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

Second Quarter
Financial Supplement

June 30, 2010

© 2010 Peanuts Worldwide LLC

METLIFE, INC.
TABLE OF CONTENTS

HIGHLIGHTS
Corporate Overview	2
METLIFE, INC.
Consolidated Balance Sheets	3
Consolidated Statements of Operating Earnings Available to Common Shareholders	4
Consolidating Balance Sheet	5
Consolidating Balance Sheet - U.S. Business	6
Consolidating Statement of Operating Earnings Available to Common Shareholders	7
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	11
U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Other Expenses by Major Category and Individual Life Sales by Product	17
Spread by Product	18
U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	19
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	20
Other Expenses by Major Category and Individual Annuity Sales by Product	21
Spread	22
U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	23
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	24
Other Expenses by Major Category	25
Spread	26
U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	27
Written Premiums by Product and Selected Financial Information and Supplemental Data	30
INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders	31
BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	35
Banking - Supplemental Information	38
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	39
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules	41
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Commercial Mortgage Loans by Region and Property Type	42
Summary of Real Estate and Real Estate Joint Ventures and Summary of Mortgage Loans	43
OTHER INFORMATION
Company Ratings	44

NOTE:

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 MetLife’s 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) from continuing operations, net of income tax, 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 MetLife uses to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, is MetLife’s 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 derivatives 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, those identified in the definition of operating expenses and changes in fair value of hedges of operating joint venture liabilities, all net of income tax.

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 policy 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 derivatives 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 (“VIEs”) as required under GAAP.

MetLife believes the presentation of operating earnings as MetLife measures 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 July 29, 2010, for the three months ended June 30, 2010, which are available at www.metlife.com.

1

METLIFE, INC.

CORPORATE OVERVIEW

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions, except per share data)	2009			2009			2009			2010			2010
Operating earnings available to common shareholders	$	723		$	718		$	793		$	834		$	1,022
Preferred stock dividends		31			30			31			30			31
Operating earnings		754			748			824			864			1,053
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3,829	)		(2,139	)		(898	)		72			1,468
Other adjustments to continuing operations		473			46			6			(121	)		(563	)
Provision for income tax (expense) benefit		1,183			721			378			18			(417	)
Income (loss) from continuing operations, net of income tax		(1,419	)		(624	)		310			833			1,541
Income (loss) from discontinued operations, net of income tax		1			(1	)		3			1			6
Net income (loss)		(1,418	)		(625	)		313			834			1,547
Less: Net income (loss) attributable to noncontrolling interest		(16	)		(5	)		(7	)		(1	)		(10	)
Net income (loss) attributable to MetLife, Inc.		(1,402	)		(620	)		320			835			1,557
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,433	)	$	(650	)	$	289		$	805		$	1,526
Operating earnings available to common shareholders — diluted	$	0.88		$	0.87		$	0.96		$	1.01		$	1.23
Net investment gains (losses)		(4.64	)		(2.59	)		(1.08	)		0.09			1.77
Other adjustments to continuing operations		0.57			0.06			0.01			(0.15	)		(0.68	)
Provision for income tax (expense) benefit		1.43			0.86			0.45			0.02			(0.50	)
Discontinued operations, net of income tax		—			—			—			—			0.01
Less: Net income (loss) attributable to noncontrolling interest		(0.02	)		(0.01	)		(0.01	)		—			(0.01	)
Net income (loss) available to MetLife, Inc.’s common shareholders per common share — diluted	$	(1.74	)	$	(0.79	)	$	0.35		$	0.97		$	1.84
Weighted average common shares outstanding — diluted		825.1			827.3			828.0			828.6			830.5
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited	2009			2009			2009			2010			2010
Book value per common share — (actual common shares outstanding)	$	30.85		$	39.36		$	37.96		$	41.21		$	45.51
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	42.86		$	42.09		$	41.69		$	42.67		$	44.50
Book value per common share — diluted — (weighted average common shares outstanding)	$	30.60		$	38.95		$	37.54		$	40.75		$	44.95
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	42.52		$	41.65		$	41.23		$	42.19		$	43.96
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010
Common shares outstanding, beginning of period		818.1			818.6			818.8			818.8			819.4
Treasury stock, net		0.5			0.2			—			0.3			—
Newly issued shares		—			—			—			0.3			1.0
Common shares outstanding, end of period		818.6			818.8			818.8			819.4			820.4
Weighted average common shares outstanding — basic		821.6			821.8			821.9			822.6			822.9
Dilutive effect of stock-based awards		3.5			5.5			6.1			6.0			7.6
Weighted average common shares outstanding — diluted		825.1			827.3			828.0			828.6			830.5
Policyholder Trust Shares		238.7			236.8			233.2			229.9			227.4

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	211,563		$	223,896		$	227,642		$	239,566		$	246,348
Equity securities available-for-sale, at estimated fair value		3,045			3,117			3,084			3,066			2,741
Trading securities, at estimated fair value (1)		1,471			1,970			2,384			3,039			3,158
Mortgage loans:
Held-for-investment, at amortized cost (1)		48,229			48,239			48,181			55,433			55,601
Held-for-sale, principally at estimated fair value		4,271			2,442			2,728			2,003			2,650
Mortgage loans, net		52,500			50,681			50,909			57,436			58,251
Policy loans		9,907			10,001			10,061			10,146			10,180
Real estate and real estate joint ventures		7,246			6,982			6,852			6,821			6,832
Real estate held-for-sale		50			50			44			45			9
Other limited partnership interests		5,193			5,255			5,508			5,753			5,856
Short-term investments		8,117			6,861			8,374			8,019			9,746
Other invested assets		13,071			13,916			12,709			12,327			15,584
Total investments		312,163			322,729			327,567			346,218			358,705
Cash and cash equivalents (1)		13,213			15,562			10,112			9,202			10,702
Accrued investment income		3,019			3,236			3,173			3,392			3,249
Premiums, reinsurance and other receivables		16,730			16,903			16,752			17,554			18,177
Deferred policy acquisition costs and value of business acquired		20,323			19,208			19,256			18,697			17,720
Current income tax recoverable		253			412			316			—			243
Deferred income tax assets		3,856			535			1,228			149			—
Goodwill		5,036			5,033			5,047			5,049			5,037
Other assets		7,896			7,140			6,822			6,869			6,712
Separate account assets		126,968			144,434			149,041			158,436			153,362
Total assets	$	509,457		$	535,192		$	539,314		$	565,566		$	573,907
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	132,823		$	134,492		$	135,879		$	137,516		$	140,239
Policyholder account balances		140,076			139,171			138,673			141,734			142,822
Other policyholder funds		8,319			8,549			8,446			8,682			8,660
Policyholder dividends payable		881			911			761			745			775
Policyholder dividend obligation		—			—			—			—			1,080
Payables for collateral under securities loaned and other transactions		24,607			24,363			24,196			25,982			29,772
Bank deposits		7,807			8,372			10,211			10,032			9,790
Short-term debt		4,757			2,131			912			318			879
Long-term debt (1)		12,940			13,202			13,220			20,177			20,647
Collateral financing arrangements		5,297			5,297			5,297			5,297			5,297
Junior subordinated debt securities		2,691			3,191			3,191			3,191			3,191
Current income tax payable		—			—			—			66			—
Deferred income tax liability		—			—			—			—			2,050
Other liabilities		14,679			16,486			15,989			17,211			15,619
Separate account liabilities		126,968			144,434			149,041			158,436			153,362
Total liabilities		481,845			500,599			505,816			529,387			534,183
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		16,849			16,865			16,859			16,871			16,896
Retained earnings		20,472			19,822			19,501			20,294			21,820
Treasury stock, at cost		(203	)		(194	)		(190	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		(9,834	)		(2,234	)		(3,058	)		(1,191	)		822
Total MetLife, Inc.’s stockholders’ equity		27,293			34,268			33,121			35,811			39,375
Noncontrolling interests		319			325			377			368			349
Total equity		27,612			34,593			33,498			36,179			39,724
Total liabilities and stockholders’ equity	$	509,457		$	535,192		$	539,314		$	565,566		$	573,907

(1) As of March 31, 2010 and June 30, 2010, $7,377 million and $7,391 million, respectively, of assets and $7,106 million and $7,129 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP. See pages 39 and 40, note 3 for the amounts by asset category.

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010
OPERATING REVENUES
Premiums	$	6,576		$	6,601		$	7,161		$	6,854		$	6,662
Universal life and investment-type product policy fees		1,227			1,255			1,559			1,408			1,478
Net investment income		3,859			3,956			4,000			4,293			4,143
Other revenues		572			602			601			513			544
Total operating revenues		12,234			12,414			13,321			13,068			12,827
OPERATING EXPENSES
Policyholder benefits and dividends		7,388			7,549			7,986			7,890			7,256
Interest credited to policyholder account balances		1,229			1,259			1,195			1,146			1,048
Interest credited to bank deposits		40			37			43			39			36
Capitalization of DAC		(757	)		(722	)		(754	)		(744	)		(767	)
Amortization of DAC and VOBA		332			376			564			588			808
Interest expense		256			274			269			264			266
Other expenses		2,765			2,723			2,947			2,645			2,714
Total operating expenses		11,253			11,496			12,250			11,828			11,361
Operating earnings before provision for income tax		981			918			1,071			1,240			1,466
Provision for income tax expense (benefit)		227			170			247			376			413
Operating earnings		754			748			824			864			1,053
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	723		$	718		$	793		$	834		$	1,022
Net Income Reconciliation
Operating earnings	$	754		$	748		$	824		$	864		$	1,053
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(3,829	)		(2,139	)		(898	)		72			1,468
Universal life and investment-type product policy fees - - amortization of unearned revenue related to investment gains (losses)		(11	)		(4	)		(6	)		(1	)		7
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(32	)		4			(29	)		(49	)		(61	)
Equity method operating joint ventures		(96	)		(35	)		(45	)		(5	)		(97	)
Real estate discontinued operations		(1	)		(2	)		(2	)		(1	)		(1	)
Net investment income related to certain consolidated securitization entities		—			—			—			106			103
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		8			(63	)		(2	)		(24	)		(150	)
Interest credited to policyholder account balances - scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			1			1			3			(1	)
Amortization of DAC and VOBA — related to net investment gains (losses)		625			174			95			(14	)		(212	)
Interest expense — related to certain consolidated securitization entities		—			—			—			(106	)		(103	)
Other expenses:
Noncontrolling interest		(20	)		(7	)		(8	)		(1	)		(12	)
Business combination costs		—			(22	)		2			(29	)		(36	)
Provision for income tax (expense) benefit		1,183			721			378			18			(417	)
Income (loss) from continuing operations, net of income tax		(1,419	)		(624	)		310			833			1,541
Income (loss) from discontinued operations, net of income tax		1			(1	)		3			1			6
Net income (loss)		(1,418	)		(625	)		313			834			1,547
Less: Net income (loss) attributable to noncontrolling interest		(16	)		(5	)		(7	)		(1	)		(10	)
Net income (loss) attributable to MetLife, Inc.		(1,402	)		(620	)		320			835			1,557
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,433	)	$	(650	)	$	289		$	805		$	1,526
Premiums, Fees and Other Revenues	$	8,375		$	8,458		$	9,321		$	8,775		$	8,684

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	June 30, 2010
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other (1)
ASSETS
Total investments (1)	$	358,705		$	278,810		$	22,350		$	57,545
Cash and cash equivalents (1)		10,702			2,602			1,649			6,451
Accrued investment income		3,249			2,631			289			329
Premiums, reinsurance and other receivables		18,177			10,446			921			6,810
Deferred policy acquisition costs and value of business acquired		17,720			14,814			2,902			4
Current income tax recoverable		243			566			(20	)		(303	)
Deferred income tax assets		—			—			—			—
Goodwill		5,037			4,163			404			470
Other assets		6,712			4,279			447			1,986
Separate account assets		153,362			145,578			7,784			—
Total assets	$	573,907		$	463,889		$	36,726		$	73,292
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	140,239		$	123,269		$	11,400		$	5,570
Policyholder account balances		142,822			133,136			9,641			45
Other policyholder funds		8,660			6,449			1,816			395
Policyholder dividends payable		775			775			—			—
Policyholder dividend obligation		1,080			1,080			—			—
Payables for collateral under securities loaned and other transactions		29,772			18,056			41			11,675
Bank deposits		9,790			—			—			9,790
Short-term debt		879			—			—			879
Long-term debt (1)		20,647			105			51			20,491
Collateral financing arrangements		5,297			—			—			5,297
Junior subordinated debt securities		3,191			—			—			3,191
Current income tax payable		—			—			—			—
Deferred income tax liability		2,050			2,092			(40	)		(2	)
Other liabilities		15,619			9,196			1,037			5,386
Separate account liabilities		153,362			145,578			7,784			—
Total liabilities		534,183			439,736			31,730			62,717
Stockholders’ Equity
Preferred stock, at par value		1			—			—			1
Common stock, at par value		8			—			—			8
Allocated equity (2)		38,716			23,850			4,433			10,433
Treasury stock		(172	)		—			—			(172	)
Accumulated other comprehensive income (loss)		822			306			368			148
Total MetLife, Inc.’s stockholders’ equity		39,375			24,156			4,801			10,418
Noncontrolling interests		349			(3	)		195			157
Total equity		39,724			24,153			4,996			10,575
Total liabilities and stockholders’ equity	$	573,907		$	463,889		$	36,726		$	73,292

(1)	As of June 30, 2010, $7,391 million of assets and $7,129 million of liabilities related to certain securitization entities that are required to be consolidated under GAAP. See pages 39 and 40, note 3 for the amounts by asset category.
(2)	Allocated equity includes additional paid-in capital and retained earnings.

5

METLIFE, INC.

CONSOLIDATING BALANCE SHEET — U.S. BUSINESS

	June 30, 2010
				Insurance			Retirement			Corporate Benefit
Unaudited (In millions)	U.S. Business			Products			Products			Funding			Auto & Home
ASSETS
Total investments	$	278,810		$	108,810		$	54,631		$	111,536		$	3,833
Cash and cash equivalents		2,602			1,299			23			1,236			44
Accrued investment income		2,631			1,079			592			904			56
Premiums, reinsurance and other receivables		10,446			6,433			635			2,359			1,019
Deferred policy acquisition costs and value of business acquired		14,814			9,145			5,409			76			184
Current income tax recoverable		566			459			168			(70	)		9
Deferred income tax assets		—			—			—			—			—
Goodwill		4,163			1,414			1,692			900			157
Other assets		4,279			1,889			1,623			410			357
Separate account assets		145,578			8,326			87,323			49,929			—
Total assets	$	463,889		$	138,854		$	152,096		$	167,280		$	5,659
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits	$	123,269		$	71,681		$	4,307		$	44,257		$	3,024
Policyholder account balances		133,136			28,880			48,293			55,963			—
Other policyholder funds		6,449			5,972			110			187			180
Policyholder dividends payable		775			775			—			—			—
Policyholder dividend obligation		1,080			1,080			—			—			—
Payables for collateral under securities loaned and other transactions		18,056			4,387			3,157			10,512			—
Bank deposits		—			—			—			—			—
Short-term debt		—			—			—			—			—
Long-term debt		105			(6	)		8			103			—
Collateral financing arrangements		—			—			—			—			—
Junior subordinated debt securities		—			—			—			—			—
Current income tax payable		—			—			—			—			—
Deferred income tax liability		2,092			2,774			1,446			(2,049	)		(79	)
Other liabilities		9,196			5,458			878			2,147			713
Separate account liabilities		145,578			8,326			87,323			49,929			—
Total liabilities		439,736			129,327			145,522			161,049			3,838
Stockholders’ Equity
Preferred stock, at par value		—			—			—			—			—
Common stock, at par value		—			—			—			—			—
Allocated equity (1)		23,850			9,299			6,316			6,402			1,833
Treasury stock, at cost		—			—			—			—			—
Accumulated other comprehensive income (loss)		306			229			259			(170	)		(12	)
Total MetLife, Inc.’s stockholders’ equity		24,156			9,528			6,575			6,232			1,821
Noncontrolling interests		(3	)		(1	)		(1	)		(1	)		—
Total equity		24,153			9,527			6,574			6,231			1,821
Total liabilities and stockholders’ equity	$	463,889		$	138,854		$	152,096		$	167,280		$	5,659

(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 June 30, 2010
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,662		$	5,764		$	895		$	3
Universal life and investment-type product policy fees			1,478			1,163			315			—
Net investment income			4,143			3,623			297			223
Other revenues			544			309			4			231
Total operating revenues			12,827			10,859			1,511			457
OPERATING EXPENSES
Policyholder benefits and dividends			7,256			6,419			839			(2	)
Interest credited to policyholder account balances			1,048			1,006			42			—
Interest credited to bank deposits			36			—			—			36
Capitalization of DAC			(767	)		(599	)		(168	)		—
Amortization of DAC and VOBA			808			693			115			—
Interest expense			266			2			2			262
Other expenses			2,714			1,948			493			273
Total operating expenses			11,361			9,469			1,323			569
Operating earnings before provision for income tax			1,466			1,390			188			(112	)
Provision for income tax expense (benefit)			413			472			43			(102	)
Operating earnings			1,053			918			145			(10	)
Preferred stock dividends			31			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,022		$	918		$	145		$	(41	)
Net Income Reconciliation
Operating earnings		$	1,053		$	918		$	145		$	(10	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			1,468			1,232			266			(30	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			7			7			—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(61	)		(55	)		(14	)		8
Equity method operating joint ventures			(97	)		—			(97	)		—
Real estate discontinued operations			(1	)		(1	)		—			—
Net investment income related to certain consolidated securitization entities			103			—			—			103
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			(150	)		(36	)		(114	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(1	)		(1	)		—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			(212	)		(212	)		—			—
Interest expense — related to certain consolidated securitization entities			(103	)		—			—			(103	)
Other expenses:
Noncontrolling interest			(12	)		1			(8	)		(5	)
Business combination costs			(36	)		—			—			(36	)
Provision for income tax (expense) benefit			(417	)		(335	)		(106	)		24
Income (loss) from continuing operations, net of income tax			1,541			1,518	��		72			(49	)
Income (loss) from discontinued operations, net of income tax			6			6			—			—
Net income (loss)			1,547			1,524			72			(49	)
Less: Net income (loss) attributable to noncontrolling interest			(10	)		1			(8	)		(3	)
Net income (loss) attributable to MetLife, Inc.			1,557			1,523			80			(46	)
Less: Preferred stock dividends			31			—			—			31
Net income (loss) available to MetLife, Inc.’s common shareholders		$	1,526		$	1,523		$	80		$	(77	)
Premiums, Fees and Other Revenues		$	8,684		$	7,236		$	1,214		$	234

7

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

	For the Three Months Ended June 30, 2009
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,576		$	5,795		$	777		$	4
Universal life and investment-type product policy fees			1,227			1,001			226			—
Net investment income			3,859			3,365			359			135
Other revenues			572			289			2			281
Total operating revenues			12,234			10,450			1,364			420
OPERATING EXPENSES
Policyholder benefits and dividends			7,388			6,785			600			3
Interest credited to policyholder account balances			1,229			1,070			159			—
Interest credited to bank deposits			40			—			—			40
Capitalization of DAC			(757	)		(617	)		(140	)		—
Amortization of DAC and VOBA			332			232			98			2
Interest expense			256			3			1			252
Other expenses			2,765			1,998			436			331
Total operating expenses			11,253			9,471			1,154			628
Operating earnings before provision for income tax			981			979			210			(208	)
Provision for income tax expense (benefit)			227			320			52			(145	)
Operating earnings			754			659			158			(63	)
Preferred stock dividends			31			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	723		$	659		$	158		$	(94	)
Net Income Reconciliation
Operating earnings		$	754		$	659		$	158		$	(63	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(3,829	)		(2,827	)		(501	)		(501	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			(11	)		(11	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(32	)		(29	)		(5	)		2
Equity method operating joint ventures			(96	)		—			(96	)		—
Real estate discontinued operations			(1	)		(1	)		—			—
Net investment income related to certain 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			8			(31	)		39			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			1			(1	)		—
Amortization of DAC and VOBA — related to net investment gains (losses)			625			625			—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—
Other expenses:
Noncontrolling interest			(20	)		—			(9	)		(11	)
Business combination costs			—			—			—			—
Provision for income tax (expense) benefit			1,183			796			201			186
Income (loss) from continuing operations, net of income tax			(1,419	)		(818	)		(214	)		(387	)
Income (loss) from discontinued operations, net of income tax			1			1			—			—
Net income (loss)			(1,418	)		(817	)		(214	)		(387	)
Less: Net income (loss) attributable to noncontrolling interest			(16	)		—			(9	)		(7	)
Net income (loss) attributable to MetLife, Inc.			(1,402	)		(817	)		(205	)		(380	)
Less: Preferred stock dividends			31			—			—			31
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(1,433	)	$	(817	)	$	(205	)	$	(411	)
Premiums, Fees and Other Revenues		$	8,375		$	7,085		$	1,005		$	285

8

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Six Months Ended June 30, 2010
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	13,516		$	11,725		$	1,788		$	3
Universal life and investment-type product policy fees			2,886			2,280			606			—
Net investment income			8,436			7,223			747			466
Other revenues			1,057			608			5			444
Total operating revenues			25,895			21,836			3,146			913
OPERATING EXPENSES
Policyholder benefits and dividends			15,146			13,476			1,677			(7	)
Interest credited to policyholder account balances			2,194			2,001			193			—
Interest credited to bank deposits			75			—			—			75
Capitalization of DAC			(1,511	)		(1,151	)		(360	)		—
Amortization of DAC and VOBA			1,396			1,176			220			—
Interest expense			530			4			3			523
Other expenses			5,359			3,797			1,015			547
Total operating expenses			23,189			19,303			2,748			1,138
Operating earnings before provision for income tax			2,706			2,533			398			(225	)
Provision for income tax expense (benefit)			789			858			102			(171	)
Operating earnings			1,917			1,675			296			(54	)
Preferred stock dividends			61			—			—			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,856		$	1,675		$	296		$	(115	)
Net Income Reconciliation
Operating earnings		$	1,917		$	1,675		$	296		$	(54	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			1,540			1,360			237			(57	)
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 derivatives not qualifying for hedge accounting			(110	)		(104	)		(22	)		16
Equity method operating joint ventures			(102	)		—			(102	)		—
Real estate discontinued operations			(2	)		(2	)		—			—
Net investment income related to certain consolidated securitization entities			209			—			—			209
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			(174	)		(41	)		(133	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			2			2			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			(226	)		(226	)		—			—
Interest expense — related to certain consolidated securitization entities			(209	)		—			—			(209	)
Other expenses:
Noncontrolling interest			(13	)		2			(11	)		(4	)
Business combination costs			(65	)		—			—			(65	)
Provision for income tax (expense) benefit			(399	)		(358	)		(82	)		41
Income (loss) from continuing operations, net of income tax			2,374			2,314			183			(123	)
Income (loss) from discontinued operations, net of income tax			7			7			—			—
Net income (loss)			2,381			2,321			183			(123	)
Less: Net income (loss) attributable to noncontrolling interest			(11	)		1			(10	)		(2	)
Net income (loss) attributable to MetLife, Inc.			2,392			2,320			193			(121	)
Less: Preferred stock dividends			61			—			—			61
Net income (loss) available to MetLife, Inc.’s common shareholders		$	2,331		$	2,320		$	193		$	(182	)
Premiums, Fees and Other Revenues		$	17,459		$	14,613		$	2,399		$	447

9

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Six Months Ended June 30, 2009
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	12,698		$	11,194		$	1,498		$	6
Universal life and investment-type product policy fees		2,416			1,980			436			—
Net investment income		7,133			6,420			527			186
Other revenues		1,126			574			4			548
Total operating revenues		23,373			20,168			2,465			740
OPERATING EXPENSES
Policyholder benefits and dividends		14,367			13,216			1,148			3
Interest credited to policyholder account balances		2,399			2,162			237			—
Interest credited to bank deposits		83			—			—			83
Capitalization of DAC		(1,543	)		(1,258	)		(285	)		—
Amortization of DAC and VOBA		1,078			883			193			2
Interest expense		501			6			3			492
Other expenses		5,322			3,932			772			618
Total operating expenses		22,207			18,941			2,068			1,198
Operating earnings before provision for income tax		1,166			1,227			397			(458	)
Provision for income tax expense (benefit)		251			390			108			(247	)
Operating earnings		915			837			289			(211	)
Preferred stock dividends		61			—			—			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	854		$	837		$	289		$	(272	)
Net Income Reconciliation
Operating earnings	$	915		$	837		$	289		$	(211	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(4,735	)		(4,491	)		(47	)		(197	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		(17	)		(17	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(63	)		(64	)		—			1
Equity method operating joint ventures		(76	)		—			(76	)		—
Real estate discontinued operations		(3	)		(3	)		—			—
Net investment income related to certain 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		(8	)		(25	)		17			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		2			2			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)		442			442			—			—
Interest expense — related to certain consolidated securitization entities		—			—			—			—
Other expenses:
Noncontrolling interest		(23	)		—			(14	)		(9	)
Business combination costs		(11	)		—			—			(11	)
Provision for income tax (expense) benefit		1,584			1,454			52			78
Income (loss) from continuing operations, net of income tax		(2,004	)		(1,876	)		221			(349	)
Income (loss) from discontinued operations, net of income tax		38			26			—			12
Net income (loss)		(1,966	)		(1,850	)		221			(337	)
Less: Net income (loss) attributable to noncontrolling interest		(20	)		—			(14	)		(6	)
Net income (loss) attributable to MetLife, Inc.		(1,946	)		(1,850	)		235			(331	)
Less: Preferred stock dividends		61			—			—			61
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(2,007	)	$	(1,850	)	$	235		$	(392	)
Premiums, Fees and Other Revenues	$	16,240		$	13,748		$	1,938		$	554

10

METLIFE, INC.

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

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
U.S. BUSINESS
INSURANCE PRODUCTS		$	285		$	302		$	400		$	298		$	369
RETIREMENT PRODUCTS			143			105			207			159			238
CORPORATE BENEFIT FUNDING			155			140			191			228			238
AUTO & HOME			76			86			84			72			73
U.S. BUSINESS TOTAL		$	659		$	633		$	882		$	757		$	918
INTERNATIONAL			158			153			21			151			145
BANKING, CORPORATE & OTHER			(94	)		(68	)		(110	)		(74	)		(41	)
METLIFE, INC. CONSOLIDATED		$	723		$	718		$	793		$	834		$	1,022

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

11

U.S. BUSINESS

INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010			June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	4,235		$	4,222		$	4,510		$	4,323		$	4,317		$	8,436		$	8,640
Universal life and investment-type product policy fees			543			533			622			549			546			1,126			1,095
Net investment income			1,413			1,437			1,483			1,504			1,495			2,694			2,999
Other revenues			181			221			200			189			188			358			377
Total operating revenues			6,372			6,413			6,815			6,565			6,546			12,614			13,111
OPERATING EXPENSES
Policyholder benefits and dividends			4,700			4,745			4,918			4,847			4,721			9,448			9,568
Interest credited to policyholder account balances			233			240			248			234			237			464			471
Interest credited to bank deposits			—			—			—			—			—			—			—
Capitalization of DAC			(213	)		(218	)		(236	)		(206	)		(217	)		(419	)		(423	)
Amortization of DAC and VOBA			161			145			209			239			206			371			445
Interest expense			2			—			3			—			—			3			—
Other expenses			1,061			1,048			1,074			992			1,031			2,084			2,023
Total operating expenses			5,944			5,960			6,216			6,106			5,978			11,951			12,084
Operating earnings before provision for income tax	��		428			453			599			459			568			663			1,027
Provision for income tax expense (benefit)			143			151			199			161			199			223			360
Operating earnings			285			302			400			298			369			440			667
Preferred stock dividends			—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	285		$	302		$	400		$	298		$	369		$	440		$	667
Net Income Reconciliation
Operating earnings		$	285		$	302		$	400		$	298		$	369		$	440		$	667
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(878	)		(139	)		(205	)		33			601			(1,914	)		634
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)			(11	)		(4	)		(6	)		(1	)		7			(17	)		6
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(19	)		(14	)		(17	)		(35	)		(35	)		(43	)		(70	)
Equity method operating joint ventures			—			—			—			—			—			—			—
Real estate discontinued operations			—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities			—			—			—			—			—			—			—
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			(3	)		1			(4	)		(1	)		1			4			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			81			(47	)		(14	)		(10	)		(40	)		33			(50	)
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—			—			—
Business combination costs			—			—			—			—			—			—			—
Provision for income tax (expense) benefit			290			72			85			5			(188	)		680			(183	)
Income (loss) from continuing operations, net of income tax			(255	)		171			239			289			715			(828	)		1,004
Income (loss) from discontinued operations, net of income tax			—			—			3			—			—			19			—
Net income (loss)			(255	)		171			242			289			715			(809	)		1,004
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.			(255	)		171			242			289			715			(809	)		1,004
Less: Preferred stock dividends			—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(255	)	$	171		$	242		$	289		$	715		$	(809	)	$	1,004
Premiums, Fees and Other Revenues		$	4,959		$	4,976		$	5,332		$	5,061		$	5,051		$	9,920		$	10,112

12

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

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010			June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums	$	1,754		$	1,739		$	1,829		$	1,871		$	1,841		$	3,499		$	3,712
Universal life and investment-type product policy fees		163			152			145			152			149			328			301
Net investment income		199			203			200			207			204			401			411
Other revenues		2			2			2			3			1			5			4
Total operating revenues		2,118			2,096			2,176			2,233			2,195			4,233			4,428
OPERATING EXPENSES
Policyholder benefits and dividends		1,776			1,732			1,821			1,865			1,793			3,564			3,658
Interest credited to policyholder account balances		46			46			47			44			43			93			87
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(4	)		(3	)		(4	)		(4	)		(4	)		(9	)		(8	)
Amortization of DAC and VOBA		6			6			4			5			4			15			9
Interest expense		—			—			—			—			—			—			—
Other expenses		159			151			153			141			145			306			286
Total operating expenses		1,983			1,932			2,021			2,051			1,981			3,969			4,032
Operating earnings before provision for income tax		135			164			155			182			214			264			396
Provision for income tax expense (benefit)		46			56			52			64			75			90			139
Operating earnings		89			108			103			118			139			174			257
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	89		$	108		$	103		$	118		$	139		$	174		$	257
Net Income Reconciliation
Operating earnings	$	89		$	108		$	103		$	118		$	139		$	174		$	257
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(116	)		(33	)		(4	)		25			52			(221	)		77
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 derivatives not qualifying for hedge accounting		(10	)		(6	)		(6	)		(18	)		(18	)		(26	)		(36	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to certain 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	)		5			(4	)		—			—			3			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)		—			—			—			—			—			—			—
Interest expense — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		45			12			5			(2	)		(12	)		85			(14	)
Income (loss) from continuing operations, net of income tax		6			86			94			123			161			15			284
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		6			86			94			123			161			15			284
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		6			86			94			123			161			15			284
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	6		$	86		$	94		$	123		$	161		$	15		$	284
��
Premiums, Fees and Other Revenues	$	1,919		$	1,893		$	1,976		$	2,026		$	1,991		$	3,832		$	4,017
Group Life Mortality Ratio		90.4	%		89.2	%		89.7	%		89.5	%		86.6	%

13

U.S. BUSINESS

INSURANCE PRODUCTS — INDIVIDUAL LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010			2009			2010
OPERATING REVENUES
Premiums	$	1,026		$	1,035		$	1,154		$	967		$	1,004		$	2,011		$	1,971
Universal life and investment-type product policy fees		378			378			477			397			397			793			794
Net investment income		1,036			1,036			1,062			1,086			1,066			1,979			2,152
Other revenues		82			114			102			94			100			158			194
Total operating revenues		2,522			2,563			2,795			2,544			2,567			4,941			5,111
OPERATING EXPENSES
Policyholder benefits and dividends		1,638			1,700			1,720			1,627			1,636			3,312			3,263
Interest credited to policyholder account balances		181			188			195			185			188			359			373
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(162	)		(169	)		(188	)		(159	)		(171	)		(313	)		(330	)
Amortization of DAC and VOBA		118			102			173			198			169			282			367
Interest expense		2			—			3			—			—			3			—
Other expenses		547			546			559			516			528			1,069			1,044
Total operating expenses		2,324			2,367			2,462			2,367			2,350			4,712			4,717
Operating earnings before provision for income tax		198			196			333			177			217			229			394
Provision for income tax expense (benefit)		65			63			110			62			76			76			138
Operating earnings		133			133			223			115			141			153			256
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	133		$	133		$	223		$	115		$	141		$	153		$	256
Net Income Reconciliation
Operating earnings	$	133		$	133		$	223		$	115		$	141		$	153		$	256
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(373	)		(160	)		(16	)		6			176			(430	)		182
Universal life and investment-type product policy fees — amortization of unearned revenue related to investment gains (losses)		(11	)		(4	)		(6	)		(1	)		7			(17	)		6
Net investment income:
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		—			(2	)		(10	)		(11	)		(4	)		(21	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to certain consolidated securitization entities		—			—			—			—			—			—			—
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		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)		81			(47	)		(14	)		(10	)		(40	)		33			(50	)
Interest expense — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		105			75			13			5			(47	)		149			(42	)
Income (loss) from continuing operations, net of income tax		(67	)		(3	)		198			105			226			(127	)		331
Income (loss) from discontinued operations, net of income tax		—			—			3			—			—			19			—
Net income (loss)		(67	)		(3	)		201			105			226			(108	)		331
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(67	)		(3	)		201			105			226			(108	)		331
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(67	)	$	(3	)	$	201		$	105		$	226		$	(108	)	$	331
Premiums, Fees and Other Revenues	$	1,486		$	1,527		$	1,733		$	1,458		$	1,501		$	2,962		$	2,959
Mortality as a Percentage of Expected		74.9	%		91.2	%		81.1	%		87.6	%		80.4	%
Lapse Ratio
Traditional Life		6.7	%		6.9	%		6.8	%		6.7	%		6.4	%
Variable & Universal Life		6.6	%		6.8	%		6.5	%		6.1	%		5.9	%

14

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

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010				2009			2010
OPERATING REVENUES
Premiums		$	1,455		$	1,448		$	1,527		$	1,485		$	1,472			$	2,926		$	2,957
Universal life and investment-type product policy fees			2			3			—			—			—				5			—
Net investment income			178			198			221			211			225				314			436
Other revenues			97			105			96			92			87				195			179
Total operating revenues			1,732			1,754			1,844			1,788			1,784				3,440			3,572
OPERATING EXPENSES
Policyholder benefits and dividends			1,286			1,313			1,377			1,355			1,292				2,572			2,647
Interest credited to policyholder account balances			6			6			6			5			6				12			11
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(47	)		(46	)		(44	)		(43	)		(42	)			(97	)		(85	)
Amortization of DAC and VOBA			37			37			32			36			33				74			69
Interest expense			—			—			—			—			—				—			—
Other expenses			355			351			362			335			358				709			693
Total operating expenses			1,637			1,661			1,733			1,688			1,647				3,270			3,335
Operating earnings before provision for income tax			95			93			111			100			137				170			237
Provision for income tax expense (benefit)			32			32			37			35			48				57			83
Operating earnings			63			61			74			65			89				113			154
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	63		$	61		$	74		$	65		$	89			$	113		$	154
Net Income Reconciliation
Operating earnings		$	63		$	61		$	74		$	65		$	89			$	113		$	154
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(389	)		54			(185	)		2			373				(1,263	)		375
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 derivatives not qualifying for hedge accounting			(7	)		(8	)		(9	)		(7	)		(6	)			(13	)		(13	)
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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	)		(4	)		—			(1	)		1				1			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			140			(15	)		67			2			(129	)			446			(127	)
Income (loss) from continuing operations, net of income tax			(194	)		88			(53	)		61			328				(716	)		389
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			(194	)		88			(53	)		61			328				(716	)		389
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			(194	)		88			(53	)		61			328				(716	)		389
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(194	)	$	88		$	(53	)	$	61		$	328			$	(716	)	$	389
Premiums, Fees and Other Revenues		$	1,554		$	1,556		$	1,623		$	1,577		$	1,559			$	3,126		$	3,136
Non-Medical Health Benefit Ratio			88.4	%		90.7	%		90.2	%		91.2	%		87.8	%

15

U.S. BUSINESS
INSURANCE PRODUCTS

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE
	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	11,654		$	11,842		$	11,911		$	11,966		$	12,060
Premiums and deposits			3,670			3,600			3,486			3,598			3,515
Surrenders and withdrawals			(1,404	)		(1,467	)		(1,363	)		(1,361	)		(1,442	)
Benefit payments			(1,985	)		(1,969	)		(1,914	)		(1,970	)		(1,923	)
Net Flows			281			164			209			267			150
Net transfers from (to) separate account			1			2			1			1			1
Interest			78			76			76			72			75
Policy charges			(136	)		(132	)		(135	)		(128	)		(126	)
Other			(36	)		(41	)		(96	)		(118	)		(143	)
Balance, end of period		$	11,842		$	11,911		$	11,966		$	12,060		$	12,017

INDIVIDUAL LIFE
	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	72,457		$	72,920		$	73,307		$	73,934		$	74,398
Premiums and deposits			2,034			2,049			2,167			2,070			2,002
Surrenders and withdrawals			(1,026	)		(978	)		(936	)		(908	)		(919	)
Benefit payments			(569	)		(576	)		(577	)		(670	)		(589	)
Net Flows			439			495			654			492			494
Net transfers from (to) separate account			127			(14	)		39			29			29
Interest			736			755			763			749			748
Policy charges			(394	)		(389	)		(397	)		(401	)		(401	)
Other			(445	)		(460	)		(432	)		(405	)		(413	)
Balance, end of period		$	72,920		$	73,307		$	73,934		$	74,398		$	74,855

NON-MEDICAL HEALTH
	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	12,367		$	12,579		$	12,868		$	13,239		$	13,484
Premiums and deposits			1,500			1,585			1,567			1,518			1,502
Surrenders and withdrawals			(6	)		(106	)		(5	)		(5	)		(5	)
Benefit payments			(1,104	)		(1,074	)		(1,084	)		(1,137	)		(1,119	)
Net Flows			390			405			478			376			378
Net transfers from (to) separate account			—			—			—			—			—
Interest			135			140			147			148			152
Policy charges			—			—			—			—			—
Other			(313	)		(256	)		(254	)		(279	)		(325	)
Balance, end of period		$	12,579		$	12,868		$	13,239		$	13,484		$	13,689

SEPARATE ACCOUNT LIABILITIES
GROUP LIFE
	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	316		$	366		$	416		$	433		$	450
Premiums and deposits			39			38			39			40			44
Surrenders and withdrawals			(6	)		(10	)		(9	)		(9	)		(8	)
Benefit payments			1			—			—			(1	)		—
Net Flows			34			28			30			30			36
Investment Performance			47			53			18			19			(40	)
Net transfers from (to) general account			(1	)		(2	)		(1	)		(1	)		(2	)
Policy charges			(29	)		(29	)		(30	)		(31	)		(33	)
Other			(1	)		—			—			—			—
Balance, end of period		$	366		$	416		$	433		$	450		$	411

INDIVIDUAL LIFE
	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30, 2
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	6,744		$	7,313		$	8,232		$	8,405		$	8,682
Premiums and deposits			216			210			215			208			197
Surrenders and withdrawals			(119	)		(103	)		(140	)		(124	)		(141	)
Benefit payments			(7	)		(10	)		(7	)		(8	)		(9	)
Net Flows			90			97			68			76			47
Investment Performance			755			953			297			374			(643	)
Net transfers from (to) general account			(127	)		14			(39	)		(29	)		(29	)
Policy charges			(147	)		(147	)		(147	)		(143	)		(141	)
Other			(2	)		2			(6	)		(1	)		(1	)
Balance, end of period		$	7,313		$	8,232		$	8,405		$	8,682		$	7,915

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

16

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)		2009		2009		2009		2010		2010
Direct and allocated expenses		$	577	$	568	$	579	$	554	$	570
Pension and post-retirement benefit costs			73		70		69		51		52
Premium taxes, other taxes, and licenses & fees			83		82		75		69		78
Total fixed operating expenses		$	733	$	720	$	723	$	674	$	700
Commissions and other variable expenses			328		328		351		318		331
Total other expenses		$	1,061	$	1,048	$	1,074	$	992	$	1,031
INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
		June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)		2009		2009		2009		2010		2010
Individual Life Sales
Term Life		$	34	$	37	$	37	$	33	$	35
Whole Life			32		30		34		29		29
Variable Life			13		10		10		9		10
Universal Life			44		50		63		41		44
Total Individual Life sales (2)		$	123	$	127	$	144	$	112	$	118

(1)	Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.
(2)	Of the $118 million of First Year Individual Life sales during the three months ended June 30, 2010, approximately 46% were distributed through MetLife agents, 14% through New England Financial agents, 38% through MetLife’s third party channels and 2% through other channels.

17

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2009			2009			2009			2010			2010
Investment income yield			5.08	%		5.20	%		5.02	%		5.42	%		5.32	%
Average crediting rate			2.33	%		2.20	%		2.18	%		2.15	%		2.13	%
Annualized general account spread			2.75	%		3.00	%		2.84	%		3.27	%		3.19	%

VARIABLE & UNIVERSAL LIFE

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2009			2009			2009			2010			2010
Investment income yield			6.24	%		6.07	%		6.27	%		6.28	%		6.24	%
Average crediting rate			4.56	%		4.58	%		4.69	%		4.47	%		4.43	%
Annualized general account spread (1)			1.68	%		1.49	%		1.58	%		1.81	%		1.81	%

NON-MEDICAL HEALTH

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2009			2009			2009			2010			2010
Investment income yield			5.01	%		5.57	%		6.14	%		5.95	%		6.23	%
Average crediting rate			4.76	%		4.69	%		4.81	%		4.80	%		4.80	%
Annualized general account spread			0.25	%		0.88	%		1.33	%		1.15	%		1.43	%

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

18

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
	June 30,			September 30,			December			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2009			2009			31, 2009			2010			2010			2009			2010
OPERATING REVENUES
Premiums	$	139		$	140		$	192		$	123		$	151		$	291		$	274
Universal life and investment-type product policy fees		397			466			493			513			561			753			1,074
Net investment income		724			749			763			773			763			1,347			1,536
Other revenues		34			61			47			48			54			64			102
Total operating revenues		1,294			1,416			1,495			1,457			1,529			2,455			2,986
OPERATING EXPENSES
Policyholder benefits and dividends		353			424			296			354			49			678			403
Interest credited to policyholder account balances		428			431			426			406			405			830			811
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of DAC		(285	)		(223	)		(230	)		(234	)		(262	)		(614	)		(496	)
Amortization of DAC and VOBA		(44	)		42			100			133			372			282			505
Interest expense		1			—			(1	)		—			—			1			—
Other expenses		621			580			585			554			599			1,240			1,153
Total operating expenses		1,074			1,254			1,176			1,213			1,163			2,417			2,376
Operating earnings before provision for income tax		220			162			319			244			366			38			610
Provision for income tax expense (benefit)		77			57			112			85			128			13			213
Operating earnings		143			105			207			159			238			25			397
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	143		$	105		$	207		$	159		$	238		$	25		$	397
Net Income Reconciliation
Operating earnings	$	143		$	105		$	207		$	159		$	238		$	25		$	397
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1,120	)		(462	)		(174	)		101			387			(970	)		488
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 derivatives not qualifying for hedge accounting		(55	)		(49	)		(63	)		(65	)		(66	)		(105	)		(131	)
Equity method operating joint ventures		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of DAC and VOBA — related to net investment gains (losses)		544			221			109			(4	)		(172	)		409			(176	)
Interest expense — related to certain consolidated securitization entities		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax (expense) benefit		221			103			45			(11	)		(54	)		232			(65	)
Income (loss) from continuing operations, net of income tax		(267	)		(82	)		124			180			333			(409	)		513
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			5			—
Net income (loss)		(267	)		(82	)		124			180			333			(404	)		513
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(267	)		(82	)		124			180			333			(404	)		513
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(267	)	$	(82	)	$	124		$	180		$	333		$	(404	)	$	513
Premiums, Fees and Other Revenues	$	570		$	667		$	732		$	684		$	766		$	1,108		$	1,450
Lapse Ratio
Fixed Annuities		9.4	%		8.6	%		7.5	%		6.8	%		6.7	%
Variable Annuities		8.6	%		7.9	%		7.1	%		6.8	%		6.8	%

19

U.S. BUSINESS
RETIREMENT PRODUCTS

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010
Balance, beginning of period		$	51,415		$	51,228		$	51,388		$	50,799		$	50,563
Premiums and deposits (1), (2)			2,768			1,944			1,766			1,606			1,705
Surrenders and withdrawals			(923	)		(890	)		(1,044	)		(847	)		(834	)
Benefit payments			(374	)		(363	)		(336	)		(374	)		(368	)
Net Flows			1,471			691			386			385			503
Net transfers from (to) separate account			(1,217	)		(1,107	)		(946	)		(892	)		(689	)
Interest			529			522			518			494			496
Policy charges			(12	)		(10	)		(10	)		(12	)		(14	)
Other			(958	)		64			(537	)		(211	)		1,741
Balance, end of period		$	51,228		$	51,388		$	50,799		$	50,563		$	52,600

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010
Balance, beginning of period		$	59,194		$	70,538		$	82,100		$	87,113		$	92,554
Premiums and deposits (1)			2,894			2,279			2,633			3,004			3,348
Surrenders and withdrawals			(1,176	)		(1,283	)		(1,456	)		(1,625	)		(1,622	)
Benefit payments			(141	)		(140	)		(150	)		(178	)		(193	)
Net Flows			1,577			856			1,027			1,201			1,533
Investment Performance			8,872			9,964			3,430			3,755			(7,000	)
Net transfers from (to) general account			1,217			1,107			946			892			689
Policy charges			(322	)		(366	)		(392	)		(406	)		(454	)
Other			—			1			2			(1	)		1
Balance, end of period		$	70,538		$	82,100		$	87,113		$	92,554		$	87,323

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

20

U.S. BUSINESS
RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES

	For the Three Months Ended
		June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)		2009		2009		2009		2010		2010
Direct and allocated expenses		$	192	$	183	$	178	$	173	$	182
Pension and post-retirement benefit costs			25		22		22		20		21
Premium taxes, other taxes, and licenses & fees			2		7		10		7		8
Total fixed operating expenses		$	219	$	212	$	210	$	200	$	211
Commissions and other variable expenses			402		368		375		354		388
Total other expenses		$	621	$	580	$	585	$	554	$	599

INDIVIDUAL ANNUITY SALES BY PRODUCT (1)

	For the Three Months Ended
		June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (in millions)		2009		2009		2009		2010		2010
Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales		$	949	$	596	$	499	$	359	$	373
Variable annuity sales			4,507		3,441		3,711		4,034		4,474
Total annuity sales (2)		$	5,456	$	4,037	$	4,210	$	4,393	$	4,847
Separate Account and General Account
Separate Accounts
Total variable annuities separate accounts		$	2,775	$	2,171	$	2,518	$	2,875	$	3,218
General Accounts
Fixed annuity			949		596		499		359		373
Variable annuity			1,732		1,270		1,193		1,159		1,256
Total general accounts			2,681		1,866		1,692		1,518		1,629
Total premiums and deposits		$	5,456	$	4,037	$	4,210	$	4,393	$	4,847

(1)	Statutory premiums direct and assumed, excluding company sponsored internal exchanges.
(2)	Of the $4,847 million of Annuity Sales during the three months ended June 30, 2010, approximately 19% were distributed through MetLife agents, 6% through New England Financial agents, 66% through MetLife’s third party channels, 8% through MetLife Resources representatives and 1% through other distribution channels.

21

U.S. BUSINESS
RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2009			2009			2009			2010			2010
Investment income yield			5.84	%		5.86	%		5.92	%		6.19	%		6.07	%
Average crediting rate			3.96	%		3.88	%		3.85	%		3.75	%		3.69	%
Annualized general account spread			1.88	%		1.98	%		2.07	%		2.44	%		2.38	%

22

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
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010				2009			2010
OPERATING REVENUES
Premiums		$	695		$	639		$	903		$	801		$	573			$	1,019		$	1,374
Universal life and investment-type product policy fees			61			34			41			55			56				101			111
Net investment income			1,179			1,210			1,266			1,270			1,313				2,290			2,583
Other revenues			69			34			67			64			59				138			123
Total operating revenues			2,004			1,917			2,277			2,190			2,001				3,548			4,191
OPERATING EXPENSES
Policyholder benefits and dividends			1,240			1,192			1,486			1,362			1,143				2,119			2,505
Interest credited to policyholder account balances			409			390			375			355			364				868			719
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(6	)		(5	)		(1	)		(8	)		(3	)			(8	)		(11	)
Amortization of DAC and VOBA			4			3			3			4			4				9			8
Interest expense			—			1			—			2			2				2			4
Other expenses			122			128			129			124			125				227			249
Total operating expenses			1,769			1,709			1,992			1,839			1,635				3,217			3,474
Operating earnings before provision for income tax			235			208			285			351			366				331			717
Provision for income tax expense (benefit)			80			68			94			123			128				111			251
Operating earnings			155			140			191			228			238				220			466
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	155		$	140		$	191		$	228		$	238			$	220		$	466
Net Income Reconciliation
Operating earnings		$	155		$	140		$	191		$	228		$	238			$	220		$	466
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(821	)		(417	)		(213	)		(5	)		246				(1,630	)		241
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 derivatives not qualifying for hedge accounting			45			58			52			51			46				84			97
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			(1	)		(2	)		(2	)		(1	)		(1	)			(3	)		(2	)
Net investment income related to certain 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			(28	)		(40	)		—			(4	)		(37	)			(29	)		(41	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			1			1			1			3			(1	)			2			2
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			1			1			1				—			2
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			282			141			54			(17	)		(94	)			550			(111	)
Income (loss) from continuing operations, net of income tax			(367	)		(119	)		84			256			398				(806	)		654
Income (loss) from discontinued operations, net of income tax			1			1			4			1			6				2			7
Net income (loss)			(366	)		(118	)		88			257			404				(804	)		661
Less: Net income (loss) attributable to noncontrolling interest			—			—			1			—			1				—			1
Net income (loss) attributable to MetLife, Inc.			(366	)		(118	)		87			257			403				(804	)		660
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(366	)	$	(118	)	$	87		$	257		$	403			$	(804	)	$	660
Premiums, Fees and Other Revenues		$	825		$	707		$	1,011		$	920		$	688			$	1,258		$	1,608

23

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

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

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	101,662		$	99,652		$	97,897		$	97,170		$	100,187
Premiums and deposits			16,393			10,427			9,836			11,720			12,136
Surrenders and withdrawals			(18,009	)		(12,532	)		(10,466	)		(8,856	)		(13,432	)
Benefit payments			(769	)		(820	)		(800	)		(806	)		(821	)
Net Flows			(2,385	)		(2,925	)		(1,430	)		2,058			(2,117	)
Net transfers from (to) separate account			(17	)		(16	)		58			16			(59	)
Interest			1,083			1,044			1,049			1,036			1,048
Policy charges			(36	)		(30	)		(20	)		(31	)		(34	)
Other			(655	)		172			(384	)		(62	)		1,195
Balance, end of period		$	99,652		$	97,897		$	97,170		$	100,187		$	100,220

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010
Balance, beginning of period		$	42,726		$	42,293		$	46,015		$	45,732		$	48,830
Premiums and deposits			631			1,931			1,748			2,061			1,240
Surrenders and withdrawals			(1,099	)		(1,177	)		(1,360	)		(1,501	)		(1,250	)
Benefit payments			(13	)		(10	)		(11	)		(11	)		(17	)
Net Flows			(481	)		744			377			549			(27	)
Investment Performance			1,590			2,703			384			1,049			501
Net transfers from (to) general account			17			16			(58	)		(16	)		59
Policy charges			(57	)		(55	)		(57	)		(61	)		(50	)
Other			(1,502	)		314			(929	)		1,577			616
Balance, end of period		$	42,293		$	46,015		$	45,732		$	48,830		$	49,929

24

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)		2009		2009		2009		2010		2010
Direct and allocated expenses		$	69	$	63	$	65	$	55	$	71
Pension and other post-retirement benefit costs			16		15		15		11		12
Premium taxes, other taxes, and licenses and fees			6		12		5		3		5
Total fixed operating expenses		$	91	$	90	$	85	$	69	$	88
Commissions and other variable expenses			31		38		44		55		37
Total other expenses		$	122	$	128	$	129	$	124	$	125

25

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD

CORPORATE BENEFIT FUNDING	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2009			2009			2009			2010			2010
Investment income yield			4.52	%		4.71	%		4.96	%		5.04	%		5.16	%
Average crediting rate			4.15	%		4.14	%		4.13	%		4.00	%		4.04	%
Annualized general account spread			0.37	%		0.57	%		0.83	%		1.04	%		1.12	%

26

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
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	726		$	727		$	727		$	714		$	723			$	1,448		$	1,437
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			49			45			46			53			52				89			105
Other revenues			5			8			11			(2	)		8				14			6
Total operating revenues			780			780			784			765			783				1,551			1,548
OPERATING EXPENSES
Policyholder benefits and dividends (1)			492			483			478			494			506				971			1,000
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(113	)		(112	)		(106	)		(104	)		(117	)			(217	)		(221	)
Amortization of DAC and VOBA			111			107			108			107			111				221			218
Interest expense			—			—			—			—			—				—			—
Other expenses			194			189			194			179			193				381			372
Total operating expenses			684			667			674			676			693				1,356			1,369
Operating earnings before provision for income tax			96			113			110			89			90				195			179
Provision for income tax expense (benefit)			20			27			26			17			17				43			34
Operating earnings			76			86			84			72			73				152			145
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	76		$	86		$	84		$	72		$	73			$	152		$	145
Net Income Reconciliation
Operating earnings		$	76		$	86		$	84		$	72		$	73			$	152		$	145
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(8	)		(30	)		5			(1	)		(2	)			23			(3	)
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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			3			11			(2	)		—			1				(8	)		1
Income (loss) from continuing operations, net of income tax			71			67			87			71			72				167			143
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			71			67			87			71			72				167			143
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			71			67			87			71			72				167			143
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	71		$	67		$	87		$	71		$	72			$	167		$	143
Premiums, Fees and Other Revenues		$	731		$	735		$	738		$	712		$	731			$	1,462		$	1,443

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

27

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

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	499		$	500		$	495		$	484		$	489			$	996		$	973
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			30			28			29			34			34				55			68
Other revenues			3			5			4			4			5				8			9
Total operating revenues			532			533			528			522			528				1,059			1,050
OPERATING EXPENSES
Policyholder benefits and dividends (1)			350			353			373			336			320				666			656
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(75	)		(77	)		(65	)		(68	)		(76	)			(145	)		(144	)
Amortization of DAC and VOBA			75			74			68			69			74				145			143
Interest expense			—			—			—			—			—				—			—
Other expenses			124			124			128			120			127				253			247
Total operating expenses			474			474			504			457			445				919			902
Operating earnings before provision for income tax			58			59			24			65			83				140			148
Provision for income tax expense (benefit)			13			13			—			13			21				33			34
Operating earnings			45			46			24			52			62				107			114
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	45		$	46		$	24		$	52		$	62			$	107		$	114
Net Income Reconciliation
Operating earnings		$	45		$	46		$	24		$	52		$	62			$	107		$	114
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(5	)		(18	)		2			(1	)		(1	)			14			(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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			2			7			(1	)		—			1				(5	)		1
Income (loss) from continuing operations, net of income tax			42			35			25			51			62				116			113
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			42			35			25			51			62				116			113
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			42			35			25			51			62				116			113
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	42		$	35		$	25		$	51		$	62			$	116		$	113
Premiums, Fees and Other Revenues		$	502		$	505		$	499		$	488		$	494			$	1,004		$	982

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

28

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

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2009			2009			2009			2010			2010				2009			2010
OPERATING REVENUES
Premiums (1)		$	227		$	227		$	232		$	230		$	234			$	452		$	464
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			19			17			17			19			18				34			37
Other revenues			2			3			7			(6	)		3				6			(3	)
Total operating revenues			248			247			256			243			255				492			498
OPERATING EXPENSES
Policyholder benefits and dividends (1)			142			130			105			158			186				305			344
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(38	)		(35	)		(41	)		(36	)		(41	)			(72	)		(77	)
Amortization of DAC and VOBA			36			33			40			38			37				76			75
Interest expense			—			—			—			—			—				—			—
Other expenses			70			65			66			59			66				128			125
Total operating expenses			210			193			170			219			248				437			467
Operating earnings before provision for income tax			38			54			86			24			7				55			31
Provision for income tax expense (benefit)			7			14			26			4			(4	)			10			—
Operating earnings			31			40			60			20			11				45			31
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	31		$	40		$	60		$	20		$	11			$	45		$	31
Net Income Reconciliation
Operating earnings		$	31		$	40		$	60		$	20		$	11			$	45		$	31
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(3	)		(12	)		3			—			(1	)			9			(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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			1			4			(1	)		—			—				(3	)		—
Income (loss) from continuing operations, net of income tax			29			32			62			20			10				51			30
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			29			32			62			20			10				51			30
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			29			32			62			20			10				51			30
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	29		$	32		$	62		$	20		$	10			$	51		$	30
Premiums, Fees and Other Revenues		$	229		$	230		$	239		$	224		$	237			$	458		$	461

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

29

U.S. BUSINESS
AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010
Written Premiums by Product
Automobile		$	503		$	503		$	475		$	486		$	509
Homeowners			231			240			212			190			242
Other			13			11			11			21			13
Total		$	747		$	754		$	698		$	697		$	764
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio			67.7	%		66.1	%		65.6	%		69.5	%		69.8	%
Policyholder benefits and dividends			0.2	%		0.1	%		0.1	%		(0.3	%)		0.1	%
Other expense ratio			26.2	%		25.5	%		27.2	%		25.5	%		26.0	%
Payment fees credit			(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)
Total combined ratio			93.5	%		91.1	%		92.3	%		94.1	%		95.3	%
Effect of catastrophe losses			5.5	%		3.4	%		0.5	%		5.3	%		9.8	%
Combined ratio excluding catastrophes			88.0	%		87.7	%		91.8	%		88.8	%		85.5	%
Auto
Loss and loss adjustment expense ratio			69.8	%		70.2	%		75.5	%		69.8	%		65.3	%
Policyholder benefits and dividends			0.2	%		0.1	%		0.1	%		(0.3	%)		0.1	%
Other expense ratio			25.1	%		24.4	%		26.7	%		25.0	%		25.6	%
Payment fees credit			(0.7	%)		(0.7	%)		(0.7	%)		(0.7	%)		(0.7	%)
Total combined ratio			94.4	%		94.0	%		101.6	%		93.8	%		90.3	%
Effect of catastrophe losses			0.8	%		0.4	%		(0.2	%)		0.5	%		1.8	%
Combined ratio excluding catastrophes			93.6	%		93.6	%		101.8	%		93.3	%		88.5	%
Homeowners & Other
Loss and loss adjustment expense ratio			63.3	%		56.9	%		44.7	%		68.7	%		79.3	%
Policyholder benefits and dividends			0.2	%		0.2	%		0.1	%		(0.3	%)		0.1	%
Other expense ratio			28.5	%		28.0	%		28.2	%		26.7	%		26.8	%
Payment fees credit			(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)
Total combined ratio			91.6	%		84.7	%		72.6	%		94.7	%		105.8	%
Effect of catastrophe losses			15.9	%		9.7	%		1.9	%		15.3	%		26.6	%
Combined ratio excluding catastrophes			75.7	%		75.0	%		70.7	%		79.4	%		79.2	%
Pre-Tax Catastrophe Losses
Auto		$	4		$	2		$	(1	)	$	3		$	8
Homeowners & Other			36			22			5			35			63
Total		$	40		$	24		$	4		$	38		$	71
Catastrophe points on combined ratios			5.5			3.4			0.5			5.3			9.8

30

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	777		$	868		$	821		$	893		$	895			$	1,498		$	1,788
Universal life and investment-type product policy fees			226			222			403			291			315				436			606
Net investment income			359			395			271			450			297				527			747
Other revenues			2			4			6			1			4				4			5
Total operating revenues			1,364			1,489			1,501			1,635			1,511				2,465			3,146
OPERATING EXPENSES
Policyholder benefits and dividends			600			705			807			838			839				1,148			1,677
Interest credited to policyholder account balances			159			198			146			151			42				237			193
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(140	)		(164	)		(181	)		(192	)		(168	)			(285	)		(360	)
Amortization of DAC and VOBA			98			79			143			105			115				193			220
Interest expense			1			3			2			1			2				3			3
Other expenses			436			481			544			522			493				772			1,015
Total operating expenses			1,154			1,302			1,461			1,425			1,323				2,068			2,748
Operating earnings before provision for income tax			210			187			40			210			188				397			398
Provision for income tax expense (benefit)			52			34			19			59			43				108			102
Operating earnings			158			153			21			151			145				289			296
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	158		$	153		$	21		$	151		$	145			$	289		$	296
Net Income Reconciliation
Operating earnings		$	158		$	153		$	21		$	151		$	145			$	289		$	296
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(501	)		(574	)		(282	)		(29	)		266				(47	)		237
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 derivatives not qualifying for hedge accounting			(5	)		(3	)		(10	)		(8	)		(14	)			—			(22	)
Equity method operating joint ventures			(96	)		(35	)		(45	)		(5	)		(97	)			(76	)		(102	)
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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			39			(24	)		2			(19	)		(114	)			17			(133	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			(1	)		—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(9	)		(7	)		(11	)		(3	)		(8	)			(14	)		(11	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			201			207			107			24			(106	)			52			(82	)
Income (loss) from continuing operations, net of income tax			(214	)		(283	)		(218	)		111			72				221			183
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			(214	)		(283	)		(218	)		111			72				221			183
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(5	)		(9	)		(2	)		(8	)			(14	)		(10	)
Net income (loss) attributable to MetLife, Inc.			(205	)		(278	)		(209	)		113			80				235			193
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(205	)	$	(278	)	$	(209	)	$	113		$	80			$	235		$	193
Premiums, Fees and Other Revenues		$	1,005		$	1,094		$	1,230		$	1,185		$	1,214			$	1,938		$	2,399
Actual Number of Sales Representatives			5,747			5,622			6,318			6,102			6,205

31

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

	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	366		$	420		$	429		$	454		$	461			$	714		$	915
Universal life and investment-type product policy fees			136			133			156			150			157				258			307
Net investment income			191			193			119			280			246				310			526
Other revenues			1			3			2			1			2				2			3
Total operating revenues			694			749			706			885			866				1,284			1,751
OPERATING EXPENSES
Policyholder benefits and dividends			326			384			438			486			468				591			954
Interest credited to policyholder account balances			81			86			86			90			83				159			173
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(41	)		(40	)		(45	)		(49	)		(53	)			(75	)		(102	)
Amortization of DAC and VOBA			34			22			27			37			35				66			72
Interest expense			—			—			—			—			2				—			2
Other expenses			177			193			209			202			201				248			403
Total operating expenses			577			645			715			766			736				989			1,502
Operating earnings before provision for income tax			117			104			(9	)		119			130				295			249
Provision for income tax expense (benefit)			31			23			12			34			29				87			63
Operating earnings			86			81			(21	)		85			101				208			186
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	86		$	81		$	(21	)	$	85		$	101			$	208		$	186
Net Income Reconciliation
Operating earnings		$	86		$	81		$	(21	)	$	85		$	101			$	208		$	186
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			23			(23	)		35			(13	)		(23	)			6			(36	)
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 derivatives not qualifying for hedge accounting			—			2			(3	)		(1	)		(6	)			8			(7	)
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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			39			(24	)		2			(19	)		(114	)			17			(133	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(11	)		10			(5	)		13			38				(8	)		51
Income (loss) from continuing operations, net of income tax			137			46			8			65			(4	)			231			61
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			137			46			8			65			(4	)			231			61
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			137			46			8			65			(4	)			231			61
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	137		$	46		$	8		$	65		$	(4	)		$	231		$	61
Premiums, Fees and Other Revenues		$	503		$	556		$	587		$	605		$	620			$	974		$	1,225
Actual Number of Sales Representatives			120			114			126			112			104

32

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

	For the Three Months Ended																	For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010					June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	329		$	353		$	281		$	334		$	352		��		$	618		$	686
Universal life and investment-type product policy fees			78			78			230			120			135					154			255
Net investment income			147			126			131			117			64					197			181
Other revenues			1			—			1			—			1					1			1
Total operating revenues			555			557			643			571			552					970			1,123
OPERATING EXPENSES
Policyholder benefits and dividends			253			292			323			308			346					511			654
Interest credited to policyholder account balances			63			40			41			14			(22	)				69			(8	)
Interest credited to bank deposits			—			—			—			—			—					—			—
Capitalization of DAC			(75	)		(88	)		(90	)		(92	)		(89	)				(134	)		(181	)
Amortization of DAC and VOBA			52			49			105			56			67					104			123
Interest expense			—			2			1			—			—					1			—
Other expenses			154			167			185			185			176					288			361
Total operating expenses			447			462			565			471			478					839			949
Operating earnings before provision for income tax			108			95			78			100			74					131			174
Provision for income tax expense (benefit)			22			13			13			26			16					24			42
Operating earnings			86			82			65			74			58					107			132
Preferred stock dividends			—			—			—			—			—					—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	86		$	82		$	65		$	74		$	58				$	107		$	132
Net Income Reconciliation
Operating earnings		$	86		$	82		$	65		$	74		$	58				$	107		$	132
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(527	)		(555	)		(316	)		26			290					(58	)		316
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 derivatives not qualifying for hedge accounting			(5	)		(5	)		(7	)		(7	)		(8	)				(8	)		(15	)
Equity method operating joint ventures			(96	)		(35	)		(45	)		(5	)		(97	)				(76	)		(102	)
Real estate discontinued operations			—			—			—			—			—					—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			(1	)		—			—			—			—					—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—					—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—					—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—					—			—
Business combination costs			—			—			—			—			—					—			—
Provision for income tax (expense) benefit			213			198			112			10			(145	)				61			(135	)
Income (loss) from continuing operations, net of income tax			(330	)		(315	)		(191	)		98			98					26			196
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—					—			—
Net income (loss)			(330	)		(315	)		(191	)		98			98					26			196
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—					—			—
Net income (loss) attributable to MetLife, Inc.			(330	)		(315	)		(191	)		98			98					26			196
Less: Preferred stock dividends			—			—			—			—			—					—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(330	)	$	(315	)	$	(191	)	$	98		$	98				$	26		$	196
Premiums, Fees and Other Revenues		$	408		$	431		$	512		$	454		$	488				$	773		$	942
Actual Number of Sales Representatives			5,627			5,508			6,192			5,990			6,101

33

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
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	82		$	95		$	111		$	105		$	82			$	166		$	187
Universal life and investment-type product policy fees			12			11			17			21			23				24			44
Net investment income			21			76			21			53			(13	)			20			40
Other revenues			—			1			3			—			1				1			1
Total operating revenues			115			183			152			179			93				211			272
OPERATING EXPENSES
Policyholder benefits and dividends			21			29			46			44			25				46			69
Interest credited to policyholder account balances			15			72			19			47			(19	)			9			28
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			(24	)		(36	)		(46	)		(51	)		(26	)			(76	)		(77	)
Amortization of DAC and VOBA			12			8			11			12			13				23			25
Interest expense			1			1			1			1			—				2			1
Other expenses			105			121			150			135			116				236			251
Total operating expenses			130			195			181			188			109				240			297
Operating earnings before provision for income tax			(15	)		(12	)		(29	)		(9	)		(16	)			(29	)		(25	)
Provision for income tax expense (benefit)			(1	)		(2	)		(6	)		(1	)		(2	)			(3	)		(3	)
Operating earnings			(14	)		(10	)		(23	)		(8	)		(14	)			(26	)		(22	)
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(14	)	$	(10	)	$	(23	)	$	(8	)	$	(14	)		$	(26	)	$	(22	)
Net Income Reconciliation
Operating earnings		$	(14	)	$	(10	)	$	(23	)	$	(8	)	$	(14	)		$	(26	)	$	(22	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			3			4			(1	)		(42	)		(1	)			5			(43	)
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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(9	)		(7	)		(11	)		(3	)		(8	)			(14	)		(11	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			(1	)		(1	)		—			1			1				(1	)		2
Income (loss) from continuing operations, net of income tax			(21	)		(14	)		(35	)		(52	)		(22	)			(36	)		(74	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			(21	)		(14	)		(35	)		(52	)		(22	)			(36	)		(74	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(5	)		(9	)		(2	)		(8	)			(14	)		(10	)
Net income (loss) attributable to MetLife, Inc.			(12	)		(9	)		(26	)		(50	)		(14	)			(22	)		(64	)
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(12	)	$	(9	)	$	(26	)	$	(50	)	$	(14	)		$	(22	)	$	(64	)
Premiums, Fees and Other Revenues		$	94		$	107		$	131		$	126		$	106			$	191		$	232
Actual Number of Sales Representatives			—			—			—			—			—

34

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	4		$	5		$	8		$	—		$	3			$	6		$	3
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			135			120			171			243			223				186			466
Other revenues			281			274			270			213			231				548			444
Total operating revenues			420			399			449			456			457				740			913
OPERATING EXPENSES
Policyholder benefits and dividends			3			—			1			(5	)		(2	)			3			(7	)
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			40			37			43			39			36				83			75
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			2			—			1			—			—				2			—
Interest expense			252			270			265			261			262				492			523
Other expenses			331			297			421			274			273				618			547
Total operating expenses			628			604			731			569			569				1,198			1,138
Operating earnings before provision for income tax			(208	)		(205	)		(282	)		(113	)		(112	)			(458	)		(225	)
Provision for income tax expense (benefit)			(145	)		(167	)		(203	)		(69	)		(102	)			(247	)		(171	)
Operating earnings			(63	)		(38	)		(79	)		(44	)		(10	)			(211	)		(54	)
Preferred stock dividends			31			30			31			30			31				61			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(94	)	$	(68	)	$	(110	)	$	(74	)	$	(41	)		$	(272	)	$	(115	)
Net Income Reconciliation
Operating earnings		$	(63	)	$	(38	)	$	(79	)	$	(44	)	$	(10	)		$	(211	)	$	(54	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(501	)		(517	)		(29	)		(27	)		(30	)			(197	)		(57	)
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 derivatives not qualifying for hedge accounting			2			12			9			8			8				1			16
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			106			103				—			209
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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			(106	)		(103	)			—			(209	)
Other expenses:
Noncontrolling interest			(11	)		—			2			1			(5	)			(9	)		(4	)
Business combination costs			—			(22	)		2			(29	)		(36	)			(11	)		(65	)
Provision for income tax (expense) benefit			186			187			89			17			24				78			41
Income (loss) from continuing operations, net of income tax			(387	)		(378	)		(6	)		(74	)		(49	)			(349	)		(123	)
Income (loss) from discontinued operations, net of income tax			—			(2	)		(4	)		—			—				12			—
Net income (loss)			(387	)		(380	)		(10	)		(74	)		(49	)			(337	)		(123	)
Less: Net income (loss) attributable to noncontrolling interest			(7	)		—			1			1			(3	)			(6	)		(2	)
Net income (loss) attributable to MetLife, Inc.			(380	)		(380	)		(11	)		(75	)		(46	)			(331	)		(121	)
Less: Preferred stock dividends			31			30			31			30			31				61			61
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(411	)	$	(410	)	$	(42	)	$	(105	)	$	(77	)		$	(392	)	$	(182	)
Premiums, Fees and Other Revenues		$	285		$	279		$	278		$	213		$	234			$	554		$	447

35

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

	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	—		$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			129			115			119			108			113				250			221
Other revenues			271			264			258			191			224				526			415
Total operating revenues			400			379			377			299			337				776			636
OPERATING EXPENSES
Policyholder benefits and dividends			—			—			—			—			—				—			—
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			40			37			43			39			36				83			75
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			—			—			—			—			—				—			—
Interest expense			14			16			13			12			12				27			24
Other expenses			229			178			214			160			179				431			339
Total operating expenses			283			231			270			211			227				541			438
Operating earnings before provision for income tax			117			148			107			88			110				235			198
Provision for income tax expense (benefit)			41			68			42			35			43				82			78
Operating earnings			76			80			65			53			67				153			120
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	76		$	80		$	65		$	53		$	67			$	153		$	120
Net Income Reconciliation
Operating earnings		$	76		$	80		$	65		$	53		$	67			$	153		$	120
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(15	)		(42	)		(18	)		(12	)		(39	)			(70	)		(51	)
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 derivatives not qualifying for hedge accounting			1			—			1			—			—				1			—
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain 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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			1			—			1			—			1				1			1
Business combination costs			—			—			—			—			—				—			—
Provision for income tax (expense) benefit			5			19			8			5			15				24			20
Income (loss) from continuing operations, net of income tax			68			57			57			46			44				109			90
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			68			57			57			46			44				109			90
Less: Net income (loss) attributable to noncontrolling interest			1			—			—			—			1				1			1
Net income (loss) attributable to MetLife, Inc.			67			57			57			46			43				108			89
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	67		$	57		$	57		$	46		$	43			$	108		$	89
Premiums, Fees and Other Revenues		$	271		$	264		$	258		$	191		$	224			$	526		$	415

36

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
Unaudited (In millions)		June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010				June 30, 2009			June 30, 2010
OPERATING REVENUES
Premiums		$	4		$	5		$	8		$	—		$	3			$	6		$	3
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Net investment income			6			5			52			135			110				(64	)		245
Other revenues			10			10			12			22			7				22			29
Total operating revenues			20			20			72			157			120				(36	)		277
OPERATING EXPENSES
Policyholder benefits and dividends			3			—			1			(5	)		(2	)			3			(7	)
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of DAC			—			—			—			—			—				—			—
Amortization of DAC and VOBA			2			—			1			—			—				2			—
Interest expense			238			254			252			249			250				465			499
Other expenses			102			119			207			114			94				187			208
Total operating expenses			345			373			461			358			342				657			700
																			—
Operating earnings before provision for income tax			(325	)		(353	)		(389	)		(201	)		(222	)			(693	)		(423	)
Provision for income tax expense (benefit)			(186	)		(235	)		(245	)		(104	)		(145	)			(329	)		(249	)
Operating earnings			(139	)		(118	)		(144	)		(97	)		(77	)			(364	)		(174	)
Preferred stock dividends			31			30			31			30			31				61			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(170	)	$	(148	)	$	(175	)	$	(127	)	$	(108	)		$	(425	)	$	(235	)
Net Income Reconciliation
Operating earnings		$	(139	)	$	(118	)	$	(144	)	$	(97	)	$	(77	)		$	(364	)	$	(174	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(486	)		(475	)		(11	)		(15	)		9				(127	)		(6	)
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 derivatives not qualifying for hedge accounting			1			12			8			8			8				—			16
Equity method operating joint ventures			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Net investment income related to certain consolidated securitization entities			—			—			—			106			103				—			209
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 derivatives not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of DAC and VOBA — related to net investment gains (losses)			—			—			—			—			—				—			—
Interest expense — related to certain consolidated securitization entities			—			—			—			(106	)		(103	)			—			(209	)
Other expenses:
Noncontrolling interest			(12	)		—			1			1			(6	)			(10	)		(5	)
Business combination costs			—			(22	)		2			(29	)		(36	)			(11	)		(65	)
Provision for income tax (expense) benefit			181			168			81			12			9				54			21
Income (loss) from continuing operations, net of income tax			(455	)		(435	)		(63	)		(120	)		(93	)			(458	)		(213	)
Income (loss) from discontinued operations, net of income tax			—			(2	)		(4	)		—			—				12			—
Net income (loss)			(455	)		(437	)		(67	)		(120	)		(93	)			(446	)		(213	)
Less: Net income (loss) attributable to noncontrolling interest			(8	)		—			1			1			(4	)			(7	)		(3	)
Net income (loss) attributable to MetLife, Inc.			(447	)		(437	)		(68	)		(121	)		(89	)			(439	)		(210	)
Less: Preferred stock dividends			31			30			31			30			31				61			61
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(478	)	$	(467	)	$	(99	)	$	(151	)	$	(120	)		$	(500	)	$	(271	)
Premiums, Fees and Other Revenues		$	14		$	15		$	20		$	22		$	10			$	28		$	32

37

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

SUPPLEMENTAL INFORMATION

	At or For the Three Months Ended															At or For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except ratios)	2009			2009			2009			2010			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	$	73		$	66		$	64		$	58		$	64		$	133		$	122
Provision for credit losses		(14	)		(27	)		6			(4	)		—			(56	)		(4	)
Non interest income		275			248			242			185			192			523			377
Non interest expense		(231	)		(181	)		(220	)		(163	)		(185	)		(434	)		(348	)
Income before taxes		103			106			92			76			71			166			147
Income tax expense		36			49			35			30			28			58			58
Net income (loss) available to MetLife, Inc.’s common shareholders	$	67		$	57		$	57		$	46		$	43		$	108		$	89
Selected Balance Sheet Accounts
Loans Held-for-Investment:
Commercial Loans & Mortgages	$	2,016		$	1,965		$	2,079		$	2,104		$	2,113
Consumer		724			805			834			938			1,194
Agriculture		185			176			173			174			189
Total Loans		2,925			2,946			3,086			3,216			3,496
Allowance for Loan Losses		(87	)		(101	)		(93	)		(73	)		(71	)
Total Loans Held-for-Investments (Net)	$	2,838		$	2,845		$	2,993		$	3,143		$	3,425
Net Charge-offs	$	0.5		$	12.7		$	2.0		$	24.2		$	1.4		$	0.8		$	25.6
Loans Held-for-Sale	$	4,271		$	2,442		$	2,728		$	2,003		$	2,629
Total Assets	$	14,640		$	13,140		$	14,107		$	13,573		$	14,549
Total Deposits	$	7,806		$	8,372		$	10,211		$	10,032		$	9,790
Key Ratios & Statistics
Tier 1 Capital	$	806		$	860		$	898		$	948		$	1,013
Risk Weighted Assets	$	7,764		$	6,796		$	7,381		$	6,909		$	7,221
Tier 1 Capital Ratio		10.39	%		12.65	%		12.16	%		13.73	%		14.03	%
Total Capital Ratio		11.52	%		13.90	%		13.41	%		14.83	%		15.06	%
Tier 1 Leverage		6.22	%		6.37	%		6.64	%		7.05	%		7.38	%
Net Interest Margin		2.30	%		2.20	%		1.98	%		1.91	%		2.02	%		2.26	%		1.96	%
Allowance / Total Loans		2.97	%		3.44	%		3.01	%		2.27	%		2.04	%
Allowance / Non Performing Assets		430.69	%		135.94	%		113.00	%		162.00	%		176.00	%

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

38

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	At or For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010
Fixed Maturity Securities
Yield (1)		5.91	%		5.89	%		5.59	%		5.73	%		5.33	%
Investment income (2), (3)	$	3,036		$	3,090		$	2,973		$	3,134		$	2,959
Investment gains (losses) (3)		(378	)		(455	)		(221	)		(67	)		(126	)
Ending carrying value (2), (3)		213,034			225,866			230,026			242,331			249,249
Mortgage Loans
Yield (1)		5.37	%		5.33	%		5.50	%		5.40	%		5.55	%
Investment income (3), (4)		694			675			686			672			695
Investment gains (losses) (3)		(125	)		(129	)		(42	)		(28	)		11
Ending carrying value (3)		52,500			50,681			50,909			50,371			51,144
Real Estate and Real Estate Joint Ventures
Yield (1)		(8.83	%)		(6.09	%)		(5.64	%)		(2.11	%)		3.15	%
Investment income		(162	)		(109	)		(98	)		(36	)		54
Investment gains (losses) (3)		(68	)		(70	)		7			(22	)		(17	)
Ending carrying value		7,296			7,032			6,896			6,866			6,841
Policy Loans
Yield (1)		6.51	%		6.56	%		6.67	%		7.04	%		6.25	%
Investment income		161			163			167			178			159
Ending carrying value		9,907			10,001			10,061			10,146			10,180
Equity Securities
Yield (1)		6.01	%		4.50	%		6.13	%		3.39	%		5.40	%
Investment income		54			37			47			25			39
Investment gains (losses)		(108	)		(53	)		31			27			74
Ending carrying value		3,045			3,117			3,084			3,066			2,741
Other Limited Partnership Interests
Yield (1)		5.46	%		9.75	%		16.90	%		18.85	%		11.13	%
Investment income		72			127			227			265			161
Investment gains (losses)		(247	)		(12	)		—			(1	)		(10	)
Ending carrying value		5,193			5,255			5,508			5,753			5,856
Cash and Short-term Investments
Yield (1)		0.45	%		0.45	%		0.34	%		0.36	%		0.37	%
Investment income		24			20			14			13			15
Investment gains (losses)		2			5			1			1			—
Ending carrying value (3)		21,330			22,423			18,486			17,183			20,421
Other Invested Assets (5)
Investment income		98			54			95			154			166
Investment gains (losses) (3)		(3,033	)		(1,455	)		(739	)		101			1,389
Ending carrying value		13,071			13,916			12,709			12,327			15,584
Total Investments
Investment income yield (1)		5.02	%		5.14	%		5.21	%		5.53	%		5.23	%
Investment fees and expenses yield		(0.15	%)		(0.13	%)		(0.14	%)		(0.14	%)		(0.13	%)
Net Investment Income Yield		4.87	%		5.01	%		5.07	%		5.39	%		5.10	%
Investment income		3,977			4,057			4,111			4,405			4,248
Investment fees and expenses		(118	)		(101	)		(111	)		(112	)		(105	)
Net Investment Income (3)	$	3,859		$	3,956		$	4,000		$	4,293		$	4,143
Ending Carrying Value (3)	$	325,376		$	338,291		$	337,679		$	348,043		$	362,016
Gross investment gains	$	263		$	299		$	416		$	400		$	396
Gross investment losses		(546	)		(489	)		(272	)		(211	)		(253	)
Writedowns		(846	)		(661	)		(297	)		(149	)		(172	)
Subtotal		(1,129	)		(851	)		(153	)		40			(29	)
Derivatives gains (losses)		(2,828	)		(1,318	)		(810	)		(29	)		1,350
Investment Gains (Losses) (3)		(3,957	)		(2,169	)		(963	)		11			1,321
Investment gains (losses) income tax benefit (provision)		1,394			751			406			(9	)		(554	)
Investment Gains (Losses), Net of Income Tax	$	(2,563	)	$	(1,418	)	$	(557	)	$	2		$	767

(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 VIEs that are treated as consolidated securitization entities.
(2)	Fixed maturity securities includes $1,471 million, $1,970 million, $2,384 million, $2,765 million and $2,901 million in ending carrying value, and $130 million, $163 million, $90 million, $79 million and ($56) million of investment income (loss) related to trading securities at or for the three months ended June 30, 2009, September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 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 and $257 million, mortgage loans of $7,065 million and $7,107 million and cash and short-term investments of $38 million and $27 million at March 31, 2010 and June 30, 2010, respectively; 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 thr ee months ended:

	June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010
Investment gains (losses) — in above yield table	$	(3,957	)	$	(2,169	)	$	(963	)	$	11		$	1,321
Real estate discontinued operations		—			—			(8	)		—			(10	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		32			(4	)		29			49			61
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		—			(1	)		(1	)		(3	)		1
Equity method operating joint ventures		96			35			45			5			97
Net investment gains (losses) related to certain consolidated securitization entities		—			—			—			10			(2	)
Net investment gains (losses) — GAAP basis	$	(3,829	)	$	(2,139	)	$	(898	)	$	72		$	1,468

(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 above yield table.

39

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

	At or For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2009			2009			2009			2010			2010
Fixed Maturity Securities
Yield (1)		5.81	%		5.83	%		5.77	%		5.73	%		5.53	%
Investment income (2), (3)	$	5,836		$	8,926		$	11,899		$	3,134		$	6,093
Investment gains (losses) (3)		(987	)		(1,442	)		(1,663	)		(67	)		(193	)
Ending carrying value (2), (3)		213,034			225,866			230,026			242,331			249,249
Mortgage Loans
Yield (1)		5.35	%		5.34	%		5.38	%		5.40	%		5.47	%
Investment income (3), (4)		1,374			2,049			2,735			672			1,367
Investment gains (losses) (3)		(271	)		(400	)		(442	)		(28	)		(17	)
Ending carrying value (3)		52,500			50,681			50,909			50,371			51,144
Real Estate and Real Estate Joint Ventures
Yield (1)		(9.01	%)		(8.05	%)		(7.47	%)		(2.11	%)		0.52	%
Investment income		(334	)		(443	)		(541	)		(36	)		18
Investment gains (losses) (3)		(93	)		(163	)		(156	)		(22	)		(39	)
Ending carrying value		7,296			7,032			6,896			6,866			6,841
Policy Loans
Yield (1)		6.45	%		6.49	%		6.54	%		7.04	%		6.64	%
Investment income		318			481			648			178			337
Ending carrying value		9,907			10,001			10,061			10,146			10,180
Equity Securities
Yield (1)		4.94	%		4.83	%		5.12	%		3.39	%		4.37	%
Investment income		91			128			175			25			64
Investment gains (losses)		(377	)		(430	)		(399	)		27			101
Ending carrying value		3,045			3,117			3,084			3,066			2,741
Other Limited Partnership Interests
Yield (1)		(6.59	%)		(1.32	%)		3.22	%		18.85	%		14.93	%
Investment income		(181	)		(54	)		173			265			426
Investment gains (losses)		(344	)		(356	)		(356	)		(1	)		(11	)
Ending carrying value		5,193			5,255			5,508			5,753			5,856
Cash and Short-term Investments
Yield (1)		0.47	%		0.46	%		0.44	%		0.36	%		0.37	%
Investment income		60			80			94			13			28
Investment gains (losses)		—			5			6			1			1
Ending carrying value (3)		21,330			22,423			18,486			17,183			20,421
Other Invested Assets (5)
Investment income		190			244			339			154			320
Investment gains (losses) (3)		(2,800	)		(4,255	)		(4,994	)		101			1,490
Ending carrying value		13,071			13,916			12,709			12,327			15,584
Total Investments
Investment income yield (1)		4.63	%		4.80	%		4.90	%		5.53	%		5.38	%
Investment fees and expenses yield		(0.14	%)		(0.14	%)		(0.14	%)		(0.14	%)		(0.13	%)
Net Investment Income Yield		4.49	%		4.66	%		4.76	%		5.39	%		5.25	%
Investment income		7,354			11,411			15,522			4,405			8,653
Investment fees and expenses		(221	)		(322	)		(433	)		(112	)		(217	)
Net Investment Income (3)	$	7,133		$	11,089		$	15,089		$	4,293		$	8,436
Ending Carrying Value (3)	$	325,376		$	338,291		$	337,679		$	348,043		$	362,016
Gross investment gains	$	834		$	1,133		$	1,549		$	400		$	796
Gross investment losses		(1,081	)		(1,570	)		(1,842	)		(211	)		(464	)
Writedowns		(1,887	)		(2,548	)		(2,845	)		(149	)		(321	)
Subtotal		(2,134	)		(2,985	)		(3,138	)		40			11
Derivatives gains (losses)		(2,738	)		(4,056	)		(4,866	)		(29	)		1,321
Investment Gains (Losses) (3)		(4,872	)		(7,041	)		(8,004	)		11			1,332
Investment gains (losses) income tax benefit (provision)		1,719			2,470			2,876			(9	)		(563	)
Investment Gains (Losses), Net of Income Tax	$	(3,153	)	$	(4,571	)	$	(5,128	)	$	2		$	769

(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 $1,471 million, $1,970 million, $2,384 million, $2,765 million and $2,901 million in ending carrying value, and $147 million, $310 million, $400 million, $79 million and $23 million of investment income (loss) related to trading securities at or for the year-to-date period ended June 30, 2009, September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 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 and $257 million, mortgage loans of $7,065 million and $7,107 million and cash and short-term investments of $38 million and $27 million at March 31, 2010 and June 30, 2010, respectively; 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:

	June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010			June 30, 2010
Investment gains (losses) — in above yield table	$	(4,872	)	$	(7,041	)	$	(8,004	)	$	11		$	1,332
Real estate discontinued operations		—			—			(8	)		—			(10	)
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		63			59			88			49			110
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(2	)		(3	)		(4	)		(3	)		(2	)
Equity method operating joint ventures		76			111			156			5			102
Net investment gains (losses) related to certain consolidated securitization entities		—			—			—			10			8
Net investment gains (losses) — GAAP basis	$	(4,735	)	$	(6,874	)	$	(7,772	)	$	72		$	1,540

(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 above yield table.

40

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

	June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010					June 30, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	6,220		31.9	%	$	4,050		35.4	%	$	4,815		45.9	%	$	4,244		51.4	%	$	3,070		46.2	%
20% or more for less than six months		1,973		10.1	%		540		4.7	%		713		6.8	%		480		5.8	%		595		9.0	%
20% or more for six months or greater		11,320		58.0	%		6,850		59.9	%		4,958		47.3	%		3,528		42.8	%		2,971		44.8	%
Total Gross Unrealized Losses	$	19,513		100.0	%	$	11,440		100.0	%	$	10,486		100.0	%	$	8,252		100.0	%	$	6,636		100.0	%
Total Gross Unrealized Gains	$	5,582				$	10,062				$	8,419				$	9,757				$	14,107
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010					June 30, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	26		3.6	%	$	85		21.3	%	$	83		30.2	%	$	84		34.0	%	$	65		20.3	%
20% or more for less than six months		143		19.8	%		13		3.3	%		14		5.1	%		35		14.2	%		129		40.3	%
20% or more for six months or greater		552		76.6	%		300		75.4	%		178		64.7	%		128		51.8	%		126		39.4	%
Total Gross Unrealized Losses	$	721		100.0	%	$	398		100.0	%	$	275		100.0	%	$	247		100.0	%	$	320		100.0	%
Total Gross Unrealized Gains	$	87				$	166				$	172				$	208				$	105

(1) The Company’s review of its fixed maturity securities and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

41

METLIFE, INC.
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION

		June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010					June 30, 2010
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities		$	65,981		31.2	%	$	71,642		32.1	%	$	72,187		31.7	%	$	74,133		31.0	%	$	76,848		31.2	%
Residential mortgage-backed securities			41,798		19.8	%		43,397		19.4	%		44,020		19.3	%		42,980		17.9	%		42,750		17.3	%
Foreign corporate securities			33,607		15.9	%		36,592		16.3	%		38,030		16.7	%		40,105		16.7	%		40,863		16.6	%
U.S. Treasury, agency and government guaranteed securities			27,673		13.1	%		25,467		11.4	%		25,447		11.2	%		30,741		12.8	%		32,862		13.3	%
Commercial mortgage-backed securities			13,995		6.6	%		15,535		6.9	%		15,622		6.9	%		16,495		6.9	%		15,984		6.5	%
Asset-backed securities			12,414		5.8	%		13,251		5.9	%		13,162		5.8	%		13,892		5.8	%		14,419		5.9	%
Foreign government securities			10,560		5.0	%		11,447		5.1	%		11,947		5.2	%		13,164		5.5	%		13,559		5.5	%
State and political subdivision securities			5,517		2.6	%		6,549		2.9	%		7,208		3.2	%		8,039		3.4	%		9,048		3.7	%
Other fixed maturity securities			18		0.0	%		16		0.0	%		19		0.0	%		17		0.0	%		15		0.0	%
Total fixed maturity securities available-for-sale		$	211,563		100.0	%	$	223,896		100.0	%	$	227,642		100.0	%	$	239,566		100.0	%	$	246,348		100.0	%
NAIC	RATING AGENCY DESIGNATION
		(1)					(1)					(2)					(2)					(2)
1	Aaa / Aa / A	$	147,337		69.6	%	$	153,893		68.7	%	$	151,136		66.4	%	$	160,030		66.8	%	$	164,338		66.7	%
2	Baa		45,949		21.7	%		48,612		21.7	%		56,305		24.7	%		59,061		24.6	%		61,217		24.8	%
3	Ba		9,598		4.6	%		9,860		4.4	%		12,003		5.3	%		12,105		5.1	%		12,773		5.2	%
4	B		5,717		2.7	%		5,927		2.7	%		6,461		2.9	%		6,937		2.9	%		6,924		2.8	%
5	Caa and lower		2,756		1.3	%		5,330		2.4	%		1,425		0.6	%		1,282		0.5	%		910		0.4	%
6	In or near default		206		0.1	%		274		0.1	%		312		0.1	%		151		0.1	%		186		0.1	%
Total fixed maturity securities available-for-sale		$	211,563		100.0	%	$	223,896		100.0	%	$	227,642		100.0	%	$	239,566		100.0	%	$	246,348		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, March 31, 2010 and June 30, 2010 with their final NAIC rating ranging from NAIC 1 to NAIC 4 based on the revised NAIC rating methodology which became effective December 31, 2009.

42

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE

	June 30, 2009					September 30, 2009					December 31, 2009					March 31, 2010					June 30, 2010
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	8,679		24.8	%	$	8,806		25.3	%	$	8,684		25.1	%	$	8,497		24.5	%	$	8,346		24.2	%
South Atlantic		7,627		21.8	%		7,454		21.4	%		7,342		21.2	%		7,426		21.4	%		7,485		21.7	%
Middle Atlantic		5,879		16.8	%		5,639		16.2	%		5,948		17.2	%		6,075		17.4	%		5,980		17.4	%
International		3,461		9.9	%		3,590		10.3	%		3,564		10.3	%		3,676		10.6	%		3,564		10.4	%
West South Central		2,908		8.3	%		2,906		8.3	%		2,870		8.3	%		2,868		8.3	%		2,963		8.6	%
East North Central		2,561		7.3	%		2,545		7.3	%		2,487		7.2	%		2,513		7.2	%		2,460		7.1	%
New England		1,465		4.2	%		1,451		4.2	%		1,414		4.1	%		1,394		4.0	%		1,400		4.1	%
Mountain		1,044		3.0	%		1,039		3.0	%		944		2.7	%		928		2.7	%		892		2.6	%
West North Central		677		1.9	%		667		2.0	%		641		1.9	%		632		1.8	%		629		1.9	%
East South Central		462		1.3	%		460		1.3	%		443		1.3	%		441		1.3	%		452		1.3	%
Other		254		0.7	%		253		0.7	%		250		0.7	%		277		0.8	%		250		0.7	%
Total	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%	$	34,727		100.0	%	$	34,421		100.0	%
Office	$	14,832		42.3	%	$	14,988		43.1	%	$	14,986		43.3	%	$	15,046		43.3	%	$	15,020		43.6	%
Retail		7,941		22.7	%		8,081		23.2	%		7,870		22.8	%		8,032		23.1	%		7,900		23.0	%
Apartments		3,838		11.0	%		3,725		10.7	%		3,696		10.7	%		3,656		10.6	%		3,607		10.5	%
Hotel		3,076		8.8	%		2,967		8.5	%		2,947		8.5	%		2,946		8.5	%		3,037		8.8	%
Industrial		2,802		8.0	%		2,804		8.1	%		2,759		8.0	%		2,776		8.0	%		2,847		8.3	%
Other		2,528		7.2	%		2,245		6.4	%		2,329		6.7	%		2,271		6.5	%		2,010		5.8	%
Total	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%	$	34,727		100.0	%	$	34,421		100.0	%

METLIFE INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (in millions)	2009		2009		2009		2010		2010
Wholly-owned	$	4,069	$	4,061	$	4,071	$	4,079	$	4,033
Joint ventures		3,141		2,846		2,698		2,651		2,657
Subtotal		7,210		6,907		6,769		6,730		6,690
Foreclosed		86		125		127		136		151
Total Real Estate and Real Estate Joint Ventures (1)	$	7,296	$	7,032	$	6,896	$	6,866	$	6,841

SUMMARY OF MORTGAGE LOANS

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (in millions)	2009		2009		2009		2010		2010
Commercial mortgage loans	$	35,017	$	34,810	$	34,587	$	34,727	$	34,421
Agricultural mortgage loans		11,913		12,059		12,140		12,093		12,284
Residential and consumer loans		1,299		1,370		1,454		1,548		1,789
Mortgage loans held-for-sale		4,271		2,442		2,728		2,003		2,650
Total Mortgage Loans (2)	$	52,500	$	50,681	$	50,909	$	50,371	$	51,144

(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 VIEs that are treated as consolidated securitization entities. See page 39, note 3 for the amount excluded at March 31, 2010 and June 30, 2010.

43

Company Ratings as of July 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 July 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

44