MetLife (MET) 8-K Metlife Announces Strong First Quarter 2010 Results

First Quarter
Financial Supplement

March 31, 2010

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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	9
U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	10
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Other Expenses by Major Category and Individual Life Sales by Product	15
Spread by Product	16
U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	18
Other Expenses by Major Category and Individual Annuity Sales by Product	19
Spread	20
U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	21
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	22
Other Expenses by Major Category	23
Spread	24
U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	25
Written Premiums by Product and Selected Financial Information and Supplemental Data	28
INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders	29
BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	33
Banking - Supplemental Information	36
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	37
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules	39
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Commercial Mortgage Loans by Region and Property Type	40
Summary of Real Estate and Real Estate Joint Ventures and Summary of Mortgage Loans	41
OTHER INFORMATION
Company Ratings	42

NOTE:

This 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. This QFS also includes financial measures, such as operating earnings, operating revenues, operating expenses, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, which do not equate to and should not be viewed as substitutes for generally accepted accounting principles (“GAAP”) net income (loss), GAAP revenues, GAAP expenses, 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. 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 and other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as operating revenues less operating expenses, net of income tax. 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.

Operating revenues is defined as GAAP revenues (i) less net investment gains (losses), (ii) less amortization of unearned revenue related to net investment gains (losses), (iii) plus scheduled periodic settlement payments on derivative instruments that are hedges of investments but do not qualify for hedge accounting treatment, (iv) plus income from discontinued real estate operations and (v) plus, for operating joint ventures reported under the equity method of accounting, the aforementioned adjustments and those identified in the definition of operating expenses, net of income tax, if applicable to these joint ventures.

Operating expenses is defined as GAAP expenses (i) less changes in policyholder benefits associated with asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities, (ii) less costs related to business combinations and noncontrolling interests, (iii) less amortization of deferred acquisition costs (“DAC”) and value of business acquired (“VOBA”) and changes in the policyholder dividend obligation related to net investment gains (losses) and (iv) plus scheduled periodic settlement payments on derivative instruments that are hedges of policyholder account balances but do not qualify for hedge accounting treatment.

In addition, operating revenues and operating expenses do not reflect the consolidation of certain securitization vehicles that are variable interest entities as required under GAAP.

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. Reconciliations of operating earnings to GAAP net income (loss) from continuing operations, net of income tax, 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 common share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated April 29, 2010, for the three months ended March 31, 2010, which are available at www.metlife.com.

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METLIFE, INC.

CORPORATE OVERVIEW

	For the Three Months Ended
	March 31,				June 30,			September 30,			December 31,			March 31,
Unaudited (In millions, except per share data)	2009				2009			2009			2009			2010
Operating earnings available to common shareholders	$	131			$	723		$	718		$	793		$	834
Preferred stock dividends		30				31			30			31			30
Operating earnings		161				754			748			824			864
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(906	)			(3,829	)		(2,139	)		(898	)		72
Other adjustments to continuing operations		(241	)			473			46			6			(121	)
Provision for income tax expense (benefit)		401				1,183			721			378			18
Income (loss) from continuing operations, net of income tax		(585	)			(1,419	)		(624	)		310			833
Income (loss) from discontinued operations, net of income tax		37				1			(1	)		3			1
Net income (loss)		(548	)			(1,418	)		(625	)		313			834
Less: Net income (loss) attributable to noncontrolling interest		(4	)			(16	)		(5	)		(7	)		(1	)
Net income (loss) attributable to MetLife, Inc.		(544	)			(1,402	)		(620	)		320			835
Less: Preferred stock dividends		30				31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(574	)		$	(1,433	)	$	(650	)	$	289		$	805
Operating earnings available to common shareholders — diluted	$	0.16			$	0.88		$	0.87		$	0.96		$	1.01
Net investment gains (losses)		(1.12	)			(4.64	)		(2.59	)		(1.08	)		0.09
Other adjustments to continuing operations		(0.30	)			0.57			0.06			0.01			(0.15	)
Provision for income tax expense (benefit)		0.50				1.43			0.86			0.45			0.02
Discontinued operations, net of income tax		0.05				—			—			—			—
Less: Net income (loss) attributable to noncontrolling interest		—				(0.02	)		(0.01	)		(0.01	)		—
Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted	$	(0.71	)		$	(1.74	)	$	(0.79	)	$	0.35		$	0.97
Weighted average common shares outstanding — diluted		810.8				825.1			827.3			828.0			828.6
	March 31,				June 30,			September 30,			December 31,			March 31,
Unaudited	2009				2009			2009			2009			2010
Book value per common share — (actual common shares outstanding)	$	25.75			$	30.85		$	39.36		$	37.96		$	41.21
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	44.53			$	42.86		$	42.09		$	41.69		$	42.67
Book value per common share — diluted — (weighted average common shares outstanding)	$	25.98			$	30.60		$	38.95		$	37.54		$	40.75
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	44.93			$	42.52		$	41.65		$	41.23		$	42.19
	For the Three Months Ended
	March 31,				June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009				2009			2009			2009			2010
Common shares outstanding, beginning of period		793.6				818.1			818.6			818.8			818.8
Treasury stock, net		0.1				0.5			0.2			—			0.3
Newly issued shares		24.4				—			—			—			0.3
Common shares outstanding, end of period		818.1				818.6			818.8			818.8			819.4
				��
Weighted average common shares outstanding — basic		809.1				821.6			821.8			821.9			822.6
Dilutive effect of stock-based awards		1.7				3.5			5.5			6.1			6.0
Weighted average common shares outstanding — diluted		810.8				825.1			827.3			828.0			828.6
Policyholder Trust Shares		240.8				238.7			236.8			233.2			229.9

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METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	191,415		$	211,563		$	223,896		$	227,642		$	239,566
Equity securities available-for-sale, at estimated fair value		2,817			3,045			3,117			3,084			3,066
Trading securities, at estimated fair value (1)		922			1,471			1,970			2,384			3,039
Mortgage loans:
Held-for-investment, at amortized cost		49,074			48,229			48,239			48,181			48,368
Held-for-sale, principally at estimated fair value		3,970			4,271			2,442			2,728			2,003
Held by consolidated securitization entities, at estimated fair value		—			—			—			—			7,065
Mortgage loans, net		53,044			52,500			50,681			50,909			57,436
Policy loans		9,851			9,907			10,001			10,061			10,146
Real estate and real estate joint ventures		7,331			7,246			6,982			6,852			6,826
Real estate held-for-sale		50			50			50			44			40
Other limited partnership interests		5,365			5,193			5,255			5,508			5,753
Short-term investments		10,896			8,117			6,861			8,374			8,019
Other invested assets		15,130			13,071			13,916			12,709			12,327
Total investments		296,821			312,163			322,729			327,567			346,218
Cash and cash equivalents (1)		19,424			13,213			15,562			10,112			9,202
Accrued investment income		3,142			3,019			3,236			3,173			3,392
Premiums and other receivables		18,514			16,730			16,903			16,752			17,554
Deferred policy acquisition costs and value of business acquired		20,754			20,323			19,208			19,256			18,697
Current income tax recoverable		—			253			412			316			—
Deferred income tax assets		6,349			3,856			535			1,228			149
Goodwill		5,010			5,036			5,033			5,047			5,049
Other assets		7,028			7,896			7,140			6,822			6,869
Separate account assets		114,366			126,968			144,434			149,041			158,436
Total assets	$	491,408		$	509,457		$	535,192		$	539,314		$	565,566
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	131,609		$	132,823		$	134,492		$	135,879		$	137,516
Policyholder account balances		141,037			140,076			139,171			138,673			141,734
Other policyholder funds		8,136			8,319			8,549			8,446			8,682
Policyholder dividends payable		846			881			911			761			745
Payables for collateral under securities loaned and other transactions		24,341			24,607			24,363			24,196			25,982
Bank deposits		7,531			7,807			8,372			10,211			10,032
Short-term debt		5,878			4,757			2,131			912			318
Long-term debt (1)		11,042			12,940			13,202			13,220			20,177
Collateral financing arrangements		5,242			5,297			5,297			5,297			5,297
Junior subordinated debt securities		2,691			2,691			3,191			3,191			3,191
Current income tax payable		635			—			—			—			66
Other liabilities		14,625			14,679			16,486			15,989			17,211
Separate account liabilities		114,366			126,968			144,434			149,041			158,436
Total liabilities		467,979			481,845			500,599			505,816			529,387
Stockholders’ Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		8			8			8			8			8
Additional paid-in capital		16,860			16,849			16,865			16,859			16,871
Retained earnings		21,829			20,472			19,822			19,501			20,294
Treasury stock, at cost		(230	)		(203	)		(194	)		(190	)		(172	)
Accumulated other comprehensive loss		(15,358	)		(9,834	)		(2,234	)		(3,058	)		(1,191	)
Total MetLife, Inc.’s stockholders’ equity		23,110			27,293			34,268			33,121			35,811
Noncontrolling interests		319			319			325			377			368
Total equity		23,429			27,612			34,593			33,498			36,179
Total liabilities and stockholders’ equity	$	491,408		$	509,457		$	535,192		$	539,314		$	565,566

(1) Effective January 1, 2010, balances include the effect of consolidating under GAAP certain variable interest entities that are treated as consolidated securitization entities which reflect, at estimated fair value, $274 million of trading securities, $38 million of cash and cash equivalents and $7,106 million of long-term debt at March 31, 2010.

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METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
OPERATING REVENUES
Premiums	$	6,122		$	6,576		$	6,601		$	7,161		$	6,854
Universal life and investment-type product policy fees		1,189			1,227			1,255			1,559			1,408
Net investment income		3,274			3,859			3,956			4,000			4,293
Other revenues		554			572			602			601			513
Total operating revenues		11,139			12,234			12,414			13,321			13,068
OPERATING EXPENSES
Policyholder benefits and dividends		6,979			7,388			7,549			7,986			7,890
Interest credited to policyholder account balances		1,170			1,229			1,259			1,195			1,146
Interest credited to bank deposits		43			40			37			43			39
Capitalization of DAC		(786	)		(757	)		(722	)		(754	)		(744	)
Amortization of DAC and VOBA		746			332			376			564			588
Interest expense		245			256			274			269			264
Other expenses		2,557			2,765			2,723			2,947			2,645
Total operating expenses		10,954			11,253			11,496			12,250			11,828
Operating earnings before provision for income tax		185			981			918			1,071			1,240
Provision for income tax expense (benefit)		24			227			170			247			376
Operating earnings		161			754			748			824			864
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	131		$	723		$	718		$	793		$	834
Net Income Reconciliation
Operating earnings	$	161		$	754		$	748		$	824		$	864
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(906	)		(3,829	)		(2,139	)		(898	)		72
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		(6	)		(11	)		(4	)		(6	)		(1	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(31	)		(32	)		4			(29	)		(49	)
Equity method operating joint ventures realized gains (losses), net of offsets		20			(96	)		(35	)		(45	)		(5	)
Real estate discontinued operations		(2	)		(1	)		(2	)		(2	)		(1	)
Net investment income related to consolidated securitization entities		—			—			—			—			106
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(11	)		—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(16	)		8			(63	)		(2	)		(24	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		2			—			1			1			3
Amortization of deferred acquisition costs — related to net investment gains (losses)		(183	)		625			174			95			(14	)
Interest expense — related to consolidated securitization entities		—			—			—			—			(106	)
Other expenses:
Noncontrolling interest		(3	)		(20	)		(7	)		(8	)		(1	)
Business combination costs		(11	)		—			(22	)		2			(29	)
Provision for income tax expense (benefit)		401			1,183			721			378			18
Income (loss) from continuing operations, net of income tax		(585	)		(1,419	)		(624	)		310			833
Income (loss) from discontinued operations, net of income tax		37			1			(1	)		3			1
Net income (loss)		(548	)		(1,418	)		(625	)		313			834
Less: Net income (loss) attributable to noncontrolling interest		(4	)		(16	)		(5	)		(7	)		(1	)
Net income (loss) attributable to MetLife, Inc.		(544	)		(1,402	)		(620	)		320			835
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(574	)	$	(1,433	)	$	(650	)	$	289		$	805
Premiums, Fees and Other Revenues	$	7,865		$	8,375		$	8,458		$	9,321		$	8,775

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METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	March 31, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other (1)
ASSETS
Total investments (1)	$	346,218		$	272,476		$	21,322		$	52,420
Cash and cash equivalents (1)		9,202			2,138			1,457			5,607
Accrued investment income		3,392			2,666			312			414
Premiums and other receivables		17,554			10,001			913			6,640
Deferred policy acquisition costs and value of business acquired		18,697			15,684			3,009			4
Current income tax recoverable		—			—			—			—
Deferred income tax assets		149			(138	)		58			229
Goodwill		5,049			4,163			416			470
Other assets		6,869			4,298			500			2,071
Separate account assets		158,436			150,516			7,920			—
Total assets	$	565,566		$	461,804		$	35,907		$	67,855
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	137,516		$	120,727		$	11,274		$	5,515
Policyholder account balances		141,734			132,946			8,740			48
Other policyholder funds		8,682			6,525			1,759			398
Policyholder dividends payable		745			745			—			—
Payables for collateral under securities loaned and other transactions		25,982			17,985			13			7,984
Bank deposits		10,032			—			—			10,032
Short-term debt		318			—			14			304
Long-term debt (1)		20,177			104			6			20,067
Collateral financing arrangements		5,297			—			—			5,297
Junior subordinated debt securities		3,191			—			—			3,191
Current income tax payable		66			(14	)		(124	)		204
Other liabilities		17,211			9,950			1,379			5,882
Separate account liabilities		158,436			150,516			7,920			—
Total liabilities		529,387			439,484			30,981			58,922
Stockholders’ Equity
Preferred stock, at par value		1			—			—			1
Common stock, at par value		8			—			—			8
Allocated equity (2)		37,165			23,657			4,301			9,207
Treasury stock		(172	)		—			—			(172	)
Accumulated other comprehensive income (loss)		(1,191	)		(1,334	)		418			(275	)
Total MetLife, Inc.’s stockholders’ equity		35,811			22,323			4,719			8,769
Noncontrolling interests		368			(3	)		207			164
Total equity		36,179			22,320			4,926			8,933
Total liabilities and stockholders’ equity	$	565,566		$	461,804		$	35,907		$	67,855

(1)	Includes the effect of consolidating under GAAP certain variable interest entities that are treated as consolidated securitization entities which reflect, at estimated fair value, $7,339 million in total investments, $38 million in cash and cash equivalents and $7,106 million of long-term debt at March 31, 2010.
(2)	Allocated equity includes additional paid-in capital and retained earnings.

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METLIFE, INC.

CONSOLIDATING BALANCE SHEET — U.S. BUSINESS

	March 31, 2010
				Insurance			Retirement			Corporate Benefit
Unaudited (In millions)	U.S. Business			Products			Products			Funding			Auto & Home
ASSETS
Total investments	$	272,476		$	105,701		$	52,332		$	110,613		$	3,830
Cash and cash equivalents		2,138			459			31			1,613			35
Accrued investment income		2,666			1,121			518			971			56
Premiums and other receivables		10,001			6,298			568			2,152			983
Deferred policy acquisition costs and value of business acquired		15,684			9,522			5,906			78			178
Current income tax recoverable		—			—			—			—			—
Deferred income tax assets		(138	)		(1,785	)		(931	)		2,491			87
Goodwill		4,163			1,414			1,692			900			157
Other assets		4,298			1,900			1,633			411			354
Separate account assets		150,516			9,132			92,554			48,830			—
Total assets	$	461,804		$	133,762		$	154,303		$	168,059		$	5,680
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	120,727		$	71,321		$	4,071		$	42,354		$	2,981
Policyholder account balances		132,946			28,621			46,492			57,833			—
Other policyholder funds		6,525			5,984			105			267			169
Policyholder dividends payable		745			745			—			—			—
Payables for collateral under securities loaned and other transactions		17,985			4,133			3,482			10,370			—
Bank deposits		—			—			—			—			—
Short-term debt		—			—			—			—			—
Long-term debt		104			(75	)		8			171			—
Collateral financing arrangements		—			—			—			—			—
Junior subordinated debt securities		—			—			—			—			—
Current income tax payable		(14	)		(301	)		305			(25	)		7
Other liabilities		9,950			5,641			1,057			2,534			718
Separate account liabilities		150,516			9,132			92,554			48,830			—
Total liabilities		439,484			125,201			148,074			162,334			3,875
Stockholders’ Equity
Preferred stock, at par value		—			—			—			—			—
Common stock, at par value		—			—			—			—			—
Allocated equity (1)		23,657			9,233			6,219			6,372			1,833
Treasury stock, at cost		—			—			—			—			—
Accumulated other comprehensive loss		(1,334	)		(672	)		10			(644	)		(28	)
Total MetLife, Inc.’s stockholders’ equity		22,323			8,561			6,229			5,728			1,805
Noncontrolling interests		(3	)		—			—			(3	)		—
Total equity		22,320			8,561			6,229			5,725			1,805
Total liabilities and stockholders’ equity	$	461,804		$	133,762		$	154,303		$	168,059		$	5,680

(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 March 31, 2010
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,854		$	5,961		$	893		$	—
Universal life and investment-type product policy fees			1,408			1,117			291			—
Net investment income			4,293			3,600			450			243
Other revenues			513			299			1			213
Total operating revenues			13,068			10,977			1,635			456
OPERATING EXPENSES
Policyholder benefits and dividends			7,890			7,057			838			(5	)
Interest credited to policyholder account balances			1,146			995			151			—
Interest credited to bank deposits			39			—			—			39
Capitalization of DAC			(744	)		(552	)		(192	)		—
Amortization of DAC and VOBA			588			483			105			—
Interest expense			264			2			1			261
Other expenses			2,645			1,849			522			274
Total operating expenses			11,828			9,834			1,425			569
Operating earnings before provision for income tax			1,240			1,143			210			(113	)
Provision for income tax expense (benefit)			376			386			59			(69	)
Operating earnings			864			757			151			(44	)
Preferred stock dividends			30			—			—			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	834		$	757		$	151		$	(74	)
Net Income Reconciliation
Operating earnings		$	864		$	757		$	151		$	(44	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			72			128			(29	)		(27	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			(1	)		(1	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(49	)		(49	)		(8	)		8
Equity method operating joint ventures realized gains (losses), net of offsets			(5	)		—			(5	)		—
Real estate discontinued operations			(1	)		(1	)		—			—
Net investment income related to consolidated securitization entities			106			—			—			106
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			(24	)		(5	)		(19	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			3			3			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(14	)		(14	)		—			—
Interest expense — related to consolidated securitization entities			(106	)		—			—			(106	)
Other expenses:
Noncontrolling interest			(1	)		1			(3	)		1
Business combination costs			(29	)		—			—			(29	)
Provision for income tax expense (benefit)			18			(23	)		24			17
Income (loss) from continuing operations, net of income tax			833			796			111			(74	)
Income (loss) from discontinued operations, net of income tax			1			1			—			—
Net income (loss)			834			797			111			(74	)
Less: Net income (loss) attributable to noncontrolling interest			(1	)		—			(2	)		1
Net income (loss) attributable to MetLife, Inc.			835			797			113			(75	)
Less: Preferred stock dividends			30			—			—			30
Net income (loss) available to MetLife, Inc.’s common shareholders		$	805		$	797		$	113		$	(105	)
Premiums, Fees and Other Revenues		$	8,775		$	7,377		$	1,185		$	213

7

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

	For the Three Months Ended March 31, 2009
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,122		$	5,399		$	721		$	2
Universal life and investment-type product policy fees			1,189			979			210			—
Net investment income			3,274			3,055			168			51
Other revenues			554			285			2			267
Total operating revenues			11,139			9,718			1,101			320
OPERATING EXPENSES
Policyholder benefits and dividends			6,979			6,431			548			—
Interest credited to policyholder account balances			1,170			1,092			78			—
Interest credited to bank deposits			43			—			—			43
Capitalization of DAC			(786	)		(641	)		(145	)		—
Amortization of DAC and VOBA			746			651			95			—
Interest expense			245			3			2			240
Other expenses			2,557			1,934			336			287
Total operating expenses			10,954			9,470			914			570
Operating earnings before provision for income tax			185			248			187			(250	)
Provision for income tax expense (benefit)			24			70			56			(102	)
Operating earnings			161			178			131			(148	)
Preferred stock dividends			30			—			—			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	131		$	178		$	131		$	(178	)
Net Income Reconciliation
Operating earnings		$	161		$	178		$	131		$	(148	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(906	)		(1,664	)		454			304
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			(6	)		(6	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(31	)		(35	)		5			(1	)
Equity method operating joint ventures realized gains (losses), net of offsets			20			—			20			—
Real estate discontinued operations			(2	)		(2	)		—			—
Net investment income related to consolidated securitization entities			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(11	)		(11	)		—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			(16	)		6			(22	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			2			1			1			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(183	)		(183	)		—			—
Interest expense — related to consolidated securitization entities			—			—			—			—
Other expenses:
Noncontrolling interest			(3	)		—			(5	)		2
Business combination costs			(11	)		—			—			(11	)
Provision for income tax expense (benefit)			401			658			(149	)		(108	)
Income (loss) from continuing operations, net of income tax			(585	)		(1,058	)		435			38
Income (loss) from discontinued operations, net of income tax			37			25			—			12
Net income (loss)			(548	)		(1,033	)		435			50
Less: Net income (loss) attributable to noncontrolling interest			(4	)		—			(5	)		1
Net income (loss) attributable to MetLife, Inc.			(544	)		(1,033	)		440			49
Less: Preferred stock dividends			30			—			—			30
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(574	)	$	(1,033	)	$	440		$	19
Premiums, Fees and Other Revenues		$	7,865		$	6,663		$	933		$	269

8

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

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
U.S. BUSINESS
INSURANCE PRODUCTS	$	155		$	285		$	302		$	400		$	298
RETIREMENT PRODUCTS		(118	)		143			105			207			159
CORPORATE BENEFIT FUNDING		65			155			140			191			228
AUTO & HOME		76			76			86			84			72
U.S. BUSINESS TOTAL	$	178		$	659		$	633		$	882		$	757
INTERNATIONAL		131			158			153			21			151
BANKING, CORPORATE & OTHER		(178	)		(94	)		(68	)		(110	)		(74	)
METLIFE, INC. CONSOLIDATED	$	131		$	723		$	718		$	793		$	834

(1) A reconciliation of operating earnings available to common shareholders to net income (loss) for each segment appears in the QFS as follows: (i) Insurance Products, page 10, (ii) Retirement Products, page 17, (iii) Corporate Benefit Funding, page 21, (iv) Auto & Home, page 25, (v) International, page 29, and (vi) Banking, Corporate & Other, page 33. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) for MetLife, Inc. appears on page 4.

9

U.S. BUSINESS
INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	4,201		$	4,235		$	4,222		$	4,510		$	4,323		$	4,201		$	4,323
Universal life and investment-type product policy fees		583			543			533			622			549			583			549
Net investment income		1,281			1,413			1,437			1,483			1,504			1,281			1,504
Other revenues		177			181			221			200			189			177			189
Total operating revenues		6,242			6,372			6,413			6,815			6,565			6,242			6,565
OPERATING EXPENSES
Policyholder benefits and dividends		4,748			4,700			4,745			4,918			4,847			4,748			4,847
Interest credited to policyholder account balances		231			233			240			248			234			231			234
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(206	)		(213	)		(218	)		(236	)		(206	)		(206	)		(206	)
Amortization of DAC and VOBA		210			161			145			209			239			210			239
Interest expense		1			2			—			3			—			1			—
Other expenses		1,023			1,061			1,048			1,074			992			1,023			992
Total operating expenses		6,007			5,944			5,960			6,216			6,106			6,007			6,106
Operating earnings before provision for income tax		235			428			453			599			459			235			459
Provision for income tax expense (benefit)		80			143			151			199			161			80			161
Operating earnings		155			285			302			400			298			155			298
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	155		$	285		$	302		$	400		$	298		$	155		$	298
Net Income Reconciliation
Operating earnings	$	155		$	285		$	302		$	400		$	298		$	155		$	298
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1,036	)		(878	)		(139	)		(205	)		33			(1,036	)		33
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		(6	)		(11	)		(4	)		(6	)		(1	)		(6	)		(1	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(24	)		(19	)		(14	)		(17	)		(35	)		(24	)		(35	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(11	)		—			—			—			—			(11	)		—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		7			(3	)		1			(4	)		(1	)		7			(1	)
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)		(48	)		81			(47	)		(14	)		(10	)		(48	)		(10	)
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		390			290			72			85			5			390			5
Income (loss) from continuing operations, net of income tax		(573	)		(255	)		171			239			289			(573	)		289
Income (loss) from discontinued operations, net of income tax		19			—			—			3			—			19			—
Net income (loss)		(554	)		(255	)		171			242			289			(554	)		289
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(554	)		(255	)		171			242			289			(554	)		289
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(554	)	$	(255	)	$	171		$	242		$	289		$	(554	)	$	289
Premiums, Fees and Other Revenues	$	4,961		$	4,959		$	4,976		$	5,332		$	5,061		$	4,961		$	5,061

10

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-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	1,745		$	1,754		$	1,739		$	1,829		$	1,871		$	1,745		$	1,871
Universal life and investment-type product policy fees		165			163			152			145			152			165			152
Net investment income		202			199			203			200			207			202			207
Other revenues		3			2			2			2			3			3			3
Total operating revenues		2,115			2,118			2,096			2,176			2,233			2,115			2,233
OPERATING EXPENSES
Policyholder benefits and dividends		1,788			1,776			1,732			1,821			1,865			1,788			1,865
Interest credited to policyholder account balances		47			46			46			47			44			47			44
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(5	)		(4	)		(3	)		(4	)		(4	)		(5	)		(4	)
Amortization of DAC and VOBA		9			6			6			4			5			9			5
Interest expense		—			—			—			—			—			—			—
Other expenses		147			159			151			153			141			147			141
Total operating expenses		1,986			1,983			1,932			2,021			2,051			1,986			2,051
Operating earnings before provision for income tax		129			135			164			155			182			129			182
Provision for income tax expense (benefit)		44			46			56			52			64			44			64
Operating earnings		85			89			108			103			118			85			118
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	85		$	89		$	108		$	103		$	118		$	85		$	118
Net Income Reconciliation
Operating earnings	$	85		$	89		$	108		$	103		$	118		$	85		$	118
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(105	)		(116	)		(33	)		(4	)		25			(105	)		25
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(16	)		(10	)		(6	)		(6	)		(18	)		(16	)		(18	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		5			(2	)		5			(4	)		—			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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		40			45			12			5			(2	)		40			(2	)
Income (loss) from continuing operations, net of income tax		9			6			86			94			123			9			123
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		9			6			86			94			123			9			123
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		9			6			86			94			123			9			123
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	9		$	6		$	86		$	94		$	123		$	9		$	123
Premiums, Fees and Other Revenues	$	1,913		$	1,919		$	1,893		$	1,976		$	2,026		$	1,913		$	2,026
Group Life Mortality Ratio		91.8	%		90.4	%		89.2	%		89.7	%		89.5	%

11

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-to-Date Period Ended
		March 31,			June 30,			September			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2009			2009			30, 2009			2009			2010				2009			2010
OPERATING REVENUES
Premiums		$	985		$	1,026		$	1,035		$	1,154		$	967			$	985		$	967
Universal life and investment-type product policy fees			415			378			378			477			397				415			397
Net investment income			943			1,036			1,036			1,062			1,086				943			1,086
Other revenues			76			82			114			102			94				76			94
Total operating revenues			2,419			2,522			2,563			2,795			2,544				2,419			2,544
OPERATING EXPENSES
Policyholder benefits and dividends			1,674			1,638			1,700			1,720			1,627				1,674			1,627
Interest credited to policyholder account balances			178			181			188			195			185				178			185
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(151	)		(162	)		(169	)		(188	)		(159	)			(151	)		(159	)
Amortization of DAC and VOBA			164			118			102			173			198				164			198
Interest expense			1			2			—			3			—				1			—
Other expenses			522			547			546			559			516				522			516
Total operating expenses			2,388			2,324			2,367			2,462			2,367				2,388			2,367
Operating earnings before provision for income tax			31			198			196			333			177				31			177
Provision for income tax expense (benefit)			11			65			63			110			62				11			62
Operating earnings			20			133			133			223			115				20			115
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	20		$	133		$	133		$	223		$	115			$	20		$	115
Net Income Reconciliation
Operating earnings		$	20		$	133		$	133		$	223		$	115			$	20		$	115
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(57	)		(373	)		(160	)		(16	)		6				(57	)		6
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			(6	)		(11	)		(4	)		(6	)		(1	)			(6	)		(1	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(2	)		(2	)		—			(2	)		(10	)			(2	)		(10	)
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(11	)		—			—			—			—				(11	)		—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
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)			(48	)		81			(47	)		(14	)		(10	)			(48	)		(10	)
Interest expense — related to consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			44			105			75			13			5				44			5
Income (loss) from continuing operations, net of income tax			(60	)		(67	)		(3	)		198			105				(60	)		105
Income (loss) from discontinued operations, net of income tax			19			—			—			3			—				19			—
Net income (loss)			(41	)		(67	)		(3	)		201			105				(41	)		105
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			(41	)		(67	)		(3	)		201			105				(41	)		105
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(41	)	$	(67	)	$	(3	)	$	201		$	105			$	(41	)	$	105
Premiums, Fees and Other Revenues		$	1,476		$	1,486		$	1,527		$	1,733		$	1,458			$	1,476		$	1,458
Mortality as a Percentage of Expected			82.6	%		74.9	%		91.2	%		81.1	%		87.6	%
Lapse Ratio
Traditional Life			6.4	%		6.7	%		6.9	%		6.8	%		6.7	%
Variable & Universal Life			6.2	%		6.6	%		6.8	%		6.5	%		6.1	%

12

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-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	1,471		$	1,455		$	1,448		$	1,527		$	1,485		$	1,471		$	1,485
Universal life and investment-type product policy fees		3			2			3			—			—			3			—
Net investment income		136			178			198			221			211			136			211
Other revenues		98			97			105			96			92			98			92
Total operating revenues		1,708			1,732			1,754			1,844			1,788			1,708			1,788
OPERATING EXPENSES
Policyholder benefits and dividends		1,286			1,286			1,313			1,377			1,355			1,286			1,355
Interest credited to policyholder account balances		6			6			6			6			5			6			5
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(50	)		(47	)		(46	)		(44	)		(43	)		(50	)		(43	)
Amortization of DAC and VOBA		37			37			37			32			36			37			36
Interest expense		—			—			—			—			—			—			—
Other expenses		354			355			351			362			335			354			335
Total operating expenses		1,633			1,637			1,661			1,733			1,688			1,633			1,688
Operating earnings before provision for income tax		75			95			93			111			100			75			100
Provision for income tax expense (benefit)		25			32			32			37			35			25			35
Operating earnings		50			63			61			74			65			50			65
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	50		$	63		$	61		$	74		$	65		$	50		$	65
Net Income Reconciliation
Operating earnings	$	50		$	63		$	61		$	74		$	65		$	50		$	65
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(874	)		(389	)		54			(185	)		2			(874	)		2
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(6	)		(7	)		(8	)		(9	)		(7	)		(6	)		(7	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		2			(1	)		(4	)		—			(1	)		2			(1	)
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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		306			140			(15	)		67			2			306			2
Income (loss) from continuing operations, net of income tax		(522	)		(194	)		88			(53	)		61			(522	)		61
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		(522	)		(194	)		88			(53	)		61			(522	)		61
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(522	)		(194	)		88			(53	)		61			(522	)		61
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(522	)	$	(194	)	$	88		$	(53	)	$	61		$	(522	)	$	61
Premiums, Fees and Other Revenues	$	1,572		$	1,554		$	1,556		$	1,623		$	1,577		$	1,572		$	1,577
Non-Medical Health Benefit Ratio		87.4	%		88.4	%		90.7	%		90.2	%		91.2	%

13

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
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	11,406		$	11,654		$	11,842		$	11,911		$	11,966
Premiums and deposits			3,633			3,670			3,600			3,486			3,598
Surrenders and withdrawals			(1,314	)		(1,404	)		(1,467	)		(1,363	)		(1,361	)
Benefit payments			(2,002	)		(1,985	)		(1,969	)		(1,914	)		(1,970	)
Net Flows			317			281			164			209			267
Net transfers from (to) separate account			1			1			2			1			1
Interest			80			78			76			76			72
Policy charges			(135	)		(136	)		(132	)		(135	)		(128	)
Other			(15	)		(36	)		(41	)		(96	)		(118	)
Balance, end of period		$	11,654		$	11,842		$	11,911		$	11,966		$	12,060

INDIVIDUAL LIFE
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	71,686		$	72,457		$	72,920		$	73,307		$	73,934
Premiums and deposits			2,031			2,034			2,049			2,167			2,070
Surrenders and withdrawals			(978	)		(1,026	)		(978	)		(936	)		(908	)
Benefit payments			(612	)		(569	)		(576	)		(577	)		(670	)
Net Flows			441			439			495			654			492
Net transfers from (to) separate account			31			127			(14	)		39			29
Interest			733			736			755			763			749
Policy charges			(391	)		(394	)		(389	)		(397	)		(401	)
Other			(43	)		(445	)		(460	)		(432	)		(405	)
Balance, end of period		$	72,457		$	72,920		$	73,307		$	73,934		$	74,398

NON-MEDICAL HEALTH
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	12,120		$	12,367		$	12,579		$	12,868		$	13,239
Premiums and deposits			1,527			1,500			1,585			1,567			1,518
Surrenders and withdrawals			(6	)		(6	)		(106	)		(5	)		(5	)
Benefit payments			(1,055	)		(1,104	)		(1,074	)		(1,084	)		(1,137	)
Net Flows			466			390			405			478			376
Net transfers from (to) separate account			—			—			—			—			—
Interest			131			135			140			147			148
Policy charges			—			—			—			—			—
Other			(350	)		(313	)		(256	)		(254	)		(279	)
Balance, end of period		$	12,367		$	12,579		$	12,868		$	13,239		$	13,484

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	334		$	316		$	366		$	416		$	433
Premiums and deposits			39			39			38			39			40
Surrenders and withdrawals			(6	)		(6	)		(10	)		(9	)		(9	)
Benefit payments			(2	)		1			—			—			(1	)
Net Flows			31			34			28			30			30
Investment Performance			(20	)		47			53			18			19
Net transfers from (to) general account			(1	)		(1	)		(2	)		(1	)		(1	)
Policy charges			(29	)		(29	)		(29	)		(30	)		(31	)
Other			1			(1	)		—			—			—
Balance, end of period		$	316		$	366		$	416		$	433		$	450

INDIVIDUAL LIFE
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	7,193		$	6,744		$	7,313		$	8,232		$	8,405
Premiums and deposits			228			216			210			215			208
Surrenders and withdrawals			(136	)		(119	)		(103	)		(140	)		(124	)
Benefit payments			(8	)		(7	)		(10	)		(7	)		(8	)
Net Flows			84			90			97			68			76
Investment Performance			(351	)		755			953			297			374
Net transfers from (to) general account			(31	)		(127	)		14			(39	)		(29	)
Policy charges			(150	)		(147	)		(147	)		(147	)		(143	)
Other			(1	)		(2	)		2			(6	)		(1	)
Balance, end of period		$	6,744		$	7,313		$	8,232		$	8,405		$	8,682

NON-MEDICAL HEALTH
	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	763		$	793		$	832		$	911		$	—
Premiums and deposits			40			38			38			—			—
Surrenders and withdrawals			(3	)		(4	)		(4	)		(910	)		—
Benefit payments			—			—			—			—			—
Net Flows			37			34			34			(910	)		—
Investment Performance			—			11			30			(1	)		—
Net transfers from (to) general account			—			—			—			—			—
Policy charges			(6	)		(6	)		(8	)		—			—
Other			(1	)		—			23			—			—
Balance, end of period		$	793		$	832		$	911		$	—		$	—

14

U.S. BUSINESS
INSURANCE PRODUCTS
OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)		2009		2009		2009		2009		2010
Direct and allocated expenses (1)		$	582	$	577	$	568	$	579	$	554
Pension and post-retirement benefit costs			55		73		70		69		51
Premium taxes, other taxes, and licenses & fees			82		83		82		75		69
Total fixed operating expenses		$	719	$	733	$	720	$	723	$	674
Commissions and other variable expenses (1)			304		328		328		351		318
Total other expenses		$	1,023	$	1,061	$	1,048	$	1,074	$	992

INDIVIDUAL LIFE SALES BY PRODUCT (2)
	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)		2009		2009		2009		2009		2010
Individual Life Sales
Term Life		$	28	$	34	$	37	$	37	$	33
Whole Life			21		32		30		34		29
Variable Life			10		13		10		10		9
Universal Life			38		44		50		63		41
Total Individual Life sales (3)		$	97	$	123	$	127	$	144	$	112

(1)	Certain reclassifications were made between direct and allocated expenses and commissions and other variable expenses for the March 31, 2009 and June 30, 2009 periods to conform to current period presentation. There is no impact to total other expenses for the periods modified.
(2)	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.
(3)	Of the $112 million of First Year Individual Life sales during the three months ended March 31, 2010, approximately 44% were distributed through MetLife agents, 14% through New England Financial agents, 40% through MetLife’s third party channels and 2% through other channels.

15

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2009			2009			2009			2009			2010
Investment income yield			5.17	%		5.08	%		5.20	%		5.02	%		5.42	%
Average crediting rate			2.45	%		2.33	%		2.20	%		2.18	%		2.15	%
Annualized general account spread			2.72	%		2.75	%		3.00	%		2.84	%		3.27	%

VARIABLE & UNIVERSAL LIFE

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2009			2009			2009			2009			2010
Investment income yield			4.97	%		6.24	%		6.07	%		6.27	%		6.28	%
Average crediting rate			4.59	%		4.56	%		4.58	%		4.69	%		4.47	%
Annualized general account spread (1)			0.38	%		1.68	%		1.49	%		1.58	%		1.81	%

NON-MEDICAL HEALTH

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited		2009			2009			2009			2009			2010
Investment income yield			3.60	%		5.01	%		5.57	%		6.14	%		5.95	%
Average crediting rate			4.68	%		4.76	%		4.69	%		4.81	%		4.80	%
Annualized general account spread			(1.08	%)		0.25	%		0.88	%		1.33	%		1.15	%

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

16

U.S. BUSINESS

RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	152		$	139		$	140		$	192		$	123		$	152		$	123
Universal life and investment-type product policy fees		356			397			466			493			513			356			513
Net investment income		623			724			749			763			773			623			773
Other revenues		30			34			61			47			48			30			48
Total operating revenues		1,161			1,294			1,416			1,495			1,457			1,161			1,457
OPERATING EXPENSES
Policyholder benefits and dividends		325			353			424			296			354			325			354
Interest credited to policyholder account balances		402			428			431			426			406			402			406
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(329	)		(285	)		(223	)		(230	)		(234	)		(329	)		(234	)
Amortization of DAC and VOBA		326			(44	)		42			100			133			326			133
Interest expense		—			1			—			(1	)		—			—			—
Other expenses		619			621			580			585			554			619			554
Total operating expenses		1,343			1,074			1,254			1,176			1,213			1,343			1,213
Operating earnings before provision for income tax		(182	)		220			162			319			244			(182	)		244
Provision for income tax expense (benefit)		(64	)		77			57			112			85			(64	)		85
Operating earnings		(118	)		143			105			207			159			(118	)		159
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(118	)	$	143		$	105		$	207		$	159		$	(118	)	$	159
Net Income Reconciliation
Operating earnings	$	(118	)	$	143		$	105		$	207		$	159		$	(118	)	$	159
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		150			(1,120	)		(462	)		(174	)		101			150			101
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(50	)		(55	)		(49	)		(63	)		(65	)		(50	)		(65	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
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)		(135	)		544			221			109			(4	)		(135	)		(4	)
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		11			221			103			45			(11	)		11			(11	)
Income (loss) from continuing operations, net of income tax		(142	)		(267	)		(82	)		124			180			(142	)		180
Income (loss) from discontinued operations, net of income tax		5			—			—			—			—			5			—
Net income (loss)		(137	)		(267	)		(82	)		124			180			(137	)		180
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(137	)		(267	)		(82	)		124			180			(137	)		180
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(137	)	$	(267	)	$	(82	)	$	124		$	180		$	(137	)	$	180
Premiums, Fees and Other Revenues	$	538		$	570		$	667		$	732		$	684		$	538		$	684
Lapse Ratio
Fixed Annuities		10.4	%		9.4	%		8.6	%		7.5	%		6.8	%
Variable Annuities		9.3	%		8.6	%		7.9	%		7.1	%		6.8	%

17

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
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	47,937		$	51,415		$	51,228		$	51,388		$	50,799
Premiums and deposits (1), (2)			5,335			2,768			1,944			1,766			1,606
Surrenders and withdrawals			(1,413	)		(923	)		(890	)		(1,044	)		(847	)
Benefit payments			(315	)		(374	)		(363	)		(336	)		(374	)
Net Flows			3,607			1,471			691			386			385
Net transfers from (to) separate account			(231	)		(1,217	)		(1,107	)		(946	)		(892	)
Interest			495			529			522			518			494
Policy charges			(11	)		(12	)		(10	)		(10	)		(12	)
Other			(382	)		(958	)		64			(537	)		(211	)
Balance, end of period		$	51,415		$	51,228		$	51,388		$	50,799		$	50,563

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Balance, beginning of period		$	62,264		$	59,194		$	70,538		$	82,100		$	87,113
Premiums and deposits (1)			2,260			2,894			2,279			2,633			3,004
Surrenders and withdrawals			(1,230	)		(1,176	)		(1,283	)		(1,456	)		(1,625	)
Benefit payments			(120	)		(141	)		(140	)		(150	)		(178	)
Net Flows			910			1,577			856			1,027			1,201
Investment Performance			(3,945	)		8,872			9,964			3,430			3,755
Net transfers from (to) general account			231			1,217			1,107			946			892
Policy charges			(271	)		(322	)		(366	)		(392	)		(406	)
Other			5			—			1			2			(1	)
Balance, end of period		$	59,194		$	70,538		$	82,100		$	87,113		$	92,554

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

18

U.S. BUSINESS
RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES

	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)		2009		2009		2009		2009		2010
Direct and allocated expenses (1)		$	185	$	192	$	183	$	178	$	173
Pension and post-retirement benefit costs			18		25		22		22		20
Premium taxes, other taxes, and licenses & fees			2		2		7		10		7
Total fixed operating expenses		$	205	$	219	$	212	$	210	$	200
Commissions and other variable expenses (1)			414		402		368		375		354
Total other expenses		$	619	$	621	$	580	$	585	$	554

INDIVIDUAL ANNUITY SALES BY PRODUCT (2)

	For the Three Months Ended
		March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (in millions)		2009		2009		2009		2009		2010
Individual Annuity Sales
Annuities Sales (2)
Fixed annuity sales		$	3,645	$	949	$	596	$	499	$	359
Variable annuity sales			3,737		4,507		3,441		3,711		4,034
Total annuity sales (3)		$	7,382	$	5,456	$	4,037	$	4,210	$	4,393
Separate Account and General Account
Separate Accounts
Total variable annuities separate accounts		$	2,147	$	2,775	$	2,171	$	2,518	$	2,875
General Accounts
Fixed annuity			3,645		949		596		499		359
Variable annuity			1,590		1,732		1,270		1,193		1,159
Total general accounts			5,235		2,681		1,866		1,692		1,518
Total premiums and deposits		$	7,382	$	5,456	$	4,037	$	4,210	$	4,393

(1)	Certain reclassifications were made between direct and allocated expenses and commissions and other variable expenses for the March 31, 2009 and June 30, 2009 periods to conform to current period presentation. There is no impact to total other expenses for the periods modified.
(2)	Statutory premiums direct and assumed, excluding company sponsored internal exchanges.
(3)	Of the $4,393 million of Annuity Sales during the three months ended March 31, 2010, approximately 21% were distributed through MetLife agents, 6% through New England Financial agents, 63% through MetLife’s third party channels, 9% through MetLife Resources representatives and 1% through other distribution channels.

19

U.S. BUSINESS
RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2009			2009			2009			2009			2010
Investment income yield		5.20	%		5.84	%		5.86	%		5.92	%		6.19	%
Average crediting rate		3.86	%		3.96	%		3.88	%		3.85	%		3.75	%
Annualized general account spread		1.34	%		1.88	%		1.98	%		2.07	%		2.44	%

20

U.S. BUSINESS

CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	324		$	695		$	639		$	903		$	801		$	324		$	801
Universal life and investment-type product policy fees		40			61			34			41			55			40			55
Net investment income		1,111			1,179			1,210			1,266			1,270			1,111			1,270
Other revenues		69			69			34			67			64			69			64
Total operating revenues		1,544			2,004			1,917			2,277			2,190			1,544			2,190
OPERATING EXPENSES
Policyholder benefits and dividends		879			1,240			1,192			1,486			1,362			879			1,362
Interest credited to policyholder account balances		459			409			390			375			355			459			355
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(2	)		(6	)		(5	)		(1	)		(8	)		(2	)		(8	)
Amortization of DAC and VOBA		5			4			3			3			4			5			4
Interest expense		2			—			1			—			2			2			2
Other expenses		105			122			128			129			124			105			124
Total operating expenses		1,448			1,769			1,709			1,992			1,839			1,448			1,839
Operating earnings before provision for income tax		96			235			208			285			351			96			351
Provision for income tax expense (benefit)		31			80			68			94			123			31			123
Operating earnings		65			155			140			191			228			65			228
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	65		$	155		$	140		$	191		$	228		$	65		$	228
Net Income Reconciliation
Operating earnings	$	65		$	155		$	140		$	191		$	228		$	65		$	228
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(809	)		(821	)		(417	)		(213	)		(5	)		(809	)		(5	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		39			45			58			52			51			39			51
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		(2	)		(1	)		(2	)		(2	)		(1	)		(2	)		(1	)
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(1	)		(28	)		(40	)		—			(4	)		(1	)		(4	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		1			1			1			1			3			1			3
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			1			1			—			1
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		268			282			141			54			(17	)		268			(17	)
Income (loss) from continuing operations, net of income tax		(439	)		(367	)		(119	)		84			256			(439	)		256
Income (loss) from discontinued operations, net of income tax		1			1			1			4			1			1			1
Net income (loss)		(438	)		(366	)		(118	)		88			257			(438	)		257
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			1			—			—			—
Net income (loss) attributable to MetLife, Inc.		(438	)		(366	)		(118	)		87			257			(438	)		257
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(438	)	$	(366	)	$	(118	)	$	87		$	257		$	(438	)	$	257
Premiums, Fees and Other Revenues	$	433		$	825		$	707		$	1,011		$	920		$	433		$	920

21

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
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
Balance, beginning of period	$	107,091		$	101,662		$	99,652		$	97,897		$	97,170
Premiums and deposits		13,215			16,393			10,427			9,836			11,720
Surrenders and withdrawals		(18,277	)		(18,009	)		(12,532	)		(10,466	)		(8,856	)
Benefit payments		(770	)		(769	)		(820	)		(800	)		(806	)
Net Flows		(5,832	)		(2,385	)		(2,925	)		(1,430	)		2,058
Net transfers from (to) separate account		(13	)		(17	)		(16	)		58			16
Interest		1,139			1,083			1,044			1,049			1,036
Policy charges		(29	)		(36	)		(30	)		(20	)		(31	)
Other		(694	)		(655	)		172			(384	)		(62	)
Balance, end of period	$	101,662		$	99,652		$	97,897		$	97,170		$	100,187

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
Balance, beginning of period	$	45,814		$	42,726		$	42,293		$	46,015		$	45,732
Premiums and deposits		1,655			631			1,931			1,748			2,061
Surrenders and withdrawals		(1,883	)		(1,099	)		(1,177	)		(1,360	)		(1,501	)
Benefit payments		(10	)		(13	)		(10	)		(11	)		(11	)
Net Flows		(238	)		(481	)		744			377			549
Investment Performance		(985	)		1,590			2,703			384			1,049
Net transfers from (to) general account		13			17			16			(58	)		(16	)
Policy charges		(59	)		(57	)		(55	)		(57	)		(61	)
Other		(1,819	)		(1,502	)		314			(929	)		1,577
Balance, end of period	$	42,726		$	42,293		$	46,015		$	45,732		$	48,830

22

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2009		2009		2009		2009		2010
Direct and allocated expenses	$	64	$	69	$	63	$	65	$	55
Pension and other post-retirement benefit costs		10		16		15		15		11
Premium taxes, other taxes, and licenses and fees		1		6		12		5		3
Total fixed operating expenses	$	75	$	91	$	90	$	85	$	69
Commissions and other variable expenses		30		31		38		44		55
Total other expenses	$	105	$	122	$	128	$	129	$	124

23

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD

CORPORATE BENEFIT FUNDING	For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited	2009			2009			2009			2009			2010
Investment income yield		4.06	%		4.52	%		4.71	%		4.96	%		5.04	%
Average crediting rate		4.20	%		4.15	%		4.14	%		4.13	%		4.00	%
Annualized general account spread		(0.14	%)		0.37	%		0.57	%		0.83	%		1.04	%

24

U.S. BUSINESS

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	722		$	726		$	727		$	727		$	714			$	722		$	714
Universal life and investment-type product policy fees		��	—			—			—			—			—				—			—
Net investment income			40			49			45			46			53				40			53
Other revenues			9			5			8			11			(2	)			9			(2	)
Total operating revenues			771			780			780			784			765				771			765
OPERATING EXPENSES
Policyholder benefits and dividends (1)			479			492			483			478			494				479			494
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(104	)		(113	)		(112	)		(106	)		(104	)			(104	)		(104	)
Amortization of DAC and VOBA			110			111			107			108			107				110			107
Interest expense			—			—			—			—			—				—			—
Other expenses			187			194			189			194			179				187			179
Total operating expenses			672			684			667			674			676				672			676
Operating earnings before provision for income tax			99			96			113			110			89				99			89
Provision for income tax expense (benefit)			23			20			27			26			17				23			17
Operating earnings			76			76			86			84			72				76			72
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	76		$	76		$	86		$	84		$	72			$	76		$	72
Net Income Reconciliation
Operating earnings		$	76		$	76		$	86		$	84		$	72			$	76		$	72
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			31			(8	)		(30	)		5			(1	)			31			(1	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to 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			—			—			—			—			—				—			—
Net investment income related to consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
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)			—			—			—			—			—				—			—
Interest expense — related to consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			(11	)		3			11			(2	)		—				(11	)		—
Income (loss) from continuing operations, net of income tax			96			71			67			87			71				96			71
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			96			71			67			87			71				96			71
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			96			71			67			87			71				96			71
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	96		$	71		$	67		$	87		$	71			$	96		$	71
Premiums, Fees and Other Revenues		$	731		$	731		$	735		$	738		$	712			$	731		$	712

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

25

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

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	497		$	499		$	500		$	495		$	484			$	497		$	484
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			25			30			28			29			34				25			34
Other revenues			5			3			5			4			4				5			4
Total operating revenues			527			532			533			528			522				527			522
OPERATING EXPENSES
Policyholder benefits and dividends (1)			316			350			353			373			336				316			336
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(70	)		(75	)		(77	)		(65	)		(68	)			(70	)		(68	)
Amortization of DAC and VOBA			70			75			74			68			69				70			69
Interest expense			—			—			—			—			—				—			—
Other expenses			129			124			124			128			120				129			120
Total operating expenses			445			474			474			504			457				445			457
Operating earnings before provision for income tax			82			58			59			24			65				82			65
Provision for income tax expense (benefit)			20			13			13			—			13				20			13
Operating earnings			62			45			46			24			52				62			52
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	62		$	45		$	46		$	24		$	52			$	62		$	52
Net Income Reconciliation
Operating earnings		$	62		$	45		$	46		$	24		$	52			$	62		$	52
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			19			(5	)		(18	)		2			(1	)			19			(1	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to 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			—			—			—			—			—				—			—
Net investment income related to consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
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)			—			—			—			—			—				—			—
Interest expense — related to consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			(7	)		2			7			(1	)		—				(7	)		—
Income (loss) from continuing operations, net of income tax			74			42			35			25			51				74			51
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			74			42			35			25			51				74			51
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			74			42			35			25			51				74			51
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	74		$	42		$	35		$	25		$	51			$	74		$	51
Premiums, Fees and Other Revenues		$	502		$	502		$	505		$	499		$	488			$	502		$	488

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

26

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-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	225		$	227		$	227		$	232		$	230			$	225		$	230
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			15			19			17			17			19				15			19
Other revenues			4			2			3			7			(6	)			4			(6	)
Total operating revenues			244			248			247			256			243				244			243
OPERATING EXPENSES
Policyholder benefits and dividends (1)			163			142			130			105			158				163			158
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(34	)		(38	)		(35	)		(41	)		(36	)			(34	)		(36	)
Amortization of DAC and VOBA			40			36			33			40			38				40			38
Interest expense			—			—			—			—			—				—			—
Other expenses			58			70			65			66			59				58			59
Total operating expenses			227			210			193			170			219				227			219
Operating earnings before provision for income tax			17			38			54			86			24				17			24
Provision for income tax expense (benefit)			3			7			14			26			4				3			4
Operating earnings			14			31			40			60			20				14			20
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	14		$	31		$	40		$	60		$	20			$	14		$	20
Net Income Reconciliation
Operating earnings		$	14		$	31		$	40		$	60		$	20			$	14		$	20
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			12			(3	)		(12	)		3			—				12			—
Universal life and investment-type product policy fees — amortization of unearned revenue related to 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			—			—			—			—			—				—			—
Net investment income related to consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			—			—			—			—			—				—			—
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)			—			—			—			—			—				—			—
Interest expense — related to consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			(4	)		1			4			(1	)		—				(4	)		—
Income (loss) from continuing operations, net of income tax			22			29			32			62			20				22			20
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			22			29			32			62			20				22			20
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			22			29			32			62			20				22			20
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	22		$	29		$	32		$	62		$	20			$	22		$	20
Premiums, Fees and Other Revenues		$	229		$	229		$	230		$	239		$	224			$	229		$	224

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

27

U.S. BUSINESS
AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
		March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010
Written Premiums by Product
Automobile		$	496		$	503		$	503		$	475		$	486
Homeowners			182			231			240			212			190
Other			21			13			11			11			21
Total		$	699		$	747		$	754		$	698		$	697
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio			66.5	%		67.7	%		66.1	%		65.6	%		69.5	%
Policyholder benefits and dividends			(0.1	%)		0.2	%		0.1	%		0.1	%		(0.3	%)
Other expense ratio			26.7	%		26.2	%		25.5	%		27.2	%		25.5	%
Payment fees credit			(0.7	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)
Total combined ratio			92.4	%		93.5	%		91.1	%		92.3	%		94.1	%
Effect of catastrophe losses			4.3	%		5.5	%		3.4	%		0.5	%		5.3	%
Combined ratio excluding catastrophes			88.1	%		88.0	%		87.7	%		91.8	%		88.8	%
Auto
Loss and loss adjustment expense ratio			63.6	%		69.8	%		70.2	%		75.5	%		69.8	%
Policyholder benefits and dividends			(0.1	%)		0.2	%		0.1	%		0.1	%		(0.3	%)
Other expense ratio			26.0	%		25.1	%		24.4	%		26.7	%		25.0	%
Payment fees credit			(0.8	%)		(0.7	%)		(0.7	%)		(0.7	%)		(0.7	%)
Total combined ratio			88.7	%		94.4	%		94.0	%		101.6	%		93.8	%
Effect of catastrophe losses			0.8	%		0.8	%		0.4	%		(0.2	%)		0.5	%
Combined ratio excluding catastrophes			87.9	%		93.6	%		93.6	%		101.8	%		93.3	%
Homeowners & Other
Loss and loss adjustment expense ratio			72.6	%		63.3	%		56.9	%		44.7	%		68.7	%
Policyholder benefits and dividends			(0.1	%)		0.2	%		0.2	%		0.1	%		(0.3	%)
Other expense ratio			28.4	%		28.5	%		28.0	%		28.2	%		26.7	%
Payment fees credit			(0.5	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)
Total combined ratio			100.4	%		91.6	%		84.7	%		72.6	%		94.7	%
Effect of catastrophe losses			12.0	%		15.9	%		9.7	%		1.9	%		15.3	%
Combined ratio excluding catastrophes			88.4	%		75.7	%		75.0	%		70.7	%		79.4	%
Pre-Tax Catastrophe Losses
Auto		$	4		$	4		$	2		$	(1	)	$	3
Homeowners & Other			27			36			22			5			35
Total		$	31		$	40		$	24		$	4		$	38
Catastrophe points on combined ratios			4.3			5.5			3.4			0.5			5.3

28

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		March 31,			June 30,			September 30,			December 31,			March 31,				March 31,			March 31,
Unaudited (In millions)		2009			2009			2009			2009			2010				2009			2010
OPERATING REVENUES
Premiums		$	721		$	777		$	868		$	821		$	893			$	721		$	893
Universal life and investment-type product policy fees			210			226			222			403			291				210			291
Net investment income			168			359			395			271			450				168			450
Other revenues			2			2			4			6			1				2			1
Total operating revenues			1,101			1,364			1,489			1,501			1,635				1,101			1,635
OPERATING EXPENSES
Policyholder benefits and dividends			548			600			705			807			838				548			838
Interest credited to policyholder account balances			78			159			198			146			151				78			151
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(145	)		(140	)		(164	)		(181	)		(192	)			(145	)		(192	)
Amortization of DAC and VOBA			95			98			79			143			105				95			105
Interest expense			2			1			3			2			1				2			1
Other expenses			336			436			481			544			522				336			522
Total operating expenses			914			1,154			1,302			1,461			1,425				914			1,425
Operating earnings before provision for income tax			187			210			187			40			210				187			210
Provision for income tax expense (benefit)			56			52			34			19			59				56			59
Operating earnings			131			158			153			21			151				131			151
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	131		$	158		$	153		$	21		$	151			$	131		$	151
Net Income Reconciliation
Operating earnings		$	131		$	158		$	153		$	21		$	151			$	131		$	151
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			454			(501	)		(574	)		(282	)		(29	)			454			(29	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			5			(5	)		(3	)		(10	)		(8	)			5			(8	)
Equity method operating joint ventures realized gains (losses), net of offsets			20			(96	)		(35	)		(45	)		(5	)			20			(5	)
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to consolidated securitization entities			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities			(22	)		39			(24	)		2			(19	)			(22	)		(19	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			1			(1	)		—			—			—				1			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(5	)		(9	)		(7	)		(11	)		(3	)			(5	)		(3	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			(149	)		201			207			107			24				(149	)		24
Income (loss) from continuing operations, net of income tax			435			(214	)		(283	)		(218	)		111				435			111
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			435			(214	)		(283	)		(218	)		111				435			111
Less: Net income (loss) attributable to noncontrolling interest			(5	)		(9	)		(5	)		(9	)		(2	)			(5	)		(2	)
Net income (loss) attributable to MetLife, Inc.			440			(205	)		(278	)		(209	)		113				440			113
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	440		$	(205	)	$	(278	)	$	(209	)	$	113			$	440		$	113
Premiums, Fees and Other Revenues		$	933		$	1,005		$	1,094		$	1,230		$	1,185			$	933		$	1,185
Actual Number of Sales Representatives			5,757			5,747			5,622			6,318			6,102

29

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

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	348		$	366		$	420		$	429		$	454		$	348		$	454
Universal life and investment-type product policy fees		122			136			133			156			150			122			150
Net investment income		119			191			193			119			280			119			280
Other revenues		1			1			3			2			1			1			1
Total operating revenues		590			694			749			706			885			590			885
OPERATING EXPENSES
Policyholder benefits and dividends		265			326			384			438			486			265			486
Interest credited to policyholder account balances		78			81			86			86			90			78			90
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(34	)		(41	)		(40	)		(45	)		(49	)		(34	)		(49	)
Amortization of DAC and VOBA		32			34			22			27			37			32			37
Interest expense		—			—			—			—			—			—			—
Other expenses		71			177			193			209			202			71			202
Total operating expenses		412			577			645			715			766			412			766
Operating earnings before provision for income tax		178			117			104			(9	)		119			178			119
Provision for income tax expense (benefit)		56			31			23			12			34			56			34
Operating earnings		122			86			81			(21	)		85			122			85
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	122		$	86		$	81		$	(21	)	$	85		$	122		$	85
Net Income Reconciliation
Operating earnings	$	122		$	86		$	81		$	(21	)	$	85		$	122		$	85
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(17	)		23			(23	)		35			(13	)		(17	)		(13	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		8			—			2			(3	)		(1	)		8			(1	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		(22	)		39			(24	)		2			(19	)		(22	)		(19	)
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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		3			(11	)		10			(5	)		13			3			13
Income (loss) from continuing operations, net of income tax		94			137			46			8			65			94			65
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		94			137			46			8			65			94			65
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		94			137			46			8			65			94			65
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	94		$	137		$	46		$	8		$	65		$	94		$	65
Premiums, Fees and Other Revenues	$	471		$	503		$	556		$	587		$	605		$	471		$	605
Actual Number of Sales Representatives		118			120			114			126			112

30

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

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	289		$	329		$	353		$	281		$	334		$	289		$	334
Universal life and investment-type product policy fees		76			78			78			230			120			76			120
Net investment income		50			147			126			131			117			50			117
Other revenues		—			1			—			1			—			—			—
Total operating revenues		415			555			557			643			571			415			571
OPERATING EXPENSES
Policyholder benefits and dividends		258			253			292			323			308			258			308
Interest credited to policyholder account balances		6			63			40			41			14			6			14
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(59	)		(75	)		(88	)		(90	)		(92	)		(59	)		(92	)
Amortization of DAC and VOBA		52			52			49			105			56			52			56
Interest expense		1			—			2			1			—			1			—
Other expenses		134			154			167			185			185			134			185
Total operating expenses		392			447			462			565			471			392			471
Operating earnings before provision for income tax		23			108			95			78			100			23			100
Provision for income tax expense (benefit)		2			22			13			13			26			2			26
Operating earnings		21			86			82			65			74			21			74
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	21		$	86		$	82		$	65		$	74		$	21		$	74
Net Income Reconciliation
Operating earnings	$	21		$	86		$	82		$	65		$	74		$	21		$	74
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		469			(527	)		(555	)		(316	)		26			469			26
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(5	)		(5	)		(7	)		(7	)		(3	)		(7	)
Equity method operating joint ventures realized gains (losses), net of offsets		20			(96	)		(35	)		(45	)		(5	)		20			(5	)
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		1			(1	)		—			—			—			1			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		(152	)		213			198			112			10			(152	)		10
Income (loss) from continuing operations, net of income tax		356			(330	)		(315	)		(191	)		98			356			98
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		356			(330	)		(315	)		(191	)		98			356			98
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		356			(330	)		(315	)		(191	)		98			356			98
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	356		$	(330	)	$	(315	)	$	(191	)	$	98		$	356		$	98
Premiums, Fees and Other Revenues	$	365		$	408		$	431		$	512		$	454		$	365		$	454
Actual Number of Sales Representatives		5,639			5,627			5,508			6,192			5,990

31

INTERNATIONAL — EUROPE/MIDDLE EAST/INDIA REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	84		$	82		$	95		$	111		$	105		$	84		$	105
Universal life and investment-type product policy fees		12			12			11			17			21			12			21
Net investment income		(1	)		21			76			21			53			(1	)		53
Other revenues		1			—			1			3			—			1			—
Total operating revenues		96			115			183			152			179			96			179
OPERATING EXPENSES
Policyholder benefits and dividends		25			21			29			46			44			25			44
Interest credited to policyholder account balances		(6	)		15			72			19			47			(6	)		47
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(52	)		(24	)		(36	)		(46	)		(51	)		(52	)		(51	)
Amortization of DAC and VOBA		11			12			8			11			12			11			12
Interest expense		1			1			1			1			1			1			1
Other expenses		131			105			121			150			135			131			135
Total operating expenses		110			130			195			181			188			110			188
Operating earnings before provision for income tax		(14	)		(15	)		(12	)		(29	)		(9	)		(14	)		(9	)
Provision for income tax expense (benefit)		(2	)		(1	)		(2	)		(6	)		(1	)		(2	)		(1	)
Operating earnings		(12	)		(14	)		(10	)		(23	)		(8	)		(12	)		(8	)
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(12	)	$	(14	)	$	(10	)	$	(23	)	$	(8	)	$	(12	)	$	(8	)
Net Income Reconciliation
Operating earnings	$	(12	)	$	(14	)	$	(10	)	$	(23	)	$	(8	)	$	(12	)	$	(8	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			3			4			(1	)		(42	)		2			(42	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to 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		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		(5	)		(9	)		(7	)		(11	)		(3	)		(5	)		(3	)
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		—			(1	)		(1	)		—			1			—			1
Income (loss) from continuing operations, net of income tax		(15	)		(21	)		(14	)		(35	)		(52	)		(15	)		(52	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		(15	)		(21	)		(14	)		(35	)		(52	)		(15	)		(52	)
Less: Net income (loss) attributable to noncontrolling interest		(5	)		(9	)		(5	)		(9	)		(2	)		(5	)		(2	)
Net income (loss) attributable to MetLife, Inc.		(10	)		(12	)		(9	)		(26	)		(50	)		(10	)		(50	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(10	)	$	(12	)	$	(9	)	$	(26	)	$	(50	)	$	(10	)	$	(50	)
Premiums, Fees and Other Revenues	$	97		$	94		$	107		$	131		$	126		$	97		$	126
Actual Number of Sales Representatives		—			—			—			—			—

32

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
	March 31,			��	June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009				2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	2			$	4		$	5		$	8		$	—		$	2		$	—
Universal life and investment-type product policy fees		—				—			—			—			—			—			—
Net investment income		51				135			120			171			243			51			243
Other revenues		267				281			274			270			213			267			213
Total operating revenues		320				420			399			449			456			320			456
OPERATING EXPENSES
Policyholder benefits and dividends		—				3			—			1			(5	)		—			(5	)
Interest credited to policyholder account balances		—				—			—			—			—			—			—
Interest credited to bank deposits		43				40			37			43			39			43			39
Capitalization of DAC		—				—			—			—			—			—			—
Amortization of DAC and VOBA		—				2			—			1			—			—			—
Interest expense		240				252			270			265			261			240			261
Other expenses		287				331			297			421			274			287			274
Total operating expenses		570				628			604			731			569			570			569
Operating earnings before provision for income tax		(250	)			(208	)		(205	)		(282	)		(113	)		(250	)		(113	)
Provision for income tax expense (benefit)		(102	)			(145	)		(167	)		(203	)		(69	)		(102	)		(69	)
Operating earnings		(148	)			(63	)		(38	)		(79	)		(44	)		(148	)		(44	)
Preferred stock dividends		30				31			30			31			30			30			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(178	)		$	(94	)	$	(68	)	$	(110	)	$	(74	)	$	(178	)	$	(74	)
Net Income Reconciliation
Operating earnings	$	(148	)		$	(63	)	$	(38	)	$	(79	)	$	(44	)	$	(148	)	$	(44	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		304				(501	)		(517	)		(29	)		(27	)		304			(27	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—				—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(1	)			2			12			9			8			(1	)		8
Equity method operating joint ventures realized gains (losses), net of offsets		—				—			—			—			—			—			—
Real estate discontinued operations		—				—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—				—			—			—			106			—			106
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—				—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—				—			—			—			—			—			—
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)		—				—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—				—			—			—			(106	)		—			(106	)
Other expenses:
Noncontrolling interest		2				(11	)		—			2			1			2			1
Business combination costs		(11	)			—			(22	)		2			(29	)		(11	)		(29	)
Provision for income tax expense (benefit)		(108	)			186			187			89			17			(108	)		17
Income (loss) from continuing operations, net of income tax		38				(387	)		(378	)		(6	)		(74	)		38			(74	)
Income (loss) from discontinued operations, net of income tax		12				—			(2	)		(4	)		—			12			—
Net income (loss)		50				(387	)		(380	)		(10	)		(74	)		50			(74	)
Less: Net income (loss) attributable to noncontrolling interest		1				(7	)		—			1			1			1			1
Net income (loss) attributable to MetLife, Inc.		49				(380	)		(380	)		(11	)		(75	)		49			(75	)
Less: Preferred stock dividends		30				31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	19			$	(411	)	$	(410	)	$	(42	)	$	(105	)	$	19		$	(105	)
Premiums, Fees and Other Revenues	$	269			$	285		$	279		$	278		$	213		$	269		$	213

33

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

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		121			129			115			119			108			121			108
Other revenues		255			271			264			258			191			255			191
Total operating revenues		376			400			379			377			299			376			299
OPERATING EXPENSES
Policyholder benefits and dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		43			40			37			43			39			43			39
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			—			—			—			—			—			—
Interest expense		13			14			16			13			12			13			12
Other expenses		202			229			178			214			160			202			160
Total operating expenses		258			283			231			270			211			258			211
Operating earnings before provision for income tax		118			117			148			107			88			118			88
Provision for income tax expense (benefit)		41			41			68			42			35			41			35
Operating earnings		77			76			80			65			53			77			53
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	77		$	76		$	80		$	65		$	53		$	77		$	53
Net Income Reconciliation
Operating earnings	$	77		$	76		$	80		$	65		$	53		$	77		$	53
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(55	)		(15	)		(42	)		(18	)		(12	)		(55	)		(12	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			1			—			1			—			—			—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			1			—			1			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		19			5			19			8			5			19			5
Income (loss) from continuing operations, net of income tax		41			68			57			57			46			41			46
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		41			68			57			57			46			41			46
Less: Net income (loss) attributable to noncontrolling interest		—			1			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		41			67			57			57			46			41			46
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	41		$	67		$	57		$	57		$	46		$	41		$	46
Premiums, Fees and Other Revenues	$	255		$	271		$	264		$	258		$	191		$	255		$	191

34

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

	For the Three Months Ended															For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010			2009			2010
OPERATING REVENUES
Premiums	$	2		$	4		$	5		$	8		$	—		$	2		$	—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		(70	)		6			5			52			135			(70	)		135
Other revenues		12			10			10			12			22			12			22
Total operating revenues		(56	)		20			20			72			157			(56	)		157
OPERATING EXPENSES
Policyholder benefits and dividends		—			3			—			1			(5	)		—			(5	)
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		—			2			—			1			—			—			—
Interest expense		227			238			254			252			249			227			249
Other expenses		85			102			119			207			114			85			114
Total operating expenses		312			345			373			461			358			312			358
Operating earnings before provision for income tax		(368	)		(325	)		(353	)		(389	)		(201	)		(368	)		(201	)
Provision for income tax expense (benefit)		(143	)		(186	)		(235	)		(245	)		(104	)		(143	)		(104	)
Operating earnings		(225	)		(139	)		(118	)		(144	)		(97	)		(225	)		(97	)
Preferred stock dividends		30			31			30			31			30			30			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(255	)	$	(170	)	$	(148	)	$	(175	)	$	(127	)	$	(255	)	$	(127	)
Net Income Reconciliation
Operating earnings	$	(225	)	$	(139	)	$	(118	)	$	(144	)	$	(97	)	$	(225	)	$	(97	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		359			(486	)		(475	)		(11	)		(15	)		359			(15	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(1	)		1			12			8			8			(1	)		8
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to consolidated securitization entities		—			—			—			—			106			—			106
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in asset value fluctuations related to experience-rated contractholder liabilities and certain inflation-indexed liabilities		—			—			—			—			—			—			—
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)		—			—			—			—			—			—			—
Interest expense — related to consolidated securitization entities		—			—			—			—			(106	)		—			(106	)
Other expenses:
Noncontrolling interest		2			(12	)		—			1			1			2			1
Business combination costs		(11	)		—			(22	)		2			(29	)		(11	)		(29	)
Provision for income tax expense (benefit)		(127	)		181			168			81			12			(127	)		12
Income (loss) from continuing operations, net of income tax		(3	)		(455	)		(435	)		(63	)		(120	)		(3	)		(120	)
Income (loss) from discontinued operations, net of income tax		12			—			(2	)		(4	)		—			12			—
Net income (loss)		9			(455	)		(437	)		(67	)		(120	)		9			(120	)
Less: Net income (loss) attributable to noncontrolling interest		1			(8	)		—			1			1			1			1
Net income (loss) attributable to MetLife, Inc.		8			(447	)		(437	)		(68	)		(121	)		8			(121	)
Less: Preferred stock dividends		30			31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(22	)	$	(478	)	$	(467	)	$	(99	)	$	(151	)	$	(22	)	$	(151	)
Premiums, Fees and Other Revenues	$	14		$	14		$	15		$	20		$	22		$	14		$	22

35

BANKING, CORPORATE & OTHER — BANKING (1), (2)

SUPPLEMENTAL INFORMATION

	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,			March 31,			March 31,
Unaudited (In millions, except ratios)	2009			2009			2009			2009			2010			2009			2010
The following supplemental information for MetLife Bank is presented in accordance with Banking Standards:
Income Statement
Net interest income, net of interest expense	$	60		$	73		$	66		$	64		$	58		$	60		$	58
Provision for credit losses		(42	)		(14	)		(27	)		6			(4	)		(42	)		(4	)
Non interest income		248			275			248			242			185			248			185
Non interest expense		(203	)		(231	)		(181	)		(220	)		(163	)		(203	)		(163	)
Income before taxes		63			103			106			92			76			63			76
Income tax expense		22			36			49			35			30			22			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	41		$	67		$	57		$	57		$	46		$	41		$	46
Selected Balance Sheet Accounts
Loans Held-for-Investment:
Commercial Loans & Mortgages	$	2,136		$	2,016		$	1,965		$	2,079		$	2,104
Consumer		624			724			805			834			938
Agriculture		194			185			176			173			174
Total Loans		2,954			2,925			2,946			3,086			3,216
Allowance for Loan Losses		(74	)		(87	)		(101	)		(93	)		(73	)
Total Loans Held-for-Investments (Net)	$	2,880		$	2,838		$	2,845		$	2,993		$	3,143
Net Charge-offs	$	0.3		$	0.5		$	12.7		$	2.0		$	24.2		$	0.3		$	24.2
Loans Held-for-Sale	$	3,970		$	4,271		$	2,442		$	2,728		$	2,003
Total Assets	$	14,816		$	14,640		$	13,140		$	14,107		$	13,573
Total Deposits	$	7,531		$	7,806		$	8,372		$	10,211		$	10,032
Key Ratios & Statistics
Tier 1 Capital	$	755		$	806		$	860		$	898		$	948
Risk Weighted Assets	$	7,270		$	7,764		$	6,796		$	7,381		$	6,909
Tier 1 Capital Ratio		10.39	%		10.39	%		12.65	%		12.16	%		13.73	%
Total Capital Ratio		11.40	%		11.52	%		13.90	%		13.41	%		14.83	%
Tier 1 Leverage		6.56	%		6.22	%		6.37	%		6.64	%		7.05	%
Net Interest Margin		2.12	%		2.30	%		2.20	%		1.98	%		1.91	%		2.12	%		1.91	%
Allowance / Total Loans		2.49	%		2.97	%		3.44	%		3.01	%		2.27	%
Allowance / Non Performing Assets		377.55	%		430.69	%		135.94	%		113.00	%		162.00	%

(1)	All amounts on this page relate to MetLife Bank only.
(2)	Current period numbers are preliminary, subject to regulatory filing on April 30, 2010.

36

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	At or For the Three Months Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
Fixed Maturity Securities
Yield (1)		5.70	%		5.91	%		5.89	%		5.59	%		5.73	%
Investment income (2), (3)	$	2,800		$	3,036		$	3,090		$	2,973		$	3,134
Investment gains (losses) (3)		(609	)		(378	)		(455	)		(221	)		(67	)
Ending carrying value (2), (3)		192,337			213,034			225,866			230,026			242,331
Mortgage Loans
Yield (1)		5.32	%		5.37	%		5.33	%		5.50	%		5.40	%
Investment income (3), (4)		680			694			675			686			672
Investment gains (losses) (3)		(146	)		(125	)		(129	)		(42	)		(28	)
Ending carrying value (3)		53,044			52,500			50,681			50,909			50,371
Real Estate and Real Estate Joint Ventures
Yield (1)		(9.19	%)		(8.83	%)		(6.09	%)		(5.64	%)		(2.11	%)
Investment income (losses)		(172	)		(162	)		(109	)		(98	)		(36	)
Investment gains (losses) (3)		(25	)		(68	)		(70	)		7			(22	)
Ending carrying value		7,381			7,296			7,032			6,896			6,866
Policy Loans
Yield (1)		6.40	%		6.51	%		6.56	%		6.67	%		7.04	%
Investment income		157			161			163			167			178
Ending carrying value		9,851			9,907			10,001			10,061			10,146
Equity Securities
Yield (1)		3.92	%		6.01	%		4.50	%		6.13	%		3.39	%
Investment income		37			54			37			47			25
Investment gains (losses)		(269	)		(108	)		(53	)		31			27
Ending carrying value		2,817			3,045			3,117			3,084			3,066
Other Limited Partnership Interests
Yield (1)		(19.79	%)		5.46	%		9.75	%		16.90	%		18.85	%
Investment income (losses)		(253	)		72			127			227			265
Investment gains (losses)		(97	)		(247	)		(12	)		—			(1	)
Ending carrying value		5,365			5,193			5,255			5,508			5,753
Cash and Short-term Investments
Yield (1)		0.48	%		0.45	%		0.45	%		0.34	%		0.36	%
Investment income		36			24			20			14			13
Investment gains (losses)		(2	)		2			5			1			1
Ending carrying value (3)		30,320			21,330			22,423			18,486			17,183
Other Invested Assets (5)
Investment income		92			98			54			95			154
Investment gains (losses) (3)		233			(3,033	)		(1,455	)		(739	)		101
Ending carrying value		15,130			13,071			13,916			12,709			12,327
Total Investments
Investment income yield (1)		4.24	%		5.02	%		5.14	%		5.21	%		5.53	%
Investment fees and expenses yield		(0.13	%)		(0.15	%)		(0.13	%)		(0.14	%)		(0.14	%)
Net Investment Income Yield		4.11	%		4.87	%		5.01	%		5.07	%		5.39	%
Investment income		3,377			3,977			4,057			4,111			4,405
Investment fees and expenses		(103	)		(118	)		(101	)		(111	)		(112	)
Net Investment Income (3)	$	3,274		$	3,859		$	3,956		$	4,000		$	4,293
Ending Carrying Value (3)	$	316,245		$	325,376		$	338,291		$	337,679		$	348,043
Gross investment gains	$	571		$	263		$	299		$	416		$	400
Gross investment losses		(535	)		(546	)		(489	)		(272	)		(211	)
Writedowns		(1,041	)		(846	)		(661	)		(297	)		(149	)
Subtotal		(1,005	)		(1,129	)		(851	)		(153	)		40
Derivatives gains (losses)		90			(2,828	)		(1,318	)		(810	)		(29	)
Investment Gains (Losses) (3)		(915	)		(3,957	)		(2,169	)		(963	)		11
Investment gains (losses) income tax benefit (provision)		325			1,394			751			406			(9	)
Investment Gains (Losses), net of income tax	$	(590	)	$	(2,563	)	$	(1,418	)	$	(557	)	$	2

(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 and exclude the effects of consolidating under GAAP certain variable interest entities (“VIEs”) that are treated as consolidated securitization entities.
(2)	Fixed maturity securities includes $922 million, $1,471 million, $1,970 million, $2,384 million and $2,765 million in ending carrying value, and $17 million, $130 million, $163 million, $90 million and $79 million of investment income (loss) related to trading securities at or for the three months ended March 31, 2009, June 30, 2009, September 30, 2009, December 31, 2009 and March 31, 2010, respectively.
(3)	Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Ending carrying value adjustments for the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities which include trading securities (included within fixed maturity securities in the yield table above) of $274 million, mortgage loans of $7,065 million and cash and short-term investments of $38 million at March 31, 2010; 2) Investment income and net investment income adjustments as presented on page 4 within the Net Income Reconciliation; and 3) Investment gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below for the three months ended:

	March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010
Investment gains (losses) — in above yield table	$	(915	)	$	(3,957	)	$	(2,169	)	$	(963	)	$	11
Real estate discontinued operations		—			—			—			(8	)		—
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		31			32			(4	)		29			49
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		—			(1	)		(1	)		(3	)
Joint venture earnings related to change in fair value of certain liabilities, including the effects of own credit, associated hedges of these liabilities, and gains and losses from the sales of investments		(20	)		96			35			45			5
Net investment gains (losses) related to consolidated securitization entities		—			—			—			—			10
Net investment gains (losses) — GAAP basis	$	(906	)	$	(3,829	)	$	(2,139	)	$	(898	)	$	72

(4)

Investment income from mortgage loans includes prepayment fees.

(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. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the yield table.

37

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

	At or For the Year-to-Date Period Ended
	March 31,			June 30,			September 30,			December 31,			March 31,
Unaudited (In millions)	2009			2009			2009			2009			2010
Fixed Maturity Securities
Yield (1)		5.70	%		5.81	%		5.83	%		5.77	%		5.73	%
Investment income (2), (3)	$	2,800		$	5,836		$	8,926		$	11,899		$	3,134
Investment gains (losses) (3)		(609	)		(987	)		(1,442	)		(1,663	)		(67	)
Ending carrying value (2), (3)		192,337			213,034			225,866			230,026			242,331
Mortgage Loans
Yield (1)		5.32	%		5.35	%		5.34	%		5.38	%		5.40	%
Investment income (3), (4)		680			1,374			2,049			2,735			672
Investment gains (losses) (3)		(146	)		(271	)		(400	)		(442	)		(28	)
Ending carrying value (3)		53,044			52,500			50,681			50,909			50,371
Real Estate and Real Estate Joint Ventures
Yield (1)		(9.19	%)		(9.01	%)		(8.05	%)		(7.47	%)		(2.11	%)
Investment income (losses)		(172	)		(334	)		(443	)		(541	)		(36	)
Investment gains (losses) (3)		(25	)		(93	)		(163	)		(156	)		(22	)
Ending carrying value		7,381			7,296			7,032			6,896			6,866
Policy Loans
Yield (1)		6.40	%		6.45	%		6.49	%		6.54	%		7.04	%
Investment income		157			318			481			648			178
Ending carrying value		9,851			9,907			10,001			10,061			10,146
Equity Securities
Yield (1)		3.92	%		4.94	%		4.83	%		5.12	%		3.39	%
Investment income		37			91			128			175			25
Investment gains (losses)		(269	)		(377	)		(430	)		(399	)		27
Ending carrying value		2,817			3,045			3,117			3,084			3,066
Other Limited Partnership Interests
Yield (1)		(19.79	%)		(6.59	%)		(1.32	%)		3.22	%		18.85	%
Investment income (losses)		(253	)		(181	)		(54	)		173			265
Investment gains (losses)		(97	)		(344	)		(356	)		(356	)		(1	)
Ending carrying value		5,365			5,193			5,255			5,508			5,753
Cash and Short-term Investments
Yield (1)		0.48	%		0.47	%		0.46	%		0.44	%		0.36	%
Investment income		36			60			80			94			13
Investment gains (losses)		(2	)		—			5			6			1
Ending carrying value (3)		30,320			21,330			22,423			18,486			17,183
Other Invested Assets (5)
Investment income		92			190			244			339			154
Investment gains (losses) (3)		233			(2,800	)		(4,255	)		(4,994	)		101
Ending carrying value		15,130			13,071			13,916			12,709			12,327
Total Investments
Investment income yield (1)		4.24	%		4.63	%		4.80	%		4.90	%		5.53	%
Investment fees and expenses yield		(0.13	%)		(0.14	%)		(0.14	%)		(0.14	%)		(0.14	%)
Net Investment Income Yield		4.11	%		4.49	%		4.66	%		4.76	%		5.39	%
Investment income		3,377			7,354			11,411			15,522			4,405
Investment fees and expenses		(103	)		(221	)		(322	)		(433	)		(112	)
Net Investment Income (3)	$	3,274		$	7,133		$	11,089		$	15,089		$	4,293
Ending Carrying Value (3)	$	316,245		$	325,376		$	338,291		$	337,679		$	348,043
Gross investment gains	$	571		$	834		$	1,133		$	1,549		$	400
Gross investment losses		(535	)		(1,081	)		(1,570	)		(1,842	)		(211	)
Writedowns		(1,041	)		(1,887	)		(2,548	)		(2,845	)		(149	)
Subtotal		(1,005	)		(2,134	)		(2,985	)		(3,138	)		40
Derivatives gains (losses)		90			(2,738	)		(4,056	)		(4,866	)		(29	)
Investment Gains (Losses) (3)		(915	)		(4,872	)		(7,041	)		(8,004	)		11
Investment gains (losses) income tax benefit (provision)		325			1,719			2,470			2,876			(9	)
Investment Gains (Losses), net of income tax	$	(590	)	$	(3,153	)	$	(4,571	)	$	(5,128	)	$	2

(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 and exclude the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities.
(2)	Fixed maturity securities includes $922 million, $1,471 million, $1,970 million, $2,384 million and $2,765 million in ending carrying value, and $17 million, $147 million, $310 million, $400 million and $79 million of investment income (loss) related to trading securities at or for the year-to-date period ended March 31, 2009, June 30, 2009, September 30, 2009, December 31, 2009 and March 31, 2010, respectively.
(3)	Certain measures in this yield table vary from the most directly comparable measures presented in accordance with GAAP. The reconciliation of the yield table measures to the most directly comparable measures presented in accordance with GAAP are: 1) Ending carrying value adjustments for the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities which include trading securities (included within fixed maturity securities in the yield table above) of $274 million, mortgage loans of $7,065 million and cash and short-term investments of $38 million at March 31, 2010; 2) Investment income and net investment income adjustments as presented on page 4 within the Net Income Reconciliation; and 3) Investment gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below for the year-to-date periods ended:

	March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010
Investment gains (losses) — in above yield table	$	(915	)	$	(4,872	)	$	(7,041	)	$	(8,004	)	$	11
Real estate discontinued operations		—			—			—			(8	)		—
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		31			63			59			88			49
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		(2	)		(3	)		(4	)		(3	)
Joint venture earnings related to change in fair value of certain liabilities, including the effects of own credit, associated hedges of these liabilities, and gains and losses from the sales of investments		(20	)		76			111			156			5
Net investment gains (losses) related to consolidated securitization entities		—			—			—			—			10
Net investment gains (losses) — GAAP basis	$	(906	)	$	(4,735	)	$	(6,874	)	$	(7,772	)	$	72

(4)

Investment income from mortgage loans includes prepayment fees.

(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. However, the accruals of settlement payments in other liabilities are included in net investment income for GAAP. As yield is not considered a meaningful measure of performance for other invested assets, it has been excluded from the yield table.

38

METLIFE, INC.

GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)

	March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	6,951		24.2	%	$	6,220		31.9	%	$	4,050		35.4	%	$	4,815		45.9	%	$	4,244		51.4	%
20% or more for less than six months		12,494		43.4	%		1,973		10.1	%		540		4.7	%		713		6.8	%		480		5.8	%
20% or more for six months or greater		9,312		32.4	%		11,320		58.0	%		6,850		59.9	%		4,958		47.3	%		3,528		42.8	%
Total Gross Unrealized Losses	$	28,757		100.0	%	$	19,513		100.0	%	$	11,440		100.0	%	$	10,486		100.0	%	$	8,252		100.0	%
Total Gross Unrealized Gains	$	5,562				$	5,582				$	10,062				$	8,419				$	9,757
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	25		2.1	%	$	26		3.6	%	$	85		21.3	%	$	83		30.2	%	$	84		34.0	%
20% or more for less than six months		490		40.8	%		143		19.8	%		13		3.3	%		14		5.1	%		35		14.2	%
20% or more for six months or greater		687		57.1	%		552		76.6	%		300		75.4	%		178		64.7	%		128		51.8	%
Total Gross Unrealized Losses	$	1,202		100.0	%	$	721		100.0	%	$	398		100.0	%	$	275		100.0	%	$	247		100.0	%
Total Gross Unrealized Gains	$	32				$	87				$	166				$	172				$	208

(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.

39

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION

	March 31, 2009						June 30, 2009						September 30, 2009						December 31, 2009						March 31, 2010
Unaudited (In millions)	Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total
U.S. corporate securities	$	60,714			31.7	%	$	65,981			31.2	%	$	71,642			32.1	%	$	72,187			31.7	%	$	74,133			31.0	%
Residential mortgage-backed securities		38,115			19.9	%		41,798			19.8	%		43,397			19.4	%		44,020			19.3	%		42,980			17.9	%
Foreign corporate securities		29,405			15.4	%		33,607			15.9	%		36,592			16.3	%		38,030			16.7	%		40,105			16.7	%
U.S. Treasury, agency and government guaranteed securities		24,649			12.9	%		27,673			13.1	%		25,467			11.4	%		25,447			11.2	%		30,741			12.8	%
Commercial mortgage-backed securities		12,981			6.8	%		13,995			6.6	%		15,535			6.9	%		15,622			6.9	%		16,495			6.9	%
Asset-backed securities		11,032			5.7	%		12,414			5.8	%		13,251			5.9	%		13,162			5.8	%		13,892			5.8	%
Foreign government securities		9,384			4.9	%		10,560			5.0	%		11,447			5.1	%		11,947			5.2	%		13,164			5.5	%
State and political subdivision securities		5,112			2.7	%		5,517			2.6	%		6,549			2.9	%		7,208			3.2	%		8,039			3.4	%
Other fixed maturity securities		23			0.0	%		18			0.0	%		16			0.0	%		19			0.0	%		17			0.0	%
Total fixed maturity securities available-for-sale	$	191,415			100.0	%	$	211,563			100.0	%	$	223,896			100.0	%	$	227,642			100.0	%	$	239,566			100.0	%
NAIC RATING            RATING AGENCY DESIGNATION
		(1	)					(1	)					(1	)					(2	)					(2	)
1                     Aaa / Aa / A	$	137,190			71.7	%	$	147,337			69.6	%	$	153,893			68.7	%	$	151,136			66.4	%	$	160,030			66.8	%
2                     Baa		39,346			20.6	%		45,949			21.7	%		48,612			21.7	%		56,305			24.7	%		59,061			24.6	%
3                     Ba		8,697			4.5	%		9,598			4.6	%		9,860			4.4	%		12,003			5.3	%		12,105			5.1	%
4                     B		4,368			2.3	%		5,717			2.7	%		5,927			2.7	%		6,461			2.9	%		6,937			2.9	%
5                     Caa and lower		1,734			0.9	%		2,756	��		1.3	%		5,330			2.4	%		1,425			0.6	%		1,282			0.5	%
6                     In or near default		80			0.0	%		206			0.1	%		274			0.1	%		312			0.1	%		151			0.1	%
Total fixed maturity securities available-for-sale	$	191,415			100.0	%	$	211,563			100.0	%	$	223,896			100.0	%	$	227,642			100.0	%	$	239,566			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 which may not correspond to the rating agency designations. Specifically, certain non-agency residential mortgage-backed securities rated Caa and lower and in or near default based on rating agency designations are presented at December 31, 2009 with their final NAIC rating ranging from NAIC 1 to NAIC 4 based on the revised NAIC rating methodology effective December 31, 2009.

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE

	March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	8,757		24.4	%	$	8,679		24.8	%	$	8,806		25.3	%	$	8,684		25.1	%	$	8,497		24.5	%
South Atlantic		8,064		22.5	%		7,627		21.8	%		7,454		21.4	%		7,342		21.2	%		7,426		21.4	%
Middle Atlantic		6,129		17.1	%		5,879		16.8	%		5,639		16.2	%		5,948		17.2	%		6,075		17.4	%
International		3,350		9.3	%		3,461		9.9	%		3,590		10.3	%		3,564		10.3	%		3,676		10.6	%
West South Central		3,006		8.4	%		2,908		8.3	%		2,906		8.3	%		2,870		8.3	%		2,868		8.3	%
East North Central		2,580		7.2	%		2,561		7.3	%		2,545		7.3	%		2,487		7.2	%		2,513		7.2	%
New England		1,517		4.2	%		1,465		4.2	%		1,451		4.2	%		1,414		4.1	%		1,394		4.0	%
Mountain		1,049		2.9	%		1,044		3.0	%		1,039		3.0	%		944		2.7	%		928		2.7	%
West North Central		682		1.9	%		677		1.9	%		667		2.0	%		641		1.9	%		632		1.8	%
East South Central		465		1.4	%		462		1.3	%		460		1.3	%		443		1.3	%		441		1.3	%
Other		254		0.7	%		254		0.7	%		253		0.7	%		250		0.7	%		277		0.8	%
Total	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%	$	34,727		100.0	%
Office	$	15,215		42.4	%	$	14,832		42.3	%	$	14,988		43.1	%	$	14,986		43.3	%	$	15,046		43.3	%
Retail		8,002		22.3	%		7,941		22.7	%		8,081		23.2	%		7,870		22.8	%		8,032		23.1	%
Apartments		4,062		11.3	%		3,838		11.0	%		3,725		10.7	%		3,696		10.7	%		3,656		10.6	%
Hotel		3,058		8.6	%		3,076		8.8	%		2,967		8.5	%		2,947		8.5	%		2,946		8.5	%
Industrial		2,818		7.9	%		2,802		8.0	%		2,804		8.1	%		2,759		8.0	%		2,776		8.0	%
Other		2,698		7.5	%		2,528		7.2	%		2,245		6.4	%		2,329		6.7	%		2,271		6.5	%
Total	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%	$	34,727		100.0	%

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METLIFE, INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES

	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2009		2009		2009		2009		2010
Wholly-owned	$	4,059	$	4,069	$	4,061	$	4,071	$	4,079
Joint ventures		3,319		3,141		2,846		2,698		2,651
Subtotal		7,378		7,210		6,907		6,769		6,730
Foreclosed		3		86		125		127		136
Total Real Estate and Real Estate Joint Ventures (1)	$	7,381	$	7,296	$	7,032	$	6,896	$	6,866
SUMMARY OF MORTGAGE LOANS
	March 31,		June 30,		September 30,		December 31,		March 31,
Unaudited (In millions)	2009		2009		2009		2009		2010
Commercial mortgage loans	$	35,853	$	35,017	$	34,810	$	34,587	$	34,727
Agricultural mortgage loans		12,066		11,913		12,059		12,140		12,093
Residential and consumer loans		1,155		1,299		1,370		1,454		1,548
Mortgage loans held-for-sale		3,970		4,271		2,442		2,728		2,003
Total (2)	$	53,044	$	52,500	$	50,681	$	50,909	$	50,371

(1)	Includes real estate held-for-sale and held-for-investment.
(2)	Effective January 1, 2010, balance excludes the effects of consolidating under GAAP certain variable interest entities that are treated as consolidated securitization entities. See page 37, note 3 for the amount excluded at March 31, 2010.

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Company Ratings as of April 28, 2010

     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 April 28, 2010 are listed in the tables below:

	A.M. Best*	Fitch*	Moody’s*	S&P*
Insurer Financial Strength Ratings
First MetLife Investors Insurance Co.	A+	NR	NR	AA-
General American Life Insurance Company	A+	AA-	Aa3	AA-
MetLife Insurance Company of Connecticut	A+	AA-	Aa3	AA-
MetLife Investors Insurance Company	A+	AA-	Aa3	AA-
MetLife Investors USA Insurance Company	A+	AA-	Aa3	AA-
Metropolitan Casualty Insurance Company	A	NR	NR	NR
Metropolitan Direct Property and Casualty Insurance Co.	A	NR	NR	NR
Metropolitan General Insurance Company	A	NR	NR	NR
Metropolitan Group Property & Casualty Insurance Co.	A	NR	NR	NR
Metropolitan Life Insurance Company	A+	AA-	Aa3	AA-
Metropolitan Lloyds Insurance Company of Texas	A	NR	NR	NR
Metropolitan Property and Casualty Insurance Company	A	NR	NR	NR
Metropolitan Tower Life Insurance Company	A+	NR	Aa3	NR
New England Life Insurance Company	A+	AA-	Aa3	AA-
Credit Ratings
MetLife Short Term Funding LLC
Commercial Paper	NR	NR	P-1	A-1+
General American Life Insurance Company
(Surplus Notes)	a	NR	A2	A
MetLife, Inc.
Commercial Paper	AMB-1	F1	P-2	A-2
Senior Unsecured Debt	a-	A-	A3	A-
Subordinated Debt	bbb+	NR	Baa1	NR
Junior Subordinated Debt	bbb	BBB	Baa2	BBB
Preferred Stock	bbb	NR	Baa2	BBB
Non-Cumulative Perpetual Preferred Stock	bbb	BBB	Baa2	BBB-
MetLife Capital Trust IV & X
Trust Securities	bbb	BBB	Baa2	BBB
MetLife Funding, Inc.
Commercial Paper	AMB-1+	F1+	P-1	A-1+
Metropolitan Life Global Funding I
Senior Secured Debt	aa-	NR	Aa3	AA-
MetLife Institutional Funding I, LLC
Senior Secured Debt	aa-	NR	Aa3	AA-
Metropolitan Life Insurance Company
Surplus Notes	a	A	A2	A

*	Ratings outlooks are “Under review with negative implications, Stable, Negative, CreditWatch negative” for A.M. Best, Fitch, Moody’s and S&P, respectively.
NR	Not Rated

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