METLIFE INC - FORM 8-K - EX-99.1 - HISTORICAL RESULTS FINANCIAL SUPPLEMENT

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8-K - FORM 8-K - METLIFE INC	d254741d8k.htm

Exhibit 99.1

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Historical Results

Financial Supplement

Presented in Revised Format for the Quarters

Ended March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015,

March 31, 2016 and June 30, 2016 and the

Year-to-Date Periods Ended December 31, 2015

and June 30, 2016

Presented to Conform with the Presentation

Adopted for the Third Quarter 2016 Financial

Supplement

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METLIFE
TABLE OF CONTENTS

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			2

U.S.
Statements of Operating Earnings Available to Common Shareholders			3
Group Benefits - Statements of Operating Earnings Available to Common Shareholders			4
Retirement & Income Solutions - Statements of Operating Earnings Available to Common Shareholders			5
Property & Casualty - Statements of Operating Earnings Available to Common Shareholders			6
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			7
Group Benefits - Other Expenses by Major Category and Other Statistical Information			8
Retirement & Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			9
Retirement & Income Solutions - Other Operating Expenses by Major Category and Spread			10
Property & Casualty- Other Operating Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data			11

LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			12
Other Operating Expenses by Major Category and Other Statistical Information			13

METLIFE HOLDINGS
Statements of Operating Earnings Available to Common Shareholders			14
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Other Operating Expenses by Major Category and Spread by Product			16
Other Statistical Information			17

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			18

BRIGHTHOUSE FINANCIAL
Statements of Operating Earnings Available to Common Shareholders			19

APPENDIX
Notable Items:
MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement Income & Solutions, U.S. - Property & Casualty			A-1
Asia, Latin America, EMEA, MetLife Holdings, Corporate & Other and Brighthouse Financial			A-2
Return on Allocated Equity			A-3
Non-GAAP and Other Financial Disclosures			A-4
MetLife Acronyms			A-6

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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			June 30, 2016

U.S.
GROUP BENEFITS	$	138		$	166		$	177		$	153		$	142		$	185
RETIREMENT & INCOME SOLUTIONS		307			338			267			235			242			260
PROPERTY & CASUALTY		65			47			67			44			22			(2	)
TOTAL U.S.	$	510		$	551		$	511		$	432		$	406		$	443
ASIA	$	327		$	425		$	338		$	290		$	305		$	259
LATIN AMERICA	$	149		$	136		$	183		$	157		$	151		$	137
EMEA	$	70		$	50		$	66		$	54		$	63		$	64
METLIFE HOLDINGS	$	361		$	373		$	243		$	265		$	267		$	(33	)
CORPORATE & OTHER	$	(151	)	$	(176	)	$	(983	)	$	(210	)	$	(190	)	$	(243	)
BRIGHTHOUSE FINANCIAL (2)	$	372		$	406		$	347		$	388		$	327		$	297

OPERATING RETURN ON ALLOCATED EQUITY (2), (3)
	For the Three Months Ended
Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

U.S.
GROUP BENEFITS		19.5%			23.5%			25.1%			21.7%			19.7%			25.7%
RETIREMENT & INCOME SOLUTIONS		19.0%			20.9%			16.5%			14.5%			14.2%			15.3%
PROPERTY & CASUALTY		14.7%			10.7%			15.2%			10.0%			7.8%			(0.7)%
TOTAL U.S.		18.4%			19.9%			18.5%			15.6%			15.0%			16.4%
ASIA		11.4%			14.8%			11.7%			10.1%			11.0%			9.4%
LATIN AMERICA		17.3%			15.8%			21.3%			18.3%			19.7%			17.9%
EMEA		8.4%			6.0%			7.9%			6.5%			7.8%			7.9%
METLIFE HOLDINGS		12.6%			13.0%			8.5%			9.3%			9.6%			(1.2)%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2), (3)
	For the Three Months Ended
Unaudited	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016

U.S.		20.3%			21.9%			20.3%			17.2%			16.5%			18.0%
ASIA		19.6%			25.4%			20.2%			17.4%			19.0%			16.2%
LATIN AMERICA		29.1%			26.6%			35.7%			30.7%			31.2%			28.3%
EMEA		15.4%			11.2%			14.6%			12.2%			13.5%			13.8%
METLIFE HOLDINGS		13.5%			13.9%			9.1%			9.9%			10.3%			(1.1)%
(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) U.S., Page 3, (ii) Latin America, Page 12, (iii) MetLife Holdings, Page 14, (iv) Corporate & Other, Page 18 and (v) Brighthouse Financial, Page 19.

(2) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and Related Companies on a combined basis, therefore return on equity calculations for the Brighthouse Financial segment are not presented in this QFS.

(3) Annualized using quarter-to-date results. See Page A-3 for the return on allocated equity and allocated tangible equity for the periods presented.

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U.S. 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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	4,893		$	4,796		$	6,023		$	5,149		$	5,020		$	5,171		$	20,861		$	10,191
Universal life and investment-type product policy fees		233			234			233			243			250			248			943			498
Net investment income		1,541			1,660			1,522			1,486			1,460			1,565			6,209			3,025
Other revenues		188			195			184			184			204			193			751			397
Total operating revenues		6,855			6,885			7,962			7,062			6,934			7,177			28,764			14,111

Operating expenses
Policyholder benefits and claims and policyholder dividends		4,878			4,821			5,976			5,162			5,046			5,270			20,837			10,316
Interest credited to policyholder account balances		299			302			304			311			322			323			1,216			645
Capitalization of DAC		(115	)		(122	)		(128	)		(128	)		(111	)		(121	)		(493	)		(232	)
Amortization of DAC and VOBA		116			118			118			119			118			118			471			236
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		1			2			1			-			2			3			4			5
Other operating expenses		901			931			908			945			942			918			3,685			1,860
Total operating expenses		6,080			6,052			7,179			6,409			6,319			6,511			25,720			12,830

Operating earnings before provision for income tax		775			833			783			653			615			666			3,044			1,281
Provision for income tax expense (benefit)		265			282			272			221			209			223			1,040			432
Operating earnings		510			551			511			432			406			443			2,004			849
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	510		$	551		$	511		$	432		$	406		$	443		$	2,004		$	849


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	510		$	551		$	511		$	432		$	406		$	443		$	2,004		$	849
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		190			(25	)		141			(51	)		(101	)		70			255			(31	)
Net derivative gains (losses)		177			(261	)		243			(61	)		204			328			98			532
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		(42	)		(38	)		(39	)		(44	)		(59	)		(60	)		(163	)		(119	)
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		3			12			(2	)		5			(7	)		(6	)		18			(13	)
Interest credited to policyholder account balances		(1	)		(1	)		(1	)		(1	)		-			1			(4	)		1
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(114	)		109			(118	)		51			(13	)		(111	)		(72	)		(124	)
Income (loss) from continuing operations, net of income tax		723			347			735			331			430			665			2,136			1,095
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		723			347			735			331			430			665			2,136			1,095
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		723			347			735			331			430			665			2,136			1,095
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	723		$	347		$	735		$	331		$	430		$	665		$	2,136		$	1,095

Total Operating Premiums, Fees and Other Revenues	$	5,314		$	5,225		$	6,440		$	5,576		$	5,474		$	5,612		$	22,555		$	11,086

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U.S. GROUP 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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	3,633		$	3,625		$	3,605		$	3,557		$	3,810		$	3,787		$	14,420		$	7,597
Universal life and investment-type product policy fees		188			183			188			181			185			197			740			382
Net investment income		287			293			288			270			274			281			1,138			555
Other revenues		111			112			110			109			119			115			442			234
Total operating revenues		4,219			4,213			4,191			4,117			4,388			4,380			16,740			8,768

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,400			3,340			3,318			3,249			3,525			3,475			13,307			7,000
Interest credited to policyholder account balances		34			35			36			34			34			34			139			68
Capitalization of DAC		(13	)		(13	)		(14	)		(12	)		(13	)		(13	)		(52	)		(26	)
Amortization of DAC and VOBA		10			11			9			9			9			11			39			20
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			1			-			1
Other operating expenses		565			575			559			592			604			584			2,291			1,188
Total operating expenses		3,996			3,948			3,908			3,872			4,159			4,092			15,724			8,251

Operating earnings before provision for income tax		223			265			283			245			229			288			1,016			517
Provision for income tax expense (benefit)		85			99			106			92			87			103			382			190
Operating earnings		138			166			177			153			142			185			634			327
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	138		$	166		$	177		$	153		$	142		$	185		$	634		$	327


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	138		$	166		$	177		$	153		$	142		$	185		$	634		$	327
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			-			12			(36	)		(30	)		4			(19	)		(26	)
Net derivative gains (losses)		126			(157	)		151			(12	)		169			182			108			351
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		(28	)		(27	)		(28	)		(28	)		(28	)		(27	)		(111	)		(55	)
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 operating expenses		-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(36	)		64			(47	)		27			(40	)		(49	)		8			(89	)
Income (loss) from continuing operations, net of income tax		205			46			265			104			213			295			620			508
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		205			46			265			104			213			295			620			508
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-						-
Net income (loss) attributable to MetLife, Inc.		205			46			265			104			213			295			620			508
Less: Preferred stock dividends		-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	205		$	46		$	265		$	104		$	213		$	295		$	620		$	508

Total Operating Premiums, Fees and Other Revenues	$	3,932		$	3,920		$	3,903		$	3,847		$	4,114		$	4,099		$	15,602		$	8,213

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U.S. RETIREMENT & INCOME SOLUTIONS 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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	415		$	315		$	1,551		$	723		$	345		$	516		$	3,004		$	861
Universal life and investment-type product policy fees		45			51			45			62			65			51			203			116
Net investment income		1,213			1,325			1,195			1,182			1,164			1,252			4,915			2,416
Other revenues		72			77			69			69			70			72			287			142
Total operating revenues		1,745			1,768			2,860			2,036			1,644			1,891			8,409			3,535

Operating expenses
Policyholder benefits and claims and policyholder dividends		894			855			2,065			1,282			869			1,094			5,096			1,963
Interest credited to policyholder account balances		265			267			268			277			288			289			1,077			577
Capitalization of DAC		(6	)		(4	)		(1	)		(8	)		-			(1	)		(19	)		(1	)
Amortization of DAC and VOBA		5			6			5			4			5			4			20			9
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		1			2			1			-			2			2			4			4
Other operating expenses		116			124			109			122			110			104			471			214
Total operating expenses		1,275			1,250			2,447			1,677			1,274			1,492			6,649			2,766

Operating earnings before provision for income tax		470			518			413			359			370			399			1,760			769
Provision for income tax expense (benefit)		163			180			146			124			128			139			613			267
Operating earnings		307			338			267			235			242			260			1,147			502
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	307		$	338		$	267		$	235		$	242		$	260		$	1,147		$	502


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	307		$	338		$	267		$	235		$	242		$	260		$	1,147		$	502
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		185			(31	)		135			(4	)		(87	)		64			285			(23	)
Net derivative gains (losses)		56			(111	)		92			(47	)		38			147			(10	)		185
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		(14	)		(11	)		(11	)		(16	)		(31	)		(33	)		(52	)		(64	)
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		3			12			(2	)		5			(7	)		(6	)		18			(13	)
Interest credited to policyholder account balances		(1	)		(1	)		(1	)		(1	)		-			1			(4	)		1
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(80	)		50			(74	)		21			31			(61	)		(83	)		(30	)
Income (loss) from continuing operations, net of income tax		456			246			406			193			186			372			1,301			558
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		456			246			406			193			186			372			1,301			558
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		456			246			406			193			186			372			1,301			558
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	456		$	246		$	406		$	193		$	186		$	372		$	1,301		$	558

Total Operating Premiums, Fees and Other Revenues	$	532		$	443		$	1,665		$	854		$	480		$	639		$	3,494		$	1,119

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U.S. PROPERTY & CASUALTY 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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	845		$	856		$	867		$	869		$	865		$	868		$	3,437		$	1,733
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		41			42			39			34			22			32			156			54
Other revenues		5			6			5			6			15			6			22			21
Total operating revenues		891			904			911			909			902			906			3,615			1,808

Operating expenses
Policyholder benefits and claims and policyholder dividends		584			626			593			631			652			701			2,434			1,353
Interest credited to policyholder account balances		-			-			-			-			-			-			-			-
Capitalization of DAC		(96	)		(105	)		(113	)		(108	)		(98	)		(107	)		(422	)		(205	)
Amortization of DAC and VOBA		101			101			104			106			104			103			412			207
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		220			232			240			231			228			230			923			458
Total operating expenses		809			854			824			860			886			927			3,347			1,813

Operating earnings before provision for income tax		82			50			87			49			16			(21	)		268			(5	)
Provision for income tax expense (benefit)		17			3			20			5			(6	)		(19	)		45			(25	)
Operating earnings		65			47			67			44			22			(2	)		223			20
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	65		$	47		$	67		$	44		$	22		$	(2	)	$	223		$	20


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	65		$	47		$	67		$	44		$	22		$	(2	)	$	223		$	20
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			6			(6	)		(11	)		16			2			(11	)		18
Net derivative gains (losses)		(5	)		7			-			(2	)		(3	)		(1	)		-			(4	)
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		2			(5	)		3			3			(4	)		(1	)		3			(5	)
Income (loss) from continuing operations, net of income tax		62			55			64			34			31			(2	)		215			29
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		62			55			64			34			31			(2	)		215			29
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		62			55			64			34			31			(2	)		215			29
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	62		$	55		$	64		$	34		$	31		$	(2	)	$	215		$	29

Total Operating Premiums, Fees and Other Revenues	$	850		$	862		$	872		$	875		$	880		$	874		$	3,459		$	1,754

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U.S. GROUP BENEFITS 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			June 30, 2016
Balance, beginning of period	$	18,509		$	18,678		$	18,649		$	18,643		$	18,668		$	18,741

Premiums and deposits		4,471			4,500			4,441			4,359			4,629			4,611
Surrenders and withdrawals		(621	)		(686	)		(671	)		(604	)		(580	)		(600	)
Benefit payments		(3,348	)		(3,418	)		(3,366	)		(3,298	)		(3,565	)		(3,512	)

Net Flows		502			396			404			457			484			499

Net transfers from (to) separate account		-			-			1			-			-			-
Interest		130			132			134			137			132			131
Policy charges		(139	)		(140	)		(138	)		(141	)		(144	)		(146	)
Other		(324	)		(417	)		(407	)		(428	)		(399	)		(429	)

Balance, end of period	$	18,678		$	18,649		$	18,643		$	18,668		$	18,741		$	18,796

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			June 30, 2016
Balance, beginning of period	$	669		$	677		$	674		$	614		$	638		$	625

Premiums and deposits		57			54			55			55			55			55
Surrenders and withdrawals		(19	)		(11	)		(16	)		(12	)		(14	)		(12	)
Benefit payments		-			(1	)		(1	)		(1	)		(1	)		(1	)

Net Flows		38			42			38			42			40			42

Investment performance		18			4			(48	)		31			(4	)		12
Net transfers from (to) general account		-			-			(1	)		-			-			-
Policy charges		(46	)		(46	)		(47	)		(47	)		(47	)		(48	)
Other		(2	)		(3	)		(2	)		(2	)		(2	)		(3	)

Balance, end of period	$	677		$	674		$	614		$	638		$	625		$	628

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U.S. GROUP BENEFITS OTHER OPERATING 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		June 30, 2016

Direct and allocated expenses	$	333	$	336	$	328	$	356	$	346	$	331
Pension and post-retirement benefit costs		13		15		14		15		16		16
Premium taxes, other taxes, and licenses & fees		70		76		69		70		78		73
Total fixed operating expenses	$	416	$	427	$	411	$	441	$	440	$	420
Commissions and other variable expenses		149		148		148		151		164		164
Total other operating expenses	$	565	$	575	$	559	$	592	$	604	$	584

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		June 30, 2016

Group Life (1)
Operating premiums, fees and other revenues	$	1,591	$	1,551	$	1,532	$	1,525	$	1,605	$	1,586
Mortality ratio		90.7%		86.0%		86.1%		86.8%		85.7%		85.5%

Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,597	$	1,546	$	1,559	$	1,580	$	1,677	$	1,676
Interest adjusted benefit ratio (3)		78.3%		78.9%		78.5%		77.0%		81.2%		78.9%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. (3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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U.S. RETIREMENT & INCOME SOLUTIONS 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			June 30, 2016
Balance, beginning of period	$	97,879		$	98,618		$	96,646		$	94,969		$	96,194		$	98,304

Premiums and deposits		13,459			13,717			16,640			13,588			11,272			14,503
Surrenders and withdrawals		(12,408	)		(14,364	)		(17,143	)		(12,098	)		(10,599	)		(14,198	)
Benefit payments		(732	)		(767	)		(778	)		(759	)		(787	)		(771	)

Net Flows		319			(1,414	)		(1,281	)		731			(114	)		(466	)

Net transfers from (to) separate account		(1	)		5			(12	)		4			(1	)		-
Interest		811			813			819			832			830			830
Policy charges		(28	)		(32	)		(31	)		(7	)		(30	)		(31	)
Other		(362	)		(1,344	)		(1,172	)		(335	)		1,425			784

Balance, end of period	$	98,618		$	96,646		$	94,969		$	96,194		$	98,304		$	99,421

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			June 30, 2016
Balance, beginning of period	$	78,933		$	83,786		$	82,985		$	80,455		$	78,902		$	81,887

Premiums and deposits		1,719			1,070			1,233			1,581			1,913			1,513
Surrenders and withdrawals		(1,495	)		(1,457	)		(1,451	)		(1,381	)		(1,260	)		(1,073	)
Benefit payments		(8	)		(11	)		(9	)		(23	)		(15	)		(18	)

Net Flows		216			(398	)		(227	)		177			638			422

Investment performance		1,283			(1,030	)		33			85			1,994			1,712
Net transfers from (to) general account		1			(5	)		12			(4	)		1			-
Policy charges		(71	)		(76	)		(73	)		(66	)		(87	)		(82	)
Other		3,424			708			(2,275	)		(1,745	)		439			1,332

Balance, end of period	$	83,786		$	82,985		$	80,455		$	78,902		$	81,887		$	85,271

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U.S. RETIREMENT & INCOME SOLUTIONS OTHER OPERATING 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		June 30, 2016

Direct and allocated expenses	$	72	$	74	$	67	$	72	$	69	$	61
Pension and post-retirement benefit costs		5		6		6		6		5		5
Premium taxes, other taxes, and licenses & fees		2		6		2		3		3		1
Total fixed operating expenses	$	79	$	86	$	75	$	81	$	77	$	67
Commissions and other variable expenses		37		38		34		41		33		37
Total other operating expenses	$	116	$	124	$	109	$	122	$	110	$	104

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

Investment income yield excluding variable investment income		4.61%		4.79%		4.40%		4.49%		4.51%		4.60%
Variable investment income yield		0.28%		0.45%		0.33%		0.23%		0.08%		0.25%
Total investment income yield		4.89%		5.24%		4.73%		4.72%		4.59%		4.85%
Average crediting rate		3.28%		3.28%		3.31%		3.38%		3.37%		3.35%
Annualized general account spread		1.61%		1.96%		1.42%		1.34%		1.22%		1.50%

Annualized general account spread excluding variable investment income yield		1.33%		1.51%		1.09%		1.11%		1.14%		1.25%

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U.S. PROPERTY & CASUALTY OTHER OPERATING 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		June 30, 2016

Direct and allocated expenses	$	92	$	91	$	97	$	98	$	95	$	93
Pension and post-retirement benefit costs		8		8		8		8		9		9
Premium taxes, other taxes, and licenses & fees		21		24		23		22		21		25
Total fixed operating expenses	$	121	$	123	$	128	$	128	$	125	$	127

Commissions and other variable expenses		99		109		112		103		103		103

Total other operating expenses	$	220	$	232	$	240	$	231	$	228	$	230

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
		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		June 30, 2016

Net Written Premiums by Product
Automobile	$	545	$	565	$	583	$	555	$	550	$	577
Homeowners & Other		279		331		339		299		279		324
Total	$	824	$	896	$	922	$	854	$	829	$	901

Selected Financial Information and Supplemental Data (1)

Total Property & Casualty
Net earned premium	$	845	$	856	$	867	$	869	$	865	$	868
Loss and loss adjustment expense ratio		69.1%		73.1%		68.4%		72.5%		75.5%		80.7%
Other expense ratio		26.3%		26.3%		26.4%		26.2%		26.6%		26.0%
Total combined ratio		95.4%		99.4%		94.8%		98.7%		102.1%		106.7%
Effect of catastrophe losses		10.6%		15.5%		6.0%		5.2%		12.1%		16.7%
Combined ratio excluding catastrophes		84.8%		83.9%		88.8%		93.5%		90.0%		90.0%
Prior year development		(2.6)%		(3.2)%		(1.8)%		(1.2)%		—%		(0.8)%
Combined ratio excluding prior year development and catastrophes		87.4%		87.1%		90.6%		94.7%		90.0%		90.8%

Auto
Net earned premium	$	541	$	547	$	554	$	557	$	555	$	559
Loss and loss adjustment expense ratio		68.7%		71.4%		72.4%		84.3%		75.6%		79.0%
Other expense ratio		26.0%		26.0%		26.3%		25.8%		26.9%		25.9%
Total combined ratio		94.7%		97.4%		98.7%		110.1%		102.5%		104.9%
Effect of catastrophe losses		0.2%		1.9%		1.1%		0.4%		1.8%		3.8%
Combined ratio excluding catastrophes		94.5%		95.5%		97.6%		109.7%		100.7%		101.1%
Prior year development		(1.8)%		(2.2)%		(2.7)%		0.5%		—%		0.1%
Combined ratio excluding prior year development and catastrophes		96.3%		97.7%		100.3%		109.2%		100.7%		101.0%

Homeowners & Other
Net earned premium	$	304	$	309	$	313	$	312	$	310	$	309
Loss and loss adjustment expense ratio		69.9%		76.2%		61.3%		51.3%		75.4%		83.7%
Other expense ratio		26.9%		26.7%		26.6%		26.8%		26.2%		26.1%
Total combined ratio		96.8%		102.9%		87.9%		78.1%		101.6%		109.8%
Effect of catastrophe losses		29.3%		39.6%		14.6%		13.6%		30.6%		40.0%
Combined ratio excluding catastrophes		67.5%		63.3%		73.3%		64.5%		71.0%		69.8%
Prior year development		(3.9)%		(4.9)%		—%		(4.1)%		—%		(2.3)%
Combined ratio excluding prior year development and catastrophes		71.4%		68.2%		73.3%		68.6%		71.0%		72.1%

Pre-Tax Catastrophe Losses
Auto	$	1	$	10	$	6	$	2	$	10	$	21
Homeowners & Other		89		122		46		43		95		124
Total	$	90	$	132	$	52	$	45	$	105	$	145

(1)	This selective financial information and supplemental data is presented and calculated based on general industry standards.

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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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	633		$	706		$	586		$	656		$	601		$	631		$	2,581		$	1,232
Universal life and investment-type product policy fees		294			301			261			261			268			269			1,117			537
Net investment income		216			281			277			264			255			243			1,038			498
Other revenues		10			7			10			14			7			8			41			15
Total operating revenues		1,153			1,295			1,134			1,195			1,131			1,151			4,777			2,282

Operating expenses
Policyholder benefits and claims and policyholder dividends		532			680			581			615			550			583			2,408			1,133
Interest credited to policyholder account balances		86			89			88			86			80			84			349			164
Capitalization of DAC		(82	)		(83	)		(81	)		(95	)		(73	)		(80	)		(341	)		(153	)
Amortization of DAC and VOBA		69			78			48			76			63			66			271			129
Amortization of negative VOBA		-			(1	)		-			-			-			-			(1	)		-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		358			364			348			359			310			323			1,429			633
Total operating expenses		963			1,127			984			1,041			930			976			4,115			1,906

Operating earnings before provision for income tax		190			168			150			154			201			175			662			376
Provision for income tax expense (benefit)		41			32			(33	)		(3	)		50			38			37			88
Operating earnings		149			136			183			157			151			137			625			288
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	149		$	136		$	183		$	157		$	151		$	137		$	625		$	288


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	149		$	136		$	183		$	157		$	151		$	137		$	625		$	288
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(2	)		-			9			75			(22	)		18			82			(4	)
Net derivative gains (losses)		(21	)		(15	)		(109	)		10			84			(28	)		(135	)		56
Premiums		-			(1	)		(1	)		(1	)		-			-			(3	)		-
Universal life and investment-type product policy fees		2			1			2			2			-			-			7			-
Net investment income		12			4			(12	)		4			16			4			8			20
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		6			(15	)		(23	)		(10	)		(44	)		(41	)		(42	)		(85	)
Interest credited to policyholder account balances		(18	)		(16	)		(1	)		(19	)		(25	)		(19	)		(54	)		(44	)
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		3			3			3			3			2			2			12			4
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		5			9			33			(109	)		(20	)		14			(62	)		(6	)
Income (loss) from continuing operations, net of income tax		136			106			84			112			142			87			438			229
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		136			106			84			112			142			87			438			229
Less: Net income (loss) attributable to noncontrolling interests		3			3			4			1			1			2			11			3
Net income (loss) attributable to MetLife, Inc.		133			103			80			111			141			85			427			226
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	133		$	103		$	80		$	111		$	141		$	85		$	427		$	226

Total Operating Premiums, Fees and Other Revenues	$	937		$	1,014		$	857		$	931		$	876		$	908		$	3,739		$	1,784

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LATIN AMERICA
OTHER OPERATING 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		June 30, 2016
Direct and allocated expenses	$	136	$	148	$	129	$	147	$	121	$	119
Pension and post-retirement benefit costs		2		-		1		1		-		-
Premium taxes, other taxes, and licenses & fees		17		18		17		17		16		18
Total fixed operating expenses	$	155	$	166	$	147	$	165	$	137	$	137
Commissions and other variable expenses		203		198		201		194		173		186
Total other operating expenses	$	358	$	364	$	348	$	359	$	310	$	323
Total other operating expenses, net of capitalization of DAC	$	276	$	281	$	267	$	264	$	237	$	243

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		June 30, 2016
Operating premiums, fees and other revenues	$	937	$	1,014	$	857	$	931	$	876	$	908
Operating earnings available to common shareholders	$	149	$	136	$	183	$	157	$	151	$	137
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	133	$	103	$	80	$	111	$	141	$	85

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METLIFE HOLDINGS 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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	1,095		$	1,135		$	1,115		$	1,200		$	1,097		$	1,122		$	4,545		$	2,219
Universal life and investment-type product policy fees		371			376			370			365			355			361			1,482			716
Net investment income		1,584			1,585			1,521			1,511			1,475			1,477			6,201			2,952
Other revenues		239			249			223			219			204			203			930			407
Total operating revenues		3,289			3,345			3,229			3,295			3,131			3,163			13,158			6,294

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,821			1,773			1,885			1,878			1,823			1,927			7,357			3,750
Interest credited to policyholder account balances		262			265			266			269			258			261			1,062			519
Capitalization of DAC		(92	)		(99	)		(101	)		(118	)		(100	)		(96	)		(410	)		(196	)
Amortization of DAC and VOBA		111			139			173			154			148			269			577			417
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		14			14			13			14			14			14			55			28
Other operating expenses		638			703			647			706			596			864			2,694			1,460
Total operating expenses		2,754			2,795			2,883			2,903			2,739			3,239			11,335			5,978

Operating earnings before provision for income tax		535			550			346			392			392			(76	)		1,823			316
Provision for income tax expense (benefit)		174			177			103			127			125			(43	)		581			82
Operating earnings		361			373			243			265			267			(33	)		1,242			234
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	361		$	373		$	243		$	265		$	267		$	(33	)	$	1,242		$	234


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	361		$	373		$	243		$	265		$	267		$	(33	)	$	1,242		$	234
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		44			(13	)		57			(129	)		(114	)		251			(41	)		137
Net derivative gains (losses)		370			(279	)		227			(11	)		414			23			307			437
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		22			22			23			22			22			24			89			46
Net investment income		(93	)		(79	)		(80	)		(82	)		(76	)		(64	)		(334	)		(140	)
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(13	)		(27	)		30			(55	)		(2	)		(43	)		(65	)		(45	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		21			(52	)		(11	)		(82	)		83			116			(124	)		199
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(123	)		150			(86	)		118			(114	)		(107	)		59			(221	)
Income (loss) from continuing operations, net of income tax		589			95			403			46			480			167			1,133			647
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		589			95			403			46			480			167			1,133			647
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		589			95			403			46			480			167			1,133			647
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	589		$	95		$	403		$	46		$	480		$	167		$	1,133		$	647

Total Operating Premiums, Fees and Other Revenues	$	1,705		$	1,760		$	1,708		$	1,784		$	1,656		$	1,686		$	6,957		$	3,342

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METLIFE HOLDINGS 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			June 30, 2016
Balance, beginning of period	$	78,046		$	78,229		$	78,357		$	78,938		$	79,281		$	79,954

Premiums and deposits (2), (3)		1,483			1,460			1,430			1,510			1,456			1,450
Surrenders and withdrawals		(616	)		(648	)		(643	)		(600	)		(662	)		(590	)
Benefit payments		(810	)		(679	)		(706	)		(674	)		(754	)		(725	)

Net Flows		57			133			81			236			40			135

Net transfers from (to) separate account		11			11			12			11			11			21
Interest		806			811			817			821			792			794
Policy charges		(197	)		(199	)		(200	)		(201	)		(201	)		(202	)
Other		(494	)		(628	)		(129	)		(524	)		31			2

Balance, end of period	$	78,229		$	78,357		$	78,938		$	79,281		$	79,954		$	80,704
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period		21,557			21,540			21,221			21,900			21,653			22,135

Premiums and deposits (2), (3)		284			342			403			371			517			368
Surrenders and withdrawals		(389	)		(449	)		(346	)		(404	)		(391	)		(316	)
Benefit payments		(215	)		(217	)		(236	)		(207	)		(216	)		(208	)

Net Flows		(320	)		(324	)		(179	)		(240	)		(90	)		(156	)

Net transfers from (to) separate account		9			13			57			(26	)		57			47
Interest		170			173			172			175			166			167
Policy charges		(6	)		(6	)		(6	)		(5	)		(6	)		(5	)
Other		130			(175	)		635			(151	)		355			1,051

Balance, end of period	$	21,540		$	21,221		$	21,900		$	21,653		$	22,135		$	23,239
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			June 30, 2016
Balance, beginning of period	$	5,365		$	5,467		$	5,418		$	4,965		$	5,120		$	5,029

Premiums and deposits (3)		83			80			78			78			79			80
Surrenders and withdrawals		(54	)		(59	)		(55	)		(51	)		(50	)		(57	)
Benefit payments		(5	)		(7	)		(39	)		(5	)		(7	)		(7	)

Net Flows		24			14			(16	)		22			22			16

Investment performance		163			20			(355	)		216			(28	)		119
Net transfers from (to) general account		(11	)		(11	)		(12	)		(11	)		(11	)		(21	)
Policy charges		(73	)		(72	)		(71	)		(72	)		(72	)		(72	)
Other		(1	)		-			1			-			(2	)		(1	)

Balance, end of period	$	5,467		$	5,418		$	4,965		$	5,120		$	5,029		$	5,070
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016
Balance, beginning of period	$	45,656		$	46,355		$	45,673		$	42,607		$	43,470		$	43,404

Premiums and deposits (3)		518			677			645			670			610			537
Surrenders and withdrawals		(811	)		(844	)		(729	)		(725	)		(645	)		(735	)
Benefit payments		(98	)		(91	)		(78	)		(79	)		(84	)		(89	)

Net Flows		(391	)		(258	)		(162	)		(134	)		(119	)		(287	)

Investment performance		1,314			(185	)		(2,620	)		1,192			315			996
Net transfers from (to) general account		(9	)		(13	)		(57	)		26			(57	)		(47	)
Policy charges		(215	)		(227	)		(227	)		(222	)		(206	)		(223	)
Other		-			1			-			1			1			-

Balance, end of period	$	46,355		$	45,673		$	42,607		$	43,470		$	43,404		$	43,843
(1) LTC and Japan reinsurance are reported as part of “Other” within Life & Other. (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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METLIFE HOLDINGS OTHER OPERATING 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		June 30, 2016

Direct and allocated expenses	$	256	$	282	$	254	$	296	$	229	$	221
Pension and post-retirement benefit costs		35		41		40		40		39		40
Premium taxes, other taxes, and licenses & fees		22		26		22		22		25		23
Total fixed operating expenses	$	313	$	349	$	316	$	358	$	293	$	284
Commissions and other variable expenses		325		354		331		348		303		580
Total other operating expenses	$	638	$	703	$	647	$	706	$	596	$	864

SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016

Investment income yield excluding variable investment income		6.59%		6.86%		6.57%		6.55%		6.05%		6.16%
Variable investment income yield		0.23%		0.38%		0.02%		(0.09)%		0.09%		0.59%
Total investment income yield		6.82%		7.24%		6.59%		6.46%		6.14%		6.75%
Average crediting rate		4.60%		4.56%		4.53%		4.55%		4.54%		4.57%
Annualized general account spread		2.22%		2.68%		2.06%		1.91%		1.60%		2.18%

Annualized general account spread excluding variable investment income yield		1.99%		2.30%		2.04%		2.00%		1.51%		1.59%

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

Investment income yield excluding variable investment income		5.60%		5.25%		5.28%		5.34%		5.07%		5.18%
Variable investment income yield		0.28%		0.49%		0.02%		0.10%		0.10%		0.36%
Total investment income yield		5.88%		5.74%		5.30%		5.44%		5.17%		5.54%
Average crediting rate		3.27%		3.31%		3.27%		3.32%		3.19%		3.21%
Annualized general account spread		2.61%		2.43%		2.03%		2.12%		1.98%		2.33%

Annualized general account spread excluding variable investment income yield		2.33%		1.94%		2.01%		2.02%		1.88%		1.97%
(1) Represents the general account spread for deferred and payout annuities.

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METLIFE HOLDINGS 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		June 30, 2016

Life (1)
Operating premiums, fees and other revenues	$	1,012	$	1,034	$	1,022	$	1,125	$	1,018	$	1,033
Interest adjusted benefit ratio (2)		63.0%		54.8%		56.7%		58.7%		56.6%		64.2%

Lapse Ratio (3)
Traditional life		4.6%		4.5%		4.4%		4.4%		4.4%		4.3%
Variable & universal life		4.3%		4.3%		4.2%		4.3%		4.4%		4.4%
Fixed annuity		11.8%		12.7%		12.6%		8.1%		9.0%		7.6%
Variable annuity		7.1%		7.2%		7.0%		6.7%		6.4%		6.2%
(1) Represents traditional life and variable & universal life, components of Life & Other. (2) For the three months ended June 30, 2016, this ratio included notable items related to actuarial assumption review and other insurance adjustments. Excluding these items, the ratio would have been 59.4%. (3) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	4		$	19		$	(53	)	$	(57	)	$	(2	)	$	13		$	(87	)	$	11
Universal life and investment-type product policy fees		(33	)		(28	)		(26	)		(26	)		(25	)		(31	)		(113	)		(56	)
Net investment income		65			31			(85	)		2			5			(35	)		13			(30	)
Other revenues		(94	)		(60	)		(58	)		(78	)		(51	)		(301	)		(290	)		(352	)
Total operating revenues		(58	)		(38	)		(222	)		(159	)		(73	)		(354	)		(477	)		(427	)

Operating expenses
Policyholder benefits and claims and policyholder dividends		3			(34	)		(72	)		(72	)		(26	)		(10	)		(175	)		(36	)
Interest credited to policyholder account balances		6			8			6			3			4			1			23			5
Capitalization of DAC		(1	)		-			(1	)		-			(4	)		(3	)		(2	)		(7	)
Amortization of DAC and VOBA		1			1			(1	)		(2	)		2			3			(1	)		5
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		250			259			248			256			264			254			1,013			518
Other operating expenses (1)		(7	)		54			361			26			54			(214	)		434			(160	)
Total operating expenses		252			288			541			211			294			31			1,292			325

Operating earnings before provision for income tax		(310	)		(326	)		(763	)		(370	)		(367	)		(385	)		(1,769	)		(752	)
Provision for income tax expense (benefit) (1)		(189	)		(181	)		214			(209	)		(183	)		(188	)		(365	)		(371	)
Operating earnings		(121	)		(145	)		(977	)		(161	)		(184	)		(197	)		(1,404	)		(381	)
Preferred stock dividends		30			31			6			49			6			46			116			52
Operating earnings available to common shareholders	$	(151	)	$	(176	)	$	(983	)	$	(210	)	$	(190	)	$	(243	)	$	(1,520	)	$	(433	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(121	)	$	(145	)	$	(977	)	$	(161	)	$	(184	)	$	(197	)	$	(1,404	)	$	(381	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(61	)		(145	)		(129	)		101			82			(249	)		(234	)		(167	)
Net derivative gains (losses)		37			(34	)		69			30			(70	)		(58	)		102			(128	)
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-
Net investment income		3			5			(1	)		(2	)		(5	)		22			5			17
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 operating expenses		(9	)		(7	)		(21	)		4			(32	)		(122	)		(33	)		(154	)
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		6			55			33			(52	)		38			137			42			175
Income (loss) from continuing operations, net of income tax		(145	)		(271	)		(1,026	)		(80	)		(171	)		(467	)		(1,522	)		(638	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		(145	)		(271	)		(1,026	)		(80	)		(171	)		(467	)		(1,522	)		(638	)
Less: Net income (loss) attributable to noncontrolling interests		-			1			(9	)		1			-			-			(7	)		-
Net income (loss) attributable to MetLife, Inc.		(145	)		(272	)		(1,017	)		(81	)		(171	)		(467	)		(1,515	)		(638	)
Less: Preferred stock dividends		30			31			6			49			6			46			116			52
Preferred stock repurchase premium		-			42			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(175	)	$	(345	)	$	(1,023	)	$	(130	)	$	(177	)	$	(513	)	$	(1,673	)	$	(690	)

Total Operating Premiums, Fees and Other Revenues	$	(123	)	$	(69	)	$	(137	)	$	(161	)	$	(78	)	$	(319	)	$	(490	)	$	(397	)
(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-1 and A-2.
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			June 30, 2016			December 31, 2015			June 30, 2016

Other business activities	$	(10	)	$	(12	)	$	(10	)	$	(9	)	$	(8	)	$	(3	)	$	(41	)	$	(11	)
Other net investment income		42			20			(47	)		2			4			(23	)		17			(19	)
Interest expense on debt		(162	)		(169	)		(161	)		(166	)		(171	)		(166	)		(658	)		(337	)
Preferred stock dividends		(30	)		(31	)		(6	)		(49	)		(6	)		(46	)		(116	)		(52	)
Acquisition costs		-			-			-			-			-			-			-			-
Corporate initiatives and projects		(33	)		(53	)		(38	)		(45	)		(25	)		(32	)		(169	)		(57	)
Incremental tax benefit (expense)		81			67			(482	)		78			54			53			(256	)		107
Other		(39	)		2			(239	)		(21	)		(38	)		(26	)		(297	)		(64	)
Operating earnings available to common shareholders	$	(151	)	$	(176	)	$	(983	)	$	(210	)	$	(190	)	$	(243	)	$	(1,520	)	$	(433	)

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BRIGHTHOUSE FINANCIAL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (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			June 30, 2016			December 31, 2015			June 30, 2016

Operating revenues
Premiums	$	368		$	323		$	468		$	516		$	393		$	280		$	1,675		$	673
Universal life and investment-type product policy fees		930			938			921			929			858			861			3,718			1,719
Net investment income		809			865			862			791			813			870			3,327			1,683
Other revenues		122			89			99			112			86			346			422			432
Total operating revenues		2,229			2,215			2,350			2,348			2,150			2,357			9,142			4,507

Operating expenses
Policyholder benefits and claims and policyholder dividends		634			623			846			772			703			1,008			2,875			1,711
Interest credited to policyholder account balances		311			316			313			315			289			291			1,255			580
Capitalization of DAC		(110	)		(93	)		(102	)		(94	)		(102	)		(83	)		(399	)		(185	)
Amortization of DAC and VOBA		202			196			197			136			162			152			731			314
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		32			32			32			32			32			32			128			64
Other operating expenses		644			572			614			654			624			555			2,484			1,179
Total operating expenses		1,713			1,646			1,900			1,815			1,708			1,955			7,074			3,663

Operating earnings before provision for income tax		516			569			450			533			442			402			2,068			844
Provision for income tax expense (benefit)		144			163			103			145			115			105			555			220
Operating earnings		372			406			347			388			327			297			1,513			624
Preferred stock dividends		-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	372		$	406		$	347		$	388		$	327		$	297		$	1,513		$	624


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	372		$	406		$	347		$	388		$	327		$	297		$	1,513		$	624
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		44			(12	)		(35	)		10			(61	)		20			7			(41	)
Net derivative gains (losses)		239			(345	)		(59	)		(276	)		293			(2,973	)		(441	)		(2,680	)
Premiums		-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		72			72			74			73			73			75			291			148
Net investment income		(61	)		(54	)		(51	)		(63	)		(66	)		(62	)		(229	)		(128	)
Other revenues		-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(96	)		(106	)		97			(231	)		(34	)		(144	)		(336	)		(178	)
Interest credited to policyholder account balances		(1	)		(1	)		-			(1	)		(1	)		(1	)		(3	)		(2	)
Capitalization of DAC		-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		(83	)		151			(149	)		75			(85	)		791			(6	)		706
Amortization of negative VOBA		-			-			-			-			-			-			-			-
Interest expense on debt		(1	)		(1	)		(8	)		2			-			(3	)		(8	)		(3	)
Other operating expenses		-			-			-			-			(30	)		(10	)		-			(40	)
Goodwill impairment		-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(40	)		104			46			144			(31	)		805			254			774
Income (loss) from continuing operations, net of income tax		445			214			262			121			385			(1,205	)		1,042			(820	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-
Net income (loss)		445			214			262			121			385			(1,205	)		1,042			(820	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		445			214			262			121			385			(1,205	)		1,042			(820	)
Less: Preferred stock dividends		-			-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	445		$	214		$	262		$	121		$	385		$	(1,205	)	$	1,042		$	(820	)

Total Operating Premiums, Fees and Other Revenues	$	1,420		$	1,350		$	1,488		$	1,557		$	1,337		$	1,487		$	5,815		$	2,824
(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and Related Companies on a combined basis.

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Appendix

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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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-		$	-	$	(37	)	$	(137	)	$	(86	)	$	(9	)	$	(174	)	$	(95	)
Catastrophe experience and prior year development, net		(16	)		-		21			(9	)		(45	)		(15	)		(4	)		(60	)
Actuarial assumption review and other insurance adjustments		-			-		(92	)		-			-			(462	)		(92	)		(462	)
Tax adjustments		-			61		(720	)		31			10			-			(628	)		10
Total notable items	$	(16	)	$	61	$	(828	)	$	(115	)	$	(121	)	$	(486	)	$	(898	)	$	(607	)
U.S.
	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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-		$	-	$	20		$	(8	)	$	(33	)	$	-		$	12		$	(33	)
Catastrophe experience and prior year development, net		(16	)		-		21			(9	)		(45	)		(15	)		(4	)		(60	)
Actuarial assumption review and other insurance adjustments		-			-		-			-			-			(25	)		-			(25	)
Tax adjustments		-			-		(5	)		-			-			-			(5	)		-
Total notable items	$	(16	)	$	-	$	36		$	(17	)	$	(78	)	$	(40	)	$	3		$	(118	)

GROUP 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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-		$	-	$	7		$	(6	)	$	(1	)	$	(2	)	$	1		$	(3	)
Total notable items	$	-		$	-	$	7		$	(6	)	$	(1	)	$	(2	)	$	1		$	(3	)

RETIREMENT & INCOME SOLUTIONS
	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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-		$	-	$	15		$	1		$	(25	)	$	2		$	16		$	(23	)
Actuarial assumption review and other insurance adjustments		-			-		-			-			-			(25	)		-			(25	)
Tax adjustments		-			-		(5	)		-			-			-			(5	)		-
Total notable items	$	-		$	-	$	10		$	1		$	(25	)	$	(23	)	$	11		$	(48	)

PROPERTY & CASUALTY
	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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-		$	-	$	(2	)	$	(3	)	$	(7	)	$	-		$	(5	)	$	(7	)
Catastrophe experience and prior year development, net	$	(16	)	$	-	$	21		$	(9	)	$	(45	)	$	(15	)	$	(4	)	$	(60	)
Total notable items	$	(16	)	$	-	$	19		$	(12	)	$	(52	)	$	(15	)	$	(9	)	$	(67	)

(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)
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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	-	$	(10	)	$	(24	)	$	(20	)	$	(10	)	$	(34	)	$	(30	)
Actuarial assumption review and other insurance adjustments		-		-		9			-			-			(44	)		9			(44	)
Tax adjustments		-		61		-			-			20			-			61			20
Total notable items	$	-	$	61	$	(1	)	$	(24	)	$	-		$	(54	)	$	36		$	(54	)

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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	-	$	(2	)	$	(3	)	$	(3	)	$	(2	)	$	(5	)	$	(5	)
Tax adjustments		-		-		60			31			(10	)		-			91			(10	)
Total notable items	$	-	$	-	$	58		$	28		$	(13	)	$	(2	)	$	86		$	(15	)

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			June 30, 2016			December 31, 2015			June 30, 2016
Actuarial assumption review and other insurance adjustments	$	-	$	-	$	6		$	-		$	-		$	-		$	6		$	-
Total notable items	$	-	$	-	$	6		$	-		$	-		$	-		$	6		$	-

METLIFE HOLDINGS
	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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	-	$	(5	)	$	(33	)	$	(8	)	$	11		$	(38	)	$	3
Actuarial assumption review and other insurance adjustments		-		-		(50	)		-			-			(315	)		(50	)		(315	)
Tax adjustments		-		-		3			-			-			-			3			-
Total notable items	$	-	$	-	$	(52	)	$	(33	)	$	(8	)	$	(304	)	$	(85	)	$	(312	)

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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	-	$	(49	)	$	(23	)	$	(4	)	$	1		$	(72	)	$	(3	)
Tax adjustments		-		-		(792	)		-			-			-			(792	)		-
Total notable items	$	-	$	-	$	(841	)	$	(23	)	$	(4	)	$	1		$	(864	)	$	(3	)

BRIGHTHOUSE FINANCIAL
	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			June 30, 2016			December 31, 2015			June 30, 2016
Variable investment income, as compared to plan	$	-	$	-	$	9		$	(46	)	$	(18	)	$	(9	)	$	(37	)	$	(27	)
Actuarial assumption review and other insurance adjustments		-		-		(57	)		-			-			(78	)		(57	)		(78	)
Tax adjustments		-		-		14			-			-			-			14			-
Total notable items	$	-	$	-	$	(34	)	$	(46	)	$	(18	)	$	(87	)	$	(80	)	$	(105	)

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

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2), (3)
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		June 30, 2016

U.S.
GROUP BENEFITS		19.5%		23.5%		25.1%		21.7%		19.7%		25.7%
RETIREMENT & INCOME SOLUTIONS		19.0%		20.9%		16.5%		14.5%		14.2%		15.3%
PROPERTY & CASUALTY		14.7%		10.7%		15.2%		10.0%		7.8%		(0.7)%
TOTAL U.S.		18.4%		19.9%		18.5%		15.6%		15.0%		16.4%
ASIA		11.4%		14.8%		11.7%		10.1%		11.0%		9.4%
LATIN AMERICA		17.3%		15.8%		21.3%		18.3%		19.7%		17.9%
EMEA		8.4%		6.0%		7.9%		6.5%		7.8%		7.9%
METLIFE HOLDINGS		12.6%		13.0%		8.5%		9.3%		9.6%		(1.2)%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (4)
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
U.S.		20.3%		21.9%		20.3%		17.2%		16.5%		18.0%
ASIA		19.6%		25.4%		20.2%		17.4%		19.0%		16.2%
LATIN AMERICA		29.1%		26.6%		35.7%		30.7%		31.2%		28.3%
EMEA		15.4%		11.2%		14.6%		12.2%		13.5%		13.8%
METLIFE HOLDINGS		13.5%		13.9%		9.1%		9.9%		10.3%		(1.1)%

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		June 30, 2016
U.S.
GROUP BENEFITS		29.0%		6.5%		37.5%		14.7%		29.5%		40.9%
RETIREMENT & INCOME SOLUTIONS		28.2%		15.2%		25.1%		11.9%		10.9%		21.8%
PROPERTY & CASUALTY		14.1%		12.5%		14.5%		7.7%		11.0%		(0.7)%
TOTAL U.S.		26.1%		12.5%		26.6%		12.0%		15.9%		24.6%
ASIA		12.1%		19.6%		22.9%		8.1%		31.3%		27.9%
LATIN AMERICA		15.5%		12.0%		9.3%		12.9%		18.4%		11.1%
EMEA		7.8%		7.7%		9.8%		8.8%		9.1%		11.8%
METLIFE HOLDINGS		20.6%		3.3%		14.1%		1.6%		17.3%		6.0%

RETURN ON ALLOCATED TANGIBLE EQUITY (4)
	For the Three Months Ended
Unaudited	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016
U.S.		28.7%		13.8%		29.2%		13.2%		17.5%		27.0%
ASIA		20.8%		33.7%		39.3%		14.0%		53.7%		48.0%
LATIN AMERICA		26.0%		20.1%		15.6%		21.7%		29.1%		17.6%
EMEA		14.4%		14.2%		18.0%		16.3%		15.6%		20.2%
METLIFE HOLDINGS		21.8%		3.7%		15.0%		1.9%		18.3%		6.5%
(1) Annualized using quarter-to-date results. (2) Allocated equity and allocated tangible equity are presented below:
					ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
					2015		2016		2015		2016
U.S.
GROUP BENEFITS					$	2,825	$	2,884
RETIREMENT & INCOME SOLUTIONS						6,471		6,813
PROPERTY & CASUALTY						1,765		1,130
TOTAL U.S.					$	11,061	$	10,827	$	10,083	$	9,855
ASIA					$	11,509	$	11,045	$	6,708	$	6,431
LATIN AMERICA					$	3,440	$	3,070	$	2,048	$	1,935
EMEA					$	3,332	$	3,226	$	1,865	$	1,919
METLIFE HOLDINGS					$	11,450	$	11,082	$	10,880	$	10,586
(3) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and Related Companies on a combined basis, therefore return on equity calculations for the Brighthouse Financial segment are not presented in this QFS. (4) 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		June 30, 2016
U.S.	$	1	$	1	$	1	$	1	$	1	$	1
ASIA	$	1	$	1	$	1	$	1	$	1	$	1
LATIN AMERICA	$	-	$	-	$	-	$	-	$	-	$	-
EMEA	$	2	$	2	$	2	$	3	$	2	$	2
METLIFE HOLDINGS	$	5	$	5	$	5	$	5	$	5	$	5

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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. Operating measures of segment performance are GAAP. However, they are calculated in a manner similar to the non-GAAP consolidated measures. 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)	revenues
	(ii)	operating expenses	(ii)	expenses
	(iii)	operating premiums, fees and other revenues	(iii)	premiums, fees and other revenues
	(iv)	operating earnings	(iv)	income (loss) from continuing operations, net of income tax
	(v)	operating earnings available to common shareholders	(v)	net income (loss) available to MetLife, Inc.’s common shareholders
	(vi)	operating earnings available to common shareholders per diluted common share	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
	(vii)	operating return on equity	(vii)	return on equity
	(viii)	investment portfolio gains (losses)	(viii)	net investment gains (losses)
	(ix)	derivative gains (losses)	(ix)	net derivative gains (losses)
	(x)	MetLife, Inc.’s tangible common stockholders’ equity	(x)	MetLife, Inc.’s stockholders’ equity
	(xi)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xi)	MetLife, Inc.’s stockholders’ equity
	Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS and 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 and for the year-to-date period ended June 30, 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 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 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 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 operating 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.

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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.

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

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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.

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

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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.

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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 rates.

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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-99.1 - HISTORICAL RESULTS FINANCIAL SUPPLEMENT - October 20, 2016

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