MetLife (MET) 8-K Financial Supplement Historical Results

Financial Supplement Historical Results

Presented in Revised Format
for the Quarters Ended
December 31, 2008, March 31, 2009,
June 30, 2009 and September 30, 2009
Presented to Conform with the Presentation
Adopted for the Fourth Quarter 2009 Financial Supplement

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 Balance Sheet - U.S. Business	6
Consolidating Statement of Operating Earnings Available to Common Shareholders	7
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	11
U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Other Expenses by Major Category and Individual Life Sales by Product	17
Spread by Product	18
U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	19
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	20
Other Expenses by Major Category and Individual Annuity Sales by Product	21
Spread	22
U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	23
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	24
Other Expenses by Major Category	25
Spread	26
U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	27
Written Premiums by Product and Selected Financial Information and Supplemental Data	30
INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders	31
BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	35
Banking - Supplemental Information	38
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	39
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules	41
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Commercial Mortgage Loans by Region and Property Type	42
Summary of Real Estate and Real Estate Joint Ventures and Summary of Mortgage Loans	43
OTHER INFORMATION
Company Ratings	44

NOTE:

The Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. The QFS also includes financial measures, such as operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, that are not based on generally accepted accounting principles (“GAAP”). Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, is our measure of segment performance. Operating earnings is also a measure by which MetLife’s senior management’s performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

In this QFS, operating earnings is defined as GAAP net income (loss) attributable to MetLife, Inc. excluding:

(i)	net investment gains and losses;
(ii)	changes in experience-rated contractholder liabilities due to asset value fluctuations;
(iii)	discontinued operations other than discontinued real estate; and
(iv)	costs related to business combinations (since January 1, 2009) and noncontrolling interests, all net of income tax.

Operating earnings does not include the following related to net investment gains and losses: (i) amortization of deferred acquisition costs and value of business acquired, (ii) amortization of unearned revenue, and (iii) changes in policyholder dividend obligation, all net of income tax. Operating earnings includes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment, net of income tax. Operating earnings also reflects adjustments for all items mentioned above relating to operating joint ventures reported under the equity method of accounting.

In this QFS, operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends and operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated.

MetLife believes the presentation of operating earnings as we measure it for management purposes enhances the understanding of its performance by highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income (loss), GAAP net income (loss) available to MetLife, Inc.’s common shareholders and GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income (loss), operating earnings available to common shareholders to GAAP net income (loss) available to MetLife, Inc.’s common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted share, the most directly comparable GAAP measures, are included in the QFS, which is available at www.metlife.com.

1

METLIFE, INC.

CORPORATE OVERVIEW

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions, except per share data)		2008			2009			2009			2009			2009
Operating earnings available to common shareholders		$	132		$	131		$	723		$	718		$
Preferred stock dividends			31			30			31			30
Operating earnings			163			161			754			748
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			2,153			(906	)		(3,829	)		(2,139	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			(6	)		(11	)		(4	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(50	)		(31	)		(32	)		4
Equity method operating joint ventures realized gains (losses), net of offsets			64			20			(96	)		(35	)
Real estate discontinued operations			(5	)		(2	)		(1	)		(2	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(11	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			(28	)		(16	)		8			(63	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(10	)		2			—			1
Amortization of deferred acquisition costs — related to net investment gains (losses)			(778	)		(183	)		625			174
Other expenses:
Noncontrolling interest			(7	)		(3	)		(20	)		(7	)
Business combination costs			—			(11	)		—			(22	)
Provision for income tax expense (benefit)			(495	)		401			1,183			721
Income (loss) from continuing operations, net of income tax			928			(585	)		(1,419	)		(624	)
Income (loss) from discontinued operations, net of income tax			48			37			1			(1	)
Net income (loss)			976			(548	)		(1,418	)		(625	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(4	)		(16	)		(5	)
Net income (loss) attributable to MetLife, Inc.			985			(544	)		(1,402	)		(620	)
Less: Preferred stock dividends			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders		$	954		$	(574	)	$	(1,433	)	$	(650	)	$
Operating earnings available to common shareholders — diluted		$	0.17		$	0.16		$	0.88		$	0.87		$
Net investment gains (losses), net of income tax			1.70			(0.71	)		(2.95	)		(1.68	)
Other adjustments to continuing operatings, net of income tax			(0.73	)		(0.21	)		0.33			0.02
Discontinued operations, net of income tax			0.06			0.05			—			—
Net income (loss) available to MetLife, Inc’s common shareholders per common share — diluted		$	1.20		$	(0.71	)	$	(1.74	)	$	(0.79	)	$
Weighted average common shares outstanding — diluted			793.6			810.8			825.1			827.3
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2008			2009			2009			2009			2009
Book value per common share — (actual common shares outstanding)		$	27.33		$	25.75		$	30.85		$	39.36		$
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)		$	45.29		$	44.53		$	42.86		$	42.09		$
Book value per common share — diluted — (weighted average common shares outstanding)		$	27.33		$	25.98		$	30.60		$	38.95		$
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)		$	45.29		$	44.93		$	42.52		$	41.65		$
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Common shares outstanding, beginning of period			707.3			793.6			818.1			818.6
Treasury stock, net			75.0			0.1			0.5			0.2
Newly issued shares			11.3			24.4			—			—
Common shares outstanding, end of period			793.6			818.1			818.6			818.8
Weighted average common shares outstanding — basic			790.0			809.1			821.6			821.8
Dilutive effect of stock-based awards			3.6			1.7			3.5			5.5
Weighted average common shares outstanding — diluted			793.6			810.8			825.1			827.3
Policyholder Trust Shares			242.7			240.8			238.7			236.8

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	188,251		$	191,415		$	211,563		$	223,896		$
Equity securities available-for-sale, at estimated fair value		3,197			2,817			3,045			3,117
Trading securities, at estimated fair value		946			922			1,471			1,970
Mortgage loans:
Held-for-investment, at amortized cost		49,352			49,074			48,229			48,239
Held-for-sale, principally at estimated fair value		2,012			3,970			4,271			2,442
Mortgage loans, net		51,364			53,044			52,500			50,681
Policy loans		9,802			9,851			9,907			10,001
Real estate and real estate joint ventures		7,535			7,331			7,246			6,982
Real estate held-for-sale		51			50			50			50
Other limited partnership interests		6,039			5,365			5,193			5,255
Short-term investments		13,878			10,896			8,117			6,861
Other invested assets		17,248			15,130			13,071			13,916
Total investments		298,311			296,821			312,163			322,729
Cash and cash equivalents		24,207			19,424			13,213			15,562
Accrued investment income		3,061			3,142			3,019			3,236
Premiums and other receivables		16,973			18,514			16,730			16,903
Deferred policy acquisition costs and value of business acquired		20,144			20,754			20,323			19,208
Current income tax recoverable		—			—			253			412
Deferred income tax assets		4,927			6,349			3,856			535
Goodwill		5,008			5,010			5,036			5,033
Other assets		7,262			7,028			7,896			7,140
Assets of subsidiaries held-for-sale		946			—			—			—
Separate account assets		120,839			114,366			126,968			144,434
Total assets	$	501,678		$	491,408		$	509,457		$	535,192		$
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	130,555		$	131,609		$	132,823		$	134,492		$
Policyholder account balances		142,921			141,037			140,076			139,171
Other policyholder funds		7,762			8,136			8,319			8,549
Policyholder dividends payable		1,023			846			881			911
Bank deposits		6,884			7,531			7,807			8,372
Short-term debt		2,659			5,878			4,757			2,131
Long-term debt		9,667			11,042			12,940			13,202
Collateral financing arrangements		5,192			5,242			5,297			5,297
Junior subordinated debt securities		3,758			2,691			2,691			3,191
Current income tax payable		342			635			—			—
Payables for collateral under securities loaned and other transactions		31,059			24,341			24,607			24,363
Other liabilities		14,284			14,625			14,679			16,486
Liabilities of subsidiaries held-for-sale		748			—			—			—
Separate account liabilities		120,839			114,366			126,968			144,434
Total liabilities		477,693			467,979			481,845			500,599
Stockholders’ Equity
Preferred stock, at par value		1			1			1			1
Common stock, at par value		8			8			8			8
Additional paid-in capital		15,811			16,860			16,849			16,865
Retained earnings		22,403			21,829			20,472			19,822
Treasury stock, at cost		(236	)		(230	)		(203	)		(194	)
Accumulated other comprehensive income (loss)		(14,253	)		(15,358	)		(9,834	)		(2,234	)
Total MetLife, Inc.’s stockholders’ equity		23,734			23,110			27,293			34,268
Noncontrolling interests		251			319			319			325
Total equity		23,985			23,429			27,612			34,593
Total liabilities and stockholders’ equity	$	501,678		$	491,408		$	509,457		$	535,192		$

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

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
OPERATING REVENUES
Premiums		$	6,498		$	6,122		$	6,576		$	6,601		$
Universal life and investment-type product policy fees			1,220			1,189			1,227			1,255
Net investment income			3,621			3,274			3,859			3,956
Other revenues			445			554			572			602
Total operating revenues			11,784			11,139			12,234			12,414
OPERATING EXPENSES
Policyholder benefits and dividends			7,316			6,979			7,388			7,549
Interest credited to policyholder account balances			1,220			1,170			1,229			1,259
Interest credited to bank deposits			43			43			40			37
Capitalization of deferred policy acquisition costs			(787	)		(786	)		(757	)		(722	)
Amortization of deferred policy acquisition costs			929			746			332			376
Interest expense			276			245			256			274
Other expenses			2,616			2,557			2,765			2,723
Total operating expenses			11,613			10,954			11,253			11,496
Operating earnings before provision for income tax			171			185			981			918
Provision for income tax expense (benefit)			8			24			227			170
Operating earnings			163			161			754			748
Preferred stock dividends			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	132		$	131		$	723		$	718		$
Net Income Reconciliation
Operating earnings		$	163		$	161		$	754		$	748		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			2,153			(906	)		(3,829	)		(2,139	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			(6	)		(11	)		(4	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(50	)		(31	)		(32	)		4
Equity method operating joint ventures realized gains (losses), net of offsets			64			20			(96	)		(35	)
Real estate discontinued operations			(5	)		(2	)		(1	)		(2	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(11	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			(28	)		(16	)		8			(63	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(10	)		2			—			1
Amortization of deferred acquisition costs — related to net investment gains (losses)			(778	)		(183	)		625			174
Other expenses:
Noncontrolling interest			(7	)		(3	)		(20	)		(7	)
Business combination costs			—			(11	)		—			(22	)
Provision for income tax expense (benefit)			(495	)		401			1,183			721
Income (loss) from continuing operations, net of income tax			928			(585	)		(1,419	)		(624	)
Income (loss) from discontinued operations, net of income tax			48			37			1			(1	)
Net income (loss)			976			(548	)		(1,418	)		(625	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(4	)		(16	)		(5	)
Net income (loss) attributable to MetLife, Inc.			985			(544	)		(1,402	)		(620	)
Less: Preferred stock dividends			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders		$	954		$	(574	)	$	(1,433	)	$	(650	)	$
Premiums, Fees and Other Revenues		$	8,163		$	7,865		$	8,375		$	8,458		$

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	December 31, 2009
					Banking,
Unaudited (In millions)		Consolidated	U.S. Business	International	Corporate & Other
ASSETS
Total investments		$	$	$	$
Cash and cash equivalents
Accrued investment income
Premiums and other receivables
Deferred policy acquisition costs and value of business acquired
Current income tax recoverable
Deferred income tax receivable
Goodwill
Other assets
Assets of subsidiaries held-for-sale
Separate account assets
Total assets		$	$	$	$
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits		$	$	$	$
Policyholder account balances
Other policyholder funds
Policyholder dividends payable
Bank deposits
Short-term debt
Long-term debt
Collateral financing arrangements
Junior subordinated debt securities
Current income tax payable
Payables for collateral under securities loaned and other transactions
Other liabilities
Liabilities of subsidiaries held-for-sale
Separate account liabilities
Total liabilities
Stockholders’ Equity
Preferred stock, at par value
Common stock, at par value
Allocated equity (1)
Treasury stock, at cost
Accumulated other comprehensive income (loss)
Total MetLife, Inc.’s stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and stockholders’ equity		$	$	$	$

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

5

METLIFE, INC.

CONSOLIDATING BALANCE SHEET — U.S. BUSINESS

	December 31, 2009
			Insurance	Retirement	Corporate Benefit
Unaudited (In millions)		U.S. Business	Products	Products	Funding	Auto & Home
ASSETS
Total investments		$	$	$	$	$
Cash and cash equivalents
Accrued investment income
Premiums and other receivables
Deferred policy acquisition costs and value of business acquired
Current income tax recoverable
Deferred income tax receivable
Goodwill
Other assets
Assets of subsidiaries held-for-sale
Separate account assets
Total assets		$	$	$	$	$
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits		$	$	$	$	$
Policyholder account balances
Other policyholder funds
Policyholder dividends payable
Bank deposits
Short-term debt
Long-term debt
Collateral financing arrangements
Junior subordinated debt securities
Current income tax payable
Payables for collateral under securities loaned and other transactions
Other liabilities
Liabilities of subsidiaries held-for-sale
Separate account liabilities
Total liabilities
Stockholders’ Equity
Preferred stock, at par value
Common stock, at par value
Allocated equity (1)
Treasury stock, at cost
Accumulated other comprehensive income (loss)
Total MetLife, Inc.’s stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and stockholders’ equity		$	$	$	$	$

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

6

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended December 31, 2009
					Banking,
Unaudited (In millions)		Consolidated	U.S. Business	International	Corporate & Other
OPERATING REVENUES
Premiums		$	$	$	$
Universal life and investment-type product policy fees
Net investment income
Other revenues
Total operating revenues
OPERATING EXPENSES
Policyholder benefits and dividends
Interest credited to policyholder account balances
Interest credited to bank deposits
Capitalization of deferred policy acquisition costs
Amortization of deferred policy acquisition costs
Interest expense
Other expenses
Total operating expenses
Operating earnings before provision for income tax
Provision for income tax expense (benefit)
Operating earnings
Preferred stock dividends
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	$	$	$
Net Income Reconciliation
Operating earnings		$	$	$	$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting
Equity method operating joint ventures realized gains (losses), net of offsets
Real estate discontinued operations
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)
Changes in experience-rated contract liabilities due to asset value fluctuations
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting
Amortization of deferred acquisition costs — related to net investment gains (losses)
Other expenses:
Noncontrolling interest
Business combination costs
Provision for income tax expense (benefit)
Income (loss) from continuing operations, net of income tax
Income (loss) from discontinued operations, net of income tax
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interest
Net income (loss) attributable to MetLife, Inc.
Less: Preferred stock dividends
Net income (loss) available to MetLife, Inc.’s common shareholders		$	$	$	$
Premiums, Fees and Other Revenues		$	$	$	$

7

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended December 31, 2008
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,498		$	5,744		$	753		$	1
Universal life and investment-type product policy fees			1,220			972			248			—
Net investment income			3,621			3,229			234			158
Other revenues			445			321			5			119
Total operating revenues			11,784			10,266			1,240			278
OPERATING EXPENSES
Policyholder benefits and dividends			7,316			6,581			724			11
Interest credited to policyholder account balances			1,220			1,185			29			6
Interest credited to bank deposits			43			—			—			43
Capitalization of deferred policy acquisition costs			(787	)		(636	)		(152	)		1
Amortization of deferred policy acquisition costs			929			796			133			—
Interest expense			276			4			4			268
Other expenses			2,616			1,934			374			308
Total operating expenses			11,613			9,864			1,112			637
Operating earnings before provision for income tax			171			402			128			(359	)
Provision for income tax expense (benefit)			8			125			50			(167	)
Operating earnings			163			277			78			(192	)
Preferred stock dividends			31			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	132		$	277		$	78		$	(223	)
Net Income Reconciliation
Operating earnings		$	163		$	277		$	78		$	(192	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			2,153			1,220			(109	)		1,042
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			16			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(50	)		(38	)		(9	)		(3	)
Equity method operating joint ventures realized gains (losses), net of offsets			64			—			64			—
Real estate discontinued operations			(5	)		(5	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(95	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			(28	)		23			(51	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(10	)		(9	)		(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(778	)		(778	)		—			—
Other expenses:
Noncontrolling interest			(7	)		(3	)		(7	)		3
Business combination costs			—			—			—			—
Provision for income tax expense (benefit)			(495	)		(119	)		(7	)		(369	)
Income (loss) from continuing operations, net of income tax			928			489			(42	)		481
Income (loss) from discontinued operations, net of income tax			48			(10	)		—			58
Net income (loss)			976			479			(42	)		539
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(2	)		(9	)		2
Net income (loss) attributable to MetLife, Inc.			985			481			(33	)		537
Less: Preferred stock dividends			31			—			—			31
Net income (loss) available to MetLife, Inc.’s common shareholders		$	954		$	481		$	(33	)	$	506
Premiums, Fees and Other Revenues		$	8,163		$	7,037		$	1,006		$	120

8

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Year Ended December 31, 2009
					Banking,
Unaudited (In millions)		Consolidated	U.S. Business	International	Corporate & Other
OPERATING REVENUES
Premiums		$	$	$	$
Universal life and investment-type product policy fees
Net investment income
Other revenues
Total operating revenues
OPERATING EXPENSES
Policyholder benefits and dividends
Interest credited to policyholder account balances
Interest credited to bank deposits
Capitalization of deferred policy acquisition costs
Amortization of deferred policy acquisition costs
Interest expense
Other expenses
Total operating expenses
Operating earnings before provision for income tax
Provision for income tax expense (benefit)
Operating earnings
Preferred stock dividends
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	$	$	$
Net Income Reconciliation
Operating earnings		$	$	$	$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting
Equity method operating joint ventures realized gains (losses), net of offsets
Real estate discontinued operations
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)
Changes in experience-rated contract liabilities due to asset value fluctuations
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting
Amortization of deferred acquisition costs — related to net investment gains (losses)
Other expenses:
Noncontrolling interest
Business combination costs
Provision for income tax expense (benefit)
Income (loss) from continuing operations, net of income tax
Income (loss) from discontinued operations, net of income tax
Net income (loss)
Less: Net income (loss) attributable to noncontrolling interest
Net income (loss) attributable to MetLife, Inc.
Less: Preferred stock dividends
Net income (loss) available to MetLife, Inc.’s common shareholders		$	$	$	$
Premiums, Fees and Other Revenues		$	$	$	$

9

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Year Ended December 31, 2008
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	25,914		$	22,417		$	3,470		$	27
Universal life and investment-type product policy fees			5,363			4,268			1,095			—
Net investment income			16,200			14,212			1,180			808
Other revenues			1,586			1,384			18			184
Total operating revenues			49,063			42,281			5,763			1,019
OPERATING EXPENSES
Policyholder benefits and dividends			29,007			25,776			3,185			46
Interest credited to policyholder account balances			4,743			4,565			171			7
Interest credited to bank deposits			166			—			—			166
Capitalization of deferred policy acquisition costs			(3,092	)		(2,291	)		(798	)		(3	)
Amortization of deferred policy acquisition costs			2,968			2,582			381			5
Interest expense			1,051			9			9			1,033
Other expenses			10,309			7,531			2,079			699
Total operating expenses			45,152			38,172			5,027			1,953
Operating earnings before provision for income tax			3,911			4,109			736			(934	)
Provision for income tax expense (benefit)			1,092			1,330			257			(495	)
Operating earnings			2,819			2,779			479			(439	)
Preferred stock dividends			125			—			—			125
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2,694		$	2,779		$	479		$	(564	)
Net Income Reconciliation
Operating earnings		$	2,819		$	2,779		$	479		$	(439	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			1,812			696			169			947
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			18			18			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(5	)		18			(36	)		13
Equity method operating joint ventures realized gains (losses), net of offsets			105			—			105			—
Real estate discontinued operations			(9	)		(9	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(318	)		(318	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			137			125			12			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(45	)		(44	)		(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(521	)		(521	)		—			—
Other expenses:
Noncontrolling interest			(24	)		—			(28	)		4
Business combination costs			—			—			—			—
Provision for income tax expense (benefit)			(488	)		11			(147	)		(352	)
Income (loss) from continuing operations, net of income tax			3,481			2,755			553			173
Income (loss) from discontinued operations, net of income tax			(203	)		(2	)		—			(201	)
Net income (loss)			3,278			2,753			553			(28	)
Less: Net income (loss) attributable to noncontrolling interest			69			—			(27	)		96
Net income (loss) attributable to MetLife, Inc.			3,209			2,753			580			(124	)
Less: Preferred stock dividends			125			—			—			125
Net income (loss) available to MetLife, Inc.’s common shareholders		$	3,084		$	2,753		$	580		$	(249	)
Premiums, Fees and Other Revenues		$	32,863		$	28,069		$	4,583		$	211

10

METLIFE, INC.
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
U.S. BUSINESS
INSURANCE PRODUCTS		$	258		$	155		$	285		$	302		$
RETIREMENT PRODUCTS			(204	)		(118	)		143			105
CORPORATE BENEFIT FUNDING			111			65			155			140
AUTO & HOME			112			76			76			86
U.S. BUSINESS TOTAL		$	277		$	178		$	659		$	633		$
INTERNATIONAL			78			131			158			153
BANKING, CORPORATE & OTHER			(223	)		(178	)		(94	)		(68	)
METLIFE, INC. CONSOLIDATED		$	132		$	131		$	723		$	718		$

(1) A reconciliation of operating earnings available to common shareholders to net income for each segment appears in the QFS as follows: (i) Insurance Products, page 12, (ii) Retirement Products, page 19, (iii) Corporate Benefit Funding, page 23, (iv) Auto & Home, page 27, (v) International, page 31, and (vi) Banking, Corporate & Other, page 35. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) attributable to MetLife, Inc. appears on page 4.

11

U.S. BUSINESS
INSURANCE PRODUCTS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums		$	4,222		$	4,201		$	4,235		$	4,222		$		$	16,402		$
Universal life and investment-type product policy fees			519			583			543			533					2,171
Net investment income			1,314			1,281			1,413			1,437					5,787
Other revenues			194			177			181			221					819
Total operating revenues			6,249			6,242			6,372			6,413					25,179
OPERATING EXPENSES
Policyholder benefits and dividends			4,655			4,748			4,700			4,745					18,183
Interest credited to policyholder account balances			231			231			233			240					930
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(202	)		(206	)		(213	)		(218	)				(849	)
Amortization of deferred policy acquisition costs			112			210			161			145					743
Interest expense			2			1			2			—					5
Other expenses			1,061			1,023			1,061			1,048					4,196
Total operating expenses			5,859			6,007			5,944			5,960					23,208
Operating earnings before provision for income tax			390			235			428			453					1,971
Provision for income tax expense (benefit)			132			80			143			151					661
Operating earnings			258			155			285			302					1,310
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	258		$	155		$	285		$	302		$		$	1,310		$
Net Income Reconciliation
Operating earnings		$	258		$	155		$	285		$	302		$		$	1,310		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			1,721			(1,036	)		(878	)		(139	)				1,558
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			(6	)		(11	)		(4	)				18
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(15	)		(24	)		(19	)		(14	)				(2	)
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—					—
Real estate discontinued operations			—			—			—			—					1
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(11	)		—			—					(318	)
Changes in experience-rated contract liabilities due to asset value fluctuations			7			7			(3	)		1					52
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(125	)		(48	)		81			(47	)				56
Other expenses:
Noncontrolling interest			—			—			—			—					—
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			(530	)		390			290			72					(480	)
Income (loss) from continuing operations, net of income tax			1,237			(573	)		(255	)		171					2,195
Income (loss) from discontinued operations, net of income tax			(15	)		19			—			—					(8	)
Net income (loss)			1,222			(554	)		(255	)		171					2,187
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—					—
Net income (loss) attributable to MetLife, Inc.			1,222			(554	)		(255	)		171					2,187
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	1,222		$	(554	)	$	(255	)	$	171		$		$	2,187		$
Premiums, Fees and Other Revenues		$	4,935		$	4,961		$	4,959		$	4,976		$		$	19,392		$

12

U.S. BUSINESS
INSURANCE PRODUCTS — GROUP LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	1,635		$	1,745		$	1,754		$	1,739		$	$	6,624		$
Universal life and investment-type product policy fees		163			165			163			152				649
Net investment income		211			202			199			203				915
Other revenues		4			3			2			2				10
Total operating revenues		2,013			2,115			2,118			2,096				8,198
OPERATING EXPENSES
Policyholder benefits and dividends		1,682			1,788			1,776			1,732				6,756
Interest credited to policyholder account balances		48			47			46			46				213
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(4	)		(5	)		(4	)		(3	)			(17	)
Amortization of deferred policy acquisition costs		4			9			6			6				26
Interest expense		—			—			—			—				—
Other expenses		148			147			159			151				581
Total operating expenses		1,878			1,986			1,983			1,932				7,559
Operating earnings before provision for income tax		135			129			135			164				639
Provision for income tax expense (benefit)		46			44			46			56				217
Operating earnings		89			85			89			108				422
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	89		$	85		$	89		$	108		$	$	422		$
Net Income Reconciliation
Operating earnings	$	89		$	85		$	89		$	108		$	$	422		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(103	)		(105	)		(116	)		(33	)			(220	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(8	)		(16	)		(10	)		(6	)			(5	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		3			5			(2	)		5				5
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		38			40			45			12				77
Income (loss) from continuing operations, net of income tax		19			9			6			86				279
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—
Net income (loss)		19			9			6			86				279
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		19			9			6			86				279
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	19		$	9		$	6		$	86		$	$	279		$
Premiums, Fees and Other Revenues	$	1,802		$	1,913		$	1,919		$	1,893		$	$	7,283		$
Group Life Mortality Ratio		91.9	%		91.8	%		90.4	%		89.2	%

13

U.S. BUSINESS
INSURANCE PRODUCTS — INDIVIDUAL LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	1,137		$	985		$	1,026		$	1,035		$	$	4,120		$
Universal life and investment-type product policy fees		352			415			378			378				1,512
Net investment income		949			943			1,036			1,036				4,160
Other revenues		92			76			82			114				404
Total operating revenues		2,530			2,419			2,522			2,563				10,196
OPERATING EXPENSES
Policyholder benefits and dividends		1,722			1,674			1,638			1,700				6,510
Interest credited to policyholder account balances		176			178			181			188				692
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(150	)		(151	)		(162	)		(169	)			(634	)
Amortization of deferred policy acquisition costs		98			164			118			102				622
Interest expense		2			1			2			—				5
Other expenses		536			522			547			546				2,181
Total operating expenses		2,384			2,388			2,324			2,367				9,376
Operating earnings before provision for income tax		146			31			198			196				820
Provision for income tax expense (benefit)		48			11			65			63				270
Operating earnings		98			20			133			133				550
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	98		$	20		$	133		$	133		$	$	550		$
Net Income Reconciliation
Operating earnings	$	98		$	20		$	133		$	133		$	$	550		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		27			(57	)		(373	)		(160	)			(237	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		16			(6	)		(11	)		(4	)			18
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(2	)		(2	)		—				15
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				1
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(95	)		(11	)		—			—				(318	)
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		(125	)		(48	)		81			(47	)			56
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		60			44			105			75				160
Income (loss) from continuing operations, net of income tax		(22	)		(60	)		(67	)		(3	)			245
Income (loss) from discontinued operations, net of income tax		(15	)		19			—			—				(8	)
Net income (loss)		(37	)		(41	)		(67	)		(3	)			237
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		(37	)		(41	)		(67	)		(3	)			237
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(37	)	$	(41	)	$	(67	)	$	(3	)	$	$	237		$
Premiums, Fees and Other Revenues	$	1,581		$	1,476		$	1,486		$	1,527		$	$	6,036		$
Mortality as a Percentage of Expected		83.9	%		82.6	%		74.9	%		91.2	%
Lapse Ratio
Traditional Life		6.1	%		6.4	%		6.7	%		6.9	%
Variable & Universal Life		5.7	%		6.2	%		6.6	%		6.8	%

14

U.S. BUSINESS
INSURANCE PRODUCTS — NON-MEDICAL HEALTH
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	1,450		$	1,471		$	1,455		$	1,448		$	$	5,658		$
Universal life and investment-type product policy fees		4			3			2			3				10
Net investment income		154			136			178			198				712
Other revenues		98			98			97			105				405
Total operating revenues		1,706			1,708			1,732			1,754				6,785
OPERATING EXPENSES
Policyholder benefits and dividends		1,251			1,286			1,286			1,313				4,917
Interest credited to policyholder account balances		7			6			6			6				25
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(48	)		(50	)		(47	)		(46	)			(198	)
Amortization of deferred policy acquisition costs		10			37			37			37				95
Interest expense		—			—			—			—				—
Other expenses		377			354			355			351				1,434
Total operating expenses		1,597			1,633			1,637			1,661				6,273
Operating earnings before provision for income tax		109			75			95			93				512
Provision for income tax expense (benefit)		38			25			32			32				174
Operating earnings		71			50			63			61				338
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	71		$	50		$	63		$	61		$	$	338		$
Net Income Reconciliation
Operating earnings	$	71		$	50		$	63		$	61		$	$	338		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,797			(874	)		(389	)		54				2,015
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(4	)		(6	)		(7	)		(8	)			(12	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		4			2			(1	)		(4	)			47
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		(628	)		306			140			(15	)			(717	)
Income (loss) from continuing operations, net of income tax		1,240			(522	)		(194	)		88				1,671
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—
Net income (loss)		1,240			(522	)		(194	)		88				1,671
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		1,240			(522	)		(194	)		88				1,671
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,240		$	(522	)	$	(194	)	$	88		$	$	1,671		$
Premiums, Fees and Other Revenues	$	1,552		$	1,572		$	1,554		$	1,556		$	$	6,073		$
Non-Medical Health Benefit Ratio		86.3	%		87.4	%		88.4	%		90.7	%

15

U.S. BUSINESS
INSURANCE PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	11,674		$	11,406		$	11,654		$	11,842		$
Premiums and deposits			3,296			3,633			3,670			3,600
Surrenders and withdrawals			(1,634	)		(1,314	)		(1,404	)		(1,467	)
Benefit payments			(1,837	)		(2,002	)		(1,985	)		(1,969	)
Net Flows			(175	)		317			281			164
Net transfers from (to) separate account			1			1			1			2
Interest			90			80			78			76
Policy charges			(139	)		(135	)		(136	)		(132	)
Other			(45	)		(15	)		(36	)		(41	)
Balance, end of period		$	11,406		$	11,654		$	11,842		$	11,911		$
INDIVIDUAL LIFE
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	71,342		$	71,686		$	72,457		$	72,920		$
Premiums and deposits			2,100			2,031			2,034			2,049
Surrenders and withdrawals			(1,103	)		(978	)		(1,026	)		(978	)
Benefit payments			(571	)		(612	)		(569	)		(576	)
Net Flows			426			441			439			495
Net transfers from (to) separate account			44			31			127			(14	)
Interest			714			733			736			755
Policy charges			(389	)		(391	)		(394	)		(389	)
Other			(451	)		(43	)		(445	)		(460	)
Balance, end of period		$	71,686		$	72,457		$	72,920		$	73,307		$
NON-MEDICAL HEALTH
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	11,822		$	12,120		$	12,367		$	12,579		$
Premiums and deposits			1,504			1,527			1,500			1,585
Surrenders and withdrawals			(23	)		(6	)		(6	)		(106	)
Benefit payments			(982	)		(1,055	)		(1,104	)		(1,074	)
Net Flows			499			466			390			405
Net transfers from (to) separate account			—			—			—			—
Interest			129			131			135			140
Policy charges			—			—			—			—
Other			(330	)		(350	)		(313	)		(256	)
Balance, end of period		$	12,120		$	12,367		$	12,579		$	12,868		$

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	414		$	334		$	316		$	366		$
Premiums and deposits			37			39			39			38
Surrenders and withdrawals			(8	)		(6	)		(6	)		(10	)
Benefit payments			(1	)		(2	)		1			—
Net Flows			28			31			34			28
Investment Performance			(81	)		(20	)		47			53
Net transfers from (to) general account			(1	)		(1	)		(1	)		(2	)
Policy charges			(27	)		(29	)		(29	)		(29	)
Other			1			1			(1	)		—
Balance, end of period		$	334		$	316		$	366		$	416		$
INDIVIDUAL LIFE
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	8,832		$	7,193		$	6,744		$	7,313		$
Premiums and deposits			257			228			216			210
Surrenders and withdrawals			(114	)		(136	)		(119	)		(103	)
Benefit payments			(6	)		(8	)		(7	)		(10	)
Net Flows			137			84			90			97
Investment Performance			(1,565	)		(351	)		755			953
Net transfers from (to) general account			(44	)		(31	)		(127	)		14
Policy charges			(150	)		(150	)		(147	)		(147	)
Other			(17	)		(1	)		(2	)		2
Balance, end of period		$	7,193		$	6,744		$	7,313		$	8,232		$
NON-MEDICAL HEALTH
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	705		$	763		$	793		$	832		$
Premiums and deposits			40			40			38			38
Surrenders and withdrawals			(3	)		(3	)		(4	)		(4	)
Benefit payments			—			—			—			—
Net Flows			37			37			34			34
Investment Performance			30			—			11			30
Net transfers from (to) general account			—			—			—			—
Policy charges			(9	)		(6	)		(6	)		(8	)
Other			—			(1	)		—			23
Balance, end of period		$	763		$	793		$	832		$	911		$

16

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INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Direct and allocated expenses		$	615	$	566	$	567	$	568	$
Pension and post-retirement benefit costs			43		55		73		70
Premium taxes, other taxes, and licenses & fees			58		82		83		82
Total fixed operating expenses		$	716	$	703	$	723	$	720	$
Commissions and other variable expenses			345		320		338		328
Total other expenses		$	1,061	$	1,023	$	1,061	$	1,048	$
INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Individual Life Sales
Term Life		$	30	$	28	$	34	$	37	$
Whole Life			22		21		32		30
Variable Life			19		10		13		10
Universal Life			52		38		44		50
Total Individual Life sales (2)		$	123	$	97	$	123	$	127	$

(1)	Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.
(2)	Of the $[XX] million of First Year Individual Life sales during the three months ended December 31, 2009, approximately [XX]% were distributed through MetLife agents, [XX]% through New England Financial agents, [XX]% through MetLife’s Third Party and [XX]% through other channels.

17

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		5.50	%		5.17	%		5.08	%		5.20	%
Average crediting rate		2.68	%		2.45	%		2.33	%		2.20	%
Annualized general account spread		2.82	%		2.72	%		2.75	%		3.00	%

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		5.30	%		4.97	%		6.24	%		6.07	%
Average crediting rate		4.47	%		4.59	%		4.56	%		4.58	%
Annualized general account spread (1)		0.83	%		0.38	%		1.68	%		1.49	%

NON-MEDICAL HEALTH	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		4.25	%		3.60	%		5.01	%		5.57	%
Average crediting rate		4.73	%		4.68	%		4.76	%		4.69	%
Annualized general account spread		(0.48	%)		(1.08	%)		0.25	%		0.88	%

(1) This represents the general account spread for Variable and Universal Life, a component of Individual Life.

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RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	139		$	152		$	139		$	140		$	$	361		$
Universal life and investment-type product policy fees		381			356			397			466				1,870
Net investment income		558			623			724			749				2,365
Other revenues		33			30			34			61				168
Total operating revenues		1,111			1,161			1,294			1,416				4,764
OPERATING EXPENSES
Policyholder benefits and dividends		271			325			353			424				692
Interest credited to policyholder account balances		366			402			428			431				1,337
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(325	)		(329	)		(285	)		(223	)			(980	)
Amortization of deferred policy acquisition costs		568			326			(44	)		42				1,356
Interest expense		—			—			1			—				2
Other expenses		539			619			621			580				2,065
Total operating expenses		1,419			1,343			1,074			1,254				4,472
Operating earnings before provision for income tax		(308	)		(182	)		220			162				292
Provision for income tax expense (benefit)		(104	)		(64	)		77			57				99
Operating earnings		(204	)		(118	)		143			105				193
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(204	)	$	(118	)	$	143		$	105		$	$	193		$
Net Income Reconciliation
Operating earnings	$	(204	)	$	(118	)	$	143		$	105		$	$	193		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		645			150			(1,120	)		(462	)			901
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(16	)		(50	)		(55	)		(49	)			(35	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		(653	)		(135	)		544			221				(577	)
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		8			11			221			103				(100	)
Income (loss) from continuing operations, net of income tax		(220	)		(142	)		(267	)		(82	)			382
Income (loss) from discontinued operations, net of income tax		(2	)		5			—			—				(2	)
Net income (loss)		(222	)		(137	)		(267	)		(82	)			380
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		(222	)		(137	)		(267	)		(82	)			380
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(222	)	$	(137	)	$	(267	)	$	(82	)	$	$	380		$
Premiums, Fees and Other Revenues	$	553		$	538		$	570		$	667		$	$	2,399		$
Lapse Ratio
Fixed Annuities		11.3	%		10.4	%		9.4	%		8.6	%
Variable Annuities		9.5	%		9.3	%		8.6	%		7.9	%

19

U.S. BUSINESS
RETIREMENT PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	41,765		$	47,937		$	51,415		$	51,228		$
Premiums and deposits (1), (2)			5,622			5,335			2,768			1,944
Surrenders and withdrawals			(1,615	)		(1,413	)		(923	)		(890	)
Benefit payments			(287	)		(315	)		(374	)		(363	)
Net Flows			3,720			3,607			1,471			691
Net transfers from (to) separate account			1			(231	)		(1,217	)		(1,107	)
Interest			457			495			529			522
Policy charges			(8	)		(11	)		(12	)		(10	)
Other			2,002			(382	)		(958	)		64
Balance, end of period		$	47,937		$	51,415		$	51,228		$	51,388		$

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	75,938		$	62,264		$	59,194		$	70,538		$
Premiums and deposits (1)			2,149			2,260			2,894			2,279
Surrenders and withdrawals			(1,587	)		(1,230	)		(1,176	)		(1,283	)
Benefit payments			(136	)		(120	)		(141	)		(140	)
Net Flows			426			910			1,577			856
Investment Performance			(13,820	)		(3,945	)		8,872			9,964
Net transfers from (to) general account			(1	)		231			1,217			1,107
Policy charges			(288	)		(271	)		(322	)		(366	)
Other			9			5			—			1
Balance, end of period		$	62,264		$	59,194		$	70,538		$	82,100		$

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

20

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RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Direct and allocated expenses		$	170	$	162	$	172	$	183	$
Pension and post-retirement benefit costs			13		18		25		22
Premium taxes, other taxes, and licenses & fees			6		2		2		7
Total fixed operating expenses		$	189	$	182	$	199	$	212	$
Commissions and other variable expenses			350		437		422		368
Total other expenses		$	539	$	619	$	621	$	580	$
INDIVIDUAL ANNUITY SALES BY PRODUCT (1)
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (in millions)		2008		2009		2009		2009		2009
Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales		$	4,122	$	3,645	$	949	$	596	$
Variable annuity sales			3,424		3,737		4,507		3,441
Total annuity sales (2)		$	7,546	$	7,382	$	5,456	$	4,037	$
Separate Account and General Account
Separate Accounts
Total variable annuities separate accounts		$	2,005	$	2,147	$	2,775	$	2,171	$
General Accounts
Fixed annuity			4,122		3,645		949		596
Variable annuity			1,419		1,590		1,732		1,270
Total general accounts			5,541		5,235		2,681		1,866
Total premiums and deposits		$	7,546	$	7,382	$	5,456	$	4,037	$

(1)	Statutory premiums direct and assumed, excluding company sponsored internal exchanges.
(2)	Of the $[XX] million of Annuity Sales during the three months ended December 31, 2009, approximately [XX]% were distributed through MetLife agents, [XX]% through New England Financial agents, [XX]% through MetLife’s Third Party channels, [XX]% through MetLife Resources representatives and [XX]% through other distribution channels.

21

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RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES
	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2008			2009			2009			2009			2009
Investment income yield			5.05	%		5.20	%		5.84	%		5.86	%
Average crediting rate			3.88	%		3.86	%		3.96	%		3.88	%
Annualized general account spread			1.17	%		1.34	%		1.88	%		1.98	%

22

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,				December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009		2008				2009
OPERATING REVENUES
Premiums		$	644		$	324		$	695		$	639		$		$	2,683			$
Universal life and investment-type product policy fees			72			40			61			34					227
Net investment income			1,320			1,111			1,179			1,210					5,874
Other revenues			86			69			69			34					359
Total operating revenues			2,122			1,544			2,004			1,917					9,143
OPERATING EXPENSES
Policyholder benefits and dividends			1,223			879			1,240			1,192					4,977
Interest credited to policyholder account balances			588			459			409			390					2,298
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(2	)		(2	)		(6	)		(5	)				(18	)
Amortization of deferred policy acquisition costs			5			5			4			3					29
Interest expense			2			2			—			1					2		��
Other expenses			138			105			122			128					476
Total operating expenses			1,954			1,448			1,769			1,709					7,764
Operating earnings before provision for income tax			168			96			235			208					1,379
Provision for income tax expense (benefit)			57			31			80			68					466
Operating earnings			111			65			155			140					913
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	111		$	65		$	155		$	140		$		$	913			$
Net Income Reconciliation
Operating earnings		$	111		$	65		$	155		$	140		$		$	913			$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(1,103	)		(809	)		(821	)		(417	)				(1,629	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(7	)		39			45			58					55
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—					—
Real estate discontinued operations			(5	)		(2	)		(1	)		(2	)				(10	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations			16			(1	)		(28	)		(40	)				73
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(9	)		1			1			1					(44	)
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—					—
Other expenses:
Noncontrolling interest			(3	)		—			—			—					—
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			388			268			282			141					545
Income (loss) from continuing operations, net of income tax			(612	)		(439	)		(367	)		(119	)				(97	)
Income (loss) from discontinued operations, net of income tax			7			1			1			1					8
Net income (loss)			(605	)		(438	)		(366	)		(118	)				(89	)
Less: Net income (loss) attributable to noncontrolling interest			(2	)		—			—			—					—
Net income (loss) attributable to MetLife, Inc.			(603	)		(438	)		(366	)		(118	)				(89	)
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(603	)	$	(438	)	$	(366	)	$	(118	)	$		$	(89	)		$
Premiums, Fees and Other Revenues		$	802		$	433		$	825		$	707		$		$	3,269			$

23

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	101,812		$	107,091		$	101,662		$	99,652		$
Premiums and deposits			19,639			13,215			16,393			10,427
Surrenders and withdrawals			(15,221	)		(18,277	)		(18,009	)		(12,532	)
Benefit payments			(779	)		(770	)		(769	)		(820	)
Net Flows			3,639			(5,832	)		(2,385	)		(2,925	)
Net transfers from (to) separate account			(7	)		(13	)		(17	)		(16	)
Interest			1,180			1,139			1,083			1,044
Policy charges			(32	)		(29	)		(36	)		(30	)
Other			499			(694	)		(655	)		172
Balance, end of period		$	107,091		$	101,662		$	99,652		$	97,897		$

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	48,741		$	45,814		$	42,726		$	42,293		$
Premiums and deposits			1,490			1,655			631			1,931
Surrenders and withdrawals			(1,593	)		(1,883	)		(1,099	)		(1,177	)
Benefit payments			(11	)		(10	)		(13	)		(10	)
Net Flows			(114	)		(238	)		(481	)		744
Investment Performance			(1,020	)		(985	)		1,590			2,703
Net transfers from (to) general account			7			13			17			16
Policy charges			(128	)		(59	)		(57	)		(55	)
Other			(1,672	)		(1,819	)		(1,502	)		314
Balance, end of period		$	45,814		$	42,726		$	42,293		$	46,015		$

24

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		December 31,			March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008			2009		2009		2009		2009
Direct and allocated expenses		$	93		$	64	$	69	$	63	$
Pension and other post-retirement benefit costs			12			10		16		15
Premium taxes, other taxes, and licenses and fees			(1	)		1		6		12
Total fixed operating expenses		$	104		$	75	$	91	$	90	$
Commissions and other variable expenses			34			30		31		38
Total other expenses		$	138		$	105	$	122	$	128	$

25

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD

CORPORATE BENEFIT FUNDING	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2008			2009			2009			2009			2009
Investment income yield			4.96	%		4.06	%		4.52	%		4.71	%
Average crediting rate			4.74	%		4.20	%		4.15	%		4.14	%
Annualized general account spread			0.22	%		(0.14	%)		0.37	%		0.57	%

26

U.S. BUSINESS

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums (1)	$	739		$	722		$	726		$	727		$	$	2,971		$
Universal life and investment-type product policy fees		—			—			—			—				—
Net investment income		37			40			49			45				186
Other revenues		8			9			5			8				38
Total operating revenues		784			771			780			780				3,195
OPERATING EXPENSES
Policyholder benefits and dividends (1)		432			479			492			483				1,924
Interest credited to policyholder account balances		—			—			—			—				—
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(107	)		(104	)		(113	)		(112	)			(444	)
Amortization of deferred policy acquisition costs		111			110			111			107				454
Interest expense		—			—			—			—				—
Other expenses		196			187			194			189				794
Total operating expenses		632			672			684			667				2,728
Operating earnings before provision for income tax		152			99			96			113				467
Provision for income tax expense (benefit)		40			23			20			27				104
Operating earnings		112			76			76			86				363
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	112		$	76		$	76		$	86		$	$	363		$
Net Income Reconciliation
Operating earnings	$	112		$	76		$	76		$	86		$	$	363		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(43	)		31			(8	)		(30	)			(134	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		15			(11	)		3			11				46
Income (loss) from continuing operations, net of income tax		84			96			71			67				275
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—
Net income (loss)		84			96			71			67				275
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		84			96			71			67				275
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders		84		$	96		$	71		$	67		$	$	275		$
Premiums, Fees and Other Revenues	$	747		$	731		$	731		$	735		$	$	3,009		$

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

27

U.S. BUSINESS
AUTO & HOME — AUTO
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums (1)	$	511		$	497		$	499		$	500		$	$	2,061		$
Universal life and investment-type product policy fees		—			—			—			—				—
Net investment income		28			25			30			28				135
Other revenues		4			5			3			5				23
Total operating revenues		543			527			532			533				2,219
OPERATING EXPENSES
Policyholder benefits and dividends (1)		343			316			350			353				1,283
Interest credited to policyholder account balances		—			—			—			—				—
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		(69	)		(70	)		(75	)		(77	)			(295	)
Amortization of deferred policy acquisition costs		72			70			75			74				301
Interest expense		—			—			—			—				—
Other expenses		133			129			124			124				533
Total operating expenses		479			445			474			474				1,822
Operating earnings before provision for income tax		64			82			58			59				397
Provision for income tax expense (benefit)		15			20			13			13				95
Operating earnings		49			62			45			46				302
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	49		$	62		$	45		$	46		$	$	302		$
Net Income Reconciliation
Operating earnings	$	49		$	62		$	45		$	46		$	$	302		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(30	)		19			(5	)		(18	)			(92	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		—			—			—			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		10			(7	)		2			7				31
Income (loss) from continuing operations, net of income tax		29			74			42			35				241
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—
Net income (loss)		29			74			42			35				241
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—				—
Net income (loss) attributable to MetLife, Inc.		29			74			42			35				241
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	29		$	74		$	42		$	35		$	$	241		$
Premiums, Fees and Other Revenues	$	515		$	502		$	502		$	505		$	$	2,084		$

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

28

\

U.S. BUSINESS
AUTO & HOME — HOMEOWNERS & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums (1)		$	228		$	225		$	227		$	227		$		$	910		$
Universal life and investment-type product policy fees			—			—			—			—					—
Net investment income			9			15			19			17					51
Other revenues			4			4			2			3					15
Total operating revenues			241			244			248			247					976
OPERATING EXPENSES
Policyholder benefits and dividends (1)			89			163			142			130					641
Interest credited to policyholder account balances			—			—			—			—					—
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(38	)		(34	)		(38	)		(35	)				(149	)
Amortization of deferred policy acquisition costs			39			40			36			33					153
Interest expense			—			—			—			—					—
Other expenses			63			58			70			65					261
Total operating expenses			153			227			210			193					906
Operating earnings before provision for income tax			88			17			38			54					70
Provision for income tax expense (benefit)			25			3			7			14					9
Operating earnings			63			14			31			40					61
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	63		$	14		$	31		$	40		$		$	61		$
Net Income Reconciliation
Operating earnings		$	63		$	14		$	31		$	40		$		$	61		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(13	)		12			(3	)		(12	)				(42	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—					—
Real estate discontinued operations			—			—			—			—					—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—					—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—					—
Other expenses:
Noncontrolling interest			—			—			—			—					—
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			5			(4	)		1			4					15
Income (loss) from continuing operations, net of income tax			55			22			29			32					34
Income (loss) from discontinued operations, net of income tax			—			—			—			—					—
Net income (loss)			55			22			29			32					34
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—					—
Net income (loss) attributable to MetLife, Inc.			55			22			29			32					34
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	55		$	22		$	29		$	32		$		$	34		$
Premiums, Fees and Other Revenues		$	232		$	229		$	229		$	230		$		$	925		$

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

29

U.S. BUSINESS
AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
Written Premiums by Product
Automobile	$	490		$	496		$	503		$	503		$
Homeowners		207			182			231			240
Other		11			21			13			11
Total	$	708		$	699		$	747		$	754		$
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		58.3	%		66.5	%		67.7	%		66.1	%
Policyholder benefits and dividends		0.2	%		(0.1	%)		0.2	%		0.1	%
Other expense ratio		27.0	%		26.7	%		26.2	%		25.5	%
Payment fees credit		(0.6	%)		(0.7	%)		(0.6	%)		(0.6	%)
Total combined ratio		84.9	%		92.4	%		93.5	%		91.1	%
Effect of catastrophe losses		2.0	%		4.3	%		5.5	%		3.4	%
Combined ratio excluding catastrophes		82.9	%		88.1	%		88.0	%		87.7	%
Auto
Loss and loss adjustment expense ratio		67.0	%		63.6	%		69.8	%		70.2	%
Policyholder benefits and dividends		0.2	%		(0.1	%)		0.2	%		0.1	%
Other expense ratio		26.6	%		26.0	%		25.1	%		24.4	%
Payment fees credit		(0.7	%)		(0.8	%)		(0.7	%)		(0.7	%)
Total combined ratio		93.1	%		88.7	%		94.4	%		94.0	%
Effect of catastrophe losses		0.0	%		0.8	%		0.8	%		0.4	%
Combined ratio excluding catastrophes		93.1	%		87.9	%		93.6	%		93.6	%
Homeowners & Other
Loss and loss adjustment expense ratio		38.9	%		72.6	%		63.3	%		56.9	%
Policyholder benefits and dividends		0.1	%		(0.1	%)		0.2	%		0.2	%
Other expense ratio		28.1	%		28.4	%		28.5	%		28.0	%
Payment fees credit		(0.5	%)		(0.5	%)		(0.4	%)		(0.4	%)
Total combined ratio		66.6	%		100.4	%		91.6	%		84.7	%
Effect of catastrophe losses		6.7	%		12.0	%		15.9	%		9.7	%
Combined ratio excluding catastrophes		59.9	%		88.4	%		75.7	%		75.0	%
Pre-Tax Catastrophe Losses
Auto	$	—		$	4		$	4		$	2		$
Homeowners & Other		15			27			36			22
Total	$	15		$	31		$	40		$	24		$
Catastrophe points on combined ratios		2.0			4.3			5.5			3.4

30

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)	2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums	$	753		$	721		$	777		$	868		$		$	3,470		$
Universal life and investment-type product policy fees		248			210			226			222					1,095
Net investment income		234			168			359			395					1,180
Other revenues		5			2			2			4					18
Total operating revenues		1,240			1,101			1,364			1,489					5,763
OPERATING EXPENSES
Policyholder benefits and dividends		724			548			600			705					3,185
Interest credited to policyholder account balances		29			78			159			198					171
Interest credited to bank deposits		—			—			—			—					—
Capitalization of deferred policy acquisition costs		(152	)		(145	)		(140	)		(164	)				(798	)
Amortization of deferred policy acquisition costs		133			95			98			79					381
Interest expense		4			2			1			3					9
Other expenses		374			336			436			481					2,079
Total operating expenses		1,112			914			1,154			1,302					5,027
Operating earnings before provision for income tax		128			187			210			187					736
Provision for income tax expense (benefit)		50			56			52			34					257
Operating earnings		78			131			158			153					479
Preferred stock dividends		—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	78		$	131		$	158		$	153		$		$	479		$
Net Income Reconciliation
Operating earnings	$	78		$	131		$	158		$	153		$		$	479		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(109	)		454			(501	)		(574	)				169
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(9	)		5			(5	)		(3	)				(36	)
Equity method operating joint ventures realized gains (losses), net of offsets		64			20			(96	)		(35	)				105
Real estate discontinued operations		—			—			—			—					—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations		(51	)		(22	)		39			(24	)				12
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(1	)		1			(1	)		—					(1	)
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—					—
Other expenses:
Noncontrolling interest		(7	)		(5	)		(9	)		(7	)				(28	)
Business combination costs		—			—			—			—					—
Provision for income tax expense (benefit)		(7	)		(149	)		201			207					(147	)
Income (loss) from continuing operations, net of income tax		(42	)		435			(214	)		(283	)				553
Income (loss) from discontinued operations, net of income tax		—			—			—			—					—
Net income (loss)		(42	)		435			(214	)		(283	)				553
Less: Net income (loss) attributable to noncontrolling interest		(9	)		(5	)		(9	)		(5	)				(27	)
Net income (loss) attributable to MetLife, Inc.		(33	)		440			(205	)		(278	)				580
Less: Preferred stock dividends		—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(33	)	$	440		$	(205	)	$	(278)			$	$	580		$
Premiums, Fees and Other Revenues	$	1,006		$	933		$	1,005		$	1,094			$	$	4,583		$
Actual Number of Sales Representatives		6,000			5,757			5,747			5,622

31

INTERNATIONAL — LATIN AMERICA REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)		2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums		$	358		$	348		$	366		$	420		$		$	1,822		$
Universal life and investment-type product policy fees			133			122			136			133					614
Net investment income			244			119			191			193					1,103
Other revenues			5			1			1			3					14
Total operating revenues			740			590			694			749					3,553
OPERATING EXPENSES
Policyholder benefits and dividends			393			265			326			384					1,938
Interest credited to policyholder account balances			68			78			81			86					317
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(34	)		(34	)		(41	)		(40	)				(186	)
Amortization of deferred policy acquisition costs			57			32			34			22					111
Interest expense			—			—			—			—					3
Other expenses			93			71			177			193					752
Total operating expenses			577			412			577			645					2,935
Operating earnings before provision for income tax			163			178			117			104					618
Provision for income tax expense (benefit)			48			56			31			23					200
Operating earnings			115			122			86			81					418
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	115		$	122		$	86		$	81		$		$	418		$
Net Income Reconciliation
Operating earnings		$	115		$	122		$	86		$	81		$		$	418		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(72	)		(17	)		23			(23	)				(129	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(6	)		8			—			2					(27	)
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—					—
Real estate discontinued operations			—			—			—			—					—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations			(51	)		(22	)		39			(24	)				12
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—					—
Other expenses:
Noncontrolling interest			—			—			—			—					—
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			29			3			(11	)		10					20
Income (loss) from continuing operations, net of income tax			15			94			137			46					294
Income (loss) from discontinued operations, net of income tax			—			—			—			—					—
Net income (loss)			15			94			137			46					294
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—					—
Net income (loss) attributable to MetLife, Inc.			15			94			137			46					294
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	15		$	94		$	137		$	46		$		$	294		$
Premiums, Fees and Other Revenues		$	496		$	471		$	503		$	556		$		$	2,450		$
Actual Number of Sales Representatives			139			118			120			114

32

INTERNATIONAL — ASIA PACIFIC REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)		2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums		$	302		$	289		$	329		$	353		$		$	1,269		$
Universal life and investment-type product policy fees			109			76			78			78					440
Net investment income			(13	)		50			147			126					59
Other revenues			—			—			1			—					3
Total operating revenues			398			415			555			557					1,771
OPERATING EXPENSES
Policyholder benefits and dividends			305			258			253			292					1,152
Interest credited to policyholder account balances			(37	)		6			63			40					(131	)
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(75	)		(59	)		(75	)		(88	)				(425	)
Amortization of deferred policy acquisition costs			58			52			52			49					214
Interest expense			1			1			—			2					4
Other expenses			153			134			154			167					787
Total operating expenses			405			392			447			462					1,601
Operating earnings before provision for income tax			(7	)		23			108			95					170
Provision for income tax expense (benefit)			7			2			22			13					73
Operating earnings			(14	)		21			86			82					97
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(14	)	$	21		$	86		$	82		$		$	97		$
Net Income Reconciliation
Operating earnings		$	(14	)	$	21		$	86		$	82		$		$	97		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(30	)		469			(527	)		(555	)				301
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(3	)		(3	)		(5	)		(5	)				(9	)
Equity method operating joint ventures realized gains (losses), net of offsets			64			20			(96	)		(35	)				105
Real estate discontinued operations			—			—			—			—					—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—					—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(1	)		1			(1	)		—					(1	)
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—					—
Other expenses:
Noncontrolling interest			—			—			—			—					—
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			(40	)		(152	)		213			198					(170	)
Income (loss) from continuing operations, net of income tax			(24	)		356			(330	)		(315	)				323
Income (loss) from discontinued operations, net of income tax			—			—			—			—					—
Net income (loss)			(24	)		356			(330	)		(315	)				323
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—					—
Net income (loss) attributable to MetLife, Inc.			(24	)		356			(330	)		(315	)				323
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(24	)	$	356		$	(330	)	$	(315	)	$		$	323		$
Premiums, Fees and Other Revenues		$	411		$	365		$	408		$	431		$		$	1,712		$
Actual Number of Sales Representatives			5,861			5,639			5,627			5,508

33

INTERNATIONAL — EUROPEAN REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)		2008			2009			2009			2009			2009		2008			2009
OPERATING REVENUES
Premiums		$	93		$	84		$	82		$	95		$		$	379		$
Universal life and investment-type product policy fees			6			12			12			11					41
Net investment income			3			(1	)		21			76					18
Other revenues			—			1			—			1					1
Total operating revenues			102			96			115			183					439
OPERATING EXPENSES
Policyholder benefits and dividends			26			25			21			29					95
Interest credited to policyholder account balances			(2	)		(6	)		15			72					(15	)
Interest credited to bank deposits			—			—			—			—					—
Capitalization of deferred policy acquisition costs			(43	)		(52	)		(24	)		(36	)				(187	)
Amortization of deferred policy acquisition costs			18			11			12			8					56
Interest expense			3			1			1			1					2
Other expenses			128			131			105			121					540
Total operating expenses			130			110			130			195					491
Operating earnings before provision for income tax			(28	)		(14	)		(15	)		(12	)				(52	)
Provision for income tax expense (benefit)			(5	)		(2	)		(1	)		(2	)				(16	)
Operating earnings			(23	)		(12	)		(14	)		(10	)				(36	)
Preferred stock dividends			—			—			—			—					—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(23	)	$	(12	)	$	(14	)	$	(10	)	$		$	(36	)	$
Net Income Reconciliation
Operating earnings		$	(23	)	$	(12	)	$	(14	)	$	(10	)	$		$	(36	)	$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(7	)		2			3			4					(3	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—					—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—					—
Real estate discontinued operations			—			—			—			—					—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—					—
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—					—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—					—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—					—
Other expenses:
Noncontrolling interest			(7	)		(5	)		(9	)		(7	)				(28	)
Business combination costs			—			—			—			—					—
Provision for income tax expense (benefit)			4			—			(1	)		(1	)				3
Income (loss) from continuing operations, net of income tax			(33	)		(15	)		(21	)		(14	)				(64	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—					—
Net income (loss)			(33	)		(15	)		(21	)		(14	)				(64	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(5	)		(9	)		(5	)				(27	)
Net income (loss) attributable to MetLife, Inc.			(24	)		(10	)		(12	)		(9	)				(37	)
Less: Preferred stock dividends			—			—			—			—					—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(24	)	$	(10	)	$	(12	)	$	(9	)	$		$	(37	)	$
Premiums, Fees and Other Revenues		$	99		$	97		$	94		$	107		$		$	421		$
Actual Number of Sales Representatives			—			—			—			—

34

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	1		$	2		$	4		$	5		$	$	27		$
Universal life and investment-type product policy fees		—			—			—			—				—
Net investment income		158			51			135			120				808
Other revenues		119			267			281			274				184
Total operating revenues		278			320			420			399				1,019
OPERATING EXPENSES
Policyholder benefits and dividends		11			—			3			—				46
Interest credited to policyholder account balances		6			—			—			—				7
Interest credited to bank deposits		43			43			40			37				166
Capitalization of deferred policy acquisition costs		1			—			—			—				(3	)
Amortization of deferred policy acquisition costs		—			—			2			—				5
Interest expense		268			240			252			270				1,033
Other expenses		308			287			331			297				699
Total operating expenses		637			570			628			604				1,953
Operating earnings before provision for income tax		(359	)		(250	)		(208	)		(205	)			(934	)
Provision for income tax expense (benefit)		(167	)		(102	)		(145	)		(167	)			(495	)
Operating earnings		(192	)		(148	)		(63	)		(38	)			(439	)
Preferred stock dividends		31			30			31			30				125
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(223	)	$	(178	)	$	(94	)	$	(68	)	$	$	(564	)	$
Net Income Reconciliation
Operating earnings	$	(192	)	$	(148	)		(63	)	$	(38	)	$	$	(439	)	$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,042			304			(501	)		(517	)			947
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(1	)		2			12				13
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		3			2			(11	)		—				4
Business combination costs		—			(11	)		—			(22	)			—
Provision for income tax expense (benefit)		(369	)		(108	)		186			187				(352	)
Income (loss) from continuing operations, net of income tax		481			38			(387	)		(378	)			173
Income (loss) from discontinued operations, net of income tax		58			12			—			(2	)			(201	)
Net income (loss)		539			50			(387	)		(380	)			(28	)
Less: Net income (loss) attributable to noncontrolling interest		2			1			(7	)		—				96
Net income (loss) attributable to MetLife, Inc.		537			49			(380	)		(380	)			(124	)
Less: Preferred stock dividends		31			30			31			30				125
Net income (loss) available to MetLife, Inc.’s common shareholders	$	506		$	19		$	(411	)	$	(410	)	$	$	(249	)	$
Premiums, Fees and Other Revenues	$	120		$	269		$	285		$	279		$	$	211		$

35

BANKING, CORPORATE & OTHER — BANKING
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	—		$	—		$	—		$	—		$	$	—		$
Universal life and investment-type product policy fees		—			—			—			—				—
Net investment income		115			121			129			115				380
Other revenues		94			255			271			264				127
Total operating revenues		209			376			400			379				507
OPERATING EXPENSES
Policyholder benefits and dividends		—			—			—			—				—
Interest credited to policyholder account balances		—			—			—			—				—
Interest credited to bank deposits		43			43			40			37				166
Capitalization of deferred policy acquisition costs		—			—			—			—				—
Amortization of deferred policy acquisition costs		—			—			—			—				—
Interest expense		18			13			14			16				58
Other expenses		129			202			229			178				216
Total operating expenses		190			258			283			231				440
Operating earnings before provision for income tax		19			118			117			148				67
Provision for income tax expense (benefit)		6			41			41			68				23
Operating earnings		13			77			76			80				44
Preferred stock dividends		—			—			—			—				—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	13		$	77		$	76		$	80		$	$	44		$
Net Income Reconciliation
Operating earnings	$	13		$	77			76		$	80		$	$	44		$
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(13	)		(55	)		(15	)		(42	)			(17	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			1			—				—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		—			—			1			—				—
Business combination costs		—			—			—			—				—
Provision for income tax expense (benefit)		4			19			5			19				6
Income (loss) from continuing operations, net of income tax		4			41			68			57				33
Income (loss) from discontinued operations, net of income tax		—			—			—			—				—
Net income (loss)		4			41			68			57				33
Less: Net income (loss) attributable to noncontrolling interest		—			—			1			—				—
Net income (loss) attributable to MetLife, Inc.		4			41			67			57				33
Less: Preferred stock dividends		—			—			—			—				—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	4		$	41		$	67		$	57		$	$	33		$
Premiums, Fees and Other Revenues	$	94		$	255		$	271		$	264		$	$	127		$

36

BANKING, CORPORATE & OTHER — CORPORATE & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended													For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,	December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009	2008			2009
OPERATING REVENUES
Premiums	$	1		$	2		$	4		$	5		$	$	27		$
Universal life and investment-type product policy fees		—			—			—			—				—
Net investment income		43			(70	)		6			5				428
Other revenues		25			12			10			10				57
Total operating revenues		69			(56	)		20			20				512
OPERATING EXPENSES
Policyholder benefits and dividends		11			—			3			—				46
Interest credited to policyholder account balances		6			—			—			—				7
Interest credited to bank deposits		—			—			—			—				—
Capitalization of deferred policy acquisition costs		1			—			—			—				(3	)
Amortization of deferred policy acquisition costs		—			—			2			—				5
Interest expense		250			227			238			254				975
Other expenses		179			85			102			119				483
Total operating expenses		447			312			345			373				1,513
Operating earnings before provision for income tax		(378	)		(368	)		(325	)		(353	)			(1,001	)
Provision for income tax expense (benefit)		(173	)		(143	)		(186	)		(235	)			(518	)
Operating earnings		(205	)		(225	)		(139	)		(118	)			(483	)
Preferred stock dividends		31			30			31			30				125
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(236	)	$	(255	)	$	(170	)	$	(148	)	$	$	(608	)	$
Net Income Reconciliation
Operating earnings	$	(205	)	$	(225	)		(139	)	$	(118	)	$	$	(483	)	$	��
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,055			359			(486	)		(475	)			964
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—				—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(1	)		1			12				13
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—				—
Real estate discontinued operations		—			—			—			—				—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—				—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—				—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—				—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—				—
Other expenses:
Noncontrolling interest		3			2			(12	)		—				4
Business combination costs		—			(11	)		—			(22	)			—
Provision for income tax expense (benefit)		(373	)		(127	)		181			168				(358	)
Income (loss) from continuing operations, net of income tax		477			(3	)		(455	)		(435	)			140
Income (loss) from discontinued operations, net of income tax		58			12			—			(2	)			(201	)
Net income (loss)		535			9			(455	)		(437	)			(61	)
Less: Net income (loss) attributable to noncontrolling interest		2			1			(8	)		—				96
Net income (loss) attributable to MetLife, Inc.		533			8			(447	)		(437	)			(157	)
Less: Preferred stock dividends		31			30			31			30				125
Net income (loss) available to MetLife, Inc.’s common shareholders	$	502		$	(22	)	$	(478	)	$	(467	)	$	$	(282	)	$
Premiums, Fees and Other Revenues	$	26		$	14		$	14		$	15		$	$	84		$

37

BANKING, CORPORATE & OTHER — BANKING (1)

SUPPLEMENTAL INFORMATION

	At or For the Three Months Ended														At or For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,		December 31,			December 31,
Unaudited (In millions, except ratios)	2008			2009			2009			2009			2009		2008			2009
The following supplemental information for MetLife Bank is presented in accordance with Banking Standards:
Income Statement
Net interest income, net of interest expense	$	51		$	60		$	73		$	66		$		$	147		$
Provision for credit losses		(7	)		(42	)		(14	)		(27	)				(11	)
Non interest income		98			248			275			248					137
Non interest expense		(137	)		(203	)		(231	)		(181	)				(223	)
Income before taxes		5			63			103			106					50
Income tax expense		1			22			36			49					17
Net income	$	4		$	41		$	67		$	57		$		$	33		$
Selected Balance Sheet Accounts
Loans Held-for-Investments:
Commercial Loans & Mortgages	$	2,163		$	2,136		$	2,016		$	1,965			$	$	2,163		$
Consumer		641			624			724			805					641
Agriculture		192			194			185			176					192
Total Loans		2,996			2,954			2,925			2,946					2,996
Allowance for Loan Losses		(32	)		(74	)		(87	)		(101	)				(32	)
Total Loans Held-for-Investments (Net)	$	2,964		$	2,880		$	2,838		$	2,845		$		$	2,964
Net Charge-offs	$	(0.1	)	$	0.3		$	0.5		$	12.7		$		$	(0.1	)	$
Loans Held-for-Sale	$	1,995		$	3,970		$	4,271		$	2,442		$		$	1,995		$
Total Assets	$	10,274		$	14,816		$	14,640		$	13,140		$		$	10,274		$
Total Deposits	$	6,884		$	7,531		$	7,806		$	8,372		$		$	6,884		$
Key Ratios & Statistics
Tier 1 Capital	$	629		$	755		$	806		$	860		$		$	629		$
Risk Weighted Assets	$	5,368		$	7,270		$	7,764		$	6,796		$		$	5,368		$
Tier 1 Capital Ratio		11.72	%		10.39	%		10.39	%		12.65	%				11.72	%
Total Capital Ratio		12.32	%		11.40	%		11.52	%		13.90	%				12.32	%
Tier 1 Leverage		6.51	%		6.56	%		6.22	%		6.37	%				6.51	%
Net Interest Margin		2.24	%		2.12	%		2.30	%		2.20	%				1.91	%
Allowance / Total Loans		1.06	%		2.49	%		2.97	%		3.44	%				1.06	%
Allowance / Non Performing Assets		182.86	%		377.55	%		430.69	%		135.94	%				182.86	%

(1) All amounts on this page relate to MetLife Bank only.

38

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	At or For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
Fixed Maturity Securities
Yield (1)		6.18	%		5.70	%		5.91	%		5.89	%
Investment income (2)	$	2,973		$	2,800		$	3,036		$	3,090		$
Investment gains (losses)		(526	)		(609	)		(378	)		(455	)
Ending carrying value (2)		189,197			192,337			213,034			225,866
Mortgage Loans
Yield (1)		6.05	%		5.32	%		5.37	%		5.33	%
Investment income (3)		737			680			694			675
Investment gains (losses)		(99	)		(146	)		(125	)		(129	)
Ending carrying value		51,364			53,044			52,500			50,681
Real Estate and Real Estate Joint Ventures (4)
Yield (1)		(2.36	%)		(9.19	%)		(8.83	%)		(6.09	%)
Investment income (losses)		(44	)		(172	)		(162	)		(109	)
Investment gains (losses)		(13	)		(25	)		(68	)		(70	)
Ending carrying value		7,586			7,381			7,296			7,032
Policy Loans
Yield (1)		6.32	%		6.40	%		6.51	%		6.56	%
Investment income		154			157			161			163
Ending carrying value		9,802			9,851			9,907			10,001
Equity Securities
Yield (1)		6.25	%		3.92	%		6.01	%		4.50	%
Investment income		59			37			54			37
Investment gains (losses)		(63	)		(269	)		(108	)		(53	)
Ending carrying value		3,197			2,817			3,045			3,117
Other Limited Partnership Interests
Yield (1)		(20.14	%)		(19.79	%)		5.46	%		9.75	%
Investment income (losses)		(311	)		(253	)		72			127
Investment gains (losses)		(109	)		(97	)		(247	)		(12	)
Ending carrying value		6,039			5,365			5,193			5,255
Cash and Short-term Investments
Yield (1)		0.71	%		0.48	%		0.45	%		0.45	%
Investment income		48			36			24			20
Investment gains (losses)		2			(2	)		2			5
Ending carrying value		38,085			30,320			21,330			22,423
Other Invested Assets (4), (5), (6)
Investment income		120			92			98			54
Investment gains (losses)		2,973			233			(3,033	)		(1,455	)
Ending carrying value		17,248			15,130			13,071			13,916
Total Investments
Gross investment income yield (1)		4.86	%		4.24	%		5.02	%		5.14	%
Investment fees and expenses yield		(0.15	%)		(0.13	%)		(0.15	%)		(0.13	%)
Net Investment Income Yield		4.71	%		4.11	%		4.87	%		5.01	%
Gross investment income		3,736			3,377			3,977			4,057
Investment fees and expenses		(115	)		(103	)		(118	)		(101	)
Net Investment Income (7)	$	3,621		$	3,274		$	3,859		$	3,956		$
Ending carrying value	$	322,518		$	316,245		$	325,376		$	338,291		$
Gross investment gains	$	782		$	571		$	263		$	299		$
Gross investment losses		(737	)		(535	)		(546	)		(489	)
Writedowns		(546	)		(1,041	)		(846	)		(661	)
Subtotal		(501	)		(1,005	)		(1,129	)		(851	)
Derivatives not qualifying for hedge accounting (6)		2,666			90			(2,828	)		(1,318	)
Investment Gains (Losses) (4)		2,165			(915	)		(3,957	)		(2,169	)
Investment gains (losses) income tax benefit (provision)		(804	)		325			1,394			751
Investment Gains (Losses), net of income tax	$	1,361		$	(590	)	$	(2,563	)	$	(1,418	)	$

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $946 million, $922 million, $1,471 million, $1,970 million and $[XX] million in ending carrying value, and ($56) million, $17 million, $130 million, $163 million and $[XX] million of investment income (loss) related to trading securities at or for the three months ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(3)	Investment income from mortgage loans includes prepayment fees.
(4)	Net investment gains (losses) presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented below for the three months ended:

	December 31,			March 31,			June 30,			September 30,			December 31,
	2008			2009			2009			2009			2009
Investment gains (losses) — per yield table above	$	2,165		$	(915	)	$	(3,957	)	$	(2,169	)	$
• Real estate discontinued operations		(8	)		—			—			—
• Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		50			31			32			(4	)
• Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		10			(2	)		—			(1	)
• Hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures		(64	)		(20	)		96			35
Investment gains (losses) — per GAAP	$	2,153		$	(906	)	$	(3,829	)	$	(2,139	)	$

(5)	Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated 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.
(6)	Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $5,287 million, ($1,127) million, ($3,621) million, ($732) million and $[XX] million; and embedded derivatives of ($2,621) million, $1,217 million, $793 million, ($586) million and $[XX] million for the three months ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(7)	Net investment income presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses) as presented on page 2 — Corporate Overview.

39

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

	At or For the Year-to-Date Period Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
Fixed Maturity Securities
Yield (1)		6.40	%		5.70	%		5.81	%		5.83	%
Investment income (2)	$	12,403		$	2,800		$	5,836		$	8,926		$
Investment gains (losses)		(1,953	)		(609	)		(987	)		(1,442	)
Ending carrying value (2)		189,197			192,337			213,034			225,866
Mortgage Loans
Yield (1)		6.08	%		5.32	%		5.35	%		5.34	%
Investment income (3)		2,774			680			1,374			2,049
Investment gains (losses)		(136	)		(146	)		(271	)		(400	)
Ending carrying value		51,364			53,044			52,500			50,681
Real Estate and Real Estate Joint Ventures (4)
Yield (1)		2.98	%		(9.19	%)		(9.01	%)		(8.05	%)
Investment income (losses)		217			(172	)		(334	)		(443	)
Investment gains (losses)		(9	)		(25	)		(93	)		(163	)
Ending carrying value		7,586			7,381			7,296			7,032
Policy Loans
Yield (1)		6.22	%		6.40	%		6.45	%		6.49	%
Investment income		601			157			318			481
Ending carrying value		9,802			9,851			9,907			10,001
Equity Securities
Yield (1)		5.25	%		3.92	%		4.94	%		4.83	%
Investment income		249			37			91			128
Investment gains (losses)		(253	)		(269	)		(377	)		(430	)
Ending carrying value		3,197			2,817			3,045			3,117
Other Limited Partnership Interests
Yield (1)		(2.77	%)		(19.79	%)		(6.59	%)		(1.32	%)
Investment income (losses)		(170	)		(253	)		(181	)		(54	)
Investment gains (losses)		(140	)		(97	)		(344	)		(356	)
Ending carrying value		6,039			5,365			5,193			5,255
Cash and Short-term Investments
Yield (1)		1.62	%		0.48	%		0.47	%		0.46	%
Investment income		307			36			60			80
Investment gains (losses)		3			(2	)		—			5
Ending carrying value		38,085			30,320			21,330			22,423
Other Invested Assets (4), (5), (6), (7)
Investment income		279			92			190			244
Investment gains (losses)		4,363			233			(2,800	)		(4,255	)
Ending carrying value		17,248			15,130			13,071			13,916
Total Investments
Gross investment income yield (1)		5.68	%		4.24	%		4.63	%		4.80	%
Investment fees and expenses yield		(0.16	%)		(0.13	%)		(0.14	%)		(0.14	%)
Net Investment Income Yield		5.52	%		4.11	%		4.49	%		4.66	%
Gross investment income		16,660			3,377			7,354			11,411
Investment fees and expenses		(460	)		(103	)		(221	)		(322	)
Net Investment Income (8)	$	16,200		$	3,274		$	7,133		$	11,089		$
Ending carrying value	$	322,518		$	316,245		$	325,376		$	338,291		$
Gross investment gains	$	2,579		$	571		$	834		$	1,133		$
Gross investment losses (7)		(2,084	)		(535	)		(1,081	)		(1,570	)
Writedowns (7)		(2,042	)		(1,041	)		(1,887	)		(2,548	)
Subtotal		(1,547	)		(1,005	)		(2,134	)		(2,985	)
Derivatives not qualifying for hedge accounting (6), (7)		3,422			90			(2,738	)		(4,056	)
Investment Gains (Losses) (4)		1,875			(915	)		(4,872	)		(7,041	)
Investment gains (losses) income tax benefit (provision)		(733	)		325			1,719			2,470
Investment Gains (Losses), net of income tax	$	1,142		$	(590	)	$	(3,153	)	$	(4,571	)	$

(1)	Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $946 million, $922 million, $1,471 million, $1,970 million and $[XX] million in ending carrying value, and ($193) million, $17 million, $147 million, $310 million and $[XX] million of investment income (loss) related to trading securities at or for the year-to-date period ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(3)	Investment income from mortgage loans includes prepayment fees.
(4)	Net investment gains (losses) presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented below for the year-to-date period ended:

	December 31,			March 31,			June 30,			September 30,			December 31,
	2008			2009			2009			2009			2009
Investment gains (losses) — per yield table above	$	1,875		$	(915	)	$	(4,872	)	$	(7,041	)	$
• Real estate discontinued operations		(8	)		—			—			—
• Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		5			31			63			59
• Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		45			(2	)		(2	)		(3	)
• Hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures		(105	)		(20	)		76			111
Investment gains (losses) — per GAAP	$	1,812		$	(906	)	$	(4,735	)	$	(6,874	)	$

(5)	Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated 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.
(6)	The components of investment gains (losses) for the year-to-date period ended December 31, 2008, are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.
(7)	Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $6,072 million, ($1,127) million, ($4,748) million, ($5,480) million and $[XX] million; and embedded derivatives of ($2,650) million, $1,217 million, $2,010 million, $1,424 million and $[XX] million for the year-to-date period ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(8)	Net investment income presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented on the following pages: (i) Insurance Products, page 12, (ii) Retirement Products, page 19, (iii) Corporate Benefit Funding, page 23, (iv) Auto & Home, page 27, (v) International, page 31, and (vi) Banking, Corporate & Other, page 35.

40

METLIFE, INC.

GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)

	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount	% of Total
Less than 20%	$	8,034		27.9	%	$	6,951		24.2	%	$	6,220		31.9	%	$	4,050		35.4	%	$
20% or more for less than six months		17,191		59.6	%		12,494		43.4	%		1,973		10.1	%		540		4.7	%
20% or more for six months or greater		3,596		12.5	%		9,312		32.4	%		11,320		58.0	%		6,850		59.9	%
Total Gross Unrealized Losses	$	28,821		100.0	%	$	28,757		100.0	%	$	19,513		100.0	%	$	11,440		100.0	%	$
Total Gross Unrealized Gains	$	7,564				$	5,562				$	5,582				$	10,062				$
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount	% of Total
Less than 20%	$	75		7.7	%	$	25		2.1	%	$	26		3.6	%	$	85		21.3	%	$
20% or more for less than six months		519		53.0	%		490		40.8	%		143		19.8	%		13		3.3	%
20% or more for six months or greater		384		39.3	%		687		57.1	%		552		76.6	%		300		75.4	%
Total Gross Unrealized Losses	$	978		100.0	%	$	1,202		100.0	%	$	721		100.0	%	$	398		100.0	%	$
Total Gross Unrealized Gains	$	44				$	32				$	87				$	166				$

(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.

41

METLIFE, INC.

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

	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount	% of Total
U.S. corporate securities	$	63,303		33.6	%	$	60,714		31.7	%	$	65,981		31.2	%	$	71,642		32.1	%	$
Residential mortgage-backed securities		36,028		19.2	%		38,115		19.9	%		41,798		19.8	%		43,397		19.4	%
Foreign corporate securities		29,679		15.8	%		29,405		15.4	%		33,607		15.9	%		36,592		16.3	%
U.S. Treasury, agency and government guaranteed securities		21,310		11.3	%		24,649		12.9	%		27,673		13.1	%		25,467		11.4	%
Commercial mortgage-backed securities		12,644		6.7	%		12,981		6.8	%		13,995		6.6	%		15,535		6.9	%
Asset-backed securities		10,523		5.6	%		11,032		5.7	%		12,414		5.8	%		13,251		5.9	%
Foreign government securities		10,153		5.4	%		9,384		4.9	%		10,560		5.0	%		11,447		5.1	%
State and political subdivision securities		4,557		2.4	%		5,112		2.7	%		5,517		2.6	%		6,549		2.9	%
Other fixed maturity securities		54		0.0	%		23		0.0	%		18		0.0	%		16		0.0	%
Total fixed maturity securities available-for-sale	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%	$
NAIC RATING             RATING AGENCY DESIGNATION
	(1)					(1)					(1)					(1)					(2)
1                      Aaa / Aa / A	$	137,125		72.9	%	$	137,190		71.7	%	$	147,337		69.6	%	$	153,893		68.7	%	$
2                      Baa		38,761		20.6	%		39,346		20.6	%		45,949		21.7	%		48,612		21.7	%
3                      Ba		7,796		4.1	%		8,697		4.5	%		9,598		4.6	%		9,860		4.4	%
4                      B		3,779		2.0	%		4,368		2.3	%		5,717		2.7	%		5,927		2.7	%
5                      Caa and lower		715		0.4	%		1,734		0.9	%		2,756		1.3	%		5,330		2.4	%
6                      In or near default		75		0.0	%		80		0.0	%		206		0.1	%		274		0.1	%
Total fixed maturity securities available-for-sale	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%	$
(1)    Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”). The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list.
(2)    Amounts presented are based on rating agency designations and equivalent ratings of the NAIC, with the exception of non-agency residential mortgage-backed securities held by the Company’s domestic insurance subsidiaries. Amounts presented for non-agency residential mortgage-backed securities held by the Company’s domestic insurance subsidiaries are based on final ratings from the revised NAIC rating methodology which became effective December 31, 2009.
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount	% of Total
Pacific	$	8,837		24.6	%	$	8,757		24.4	%	$	8,679		24.8	%	$	8,806		25.3	%	$
South Atlantic		8,101		22.5	%		8,064		22.5	%		7,627		21.8	%		7,454		21.4	%
Middle Atlantic		5,931		16.5	%		6,129		17.1	%		5,879		16.8	%		5,639		16.2	%
International		3,414		9.5	%		3,350		9.3	%		3,461		9.9	%		3,590		10.3	%
West South Central		3,070		8.5	%		3,006		8.4	%		2,908		8.3	%		2,906		8.3	%
East North Central		2,591		7.2	%		2,580		7.2	%		2,561		7.3	%		2,545		7.3	%
New England		1,529		4.3	%		1,517		4.2	%		1,465		4.2	%		1,451		4.2	%
Mountain		1,052		2.9	%		1,049		2.9	%		1,044		3.0	%		1,039		3.0	%
West North Central		716		2.0	%		682		1.9	%		677		1.9	%		667		2.0	%
East South Central		468		1.3	%		465		1.4	%		462		1.3	%		460		1.3	%
Other		256		0.7	%		254		0.7	%		254		0.7	%		253		0.7	%
Total	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$
Office	$	15,307		42.6	%	$	15,215		42.4	%	$	14,832		42.3	%	$	14,988		43.1	%
Retail		8,038		22.3	%		8,002		22.3	%		7,941		22.7	%		8,081		23.2	%
Apartments		4,113		11.4	%		4,062		11.3	%		3,838		11.0	%		3,725		10.7	%
Hotel		3,078		8.6	%		3,058		8.6	%		3,076		8.8	%		2,967		8.5	%
Industrial		2,901		8.1	%		2,818		7.9	%		2,802		8.0	%		2,804		8.1	%
Other		2,528		7.0	%		2,698		7.5	%		2,528		7.2	%		2,245		6.4	%
Total	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$

42

METLIFE, INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES

	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2008		2009		2009		2009		2009
Wholly-owned	$	4,062	$	4,059	$	4,069	$	4,061	$
Joint ventures		3,522		3,319		3,141		2,846
Subtotal		7,584		7,378		7,210		6,907
Foreclosed		2		3		86		125
Total Real Estate and Real Estate Joint Ventures (1)	$	7,586	$	7,381	$	7,296	$	7,032	$
SUMMARY OF MORTGAGE LOANS
	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2008		2009		2009		2009		2009
Commercial mortgage loans	$	35,965	$	35,853	$	35,017	$	34,810	$
Agricultural mortgage loans		12,234		12,066		11,913		12,059
Residential and consumer loans		1,153		1,155		1,299		1,370
Mortgage loans held-for-sale		2,012		3,970		4,271		2,442
Total	$	51,364	$	53,044	$	52,500	$	50,681	$

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

43

Company Ratings as of January [XX], 2010 (1)

     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 contractholders. 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 January [XX], 2010 are listed in the tables below:

	A.M. Best	Fitch	Moody's	S&P
Insurer Financial Strength Ratings
First MetLife Investors Insurance Co.
General American Life Insurance Company
MetLife Insurance Company of Connecticut
MetLife Investors Insurance Company
MetLife Investors USA Insurance Company
Metropolitan Casualty Insurance Company
Metropolitan Direct Property and Casualty Insurance Co.
Metropolitan General Insurance Company
Metropolitan Group Property & Casualty Insurance Co.
Metropolitan Life Insurance Company
Metropolitan Lloyds Insurance Company of Texas
Metropolitan Property and Casualty Insurance Company
Metropolitan Tower Life Insurance Company
New England Life Insurance Company
Credit Ratings
MetLife Short Term Funding LLC
Commercial Paper
General American Life Insurance Company
(Surplus Notes)
MetLife, Inc.
Commercial Paper
Senior Unsecured Debt
Subordinated Debt
Junior Subordinated Debt
Preferred Stock
Non-Cumulative Perpetual Preferred Stock
MetLife Capital Trust IV & X
Trust Securities
MetLife Funding, Inc.
Commercial Paper
Metropolitan Life Global Funding I
Senior Secured Debt
MetLife Institutional Funding I, LLC
Senior Secured Debt
Metropolitan Life Insurance Company
Surplus Notes

*	Currently on negative outlook
NR	Not Rated

(1) These ratings will be presented in the December 31, 2009 QFS.

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