METLIFE INC - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - 8-K - METLIFE INC	d297338d8k.htm
EX-99.1 - EX-99.1 - METLIFE INC	d297338dex991.htm
EX-99.3 - EX-99.3 - METLIFE INC	d297338dex993.htm

Exhibit 99.2

LOGO

Fourth Quarter

Financial Supplement

December 31, 2016

LOGO


METLIFE
TABLE OF CONTENTS

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			2

CORPORATE OVERVIEW			3

METLIFE
Consolidated Balance Sheets			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY			8

U.S.
Statements of Operating Earnings Available to Common Shareholders			9
Group Benefits - Statements of Operating Earnings Available to Common Shareholders			10
Retirement and Income Solutions - Statements of Operating Earnings Available to Common Shareholders			11
Property & Casualty - Statements of Operating Earnings Available to Common Shareholders			12
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			13
Group Benefits - Other Operating Expenses by Major Category and Other Statistical Information			14
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Retirement and Income Solutions - Other Operating Expenses by Major Category and Spread			16
Property & Casualty - Other Operating Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data			17

ASIA
Statements of Operating Earnings Available to Common Shareholders			18
Operating Premiums, Fees and Other Revenues, Other Operating Expenses by Major Category, Sales on a Constant Currency Basis and Other Statistical Information			19

LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			20
Other Operating Expenses by Major Category, Sales on a Constant Currency Basis and Other Statistical Information			21

EMEA
Statements of Operating Earnings Available to Common Shareholders			22
Other Operating Expenses by Major Category and Other Statistical Information			23

METLIFE HOLDINGS
Statements of Operating Earnings Available to Common Shareholders			24
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			25
Other Operating Expenses by Major Category and Spread by Product			26
Other Statistical Information			27

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			28

BRIGHTHOUSE FINANCIAL
Statements of Operating Earnings Available to Common Shareholders			29

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

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement and Income Solutions, U.S. - Property & Casualty,			A-2
Asia, Latin America, EMEA, MetLife Holdings, Corporate & Other and Brighthouse Financial			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, Other Operating Expenses and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Non-GAAP and Other Financial Disclosures			A-7
MetLife Acronyms			A-9

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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 non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Revenues
Premiums	$	9,605		$	9,693		$	9,417		$	10,391		$	9,652		$	38,545		$	39,153
Universal life and investment-type product policy fees		2,333			2,344			2,286			2,296			2,280			9,507			9,206
Net investment income		4,914			4,559			4,887			5,464			5,037			19,281			19,947
Other revenues		486			487			487			366			419			1,983			1,759
Net investment gains (losses)		62			15			266			257			(367	)		597			171
Net derivative gains (losses)		(356	)		1,335			(2,099	)		(1,051	)		(4,945	)		38			(6,760	)
Total revenues		17,044			18,433			15,244			17,723			12,076			69,951			63,476

Expenses
Policyholder benefits and claims		9,772			9,678			10,274			10,855			9,997			38,714			40,804
Interest credited to policyholder account balances		1,670			1,326			1,500			1,820			1,636			5,610			6,282
Policyholder dividends		363			315			324			312			305			1,388			1,256
Goodwill impairment		-			-			-			260			-			-			260
Capitalization of DAC		(987	)		(981	)		(915	)		(863	)		(830	)		(3,837	)		(3,589	)
Amortization of DAC and VOBA		883			995			121			1,017			508			3,936			2,641
Amortization of negative VOBA		(79	)		(99	)		(67	)		(55	)		(48	)		(361	)		(269	)
Interest expense on debt		300			312			306			292			291			1,208			1,201
Other expenses		3,987			3,965			3,801			3,537			3,782			15,823			15,085
Total expenses		15,909			15,511			15,344			17,175			15,641			62,481			63,671
Income (loss) from continuing operations before provision for income tax		1,135			2,922			(100	)		548			(3,565	)		7,470			(195	)
Provision for income tax expense (benefit)		293			719			(214	)		(25	)		(1,479	)		2,148			(999	)
Income (loss) from continuing operations, net of income tax		842			2,203			114			573			(2,086	)		5,322			804
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		842			2,203			114			573			(2,086	)		5,322			804
Less: Net income (loss) attributable to noncontrolling interests		8			2			4			(4	)		2			12			4
Net income (loss) attributable to MetLife, Inc.		834			2,201			110			577			(2,088	)		5,310			800
Less: Preferred stock dividends		49			6			46			6			45			116			103
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	785		$	2,195		$	64		$	571		$	(2,133	)	$	5,152		$	697

Total Premiums, Fees and Other Revenues	$	12,424		$	12,524		$	12,190		$	13,053		$	12,351		$	50,035		$	50,118

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

Net income (loss) available to MetLife, Inc.'s common shareholders	$	785		$	2,195		$	64		$	571		$	(2,133	)
Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses)		62			15			266			257			(367	)
Less: Net derivative gains (losses)		(356	)		1,335			(2,099	)		(1,051	)		(4,945	)
Less: Goodwill impairment		-			-			-			(260	)		-
Less: Other adjustments to continuing operations (1)		(398	)		(185	)		478			(193	)		(20	)
Less: Provision for income tax (expense) benefit		109			(297	)		499			393			1,786
Add: Net income (loss) attributable to noncontrolling interests		8			2			4			(4	)		2
Operating earnings available to common shareholders	$	1,376		$	1,329		$	924		$	1,421		$	1,415

Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted (2)	$	0.70		$	1.98		$	0.06		$	0.51		$	(1.94	)
Less: Net investment gains (losses)		0.06			0.01			0.24			0.23			(0.33	)
Less: Net derivative gains (losses)		(0.32	)		1.20			(1.89	)		(0.95	)		(4.46	)
Less: Goodwill impairment		-			-			-			(0.23	)		-
Less: Other adjustments to continuing operations		(0.36	)		(0.16	)		0.43			(0.17	)		(0.03	)
Less: Provision for income tax (expense) benefit		0.10			(0.27	)		0.45			0.35			1.60
Add: Net income (loss) attributable to noncontrolling interests		0.01			-			-			-			-
Operating earnings available to common shareholders per common share - diluted (2)	$	1.23		$	1.20		$	0.83		$	1.28		$	1.28


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

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	(137	)	$	(86	)	$	(9	)	$	22		$	-
Catastrophe experience and prior year development, net		(9	)		(45	)		(15	)		16			-
Actuarial assumption review and other insurance adjustments		-			-			(462	)		(319	)		(58	)
Tax adjustments		31			10			-			-			-
Expense initiative costs		-			-			-			-			(28	)
Total notable items (3)	$	(115	)	$	(121	)	$	(486	)	$	(281	)	$	(86	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	(0.12	)	$	(0.08	)	$	(0.01	)	$	0.02		$	-
Catastrophe experience and prior year development, net	$	(0.01	)	$	(0.04	)	$	(0.01	)	$	0.01		$	-
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	(0.42	)	$	(0.29	)	$	(0.05	)
Tax adjustments	$	0.03		$	0.01		$	-		$	-		$	-
Expense initiative costs	$	-		$	-		$	-		$	-		$	(0.03	)
Total notable items (3)	$	(0.10	)	$	(0.11	)	$	(0.44	)	$	(0.25	)	$	(0.08	)

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

Weighted average common shares outstanding - diluted		1,121.4			1,108.6			1,109.1			1,109.3			1,108.8
(1) See Page A-1 for further detail. (2) For the three months ended December 31, 2016, 8.6 million shares related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted. (3) Notable items represent a positive (negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a stand alone basis and may not sum to total notable items.

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METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	December 31, 2015			March 31, 2016			June 30, 2016		September 30, 2016		December 31, 2016

Book value per common share (1)	$	60.00		$	67.10		$	70.18	$	69.35	$	59.56
Book value per common share, excluding AOCI other than FCTA (1)	$	51.15		$	53.31		$	53.20	$	53.40	$	49.83
Book value per common share - tangible common stockholders' equity (excludes AOCI other than FCTA) (1)	$	42.22		$	44.17		$	43.98	$	44.40	$	41.14

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

Return on MetLife, Inc.'s (2):
Common stockholders' equity		4.7 %			12.6 %			0.3 %		3.0 %		(12.1)%
Common stockholders' equity, excluding AOCI other than FCTA		5.6 %			15.3 %			0.4 %		3.9 %		(15.1)%
Tangible common stockholders' equity (excludes AOCI other than FCTA)		6.8 %			18.6 %			0.6 %		4.8 %		(18.1)%

Operating return on MetLife, Inc.'s (2):
Common stockholders' equity		8.2 %			7.6 %			4.9 %		7.4 %		8.0 %
Common stockholders' equity, excluding AOCI other than FCTA		9.7 %			9.3 %			6.3 %		9.7 %		10.0 %
Tangible common stockholders' equity (excludes AOCI other than FCTA)		11.9 %			11.3 %			7.7 %		11.8 %		12.2 %

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

Common shares outstanding, beginning of period		1,114.8			1,098.0			1,098.5		1.098.8		1,099.0
Share repurchases		(17.1	)		(1.4	)		-		-		(5.5	)
Newly issued shares		0.3			1.9			0.3		0.2		2.0
Common shares outstanding, end of period		1,098.0			1,098.5			1,098.8		1,099.0		1,095.5

Weighted average common shares outstanding - basic		1,110.9			1,100.8			1,100.3		1,100.5		1,100.2
Dilutive effect of the exercise or issuance of stock-based awards		10.5			7.8			8.8		8.8		8.6
Weighted average common shares outstanding - diluted		1,121.4			1,108.6			1,109.1		1,109.3		1,108.8

MetLife Policyholder Trust Shares		171.0			169.8			167.2		165.6		163.3
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.'s common stockholders' equity and operating return on MetLife, Inc.'s common stockholders' equity for the years ended December 31, 2015 and 2016.

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METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS
	For the Three Months Ended																For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016				December 31, 2015			December 31, 2016

Total revenues	$	17,044		$	18,433		$	15,244		$	17,723		$	12,076			$	69,951		$	63,476
Less: Net investment (gains) losses		62			15			266			257			(367	)			597			171
Less: Net derivative (gains) losses		(356	)		1,335			(2,099	)		(1,051	)		(4,945	)			38			(6,760	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(3	)		25			9			(6	)		-				5			28
Less: other adjustments to revenues:
GMIB fees		97			101			104			103			103		`		382			411
Investment hedge adjustments		(202	)		(221	)		(188	)		(226	)		(243	)			(776	)		(878	)
Operating joint venture adjustments		2			5			-			-			1				(4	)		6
Unit-linked contract income		343			(97	)		191			529			327				264			950
Securitization entities income		(2	)		-			3			1			(1	)			8			3
Settlement of foreign currency earnings hedges		(9	)		(4	)		3			7			(2	)			(37	)		4
Divested business and Lag elimination		1			663			-			-			-				4			663
Total operating revenues	$	17,111		$	16,611		$	16,955		$	18,109		$	17,203			$	69,470		$	68,878


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

Total premiums, fees and other revenues	$	12,424		$	12,524		$	12,190		$	13,053		$	12,351			$	50,035		$	50,118
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		(3	)		25			9			(6	)		-				5			28
GMIB fees		97			101			104			103			103				382			411
Settlement of foreign currency earnings hedges		(9	)		(4	)		3			7			(2	)			(37	)		4
Divested business and Lag elimination		1			497			-			-			-				4			497
Total operating premiums, fees and other revenues	$	12,338		$	11,905		$	12,074		$	12,949		$	12,250			$	49,681		$	49,178
Total operating premiums, fees and other revenues on a constant currency basis	$	12,395		$	11,921		$	11,993		$	12,781		$	12,250

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METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Total expenses	$	15,909		$	15,511		$	15,344		$	17,175		$	15,641		$	62,481		$	63,671
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(27	)		6			(1,087	)		(209	)		(338	)		15			(1,628	)
Less: Goodwill impairment		-			-			-			260			-			-			260
Less: other adjustments to expenses:
Inflation and pass through adjustments		(6	)		71			66			(21	)		(198	)		(5	)		(82	)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		319			42			330			248			291			524			911
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		11			7			4			7			6			101			24
PAB hedge adjustments		2			1			-			-			(1	)		7			-
Unit-linked contract costs		338			(77	)		186			505			318			269			932
Securitization entities debt expense		(2	)		-			3			1			(1	)		8			3
Noncontrolling interest		(12	)		(5	)		(4	)		7			(4	)		(13	)		(6	)
Regulatory implementation costs		-			-			-			-			1			2			1
Acquisition, integration and other costs		7			6			16			11			31			28			64
Divested businesses and Lag elimination		(5	)		606			130			52			100			1			888
Total operating expenses	$	15,284		$	14,854		$	15,700		$	16,314		$	15,436		$	61,544		$	62,304


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

Capitalization of DAC (GAAP)	$	(987	)	$	(981	)	$	(915	)	$	(863	)	$	(830	)	$	(3,837	)	$	(3,589	)
Less: Divested business and Lag elimination		-			(105	)		-			-			-			-			(105	)
Capitalization of DAC	$	(987	)	$	(876	)	$	(915	)	$	(863	)	$	(830	)	$	(3,837	)	$	(3,484	)


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

Other expenses	$	3,987		$	3,965		$	3,801		$	3,537		$	3,782		$	15,823		$	15,085
Less: Noncontrolling interest		(12	)		(5	)		(4	)		7			(4	)		(13	)		(6	)
Less: Regulatory implementation costs		-			-			-			-			1			2			1
Less: Acquisition, integration and other costs		7			6			16			11			31			28			64
Less: Divested business and Lag elimination		(6	)		254			130			52			101			-			537
Other operating expenses	$	3,998		$	3,710		$	3,659		$	3,467		$	3,653		$	15,806		$	14,489
Other operating expenses on a constant currency basis	$	4,021		$	3,720		$	3,627		$	3,398		$	3,653


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

Total Company other operating expenses by major category
Direct and allocated expenses	$	1,859		$	1,632		$	1,599		$	1,537		$	1,739		$	7,324		$	6,507
Pension and post-retirement benefit costs		104			105			106			81			85			401			377
Premium taxes, other taxes, and licenses & fees		198			206			189			188			159			768			742
Total fixed operating expenses	$	2,161		$	1,943		$	1,894		$	1,806		$	1,983		$	8,493		$	7,626
Commissions and other variable expenses		1,837			1,767			1,765			1,661			1,670			7,313			6,863
Total other operating expenses	$	3,998		$	3,710		$	3,659		$	3,467		$	3,653		$	15,806		$	14,489

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

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	351,402		$	371,981		$	387,508		$	390,442		$	350,889
Equity securities available-for-sale, at estimated fair value		3,321			3,374			3,333			3,289			3,194
Fair value option and trading securities, at estimated fair value		15,024			14,993			14,314			14,730			13,923
Mortgage loans		67,102			68,651			69,399			71,156			74,545
Policy loans		11,258			11,257			11,240			11,177			11,028
Real estate and real estate joint ventures		8,433			8,733			9,063			9,186			9,041
Other limited partnership interests		7,096			7,022			6,982			6,878			6,778
Short-term investments, principally at estimated fair value		9,299			11,621			9,838			11,655			7,810
Other invested assets, principally at estimated fair value		22,524			27,095			31,834			30,278			23,185
Total investments		495,459			524,727			543,511			548,791			500,393
Cash and cash equivalents, principally at estimated fair value		12,752			13,290			17,067			15,883			17,877
Accrued investment income		3,988			4,198			3,884			4,197			3,988
Premiums, reinsurance and other receivables		22,702			27,843			26,035			26,178			26,081
Deferred policy acquisition costs and value of business acquired		24,130			23,973			24,748			24,748			24,798
Current income tax recoverable		161			125			51			-			20
Goodwill		9,477			9,729			9,852			9,592			9,220
Other assets		7,666			7,496			7,747			7,867			7,767
Separate account assets		301,598			306,047			309,672			315,648			308,620
Total assets	$	877,933		$	917,428		$	942,567		$	952,904		$	898,764

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	191,879		$	196,967		$	204,461		$	208,561		$	199,971
Policyholder account balances		202,722			207,593			213,526			216,192			210,235
Other policy-related balances		14,255			14,435			14,447			14,857			14,386
Policyholder dividends payable		720			706			734			763			708
Policyholder dividend obligation		1,783			2,586			3,343			3,352			1,931
Payables for collateral under securities loaned and other transactions		36,871			41,165			45,790			44,422			33,264
Short-term debt		100			100			103			201			242
Long-term debt		18,023			17,915			16,586			16,553			16,502
Collateral financing arrangements		4,139			4,127			4,113			4,084			4,071
Junior subordinated debt securities		3,194			3,168			3,168			3,168			3,169
Current income tax payable		-			-			-			151			-
Deferred income tax liability		10,592			13,776			14,966			14,359			9,367
Other liabilities		23,561			32,878			32,285			32,127			28,818
Separate account liabilities		301,598			306,047			309,672			315,648			308,620
Total liabilities		809,437			841,463			863,194			874,438			831,284

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		77			-			-			-			-

Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,749			30,769			30,783			30,797			30,944
Retained earnings		35,519			37,301			36,924			37,054			34,480
Treasury stock, at cost		(3,102	)		(3,172	)		(3,172	)		(3,172	)		(3,474	)
Accumulated other comprehensive income (loss)		4,771			10,865			14,632			13,595			5,347
Total MetLife, Inc.'s stockholders' equity		67,949			75,775			79,179			78,286			67,309
Noncontrolling interests		470			190			194			180			171
Total equity		68,419			75,965			79,373			78,466			67,480
Total liabilities and equity	$	877,933		$	917,428		$	942,567		$	952,904		$	898,764

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

Operating earnings before provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	245		$	229		$	288		$	296		$	277
RETIREMENT AND INCOME SOLUTIONS		359			370			399			472			458
PROPERTY & CASUALTY		49			16			(21	)		72			49
TOTAL U.S.	$	653		$	615		$	666		$	840		$	784
ASIA		415			400			399			466			469
LATIN AMERICA		154			201			175			186			139
EMEA		50			74			74			85			82
METLIFE HOLDINGS		392			392			(76	)		387			284
CORPORATE & OTHER		(370	)		(367	)		(385	)		(277	)		(422	)
BRIGHTHOUSE FINANCIAL (1)		533			442			402			108			431
Total operating earnings before provision for income tax expense (benefit)	$	1,827		$	1,757		$	1,255		$	1,795		$	1,767

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	92		$	87		$	103		$	110		$	103
RETIREMENT AND INCOME SOLUTIONS		124			128			139			164			159
PROPERTY & CASUALTY		5			(6	)		(19	)		14			6
TOTAL U.S.	$	221		$	209		$	223		$	288		$	268
ASIA		125			95			140			142			115
LATIN AMERICA		(3	)		50			38			53			17
EMEA		(4	)		11			10			11			10
METLIFE HOLDINGS		127			125			(43	)		121			85
CORPORATE & OTHER		(209	)		(183	)		(188	)		(287	)		(289	)
BRIGHTHOUSE FINANCIAL (1)		145			115			105			40			101
Total provision for income tax expense (benefit)	$	402		$	422		$	285		$	368		$	307

Operating earnings available to common shareholders
U.S.
GROUP BENEFITS	$	153		$	142		$	185		$	186		$	174
RETIREMENT AND INCOME SOLUTIONS		235			242			260			308			299
PROPERTY & CASUALTY		44			22			(2	)		58			43
TOTAL U.S.	$	432		$	406		$	443		$	552		$	516
ASIA		290			305			259			324			354
LATIN AMERICA		157			151			137			133			122
EMEA		54			63			64			74			72
METLIFE HOLDINGS		265			267			(33	)		266			199
CORPORATE & OTHER (2)		(210	)		(190	)		(243	)		4			(178	)
BRIGHTHOUSE FINANCIAL (1)		388			327			297			68			330
Total operating earnings available to common shareholders (2)	$	1,376		$	1,329		$	924		$	1,421		$	1,415

OPERATING RETURN ON ALLOCATED EQUITY (1), (3)
	For the Three Months Ended
Unaudited	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016

U.S.
GROUP BENEFITS		21.7%			19.7%			25.7%			25.8%			24.1%
RETIREMENT AND INCOME SOLUTIONS		14.5%			14.2%			15.3%			18.1%			17.6%
PROPERTY & CASUALTY		10.0%			7.8%			(0.7)%			20.5%			15.2%
TOTAL U.S.		15.6%			15.0%			16.4%			20.4%			19.1%
ASIA		10.1%			11.0%			9.4%			11.7%			12.8%
LATIN AMERICA		18.3%			19.7%			17.9%			17.3%			15.9%
EMEA		6.5%			7.8%			7.9%			9.2%			8.9%
METLIFE HOLDINGS		9.3%			9.6%			(1.2)%			9.6%			7.2%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (1), (3)
	For the Three Months Ended
Unaudited	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016

U.S.		17.2%			16.5%			18.0%			22.4%			21.0%
ASIA		17.4%			19.0%			16.2%			20.2%			22.1%
LATIN AMERICA		30.7%			31.2%			28.3%			27.5%			25.2%
EMEA		12.2%			13.5%			13.8%			15.8%			15.6%
METLIFE HOLDINGS		9.9%			10.3%			(1.1)%			10.2%			7.7%
(1) 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. (2) Includes impact of preferred stock dividends of $49 million, $6 million, $46 million, $6 million and $45 million for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively. (3) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and allocated tangible equity for the periods presented.

LOGO


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

Operating revenues
Premiums	$	5,149		$	5,020		$	5,171		$	5,936		$	5,374		$	20,861		$	21,501
Universal life and investment-type product policy fees		243			250			248			245			246			943			989
Net investment income		1,486			1,460			1,565			1,590			1,591			6,209			6,206
Other revenues		184			204			193			192			195			751			784
Total operating revenues		7,062			6,934			7,177			7,963			7,406			28,764			29,480

Operating expenses
Policyholder benefits and claims and policyholder dividends		5,162			5,046			5,270			5,894			5,348			20,837			21,558
Interest credited to policyholder account balances		311			322			323			322			335			1,216			1,302
Capitalization of DAC		(128	)		(111	)		(121	)		(124	)		(115	)		(493	)		(471	)
Amortization of DAC and VOBA		119			118			118			117			118			471			471
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			2			3			2			2			4			9
Other operating expenses		945			942			918			912			934			3,685			3,706
Total operating expenses		6,409			6,319			6,511			7,123			6,622			25,720			26,575
Operating earnings before provision for income tax		653			615			666			840			784			3,044			2,905
Provision for income tax expense (benefit)		221			209			223			288			268			1,040			988
Operating earnings		432			406			443			552			516			2,004			1,917
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	432		$	406		$	443		$	552		$	516		$	2,004		$	1,917


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	432		$	406		$	443		$	552		$	516		$	2,004		$	1,917
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(51	)		(101	)		70			44			(19	)		255			(6	)
Net derivative gains (losses)		(61	)		204			328			(20	)		(459	)		98			53
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(44	)		(59	)		(60	)		(73	)		(72	)		(163	)		(264	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		5			(7	)		(6	)		(1	)		12			18			(2	)
Interest credited to policyholder account balances		(1	)		-			1			1			1			(4	)		3
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		51			(13	)		(111	)		17			188			(72	)		81
Income (loss) from continuing operations, net of income tax		331			430			665			520			167			2,136			1,782
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		331			430			665			520			167			2,136			1,782
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		331			430			665			520			167			2,136			1,782
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	331		$	430		$	665		$	520		$	167		$	2,136		$	1,782

Total Operating Premiums, Fees and Other Revenues	$	5,576		$	5,474		$	5,612		$	6,373		$	5,815		$	22,555		$	23,274

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U.S. GROUP BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	3,557		$	3,810		$	3,787		$	3,740		$	3,722		$	14,420		$	15,059
Universal life and investment-type product policy fees		181			185			197			194			194			740			770
Net investment income		270			274			281			309			276			1,138			1,140
Other revenues		109			119			115			116			117			442			467
Total operating revenues		4,117			4,388			4,380			4,359			4,309			16,740			17,436

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,249			3,525			3,475			3,453			3,404			13,307			13,857
Interest credited to policyholder account balances		34			34			34			35			34			139			137
Capitalization of DAC		(12	)		(13	)		(13	)		(11	)		(11	)		(52	)		(48	)
Amortization of DAC and VOBA		9			9			11			10			9			39			39
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			-			1
Other operating expenses		592			604			584			576			596			2,291			2,360
Total operating expenses		3,872			4,159			4,092			4,063			4,032			15,724			16,346
Operating earnings before provision for income tax		245			229			288			296			277			1,016			1,090
Provision for income tax expense (benefit)		92			87			103			110			103			382			403
Operating earnings		153			142			185			186			174			634			687
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	153		$	142		$	185		$	186		$	174		$	634		$	687


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	153		$	142		$	185		$	186		$	174		$	634		$	687
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(36	)		(30	)		4			14			(7	)		(19	)		(19	)
Net derivative gains (losses)		(12	)		169			182			3			(340	)		108			14
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(28	)		(28	)		(27	)		(29	)		(27	)		(111	)		(111	)
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		27			(40	)		(49	)		4			131			8			46
Income (loss) from continuing operations, net of income tax		104			213			295			178			(69	)		620			617
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		104			213			295			178			(69	)		620			617
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		104			213			295			178			(69	)		620			617
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	104		$	213		$	295		$	178		$	(69	)	$	620		$	617

Total Operating Premiums, Fees and Other Revenues	$	3,847		$	4,114		$	4,099		$	4,050		$	4,033		$	15,602		$	16,296

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U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	723		$	345		$	516		$	1,317		$	770		$	3,004		$	2,948
Universal life and investment-type product policy fees		62			65			51			51			52			203			219
Net investment income		1,182			1,164			1,252			1,249			1,287			4,915			4,952
Other revenues		69			70			72			73			73			287			288
Total operating revenues		2,036			1,644			1,891			2,690			2,182			8,409			8,407

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,282			869			1,094			1,830			1,302			5,096			5,095
Interest credited to policyholder account balances		277			288			289			287			301			1,077			1,165
Capitalization of DAC		(8	)		-			(1	)		(5	)		(6	)		(19	)		(12	)
Amortization of DAC and VOBA		4			5			4			4			5			20			18
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			2			2			2			2			4			8
Other operating expenses		122			110			104			100			120			471			434
Total operating expenses		1,677			1,274			1,492			2,218			1,724			6,649			6,708
Operating earnings before provision for income tax		359			370			399			472			458			1,760			1,699
Provision for income tax expense (benefit)		124			128			139			164			159			613			590
Operating earnings		235			242			260			308			299			1,147			1,109
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	235		$	242		$	260		$	308		$	299		$	1,147		$	1,109


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	235		$	242		$	260		$	308		$	299		$	1,147		$	1,109
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(4	)		(87	)		64			27			(9	)		285			(5	)
Net derivative gains (losses)		(47	)		38			147			(21	)		(124	)		(10	)		40
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(16	)		(31	)		(33	)		(44	)		(45	)		(52	)		(153	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		5			(7	)		(6	)		(1	)		12			18			(2	)
Interest credited to policyholder account balances		(1	)		-			1			1			1			(4	)		3
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		21			31			(61	)		13			58			(83	)		41
Income (loss) from continuing operations, net of income tax		193			186			372			283			192			1,301			1,033
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		193			186			372			283			192			1,301			1,033
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		193			186			372			283			192			1,301			1,033
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	193		$	186		$	372		$	283		$	192		$	1,301		$	1,033

Total Operating Premiums, Fees and Other Revenues	$	854		$	480		$	639		$	1,441		$	895		$	3,494		$	3,455

LOGO


U.S. PROPERTY & CASUALTY STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	869		$	865		$	868		$	879		$	882		$	3,437		$	3,494
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		34			22			32			32			28			156			114
Other revenues		6			15			6			3			5			22			29
Total operating revenues		909			902			906			914			915			3,615			3,637

Operating expenses
Policyholder benefits and claims and policyholder dividends		631			652			701			611			642			2,434			2,606
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(108	)		(98	)		(107	)		(108	)		(98	)		(422	)		(411	)
Amortization of DAC and VOBA		106			104			103			103			104			412			414
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		231			228			230			236			218			923			912
Total operating expenses		860			886			927			842			866			3,347			3,521
Operating earnings before provision for income tax		49			16			(21	)		72			49			268			116
Provision for income tax expense (benefit)		5			(6	)		(19	)		14			6			45			(5	)
Operating earnings		44			22			(2	)		58			43			223			121
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	44		$	22		$	(2	)	$	58		$	43		$	223		$	121


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	44		$	22		$	(2	)	$	58		$	43		$	223		$	121
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(11	)		16			2			3			(3	)		(11	)		18
Net derivative gains (losses)		(2	)		(3	)		(1	)		(2	)		5			-			(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 operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			(4	)		(1	)		-			(1	)		3			(6	)
Income (loss) from continuing operations, net of income tax		34			31			(2	)		59			44			215			132
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		34			31			(2	)		59			44			215			132
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		34			31			(2	)		59			44			215			132
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	34		$	31		$	(2	)	$	59		$	44		$	215		$	132

Total Operating Premiums, Fees and Other Revenues	$	875		$	880		$	874		$	882		$	887		$	3,459		$	3,523

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U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	18,643		$	18,668		$	18,741		$	18,796		$	18,902
Premiums and deposits		4,359			4,629			4,611			4,665			4,480
Surrenders and withdrawals		(604	)		(580	)		(600	)		(630	)		(581	)
Benefit payments		(3,298	)		(3,565	)		(3,512	)		(3,500	)		(3,430	)

Net Flows		457			484			499			535			469
Net transfers from (to) separate account		-			-			-			4			-
Interest		137			132			131			132			130
Policy charges		(141	)		(144	)		(146	)		(146	)		(147	)
Other		(428	)		(399	)		(429	)		(419	)		(445	)

Balance, end of period	$	18,668		$	18,741		$	18,796		$	18,902		$	18,909

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	614		$	638		$	625		$	628		$	749
Premiums and deposits		55			55			55			153			59
Surrenders and withdrawals		(12	)		(14	)		(12	)		(13	)		(11	)
Benefit payments		(1	)		(1	)		(1	)		-			(1	)

Net Flows		42			40			42			140			47
Investment performance		31			(4	)		12			35			14
Net transfers from (to) general account		-			-			-			(4	)		-
Policy charges		(47	)		(47	)		(48	)		(50	)		(49	)
Other		(2	)		(2	)		(3	)		-			-

Balance, end of period	$	638		$	625		$	628		$	749		$	761

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

Direct and allocated expenses	$	356	$	346	$	331	$	326	$	341
Pension and post-retirement benefit costs		15		16		16		11		13
Premium taxes, other taxes, and licenses & fees		70		78		73		77		76
Total fixed operating expenses	$	441	$	440	$	420	$	414	$	430
Commissions and other variable expenses		151		164		164		162		166
Total other operating expenses	$	592	$	604	$	584	$	576	$	596

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

Group Life (1)
Operating premiums, fees and other revenues	$	1,525	$	1,605	$	1,586	$	1,592	$	1,574
Mortality ratio		86.8%		85.7%		85.5%		89.3%		88.2%
Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,580	$	1,677	$	1,676	$	1,663	$	1,687
Interest adjusted benefit ratio (3)		77.0%		81.2%		78.9%		76.9%		76.2%
(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 AND INCOME SOLUTIONS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	94,969		$	96,194		$	98,304		$	99,421		$	102,036
Premiums and deposits		13,588			11,272			14,503			18,071			18,705
Surrenders and withdrawals		(12,098	)		(10,599	)		(14,198	)		(15,813	)		(16,134	)
Benefit payments		(759	)		(787	)		(771	)		(806	)		(789	)

Net Flows		731			(114	)		(466	)		1,452			1,782
Net transfers from (to) separate account		4			(1	)		-			(1	)		-
Interest		832			830			830			830			845
Policy charges		(7	)		(30	)		(31	)		(32	)		(4	)
Other		(335	)		1,425			784			366			(3,092	)

Balance, end of period	$	96,194		$	98,304		$	99,421		$	102,036		$	101,567

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	80,455		$	78,902		$	81,887		$	85,271		$	85,929
Premiums and deposits		1,581			1,913			1,513			1,876			1,683
Surrenders and withdrawals		(1,381	)		(1,260	)		(1,073	)		(2,412	)		(1,360	)
Benefit payments		(23	)		(15	)		(18	)		(23	)		(12	)

Net Flows		177			638			422			(559	)		311
Investment performance		85			1,994			1,712			825			(1,731	)
Net transfers from (to) general account		(4	)		1			-			1			-
Policy charges		(66	)		(87	)		(82	)		(74	)		(74	)
Other		(1,745	)		439			1,332			465			754

Balance, end of period	$	78,902		$	81,887		$	85,271		$	85,929		$	85,189

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U.S. RETIREMENT AND INCOME SOLUTIONS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Direct and allocated expenses	$	72	$	69	$	61	$	62	$	74
Pension and post-retirement benefit costs		6		5		5		4		4
Premium taxes, other taxes, and licenses & fees		3		3		1		1		3
Total fixed operating expenses	$	81	$	77	$	67	$	67	$	81
Commissions and other variable expenses		41		33		37		33		39
Total other operating expenses	$	122	$	110	$	104	$	100	$	120

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

Investment income yield excluding variable investment income		4.49%		4.51%		4.60%		4.59%		4.56%
Variable investment income yield		0.23%		0.08%		0.25%		0.25%		0.33%
Total investment income yield		4.72%		4.59%		4.85%		4.84%		4.89%
Average crediting rate		3.38%		3.37%		3.35%		3.38%		3.36%
Annualized general account spread		1.34%		1.22%		1.50%		1.46%		1.53%

Annualized general account spread excluding variable investment income yield		1.11%		1.14%		1.25%		1.21%		1.20%

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U.S. PROPERTY & CASUALTY OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Direct and allocated expenses	$	98	$	95	$	93	$	88	$	93
Pension and post-retirement benefit costs		8		9		9		8		8
Premium taxes, other taxes, and licenses & fees		22		21		25		24		22
Total fixed operating expenses	$	128	$	125	$	127	$	120	$	123
Commissions and other variable expenses		103		103		103		116		95
Total other operating expenses	$	231	$	228	$	230	$	236	$	218
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Net Written Premiums by Product
Auto	$	555	$	550	$	577	$	603	$	563
Homeowners & Other		299		279		324		335		294
Total	$	854	$	829	$	901	$	938	$	857
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	869	$	865	$	868	$	879	$	882
Loss and loss adjustment expense ratio		72.5%		75.5%		80.7%		69.5%		72.8%
Other expense ratio		26.2%		26.6%		26.0%		25.9%		25.2%
Total combined ratio		98.7%		102.1%		106.7%		95.4%		98.0%
Effect of catastrophe losses		5.2%		12.1%		16.7%		4.3%		3.2%
Combined ratio excluding catastrophes		93.5%		90.0%		90.0%		91.1%		94.8%
Prior year development		(1.2)%		- %		(0.8)%		(0.2)%		- %
Combined ratio excluding catastrophes and prior year development before provision for income tax		94.7%		90.0%		90.8%		91.3%		94.8%
Auto
Net earned premium	$	557	$	555	$	559	$	567	$	571
Loss and loss adjustment expense ratio		84.3%		75.6%		79.0%		74.3%		85.2%
Other expense ratio		25.8%		26.9%		25.9%		25.3%		25.0%
Total combined ratio		110.1%		102.5%		104.9%		99.6%		110.2%
Effect of catastrophe losses		0.4%		1.8%		3.8%		1.7%		1.1%
Combined ratio excluding catastrophes		109.7%		100.7%		101.1%		97.9%		109.1%
Prior year development		0.5%		- %		0.1%		(0.3)%		(0.1)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		109.2%		100.7%		101.0%		98.2%		109.2%
Homeowners & Other
Net earned premium	$	312	$	310	$	309	$	312	$	311
Loss and loss adjustment expense ratio		51.3%		75.4%		83.7%		60.7%		50.0%
Other expense ratio		26.8%		26.2%		26.1%		26.9%		25.7%
Total combined ratio		78.1%		101.6%		109.8%		87.6%		75.7%
Effect of catastrophe losses		13.6%		30.6%		40.0%		8.9%		7.1%
Combined ratio excluding catastrophes		64.5%		71.0%		69.8%		78.7%		68.6%
Prior year development		(4.1)%		- %		(2.3)%		(0.1)%		0.1%
Combined ratio excluding catastrophes and prior year development before provision for income tax		68.6%		71.0%		72.1%		78.8%		68.5%
Catastrophe Losses Before Provision for Income Tax
Auto	$	2	$	10	$	21	$	10	$	6
Homeowners & Other		43		95		124		27		22
Total	$	45	$	105	$	145	$	37	$	28
(1) This selective financial information and supplemental data is presented and calculated based on general industry standards.

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

Operating revenues
Premiums	$	1,640		$	1,658		$	1,681		$	1,822		$	1,741		$	6,937		$	6,902
Universal life and investment-type product policy fees		363			350			370			394			373			1,542			1,487
Net investment income		642			618			678			707			704			2,675			2,707
Other revenues		23			17			16			12			16			105			61
Total operating revenues		2,668			2,643			2,745			2,935			2,834			11,259			11,157

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,229			1,236			1,324			1,363			1,268			5,275			5,191
Interest credited to policyholder account balances		317			319			324			331			324			1,309			1,298
Capitalization of DAC		(452	)		(385	)		(426	)		(440	)		(417	)		(1,720	)		(1,668	)
Amortization of DAC and VOBA		285			286			304			331			303			1,256			1,224
Amortization of negative VOBA		(68	)		(64	)		(57	)		(46	)		(41	)		(309	)		(208	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		942			851			877			930			928			3,611			3,586
Total operating expenses		2,253			2,243			2,346			2,469			2,365			9,422			9,423

Operating earnings before provision for income tax		415			400			399			466			469			1,837			1,734
Provision for income tax expense (benefit)		125			95			140			142			115			457			492
Operating earnings		290			305			259			324			354			1,380			1,242
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	290		$	305		$	259		$	324		$	354		$	1,380		$	1,242


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	290		$	305		$	259		$	324		$	354		$	1,380		$	1,242
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		51			223			140			66			(241	)		501			188
Net derivative gains (losses)		(67	)		411			606			(68	)		(996	)		67			(47	)
Premiums		-			426			-			-			-			-			426
Universal life and investment-type product policy fees		-			92			7			(4	)		3			12			98
Net investment income		76			(39	)		(134	)		64			209			184			100
Other revenues		(9	)		-			3			7			(2	)		(37	)		8
Policyholder benefits and claims and policyholder dividends		(9	)		(322	)		(7	)		(8	)		(10	)		(112	)		(347	)
Interest credited to policyholder account balances		(78	)		78			114			(57	)		(205	)		(197	)		(70	)
Capitalization of DAC		-			105			-			-			-			-			105
Amortization of DAC and VOBA		-			(112	)		(12	)		10			-			(9	)		(114	)
Amortization of negative VOBA		8			32			6			5			4			35			47
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		5			(193	)		(7	)		(7	)		(20	)		4			(227	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(28	)		(143	)		(204	)		29			305			(21	)		(13	)
Income (loss) from continuing operations, net of income tax		239			863			771			361			(599	)		1,807			1,396
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		239			863			771			361			(599	)		1,807			1,396
Less: Net income (loss) attributable to noncontrolling interests		6			-			1			1			-			4			2
Net income (loss) attributable to MetLife, Inc.		233			863			770			360			(599	)		1,803			1,394
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	233		$	863		$	770		$	360		$	(599	)	$	1,803		$	1,394

Total Operating Premiums, Fees and Other Revenues	$	2,026		$	2,025		$	2,067		$	2,228		$	2,130		$	8,584		$	8,450

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

Total operating premiums, fees and other revenues	$	2,026	$	2,025	$	2,067	$	2,228	$	2,130

Total operating premiums, fees and other revenues on a constant currency basis	$	2,171	$	2,075	$	2,049	$	2,110	$	2,130
Less: India operating premiums, fees and other revenues on a constant currency basis (1)		75		-		-		-		-
Total operating premiums, fees and other revenues excluding India on a constant currency basis		2,096		2,075		2,049		2,110		2,130
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (2), (3)		151		157		149		160		183
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,247	$	2,232	$	2,198	$	2,270	$	2,313

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

Direct and allocated expenses	$	339	$	305	$	309	$	327	$	356
Pension and post-retirement benefit costs		18		18		19		19		19
Premium taxes, other taxes, and licenses & fees		34		35		39		37		5
Total fixed operating expenses	$	391	$	358	$	367	$	383	$	380
Commissions and other variable expenses		551		493		510		547		548
Total other operating expenses	$	942	$	851	$	877	$	930	$	928
Total other operating expenses, net of capitalization of DAC	$	490	$	466	$	451	$	490	$	511

Total other operating expenses on a constant currency basis	$	1,005	$	871	$	869	$	882	$	928
Less: India other operating expenses on a constant currency basis (1)		40		-		-		-		-
Total other operating expenses excluding India on a constant currency basis		965		871		869		882		928
Add: Operating joint ventures other operating expenses on a constant currency basis (2), (3)		65		57		61		68		65
Total other operating expenses including operating joint ventures on a constant currency basis	$	1,030	$	928	$	930	$	950	$	993
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	537	$	507	$	486	$	508	$	546

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

Japan:
Life	$	195	$	175	$	174	$	194	$	204
Accident & Health		105		85		88		79		91
Annuities		92		106		96		94		77
Other		5		4		4		3		3
Total Japan		397		370		362		370		375
Other Asia		229		173		217		193		250
Total sales	$	626	$	543	$	579	$	563	$	625

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

Operating earnings available to common shareholders	$	290	$	305	$	259	$	324	$	354
Operating earnings available to common shareholders on a constant currency basis	$	303	$	311	$	256	$	313	$	354
(1) Effective January 1, 2016, we no longer consolidate the results from our operating joint venture in India and, therefore, we do not report India’s results on the operating premiums, universal life and investment-type product policy fees, other revenues and other operating 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 operating expenses provides comparability between periods. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating 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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LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	656		$	601		$	631		$	653		$	644		$	2,581		$	2,529
Universal life and investment-type product policy fees		261			268			269			227			261			1,117			1,025
Net investment income		264			255			243			311			275			1,038			1,084
Other revenues		14			7			8			11			8			41			34
Total operating revenues		1,195			1,131			1,151			1,202			1,188			4,777			4,672
																	-
Operating expenses																	-
Policyholder benefits and claims and policyholder dividends		615			550			583			681			629			2,408			2,443
Interest credited to policyholder account balances		86			80			84			85			79			349			328
Capitalization of DAC		(95	)		(73	)		(80	)		(83	)		(85	)		(341	)		(321	)
Amortization of DAC and VOBA		76			63			66			(2	)		57			271			184
Amortization of negative VOBA		-			-			-			(1	)		-			(1	)		(1	)
Interest expense on debt		-			-			-			1			1			-			2
Other operating expenses		359			310			323			335			368			1,429			1,336
Total operating expenses		1,041			930			976			1,016			1,049			4,115			3,971
Operating earnings before provision for income tax		154			201			175			186			139			662			701
Provision for income tax expense (benefit)		(3	)		50			38			53			17			37			158
Operating earnings		157			151			137			133			122			625			543
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	157		$	151		$	137		$	133		$	122		$	625		$	543


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	157		$	151		$	137		$	133		$	122		$	625		$	543
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		75			(22	)		18			12			85			82			93
Net derivative gains (losses)		10			84			(28	)		(9	)		(44	)		(135	)		3
Premiums		(1	)		-			-			-			-			(3	)		-
Universal life and investment-type product policy fees		2			-			-			-			-			7			-
Net investment income		4			16			4			17			11			8			48
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(10	)		(44	)		(41	)		21			150			(42	)		86
Interest credited to policyholder account balances		(19	)		(25	)		(19	)		(24	)		(17	)		(54	)		(85	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		3			2			2			3			2			12			9
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(109	)		(20	)		14			(5	)		(57	)		(62	)		(68	)
Income (loss) from continuing operations, net of income tax		112			142			87			148			252			438			629
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		112			142			87			148			252			438			629
Less: Net income (loss) attributable to noncontrolling interests		1			1			2			2			1			11			6
Net income (loss) attributable to MetLife, Inc.		111			141			85			146			251			427			623
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	111		$	141		$	85		$	146		$	251		$	427		$	623

Total Operating Premiums, Fees and Other Revenues	$	931		$	876		$	908		$	891		$	913		$	3,739		$	3,588

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

Direct and allocated expenses	$	147	$	121	$	119	$	127	$	163
Pension and post-retirement benefit costs		1		-		-		-		1
Premium taxes, other taxes, and licenses & fees		17		16		18		16		16
Total fixed operating expenses	$	165	$	137	$	137	$	143	$	180
Commissions and other variable expenses		194		173		186		192		188
Total other operating expenses	$	359	$	310	$	323	$	335	$	368
Total other operating expenses, net of capitalization of DAC	$	264	$	237	$	243	$	252	$	283
Total other operating expenses on a constant currency basis	$	333	$	311	$	314	$	326	$	368
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	245	$	238	$	237	$	246	$	283


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

Mexico	$	115	$	96	$	164	$	75	$	94
Chile		62		62		65		65		68
All other		61		63		59		65		76
Total sales	$	238	$	221	$	288	$	205	$	238


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

Operating premiums, fees and other revenues	$	931	$	876	$	908	$	891	$	913
Operating earnings available to common shareholders	$	157	$	151	$	137	$	133	$	122

Operating premiums, fees and other revenues on a constant currency basis	$	870	$	866	$	877	$	866	$	913
Operating earnings available to common shareholders on a constant currency basis	$	134	$	144	$	130	$	128	$	122

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

Operating revenues
Premiums	$	502		$	500		$	519		$	500		$	508		$	2,036		$	2,027
Universal life and investment-type product policy fees		102			95			95			104			97			424			391
Net investment income		77			80			83			81			74			326			318
Other revenues		21			20			19			17			17			61			73
Total operating revenues		702			695			716			702			696			2,847			2,809
																	-
Operating expenses																	-
Policyholder benefits and claims and policyholder dividends		251			261			283			257			266			988			1,067
Interest credited to policyholder account balances		29			29			30			28			25			120			112
Capitalization of DAC		(100	)		(101	)		(106	)		(103	)		(93	)		(472	)		(403	)
Amortization of DAC and VOBA		109			102			103			106			97			497			408
Amortization of negative VOBA		(3	)		(3	)		(4	)		(3	)		(3	)		(16	)		(13	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		366			333			336			332			322			1,469			1,323
Total operating expenses		652			621			642			617			614			2,586			2,494
Operating earnings before provision for income tax		50			74			74			85			82			261			315
Provision for income tax expense (benefit)		(4	)		11			10			11			10			21			42
Operating earnings		54			63			64			74			72			240			273
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	54		$	63		$	64		$	74		$	72		$	240		$	273

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	54		$	63		$	64		$	74		$	72		$	240		$	273
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		5			8			16			24			(6	)		27			42
Net derivative gains (losses)		19			(1	)		3			25			(3	)		40			24
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(1	)		6			7			5			6			(5	)		24
Net investment income		252			82			300			436			93			21			911
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			9			28			10			(58	)		-			(11	)
Interest credited to policyholder account balances		(241	)		(77	)		(281	)		(424	)		(96	)		(18	)		(878	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			-			(1	)		-			1			5			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(1	)		(2	)		(5	)		(1	)		(5	)		-			(13	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(15	)		(14	)		(35	)		(34	)		22			(22	)		(61	)
Income (loss) from continuing operations, net of income tax		73			74			96			115			26			288			311
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		73			74			96			115			26			288			311
Less: Net income (loss) attributable to noncontrolling interests		-			1			1			1			-			4			3
Net income (loss) attributable to MetLife, Inc.		73			73			95			114			26			284			308
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	73		$	73		$	95		$	114		$	26		$	284		$	308

Total Operating Premiums, Fees and Other Revenues	$	625		$	615		$	633		$	621		$	622		$	2,521		$	2,491

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

Direct and allocated expenses	$	192	$	157	$	149	$	150	$	153
Pension and post-retirement benefit costs		1		1		1		2		2
Premium taxes, other taxes, and licenses & fees		-		5		4		4		6
Total fixed operating expenses	$	193	$	163	$	154	$	156	$	161
Commissions and other variable expenses		173		170		182		176		161
Total other operating expenses	$	366	$	333	$	336	$	332	$	322
Total other operating expenses, net of capitalization of DAC	$	266	$	232	$	230	$	229	$	229
Total other operating expenses on a constant currency basis	$	352	$	322	$	321	$	320	$	322
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	255	$	224	$	219	$	220	$	229

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

Operating premiums, fees and other revenues	$	625	$	615	$	633	$	621	$	622
Operating earnings available to common shareholders	$	54	$	63	$	64	$	74	$	72

Operating premiums, fees and other revenues on a constant currency basis	$	598	$	591	$	601	$	596	$	622
Operating earnings available to common shareholders on a constant currency basis	$	50	$	59	$	58	$	70	$	72
Total sales on a constant currency basis	$	218	$	253	$	252	$	227	$	229

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

Operating revenues
Premiums	$	1,200		$	1,097		$	1,122		$	1,093		$	1,194		$	4,545		$	4,506
Universal life and investment-type product policy fees		365			355			361			357			363			1,482			1,436
Net investment income		1,511			1,475			1,477			1,537			1,455			6,201			5,944
Other revenues		219			204			203			105			69			930			581
Total operating revenues		3,295			3,131			3,163			3,092			3,081			13,158			12,467

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,878			1,823			1,927			1,853			1,931			7,357			7,534
Interest credited to policyholder account balances		269			258			261			261			262			1,062			1,042
Capitalization of DAC		(118	)		(100	)		(96	)		(44	)		(41	)		(410	)		(281	)
Amortization of DAC and VOBA		154			148			269			219			100			577			736
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		14			14			14			15			14			55			57
Other operating expenses		706			596			864			401			531			2,694			2,392
Total operating expenses		2,903			2,739			3,239			2,705			2,797			11,335			11,480
Operating earnings before provision for income tax		392			392			(76	)		387			284			1,823			987
Provision for income tax expense (benefit)		127			125			(43	)		121			85			581			288
Operating earnings		265			267			(33	)		266			199			1,242			699
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	265		$	267		$	(33	)	$	266		$	199		$	1,242		$	699


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	265		$	267		$	(33	)	$	266		$	199		$	1,242		$	699
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(129	)		(114	)		251			5			61			(41	)		203
Net derivative gains (losses)		(11	)		414			23			(469	)		(909	)		307			(941	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		22			22			24			23			23			89			92
Net investment income		(82	)		(76	)		(64	)		(68	)		(66	)		(334	)		(274	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(55	)		(2	)		(43	)		(71	)		(50	)		(65	)		(166	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(82	)		83			116			93			20			(124	)		312
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			(13	)		(1	)		-			(14	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		118			(114	)		(107	)		174			323			59			276
Income (loss) from continuing operations, net of income tax		46			480			167			(60	)		(400	)		1,133			187
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		46			480			167			(60	)		(400	)		1,133			187
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		46			480			167			(60	)		(400	)		1,133			187
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	46		$	480		$	167		$	(60	)	$	(400	)	$	1,133		$	187

Total Operating Premiums, Fees and Other Revenues	$	1,784		$	1,656		$	1,686		$	1,555		$	1,626		$	6,957		$	6,523

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METLIFE HOLDINGS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	78,938		$	79,281		$	79,954		$	80,704		$	80,968
Premiums and deposits (2), (3)		1,510			1,456			1,450			1,412			1,483
Surrenders and withdrawals		(600	)		(662	)		(590	)		(630	)		(590	)
Benefit payments		(674	)		(754	)		(725	)		(713	)		(712	)

Net Flows		236			40			135			69			181
Net transfers from (to) separate account		11			11			21			16			12
Interest		821			792			794			799			799
Policy charges		(201	)		(201	)		(202	)		(200	)		(242	)
Other		(524	)		31			2			(420	)		(975	)

Balance, end of period	$	79,281		$	79,954		$	80,704		$	80,968		$	80,743

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	21,900		$	21,653		$	22,135		$	23,239		$	23,100
Premiums and deposits (2), (3)		371			517			368			230			239
Surrenders and withdrawals		(404	)		(391	)		(316	)		(356	)		(417	)
Benefit payments		(207	)		(216	)		(208	)		(192	)		(175	)

Net Flows		(240	)		(90	)		(156	)		(318	)		(353	)
Net transfers from (to) separate account		(26	)		57			47			86			34
Interest		175			166			167			166			165
Policy charges		(5	)		(6	)		(5	)		(5	)		(5	)
Other		(151	)		355			1,051			(68	)		(677	)

Balance, end of period	$	21,653		$	22,135		$	23,239		$	23,100		$	22,264

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	4,965		$	5,120		$	5,029		$	5,070		$	5,210
Premiums and deposits (3)		78			79			80			75			73
Surrenders and withdrawals		(51	)		(50	)		(57	)		(56	)		(52	)
Benefit payments		(5	)		(7	)		(7	)		(28	)		(5	)

Net Flows		22			22			16			(9	)		16
Investment performance		216			(28	)		119			221			74
Net transfers from (to) general account		(11	)		(11	)		(21	)		(16	)		(12	)
Policy charges		(72	)		(72	)		(72	)		(71	)		(72	)
Other		-			(2	)		(1	)		15			(16	)

Balance, end of period	$	5,120		$	5,029		$	5,070		$	5,210		$	5,200

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Balance, beginning of period	$	42,607		$	43,470		$	43,404		$	43,843		$	44,560
Premiums and deposits (3)		670			610			537			231			187
Surrenders and withdrawals		(725	)		(645	)		(735	)		(740	)		(813	)
Benefit payments		(79	)		(84	)		(89	)		(91	)		(88	)

Net Flows		(134	)		(119	)		(287	)		(600	)		(714	)
Investment performance		1,192			315			996			1,636			36
Net transfers from (to) general account		26			(57	)		(47	)		(86	)		(34	)
Policy charges		(222	)		(206	)		(223	)		(232	)		(224	)
Other		1			1			-			(1	)		(1	)

Balance, end of period	$	43,470		$	43,404		$	43,843		$	44,560		$	43,623
(1) Long-Term Care 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)	December 31, 2015			March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Direct and allocated expenses	$	296		$	229	$	221	$	211	$	199
Pension and post-retirement benefit costs		40			39		40		25		28
Premium taxes, other taxes, and licenses & fees		22			25		23		21		25
Total fixed operating expenses	$	358		$	293	$	284	$	257	$	252
Commissions and other variable expenses		348			303		580		144		279
Total other operating expenses	$	706		$	596	$	864	$	401	$	531

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

Investment income yield excluding variable investment income		6.55%			6.05%		6.16%		6.15%		5.93%
Variable investment income yield		(0.09	)%		0.09%		0.59%		0.35%		0.19%
Total investment income yield		6.46%			6.14%		6.75%		6.50%		6.12%
Average crediting rate		4.55%			4.54%		4.57%		4.55%		4.55%
Annualized general account spread		1.91%			1.60%		2.18%		1.95%		1.57%

Annualized general account spread excluding variable investment income yield		2.00%			1.51%		1.59%		1.60%		1.38%

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

Investment income yield excluding variable investment income		5.34%			5.07%		5.18%		5.18%		5.05%
Variable investment income yield		0.10%			0.10%		0.36%		0.38%		0.31%
Total investment income yield		5.44%			5.17%		5.54%		5.56%		5.36%
Average crediting rate		3.32%			3.19%		3.21%		3.16%		3.17%
Annualized general account spread		2.12%			1.98%		2.33%		2.40%		2.19%

Annualized general account spread excluding variable investment income yield		2.02%			1.88%		1.97%		2.02%		1.88%
(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)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016

Life (1)
Operating premiums, fees and other revenues	$	1,125	$	1,018	$	1,033	$	1,029	$	1,150
Interest adjusted benefit ratio (2)		58.7%		56.6%		64.2%		60.4%		63.5%

Lapse Ratio (3)
Traditional life		4.4%		4.4%		4.3%		4.4%		4.5%
Variable & universal life		4.3%		4.4%		4.4%		4.6%		4.5%
Fixed annuity		8.1%		9.0%		7.6%		8.0%		8.0%
Variable annuity		6.7%		6.4%		6.2%		6.3%		6.6%
(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 Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	(57	)	$	(2	)	$	13		$	40		$	(11	)	$	(87	)	$	40
Universal life and investment-type product policy fees		(26	)		(25	)		(31	)		(31	)		(32	)		(113	)		(119	)
Net investment income		2			5			(35	)		(7	)		(25	)		13			(62	)
Other revenues		(78	)		(51	)		(301	)		(28	)		(137	)		(290	)		(517	)
Total operating revenues		(159	)		(73	)		(354	)		(26	)		(205	)		(477	)		(658	)

Operating expenses																	-
Policyholder benefits and claims and policyholder dividends		(72	)		(26	)		(10	)		10			3			(175	)		(23	)
Interest credited to policyholder account balances		3			4			1			-			-			23			5
Capitalization of DAC		-			(4	)		(3	)		1			(1	)		(2	)		(7	)
Amortization of DAC and VOBA		(2	)		2			3			2			1			(1	)		8
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		256			264			254			241			243			1,013			1,002
Other operating expenses (1)		26			54			(214	)		(3	)		(29	)		434			(192	)
Total operating expenses		211			294			31			251			217			1,292			793
Operating earnings before provision for income tax		(370	)		(367	)		(385	)		(277	)		(422	)		(1,769	)		(1,451	)
Provision for income tax expense (benefit) (1)		(209	)		(183	)		(188	)		(287	)		(289	)		(365	)		(947	)
Operating earnings		(161	)		(184	)		(197	)		10			(133	)		(1,404	)		(504	)
Preferred stock dividends		49			6			46			6			45			116			103
Operating earnings available to common shareholders	$	(210	)	$	(190	)	$	(243	)	$	4		$	(178	)	$	(1,520	)	$	(607	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(161	)	$	(184	)	$	(197	)	$	10		$	(133	)	$	(1,404	)	$	(504	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		101			82			(249	)		81			(185	)		(234	)		(271	)
Net derivative gains (losses)		30			(70	)		(58	)		(9	)		136			102			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(2	)		(5	)		22			3			1			5			21
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		4			(32	)		(122	)		(29	)		(66	)		(33	)		(249	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(52	)		38			137			(33	)		9			42			151
Income (loss) from continuing operations, net of income tax		(80	)		(171	)		(467	)		23			(238	)		(1,522	)		(853	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(80	)		(171	)		(467	)		23			(238	)		(1,522	)		(853	)
Less: Net income (loss) attributable to noncontrolling interests		1			-			-			(8	)		1			(7	)		(7	)
Net income (loss) attributable to MetLife, Inc.		(81	)		(171	)		(467	)		31			(239	)		(1,515	)		(846	)
Less: Preferred stock dividends		49			6			46			6			45			116			103
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(130	)	$	(177	)	$	(513	)	$	25		$	(284	)	$	(1,673	)	$	(949	)

Total Operating Premiums, Fees and Other Revenues	$	(161	)	$	(78	)	$	(319	)	$	(19	)	$	(180	)	$	(490	)	$	(596	)
(1) The year ended December 31, 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 Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Other business activities	$	(9	)	$	(8	)	$	(3	)	$	6		$	-		$	(41	)	$	(5	)
Other net investment income		2			4			(23	)		2			(16	)		17			(33	)
Interest expense on debt		(166	)		(171	)		(166	)		(157	)		(158	)		(658	)		(652	)
Preferred stock dividends		(49	)		(6	)		(46	)		(6	)		(45	)		(116	)		(103	)
Acquisition costs		-			-			-			-			-			-			-
Corporate initiatives and projects		(45	)		(25	)		(32	)		(23	)		(49	)		(169	)		(129	)
Incremental tax benefit (expense)		78			54			53			190			141			(256	)		438
Other		(21	)		(38	)		(26	)		(8	)		(51	)		(297	)		(123	)
Operating earnings available to common shareholders	$	(210	)	$	(190	)	$	(243	)	$	4		$	(178	)	$	(1,520	)	$	(607	)

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BRIGHTHOUSE FINANCIAL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016

Operating revenues
Premiums	$	516		$	393		$	280		$	347		$	202		$	1,675		$	1,222
Universal life and investment-type product policy fees		929			858			861			903			869			3,718			3,491
Net investment income		791			813			870			941			879			3,327			3,503
Other revenues		112			86			346			50			253			422			735
Total operating revenues		2,348			2,150			2,357			2,241			2,203			9,142			8,951

Operating expenses
Policyholder benefits and claims and policyholder dividends		772			703			1,008			814			675			2,875			3,200
Interest credited to policyholder account balances		315			289			291			288			294			1,255			1,162
Capitalization of DAC		(94	)		(102	)		(83	)		(70	)		(78	)		(399	)		(333	)
Amortization of DAC and VOBA		136			162			152			509			250			731			1,073
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		32			32			32			32			32			128			128
Other operating expenses		654			624			555			560			599			2,484			2,338
Total operating expenses		1,815			1,708			1,955			2,133			1,772			7,074			7,568
Operating earnings before provision for income tax		533			442			402			108			431			2,068			1,383
Provision for income tax expense (benefit)		145			115			105			40			101			555			361
Operating earnings		388			327			297			68			330			1,513			1,022
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	388		$	327		$	297		$	68		$	330		$	1,513		$	1,022


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	388		$	327		$	297		$	68		$	330		$	1,513		$	1,022
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		10			(61	)		20			25			(62	)		7			(78	)
Net derivative gains (losses)		(276	)		293			(2,973	)		(501	)		(2,670	)		(441	)		(5,851	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		73			73			75			73			71			291			292
Net investment income		(63	)		(66	)		(62	)		(75	)		(92	)		(229	)		(295	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(231	)		(34	)		(144	)		(246	)		(226	)		(336	)		(650	)
Interest credited to policyholder account balances		(1	)		(1	)		(1	)		(1	)		-			(3	)		(3	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		75			(85	)		791			162			397			(6	)		1,265
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			-			(3	)		(1	)		1			(8	)		(3	)
Other operating expenses		-			(30	)		(10	)		(23	)		(39	)		-			(102	)
Goodwill impairment		-			-			-			(260	)		-			-			(260	)
Provision for income tax (expense) benefit		144			(31	)		805			245			996			254			2,015
Income (loss) from continuing operations, net of income tax		121			385			(1,205	)		(534	)		(1,294	)		1,042			(2,648	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		121			385			(1,205	)		(534	)		(1,294	)		1,042			(2,648	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		121			385			(1,205	)		(534	)		(1,294	)		1,042			(2,648	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	121		$	385		$	(1,205	)	$	(534	)	$	(1,294	)	$	1,042		$	(2,648	)

Total Operating Premiums, Fees and Other Revenues	$	1,557		$	1,337		$	1,487		$	1,300		$	1,324		$	5,815		$	5,448
(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Fixed Maturity Securities
Yield (1)		4.55%			4.43%			4.40%			4.38%			4.34%
Investment income (2), (3), (4)	$	3,500		$	3,628		$	3,539		$	3,573		$	3,477
Investment gains (losses) (3)		(222	)		20			151			162			(307	)
Ending carrying value (2), (3)		352,433			373,082			388,156			391,163			351,500
Mortgage Loans
Yield (1)		5.03%			4.68%			4.94%			4.60%			4.37%
Investment income (3), (4)		819			807			851			806			794
Investment gains (losses) (3)		(27	)		(64	)		(98	)		(31	)		(31	)
Ending carrying value (3)		66,930			68,482			69,240			71,013			74,409
Real Estate and Real Estate Joint Ventures
Yield (1)		5.11%			3.39%			2.84%			5.68%			3.70%
Investment income (3)		117			76			63			130			84
Investment gains (losses) (3)		274			2			45			(14	)		115
Ending carrying value		8,433			8,733			9,063			9,186			9,041
Policy Loans
Yield (1)		5.37%			5.19%			5.24%			5.28%			5.21%
Investment income		153			149			147			148			145
Ending carrying value		11,258			11,257			11,240			11,177			11,028
Equity Securities
Yield (1)		5.62%			5.02%			4.55%			4.94%			5.05%
Investment income		42			37			33			35			35
Investment gains (losses)		(2	)		(45	)		(3	)		8			(8	)
Ending carrying value		3,321			3,374			3,333			3,289			3,194
Other Limited Partnership Interests
Yield (1)		(0.65	)%		2.71%			6.86%			15.19%			12.38%
Investment income		(12	)		46			120			263			212
Investment gains (losses)		(15	)		(27	)		(14	)		(9	)		(21	)
Ending carrying value		7,096			7,022			6,982			6,878			6,778
Cash and Short-term Investments
Yield (1)		1.40%			0.99%			1.23%			1.01%			0.93%
Investment income		40			25			31			27			30
Investment gains (losses)		3			(7	)		6			(9	)		3
Ending carrying value		22,051			24,910			26,905			27,538			25,686
Other Invested Assets (1)
Investment income		278			271			247			327			324
Investment gains (losses) (3)		(21	)		(6	)		(63	)		(10	)		3
Ending carrying value		22,524			27,095			31,834			30,278			23,185
Total Investments
Investment income yield (1)		4.68%			4.55%			4.61%			4.78%			4.61%
Investment fees and expenses yield		(0.16	)%		(0.16	)%		(0.14	)%		(0.13	)%		(0.13	)%
Net Investment Income Yield (1), (3)		4.52%			4.39%			4.47%			4.65%			4.48%
Investment income	$	4,937		$	5,039		$	5,031		$	5,309		$	5,101
Investment fees and expenses		(164	)		(167	)		(150	)		(149	)		(148	)
Net investment income including Divested businesses and Lag elimination		4,773			4,872			4,881			5,160			4,953
Less: Net investment income from Divested businesses and Lag elimination		-			166			-			-			-
Net Investment Income (3)	$	4,773		$	4,706		$	4,881		$	5,160		$	4,953
Ending Carrying Value (3)	$	494,046		$	523,955		$	546,753		$	550,522		$	504,821
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(10	)	$	(127	)	$	24		$	97		$	(246	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			(3	)		-			-			-
Investment Portfolio Gains (Losses) (3)	$	(10	)	$	(124	)	$	24		$	97		$	(246	)
Gross investment gains	$	611		$	481		$	404		$	350		$	360
Gross investment losses		(491	)		(383	)		(158	)		(177	)		(533	)
Writedowns		(130	)		(222	)		(222	)		(76	)		(73	)
Investment Portfolio Gains (Losses) (3)		(10	)		(124	)		24			97			(246	)
Investment portfolio gains (losses) income tax (expense) benefit		(114	)		111			(12	)		(6	)		69
Investment Portfolio Gains (Losses), Net of Income Tax	$	(124	)	$	(13	)	$	12		$	91		$	(177	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(569	)	$	1,109		$	(2,284	)	$	(1,270	)	$	(5,189	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			149			-			-			-
Derivative gains (losses) (3)		(569	)		960			(2,284	)		(1,270	)		(5,189	)
Derivative gains (losses) income tax (expense) benefit		194			(326	)		830			436			1,767
Derivative Gains (Losses), Net of Income Tax	$	(375	)	$	634		$	(1,454	)	$	(834	)	$	(3,422	)
(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-7 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 $1,031 million, $1,101 million, $648 million, $721 million and $611 million in ending carrying value, and $17 million, $6 million, $10 million, $25 million and ($4) million of investment income related to fair value option and trading securities at or for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 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 December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 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 $13,981 million, $13,882 million, $13,657 million, $14,000 million and $13,304 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 $12 million, $10 million, $9 million, $9 million and $8 million and mortgage loans of $172 million, $169 million, $159 million, $143 million and $136 million and cash and short-term investments of $0, $1 million, $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
	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(10	)	$	(127	)	$	24		$	97		$	(246	)
Operating joint venture adjustments		(2	)		(5	)		-			-			(1	)
Net investment gains (losses) related to CSEs		-			2			(1	)		(1	)		-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		74			145			243			161			(120	)
Net investment gains (losses) - GAAP basis	$	62		$	15		$	266		$	257		$	(367	)

	For the Three Months Ended
	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(569	)	$	1,109		$	(2,284	)	$	(1,270	)	$	(5,189	)
Investment hedge adjustments		202			221			188			226			243
Settlement of foreign currency earnings hedges		9			4			(3	)		(7	)		2
PAB hedge adjustments		2			1			-			-			(1	)
Net derivative gains (losses) - GAAP basis	$	(356	)	$	1,335		$	(2,099	)	$	(1,051	)	$	(4,945	)
(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)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Fixed Maturity Securities
Yield (1)		4.63%			4.43%			4.41%			4.40%			4.39%
Investment income (2), (3), (4)	$	14,201		$	3,628		$	7,167		$	10,740		$	14,217
Investment gains (losses) (3)		114			20			171			333			26
Ending carrying value (2), (3)		352,433			373,082			388,156			391,163			351,500
Mortgage Loans
Yield (1)		4.97%			4.68%			4.81%			4.74%			4.64%
Investment income (3), (4)		3,135			807			1,658			2,464			3,258
Investment gains (losses) (3)		(105	)		(64	)		(162	)		(193	)		(224	)
Ending carrying value (3)		66,930			68,482			69,240			71,013			74,409
Real Estate and Real Estate Joint Ventures
Yield (1)		4.89%			3.39%			3.11%			3.99%			3.92%
Investment income (3)		488			76			139			269			353
Investment gains (losses) (3)		531			2			47			33			148
Ending carrying value		8,433			8,733			9,063			9,186			9,041
Policy Loans
Yield (1)		5.23%			5.19%			5.21%			5.24%			5.23%
Investment income		603			149			296			444			589
Ending carrying value		11,258			11,257			11,240			11,177			11,028
Equity Securities
Yield (1)		4.71%			5.02%			4.78%			4.83%			4.88%
Investment income		144			37			70			105			140
Investment gains (losses)		21			(45	)		(48	)		(40	)		(48	)
Ending carrying value		3,321			3,374			3,333			3,289			3,194
Other Limited Partnership Interests
Yield (1)		8.45%			2.71%			4.78%			8.21%			9.24%
Investment income		669			46			166			429			641
Investment gains (losses)		(67	)		(27	)		(41	)		(50	)		(71	)
Ending carrying value		7,096			7,022			6,982			6,878			6,778
Cash and Short-term Investments
Yield (1)		1.04%			0.99%			1.10%			1.07%			1.03%
Investment income		129			25			56			83			113
Investment gains (losses)		(3	)		(7	)		(1	)		(10	)		(7	)
Ending carrying value		22,051			24,910			26,905			27,538			25,686
Other Invested Assets (1)
Investment income		1,053			271			518			845			1,169
Investment gains (losses) (3)		(7	)		(6	)		(69	)		(79	)		(76	)
Ending carrying value		22,524			27,095			31,834			30,278			23,185
Total Investments
Investment income yield (1)		4.85%			4.55%			4.58%			4.65%			4.64%
Investment fees and expenses yield		(0.15	)%		(0.16	)%		(0.15	)%		(0.14	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.70%			4.39%			4.43%			4.51%			4.50%
Investment income	$	20,422		$	5,039		$	10,070		$	15,379		$	20,480
Investment fees and expenses		(633	)		(167	)		(317	)		(466	)		(614	)
Net investment income including Divested businesses and Lag elimination		19,789			4,872			9,753			14,913			19,866
Less: Net investment income from Divested businesses and Lag elimination		-			166			166			166			166
Net Investment Income (3)	$	19,789		$	4,706		$	9,587		$	14,747		$	19,700
Ending Carrying Value (3)	$	494,046		$	523,955		$	546,753		$	550,522		$	504,821
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	484		$	(127	)	$	(103	)	$	(6	)	$	(252	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			(3	)		(3	)		(3	)		(3	)
Investment Portfolio Gains (Losses) (3)	$	484		$	(124	)	$	(100	)	$	(3	)	$	(249	)
Gross investment gains	$	2,183		$	481		$	885		$	1,235		$	1,595
Gross investment losses		(1,354	)		(383	)		(541	)		(718	)		(1,251	)
Writedowns		(345	)		(222	)		(444	)		(520	)		(593	)
Investment Portfolio Gains (Losses) (3)		484			(124	)		(100	)		(3	)		(249	)
Investment portfolio gains (losses) income tax (expense) benefit		(116	)		111			99			93			162
Investment Portfolio Gains (Losses), Net of Income Tax	$	368		$	(13	)	$	(1	)	$	90		$	(87	)

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(782	)	$	1,109		$	(1,175	)	$	(2,445	)	$	(7,634	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			149			149			149			149
Derivative gains (losses) (3)		(782	)		960			(1,324	)		(2,594	)		(7,783	)
Derivative gains (losses) income tax (expense) benefit		249			(326	)		504			940			2,707
Derivative Gains (Losses), Net of Income Tax	$	(533	)	$	634		$	(820	)	$	(1,654	)	$	(5,076	)
(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-7 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 $1,031 million, $1,101 million, $648 million, $721 million and $611 million in ending carrying value, and $21 million, $6 million, $16 million, $41 million and $37 million of investment income related to fair value option and trading securities at or for the year-to-date period ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 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 December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 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 $13,981 million, $13,882 million, $13,657 million, $14,000 million and $13,304 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 $12 million, $10 million, $9 million, $9 million and $8 million, mortgage loans of $172 million, $169 million, $159 million, $143 million and $136 million and cash and short-term investments of $0, $1 million, $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
	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	484		$	(127	)	$	(103	)	$	(6	)	$	(252	)
Operating joint venture adjustments		4			(5	)		(5	)		(5	)		(6	)
Net investment gains (losses) related to certain CSEs		(3	)		2			1			-			-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		112			145			388			549			429
Net investment gains (losses) - GAAP basis	$	597		$	15		$	281		$	538		$	171

	For the Year-to-Date Period Ended
	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(782	)	$	1,109		$	(1,175	)	$	(2,445	)	$	(7,634	)
Investment hedge adjustments		776			221			409			635			878
Settlement of foreign currency earnings hedges		37			4			1			(6	)		(4	)
PAB hedge adjustments		7			1			1			1			-
Net derivative gains (losses) - GAAP basis	$	38		$	1,335		$	(764	)	$	(1,815	)	$	(6,760	)
(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)
	December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016				December 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%	$	4,127		75.8%	$	2,850		77.1%	$	2,599		77.0%	$	2,239		79.8%	$	4,052		82.9%
20% or more for less than six months		954		17.5%		376		10.1%		358		10.6%		245		8.7%		551		11.3%
20% or more for six months or greater		364		6.7%		472		12.8%		418		12.4%		321		11.5%		282		5.8%
Total Gross Unrealized Losses	$	5,445		100.0%	$	3,698		100.0%	$	3,375		100.0%	$	2,805		100.0%	$	4,885		100.0%

Total Gross Unrealized Gains	$	23,883			$	32,267			$	40,062			$	39,334			$	25,420


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016				December 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%	$	26		16.5%	$	28		23.9%	$	23		28.0%	$	13		21.3%	$	18		28.6%
20% or more for less than six months		94		59.5%		40		34.2%		9		11.0%		10		16.4%		10		15.9%
20% or more for six months or greater		38		24.0%		49		41.9%		50		61.0%		38		62.3%		35		55.5%
Total Gross Unrealized Losses	$	158		100.0%	$	117		100.0%	$	82		100.0%	$	61		100.0%	$	63		100.0%

Total Gross Unrealized Gains	$	482			$	481			$	501			$	512			$	513

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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016				December 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		$	100,794		28.7%	$	102,096		27.4%	$	104,615		27.0%	$	105,676		27.1%	$	100,853		28.7%
U.S. government and agency securities			61,646		17.5%		64,991		17.5%		69,737		18.0%		69,785		17.9%		57,523		16.4%
Foreign government securities			50,499		14.4%		56,656		15.2%		62,261		16.1%		63,765		16.3%		57,138		16.3%
Foreign corporate securities			57,198		16.3%		59,091		15.9%		59,212		15.3%		60,419		15.5%		57,057		16.3%
Residential mortgage-backed securities			38,797		11.0%		43,029		11.6%		44,598		11.5%		45,309		11.6%		36,993		10.5%
State and political subdivision securities			15,441		4.4%		16,539		4.4%		17,410		4.5%		17,463		4.5%		16,176		4.6%
Asset-backed securities			14,394		4.1%		16,202		4.4%		16,518		4.2%		15,584		3.9%		13,877		4.0%
Commercial mortgage-backed securities			12,633		3.6%		13,377		3.6%		13,157		3.4%		12,441		3.2%		11,272		3.2%
Total Fixed Maturity Securities Available-For-Sale		$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	250,803		71.4%	$	270,295		72.7%	$	284,264		73.4%	$	284,526		72.9%	$	249,066		71.0%
2	Baa		79,523		22.6%		80,082		21.5%		81,120		20.9%		83,601		21.4%		81,097		23.1%
3	Ba		15,142		4.3%		15,288		4.1%		14,987		3.9%		15,040		3.9%		14,322		4.1%
4	B		4,839		1.4%		5,121		1.4%		5,865		1.5%		5,954		1.5%		5,494		1.6%
5	Caa and lower		1,041		0.3%		1,136		0.3%		1,157		0.3%		1,277		0.3%		904		0.2%
6	In or near default		54		- %		59		- %		115		- %		44		- %		6		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%	$	350,889		100.0%
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. 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. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
Unaudited (In millions)		December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016

Traditional (2), (3)			$7,906				$8,267				$8,678				$8,862				$8,739
Real estate joint ventures and funds (4)			482				418				337				265				243
Subtotal			8,388				8,685				9,015				9,127				8,982
Foreclosed			45				48				48				59				59
Total Real Estate and Real Estate Joint Ventures			$8,433				$8,733				$9,063				$9,186				$9,041
(2) Includes wholly-owned real estate, operating real estate joint ventures and multi-property funds with stable income-producing properties. (3) Includes real estate held-for-sale and held-for-investment. (4) Includes run-off portfolio of real estate private equity funds.

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

Commercial mortgage loans		$44,012				$45,445				$45,165				$45,801				$48,035
Agricultural mortgage loans		13,188				13,226				13,434				14,141				14,456
Residential mortgage loans		10,048				10,192				11,108				11,401				12,262
Total Mortgage Loans		67,248				68,863				69,707				71,343				74,753
Valuation allowances		(318)				(381)				(467)				(330)				(344)
Total Mortgage Loans, net		$66,930				$68,482				$69,240				$71,013				$74,409
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 30, note 3, for the amount excluded for each period presented.

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

Pacific	$	9,583		21.8%	$	10,360		22.8%	$	10,183		22.5%	$	9,661		21.1%	$	11,254		23.4%
Middle Atlantic		8,154		18.5%		8,072		17.8%		8,291		18.4%		8,435		18.4%		8,708		18.1%
International		7,889		17.9%		8,264		18.2%		8,114		18.0%		8,169		17.8%		8,084		16.8%
South Atlantic		6,127		13.9%		6,167		13.6%		5,765		12.8%		6,031		13.2%		6,304		13.1%
West South Central		4,311		9.8%		4,190		9.2%		4,228		9.4%		4,303		9.4%		4,271		8.9%
East North Central		2,346		5.3%		2,217		4.9%		2,115		4.7%		2,303		5.0%		2,447		5.1%
Mountain		1,117		2.5%		1,297		2.8%		1,549		3.4%		1,548		3.4%		1,460		3.0%
New England		1,367		3.1%		1,581		3.5%		1,423		3.1%		1,417		3.1%		1,414		3.0%
West North Central		520		1.2%		511		1.1%		509		1.1%		506		1.1%		599		1.3%
East South Central		512		1.2%		630		1.4%		618		1.4%		633		1.4%		436		0.9%
Multi-Region and Other		2,086		4.8%		2,156		4.7%		2,370		5.2%		2,795		6.1%		3,058		6.4%
Total	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%


Office	$	21,525		48.9%	$	22,037		48.5%	$	22,055		48.8%	$	22,552		49.2%	$	23,843		49.6%
Retail		10,466		23.8%		10,793		23.7%		11,109		24.6%		10,424		22.8%		10,619		22.1%
Apartment		5,171		11.7%		5,651		12.4%		5,872		13.0%		5,989		13.1%		5,870		12.2%
Hotel		4,396		10.0%		4,633		10.2%		4,048		9.0%		4,197		9.1%		4,367		9.1%
Industrial		2,334		5.3%		2,214		4.9%		2,008		4.4%		2,415		5.3%		2,998		6.3%
Other		120		0.3%		117		0.3%		73		0.2%		224		0.5%		338		0.7%
Total	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%	$	48,035		100.0%

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Appendix

LOGO


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

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	1,425		$	1,335		$	970		$	1,427		$	1,460		$	5,600		$	5,192
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		62			15			266			257			(367	)		597			171
Net derivative gains (losses)		(356	)		1,335			(2,099	)		(1,051	)		(4,945	)		38			(6,760	)
Premiums - Divested businesses and Lag elimination		(1	)		426			-			-			-			(3	)		426
Universal life and investment-type product policy fees
Unearned revenue adjustments		(3	)		25			9			(6	)		-			5			28
GMIB fees		97			101			104			103			103			382			411
Divested businesses and Lag elimination		2			67			-			-			-			7			67
Net investment income
Investment hedge adjustments		(202	)		(221	)		(188	)		(226	)		(243	)		(776	)		(878	)
Operating joint venture adjustments		2			5			-			-			1			(4	)		6
Unit-linked contract income		343			(97	)		191			529			327			264			950
Securitization entities income		(2	)		-			3			1			(1	)		8			3
Divested businesses and Lag elimination		-			166			-			-			-			-			166
Other revenues
Settlement of foreign currency earnings hedges		(9	)		(4	)		3			7			(2	)		(37	)		4
Divested businesses and Lag elimination		-			4			-			-			-			-			4
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			(6	)		-
Inflation and pass through adjustments		6			(71	)		(66	)		21			198			5			82
GMIB costs		(286	)		(6	)		(137	)		(304	)		(371	)		(399	)		(818	)
Market value adjustments		(19	)		(17	)		(10	)		(12	)		(10	)		(136	)		(49	)
Divested businesses and Lag elimination		(1	)		(306	)		-			-			1			(1	)		(305	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(1	)		-			-			1			(7	)		-
Unit-linked contract costs		(338	)		77			(186	)		(505	)		(318	)		(269	)		(932	)
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		27			(6	)		1,087			209			338			(9	)		1,628
Related to GMIB fees and GMIB costs		(33	)		(36	)		(193	)		56			80			(125	)		(93	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		-			(72	)		-			-			-			-			(72	)
Amortization of negative VOBA
Related to market value adjustments		8			10			6			5			4			35			25
Divested businesses and Lag elimination		-			22			-			-			-			-			22
Interest expense on debt
Securitization entities debt expense		2			-			(3	)		(1	)		1			(8	)		(3	)
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other operating expenses
Noncontrolling interest		12			5			4			(7	)		4			13			6
Regulatory implementation costs		-			-			-			-			(1	)		(2	)		(1	)
Acquisition, integration and other costs		(7	)		(6	)		(16	)		(11	)		(31	)		(28	)		(64	)
Divested businesses and Lag elimination		6			(254	)		(130	)		(52	)		(101	)		-			(537	)
Goodwill impairment		-			-			-			(260	)		-			-			(260	)
Provision for income tax (expense) benefit		109			(297	)		499			393			1,786			178			2,381
Income (loss) from continuing operations, net of income tax		842			2,203			114			573			(2,086	)		5,322			804
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		842			2,203			114			573			(2,086	)		5,322			804
Less: Net income (loss) attributable to noncontrolling interests		8			2			4			(4	)		2			12			4
Net income (loss) attributable to MetLife, Inc.		834			2,201			110			577			(2,088	)		5,310			800
Less: Preferred stock dividends		49			6			46			6			45			116			103
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	785		$	2,195		$	64		$	571		$	(2,133	)	$	5,152		$	697
(1) For the three months ended March 31, 2016, and for the year ended December 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.

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan		$	(137	)	$	(86	)	$	(9	)	$	22		$	-		$	(174	)	$	(73	)
Catastrophe experience and prior year development, net			(9	)		(45	)		(15	)		16			-			(4	)		(44	)
Actuarial assumption review and other insurance adjustments			-			-			(462	)		(319	)		(58	)		(92	)		(839	)
Tax adjustments			31			10			-			-			-			(628	)		10
Expense initiative costs			-			-			-			-			(28	)		-			(28	)
Total notable items		$	(115	)	$	(121	)	$	(486	)	$	(281	)	$	(86	)	$	(898	)	$	(974	)

U.S.
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan		$	(8	)	$	(33	)	$	-		$	1		$	-		$	12		$	(32	)
Catastrophe experience and prior year development, net			(9	)		(45	)		(15	)		16			-			(4	)		(44	)
Actuarial assumption review and other insurance adjustments			-			-			(25	)		-			-			-			(25	)
Tax adjustments			-			-			-			-			-			(5	)		-
Total notable items		$	(17	)	$	(78	)	$	(40	)	$	17		$	-		$	3		$	(101	)

	GROUP BENEFITS
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
	Variable investment income, as compared to plan	$	(6	)	$	(1	)	$	(2	)	$	12		$	-		$	1		$	9
	Total notable items	$	(6	)	$	(1	)	$	(2	)	$	12		$	-		$	1		$	9

	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
	Variable investment income, as compared to plan	$	1		$	(25	)	$	2		$	(11	)	$	-		$	16		$	(34	)
	Actuarial assumption review and other insurance adjustments		-			-			(25	)		-			-			-			(25	)
	Tax adjustments		-			-			-			-			-			(5	)		-
	Total notable items	$	1		$	(25	)	$	(23	)	$	(11	)	$	-		$	11		$	(59	)

	PROPERTY & CASUALTY
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
	Variable investment income, as compared to plan	$	(3	)	$	(7	)	$	-		$	-		$	-		$	(5	)	$	(7	)
	Catastrophe experience and prior year development, net		(9	)		(45	)		(15	)		16			-			(4	)		(44	)
	Total notable items	$	(12	)	$	(52	)	$	(15	)	$	16		$	-		$	(9	)	$	(51	)
(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 Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan	$	(24	)	$	(20	)	$	(10	)	$	(11	)	$	-		$	(34	)	$	(41	)
Actuarial assumption review and other insurance adjustments		-			-			(44	)		(14	)		-			9			(58	)
Tax adjustments		-			20			-			-			-			61			20
Total notable items	$	(24	)	$	-		$	(54	)	$	(25	)	$	-		$	36		$	(79	)

LATIN AMERICA
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan	$	(3	)	$	(3	)	$	(2	)	$	(1	)	$	-		$	(5	)	$	(6	)
Actuarial assumption review and other insurance adjustments		-			-			-			8			-			-			8
Tax adjustments		31			(10	)		-			-			-			91			(10	)
Total notable items	$	28		$	(13	)	$	(2	)	$	7		$	-		$	86		$	(8	)

EMEA
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	-		$	(16	)	$	-		$	6		$	(16	)
Total notable items	$	-		$	-		$	-		$	(16	)	$	-		$	6		$	(16	)

METLIFE HOLDINGS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan	$	(33	)	$	(8	)	$	11		$	22		$	-		$	(38	)	$	25
Actuarial assumption review and other insurance adjustments		-			-			(315	)		(52	)		(91	)		(50	)		(458	)
Tax adjustments		-			-			-			-			-			3			-
Total notable items	$	(33	)	$	(8	)	$	(304	)	$	(30	)	$	(91	)	$	(85	)	$	(433	)

CORPORATE & OTHER
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan	$	(23	)	$	(4	)	$	1		$	(6	)	$	-		$	(72	)	$	(9	)
Tax adjustments		-			-			-			-			-			(792	)		-
Expense initiative costs		-			-			-			-			(28	)		-			(28	)
Total notable items	$	(23	)	$	(4	)	$	1		$	(6	)	$	(28	)	$	(864	)	$	(37	)

BRIGHTHOUSE FINANCIAL
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2015			December 31, 2016
Variable investment income, as compared to plan	$	(46	)	$	(18	)	$	(9	)	$	17		$	-		$	(37	)	$	(10	)
Actuarial assumption review and other insurance adjustments		-			-			(78	)		(245	)		33			(57	)		(290	)
Tax adjustments		-			-			-			-			-			14			-
Total notable items	$	(46	)	$	(18	)	$	(87	)	$	(228	)	$	33		$	(80	)	$	(300	)

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

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016

Total MetLife, Inc.’s stockholders’ equity	$	67,949		$	75,775		$	79,179		$	78,286		$	67,309
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		65,883			73,709			77,113			76,220			65,243
Less: Net unrealized investment gains (losses), net of income tax		11,773			17,171			20,635			19,657			12,631
Defined benefit plans adjustment, net of income tax		(2,052	)		(2,024	)		(1,983	)		(2,121	)		(1,972	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		56,162			58,562			58,461			58,684			54,584
Less: Goodwill, net of income tax		9,314			9,555			9,670			9,442			9,112
VODA and VOCRA, net of income tax		494			483			470			448			404
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,354		$	48,524		$	48,321		$	48,794		$	45,068

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

Book value per common share (1)	$	60.00		$	67.10		$	70.18		$	69.35		$	59.56
Less: Net unrealized investment gains (losses), net of income tax		10.72			15.63			18.78			17.88			11.53
Defined benefit plans adjustment, net of income tax		(1.87	)		(1.84	)		(1.80	)		(1.93	)		(1.80	)
Book value per common share, excluding AOCI other than FCTA (1)		51.15			53.31			53.20			53.40			49.83
Less: Goodwill, net of income tax		8.48			8.70			8.79			8.59			8.32
VODA and VOCRA, net of income tax		0.45			0.44			0.43			0.41			0.37
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	42.22		$	44.17		$	43.98		$	44.40		$	41.14

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

Return on MetLife, Inc.’s:
Common stockholders’ equity		4.7%			12.6%			0.3%			3.0%			(12.1	)%		7.5%		1.0%
Common stockholders’ equity, excluding AOCI other than FCTA		5.6%			15.3%			0.4%			3.9%			(15.1	)%		9.1%		1.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		6.8%			18.6%			0.6%			4.8%			(18.1	)%		11.2 %		1.6%

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		8.2%			7.6%			4.9%			7.4%			8.0%			8.0%		7.1%
Common stockholders’ equity, excluding AOCI other than FCTA		9.7%			9.3%			6.3%			9.7%			10.0%			9.7%		8.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		11.9%			11.3%			7.7%			11.8%			12.2%			11.9%		10.8%

Average common stockholders’ equity	$	67,160		$	69,796		$	75,411		$	76,667		$	70,732		$	68,674	$	71,634
Average common stockholders’ equity, excluding AOCI other than FCTA	$	56,567		$	57,362		$	58,512		$	58,573		$	56,634		$	56,412	$	57,291
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,703		$	47,439		$	48,423		$	48,558		$	46,931		$	46,346	$	47,412

(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016 of $12 million, $12 million, $12 million, $12 million and $11 million, respectively, and for the years ended December 31, 2015 and 2016 of $48 million and $47 million, respectively.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2), (3) RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
U.S.
GROUP BENEFITS			14.7%		29.5%		40.9 %		24.7 %		(9.6)%
RETIREMENT AND INCOME SOLUTIONS			11.9%		10.9%		21.8 %		16.6 %		11.3 %
PROPERTY & CASUALTY			7.7%		11.0%		(0.7)%		20.9 %		15.6 %
TOTAL U.S.			12.0%		15.9%		24.6 %		19.2 %		6.2 %
ASIA			8.1%		31.3%		27.9 %		13.0 %		(21.7)%
LATIN AMERICA			12.9%		18.4%		11.1 %		19.0 %		32.7 %
EMEA			8.8%		9.1%		11.8 %		14.1 %		3.2 %
METLIFE HOLDINGS			1.6%		17.3%		6.0 %		(2.2)%		(14.4)%

RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
U.S.			13.2%		17.5%		27.0%		21.1 %		6.8 %
ASIA			14.0%		53.7%		48.0%		22.5 %		(37.2)%
LATIN AMERICA			21.7%		29.1%		17.6%		30.2 %		51.9 %
EMEA			16.3%		15.6%		20.2%		24.2 %		6.0 %
METLIFE HOLDINGS			1.9%		18.3%		6.5%		(2.1)%		(14.9)%

OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
U.S.
GROUP BENEFITS			21.7%		19.7%		25.7 %		25.8%		24.1%
RETIREMENT AND INCOME SOLUTIONS			14.5%		14.2%		15.3 %		18.1%		17.6%
PROPERTY & CASUALTY			10.0%		7.8%		(0.7)%		20.5%		15.2%
TOTAL U.S.			15.6%		15.0%		16.4 %		20.4%		19.1%
ASIA			10.1%		11.0%		9.4 %		11.7%		12.8%
LATIN AMERICA			18.3%		19.7%		17.9 %		17.3%		15.9%
EMEA			6.5%		7.8%		7.9 %		9.2%		8.9%
METLIFE HOLDINGS			9.3%		9.6%		(1.2)%		9.6%		7.2%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
U.S.			17.2%		16.5%		18.0 %		22.4%		21.0%
ASIA			17.4%		19.0%		16.2 %		20.2%		22.1%
LATIN AMERICA			30.7%		31.2%		28.3 %		27.5%		25.2%
EMEA			12.2%		13.5%		13.8 %		15.8%		15.6%
METLIFE HOLDINGS			9.9%		10.3%		(1.1)%		10.2%		7.7%
(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
	U.S.
	GROUP BENEFITS			$	2,825	$	2,884
	RETIREMENT AND 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)	December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
	U.S.	$	1	$	1	$	1	$	1	$	1
	ASIA	$	1	$	1	$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-	$	-	$	-	$	-
	EMEA	$	3	$	2	$	2	$	2	$	3
	METLIFE HOLDINGS	$	5	$	5	$	5	$	5	$	5

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES, OTHER OPERATING EXPENSES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
U.S. (1)	$	5,576		$	5,474		$	5,612		$	6,373		$	5,815
ASIA		2,171			2,075			2,049			2,110			2,130
LATIN AMERICA		870			866			877			866			913
EMEA		598			591			601			596			622
METLIFE HOLDINGS (1)		1,784			1,656			1,686			1,555			1,626
CORPORATE & OTHER (1)		(161	)		(78	)		(319	)		(19	)		(180	)
BRIGHTHOUSE FINANCIAL (1)		1,557			1,337			1,487			1,300			1,324
Total operating premiums, fees and other revenues on a constant currency basis	$	12,395		$	11,921		$	11,993		$	12,781		$	12,250
Total operating premiums, fees and other revenues	$	12,338		$	11,905		$	12,074		$	12,949		$	12,250

ASIA (including operating joint ventures) (2), (3)	$	2,247		$	2,232		$	2,198		$	2,270		$	2,313

OTHER OPERATING EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
U.S. (1)	$	945		$	942		$	918		$	912		$	934
ASIA		1,005			871			869			882			928
LATIN AMERICA		333			311			314			326			368
EMEA		352			322			321			320			322
METLIFE HOLDINGS (1)		706			596			864			401			531
CORPORATE & OTHER (1)		26			54			(214	)		(3	)		(29	)
BRIGHTHOUSE FINANCIAL (1)		654			624			555			560			599
Total other operating expenses on a constant currency basis	$	4,021		$	3,720		$	3,627		$	3,398		$	3,653
Total other operating expenses	$	3,998		$	3,710		$	3,659		$	3,467		$	3,653

ASIA (including operating joint ventures) (2), (3)	$	1,030		$	928		$	930		$	950		$	993

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
U.S. (1)	$	432		$	406		$	443		$	552		$	516
ASIA		303			311			256			313			354
LATIN AMERICA		134			144			130			128			122
EMEA		50			59			58			70			72
METLIFE HOLDINGS (1)		265			267			(33	)		266			199
CORPORATE & OTHER (1)		(210	)		(190	)		(243	)		4			(178	)
BRIGHTHOUSE FINANCIAL (1)		388			327			297			68			330
Total operating earnings available to common shareholders on a constant currency basis	$	1,362		$	1,324		$	908		$	1,401		$	1,415
Total operating earnings available to common shareholders	$	1,376		$	1,329		$	924		$	1,421		$	1,415
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating 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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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)	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 on a constant currency basis	(vi)	net income (loss) available to MetLife, Inc.’s common shareholders
(vii)	operating earnings available to common shareholders per diluted common share	(vii)	net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share
(viii)	operating return on equity	(viii)	return on equity
(ix)	investment portfolio gains (losses)	(ix)	net investment gains (losses)
(x)	derivative gains (losses)	(x)	net derivative gains (losses)
(xi)	MetLife, Inc.’s tangible common stockholders’ equity	(xi)	MetLife, Inc.’s stockholders’ equity
(xii)	MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA	(xii)	MetLife, Inc.’s stockholders’ equity

Reconciliations of these non-GAAP 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 and related measures

•

operating earnings;

•

operating earnings available to common shareholders; and

•

operating earnings available to common shareholders per diluted common share.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is also MetLife’s GAAP measure of segment performance. Operating earnings and other financial measures based on operating earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Operating earnings and other financial measures based on operating earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

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

These financial measures, along with the related operating premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and divested businesses and certain entities required to be consolidated under GAAP. Also, these measures 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 ended December 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 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) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (iv) 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”);

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METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)


•		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.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses or goodwill impairment. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within operating earnings and not within derivative gains (losses).

Return on equity, allocated equity, tangible equity and related measures

•

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.

•

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

•

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

•

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

•

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

•

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

•

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

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of operating earnings and other financial measures based on operating earnings mentioned above.

•

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.

•

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.

•

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.

•

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 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.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

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

•

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)
NRSRO		Nationally Recognized Statistical Rating Organizations
PDO		Policyholder dividend obligation
PAB		Policyholder account balances
QFS		Quarterly financial supplement
VIE		Variable interest entity
VOBA		Value of business acquired
VOCRA		Value of customer relationships acquired
VODA		Value of distribution agreements

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METLIFE INC - FORM 8-K - EX-99.2 - February 1, 2017

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