MetLife (MET) 8-K Metlife Announces Record Fourth Quarter and Full Year 2006 Results

Fourth Quarter
Financial Supplement

December 31, 2006

TABLE OF CONTENTS
HIGHLIGHTS
Corporate Overview		2
METLIFE, INC.
Consolidated Balance Sheets		3
Consolidated Statements of Operating Earnings Available to Common Shareholders		4
Consolidating Balance Sheet		5
Consolidating Statement of Operating Earnings Available to Common Shareholders		6
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		10
INSTITUTIONAL OPERATIONS
Statements of Operating Earnings Available to Common Shareholders		11
Premiums, Fees and Other Revenues by Product and Additional Statistical Information		15
Future Policy Benefits and Policyholder Account Balances and
Separate Account Liabilities		16
Other Expenses by Major Category		17
Spreads by Product		18
INDIVIDUAL OPERATIONS
Statements of Operating Earnings Available to Common Shareholders		19
Premiums and Deposits by Product		24
Additional Statistical Information		25
Future Policy Benefits and Policyholder Account Balances and
Separate Account Liabilities		26
Insurance Expenses and Other Expenses by Major Category		27
Spreads by Product		28
AUTO & HOME OPERATIONS
Statements of Operating Earnings Available to Common Shareholders		29
Written Premiums by Product and Selected Financial Information and Supplemental Data		32
INTERNATIONAL OPERATIONS
Statement of Operating Earnings Available to Common Shareholders		33
REINSURANCE OPERATIONS
Statement of Operating Earnings Available to Common Shareholders		34
Pre-Tax and Pre-Minority Interest Operating Earnings by Region and Reserves by Region		35
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders		36
METLIFE, INC.
Investment Results by Asset Category and Annualized Yields		37
Fixed Maturity Securities and Equity Securities Gross Unrealized Gains and Losses Aging Schedules		39
Summary of Fixed Maturity Securities Available for Sale by Sector and Quality Distribution, and Summary of Commercial Mortgage Loans by Region and Property Type		40
Summary of Real Estate and Summary of Mortgages and Consumer Loans		41
OTHER INFORMATION	`
Company Ratings		42

NOTE:

The Quarterly Financial Supplement (“QFS”) includes financial measures, operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, that are not based on generally accepted accounting principles (“GAAP”). Operating earnings is defined as GAAP net income excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income, GAAP net income available to common shareholders and GAAP net income available to common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income, operating earnings available to common shareholders to GAAP net income available to common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income available to common shareholders per diluted common share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated Feburary 13, 2007, for the quarter ended December 31, 2006, which are available at www.metlife.com.

CORPORATE OVERVIEW
Unaudited (In millions, except per share data)

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
	2005			2006			2006			2006			2006
Net income		$709			$747			$650			$1,033			$3,863
Preferred stock dividends		32			33			33			34			34
Net income available to common shareholders		677			714			617			999			3,829
Net investment gains (losses)		(234	)		(624	)		(817	)		254			4,336
Minority interest — net investment gains (losses)		3			(2	)		4			0			(2	)
Net investment gains (losses) tax benefit (provision)		85			220			289			(92	)		(1,531	)
Net investment gains (losses), net of income tax (1) (2)		(146	)		(406	)		(524	)		162			2,803
Adjustments related to universal life and investment-type product policy fees		0			(3	)		(9	)		3			3
Adjustments related to policyholder benefits and dividends		(9	)		108			84			(204	)		(98	)
Adjustments related to other expenses		30			42			126			14			49
Adjustments related to tax benefit (provision)		(9	)		(52	)		(72	)		66			17
Adjustments related to net investment gains (losses), net of income tax (3)		12			95			129			(121	)		(29	)
Discontinued operations, net of income tax		12			0			30			0			2
Operating earnings available to common shareholders (4)		$799			$1,025			$982			$958			$1,053
Net income available to common shareholders per common share — diluted		$0.88			$0.93			$0.80			$1.29			$4.95
Net investment gains (losses), net of income tax		(0.20	)		(0.53	)		(0.69	)		0.21			3.63
Adjustments related to net investment gains (losses), net of income tax		0.02			0.13			0.17			(0.16	)		(0.04	)
Discontinued operations, net of income tax		0.02			0.00			0.04			0.00			0.00
Operating earnings available to common shareholders — diluted		$1.04			$1.33			$1.28			$1.24			$1.36
Weighted average common shares outstanding — diluted		769.0			768.8			769.9			773.7			773.1
Book value per common share (actual common shares outstanding)		$35.72			$34.98			$33.77			$38.91			$42.23
Book value per common share, excluding accumulated other comprehensive income (actual common shares outstanding)		$33.20			$34.21			$35.08			$36.42			$40.74
Book value per common share — diluted (weighted average common shares outstanding)		$35.19			$34.50			$33.30			$38.22			$41.08
Book value per common share, excluding accumulated other comprehensive income — diluted (weighted average common shares outstanding)		$32.70			$33.73			$34.59			$35.78			$39.63

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
	2005		2006		2006		2006		2006
Common shares outstanding, beginning of period		757.1		757.5		758.2		759.2		760.0
Treasury stock		0.4		0.7		1.0		0.8		(8.0	)
Common shares outstanding, end of period		757.5		758.2		759.2		760.0		752.0
Weighted average common shares outstanding — basic		761.1		762.0		763.1		762.4		759.6
Dilutive effect of stock-based awards		7.9		6.8		6.8		9.3		9.8
Dilutive effect of stock purchase contracts underlying common equity units		0.0		0.0		0.0		2.0		3.7
Weighted average common shares outstanding — diluted		769.0		768.8		769.9		773.7		773.1
Policyholder Trust Shares		298.8		294.0		285.3		281.9		276.9
SUPPLEMENTAL DATA
Adjusted long-term debt to total capital (5)		28.6%		28.5%		27.8%		27.1%		26.4	%

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of $23 million, $25 million, $44 million, $61 million and $56 million for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006, and December 31, 2006, respectively. For QFS purposes, these settlements are included in net investment income.
(2)	Net investment gains (losses), net of income tax, from real estate and real estate joint ventures includes discontinued operations of $100 million, ($3) million, ($2) million, $63 million and $3,021 million, for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively.
(3)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(4)	Presentation of operating earnings available to common shareholders throughout the QFS differs from other public filings with respect to discontinued operations and scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment. Presentation of discontinued operations in other public filings is in accordance with the Statement of Financial Accounting Standards (“SFAS”) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Presentation of scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment in other public filings is in accordance with SFAS No.133, Accounting for Derivative Instruments and Hedging Activities.
(5)	Adjusted long-term debt at December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, consists of $8,017 million, $8,028 million, $8,112 million, $8,127 million and $7,694 million of long-term debt, respectively, $2,134 million, $2,134 million, $2,134 million, $2,134 million and $3,381 million of adjusted junior subordinated debt securities, respectively, and $878 million, $1,084 million, $927 million, $905 million and $723 million of adjusted short-term debt, respectively. Non-recourse debt not included in adjusted long-term debt consists of $1,472 million, $1,505 million, $2,226 million, $2,185 million and $2,285 million at such dates, respectively. Non-recourse debt not included in adjusted junior subordinated debt securities consists of $399 million, at each of such dates. Non-core borrowings not included in adjusted short-term debt consists of $536 million, $276 million, $1,326 million, $801 million and $726 million at such dates, respectively. Total capital is defined as adjusted long-term debt, shares subject to mandatory redemption and stockholders’ equity net of accumulated other comprehensive income.

2

METLIFE, INC.
CONSOLIDATED BALANCE SHEETS (1)

	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006
ASSETS
Fixed maturity securities, at fair value		$230,875			$240,711			$237,612			$243,136			$244,187
Equity securities, at fair value		3,338			3,356			3,202			3,177			5,131
Mortgage and consumer loans		37,190			37,351			38,665			40,141			42,239
Policy loans		9,981			9,987			10,065			10,115			10,228
Real estate and real estate joint ventures		4,665			4,700			4,786			4,931			4,986
Other limited partnership interests		4,276			4,514			4,805			4,686			4,781
Short-term investments		3,306			3,368			4,067			5,839			2,709
Other invested assets		8,078			8,386			9,652			9,194			10,428
Total Investments		301,709			312,373			312,854			321,219			324,689
Cash and cash equivalents		4,018			5,144			4,126			5,924			7,107
Accrued investment income		3,036			3,145			3,275			3,380			3,347
Premiums and other receivables		12,186			12,731			13,216			14,494			14,490
Deferred policy acquisition costs and value of business acquired		19,641			20,245			20,814			20,565			20,851
Current income tax recoverable		0			0			154			170			0
Goodwill		4,797			4,797			4,913			4,916			4,897
Other assets		8,389			8,145			8,171			8,244			7,969
Separate account assets		127,869			132,522			132,782			137,274			144,365
Total Assets		$481,645			$499,102			$500,305			$516,186			$527,715
LIABILITIES AND EQUITY
Liabilities
Future policy benefits		$123,204			$122,748			$123,802			$125,614			$127,489
Policyholder account balances		128,312			129,860			130,518			131,898			133,543
Other policyholder funds		8,331			8,620			8,721			9,100			9,139
Policyholder dividends payable		917			918			961			1,004			960
Policyholder dividend obligation		1,607			814			176			1,077			1,063
Short-term debt		1,414			1,360			2,253			1,706			1,449
Long-term debt		9,489			9,533			10,338			10,312			9,979
Junior subordinated debt securities		2,533			2,533			2,533			2,533			3,780
Shares subject to mandatory redemption		278			278			278			278			278
Current income tax payable		69			88			0			0			1,465
Deferred income tax payable		1,706			1,199			485			2,319			2,278
Payables for collateral under securities loaned and other transactions		34,515			47,059			46,612			48,082			45,846
Other liabilities		12,300			13,003			13,165			13,379			12,283
Separate account liabilities		127,869			132,522			132,782			137,274			144,365
Total Liabilities		452,544			470,535			472,624			484,576			493,917
Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		8			8			8			8			8
Additional paid-in capital		17,274			17,327			17,372			17,397			17,454
Retained earnings		10,865			11,579			12,195			13,195			16,574
Treasury stock		(959	)		(938	)		(905	)		(878	)		(1,357	)
Accumulated other comprehensive income		1,912			590			(990	)		1,887			1,118
Total Stockholders’ Equity		29,101			28,567			27,681			31,610			33,798
Total Liabilities and Stockholders’ Equity		$481,645			$499,102			$500,305			$516,186			$527,715

(1) Certain prior period amounts have been reclassified to conform with current period presentation.

3

METLIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006
REVENUES
Premiums		$6,346			$6,428			$6,428			$6,577			$6,979
Universal life and investment-type product policy fees		1,112			1,178			1,194			1,185			1,229
Investment income, net		4,167			4,278			4,277			4,308			4,703
Other revenues		323			328			335			339			360
		11,948			12,212			12,234			12,409			13,271
EXPENSES
Policyholder benefits and dividends		6,897			6,934			6,840			6,930			7,318
Interest credited to policyholder account balances		1,167			1,220			1,269			1,349			1,402
Interest credited to bank deposits		37			43			48			51			52
Interest expenses (1)		185			198			202			234			218
Other expenses (1)		2,487			2,297			2,425			2,480			2,780
		10,773			10,692			10,784			11,044			11,770
Operating earnings before provision (benefit) for income tax		1,175			1,520			1,450			1,365			1,501
Provision for income tax		344			462			435			373			414
Operating earnings		831			1,058			1,015			992			1,087
Preferred stock dividends		32			33			33			34			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$799			$1,025			$982			$958			$1,053
Net Income Reconciliation
Operating earnings available to common shareholders		$799			$1,025			$982			$958			$1,053
Net investment gains (losses)		(234	)		(624	)		(817	)		254			4,336
Minority interest — net investment gains (losses)		3			(2	)		4			0			(2	)
Net investment gains (losses) tax benefit (provision)		85			220			289			(92	)		(1,531	)
Net investment gains (losses), net of income tax		(146	)		(406	)		(524	)		162			2,803
Adjustments related to universal life and investment-type product policy fees		0			(3	)		(9	)		3			3
Adjustments related to policyholder benefits and dividends		(9	)		108			84			(204	)		(98	)
Adjustments related to other expenses		30			42			126			14			49
Adjustments related to tax benefit (provision)		(9	)		(52	)		(72	)		66			17
Adjustments related to net investment gains (losses), net of income tax (2)		12			95			129			(121	)		(29	)
Discontinued operations, net of income tax		12			0			30			0			2
Net income available to common shareholders		677			714			617			999			3,829
Preferred stock dividends		32			33			33			34			34
Net income		$709			$747			$650			$1,033			$3,863

(1)	Certain prior period amounts have been reclassified to conform with current period presentation.
(2)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

4

METLIFE, INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2006

																		Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance		& Eliminations
ASSETS
Total investments		$324,689			$134,076			$125,044			$3,789			$15,392			$14,086		$32,302
Cash and cash equivalents		7,107			(446	)		1,118			(60	)		317			56		6,122
Accrued investment income		3,347			1,156			1,314			61			148			68		600
Premiums and other receivables		14,490			5,292			1,958			944			946			1,254		4,096
Deferred policy acquisition costs and value of business acquired		20,851			1,370			13,996			190			2,130			3,152		13
Goodwill		4,897			977			2,957			157			301			96		409
Other assets		7,969			1,491			3,092			386			312			90		2,598
Separate account assets		144,365			47,047			94,125			0			3,178			16		(1	)
Total Assets		$527,715			$190,963			$243,604			$5,467			$22,724			$18,818		$46,139
LIABILITIES AND EQUITY
Liabilities
Future policy benefits		$127,489			$50,700			$55,795			$3,392			$8,123			$5,140		$4,339
Policyholder account balances		133,543			59,694			57,208			0			5,793			6,212		4,636
Other policyholder funds		9,139			2,811			2,840			61			1,223			1,980		224
Policyholder dividends payable		960			0			959			0			0			0		1
Policyholder dividend obligation		1,063			0			1,063			0			0			0		0
Short-term debt		1,449			0			0			0			0			0		1,449
Long-term debt		9,979			0			138			0			66			1,157		8,618
Junior subordinated debt securities		3,780			0			0			0			0			399		3,381
Shares subject to mandatory redemption		278			0			0			0			0			159		119
Current income tax payable		1,465			429			415			7			(50	)		29		635
Deferred income tax payable		2,278			(1,388	)		1,643			21			111			1,010		881
Payables for collateral under securities loaned and other transactions		45,846			19,487			16,794			85			0			0		9,480
Other liabilities		12,283			2,671			3,000			648			1,086			1,463		3,415
Separate account liabilities		144,365			47,047			94,125			0			3,178			16		(1	)
Total Liabilities		493,917			181,451			233,980			4,214			19,530			17,565		37,177
Equity
Preferred stock, at par value		1			0			0			0			0			0		1
Common stock, at par value		8			0			0			0			0			0		8
Allocated equity (1)		34,028			9,144			9,644			1,084			2,794			1,024		10,338
Treasury stock		(1,357	)		0			0			0			0			0		(1,357	)
Accumulated other comprehensive income		1,118			368			(20	)		169			400			229		(28	)
Total Stockholders’ Equity		33,798			9,512			9,624			1,253			3,194			1,253		8,962
Total Liabilities and Stockholders’ Equity		$527,715			$190,963			$243,604			$5,467			$22,724			$18,818		$46,139

(1) Allocated equity includes additional paid-in capital and retained earnings.

5

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006

																				Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home				International			Reinsurance			& Eliminations
REVENUES
Premiums		$6,979			$3,050			$1,237			$742				$740			$1,201			$9
Universal life and investment-type product policy fees		1,229			172			836			0				221			0			0
Investment income, net		4,703			2,020			1,801			44				287			231			320
Other revenues		360			175			141			4				12			19			9
		13,271			5,417			4,015			790				1,260			1,451			338
													��
EXPENSES
Policyholder benefits and dividends		7,318			3,421			1,881			411				644			957			4
Interest credited to policyholder account balances		1,402			694			513			0				98			97			0
Capitalization of deferred policy acquisition costs		(862	)		(71	)		(372	)		(116	)			(138	)		(165	)		0
Amortization of deferred policy acquisition costs		632			41			263			117				105			103			3
Other expenses		3,280			664			1,097			223				515			409			372
		11,770			4,749			3,382			635				1,224			1,401			379
Operating earnings before provision (benefit) for income tax		1,501			668			633			155				36			50			(41	)
Provision (benefit) for income tax		414			227			218			40				21			17			(109	)
Operating earnings		1,087			441			415			115				15			33			68
Preferred stock dividends		34			0			0			0				0			0			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$1,053			$441			$415			$115				$15			$33			$34
Net Income Reconciliation
Operating earnings available to common shareholders		$1,053			$441			$415			$115				$15			$33			$34
Net investment gains (losses)		4,336			(253	)		(134	)		8				6			11			4,698
Minority interest — net investment gains (losses)		(2	)		0			0			0				0			(2	)		0
Net investment gains (losses) tax benefit (provision)		(1,531	)		85			46			(3	)			(2	)		(3	)		(1,654	)
Net investment gains (losses), net of income tax		2,803			(168	)		(88	)		5				4			6			3,044
Adjustments related to universal life and investment-type product policy fees		3			0			3			0				0			0			0
Adjustments related to policyholder benefits and dividends		(98	)		(21	)		(22	)		0				(55	)		0			0
Adjustments related to other expenses		49			0			55			0				0			(6	)		0
Adjustments related to tax benefit (provision)		17			7			(12	)		0				20			2			0
Adjustments related to net investment gains (losses), net of income tax (1)		(29	)		(14	)		24			0				(35	)		(4	)		0
Discontinued operations, net of income tax		2			0			0			0				0			0			2
Net income available to common shareholders		3,829			259			351			120				(16	)		35			3,080
Preferred stock dividends		34			0			0			0				0			0			34
Net income		$3,863			$259			$351			$120				($16	)		$35			$3,114

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

6

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2005

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$6,346			$2,643			$1,264			$729			$636			$1,062			$12
Universal life and investment-type product policy fees		1,112			197			750			0			165			0			0
Investment income, net		4,167			1,732			1,711			46			262			161			255
Other revenues		323			166			110			8			9			13			17
		11,948			4,738			3,835			783			1,072			1,236			284
EXPENSES
Policyholder benefits and dividends		6,897			3,025			1,940			456			600			860			16
Interest credited to policyholder account balances		1,167			530			488			0			92			57			0
Capitalization of deferred policy acquisition costs		(1,044	)		(72	)		(409	)		(110	)		(141	)		(312	)		0
Amortization of deferred policy acquisition costs		724			49			303			113			43			212			4
Other expenses		3,029			618			1,047			213			441			371			339
		10,773			4,150			3,369			672			1,035			1,188			359
Operating earnings before provision (benefit) for income tax		1,175			588			466			111			37			48			(75	)
Provision (benefit) for income tax		344			199			154			30			(11	)		17			(45	)
Operating earnings		831			389			312			81			48			31			(30	)
Preferred stock dividends		32			0			0			0			0			0			32
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$799			$389			$312			$81			$48			$31			($62	)
Net Income Reconciliation
Operating earnings available to common shareholders		$799			$389			$312			$81			$48			$31			($62	)
Net investment gains (losses)		(234	)		(156	)		(180	)		(3	)		(7	)		(6	)		118
Minority interest — net investment gains (losses)		3			0			0			0			0			3			0
Net investment gains (losses) tax benefit (provision)		85			59			65			1			3			1			(44	)
Net investment gains (losses), net of income tax		(146	)		(97	)		(115	)		(2	)		(4	)		(2	)		74
Adjustments related to universal life and investment-type product policy fees		0			0			0			0			0			0			0
Adjustments related to policyholder benefits and dividends		(9	)		(18	)		30			0			(21	)		0			0
Adjustments related to other expenses		30			0			31			0			0			(1	)		0
Adjustments related to tax benefit (provision)		(9	)		6			(22	)		0			7			0			0
Adjustments related to net investment gains (losses), net of income tax (1)		12			(12	)		39			0			(14	)		(1	)		0
Discontinued operations, net of income tax		12			0			0			0			0			0			12
Net income available to common shareholders		677			280			236			79			30			28			24
Preferred stock dividends		32			0			0			0			0			0			32
Net income		$709			$280			$236			$79			$30			$28			$56

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

7

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
FOR THE YEAR ENDED DECEMBER 31, 2006

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$26,412			$11,867			$4,516			$2,924			$2,722			$4,348			$35
Universal life and investment-type product policy fees		4,786			775			3,207			0			804			0			0
Investment income, net		17,566			7,496			6,968			177			1,050			732			1,143
Other revenues		1,362			685			527			22			28			66			34
		50,126			20,823			15,218			3,123			4,604			5,146			1,212
EXPENSES
Policyholder benefits and dividends		28,022			13,347			7,073			1,723			2,352			3,490			37
Interest credited to policyholder account balances		5,240			2,587			2,035			0			364			254			0
Capitalization of deferred policy acquisition costs		(3,589	)		(307	)		(1,497	)		(464	)		(580	)		(741	)		0
Amortization of deferred policy acquisition costs		2,653			183			1,141			459			361			504			5
Other expenses		11,964			2,438			4,108			850			1,762			1,462			1,344
		44,290			18,248			12,860			2,568			4,259			4,969			1,386
Operating earnings before provision (benefit) for income tax		5,836			2,575			2,358			555			345			177			(174	)
Provision (benefit) for income tax		1,684			875			815			141			121			62			(330	)
Operating earnings		4,152			1,700			1,543			414			224			115			156
Preferred stock dividends		134			0			0			0			0			0			134
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$4,018			$1,700			$1,543			$414			$224			$115			$22
Operating Return on Common Equity (1)		14.8%
Net Income Reconciliation
Operating earnings available to common shareholders		$4,018			$1,700			$1,543			$414			$224			$115			$22
Net investment gains (losses)		3,149			(802	)		(627	)		4			22			7			4,545
Minority interest — net investment gains (losses)		0			0			0			0			0			0			0
Net investment gains (losses) tax benefit (provision)		(1,114	)		282			223			(2	)		(9	)		(3	)		(1,605	)
Net investment gains (losses), net of income tax		2,035			(520	)		(404	)		2			13			4			2,940
Adjustments related to universal life and investment-type product policy fees		(6	)		0			(6	)		0			0			0			0
Adjustments related to policyholder benefits and dividends		(110	)		(20	)		(33	)		0			(57	)		0			0
Adjustments related to other expenses		231			0			233			0			0			(2	)		0
Adjustments related to tax benefit (provision)		(41	)		7			(69	)		0			20			1			0
Adjustments related to net investment gains (losses), net of income tax (2)		74			(13	)		125			0			(37	)		(1	)		0
Discontinued operations, net of income tax		32			0			0			0			0			0			32
Net income available to common shareholders		6,159			1,167			1,264			416			200			118			2,994
Preferred stock dividends		134			0			0			0			0			0			134
Net income		$6,293			$1,167			$1,264			$416			$200			$118			$3,128
Net Income Return on Common Equity, excluding AOCI (3)		22.6%
Net Income Return on Common Equity (3)		21.9%

(1)	Operating return on common equity is defined as operating earnings available to common shareholders divided by average GAAP common equity, excluding accumulated other comprehensive income.
(2)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(3)	Net income return on common equity is defined as net income available to common shareholders divided by average GAAP common equity. Segment net income return on common equity is defined as segment return on equity divided by average allocated equity.

8

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
FOR THE YEAR ENDED DECEMBER 31, 2005

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$24,860			$11,387			$4,485			$2,911			$2,186			$3,869			$22
Universal life and investment-type product policy fees		3,828			772			2,476			0			579			0			1
Investment income, net		15,066			6,051			6,571			181			844			606			813
Other revenues		1,271			653			477			33			20			58			30
		45,025			18,863			14,009			3,125			3,629			4,533			866
EXPENSES
Policyholder benefits and dividends		27,105			12,785			7,076			1,997			2,056			3,206			(15	)
Interest credited to policyholder account balances		3,938			1,665			1,775			0			278			220			0
Capitalization of deferred policy acquisition costs		(3,604	)		(278	)		(1,326	)		(455	)		(541	)		(1,004	)		0
Amortization of deferred policy acquisition costs		2,464			174			964			455			223			640			8
Other expenses		10,411			2,333			3,645			828			1,318			1,340			947
		40,314			16,679			12,134			2,825			3,334			4,402			940
Operating earnings before provision (benefit) for income tax		4,711			2,184			1,875			300			295			131			(74	)
Provision (benefit) for income tax		1,377			739			623			68			62			45			(160	)
Operating earnings		3,334			1,445			1,252			232			233			86			86
Preferred stock dividends		63			0			0			0			0			0			63
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$3,271	(3)		$1,445			$1,252			$232			$233			$86			$23
Operating Return on Common Equity (1)		14.4%
Net Income Reconciliation
Operating earnings available to common shareholders		$3,271			$1,445			$1,252			$232			$233			$86			$23
Net investment gains (losses)		1,947			167			374			(12	)		5			22			1,391
Minority interest — net investment gains (losses)		(9	)		0			(4	)		0			0			(5	)		0
Net investment gains (losses) tax benefit (provision)		(681	)		(55	)		(132	)		4			(1	)		(3	)		(494	)
Net investment gains (losses), net of income tax		1,257			112			238			(8	)		4			14			897
Adjustments related to universal life and investment-type product policy fees		0			0			0			0			0			0			0
Adjustments related to policyholder benefits and dividends		(80	)		8			(11	)		0			(77	)		0			0
Adjustments related to other expenses		13			0			23			0			0			(10	)		0
Adjustments related to tax benefit (provision)		22			(3	)		(4	)		0			27			2			0
Adjustments related to net investment gains (losses), net of income tax (2)		(45	)		5			8			0			(50	)		(8	)		0
Discontinued operations, net of income tax		168			0			0			0			5			0			163
Net income available to common shareholders		4,651			1,562			1,498			224			192			92			1,083
Preferred stock dividends		63			0			0			0			0			0			63
Net income		$4,714			$1,562			$1,498			$224			$192			$92			$1,146
Net Income Return on Common Equity, excluding AOCI (4)		20.4%
Net Income Return on Common Equity (4)		18.5%

(1)	Operating return on common equity is defined as operating earnings available to common shareholders divided by average GAAP common equity, excluding accumulated other comprehensive income.
(2)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(3)	Operating earnings available to common shareholders for the year ended December 31, 2005 includes a $30 million benefit, net of income tax, associated with the reduction of a previously established liability for settlement death benefits related to the Company’s sales practices class action settlement recorded in 1999, an $18 million benefit, net of income tax, associated with the reduction of a previously established liability related to Metropolitan Life Insurance Company’s demutualization in 2000, an $8 million charge, net of income tax, associated with an establishment of a liability associated with the Argentine pension business and a $31 million benefit from a revision of the estimate of income tax for 2004.
(4)	Net income return on common equity is defined as net income available to common shareholders divided by average GAAP common equity. Segment net income return on common equity is defined as segment return on equity divided by average allocated equity.

9

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended
		December 31,			March 31,		June 30,			September 30,			December 31,
Unaudited (In millions)		2005			2006		2006			2006			2006
INSTITUTIONAL OPERATIONS			$389			$416		$453			$390			$441
INDIVIDUAL OPERATIONS			312			408		353			367			415
AUTO & HOME OPERATIONS			81			93		99			107			115
INTERNATIONAL OPERATIONS			48			75		62			72			15
REINSURANCE OPERATIONS			31			24		29			29			33
CORPORATE, OTHER & ELIMINATIONS			(62	)		9		(14	)		(7	)		34
CONSOLIDATED			$799			$1,025		$982			$958			$1,053

(1) A reconciliation of operating earnings available to common shareholders to net income for each segment appears in this QFS as follows: (i) Institutional Operations, page 11; (ii) Individual Operations, page 19; (iii) Auto & Home Operations, page 29; (iv) International Operations, page 33; (v) Reinsurance Operations, page 34; and Corporate, Other & Eliminations, page 36. A reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc., Consolidated, appears on page 4.

10

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — TOTAL
Unaudited (In millions)

	For the Three Months Ended																For the Year-to-Date Period Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Institutional Operations		2005			2006			2006			2006			2006				2005			2006
REVENUES
Premiums			$2,643			$2,989			$2,836			$2,992			$3,050				$11,387			$11,867
Universal life and investment-type product policy fees			197			201			201			201			172				772			775
Investment income, net			1,732			1,787			1,824			1,865			2,020				6,051			7,496
Other revenues			166			170			169			171			175				653			685
			4,738			5,147			5,030			5,229			5,417				18,863			20,823
EXPENSES
Policyholder benefits and dividends			3,025			3,389			3,169			3,368			3,421				12,785			13,347
Interest credited to policyholder account balances			530			594			617			682			694				1,665			2,587
Other expenses			595			533			559			588			634				2,229			2,314
			4,150			4,516			4,345			4,638			4,749				16,679			18,248
Operating earnings before provision (benefit) for income tax			588			631			685			591			668				2,184			2,575
Provision (benefit) for income tax			199			215			232			201			227				739			875
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$389			$416			$453			$390			$441				$1,445			$1,700
Net Income Reconciliation
Operating earnings available to common shareholders			$389			$416			$453			$390			$441				$1,445			$1,700
Net investment gains (losses)			(156	)		(339	)		(440	)		230			(253	)			167			(802	)
Minority interest — net investment gains (losses)			0			0			0			0			0				0			0
Net investment gains (losses) tax benefit (provision)			59			120			157			(80	)		85				(55	)		282
Net investment gains (losses), net of income tax			(97	)		(219	)		(283	)		150			(168	)			112			(520	)
Adjustments related to universal life and investment-type product policy fees			0			0			0			0			0				0			0
Adjustments related to policyholder benefits and dividends			(18	)		25			61			(85	)		(21	)			8			(20	)
Adjustments related to other expenses			0			0			0			0			0				0			0
Adjustments related to tax benefit (provision)			6			(9	)		(22	)		31			7				(3	)		7
Adjustments related to net investment gains (losses), net of income tax (1)			(12	)		16			39			(54	)		(14	)			5			(13	)
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			280			213			209			486			259				1,562			1,167
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$280			$213			$209			$486			$259				$1,562			$1,167

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

11

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended																For the Year-to-Date Period Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Group Life		2005			2006			2006			2006			2006				2005			2006
REVENUES
Premiums			$1,359			$1,551			$1,474			$1,434			$1,478				$5,643			$5,937
Universal life and investment-type product policy fees			194			195			197			196			171				753			759
Investment income, net			296			303			309			321			334				1,144			1,267
Other revenues			10			15			13			14			16				48			58
			1,859			2,064			1,993			1,965			1,999				7,588			8,021
EXPENSES
Policyholder benefits and dividends			1,398			1,636			1,484			1,505			1,515				5,903			6,140
Interest credited to policyholder account balances			125			134			143			148			153				448			578
Other expenses			157			155			157			159			187				630			658
			1,680			1,925			1,784			1,812			1,855				6,981			7,376
Operating earnings before provision (benefit) for income tax			179			139			209			153			144				607			645
Provision (benefit) for income tax			61			48			70			52			49				207			219
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$118			$91			$139			$101			$95				$400			$426
Net investment gains (losses), net of income tax			(38	)		(2	)		(47	)		(10	)		(26	)			(41	)		(85	)
Adjustments related to net investment gains (losses), net of income tax			1			1			3			0			0				5			4
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			81			90			95			91			69				364			345
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$81			$90			$95			$91			$69				$364			$345

12

&nbs;

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,		December 31,
Retirement & Savings	2005			2006			2006			2006			2006			2005		2006
REVENUES
Premiums		$234			$334			$254			$436			$436			$1,671		$1,460
Universal life and investment-type product policy fees		3			6			4			5			1			19		16
Investment income, net		1,273			1,325			1,361			1,386			1,505			4,300		5,577
Other revenues		67			62			64			62			67			248		255
		1,577			1,727			1,683			1,889			2,009			6,238		7,308
EXPENSES
Policyholder benefits and dividends		743			774			755			940			942			3,399		3,411
Interest credited to policyholder account balances		405			460			474			534			541			1,217		2,009
Other expenses		113			98			119			111			114			419		442
		1,261			1,332			1,348			1,585			1,597			5,035		5,862
Operating earnings before provision (benefit) for income tax		316			395			335			304			412			1,203		1,446
Provision (benefit) for income tax		106			134			114			103			140			403		491
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$210			$261			$221			$201			$272			$800		$955
Net investment gains (losses), net of income tax		(61	)		(168	)		(187	)		105			(140	)		137		(390	)
Adjustments related to net investment gains (losses), net of income tax		(2	)		(7	)		10			(16	)		(8	)		6		(21	)
Discontinued operations, net of income tax		0			0			0			0			0			0		0
Net income available to common shareholders		147			86			44			290			124			943		544
Preferred stock dividends		0			0			0			0			0			0		0
Net income		$147			$86			$44			$290			$124			$943		$544

13

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Non-Medical Health & Other	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$1,050			$1,104			$1,108			$1,122			$1,136			$4,073			$4,470
Universal life and investment-type product policy fees		0			0			0			0			0			0			0
Investment income, net		163			159			154			158			181			607			652
Other revenues		89			93			92			95			92			357			372
		1,302			1,356			1,354			1,375			1,409			5,037			5,494
EXPENSES
Policyholder benefits and dividends		884			979			930			923			964			3,483			3,796
Interest credited to policyholder account balances		0			0			0			0			0			0			0
Other expenses		325			280			283			318			333			1,180			1,214
		1,209			1,259			1,213			1,241			1,297			4,663			5,010
Operating earnings before provision (benefit) for income tax		93			97			141			134			112			374			484
Provision (benefit) for income tax		32			33			48			46			38			129			165
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$61			$64			$93			$88			$74			$245			$319
Net investment gains (losses), net of income tax		2			(49	)		(49	)		55			(2	)		16			(45	)
Adjustments related to net investment gains (losses), net of income tax		(11	)		22			26			(38	)		(6	)		(6	)		4
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		52			37			70			105			66			255			278
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$52			$37			$70			$105			$66			$255			$278

14

INSTITUTIONAL OPERATIONS
PREMIUMS, FEES AND OTHER REVENUES BY PRODUCT
AND ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
PREMIUMS, FEES AND OTHER REVENUES BY PRODUCT
Group Life		$1,563		$1,761		$1,684		$1,644		$1,665
Retirement & Savings		304		402		322		503		504
Non-Medical Health & Other		1,139		1,197		1,200		1,217		1,228
Total Premiums, Fees and Other Revenues		$3,006		$3,360		$3,206		$3,364		$3,397
Group Disability (Included in Non-Medical Health & Other)		$335		$347		$342		$352		$357
ADDITIONAL STATISTICAL INFORMATION
Incurred Loss Ratio (Mortality Experience):
Term Life		89.3%		94.2%		88.1%		91.6%		92.1%
Incurred Loss Ratio (Morbidity Experience):
Group Disability		91.1%		90.7%		90.2%		83.0%		95.2%
Actual Number of Sales Representatives (1)		755		739		693		677		642

(1) Certain prior period amounts have been reclassified to conform with current period presentation.

15

INSTITUTIONAL OPERATIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Group Life	2005			2006			2006			2006			2006
Balance, beginning of period		$16,290			$16,400			$16,951			$16,686			$16,594
Premiums and deposits		2,681			3,372			2,824			2,787			2,854
Interest on reserves		166			176			187			193			197
Surrenders and withdrawals		(1,180	)		(1,196	)		(1,581	)		(1,392	)		(1,111	)
Benefits and reserves		(1,397	)		(1,623	)		(1,489	)		(1,514	)		(1,521	)
Other		(160	)		(178	)		(206	)		(166	)		(195	)
Balance, end of period		$16,400			$16,951			$16,686			$16,594			$16,818

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Retirement & Savings	2005			2006			2006			2006			2006
Balance, beginning of period		$77,933			$78,405			$78,252			$79,406			$81,440
Premiums and deposits		3,282			3,819			3,028			3,389			3,387
Interest on reserves		937			986			1,022			1,054			1,086
Surrenders and withdrawals		(2,378	)		(2,851	)		(2,301	)		(2,031	)		(2,143	)
Benefits and reserves		(655	)		(679	)		(673	)		(663	)		(676	)
Other		(714	)		(1,428	)		78			285			941
Balance, end of period		$78,405			$78,252			$79,406			$81,440			$84,035

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Non-Medical Health & Other	2005			2006			2006			2006			2006
Balance, beginning of period		$8,321			$8,556			$8,849			$9,014			$9,277
Premiums and deposits		1,023			1,066			1,059			1,075			1,084
Interest on reserves		76			78			81			84			86
Surrenders and withdrawals		20			20			28			21			22
Benefits and reserves		(915	)		(991	)		(950	)		(931	)		(980	)
Other		31			120			(53	)		14			52
Balance, end of period		$8,556			$8,849			$9,014			$9,277			$9,541

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Group Life	2005			2006			2006			2006			2006
Balance, beginning of period		$9,931			$10,539			$10,949			$11,294			$12,608
Premiums and deposits		706			189			603			552			627
Investment performance		29			329			(161	)		328			146
Surrenders and withdrawals		(121	)		(101	)		(86	)		(139	)		(110	)
Policy charges		(7	)		(7	)		(7	)		(7	)		(8	)
Other		1			0			(4	)		580			(182	)
Balance, end of period		$10,539			$10,949			$11,294			$12,608			$13,081

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Retirement & Savings	2005			2006			2006			2006			2006
Balance, beginning of period		$34,508			$34,374			$33,653			$33,657			$33,121
Premiums and deposits		1,204			1,345			1,127			1,256			952
Investment performance		527			550			279			1,218			809
Surrenders and withdrawals		(1,775	)		(2,592	)		(1,377	)		(2,978	)		(1,342	)
Policy charges		(30	)		(25	)		(26	)		(25	)		(21	)
Other		(60	)		1			1			(7	)		2
Balance, end of period		$34,374			$33,653			$33,657			$33,121			$33,521

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Non-Medical Health & Other	2005			2006			2006			2006			2006
Balance, beginning of period		$298			$326			$360			$377			$422
Premiums and deposits		78			90			91			84			85
Investment performance		(34	)		90			(48	)		33			(15	)
Surrenders and withdrawals		(19	)		(20	)		(28	)		(21	)		(22	)
Policy charges		(15	)		(14	)		(20	)		(25	)		(25	)
Other		18			(112	)		22			(26	)		0
Balance, end of period		$326			$360			$377			$422			$445

16

INSTITUTIONAL OPERATIONS
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
OTHER EXPENSES BY MAJOR CATEGORY
Direct and allocated expenses		$431		$361		$413		$397		$464
Pension and other post-retirement benefit costs		19		21		20		21		21
Premium tax and other tax, licenses and fees		53		50		38		50		52
Sub-total Insurance Expenses		503		432		471		468		537
Commissions and other expenses		92		101		88		120		97
Total Other Expenses		$595		$533		$559		$588		$634

17

INSTITUTIONAL OPERATIONS
SPREADS BY PRODUCT
Unaudited

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Group Life	2005		2006		2006		2006		2006
ANNUALIZED GENERAL ACCOUNT
SPREADS BY SEGMENT (%)
Investment income yield		5.98%		6.07%		6.11%		6.52%		6.84	%
Average crediting rate		4.07%		4.40%		4.56%		4.73%		4.75	%
Spread		1.91%		1.67%		1.55%		1.79%		2.09	%

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Retirement & Savings	2005		2006		2006		2006		2006
ANNUALIZED GENERAL ACCOUNT
SPREADS BY SEGMENT (%)
Investment income yield		6.59%		6.74%		6.83%		6.79%		7.28	%
Average crediting rate		5.11%		5.31%		5.33%		5.54%		5.52	%
Spread		1.48%		1.43%		1.50%		1.25%		1.76	%

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Non-Medical Health & Other	2005		2006		2006		2006		2006
ANNUALIZED GENERAL ACCOUNT
SPREADS BY SEGMENT (%)
Investment income yield		8.25%		7.71%		7.22%		7.09%		8.43	%
Average crediting rate		4.95%		4.99%		5.00%		5.01%		4.98	%
Spread		3.30%		2.72%		2.22%		2.08%		3.45	%

18

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — TOTAL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Individual Operations	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$1,264			$1,082			$1,102			$1,095			$1,237			$4,485			$4,516
Universal life and investment-type product policy fees		750			793			799			779			836			2,476			3,207
Investment income, net		1,711			1,741			1,709			1,717			1,801			6,571			6,968
Other revenues		110			125			135			126			141			477			527
		3,835			3,741			3,745			3,717			4,015			14,009			15,218
EXPENSES
Policyholder benefits and dividends		1,940			1,745			1,755			1,692			1,881			7,076			7,073
Interest credited to policyholder account balances		488			476			518			528			513			1,775			2,035
Capitalization of deferred policy acquisition costs		(409	)		(370	)		(415	)		(340	)		(372	)		(1,326	)		(1,497	)
Amortization of deferred policy acquisition costs		303			302			289			287			263			964			1,141
Other expenses		1,047			964			1,060			987			1,097			3,645			4,108
		3,369			3,117			3,207			3,154			3,382			12,134			12,860
Operating earnings before provision (benefit) for income tax		466			624			538			563			633			1,875			2,358
Provision (benefit) for income tax		154			216			185			196			218			623			815
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$312			$408			$353			$367			$415			$1,252			$1,543
Net Income Reconciliation
Operating earnings available to common shareholders		$312			$408			$353			$367			$415			$1,252			$1,543
Net investment gains (losses)		(180	)		(265	)		(307	)		79			(134	)		374			(627	)
Minority interest — net investment gains (losses)		0			0			0			0			0			(4	)		0
Net investment gains (losses) tax benefit (provision)		65			95			108			(26	)		46			(132	)		223
Net investment gains (losses), net of income tax		(115	)		(170	)		(199	)		53			(88	)		238			(404	)
Adjustments related to universal life and investment-type product policy fees		0			(3	)		(9	)		3			3			0		��	(6	)
Adjustments related to policyholder benefits and dividends		30			61			(26	)		(46	)		(22	)		(11	)		(33	)
Adjustments related to other expenses		31			45			118			15			55			23			233
Adjustments related to tax benefit (provision)		(22	)		(37	)		(29	)		9			(12	)		(4	)		(69	)
Adjustments related to net investment gains (losses), net of income tax (1)		39			66			54			(19	)		24			8			125
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		236			304			208			401			351			1,498			1,264
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$236			$304			$208			$401			$351			$1,498			$1,264

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

19

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Traditional Life	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$1,134			$976			$1,011			$1,009			$1,142			$4,099			$4,138
Universal life and investment-type product policy fees		0			0			0			0			0			0			0
Investment income, net		815			821			804			816			845			3,327			3,286
Other revenues		1			0			(1	)		1			5			4			5
		1,950			1,797			1,814			1,826			1,992			7,430			7,429
EXPENSES
Policyholder benefits and dividends		1,648			1,444			1,463			1,467			1,610			6,083			5,984
Interest credited to policyholder account balances		0			0			0			0			0			0			0
Capitalization of deferred policy acquisition costs		(53	)		(56	)		(52	)		(65	)		(59	)		(203	)		(232	)
Amortization of deferred policy acquisition costs		46			53			45			44			(1	)		204			141
Other expenses		222			207			213			271			261			840			952
		1,863			1,648			1,669			1,717			1,811			6,924			6,845
Operating earnings before provision (benefit) for income tax		87			149			145			109			181			506			584
Provision (benefit) for income tax		30			51			48			36			61			172			196
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$57			$98			$97			$73			$120			$334			$388
Net investment gains (losses), net of income tax		15			(44	)		(48	)		(14	)		3			315			(103	)
Adjustments related to net investment gains (losses), net of income tax		20			40			19			(4	)		1			(9	)		56
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		92			94			68			55			124			640			341
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$92			$94			$68			$55			$124			$640			$341

20

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Variable & Universal Life	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$0			$0			$0			$0			$0			$0			$0
Universal life and investment-type product policy fees		382			395			384			370			408			1,308			1,557
Investment income, net		190			203			197			199			211			689			810
Other revenues		(1	)		(3	)		0			1			0			(4	)		(2	)
		571			595			581			570			619			1,993			2,365
EXPENSES
Policyholder benefits and dividends		120			123			162			82			112			430			479
Interest credited to policyholder account balances		146			142			144			151			149			522			586
Capitalization of deferred policy acquisition costs		(136	)		(102	)		(110	)		(89	)		(103	)		(406	)		(404	)
Amortization of deferred policy acquisition costs		113			110			104			97			132			331			443
Other expenses		275			208			214			184			231			849			837
		518			481			514			425			521			1,726			1,941
Operating earnings before provision (benefit) for income tax		53			114			67			145			98			267			424
Provision (benefit) for income tax		18			40			24			51			35			91			150
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$35			$74			$43			$94			$63			$176			$274
Net investment gains (losses), net of income tax		(22	)		(25	)		(36	)		14			3			(33	)		(44	)
Adjustments related to net investment gains (losses), net of income tax		10			9			6			(3	)		3			13			15
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		23			58			13			105			69			156			245
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$23			$58			$13			$105			$69			$156			$245

21

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Annuities	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$101			$98			$85			$78			$105			$355			$366
Universal life and investment-type product policy fees		334			356			367			365			387			1,035			1,475
Investment income, net		665			677			667			658			697			2,408			2,699
Other revenues		29			29			36			31			40			79			136
		1,129			1,160			1,155			1,132			1,229			3,877			4,676
EXPENSES
Policyholder benefits and dividends		152			173			125			138			167			539			603
Interest credited to policyholder account balances		322			314			351			352			339			1,181			1,356
Capitalization of deferred policy acquisition costs		(220	)		(212	)		(253	)		(186	)		(210	)		(716	)		(861	)
Amortization of deferred policy acquisition costs		144			139			140			146			132			429			557
Other expenses		422			400			477			387			450			1,400			1,714
		820			814			840			837			878			2,833			3,369
Operating earnings before provision (benefit) for income tax		309			346			315			295			351			1,044			1,307
Provision (benefit) for income tax		100			120			109			103			121			340			453
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$209			$226			$206			$192			$230			$704			$854
Net investment gains (losses), net of income tax		(99	)		(102	)		(105	)		56			(86	)		(33	)		(237	)
Adjustments related to net investment gains (losses), net of income tax		9			17			29			(12	)		20			4			54
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		119			141			130			236			164			675			671
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$119			$141			$130			$236			$164			$675			$671

22

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended														For the Year-to-Date Period Ended
	December 31,			March 31,		June 30,			September 30,			December 31,			December 31,			December 31,
Other	2005			2006		2006			2006			2006			2005			2006
REVENUES
Premiums		$29			$8		$6			$8			($10	)		$31			$12
Universal life and investment-type product policy fees		34			42		48			44			41			133			175
Investment income, net		41			40		41			44			48			147			173
Other revenues		81			99		100			93			96			398			388
		185			189		195			189			175			709			748
EXPENSES
Policyholder benefits and dividends		20			5		5			5			(8	)		24			7
Interest credited to policyholder account balances		20			20		23			25			25			72			93
Capitalization of deferred policy acquisition costs		0			0		0			0			0			(1	)		0
Amortization of deferred policy acquisition costs		0			0		0			0			0			0			0
Other expenses		128			149		156			145			155			556			605
		168			174		184			175			172			651			705
Operating earnings before provision (benefit) for income tax		17			15		11			14			3			58			43
Provision (benefit) for income tax		6			5		4			6			1			20			16
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$11			$10		$7			$8			$2			$38			$27
Net investment gains (losses), net of income tax		(9	)		1		(10	)		(3	)		(8	)		(11	)		(20	)
Adjustments related to net investment gains (losses), net of income tax		0			0		0			0			0			0			0
Discontinued operations, net of income tax		0			0		0			0			0			0			0
Net income available to common shareholders		2			11		(3	)		5			(6	)		27			7
Preferred stock dividends		0			0		0			0			0			0			0
Net income		$2			$11		($3	)		$5			($6	)		$27			$7

23

INDIVIDUAL OPERATIONS
PREMIUMS AND DEPOSITS BY PRODUCT

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
PREMIUMS AND DEPOSITS BY PRODUCT (1)
Total (2)
Life First Year Premiums and Deposits
Traditional Life		$54		$50		$50		$46		$57
Variable Life 1st Year excluding Single Premium COLI/BOLI		63		50		55		48		55
Universal Life 1st Year excluding Single Premium COLI/BOLI		228		203		177		147		135
Single Premium COLI/BOLI		15		6		6		3		1
Total Life First Year Premiums & Deposits (3)		360		309		288		244		248
Life Renewal Premiums and Deposits
Traditional Life		1,227		959		1,049		1,036		1,209
Variable & Universal Life		551		600		515		579		562
Annuities (4)		3,570		3,843		4,229		3,531		3,672
Total Premiums and Deposits		$5,708		$5,711		$6,081		$5,390		$5,691
Premiums and Deposits to Separate Accounts (5) (6)
Variable & Universal Life		$272		$262		$255		$267		$285
Annuities		2,456		2,507		2,884		2,118		2,406
Total Separate Accounts		$2,728		$2,769		$3,139		$2,385		$2,691
ANNUITY DEPOSITS BY TYPE
Fixed Annuity Deposits		$464		$520		$430		$594		$505
Variable Annuity Deposits		3,106		3,323		3,799		2,937		3,167
Total Annuity Deposits		$3,570		$3,843		$4,229		$3,531		$3,672

(1)	Statutory premiums direct and assumed.
(2)	Includes premiums and deposits to separate accounts and excludes Company sponsored internal exchanges.
(3)	Of the $248 million of First Year Life Premiums and Deposits received during the three months ended December 31, 2006, approximately 51% were distributed through MetLife agents, 19% through New England Financial agents, 26% through MetLife’s Independent Distribution channel and 4% through other distribution channels.
(4)	Of the $3,672 million of Annuity Deposits received during the three months ended December 31, 2006, approximately 25% were distributed through MetLife agents, 7% through New England Financial agents, 56% through MetLife’s Independent Distribution channel and 12% through MetLife Resources representatives.
(5)	Excludes Company sponsored internal exchanges.
(6)	Certain prior period amounts have been reclassified to conform with current period presentation.

24

INDIVIDUAL OPERATIONS
ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited	2005		2006		2006		2006		2006
Percentage of Premiums and Deposits to Separate Accounts,
Excluding Transfers from General Account: (1)
Variable & Universal Life		29.7%		29.0%		31.2%		29.9%		31.6%
Annuities		68.8%		65.2%		68.2%		60.0%		65.5%
Mortality has a Percentage of Expected
Lapse / Surrender (General and Separate Account) (2)		84.9%		94.0%		85.1%		82.4%		78.7%
Traditional Life		6.0%		6.0%		5.9%		5.7%		5.7%
Variable & Universal Life		6.1%		6.3%		6.0%		5.8%		5.5%
Variable Annuities		8.9%		9.5%		10.0%		10.2%		10.5%
Fixed Annuities		8.0%		8.7%		9.6%		10.2%		11.4%
Actual Number of Sales Representatives
MetLife Distribution		5,804		5,954		6,002		5,996		5,968
New England Financial		2,006		2,068		2,071		2,025		2,035
Independent Distribution Wholesalers		229		220		217		215		212
MetLife Resources		794		751		739		738		737
Walnut Street and Tower Square Securities		1,676		1,632		1,564		1,520		1,442
P&C Specialists		682		658		657		633		648
Total Agents		11,191		11,283		11,250		11,127		11,042

(1)	Certain prior period amounts have been reclassified to conform with current period presentation.
(2)	Lapse/Surrender rates are calculated for the most recent 12 months of experience.

25

INDIVIDUAL OPERATIONS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES
Unaudited (In millions)

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Traditional Life	2005			2006			2006			2006			2006
Balance, beginning of period		$50,562			$50,944			$50,977			$51,177			$51,406
Premiums and deposits (1)		1,239			1,061			1,093			1,091			1,241
Interest on reserves		518			511			520			523			527
Surrenders and withdrawals		(470	)		(504	)		(433	)		(432	)		(432	)
Benefit payments		(459	)		(572	)		(498	)		(488	)		(496	)
Other		(446	)		(463	)		(482	)		(465	)		(507	)
Balance, end of period		$50,944			$50,977			$51,177			$51,406			$51,739

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Variable & Universal Life	2005			2006			2006			2006			2006
Balance, beginning of period		$14,315			$14,852			$15,042			$15,268			$15,334
Premiums and deposits (1) (2)		567			572			482			479			462
Interest on reserves		148			142			145			151			149
Surrenders and withdrawals		(185	)		(168	)		(171	)		(218	)		(167	)
Net transfers from (to) separate account		45			49			48			62			61
Policy charges		(351	)		(363	)		(364	)		(365	)		(371	)
Benefit payments		(34	)		(48	)		(44	)		(37	)		(36	)
Other		347			6			130			(6	)		4
Balance, end of period		$14,852			$15,042			$15,268			$15,334			$15,436

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Annuities	2005			2006			2006			2006			2006
Balance, beginning of period		$46,136			$45,732			$45,293			$44,775			$44,518
Premiums and deposits (1) (2)		1,298			1,398			1,456			1,475			1,328
Interest on reserves		398			395			448			418			400
Surrenders and withdrawals		(1,178	)		(1,231	)		(1,552	)		(1,341	)		(1,508	)
Net transfers from (to) separate account		(625	)		(621	)		(521	)		(495	)		(635	)
Policy charges		(2	)		(2	)		(2	)		(1	)		0
Benefit payments		(297	)		(326	)		(349	)		(326	)		(346	)
Other		2			(52	)		2			13			(369	)
Balance, end of period		$45,732			$45,293			$44,775			$44,518			$43,388

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Variable & Universal Life	2005			2006			2006			2006			2006
Balance, beginning of period		$9,164			$9,307			$9,769			$9,593			$9,796
Premiums and deposits (1)		307			283			276			289			309
Investment performance		155			492			(134	)		192			506
Surrenders and withdrawals		(177	)		(158	)		(160	)		(140	)		(168	)
Net transfers from (to) fixed account		(45	)		(51	)		(48	)		(64	)		(61	)
Policy charges		(96	)		(80	)		(110	)		(74	)		(105	)
Other		(1	)		(24	)		0			0			1
Balance, end of period		$9,307			$9,769			$9,593			$9,796			$10,278

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Annuities	2005			2006			2006			2006			2006
Balance, beginning of period		$69,146			$71,764			$75,861			$75,587			$78,570
Premiums and deposits (1)		2,479			2,532			2,928			2,213			2,531
Investment performance		1,507			3,255			(1,483	)		2,584			4,771
Surrenders and withdrawals		(1,724	)		(2,026	)		(1,947	)		(2,008	)		(2,341	)
Net transfers from (to) fixed account		625			621			521			495			635
Policy charges		(269	)		(280	)		(292	)		(301	)		(326	)
Other		0			(5	)		(1	)		0			7
Balance, end of period		$71,764			$75,861			$75,587			$78,570			$83,847

(1)	Includes Company-sponsored internal exchanges.
(2)	Includes premiums and deposits directed to General Account investment option of a variable life or variable annuity product.

26

INDIVIDUAL OPERATIONS
INSURANCE EXPENSES AND OTHER
EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance Expenses		$941			$830			$914			$855			$950
DAC Capitalization (1)		(426	)		(384	)		(429	)		(353	)		(385	)
Net		$515			$446			$485			$502			$565
OTHER EXPENSES BY MAJOR CATEGORY
Commissions		$347			$315			$350			$282			$305
Other deferrable expenses		140			120			146			132			146
Direct and allocated expenses, not deferred		410			334			386			371			427
Pension and other post-retirement benefit costs		30			34			3			35			41
Premium tax and other tax, licenses and fees		14			27			29			35			31
Subtotal Insurance Expenses		941			830			914			855			950
Broker-dealer and other expenses		132			155			159			147			159
Reinsurance allowances		(26	)		(21	)		(13	)		(15	)		(12	)
Total Other Expenses		$1,047			$964			$1,060			$987			$1,097

(1) Excludes $17 million, $14 million, $14 million, $13 million and $13 million of DAC capitalization related to reinsurance allowances for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31,2006, respectively.

27

INDIVIDUAL OPERATIONS
SPREADS BY PRODUCT
Unaudited

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Variable & Universal Life	2005			2006			2006			2006			2006
ANNUALIZED GENERAL ACCOUNT SPREADS BY PRODUCT (%)
Investment income yield		6.63	%		6.69	%		6.41	%		6.35	%		6.43	%
Average crediting rate		4.67	%		4.56	%		4.54	%		4.53	%		4.54	%
Spread		1.96	%		2.13	%		1.87	%		1.82	%		1.89	%

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Annuities	2005			2006			2006			2006			2006
ANNUALIZED GENERAL ACCOUNT SPREADS BY PRODUCT (%)
Investment income yield		6.32	%		6.28	%		6.28	%		6.27	%		6.51	%
Average crediting rate		3.64	%		3.65	%		3.66	%		3.67	%		3.75	%
Spread		2.68	%		2.63	%		2.62	%		2.60	%		2.76	%

28

AUTO & HOME OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — TOTAL
Unaudited (In millions)

	For the Three Months Ended										For the Year-to-Date Period Ended
	December 31,		March 31,		June 30,		September 30,		December 31,		December 31,		December 31,
Auto & Home Operations	2005		2006		2006		2006		2006		2005		2006
REVENUES
Earned premiums		$729		$724		$726		$732		$742		$2,911		$2,924
Investment income, net		46		45		42		46		44		181		177
Other revenues		8		7		8		3		4		33		22
		783		776		776		781		790		3,125		3,123
EXPENSES
Losses and loss adjustment expense		454		451		432		426		408		1,994		1,717
Other expenses		218		203		211		210		227		831		851
		672		654		643		636		635		2,825		2,568
Operating earnings before provision (benefit) for income tax		111		122		133		145		155		300		555
Provision (benefit) for income tax		30		29		34		38		40		68		141
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$81		$93		$99		$107		$115		$232		$414
Net Income Reconciliation
Operating earnings available to common shareholders		$81		$93		$99		$107		$115		$232		$414
Net investment gains (losses)		(3)		1		(4)		(1)		8		(12)		4
Minority interest — net investment gains (losses)		0		0		0		0		0		0		0
Net investment gains (losses) tax benefit (provision)		1		(3)		4		0		(3)		4		(2)
Net investment gains (losses), net of income tax		(2)		(2)		0		(1)		5		(8)		2
Adjustments related to universal life and investment-type product policy fees		0		0		0		0		0		0		0
Adjustments related to policyholder benefits and dividends		0		0		0		0		0		0		0
Adjustments related to other expenses		0		0		0		0		0		0		0
Adjustments related to tax benefit (provision)		0		0		0		0		0		0		0
Adjustments related to net investment gains (losses), net of income tax		0		0		0		0		0		0		0
Discontinued operations, net of income tax		0		0		0		0		0		0		0
Net income available to common shareholders		79		91		99		106		120		224		416
Preferred stock dividends		0		0		0		0		0		0		0
Net income		$79		$91		$99		$106		$120		$224		$416

29

AUTO & HOME OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended													For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,		September 30,			December 31,		December 31,			December 31,
Auto	2005			2006			2006		2006			2006		2005			2006
REVENUES
Earned premiums		$525			$517			$516		$519			$525		$2,123			$2,077
Investment income, net		37			34			32		34			32		138			132
Other revenues		5			6			7		4			6		23			23
		567			557			555		557			563		2,284			2,232
EXPENSES
Losses and loss adjustment expense		355			334			321		295			282		1,414			1,232
Other expenses		150			137			145		141			149		571			572
		505			471			466		436			431		1,985			1,804
Operating earnings before provision (benefit) for income tax		62			86			89		121			132		299			428
Provision (benefit) for income tax		13			21			21		33			36		75			111
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$49			$65			$68		$88			$96		$224			$317
Net investment gains (losses), net of income tax		(2	)		(1	)		0		(1	)		3		(6	)		1
Adjustments related to net investment gains (losses), net of income tax		0			0			0		0			0		0			0
Discontinued operations, net of income tax		0			0			0		0			0		0			0
Net income available to common shareholders		47			64			68		87			99		218			318
Preferred stock dividends		0			0			0		0			0		0			0
Net income		$47			$64			$68		$87			$99		$218			$318

30

AUTO & HOME OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
Unaudited (In millions)

	For the Three Months Ended													For the Year-to-Date Period Ended
	December 31,		March 31,			June 30,		September 30,			December 31,			December 31,			December 31,
Homeowners & Other	2005		2006			2006		2006			2006			2005			2006
REVENUES
Earned premiums		$204		$207			$210		$213			$217			788			$847
Investment income, net		9		11			10		12			12			43			45
Other revenues		3		1			1		(1	)		(2	)		10			(1	)
		216		219			221		224			227			841			891
EXPENSES
Losses and loss adjustment expense		99		117			111		131			126			580			485
Other expenses		68		66			66		69			78			260			279
		167		183			177		200			204			840			764
Operating earnings before provision (benefit) for income tax		49		36			44		24			23			1			127
Provision (benefit) for income tax		17		8			13		5			4			(7	)		30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$32		$28			$31		$19			$19			$8			$97
Net investment gains (losses), net of income tax		0		(1	)		0		0			2			(2	)		1
Adjustments related to net investment gains (losses), net of income tax		0		0			0		0			0			0			0
Discontinued operations, net of income tax		0		0			0		0			0			0			0
Net income available to common shareholders		32		27			31		19			21			6			98
Preferred stock dividends		0		0			0		0			0			0			0
Net income		$32		$27			$31		$19			$21			$6			$98

31

AUTO & HOME OPERATIONS
WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION
AND SUPPLEMENTAL DATA

	For the Three Months Ended
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
WRITTEN PREMIUMS BY PRODUCT
Preferred/Standard Automobile		$492		$498		$507		$531		$503
Non-Standard Automobile		12		12		11		11		10
Homeowners & Other		200		186		226		239		213
Total		$704		$696		$744		$781		$726
SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
Total Auto & Home
Loss and loss adjustment expense ratio		62.3%		62.4%		59.3%		58.3%		54.9%
Other expense ratio		29.2%		27.2%		28.6%		28.1%		30.1%
Total combined ratio (1)		91.5%		89.6%		87.9%		86.4%		85.0%
Effect of catastrophe losses (2)		8.5%		3.0%		3.4%		5.2%		6.1%
Combined ratio excluding catastrophes		83.0%		86.6%		84.5%		81.2%		78.9%
Auto
Loss and loss adjustment expense ratio		67.6%		64.7%		62.2%		56.8%		53.7%
Other expense ratio		27.8%		25.7%		27.1%		26.3%		27.7%
Total combined ratio (1)		95.4%		90.4%		89.3%		83.1%		81.4%
Effect of catastrophe losses (2)		3.4%		0.8%		1.3%		0.8%		0.6%
Combined ratio excluding catastrophes		92.0%		89.6%		88.0%		82.3%		80.8%
Homeowners & Other
Loss and loss adjustment expense ratio		48.5%		56.5%		52.9%		61.1%		57.6%
Other expense ratio		32.9%		31.5%		31.0%		32.9%		36.0%
Total combined ratio (1)		81.4%		88.0%		83.9%		94.0%		93.6%
Effect of catastrophe losses (2)		20.6%		8.4%		8.1%		16.0%		19.2%
Combined ratio excluding catastrophes		60.8%		79.6%		75.8%		78.0%		74.4%
Pre-Tax Catastrophe Losses
Auto		$17		$4		$7		$4		$3
Homeowners & Other		36		17		17		34		42
Total		$53		$21		$24		$38		$45
Catastrophe points on combined ratios		8.5		3.0		3.4		5.2		6.1
Actual Number of Sales Representatives		100		98		93		93		100

(1)

The combined ratio reflects payment fees as a credit to Other expenses for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 2006 and December 31,2006, which resulted in a 0.7, 0.7, 0.6, 0.6 and 0.6 of a percentage point decrease in the combined ratio for the periods ended, respectively. The decreases for Auto and Homeowners & Other were 0.8 and 0.5 of a percentage point, respectively, for December 31, 2005, 0.8 and 0.4 of a percentage point, respectively, for March 31, 2006, 0.7 and 0.4 of a percentage point, respectively, for June 30, 2006, 0.7 and 0.4 of a percentage point, respectively, for September 30, 2006, and 0.7 and 0.4 of a percentage point, respectively, for December 31, 2006.

(2)

Includes the effect of both catastrophe losses of $11 million in the fourth quarter of 2005 (reinstatement reinsurance premiums within Auto ($1 million) and Homeowners & Other ($10 million)).

32

INTERNATIONAL OPERATIONS
STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$636			$631			$676			$675			$740			$2,186			$2,722
Universal life and investment-type product policy fees		165			184			194			205			221			579			804
Investment income, net		262			235			238			290			287			844			1,050
Other revenues		9			4			4			8			12			20			28
		1,072			1,054			1,112			1,178			1,260			3,629			4,604
EXPENSES
Policyholder benefits and dividends		600			527			600			581			644			2,056			2,352
Interest credited to policyholder account balances		92			87			86			93			98			278			364
Capitalization of deferred policy acquisition costs		(141	)		(151	)		(145	)		(146	)		(138	)		(541	)		(580	)
Amortization of deferred policy acquisition costs		43			82			78			96			105			223			361
Other expenses		441			396			413			438			515			1,318			1,762
		1,035			941			1,032			1,062			1,224			3,334			4,259
Operating earnings before provision (benefit) for income tax		37			113			80			116			36			295			345
Provision (benefit) for income tax		(11	)		38			18			44			21			62			121
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$48			$75			$62			$72			$15			$233			$224
Net Income Reconciliation
Operating earnings available to common shareholders		$48			$75			$62			$72			$15			$233			$224
Net investment gains (losses)		(7	)		20			13			(17	)		6			5			22
Minority interest — net investment gains (losses)		0			0			0			0			0			0			0
Net investment gains (losses) tax benefit (provision)		3			(6	)		(5	)		4			(2	)		(1	)		(9	)
Net investment gains (losses), net of income tax		(4	)		14			8			(13	)		4			4			13
Adjustments related to universal life and investment-type product policy fees		0			0			0			0			0			0			0
Adjustments related to policyholder benefits and dividends		(21	)		22			49			(73	)		(55	)		(77	)		(57	)
Adjustments related to other expenses		0			0			0			0			0			0			0
Adjustments related to tax benefit (provision)		7			(7	)		(18	)		25			20			27			20
Adjustments related to net investment gains (losses), net of income tax (1)		(14	)		15			31			(48	)		(35	)		(50	)		(37	)
Discontinued operations, net of income tax		0			0			0			0			0			5			0
Net income available to common shareholders		30			104			101			11			(16	)		192			200
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$30			$104			$101			$11			($16	)		$192			$200
Actual Number of Professional Sales Representatives		3,783			3,782			3,982			3,946			3,562

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

33

REINSURANCE OPERATIONS
STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$1,062			$993			$1,078			$1,076			$1,201			$3,869			$4,348
Investment income, net		161			174			156			171			231			606			732
Other revenues		13			15			13			19			19			58			66
		1,236			1,182			1,247			1,266			1,451			4,533			5,146
EXPENSES
Claims and other policy benefits		860			813			871			849			957			3,206			3,490
Interest credited to policyholder account balances		57			63			48			46			97			220			254
Policy acquisition costs and other insurance expenses		159			158			174			185			203			621			720
Other expenses		57			63			60			84			88			196			295
		1,133			1,097			1,153			1,164			1,345			4,243			4,759
Operating earnings before provision (benefit) for income tax and minority interest		103			85			94			102			106			290			387
Provision (benefit) for income tax		17			12			16			17			17			45			62
Operating earnings available to common shareholders before minority interest		86			73			78			85			89			245			325
Elimination of minority interest, before tax		55			49			49			56			56			159			210
CONTRIBUTION TO METLIFE		$31			$24			$29			$29			$33			$86			$115
Net Income Reconciliation
Operating earnings available to common shareholders		$31			$24			$29			$29			$33			$86			$115
Net investment gains (losses)		(6	)		8			(15	)		3			11			22			7
Minority interest — net investment gains (losses)		3			(2	)		4			0			(2	)		(5	)		0
Net investment gains (losses) tax benefit (provision)		1			(2	)		4			(2	)		(3	)		(3	)		(3	)
Net investment gains (losses), net of income tax		(2	)		4			(7	)		1			6			14			4
Adjustments related to universal life and investment-type product policy fees		0			0			0			0			0			0			0
Adjustments related to policyholder benefits and dividends		0			0			0			0			0			0			0
Adjustments related to other expenses		(1	)		(3	)		8			(1	)		(6	)		(10	)		(2	)
Adjustments related to tax benefit (provision)		0			1			(3	)		1			2			2			1
Adjustments related to net investment gains (losses), net of income tax (1)		(1	)		(2	)		5			0			(4	)		(8	)		(1	)
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		28			26			27			30			35			92			118
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$28			$26			$27			$30			$35			$92			$118

(1) Adjustments related to net investment gains (losses), net of income tax, include amortization of deferred policy acquisition costs.

34

REINSURANCE OPERATIONS
PRE-TAX AND PRE-MINORITY INTEREST OPERATING
EARNINGS BY REGION AND RESERVES BY REGION

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006
PRE-TAX AND PRE-MINORITY INTEREST OPERATING EARNINGS BY REGION (1)
United States		$80			$66			$66			$75			$72
Canada		20			7			9			12			11
Asia-Pacific		18			7			8			19			24
Other international markets		12			15			17			9			17
Corporate		(27	)		(10	)		(6	)		(13	)		(18	)
Total pre-tax and pre-minority interest operating earnings		$103			$85			$94			$102			$106
POLICY BENEFITS AND INTEREST SENSITIVE CONTRACT LIABILITIES BY REGION
Traditional U.S.		$4,030			$4,157			$4,239			$4,328			$4,571
Asset intensive		4,657			4,773			4,911			5,022			5,265
Other		100			77			90			68			71
Total U.S.		8,787			9,007			9,240			9,418			9,907
Canada		1,596			1,622			1,780			1,781			1,737
Asia-Pacific		688			708			752			780			874
Other international markets		680			719			774			786			814
Total International		2,964			3,049			3,306			3,347			3,425
Total policy benefits and interest sensitive contract liabilities		$11,751			$12,056			$12,546			$12,765			$13,332

(1) Effective for the three months ended March 31, 2006, Reinsurance Group of America, Incorporated (“RGA”) changed its method of allocating capital to its regional markets from a method based upon regulatory capital requirements to one based upon underlying economic capital levels. This approach is based upon a more detailed, internally developed risk capital model that its management believes better captures the unique risks inherent in each regional business. The primary effect of the change relates to the amount of net investment income and capital charges that are allocated to each region. This change does not affect RGA’s consolidated financial results.

35

CORPORATE, OTHER & ELIMINATIONS
STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006			2005			2006
REVENUES
Premiums		$12			$9			$10			$7			$9			$22			$35
Universal life and investment-type product policy fees		0			0			0			0			0			1			0
Investment income, net		255			296			308			219			320			813			1,143
Other revenues		17			7			6			12			9			30			34
		284			312			324			238			338			866			1,212
EXPENSES
Policyholder benefits and dividends		16			7			13			13			4			(15	)		37
Interest credited to policyholder account balances		0			0			0			0			0			0			0
Interest credited to bank deposits		37			43			48			51			52			109			194
Interest expense		171			175			183			200			187			551			745
Other expenses		135			93			111			70			136			295			410
		359			318			355			334			379			940			1,386
Operating earnings before provision (benefit) for income tax		(75	)		(6	)		(31	)		(96	)		(41	)		(74	)		(174	)
Provision (benefit) for income tax		(45	)		(48	)		(50	)		(123	)		(109	)		(160	)		(330	)
Operating earnings		(30	)		42			19			27			68			86			156
Preferred stock dividends		32			33			33			34			34			63			134
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		($62	)		$9			($14	)		($7	)		$34			$23			$22
Net Income Reconciliation
Operating earnings available to common shareholders		($62	)		$9			($14	)		($7	)		$34			$23			$22
Net investment gains (losses)		118			(49	)		(64	)		(40	)		4,698			1,391			4,545
Minority interest — net investment gains (losses)		0			0			0			0			0			0			0
Net investment gains (losses) tax benefit (provision)		(44	)		16			21			12			(1,654	)		(494	)		(1,605	)
Net investment gains (losses), net of income tax		74			(33	)		(43	)		(28	)		3,044			897			2,940
Adjustments related to universal life and investment-type product policy fees		0			0			0			0			0			0			0
Adjustments related to policyholder benefits and dividends		0			0			0			0			0			0			0
Adjustments related to other expenses		0			0			0			0			0			0			0
Adjustments related to tax benefit (provision)		0			0			0			0			0			0			0
Adjustments related to net investment gains (losses), net of income tax		0			0			0			0			0			0			0
Discontinued operations, net of income tax		12			0			30			0			2			163			32
Net income available to common shareholders		24			(24	)		(27	)		(35	)		3,080			1,083			2,994
Preferred stock dividends		32			33			33			34			34			63			134
Net income		$56			$9			$6			($1	)		$3,114			$1,146			$3,128

36

METLIFE, INC.
INVESTMENT RESULTS
BY ASSET CATEGORY AND
ANNUALIZED YIELDS

	For the Three Months Ended
	December 31,				March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005				2006			2006			2006			2006
FIXED MATURITY SECURITIES
Yield (1)		6.17	%			6.14	%		6.10	%		6.17	%		6.23	%
Investment Income (2)		$2,954				$2,996			$2,986			$3,015			$3,080
Investment gains (losses)		($567	)			($412	)		($381	)		($128	)		($198	)
Ending Carrying Value (2)		$230,875				$240,711			$237,612			$243,136			$244,187
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.85	%			6.68	%		6.41	%		6.53	%		6.78	%
Investment Income (3)		$591				$585			$574			$602			$650
Investment gains (losses)		$23				$4			$3			($8	)		($7	)
Ending Carrying Value		$37,190				$37,351			$38,665			$40,141			$42,239
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		8.59	%			12.50	%		11.37	%		8.73	%		13.27	%
Investment Income		$100				$146			$135			$103			$165
Investment gains (losses)		$166				$17			$54			$118			$4,709
Ending Carrying Value		$4,665				$4,700			$4,786			$4,931			$4,986
POLICY LOANS
Yield (1)		5.80	%			5.84	%		5.89	%		6.10	%		6.13	%
Investment Income		$143				$146			$147			$154			$156
Ending Carrying Value		$9,981				$9,987			$10,065			$10,115			$10,228
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		13.15	%			12.86	%		14.83	%		10.41	%		18.81	%
Investment Income		$232				$235			$278			$198			$356
Investment gains (losses)		$32				$27			$25			($7	)		$40
Ending Carrying Value		$7,614				$7,870			$8,007			$7,863			$9,912
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		4.22	%			4.63	%		4.70	%		5.42	%		6.89	%
Investment Income		$85				$80			$85			$120			$157
Investment gains (losses)		($1	)			($1	)		($1	)		$1			($1	)
Ending Carrying Value		$7,324				$8,512			$8,193			$11,763			$9,816
OTHER INVESTED ASSETS (5)
Yield (1)		9.65	%			8.92	%		7.94	%		10.02	%		11.28	%
Investment Income		$178				$171			$168			$222			$260
Investment gains (losses)		$113				($259	)		($517	)		$278			($207	)
Ending Carrying Value		$8,078				$8,386			$9,652			$9,194			$10,428
				��
TOTAL INVESTMENTS
Gross investment income yield (1)		6.51	%			6.54	%		6.49	%		6.48	%		6.96	%
Investment fees and expenses yield		(0.17	%)			(0.12	%)		(0.14	%)		(0.16	%)		(0.18	%)
NET INVESTMENT INCOME YIELD		6.34	%			6.42	%		6.35	%		6.32	%		6.78	%
Gross investment income		$4,283				$4,359			$4,373			$4,414			$4,824
Investment fees and expenses		(116	)			(81	)		(96	)		(106	)		(121	)
NET INVESTMENT INCOME		$4,167				$4,278			$4,277			$4,308			$4,703
Ending Carrying Value		$305,727				$317,517			$316,980			$327,143			$331,796
Gross investment gains (6)		$492				$215			$260			$297			$4,982
Gross investment losses (6)		(721	)			(565	)		(661	)		(310	)		(499	)
Writedowns (6)		(9	)			(22	)		(45	)		(25	)		(44	)
Subtotal		(238	)			(372	)		(446	)		(38	)		4,439
Derivative & other instruments not qualifying for hedge accounting (6)		4				(252	)		(371	)		292			(103	)
INVESTMENT GAINS (LOSSES)		(234	)			(624	)		(817	)		254			4,336
Minority interest — net investment gains (losses)		3				(2	)		4			0			(2	)
Investment gains (losses) tax benefit (provision)		85				220			289			(92	)		(1,531	)
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		($146	)			($406	)		($524	)		$162			$2,803

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $825 million, $883 million, $519 million, $780 million and $759 million in ending carrying value, and ($3) million, $19 million, ($3) million, $14 million and $41 million of investment income (loss) related to trading securities at or for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in investment income from real estate and real estate joint ventures is $29 million, $19 million, $28 million, $19 million and $18 million related to discontinued operations for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31,2006, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $156 million, ($5) million, ($3) million, $99 million and $4,704 million related to discontinued operations for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS No. 133 of $36 million, $39 million, $68 million, $96 million and $87 million for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is ($6) million, ($4) million, $3 million, $3 million and $5 million for the three months ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.
(6)	Certain prior period amounts have been reclassified to conform with current period presentation.

37

METLIFE, INC.
INVESTMENT RESULTS
BY ASSET CATEGORY AND
ANNUALIZED YIELDS

	For the Year-to-Date Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2005			2006			2006			2006			2006
FIXED MATURITY SECURITIES
Yield (1)		6.00	%		6.14	%		6.12	%		6.14	%		6.16	%
Investment Income (2)		$10,400			$2,996			$5,982			$8,997			$12,077
Investment gains (losses)		($868	)		($412	)		($793	)		($921	)		($1,119	)
Ending Carrying Value (2)		$230,875			$240,711			$237,612			$243,136			$244,187
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.81	%		6.68	%		6.55	%		6.54	%		6.60	%
Investment Income (3)		$2,236			$585			$1,159			$1,761			$2,411
Investment gains (losses)		$17			$4			$7			($1	)		($8	)
Ending Carrying Value		$37,190			$37,351			$38,665			$40,141			$42,239
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		10.59	%		12.50	%		11.93	%		10.86	%		11.55	%
Investment Income		$467			$146			$281			$384			$549
Investment gains (losses)		$2,139			$17			$71			$189			$4,898
Ending Carrying Value		$4,665			$4,700			$4,786			$4,931			$4,986
POLICY LOANS
Yield (1)		6.00	%		5.84	%		5.86	%		5.94	%		5.99	%
Investment Income		$572			$146			$293			$447			$603
Ending Carrying Value		$9,981			$9,987			$10,065			$10,115			$10,228
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		12.83	%		12.86	%		13.86	%		12.68	%		14.18	%
Investment Income		$798			$235			$513			$711			$1,067
Investment gains (losses)		$159			$27			$52			$45			$85
Ending Carrying Value		$7,614			$7,870			$8,007			$7,863			$9,912
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		3.66	%		4.63	%		4.67	%		4.96	%		5.51	%
Investment Income		$362			$80			$165			$285			$442
Investment gains (losses)		($2	)		($1	)		($2	)		($1	)		($2	)
Ending Carrying Value		$7,324			$8,512			$8,193			$11,763			$9,816
OTHER INVESTED ASSETS (5)
Yield (1)		8.96	%		8.92	%		8.41	%		8.98	%		9.60	%
Investment Income		$570			$171			$339			$561			$821
Investment gains (losses)		$502			($259	)		($776	)		($498	)		($705	)
Ending Carrying Value		$8,078			$8,386			$9,652			$9,194			$10,428
TOTAL INVESTMENTS
Gross investment income yield (1)		6.35	%		6.54	%		6.51	%		6.50	%		6.62	%
Investment fees and expenses yield		(0.14	%)		(0.12	%)		(0.13	%)		(0.14	%)		(0.15	%)
NET INVESTMENT INCOME YIELD		6.21	%		6.42	%		6.38	%		6.36	%		6.47	%
Gross investment income		$15,405			$4,359			$8,732			$13,146			$17,970
Investment fees and expenses		(339	)		(81	)		(177	)		(283	)		(404	)
NET INVESTMENT INCOME		$15,066			$4,278			$8,555			$12,863			$17,566
Ending Carrying Value		$305,727			$317,517			$316,980			$327,143			$331,796
Gross investment gains (6)		$3,340			$215			$475			$772			$5,754
Gross investment losses (6)		(1,578	)		(565	)		(1,226	)		(1,536	)		(2,035	)
Writedowns (6)		(116	)		(22	)		(67	)		(92	)		(136	)
Subtotal		1,646			(372	)		(818	)		(856	)		3,583
Derivative & other instruments not qualifying for hedge accounting (6)		301			(252	)		(623	)		(331	)		(434	)
INVESTMENT GAINS (LOSSES)		1,947			(624	)		(1,441	)		(1,187	)		3,149
Minority interest — net investment gains (losses)		(9	)		(2	)		2			2			0
Investment gains (losses) tax benefit (provision)		(681	)		220			509			417			(1,114	)
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		$1,257			($406	)		($930	)		($768	)		$2,035

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $825 million, $883 million, $519 million, $780 million and $759 million in ending carrying value, and $14 million, $19 million, $16 million, $30 million and $71 million of investment income (loss) related to trading securities at or for the year-to-date ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in investment income from real estate and real estate joint ventures is $151 million, $19 million, $47 million, $66 million and $84 million related to discontinued operations for year-to-date ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $2,125 million, ($5) million, ($8) million, $91 million and $4,795 million related to discontinued operations for year-to-date ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS No. 133 of $99 million, $39 million, $107 million, $203 million and $290 million for the year-to-date ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is ($13) million, ($4) million, ($1) million, $2 million and $7 million for the year-to-date ended December 31, 2005, March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006, respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.
(6)	Certain prior period amounts have been reclassified to conform with current period presentation.

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&nbs;

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES (1)

	December 31, 2005				March 31, 2006				June 30, 2006				September 30, 2006				December 31, 2006
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$2,159		97.9%		$4,379		98.7%		$6,400		96.3%		$2,501		98.3%		$2,314		99.2	%
20% or more for less than six months		39		1.8%		47		1.1%		232		3.5%		6		0.2%		7		0.3	%
20% or more for six months or greater		7		0.3%		9		0.2%		10		0.2%		38		1.5%		11		0.5	%
Total Gross Unrealized Losses		$2,205		100.0%		$4,435		100.0%		$6,642		100.0%		$2,545		100.0%		$2,332		100.0	%
Total Gross Unrealized Gains		$8,329				$6,123				$4,994				$7,343				$7,445

GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
EQUITY SECURITIES (1)

	December 31, 2005				March 31, 2006				June 30, 2006				September 30, 2006				December 31, 2006
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%		$29		70.7%		$30		75.0%		$51		69.9%		$26		60.5%		$39		86.7%
20% or more for less than six months		12		29.3%		10		25.0%		22		30.1%		17		39.5%		5		11.1%
20% or more for six months or greater		0		0.0%		0		0.0%		0		0.0%		0		0.0%		1		2.2%
Total Gross Unrealized Losses		$41		100.0%		$40		100.0%		$73		100.0%		$43		100.0%		$45		100.0%
Total Gross Unrealized Gains		$295				$384				$338				$404				$590

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

39

METLIFE, INC.
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE FOR SALE
BY SECTOR AND QUALITY DISTRIBUTION

		December 31, 2005				March 31, 2006				June 30, 2006				September 30, 2006				December 31, 2006
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities			$74,318		32.3%		$73,897		30.8%		$75,156		31.7%		$76,551		31.6%		$75,421		31.0%
Residential mortgage-backed securities			47,246		20.5%		52,016		21.7%		51,136		21.6%		53,761		22.2%		51,666		21.2%
Foreign corporate securities			34,981		15.2%		35,028		14.6%		35,611		15.0%		36,956		15.2%		35,769		14.7%
US Treasury/agency securities			26,958		11.7%		27,724		11.6%		26,184		11.0%		26,578		11.0%		30,633		12.6%
Commercial mortgage-backed securities			17,698		7.7%		20,029		8.3%		18,613		7.8%		17,451		7.2%		16,605		6.8%
Asset-backed securities			11,573		5.0%		13,630		5.7%		13,067		5.5%		13,016		5.4%		13,889		5.7%
Foreign government securities			11,446		5.0%		11,539		4.8%		11,290		4.8%		12,384		5.1%		12,601		5.2%
State and political subdivision securities			4,750		2.1%		4,839		2.0%		4,882		2.1%		5,094		2.1%		6,300		2.6%
Other fixed maturity securities			888		0.4%		934		0.4%		974		0.4%		346		0.1%		315		0.1%
Total bonds			229,858		99.9%		239,636		99.9%		236,913		99.9%		242,137		99.9%		243,199		99.9%
Redeemable preferred stock			192		0.1%		192		0.1%		180		0.1%		219		0.1%		229		0.1%
Total Fixed Maturity Securities			$230,050		100.0%		$239,828		100.0%		$237,093		100.0%		$242,356		100.0%		$243,428		100.0%
NAIC	RATING AGENCY
RATING (1)	EQUIVALENT DESIGNATION
1	Aaa / Aa / A		$165,577		72.0%		$176,017		73.4%		$171,836		72.5%		$176,694		72.9%		$178,706		73.4%
2	Baa		49,124		21.3%		47,852		20.0%		48,032		20.2%		48,996		20.2%		47,173		19.4%
3	Ba		9,142		4.0%		9,456		3.9%		9,836		4.1%		9,420		3.9%		9,806		4.0%
4	B		5,710		2.5%		5,997		2.5%		6,762		2.9%		6,693		2.8%		7,123		2.9%
5	Caa and lower		290		0.1%		291		0.1%		429		0.2%		314		0.1%		375		0.2%
6	In or near default		15		0.0%		23		0.0%		18		0.0%		20		0.0%		16		0.0%
Total bonds			229,858		99.9%		239,636		99.9%		236,913		99.9%		242,137		99.9%		243,199		99.9%
Redeemable preferred stock			192		0.1%		192		0.1%		180		0.1%		219		0.1%		229		0.1%
Total Fixed Maturity Securities			$230,050		100.0%		$239,828		100.0%		$237,093		100.0%		$242,356		100.0%		$243,428		100.0%

(1) Amounts presented are based on rating agency designations. Comparisons between NAIC ratings and rating agency designations are published by the NAIC.

METLIFE, INC.
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY
REGION AND PROPERTY TYPE

	December 31, 2005				March 31, 2006				June 30, 2006				September 30, 2006				December 31, 2006
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific		$6,818		24.3%		$7,038		24.9%		$7,602		25.8%		$7,908		25.7%		$7,663		24.0%
South Atlantic		6,093		21.8%		6,343		22.4%		6,714		22.7%		7,029		22.8%		6,881		21.6%
Middle Atlantic		4,689		16.7%		4,177		14.8%		4,346		14.7%		4,251		13.8%		4,858		15.3%
East North Central		3,078		11.0%		3,161		11.2%		2,884		9.8%		2,972		9.6%		2,879		9.0%
West South Central		2,069		7.4%		2,288		8.1%		2,482		8.4%		2,568		8.3%		2,631		8.3%
New England		1,295		4.6%		1,261		4.5%		1,165		3.9%		1,125		3.6%		1,301		4.1%
International		1,817		6.5%		1,896		6.7%		2,242		7.6%		2,449		7.9%		2,832		8.9%
Mountain		861		3.1%		821		2.9%		814		2.8%		912		3.0%		859		2.7%
West North Central		825		2.9%		817		2.9%		811		2.7%		831		2.7%		799		2.5%
East South Central		381		1.4%		380		1.3%		378		1.3%		489		1.6%		452		1.4%
Other		96		0.3%		96		0.3%		95		0.3%		314		1.0%		692		2.2%
Total		$28,022		100.0%		$28,278		100.0%		$29,533		100.0%		$30,848		100.0%		$31,847		100.0%
Office		$13,453		48.0%		$13,636		48.2%		$14,060		47.6%		$14,756		47.8%		$15,083		47.4%
Retail		6,398		22.8%		6,270		22.2%		6,585		22.3%		6,617		21.5%		6,552		20.6%
Apartments		3,102		11.1%		3,283		11.6%		3,422		11.6%		3,580		11.6%		3,772		11.8%
Industrial		2,656		9.5%		2,763		9.8%		2,939		10.0%		2,962		9.6%		2,850		8.9%
Hotel		1,355		4.8%		1,490		5.3%		1,429		4.8%		1,799		5.8%		2,120		6.7%
Other		1,058		3.8%		836		2.9%		1,098		3.7%		1,134		3.7%		1,470		4.6%
Total		$28,022		100.0%		$28,278		100.0%		$29,533		100.0%		$30,848		100.0%		$31,847		100.0%

40

METLIFE, INC.
SUMMARY OF REAL ESTATE

	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
Wholly-owned		$3,735		$3,902		$3,854		$3,691		$3,506
Joint ventures		926		794		923		1,231		1,477
Subtotal		4,661		4,696		4,777		4,922		4,983
Foreclosed		4		4		9		9		3
Total Real Estate (1)		$4,665		$4,700		$4,786		$4,931		$4,986

SUMMARY OF MORTGAGES AND CONSUMER LOANS

	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2005		2006		2006		2006		2006
COMMERCIAL MORTGAGES		$28,022		$28,278		$29,533		$30,848		$31,847
AGRICULTURAL MORTGAGES		7,700		7,689		7,817		8,056		9,213
CONSUMER LOANS		1,468		1,384		1,315		1,237		1,179
TOTAL		$37,190		$37,351		$38,665		$40,141		$42,239

(1) Includes real estate held-for-sale and held-for-investment.

41

Company Ratings as of February 13, 2007

	Moody's		Standard &	A.M. Best		Fitch
	Investors Service		Poor's	Company		Ratings
Financial Strength Ratings
First MetLife Investors Insurance Co.	NR		AA	A+		NR
General American Life Insurance Company	Aa2		AA	A+		AA
MetLife Insurance Company of Connecticut	Aa2		AA	A+		AA
MetLife Insurance Company of Connecticut (Short-term rating)	P-1		NR	NR		NR
MetLife Investors Insurance Company	Aa2		AA	A+		AA
MetLife Investors USA Insurance Company	Aa3		AA	A+		AA
MetLife Life and Annuity Company of Connecticut	Aa2		AA	A+		AA
Metropolitan Casualty Insurance Company	NR		NR	A		NR
Metropolitan Direct Property and Casualty Insurance Co.	NR		NR	A		NR
Metropolitan General Insurance Company	NR		NR	A		NR
Metropolitan Group Property & Casualty Insurance Co.	NR		NR	A		NR
Metropolitan Life Insurance Company	Aa2		AA	A+		AA
Metropolitan Life Insurance Company (Short-term rating)	P-1		A-1+	NR		NR
Metropolitan Lloyds Insurance Company of Texas	NR		NR	A		NR
Metropolitan Property and Casualty Insurance Company	Aa3		NR	A		NR
Metropolitan Tower Life Insurance Company	Aa3		NR	A+		NR
New England Life Insurance Company	Aa2		AA	A+		AA
Texas Life Insurance Company	NR		NR	A		NR
RGA Reinsurance Company	A1		AA-	A+		AA-
Credit Ratings
GenAmerica Capital I
Preferred Stock	A3		BBB+	NR		A-
General American Life Insurance Company
Surplus Notes	A1		A+	a+	*	NR
MetLife, Inc.
Senior Unsecured Debt	A2		A	a	*	A
Commercial Paper	P-1		A-1	AMB-1	*	F1
Subordinated Debt	A3		NR	a-	*	NR
Junior Subordinated Debt	A3	**	BBB+	bbb+	*	NR
Preferred Stock	Baa1		BBB+	bbb+	*	A-
Non-Cumulative Perpetual Preferred Stock	Baa1		BBB	bbb+	*	A-
MetLife Capital Trust II
Trust Preferred Stock	A3		BBB+	a-	*	A-
MetLife Capital Trust III
Trust Preferred Stock	A3		BBB+	a-	*	A-
MetLife Funding, Inc.
Commercial Paper	P-1		A-1+	AMB-1+	*	F1+
Metropolitan Life Global Funding I
Senior Secured Debt	Aa2		AA	aa	*	NR
Metropolitan Life Insurance Company
Surplus Notes	A1		A+	a+	*	A+
Reinsurance Group of America, Incorporated
Senior Unsecured Debt	Baa1		A-	a-		A-
Junior Subordinated Debt	Baa3		BBB-	bbb		BBB+
RGA Capital Trust I
Preferred Stock	Baa2		BBB	bbb+		BBB+
RGA Capital Trust II
Preferred Stock	Baa2		BBB	bbb+		BBB+

*	A.M. Best’s outlook for these ratings is negative.
**	Under review for a possible downgrade.
NR	Not Rated

42