MetLife (MET) 8-K Metlife Announces Second Quarter 2007 Results

Second Quarter Financial Supplement June 30, 2007

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
Future Policy Benefits and Policyholder Account Balances and Separate Account Liabilities	15
Other Expenses by Major Category	16
Spreads by Product	17
INDIVIDUAL OPERATIONS
Statements of Operating Earnings Available to Common Shareholders	18
Premiums and Deposits by Product	23
Additional Statistical Information	24
Future Policy Benefits and Policyholder Account Balances and Separate Account Liabilities	25
Insurance Expenses and Other Expenses by Major Category	26
Spreads by Product	27
AUTO & HOME OPERATIONS
Statements of Operating Earnings Available to Common Shareholders	28
Written Premiums by Product and Selected Financial Information and Supplemental Data	31
INTERNATIONAL OPERATIONS
Statement of Operating Earnings Available to Common Shareholders	32
REINSURANCE OPERATIONS
Statement of Operating Earnings Available to Common Shareholders	33
Pre-Tax and Pre-Minority Interest Operating Earnings by Region and Reserves by Region	34
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders	35
METLIFE, INC.
Investment Results by Asset Category and Annualized Yields	36
Fixed Maturity Securities and Equity Securities Gross Unrealized Gains and Losses Aging Schedules	38
Summary of Fixed Maturity Securities Available for Sale by Sector and Quality Distribution, and Summary of Commercial Mortgage Loans by Region and Property Type	39
Summary of Real Estate and Summary of Mortgages and Consumer Loans	40
OTHER INFORMATION
Company Ratings	41

NOTE:

The Quarterly Financial Supplement (“QFS”) includes financial measures, such as 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 July 31, 2007, for the quarter ended June 30, 2007, which are available at www.metlife.com.

1

CORPORATE OVERVIEW

Unaudited (In millions, except per share data)

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
		2006			2006			2006			2007			2007
Net income			$650			$1,033			$3,863			$1,017			$1,163
Preferred stock dividends			33			34			34			34			34
Net income available to common shareholders			617			999			3,829			983			1,129
Net investment gains (losses)			(830	)		256			4,324			(95	)		(309	)
Minority interest — net investment gains (losses)			4			0			(2	)		4			4
Net investment gains (losses) tax benefit (provision)			289			(92	)		(1,531	)		33			112
Net investment gains (losses), net of income tax (1) (2)			(537	)		164			2,791			(58	)		(193	)
Adjustments related to universal life and investment-type product policy fees			(9	)		3			3			0			(10	)
Adjustments related to policyholder benefits and dividends			84			(204	)		(98	)		(65	)		(34	)
Adjustments related to other expenses			126			14			49			25			49
Adjustments related to tax benefit (provision)			(72	)		66			17			14			(1	)
Adjustments related to net investment gains (losses), net of income tax (3)			129			(121	)		(29	)		(26	)		4
Discontinued operations, net of income tax			41			(2	)		13			(15	)		7
Operating earnings available to common shareholders (4)			$984			$958			$1,054			$1,082			$1,311
Net income available to common shareholders per common share — diluted			$0.80			$1.29			$4.95			$1.28			$1.48
Net investment gains (losses), net of income tax			(0.70	)		0.21			3.61			(0.08	)		(0.26	)
Adjustments related to net investment gains (losses), net of income tax			0.17			(0.16	)		(0.04	)		(0.03	)		0.01
Discontinued operations, net of income tax			0.05			0.00			0.02			(0.02	)		0.01
Operating earnings available to common shareholders — diluted			$1.28			$1.24			$1.36			$1.41			$1.72
Weighted average common shares outstanding — diluted			769.9			773.7			773.1			769.1			763.6
Book value per common share (actual common shares outstanding)			$33.77			$38.91			$42.23			$43.22			$42.42
Book value per common share, excluding accumulated other comprehensive income (actual common shares outstanding)			$35.08			$36.42			$40.74			$41.32			$42.82
Book value per common share — diluted (weighted average common shares outstanding)			$33.30			$38.22			$41.08			$41.64			$41.27
Book value per common share, excluding accumulated other comprehensive income — diluted (weighted average common shares outstanding)			$34.59			$35.78			$39.63			$39.82			$41.65

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
		2006			2006			2006			2007			2007
Common shares outstanding, beginning of period			758.2			759.2			760.0			752.0			741.1
Treasury stock			1.0			0.8			(8.0	)		(10.9	)		1.7
Common shares outstanding, end of period			759.2			760.0			752.0			741.1			742.8
Weighted average common shares outstanding — basic			763.1			762.4			759.6			752.7			744.5
Dilutive effect of stock-based awards			6.8			9.3			9.8			10.4			11.6
Dilutive effect of stock purchase contracts underlying common equity units			0.0			2.0			3.7			6.0			7.5
Weighted average common shares outstanding — diluted			769.9			773.7			773.1			769.1			763.6
Policyholder Trust Shares			285.3			281.9			276.9			272.7			267.7
SUPPLEMENTAL DATA
Adjusted long-term debt to total capital (5)			27.8	%		27.1	%		26.4	%		26.4	%		25.8	%

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of $44 million, $61 million, $56 million, $38 million and $41 million for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 ($2) million, $63 million, $3,021 million, $3 million and $0 million for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 (“SFAS 133”).
(5)	Total capital is defined as adjusted long-term debt, shares subject to mandatory redemption and stockholders’ equity net of accumulated comprehensive income. Adjusted long-term debt is as follows:

	June 30,			September 30,			December 31,			March 31,			June 30,
	2006			2006			2006			2007			2007
Long-term debt		$10,338			$10,312			$9,979			$10,338			$12,497
Junior subordinated debt		2,533			2,533			3,780			3,780			3,780
Total long-term debt		12,871			12,845			13,759			14,118			16,277
Adjustments:
Short-term debt (a)		927			905			723			731			740
Long-term debt (b)		(2,625	)		(2,584	)		(2,684	)		(3,037	)		(5,165	)
Total adjustments		(1,698	)		(1,679	)		(1,961	)		(2,306	)		(4,425	)
Total adjusted long-term debt		$11,173			$11,166			$11,798			$11,812			$11,852

(a)	Short-term debt supporting long-term needs.
(b)	Long-term debt adjustments include: (i) capital lease obligations, (ii) FIN 45 liabilities, (iii) non-recourse debt and (iv) debt with active risk management employed and when there is little to no risk that the assets will not be available to repay the funding.

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2006			2006			2006			2007			2007
ASSETS
Fixed maturity securities, at fair value		$236,131			$241,656			$242,687			$248,693			$251,963
Equity securities, at fair value		3,202			3,177			5,094			5,134			6,046
Mortgage and consumer loans		38,665			40,141			42,239			43,936			43,755
Policy loans		10,065			10,115			10,228			10,177			10,251
Real estate and real estate joint ventures		4,786			4,931			4,986			5,427			5,933
Other limited partnership interests		4,805			4,686			4,781			4,948			5,111
Short-term investments		4,067			5,839			2,709			2,483			2,763
Other invested assets		9,652			9,194			10,428			9,713			10,302
Total Investments		311,373			319,739			323,152			330,511			336,124
Cash and cash equivalents		4,126			5,924			7,107			6,545			6,504
Accrued investment income		3,275			3,380			3,347			3,300			3,710
Premiums and other receivables		13,216			14,494			14,490			15,581			15,297
Deferred policy acquisition costs and value of business acquired		20,802			20,552			20,838			20,371			21,067
Assets of subsidiaries held-for-sale		1,546			1,530			1,563			1,568			1,560
Current income tax recoverable		154			170			0			122			0
Goodwill		4,913			4,916			4,897			4,897			4,904
Other assets		8,118			8,207			7,956			7,602			7,563
Separate account assets		132,782			137,274			144,365			147,312			155,835
Total Assets		$500,305			$516,186			$527,715			$537,809			$552,564
LIABILITIES AND EQUITY
Liabilities
Future policy benefits		$123,802			$125,614			$127,489			$128,369			$129,348
Policyholder account balances		128,943			130,353			131,948			132,489			136,514
Other policyholder funds		8,721			9,100			9,139			9,467			9,772
Policyholder dividends payable		961			1,004			960			961			1,006
Policyholder dividend obligation		176			1,077			1,063			974			378
Short-term debt		2,253			1,706			1,449			3,375			1,476
Long-term debt		10,338			10,312			9,979			10,338			12,497
Junior subordinated debt securities		2,533			2,533			3,780			3,780			3,780
Shares subject to mandatory redemption		278			278			278			278			279
Liabilities of subsidiaries held-for-sale		1,575			1,545			1,595			1,598			1,616
Current income tax payable		0			0			1,465			0			7
Deferred income tax liability		485			2,319			2,278			1,992			1,050
Payables for collateral under securities loaned and other transactions		46,612			48,082			45,846			48,140			50,590
Other liabilities		13,165			13,379			12,283			14,667			14,861
Separate account liabilities		132,782			137,274			144,365			147,312			155,835
Total Liabilities		472,624			484,576			493,917			503,740			519,009
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		17,372			17,397			17,454			17,503			17,495
Retained earnings		12,195			13,195			16,574			17,228			18,357
Treasury stock		(905	)		(878	)		(1,357	)		(2,073	)		(2,014	)
Accumulated other comprehensive income		(990	)		1,887			1,118			1,402			(292	)
Total Stockholders’ Equity		27,681			31,610			33,798			34,069			33,555
Total Liabilities and Stockholders’ Equity		$500,305			$516,186			$527,715			$537,809			$552,564

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
REVENUES
Premiums			$6,428			$6,577			$6,979			$6,765			$6,903
Universal life and investment-type product policy fees			1,194			1,185			1,229			1,280			1,317
Investment income, net			4,254			4,283			4,675			4,582			4,902
Other revenues			335			339			360			384			411
			12,211			12,384			13,243			13,011			13,533
EXPENSES
Policyholder benefits and dividends			6,840			6,930			7,318			7,132			7,253
Interest credited to policyholder account balances			1,251			1,331			1,381			1,372			1,460
Interest credited to bank deposits			48			51			52			51			49
Interest expenses			202			234			218			224			241
Other expenses			2,423			2,473			2,778			2,650			2,597
			10,764			11,019			11,747			11,429			11,600
Operating earnings before provision (benefit) for income tax			1,447			1,365			1,496			1,582			1,933
Provision for income tax			430			373			408			466			588
Operating earnings			1,017			992			1,088			1,116			1,345
Preferred stock dividends			33			34			34			34			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$984			$958			$1,054			$1,082			$1,311
Net Income Reconciliation
Operating earnings available to common shareholders			$984			$958			$1,054			$1,082			$1,311
Net investment gains (losses)			(830	)		256			4,324			(95	)		(309	)
Minority interest — net investment gains (losses)			4			0			(2	)		4			4
Net investment gains (losses) tax benefit (provision)			289			(92	)		(1,531	)		33			112
Net investment gains (losses), net of income tax			(537	)		164			2,791			(58	)		(193	)
Adjustments related to universal life and investment-type product policy fees			(9	)		3			3			0			(10	)
Adjustments related to policyholder benefits and dividends			84			(204	)		(98	)		(65	)		(34	)
Adjustments related to other expenses			126			14			49			25			49
Adjustments related to tax benefit (provision)			(72	)		66			17			14			(1	)
Adjustments related to net investment gains (losses), net of income tax (1)			129			(121	)		(29	)		(26	)		4
Discontinued operations, net of income tax			41			(2	)		13			(15	)		7
Net income available to common shareholders			617			999			3,829			983			1,129
Preferred stock dividends			33			34			34			34			34
Net income			$650			$1,033			$3,863			$1,017			$1,163

(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.

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

JUNE 30, 2007

																		Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home		International			Reinsurance			& Eliminations
ASSETS
Total investments		$336,124			$142,857			$126,413			$3,881		$15,122			$14,949			$32,902
Cash and cash equivalents		6,504			18			974			109		97			317			4,989
Accrued investment income		3,710			1,229			1,291			59		198			95			838
Premiums and other receivables		15,297			5,366			2,440			954		1,019			1,272			4,246
Deferred policy acquisition costs and value of business acquired		21,067			932			14,327			191		2,317			3,292			8
Assets of subsidiaries held-for-sale		1,560			0			0			0		1,560			0			0
Current income tax recoverable		0			0			0			0		0			0			0
Goodwill		4,904			978			2,957			157		308			96			408
Other assets		7,563			1,411			3,125			394		348			88			2,197
Separate account assets		155,835			49,686			101,906			0		4,227			16			0
Total Assets		$552,564			$202,477			$253,433			$5,745		$25,196			$20,125			$45,588
LIABILITIES AND EQUITY
Liabilities
Future policy benefits		$129,348			$50,802			$56,190			$3,288		$9,088			$5,610			$4,370
Policyholder account balances		136,514			65,709			55,717			0		4,277			6,428			4,383
Other policyholder funds		9,772			2,985			2,998			73		1,399			2,115			202
Policyholder dividends payable		1,006			0			1,006			0		0			0			0
Policyholder dividend obligation		378			0			378			0		0			0			0
Short-term debt		1,476			0			0			0		0			0			1,476
Long-term debt		12,497			2			2,420			474		64			1,390			8,147
Junior subordinated debt securities		3,780			0			0			0		0			399			3,381
Shares subject to mandatory redemption		279			0			0			0		0			159			120
Liabilities of subsidiaries held-for-sale		1,616			0			0			0		1,616			0			0
Current income tax payable		7			105			1			0		(123	)		(9	)		33
Deferred income tax liability		1,050			(1,864	)		1,563			0		140			846			365
Payables for collateral under securities loaned and other transactions		50,590			22,279			18,267			71		0			0			9,973
Other liabilities		14,861			3,670			3,364			344		1,210			1,885			4,388
Separate account liabilities		155,835			49,686			101,906			0		4,227			16			0
Total Liabilities		519,009			193,374			243,810			4,250		21,898			18,839			36,838
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)		35,852			9,437			9,981			1,407		2,871			1,088			11,068
Treasury stock		(2,014	)		0			0			0		0			0			(2,014	)
Accumulated other comprehensive income		(292	)		(334	)		(358	)		88		427			198			(313	)
Total Stockholders’ Equity		33,555			9,103			9,623			1,495		3,298			1,286			8,750
Total Liabilities and Stockholders’ Equity		$552,564			$202,477			$253,433			$5,745		$25,196			$20,125			$45,588

(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 JUNE 30, 2007

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$6,903			$3,074			$1,098			$738			$777			$1,208			$8
Universal life and investment-type product policy fees		1,317			186			890			0			241			0			0
Investment income, net		4,902			2,140			1,819			49			271			266			357
Other revenues		411			177			155			8			3			19			49
		13,533			5,577			3,962			795			1,292			1,493			414
EXPENSES
Policyholder benefits and dividends		7,253			3,398			1,758			446			661			979			11
Interest credited to policyholder account balances		1,460			767			495			0			81			117			0
Capitalization of deferred policy acquisition costs		(944	)		(70	)		(414	)		(120	)		(132	)		(201	)		(7	)
Amortization of deferred policy acquisition costs		747			59			332			114			81			153			8
Other expenses		3,084			629			1,107			210			440			386			312
		11,600			4,783			3,278			650			1,131			1,434			324
Operating earnings before provision (benefit) for income tax		1,933			794			684			145			161			59			90
Provision (benefit) for income tax		588			273			235			37			44			21			(22	)
Operating earnings		1,345			521			449			108			117			38			112
Preferred stock dividends		34			0			0			0			0			0			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$1,311			$521			$449			$108			$117			$38			$78
Net Income Reconciliation
Operating earnings available to common shareholders		$1,311			$521			$449			$108			$117			$38			$78
Net investment gains (losses)		(309	)		(261	)		(92	)		0			20			(14	)		38
Minority interest — net investment gains (losses)		4			0			0			0			0			4			0
Net investment gains (losses) tax benefit (provision)		112			93			32			1			(9	)		4			(9	)
Net investment gains (losses), net of income tax		(193	)		(168	)		(60	)		1			11			(6	)		29
Adjustments related to universal life and investment-type product policy fees		(10	)		0			(10	)		0			0			0			0
Adjustments related to policyholder benefits and dividends		(34	)		13			(69	)		0			22			0			0
Adjustments related to other expenses		49			0			44			0			0			5			0
Adjustments related to tax benefit (provision)		(1	)		(4	)		13			0			(7	)		(3	)		0
Adjustments related to net investment gains (losses), net of income tax (1)		4			9			(22	)		0			15			2			0
Discontinued operations, net of income tax		7			0			0			0			(16	)		0			23
Net income available to common shareholders		1,129			362			367			109			127			34			130
Preferred stock dividends		34			0			0			0			0			0			34
Net income		$1,163			$362			$367			$109			$127			$34			$164
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$8,631			$3,437			$2,143			$746			$1,021			$1,227			$57

(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 JUNE 30, 2006

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$6,428			$2,836			$1,102			$726			$676			$1,078			$10
Universal life and investment-type product policy fees		1,194			201			799			0			194			0			0
Investment income, net		4,254			1,824			1,709			42			215			156			308
Other revenues		335			169			135			8			4			13			6
		12,211			5,030			3,745			776			1,089			1,247			324
EXPENSES
Policyholder benefits and dividends		6,840			3,169			1,755			432			600			871			13
Interest credited to policyholder account balances		1,251			617			518			0			68			48			0
Capitalization of deferred policy acquisition costs		(890	)		(62	)		(415	)		(119	)		(145	)		(149	)		0
Amortization of deferred policy acquisition costs		609			43			289			115			80			85			(3	)
Other expenses		2,954			578			1,060			215			409			347			345
		10,764			4,345			3,207			643			1,012			1,202			355
Operating earnings before provision (benefit) for income tax		1,447			685			538			133			77			45			(31	)
Provision (benefit) for income tax		430			232			185			34			13			16			(50	)
Operating earnings		1,017			453			353			99			64			29			19
Preferred stock dividends		33			0			0			0			0			0			33
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$984			$453			$353			$99			$64			$29			($14	)
Net Income Reconciliation
Operating earnings available to common shareholders		$984			$453			$353			$99			$64			$29			($14	)
Net investment gains (losses)		(830	)		(440	)		(307	)		(4	)		0			(15	)		(64	)
Minority interest — net investment gains (losses)		4			0			0			0			0			4			0
Net investment gains (losses) tax benefit (provision)		289			157			108			4			(5	)		4			21
Net investment gains (losses), net of income tax		(537	)		(283	)		(199	)		0			(5	)		(7	)		(43	)
Adjustments related to universal life and investment-type product policy fees		(9	)		0			(9	)		0			0			0			0
Adjustments related to policyholder benefits and dividends		84			61			(26	)		0			49			0			0
Adjustments related to other expenses		126			0			118			0			0			8			0
Adjustments related to tax benefit (provision)		(72	)		(22	)		(29	)		0			(18	)		(3	)		0
Adjustments related to net investment gains (losses), net of income tax (1)		129			39			54			0			31			5			0
Discontinued operations, net of income tax		41			0			0			0			11			0			30
Net income available to common shareholders		617			209			208			99			101			27			(27	)
Preferred stock dividends		33			0			0			0			0			0			33
Net income		$650			$209			$208			$99			$101			$27			$6
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$7,957			$3,206			$2,036			$734			$874			$1,091			$16

(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 SIX MONTHS ENDED JUNE 30, 2007

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$13,668			$6,199			$2,173			$1,454			$1,492			$2,334			$16
Universal life and investment-type product policy fees		2,597			377			1,743			0			477			0			0
Investment income, net		9,484			4,107			3,560			97			521			472			727
Other revenues		795			367			301			19			16			37			55
		26,544			11,050			7,777			1,570			2,506			2,843			798
EXPENSES
Policyholder benefits and dividends		14,385			6,861			3,505			877			1,239			1,881			22
Interest credited to policyholder account balances		2,832			1,489			1,002			0			159			182			0
Capitalization of deferred policy acquisition costs		(1,795	)		(133	)		(770	)		(231	)		(278	)		(376	)		(7	)
Amortization of deferred policy acquisition costs		1,552			127			712			230			178			294			11
Other expenses		6,055			1,224			2,159			407			876			747			642
		23,029			9,568			6,608			1,283			2,174			2,728			668
Operating earnings before provision (benefit) for income tax		3,515			1,482			1,169			287			332			115			130
Provision (benefit) for income tax		1,054			509			401			73			91			41			(61	)
Operating earnings		2,461			973			768			214			241			74			191
Preferred stock dividends		68			0			0			0			0			0			68
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$2,393			$973			$768			$214			$241			$74			$123
Net Income Reconciliation
Operating earnings available to common shareholders		$2,393			$973			$768			$214			$241			$74			$123
Net investment gains (losses)		(404	)		(398	)		(86	)		12			44			(20	)		44
Minority interest — net investment gains (losses)		8			0			0			0			0			8			0
Net investment gains (losses) tax benefit (provision)		145			142			29			(4	)		(15	)		4			(11	)
Net investment gains (losses), net of income tax		(251	)		(256	)		(57	)		8			29			(8	)		33
Adjustments related to universal life and investment-type product policy fees		(10	)		0			(10	)		0			0			0			0
Adjustments related to policyholder benefits and dividends		(99	)		1			(107	)		0			7			0			0
Adjustments related to other expenses		74			0			71			0			0			3			0
Adjustments related to tax benefit (provision)		13			0			17			0			(3	)		(1	)		0
Adjustments related to net investment gains (losses), net of income tax (1)		(22	)		1			(29	)		0			4			2			0
Discontinued operations, net of income tax		(8	)		0			0			0			(47	)		0			39
Net income available to common shareholders		2,112			718			682			222			227			68			195
Preferred stock dividends		68			0			0			0			0			0			68
Net income		$2,180			$718			$682			$222			$227			$68			$263
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$17,060			$6,943			$4,217			$1,473			$1,985			$2,371			$71

(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.

8

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
FOR THE SIX MONTHS ENDED JUNE 30, 2006

																			Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$12,856			$5,825			$2,184			$1,450			$1,307			$2,071			$19
Universal life and investment-type product policy fees		2,372			402			1,592			0			378			0			0
Investment income, net		8,508			3,611			3,450			87			426			330			604
Other revenues		663			339			260			15			8			28			13
		24,399			10,177			7,486			1,552			2,119			2,429			636
EXPENSES
Policyholder benefits and dividends		13,774			6,558			3,500			885			1,127			1,684			20
Interest credited to policyholder account balances		2,453			1,211			994			0			137			111			0
Capitalization of deferred policy acquisition costs		(1,773	)		(143	)		(785	)		(224	)		(296	)		(325	)		0
Amortization of deferred policy acquisition costs		1,254			78			591			226			163			199			(3	)
Other expenses		5,727			1,157			2,024			410			801			679			656
		21,435			8,861			6,324			1,297			1,932			2,348			673
Operating earnings before provision (benefit) for income tax		2,964			1,316			1,162			255			187			81			(37	)
Provision (benefit) for income tax		888			447			401			63			47			28			(98	)
Operating earnings		2,076			869			761			192			140			53			61
Preferred stock dividends		66			0			0			0			0			0			66
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$2,010			$869			$761			$192			$140			$53			($5	)
Net Income Reconciliation
Operating earnings available to common shareholders		$2,010			$869			$761			$192			$140			$53			($5	)
Net investment gains (losses)		(1,463	)		(779	)		(572	)		(3	)		11			(7	)		(113	)
Minority interest — net investment gains (losses)		2			0			0			0			0			2			0
Net investment gains (losses) tax benefit (provision)		509			277			203			1			(11	)		2			37
Net investment gains (losses), net of income tax		(952	)		(502	)		(369	)		(2	)		0			(3	)		(76	)
Adjustments related to universal life and investment-type product policy fees		(12	)		0			(12	)		0			0			0			0
Adjustments related to policyholder benefits and dividends		192			86			35			0			71			0			0
Adjustments related to other expenses		168			0			163			0			0			5			0
Adjustments related to tax benefit (provision)		(124	)		(31	)		(66	)		0			(25	)		(2	)		0
Adjustments related to net investment gains (losses), net of income tax (1)		224			55			120			0			46			3			0
Discontinued operations, net of income tax		49			0			0			0			19			0			30
Net income available to common shareholders		1,331			422			512			190			205			53			(51	)
Preferred stock dividends		66			0			0			0			0			0			66
Net income		$1,397			$422			$512			$190			$205			$53			$15
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$15,891			$6,566			$4,036			$1,465			$1,693			$2,099			$32

(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.

9

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

	For the Three Months Ended
	June 30,			September 30,			December 31,		March 31,		June 30,
Unaudited (In millions)	2006			2006			2006		2007		2007
INSTITUTIONAL OPERATIONS		$453			$390			$441		$452		$521
INDIVIDUAL OPERATIONS		353			367			415		319		449
AUTO & HOME OPERATIONS		99			107			115		106		108
INTERNATIONAL OPERATIONS		64			72			16		124		117
REINSURANCE OPERATIONS		29			29			33		36		38
CORPORATE, OTHER & ELIMINATIONS		(14	)		(7	)		34		45		78
CONSOLIDATED		$984			$958			$1,054		$1,082		$1,311

(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 18; (iii) Auto & Home Operations, page 28; (iv) International Operations, page 32; (v) Reinsurance Operations, page 33; and (vi) Corporate, Other & Eliminations, page 35. 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

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2006			2006			2006			2007			2007			2006			2007
REVENUES
Premiums		$2,836			$2,992			$3,050			$3,125			$3,074			$5,825			$6,199
Universal life and investment-type product policy fees		201			201			172			191			186			402			377
Investment income, net		1,824			1,865			2,020			1,967			2,140			3,611			4,107
Other revenues		169			171			175			190			177			339			367
		5,030			5,229			5,417			5,473			5,577			10,177			11,050
EXPENSES
Policyholder benefits and dividends		3,169			3,368			3,421			3,463			3,398			6,558			6,861
Interest credited to policyholder account balances		617			682			694			722			767			1,211			1,489
Other expenses		559			588			634			600			618			1,092			1,218
		4,345			4,638			4,749			4,785			4,783			8,861			9,568
Operating earnings before provision (benefit) for income tax		685			591			668			688			794			1,316			1,482
Provision (benefit) for income tax		232			201			227			236			273			447			509
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$453			$390			$441			$452			$521			$869			$973
Net Income Reconciliation
Operating earnings available to common shareholders		$453			$390			$441			$452			$521			$869			$973
Net investment gains (losses)		(440	)		230			(253	)		(137	)		(261	)		(779	)		(398	)
Minority interest — net investment gains (losses)		0			0			0			0			0			0			0
Net investment gains (losses) tax benefit (provision)		157			(80	)		85			49			93			277			142
Net investment gains (losses), net of income tax		(283	)		150			(168	)		(88	)		(168	)		(502	)		(256	)
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		61			(85	)		(21	)		(12	)		13			86			1
Adjustments related to other expenses		0			0			0			0			0			0			0
Adjustments related to tax benefit (provision)		(22	)		31			7			4			(4	)		(31	)		0
Adjustments related to net investment gains (losses), net of income tax (1)		39			(54	)		(14	)		(8	)		9			55			1
Cumulative effect of a change in accounting, 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		209			486			259			356			362			422			718
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$209			$486			$259			$356			$362			$422			$718
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$3,206			$3,364			$3,397			$3,506			$3,437			$6,566			$6,943
Actual Number of Sales Representatives		693			677			642			646			634

(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
Group Life

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2006			2006			2006			2007			2007			2006			2007
REVENUES
Premiums		$1,474			$1,434			$1,478			$1,576			$1,574			$3,025			$3,150
Universal life and investment-type product policy fees		197			196			171			189			184			392			373
Investment income, net		309			321			334			327			338			612			665
Other revenues		13			14			16			24			20			28			44
		1,993			1,965			1,999			2,116			2,116			4,057			4,232
EXPENSES
Policyholder benefits and dividends		1,484			1,505			1,515			1,626			1,565			3,120			3,191
Interest credited to policyholder account balances		143			148			153			152			155			277			307
Other expenses		157			159			187			175			180			312			355
		1,784			1,812			1,855			1,953			1,900			3,709			3,853
Operating earnings before provision (benefit) for income tax		209			153			144			163			216			348			379
Provision (benefit) for income tax		70			52			49			56			74			118			130
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$139			$101			$95			$107			$142			$230			$249
Net investment gains (losses), net of income tax		(47	)		(10	)		(26	)		(4	)		11			(49	)		7
Adjustments related to net investment gains (losses), net of income tax		3			0			0			0			0			4			0
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		95			91			69			103			153			185			256
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$95			$91			$69			$103			$153			$185			$256
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$1,684			$1,644			$1,665			$1,789			$1,778			$3,445			$3,567
Incurred Loss Ratio (Mortality Experience)
Term Life		88.1	%		91.6	%		92.1	%		91.8	%		89.2	%

12

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Retirement & Savings

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2006			2006			2006			2007			2007			2006			2007
REVENUES
Premiums		$254			$436			$436			$310			$272			$588			$582
Universal life and investment-type product policy fees		4			5			1			2			2			10			4
Investment income, net		1,361			1,386			1,505			1,468			1,603			2,686			3,071
Other revenues		64			62			67			71			61			126			132
		1,683			1,889			2,009			1,851			1,938			3,410			3,789
EXPENSES
Policyholder benefits and dividends		755			940			942			787			777			1,529			1,564
Interest credited to policyholder account balances		474			534			541			570			612			934			1,182
Other expenses		119			111			114			89			94			217			183
		1,348			1,585			1,597			1,446			1,483			2,680			2,929
Operating earnings before provision (benefit) for income tax		335			304			412			405			455			730			860
Provision (benefit) for income tax		114			103			140			139			156			248			295
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$221			$201			$272			$266			$299			$482			$565
Net investment gains (losses), net of income tax		(187	)		105			(140	)		(81	)		(120	)		(355	)		(201	)
Adjustments related to net investment gains (losses), net of income tax		10			(16	)		(8	)		(4	)		(3	)		3			(7	)
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		44			290			124			181			176			130			357
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$44			$290			$124			$181			$176			$130			$357
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$322			$503			$504			$383			$335			$724			$718

13

INSTITUTIONAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Non-Medical Health & Other

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2006			2006			2006			2007			2007			2006			2007
REVENUES
Premiums		$1,108			$1,122			$1,136			$1,239			$1,228			$2,212			$2,467
Universal life and investment-type product policy fees		0			0			0			0			0			0			0
Investment income, net		154			158			181			172			199			313			371
Other revenues		92			95			92			95			96			185			191
		1,354			1,375			1,409			1,506			1,523			2,710			3,029
EXPENSES
Policyholder benefits and dividends		930			923			964			1,050			1,056			1,909			2,106
Interest credited to policyholder account balances		0			0			0			0			0			0			0
Other expenses		283			318			333			336			344			563			680
		1,213			1,241			1,297			1,386			1,400			2,472			2,786
Operating earnings before provision (benefit) for income tax		141			134			112			120			123			238			243
Provision (benefit) for income tax		48			46			38			41			43			81			84
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$93			$88			$74			$79			$80			$157			$159
Net investment gains (losses), net of income tax		(49	)		55			(2	)		(3	)		(59	)		(98	)		(62	)
Adjustments related to net investment gains (losses), net of income tax		26			(38	)		(6	)		(4	)		12			48			8
Discontinued operations, net of income tax		0			0			0			0			0			0			0
Net income available to common shareholders		70			105			66			72			33			107			105
Preferred stock dividends		0			0			0			0			0			0			0
Net income		$70			$105			$66			$72			$33			$107			$105
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$1,200			$1,217			$1,228			$1,334			$1,324			$2,397			$2,658
Group Disability Premiums, Fees and Other Revenues (Included in Total)		$342			$352			$357			$405			$372			$689			$777
Incurred Loss Ratio (Morbidity Experience)
Group Disability		90.2	%		83.0	%		95.2	%		87.0	%		90.8	%

14

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
	June 30,			September 30,			December 31,			March 31,			June 30,
Group Life	2006			2006			2006			2007			2007
Balance, beginning of period		$16,951			$16,686			$16,594			$16,818			$17,132
Premiums and deposits		2,824			2,787			2,854			3,075			3,052
Interest on reserves		187			193			197			195			198
Surrenders and withdrawals		(1,581	)		(1,392	)		(1,111	)		(1,167	)		(1,321	)
Benefits and reserves		(1,489	)		(1,514	)		(1,521	)		(1,627	)		(1,569	)
Other		(206	)		(166	)		(195	)		(162	)		(279	)
Balance, end of period		$16,686			$16,594			$16,818			$17,132			$17,213

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Retirement & Savings	2006			2006			2006			2007			2007
Balance, beginning of period		$78,252			$79,406			$81,440			$84,035			$85,118
Premiums and deposits		3,028			3,389			3,387			3,245			7,266
Interest on reserves		1,022			1,054			1,086			1,088			1,192
Surrenders and withdrawals		(2,301	)		(2,031	)		(2,143	)		(2,463	)		(3,075	)
Benefits and reserves		(673	)		(663	)		(676	)		(728	)		(688	)
Other		78			285			941			(59	)		(604	)
Balance, end of period		$79,406			$81,440			$84,035			$85,118			$89,209

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Non-Medical Health & Other	2006			2006			2006			2007			2007
Balance, beginning of period		$8,849			$9,014			$9,277			$9,541			$9,798
Premiums and deposits		1,059			1,075			1,084			1,186			1,174
Interest on reserves		81			84			86			86			87
Surrenders and withdrawals		28			21			22			27			22
Benefits and reserves		(950	)		(931	)		(980	)		(1,048	)		(1,068	)
Other		(53	)		14			52			6			76
Balance, end of period		$9,014			$9,277			$9,541			$9,798			$10,089

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Group Life	2006			2006			2006			2007			2007
Balance, beginning of period		$10,949			$11,294			$12,608			$13,081			$13,143
Premiums and deposits		603			552			627			294			598
Investment performance		(161	)		328			146			(100	)		371
Surrenders and withdrawals		(86	)		(139	)		(110	)		(126	)		(133	)
Policy charges		(7	)		(7	)		(8	)		(8	)		(9	)
Other		(4	)		580			(182	)		2			1
Balance, end of period		$11,294			$12,608			$13,081			$13,143			$13,971

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Retirement & Savings	2006			2006			2006			2007			2007
Balance, beginning of period		$33,653			$33,657			$33,121			$33,521			$34,155
Premiums and deposits		1,127			1,256			952			944			1,401
Investment performance		279			1,218			809			1,414			1,350
Surrenders and withdrawals		(1,377	)		(2,978	)		(1,342	)		(1,704	)		(1,689	)
Policy charges		(26	)		(25	)		(21	)		(22	)		(19	)
Other		1			(7	)		2			2			9
Balance, end of period		$33,657			$33,121			$33,521			$34,155			$35,207

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Non-Medical Health & Other	2006			2006			2006			2007			2007
Balance, beginning of period		$360			$377			$422			$445			$483
Premiums and deposits		91			84			85			88			86
Investment performance		(48	)		33			(15	)		(6	)		23
Surrenders and withdrawals		(28	)		(21	)		(22	)		(27	)		(22	)
Policy charges		(20	)		(25	)		(25	)		(17	)		(16	)
Other		22			(26	)		0			0			(46	)
Balance, end of period		$377			$422			$445			$483			$508

15

INSTITUTIONAL OPERATIONS

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2006		2006		2006		2007		2007
OTHER EXPENSES BY MAJOR CATEGORY
Direct and allocated expenses		$413		$397		$464		$455		$460
Pension and other post-retirement benefit costs		20		21		21		1		9
Premium tax and other tax, licenses and fees		38		50		52		48		52
Sub-total Insurance Expenses		471		468		537		504		521
Commissions and other expenses		88		120		97		96		97
Total Other Expenses		$559		$588		$634		$600		$618

16

INSTITUTIONAL OPERATIONS

SPREADS BY PRODUCT

Unaudited

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Group Life	2006			2006			2006			2007			2007
ANNUALIZED GENERAL ACCOUNT SPREADS BY SEGMENT (%)
Investment income yield		6.11	%		6.52	%		6.84	%		6.36	%		6.39	%
Average crediting rate		4.56	%		4.73	%		4.75	%		4.74	%		4.68	%
Spread		1.55	%		1.79	%		2.09	%		1.62	%		1.71	%

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Retirement & Savings	2006			2006			2006			2007			2007
ANNUALIZED GENERAL ACCOUNT SPREADS BY SEGMENT (%)
Investment income yield		6.83	%		6.79	%		7.28	%		6.90	%		7.29	%
Average crediting rate		5.33	%		5.54	%		5.52	%		5.54	%		5.55	%
Spread		1.50	%		1.25	%		1.76	%		1.36	%		1.74	%

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Non-Medical Health & Other	2006			2006			2006			2007			2007
ANNUALIZED GENERAL ACCOUNT SPREADS BY SEGMENT (%)
Investment income yield		7.22	%		7.09	%		8.43	%		7.84	%		8.35	%
Average crediting rate		5.00	%		5.01	%		4.98	%		4.90	%		4.87	%
Spread		2.22	%		2.08	%		3.45	%		2.94	%		3.48	%

17

INDIVIDUAL OPERATIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$1,102			$1,095			$1,237			$1,075			$1,098				$2,184			$2,173
Universal life and investment-type product policy fees			799			779			836			853			890				1,592			1,743
Investment income, net			1,709			1,717			1,801			1,741			1,819				3,450			3,560
Other revenues			135			126			141			146			155				260			301
			3,745			3,717			4,015			3,815			3,962				7,486			7,777
EXPENSES
Policyholder benefits and dividends			1,755			1,692			1,881			1,747			1,758				3,500			3,505
Interest credited to policyholder account balances			518			528			513			507			495				994			1,002
Capitalization of deferred policy acquisition costs			(415	)		(340	)		(372	)		(356	)		(414	)			(785	)		(770	)
Amortization of deferred policy acquisition costs			289			287			263			380			332				591			712
Other expenses			1,060			987			1,097			1,052			1,107				2,024			2,159
			3,207			3,154			3,382			3,330			3,278				6,324			6,608
Operating earnings before provision (benefit) for income tax			538			563			633			485			684				1,162			1,169
Provision (benefit) for income tax			185			196			218			166			235				401			401
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$353			$367			$415			$319			$449				$761			$768
Net Income Reconciliation
Operating earnings available to common shareholders			$353			$367			$415			$319			$449				$761			$768
Net investment gains (losses)			(307	)		79			(134	)		6			(92	)			(572	)		(86	)
Minority interest — net investment gains (losses)			0			0			0			0			0				0			0
Net investment gains (losses) tax benefit (provision)			108			(26	)		46			(3	)		32				203			29
Net investment gains (losses), net of income tax			(199	)		53			(88	)		3			(60	)			(369	)		(57	)
Adjustments related to universal life and investment-type product policy fees			(9	)		3			3			0			(10	)			(12	)		(10	)
Adjustments related to policyholder benefits and dividends			(26	)		(46	)		(22	)		(38	)		(69	)			35			(107	)
Adjustments related to other expenses			118			15			55			27			44				163			71
Adjustments related to tax benefit (provision)			(29	)		9			(12	)		4			13				(66	)		17
Adjustments related to net investment gains (losses), net of income tax (1)			54			(19	)		24			(7	)		(22	)			120			(29	)
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			208			401			351			315			367				512			682
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$208			$401			$351			$315			$367				$512			$682
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$2,036			$2,000			$2,214			$2,074			$2,143				$4,036			$4,217

(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.

18

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Traditional Life

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$1,011			$1,009			$1,142			$990			$1,011				$1,987			$2,001
Universal life and investment-type product policy fees			0			0			0			0			0				0			0
Investment income, net			804			816			845			812			827				1,625			1,639
Other revenues			(1	)		1			5			(1	)		1				(1	)		0
			1,814			1,826			1,992			1,801			1,839				3,611			3,640
EXPENSES
Policyholder benefits and dividends			1,463			1,467			1,610			1,456			1,495				2,907			2,951
Interest credited to policyholder account balances			0			0			0			0			0				0			0
Capitalization of deferred policy acquisition costs			(52	)		(65	)		(59	)		(58	)		(62	)			(108	)		(120	)
Amortization of deferred policy acquisition costs			45			44			(1	)		76			49				98			125
Other expenses			213			271			261			234			242				420			476
			1,669			1,717			1,811			1,708			1,724				3,317			3,432
Operating earnings before provision (benefit) for income tax			145			109			181			93			115				294			208
Provision (benefit) for income tax			48			36			61			31			38				99			69
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$97			$73			$120			$62			$77				$195			$139
Net investment gains (losses), net of income tax			(48	)		(14	)		3			6			14				(92	)		20
Adjustments related to net investment gains (losses), net of income tax			19			(4	)		1			(12	)		(33	)			59			(45	)
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			68			55			124			56			58				162			114
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$68			$55			$124			$56			$58				$162			$114
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$1,010			$1,010			$1,147			$989			$1,012				$1,986			$2,001

19

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Variable & Universal Life

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$0			$0			$0			$0			$0				$0			$0
Universal life and investment-type product policy fees			384			370			408			394			395				779			789
Investment income, net			197			199			211			209			233				400			442
Other revenues			0			1			0			1			0				(3	)		1
			581			570			619			604			628				1,176			1,232
EXPENSES
Policyholder benefits and dividends			162			82			112			132			112				285			244
Interest credited to policyholder account balances			144			151			149			150			153				286			303
Capitalization of deferred policy acquisition costs			(110	)		(89	)		(103	)		(93	)		(102	)			(212	)		(195	)
Amortization of deferred policy acquisition costs			104			97			132			118			100				214			218
Other expenses			214			184			231			216			233				422			449
			514			425			521			523			496				995			1,019
Operating earnings before provision (benefit) for income tax			67			145			98			81			132				181			213
Provision (benefit) for income tax			24			51			35			28			46				64			74
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$43			$94			$63			$53			$86				$117			$139
Net investment gains (losses), net of income tax			(36	)		14			3			(7	)		(42	)			(61	)		(49	)
Adjustments related to net investment gains (losses), net of income tax			6			(3	)		3			2			5				15			7
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			13			105			69			48			49				71			97
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$13			$105			$69			$48			$49				$71			$97
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$384			$371			$408			$395			$395				$776			$790

20

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Annuities

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$85			$78			$105			$85			$87				$183			$172
Universal life and investment-type product policy fees			367			365			387			409			437				723			846
Investment income, net			667			658			697			677			714				1,344			1,391
Other revenues			36			31			40			42			42				65			84
			1,155			1,132			1,229			1,213			1,280				2,315			2,493
EXPENSES
Policyholder benefits and dividends			125			138			167			159			151				298			310
Interest credited to policyholder account balances			351			352			339			333			318				665			651
Capitalization of deferred policy acquisition costs			(253	)		(186	)		(210	)		(205	)		(250	)			(465	)		(455	)
Amortization of deferred policy acquisition costs			140			146			132			186			183				279			369
Other expenses			477			387			450			420			464				877			884
			840			837			878			893			866				1,654			1,759
Operating earnings before provision (benefit) for income tax			315			295			351			320			414				661			734
Provision (benefit) for income tax			109			103			121			110			144				229			254
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$206			$192			$230			$210			$270				$432			$480
Net investment gains (losses), net of income tax			(105	)		56			(86	)		8			(33	)			(207	)		(25	)
Adjustments related to net investment gains (losses), net of income tax			29			(12	)		20			3			6				46			9
Discontinued operations, net of income tax			0			0			0			0			0				0			0
Net income available to common shareholders			130			236			164			221			243				271			464
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$130			$236			$164			$221			$243				$271			$464
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$488			$474			$532			$536			$566				$971			$1,102

21

INDIVIDUAL OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Other

	For the Three Months Ended															For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007			2006			2007
REVENUES
Premiums			$6			$8			($10	)		$0			$0			$14			$0
Universal life and investment-type product policy fees			48			44			41			50			58			90			108
Investment income, net			41			44			48			43			45			81			88
Other revenues			100			93			96			104			112			199			216
			195			189			175			197			215			384			412
EXPENSES
Policyholder benefits and dividends			5			5			(8	)		0			0			10			0
Interest credited to policyholder account balances			23			25			25			24			24			43			48
Capitalization of deferred policy acquisition costs			0			0			0			0			0			0			0
Amortization of deferred policy acquisition costs			0			0			0			0			0			0			0
Other expenses			156			145			155			182			168			305			350
			184			175			172			206			192			358			398
Operating earnings before provision (benefit) for income tax			11			14			3			(9	)		23			26			14
Provision (benefit) for income tax			4			6			1			(3	)		7			9			4
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$7			$8			$2			($6	)		$16			$17			$10
Net investment gains (losses), net of income tax			(10	)		(3	)		(8	)		(4	)		1			(9	)		(3	)
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			(3	)		5			(6	)		(10	)		17			8			7
Preferred stock dividends			0			0			0			0			0			0			0
Net income			($3	)		$5			($6	)		($10	)		$17			$8			$7
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$154			$145			$127			$154			$170			$303			$324

22

INDIVIDUAL OPERATIONS

PREMIUMS AND DEPOSITS BY PRODUCT

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
PREMIUMS AND DEPOSITS BY PRODUCT (1)
Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits (2)
Traditional Life			$50			$46			$57			$52			$54
Variable Life 1st Year excluding Single Premium COLI/BOLI			55			48			55			48			44
Universal Life 1st Year excluding Single Premium COLI/BOLI			177			147			135			130			150
Single Premium COLI/BOLI			6			3			1			0			0
Total Life First Year Premiums & Deposits			288			244			248			230			248
Life Renewal Premiums and Deposits
Traditional Life			1,049			1,036			1,209			987			1,054
Variable & Universal Life			515			579			562			621			549
Total Life Renewal Premiums and Deposits			1,564			1,615			1,771			1,608			1,603
Annuities Deposits (3)
Fixed Annuity Deposits			430			594			514			352			326
Variable Annuity Deposits			3,818			3,013			3,267			3,330			4,160
Total Annuity Deposits			4,248			3,607			3,781			3,682			4,486
Total Premiums and Deposits			$6,100			$5,466			$5,800			$5,520			$6,337
Separate Account and General Account
Separate Accounts
Variable & Universal Life			$255			$267			$285			$289			$266
Variable Annuities			2,884			2,118			2,406			2,471			3,102
Total Separate Accounts			3,139			2,385			2,691			2,760			3,368
General Accounts
Traditional Life			1,099			1,082			1,266			1,039			1,108
Variable & Universal Life			498			510			468			510			477
Fixed Annuities			430			594			514			352			326
Variable Annuities			934			895			861			859			1,058
Total General Account			2,961			3,081			3,109			2,760			2,969
Total Premiums and Deposits			$6,100			$5,466			$5,800			$5,520			$6,337
Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life (4)			33.9	%		34.4	%		37.8	%		36.2	%		35.8	%
Annuities			67.9	%		58.7	%		63.6	%		67.1	%		69.1	%

(1)	Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.
(2)	Of the $248 million of First Year Life Premiums and Deposits received during the three months ended June 30, 2007, approximately 51% were distributed through MetLife agents, 20% through New England Financial agents, 27% through MetLife’s Independent Distribution channel and 2% through other distribution channels.
(3)	Of the $4,486 million of Annuity Deposits received during the three months ended June 30, 2007, approximately 23% were distributed through MetLife agents, 6% through New England Financial agents, 60% through MetLife’s Independent Distribution channel and 11% through MetLife Resources representatives.
(4)	Certain prior period amounts have been reclassified to conform with current period presentation.

23

INDIVIDUAL OPERATIONS

ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2006			2006			2006			2007			2007
Mortality as a Percentage of Expected			85.1	%		82.4	%		78.7	%		87.6	%		90.9	%
Lapse / Surrender (General and Separate Account) (1)
Traditional Life			5.9	%		5.7	%		5.7	%		5.6	%		5.6	%
Variable & Universal Life			6.0	%		5.8	%		5.5	%		5.4	%		5.3	%
Variable Annuities			10.0	%		10.3	%		10.6	%		10.5	%		10.5	%
Fixed Annuities			9.7	%		10.4	%		11.5	%		12.7	%		13.5	%
Actual Number of Sales Representatives
MetLife Distribution			6,002			5,996			5,968			6,143			6,174
New England Financial			2,071			2,025			2,035			2,078			2,081
Independent Distribution Wholesalers			217			215			212			201			196
MetLife Resources			739			738			737			715			716
Walnut Street and Tower Square Securities			1,564			1,520			1,442			1,423			1,402
P&C Specialists			657			633			648			621			620
Total Agents			11,250			11,127			11,042			11,181			11,189

(1) Lapse/Surrender rates are calculated for the most recent 12 months of experience, excluding Company-sponsored internal exchanges.

24

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
		June 30,			September 30,			December 31,			March 31,			June 30,
Traditional Life		2006			2006			2006			2007			2007
Balance, beginning of period			$50,977			$51,177			$51,406			$51,739			$51,849
Premiums and deposits (1)			1,093			1,091			1,241			1,071			1,099
Interest on reserves			520			523			527			524			528
Surrenders and withdrawals			(433	)		(432	)		(432	)		(483	)		(440	)
Benefit payments			(498	)		(488	)		(496	)		(504	)		(541	)
Other			(482	)		(465	)		(507	)		(498	)		(428	)
Balance, end of period			$51,177			$51,406			$51,739			$51,849			$52,067

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Variable & Universal Life		2006			2006			2006			2007			2007
Balance, beginning of period			$15,042			$15,268			$15,334			$15,436			$15,590
Premiums and deposits (1) (2)			498			496			477			531			483
Interest on reserves			146			151			150			151			153
Surrenders and withdrawals			(115	)		(175	)		(123	)		(122	)		(99	)
Net transfers from (to) separate account			27			20			12			25			(152	)
Policy charges			(365	)		(388	)		(385	)		(385	)		(388	)
Benefit payments			(40	)		(35	)		(33	)		(38	)		(32	)
Other			75			(3	)		4			(8	)		35
Balance, end of period			$15,268			$15,334			$15,436			$15,590			$15,590

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Annuities		2006			2006			2006			2007			2007
Balance, beginning of period			$45,293			$44,775			$44,518			$43,388			$42,587
Premiums and deposits (1) (2)			1,475			1,551			1,437			1,292			1,491
Interest on reserves			448			418			400			402			412
Surrenders and withdrawals			(1,571	)		(1,417	)		(1,617	)		(1,469	)		(1,648	)
Net transfers from (to) separate account			(521	)		(495	)		(635	)		(626	)		(671	)
Policy charges			(2	)		(1	)		0			0			0
Benefit payments			(349	)		(326	)		(346	)		(380	)		(311	)
Other			2			13			(369	)		(20	)		(25	)
Balance, end of period			$44,775			$44,518			$43,388			$42,587			$41,835

     SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Variable & Universal Life		2006			2006			2006			2007			2007
Balance, beginning of period			$9,769			$9,593			$9,796			$10,278			$10,383
Premiums and deposits (1)			288			296			309			289			279
Investment performance			(138	)		219			501			193			563
Surrenders and withdrawals			(145	)		(141	)		(155	)		(195	)		(204	)
Net transfers from (to) fixed account			(27	)		(20	)		(12	)		(25	)		152
Policy charges			(155	)		(154	)		(157	)		(160	)		(161	)
Other			1			3			(4	)		3			6
Balance, end of period			$9,593			$9,796			$10,278			$10,383			$11,018

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Annuities		2006			2006			2006			2007			2007
Balance, beginning of period			$75,861			$75,587			$78,570			$83,847			$85,700
Premiums and deposits (1)			2,928			2,213			2,531			2,640			3,355
Investment performance			(1,483	)		2,584			4,771			1,295			4,246
Surrenders and withdrawals			(1,947	)		(2,008	)		(2,341	)		(2,384	)		(2,716	)
Net transfers from (to) fixed account			521			495			635			626			671
Policy charges			(292	)		(301	)		(326	)		(325	)		(371	)
Other			(1	)		0			7			1			3
Balance, end of period			$75,587			$78,570			$83,847			$85,700			$90,888

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

25

INDIVIDUAL OPERATIONS

INSURANCE EXPENSES AND OTHER
EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance Expenses			$914			$855			$950			$876			$947
DAC Capitalization (1)			(429	)		(353	)		(385	)		(369	)		(430	)
Net			$485			$502			$565			$507			$517
OTHER EXPENSES BY MAJOR CATEGORY
Commissions			$350			$282			$305			$308			$345
Other deferrable expenses			146			132			146			135			156
Direct and allocated expenses, not deferred			386			371			427			391			399
Pension and other post-retirement benefit costs			3			35			41			10			16
Premium tax and other tax, licenses and fees			29			35			31			32			31
Subtotal Insurance Expenses			914			855			950			876			947
Broker-dealer and other expenses			159			147			159			185			176
Reinsurance allowances			(13	)		(15	)		(12	)		(9	)		(16	)
Total Other Expenses			$1,060			$987			$1,097			$1,052			$1,107

(1) Excludes $14 million, $13 million, $13 million, $13 million and $16 million of DAC capitalization related to reinsurance allowances for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, respectively.

26

INDIVIDUAL OPERATIONS

SPREADS BY PRODUCT
Unaudited

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Variable & Universal Life		2006			2006			2006			2007			2007
ANNUALIZED GENERAL ACCOUNT SPREADS BY PRODUCT (%)
Investment income yield			6.41	%		6.35	%		6.43	%		6.34	%		6.40	%
Average crediting rate			4.54	%		4.53	%		4.54	%		4.56	%		4.56	%
Spread			1.87	%		1.82	%		1.89	%		1.78	%		1.84	%

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Annuities		2006			2006			2006			2007			2007
ANNUALIZED GENERAL ACCOUNT SPREADS BY PRODUCT (%)
Investment income yield			6.28	%		6.27	%		6.51	%		6.39	%		6.91	%
Average crediting rate			3.66	%		3.67	%		3.75	%		3.82	%		3.85	%
Spread			2.62	%		2.60	%		2.76	%		2.57	%		3.06	%

27

AUTO & HOME OPERATIONS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL

	For the Three Months Ended															For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007			2006			2007
REVENUES
Earned premiums			$726			$732			$742			$716			$738			$1,450			$1,454
Investment income, net			42			46			44			48			49			87			97
Other revenues			8			3			4			11			8			15			19
			776			781			790			775			795			1,552			1,570
EXPENSES
Losses and loss adjustment expense			432			426			408			431			446			883			877
Other expenses			211			210			227			202			204			414			406
			643			636			635			633			650			1,297			1,283
Operating earnings before provision (benefit) for income tax			133			145			155			142			145			255			287
Provision (benefit) for income tax			34			38			40			36			37			63			73
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$99			$107			$115			$106			$108			$192			$214
Net Income Reconciliation
Operating earnings available to common shareholders			$99			$107			$115			$106			$108			$192			$214
Net investment gains (losses)			(4	)		(1	)		8			12			0			(3	)		12
Minority interest — net investment gains (losses)			0			0			0			0			0			0			0
Net investment gains (losses) tax benefit (provision)			4			0			(3	)		(5	)		1			1			(4	)
Net investment gains (losses), net of income tax			0			(1	)		5			7			1			(2	)		8
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			99			106			120			113			109			190			222
Preferred stock dividends			0			0			0			0			0			0			0
Net income			$99			$106			$120			$113			$109			$190			$222
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$734			$735			$746			$727			$746			$1,465			$1,473

28

AUTO & HOME OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Auto

	For the Three Months Ended													For the Year-to-Date Period Ended
		June 30,		September 30,			December 31,		March 31,		June 30,				June 30,			June 30,
Unaudited (In millions)		2006		2006			2006		2007		2007				2006			2007
REVENUES
Earned premiums			$516		$519			$525		$502		$520				$1,033			$1,022
Investment income, net			32		34			32		35		33				66			68
Other revenues			7		4			6		6		6				13			12
			555		557			563		543		559				1,112			1,102
EXPENSES
Losses and loss adjustment expense			321		295			282		308		338				655			646
Other expenses			145		141			149		135		137				282			272
			466		436			431		443		475				937			918
Operating earnings before provision (benefit) for income tax			89		121			132		100		84				175			184
Provision (benefit) for income tax			21		33			36		25		20				42			45
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$68		$88			$96		$75		$64				$133			$139
Net investment gains (losses), net of income tax			0		(1	)		3		6		(1	)			(1	)		5
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			68		87			99		81		63				132			144
Preferred stock dividends			0		0			0		0		0				0			0
Net income			$68		$87			$99		$81		$63				$132			$144
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$523		$523			$531		$508		$526				$1,046			$1,034

29

AUTO & HOME OPERATIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
Homeowners & Other

	For the Three Months Ended													For the Year-to-Date Period Ended
		June 30,		September 30,			December 31,			March 31,		June 30,			June 30,			June 30,
Unaudited (In millions)		2006		2006			2006			2007		2007			2006			2007
REVENUES
Earned premiums		$	210	$	213		$	217		$	214	$	218		$	417		$	432
Investment income, net			10		12			12			13		16			21			29
Other revenues			1		(1	)		(2	)		5		2			2			7
			221		224			227			232		236			440			468
EXPENSES
Losses and loss adjustment expense			111		131			126			123		108			228			231
Other expenses			66		69			78			67		67			132			134
			177		200			204			190		175			360			365
Operating earnings before provision (benefit) for income tax			44		24			23			42		61			80			103
Provision (benefit) for income tax			13		5			4			11		17			21			28
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	31	$	19		$	19		$	31	$	44		$	59		$	75
Net investment gains (losses), net of income tax			0		0			2			1		2			(1	)		3
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			31		19			21			32		46			58			78
Preferred stock dividends			0		0			0			0		0			0			0
Net income		$	31	$	19		$	21		$	32	$	46		$	58		$	78
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues		$	211	$	212		$	215		$	219	$	220		$	419		$	439

30

AUTO & HOME OPERATIONS

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION
AND SUPPLEMENTAL DATA

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
WRITTEN PREMIUMS BY PRODUCT
Preferred/Standard Automobile			$507			$531			$503			$498			$515
Non-Standard Automobile			11			11			10			10			9
Homeowners & Other			226			239			213			193			236
Total			$744			$781			$726			$701			$760
SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
Total Auto & Home
Loss and loss adjustment expense ratio			59.3	%		58.3	%		54.9	%		60.1	%		60.4	%
Other expense ratio			28.6	%		28.1	%		30.1	%		27.6	%		27.0	%
Total combined ratio (1)			87.9	%		86.4	%		85.0	%		87.7	%		87.4	%
Effect of catastrophe losses			3.4	%		5.2	%		6.1	%		1.4	%		3.1	%
Combined ratio excluding catastrophes			84.5	%		81.2	%		78.9	%		86.3	%		84.3	%
Auto
Loss and loss adjustment expense ratio			62.2	%		56.8	%		53.7	%		61.2	%		65.0	%
Other expense ratio			27.1	%		26.3	%		27.7	%		26.3	%		25.6	%
Total combined ratio (1)			89.3	%		83.1	%		81.4	%		87.5	%		90.6	%
Effect of catastrophe losses			1.3	%		0.8	%		0.6	%		0.0	%		0.4	%
Combined ratio excluding catastrophes			88.0	%		82.3	%		80.8	%		87.5	%		90.2	%
Homeowners & Other
Loss and loss adjustment expense ratio			52.9	%		61.1	%		57.6	%		57.5	%		49.5	%
Other expense ratio			31.0	%		32.9	%		36.0	%		30.8	%		30.3	%
Total combined ratio (1)			83.9	%		94.0	%		93.6	%		88.3	%		79.8	%
Effect of catastrophe losses			8.1	%		16.0	%		19.2	%		4.6	%		9.7	%
Combined ratio excluding catastrophes			75.8	%		78.0	%		74.4	%		83.7	%		70.1	%
Pre-Tax Catastrophe Losses
Auto			$7			$4			$3			$0			$2
Homeowners & Other			17			34			42			10			21
Total			$24			$38			$45			$10			$23
Catastrophe points on combined ratios			3.4			5.2			6.1			1.4			3.1
Actual Number of Sales Representatives			93			93			100			99			94

(1) The combined ratio reflects payment fees as a credit to Other expenses for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, which resulted in a 0.6, 0.6, 0.6, 0.7 and 0.6 of a percentage point decrease in the combined ratio, respectively. The decreases for Auto and Homeowners & Other were 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, 0.7 and 0.4 of a percentage point, respectively, for December 31, 2006, 0.8 and 0.4 of a percentage point, respectively, for March 31, 2007 and 0.7 and 0.4 of a percentage point, respectively, for June 30, 2007.

31

INTERNATIONAL OPERATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$676			$675			$740			$715			$777				$1,307			$1,492
Universal life and investment-type product policy fees			194			205			221			236			241				378			477
Investment income, net			215			265			259			250			271				426			521
Other revenues			4			8			12			13			3				8			16
			1,089			1,153			1,232			1,214			1,292				2,119			2,506
EXPENSES
Policyholder benefits and dividends			600			581			644			578			661				1,127			1,239
Interest credited to policyholder account balances			68			75			77			78			81				137			159
Capitalization of deferred policy acquisition costs			(145	)		(146	)		(138	)		(146	)		(132	)			(296	)		(278	)
Amortization of deferred policy acquisition costs			80			92			107			97			81				163			178
Other expenses			409			435			511			436			440				801			876
			1,012			1,037			1,201			1,043			1,131				1,932			2,174
Operating earnings before provision (benefit) for income tax			77			116			31			171			161				187			332
Provision (benefit) for income tax			13			44			15			47			44				47			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			$64			$72			$16			$124			$117				$140			$241
Net Income Reconciliation
Operating earnings available to common shareholders			$64			$72			$16			$124			$117				$140			$241
Net investment gains (losses)			0			(15	)		(6	)		24			20				11			44
Minority interest — net investment gains (losses)			0			0			0			0			0				0			0
Net investment gains (losses) tax benefit (provision)			(5	)		4			(2	)		(6	)		(9	)			(11	)		(15	)
Net investment gains (losses), net of income tax			(5	)		(11	)		(8	)		18			11				0			29
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			49			(73	)		(55	)		(15	)		22				71			7
Adjustments related to other expenses			0			0			0			0			0				0			0
Adjustments related to tax benefit (provision)			(18	)		25			20			4			(7	)			(25	)		(3	)
Adjustments related to net investment gains (losses), net of income tax (1)			31			(48	)		(35	)		(11	)		15				46			4
Discontinued operations, net of income tax			11			(2	)		11			(31	)		(16	)			19			(47	)
Net income available to common shareholders			101			11			(16	)		100			127				205			227
Preferred stock dividends			0			0			0			0			0				0			0
Net income			$101			$11			($16	)		$100			$127				$205			$227
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$874			$888			$973			$964			$1,021				$1,693			$1,985
Actual Number of Professional Sales Representatives			3,982			3,946			3,562			3,471			3,462

(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.

32

REINSURANCE OPERATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																	For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,					June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007					2006			2007
REVENUES
Premiums			$1,078			$1,076			$1,201			$1,126			$1,208					$2,071			$2,334
Investment income, net			156			171			231			206			266					330			472
Other revenues			13			19			19			18			19					28			37
			1,247			1,266			1,451			1,350			1,493					2,429			2,843
EXPENSES
Claims and other policy benefits			871			849			957			902			979					1,684			1,881
Interest credited to policyholder account balances			48			46			97			65			117					111			182
Policy acquisition costs and other insurance expenses			174			185			203			177			181					332			358
Other expenses			60			84			88			90			94					123			184
			1,153			1,164			1,345			1,234			1,371					2,250			2,605
Operating earnings before provision (benefit) for income tax and minority interest			94			102			106			116			122					179			238
Provision (benefit) for income tax			16			17			17			20			21		��			28			41
Operating earnings available to common shareholders before minority interest			78			85			89			96			101					151			197
Elimination of minority interest, before tax			49			56			56			60			63					98			123
CONTRIBUTION TO METLIFE			$29			$29			$33			$36			$38					$53			$74
Net Income Reconciliation
Operating earnings available to common shareholders			$29			$29			$33			$36			$38					$53			$74
Net investment gains (losses)			(15	)		3			11			(6	)		(14	)				(7	)		(20	)
Minority interest — net investment gains (losses)			4			0			(2	)		4			4					2			8
Net investment gains (losses) tax benefit (provision)			4			(2	)		(3	)		0			4					2			4
Net investment gains (losses), net of income tax			(7	)		1			6			(2	)		(6	)				(3	)		(8	)
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			8			(1	)		(6	)		(2	)		5					5			3
Adjustments related to tax benefit (provision)			(3	)		1			2			2			(3	)				(2	)		(1	)
Adjustments related to net investment gains (losses), net of income tax (1)			5			0			(4	)		0			2					3			2
Discontinued operations, net of income tax			0			0			0			0			0					0			0
Net income available to common shareholders			27			30			35			34			34					53			68
Preferred stock dividends			0			0			0			0			0					0			0
Net income			$27			$30			$35			$34			$34					$53			$68
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$1,091			$1,095			$1,220			$1,144			$1,227					$2,099			$2,371

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

33

REINSURANCE OPERATIONS
PRE-TAX AND PRE-MINORITY INTEREST OPERATING

EARNINGS BY REGION AND RESERVES BY REGION

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
PRE-TAX AND PRE-MINORITY INTEREST OPERATING EARNINGS BY REGION
United States			$66			$75			$72			$84			$85
Canada			9			12			11			12			23
Asia-Pacific			8			19			24			11			16
Other international markets			17			9			17			21			12
Corporate			(6	)		(13	)		(18	)		(12	)		(14	)
Total pre-tax and pre-minority interest operating earnings			$94			$102			$106			$116			$122
POLICY BENEFITS AND INTEREST SENSITIVE CONTRACT LIABILITIES BY REGION
Traditional U.S.			$4,239			$4,328			$4,571			$4,627			$4,762
Asset intensive			4,911			5,022			5,265			5,359			5,485
Other			90			68			71			35			67
Total U.S.			9,240			9,418			9,907			10,021			10,314
Canada			1,780			1,781			1,737			1,783			1,944
Asia-Pacific			752			780			874			937			1,005
Other international markets			774			786			814			905			890
Total International			3,306			3,347			3,425			3,625			3,839
Total policy benefits and interest sensitive contract liabilities			$12,546			$12,765			$13,332			$13,646			$14,153

34

CORPORATE, OTHER & ELIMINATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007				2006			2007
REVENUES
Premiums			$10			$7			$9			$8			$8				$19			$16
Universal life and investment-type product policy fees			0			0			0			0			0				0			0
Investment income, net			308			219			320			370			357				604			727
Other revenues			6			12			9			6			49				13			55
			324			238			338			384			414				636			798
EXPENSES
Policyholder benefits and dividends			13			13			4			11			11				20			22
Interest credited to policyholder account balances			0			0			0			0			0				0			0
Interest credited to bank deposits			48			51			52			51			49				91			100
Interest expense			183			200			187			189			194				358			383
Other expenses			111			70			136			93			70				204			163
			355			334			379			344			324				673			668
Operating earnings before provision (benefit) for income tax			(31	)		(96	)		(41	)		40			90				(37	)		130
Provision (benefit) for income tax			(50	)		(123	)		(109	)		(39	)		(22	)			(98	)		(61	)
Operating earnings			19			27			68			79			112				61			191
Preferred stock dividends			33			34			34			34			34				66			68
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			($14	)		($7	)		$34			$45			$78				($5	)		$123
Net Income Reconciliation
Operating earnings available to common shareholders			($14	)		($7	)		$34			$45			$78				($5	)		$123
Net investment gains (losses)			(64	)		(40	)		4,698			6			38				(113	)		44
Minority interest — net investment gains (losses)			0			0			0			0			0				0			0
Net investment gains (losses) tax benefit (provision)			21			12			(1,654	)		(2	)		(9	)			37			(11	)
Net investment gains (losses), net of income tax			(43	)		(28	)		3,044			4			29				(76	)		33
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			30			0			2			16			23				30			39
Net income available to common shareholders			(27	)		(35	)		3,080			65			130				(51	)		195
Preferred stock dividends			33			34			34			34			34				66			68
Net income			$6			($1	)		$3,114			$99			$164				$15			$263
Premiums, Fees and Other Revenues
Total Premiums, Fees and Other Revenues			$16			$19			$18			$14			$57				$32			$71

35

METLIFE, INC.

INVESTMENT RESULTS
BY ASSET CATEGORY AND

ANNUALIZED YIELDS

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
FIXED MATURITY SECURITIES
Yield (1)			6.10	%		6.17	%		6.23	%		6.15	%		6.23	%
Investment income (2)			$2,963			$2,990			$3,052			$3,065			$3,163
Investment gains (losses)			($386	)		($126	)		($198	)		($92	)		($236	)
Ending Carrying Value (2)			$236,131			$241,656			$242,687			$248,693			$251,963
MORTGAGE AND CONSUMER LOANS
Yield (1)			6.41	%		6.53	%		6.78	%		6.36	%		6.46	%
Investment income (3)			$574			$602			$650			$632			$654
Investment gains (losses)			$3			($8	)		($7	)		$0			$13
Ending Carrying Value			$38,665			$40,141			$42,239			$43,936			$43,755
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)			11.37	%		8.73	%		13.27	%		11.60	%		11.54	%
Investment income			$135			$103			$165			$151			$164
Investment gains (losses)			$54			$118			$4,709			$7			$37
Ending Carrying Value			$4,786			$4,931			$4,986			$5,427			$5,933
POLICY LOANS
Yield (1)			5.89	%		6.10	%		6.13	%		6.16	%		6.20	%
Investment income			$147			$154			$156			$157			$158
Ending Carrying Value			$10,065			$10,115			$10,228			$10,177			$10,251
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)			14.83	%		10.41	%		18.86	%		15.25	%		20.85	%
Investment income			$278			$198			$356			$345			$512
Investment gains (losses)			$25			($7	)		$40			$64			$28
Ending Carrying Value (2)			$8,007			$7,863			$9,875			$10,082			$11,157
CASH AND SHORT-TERM INVESTMENTS
Yield (1)			4.70	%		5.42	%		6.89	%		6.16	%		4.67	%
Investment income			$85			$120			$157			$123			$99
Investment gains (losses)			($1	)		$1			($1	)		$0			$0
Ending Carrying Value			$8,193			$11,763			$9,816			$9,028			$9,267
OTHER INVESTED ASSETS (5)
Yield (1)			7.94	%		10.02	%		11.28	%		8.99	%		11.13	%
Investment income			$168			$222			$260			$212			$257
Investment gains (losses)			($525	)		$278			($219	)		($74	)		($151	)
Ending Carrying Value			$9,652			$9,194			$10,428			$9,713			$10,302
TOTAL INVESTMENTS
Gross investment income yield (1)			6.49	%		6.48	%		6.95	%		6.67	%		6.98	%
Investment fees and expenses yield			(0.14	%)		(0.16	%)		(0.18	%)		(0.15	%)		(0.15	%)
NET INVESTMENT INCOME YIELD			6.35	%		6.32	%		6.77	%		6.52	%		6.83	%
Gross investment income			$4,350			$4,389			$4,796			$4,685			$5,007
Investment fees and expenses			(96	)		(106	)		(121	)		(103	)		(105	)
NET INVESTMENT INCOME			$4,254			$4,283			$4,675			$4,582			$4,902
Ending Carrying Value			$315,499			$325,663			$330,259			$337,056			$342,628
Gross investment gains			$255			$299			$4,983			$308			$315
Gross investment losses			(660	)		(311	)		(499	)		(289	)		(494	)
Writedowns			(45	)		(25	)		(44	)		(3	)		(22	)
Subtotal			(450	)		(37	)		4,440			16			(201	)
Derivative & other instruments not qualifying for hedge accounting			(380	)		293			(116	)		(111	)		(108	)
INVESTMENT GAINS (LOSSES)			(830	)		256			4,324			(95	)		(309	)
Minority interest — net investment gains (losses)			4			0			(2	)		4			4
Investment gains (losses) tax benefit (provision)			289			(92	)		(1,531	)		33			112
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX			($537	)		$164			$2,791			($58	)		($193	)

(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 $519 million, $780 million, $759 million, $777 million and $919 million in ending carrying value, and ($3) million, $14 million, $41 million, $15 million and $16 million of investment income (loss) related to trading securities at or for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 $28 million, $19 million, $18 million, $3 million and $0 million related to discontinued operations for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is ($3) million, $99 million, $4,704 million, $5 million and $0 million related to discontinued operations for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 133 of $68 million, $96 million, $87 million, $58 million and $65 million for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $3 million, $3 million, $5 million, $4 million and $5 million for the three months ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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.

36

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

	For the Year-to-Date Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2006			2006			2006			2007			2007
FIXED MATURITY SECURITIES
Yield (1)			6.12	%		6.14	%		6.16	%		6.15	%		6.19	%
Investment income (2)			$5,935			$8,925			$11,977			$3,065			$6,228
Investment gains (losses)			($796	)		($922	)		($1,120	)		($92	)		($328	)
Ending Carrying Value (2)			$236,131			$241,656			$242,687			$248,693			$251,963
MORTGAGE AND CONSUMER LOANS
Yield (1)			6.55	%		6.54	%		6.60	%		6.36	%		6.41	%
Investment income (3)			$1,159			$1,761			$2,411			$632			$1,286
Investment gains (losses)			$7			($1	)		($8	)		$0			$13
Ending Carrying Value			$38,665			$40,141			$42,239			$43,936			$43,755
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)			11.93	%		10.86	%		11.55	%		11.60	%		11.57	%
Investment income			$281			$384			$549			$151			$315
Investment gains (losses)			$71			$189			$4,898			$7			$44
Ending Carrying Value			$4,786			$4,931			$4,986			$5,427			$5,933
POLICY LOANS
Yield (1)			5.86	%		5.94	%		5.99	%		6.16	%		6.18	%
Investment income			$293			$447			$603			$157			$315
Ending Carrying Value			$10,065			$10,115			$10,228			$10,177			$10,251
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)			13.86	%		12.68	%		14.90	%		15.25	%		18.17	%
Investment income			$513			$711			$1,067			$345			$857
Investment gains (losses)			$52			$45			$85			$64			$92
Ending Carrying Value (2)			$8,007			$7,863			$9,875			$10,082			$11,157
CASH AND SHORT-TERM INVESTMENTS
Yield (1)			4.67	%		4.96	%		5.51	%		6.16	%		5.40	%
Investment income			$165			$285			$442			$123			$222
Investment gains (losses)			($2	)		($1	)		($2	)		$0			$0
Ending Carrying Value			$8,193			$11,763			$9,816			$9,028			$9,267
OTHER INVESTED ASSETS (5)
Yield (1)			8.41	%		8.98	%		9.60	%		8.99	%		10.05	%
Investment income			$339			$561			$821			$212			$469
Investment gains (losses)			($795	)		($517	)		($736	)		($74	)		($225	)
Ending Carrying Value			$9,652			$9,194			$10,428			$9,713			$10,302
TOTAL INVESTMENTS
Gross investment income yield (1)			6.51	%		6.50	%		6.62	%		6.67	%		6.83	%
Investment fees and expenses yield			(0.13	%)		(0.14	%)		(0.15	%)		(0.15	%)		(0.15	%)
NET INVESTMENT INCOME YIELD			6.38	%		6.36	%		6.47	%		6.52	%		6.68	%
Gross investment income			$8,685			$13,074			$17,870			$4,685			$9,692
Investment fees and expenses			(177	)		(283	)		(404	)		(103	)		(208	)
NET INVESTMENT INCOME			$8,508			$12,791			$17,466			$4,582			$9,484
Ending Carrying Value			$315,499			$325,663			$330,259			$337,056			$342,628
Gross investment gains			$472			$771			$5,754			$308			$623
Gross investment losses			(1,226	)		(1,537	)		(2,036	)		(289	)		(783	)
Writedowns			(67	)		(92	)		(136	)		(3	)		(25	)
Subtotal			(821	)		(858	)		3,582			16			(185	)
Derivative & other instruments not qualifying for hedge accounting			(642	)		(349	)		(465	)		(111	)		(219	)
INVESTMENT GAINS (LOSSES)			(1,463	)		(1,207	)		3,117			(95	)		(404	)
Minority interest — net investment gains (losses)			2			2			0			4			8
Investment gains (losses) tax benefit (provision)			509			417			(1,114	)		33			145
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX			($952	)		($788	)		$2,003			($58	)		($251	)

(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 $519 million, $780 million, $759 million, $777 million and $919 million in ending carrying value, and $16 million, $30 million, $71 million, $15 million and $31 million of investment income (loss) related to trading securities at or for the year-to-date ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 $47 million, $66 million, $84 million, $3 million and $3 million related to discontinued operations for year-to-date ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is ($8) million, $91 million, $4,795 million, $5 million and $5 million related to discontinued operations for year-to-date ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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 133 of $107 million, $203 million, $290 million, $58 million and $123 million for the year-to-date ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is ($1) million, $2 million, $7 million, $4 million and $9 million for the year-to-date ended June 30, 2006, September 30, 2006, December 31, 2006, March 31, 2007 and June 30, 2007, 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.

37

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES (1)

	June 30, 2006					September 30, 2006					December 31, 2006					March 31, 2007					June 30, 2007
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total				Amount		% of Total
Less than 20%		$6,360		96.4	%		$2,463		98.3	%		$2,265		99.2	%		$1,920		98.4	%			$4,598		99.0	%
20% or more for less than six months		228		3.4	%		6		0.2	%		7		0.3	%		26		1.3	%			22		0.5	%
20% or more for six months or greater		10		0.2	%		38		1.5	%		11		0.5	%		6		0.3	%			24		0.5	%
Total Gross Unrealized Losses		$6,598		100.0	%		$2,507		100.0	%		$2,283		100.0	%		$1,952		100.0	%			$4,644		100.0	%
Total Gross Unrealized Gains		$4,986					$7,341					$7,443					$7,535						$5,710

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

	June 30, 2006					September 30, 2006					December 31, 2006					March 31, 2007					June 30, 2007
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total				Amount		% of Total
Less than 20%		$51		69.9	%		$26		60.5	%		$39		86.7	%		$40		81.6	%			$72		92.3	%
20% or more for less than six months		22		30.1	%		17		39.5	%		5		11.1	%		9		18.4	%			6		7.7	%
20% or more for six months or greater		0		0.0	%		0		0.0	%		1		2.2	%		0		0.0	%			0		0.0	%
Total Gross Unrealized Losses		$73		100.0	%		$43		100.0	%		$45		100.0	%		$49		100.0	%			$78		100.0	%
Total Gross Unrealized Gains		$338					$404					$590					$541						$629

(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.

38

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE FOR SALE
BY SECTOR AND QUALITY DISTRIBUTION

		June 30, 2006					September 30, 2006					December 31, 2006					March 31, 2007					June 30, 2007
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total				Amount		% of Total
U.S. corporate securities			$74,832		31.8	%		$76,222		31.7	%		$75,074		31.0	%		$76,912		31.0	%			$77,192		30.8	%
Residential mortgage-backed securities			51,136		21.7	%		53,761		22.3	%		51,666		21.4	%		56,420		22.8	%			59,219		23.6	%
Foreign corporate securities			34,735		14.7	%		36,116		15.0	%		34,946		14.4	%		37,258		15.0	%			37,615		15.0	%
U.S. Treasury/agency securities			26,184		11.1	%		26,578		11.0	%		30,633		12.7	%		27,569		11.1	%			27,437		10.9	%
Commercial mortgage-backed securities			18,533		7.9	%		17,377		7.2	%		16,522		6.8	%		17,875		7.2	%			19,192		7.6	%
Asset-backed securities			13,051		5.5	%		13,000		5.4	%		13,873		5.7	%		13,526		5.5	%			11,815		4.7	%
Foreign government securities			11,288		4.8	%		12,382		5.1	%		12,599		5.2	%		13,094		5.3	%			13,773		5.5	%
State and political subdivision securities			4,882		2.1	%		5,094		2.1	%		6,300		2.6	%		4,816		1.9	%			4,467		1.8	%
Other fixed maturity securities			971		0.4	%		346		0.2	%		315		0.2	%		446		0.2	%			334		0.1	%
Total Fixed Maturity Securities			$235,612		100.0	%		$240,876		100.0	%		$241,928		100.0	%		$247,916		100.0	%			$251,044		100.0	%
NAIC	RATING AGENCY
RATING (1)	EQUIVALENT DESIGNATION
1	Aaa / Aa / A		$170,998		72.6	%		$175,913		73.0	%		$177,969		73.6	%		$181,569		73.3	%			$184,269		73.4	%
2	Baa		47,749		20.3	%		48,679		20.2	%		46,881		19.4	%		48,866		19.7	%			48,879		19.4	%
3	Ba		9,814		4.2	%		9,397		3.9	%		9,738		4.0	%		9,990		4.0	%			10,482		4.2	%
4	B		6,719		2.8	%		6,638		2.8	%		7,030		2.9	%		7,046		2.8	%			6,965		2.8	%
5	Caa and lower		314		0.1	%		229		0.1	%		294		0.1	%		428		0.2	%			432		0.2	%
6	In or near default		18		0.0	%		20		0.0	%		16		0.0	%		17		0.0	%			17		0.0	%
Total Fixed Maturity Securities			$235,612		100.0	%		$240,876		100.0	%		$241,928		100.0	%		$247,916		100.0	%			$251,044		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

	June 30, 2006					September 30, 2006					December 31, 2006					March 31, 2007					June 30, 2007
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total				Amount		% of Total
Pacific		$7,602		25.8	%		$7,908		25.7	%		$7,663		24.0	%		$7,464		22.3	%			$7,377		22.4	%
South Atlantic		6,714		22.7	%		7,029		22.8	%		6,881		21.6	%		7,922		23.7	%			7,286		22.1	%
Middle Atlantic		4,346		14.7	%		4,251		13.8	%		4,858		15.3	%		5,026		15.1	%			5,170		15.7	%
East North Central		2,884		9.8	%		2,972		9.6	%		2,879		9.0	%		3,057		9.2	%			3,353		10.2	%
West South Central		2,482		8.4	%		2,568		8.3	%		2,631		8.3	%		2,483		7.4	%			2,547		7.7	%
New England		1,165		3.9	%		1,125		3.6	%		1,301		4.1	%		1,421		4.3	%			1,356		4.1	%
International		2,242		7.6	%		2,449		7.9	%		2,832		8.9	%		3,096		9.3	%			3,311		10.0	%
Mountain		814		2.8	%		912		3.0	%		859		2.7	%		830		2.5	%			768		2.3	%
West North Central		811		2.7	%		831		2.7	%		799		2.5	%		777		2.3	%			776		2.4	%
East South Central		378		1.3	%		489		1.6	%		452		1.4	%		495		1.5	%			504		1.5	%
Other		95		0.3	%		314		1.0	%		692		2.2	%		792		2.4	%			511		1.6	%
Total		$29,533		100.0	%		$30,848		100.0	%		$31,847		100.0	%		$33,363		100.0	%			$32,959		100.0	%
Office		$14,060		47.6	%		$14,756		47.8	%		$15,083		47.4	%		$14,726		44.1	%			$14,611		44.3	%
Retail		6,585		22.3	%		6,617		21.5	%		6,552		20.6	%		7,143		21.4	%			6,941		21.1	%
Apartments		3,422		11.6	%		3,580		11.6	%		3,772		11.8	%		3,950		11.8	%			3,998		12.1	%
Industrial		2,939		10.0	%		2,962		9.6	%		2,850		8.9	%		2,824		8.5	%			2,902		8.8	%
Hotel		1,429		4.8	%		1,799		5.8	%		2,120		6.7	%		2,452		7.4	%			2,536		7.7	%
Other		1,098		3.7	%		1,134		3.7	%		1,470		4.6	%		2,268		6.8	%			1,971		6.0	%
Total		$29,533		100.0	%		$30,848		100.0	%		$31,847		100.0	%		$33,363		100.0	%			$32,959		100.0	%

39

METLIFE, INC.

SUMMARY OF REAL ESTATE

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2006		2006		2006		2007		2007
Wholly-owned		$3,854		$3,691		$3,506		$3,815		$3,925
Joint ventures		923		1,231		1,477		1,609		2,006
Subtotal		4,777		4,922		4,983		5,424		5,931
Foreclosed		9		9		3		3		2
Total Real Estate (1)		$4,786		$4,931		$4,986		$5,427		$5,933

SUMMARY OF MORTGAGES AND CONSUMER LOANS

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2006		2006		2006		2007		2007
Commercial mortgages		$29,533		$30,848		$31,847		$33,363		$32,959
Agricultural mortgages		7,817		8,056		9,213		9,457		9,731
Consumer loans		1,315		1,237		1,179		1,116		1,065
Total		$38,665		$40,141		$42,239		$43,936		$43,755

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

40

Company Ratings as of July 30, 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	Aa2	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	Baa1	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+

NR Not Rated

41