MetLife (MET) 8-K Metlife Announces First Quarter 2008 Results

First Quarter

Financial Supplement

March 31, 2008

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		8
INSTITUTIONAL
Statements of Operating Earnings Available to Common Shareholders		9
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities		13
Other Expenses by Major Category		14
Spreads by Product		15
INDIVIDUAL
Statements of Operating Earnings Available to Common Shareholders		16
Premiums and Deposits by Product		21
Additional Statistical Information		22
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities		23
Expenses by Major Category		24
Spreads by Product		25
AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders		26
Written Premiums by Product and Selected Financial Information and Supplemental Data		29
INTERNATIONAL
Statement of Operating Earnings Available to Common Shareholders		30
REINSURANCE
Statement of Operating Earnings Available to Common Shareholders		31
Pre-Tax and Pre-Minority Interest Operating Earnings by Region and Reserves by Region		32
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders		33
INVESTMENTS
Investment Results by Asset Category and Annualized Yields		34
Fixed Maturity Securities and Equity Securities Gross Unrealized Gains and Losses Aging Schedules		36
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution, and Summary of Commercial Mortgage Loans by Region and Property Type		37
Summary of Real Estate and Summary of Mortgages and Consumer Loans		38
OTHER INFORMATION	`
Company Ratings		39

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 May 1, 2008, for the three months ended March 31, 2008, which are available at www.metlife.com.

1

CORPORATE OVERVIEW

Unaudited (In millions, except per share data)

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
		2007			2007			2007			2007			2008
Net income		$	1,017		$	1,163		$	1,019		$	1,118		$	648
Preferred stock dividends			34			34			34			35			33
Net income available to common shareholders			983			1,129			985			1,083			615
Net investment gains (losses)			(95	)		(309	)		(339	)		(264	)		(893	)
Minority interest — net investment gains (losses)			4			4			10			15			25
Net investment gains (losses) tax provision			33			112			114			67			308
Net investment gains (losses), net of income tax (1) (2)			(58	)		(193	)		(215	)		(182	)		(560	)
Adjustments related to universal life and investment-type product policy fees			—			(10	)		(4	)		2			5
Adjustments related to policyholder benefits and dividends			(65	)		(34	)		(65	)		10			(128	)
Adjustments related to other expenses			25			49			77			85			217
Adjustments related to tax benefit (provision)			14			(1	)		(3	)		(33	)		(30	)
Adjustments related to net investment gains (losses), net of income tax (3)			(26	)		4			5			64			64
Discontinued operations, net of income tax			(15	)		7			34			(7	)		—
Operating earnings available to common shareholders (4)		$	1,082		$	1,311		$	1,161		$	1,208		$	1,111
Net income available to common shareholders per common share — diluted		$	1.28		$	1.48		$	1.29		$	1.44		$	0.84
Net investment gains (losses), net of income tax			(0.08	)		(0.26	)		(0.28	)		(0.24	)		(0.77	)
Adjustments related to net investment gains (losses), net of income tax			(0.03	)		0.01			0.01			0.09			0.09
Discontinued operations, net of income tax			(0.02	)		0.01			0.04			(0.01	)		0.00
Operating earnings available to common shareholders — diluted		$	1.41		$	1.72		$	1.52		$	1.60		$	1.52
Weighted average common shares outstanding — diluted			769.1			763.6			762.7			754.1			732.7
Book value per common share (actual common shares outstanding)		$	43.22		$	42.42		$	44.18		$	45.44		$	43.64
Book value per common share, excluding accumulated other comprehensive income (actual common shares outstanding)		$	41.32		$	42.82		$	44.10		$	43.96		$	45.09
Book value per common share — diluted (weighted average common shares outstanding)		$	41.64		$	41.27		$	42.88		$	43.94		$	42.25
Book value per common share, excluding accumulated other comprehensive income — diluted (weighted average common shares outstanding)		$	39.82		$	41.65		$	42.81		$	42.51		$	43.65
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
		2007			2007			2007			2007			2008
Common shares outstanding, beginning of period			752.0			741.1			742.8			740.3			729.2
Treasury stock			(10.9	)		1.7			(2.5	)		(11.1	)		(19.8	)
Common shares outstanding, end of period			741.1			742.8			740.3			729.2			709.4
Weighted average common shares outstanding — basic			752.7			744.5			744.0			735.9			720.4
Dilutive effect of stock-based awards			10.4			11.6			10.9			11.0			8.7
Dilutive effect of stock purchase contracts underlying common equity units			6.0			7.5			7.8			7.2			3.6
Weighted average common shares outstanding — diluted			769.1			763.6			762.7			754.1			732.7
Policyholder Trust Shares			272.7			267.7			265.2			260.7			256.6
SUPPLEMENTAL DATA
Adjusted long-term debt to total capital (5)			26.4	%		25.8	%		25.4	%		26.1	%		26.2	%

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of $38 million, $41 million, $41 million, $45 million and ($4) million for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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 $3 million, $0 million, $0 million, $5 million and $0 million for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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:

	March 31,			June 30,			September 30,			December 31,			March 31,
	2007			2007			2007			2007			2008
Short-term debt (a)	$	731		$	740		$	750		$	307		$	319
Long-term debt		9,488			9,393			9,459			9,628			9,652
Adjustment to long-term debt (b)		(2,187	)		(2,061	)		(2,096	)		(2,312	)		(2,336	)
Junior subordinated debt		3,780			3,780			3,780			4,474			4,474
Total adjusted long-term debt	$	11,812		$	11,852		$	11,893		$	12,097		$	12,109

(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 (1)

	March 31,			June 30,			September 30,			December 31,				March 31,
Unaudited (In millions)	2007			2007			2007			2007				2008
ASSETS
Fixed maturity securities, available-for-sale, at estimated fair value	$	247,916		$	251,044		$	252,372		$	242,242			$	244,088
Equity securities, available-for-sale, at estimated fair value		5,134			6,046			6,250			6,050				5,533
Trading securities, at estimated fair value		777			919			824			779				808
Mortgage and consumer loans		43,936			43,755			44,849			47,030				47,777
Policy loans		10,177			10,251			10,321			10,419				10,739
Real estate and real estate joint ventures		5,427			5,933			6,360			6,769				6,963
Other limited partnership interests		4,948			5,111			5,371			6,155				6,349
Short-term investments		2,483			2,763			1,727			2,648				2,612
Other invested assets		9,713			10,302			11,258			12,642				14,357
Total Investments		330,511			336,124			339,332			334,734				339,226
Cash and cash equivalents		6,545			6,504			8,627			10,368				10,874
Accrued investment income		3,300			3,710			3,952			3,630				3,382
Premiums and other receivables		15,581			15,297			16,549			14,607				14,998
Deferred policy acquisition costs and value of business acquired		20,371			21,067			21,310			21,521				22,085
Current income tax recoverable		122			—			—			303				430
Goodwill		4,897			4,904			4,909			4,910				5,094
Assets of subsidiaries held-for-sale		1,568			1,560			—			—				—
Other assets		7,602			7,563			7,719			8,330				8,473
Separate account assets		147,312			155,835			160,679			160,159				152,570
Total Assets	$	537,809		$	552,564		$	563,077		$	558,562			$	557,132
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	128,369		$	129,348		$	131,126		$	132,262			$	134,047
Policyholder account balances		132,489			136,514			138,900			137,349				141,530
Other policyholder funds		9,467			9,772			10,345			10,176				10,631
Policyholder dividends payable		961			1,006			1,045			994				993
Policyholder dividend obligation		974			378			630			789				119
Short-term debt		3,375			1,476			1,880			667				632
Long-term debt		9,488			9,393			9,459			9,628				9,652
Collateral financing arrangements		850			3,104			3,177			5,732				5,792
Junior subordinated debt securities		3,780			3,780			3,780			4,474				4,474
Shares subject to mandatory redemption		278			279			279			159				159
Liabilities of subsidiaries held-for-sale		1,598			1,616			—			—				—
Current income tax payable		—			7			333			—				—
Deferred income tax liability		1,992			1,050			1,323			2,457				1,462
Payables for collateral under securities loaned and other transactions		48,140			50,590			49,283			44,136				46,649
Other liabilities		14,667			14,861			16,092			14,401				15,423
Separate account liabilities		147,312			155,835			160,679			160,159				152,570
Total Liabilities		503,740			519,009			528,331			523,383				524,133
Stockholders’ 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		17,503			17,495			17,522			17,098				17,600
Retained earnings		17,228			18,357			19,342			19,884				20,526
Treasury stock, at cost		(2,073	)		(2,014	)		(2,183	)		(2,890	)			(4,108	)
Accumulated other comprehensive income		1,402			(292	)		56			1,078				(1,028	)
Total Stockholders’ Equity		34,069			33,555			34,746			35,179				32,999
Total Liabilities and Stockholders’ Equity	$	537,809		$	552,564		$	563,077		$	558,562		��	$	557,132

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

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
REVENUES
Premiums		$	6,765		$	6,903		$	6,944		$	7,283		$	7,593
Universal life and investment-type product policy fees			1,280			1,317			1,319			1,407			1,412
Investment income, net			4,582			4,902			4,765			5,029			4,499
Other revenues			384			411			364			374			395
			13,011			13,533			13,392			14,093			13,899
EXPENSES
Policyholder benefits and dividends			7,132			7,253			7,387			7,628			8,045
Interest credited to policyholder account balances			1,372			1,460			1,453			1,430			1,233
Interest credited to bank deposits			51			49			50			49			44
Interest expenses			224			241			274			284			295
Other expenses			2,650			2,597			2,520			2,953			2,643
			11,429			11,600			11,684			12,344			12,260
Operating earnings before provision for income tax			1,582			1,933			1,708			1,749			1,639
Provision for income tax			466			588			513			506			495
Operating earnings			1,116			1,345			1,195			1,243			1,144
Preferred stock dividends			34			34			34			35			33
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,082		$	1,311		$	1,161		$	1,208		$	1,111
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,082		$	1,311		$	1,161		$	1,208		$	1,111
Net investment gains (losses)			(95	)		(309	)		(339	)		(264	)		(893	)
Minority interest — net investment gains (losses)			4			4			10			15			25
Net investment gains (losses) tax benefit (provision)			33			112			114			67			308
Net investment gains (losses), net of income tax			(58	)		(193	)		(215	)		(182	)		(560	)
Adjustments related to universal life and investment-type product policy fees			—			(10	)		(4	)		2			5
Adjustments related to policyholder benefits and dividends			(65	)		(34	)		(65	)		10			(128	)
Adjustments related to other expenses			25			49			77			85			217
Adjustments related to tax benefit (provision)			14			(1	)		(3	)		(33	)		(30	)
Adjustments related to net investment gains (losses), net of income tax (1)			(26	)		4			5			64			64
Discontinued operations, net of income tax			(15	)		7			34			(7	)		—
Net income available to common shareholders			983			1,129			985			1,083			615
Preferred stock dividends			34			34			34			35			33
Net income		$	1,017		$	1,163		$	1,019		$	1,118		$	648
Premiums, Fees and Other Revenues		$	8,429		$	8,631		$	8,627		$	9,064		$	9,400

(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

	March 31, 2008
																			Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance		& Eliminations
ASSETS
Total investments		$	339,226		$	144,530		$	122,345		$	3,829		$	17,166		$	15,810	$	35,546
Cash and cash equivalents			10,874			(433	)		1,251			(35	)		1,636			166		8,289
Accrued investment income			3,382			1,295			1,169			58			220			104		536
Premiums and other receivables			14,998			5,279			1,954			922			768			1,526		4,549
Deferred policy acquisition costs and value of business acquired			22,085			942			14,463			186			2,764			3,723		7
Current income tax recoverable			430			130			887			(16	)		(32	)		13		(552	)
Goodwill			5,094			1,040			2,956			157			436			96		409
Assets of subsidiaries held-for-sale			—			—			—			—			—			—		—
Other assets			8,473			1,403			3,703			420			559			159		2,229
Separate account assets			152,570			51,803			94,756			—			6,012			15		(16	)
Total Assets		$	557,132		$	205,989		$	243,484		$	5,521		$	29,529		$	21,612	$	50,997
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits		$	134,047		$	52,429		$	56,732		$	3,217		$	10,706		$	6,340	$	4,623
Policyholder account balances			141,530			69,163			55,508			—			5,496			6,593		4,770
Other policyholder funds			10,631			3,320			3,165			40			1,403			2,483		220
Policyholder dividends payable			993			—			993			—			—			—		—
Policyholder dividend obligation			119			—			119			—			—			—		—
Short-term debt			632			—			—			—			—			—		632
Long-term debt			9,652			2			124			—			187			527		8,812
Collateral financing arrangements			5,792			—			—			—			—			850		4,942
Junior subordinated debt securities			4,474			—			—			—			—			399		4,075
Shares subject to mandatory redemption			159			—			—			—			—			159		—
Liabilities of subsidiaries held-for-sale			—			—			—			—			—			—		—
Current income tax payable			—			—			—			—			—			—		—
Deferred income tax liability			1,462			(1,828	)		2,415			(76	)		53			890		8
Payables for collateral under securities loaned and other transactions			46,649			18,366			16,485			59			—			—		11,739
Other liabilities			15,423			3,778			2,773			609			1,535			1,985		4,743
Separate account liabilities			152,570			51,803			94,755			—			6,012			15		(15	)
Total Liabilities			524,133			197,033			233,069			3,849			25,392			20,241		44,549
Stockholders’ Equity
Preferred stock, at par value			1			—			—			—			—			—		1
Common stock, at par value			8			—			—			—			—			—		8
Allocated equity (1)			38,126			9,917			10,469			1,718			3,423			1,180		11,419
Treasury stock			(4,108	)		—			—			—			—			—		(4,108	)
Accumulated other comprehensive income			(1,028	)		(961	)		(54	)		(46	)		714			191		(872	)
Total Stockholders’ Equity			32,999			8,956			10,415			1,672			4,137			1,371		6,448
Total Liabilities and Stockholders’ Equity		$	557,132		$	205,989		$	243,484		$	5,521		$	29,529		$	21,612	$	50,997

(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 March 31, 2008
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$	7,593		$	3,573		$	1,067		$	744		$	904		$	1,298		$	7
Universal life and investment-type product policy fees			1,412			224			898			—			290			—			—
Investment income, net			4,499			2,027			1,691			53			273			189			266
Other revenues			395			190			148			10			7			30			10
			13,899			6,014			3,804			807			1,474			1,517			283
EXPENSES
Policyholder benefits and dividends			8,045			3,926			1,727			479			763			1,140			10
Interest credited to policyholder account balances			1,233			670			506			—			47			10			—
Capitalization of deferred policy acquisition costs			(811	)		(60	)		(361	)		(107	)		(239	)		(42	)		(2	)
Amortization of deferred policy acquisition costs			685			44			420			115			113			(10	)		3
Other expenses			3,108			590			1,043			196			554			373			352
			12,260			5,170			3,335			683			1,238			1,471			363
Operating earnings before provision for income tax			1,639			844			469			124			236			46			(80	)
Provision (benefit) for income tax			495			286			157			26			99			17			(90	)
Operating earnings			1,144			558			312			98			137			29			10
Preferred stock dividends			33			—			—			—			—			—			33
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,111		$	558		$	312		$	98		$	137		$	29			($23	)
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,111		$	558		$	312		$	98		$	137		$	29			($23	)
Net investment gains (losses)			(893	)		(743	)		(98	)		(11	)		131			(156	)		(16	)
Minority interest — net investment gains (losses)			25			—			—			—			—			25			—
Net investment gains (losses) tax benefit (provision)			308			260			35			4			(42	)		46			5
Net investment gains (losses), net of income tax			(560	)		(483	)		(63	)		(7	)		89			(85	)		(11	)
Adjustments related to universal life and investment-type product policy fees			5			—			5			—			—			—			—
Adjustments related to policyholder benefits and dividends			(128	)		14			(77	)		—			(65	)		—			—
Adjustments related to other expenses			217			—			114			—			—			103			—
Adjustments related to tax benefit (provision)			(30	)		(5	)		(15	)		—			25			(35	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			64			9			27			—			(40	)		68			—
Discontinued operations, net of income tax			—			—			—			—			—			—			—
Net income available to common shareholders			615			84			276			91			186			12			(34	)
Preferred stock dividends			33			—			—			—			—			—			33
Net income		$	648		$	84		$	276		$	91		$	186		$	12			($1	)
Premiums, Fees and Other Revenues		$	9,400		$	3,987		$	2,113		$	754		$	1,201		$	1,328		$	17

(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 March 31, 2007
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			Auto & Home			International			Reinsurance			& Eliminations
REVENUES
Premiums		$	6,765		$	3,125		$	1,075		$	716		$	715		$	1,126		$	8
Universal life and investment-type product policy fees			1,280			191			853			—			236			—			—
Investment income, net			4,582			1,967			1,741			48			250			206			370
Other revenues			384			190			146			11			13			18			6
			13,011			5,473			3,815			775			1,214			1,350			384
EXPENSES
Policyholder benefits and dividends			7,132			3,463			1,747			431			578			902			11
Interest credited to policyholder account balances			1,372			722			507			—			78			65			—
Capitalization of deferred policy acquisition costs			(851	)		(63	)		(356	)		(111	)		(146	)		(175	)		—
Amortization of deferred policy acquisition costs			805			68			380			116			97			141			3
Other expenses			2,971			595			1,052			197			436			361			330
			11,429			4,785			3,330			633			1,043			1,294			344
Operating earnings before provision for income tax			1,582			688			485			142			171			56			40
Provision for income tax			466			236			166			36			47			20			(39	)
Operating earnings			1,116			452			319			106			124			36			79
Preferred stock dividends			34			—			—			—			—			—			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,082		$	452		$	319		$	106		$	124		$	36		$	45
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,082		$	452		$	319		$	106		$	124		$	36		$	45
Net investment gains (losses)			(95	)		(137	)		6			12			24			(6	)		6
Minority interest — net investment gains (losses)			4			—			—			—			—			4			—
Net investment gains (losses) tax benefit (provision)			33			49			(3	)		(5	)		(6	)		—			(2	)
Net investment gains (losses), net of income tax			(58	)		(88	)		3			7			18			(2	)		4
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends			(65	)		(12	)		(38	)		—			(15	)		—			—
Adjustments related to other expenses			25			—			27			—			—			(2	)		—
Adjustments related to tax benefit (provision)			14			4			4			—			4			2			—
Adjustments related to net investment gains (losses), net of income tax (1)			(26	)		(8	)		(7	)		—			(11	)		—			—
Discontinued operations, net of income tax			(15	)		—			—			—			(31	)		—			16
Net income available to common shareholders			983			356			315			113			100			34			65
Preferred stock dividends			34			—			—			—			—			—			34
Net income		$	1,017		$	356		$	315		$	113		$	100		$	34		$	99
Premiums, Fees and Other Revenues		$	8,429		$	3,506		$	2,074		$	727		$	964		$	1,144		$	14

(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

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

	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,			March 31,
Unaudited (In millions)		2007		2007		2007		2007			2008
INSTITUTIONAL		$	452	$	521	$	467	$	527		$	558
INDIVIDUAL			319		449		363		382			312
AUTO & HOME			106		108		109		103			98
INTERNATIONAL			124		117		134		193			137
REINSURANCE			36		38		43		39			29
CORPORATE, OTHER & ELIMINATIONS			45		78		45		(36	)		(23	)
CONSOLIDATED (2)		$	1,082	$	1,311	$	1,161	$	1,208		$	1,111

(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 9; (ii) Individual Operations, page 16; (iii) Auto & Home Operations, page 26; (iv) International Operations, page 30; (v) Reinsurance Operations, page 31; and (vi) Corporate, Other & Eliminations, page 33. A reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc., Consolidated, appears on page 4.

(2)

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

8

INSTITUTIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions, except number of sales representatives)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	3,125		$	3,074		$	3,080		$	3,113		$	3,573			$	3,125		$	3,573
Universal life and investment-type product policy fees			191			186			201			225			224				191			224
Investment income, net			1,967			2,140			2,068			2,208			2,027				1,967			2,027
Other revenues			190			177			180			179			190				190			190
			5,473			5,577			5,529			5,725			6,014				5,473			6,014
EXPENSES
Policyholder benefits and dividends			3,463			3,398			3,446			3,496			3,926				3,463			3,926
Interest credited to policyholder account balances			722			767			802			777			670				722			670
Other expenses			600			618			570			650			574				600			574
			4,785			4,783			4,818			4,923			5,170				4,785			5,170
Operating earnings before provision for income tax			688			794			711			802			844				688			844
Provision for income tax			236			273			244			275			286				236			286
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	452		$	521		$	467		$	527		$	558			$	452		$	558
Net Income Reconciliation
Operating earnings available to common shareholders		$	452		$	521		$	467		$	527		$	558			$	452		$	558
Net investment gains (losses)			(137	)		(261	)		(271	)		(125	)		(743	)			(137	)		(743	)
Minority interest — net investment gains (losses)			—			—			—			—			—				—			—
Net investment gains (losses) tax benefit (provision)			49			93			95			41			260				49			260
Net investment gains (losses), net of income tax			(88	)		(168	)		(176	)		(84	)		(483	)			(88	)		(483	)
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			(12	)		13			(30	)		26			14				(12	)		14
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			4			(4	)		11			(10	)		(5	)			4			(5	)
Adjustments related to net investment gains (losses), net of income tax (1)			(8	)		9			(19	)		16			9				(8	)		9
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			356			362			272			459			84				356			84
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	356		$	362		$	272		$	459		$	84			$	356		$	84
Premiums, Fees and Other Revenues		$	3,506		$	3,437		$	3,461		$	3,517		$	3,987			$	3,506		$	3,987
Actual Number of Sales Representatives			646			634			636			637			656				646			656

(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.

9

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
GROUP LIFE

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	1,576		$	1,574		$	1,556		$	1,525		$	1,641			$	1,576		$	1,641
Universal life and investment-type product policy fees			189			184			196			220			220				189			220
Investment income, net			327			338			347			357			334				327			334
Other revenues			24			20			19			16			15				24			15
			2,116			2,116			2,118			2,118			2,210				2,116			2,210
EXPENSES
Policyholder benefits and dividends			1,626			1,565			1,614			1,599			1,736				1,626			1,736
Interest credited to policyholder account balances			152			155			155			146			128				152			128
Other expenses			175			180			164			231			166				175			166
			1,953			1,900			1,933			1,976			2,030				1,953			2,030
Operating earnings before provision for income tax			163			216			185			142			180				163			180
Provision for income tax			56			74			64			49			61				56			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	107		$	142		$	121		$	93		$	119			$	107		$	119
Net investment gains (losses), net of income tax			(4	)		11			(57	)		(61	)		(115	)			(4	)		(115	)
Adjustments related to net investment gains (losses), net of income tax			—			—			1			2			1				—			1
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			103			153			65			34			5				103			5
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	103		$	153		$	65		$	34		$	5			$	103		$	5
Premiums, Fees and Other Revenues		$	1,789		$	1,778		$	1,771		$	1,761		$	1,876			$	1,789		$	1,876
Incurred Loss Ratio (Mortality Experience) of Term Life			91.8	%		89.2	%		92.4	%		93.2	%		93.8	%

10

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
RETIREMENT & SAVINGS

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,				March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007				2008
REVENUES
Premiums		$	310		$	272		$	330		$	313		$	541			$	310		$	541
Universal life and investment-type product policy fees			2			2			2			2			2				2			2
Investment income, net			1,468			1,603			1,545			1,638			1,502				1,468			1,502
Other revenues			71			61			63			69			65				71			65
			1,851			1,938			1,940			2,022			2,110				1,851			2,110
EXPENSES
Policyholder benefits and dividends			787			777			836			818			1,002				787			1,002
Interest credited to policyholder account balances			570			612			646			625			536				570			536
Other expenses			89			94			92			69			87				89			87
			1,446			1,483			1,574			1,512			1,625				1,446			1,625
Operating earnings before provision for income tax			405			455			366			510			485				405			485
Provision for income tax			139			156			126			174			164				139			164
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	266		$	299		$	240		$	336		$	321			$	266		$	321
Net investment gains (losses), net of income tax			(81	)		(120	)		(190	)		(147	)		(436	)			(81	)		(436	)
Adjustments related to net investment gains (losses), net of income tax			(4	)		(3	)		(4	)		22			4				(4	)		4
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			181			176			46			211			(111	)			181			(111	)
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	181		$	176		$	46		$	211			($111	)		$	181			($111	)
Premiums, Fees and Other Revenues		$	383		$	335		$	395		$	384		$	608			$	383		$	608

11

INSTITUTIONAL
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
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,				March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007				2008
REVENUES
Premiums		$	1,239		$	1,228		$	1,194		$	1,275		$	1,391			$	1,239		$	1,391
Universal life and investment-type product policy fees			—			—			3			3			2				—			2
Investment income, net			172			199			176			213			191				172			191
Other revenues			95			96			98			94			110				95			110
			1,506			1,523			1,471			1,585			1,694				1,506			1,694
EXPENSES
Policyholder benefits and dividends			1,050			1,056			996			1,079			1,188				1,050			1,188
Interest credited to policyholder account balances			—			—			1			6			6				—			6
Other expenses			336			344			314			350			321				336			321
			1,386			1,400			1,311			1,435			1,515				1,386			1,515
Operating earnings before provision for income tax			120			123			160			150			179				120			179
Provision for income tax			41			43			54			52			61				41			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	79		$	80		$	106		$	98		$	118			$	79		$	118
Net investment gains (losses), net of income tax			(3	)		(59	)		71			124			68				(3	)		68
Adjustments related to net investment gains (losses), net of income tax			(4	)		12			(16	)		(8	)		4				(4	)		4
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			72			33			161			214			190				72			190
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	72		$	33		$	161		$	214		$	190			$	72		$	190
Premiums, Fees and Other Revenues		$	1,334		$	1,324		$	1,295		$	1,372		$	1,503			$	1,334		$	1,503
Group Disability Premiums, Fees and Other Revenues (Included in Total)		$	405		$	372		$	371		$	410		$	438			$	405		$	438
Incurred Loss Ratio (Morbidity Experience) of Group Disability			87.0	%		90.8	%		91.2	%		90.6	%		80.6	%			87.0	%		80.6	%

12

INSTITUTIONAL
FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	16,818		$	17,132		$	17,213		$	17,314		$	17,323
Premiums and deposits			3,075			3,052			2,917			2,939			3,164
Interest on reserves			195			198			198			189			169
Surrenders and withdrawals			(1,167	)		(1,321	)		(1,270	)		(1,398	)		(1,293	)
Benefits and reserves			(1,627	)		(1,569	)		(1,611	)		(1,605	)		(1,735	)
Other			(162	)		(279	)		(133	)		(116	)		9
Balance, end of period		$	17,132		$	17,213		$	17,314		$	17,323		$	17,637
RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	84,035		$	85,118		$	89,209		$	91,401		$	89,533
Premiums and deposits			3,245			7,266			3,225			2,064			5,894
Interest on reserves			1,088			1,192			1,440			1,162			1,081
Surrenders and withdrawals			(2,463	)		(3,075	)		(2,622	)		(4,338	)		(3,563	)
Benefits and reserves			(728	)		(688	)		(716	)		(605	)		(701	)
Other			(59	)		(604	)		865			(151	)		409
Balance, end of period		$	85,118		$	89,209		$	91,401		$	89,533		$	92,653
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	9,541		$	9,798		$	10,089		$	10,819		$	11,117
Premiums and deposits			1,186			1,174			1,635			1,224			1,369
Interest on reserves			86			87			94			110			116
Surrenders and withdrawals			27			22			26			18			14
Benefits and reserves			(1,048	)		(1,068	)		(1,022	)		(1,113	)		(1,217	)
Other			6			76			(3	)		59			(98	)
Balance, end of period		$	9,798		$	10,089		$	10,819		$	11,117		$	11,301

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	13,081		$	13,143		$	13,971		$	15,261		$	16,914
Premiums and deposits			294			598			153			1,134			174
Investment performance			(100	)		371			452			630			(151	)
Surrenders and withdrawals			(126	)		(133	)		(246	)		(101	)		(243	)
Policy charges			(8	)		(9	)		(9	)		(1	)		(32	)
Other			2			1			940			(9	)		(13	)
Balance, end of period		$	13,143		$	13,971		$	15,261		$	16,914		$	16,649
RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	33,521		$	34,155		$	35,207		$	35,607		$	34,533
Premiums and deposits			944			1,401			976			754			1,141
Investment performance			1,414			1,350			877			(186	)		467
Surrenders and withdrawals			(1,704	)		(1,689	)		(1,433	)		(1,614	)		(1,608	)
Policy charges			(22	)		(19	)		(22	)		(36	)		(23	)
Other			2			9			2			8			—
Balance, end of period		$	34,155		$	35,207		$	35,607		$	34,533		$	34,510
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	445		$	483		$	508		$	552		$	599
Premiums and deposits			88			86			90			80			65
Investment performance			(6	)		23			42			26			11
Surrenders and withdrawals			(27	)		(22	)		(26	)		(25	)		(20	)
Policy charges			(17	)		(16	)		(14	)		(18	)		(7	)
Other			—			(46	)		(48	)		(16	)		(3	)
Balance, end of period		$	483		$	508		$	552		$	599		$	645

13

INSTITUTIONAL
OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)		2007		2007		2007		2007		2008
Direct and allocated expenses		$	455	$	460	$	428	$	472	$	422
Pension and other post-retirement benefit costs			1		9		5		5		2
Premium tax and other tax, licenses and fees			48		52		44		84		47
			504		521		477		561		471
Commissions and other expenses			96		97		93		89		103
Total Other Expenses		$	600	$	618	$	570	$	650	$	574

14

INSTITUTIONAL
SPREADS BY PRODUCT

GROUP LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2007			2007			2007			2007			2008
Investment income yield			6.36	%		6.39	%		6.58	%		6.81	%		6.24	%
Average crediting rate			4.74	%		4.68	%		4.58	%		4.30	%		3.83	%
Annualized General Account Spread			1.62	%		1.71	%		2.00	%		2.51	%		2.41	%
RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2007			2007			2007			2007			2008
Investment income yield			6.90	%		7.29	%		6.71	%		7.14	%		6.50	%
Average crediting rate			5.54	%		5.55	%		5.52	%		5.44	%		4.99	%
Annualized General Account Spread			1.36	%		1.74	%		1.19	%		1.70	%		1.51	%
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2007			2007			2007			2007			2008
Investment income yield			7.84	%		8.35	%		6.53	%		7.59	%		6.37	%
Average crediting rate			4.90	%		4.87	%		4.85	%		4.86	%		4.77	%
Annualized General Account Spread			2.94	%		3.48	%		1.68	%		2.73	%		1.60	%

15

INDIVIDUAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	1,075		$	1,098		$	1,099		$	1,224		$	1,067			$	1,075		$	1,067
Universal life and investment-type product policy fees			853			890			880			902			898				853			898
Investment income, net			1,741			1,819			1,725			1,813			1,691				1,741			1,691
Other revenues			146			155			145			153			148				146			148
			3,815			3,962			3,849			4,092			3,804				3,815			3,804
EXPENSES
Policyholder benefits and dividends			1,747			1,758			1,760			1,964			1,727				1,747			1,727
Interest credited to policyholder account balances			507			495			506			522			506				507			506
Capitalization of deferred policy acquisition costs			(356	)		(414	)		(423	)		(425	)		(361	)			(356	)		(361	)
Amortization of deferred policy acquisition costs			380			332			329			305			420				380			420
Other expenses			1,052			1,107			1,124			1,146			1,043				1,052			1,043
			3,330			3,278			3,296			3,512			3,335				3,330			3,335
Operating earnings before provision for income tax			485			684			553			580			469				485			469
Provision for income tax			166			235			190			198			157				166			157
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	319		$	449		$	363		$	382		$	312			$	319		$	312
Net Income Reconciliation
Operating earnings available to common shareholders		$	319		$	449		$	363		$	382		$	312			$	319		$	312
Net investment gains (losses)			6			(92	)		(33	)		(25	)		(98	)			6			(98	)
Minority interest — net investment gains (losses)			—			—			—			—			—				—			—
Net investment gains (losses) tax benefit (provision)			(3	)		32			11			8			35				(3	)		35
Net investment gains (losses), net of income tax			3			(60	)		(22	)		(17	)		(63	)			3			(63	)
Adjustments related to universal life and investment-type product policy fees			—			(10	)		(4	)		2			5				—			5
Adjustments related to policyholder benefits and dividends			(38	)		(69	)		(52	)		(51	)		(77	)			(38	)		(77	)
Adjustments related to other expenses			27			44			36			19			114				27			114
Adjustments related to tax benefit (provision)			4			13			6			13			(15	)			4			(15	)
Adjustments related to net investment gains (losses), net of income tax (1)			(7	)		(22	)		(14	)		(17	)		27				(7	)		27
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			315			367			327			348			276				315			276
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	315		$	367		$	327		$	348		$	276			$	315		$	276
Premiums, Fees and Other Revenues		$	2,074		$	2,143		$	2,124		$	2,279		$	2,113			$	2,074		$	2,113

(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.

16

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
TRADITIONAL LIFE

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	990		$	1,011		$	1,013		$	1,143		$	985			$	990		$	985
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Investment income, net			812			827			822			843			801				812			801
Other revenues			(1	)		1			(1	)		1			—				(1	)		—
			1,801			1,839			1,834			1,987			1,786				1,801			1,786
EXPENSES
Policyholder benefits and dividends			1,456			1,495			1,494			1,680			1,434				1,456			1,434
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(58	)		(62	)		(63	)		(69	)		(59	)			(58	)		(59	)
Amortization of deferred policy acquisition costs			76			49			52			(29	)		45				76			45
Other expenses			234			242			271			253			232				234			232
			1,708			1,724			1,754			1,835			1,652				1,708			1,652
Operating earnings before provision for income tax			93			115			80			152			134				93			134
Provision for income tax			31			38			26			51			44				31			44
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	62		$	77		$	54		$	101		$	90			$	62		$	90
Net investment gains (losses), net of income tax			6			14			(51	)		(33	)		(91	)			6			(91	)
Adjustments related to net investment gains (losses), net of income tax			(12	)		(33	)		(7	)		(3	)		10				(12	)		10
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			56			58			(4	)		65			9				56			9
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	56		$	58			($4	)	$	65		$	9			$	56		$	9
Premiums, Fees and Other Revenues		$	989		$	1,012		$	1,012		$	1,144		$	985			$	989		$	985

17

INDIVIDUAL
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
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			394			395			382			367			411				394			411
Investment income, net			209			233			206			225			223				209			223
Other revenues			1			—			1			3			—				1			—
			604			628			589			595			634				604			634
EXPENSES
Policyholder benefits and dividends			132			112			127			127			170				132			170
Interest credited to policyholder account balances			150			153			155			157			154				150			154
Capitalization of deferred policy acquisition costs			(93	)		(102	)		(109	)		(130	)		(106	)			(93	)		(106	)
Amortization of deferred policy acquisition costs			118			100			94			64			131				118			131
Other expenses			216			233			227			255			224				216			224
			523			496			494			473			573				523			573
Operating earnings before provision for income tax			81			132			95			122			61				81			61
Provision for income tax			28			46			32			42			20				28			20
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	53		$	86		$	63		$	80		$	41			$	53		$	41
Net investment gains (losses), net of income tax			(7	)		(42	)		(11	)		3			(22	)			(7	)		(22	)
Adjustments related to net investment gains (losses), net of income tax			2			5			5			(4	)		3				2			3
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			48			49			57			79			22				48			22
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	48		$	49		$	57		$	79		$	22			$	48		$	22
Premiums, Fees and Other Revenues		$	395		$	395		$	383		$	370		$	411			$	395		$	411

18

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
ANNUITIES

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008				2007			2008
REVENUES
Premiums		$	85		$	87		$	86		$	81		$	82			$	85		$	82
Universal life and investment-type product policy fees			409			437			442			474			431				409			431
Investment income, net			677			714			648			697			625				677			625
Other revenues			42			42			44			46			42				42			42
			1,213			1,280			1,220			1,298			1,180				1,213			1,180
EXPENSES
Policyholder benefits and dividends			159			151			139			157			123				159			123
Interest credited to policyholder account balances			333			318			327			344			334				333			334
Capitalization of deferred policy acquisition costs			(205	)		(250	)		(251	)		(226	)		(196	)			(205	)		(196	)
Amortization of deferred policy acquisition costs			186			183			183			270			244				186			244
Other expenses			420			464			463			469			423				420			423
			893			866			861			1,014			928				893			928
Operating earnings before provision for income tax			320			414			359			284			252				320			252
Provision for income tax			110			144			124			98			85				110			85
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	210		$	270		$	235		$	186		$	167			$	210		$	167
Net investment gains (losses), net of income tax			8			(33	)		49			23			66				8			66
Adjustments related to net investment gains (losses), net of income tax			3			6			(12	)		(10	)		14				3			14
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			221			243			272			199			247				221			247
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	221		$	243		$	272		$	199		$	247			$	221		$	247
Premiums, Fees and Other Revenues		$	536		$	566		$	572		$	601		$	555			$	536		$	555

19

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
OTHER

	For the Three Months Ended															For the Year-to-Date Period Ended
		March 31,			June 30,		September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2007			2007		2007			2007			2008				2007			2008
REVENUES
Premiums		$	—		$	—	$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			50			58		56			61			56				50			56
Investment income, net			43			45		49			48			42				43			42
Other revenues			104			112		101			103			106				104			106
			197			215		206			212			204				197			204
EXPENSES
Policyholder benefits and dividends			—			—		—			—			—				—			—
Interest credited to policyholder account balances			24			24		24			21			18				24			18
Capitalization of deferred policy acquisition costs			—			—		—			—			—				—			—
Amortization of deferred policy acquisition costs			—			—		—			—			—				—			—
Other expenses			182			168		163			169			164				182			164
			206			192		187			190			182				206			182
Operating earnings before provision for income tax			(9	)		23		19			22			22				(9	)		22
Provision for income tax			(3	)		7		8			7			8				(3	)		8
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			($6	)	$	16	$	11		$	15		$	14				($6	)	$	14
Net investment gains (losses), net of income tax			(4	)		1		(9	)		(10	)		(16	)			(4	)		(16	)
Adjustments related to net investment gains (losses), net of income tax			—			—		—			—			—				—			—
Discontinued operations, net of income tax			—			—		—			—			—				—			—
Net income available to common shareholders			(10	)		17		2			5			(2	)			(10	)		(2	)
Preferred stock dividends			—			—		—			—			—				—			—
Net income			($10	)	$	17	$	2		$	5			($2	)			($10	)		($2	)
Premiums, Fees and Other Revenues		$	154		$	170	$	157		$	164		$	162			$	154		$	162

20

INDIVIDUAL

PREMIUMS AND DEPOSITS BY PRODUCT (1)

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
INDIVIDUAL PREMIUMS AND DEPOSITS BY PRODUCT (1)
Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits (2)
Traditional Life	$	52		$	54		$	54		$	57		$	51
Variable Life 1st Year excluding Single Premium COLI/BOLI		48			44			50			61			50
Universal Life 1st Year excluding Single Premium COLI/BOLI		130			150			174			196			150
Single Premium COLI/BOLI		0			0			0			0			0
Total Life First Year Premiums & Deposits		230			248			278			314			251
Life Renewal Premiums and Deposits
Traditional Life		987			1,054			1,035			1,206			984
Variable & Universal Life		621			549			568			597			633
Total Life Renewal Premiums and Deposits		1,608			1,603			1,603			1,803			1,617
Annuities Deposits (3)
Fixed Annuity Deposits		352			326			320			261			272
Variable Annuity Deposits		3,330			4,160			4,078			3,697			3,192
Total Annuity Deposits		3,682			4,486			4,398			3,958			3,464
Total Premiums and Deposits	$	5,520		$	6,337		$	6,279		$	6,075		$	5,332
Separate Account and General Account
Separate Accounts
Variable & Universal Life	$	289		$	266		$	265		$	284		$	266
Variable Annuities		2,471			3,102			2,974			2,450			2,121
Total Separate Accounts		2,760			3,368			3,239			2,734			2,387
General Accounts
Traditional Life		1,039			1,108			1,089			1,263			1,035
Variable & Universal Life		510			477			527			570			567
Fixed Annuities		352			326			320			261			272
Variable Annuities		859			1,058			1,104			1,247			1,071
Total General Account		2,760			2,969			3,040			3,341			2,945
Total Premiums and Deposits	$	5,520		$	6,337		$	6,279		$	6,075		$	5,332
Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life		36.2	%		35.8	%		33.5	%		33.3	%		31.9	%
Annuities		67.1	%		69.1	%		67.6	%		61.9	%		61.2	%

(1)	Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.
(2)	Of the $251 million of First Year Life Premiums and Deposits received during the three months ended March 31, 2008, approximately 44% were distributed through MetLife agents, 22% through New England Financial agents, 30% through MetLife’s Independent Distribution channel and 4% through other distribution channels.
(3)	Of the $3,464 million of Annuity Deposits received during the three months ended March 31, 2008, approximately 24% were distributed through MetLife agents, 7% through New England Financial agents, 55% through MetLife’s Independent Distribution channel and 14% through MetLife Resources representatives.

21

INDIVIDUAL

ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2007			2007			2007			2007			2008
Mortality as a Percentage of Expected			87.6	%		90.9	%		85.0	%		82.3	%		93.4	%
Lapse / Surrender (General and Separate Account) (1)
Traditional Life			5.6	%		5.6	%		5.7	%		5.8	%		5.8	%
Variable & Universal Life			5.4	%		5.3	%		5.4	%		5.4	%		5.5	%
Variable Annuities			10.5	%		10.5	%		10.4	%		10.2	%		10.0	%
Fixed Annuities			12.7	%		13.5	%		14.6	%		14.4	%		13.9	%
Actual Number of Sales Representatives
MetLife Distribution			6,143			6,174			6,270			6,243			6,423
New England Financial			2,078			2,081			2,149			2,155			2,220
Independent Distribution Wholesalers			201			196			193			200			193
MetLife Resources			715			716			709			698			688
Walnut Street and Tower Square Securities			1,423			1,402			1,389			1,351			1,354
P&C Specialists			621			620			607			592			565
Total Agents			11,181			11,189			11,317			11,239			11,443

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

22

INDIVIDUAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

TRADITIONAL LIFE	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
Balance, beginning of period	$	51,739		$	51,849		$	52,067		$	52,206		$	52,496
Premiums and deposits (1)		1,071			1,099			1,103			1,237			1,070
Interest on reserves		524			528			531			534			531
Surrenders and withdrawals		(483	)		(440	)		(477	)		(452	)		(464	)
Benefit payments		(504	)		(541	)		(530	)		(616	)		(615	)
Other		(498	)		(428	)		(488	)		(413	)		(446	)
Balance, end of period	$	51,849		$	52,067		$	52,206		$	52,496		$	52,572

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	15,436		$	15,590		$	15,590		$	15,686		$	15,883
Premiums and deposits (1) (2)			531			483			543			561			574
Interest on reserves			151			153			156			157			153
Surrenders and withdrawals			(122	)		(99	)		(190	)		(123	)		(157	)
Net transfers from (to) separate account			25			(152	)		22			28			27
Policy charges			(385	)		(388	)		(389	)		(391	)		(397	)
Benefit payments			(38	)		(32	)		(37	)		(36	)		(43	)
Other			(8	)		35			(9	)		1			31
Balance, end of period		$	15,590		$	15,590		$	15,686		$	15,883		$	16,071

ANNUITIES	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	43,388		$	42,587		$	41,835		$	41,323		$	40,872
Premiums and deposits (1) (2)			1,292			1,491			1,491			1,577			1,428
Interest on reserves			402			412			434			417			415
Surrenders and withdrawals			(1,469	)		(1,648	)		(1,549	)		(1,410	)		(1,245	)
Net transfers from (to) separate account			(626	)		(671	)		(718	)		(942	)		(307	)
Policy charges			—			—			—			(3	)		(5	)
Benefit payments			(380	)		(311	)		(291	)		(277	)		(295	)
Other			(20	)		(25	)		121			187			261
Balance, end of period		$	42,587		$	41,835		$	41,323		$	40,872		$	41,124

SEPARATE ACCOUNT LIABILITIES

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	10,278		$	10,383		$	11,018		$	11,073		$	10,840
Premiums and deposits (1)			289			279			275			295			276
Investment performance			193			563			151			(167	)		(842	)
Surrenders and withdrawals			(195	)		(204	)		(174	)		(180	)		(160	)
Net transfers from (to) fixed account			(25	)		152			(22	)		(28	)		(27	)
Policy charges			(160	)		(161	)		(158	)		(163	)		(156	)
Other			3			6			(17	)		10			1
Balance, end of period		$	10,383		$	11,018		$	11,073		$	10,840		$	9,932

ANNUITIES	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2007			2007			2007			2007			2008
Balance, beginning of period		$	83,847		$	85,700		$	90,888		$	93,341		$	92,078
Premiums and deposits (1)			2,640			3,355			3,285			2,780			2,271
Investment performance			1,295			4,246			1,411			(1,881	)		(7,109	)
Surrenders and withdrawals			(2,384	)		(2,716	)		(2,561	)		(2,706	)		(2,363	)
Net transfers from (to) fixed account			626			671			718			942			307
Policy charges			(325	)		(371	)		(376	)		(397	)		(364	)
Other			1			3			(24	)		(1	)		3
Balance, end of period		$	85,700		$	90,888		$	93,341		$	92,078		$	84,823

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

23

INDIVIDUAL

EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance Expenses	$	876		$	947		$	975		$	980		$	881
DAC Capitalization (1)		(369	)		(430	)		(435	)		(440	)		(374	)
Net	$	507		$	517		$	540		$	540		$	507
EXPENSES
Commissions	$	308		$	345		$	345		$	348		$	299
Other deferrable expenses		135			156			154			173			147
Direct and allocated expenses, not deferred		391			399			431			408			390
Pension and other post-retirement benefit costs		10			16			14			19			11
Premium tax and other tax, licenses and fees		32			31			31			32			34
Insurance Expenses		876			947			975			980			881
Broker-dealer and other expenses		185			176			163			171			165
Reinsurance allowances		(9	)		(16	)		(14	)		(5	)		(3	)
Total Other Expenses	$	1,052		$	1,107		$	1,124		$	1,146		$	1,043

(1) Excludes $13 million, $16 million, $12 million, $15 million and $13 million of DAC capitalization related to reinsurance allowances for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, respectively.

24

INDIVIDUAL

SPREADS BY PRODUCT

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2007			2007			2007			2007			2008
Investment income yield		6.34	%		6.40	%		6.30	%		6.52	%		6.44	%
Average crediting rate		4.56	%		4.56	%		4.55	%		4.54	%		4.50	%
Annualized General Account Spread		1.78	%		1.84	%		1.75	%		1.98	%		1.94	%

ANNUITIES	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2007			2007			2007			2007			2008
Investment income yield		6.39	%		6.91	%		6.50	%		6.89	%		6.25	%
Average crediting rate		3.82	%		3.85	%		3.80	%		3.91	%		3.82	%
Annualized General Account Spread		2.57	%		3.06	%		2.70	%		2.98	%		2.43	%

25

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year-to-Date Period Ended
	March 31,			June 30,		September 30,		December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2007			2007		2007		2007			2008			2007			2008
REVENUES
Earned premiums	$	716		$	738	$	751	$	761		$	744		$	716		$	744
Investment income, net		48			49		43		56			53			48			53
Other revenues		11			8		10		16			10			11			10
		775			795		804		833			807			775			807
EXPENSES
Losses and loss adjustment expense		431			446		456		478			479			431			479
Other expenses		202			204		204		220			204			202			204
		633			650		660		698			683			633			683
Operating earnings before provision for income tax		142			145		144		135			124			142			124
Provision for income tax		36			37		35		32			26			36			26
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	106		$	108	$	109	$	103		$	98		$	106		$	98
Net Income Reconciliation
Operating earnings available to common shareholders	$	106		$	108	$	109	$	103		$	98		$	106		$	98
Net investment gains (losses)		12			—		—		4			(11	)		12			(11	)
Minority interest — net investment gains (losses)		—			—		—		—			—			—			—
Net investment gains (losses) tax benefit (provision)		(5	)		1		—		(2	)		4			(5	)		4
Net investment gains (losses), net of income tax		7			1		—		2			(7	)		7			(7	)
Adjustments related to universal life and investment-type product policy fees		—			—		—		—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—		—		—			—			—			—
Adjustments related to other expenses		—			—		—		—			—			—			—
Adjustments related to tax benefit (provision)		—			—		—		—			—			—			—
Adjustments related to net investment gains (losses), net of income tax		—			—		—		—			—			—			—
Discontinued operations, net of income tax		—			—		—		—			—			—			—
Net income available to common shareholders		113			109		109		105			91			113			91
Preferred stock dividends		—			—		—		—			—			—			—
Net income	$	113		$	109	$	109	$	105		$	91		$	113		$	91
Premiums, Fees and Other Revenues	$	727		$	746	$	761	$	777		$	754		$	727		$	754

26

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

AUTO

	For the Three Months Ended												For the Year-to-Date Period Ended
	March 31,		June 30,			September 30,		December 31,		March 31,			March 31,		March 31,
Unaudited (In millions)	2007		2007			2007		2007		2008			2007		2008
REVENUES
Earned premiums	$	502	$	520		$	527	$	534	$	517		$	502	$	517
Investment income, net		35		33			33		39		38			35		38
Other revenues		6		6			6		8		6			6		6
		543		559			566		581		561			543		561
EXPENSES
Losses and loss adjustment expense		308		338			327		352		331			308		331
Other expenses		135		137			139		145		135			135		135
		443		475			466		497		466			443		466
Operating earnings before provision for income tax		100		84			100		84		95			100		95
Provision for income tax		25		20			24		19		21			25		21
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	75	$	64		$	76	$	65	$	74		$	75	$	74
Net investment gains (losses), net of income tax		6		(1	)		1		1		(5	)		6		(5	)
Adjustments related to net investment gains (losses), net of income tax		—		—			—		—		—			—		—
Discontinued operations, net of income tax		—		—			—		—		—			—		—
Net income available to common shareholders		81		63			77		66		69			81		69
Preferred stock dividends		—		—			—		—		—			—		—
Net income	$	81	$	63		$	77	$	66	$	69		$	81	$	69
Premiums, Fees and Other Revenues	$	508	$	526		$	533	$	542	$	523		$	508	$	523

27

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

HOMEOWNERS & OTHER

	For the Three Months Ended												For the Year-to-Date Period Ended
	March 31,		June 30,		September 30,			December 31,		March 31,			March 31,		March 31,
Unaudited (In millions)	2007		2007		2007			2007		2008			2007		2008
REVENUES
Earned premiums	$	214	$	218	$	224		$	227	$	227		$	214	$	227
Investment income, net		13		16		10			17		15			13		15
Other revenues		5		2		4			8		4			5		4
		232		236		238			252		246			232		246
EXPENSES
Losses and loss adjustment expense		123		108		129			126		148			123		148
Other expenses		67		67		65			75		69			67		69
		190		175		194			201		217			190		217
Operating earnings before provision for income tax		42		61		44			51		29			42		29
Provision for income tax		11		17		11			13		5			11		5
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	31	$	44	$	33		$	38	$	24		$	31	$	24
Net investment gains (losses), net of income tax		1		2		(1	)		1		(2	)		1		(2	)
Adjustments related to net investment gains (losses), net of income tax		—		—		—			—		—			—		—
Discontinued operations, net of income tax		—		—		—			—		—			—		—
Net income available to common shareholders		32		46		32			39		22			32		22
Preferred stock dividends		—		—		—			—		—			—		—
Net income	$	32	$	46	$	32		$	39	$	22		$	32	$	22
Premiums, Fees and Other Revenues	$	219	$	220	$	228		$	235	$	231		$	219	$	231

28

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

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions, except number of sales representatives)	2007			2007			2007			2007			2008
Written Premiums by Product
Preferred/Standard Automobile	$	498		$	515		$	531		$	510		$	510
Non-Standard Automobile		10			9			9			8			9
Homeowners & Other		193			236			247			216			197
Total	$	701		$	760		$	787		$	734		$	716
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		60.1	%		60.4	%		60.7	%		62.9	%		64.1	%
Other expense ratio		27.6	%		27.0	%		26.6	%		28.2	%		26.7	%
Total combined ratio (1)		87.7	%		87.4	%		87.3	%		91.1	%		90.8	%
Effect of catastrophe losses		1.4	%		3.1	%		2.6	%		1.6	%		3.2	%
Combined ratio excluding catastrophes		86.3	%		84.3	%		84.7	%		89.5	%		87.6	%
Auto
Loss and loss adjustment expense ratio		61.2	%		65.0	%		62.0	%		65.9	%		63.8	%
Other expense ratio		26.3	%		25.6	%		25.7	%		26.3	%		25.4	%
Total combined ratio (1)		87.5	%		90.6	%		87.7	%		92.2	%		89.2	%
Effect of catastrophe losses		0.0	%		0.4	%		0.2	%		(1.4	%)		0.5	%
Combined ratio excluding catastrophes		87.5	%		90.2	%		87.5	%		93.6	%		88.7	%
Homeowners & Other
Loss and loss adjustment expense ratio		57.5	%		49.5	%		57.6	%		55.7	%		64.9	%
Other expense ratio		30.8	%		30.3	%		28.6	%		32.8	%		29.6	%
Total combined ratio (1)		88.3	%		79.8	%		86.2	%		88.5	%		94.5	%
Effect of catastrophe losses		4.6	%		9.7	%		8.0	%		8.3	%		9.4	%
Combined ratio excluding catastrophes		83.7	%		70.1	%		78.2	%		80.2	%		85.1	%
Pre-Tax Catastrophe Losses
Auto	$	0		$	2		$	1			($7	)	$	3
Homeowners & Other		10			21			18			19			21
Total	$	10		$	23		$	19		$	12		$	24
Catastrophe points on combined ratios		1.4			3.1			2.6			1.6			3.2
Actual Number of Sales Representatives		99			94			86			90			93

(1) The combined ratio reflects payment fees as a credit to other expenses for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, which resulted in a 0.7, 0.6, 0.6, 0.6 and 0.7 of a percentage point decrease in the combined ratio, respectively. The decreases for Auto and Homeowners & Other were 0.8 and 0.4 of a percentage point, respectively, for March 31, 2007, 0.7 and 0.4 of a percentage point, respectively, for June 30, 2007, 0.7 and 0.4 of a percentage point, respectively, for September 30, 2007, 0.7 and 0.4 of a percentage point, respectively, for December 31, 2007 and 0.8 and 0.4 of a percentage point, respectively, for March 31, 2008.

29

INTERNATIONAL

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except number of sales representatives)	2007			2007			2007			2007			2008			2007			2008
REVENUES
Premiums	$	715		$	777		$	780		$	824		$	904		$	715		$	904
Universal life and investment-type product policy fees		236			241			238			280			290			236			290
Investment income, net		250			271			370			359			273			250			273
Other revenues		13			3			5			2			7			13			7
		1,214			1,292			1,393			1,465			1,474			1,214			1,474
EXPENSES
Policyholder benefits and dividends		578			661			708			574			763			578			763
Interest credited to policyholder account balances		78			81			110			86			47			78			47
Capitalization of deferred policy acquisition costs		(146	)		(132	)		(208	)		(257	)		(239	)		(146	)		(239	)
Amortization of deferred policy acquisition costs		97			81			38			93			113			97			113
Other expenses		436			440			544			762			554			436			554
		1,043			1,131			1,192			1,258			1,238			1,043			1,238
Operating earnings before provision for income tax		171			161			201			207			236			171			236
Provision for income tax		47			44			67			14			99			47			99
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	124		$	117		$	134		$	193		$	137		$	124		$	137
Net Income Reconciliation
Operating earnings available to common shareholders	$	124		$	117		$	134		$	193		$	137		$	124		$	137
Net investment gains (losses)		24			20			19			(10	)		131			24			131
Minority interest — net investment gains (losses)		—			—			—			—			—			—			—
Net investment gains (losses) tax benefit (provision)		(6	)		(9	)		(5	)		5			(42	)		(6	)		(42	)
Net investment gains (losses), net of income tax		18			11			14			(5	)		89			18			89
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(15	)		22			17			35			(65	)		(15	)		(65	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		4			(7	)		(6	)		(12	)		25			4			25
Adjustments related to net investment gains (losses), net of income tax (1)		(11	)		15			11			23			(40	)		(11	)		(40	)
Discontinued operations, net of income tax		(31	)		(16	)		44			(6	)		—			(31	)		—
Net income available to common shareholders		100			127			203			205			186			100			186
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	100		$	127		$	203		$	205		$	186		$	100		$	186
Premiums, Fees and Other Revenues	$	964		$	1,021		$	1,023		$	1,106		$	1,201		$	964		$	1,201
Actual Number of Sales Representatives		3,471			3,462			3,786			4,386			4,847			3,471			4,847

(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.

30

REINSURANCE

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008			2007			2008
REVENUES
Premiums	$	1,126		$	1,208		$	1,228		$	1,348		$	1,298		$	1,126		$	1,298
Investment income, net		206			266			181			219			189			206			189
Other revenues		18			19			23			17			30			18			30
		1,350			1,493			1,432			1,584			1,517			1,350			1,517
EXPENSES
Claims and other policy benefits		902			979			1,006			1,102			1,140			902			1,140
Interest credited to policyholder account balances		65			117			35			45			10			65			10
Policy acquisition costs and other insurance expenses		170			174			170			204			172			170			172
Other expenses		97			101			89			114			100			97			100
		1,234			1,371			1,300			1,465			1,422			1,234			1,422
Operating earnings before provision for income tax and minority interest		116			122			132			119			95			116			95
Provision for income tax		20			21			23			19			17			20			17
Operating earnings available to common shareholders before minority interest		96			101			109			100			78			96			78
Elimination of minority interest, before income tax		60			63			66			61			49			60			49
CONTRIBUTION TO METLIFE	$	36		$	38		$	43		$	39		$	29		$	36		$	29
Net Income Reconciliation
Operating earnings available to common shareholders	$	36		$	38		$	43		$	39		$	29		$	36		$	29
	��
Net investment gains (losses)		(6	)		(14	)		(61	)		(97	)		(156	)		(6	)		(156	)
Minority interest — net investment gains (losses)		4			4			10			15			25			4			25
Net investment gains (losses) tax benefit (provision)		—			4			18			29			46			—			46
Net investment gains (losses), net of income tax		(2	)		(6	)		(33	)		(53	)		(85	)		(2	)		(85	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		(2	)		5			41			66			103			(2	)		103
Adjustments related to tax benefit (provision)		2			(3	)		(14	)		(24	)		(35	)		2			(35	)
Adjustments related to net investment gains (losses), net of income tax (1)		—			2			27			42			68			—			68
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		34			34			37			28			12			34			12
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	34		$	34		$	37		$	28		$	12		$	34		$	12
Premiums, Fees and Other Revenues	$	1,144		$	1,227		$	1,251		$	1,365		$	1,328		$	1,144		$	1,328

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

31

REINSURANCE

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

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
Pre-Tax and Pre-Minority Interest Operating Earnings by Region
United States	$	84		$	85		$	83		$	103		$	57
Canada		12			23			21			20			29
Asia-Pacific		11			16			18			18			18
Other international markets		21			12			13			3			5
Corporate		(12	)		(14	)		(3	)		(25	)		(14	)
Total pre-tax and pre-minority interest operating earnings	$	116		$	122		$	132		$	119		$	95
Policy Benefits and Interest Sensitive Contract Liabilities by Region
Traditional U.S.	$	4,627		$	4,762		$	4,882		$	5,023		$	5,154
Asset intensive		5,359			5,485			5,588			5,735			5,710
Other		35			67			42			45			33
Total U.S.		10,021			10,314			10,512			10,803			10,897
Canada		1,783			1,944			2,169			2,242			2,244
Asia-Pacific		937			1,005			1,136			1,145			1,274
Other international markets		905			890			926			923			1,000
Total International		3,625			3,839			4,231			4,310			4,518
Total policy benefits and interest sensitive contract liabilities	$	13,646		$	14,153		$	14,743		$	15,113		$	15,415

32

CORPORATE, OTHER & ELIMINATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008			2007			2008
REVENUES
Premiums	$	8		$	8		$	6		$	13		$	7		$	8		$	7
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Investment income, net		370			357			378			374			266			370			266
Other revenues		6			49			1			7			10			6			10
		384			414			385			394			283			384			283
EXPENSES
Policyholder benefits and dividends		11			11			11			14			10			11			10
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		51			49			50			49			44			51			44
Interest expense		189			194			244			250			267			189			267
Other expenses		93			70			47			114			42			93			42
		344			324			352			427			363			344			363
Operating earnings before provision (benefit) for income tax		40			90			33			(33	)		(80	)		40			(80	)
Provision (benefit) for income tax		(39	)		(22	)		(46	)		(32	)		(90	)		(39	)		(90	)
Operating earnings		79			112			79			(1	)		10			79			10
Preferred stock dividends		34			34			34			35			33			34			33
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	45		$	78		$	45			($36	)		($23	)	$	45			($23	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	45		$	78		$	45			($36	)		($23	)	$	45			($23	)
Net investment gains (losses)		6			38			7			(11	)		(16	)		6			(16	)
Minority interest — net investment gains (losses)		—			—			—			—			—			—			—
Net investment gains (losses) tax benefit (provision)		(2	)		(9	)		(5	)		(14	)		5			(2	)		5
Net investment gains (losses), net of income tax		4			29			2			(25	)		(11	)		4			(11	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—
Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		16			23			(10	)		(1	)		—			16			—
Net income available to common shareholders		65			130			37			(62	)		(34	)		65			(34	)
Preferred stock dividends		34			34			34			35			33			34			33
Net income	$	99		$	164		$	71			($27	)		($1	)	$	99			($1	)
Premiums, Fees and Other Revenues	$	14		$	57		$	7		$	20		$	17		$	14		$	17

33

METLIFE, INC.

INVESTMENT RESULTS
BY ASSET CATEGORY AND
ANNUALIZED YIELDS

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
FIXED MATURITY SECURITIES
Yield (1)		6.15	%		6.23	%		6.45	%		6.55	%		6.46	%
Investment income (2)	$	3,065		$	3,163		$	3,321		$	3,333		$	3,278
Investment gains (losses)		($92	)		($236	)		($224	)		($70	)		($204	)
Ending Carrying Value (2)	$	248,693		$	251,963		$	253,196		$	243,021		$	244,896
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.36	%		6.46	%		6.82	%		6.56	%		6.18	%
Investment income (3)	$	632		$	654		$	705		$	710		$	689
Investment gains (losses)	$	0		$	13		$	21			($32	)		($27	)
Ending Carrying Value	$	43,936		$	43,755		$	44,849		$	47,030		$	47,777
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		11.60	%		11.54	%		8.56	%		9.77	%		5.06	%
Investment income	$	151		$	164		$	132		$	160		$	87
Investment gains (losses)	$	7		$	37		$	2		$	11			($2	)
Ending Carrying Value	$	5,427		$	5,933		$	6,360		$	6,769		$	6,963
POLICY LOANS
Yield (1)		6.16	%		6.20	%		6.27	%		6.21	%		6.23	%
Investment income	$	157		$	158		$	161		$	161		$	165
Ending Carrying Value	$	10,177		$	10,251		$	10,321		$	10,419		$	10,739
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		15.25	%		20.85	%		10.49	%		16.03	%		7.03	%
Investment income	$	345		$	512		$	274		$	436		$	200
Investment gains (losses)	$	64		$	28		$	39		$	49			($13	)
Ending Carrying Value	$	10,082		$	11,157		$	11,621		$	12,205		$	11,882
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		6.16	%		4.67	%		4.36	%		4.09	%		3.05	%
Investment income	$	123		$	99		$	100		$	115		$	96
Investment gains (losses)	$	0		$	0		$	3		$	0		$	1
Ending Carrying Value	$	9,028		$	9,267		$	10,354		$	13,016		$	13,486
OTHER INVESTED ASSETS (5)
Yield (1)		8.99	%		11.13	%		7.45	%		8.55	%		3.39	%
Investment income	$	212		$	257		$	183		$	235		$	106
Investment gains (losses)		($74	)		($151	)		($180	)		($222	)		($648	)
Ending Carrying Value	$	9,713		$	10,302		$	11,258		$	12,642		$	14,357
TOTAL INVESTMENTS
Gross investment income yield (1)		6.67	%		6.98	%		6.65	%		6.94	%		6.13	%
Investment fees and expenses yield		(0.15	%)		(0.15	%)		(0.15	%)		(0.16	%)		(0.16	%)
NET INVESTMENT INCOME YIELD		6.52	%		6.83	%		6.50	%		6.78	%		5.97	%
Gross investment income	$	4,685		$	5,007		$	4,876		$	5,150		$	4,621
Investment fees and expenses		(103	)		(105	)		(111	)		(121	)		(122	)
NET INVESTMENT INCOME	$	4,582		$	4,902		$	4,765		$	5,029		$	4,499
Ending Carrying Value	$	337,056		$	342,628		$	347,959		$	345,102		$	350,100
Gross investment gains	$	308		$	315		$	342		$	475		$	405
Gross investment losses		(289	)		(494	)		(538	)		(444	)		(532	)
Writedowns		(3	)		(22	)		(50	)		(73	)		(186	)
Subtotal		16			(201	)		(246	)		(42	)		(313	)
Derivative & other instruments not qualifying for hedge accounting		(111	)		(108	)		(93	)		(222	)		(580	)
INVESTMENT GAINS (LOSSES)		(95	)		(309	)		(339	)		(264	)		(893	)
Minority interest — net investment gains (losses)		4			4			10			15			25
Investment gains (losses) tax benefit (provision)		33			112			114			67			308
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		($58	)		($193	)		($215	)		($182	)		($560	)

(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 $777 million, $919 million, $824 million, $779 million and $808 million in ending carrying value, and $15 million, $16 million, $21 million, ($2) million and ($51) million of investment income (loss) related to trading securities at or for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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 $3 million, $1 million, $0 million, $3 million and ($2) million, related to discontinued operations for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $5 million, $0 million, $0 million, $8 million and $0 million related to discontinued operations for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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 $58 million, $65 million, $64 million, $69 million and ($7) million, for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $4 million, $5 million, $6 million, $11 million and $14 million for the three months ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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.

34

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

	For the Year-to-Date Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2007			2007			2007			2007			2008
FIXED MATURITY SECURITIES
Yield (1)		6.15	%		6.19	%		6.28	%		6.34	%		6.46	%
Investment income (2)	$	3,065		$	6,228		$	9,549		$	12,882		$	3,278
Investment gains (losses)		($92	)		($328	)		($552	)		($622	)		($204	)
Ending Carrying Value (2)	$	248,693		$	251,963		$	253,196		$	243,021		$	244,896
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.36	%		6.41	%		6.55	%		6.55	%		6.18	%
Investment income (3)	$	632		$	1,286		$	1,991		$	2,701		$	689
Investment gains (losses)	$	0		$	13		$	34		$	2			($27	)
Ending Carrying Value	$	43,936		$	43,755		$	44,849		$	47,030		$	47,777
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		11.60	%		11.57	%		10.48	%		10.28	%		5.06	%
Investment income	$	151		$	315		$	447		$	607		$	87
Investment gains (losses)	$	7		$	44		$	46		$	57			($2	)
Ending Carrying Value	$	5,427		$	5,933		$	6,360		$	6,769		$	6,963
POLICY LOANS
Yield (1)		6.16	%		6.18	%		6.21	%		6.21	%		6.23	%
Investment income	$	157		$	315		$	476		$	637		$	165
Ending Carrying Value	$	10,177		$	10,251		$	10,321		$	10,419		$	10,739
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		15.25	%		18.17	%		15.43	%		15.59	%		7.03	%
Investment income	$	345		$	857		$	1,131		$	1,567		$	200
Investment gains (losses)	$	64		$	92		$	131		$	180			($13	)
Ending Carrying Value	$	10,082		$	11,157		$	11,621		$	12,205		$	11,882
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		6.16	%		5.40	%		5.02	%		4.74	%		3.05	%
Investment income	$	123		$	222		$	322		$	437		$	96
Investment gains (losses)	$	0		$	0		$	3		$	3		$	1
Ending Carrying Value	$	9,028		$	9,267		$	10,354		$	13,016		$	13,486
OTHER INVESTED ASSETS (5)
Yield (1)		8.99	%		10.05	%		9.15	%		8.98	%		3.39	%
Investment income	$	212		$	469		$	652		$	887		$	106
Investment gains (losses)		($74	)		($225	)		($405	)		($627	)		($648	)
Ending Carrying Value	$	9,713		$	10,302		$	11,258		$	12,642		$	14,357
TOTAL INVESTMENTS
Gross investment income yield (1)		6.67	%		6.83	%		6.77	%		6.81	%		6.13	%
Investment fees and expenses yield		(0.15	%)		(0.15	%)		(0.15	%)		(0.15	%)		(0.16	%)
NET INVESTMENT INCOME YIELD		6.52	%		6.68	%		6.62	%		6.66	%		5.97	%
Gross investment income	$	4,685		$	9,692		$	14,568		$	19,718		$	4,621
Investment fees and expenses		(103	)		(208	)		(319	)		(440	)		(122	)
NET INVESTMENT INCOME	$	4,582		$	9,484		$	14,249		$	19,278		$	4,499
Ending Carrying Value	$	337,056		$	342,628		$	347,959		$	345,102		$	350,100
Gross investment gains	$	308		$	623		$	965		$	1,440		$	405
Gross investment losses		(289	)		(783	)		(1,321	)		(1,765	)		(532	)
Writedowns		(3	)		(25	)		(75	)		(148	)		(186	)
Subtotal		16			(185	)		(431	)		(473	)		(313	)
Derivative & other instruments not qualifying for hedge accounting		(111	)		(219	)		(312	)		(534	)		(580	)
INVESTMENT GAINS (LOSSES)		(95	)		(404	)		(743	)		(1,007	)		(893	)
Minority interest — net investment gains (losses)		4			8			18			33			25
Investment gains (losses) tax benefit (provision)		33			145			259			326			308
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		($58	)		($251	)		($466	)		($648	)		($560	)

(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 $777 million, $919 million, $824 million, $779 million and $808 million in ending carrying value, and $15 million, $31 million, $52 million, $50 million and ($51) million of investment income (loss) related to trading securities at or for the year-to-date ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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 $3 million, $4 million, $4 million, $7 million and ($2) million related to discontinued operations for year-to-date ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $5 million, $5 million, $5 million, $13 million and $0 million related to discontinued operations for year-to-date ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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 $58 million, $123 million, $187 million, $256 million and ($7) million for the year-to-date ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $4 million, $9 million, $15 million, $26 million and $14 million for the year-to-date ended March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008, 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.

35

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

	March 31, 2007					June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%		$1,920		98.4	%		$4,598		99.0	%		$3,949		97.1	%		$4,022		90.4	%		$6,139		69.8	%
20% or more for less than six months		26		1.3	%		22		0.5	%		100		2.4	%		407		9.1	%		2,573		29.2	%
20% or more for six months or greater		6		0.3	%		24		0.5	%		20		0.5	%		22		0.5	%		86		1.0	%
Total Gross Unrealized Losses		$1,952		100.0	%		$4,644		100.0	%		$4,069		100.0	%		$4,451		100.0	%		$8,798		100.0	%
Total Gross Unrealized Gains		$7,535					$5,710					$6,499					$7,932					$8,616
EQUITY SECURITIES (1)

	March 31, 2007					June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%		$40		81.6	%		$72		92.3	%		$202		89.8	%		$323		68.7	%		$223		30.1	%
20% or more for less than six months		9		18.4	%		6		7.7	%		23		10.2	%		147		31.3	%		518		69.8	%
20% or more for six months or greater		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%		1		0.1	%
Total Gross Unrealized Losses		$49		100.0	%		$78		100.0	%		$225		100.0	%		$470		100.0	%		$742		100.0	%
Total Gross Unrealized Gains		$541					$629					$664					$629					$433

(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.

36

METLIFE, INC.

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

		March 31, 2007					June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities		$	76,912		31.0	%	$	77,192		30.7	%	$	80,357		31.9	%	$	77,426		32.0	%	$	76,203		31.2	%
Residential mortgage-backed securities			56,420		22.8	%		59,219		23.6	%		59,466		23.6	%		56,489		23.3	%		56,519		23.2	%
Foreign corporate securities			36,633		14.8	%		36,961		14.7	%		38,643		15.3	%		38,305		15.8	%		37,783		15.6	%
U.S. Treasury/agency securities			27,569		11.1	%		27,437		10.9	%		22,051		8.7	%		21,245		8.8	%		22,087		9.0	%
Commercial mortgage-backed securities			17,875		7.2	%		19,192		7.7	%		19,907		7.9	%		17,728		7.3	%		18,648		7.6	%
Asset-backed securities			13,526		5.5	%		11,815		4.7	%		11,902		4.7	%		11,041		4.6	%		11,578		4.7	%
Foreign government securities			13,719		5.5	%		14,427		5.8	%		15,064		6.0	%		15,271		6.3	%		15,349		6.3	%
State and political subdivision securities			4,816		1.9	%		4,467		1.8	%		4,647		1.8	%		4,419		1.8	%		5,622		2.3	%
Other fixed maturity securities			446		0.2	%		334		0.1	%		335		0.1	%		318		0.1	%		299		0.1	%
Total		$	247,916		100.0	%	$	251,044		100.0	%	$	252,372		100.0	%	$	242,242		100.0	%	$	244,088		100.0	%
NAIC RATING (1)	RATING AGENCY EQUIVALENT DESIGNATION
1	Aaa / Aa / A	$	181,569		73.3	%	$	184,269		73.4	%	$	181,413		71.9	%	$	175,651		72.5	%	$	179,729		73.7	%
2	Baa		48,866		19.7	%		48,879		19.4	%		52,063		20.6	%		48,914		20.2	%		47,813		19.6	%
3	Ba		9,990		4.0	%		10,482		4.2	%		11,259		4.5	%		10,738		4.4	%		10,280		4.2	%
4	B		7,046		2.8	%		6,965		2.8	%		7,160		2.8	%		6,481		2.7	%		5,731		2.3	%
5	Caa and lower		428		0.2	%		432		0.2	%		413		0.2	%		445		0.2	%		503		0.2	%
6	In or near default		17		0.0	%		17		0.0	%		64		0.0	%		13		0.0	%		32		0.0	%
Total		$	247,916		100.0	%	$	251,044		100.0	%	$	252,372		100.0	%	$	242,242		100.0	%	$	244,088		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

	March 31, 2007					June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	7,464		22.3	%	$	7,377		22.4	%	$	7,526		22.3	%	$	8,620		24.3	%	$	8,645		24.0	%
South Atlantic		7,922		23.7	%		7,286		22.1	%		7,533		22.3	%		8,021		22.6	%		8,199		22.8	%
Middle Atlantic		5,026		15.1	%		5,170		15.7	%		5,166		15.3	%		5,110		14.4	%		5,127		14.2	%
International		3,096		9.3	%		3,311		10.0	%		3,873		11.5	%		3,642		10.3	%		3,759		10.4	%
East North Central		3,057		9.2	%		3,353		10.2	%		3,129		9.3	%		2,957		8.3	%		2,918		8.1	%
West South Central		2,483		7.4	%		2,547		7.7	%		2,803		8.3	%		2,925		8.2	%		2,977		8.3	%
New England		1,421		4.3	%		1,356		4.1	%		1,247		3.7	%		1,499		4.2	%		1,582		4.4	%
Mountain		830		2.5	%		768		2.3	%		1,093		3.2	%		1,086		3.1	%		1,212		3.3	%
West North Central		777		2.3	%		776		2.4	%		766		2.3	%		1,046		2.9	%		853		2.4	%
East South Central		495		1.5	%		504		1.5	%		503		1.5	%		503		1.4	%		502		1.4	%
Other		792		2.4	%		511		1.6	%		92		0.3	%		92		0.3	%		258		0.7	%
Total	$	33,363		100.0	%	$	32,959		100.0	%	$	33,731		100.0	%	$	35,501		100.0	%	$	36,032		100.0	%
Office	$	14,726		44.1	%	$	14,611		44.3	%	$	14,848		44.0	%	$	15,471		43.6	%	$	15,650		43.4	%
Retail		7,143		21.4	%		6,941		21.1	%		7,358		21.8	%		7,557		21.3	%		8,021		22.3	%
Apartments		3,950		11.8	%		3,998		12.1	%		3,954		11.7	%		4,437		12.5	%		4,255		11.8	%
Hotel		2,452		7.4	%		2,536		7.7	%		3,014		8.9	%		3,282		9.2	%		3,263		9.1	%
Industrial		2,824		8.5	%		2,902		8.8	%		2,922		8.7	%		2,880		8.1	%		3,033		8.4	%
Other		2,268		6.8	%		1,971		6.0	%		1,635		4.9	%		1,874		5.3	%		1,810		5.0	%
Total	$	33,363		100.0	%	$	32,959		100.0	%	$	33,731		100.0	%	$	35,501		100.0	%	$	36,032		100.0	%

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METLIFE, INC.

SUMMARY OF REAL ESTATE

	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2007		2007		2007		2007		2008
Wholly-owned	$	3,815	$	3,925	$	3,950	$	3,995	$	4,003
Joint ventures		1,609		2,006		2,407		2,771		2,957
Subtotal		5,424		5,931		6,357		6,766		6,960
Foreclosed		3		2		3		3		3
Total (1)	$	5,427	$	5,933	$	6,360	$	6,769	$	6,963

SUMMARY OF MORTGAGES AND CONSUMER LOANS

	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2007		2007		2007		2007		2008
Commercial mortgages	$	33,363	$	32,959	$	33,731	$	35,501	$	36,032
Agricultural mortgages		9,457		9,731		10,066		10,484		10,641
Consumer loans		1,116		1,065		1,052		1,045		1,104
Total	$	43,936	$	43,755	$	44,849	$	47,030	$	47,777

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

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Company Ratings as of April 30, 2008

	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
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	NR	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
Beagle Funding LLC
Commercial Paper	P-1	A-1+	NR	NR
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+	A-
Preferred Stock	Baa1	BBB+	bbb+	A-
Non-Cumulative Perpetual Preferred Stock	Baa1	BBB	bbb+	A-
MetLife Capital Trust II & III
Trust Preferred Stock	A3	BBB+	a-	A-
MetLife Capital Trust IV & X
Trust Securities	Baa1	BBB+	bbb+	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
MetLife Institutional Funding I, LLC
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	A-
RGA Capital Trust I & II
Preferred Stock	Baa2	BBB	bbb+	BBB+

NR     Not Rated

39