITE BENEFITS		14.2%			14.4%			14.8%			13.3%			12.3%
CORPORATE BENEFIT FUNDING		19.1%			21.0%			16.9%			14.8%			14.4%
LATIN AMERICA		15.1%			13.3%			20.2%			17.2%			17.6%
AMERICAS		14.1%			14.8%			12.9%			12.6%			11.7%
ASIA		11.4%			14.8%			11.7%			10.1%			11.0%
EMEA		8.4%			6.0%			7.9%			6.5%			7.8%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

AMERICAS		15.9%			16.6%			14.6%			14.2%			13.0%
ASIA		19.6%			25.4%			20.2%			17.4%			19.0%
EMEA		15.4%			11.2%			14.6%			12.2%			13.5%
(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 9, (ii) Group, Voluntary & Worksite Benefits, Page 15, (iii) Corporate Benefit Funding, Page 18, (iv) Latin America, Page 21, (v) Asia, Page 23, (vi) EMEA, Page 25, and (vii) Corporate & Other, Page 27. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 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-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	1,749		$	1,747		$	1,806		$	1,926		$	1,740		$	1,749		$	1,740
Universal life and investment-type product policy fees		1,236			1,252			1,229			1,216			1,149			1,236			1,149
Net investment income		1,980			2,003			1,930			1,901			1,880			1,980			1,880
Other revenues		251			263			241			234			215			251			215
Total operating revenues		5,216			5,265			5,206			5,277			4,984			5,216			4,984

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,449			2,373			2,607			2,566			2,458			2,449			2,458
Interest credited to policyholder account balances		542			551			550			555			522			542			522
Capitalization of DAC		(247	)		(257	)		(266	)		(278	)		(255	)		(247	)		(255	)
Amortization of DAC and VOBA		375			400			432			354			373			375			373
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		-			(1	)		1			2			(1	)		2
Other expenses		1,176			1,220			1,197			1,262			1,149			1,176			1,149
Total operating expenses		4,294			4,287			4,519			4,460			4,249			4,294			4,249
Operating earnings before provision for income tax		922			978			687			817			735			922			735
Provision for income tax expense (benefit)		269			288			164			235			203			269			203
Operating earnings		653			690			523			582			532			653			532
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	653		$	690		$	523		$	582		$	532		$	653		$	532


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	653		$	690		$	523		$	582		$	532		$	653		$	532
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		68			9			70			(112	)		(117	)		68			(117	)
Net derivative gains (losses)		313			(95	)		(282	)		(95	)		(11	)		313			(11	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		94			94			97			95			95			94			95
Net investment income		(128	)		(105	)		(108	)		(114	)		(109	)		(128	)		(109	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(96	)		(160	)		136			(284	)		(16	)		(96	)		(16	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(62	)		99			(160	)		(7	)		(2	)		(62	)		(2	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(66	)		55			86			182			56			(66	)		56
Income (loss) from continuing operations, net of income tax		776			587			362			247			428			776			428
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		776			587			362			247			428			776			428
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		776			587			362			247			428			776			428
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	776		$	587		$	362		$	247		$	428		$	776		$	428

Total Operating Premiums, Fees and Other Revenues	$	3,236		$	3,262		$	3,276		$	3,376		$	3,104		$	3,236		$	3,104

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	1,494		$	1,522		$	1,521		$	1,624		$	1,505		$	1,494		$	1,505
Universal life and investment-type product policy fees		392			384			395			402			384			392			384
Net investment income		1,245			1,275			1,225			1,189			1,164			1,245			1,164
Other revenues		144			153			139			123			120			144			120
Total operating revenues		3,275			3,334			3,280			3,338			3,173			3,275			3,173

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,070			2,016			2,081			2,128			2,050			2,070			2,050
Interest credited to policyholder account balances		227			230			234			239			230			227			230
Capitalization of DAC		(158	)		(159	)		(165	)		(164	)		(148	)		(158	)		(148	)
Amortization of DAC and VOBA		210			205			237			202			199			210			199
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		(1	)		(1	)		1			1			(1	)		1
Other expenses		632			634			626			648			592			632			592
Total operating expenses		2,980			2,925			3,012			3,054			2,924			2,980			2,924
Operating earnings before provision for income tax		295			409			268			284			249			295			249
Provision for income tax expense (benefit)		92			131			85			89			77			92			77
Operating earnings		203			278			183			195			172			203			172
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	203		$	278		$	183		$	195		$	172		$	203		$	172


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	203		$	278		$	183		$	195		$	172		$	203		$	172
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			19			42			(89	)		(57	)		1			(57	)
Net derivative gains (losses)		186			(110	)		145			27			28			186			28
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			(1	)		1			(1	)		-			-			-
Net investment income		(60	)		(59	)		(58	)		(60	)		(53	)		(60	)		(53	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		17			(10	)		(13	)		-			-			17			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(19	)		24			(68	)		9			25			(19	)		25
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(44	)		48			(17	)		40			20			(44	)		20
Income (loss) from continuing operations, net of income tax		284			189			215			121			135			284			135
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		284			189			215			121			135			284			135
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		284			189			215			121			135			284			135
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	284		$	189		$	215		$	121		$	135		$	284		$	135

Total Operating Premiums, Fees and Other Revenues	$	2,030		$	2,059		$	2,055		$	2,149		$	2,009		$	2,030		$	2,009

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	255		$	225		$	285		$	302		$	235		$	255		$	235
Universal life and investment-type product policy fees		844			868			834			814			765			844			765
Net investment income		735			728			705			712			716			735			716
Other revenues		107			110			102			111			95			107			95
Total operating revenues		1,941			1,931			1,926			1,939			1,811			1,941			1,811

Operating expenses
Policyholder benefits and claims and policyholder dividends		379			357			526			438			408			379			408
Interest credited to policyholder account balances		315			321			316			316			292			315			292
Capitalization of DAC		(89	)		(98	)		(101	)		(114	)		(107	)		(89	)		(107	)
Amortization of DAC and VOBA		165			195			195			152			174			165			174
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			1			-			1
Other expenses		544			586			571			614			557			544			557
Total operating expenses		1,314			1,362			1,507			1,406			1,325			1,314			1,325
Operating earnings before provision for income tax		627			569			419			533			486			627			486
Provision for income tax expense (benefit)		177			157			79			146			126			177			126
Operating earnings		450			412			340			387			360			450			360
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	450		$	412		$	340		$	387		$	360		$	450		$	360


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	450		$	412		$	340		$	387		$	360		$	450		$	360
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		67			(10	)		28			(23	)		(60	)		67			(60	)
Net derivative gains (losses)		127			15			(427	)		(122	)		(39	)		127			(39	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		94			95			96			96			95			94			95
Net investment income		(68	)		(46	)		(50	)		(54	)		(56	)		(68	)		(56	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(113	)		(150	)		149			(284	)		(16	)		(113	)		(16	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(43	)		75			(92	)		(16	)		(27	)		(43	)		(27	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(22	)		7			103			142			36			(22	)		36
Income (loss) from continuing operations, net of income tax		492			398			147			126			293			492			293
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		492			398			147			126			293			492			293
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		492			398			147			126			293			492			293
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	492		$	398		$	147		$	126		$	293		$	492		$	293

Total Operating Premiums, Fees and Other Revenues	$	1,206		$	1,203		$	1,221		$	1,227		$	1,095		$	1,206		$	1,095

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AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	86,756		$	87,073		$	87,302		$	87,721		$	88,162

Premiums and deposits (2), (3)		2,005			1,983			1,959			2,064			2,010
Surrenders and withdrawals		(727	)		(758	)		(756	)		(720	)		(752	)
Benefit payments		(905	)		(764	)		(800	)		(744	)		(877	)

Net Flows		373			461			403			600			381

Net transfers from (to) separate account		27			19			26			20			25
Interest		839			852			858			867			834
Policy charges		(487	)		(489	)		(494	)		(501	)		(502	)
Other		(435	)		(614	)		(374	)		(545	)		(389	)

Balance, end of period	$	87,073		$	87,302		$	87,721		$	88,162		$	88,511

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	47,601		$	47,780		$	47,460		$	50,137		$	49,527
Premiums and deposits (2), (3)		805			909			1,123			1,177			1,320
Surrenders and withdrawals		(946	)		(851	)		(766	)		(1,199	)		(1,046	)
Benefit payments		(428	)		(425	)		(448	)		(424	)		(432	)

Net Flows		(569	)		(367	)		(91	)		(446	)		(158	)
Net transfers from (to) separate account		9			51			224			(57	)		131
Interest		383			391			386			387			364
Policy charges		(13	)		(14	)		(12	)		(11	)		(13	)
Other		369			(381	)		2,170			(483	)		1,050

Balance, end of period	$	47,780		$	47,460		$	50,137		$	49,527		$	50,901

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	10,173		$	10,354		$	10,258		$	9,434		$	9,718
Premiums and deposits (3)		160			160			153			152			153
Surrenders and withdrawals		(109	)		(112	)		(108	)		(95	)		(99	)
Benefit payments		(12	)		(17	)		(45	)		(12	)		(14	)

Net Flows		39			31			-			45			40
Investment performance		301			27			(668	)		393			(19	)
Net transfers from (to) general account		(27	)		(19	)		(26	)		(20	)		(25	)
Policy charges		(132	)		(132	)		(130	)		(132	)		(132	)
Other		-			(3	)		-			(2	)		(2	)

Balance, end of period	$	10,354		$	10,258		$	9,434		$	9,718		$	9,580

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	161,553		$	163,288		$	159,999		$	147,986		$	150,064

Premiums and deposits (3)		1,384			1,626			1,503			1,542			1,307
Surrenders and withdrawals		(2,770	)		(2,934	)		(2,617	)		(2,523	)		(2,188	)
Benefit payments		(347	)		(335	)		(341	)		(299	)		(327	)

Net Flows		(1,733	)		(1,643	)		(1,455	)		(1,280	)		(1,208	)
Investment performance		4,348			(663	)		(9,408	)		4,185			986
Net transfers from (to) general account		(9	)		(51	)		(224	)		57			(131	)
Policy charges		(870	)		(933	)		(927	)		(885	)		(815	)
Other		(1	)		1			1			1			-

Balance, end of period	$	163,288		$	159,999		$	147,986		$	150,064		$	148,896
(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)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	452	$	465	$	462	$	509	$	436
Pension and post-retirement benefit costs		45		50		49		50		51
Premium taxes, other taxes, and licenses & fees		42		54		47		47		51
Total fixed operating expenses	$	539	$	569	$	558	$	606	$	538
Commissions and other variable expenses		637		651		639		656		611
Total other expenses	$	1,176	$	1,220	$	1,197	$	1,262	$	1,149

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Life Sales
Term Life	$	22	$	24	$	24	$	24	$	21
Whole Life		38		38		39		39		34
Variable Life		8		7		6		7		5
Universal Life		11		14		14		15		15
Total life sales	$	79	$	83	$	83	$	85	$	75

Annuity Sales (1)
Fixed and indexed annuity sales	$	430	$	511	$	667	$	730	$	721
Variable annuity sales		1,608		1,865		1,769		1,810		1,601
Total annuity sales	$	2,038	$	2,376	$	2,436	$	2,540	$	2,322

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,346	$	1,570	$	1,427	$	1,467	$	1,243
General Accounts
Fixed and indexed annuity		430		511		667		730		721
Variable annuity		262		295		342		343		358
Total general accounts		692		806		1,009		1,073		1,079
Total annuity premiums and deposits	$	2,038	$	2,376	$	2,436	$	2,540	$	2,322
(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	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Investment income yield excluding variable investment income		6.01%		6.29%		6.13%		6.11%		5.73%
Variable investment income yield		0.32%		0.39%		0.18%		(0.29)%		(0.05)%
Total investment income yield		6.33%		6.68%		6.31%		5.82%		5.68%
Average crediting rate		4.53%		4.53%		4.52%		4.63%		4.50%
Annualized general account spread		1.80%		2.15%		1.79%		1.19%		1.18%

Annualized general account spread excluding variable investment income yield		1.48%		1.76%		1.61%		1.48%		1.23%

ANNUITIES (2)
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Investment income yield excluding variable investment income		5.72%		5.48%		5.38%		5.46%		5.23%
Variable investment income yield		0.22%		0.37%		0.19%		0.07%		0.15%
Total investment income yield		5.94%		5.85%		5.57%		5.53%		5.38%
Average crediting rate		3.48%		3.51%		3.41%		3.45%		3.24%
Annualized general account spread		2.46%		2.34%		2.16%		2.08%		2.14%

Annualized general account spread excluding variable investment income yield		2.24%		1.97%		1.97%		2.01%		1.99%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Life (3)
Operating premiums, fees and other revenues	$	1,370	$	1,386	$	1,396	$	1,504	$	1,376
Interest adjusted benefit ratio		59.3%		53.0%		57.4%		54.9%		54.8%

Lapse Ratio (4)
Traditional life		5.8%		5.6%		5.4%		5.3%		5.1%
Variable & universal life		3.8%		3.6%		3.6%		3.7%		3.8%
Fixed annuity		9.8%		9.9%		9.8%		8.5%		9.3%
Variable annuity		7.0%		7.0%		7.0%		6.8%		6.6%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	445	$	448	$	448	$	445	$	439
Combined ratio including catastrophes		89.3%		100.1%		90.9%		96.1%		100.4%
Combined ratio excluding catastrophes		79.4%		80.2%		84.0%		89.4%		86.3%

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

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	4,117		$	4,104		$	4,092		$	4,045		$	4,294		$	4,117		$	4,294
Universal life and investment-type product policy fees		188			183			188			181			185			188			185
Net investment income		478			481			485			454			447			478			447
Other revenues		113			114			113			111			131			113			131
Total operating revenues		4,896			4,882			4,878			4,791			5,057			4,896			5,057

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,835			3,805			3,805			3,725			4,034			3,835			4,034
Interest credited to policyholder account balances		37			38			39			37			37			37			37
Capitalization of DAC		(36	)		(36	)		(41	)		(38	)		(36	)		(36	)		(36	)
Amortization of DAC and VOBA		41			39			40			44			40			41			40
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		664			681			666			692			712			664			712
Total operating expenses		4,541			4,527			4,509			4,460			4,787			4,541			4,787
Operating earnings before provision for income tax		355			355			369			331			270			355			270
Provision for income tax expense (benefit)		127			124			131			117			96			127			96
Operating earnings		228			231			238			214			174			228			174
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	228		$	231		$	238		$	214		$	174		$	228		$	174


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	228		$	231		$	238		$	214		$	174		$	228		$	174
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			8			11			(55	)		(39	)		3			(39	)
Net derivative gains (losses)		205			(264	)		259			(23	)		291			205			291
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(42	)		(41	)		(42	)		(46	)		(45	)		(42	)		(45	)
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		(58	)		104			(80	)		43			(72	)		(58	)		(72	)
Income (loss) from continuing operations, net of income tax		336			38			386			133			309			336			309
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		336			38			386			133			309			336			309
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		336			38			386			133			309			336			309
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	336		$	38		$	386		$	133		$	309		$	336		$	309

Total Operating Premiums, Fees and Other Revenues	$	4,418		$	4,401		$	4,393		$	4,337		$	4,610		$	4,418		$	4,610

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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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	26,938		$	27,293		$	27,348		$	27,541		$	27,707
Premiums and deposits		4,553			4,572			4,510			4,423			4,696
Surrenders and withdrawals		(624	)		(689	)		(673	)		(607	)		(583	)
Benefit payments		(3,378	)		(3,450	)		(3,393	)		(3,324	)		(3,595	)

Net Flows		551			433			444			492			518

Net transfers from (to) separate account		-			-			-			-			-
Interest		224			229			233			238			234
Policy charges		(139	)		(140	)		(138	)		(141	)		(144	)
Other		(281	)		(467	)		(346	)		(423	)		(359	)

Balance, end of period	$	27,293		$	27,348		$	27,541		$	27,707		$	27,956

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	669		$	677		$	674		$	614		$	638
Premiums and deposits		57			54			55			55			55
Surrenders and withdrawals		(19	)		(11	)		(16	)		(12	)		(14	)
Benefit payments		-			(1	)		(1	)		(1	)		(1	)

Net Flows		38			42			38			42			40

Investment performance		18			4			(48	)		31			(4	)
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(46	)		(46	)		(47	)		(47	)		(47	)
Other		(2	)		(3	)		(3	)		(2	)		(2	)

Balance, end of period	$	677		$	674		$	614		$	638		$	625
(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)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	384	$	391	$	383	$	410	$	400
Pension and post-retirement benefit costs		18		20		20		21		22
Premium taxes, other taxes, and licenses & fees		81		88		81		81		89
Total fixed operating expenses	$	483	$	499	$	484	$	512	$	511
Commissions and other variable expenses		181		182		182		180		201
Total other expenses	$	664	$	681	$	666	$	692	$	712

SPREAD (1)
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Investment income yield excluding variable investment income		5.61%		5.57%		5.47%		5.43%		5.41%
Variable investment income yield		0.31%		0.35%		0.52%		0.08%		0.19%
Total investment income yield		5.92%		5.92%		5.99%		5.51%		5.60%
Average crediting rate		3.41%		3.36%		3.35%		3.38%		3.39%
Annualized general account spread		2.51%		2.56%		2.64%		2.13%		2.21%

Annualized general account spread excluding variable investment income yield		2.20%		2.21%		2.12%		2.05%		2.02%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Group Life (2)
Operating premiums, fees and other revenues	$	1,583	$	1,531	$	1,521	$	1,515	$	1,590
Mortality ratio		90.7%		86.1%		86.1%		86.8%		85.9%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,708	$	1,656	$	1,662	$	1,678	$	1,776
Interest adjusted loss ratio (4)		77.0%		80.5%		80.7%		77.7%		83.2%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	383	$	390	$	398	$	403	$	413
Combined ratio including catastrophes		101.2%		96.0%		97.7%		99.8%		102.9%
Combined ratio excluding catastrophes		89.7%		85.5%		92.7%		96.4%		93.0%

(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-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	418		$	319		$	1,555		$	727		$	358		$	418		$	358
Universal life and investment-type product policy fees		54			59			55			91			80			54			80
Net investment income		1,430			1,526			1,391			1,363			1,342			1,430			1,342
Other revenues		71			77			70			68			70			71			70
Total operating revenues		1,973			1,981			3,071			2,249			1,850			1,973			1,850

Operating expenses
Policyholder benefits and claims and policyholder dividends		991			933			2,154			1,369			962			991			962
Interest credited to policyholder account balances		293			294			295			302			310			293			310
Capitalization of DAC		(6	)		(4	)		(1	)		(8	)		-			(6	)		-
Amortization of DAC and VOBA		5			6			6			4			5			5			5
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			1			1			-			2			1			2
Other expenses		124			130			113			145			120			124			120
Total operating expenses		1,408			1,360			2,568			1,812			1,399			1,408			1,399
Operating earnings before provision for income tax		565			621			503			437			451			565			451
Provision for income tax expense (benefit)		196			215			177			151			156			196			156
Operating earnings		369			406			326			286			295			369			295
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	369		$	406		$	326		$	286		$	295		$	369		$	295


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	369		$	406		$	326		$	286		$	295		$	369		$	295
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		205			(31	)		139			2			(93	)		205			(93	)
Net derivative gains (losses)		80			(134	)		127			(56	)		85			80			85
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(27	)		(24	)		(25	)		(29	)		(46	)		(27	)		(46	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(10	)		39			(11	)		3			(28	)		(10	)		(28	)
Interest credited to policyholder account balances		(2	)		(2	)		(1	)		(2	)		(1	)		(2	)		(1	)
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		(86	)		53			(79	)		28			29			(86	)		29
Income (loss) from continuing operations, net of income tax		529			307			476			232			241			529			241
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		529			307			476			232			241			529			241
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		529			307			476			232			241			529			241
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	529		$	307		$	476		$	232		$	241		$	529		$	241

Total Operating Premiums, Fees and Other Revenues	$	543		$	455		$	1,680		$	886		$	508		$	543		$	508

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AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	115,295		$	116,067		$	112,858		$	110,904		$	112,048

Premiums and deposits		17,434			16,963			21,217			18,960			13,927
Surrenders and withdrawals		(16,497	)		(18,124	)		(21,937	)		(17,483	)		(14,781	)
Benefit payments		(915	)		(951	)		(972	)		(939	)		(971	)

Net Flows		22			(2,112	)		(1,692	)		538			(1,825	)

Net transfers from (to) separate account		(8	)		(11	)		(25	)		(4	)		(9	)
Interest		952			951			955			967			966
Policy charges		(30	)		(34	)		(32	)		(9	)		(31	)
Other		(164	)		(2,003	)		(1,160	)		(348	)		1,769

Balance, end of period	$	116,067		$	112,858		$	110,904		$	112,048		$	112,918

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Balance, beginning of period	$	81,150		$	86,091		$	85,253		$	82,608		$	82,157
Premiums and deposits		1,731			1,074			1,239			2,588			1,997
Surrenders and withdrawals		(1,527	)		(1,496	)		(1,458	)		(1,390	)		(1,269	)
Benefit payments		(13	)		(20	)		(13	)		(28	)		(21	)

Net Flows		191			(442	)		(232	)		1,170			707
Investment performance		1,326			(1,036	)		(67	)		133			2,008
Net transfers from (to) general account		8			11			25			4			9
Policy charges		(81	)		(86	)		(83	)		(106	)		(103	)
Other		3,497			715			(2,288	)		(1,652	)		490

Balance, end of period	$	86,091		$	85,253		$	82,608		$	82,157		$	85,268

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	77	$	78	$	69	$	72	$	74
Pension and post-retirement benefit costs		6		7		7		7		6
Premium taxes, other taxes, and licenses & fees		2		6		2		23		4
Total fixed operating expenses	$	85	$	91	$	78	$	102	$	84
Commissions and other variable expenses		39		39		35		43		36
Total other expenses	$	124	$	130	$	113	$	145	$	120

SPREAD
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Investment income yield excluding variable investment income		4.60%		4.81%		4.50%		4.53%		4.58%
Variable investment income yield		0.34%		0.50%		0.32%		0.20%		0.08%
Total investment income yield		4.94%		5.31%		4.82%		4.73%		4.66%
Average crediting rate		3.28%		3.27%		3.33%		3.35%		3.40%
Annualized general account spread		1.66%		2.04%		1.49%		1.38%		1.26%

Annualized general account spread excluding variable investment income yield		1.32%		1.54%		1.17%		1.18%		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-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	699		$	783		$	668		$	741		$	691		$	699		$	691
Universal life and investment-type product policy fees		294			301			261			260			268			294			268
Net investment income		218			283			279			267			257			218			257
Other revenues		10			7			11			14			7			10			7
Total operating revenues		1,221			1,374			1,219			1,282			1,223			1,221			1,223
Operating expenses
Policyholder benefits and claims and policyholder dividends		581			744			630			670			617			581			617
Interest credited to policyholder account balances		86			89			88			86			80			86			80
Capitalization of DAC		(111	)		(100	)		(105	)		(110	)		(97	)		(111	)		(97	)
Amortization of DAC and VOBA		78			86			57			82			73			78			73
Amortization of negative VOBA		-			(1	)		-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		425			419			410			412			371			425			371
Total operating expenses		1,059			1,237			1,080			1,140			1,044			1,059			1,044
Operating earnings before provision for income tax		162			137			139			142			179			162			179
Provision for income tax expense (benefit)		31			21			(37	)		(8	)		42			31			42
Operating earnings		131			116			176			150			137			131			137
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	131		$	116		$	176		$	150		$	137		$	131		$	137


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	131		$	116		$	176		$	150		$	137		$	131		$	137
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2	)		-			9			75			(22	)		(2	)		(22	)
Net derivative gains (losses)		(21	)		(15	)		(108	)		9			84			(21	)		84
Premiums		-			(1	)		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		2			1			2			2			-			2			-
Net investment income		12			4			(12	)		4			16			12			16
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		6			(15	)		(23	)		(10	)		(43	)		6			(43	)
Interest credited to policyholder account balances		(18	)		(16	)		(1	)		(19	)		(25	)		(18	)		(25	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		3			3			3			3			2			3			2
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		5			9			33			(109	)		(21	)		5			(21	)
Income (loss) from continuing operations, net of income tax		118			86			78			104			128			118			128
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		118			86			78			104			128			118			128
Less: Net income (loss) attributable to noncontrolling interests		3			3			4			1			1			3			1
Net income (loss) attributable to MetLife, Inc.		115			83			74			103			127			115			127
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	115		$	83		$	74		$	103		$	127		$	115		$	127

Total Operating Premiums, Fees and Other Revenues	$	1,003		$	1,091		$	940		$	1,015		$	966		$	1,003		$	966

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AMERICAS LATIN AMERICA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	156	$	165	$	148	$	168	$	142
Pension and post-retirement benefit costs		2		-		1		1		1
Premium taxes, other taxes, and licenses & fees		18		20		19		19		18
Total fixed operating expenses	$	176	$	185	$	168	$	188	$	161
Commissions and other variable expenses		249		234		242		224		210
Total other expenses	$	425	$	419	$	410	$	412	$	371

Total other expenses on a constant currency basis	$	361	$	359	$	375	$	387	$	371

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Mexico	$	109	$	96	$	115	$	128	$	105
Chile		50		60		56		59		59
All other		95		93		80		79		90
Total sales	$	254	$	249	$	251	$	266	$	254

LATIN AMERICA EXCLUDING U.S. DIRECT BUSINESS - OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Operating premiums, fees and other revenues	$	937	$	1,014	$	857	$	931	$	876
Total other expenses	$	358	$	364	$	348	$	359	$	310
Operating earnings available to common shareholders	$	149	$	136	$	183	$	157	$	151
Net income (loss) available to MetLife, Inc.’s common shareholders	$	133	$	103	$	80	$	111	$	141
Operating premiums, fees and other revenues on a constant currency basis	$	781	$	861	$	784	$	881	$	876
Total other expenses on a constant currency basis	$	293	$	303	$	314	$	334	$	310
Operating earnings available to common shareholders on a constant currency basis	$	122	$	112	$	171	$	139	$	151
Total sales on a constant currency basis	$	215	$	202	$	222	$	244	$	222

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	1,752		$	1,809		$	1,736		$	1,640		$	1,658		$	1,752		$	1,658
Universal life and investment-type product policy fees		397			400			382			363			350			397			350
Net investment income		684			679			670			642			618			684			618
Other revenues		28			28			26			23			17			28			17
Total operating revenues		2,861			2,916			2,814			2,668			2,643			2,861			2,643

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,340			1,375			1,331			1,229			1,236			1,340			1,236
Interest credited to policyholder account balances		337			328			327			317			319			337			319
Capitalization of DAC		(435	)		(398	)		(435	)		(452	)		(385	)		(435	)		(385	)
Amortization of DAC and VOBA		326			336			309			285			286			326			286
Amortization of negative VOBA		(86	)		(78	)		(77	)		(68	)		(64	)		(86	)		(64	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		904			869			896			942			851			904			851
Total operating expenses		2,386			2,432			2,351			2,253			2,243			2,386			2,243
Operating earnings before provision for income tax		475			484			463			415			400			475			400
Provision for income tax expense (benefit)		148			59			125			125			95			148			95
Operating earnings		327			425			338			290			305			327			305
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	327		$	425		$	338		$	290		$	305		$	327		$	305


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	327		$	425		$	338		$	290		$	305		$	327		$	305
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		68			57			325			51			223			68			223
Net derivative gains (losses)		18			9			107			(67	)		411			18			411
Premiums		-			-			-			-			426			-			426
Universal life and investment-type product policy fees		6			4			2			-			92			6			92
Net investment income		129			173			(194	)		76			(39	)		129			(39	)
Other revenues		(8	)		(9	)		(11	)		(9	)		-			(8	)		-
Policyholder benefits and claims and policyholder dividends		(49	)		(44	)		(10	)		(9	)		(322	)		(49	)		(322	)
Interest credited to policyholder account balances		(131	)		(175	)		187			(78	)		78			(131	)		78
Capitalization of DAC		-			-			-			-			105			-			105
Amortization of DAC and VOBA		(12	)		5			(2	)		-			(112	)		(12	)		(112	)
Amortization of negative VOBA		10			9			8			8			32			10			32
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			(1	)		5			(193	)		-			(193	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(10	)		111			(94	)		(28	)		(143	)		(10	)		(143	)
Income (loss) from continuing operations, net of income tax		348			565			655			239			863			348			863
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		348			565			655			239			863			348			863
Less: Net income (loss) attributable to noncontrolling interests		-			1			(3	)		6			-			-			-
Net income (loss) attributable to MetLife, Inc.		348			564			658			233			863			348			863
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	348		$	564		$	658		$	233		$	863		$	348		$	863

Total Operating Premiums, Fees and Other Revenues	$	2,177		$	2,237		$	2,144		$	2,026		$	2,025		$	2,177		$	2,025

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ASIA OPERATING PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Total operating premiums, fees and other revenues	$	2,177	$	2,237	$	2,144	$	2,026	$	2,025

Total operating premiums, fees and other revenues on a constant currency basis	$	2,175	$	2,257	$	2,231	$	2,081	$	2,025
Less: India operating premiums, fees and other revenues on a constant currency basis (1)		84		55		75		75		-
Total operating premiums, fees and other revenues excluding India on a constant currency basis		2,091		2,202		2,156		2,006		2,025
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (2), (3)		141		139		141		157		164
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,232	$	2,341	$	2,297	$	2,163	$	2,189

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	299	$	320	$	314	$	339	$	305
Pension and post-retirement benefit costs		19		17		17		18		18
Premium taxes, other taxes, and licenses & fees		36		37		55		34		35
Total fixed operating expenses	$	354	$	374	$	386	$	391	$	358
Commissions and other variable expenses		550		495		510		551		493
Total other expenses	$	904	$	869	$	896	$	942	$	851

Total other expenses on a constant currency basis	$	905	$	877	$	933	$	965	$	851
Less: India other expenses on a constant currency basis (1)		35		31		31		40		-
Total other expenses excluding India on a constant currency basis		870		846		902		925		851
Add: Operating joint ventures other expenses on a constant currency basis (2), (3)		55		58		57		67		59
Total other expenses including operating joint ventures on a constant currency basis	$	925	$	904	$	959	$	992	$	910

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Japan:
Life	$	177	$	207	$	190	$	185	$	171
Accident & Health		116		123		109		100		82
Annuities		67		65		86		87		102
Other		4		6		5		5		4
Total Japan		364		401		390		377		359
Other Asia		224		178		217		226		171
Total sales	$	588	$	579	$	607	$	603	$	530
(1) Effective January 1, 2016, the results from our operating joint venture in India are no longer consolidated and, therefore, we do not report India’s results on the premiums, universal life and investment-type product policy fees, other revenues and other expenses lines on the statement of operating earnings available to common shareholders. The removal of India’s results from prior years’ operating premiums, universal life and investment-type product policy fees, other revenues and other expenses provides comparability between periods. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.‘s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	508		$	525		$	501		$	502		$	500		$	508		$	500
Universal life and investment-type product policy fees		102			114			106			102			95			102			95
Net investment income		83			84			82			77			80			83			80
Other revenues		10			19			11			21			20			10			20
Total operating revenues		703			742			700			702			695			703			695

Operating expenses
Policyholder benefits and claims and policyholder dividends		239			265			233			251			261			239			261
Interest credited to policyholder account balances		30			34			27			29			29			30			29
Capitalization of DAC		(133	)		(132	)		(107	)		(100	)		(101	)		(133	)		(101	)
Amortization of DAC and VOBA		128			133			127			109			102			128			102
Amortization of negative VOBA		(4	)		(4	)		(5	)		(3	)		(3	)		(4	)		(3	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		362			389			352			366			333			362			333
Total operating expenses		622			685			627			652			621			622			621
Operating earnings before provision for income tax		81			57			73			50			74			81			74
Provision for income tax expense (benefit)		11			7			7			(4	)		11			11			11
Operating earnings		70			50			66			54			63			70			63
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	70		$	50		$	66		$	54		$	63		$	70		$	63


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	70		$	50		$	66		$	54		$	63		$	70		$	63
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		3			5			14			5			8			3			8
Net derivative gains (losses)		1			13			7			19			(1	)		1			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(2	)		-			(2	)		(1	)		6			(2	)		6
Net investment income		531			(249	)		(513	)		252			82			531			82
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			9			-			9
Interest credited to policyholder account balances		(513	)		237			499			(241	)		(77	)		(513	)		(77	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		2			-			2			1			-			2			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1			-			-			(1	)		(2	)		1			(2	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(26	)		7			12			(15	)		(14	)		(26	)		(14	)
Income (loss) from continuing operations, net of income tax		67			63			85			73			74			67			74
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		67			63			85			73			74			67			74
Less: Net income (loss) attributable to noncontrolling interests		2			(1	)		3			-			1			2			1
Net income (loss) attributable to MetLife, Inc.		65			64			82			73			73			65			73
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	65		$	64		$	82		$	73		$	73		$	65		$	73

Total Operating Premiums, Fees and Other Revenues	$	620		$	658		$	618		$	625		$	615		$	620		$	615

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EMEA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Direct and allocated expenses	$	158	$	178	$	190	$	192	$	157
Pension and post-retirement benefit costs		2		1		2		1		1
Premium taxes, other taxes, and licenses & fees		3		2		4		-		5
Total fixed operating expenses	$	163	$	181	$	196	$	193	$	163
Commissions and other variable expenses		199		208		156		173		170
Total other expenses	$	362	$	389	$	352	$	366	$	333

Total other expenses on a constant currency basis	$	351	$	376	$	343	$	363	$	333

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016

Total sales	$	259	$	244	$	219	$	229	$	268

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Operating revenues
Premiums	$	10		$	26		$	18		$	25		$	26		$	10		$	26
Universal life and investment-type product policy fees		23			26			26			24			24			23			24
Net investment income		109			129			12			69			82			109			82
Other revenues		20			19			23			24			27			20			27
Total operating revenues		162			200			79			142			159			162			159

Operating expenses
Policyholder benefits and claims and policyholder dividends		12			8			20			25			25			12			25
Interest credited to policyholder account balances		6			8			5			4			4			6			4
Capitalization of DAC		-			-			-			(1	)		(2	)		-			(2	)
Amortization of DAC and VOBA		-			1			-			(1	)		2			-			2
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		297			306			294			301			308			297			308
Other expenses (1)		145			174			492			179			174			145			174
Total operating expenses		460			497			811			507			511			460			511
Operating earnings before provision for income tax		(298	)		(297	)		(732	)		(365	)		(352	)		(298	)		(352	)
Provision for income tax expense (benefit) (1)		(188	)		(175	)		224			(214	)		(181	)		(188	)		(181	)
Operating earnings		(110	)		(122	)		(956	)		(151	)		(171	)		(110	)		(171	)
Preferred stock dividends		30			31			6			49			6			30			6
Operating earnings available to common shareholders	$	(140	)	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(140	)	$	(177	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(110	)	$	(122	)	$	(956	)	$	(151	)	$	(171	)	$	(110	)	$	(171	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(59	)		(181	)		(186	)		96			55			(59	)		55
Net derivative gains (losses)		225			(426	)		375			(143	)		476			225			476
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		4			4			4			(2	)		(6	)		4			(6	)
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		(1	)		(1	)		(8	)		2			-			(1	)		-
Other expenses		(9	)		(7	)		(21	)		4			(62	)		(9	)		(62	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(61	)		206			(52	)		8			(132	)		(61	)		(132	)
Income (loss) from continuing operations, net of income tax		(11	)		(527	)		(844	)		(186	)		160			(11	)		160
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(11	)		(527	)		(844	)		(186	)		160			(11	)		160
Less: Net income (loss) attributable to noncontrolling interests		-			1			(9	)		1			-			-			-
Net income (loss) attributable to MetLife, Inc.		(11	)		(528	)		(835	)		(187	)		160			(11	)		160
Less: Preferred stock dividends		30			31			6			49			6			30			6
Preferred stock repurchase premium		-			42			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(41	)	$	(601	)	$	(841	)	$	(236	)	$	154		$	(41	)	$	154

Total Operating Premiums, Fees and Other Revenues	$	53		$	71		$	67		$	73		$	77		$	53		$	77
(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.

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Other business activities	$	12		$	12		$	5		$	10		$	8		$	12		$	8
Other net investment income		71			83			16			45			53			71			53
Interest expense on debt		(193	)		(199	)		(191	)		(196	)		(200	)		(193	)		(200	)
Preferred stock dividends		(30	)		(31	)		(6	)		(49	)		(6	)		(30	)		(6	)
Acquisition costs		-			-			-			-			-			-			-
Corporate initiatives and projects		(39	)		(58	)		(45	)		(52	)		(28	)		(39	)		(28	)
Incremental tax benefit (expense)		84			71			(480	)		86			58			84			58
Other		(45	)		(31	)		(261	)		(44	)		(62	)		(45	)		(62	)
Operating earnings available to common shareholders	$	(140	)	$	(153	)	$	(962	)	$	(200	)	$	(177	)	$	(140	)	$	(177	)

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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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Fixed Maturity Securities
Yield (1)		4.64%			4.79%			4.55%			4.55%			4.43%
Investment income (2), (3), (4)	$	3,569		$	3,665		$	3,467		$	3,500		$	3,628
Investment gains (losses) (3)		133			115			88			(222	)		20
Ending carrying value (2), (3)		367,640			352,610			352,856			352,433			373,082
Mortgage Loans
Yield (1)		4.80%			5.10%			4.95%			5.03%			4.68%
Investment income (3), (4)		730			801			785			819			807
Investment gains (losses) (3)		(43	)		(9	)		(26	)		(27	)		(64	)
Ending carrying value (3)		62,137			63,744			63,349			66,930			68,482
Real Estate and Real Estate Joint Ventures
Yield (1)		3.10%			7.40%			3.99%			5.11%			3.39%
Investment income (3)		81			189			101			117			76
Investment gains (losses) (3)		27			(33	)		263			274			2
Ending carrying value		10,310			10,207			9,923			8,433			8,733
Policy Loans
Yield (1)		5.24%			5.22%			5.09%			5.37%			5.19%
Investment income		152			151			147			153			149
Ending carrying value		11,606			11,575			11,549			11,258			11,257
Equity Securities
Yield (1)		4.01%			4.58%			4.66%			5.62%			5.02%
Investment income		31			35			36			42			37
Investment gains (losses)		8			8			7			(2	)		(45	)
Ending carrying value		3,713			3,677			3,399			3,321			3,374
Other Limited Partnership Interests
Yield (1)		10.62%			12.38%			10.82%			(0.65	)%		2.71%
Investment income		215			250			216			(12	)		46
Investment gains (losses)		16			(9	)		(59	)		(15	)		(27	)
Ending carrying value		8,074			8,099			7,901			7,096			7,022
Cash and Short-term Investments
Yield (1)		1.00%			1.05%			0.74%			1.40%			0.99%
Investment income		33			33			23			40			25
Investment gains (losses)		6			(12	)		-			3			(7	)
Ending carrying value		22,257			22,668			25,173			22,051			24,910
Other Invested Assets (1)
Investment income		327			223			225			278			271
Investment gains (losses) (3)		18			(19	)		15			(21	)		(6	)
Ending carrying value		23,763			20,409			23,356			22,524			27,095
Total Investments
Investment income yield (1)		4.89%			5.08%			4.76%			4.68%			4.55%
Investment fees and expenses yield		(0.15	)%		(0.15	)%		(0.14	)%		(0.16	)%		(0.16	)%
Net Investment Income Yield (1), (3)		4.74%			4.93%			4.62%			4.52%			4.39%
Investment income	$	5,138		$	5,347		$	5,000		$	4,937		$	5,039
Investment fees and expenses		(156	)		(162	)		(151	)		(164	)		(167	)
Net investment income including Divested businesses and Lag elimination		4,982			5,185			4,849			4,773			4,872
Less: Net investment income from Divested businesses and Lag elimination		-			-			-			-			166
Net Investment Income (3)	$	4,982		$	5,185		$	4,849		$	4,773		$	4,706
Ending Carrying Value (3)	$	509,500		$	492,989		$	497,506		$	494,046		$	523,955
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	165		$	41		$	288		$	(10	)	$	(127	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			-			(3	)
Investment Portfolio Gains (Losses) (3)	$	165		$	41		$	288		$	(10	)	$	(124	)
Gross investment gains	$	445		$	419		$	708		$	611		$	481
Gross investment losses		(236	)		(261	)		(366	)		(491	)		(383	)
Writedowns		(44	)		(117	)		(54	)		(130	)		(222	)
Investment Portfolio Gains (Losses) (3)		165			41			288			(10	)		(124	)
Investment portfolio gains (losses) income tax (expense) benefit		(52	)		103			(53	)		(114	)		111
Investment Portfolio Gains (Losses), Net of Income Tax	$	113		$	144		$	235		$	(124	)	$	(13	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	611		$	(1,103	)	$	279		$	(569	)	$	1,109
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			-			149
Derivative gains (losses) (3)		611			(1,103	)		279			(569	)		960
Derivative gains (losses) income tax (expense) benefit		(217	)		382			(110	)		194			(326	)
Derivative Gains (Losses), Net of Income Tax	$	394		$	(721	)	$	169		$	(375	)	$	634
(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 $1,365 million, $1,257 million, $1,278 million, $1,031 million and $1,101 million in ending carrying value, and $37 million, $2 million, ($35) million, $17 million and $6 million of investment income related to fair value option and trading securities at or for the three months ended March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, 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 March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,091 million, $15,189 million, $14,069 million, $13,981 million and $13,882 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, $14 million, $14 million, $12 million and $10 million and mortgage loans of $272 million, $266 million, $204 million, $172 million and $169 million and cash and short-term investments of $0, $0, $0, $0, and $1 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
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	165		$	41		$	288		$	(10	)	$	(127	)
Operating joint venture adjustments		(1	)		4			3			(2	)		(5	)
Net investment gains (losses) related to CSEs		(2	)		2			(3	)		-			2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		124			(180	)		94			74			145
Net investment gains (losses) - GAAP basis	$	286		$	(133	)	$	382		$	62		$	15

	For the Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	611		$	(1,103	)	$	279		$	(569	)	$	1,109
Investment hedge adjustments		200			180			194			202			221
Settlement of foreign currency earnings hedges		8			9			11			9			4
PAB hedge adjustments		2			2			1			2			1
Net derivative gains (losses) - GAAP basis	$	821		$	(912	)	$	485		$	(356	)	$	1,335
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Fixed Maturity Securities
Yield (1)		4.64%			4.72%			4.66%			4.63%			4.43%
Investment income (2), (3), (4)	$	3,569		$	7,234		$	10,701		$	14,201		$	3,628
Investment gains (losses) (3)		133			248			336			114			20
Ending carrying value (2), (3)		367,640			352,610			352,856			352,433			373,082
Mortgage Loans
Yield (1)		4.80%			4.95%			4.95%			4.97%			4.68%
Investment income (3), (4)		730			1,531			2,316			3,135			807
Investment gains (losses) (3)		(43	)		(52	)		(78	)		(105	)		(64	)
Ending carrying value (3)		62,137			63,744			63,349			66,930			68,482
Real Estate and Real Estate Joint Ventures
Yield (1)		3.10%			5.23%			4.83%			4.89%			3.39%
Investment income (3)		81			270			371			488			76
Investment gains (losses) (3)		27			(6	)		257			531			2
Ending carrying value		10,310			10,207			9,923			8,433			8,733
Policy Loans
Yield (1)		5.24%			5.23%			5.18%			5.23%			5.19%
Investment income		152			303			450			603			149
Ending carrying value		11,606			11,575			11,549			11,258			11,257
Equity Securities
Yield (1)		4.01%			4.30%			4.42%			4.71%			5.02%
Investment income		31			66			102			144			37
Investment gains (losses)		8			16			23			21			(45	)
Ending carrying value		3,713			3,677			3,399			3,321			3,374
Other Limited Partnership Interests
Yield (1)		10.62%			11.50%			11.27%			8.45%			2.71%
Investment income		215			465			681			669			46
Investment gains (losses)		16			7			(52	)		(67	)		(27	)
Ending carrying value		8,074			8,099			7,901			7,096			7,022
Cash and Short-term Investments
Yield (1)		1.00%			1.02%			0.93%			1.04%			0.99%
Investment income		33			66			89			129			25
Investment gains (losses)		6			(6	)		(6	)		(3	)		(7	)
Ending carrying value		22,257			22,668			25,173			22,051			24,910
Other Invested Assets (1)
Investment income		327			550			775			1,053			271
Investment gains (losses) (3)		18			(1	)		14			(7	)		(6	)
Ending carrying value		23,763			20,409			23,356			22,524			27,095
Total Investments
Investment income yield (1)		4.89%			4.99%			4.91%			4.85%			4.55%
Investment fees and expenses yield		(0.15	)%		(0.15	)%		(0.15	)%		(0.15	)%		(0.16	)%
Net Investment Income Yield (1), (3)		4.74%			4.84%			4.76%			4.70%			4.39%
Investment income	$	5,138		$	10,485		$	15,485		$	20,422		$	5,039
Investment fees and expenses		(156	)		(318	)		(469	)		(633	)		(167	)
Net investment income including Divested businesses and Lag elimination		4,982			10,167			15,016			19,789			4,872
Less: Net investment income from Divested businesses and Lag elimination		-			-			-			-			166
Net Investment Income (3)	$	4,982		$	10,167		$	15,016		$	19,789		$	4,706
Ending Carrying Value (3)	$	509,500		$	492,989		$	497,506		$	494,046		$	523,955
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	165		$	206		$	494		$	484		$	(127	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			-			-			(3	)
Investment Portfolio Gains (Losses) (3)	$	165		$	206		$	494		$	484		$	(124	)
Gross investment gains	$	445		$	864		$	1,572		$	2,183		$	481
Gross investment losses		(236	)		(497	)		(863	)		(1,354	)		(383	)
Writedowns		(44	)		(161	)		(215	)		(345	)		(222	)
Investment Portfolio Gains (Losses) (3)		165			206			494			484			(124	)
Investment portfolio gains (losses) income tax (expense) benefit		(52	)		51			(2	)		(116	)		111
Investment Portfolio Gains (Losses), Net of Income Tax	$	113		$	257		$	492		$	368		$	(13	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	611		$	(492	)	$	(213	)	$	(782	)	$	1,109
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			-			-			149
Derivative gains (losses) (3)		611			(492	)		(213	)		(782	)		960
Derivative gains (losses) income tax (expense) benefit		(217	)		165			55			249			(326	)
Derivative Gains (Losses), Net of Income Tax	$	394		$	(327	)	$	(158	)	$	(533	)	$	634
(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 $1,365 million, $1,257 million, $1,278 million, $1,031 million and $1,101 million in ending carrying value, and $37 million, $39 million, $4 million, $21 million and $6 million of investment income related to fair value option and trading securities at or for the year-to-date period ended March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, 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 March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,091 million, $15,189 million, $14,069 million, $13,981 million and $13,882 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, $14 million, $14 million, $12 million and $10 million, mortgage loans of $272 million, $266 million, $204 million, $172 million and $169 million and cash and short-term investments of $0, $0, $0, $0, and $1 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
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	165		$	206		$	494		$	484		$	(127	)
Operating joint venture adjustments		(1	)		3			6			4			(5	)
Net investment gains (losses) related to certain CSEs		(2	)		-			(3	)		(3	)		2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		124			(56	)		38			112			145
Net investment gains (losses) - GAAP basis	$	286		$	153		$	535		$	597		$	15

	For the Year-to-Date Period Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	611		$	(492	)	$	(213	)	$	(782	)	$	1,109
Investment hedge adjustments		200			380			574			776			221
Settlement of foreign currency earnings hedges		8			17			28			37			4
PAB hedge adjustments		2			4			5			7			1
Net derivative gains (losses) - GAAP basis	$	821		$	(91	)	$	394		$	38		$	1,335
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,683		76.2%	$	3,044		86.8%	$	3,510		80.3%	$	4,127		75.8%	$	2,850		77.1%
20% or more for less than six months		384		17.4%		190		5.4%		569		13.0%		954		17.5%		376		10.1%
20% or more for six months or greater		141		6.4%		275		7.8%		295		6.7%		364		6.7%		472		12.8%
Total Gross Unrealized Losses	$	2,208		100.0%	$	3,509		100.0%	$	4,374		100.0%	$	5,445		100.0%	$	3,698		100.0%

Total Gross Unrealized Gains	$	35,574			$	26,029			$	26,749			$	23,883			$	32,267


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	20		29.0%	$	29		39.7%	$	28		19.1%	$	26		16.5%	$	28		23.9%
20% or more for less than six months		20		29.0%		11		15.1%		84		57.1%		94		59.5%		40		34.2%
20% or more for six months or greater		29		42.0%		33		45.2%		35		23.8%		38		24.0%		49		41.9%
Total Gross Unrealized Losses	$	69		100.0%	$	73		100.0%	$	147		100.0%	$	158		100.0%	$	117		100.0%

Total Gross Unrealized Gains	$	649			$	633			$	450			$	482			$	481

(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
		March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	106,335		29.0%	$	101,146		28.8%	$	100,957		28.7%	$	100,794		28.7%	$	102,096		27.4%
U.S. government and agency securities			60,472		16.5%		57,538		16.4%		59,671		17.0%		61,646		17.5%		64,991		17.5%
Foreign corporate securities			60,494		16.5%		59,098		16.8%		58,404		16.6%		57,198		16.3%		59,091		15.9%
Foreign government securities			52,361		14.3%		51,057		14.5%		50,523		14.4%		50,499		14.4%		56,656		15.2%
Residential mortgage-backed securities			43,784		12.0%		41,518		11.8%		40,050		11.4%		38,797		11.0%		43,029		11.6%
State and political subdivision securities			15,710		4.3%		15,164		4.3%		15,479		4.4%		15,441		4.4%		16,539		4.4%
Asset-backed securities			13,808		3.8%		13,990		4.0%		14,132		4.0%		14,394		4.1%		16,202		4.4%
Commercial mortgage-backed securities			13,311		3.6%		11,842		3.4%		12,362		3.5%		12,633		3.6%		13,377		3.6%
Total Fixed Maturity Securities Available-For-Sale		$	366,275		100.0%	$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%	$	371,981		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	258,707		70.6%	$	248,764		70.8%	$	250,047		71.1%	$	250,803		71.4%	$	270,295		72.7%
2	Baa		82,394		22.5%		79,669		22.7%		79,358		22.6%		79,523		22.6%		80,082		21.5%
3	Ba		16,314		4.5%		15,621		4.4%		15,306		4.4%		15,142		4.3%		15,288		4.1%
4	B		7,457		2.0%		5,955		1.7%		5,407		1.5%		4,839		1.4%		5,121		1.4%
5	Caa and lower		1,325		0.4%		1,260		0.4%		1,383		0.4%		1,041		0.3%		1,136		0.3%
6	In or near default		78		- %		84		- %		77		- %		54		- %		59		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	366,275		100.0%	$	351,353		100.0%	$	351,578		100.0%	$	351,402		100.0%	$	371,981		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)		March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016

Traditional (2), (3)			$9,458				$9,590				$9,325				$7,906				$8,267
Real estate joint ventures and funds			595				577				553				482				418
Subtotal			10,053				10,167				9,878				8,388				8,685
Foreclosed			257				40				45				45				48
Total Real Estate and Real Estate Joint Ventures			$10,310				$10,207				$9,923				$8,433				$8,733
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
Unaudited (In millions)	March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016

Commercial mortgage loans		$42,164				$42,953				$41,619				$44,012				$45,445
Agricultural mortgage loans		12,333				12,498				12,771				13,188				13,226
Residential mortgage loans		7,955				8,618				9,270				10,048				10,192
Total Mortgage Loans		62,452				64,069				63,660				67,248				68,863
Valuation allowances		(315)				(325)				(311)				(318)				(381)
Total Mortgage Loans, net		$62,137				$63,744				$63,349				$66,930				$68,482
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 28, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2015				June 30, 2015				September 30, 2015				December 31, 2015				March 31, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,197		21.8%	$	9,221		21.5%	$	9,208		22.1%	$	9,583		21.8%	$	10,360		22.8%
International		7,630		18.1%		7,222		16.8%		7,548		18.1%		7,889		17.9%		8,264		18.2%
Middle Atlantic		7,617		18.1%		7,864		18.3%		7,743		18.6%		8,154		18.5%		8,072		17.8%
South Atlantic		6,249		14.8%		6,355		14.8%		5,858		14.1%		6,127		13.9%		6,167		13.6%
West South Central		3,939		9.3%		4,404		10.3%		4,289		10.3%		4,311		9.8%		4,190		9.2%
East North Central		2,520		6.0%		2,260		5.3%		2,127		5.1%		2,346		5.3%		2,217		4.9%
New England		1,151		2.7%		1,352		3.1%		1,350		3.2%		1,367		3.1%		1,581		3.5%
Mountain		1,169		2.8%		1,168		2.7%		1,118		2.7%		1,117		2.5%		1,297		2.8%
East South Central		423		1.0%		390		0.9%		408		1.0%		512		1.2%		630		1.4%
West North Central		138		0.3%		150		0.3%		234		0.6%		520		1.2%		511		1.1%
Multi-Region and Other		2,131		5.1%		2,567		6.0%		1,736		4.2%		2,086		4.8%		2,156		4.7%
Total	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%


Office	$	21,094		50.0%	$	21,334		49.7%	$	19,951		47.9%	$	21,525		48.9%	$	22,037		48.5%
Retail		9,543		22.6%		9,982		23.2%		10,002		24.0%		10,466		23.8%		10,793		23.7%
Apartment		4,696		11.2%		4,806		11.2%		4,865		11.7%		5,171		11.7%		5,651		12.4%
Hotel		4,483		10.6%		4,431		10.3%		4,456		10.7%		4,396		10.0%		4,633		10.2%
Industrial		2,157		5.1%		2,205		5.1%		2,191		5.3%		2,334		5.3%		2,214		4.9%
Other		191		0.5%		195		0.5%		154		0.4%		120		0.3%		117		0.3%
Total	$	42,164		100.0%	$	42,953		100.0%	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,668		$	1,796		$	711		$	1,425		$	1,335		$	1,668		$	1,335
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		286			(133	)		382			62			15			286			15
Net derivative gains (losses)		821			(912	)		485			(356	)		1,335			821			1,335
Premiums - Divested businesses and Lag elimination		-			(1	)		(1	)		(1	)		426			-			426
Universal life and investment-type product policy fees
Unearned revenue adjustments		4			3			1			(3	)		25			4			25
GMIB fees		94			95			96			97			101			94			101
Divested businesses and Lag elimination		2			1			2			2			67			2			67
Net investment income
Investment hedge adjustments		(200	)		(180	)		(194	)		(202	)		(221	)		(200	)		(221	)
Income from discontinued real estate operations		-			-			-			-			-			-			-
Operating joint venture adjustments		1			(4	)		(3	)		2			5			1			5
Unit-linked contract income		677			(55	)		(701	)		343			(97	)		677			(97	)
Securitization entities income		1			1			8			(2	)		-			1			-
Divested businesses and Lag elimination		-			-			-			-			166			-			166
Other revenues
Settlement of foreign currency earnings hedges		(8	)		(9	)		(11	)		(9	)		(4	)		(8	)		(4	)
Divested businesses and Lag elimination		-			-			-			-			4			-			4
Policyholder benefits and claims and policyholder dividends
PDO adjustments		17			(10	)		(13	)		-			-			17			-
Inflation and pass through adjustments		(3	)		25			(23	)		6			(71	)		(3	)		(71	)
GMIB costs		(112	)		(150	)		149			(286	)		(6	)		(112	)		(6	)
Market value adjustments		(51	)		(45	)		(21	)		(19	)		(17	)		(51	)		(17	)
Divested businesses and Lag elimination		-			-			-			(1	)		(306	)		-			(306	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(2	)		(1	)		(2	)		(1	)		(2	)		(1	)
Unit-linked contract costs		(662	)		46			685			(338	)		77			(662	)		77
Divested businesses and Lag elimination		-			-			-			-			(101	)		-			(101	)
Capitalization of DAC - Divested businesses and Lag elimination		-			-			-			-			105			-			105
Amortization of DAC and VOBA
Related to NIGL and NDGL		(112	)		104			(28	)		27			(6	)		(112	)		(6	)
Related to GMIB fees and GMIB costs		40			-			(132	)		(33	)		(36	)		40			(36	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		-			-			-			-			(72	)		-			(72	)
Amortization of negative VOBA
Related to market value adjustments		10			9			8			8			10			10			10
Divested businesses and Lag elimination		-			-			-			-			22			-			22
Interest expense on debt
Securitization entities debt expense		(1	)		(1	)		(8	)		2			-			(1	)		-
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		5			7			(11	)		12			5			5			5
Regulatory implementation costs		(1	)		(1	)		-			-			-			(1	)		-
Acquisition, integration and other costs		(8	)		(7	)		(6	)		(7	)		(6	)		(8	)		(6	)
Divested businesses and Lag elimination		(1	)		(3	)		(2	)		6			(254	)		(1	)		(254	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(302	)		545			(174	)		109			(297	)		(302	)		(297	)
Income (loss) from continuing operations, net of income tax		2,163			1,119			1,198			842			2,203			2,163			2,203
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		2,163			1,119			1,198			842			2,203			2,163			2,203
Less: Net income (loss) attributable to noncontrolling interests		5			4			(5	)		8			2			5			2
Net income (loss) attributable to MetLife, Inc.		2,158			1,115			1,203			834			2,201			2,158			2,201
Less: Preferred stock dividends		30			31			6			49			6			30			6
Preferred stock repurchase premium		-			42			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,128		$	1,042		$	1,197		$	785		$	2,195		$	2,128		$	2,195
(1) For the three months ended March 31, 2016 Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

A-1

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan		$	-		$	-		$	(37	)	$	(137	)	$	(86	)	$	-		$	(86	)
Catastrophe experience and prior year development, net			(16	)		-			21			(9	)		(45	)		(16	)		(45	)
Actuarial assumption review and other insurance adjustments			-			-			(92	)		-			-			-			-
Tax adjustments			-			61			(720	)		31			10			-			10
Total notable items		$	(16	)	$	61		$	(828	)	$	(115	)	$	(121	)	$	(16	)	$	(121	)

RETAIL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan		$	-		$	-		$	(6	)	$	(57	)	$	(23	)	$	-		$	(23	)
Catastrophe experience and prior year development, net			(3	)		(2	)		13			(7	)		(31	)		(3	)		(31	)
Actuarial assumption review and other insurance adjustments			-			-			(107	)		-			-			-			-
Tax adjustments			-			-			13			-			-			-			-
Total notable items		$	(3	)	$	(2	)	$	(87	)	$	(64	)	$	(54	)	$	(3	)	$	(54	)

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
	Variable investment income, as compared to plan	$	-		$	-		$	(4	)	$	(47	)	$	(18	)	$	-		$	(18	)
	Catastrophe experience and prior year development, net		(3	)		(2	)		13			(7	)		(31	)		(3	)		(31	)
	Actuarial assumption review and other insurance adjustments		-			-			(69	)		-			-			-			-
	Tax adjustments		-			-			(1	)		-			-			-			-
	Total notable items	$	(3	)	$	(2	)	$	(61	)	$	(54	)	$	(49	)	$	(3	)	$	(49	)

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
	Variable investment income, as compared to plan	$	-		$	-		$	(2	)	$	(10	)	$	(5	)	$	-		$	(5	)
	Actuarial assumption review and other insurance adjustments		-			-			(38	)		-			-			-			-
	Tax adjustments		-			-			14			-			-			-			-
	Total notable items	$	-		$	-		$	(26	)	$	(10	)	$	(5	)	$	-		$	(5	)

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan		$	-		$	-		$	11		$	(10	)	$	(5	)	$	-		$	(5	)
Catastrophe experience and prior year development, net			(12	)		2			8			(1	)		(12	)		(12	)		(12	)
Total notable items		$	(12	)	$	2		$	19		$	(11	)	$	(17	)	$	(12	)	$	(17	)
(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan	$	-		$	-	$	12		$	(9	)	$	(30	)	$	-		$	(30	)
Tax adjustments		-			-		(1	)		-			-			-			-
Total notable items	$	-		$	-	$	11		$	(9	)	$	(30	)	$	-		$	(30	)

LATIN AMERICA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan	$	-		$	-	$	(2	)	$	(3	)	$	(3	)	$	-		$	(3	)
Catastrophe experience and prior year development, net		(1	)		-		-			(1	)		(2	)		(1	)		(2	)
Tax adjustments		-			-		60			31			(10	)		-			(10	)
Total notable items	$	(1	)	$	-	$	58		$	27		$	(15	)	$	(1	)	$	(15	)

ASIA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan	$	-		$	-	$	(10	)	$	(24	)	$	(20	)	$	-		$	(20	)
Actuarial assumption review and other insurance adjustments		-			-		9			-			-			-			-
Tax adjustments		-			61		-			-			20			-			20
Total notable items	$	-		$	61	$	(1	)	$	(24	)	$	-		$	-		$	-

EMEA
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Actuarial assumption review and other insurance adjustments	$	-		$	-	$	6		$	-		$	-		$	-		$	-
Total notable items	$	-		$	-	$	6		$	-		$	-		$	-		$	-

CORPORATE & OTHER
	For the Three Months Ended														For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015		September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016
Variable investment income, as compared to plan	$	-		$	-	$	(42	)	$	(34	)	$	(5	)	$	-		$	(5	)
Tax adjustments		-			-		(792	)		-			-			-			-
Total notable items	$	-		$	-	$	(834	)	$	(34	)	$	(5	)	$	-		$	(5	)

(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)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Total MetLife, Inc.’s stockholders’ equity	$	73,770		$	69,377		$	70,503		$	67,949		$	75,775
Less: Preferred stock		2,043			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		71,727			67,311			68,437			65,883			73,709
Less: Net unrealized investment gains (losses), net of income tax		17,761			12,863			13,634			11,773			17,171
Defined benefit plans adjustment, net of income tax		(2,246	)		(2,206	)		(2,169	)		(2,052	)		(2,024	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		56,212			56,654			56,972			56,162			58,562
Less: Goodwill, net of income tax		9,592			9,508			9,398			9,314			9,555
VODA and VOCRA, net of income tax		576			546			522			494			483
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,044		$	46,600		$	47,052		$	46,354		$	48,524

Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

Book value per common share (1)	$	64.37		$	60.27		$	61.39		$	60.00		$	67.10
Less: Net unrealized investment gains (losses), net of income tax		15.94			11.52			12.23			10.72			15.63
Defined benefit plans adjustment, net of income tax		(2.02	)		(1.98	)		(1.95	)		(1.87	)		(1.84	)
Book value per common share, excluding AOCI other than FCTA (1)		50.45			50.73			51.11			51.15			53.31
Less: Goodwill, net of income tax		8.61			8.51			8.43			8.48			8.70
VODA and VOCRA, net of income tax		0.52			0.49			0.47			0.45			0.44
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	41.32		$	41.73		$	42.21		$	42.22		$	44.17

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			December 31, 2015

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		9.2%			10.2%			4.2%			8.2%			7.6%			8.0%
Common stockholders’ equity, excluding AOCI other than FCTA		11.7%			12.5%			5.0%			9.7%			9.3%			9.7%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		14.4%			15.3%			6.1%			11.9%			11.3%			11.9%

Return on MetLife, Inc.’s:
Common stockholders’ equity		12.0%			6.0%			7.1%			4.7%			12.6%			7.5%
Common stockholders’ equity, excluding AOCI other than FCTA		15.2%			7.4%			8.4%			5.6%			15.3%			9.1%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		18.7%			9.1%			10.3%			6.8%			18.6%			11.2%

Average common stockholders’ equity	$	70,869		$	69,519		$	67,874		$	67,160		$	69,796		$	68,674
Average common stockholders’ equity, excluding AOCI other than FCTA	$	56,135		$	56,433		$	56,813		$	56,567		$	57,362		$	56,412
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	45,862		$	46,322		$	46,826		$	46,703		$	47,439		$	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 March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 of $12 million, $12 million, $12 million, $12 million and $12 million, respectively, and for the year ended December 31, 2015 of $48 million.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016
AMERICAS
RETAIL
Life & Other			9.0%		12.3%		8.1%		8.7%		8.3%
Annuities			14.4%		13.2%		10.9%		12.4%		10.6%
GROUP, VOLUNTARY & WORKSITE BENEFITS			14.2%		14.4%		14.8%		13.3%		12.3%
CORPORATE BENEFIT FUNDING			19.1%		21.0%		16.9%		14.8%		14.4%
LATIN AMERICA			15.1%		13.3%		20.2%		17.2%		17.6%
AMERICAS			14.1%		14.8%		12.9%		12.6%		11.7%
ASIA			11.4%		14.8%		11.7%		10.1%		11.0%
EMEA			8.4%		6.0%		7.9%		6.5%		7.8%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016
AMERICAS			15.9%		16.6%		14.6%		14.2%		13.0%
ASIA			19.6%		25.4%		20.2%		17.4%		19.0%
EMEA			15.4%		11.2%		14.6%		12.2%		13.5%

RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016
AMERICAS
RETAIL
Life & Other			12.6%		8.4%		9.5%		5.4%		6.5%
Annuities			15.8%		12.8%		4.7%		4.0%		8.6%
GROUP, VOLUNTARY & WORKSITE BENEFITS			20.9%		2.4%		24.0%		8.3%		21.8%
CORPORATE BENEFIT FUNDING			27.4%		15.9%		24.6%		12.0%		11.8%
LATIN AMERICA			13.2%		9.5%		8.5%		11.8%		16.3%
AMERICAS			18.0%		10.4%		13.3%		7.3%		11.4%
ASIA			12.1%		19.6%		22.9%		8.1%		31.3%
EMEA			7.8%		7.7%		9.8%		8.8%		9.1%

RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016
AMERICAS			20.2%		11.7%		15.0%		8.3%		12.6%
ASIA			20.8%		33.7%		39.3%		14.0%		53.7%
EMEA			14.4%		14.2%		18.0%		16.3%		15.6%
(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)			2015		2016		2015		2016
	AMERICAS
	RETAIL
	Life & Other			$	9,006	$	8,323
	Annuities				12,469		13,645
	GROUP, VOLUNTARY & WORKSITE BENEFITS				6,420		5,670
	CORPORATE BENEFIT FUNDING				7,729		8,169
	LATIN AMERICA				3,480		3,110
	AMERICAS			$	39,104	$	38,917	$	34,900	$	35,200
	ASIA			$	11,509	$	11,045	$	6,708	$	6,431
	EMEA			$	3,332	$	3,226	$	1,865	$	1,919
(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)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016
	AMERICAS	$	9	$	8	$	8	$	8	$	8
	ASIA	$	1	$	1	$	1	$	1	$	1
	EMEA	$	2	$	2	$	2	$	3	$	2

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

RETAIL (1)	$	3,236		$	3,262		$	3,276		$	3,376		$	3,104
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		4,418			4,401			4,393			4,337			4,610
CORPORATE BENEFIT FUNDING (1)		543			455			1,680			886			508
LATAM		848			937			866			965			966
ASIA		2,175			2,257			2,231			2,081			2,025
EMEA		599			632			600			617			615
CORPORATE & OTHER (1)		53			71			67			73			77
METLIFE TOTAL	$	11,872		$	12,015		$	13,113		$	12,335		$	11,905

LATAM (excluding U.S. Direct Business)	$	781		$	861		$	784		$	881		$	876
ASIA (including operating joint ventures) (2), (3)	$	2,232		$	2,341		$	2,297		$	2,163		$	2,189

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016

RETAIL (1)	$	653		$	690		$	523		$	582		$	532
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		228			231			238			214			174
CORPORATE BENEFIT FUNDING (1)		369			406			326			286			295
LATAM		104			92			164			132			137
ASIA		322			422			343			295			305
EMEA		65			46			65			48			63
CORPORATE & OTHER (1)		(140	)		(153	)		(962	)		(200	)		(177	)
METLIFE TOTAL	$	1,601		$	1,734		$	697		$	1,357		$	1,329

LATAM (excluding U.S. Direct Business)	$	122		$	112		$	171		$	139		$	151
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Operating premiums, universal life and investment-type product policy fees and other revenues are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	845		$	856		$	867		$	869		$	865		$	845		$	865
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		41			42			39			34			22			41			22
Other revenues		5			6			5			6			15			5			15
Total operating revenues		891			904			911			909			902			891			902

Operating expenses
Policyholder benefits and claims and policyholder dividends		584			626			593			631			652			584			652
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(96	)		(105	)		(113	)		(108	)		(98	)		(96	)		(98	)
Amortization of DAC and VOBA		101			101			104			106			104			101			104
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		220			232			240			231			228			220			228
Total operating expenses		809			854			824			860			886			809			886
Operating earnings before provision for income tax		82			50			87			49			16			82			16
Provision for income tax expense (benefit)		17			3			20			5			(6	)		17			(6	)
Operating earnings		65			47			67			44			22			65			22
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	65		$	47		$	67		$	44		$	22		$	65		$	22


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	65		$	47		$	67		$	44		$	22		$	65		$	22
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			6			(6	)		(11	)		16			-			16
Net derivative gains (losses)		(5	)		7			-			(2	)		(3	)		(5	)		(3	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		2			(5	)		3			3			(4	)		2			(4	)
Income (loss) from continuing operations, net of income tax		62			55			64			34			31			62			31
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		62			55			64			34			31			62			31
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		62			55			64			34			31			62			31
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	62		$	55		$	64		$	34		$	31		$	62		$	31

Total Operating Premiums, Fees and Other Revenues	$	850		$	862		$	872		$	875		$	880		$	850		$	880
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	442		$	444		$	445		$	442		$	436		$	442		$	436
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			23			20			18			11			22			11
Other revenues		3			4			3			3			3			3			3
Total operating revenues		467			471			468			463			450			467			450

Operating expenses
Policyholder benefits and claims and policyholder dividends		280			328			289			308			324			280			324
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(62	)		(70	)		(72	)		(68	)		(61	)		(62	)		(61	)
Amortization of DAC and VOBA		67			68			68			68			67			67			67
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		111			121			121			119			109			111			109
Total operating expenses		396			447			406			427			439			396			439
Operating earnings before provision for income tax		71			24			62			36			11			71			11
Provision for income tax expense (benefit)		18			1			16			6			(2	)		18			(2	)
Operating earnings		53			23			46			30			13			53			13
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	53		$	23		$	46		$	30		$	13		$	53		$	13

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	53		$	23		$	46		$	30		$	13		$	53		$	13
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			4			(4	)		(6	)		9			-			9
Net derivative gains (losses)		(3	)		4			-			(1	)		(2	)		(3	)		(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			(3	)		2			2			(2	)		1			(2	)
Income (loss) from continuing operations, net of income tax		51			28			44			25			18			51			18
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		51			28			44			25			18			51			18
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		51			28			44			25			18			51			18
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	51		$	28		$	44		$	25		$	18		$	51		$	18

Total Operating Premiums, Fees and Other Revenues	$	445		$	448		$	448		$	445		$	439		$	445		$	439
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - GROUP PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			March 31, 2015			March 31, 2016

Operating revenues
Premiums	$	403		$	412		$	422		$	427		$	429		$	403		$	429
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		19			19			19			16			11			19			11
Other revenues		2			2			2			3			12			2			12
Total operating revenues		424			433			443			446			452			424			452

Operating expenses
Policyholder benefits and claims and policyholder dividends		304			298			304			323			328			304			328
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(34	)		(35	)		(41	)		(40	)		(37	)		(34	)		(37	)
Amortization of DAC and VOBA		34			33			36			38			37			34			37
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		109			111			119			112			119			109			119
Total operating expenses		413			407			418			433			447			413			447
Operating earnings before provision for income tax		11			26			25			13			5			11			5
Provision for income tax expense (benefit)		(1	)		2			4			(1	)		(4	)		(1	)		(4	)
Operating earnings		12			24			21			14			9			12			9
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	12		$	24		$	21		$	14		$	9		$	12		$	9

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	12		$	24		$	21		$	14		$	9		$	12		$	9
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			2			(2	)		(5	)		7			-			7
Net derivative gains (losses)		(2	)		3			-			(1	)		(1	)		(2	)		(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		1			(2	)		1			1			(2	)		1			(2	)
Income (loss) from continuing operations, net of income tax		11			27			20			9			13			11			13
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		11			27			20			9			13			11			13
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		11			27			20			9			13			11			13
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	11		$	27		$	20		$	9		$	13		$	11		$	13

Total Operating Premiums, Fees and Other Revenues	$	405		$	414		$	424		$	430		$	441		$	405		$	441
(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 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”). In addition, for the three months ended March 31, 2016 operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods (“Lag elimination”). 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 earned income on derivatives 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 earned income on derivatives 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, integration and other 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 - May 4, 2016

Attached files