MetLife (MET) 8-K Metlife Announces First Quarter 2009 Results

METLIFE, INC.

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
INTERNATIONAL
Statement of Operating Earnings Available to Common Shareholders	26
AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	30
Written Premiums by Product and Selected Financial Information and Supplemental Data	33
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders	34
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	35
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	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 available to common shareholders is defined as GAAP net income, excluding net income (loss) attributable to noncontrolling interests; net investment gains and losses; adjustments related to net investment gains and losses; adjustments related to acquisition costs incurred to effect a business combination after January 1, 2009; and discontinued operations other than discontinued real estate, all net of income tax; less preferred stock dividends. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to MetLife, Inc.’s common shareholders per diluted common share is calculated by dividing operating earnings available to MetLife, Inc.’s 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 available to MetLife, Inc.’s common shareholders and operating earnings available to MetLife, Inc.’s common shareholders per diluted common share should not be viewed as substitutes for GAAP net income available to MetLife, Inc.’s common shareholders and GAAP net income available to MetLife, Inc.’s common shareholders per diluted common share, respectively. Reconciliations of operating earnings available to MetLife, Inc.’s common shareholders to GAAP net income available to MetLife, Inc.’s common shareholders and operating earnings available to MetLife, Inc.’s common shareholders per diluted common share to GAAP net income available to MetLife, Inc.’s common shareholders per diluted share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated April 30, 2009, for the three months ended March 31, 2009, which are available atwww.metlife.com.

1

METLIFE, INC.
CORPORATE OVERVIEW

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions, except per share data)	2008			2008			2008			2008			2009
Net income (loss) (5)	$	660		$	996		$	646		$	977		$	(548	)
Net income (loss) attributable to noncontrolling interest		12			50			16			(8	)		(4	)
Net income (loss) attributable to MetLife, Inc.		648			946			630			985			(544	)
Preferred stock dividends		33			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders		615			915			600			954			(574	)
Net investment gains (losses)		(738	)		(330	)		739			2,101			(935	)
Net investment gains (losses) tax benefit (provision)		263			104			(282	)		(756	)		317
Net investment gains (losses), net of income tax (1) (2)		(475	)		(226	)		457			1,345			(618	)
Adjustments related to universal life and investment-type product policy fees		5			(3	)		—			16			(6	)
Adjustments related to policyholder benefits and dividends		(127	)		165			(96	)		(123	)		(27	)
Adjustments related to other expenses		114			144			(1	)		(778	)		(183	)
Adjustments related to tax benefit (provision)		6			(109	)		36			308			74
Adjustments related to net investment gains (losses), net of income tax (3)		(2	)		197			(61	)		(577	)		(142	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			(9	)
Discontinued operations, net of income tax		20			62			(430	)		38			36
Operating earnings available to common shareholders (4)	$	1,072		$	882		$	634		$	148		$	159
Net income (loss) available to MetLife, Inc’s common shareholders per common share — diluted	$	0.84		$	1.26		$	0.83		$	1.20		$	(0.71	)
Net investment gains (losses), net of income tax		(0.65	)		(0.31	)		0.63			1.69			(0.76	)
Adjustments related to net investment gains (losses), net of income tax		0.00			0.27			(0.08	)		(0.73	)		(0.18	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			(0.01	)
Discontinued operations, net of income tax		0.03			0.09			(0.59	)		0.05			0.04
Operating earnings available to common shareholders — diluted	$	1.46		$	1.21		$	0.87		$	0.19		$	0.20
Weighted average common shares outstanding — diluted		732.7			726.5			726.9			793.6			810.8
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2008			2008			2008			2008			2009
Book value per common share — (actual common shares outstanding)	$	43.64		$	42.97		$	36.46		$	27.33		$	25.75
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	45.09		$	46.51		$	47.12		$	45.29		$	44.53
Book value per common share — diluted — (weighted average common shares outstanding)	$	42.25		$	41.98		$	35.48		$	27.33		$	25.98
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	43.65		$	45.43		$	45.85		$	45.29		$	44.93
	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2008			2008			2008			2008			2009
Common shares outstanding, beginning of period		729.2			709.4			709.7			707.3			793.6
Treasury stock, net		(19.8	)		0.3			(2.4	)		75.0			0.1
Newly issued shares		—			—			—			11.3			24.4
Common shares outstanding, end of period		709.4			709.7			707.3			793.6			818.1
Weighted average common shares outstanding — basic		720.4			712.8			718.1			790.0			809.1
Dilutive effect of stock-based awards		8.7			9.4			8.6			3.6			1.7
Dilutive effect of stock purchase contracts underlying common equity units		3.6			4.3			0.2			—			—
Weighted average common shares outstanding — diluted		732.7			726.5			726.9			793.6			810.8
Policyholder Trust Shares		256.6			253.4			246.7			242.7			240.8

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of ($5) million, ($25) million, ($1) million, $34 million and $20 million for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2009, 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 include discontinued operations of $5 million for the three months ended December 31, 2008. There were no net investment gains (losses) from other real estate and real estate joint ventures for any other periods presented.
(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 MetLife, Inc.’s common shareholders throughout the QFS differs from other public filings with respect to discontinued operations, scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment, income (loss) attributable to noncontrolling interests, and acquisition-related costs incurred to effect a business combination after January 1, 2009. 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”). Presentation of noncontrolling interest in other public filings is in accordance with SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements — An Amendment of ARB No. 51 (“SFAS 160”). Presentation of acquisition-related costs incurred to effect a business combination after January 1, 2009 in other public filings is in accordance with SFAS No. 141(r) (As Amended), Business Combinations (“SFAS 141(r)”), adopted on January 1, 2009. The transaction cost adjustment is reflected as a separate line item in the March 31, 2009 net income reconciliation.
(5)	On January 1, 2009, MetLife, Inc. adopted Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements — an amendment of ARB No. 51,” the provisions of which, among others, require that minority interests be renamed noncontrolling interests and that a company present a consolidated net income (loss) measure that includes the amount attributable to such noncontrolling interests for all periods presented.

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2008			2008			2008			2008			2009
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	234,183		$	231,013		$	212,125		$	188,251		$	191,415
Equity securities available-for-sale, at estimated fair value		5,368			5,228			3,474			3,197			2,817
Trading securities, at estimated fair value		807			883			787			946			922
Mortgage and consumer loans:
Held-for-investment, at amortized cost		46,477			47,979			49,182			49,352			49,074
Held-for-sale, principally at estimated fair value		443			179			1,424			2,012			3,970
Mortgage and consumer loans, net		46,920			48,158			50,606			51,364			53,044
Policy loans		9,666			9,683			9,742			9,802			9,851
Real estate and real estate joint ventures		6,959			7,292			7,365			7,585			7,380
Real estate held-for-sale		1			36			190			1			1
Other limited partnership interests		6,349			6,707			6,353			6,039			5,365
Short-term investments		2,543			1,929			2,570			13,878			10,896
Other invested assets		9,808			8,617			9,755			17,248			15,130
Total investments		322,604			319,546			302,967			298,311			296,821
Cash and cash equivalents		10,560			13,414			20,181			24,207			19,424
Accrued investment income		3,270			3,207			3,266			3,061			3,142
Premiums and other receivables		13,648			14,056			17,843			16,973			18,514
Deferred policy acquisition costs and value of business acquired		18,159			18,879			20,119			20,144			20,754
Current income tax recoverable		417			712			763			—			—
Deferred income tax assets		—			—			1,631			4,927			6,349
Goodwill		4,999			5,065			5,036			5,008			5,010
Other assets		8,311			8,175			8,822			7,262			7,028
Assets of subsidiaries held-for-sale		23,117			23,732			887			946			—
Separate account assets		152,554			149,686			139,803			120,839			114,366
Total assets	$	557,639		$	556,472		$	521,318		$	501,678		$	491,408
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	127,631		$	127,539		$	128,589		$	130,555		$	131,609
Policyholder account balances		134,588			136,720			138,779			149,805			148,568
Other policyholder funds		8,105			8,223			8,273			7,762			8,136
Policyholder dividends payable		990			1,034			1,073			1,023			846
Policyholder dividend obligation		119			—			—			—			—
Short-term debt		632			623			1,106			2,659			5,878
Long-term debt		9,124			9,167			10,810			9,667			11,042
Collateral financing arrangements		4,942			4,997			5,132			5,192			5,242
Junior subordinated debt securities		4,075			4,825			3,759			3,758			2,691
Current income tax payable		—			—			—			342			635
Deferred income tax liability		557			261			—			—			—
Payables for collateral under securities loaned and other transactions		46,648			45,979			43,300			31,059			24,341
Other liabilities		13,476			13,117			11,903			14,284			14,625
Liabilities of subsidiaries held-for-sale		19,491			20,098			750			748			—
Separate account liabilities		152,554			149,686			139,803			120,839			114,366
Total liabilities		522,932			522,269			493,277			477,693			467,979
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		17,600			17,647			17,602			15,811			16,860
Retained earnings		20,526			21,441			22,041			22,403			21,829
Treasury stock, at cost		(4,108	)		(4,047	)		(4,279	)		(236	)		(230	)
Accumulated other comprehensive loss		(1,028	)		(2,509	)		(7,540	)		(14,253	)		(15,358	)
Total MetLife, Inc.’s stockholders’ equity		32,999			32,541			27,833			23,734			23,110
Noncontrolling interests		1,708			1,662			208			251			319
Total equity		34,707			34,203			28,041			23,985			23,429
Total liabilities and stockholders’ equity	$	557,639		$	556,472		$	521,318		$	501,678		$	491,408

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)		2008			2008			2008			2008			2009
REVENUES
Premiums		$	6,291		$	6,340		$	6,785		$	6,498		$	6,122
Universal life and investment-type product policy fees			1,392			1,399			1,352			1,220			1,189
Investment income, net			4,289			4,281			4,050			3,685			3,294
Other revenues			369			351			421			445			554
Total revenues			12,341			12,371			12,608			11,848			11,159
EXPENSES
Policyholder benefits and dividends			6,885			7,190			7,616			7,316			6,979
Interest credited to policyholder account balances			1,218			1,184			1,121			1,220			1,170
Interest credited to bank deposits			44			39			40			43			43
Interest expenses			269			253			253			276			245
Other expenses			2,344			2,455			2,629			2,758			2,517
Total expenses			10,760			11,121			11,659			11,613			10,954
Operating earnings before provision for income tax			1,581			1,250			949			235			205
Provision for income tax			476			337			285			56			16
Operating earnings			1,105			913			664			179			189
Preferred stock dividends			33			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,072		$	882		$	634		$	148		$	159
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,072		$	882		$	634		$	148		$	159
Net investment gains (losses)			(738	)		(330	)		739			2,101			(935	)
Net investment gains (losses) tax benefit (provision)			263			104			(282	)		(756	)		317
Net investment gains (losses), net of income tax			(475	)		(226	)		457			1,345			(618	)
Adjustments related to universal life and investment-type product policy fees			5			(3	)		—			16			(6	)
Adjustments related to policyholder benefits and dividends			(127	)		165			(96	)		(123	)		(27	)
Adjustments related to other expenses			114			144			(1	)		(778	)		(183	)
Adjustments related to tax benefit (provision)			6			(109	)		36			308			74
Adjustments related to net investment gains (losses), net of income tax (1)			(2	)		197			(61	)		(577	)		(142	)
Adjustments related to acquisition costs, net of income tax			—			—			—			—			(9	)
Discontinued operations, net of income tax			20			62			(430	)		38			36
Net income (loss) available to MetLife, Inc.’s common shareholders			615			915			600			954			(574	)
Preferred stock dividends			33			31			30			31			30
Net income (loss) attributable to MetLife, Inc.			648			946			630			985			(544	)
Net income (loss) attributable to noncontrolling interests			12			50			16			(8	)		(4	)
Net income (loss)		$	660		$	996		$	646		$	977		$	(548	)
Premiums, Fees and Other Revenues		$	8,052		$	8,090		$	8,558		$	8,163		$	7,865

(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 SHEETS

	March 31, 2009
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
ASSETS
Total investments	$	296,821		$	123,836		$	116,618		$	15,308		$	3,340		$	37,719
Cash and cash equivalents		19,424			1,938			4,469			1,451			(85	)		11,651
Accrued investment income		3,142			1,199			1,246			255			55			387
Premiums and other receivables		18,514			6,324			3,530			936			886			6,838
Deferred policy acquisition costs and value of business acquired		20,754			1,019			17,165			2,387			177			6
Deferred income tax receivable		6,349			5,958			(226	)		(51	)		250			418
Goodwill		5,010			1,051			2,957			375			157			470
Other assets		7,028			1,364			2,531			414			358			2,361
Separate account assets		114,366			43,837			65,936			4,593			—			—
Total assets	$	491,408		$	186,526		$	214,226		$	25,668		$	5,138		$	59,850
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	131,609		$	55,393		$	58,518		$	9,479		$	3,015		$	5,204
Policyholder account balances		148,568			70,292			65,350			5,340			—			7,586
Other policyholder funds		8,136			3,308			3,121			1,302			38			367
Policyholder dividends payable		846			—			846			—			—			—
Short-term debt		5,878			300			—			—			—			5,578
Long-term debt		11,042			1			90			218			—			10,733
Collateral financing arrangements		5,242			—			—			—			—			5,242
Junior subordinated debt securities		2,691			—			—			—			—			2,691
Current income tax payable		635			179			(493	)		65			(9	)		893
Payables for collateral under securities loaned and other transactions		24,341			6,743			10,079			37			—			7,482
Other liabilities		14,625			4,082			3,904			1,119			595			4,925
Separate account liabilities		114,366			43,837			65,936			4,593			—			—
Total liabilities		467,979			184,135			207,351			22,153			3,639			50,701
Stockholders’ Equity
Preferred stock, at par value		1			—			—			—			—			1
Common stock, at par value		8			—			—			—			—			8
Allocated equity (1)		38,689			10,422			10,856			3,959			1,833			11,619
Treasury stock		(230	)		—			—			—			—			(230	)
Accumulated other comprehensive loss		(15,358	)		(8,031	)		(3,981	)		(620	)		(334	)		(2,392	)
Total MetLife, Inc.’s stockholders’ equity		23,110			2,391			6,875			3,339			1,499			9,006
Noncontrolling interests		319			—			—			176			—			143
Total equity		23,429			2,391			6,875			3,515			1,499			9,149
Total liabilities and stockholders’ equity	$	491,408		$	186,526		$	214,226		$	25,668		$	5,138		$	59,850

(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, 2009
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	6,122		$	3,540		$	1,137		$	721		$	722		$	2
Universal life and investment-type product policy fees		1,189			208			771			210			—			—
Investment income, net		3,294			1,448			1,568			188			40			50
Other revenues		554			171			105			2			9			267
Total revenues		11,159			5,367			3,581			1,121			771			319
EXPENSES
Policyholder benefits and dividends		6,979			3,953			2,000			548			479			(1	)
Interest credited to policyholder account balances		1,170			512			580			78			—			—
Capitalization of deferred policy acquisition costs		(786	)		(57	)		(480	)		(145	)		(104	)		—
Amortization of deferred policy acquisition costs		746			51			489			95			110			1
Other expenses		2,845			607			1,144			338			187			569
Total expenses		10,954			5,066			3,733			914			672			569
Operating earnings before provision for income tax		205			301			(152	)		207			99			(250	)
Provision for income tax expense (benefit)		16			101			(54	)		48			23			(102	)
Operating earnings		189			200			(98	)		159			76			(148	)
Preferred stock dividends		30			—			—			—			—			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	159		$	200		$	(98	)	$	159		$	76		$	(178	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	159		$	200		$	(98	)	$	159		$	76		$	(178	)
Net investment gains (losses)		(935	)		(1,769	)		13			460			31			330
Net investment gains (losses) tax benefit (provision)		317			615			(7	)		(163	)		(11	)		(117	)
Net investment gains (losses), net of income tax		(618	)		(1,154	)		6			297			20			213
Adjustments related to universal life and investment-type product policy fees		(6	)		—			(6	)		—			—			—
Adjustments related to policyholder benefits and dividends		(27	)		6			(11	)		(22	)		—			—
Adjustments related to other expenses		(183	)		—			(183	)		—			—			—
Adjustments related to tax benefit (provision)		74			(3	)		71			6			—			—
Adjustments related to net investment gains (losses), net of income tax (1)		(142	)		3			(129	)		(16	)		—			—
Adjustments related to acquisition costs, net of income tax		(9	)		—			—			—			—			(9	)
Discontinued operations, net of income tax		36			—			24			—			—			12
Net income (loss) available to MetLife, Inc.’s common shareholders		(574	)		(951	)		(197	)		440			96			38
Preferred stock dividends		30			—			—			—			—			30
Net income (loss) attributable to MetLife, Inc.		(544	)		(951	)		(197	)		440			96			68
Net income (loss) attributable to noncontrolling interests		(4	)		—			—			(5	)		—			1
Net income (loss)	$	(548	)	$	(951	)	$	(197	)	$	435		$	96		$	69
Premiums, Fees and Other Revenues	$	7,865		$	3,919		$	2,013		$	933		$	731		$	269

(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, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	6,291		$	3,573		$	1,063		$	904		$	745		$	6
Universal life and investment-type product policy fees		1,392			224			878			290			—			—
Investment income, net		4,289			2,026			1,685			274			51			253
Other revenues		369			190			149			7			11			12
Total revenues		12,341			6,013			3,775			1,475			807			271
EXPENSES
Policyholder benefits and dividends		6,885			3,926			1,708			762			479			10
Interest credited to policyholder account balances		1,218			669			502			47			—			—
Capitalization of deferred policy acquisition costs		(761	)		(59	)		(354	)		(239	)		(107	)		(2	)
Amortization of deferred policy acquisition costs		692			44			417			113			115			3
Other expenses		2,726			589			1,033			556			195			353
Total expenses		10,760			5,169			3,306			1,239			682			364
Operating earnings before provision for income tax		1,581			844			469			236			125			(93	)
Provision for income tax		476			286			157			99			27			(93	)
Operating earnings		1,105			558			312			137			98			—
Preferred stock dividends		33			—			—			—			—			33
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,072		$	558		$	312		$	137		$	98		$	(33	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	1,072		$	558		$	312		$	137		$	98		$	(33	)
Net investment gains (losses)		(738	)		(744	)		(98	)		131			(11	)		(16	)
Net investment gains (losses) tax benefit (provision)		263			260			35			(42	)		4			6
Net investment gains (losses), net of income tax		(475	)		(484	)		(63	)		89			(7	)		(10	)
Adjustments related to universal life and investment-type product policy fees		5			—			5			—			—			—
Adjustments related to policyholder benefits and dividends		(127	)		15			(77	)		(65	)		—			—
Adjustments related to other expenses		114			—			114			—			—			—
Adjustments related to tax benefit (provision)		6			(5	)		(14	)		25			—			—
Adjustments related to net investment gains (losses), net of income tax (1)		(2	)		10			28			(40	)		—			—
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—
Discontinued operations, net of income tax		20			—			(1	)		—			—			21
Net income (loss) available to MetLife, Inc.’s common shareholders		615			84			276			186			91			(22	)
Preferred stock dividends		33			—			—			—			—			33
Net income (loss) attributable to MetLife, Inc.		648			84			276			186			91			11
Net income (loss) attributable to noncontrolling interests		12			1			—			(5	)		—			16
Net income (loss)	$	660		$	85		$	276		$	181		$	91		$	27
Premiums, Fees and Other Revenues	$	8,052		$	3,987		$	2,090		$	1,201		$	756		$	18

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

7

METLIFE, INC.

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)	2008			2008			2008			2008			2009
INSTITUTIONAL	$	558		$	448		$	396		$	272		$	200
INDIVIDUAL		312			322			215			(106	)		(98	)
INTERNATIONAL		137			147			144			94			159
AUTO & HOME		98			52			101			112			76
CORPORATE, OTHER & ELIMINATIONS		(33	)		(87	)		(222	)		(224	)		(178	)
CONSOLIDATED	$	1,072		$	882		$	634		$	148		$	159

(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) International Operations, page 26; (iv) Auto & Home Operations, page 30; and (v) Corporate, Other & Eliminations, page 34. A consolidated reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc. appears on page 4.

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	3,573		$	3,599		$	4,065		$	3,727		$	3,540		$	3,573		$	3,540
Universal life and investment-type product policy fees		224			208			215			239			208			224			208
Investment income, net		2,026			1,939			1,850			1,686			1,448			2,026			1,448
Other revenues		190			171			223			191			171			190			171
Total revenues		6,013			5,917			6,353			5,843			5,367			6,013			5,367
EXPENSES
Policyholder benefits and dividends		3,926			4,048			4,519			4,157			3,953			3,926			3,953
Interest credited to policyholder account balances		669			601			623			644			512			669			512
Other expenses		574			592			612			630			601			574			601
Total expenses		5,169			5,241			5,754			5,431			5,066			5,169			5,066
Operating earnings before provision for income tax		844			676			599			412			301			844			301
Provision for income tax		286			228			203			140			101			286			101
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	558		$	448		$	396		$	272		$	200		$	558		$	200
Net Income Reconciliation
Operating earnings available to common shareholders	$	558		$	448		$	396		$	272		$	200		$	558		$	200
Net investment gains (losses)		(744	)		122			215			571			(1,769	)		(744	)		(1,769	)
Net investment gains (losses) tax benefit (provision)		260			(41	)		(74	)		(202	)		615			260			615
Net investment gains (losses), net of income tax		(484	)		81			141			369			(1,154	)		(484	)		(1,154	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		15			32			57			21			6			15			6
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(5	)		(12	)		(20	)		(7	)		(3	)		(5	)		(3	)
Adjustments related to net investment gains (losses), net of income tax (1)		10			20			37			14			3			10			3
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to MetLife, Inc.’s common shareholders		84			549			574			655			(951	)		84			(951	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		84			549			574			655			(951	)		84			(951	)
Net income attributable to noncontrolling interests		1			—			—			(1	)		—			1			—
Net income	$	85		$	549		$	574		$	654		$	(951	)	$	85		$	(951	)
Premiums, Fees and Other Revenues	$	3,987		$	3,978		$	4,503		$	4,157		$	3,919		$	3,987		$	3,919
Actual Number of Sales Representatives		656			647			628			632			596

(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, except number of sales representatives)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	1,642		$	1,693		$	1,666		$	1,645		$	1,750		$	1,642		$	1,750
Universal life and investment-type product policy fees		220			205			211			234			205			220			205
Investment income, net		334			341			315			293			284			334			284
Other revenues		16			16			19			37			14			16			14
Total revenues		2,212			2,255			2,211			2,209			2,253			2,212			2,253
EXPENSES
Policyholder benefits and dividends		1,736			1,751			1,692			1,721			1,817			1,736			1,817
Interest credited to policyholder account balances		128			122			121			119			115			128			115
Other expenses		168			176			178			192			171			168			171
Total expenses		2,032			2,049			1,991			2,032			2,103			2,032			2,103
Operating earnings before provision for income tax		180			206			220			177			150			180			150
Provision for income tax		61			70			75			60			51			61			51
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	119		$	136		$	145		$	117		$	99		$	119		$	99
Net Income Reconciliation
Operating earnings available to common shareholders	$	119		$	136		$	145		$	117		$	99		$	119		$	99
Net investment gains (losses)		(177	)		1			50			(131	)		(167	)		(177	)		(167	)
Net investment gains (losses) tax benefit (provision)		62			—			(18	)		46			58			62			58
Net investment gains (losses), net of income tax		(115	)		1			32			(85	)		(109	)		(115	)		(109	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		2			—			1			2			5			2			5
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(1	)		—			—			(1	)		(2	)		(1	)		(2	)
Adjustments related to net investment gains (losses), net of income tax (1)		1			—			1			1			3			1			3
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to MetLife, Inc.’s common shareholders		5			137			178			33			(7	)		5			(7	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		5			137			178			33			(7	)		5			(7	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	5		$	137		$	178		$	33		$	(7	)	$	5		$	(7	)
Premiums, Fees and Other Revenues	$	1,878		$	1,914		$	1,896		$	1,916		$	1,969		$	1,878		$	1,969
Incurred Loss Ratio (Mortality Experience) of Term Life		93.8	%		91.3	%		90.7	%		93.3	%		92.9	%

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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Premiums		$	540		$	494		$	994		$	632		$	319			$	540		$	319
Universal life and investment-type product policy fees			2			1			2			1			—				2			—
Investment income, net			1,502			1,406			1,359			1,239			1,028				1,502			1,028
Other revenues			64			59			103			56			59				64			59
Total revenues			2,108			1,960			2,458			1,928			1,406				2,108			1,406
EXPENSES
Policyholder benefits and dividends			1,002			1,072			1,574			1,185			850				1,002			850
Interest credited to policyholder account balances			535			473			496			518			391				535			391
Other expenses			86			85			93			99			89				86			89
Total expenses			1,623			1,630			2,163			1,802			1,330				1,623			1,330
Operating earnings before provision for income tax			485			330			295			126			76				485			76
Provision for income tax			164			111			100			42			25				164			25
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	321		$	219		$	195		$	84		$	51			$	321		$	51
Net Income Reconciliation
Operating earnings available to common shareholders		$	321		$	219		$	195		$	84		$	51			$	321		$	51
Net investment gains (losses)			(671	)		213			(34	)		(1,091	)		(722	)			(671	)		(722	)
Net investment gains (losses) tax benefit (provision)			234			(73	)		14			379			250				234			250
Net investment gains (losses), net of income tax			(437	)		140			(20	)		(712	)		(472	)			(437	)		(472	)
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			6			19			33			15			(1	)			6			(1	)
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			(1	)		(8	)		(11	)		(5	)		—				(1	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			5			11			22			10			(1	)			5			(1	)
Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to MetLife, Inc.’s common shareholders			(111	)		370			197			(618	)		(422	)			(111	)		(422	)
Preferred stock dividends			—			—			—			—			—				—			—
Net income attributable to MetLife, Inc.			(111	)		370			197			(618	)		(422	)			(111	)		(422	)
Net income attributable to noncontrolling interests			1			—			—			(1	)		—				1			—
Net income		$	(110	)	$	370		$	197		$	(619	)	$	(422	)		$	(110	)	$	(422	)
Premiums, Fees and Other Revenues		$	606		$	554		$	1,099		$	689		$	378			$	606		$	378

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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Premiums		$	1,391		$	1,412		$	1,405		$	1,450		$	1,471			$	1,391		$	1,471
Universal life and investment-type product policy fees			2			2			2			4			3				2			3
Investment income, net			190			192			176			154			136				190			136
Other revenues			110			96			101			98			98				110			98
Total revenues			1,693			1,702			1,684			1,706			1,708				1,693			1,708
EXPENSES
Policyholder benefits and dividends			1,188			1,225			1,253			1,251			1,286				1,188			1,286
Interest credited to policyholder account balances			6			6			6			7			6				6			6
Other expenses			320			331			341			339			341				320			341
Total expenses			1,514			1,562			1,600			1,597			1,633				1,514			1,633
Operating earnings before provision for income tax			179			140			84			109			75				179			75
Provision for income tax			61			47			28			38			25				61			25
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	118		$	93		$	56		$	71		$	50			$	118		$	50
Net Income Reconciliation
Operating earnings available to common shareholders		$	118		$	93		$	56		$	71		$	50			$	118		$	50
Net investment gains (losses)			104			(92	)		199			1,793			(880	)			104			(880	)
Net investment gains (losses) tax benefit (provision)			(36	)		32			(70	)		(627	)		307				(36	)		307
Net investment gains (losses), net of income tax			68			(60	)		129			1,166			(573	)			68			(573	)
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			7			13			23			4			2				7			2
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			(3	)		(4	)		(9	)		(1	)		(1	)			(3	)		(1	)
Adjustments related to net investment gains (losses), net of income tax (1)			4			9			14			3			1				4			1
Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to MetLife, Inc.’s common shareholders			190			42			199			1,240			(522	)			190			(522	)
Preferred stock dividends			—			—			—			—			—				—			—
Net income attributable to MetLife, Inc.			190			42			199			1,240			(522	)			190			(522	)
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—
Net income		$	190		$	42		$	199		$	1,240		$	(522	)		$	190		$	(522	)
Premiums, Fees and Other Revenues		$	1,503		$	1,510		$	1,508		$	1,552		$	1,572			$	1,503		$	1,572
Group Disability Premiums, Fees and Other Revenues (Included in Total)		$	438		$	404		$	395		$	418		$	404			$	438		$	404
Incurred Loss Ratio (Morbidity Experience) of Group Disability			80.6	%		89.7	%		95.6	%		92.9	%		86.0	%

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)		2008			2008			2008			2008			2009
Balance, beginning of period		$	17,323		$	17,637		$	17,899		$	17,648		$	17,390
Premiums and deposits			3,164			3,697			3,299			3,163			3,429
Interest on reserves			169			146			163			162			147
Surrenders and withdrawals			(1,293	)		(1,597	)		(1,805	)		(1,702	)		(1,408	)
Benefits and reserves			(1,735	)		(1,750	)		(1,691	)		(1,713	)		(1,815	)
Other			9			(234	)		(217	)		(168	)		(91	)
Balance, end of period		$	17,637		$	17,899		$	17,648		$	17,390		$	17,652

RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	89,532		$	92,653		$	94,202		$	95,834		$	101,107
Premiums and deposits			5,894			9,267			12,761			19,552			13,099
Interest on reserves			1,081			1,151			1,051			1,081			1,064
Surrenders and withdrawals			(3,563	)		(7,329	)		(10,512	)		(15,120	)		(18,167	)
Benefits and reserves			(701	)		(747	)		(802	)		(734	)		(726	)
Other			410			(793	)		(866	)		494			(711	)
Balance, end of period		$	92,653		$	94,202		$	95,834		$	101,107		$	95,666

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	11,118		$	11,301		$	11,539		$	11,822		$	12,120
Premiums and deposits			1,369			1,385			1,389			1,429			1,435
Interest on reserves			116			120			125			127			125
Surrenders and withdrawals			14			8			(2	)		(14	)		12
Benefits and reserves			(1,217	)		(1,252	)		(1,281	)		(1,271	)		(1,308	)
Other			(99	)		(23	)		52			27			(17	)
Balance, end of period		$	11,301		$	11,539		$	11,822		$	12,120		$	12,367

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	16,914		$	16,649		$	15,597		$	16,527		$	15,366
Premiums and deposits			174			167			132			236			118
Investment performance			(151	)		(142	)		(627	)		(949	)		(170	)
Surrenders and withdrawals			(243	)		(290	)		(144	)		(119	)		(782	)
Policy charges			(32	)		(35	)		(33	)		(34	)		(36	)
Other			(13	)		(752	)		1,602			(295	)		(1,351	)
Balance, end of period		$	16,649		$	15,597		$	16,527		$	15,366		$	13,145

RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	34,533		$	34,510		$	33,482		$	32,628		$	30,783
Premiums and deposits			1,141			690			1,309			1,266			1,569
Investment performance			467			(229	)		(1,301	)		(235	)		(834	)
Surrenders and withdrawals			(1,608	)		(1,228	)		(1,243	)		(1,482	)		(1,119	)
Policy charges			(23	)		(23	)		(21	)		(19	)		(19	)
Other			—			(238	)		402			(1,375	)		(481	)
Balance, end of period		$	34,510		$	33,482		$	32,628		$	30,783		$	29,899

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	599		$	645		$	667		$	705		$	763
Premiums and deposits			65			55			44			49			60
Investment performance			11			(16	)		(6	)		27			(15	)
Surrenders and withdrawals			(20	)		(14	)		(4	)		(9	)		(18	)
Policy charges			(7	)		(4	)		(5	)		(9	)		(6	)
Other			(3	)		1			9			—			9
Balance, end of period		$	645		$	667		$	705		$	763		$	793

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)		2008		2008		2008		2008		2009
Direct and allocated expenses		$	422	$	434	$	452	$	441	$	424
Pension and other post-retirement benefit costs			2		2		2		31		26
Premium tax and other tax, licenses and fees			47		54		58		44		53
			471		490		512		516		503
Commissions and other expenses			103		102		100		114		98
Total Other Expenses		$	574	$	592	$	612	$	630	$	601

14

INSTITUTIONAL

SPREADS BY PRODUCT

GROUP LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2008			2008			2008			2008			2009
Investment income yield			6.24	%		6.31	%		5.82	%		5.38	%		5.20	%
Average crediting rate			3.83	%		3.62	%		3.55	%		3.40	%		3.23	%
Annualized general account spread			2.41	%		2.69	%		2.27	%		1.98	%		1.97	%

RETIREMENT & SAVINGS	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2008			2008			2008			2008			2009
Investment income yield			6.50	%		5.88	%		5.69	%		4.95	%		3.99	%
Average crediting rate			4.99	%		4.59	%		4.73	%		4.71	%		4.16	%
Annualized general account spread			1.51	%		1.29	%		0.96	%		0.24	%		(0.17	%)

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2008			2008			2008			2008			2009
Investment income yield			6.37	%		6.20	%		5.34	%		4.25	%		3.60	%
Average crediting rate			4.77	%		4.84	%		4.85	%		4.73	%		4.68	%
Annualized general account spread			1.60	%		1.36	%		0.49	%		(0.48	%)		(1.08	%)

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	1,063		$	1,067		$	1,074		$	1,277		$	1,137		$	1,063		$	1,137
Universal life and investment-type product policy fees		878			898			873			733			771			878			771
Investment income, net		1,685			1,690			1,645			1,509			1,568			1,685			1,568
Other revenues		149			154			147			121			105			149			105
Total revenues		3,775			3,809			3,739			3,640			3,581			3,775			3,581
EXPENSES
Policyholder benefits and dividends		1,708			1,757			1,744			1,991			2,000			1,708			2,000
Interest credited to policyholder account balances		502			494			492			540			580			502			580
Capitalization of deferred policy acquisition costs		(354	)		(388	)		(398	)		(474	)		(480	)		(354	)		(480	)
Amortization of deferred policy acquisition costs		417			386			509			665			489			417			489
Other expenses		1,033			1,078			1,070			1,078			1,144			1,033			1,144
Total expenses		3,306			3,327			3,417			3,800			3,733			3,306			3,733
Operating earnings before provision for income tax		469			482			322			(160	)		(152	)		469			(152	)
Provision for income tax expense (benefit)		157			160			107			(54	)		(54	)		157			(54	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	312		$	322		$	215		$	(106	)	$	(98	)	$	312		$	(98	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	312		$	322		$	215		$	(106	)	$	(98	)	$	312		$	(98	)
Net investment gains (losses)		(98	)		(256	)		353			652			13			(98	)		13
Net investment gains (losses) tax benefit (provision)		35			89			(126	)		(224	)		(7	)		35			(7	)
Net investment gains (losses), net of income tax		(63	)		(167	)		227			428			6			(63	)		6
Adjustments related to universal life and investment-type product policy fees		5			(3	)		—			16			(6	)		5			(6	)
Adjustments related to policyholder benefits and dividends		(77	)		(77	)		(71	)		(93	)		(11	)		(77	)		(11	)
Adjustments related to other expenses		114			144			(1	)		(778	)		(183	)		114			(183	)
Adjustments related to tax benefit (provision)		(14	)		(21	)		27			297			71			(14	)		71
Adjustments related to net investment gains (losses), net of income tax (1)		28			43			(45	)		(558	)		(129	)		28			(129	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		(1	)		1			3			(20	)		24			(1	)		24
Net income available to MetLife, Inc.’s common shareholders		276			199			400			(256	)		(197	)		276			(197	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		276			199			400			(256	)		(197	)		276			(197	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	276		$	199		$	400		$	(256	)	$	(197	)	$	276		$	(197	)
Premiums, Fees and Other Revenues	$	2,090		$	2,119		$	2,094		$	2,131		$	2,013		$	2,090		$	2,013

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to policyholder dividend obligation and amounts allocated 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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	981		$	986		$	1,015		$	1,138		$	985		$	981		$	985
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Investment income, net		800			834			811			724			727			800			727
Other revenues		1			(1	)		2			—			1			1			1
Total revenues		1,782			1,819			1,828			1,862			1,713			1,782			1,713
EXPENSES
Policyholder benefits and dividends		1,429			1,448			1,468			1,566			1,474			1,429			1,474
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(58	)		(63	)		(66	)		(56	)		(76	)		(58	)		(76	)
Amortization of deferred policy acquisition costs		45			45			56			51			9			45			9
Other expenses		231			244			238			241			254			231			254
Total expenses		1,647			1,674			1,696			1,802			1,661			1,647			1,661
Operating earnings before provision for income tax		135			145			132			60			52			135			52
Provision for income tax		44			47			43			20			17			44			17
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	91		$	98		$	89		$	40		$	35		$	91		$	35
Net Income Reconciliation
Operating earnings available to common shareholders	$	91		$	98		$	89		$	40		$	35		$	91		$	35
Net investment gains (losses)		(141	)		12			(21	)		(31	)		78			(141	)		78
Net investment gains (losses) tax benefit (provision)		50			(4	)		5			15			(28	)		50			(28	)
Net investment gains (losses), net of income tax		(91	)		8			(16	)		(16	)		50			(91	)		50
Adjustments related to universal life and investment-type product policy fees		—			—			1			(1	)		—			—			—
Adjustments related to policyholder benefits and dividends		(77	)		(77	)		(71	)		(93	)		(11	)		(77	)		(11	)
Adjustments related to other expenses		93			44			29			(96	)		(73	)		93			(73	)
Adjustments related to tax benefit (provision)		(5	)		13			14			65			30			(5	)		30
Adjustments related to net investment gains (losses), net of income tax (1)		11			(20	)		(27	)		(125	)		(54	)		11			(54	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		(2	)		—			1			(5	)		5			(2	)		5
Net income available to MetLife, Inc.’s common shareholders		9			86			47			(106	)		36			9			36
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		9			86			47			(106	)		36			9			36
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	9		$	86		$	47		$	(106	)	$	36		$	9		$	36
Premiums, Fees and Other Revenues	$	982		$	985		$	1,017		$	1,138		$	986		$	982		$	986

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		391			395			389			354			418			391			418
Investment income, net		218			214			210			187			179			218			179
Other revenues		1			1			4			—			—			1			—
Total revenues		610			610			603			541			597			610			597
EXPENSES
Policyholder benefits and dividends		157			140			146			154			201			157			201
Interest credited to policyholder account balances		150			154			157			155			159			150			159
Capitalization of deferred policy acquisition costs		(100	)		(103	)		(95	)		(93	)		(75	)		(100	)		(75	)
Amortization of deferred policy acquisition costs		128			115			135			46			154			128			154
Other expenses		215			212			214			206			191			215			191
Total expenses		550			518			557			468			630			550			630
Operating earnings before provision for income tax		60			92			46			73			(33	)		60			(33	)
Provision for income tax expense (benefit)		20			30			15			25			(11	)		20			(11	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	40		$	62		$	31		$	48		$	(22	)	$	40		$	(22	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	40		$	62		$	31		$	48		$	(22	)	$	40		$	(22	)
Net investment gains (losses)		(34	)		(26	)		(2	)		69			(130	)		(34	)		(130	)
Net investment gains (losses) tax benefit (provision)		12			9			—			(24	)		45			12			45
Net investment gains (losses), net of income tax		(22	)		(17	)		(2	)		45			(85	)		(22	)		(85	)
Adjustments related to universal life and investment-type product policy fees		5			(3	)		(1	)		17			(6	)		5			(6	)
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		(1	)		11			5			(29	)		25			(1	)		25
Adjustments related to tax benefit (provision)		(1	)		(3	)		(1	)		4			(6	)		(1	)		(6	)
Adjustments related to net investment gains (losses), net of income tax		3			5			3			(8	)		13			3			13
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		1			1			2			(13	)		14			1			14
Net income available to common shareholders		22			51			34			72			(80	)		22			(80	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		22			51			34			72			(80	)		22			(80	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	22		$	51		$	34		$	72		$	(80	)	$	22		$	(80	)
Premiums, Fees and Other Revenues	$	392		$	396		$	393		$	354		$	418		$	392		$	418

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	82		$	81		$	59		$	139		$	152		$	82		$	152
Universal life and investment-type product policy fees		431			444			430			338			315			431			315
Investment income, net		625			598			583			557			623			625			623
Other revenues		42			47			43			33			30			42			30
Total revenues		1,180			1,170			1,115			1,067			1,120			1,180			1,120
EXPENSES
Policyholder benefits and dividends		122			169			130			271			325			122			325
Interest credited to policyholder account balances		334			321			316			366			402			334			402
Capitalization of deferred policy acquisition costs		(196	)		(222	)		(237	)		(325	)		(329	)		(196	)		(329	)
Amortization of deferred policy acquisition costs		244			226			318			568			326			244			326
Other expenses		424			455			463			495			578			424			578
Total expenses		928			949			990			1,375			1,302			928			1,302
Operating earnings before provision for income tax		252			221			125			(308	)		(182	)		252			(182	)
Provision for income tax expense (benefit)		85			75			42			(104	)		(64	)		85			(64	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	167		$	146		$	83		$	(204	)	$	(118	)	$	167		$	(118	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	167		$	146		$	83		$	(204	)	$	(118	)	$	167		$	(118	)
Net investment gains (losses)		101			(230	)		365			629			100			101			100
Net investment gains (losses) tax benefit (provision)		(35	)		80			(128	)		(220	)		(36	)		(35	)		(36	)
Net investment gains (losses), net of income tax		66			(150	)		237			409			64			66			64
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		22			89			(35	)		(653	)		(135	)		22			(135	)
Adjustments related to tax benefit (provision)		(8	)		(31	)		14			228			47			(8	)		47
Adjustments related to net investment gains (losses), net of income tax		14			58			(21	)		(425	)		(88	)		14			(88	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			(2	)		1			—			1
Net income available to common shareholders		247			54			299			(222	)		(141	)		247			(141	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		247			54			299			(222	)		(141	)		247			(141	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	247		$	54		$	299		$	(222	)	$	(141	)	$	247		$	(141	)
Premiums, Fees and Other Revenues	$	555		$	572		$	532		$	510		$	497		$	555		$	497

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		56			59			54			41			38			56			38
Investment income, net		42			44			41			41			39			42			39
Other revenues		105			107			98			88			74			105			74
Total revenues		203			210			193			170			151			203			151
EXPENSES
Policyholder benefits and dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		18			19			19			19			19			18			19
Capitalization of deferred policy acquisition costs		—			—			—			—			—			—			—
Amortization of deferred policy acquisition costs		—			—			—			—			—			—			—
Other expenses		163			167			155			136			121			163			121
Total expenses		181			186			174			155			140			181			140
Operating earnings before provision for income tax		22			24			19			15			11			22			11
Provision for income tax		8			8			7			5			4			8			4
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	14		$	16		$	12		$	10		$	7		$	14		$	7
Net Income Reconciliation
Operating earnings available to common shareholders	$	14		$	16		$	12		$	10		$	7		$	14		$	7
Net investment gains (losses)		(24	)		(12	)		11			(15	)		(35	)		(24	)		(35	)
Net investment gains (losses) tax benefit (provision)		8			4			(3	)		5			12			8			12
Net investment gains (losses), net of income tax		(16	)		(8	)		8			(10	)		(23	)		(16	)		(23	)
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		—			—			—			—			—			—			—
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			4			—			4
Net income available to common shareholders		(2	)		8			20			—			(12	)		(2	)		(12	)
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		(2	)		8			20			—			(12	)		(2	)		(12	)
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	(2	)	$	8		$	20		$	—		$	(12	)	$	(2	)	$	(12	)
Premiums, Fees and Other Revenues	$	161		$	166		$	152		$	129		$	112		$	161		$	112

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)		2008			2008			2008			2008			2009
Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits (2)
Traditional Life		$	50		$	52		$	50		$	54		$	56
Variable Life 1st Year			50			41			46			37			32
Universal Life 1st Year			145			149			162			137			116
Total Life First Year Premiums & Deposits			245			242			258			228			204
Life Renewal Premiums and Deposits
Traditional Life			982			1,052			1,035			1,198			987
Variable & Universal Life			613			552			566			572			601
Total Life Renewal Premiums and Deposits			1,595			1,604			1,601			1,770			1,588
Annuities Deposits (3)
Fixed Annuity Deposits			272			277			499			4,122			3,645
Variable Annuity Deposits			3,192			3,538			3,787			3,424			3,737
Total Annuity Deposits			3,464			3,815			4,286			7,546			7,382
Total Premiums and Deposits		$	5,304		$	5,661		$	6,145		$	9,544		$	9,174
Separate Account and General Account
Separate Accounts
Variable & Universal Life		$	266		$	251		$	248		$	243		$	228
Variable Annuities			2,121			2,285			2,212			2,005			2,147
Total Separate Accounts			2,387			2,536			2,460			2,248			2,375
General Accounts
Traditional Life			1,032			1,104			1,085			1,252			1,043
Variable & Universal Life			542			491			526			503			521
Fixed Annuities			272			277			499			4,122			3,645
Variable Annuities			1,071			1,253			1,575			1,419			1,590
Total General Account			2,917			3,125			3,685			7,296			6,799
Total Premiums and Deposits		$	5,304		$	5,661		$	6,145		$	9,544		$	9,174
Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life			32.9	%		33.8	%		32.0	%		32.6	%		30.4	%
Annuities			61.2	%		59.9	%		51.6	%		26.6	%		29.1	%

(1)	Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.
(2)	Of the $204 million of First Year Life Premiums and Deposits received during the three months ended March 31, 2009, approximately 45% were distributed through MetLife agents, 18% through New England Financial agents, 35% through MetLife’s Third Party channels and 2% through other distribution channels.
(3)	Of the $7,382 million of Annuity Deposits received during the three months ended March 31, 2009, approximately 13% were distributed through MetLife agents, 5% through New England Financial agents, 75% through MetLife’s Third Party channels and 7% 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	2008			2008			2008			2008			2009
Mortality as a Percentage of Expected		93.2	%		89.8	%		83.2	%		83.9	%		82.6	%
Lapse / Surrender (General and Separate Account) (1)
Traditional Life		5.8	%		5.9	%		5.9	%		6.1	%		6.4	%
Variable & Universal Life		5.4	%		5.5	%		5.5	%		5.7	%		6.2	%
Variable Annuities		10.0	%		9.7	%		9.5	%		9.5	%		9.3	%
Fixed Annuities		13.9	%		12.5	%		11.2	%		11.3	%		10.4	%
Actual Number of Sales Representatives
MetLife Distribution		7,082			7,123			7,160			7,066			7,204
New England Financial		2,220			2,278			2,335			2,278			2,316
MetLife Resources		688			688			655			660			632
Walnut Street and Tower Square Securities		1,354			1,371			1,361			1,329			1,333
Total Agents		11,344			11,460			11,511			11,333			11,485

(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)		2008			2008			2008			2008			2009
Balance, beginning of period		$	52,379		$	52,452		$	52,596		$	52,734		$	52,969
Premiums and deposits (1)			1,066			1,075			1,099			1,227			1,065
Interest on reserves			529			533			535			539			555
Surrenders and withdrawals			(463	)		(459	)		(453	)		(491	)		(527	)
Benefit payments			(614	)		(546	)		(528	)		(541	)		(563	)
Other			(445	)		(459	)		(515	)		(499	)		(153	)
Balance, end of period		$	52,452		$	52,596		$	52,734		$	52,969		$	53,346

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	15,532		$	15,720		$	15,849		$	16,046		$	16,191
Premiums and deposits (1) (2)			547			491			528			500			522
Interest on reserves			149			155			157			156			159
Surrenders and withdrawals			(153	)		(135	)		(126	)		(181	)		(118	)
Net transfers from (to) separate account			27			9			22			44			31
Policy charges			(373	)		(378	)		(390	)		(389	)		(391	)
Benefit payments			(41	)		(39	)		(43	)		(30	)		(49	)
Other			32			26			49			45			106
Balance, end of period		$	15,720		$	15,849		$	16,046		$	16,191		$	16,451

ANNUITIES	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	40,840		$	41,096		$	40,916		$	41,765		$	47,937
Premiums and deposits (1) (2)			1,428			1,635			2,127			5,622			5,335
Interest on reserves			415			401			405			457			495
Surrenders and withdrawals			(1,245	)		(1,154	)		(1,130	)		(1,615	)		(1,413	)
Net transfers from (to) separate account			(307	)		(683	)		(315	)		1			(231	)
Policy charges			(5	)		(4	)		(6	)		(8	)		(11	)
Benefit payments			(295	)		(287	)		(267	)		(287	)		(315	)
Other			265			(88	)		35			2,002			(382	)
Balance, end of period		$	41,096		$	40,916		$	41,765		$	47,937		$	51,415

SEPARATE ACCOUNT LIABILITIES

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	10,838		$	9,928		$	9,798		$	8,831		$	7,192
Premiums and deposits (1)			276			296			273			257			228
Investment performance			(842	)		(29	)		(914	)		(1,565	)		(351	)
Surrenders and withdrawals			(160	)		(226	)		(156	)		(120	)		(145	)
Net transfers from (to) fixed account			(27	)		(9	)		(22	)		(44	)		(31	)
Policy charges			(156	)		(160	)		(159	)		(150	)		(150	)
Other			(1	)		(2	)		11			(17	)		(1	)
Balance, end of period		$	9,928		$	9,798		$	8,831		$	7,192		$	6,742

ANNUITIES	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009
Balance, beginning of period		$	92,080		$	84,826		$	84,273		$	75,938		$	62,264
Premiums and deposits (1)			2,271			2,477			2,404			2,149			2,260
Investment performance			(7,109	)		(930	)		(8,645	)		(13,820	)		(3,945	)
Surrenders and withdrawals			(2,363	)		(2,397	)		(2,047	)		(1,723	)		(1,350	)
Net transfers from (to) fixed account			307			683			315			(1	)		231
Policy charges			(364	)		(384	)		(364	)		(288	)		(271	)
Other			4			(2	)		2			9			5
Balance, end of period		$	84,826		$	84,273		$	75,938		$	62,264		$	59,194

(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																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2008			2008			2008			2008			2009				2008			2009
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance expenses		$	870		$	920		$	929		$	1,009		$	1,037			$	870		$	1,037
DAC capitalization (1)			(367	)		(402	)		(405	)		(485	)		(491	)			(367	)		(491	)
Net		$	503		$	518		$	524		$	524		$	546			$	503		$	546
EXPENSES
Commissions		$	292		$	313		$	321		$	397		$	382			$	292		$	382
Other deferrable expenses			147			164			162			158			175				147			175
Direct and allocated expenses, not deferred			386			403			401			395			388				386			388
Pension and other post-retirement benefit costs			11			11			11			37			57				11			57
Premium tax and other tax, licenses and fees			34			29			34			22			34				34			34
Other			—			—			—			—			—				—			—
Total insurance expenses			870			920			929			1,009			1,036				870			1,036
Broker-dealer and other expenses			166			169			155			138			123				166			123
Reinsurance allowances			(3	)		(11	)		(14	)		(69	)		(15	)			(3	)		(15	)
Total other expenses		$	1,033		$	1,078		$	1,070		$	1,078		$	1,144			$	1,033		$	1,144

(1) Excludes $13 million, $14 million, $7 million, $11 million and $11 million of DAC capitalization related to reinsurance allowances for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2009, 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		2008			2008			2008			2008			2009
Investment income yield			6.45	%		6.35	%		6.13	%		5.30	%		4.97	%
Average crediting rate			4.48	%		4.54	%		4.49	%		4.47	%		4.59	%
Annualized general account spread			1.97	%		1.81	%		1.64	%		0.83	%		0.38	%

ANNUITIES	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2008			2008			2008			2008			2009
Investment income yield			6.25	%		6.02	%		5.72	%		5.05	%		5.20	%
Average crediting rate			3.82	%		3.75	%		3.71	%		3.88	%		3.86	%
Annualized general account spread			2.43	%		2.27	%		2.01	%		1.17	%		1.34	%

25

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	904		$	920		$	893		$	753		$	721		$	904		$	721
Universal life and investment-type product policy fees		290			293			264			248			210			290			210
Investment income, net		274			365			348			298			188			274			188
Other revenues		7			6			—			5			2			7			2
Total revenues		1,475			1,584			1,505			1,304			1,121			1,475			1,121
EXPENSES
Policyholder benefits and dividends		762			830			869			724			548			762			548
Interest credited to policyholder account balances		47			89			6			29			78			47			78
Capitalization of deferred policy acquisition costs		(239	)		(203	)		(204	)		(152	)		(145	)		(239	)		(145	)
Amortization of deferred policy acquisition costs		113			99			36			133			95			113			95
Other expenses		556			574			580			378			338			556			338
Total expenses		1,239			1,389			1,287			1,112			914			1,239			914
Operating earnings before provision for income tax		236			195			218			192			207			236			207
Provision for income tax		99			48			74			98			48			99			48
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	137		$	147		$	144		$	94		$	159		$	137		$	159
Net Income Reconciliation
Operating earnings available to common shareholders	$	137		$	147		$	144		$	94		$	159		$	137		$	159
Net investment gains (losses)		131			(145	)		263			(118	)		460			131			460
Net investment gains (losses) tax benefit (provision)		(42	)		37			(100	)		24			(163	)		(42	)		(163	)
Net investment gains (losses), net of income tax		89			(108	)		163			(94	)		297			89			297
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(65	)		210			(82	)		(51	)		(22	)		(65	)		(22	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		25			(76	)		29			18			6			25			6
Adjustments related to net investment gains (losses), net of income tax (1)		(40	)		134			(53	)		(33	)		(16	)		(40	)		(16	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—						—			—			—
Net income available to MetLife, Inc.’s common shareholders		186			173			254			(33	)		440			186			440
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		186			173			254			(33	)		440			186			440
Net income attributable to noncontrolling interests		(5	)		(6	)		(6	)		(9	)		(5	)		(5	)		(5	)
Net income	$	181		$	167		$	248		$	(42	)	$	435		$	181		$	435
Premiums, Fees and Other Revenues	$	1,201		$	1,219		$	1,157		$	1,006		$	933		$	1,201		$	933
Actual Number of Sales Representatives		4,847			5,067			5,136			5,137			4,874

(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.

26

INTERNATIONAL — LATIN AMERICA REGION
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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Premiums	$	492		$	491		$	481		$	358		$	348		$	492		$	348
Universal life and investment-type product policy fees		161			172			150			133			122			161			122
Investment income, net		241			290			331			244			119			241			119
Other revenues		6			4			(2	)		5			1			6			1
Total revenues		900			957			960			740			590			900			590
EXPENSES
Policyholder benefits and dividends		468			520			557			393			265			468			265
Interest credited to policyholder account balances		78			87			84			68			78			78			78
Capitalization of deferred policy acquisition costs		(50	)		(52	)		(50	)		(34	)		(34	)		(50	)		(34	)
Amortization of deferred policy acquisition costs		32			40			(18	)		57			32			32			32
Other expenses		195			223			244			93			71			195			71
Total expenses		723			818			817			577			412			723			412
Operating earnings before provision for income tax		177			139			143			163			178			177			178
Provision for income tax		68			42			44			48			56			68			56
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	109		$	97		$	99		$	115		$	122		$	109		$	122
Net Income Reconciliation
Operating earnings available to common shareholders	$	109		$	97		$	99		$	115		$	122		$	109		$	122
Net investment gains (losses)		38			(83	)		(34	)		(78	)		(8	)		38			(8	)
Net investment gains (losses) tax benefit (provision)		(6	)		13			5			12			(3	)		(6	)		(3	)
Net investment gains (losses), net of income tax		32			(70	)		(29	)		(66	)		(11	)		32			(11	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(72	)		217			(82	)		(51	)		(22	)		(72	)		(22	)
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		25			(76	)		29			18			6			25			6
Adjustments related to net investment gains (losses), net of income tax (1)		(47	)		141			(53	)		(33	)		(16	)		(47	)		(16	)
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to MetLife, Inc.’s common shareholders		94			168			17			16			95			94			95
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		94			168			17			16			95			94			95
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	94		$	168		$	17		$	16		$	95		$	94		$	95
Premiums, Fees and Other Revenues	$	659		$	667		$	629		$	496		$	471		$	659		$	471
Actual Number of Sales Representatives		271			257			187			134			118

(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.

27

INTERNATIONAL — ASIA PACIFIC REGION
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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Premiums		$	321		$	332		$	314		$	302		$	289			$	321		$	289
Universal life and investment-type product policy fees			118			108			104			109			76				118			76
Investment income, net			24			63			23			51			70				24			70
Other revenues			1			2			1			—			—				1			—
Total revenues			464			505			442			462			435				464			435
EXPENSES
Policyholder benefits and dividends			274			286			287			305			258				274			258
Interest credited to policyholder account balances			(33	)		1			(62	)		(37	)		6				(33	)		6
Capitalization of deferred policy acquisition costs			(129	)		(111	)		(109	)		(75	)		(59	)			(129	)		(59	)
Amortization of deferred policy acquisition costs			67			47			42			58			52				67			52
Other expenses			230			213			194			154			135				230			135
Total expenses			409			436			352			405			392				409			392
Operating earnings before provision for income tax			55			69			90			57			43				55			43
Provision for income tax expense (benefit)			34			9			35			55			(6	)			34			(6	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	21		$	60		$	55		$	2		$	49			$	21		$	49
Net Income Reconciliation
Operating earnings available to common shareholders		$	21		$	60		$	55		$	2		$	49			$	21			49
Net investment gains (losses)			89			(63	)		298			(33	)		466				89			466
Net investment gains (losses) tax benefit (provision)			(35	)		24			(105	)		8			(160	)			(35	)		(160	)
Net investment gains (losses), net of income tax			54			(39	)		193			(25	)		306				54			306
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—				—			—
Adjustments related to policyholder benefits and dividends			7			(7	)		—			—			—				7			—
Adjustments related to other expenses			—			—			—			—			—				—			—
Adjustments related to tax benefit (provision)			—			—			—			—			—				—			—
Adjustments related to net investment gains (losses), net of income tax (1)			7			(7	)		—			—			—				7			—
Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to MetLife, Inc.’s common shareholders			82			14			248			(23	)		355				82			355
Preferred stock dividends			—			—			—			—			—				—			—
Net income attributable to MetLife, Inc.			82			14			248			(23	)		355				82			355
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—
Net income		$	82		$	14		$	248		$	(23	)	$	355			$	82		$	355
Premiums, Fees and Other Revenues		$	440		$	442		$	419		$	411		$	365			$	440		$	365
Actual Number of Sales Representatives			4,576			4,810			4,949			5,003			4,756

(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.

28

INTERNATIONAL — EUROPEAN REGION
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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Premiums		$	91		$	97		$	98		$	93		$	84			$	91		$	84
Universal life and investment-type product policy fees			11			13			10			6			12				11			12
Investment income, net			9			12			(6	)		3			(1	)			9			(1	)
Other revenues			—			—			1			—			1				—			1
Total revenues			111			122			103			102			96				111			96
EXPENSES
Policyholder benefits and dividends			20			24			25			26			25				20			25
Interest credited to policyholder account balances			2			1			(16	)		(2	)		(6	)			2			(6	)
Capitalization of deferred policy acquisition costs			(60	)		(40	)		(45	)		(43	)		(52	)			(60	)		(52	)
Amortization of deferred policy acquisition costs			14			12			12			18			11				14			11
Other expenses			131			138			142			131			132				131			132
Total expenses			107			135			118			130			110				107			110
Operating earnings before provision for income tax			4			(13	)		(15	)		(28	)		(14	)			4			(14	)
Provision for income tax expense (benefit)			(3	)		(3	)		(5	)		(5	)		(2	)			(3	)		(2	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	7		$	(10	)	$	(10	)	$	(23	)	$	(12	)		$	7		$	(12	)
Net Income Reconciliation
Operating earnings available to common shareholders		$	7		$	(10	)	$	(10	)	$	(23	)	$	(12	)		$	7			(12	)
Net investment gains (losses)			4			1			(1	)		(7	)		2				4			2
Net investment gains (losses) tax benefit (provision)			(1	)		—			—			4			—				(1	)		—
Net investment gains (losses), net of income tax			3			1			(1	)		(3	)		2				3			2
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 (1)			—			—			—			—			—				—			—
Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders			10			(9	)		(11	)		(26	)		(10	)			10			(10	)
Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			10			(9	)		(11	)		(26	)		(10	)			10			(10	)
Net income (loss) attributable to noncontrolling interests			(5	)		(6	)		(6	)		(9	)		(5	)			(5	)		(5	)
Net income (loss)		$	5		$	(15	)	$	(17	)	$	(35	)	$	(15	)		$	5		$	(15	)
Premiums, Fees and Other Revenues		$	102		$	110		$	109		$	99		$	97			$	102		$	97
Actual Number of Sales Representatives			—			—			—			—			—

(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.

29

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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Earned premiums		$	745		$	742		$	745		$	739		$	722			$	745		$	722
Investment income, net			51			50			48			37			40				51			40
Other revenues			11			10			9			8			9				11			9
Total revenues			807			802			802			784			771				807			771
EXPENSES
Losses and loss adjustment expense			479			541			472			432			479				479			479
Other expenses			203			205			196			200			193				203			193
Total expenses			682			746			668			632			672				682			672
Operating earnings before provision for income tax			125			56			134			152			99				125			99
Provision for income tax			27			4			33			40			23				27			23
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	98		$	52		$	101		$	112		$	76			$	98		$	76
Net Income Reconciliation
Operating earnings available to common shareholders		$	98		$	52		$	101		$	112		$	76			$	98		$	76
Net investment gains (losses)			(11	)		(13	)		(67	)		(43	)		31				(11	)		31
Net investment gains (losses) tax benefit (provision)			4			4			23			15			(11	)			4			(11	)
Net investment gains (losses), net of income tax			(7	)		(9	)		(44	)		(28	)		20				(7	)		20
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			—			—			—			—			—				—			—
Adjustments related to acquisition costs, net of income tax			—			—			—			—			—				—			—
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			91			43			57			84			96				91			96
Preferred stock dividends			—			—			—			—			—				—			—
Net income attributable to MetLife, Inc.			91			43			57			84			96				91			96
Net income attributable to noncontrolling interests			—			—			—			—			—				—			—
Net income		$	91		$	43		$	57		$	84		$	96			$	91		$	96
Premiums, Fees and Other Revenues		$	756		$	752		$	754		$	747		$	731			$	756		$	731

30

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Earned premiums	$	517		$	516		$	517		$	511		$	497		$	517		$	497
Investment income, net		37			35			35			28			25			37			25
Other revenues		7			7			5			4			5			7			5
Total revenues		561			558			557			543			527			561			527
EXPENSES
Losses and loss adjustment expense		331			316			293			343			316			331			316
Other expenses		135			138			130			136			129			135			129
Total expenses		466			454			423			479			445			466			445
Operating earnings before provision for income tax		95			104			134			64			82			95			82
Provision for income tax		21			24			35			15			20			21			20
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	74		$	80		$	99		$	49		$	62		$	74		$	62
Net Income Reconciliation
Operating earnings available to common shareholders	$	74		$	80		$	99		$	49		$	62		$	74		$	62
Net investment gains (losses)		(8	)		(8	)		(46	)		(30	)		19			(8	)		19
Net investment gains (losses) tax benefit (provision)		3			2			16			10			(7	)		3			(7	)
Net investment gains (losses), net of income tax		(5	)		(6	)		(30	)		(20	)		12			(5	)		12
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		—			—			—			—			—			—			—
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		69			74			69			29			74			69			74
Preferred stock dividends		—			—			—			—			—			—			—
Net income attributable to MetLife, Inc.		69			74			69			29			74			69			74
Net income attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income	$	69		$	74		$	69		$	29		$	74		$	69		$	74
Premiums, Fees and Other Revenues	$	524		$	523		$	522		$	515		$	502		$	524		$	502

31

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)	2008			2008			2008			2008			2009			2008			2009
REVENUES
Earned premiums	$	228		$	226		$	228		$	228		$	225		$	228		$	225
Investment income, net		14			15			13			9			15			14			15
Other revenues		4			3			4			4			4			4			4
		246			244			245			241			244			246			244
EXPENSES
Losses and loss adjustment expense		148			225			179			89			163			148			163
Other expenses		68			67			66			64			64			68			64
Total expenses		216			292			245			153			227			216			227
Operating earnings before provision for income tax		30			(48	)		—			88			17			30			17
Provision for income tax expense (benefit)		6			(20	)		(2	)		25			3			6			3
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	24		$	(28	)	$	2		$	63		$	14		$	24		$	14
Net Income Reconciliation
Operating earnings available to common shareholders	$	24		$	(28	)	$	2		$	63		$	14		$	24		$	14
Net investment gains (losses)		(3	)		(5	)		(21	)		(13	)		12			(3	)		12
Net investment gains (losses) tax benefit (provision)		1			2			7			5			(4	)		1			(4	)
Net investment gains (losses), net of income tax		(2	)		(3	)		(14	)		(8	)		8			(2	)		8
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		—			—			—			—			—			—			—
Adjustments related to acquisition costs, net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss) available to common shareholders		22			(31	)		(12	)		55			22			22			22
Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		22			(31	)		(12	)		55			22			22			22
Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—			—
Net income (loss)	$	22		$	(31	)	$	(12	)	$	55		$	22		$	22		$	22
Premiums, Fees and Other Revenues	$	232		$	229		$	232		$	232		$	229		$	232		$	229

32

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)	2008			2008			2008			2008			2009
Written Premiums by Product
Automobile	$	519		$	520		$	520		$	490		$	496
Homeowners		177			223			237			207			182
Other		20			13			13			11			21
Total	$	716		$	756		$	770		$	708		$	699
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		64.1	%		72.8	%		63.3	%		58.5	%		66.4	%
Other expense ratio		27.4	%		27.3	%		26.4	%		27.0	%		26.7	%
Payment fees credit		(0.7	%)		(0.6	%)		(0.7	%)		(0.6	%)		(0.7	%)
Total combined ratio		90.8	%		99.5	%		89.0	%		84.9	%		92.4	%
Effect of catastrophe losses		3.2	%		17.6	%		9.4	%		2.0	%		4.3	%
Combined ratio excluding catastrophes		87.6	%		81.9	%		79.6	%		82.9	%		88.1	%
Auto
Loss and loss adjustment expense ratio		63.8	%		61.1	%		56.7	%		67.2	%		63.5	%
Other expense ratio		26.2	%		26.3	%		25.1	%		26.6	%		26.0	%
Payment fees credit		(0.8	%)		(0.7	%)		(0.7	%)		(0.7	%)		(0.8	%)
Total combined ratio		89.2	%		86.7	%		81.1	%		93.1	%		88.7	%
Effect of catastrophe losses		0.5	%		2.7	%		1.0	%		0.0	%		0.8	%
Combined ratio excluding catastrophes		88.7	%		84.0	%		80.1	%		93.1	%		87.9	%
Homeowners & Other
Loss and loss adjustment expense ratio		64.9	%		99.5	%		78.5	%		39.0	%		72.5	%
Other expense ratio		30.0	%		29.2	%		28.9	%		28.1	%		28.4	%
Payment fees credit		(0.4	%)		(0.4	%)		(0.4	%)		(0.5	%)		(0.5	%)
Total combined ratio		94.5	%		128.3	%		107.0	%		66.6	%		100.4	%
Effect of catastrophe losses		9.4	%		51.8	%		28.5	%		6.7	%		12.0	%
Combined ratio excluding catastrophes		85.1	%		76.5	%		78.5	%		59.9	%		88.4	%
Pre-Tax Catastrophe Losses
Auto	$	3		$	14		$	5		$	(0	)	$	4
Homeowners & Other		21			117			65			15			27
Total	$	24		$	131		$	70		$	15		$	31
Catastrophe points on combined ratios		3.2			17.6			9.4			2.0			4.3

33

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)		2008			2008			2008			2008			2009				2008			2009
REVENUES
Premiums		$	6		$	12		$	8		$	2		$	2			$	6		$	2
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Investment income, net			253			237			159			155			50				253			50
Other revenues			12			10			42			120			267				12			267
Total revenues			271			259			209			277			319				271			319
EXPENSES
Policyholder benefits and dividends			10			14			12			12			(1	)			10			(1	)
Interest credited to policyholder account balances			—			—			—			7			—				—			—
Interest credited to bank deposits			44			39			40			43			43				44			43
Interest expense			266			249			250			268			240				266			240
Other expenses			44			116			231			308			287				44			287
Total expenses			364			418			533			638			569				364			569
Operating earnings before provision for income tax			(93	)		(159	)		(324	)		(361	)		(250	)			(93	)		(250	)
Provision for income tax expense (benefit)			(93	)		(103	)		(132	)		(168	)		(102	)			(93	)		(102	)
Operating earnings			—			(56	)		(192	)		(193	)		(148	)			—			(148	)
Preferred stock dividends			33			31			30			31			30				33			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(33	)	$	(87	)	$	(222	)	$	(224	)	$	(178	)		$	(33	)	$	(178	)
Net Income Reconciliation
Operating earnings available to common shareholders		$	(33	)	$	(87	)		(222	)	$	(224	)	$	(178	)		$	(33	)	$	(178	)
Net investment gains (losses)			(16	)		(38	)		(25	)		1,039			330				(16	)		330
Net investment gains (losses) tax benefit (provision)			6			15			(5	)		(369	)		(117	)			6			(117	)
Net investment gains (losses), net of income tax			(10	)		(23	)		(30	)		670			213				(10	)		213
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			—			—			—			—			—				—			—
Adjustments related to acquisition costs, net of income tax			—			—			—			—			(9	)			—			(9	)
Discontinued operations, net of income tax			21			61			(433	)		58			12				21			12
Net income available to common shareholders			(22	)		(49	)		(685	)		504			38				(22	)		38
Preferred stock dividends			33			31			30			31			30				33			30
Net income attributable to MetLife, Inc.			11			(18	)		(655	)		535			68				11			68
Net income attributable to noncontrolling interests			16			56			22			2			1				16			1
Net income		$	27		$	38		$	(633	)	$	537			69				27			69
Premiums, Fees and Other Revenues		$	18		$	22		$	50		$	122		$	269			$	18		$	269

34

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

		For the Three Months Ended
Unaudited (In millions, except number of sales representatives)		March 31,			June 30,			September 30,			December 31,			March 31,
		2008			2008			2008			2008			2009
Fixed Maturity Securities
Yield (1)			6.50	%		6.51	%		6.38	%		6.18	%		5.70	%
Investment income (2)		$	3,137		$	3,186		$	3,107		$	2,973		$	2,800
Investment gains (losses)			(203	)		(301	)		(919	)		(526	)		(609	)
Ending carrying value (2)			234,990			231,896			212,912			189,197			192,337
Mortgage and Consumer Loans
Yield (1)			6.19	%		6.10	%		5.99	%		6.05	%		5.32	%
Investment income (3)			676			674			687			737			680
Investment gains (losses)			(28	)		(35	)		26			(99	)		(148	)
Ending carrying value			46,920			48,158			50,606			51,364			53,044
Real Estate and Real Estate Joint Ventures (4)
Yield (1)			5.07	%		6.78	%		2.84	%		(2.36	%)		(9.19	%)
Investment income			87			121			53			(44	)		(172	)
Investment gains (losses)			(2	)		3			2			(13	)		(25	)
Ending carrying value			6,960			7,328			7,555			7,586			7,381
Policy Loans
Yield (1)			6.24	%		6.25	%		6.09	%		6.32	%		6.40	%
Investment income			148			151			148			154			157
Ending carrying value			9,666			9,683			9,742			9,802			9,851
Equity Securities
Yield (1)			4.86	%		6.01	%		4.00	%		6.25	%		3.92	%
Investment income			65			80			45			59			37
Investment gains (losses)			(10	)		(3	)		(181	)		(63	)		(269	)
Ending carrying value			5,368			5,228			3,474			3,197			2,817
Other Limited Partnerships
Yield (1)			8.99	%		4.63	%		(3.91	%)		(20.14	%)		(19.79	%)
Investment income			132			71			(62	)		(311	)		(253	)
Investment gains (losses)			(3	)		(12	)		(16	)		(109	)		(97	)
Ending carrying value			6,349			6,707			6,353			6,039			5,365
Cash and Short-term Investments
Yield (1)			3.12	%		2.66	%		1.89	%		0.71	%		0.48	%
Investment income			95			86			78			48			36
Investment gains (losses)			1			—			—			2			(2	)
Ending carrying value	��		13,103			15,343			22,751			38,085			30,320
Other Invested Assets (5) (6) (7) (8)
Investment income			68			30			102			184			112
Investment gains (losses)			(493	)		18			1,827			2,909			215
Ending carrying value		$	9,808		$	8,617		$	9,755		$	17,248		$	15,130
Total Investments
Gross investment income yield (1)			6.20	%		6.08	%		5.68	%		4.95	%		4.26	%
Investment fees and expenses yield			(0.17	%)		(0.16	%)		(0.15	%)		(0.15	%)		(0.13	%)
Net Investment Income Yield			6.03	%		5.92	%		5.53	%		4.80	%		4.13	%
Gross investment income		$	4,408		$	4,399		$	4,158		$	3,800		$	3,397
Investment fees and expenses			(119	)		(118	)		(108	)		(115	)		(103	)
Net Investment Income		$	4,289		$	4,281		$	4,050		$	3,685		$	3,294
Ending carrying value		$	333,164		$	332,960		$	323,148		$	322,518		$	316,245
Gross investment gains		$	405		$	283		$	1,105		$	782		$	527
Gross investment losses (7)			(531	)		(346	)		(464	)		(664	)		(535	)
Writedowns (7)			(186	)		(262	)		(1,048	)		(546	)		(1,041	)
Subtotal			(312	)		(325	)		(407	)		(428	)		(1,049	)
Derivative not qualifying for hedge accounting (7)(8)			(426	)		(5	)		1,146			2,529			114
Investment Gains (Losses)			(738	)		(330	)		739			2,101			(935	)
Investment gains (losses) tax benefit (provision)			263			104			(282	)		(756	)		317
Investment Gains (Losses), Net of Income Tax		$	(475	)	$	(226	)	$	457		$	1,345		$	(618	)

(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 $808 million, $883 million, $788 million, $946 million and $922 million in ending carrying value, and ($51) million, $9 million, ($95) million, ($56) million and $17 million of investment income (loss) related to trading securities at or for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2009, 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 ($1) million, $2 million, and $2 million related to discontinued operations for the three months ended March 31, 2008, June 30, 2008 and September 30, 2008, respectively. Included in investment gains (losses) from real estate and real estate joint ventures is $8 million for the three months ended December 31, 2008. There were no discontinued operations from real estate and real estate joint ventures for any other period.
(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 ($7) million, ($38) million, ($1) million, $53 million and $31 million for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2009, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $15 million, $11 million, $8 million, $7 million and ($2) million for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2009, respectively, related to settlement payments on derivative instruments used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.
(6)	Other invested assets is principally comprised of freestanding derivatives with positive fair values and leveraged leases. Freestanding derivatives with negative fair values are included within other liabilities. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the table above.
(7)	The components of investment gains (losses) for the three months ended September 30, 2008 are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.
(8)	Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of ($1) million, ($365) million, $1,109 million, $5,149 million and ($1,103) million; and embedded derivatives of ($425) million, $360 million, $37 million, ($2,620) million and $1,217 million for the three months ended March 31, 2008, June 30, 2008, September 30, 2008, December 31, 2008, and March 31, 2009 respectively.

35

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

	March 31, 2008					June 30, 2008					September 30, 2008					December 31, 2008					March 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	5,912		70.1	%	$	6,952		75.0	%	$	9,141		54.8	%	$	8,034		27.9	%	$	6,951		24.2	%
20% or more for less than six months		2,450		29.0	%		1,980		21.3	%		5,665		34.0	%		17,191		59.6	%		12,494		43.4	%
20% or more for six months or greater		76		0.9	%		339		3.7	%		1,871		11.2	%		3,596		12.5	%		9,312		32.4	%
Total Gross Unrealized Losses	$	8,438		100.0	%	$	9,271		100.0	%	$	16,677		100.0	%	$	28,821		100.0	%	$	28,757		100.0	%
Total Gross Unrealized Gains	$	7,997				$	5,622				$	4,478				$	7,564				$	5,562
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES (1)
	March 31, 2008					June 30, 2008					September 30, 2008					December 31, 2008					March 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	211		29.3	%	$	171		23.0	%	$	60		9.4	%	$	75		7.7	%	$	25		2.1	%
20% or more for less than six months		508		70.6	%		567		76.0	%		415		65.0	%		519		53.0	%		490		40.8	%
20% or more for six months or greater		1		0.1	%		8		1.0	%		163		25.6	%		384		39.3	%		687		57.1	%
Total Gross Unrealized Losses	$	720		100.0	%	$	746		100.0	%	$	638		100.0	%	$	978		100.0	%	$	1,202		100.0	%
Total Gross Unrealized Gains	$	432				$	399				$	92				$	44				$	32

(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 cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

36

METLIFE, INC.
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION

	March 31, 2008					June 30, 2008					September 30, 2008					December 31, 2008					March 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities	$	72,684		31.0	%	$	72,657		31.4	%	$	67,822		32.0	%	$	63,303		33.6	%	$	60,714		31.7	%
Residential mortgage-backed securities		55,114		23.5	%		53,165		23.0	%		46,912		22.1	%		36,028		19.2	%		38,115		19.9	%
Foreign corporate securities		36,621		15.7	%		36,401		15.8	%		34,321		16.2	%		29,679		15.8	%		29,405		15.4	%
U.S. Treasury/agency securities		22,028		9.4	%		20,131		8.7	%		16,575		7.8	%		21,310		11.3	%		24,649		12.9	%
Commercial mortgage-backed securities		17,875		7.6	%		17,496		7.6	%		15,829		7.5	%		12,644		6.7	%		12,981		6.8	%
Asset-backed securities		11,123		4.8	%		12,608		5.5	%		12,763		6.0	%		10,523		5.6	%		11,032		5.7	%
Foreign government securities		12,881		5.5	%		12,833		5.6	%		11,933		5.6	%		10,153		5.4	%		9,384		4.9	%
State and political subdivision securities		5,558		2.4	%		5,438		2.3	%		5,912		2.8	%		4,557		2.4	%		5,112		2.7	%
Other fixed maturity securities		299		0.1	%		284		0.1	%		58		0.0	%		54		0.0	%		23		0.0	%
Total fixed maturity securities available-for-sale	$	234,183		100.0	%	$	231,013		100.0	%	$	212,125		100.0	%	$	188,251		100.0	%	$	191,415		100.0	%
NAIC RATING (1)                                 RATING                                 AGENCY                                 EQUIVALENT                                 DESIGNATION
1                    Aaa / Aa / A	$	171,918		73.4	%	$	170,278		73.7	%	$	154,978		73.1	%	$	137,125		72.9	%	$	137,190		71.7	%
2                    Baa		46,008		19.7	%		45,313		19.6	%		43,030		20.3	%		38,761		20.6	%		39,346		20.6	%
3                    Ba		10,055		4.3	%		9,367		4.1	%		8,786		4.1	%		7,796		4.1	%		8,697		4.5	%
4                    B		5,684		2.4	%		5,424		2.3	%		4,646		2.2	%		3,779		2.0	%		4,368		2.3	%
5                    Caa and lower		487		0.2	%		604		0.3	%		622		0.3	%		715		0.4	%		1,734		0.9	%
6                    In or near default		31		0.0	%		27		0.0	%		63		0.0	%		75		0.0	%		80		0.0	%
Total fixed maturity securities available-for-sale	$	234,183		100.0	%	$	231,013		100.0	%	$	212,125		100.0	%	$	188,251		100.0	%	$	191,415		100.0	%
(1)     Amounts presented are based on rating agency designations. Comparisons between NAIC ratings and rating agency designations are published by the NAIC.
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2008					June 30, 2008					September 30, 2008					December 31, 2008					March 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	8,421		24.2	%	$	8,657		24.6	%	$	8,581		23.9	%	$	8,837		24.6	%	$	8,757		24.4	%
South Atlantic		7,932		22.8	%		7,861		22.3	%		8,099		22.6	%		8,101		22.5	%		8,064		22.5	%
Middle Atlantic		5,037		14.5	%		5,291		15.1	%		5,784		16.1	%		5,931		16.5	%		6,129		17.1	%
International		3,759		10.8	%		3,903		11.1	%		3,695		10.3	%		3,414		9.5	%		3,350		9.3	%
West South Central		2,911		8.3	%		2,856		8.1	%		3,059		8.5	%		3,070		8.5	%		3,006		8.4	%
East North Central		2,591		7.5	%		2,570		7.3	%		2,607		7.3	%		2,591		7.2	%		2,580		7.2	%
New England		1,517		4.4	%		1,514		4.3	%		1,535		4.3	%		1,529		4.3	%		1,517		4.2	%
Mountain		1,109		3.2	%		1,058		3.0	%		1,058		2.9	%		1,052		2.9	%		1,049		2.9	%
West North Central		758		2.2	%		762		2.2	%		758		2.1	%		716		2.0	%		682		1.9	%
East South Central		479		1.4	%		470		1.3	%		470		1.3	%		468		1.3	%		465		1.4	%
Other		258		0.7	%		257		0.7	%		256		0.7	%		256		0.7	%		254		0.7	%
Total	$	34,772		100.0	%	$	35,199		100.0	%	$	35,902		100.0	%	$	35,965		100.0	%	$	35,853		100.0	%
Office	$	15,216		43.8	%	$	15,048		42.8	%	$	15,344		42.8	%	$	15,307		42.6	%		15,215		42.4	%
Retail		7,799		22.4	%		8,210		23.3	%		8,093		22.5	%		8,038		22.3	%		8,002		22.3	%
Apartments		3,952		11.4	%		4,022		11.4	%		4,135		11.5	%		4,113		11.4	%		4,062		11.3	%
Hotel		3,227		9.3	%		3,138		8.9	%		3,132		8.7	%		3,078		8.6	%		3,058		8.6	%
Industrial		2,782		8.0	%		2,871		8.2	%		2,849		8.0	%		2,901		8.1	%		2,818		7.9	%
Other		1,796		5.1	%		1,910		5.4	%		2,349		6.5	%		2,528		7.0	%		2,698		7.5	%
Total	$	34,772		100.0	%	$	35,199		100.0	%	$	35,902		100.0	%	$	35,965		100.0	%	$	35,853		100.0	%

37

METLIFE, INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES

	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2008		2008		2008		2008		2009
Wholly-owned	$	4,000	$	4,017	$	4,063	$	4,062	$	4,059
Joint ventures		2,957		3,308		3,489		3,522		3,319
Subtotal		6,957		7,325		7,552		7,584		7,378
Foreclosed		3		3		3		2		3
Total Real Estate and Real Estate Joint Ventures (1)	$	6,960	$	7,328	$	7,555	$	7,586	$	7,381

SUMMARY OF MORTGAGE AND CONSUMER LOANS

	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2008		2008		2008		2008		2009
Commercial mortgage loans	$	34,772	$	35,199	$	35,902	$	35,965	$	35,853
Agricultural mortgage loans		10,610		11,590		12,071		12,234		12,066
Consumer loans		1,095		1,190		1,209		1,153		1,155
Mortgage loans held-for-sale		443		179		1,424		2,012		3,970
Total	$	46,920	$	48,158	$	50,606	$	51,364	$	53,044

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

38

Company Ratings as of April 29, 2009

Insurer financial strength ratings represent the opinions of rating agencies, including A.M. Best Company (“A.M. Best”), Fitch Ratings Insurance Group (“Fitch”), Moody’s Investors Service (“Moody’s”) and Standard & Poor’s (“S&P”), regarding the ability of an insurance company to meet its financial obligations to policyholders and contract holders. Credit ratings represent the opinions of rating agencies regarding an issuer’s ability to repay its indebtedness. Our insurer financial strength ratings and credit ratings as of April 29, 2009 are listed in the tables below:

	A.M. Best	Fitch*	Moody's*	S&P*
Insurer Financial Strength Ratings
First MetLife Investors Insurance Co.	A+	NR	NR	AA-
General American Life Insurance Company	A+	AA	Aa2	AA-
MetLife Insurance Company of Connecticut	A+	AA	Aa2	AA-
MetLife Investors Insurance Company	A+	AA	Aa2	AA-
MetLife Investors USA Insurance Company	A+	AA	Aa2	AA-
Metropolitan Casualty Insurance Company	A	NR	NR	NR
Metropolitan Direct Property and Casualty Insurance Co.	A	NR	NR	NR
Metropolitan General Insurance Company	A	NR	NR	NR
Metropolitan Group Property & Casualty Insurance Co.	A	NR	NR	NR
Metropolitan Life Insurance Company	A+	AA	Aa2	AA-
Metropolitan Lloyds Insurance Company of Texas	A	NR	NR	NR
Metropolitan Property and Casualty Insurance Company	A	NR	NR	NR
Metropolitan Tower Life Insurance Company	A+	NR	Aa3	NR
New England Life Insurance Company	A+	AA	Aa2	AA-
Credit Ratings
MetLife Short Term Funding LLC
Commercial Paper	NR	NR	P-1	A-1+
General American Life Insurance Company
(Surplus Notes)	a	NR	A1	A
MetLife, Inc.
Commercial Paper	AMB-1	F1	P-1	A-2
Senior Unsecured Debt	a-	A	A2	A-
Subordinated Debt	bbb+	NR	A3	NR
Junior Subordinated Debt	bbb	A-	Baa1	BBB
Preferred Stock	bbb	A-	Baa1	BBB
Non-Cumulative Perpetual Preferred Stock	bbb	A-	Baa1	BBB-
MetLife Capital Trust IV & X
Trust Securities	bbb	A-	Baa1	BBB
MetLife Funding, Inc.
Commercial Paper	AMB-1+	F1+	P-1	A-1+
Metropolitan Life Global Funding I
Senior Secured Debt	aa-	NR	Aa2	AA-
MetLife Institutional Funding I, LLC
Senior Secured Debt	aa-	NR	Aa2	AA-
Metropolitan Life Insurance Company
Surplus Notes	a	A+	A1	A

*	Currently on negative outlook
NR	Not Rated

39