MetLife (MET) 8-K Metlife Announces Fourth Quarter and Full Year 2011 Results

Fourth Quarter

Financial Supplement

December 31, 2011

 

METLIFE, INC.

TABLE OF CONTENTS

NOTE TO FINANCIALS	2
HIGHLIGHTS
Corporate Overview	3
METLIFE, INC.
Consolidated Balance Sheets	4
Consolidated Statements of Operating Earnings Available to Common Shareholders	5
Consolidating Statement of Operating Earnings Available to Common Shareholders	6
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	10
U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	15
Other Expenses by Major Category and Individual Life Sales by Product	16
Spread by Product	17
U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	19
Other Expenses by Major Category and Individual Annuity Sales by Product	20
Spread	21
U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	22
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	23
Other Expenses by Major Category	24
Spread	25
U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	26
Net Written Premiums by Product and Selected Financial Information and Supplemental Data	27
INTERNATIONAL - JAPAN
Statements of Operating Earnings Available to Common Shareholders	28
INTERNATIONAL - OTHER INTERNATIONAL REGIONS
Statements of Operating Earnings Available to Common Shareholders	29
CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	30
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	31
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules	33
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures	34
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type	35
APPENDIX	36

1

METLIFE, INC.

NOTE TO FINANCIALS

This Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many 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, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”).

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB fees”);

• Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Joint venture adjustments”), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets (“Inflation adjustments and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

• Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);

• Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;

• Amortization of negative VOBA excludes amounts related to Market value adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and

• Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) business combinations.

We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”), and book value per diluted common share, excluding AOCI, should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, GAAP income (loss) from continuing operations, net of income tax, GAAP net income (loss) available to MetLife, Inc.’s common shareholders, GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, book value per common share and book value per diluted common share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page 36, and in MetLife’s earnings press release dated February 14, 2012, for the three months and year ended December 31, 2011, which is available at www.metlife.com.

2

	METLIFE, INC.
	CORPORATE OVERVIEW
		For the Three Months Ended
	Unaudited (In millions, except per share data) (1)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Operating earnings available to common shareholders	$	1,194		$	1,441		$	1,353		$	1,166		$	1,398
	Preferred stock dividends		31			30			31			30			31
	Operating earnings		1,225			1,471			1,384			1,196			1,429
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(84	)		(99	)		(155	)		(55	)		(558	)
	Net derivative gains (losses)		(1,543	)		(315	)		352			4,196			591
	Other adjustments to continuing operations		(58	)		(204	)		(457	)		(459	)		(521	)
	Provision for income tax (expense) benefit		526			201			75			(1,307	)		186
	Income (loss) from continuing operations, net of income tax		66			1,054			1,199			3,571			1,127
	Income (loss) from discontinued operations, net of income tax		19			(41	)		31			5			25
	Net income (loss)		85			1,013			1,230			3,576			1,152
	Less: Net income (loss) attributable to noncontrolling interest		3			7			(7	)		(6	)		(4	)
	Net income (loss) attributable to MetLife, Inc.		82			1,006			1,237			3,582			1,156
	Less: Preferred stock dividends		31			30			31			30			31
	Less: Preferred stock redemption premium (2)		-			146			-			-			-
	Net income (loss) available to MetLife, Inc.'s common shareholders	$	51		$	830		$	1,206		$	3,552		$	1,125
	Operating earnings available to common shareholders - diluted	$	1.18		$	1.35		$	1.26		$	1.09		$	1.31
	Net investment gains (losses)		(0.08	)		(0.09	)		(0.14	)		(0.05	)		(0.52	)
	Net derivative gains (losses)		(1.52	)		(0.29	)		0.33			3.94			0.55
	Other adjustments to continuing operations		(0.07	)		(0.19	)		(0.43	)		(0.43	)		(0.48	)
	Provision for income tax (expense) benefit		0.52			0.19			0.07			(1.23	)		0.18
	Discontinued operations, net of income tax		0.02			(0.04	)		0.03			-			0.02
	Less: Net income (loss) attributable to noncontrolling interest		-			0.01			(0.01	)		(0.01	)		-
	Less: Preferred stock redemption premium		-			0.14			-			-			-
	Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted	$	0.05		$	0.78		$	1.13		$	3.33		$	1.06
	Weighted average common shares outstanding - diluted (2)		1,014.9			1,069.5			1,071.0			1,066.2			1,066.3
	Unaudited	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Book value per common share - (actual common shares outstanding) (3)	$	44.18		$	45.24		$	48.48		$	55.13		$	54.59
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (3)	$	43.23		$	44.18		$	45.31		$	48.69		$	49.02
	Book value per common share - diluted - (weighted average common shares outstanding) (3)	$	45.90		$	44.67		$	47.87		$	54.68		$	54.16
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (3)	$	44.91		$	43.63		$	44.73		$	48.29		$	48.64
		For the Three Months Ended
	Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Common shares outstanding, beginning of period		906.9			1,054.4			1,056.1			1,057.4			1,057.6
	Newly issued shares (2)		147.5			1.7			1.3			0.2			0.4
	Common shares outstanding, end of period		1,054.4			1,056.1			1,057.4			1,057.6			1,058.0
	Weighted average common shares outstanding - basic (2)		1,007.3			1,058.5			1,059.8			1,060.2			1,060.4
	Dilutive effect of stock purchase contracts underlying common equity units		-			2.6			4.0			-			-
	Dilutive effect of stock-based awards		7.6			8.4			7.2			6.0			5.9
	Weighted average common shares outstanding - diluted (2)		1,014.9			1,069.5			1,071.0			1,066.2			1,066.3
	Policyholder Trust Shares		222.3			219.0			216.5			215.3			212.9
(1)	Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank, National Association ("MetLife Bank") and insurance operations in the Caribbean Region, Panama and Costa Rica (the "Caribbean Business") as Divested businesses.
(2)	In connection with the financing of the acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, "ALICO") in November 2010, MetLife, Inc. issued to AM Holdings LLC (formerly known as ALICO Holdings LLC)("AM Holdings") 6,857,000 shares of convertible preferred stock. For purposes of the December 31, 2010 common share and weighted average common share calculations, the convertible preferred stock was treated as 68,570,000 shares of common stock. On March 8, 2011, MetLife, Inc. issued 68,570,000 shares of common stock for net proceeds of $3.0 billion, which were used to repurchase and cancel the 6,857,000 shares of convertible preferred stock held by AM Holdings, resulting in a preferred stock redemption premium of $146 million. As the convertible preferred stock shares were treated as common shares in the December 31, 2010 share calculations, there is no impact to the March 31, 2011 share calculations for the 68,570,000 shares of common stock issued on March 8, 2011.
(3)	Book value per common share, book value per common share, excluding AOCI, book value per common share—diluted and book value per common share, excluding AOCI—diluted exclude $2,043 million of equity related to preferred stock.

3

METLIFE, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30,  2011			September 30, 2011			December 31, 2011
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value		$	324,797		$	333,664		$	341,744		$	353,927		$	350,271
Equity securities available-for-sale, at estimated fair value			3,602			3,584			3,238			3,118			3,023
Trading and other securities, at estimated fair value (1)			18,589			19,365			19,700			18,698			18,268
Mortgage loans:
Held-for-investment, principally at amortized cost (1)			58,976			59,397			60,819			59,209			56,915
Held-for-sale, principally at estimated fair value (2)			3,321			2,435			2,805			3,740			15,178
Mortgage loans, net			62,297			61,832			63,624			62,949			72,093
Policy loans			11,761			11,872			11,858			11,932			11,892
Real estate and real estate joint ventures			8,030			8,042			8,234			8,197			8,563
Other limited partnership interests			6,416			6,409			6,453			6,538			6,378
Short-term investments, principally at estimated fair value			9,384			8,822			12,419			15,913			17,310
Other invested assets, principally at estimated fair value			15,430			13,693			14,900			23,138			23,628
Total investments			460,306			467,283			482,170			504,410			511,426
Cash and cash equivalents, principally at estimated fair value (1)			12,957			10,692			9,628			10,001			10,461
Accrued investment income			4,328			4,478			4,341			4,793			4,344
Premiums, reinsurance and other receivables			19,799			20,315			21,070			23,137			22,481
Deferred policy acquisition costs and value of business acquired			27,092			27,979			28,241			27,623			27,971
Goodwill			11,781			11,946			12,036			12,006			11,935
Other assets			8,174			9,321			8,246			8,340			7,984
Assets of subsidiaries held-for-sale			3,331			3,413			3,369			3,421			-
Separate account assets			183,138			195,914			202,382			191,499			203,023
Total assets		$	730,906		$	751,341		$	771,483		$	785,230		$	799,625
LIABILITIES AND EQUITY
Liabilities
Future policy benefits		$	170,912		$	172,987		$	176,353		$	182,736		$	184,252
Policyholder account balances			210,757			214,641			217,597			217,764			217,700
Other policy-related balances			15,750			15,641			15,456			15,451			15,599
Policyholder dividends payable			830			820			853			871			774
Policyholder dividend obligation			876			793			1,281			2,782			2,919
Payables for collateral under securities loaned and other transactions			27,272			28,625			30,079			34,933			33,716
Bank deposits			10,316			9,313			10,022			10,685			10,507
Short-term debt			306			572			102			451			686
Long-term debt (1)			27,586			27,604			28,269			24,753			23,692
Collateral financing arrangements			5,297			5,297			5,297			5,297			4,647
Junior subordinated debt securities			3,191			3,191			3,192			3,192			3,192
Current income tax payable			297			113			133			385			193
Deferred income tax liability			1,856			2,238			3,764			7,214			7,535
Other liabilities (2)			20,366			20,037			19,707			23,121			30,914
Liabilities of subsidiaries held-for-sale			3,043			3,206			3,163			3,221			-
Separate account liabilities			183,138			195,914			202,382			191,499			203,023
Total liabilities			681,793			700,992			717,650			724,355			739,349
Redeemable noncontrolling interests in partially owned consolidated subsidiaries			117			128			124			130			105
Equity
MetLife, Inc.’s stockholder’s equity:
Preferred stock, at par value			1			1			1			1			1
Convertible preferred stock, at par value			-			-			-			-			-
Common stock, at par value			10			11			11			11			11
Additional paid-in capital			26,423			26,668			26,714			26,744			26,782
Retained earnings			21,363			22,193			23,399			26,951			27,289
Treasury stock, at cost			(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)			1,000			1,115			3,356			6,813			5,886
Total MetLife, Inc.'s stockholders' equity			48,625			49,816			53,309			60,348			59,797
Noncontrolling interests			371			405			400			397			374
Total equity			48,996			50,221			53,709			60,745			60,171
Total liabilities and equity		$	730,906		$	751,341		$	771,483		$	785,230		$	799,625
(1)	At December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, $7,080 million, $6,991 million, $6,865 million, $3,380 million and $3,276 million, respectively, of assets and $6,820 million, $6,684 million, $6,547 million, $3,157 million and $3,068 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See pages 31 and 32, note 3 for the amounts by asset category.
(2)	At December 31, 2011, $7,652 million of assets and $7,626 million of liabilities are included related to securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition.

4

METLIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30,  2011			September 30, 2011			December 31, 2011
OPERATING REVENUES
Premiums		$	7,215		$	8,532		$	9,270		$	9,319		$	9,148
Universal life and investment-type product policy fees			1,638			1,832			1,908			1,906			1,882
Net investment income			4,437			4,785			5,013			4,971			4,907
Other revenues			472			468			458			517			468
Total operating revenues			13,762			15,617			16,649			16,713			16,405
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,623			8,433			9,270			9,603			8,921
Interest credited to policyholder account balances			1,246			1,479			1,508			1,534			1,536
Capitalization of DAC			(1,044	)		(1,567	)		(1,696	)		(1,849	)		(1,737	)
Amortization of DAC and VOBA			890			1,122			1,252			1,236			1,189
Amortization of negative VOBA			(57	)		(163	)		(163	)		(150	)		(143	)
Interest expense on debt			315			323			328			328			326
Other expenses			3,124			3,890			4,172			4,388			4,304
Total operating expenses			12,097			13,517			14,671			15,090			14,396
Operating earnings before provision for income tax			1,665			2,100			1,978			1,623			2,009
Provision for income tax expense (benefit)			440			629			594			427			580
Operating earnings			1,225			1,471			1,384			1,196			1,429
Preferred stock dividends			31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,194		$	1,441		$	1,353		$	1,166		$	1,398
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	1,225		$	1,471		$	1,384		$	1,196		$	1,429
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(84	)		(99	)		(155	)		(55	)		(558	)
Net derivative gains (losses)			(1,543	)		(315	)		352			4,196			591
Premiums			-			22			24			23			23
Universal life and investment-type product policy fees			51			57			61			92			68
Net investment income			329			531			83			(715	)		31
Other revenues			175			98			134			203			186
Policyholder benefits and claims and policyholder dividends			(188	)		(170	)		(223	)		202			(485	)
Interest credited to policyholder account balances			(219	)		(445	)		66			796			37
Capitalization of DAC			-			2			2			3			2
Amortization of DAC and VOBA			231			66			(129	)		(622	)		93
Amortization of negative VOBA			7			20			20			20			18
Interest expense on debt			(99	)		(92	)		(92	)		(97	)		(43	)
Other expenses			(345	)		(293	)		(403	)		(364	)		(451	)
Provision for income tax (expense) benefit			526			201			75			(1,307	)		186
Income (loss) from continuing operations, net of income tax			66			1,054			1,199			3,571			1,127
Income (loss) from discontinued operations, net of income tax			19			(41	)		31			5			25
Net income (loss)			85			1,013			1,230			3,576			1,152
Less: Net income (loss) attributable to noncontrolling interest			3			7			(7	)		(6	)		(4	)
Net income (loss) attributable to MetLife, Inc.			82			1,006			1,237			3,582			1,156
Less: Preferred stock dividends			31			30			31			30			31
Less: Preferred stock redemption premium			-			146			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders		$	51		$	830		$	1,206		$	3,552		$	1,125
Premiums, Fees and Other Revenues (Operating)		$	9,325		$	10,832		$	11,636		$	11,742		$	11,498
(1)	Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank and the Caribbean Business as Divested businesses.

5

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended December 31, 2011
Unaudited (In millions)	Consolidated				U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	9,148			$	6,011		$	3,134		$	3
Universal life and investment-type product policy fees		1,882				1,254			628			-
Net investment income		4,907				3,604			1,090			213
Other revenues		468				366			48			54
Total operating revenues		16,405				11,235			4,900			270
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,921				6,781			2,139			1
Interest credited to policyholder account balances		1,536				983			553			-
Capitalization of DAC		(1,737	)			(751	)		(986	)		-
Amortization of DAC and VOBA		1,189				602			586			1
Amortization of negative VOBA		(143	)			-			(143	)		-
Interest expense on debt		326				3			(1	)		324
Other expenses		4,304				2,203			1,912			189
Total operating expenses		14,396				9,821			4,060			515
Operating earnings before provision for income tax		2,009				1,414			840			(245	)
Provision for income tax expense (benefit)		580		��		482			270			(172	)
Operating earnings		1,429				932			570			(73	)
Preferred stock dividends		31				-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,398			$	932		$	570		$	(104	)
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,429			$	932		$	570		$	(73	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(558	)			(52	)		(337	)		(169	)
Net derivative gains (losses)		591				823			(230	)		(2	)
Premiums		23				-			23			-
Universal life and investment-type product policy fees		68				66			2			-
Net investment income		31				(91	)		(10	)		132
Other revenues		186				-			3			183
Policyholder benefits and claims and policyholder dividends		(485	)			(443	)		(42	)		-
Interest credited to policyholder account balances		37				(1	)		38			-
Capitalization of DAC		2				-			2			-
Amortization of DAC and VOBA		93				93			-			-
Amortization of negative VOBA		18				-			18			-
Interest expense on debt		(43	)			-			-			(43	)
Other expenses		(451	)			(5	)		(39	)		(407	)
Provision for income tax (expense) benefit		186				(134	)		189			131
Income (loss) from continuing operations, net of income tax		1,127				1,188			187			(248	)
Income (loss) from discontinued operations, net of income tax		25				(2	)		27			-
Net income (loss)		1,152				1,186			214			(248	)
Less: Net income (loss) attributable to noncontrolling interest		(4	)			(6	)		-			2
Net income (loss) attributable to MetLife, Inc.		1,156				1,192			214			(250	)
Less: Preferred stock dividends		31				-			-			31
Less: Preferred stock redemption premium		-				-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	1,125			$	1,192		$	214		$	(281	)
Premiums, Fees and Other Revenues (Operating)	$	11,498			$	7,631		$	3,810		$	57

6

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended December 31, 2010
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	7,215		$	5,608		$	1,602		$	5
Universal life and investment-type product policy fees			1,638			1,220			418			-
Net investment income			4,437			3,765			458			214
Other revenues			472			333			23			116
Total operating revenues			13,762			10,926			2,501			335
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends			7,623			6,543			1,083			(3	)
Interest credited to policyholder account balances			1,246			1,002			244			-
Capitalization of DAC			(1,044	)		(626	)		(418	)		-
Amortization of DAC and VOBA			890			629			259			2
Amortization of negative VOBA			(57	)		-			(57	)		-
Interest expense on debt			315			3			1			311
Other expenses			3,124			2,023			988			113
Total operating expenses			12,097			9,574			2,100			423
Operating earnings before provision for income tax			1,665			1,352			401			(88	)
Provision for income tax expense (benefit)			440			458			99			(117	)
Operating earnings			1,225			894			302			29
Preferred stock dividends			31			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,194		$	894		$	302		$	(2	)
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings		$	1,225		$	894		$	302		$	29
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)			(84	)		129			(21	)		(192	)
Net derivative gains (losses)			(1,543	)		(921	)		(648	)		26
Premiums			-			-			-			-
Universal life and investment-type product policy fees			51			51			-			-
Net investment income			329			(40	)		179			190
Other revenues			175			-			-			175
Policyholder benefits and claims and policyholder dividends			(188	)		(200	)		12			-
Interest credited to policyholder account balances			(219	)		(8	)		(211	)		-
Capitalization of DAC			-			-			-			-
Amortization of DAC and VOBA			231			231			-			-
Amortization of negative VOBA			7			-			7			-
Interest expense on debt			(99	)		-			-			(99	)
Other expenses			(345	)		3			(1	)		(347	)
Provision for income tax (expense) benefit			526			264			187			75
Income (loss) from continuing operations, net of income tax			66			403			(194	)		(143	)
Income (loss) from discontinued operations, net of income tax			19			5			13			1
Net income (loss)			85			408			(181	)		(142	)
Less: Net income (loss) attributable to noncontrolling interest			3			2			1			-
Net income (loss) attributable to MetLife, Inc.			82			406			(182	)		(142	)
Less: Preferred stock dividends			31			-			-			31
Less: Preferred stock redemption premium			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders		$	51		$	406		$	(182	)	$	(173	)
Premiums, Fees and Other Revenues (Operating)		$	9,325		$	7,161		$	2,043		$	121
(1)	Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank as Divested businesses.

7

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year Ended December 31, 2011
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	36,269		$	23,508		$	12,751		$	10
Universal life and investment-type product policy fees		7,528			4,958			2,570			-
Net investment income		19,676			14,688			4,074			914
Other revenues		1,911			1,418			174			319
Total operating revenues		65,384			44,572			19,569			1,243
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		36,227			27,522			8,697			8
Interest credited to policyholder account balances		6,057			3,913			2,144			-
Capitalization of DAC		(6,849	)		(2,956	)		(3,893	)		-
Amortization of DAC and VOBA		4,799			2,366			2,432			1
Amortization of negative VOBA		(619	)		-			(619	)		-
Interest expense on debt		1,305			10			1			1,294
Other expenses		16,754			8,565			7,562			627
Total operating expenses		57,674			39,420			16,324			1,930
Operating earnings before provision for income tax		7,710			5,152			3,245			(687	)
Provision for income tax expense (benefit)		2,230			1,749			1,033			(552	)
Operating earnings		5,480			3,403			2,212			(135	)
Preferred stock dividends		122			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	5,358		$	3,403		$	2,212		$	(257	)
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	5,480		$	3,403		$	2,212		$	(135	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(867	)		151			(837	)		(181	)
Net derivative gains (losses)		4,824			3,950			985			(111	)
Premiums		92			-			92			-
Universal life and investment-type product policy fees		278			270			8			-
Net investment income		(70	)		(257	)		(468	)		655
Other revenues		621			-			11			610
Policyholder benefits and claims and policyholder dividends		(676	)		(236	)		(440	)		-
Interest credited to policyholder account balances		454			(19	)		473			-
Capitalization of DAC		9			-			9			-
Amortization of DAC and VOBA		(592	)		(569	)		(23	)		-
Amortization of negative VOBA		78			-			78			-
Interest expense on debt		(324	)		-			-			(324	)
Other expenses		(1,511	)		-			(143	)		(1,368	)
Provision for income tax (expense) benefit		(845	)		(1,150	)		15			290
Income (loss) from continuing operations, net of income tax		6,951			5,543			1,972			(564	)
Income (loss) from discontinued operations, net of income tax		20			61			(44	)		3
Net income (loss)		6,971			5,604			1,928			(561	)
Less: Net income (loss) attributable to noncontrolling interest		(10	)		(3	)		(5	)		(2	)
Net income (loss) attributable to MetLife, Inc.		6,981			5,607			1,933			(559	)
Less: Preferred stock dividends		122			-			-			122
Less: Preferred stock redemption premium		146			-			-			146
Net income (loss) available to MetLife, Inc.'s common shareholders	$	6,713		$	5,607		$	1,933		$	(827	)
Premiums, Fees and Other Revenues (Operating)	$	45,708		$	29,884		$	15,495		$	329

8

METLIFE, INC. CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Year Ended December 31, 2010
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	27,071		$	22,936		$	4,124		$	11
Universal life and investment-type product policy fees		5,817			4,497			1,320			-
Net investment income		16,880			14,626			1,611			643
Other revenues		1,675			1,249			35			391
Total operating revenues		51,443			43,308			7,090			1,045
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		29,972			26,624			3,362			(14	)
Interest credited to policyholder account balances		4,697			4,020			677			-
Capitalization of DAC		(3,299	)		(2,375	)		(924	)		-
Amortization of DAC and VOBA		2,802			2,229			572			1
Amortization of negative VOBA		(57	)		-			(57	)		-
Interest expense on debt		1,139			10			3			1,126
Other expenses		10,690			7,746			2,477			467
Total operating expenses		45,944			38,254			6,110			1,580
Operating earnings before provision for income tax		5,499			5,054			980			(535	)
Provision for income tax expense (benefit)		1,544			1,710			200			(366	)
Operating earnings		3,955			3,344			780			(169	)
Preferred stock dividends		122			-			-			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,833		$	3,344		$	780		$	(291	)
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,955		$	3,344		$	780		$	(169	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(408	)		411			(289	)		(530	)
Net derivative gains (losses)		(265	)		287			(491	)		(61	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		211			211			-			-
Net investment income		631			(210	)		44			797
Other revenues		653			-			-			653
Policyholder benefits and claims and policyholder dividends		(698	)		(439	)		(259	)		-
Interest credited to policyholder account balances		(222	)		(11	)		(211	)		-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		(41	)		(41	)		-			-
Amortization of negative VOBA		7			-			7			-
Interest expense on debt		(411	)		-			-			(411	)
Other expenses		(1,044	)		5			(8	)		(1,041	)
Provision for income tax (expense) benefit		379			(83	)		274			188
Income (loss) from continuing operations, net of income tax		2,747			3,474			(153	)		(574	)
Income (loss) from discontinued operations, net of income tax		39			19			22			(2	)
Net income (loss)		2,786			3,493			(131	)		(576	)
Less: Net income (loss) attributable to noncontrolling interest		(4	)		3			(5	)		(2	)
Net income (loss) attributable to MetLife, Inc.		2,790			3,490			(126	)		(574	)
Less: Preferred stock dividends		122			-			-			122
Less: Preferred stock redemption premium		-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,668		$	3,490		$	(126	)	$	(696	)
Premiums, Fees and Other Revenues (Operating)	$	34,563		$	28,682		$	5,479		$	402
(1)    Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank as Divested businesses.

9

METLIFE, INC. SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended
Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
U.S. BUSINESS
INSURANCE PRODUCTS	$	309		$	350		$	449		$	265		$	411
RETIREMENT PRODUCTS		228			212			201			104			216
CORPORATE BENEFIT FUNDING		283			289			314			264			224
AUTO & HOME		74			57			(56	)		22			81
U.S. BUSINESS TOTAL	$	894		$	908		$	908		$	655		$	932
INTERNATIONAL
JAPAN		94			290			245			315			326
OTHER INTERNATIONAL REGIONS (2)		208			273			259			260			244
INTERNATIONAL TOTAL	$	302		$	563		$	504		$	575		$	570
CORPORATE & OTHER (2)		(2	)		(30	)		(59	)		(64	)		(104	)
METLIFE, INC. CONSOLIDATED	$	1,194		$	1,441		$	1,353		$	1,166		$	1,398
(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 11, (ii) Retirement Products, page 18, (iii) Corporate Benefit Funding, page 22, (iv) Auto & Home, page 26, (v) Japan, page 28, (vi) Other International Regions, page 29, and (vii) Corporate & Other, page 30. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife Inc.'s common shareholders appears on page 5.
(2)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank and the Caribbean Business as Divested businesses.

10

U.S. BUSINESS INSURANCE PRODUCTS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	4,326		$	4,192		$	4,268		$	4,159		$	4,330		$	17,200		$	16,949
Universal life and investment-type product policy fees		613			564			565			566			569			2,247			2,264
Net investment income		1,554			1,529			1,572			1,526			1,480			6,068			6,107
Other revenues		199			200			204			216			209			761			829
Total operating revenues		6,692			6,485			6,609			6,467			6,588			26,276			26,149
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		4,822			4,665			4,634			4,816			4,592			19,075			18,707
Interest credited to policyholder account balances		249			241			246			255			255			963			997
Capitalization of DAC		(214	)		(216	)		(214	)		(213	)		(221	)		(841	)		(864	)
Amortization of DAC and VOBA		300			231			214			186			266			966			897
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		1			—			—			—			—			1			—
Other expenses		1,059			1,025			1,038			1,016			1,064			4,080			4,143
Total operating expenses		6,217			5,946			5,918			6,060			5,956			24,244			23,880
Operating earnings before provision for income tax		475			539			691			407			632			2,032			2,269
Provision for income tax expense (benefit)		166			189			242			142			221			711			794
Operating earnings		309			350			449			265			411			1,321			1,475
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	309		$	350		$	449		$	265		$	411		$	1,321		$	1,475
Reconciliation to Net Income and Financial Statement Line Item Adjustments from  GAAP
Operating earnings	$	309		$	350		$	449		$	265		$	411		$	1,321		$	1,475
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		25			37			3			15			(2	)		103			53
Net derivative gains (losses)		(496	)		(169	)		261			1,597			160			215			1,849
Premiums		—			—			—			—			—			—			—
Universal life and investment-type product policy fees		(5	)		(3	)		1			16			—			1			14
Net investment income		(41	)		(49	)		(56	)		(60	)		(59	)		(151	)		(224	)
Other revenues		—			—			—			—			—			—			—
Policyholder benefits and claims and policyholder dividends		—			—			—			1			(1	)		(5	)		—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of DAC		—			—			—			—			—			—			—
Amortization of DAC and VOBA		(12	)		—			(4	)		(56	)		145			(90	)		85
Amortization of negative VOBA		—			—			—			—			—			—			—
Interest expense on debt		—			—			—			—			—			—			—
Other expenses		1			—			—			1			(1	)		1			—
Provision for income tax (expense) benefit		183			65			(73	)		(530	)		(85	)		(28	)		(623	)
Income (loss) from continuing operations, net of income tax		(36	)		231			581			1,249			568			1,367			2,629
Income (loss) from discontinued operations, net of income tax		2			20			8			9			(1	)		4			36
Net income (loss)		(34	)		251			589			1,258			567			1,371			2,665
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			1			—			1
Net income (loss) attributable to MetLife, Inc.		(34	)		251			589			1,258			566			1,371			2,664
Less: Preferred stock dividends		—			—			—			—			—			—			—
Less: Preferred stock redemption premium		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.'s common shareholders	$	(34	)	$	251		$	589		$	1,258		$	566		$	1,371		$	2,664
Premiums, Fees and Other Revenues (Operating)	$	5,138		$	4,956		$	5,037		$	4,941		$	5,108		$	20,208		$	20,042

11

U.S. BUSINESS
INSURANCE PRODUCTS - GROUP LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	1,735		$	1,765		$	1,818		$	1,711		$	1,771		$	7,222		$	7,065
Universal life and investment-type product policy fees		156			159			155			159			157			616			630
Net investment income		206			200			205			200			194			826			799
Other revenues		-			2			1			-			1			6			4
Total operating revenues		2,097			2,126			2,179			2,070			2,123			8,670			8,498
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,746			1,768			1,726			1,847			1,732			7,185			7,073
Interest credited to policyholder account balances		42			40			42			43			40			173			165
Capitalization of DAC		(4	)		(5	)		(4	)		(4	)		(4	)		(15	)		(17	)
Amortization of DAC and VOBA		2			3			5			3			5			15			16
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		160			140			141			141			142			589			564
Total operating expenses		1,946			1,946			1,910			2,030			1,915			7,947			7,801
Operating earnings before provision for income tax		151			180			269			40			208			723			697
Provision for income tax expense (benefit)		53			63			94			14			73			253			244
Operating earnings		98			117			175			26			135			470			453
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	98		$	117		$	175		$	26		$	135		$	470		$	453
Reconciliation to Net Income and Financial Statement Line Item Adjustments from  GAAP
Operating earnings	$	98		$	117		$	175		$	26		$	135		$	470		$	453
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(2	)		3			(6	)		(14	)		(1	)		9			(18	)
Net derivative gains (losses)		(9	)		(22	)		36			56			13			71			83
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(19	)		(18	)		(21	)		(21	)		(20	)		(71	)		(80	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		10			13			(3	)		(8	)		3			(3	)		5
Income (loss) from continuing operations, net of income tax		78			93			181			39			130			476			443
Income (loss) from discontinued operations, net of income tax		1			-			-			2			-			-			2
Net income (loss)		79			93			181			41			130			476			445
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		79			93			181			41			130			476			445
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	79		$	93		$	181		$	41		$	130		$	476		$	445
Premiums, Fees and Other Revenues (Operating)	$	1,891		$	1,926		$	1,974		$	1,870		$	1,929		$	7,844		$	7,699
Group Life Mortality Ratio		89.7	%		88.2	%		82.1	%		98.5	%		85.2	%

12

U.S. BUSINESS

INSURANCE PRODUCTS—INDIVIDUAL LIFE

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS—PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	1,113		$	951		$	988		$	993		$	1,098		$	4,072		$	4,030
Universal life and investment-type product policy fees		457			405			410			407			412			1,631			1,634
Net investment income		1,116			1,097			1,119			1,074			1,039			4,354			4,329
Other revenues		110			107			112			123			111			398			453
Total operating revenues		2,796			2,560			2,629			2,597			2,660			10,455			10,446
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,750			1,603			1,628			1,709			1,562			6,621			6,502
Interest credited to policyholder account balances		203			198			201			209			211			771			819
Capitalization of DAC		(172	)		(166	)		(171	)		(176	)		(182	)		(664	)		(695	)
Amortization of DAC and VOBA		259			192			173			152			225			812			742
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			-			-			-			1			-
Other expenses		527			525			545			519			555			2,078			2,144
Total operating expenses		2,568			2,352			2,376			2,413			2,371			9,619			9,512
Operating earnings before provision for income tax		228			208			253			184			289			836			934
Provision for income tax expense (benefit)		79			73			89			64			101			292			327
Operating earnings		149			135			164			120			188			544			607
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	149		$	135		$	164		$	120		$	188		$	544		$	607
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	149		$	135		$	164		$	120		$	188		$	544		$	607
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		28			25			1			21			7			66			54
Net derivative gains (losses)		(115	)		(70	)		81			525			42			22			578
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(5	)		(3	)		1			16			-			1			14
Net investment income		(13	)		(17	)		(19	)		(22	)		(23	)		(49	)		(81	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(12	)		-			(4	)		(56	)		145			(90	)		85
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1			-			-			-			-			1			-
Provision for income tax (expense) benefit		40			23			(22	)		(169	)		(61	)		16			(229	)
Income (loss) from continuing operations, net of income tax		73			93			202			435			298			511			1,028
Income (loss) from discontinued operations, net of income tax		1			20			8			7			(1	)		4			34	��
Net income (loss)		74			113			210			442			297			515			1,062
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			2			-			2
Net income (loss) attributable to MetLife, Inc.		74			113			210			442			295			515			1,060
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	74		$	113		$	210		$	442		$	295		$	515		$	1,060
Premiums, Fees and Other Revenues (Operating)	$	1,680		$	1,463		$	1,510		$	1,523		$	1,621		$	6,101		$	6,117
Mortality as a Percentage of Expected		82.9	%		92.5	%		84.4	%		98.5	%		81.1	%
Lapse Ratio
Traditional Life		6.4	%		6.5	%		6.6	%		6.8	%		6.1	%
Variable & Universal Life		6.1	%		6.0	%		5.8	%		5.8	%		5.4	%

13

U.S. BUSINESS

INSURANCE PRODUCTS—NON-MEDICAL HEALTH

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS—PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	1,478		$	1,476		$	1,462		$	1,455		$	1,461		$	5,906		$	5,854
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		232			232			248			252			247			888			979
Other revenues		89			91			91			93			97			357			372
Total operating revenues		1,799			1,799			1,801			1,800			1,805			7,151			7,205
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,326			1,294			1,280			1,260			1,298			5,269			5,132
Interest credited to policyholder account balances		4			3			3			3			4			19			13
Capitalization of DAC		(38	)		(45	)		(39	)		(33	)		(35	)		(162	)		(152	)
Amortization of DAC and VOBA		39			36			36			31			36			139			139
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		372			360			352			356			367			1,413			1,435
Total operating expenses		1,703			1,648			1,632			1,617			1,670			6,678			6,567
Operating earnings before provision for income tax		96			151			169			183			135			473			638
Provision for income tax expense (benefit)		34			53			59			64			47			166			223
Operating earnings		62			98			110			119			88			307			415
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	62		$	98		$	110		$	119		$	88		$	307		$	415
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	62		$	98		$	110		$	119		$	88		$	307		$	415
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(1	)		9			8			8			(8	)		28			17
Net derivative gains (losses)		(372	)		(77	)		144			1,016			105			122			1,188
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(9	)		(14	)		(16	)		(17	)		(16	)		(31	)		(63	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			1			(1	)		(5	)		-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			1			(1	)		-			-
Provision for income tax (expense) benefit		133			29			(48	)		(353	)		(27	)		(41	)		(399	)
Income (loss) from continuing operations, net of income tax		(187	)		45			198			775			140			380			1,158
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(187	)		45			198			775			140			380			1,158
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			(1	)		-			(1	)
Net income (loss) attributable to MetLife, Inc.		(187	)		45			198			775			141			380			1,159
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(187	)	$	45		$	198		$	775		$	141		$	380		$	1,159
Premiums, Fees and Other Revenues (Operating)	$	1,567		$	1,567		$	1,553		$	1,548		$	1,558		$	6,263		$	6,226
Non-Medical Health Benefit Ratio		89.7	%		87.7	%		87.5	%		86.6	%		88.9	%

14

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
Unaudited (In millions)		December 31, 2010			March 31,2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	12,005		$	11,892		$	11,963		$	11,744		$	11,587
Premiums and deposits		3,292			3,418			3,038			2,791			2,731
Surrenders and withdrawals		(1,423	)		(1,379	)		(1,231	)		(1,087	)		(896	)
Benefit payments		(1,900	)		(1,888	)		(1,844	)		(1,827	)		(1,833	)
Net Flows		(31	)		151			(37	)		(123	)		2
Net transfers from (to) separate account		-			2			2			3			2
Interest		73			67			69			69			68
Policy charges		(123	)		(120	)		(133	)		(109	)		(122	)
Other		(32	)		(29	)		(120	)		3			(81	)
Balance, end of period	$	11,892		$	11,963		$	11,744		$	11,587		$	11,456
INDIVIDUAL LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31,2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	75,300		$	76,264		$	76,713		$	77,207		$	77,654
Premiums and deposits		2,181			2,108			2,055			2,066			2,157
Surrenders and withdrawals		(944	)		(943	)		(895	)		(905	)		(887	)
Benefit payments		(621	)		(678	)		(627	)		(694	)		(670	)
Net Flows		616			487			533			467			600
Net transfers from (to) separate account		32			23			36			27			27
Interest		766			765			767			777			780
Policy charges		(414	)		(419	)		(428	)		(435	)		(446	)
Other		(36	)		(407	)		(414	)		(389	)		(666	)
Balance, end of period	$	76,264		$	76,713		$	77,207		$	77,654		$	77,949
NON-MEDICAL HEALTH
	For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31,2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	13,901		$	14,187		$	14,384		$	14,581		$	14,802
Premiums and deposits		1,500			1,504			1,488			1,583			1,488
Surrenders and withdrawals		(3	)		(3	)		(3	)		(103	)		(3	)
Benefit payments		(1,093	)		(1,136	)		(1,116	)		(1,074	)		(1,073	)
Net Flows		404			365			369			406			412
Net transfers from (to) separate account		-			-			-			-			-
Interest		157			157			161			164			167
Policy charges		-			-			-			-			-
Other		(275	)		(325	)		(333	)		(349	)		(200	)
Balance, end of period	$	14,187		$	14,384		$	14,581		$	14,802		$	15,181
SEPARATE ACCOUNT LIABILITIES GROUP LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31,2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	456		$	491		$	516		$	516		$	444
Premiums and deposits		45			50			47			47			47
Surrenders and withdrawals		(14	)		(10	)		(7	)		(8	)		(7	)
Benefit payments		(1	)		-			-			-			-
Net Flows		30			40			40			39			40
Investment performance		40			24			-			(70	)		34
Net transfers from (to) general account		-			(2	)		(2	)		(3	)		(2	)
Policy charges		(35	)		(37	)		(38	)		(38	)		(38	)
Other		-			-			-			-			-
Balance, end of period	$	491		$	516		$	516		$	444		$	478
INDIVIDUAL LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31,2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	8,576		$	9,076		$	9,368		$	9,301		$	8,071
Premiums and deposits		190			193			184			178			240
Surrenders and withdrawals		(153	)		(139	)		(131	)		(116	)		(109	)
Benefit payments		(9	)		(12	)		(14	)		(8	)		(8	)
Net Flows		28			42			39			54			123
Investment performance		652			413			69			(1,121	)		576
Net transfers from (to) general account		(32	)		(23	)		(36	)		(27	)		(27	)
Policy charges		(139	)		(139	)		(139	)		(136	)		(136	)
Other		(9	)		(1	)		-			-			(661	)
Balance, end of period	$	9,076		$	9,368		$	9,301		$	8,071			7,946

15

U.S. BUSINESS

INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES

	For the Three Months Ended
Unaudited (In millions)	December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Direct and allocated expenses	$	593	$	581	$	584	$	562	$	617
Pension and post-retirement benefit costs		52		51		51		55		51
Premium taxes, other taxes, and licenses & fees		81		71		73		66		68
Total fixed operating expenses	$	726	$	703	$	708	$	683	$	736
Commissions and other variable expenses		333		322		330		333		328
Total other expenses	$	1,059	$	1,025	$	1,038	$	1,016	$	1,064
INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
Unaudited (In millions)	December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Individual Life Sales
Term Life	$	32	$	30	$	33	$	32	$	35
Whole Life		29		27		30		27		29
Variable Life		8		9		11		9		16
Universal Life		61		57		54		52		56
Total Individual Life sales (2)	$	130	$	123	$	128	$	120	$	136

(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 $136 million of Individual Life Sales during the three months ended December 31, 2011, approximately 33% were distributed through MetLife agents, 12% through New England Financial agents, 51% through MetLife’s third party channels and 4% through other channels.

16

U.S. BUSINESS

INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE

	For the Three Months Ended
Unaudited	December 31, 2010	March 31, 2011	June 30, 2011	September 30, 2011	December 31, 2011
Investment income yield	5.40%	5.52%	5.73%	5.66%	5.62%
Average crediting rate	2.06%	2.01%	2.07%	2.11%	2.01%
Annualized general account spread	3.34%	3.51%	3.66%	3.55%	3.61%

VARIABLE & UNIVERSAL LIFE

	For the Three Months Ended
Unaudited	December 31, 2010	March 31, 2011	June 30, 2011	September 30, 2011	December 31, 2011
Investment income yield	6.44%	6.72%	6.57%	6.33%	5.80%
Average crediting rate	4.63%	4.53%	4.47%	4.55%	4.49%
Annualized general account spread (1)	1.81%	2.19%	2.10%	1.78%	1.31%

NON-MEDICAL HEALTH

	For the Three Months Ended
Unaudited	December 31, 2010	March 31, 2011	June 30, 2011	September 30, 2011	December 31, 2011
Investment income yield	6.38%	6.19%	6.53%	6.35%	6.40%
Average crediting rate	4.72%	4.70%	4.70%	4.66%	4.68%
Annualized general account spread	1.66%	1.49%	1.83%	1.69%	1.72%

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

17

U.S. BUSINESS RETIREMENT PRODUCTS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	145		$	206		$	240		$	393		$	302		$	875		$	1,141
Universal life and investment-type product policy fees		550			586			622			620			635			2,024			2,463
Net investment income		845			786			792			800			817			3,395			3,195
Other revenues		61			75			75			77			80			220			307
Total operating revenues		1,601			1,653			1,729			1,890			1,834			6,514			7,106
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		280			375			402			585			484			1,487			1,846
Interest credited to policyholder account balances		407			393			395			408			399			1,612			1,595
Capitalization of DAC		(301	)		(317	)		(400	)		(478	)		(417	)		(1,067	)		(1,612	)
Amortization of DAC and VOBA		214			198			238			347			221			808			1,004
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		-			1			-			1			3			2
Other expenses		653			678			784			867			814			2,437			3,143
Total operating expenses		1,252			1,327			1,420			1,729			1,502			5,280			5,978
Operating earnings before provision for income tax		349			326			309			161			332			1,234			1,128
Provision for income tax expense (benefit)		121			114			108			57			116			431			395
Operating earnings		228			212			201			104			216			803			733
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	228		$	212		$	201		$	104		$	216		$	803		$	733
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	228		$	212		$	201		$	104		$	216		$	803		$	733
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		43			9			42			21			12			139			84
Net derivative gains (losses)		(392	)		(7	)		271			956			527			235			1,747
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		56			58			58			74			66			210			256
Net investment income		(47	)		(38	)		(33	)		(47	)		(60	)		(249	)		(178	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(230	)		(147	)		(12	)		407			(449	)		(392	)		(201	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		243			67			(124	)		(545	)		(52	)		49			(654	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1			-			-			1			(1	)		1			-
Provision for income tax (expense) benefit		109			20			(71	)		(303	)		(14	)		(4	)		(368	)
Income (loss) from continuing operations, net of income tax		11			174			332			668			245			792			1,419
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			1			-
Net income (loss)		11			174			332			668			245			793			1,419
Less: Net income (loss) attributable to noncontrolling interest		1			-			-			1			(3	)		1			(2	)
Net income (loss) attributable to MetLife, Inc.		10			174			332			667			248			792			1,421
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	10		$	174		$	332		$	667		$	248		$	792		$	1,421
Premiums, Fees and Other Revenues (Operating)	$	756		$	867		$	937		$	1,090		$	1,017		$	3,119		$	3,911
Lapse Ratio
Fixed Annuities		6.0	%		6.2	%		6.4	%		6.6	%		7.8	%
Variable Annuities		7.3	%		7.3	%		7.4	%		6.9	%		6.8	%

18

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)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	57,485		$	55,346		$	54,973		$	55,675		$	60,319
Premiums and deposits (1), (2)		1,775			1,745			2,027			2,812			2,311
Surrenders and withdrawals		(999	)		(913	)		(921	)		(991	)		(1,300	)
Benefit payments		(469	)		(496	)		(493	)		(503	)		(487	)
Net Flows		307			336			613			1,318			524
Net transfers from (to) separate account		(1,131	)		(846	)		(733	)		(624	)		(1,401	)
Interest		560			545			546			551			540
Policy charges		(16	)		(17	)		(20	)		(19	)		(15	)
Other		(1,859	)		(391	)		296			3,418			(823	)
Balance, end of period	$	55,346		$	54,973		$	55,675		$	60,319		$	59,144
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Balance, beginning of period	$	97,587		$	107,335		$	114,569		$	118,522		$	108,707
Premiums and deposits (1)		3,978			4,564			5,703			6,787			5,778
Surrenders and withdrawals		(1,851	)		(2,106	)		(2,330	)		(2,112	)		(1,993	)
Benefit payments		(205)			(206)			(219)			(209)			(203)
Net Flows		1,922			2,252			3,154			4,466			3,582
Investment performance		7,191			4,664			655			(14,336	)		7,219
Net transfers from (to) general account		1,131			846			733			624			1,401
Policy charges		(496	)		(529	)		(589	)		(574	)		(589	)
Other		-			1			-			5			(34)
Balance, end of period	$	107,335		$	114,569		$	118,522		$	108,707		$	120,286

(1) Includes company sponsored internal exchanges.

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

19

U.S. BUSINESS

RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES

		For the Three Months Ended
Unaudited (In millions)		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Direct and allocated expenses	$	180	$	181	$	198	$	187	$	203
Pension and post-retirement benefit costs		21		20		20		21		20
Premium taxes, other taxes, and licenses & fees		6		7		7		6		12
Total fixed operating expenses	$	207	$	208	$	225	$	214	$	235
Commissions and other variable expenses		446		470		559		653		579
Total other expenses	$	653	$	678	$	784	$	867	$	814
INDIVIDUAL ANNUITY SALES BY PRODUCT (1)
		For the Three Months Ended
Unaudited (in millions)		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales	$	383	$	362	$	376	$	617	$	548
Variable annuity sales		5,129		5,691		6,971		8,561		7,229
Total annuity sales (2)	$	5,512	$	6,053	$	7,347	$	9,178	$	7,777
Separate Account and General Account
Separate Accounts
Total variable annuities separate accounts	$	3,809	$	4,384	$	5,398	$	6,442	$	5,538
General Accounts
Fixed annuity		383		362		376		617		548
Variable annuity		1,320		1,307		1,573		2,119		1,691
Total general accounts		1,703		1,669		1,949		2,736		2,239
Total premiums and deposits	$	5,512	$	6,053	$	7,347	$	9,178	$	7,777

(1) Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

(2) Of the $7,777 million of Individual Annuity Sales during the three months ended December 31, 2011, approximately 16% were distributed through MetLife agents, 5% through New England Financial agents, 71% through MetLife’s third party channels, 6% through MetLife Resources representatives, 1% through Retirement & Benefit Funding, and 1% through other distribution channels.

20

U.S. BUSINESS
RETIREMENT PRODUCTS
SPREAD
DEFERRED ANNUITIES
	For the Three Months Ended
Unaudited	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Investment income yield		6.47	%		6.17	%		6.11	%		6.07	%		6.48	%
Average crediting rate		3.65	%		3.58	%		3.54	%		3.50	%		3.47	%
Annualized general account spread		2.82	%		2.59	%		2.57	%		2.57	%		3.01	%

21

U.S. BUSINESS

CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	391		$	291		$	781		$	724		$	622		$	1,938		$	2,418
Universal life and investment-type product policy fees		57			54			58			69			50			226			231
Net investment income		1,313			1,311			1,325			1,289			1,256			4,954			5,181
Other revenues		65			60			61			61			67			246			249
Total operating revenues		1,826			1,716			2,225			2,143			1,995			7,364			8,079
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		926			821			1,292			1,287			1,194			4,041			4,594
Interest credited to policyholder account balances		346			335			330			327			329			1,445			1,321
Capitalization of DAC		(2	)		(12	)		(6	)		(6	)		(3	)		(19	)		(27	)
Amortization of DAC and VOBA		4			5			5			4			3			16			17
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		3			2			2			2			2			6			8
Other expenses		114			119			118			126			124			460			487
Total operating expenses		1,391			1,270			1,741			1,740			1,649			5,949			6,400
Operating earnings before provision for income tax		435			446			484			403			346			1,415			1,679
Provision for income tax expense (benefit)		152			157			170			139			122			495			588
Operating earnings		283			289			314			264			224			920			1,091
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	283		$	289		$	314		$	264		$	224		$	920		$	1,091
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	283		$	289		$	314		$	264		$	224		$	920		$	1,091
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		65			12			(12	)		86			(63	)		176			23
Net derivative gains (losses)		(39	)		(127	)		(52	)		407			138			(162	)		366
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		48			44			35			38			28			190			145
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		30			8			(12	)		(38	)		7			(42	)		(35	)
Interest credited to policyholder account balances		(8	)		(8	)		(8	)		(2	)		(1	)		(11	)		(19	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1			-			1			2			(3	)		3			-
Provision for income tax (expense) benefit		(28	)		25			17			(173	)		(35	)		(54	)		(166	)
Income (loss) from continuing operations, net of income tax		352			243			283			584			295			1,020			1,405
Income (loss) from discontinued operations, net of income tax		3			-			21			5			(1	)		14			25
Net income (loss)		355			243			304			589			294			1,034			1,430
Less: Net income (loss) attributable to noncontrolling interest		1			-			-			2			(4	)		2			(2	)
Net income (loss) attributable to MetLife, Inc.		354			243			304			587			298			1,032			1,432
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	354		$	243		$	304		$	587		$	298		$	1,032		$	1,432
Premiums, Fees and Other Revenues (Operating)	$	513		$	405		$	900		$	854		$	739		$	2,410		$	2,898

22

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
	Unaudited (In millions)		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
	Balance, beginning of period	$	97,929	$	96,960	$	98,689	$	99,747	$	99,258
	Premiums and deposits		13,947		16,668		11,052		14,196		13,581
	Surrenders and withdrawals		(13,124)		(14,789)		(10,718)		(17,347)		(12,490)
	Benefit payments		(707)		(713)		(711)		(762)		(745)
	Net Flows		116		1,166		(377)		(3,913)		346
	Net transfers from (to) separate account		(12)		(4)		(4)		(12)		(31)
	Interest		982		970		961		948		943
	Policy charges		(25)		(34)		(34)		(34)		(32)
	Other		(2,030)		(369)		512		2,522		295
	Balance, end of period	$	96,960	$	98,689	$	99,747	$	99,258	$	100,779
SEPARATE ACCOUNT LIABILITIES
		For the Three Months Ended
	Unaudited (In millions)		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
	Balance, beginning of period	$	56,670	$	56,571	$	61,004	$	63,195	$	65,004
	Premiums and deposits		1,811		4,177		2,854		3,068		1,983
	Surrenders and withdrawals		(1,189)		(1,255)		(1,404)		(2,061)		(2,106)
	Benefit payments		(15)		(68)		(23)		(17)		(13)
	Net Flows		607		2,854		1,427		990		(136)
	Investment performance		205		758		1,012		807		1,350
	Net transfers from (to) general account		12		4		4		12		31
	Policy charges		(61)		(67)		(61)		(63)		(79)
	Other		(862)		884		(191)		63		(1,342)
	Balance, end of period	$	56,571	$	61,004	$	63,195	$	65,004	$	64,828

23

U.S. BUSINESS
CORPORATE BENEFIT FUNDING
OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Direct and allocated expenses	$	65	$	64	$	64	$	66	$	81
Pension and post-retirement benefit costs		11		11		11		11		11
Premium taxes, other taxes, and licenses & fees		1		6		5		10		4
Total fixed operating expenses	$	77	$	81	$	80	$	87	$	96
Commissions and other variable expenses		37		38		38		39		28
Total other expenses	$	114	$	119	$	118	$	126	$	124

24

U.S. BUSINESS
CORPORATE BENEFIT FUNDING
SPREAD
CORPORATE BENEFIT FUNDING
	For the Three Months Ended
Unaudited	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Investment income yield		5.39	%		5.31	%		5.27	%		5.16	%		5.08	%
Average crediting rate		3.83	%		3.74	%		3.66	%		3.71	%		3.77	%
Annualized general account spread		1.56	%		1.57	%		1.61	%		1.45	%		1.31	%

25

U.S. BUSINESS AUTO & HOME STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums (1)	$	746		$	735		$	748		$	760		$	757		$	2,923		$	3,000
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		53			53			51			50			51			209			205
Other revenues		8			8			7			8			10			22			33
Total operating revenues		807			796			806			818			818			3,154			3,238
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		515			532			719			613			511			2,021			2,375
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(109	)		(105	)		(117	)		(121	)		(110	)		(448	)		(453	)
Amortization of DAC and VOBA		111			109			113			114			112			439			448
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		197			193			198			200			201			769			792
Total operating expenses		714			729			913			806			714			2,781			3,162
Operating earnings before provision for income tax		93			67			(107	)		12			104			373			76
Provision for income tax expense (benefit)		19			10			(51	)		(10	)		23			73			(28	)
Operating earnings		74			57			(56	)		22			81			300			104
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	74		$	57		$	(56	)	$	22		$	81		$	300		$	104
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	74		$	57		$	(56	)	$	22		$	81		$	300		$	104
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(4	)		-			(6	)		(4	)		1			(7	)		(9	)
Net derivative gains (losses)		6			-			(3	)		(7	)		(2	)		(1	)		(12	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			-			3			4			-			3			7
Income (loss) from continuing operations, net of income tax		76			57			(62	)		15			80			295			90
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		76			57			(62	)		15			80			295			90
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		76			57			(62	)		15			80			295			90
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	76		$	57		$	(62	)	$	15		$	80		$	295		$	90
Premiums, Fees and Other Revenues (Operating)	$	754		$	743		$	755		$	768		$	767		$	2,945		$	3,033
(1)    Premiums reflect earned premiums and policyholder benefits and claims and policyholder dividends includes losses and loss adjustment expense.

26

U.S. BUSINESS
AUTO & HOME
NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
		For the Three Months Ended
Unaudited (In millions, except ratios)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Net Written Premiums by Product
Automobile	$	489		$	496		$	509		$	529		$	491
Homeowners		229			201			255			265			238
Other		11			22			14			13			11
Total	$	729		$	719		$	778		$	807		$	740
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		69.1	%		72.5	%		96.1	%		80.6	%		67.5	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%
Other expense ratio		26.6	%		26.5	%		25.8	%		25.6	%		26.8	%
Payment fees credit		(0.6	%)		(0.6	%)		(0.5	%)		(0.5	%)		(0.5	%)
Total combined ratio		95.2	%		98.5	%		121.5	%		105.7	%		93.8	%
Effect of catastrophe losses		5.2	%		6.2	%		35.8	%		17.7	%		3.6	%
Combined ratio excluding catastrophes		90.0	%		92.3	%		85.7	%		88.0	%		90.2	%
Auto
Loss and loss adjustment expense ratio		74.7	%		66.8	%		71.4	%		67.6	%		74.7	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%
Other expense ratio		26.2	%		25.6	%		25.3	%		25.2	%		26.0	%
Payment fees credit		(0.6	%)		(0.7	%)		(0.6	%)		(0.6	%)		(0.6	%)
Total combined ratio		100.4	%		91.8	%		96.2	%		92.2	%		100.1	%
Effect of catastrophe losses		1.1	%		(0.1	%)		5.7	%		2.8	%		0.6	%
Combined ratio excluding catastrophes		99.3	%		91.9	%		90.5	%		89.4	%		99.5	%
Homeowners & Other
Loss and loss adjustment expense ratio		57.4	%		84.0	%		146.1	%		106.7	%		53.3	%
Policyholder benefits and dividends		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%
Other expense ratio		27.3	%		28.5	%		27.1	%		26.5	%		28.4	%
Payment fees credit		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)
Total combined ratio		84.4	%		112.2	%		172.9	%		132.8	%		81.3	%
Effect of catastrophe losses		13.5	%		19.0	%		96.8	%		47.7	%		9.4	%
Combined ratio excluding catastrophes		70.9	%		93.2	%		76.1	%		85.1	%		71.9	%
Pre-Tax Catastrophe Losses
Auto	$	6		$	—		$	28		$	14		$	4
Homeowners & Other		33			46			239			121			23
Total	$	39		$	46		$	267		$	135		$	27

27

INTERNATIONAL

JAPAN

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	499		$	1,517		$	1,602		$	1,601		$	1,605		$	499		$	6,325
Universal life and investment-type product policy fees		55			194			195			220			215			55			824
Net investment income		145			439			517			540			583			145			2,079
Other revenues		7			9			4			5			4			7			22
Total operating revenues		706			2,159			2,318			2,366			2,407			706			9,250
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		309			949			1,019			999			1,006			309			3,973
Interest credited to policyholder account balances		123			369			388			401			403			123			1,561
Capitalization of DAC		(149	)		(522	)		(519	)		(619	)		(590	)		(149	)		(2,250	)
Amortization of DAC and VOBA		82			292			371			318			331			82			1,312
Amortization of negative VOBA		(49	)		(146	)		(141	)		(135	)		(133	)		(49	)		(555	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		244			770			823			909			896			244			3,398
Total operating expenses		560			1,712			1,941			1,873			1,913			560			7,439
Operating earnings before provision for income tax		146			447			377			493			494			146			1,811
Provision for income tax expense (benefit)		52			157			132			178			168			52			635
Operating earnings		94			290			245			315			326			94			1,176
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	94		$	290		$	245		$	315		$	326		$	94		$	1,176
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	94		$	290		$	245		$	315		$	326		$	94		$	1,176
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(9	)		(47	)		(47	)		(21	)		(106	)		(9	)		(221	)
Net derivative gains (losses)		(144	)		(8	)		135			101			(28	)		(144	)		200
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		116			259			(168	)		(354	)		(156	)		116			(419	)
Other revenues		-			-			3			5			4			-			12
Policyholder benefits and claims and policyholder dividends		5			(8	)		(10	)		(9	)		(22	)		5			(49	)
Interest credited to policyholder account balances		(116	)		(259	)		197			332			164			(116	)		434
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			(20	)		1			-			(19	)
Amortization of negative VOBA		7			19			19			19			17			7			74
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			5			(15	)		15			-			5
Provision for income tax (expense) benefit		49			16			(48	)		(12	)		41			49			(3	)
Income (loss) from continuing operations, net of income tax		2			262			331			341			256			2			1,190
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		2			262			331			341			256			2			1,190
Less: Net income (loss) attributable to noncontrolling interest		-			-			1			2			2			-			5
Net income (loss) attributable to MetLife, Inc.		2			262			330			339			254			2			1,185
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2		$	262		$	330		$	339		$	254		$	2		$	1,185
Premiums, Fees and Other Revenues (Operating)	$	561		$	1,720		$	1,801		$	1,826		$	1,824		$	561		$	7,171

28

INTERNATIONAL
OTHER INTERNATIONAL REGIONS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
OPERATING REVENUES
Premiums	$	1,103		$	1,589		$	1,629		$	1,679		$	1,529		$	3,625		$	6,426
Universal life and investment-type product policy fees		363			434			468			431			413			1,265			1,746
Net investment income		313			414			531			543			507			1,466			1,995
Other revenues		16			33			35			40			44			28			152
Total operating revenues		1,795			2,470			2,663			2,693			2,493			6,384			10,319
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		774			1,089			1,203			1,299			1,133			3,053			4,724
Interest credited to policyholder account balances		121			141			149			143			150			554			583
Capitalization of DAC		(269	)		(395	)		(440	)		(412	)		(396	)		(775	)		(1,643	)
Amortization of DAC and VOBA		177			287			311			267			255			490			1,120
Amortization of negative VOBA		(8	)		(17	)		(22	)		(15	)		(10	)		(8	)		(64	)
Interest expense on debt		1			2			-			-			(1	)		3			1
Other expenses		744			990			1,095			1,063			1,016			2,233			4,164
Total operating expenses		1,540			2,097			2,296			2,345			2,147			5,550			8,885
Operating earnings before provision for income tax		255			373			367			348			346			834			1,434
Provision for income tax expense (benefit)		47			100			108			88			102			148			398
Operating earnings		208			273			259			260			244			686			1,036
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	208		$	273		$	259		$	260		$	244		$	686		$	1,036
Reconciliation to Net Income and Financial Statement Line Item Adjustments from  GAAP
Operating earnings	$	208		$	273		$	259		$	260		$	244		$	686		$	1,036
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(12	)		(112	)		(33	)		(240	)		(231	)		(280	)		(616	)
Net derivative gains (losses)		(504	)		76			(261	)		1,172			(202	)		(347	)		785
Premiums		-			22			24			23			23			-			92
Universal life and investment-type product policy fees		-			2			2			2			2			-			8
Net investment income		63			140			135			(470	)		146			(72	)		(49	)
Other revenues		-			(1	)		1			-			(1	)		-			(1	)
Policyholder benefits and claims and policyholder dividends		7			(23	)		(189	)		(159	)		(20	)		(264	)		(391	)
Interest credited to policyholder account balances		(95	)		(178	)		(123	)		466			(126	)		(95	)		39
Capitalization of DAC		-			2			2			3			2			-			9
Amortization of DAC and VOBA		-			(1	)		(1	)		(1	)		(1	)		-			(4	)
Amortization of negative VOBA		-			1			1			1			1			-			4
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(1	)		(11	)		(66	)		(17	)		(54	)		(8	)		(148	)
Provision for income tax (expense) benefit		138			15			165			(310	)		148			225			18
Income (loss) from continuing operations, net of income tax		(196	)		205			(84	)		730			(69	)		(155	)		782
Income (loss) from discontinued operations, net of income tax		13			(61	)		1			(11	)		27			22			(44	)
Net income (loss)		(183	)		144			(83	)		719			(42	)		(133	)		738
Less: Net income (loss) attributable to noncontrolling interest		1			7			(3	)		(12	)		(2	)		(5	)		(10	)
Net income (loss) attributable to MetLife, Inc.		(184	)		137			(80	)		731			(40	)		(128	)		748
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	(184	)	$	137		$	(80	)	$	731		$	(.40	)	$	(128	)	$	748
Premiums, Fees and Other Revenues (Operating)	$	1,482		$	2,056		$	2,132		$	2,150		$	1,986		$	4,918		$	8,324
(1)    Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting the Caribbean Business as Divested businesses.

29

	CORPORATE & OTHER
	STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended															For the Year Ended
	Unaudited (In millions)	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
	OPERATING REVENUES
	Premiums	$	5		$	2		$	2		$	3		$	3		$	11		$	10
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		214			253			225			223			213			643			914
	Other revenues		116			83			72			110			54			391			319
	Total operating revenues		335			338			299			336			270			1,045			1,243
	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		(3	)		2			1			4			1			(14	)		8
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		2			-			-			-			1			1			1
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		311			319			325			326			324			1,126			1,294
	Other expenses		113			115			116			207			189			467			627
	Total operating expenses		423			436			442			537			515			1,580			1,930
	Operating earnings before provision for income tax		(88	)		(98	)		(143	)		(201	)		(245	)		(535	)		(687	)
	Provision for income tax expense (benefit)		(117	)		(98	)		(115	)		(167	)		(172	)		(366	)		(552	)
	Operating earnings		29			-			(28	)		(34	)		(73	)		(169	)		(135	)
	Preferred stock dividends		31			30			31			30			31			122			122
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(2	)	$	(30	)	$	(59	)	$	(64	)	$	(104	)	$	(291	)	$	(257	)
	Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	29		$	-		$	(28	)	$	(34	)	$	(73	)	$	(169	)	$	(135	)
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(192	)		2			(102	)		88			(169	)		(530	)		(181	)
	Net derivative gains (losses)		26			(80	)		1			(30	)		(2	)		(61	)		(111	)
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		190			175			170			178			132			797			655
	Other revenues		175			99			130			198			183			653			610
	Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			-			-			-			-			-
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		(99	)		(92	)		(92	)		(97	)		(43	)		(411	)		(324	)
	Other expenses		(347	)		(282	)		(343	)		(336	)		(407	)		(1,041	)		(1,368	)
	Provision for income tax (expense) benefit		75			60			82			17			131			188			290
	Income (loss) from continuing operations, net of income tax		(143	)		(118	)		(182	)		(16	)		(248	)		(574	)		(564	)
	Income (loss) from discontinued operations, net of income tax		1			-			1			2			-			(2	)		3
	Net income (loss)		(142	)		(118	)		(181	)		(14	)		(248	)		(576	)		(561	)
	Less: Net income (loss) attributable to noncontrolling interest		-			-			(5	)		1			2			(2	)		(2	)
	Net income (loss) attributable to MetLife, Inc.		(142	)		(118	)		(176	)		(15	)		(250	)		(574	)		(559	)
	Less: Preferred stock dividends		31			30			31			30			31			122			122
	Less: Preferred stock redemption premium		-			146			-			-			-			-			146
	Net income (loss) available to MetLife, Inc.'s common shareholders	$	(173	)	$	(294	)	$	(207	)	$	(45	)	$	(281	)	$	(696	)	$	(827	)
	Premiums, Fees and Other Revenues (Operating)	$	121		$	85		$	74		$	113		$	57		$	402		$	329
(1)	Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank as Divested businesses.

30

	METLIFE, INC. INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
			At or For the Three Months Ended
	Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Fixed Maturity Securities
	Yield (1)		5.31%			4.91%			4.94%			4.79%			4.90%
	Investment income (2), (3), (4)	$	3,278		$	3,693		$	3,794		$	3,721		$	3,808
	Investment gains (losses) (3)		3			(163	)		(105	)		(186	)		(478	)
	Ending carrying value (2), (3)		325,391			334,409			342,607			354,611			351,011
	Mortgage Loans
	Yield (1)		5.55%			5.54%			5.50%			5.56%			5.53%
	Investment income (3), (4)		743			759			765			806			832
	Investment gains (losses) (3)		2			47			68			45			15
	Ending carrying value (3)		55,457			55,061			56,927			59,722			61,303
	Real Estate and Real Estate Joint Ventures
	Yield (1)		0.59%			2.83%			4.85%			4.67%			2.65%
	Investment income (3)		11			57			99			96			55
	Investment gains (losses) (3)		-			29			47			165			(11	)
	Ending carrying value		8,030			8,042			8,234			8,197			8,563
	Policy Loans
	Yield (1)		6.04%			5.42%			5.41%			5.43%			5.35%
	Investment income		161			160			160			162			159
	Ending carrying value		11,761			11,872			11,858			11,932			11,892
	Equity Securities
	Yield (1)		6.01%			3.45%			6.04%			3.59%			4.52%
	Investment income		45			30			48			28			35
	Investment gains (losses)		4			36			(70	)		(3	)		14
	Ending carrying value		3,602			3,584			3,238			3,118			3,023
	Other Limited Partnership Interests
	Yield (1)		18.49%			15.14%			9.90%			11.08%			6.16%
	Investment income		283			243			159			180			99
	Investment gains (losses)		(3	)		3			5			-			(4	)
	Ending carrying value		6,416			6,409			6,453			6,538			6,378
	Cash and Short-term Investments
	Yield (1), (5)		0.81%			1.09%			1.09%			1.03%			0.87%
	Investment income		33			43			41			38			33
	Investment gains (losses)		1			-			1			-			1
	Ending carrying value (3)		22,302			19,455			22,026			25,901			27,750
	Other Invested Assets (1)
	Investment income		97			12			165			159			118
	Investment gains (losses) (3)		(16	)		4			(7	)		-			(6	)
	Ending carrying value		15,430			13,693			14,900			23,138			23,628
	Total Investments
	Investment income yield (1)		5.35%			4.92%			5.08%			4.97%			4.88%
	Investment fees and expenses yield		(0.14	)		(0.12	)		(0.13	)		(0.13	)		(0.14	)
	Net Investment Income Yield (1), (3), (5)		5.21%			4.80%			4.95%			4.84%			4.74%
	Investment income	$	4,651		$	4,997		$	5,231		$	5,190		$	5,139
	Investment fees and expenses		(127	)		(128	)		(138	)		(137	)		(143	)
	Net Investment Income including Divested businesses		4,524			4,869			5,093			5,053			4,996
	Less: Net investment Income from Divested businesses (5)		87			84			80			82			89
	Net Investment Income (3)		4,437			4,785			5,013			4,971			4,907
	Ending Carrying Value (3)	$	448,389		$	452,525		$	466,243		$	493,157		$	493,548
	Investment portfolio gains (losses) including Divested businesses	$	(9	)	$	(44	)	$	(61	)	$	21		$	(469	)
	Less: Investment portfolio gains (losses) from Divested businesses (5)		(6	)		(3	)		(6	)		7			(138	)
	Investment Portfolio Gains (Losses) (3), (5)		(3	)		(41	)		(55	)		14			(331	)
	Gross investment gains		297			285			348			474			247
	Gross investment losses		(180	)		(243	)		(288	)		(199	)		(328	)
	Writedowns		(120	)		(83	)		(115	)		(261	)		(250	)
	Investment Portfolio Gains (Losses) (3), (5)		(3	)		(41	)		(55	)		14			(331	)
	Investment portfolio gains (losses) income tax (expense) benefit		9			14			21			(5	)		118
	Investment Portfolio Gains (Losses), Net of Income Tax	$	6		$	(27	)	$	(34	)	$	9		$	(213	)
	Derivative Gains (Losses) including Divested businesses	$	(1,615	)	$	(386	)	$	293		$	4,129		$	509
	Less: Derivative gains (losses) from Divested businesses (5)		7			(2	)		(9	)		(139	)		(13	)
	Derivative gains (losses) (3), (5)		(1,622	)		(384	)		302			4,268			522
	Derivative gains (losses) income tax (expense) benefit		571			131			(107	)		(1,496	)		(171	)
	Derivative Gains (Losses), Net of Income Tax	$	(1,051	)	$	(253	)	$	195		$	2,772		$	351
(1)	Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the adjustments described on page 2. Asset carrying values exclude unrealized investment gains (losses), collateral received from counterparties associated with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities ("CSEs"), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)	Fixed maturity securities includes $594 million, $745 million, $863 million, $684 million and $740 million in ending carrying value, and $17 million, $28 million, $16 million, ($38) million and $25 million of investment income related to trading and other securities at or for the three months ended December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, 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) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million, $18,459 million, $18,690 million, $17,874 and $17,411 million at December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, respectively; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading and other securities (included within fixed maturity securities in the yield table above) of $201 million, $161 million, $147 million, $140 million and $117 million, mortgage loans of $6,840 million, $6,771 million, $6,697 million, $3,227 million and $3,138 million and cash and short-term investments of $39 million, $59 million, $21 million, $13 million and $21 million at December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, respectively; 3) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $7,652 million at December 31, 2011; 4) Net investment income adjustments as presented on page 36 within the reconciliation to Net Income; 5) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 6) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:
			For the Three Months Ended
			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Investment portfolio gains (losses) - in above yield table	$	(9	)	$	(44	)	$	(61	)	$	21		$	(469	)
	Real estate discontinued operations		(4	)		(28	)		(43	)		(26	)		1
	Net investment gains (losses) related to CSEs		(18	)		25			(16	)		(7	)		3
	Other gains (losses) reported in net investment gains (losses) on GAAP basis		(53	)		(52	)		(35	)		(43	)		(93	)
	Net investment gains (losses) - GAAP basis	$	(84	)	$	(99	)	$	(155	)	$	(55	)	$	(558	)
			For the Three Months Ended
			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Derivative gains (losses) - in above yield table	$	(1,615	)	$	(386	)	$	293		$	4,129		$	509
	Investment hedge adjustments		36			39			55			70			85
	Joint venture adjustments		28			23			-			-			-
	Settlement of foreign currency earnings hedges		-			1			(4	)		(5	)		(4	)
	PAB hedge adjustments		8			8			8			2			1
	Net derivative gains (losses) - GAAP basis	$	(1,543	)	$	(315	)	$	352		$	4,196		$	591
(4)	Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5)	Prior period yields have been recast to conform to the current period presentation to exclude from asset carrying values freestanding derivatives and collateral received from derivative counterparties. Also, net investment income, investment portfolio gains (losses), and derivative gains (losses) are presented including and excluding the impact of Divested businesses. Yields are calculated including the net investment income and ending carrying values of the Divested businesses. See page 2 for discussion of Divested businesses.

31

METLIFE, INC.
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
		At or For the Year Ended
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Fixed Maturity Securities
Yield (1)			5.54%			4.91%			4.93%			4.95%			4.94%
Investment income (2), (3), (4)		$	12,567		$	3,693		$	7,487		$	11,208		$	15,016
Investment gains (losses) (3)			(255	)		(163	)		(268	)		(454	)		(932	)
Ending carrying value (2), (3)			325,391			334,409			342,607			354,611			351,011
Mortgage Loans
Yield (1)			5.51%			5.54%			5.52%			5.54%			5.53%
Investment income (3), (4)			2,821			759			1,524			2,330			3,162
Investment gains (losses) (3)			22			47			115			160			175
Ending carrying value (3)			55,457			55,061			56,927			59,722			61,303
Real Estate and Real Estate Joint Ventures
Yield (1)			1.10%			2.83%			3.85%			4.15%			3.76%
Investment income (3)			77			57			156			252			307
Investment gains (losses) (3)			(40	)		29			76			241			230
Ending carrying value			8,030			8,042			8,234			8,197			8,563
Policy Loans
Yield (1)			6.38%			5.42%			5.41%			5.46%			5.43%
Investment income			649			160			320			482			641
Ending carrying value			11,761			11,872			11,858			11,932			11,892
Equity Securities
Yield (1)			4.40%			3.45%			4.70%			4.42%			4.44%
Investment income			128			30			78			106			141
Investment gains (losses)			104			36			(34	)		(37	)		(23	)
Ending carrying value			3,602			3,584			3,238			3,118			3,023
Other Limited Partnership Interests
Yield (1)			14.99%			15.14%			12.52%			12.07%			10.58%
Investment income			879			243			402			582			681
Investment gains (losses)			(18	)		3			8			8			4
Ending carrying value			6,416			6,409			6,453			6,538			6,378
Cash and Short-term Investments
Yield (1), (5)			0.61%			1.09%			1.09%			1.10%			1.04%
Investment income			81			43			84			122			155
Investment gains (losses)			2			-			1			1			2
Ending carrying value (3)			22,302			19,455			22,026			25,901			27,750
Other Invested Assets (1)
Investment income			492			12			177			336			454
Investment gains (losses) (3)			(8	)		4			(3	)		(3	)		(9	)
Ending carrying value			15,430			13,693			14,900			23,138			23,628
Total Investments
Investment income yield (1)			5.51%			4.92%			5.00%			5.05%			5.01%
Investment fees and expenses yield			(0.14	)		(0.12	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)			5.37%			4.80%			4.87%			4.92%			4.88%
Investment income		$	17,694		$	4,997		$	10,228		$	15,418		$	20,557
Investment fees and expenses			(465	)		(128	)		(266	)		(403	)		(546	)
Net Investment Income including Divested businesses			17,229			4,869			9,962			15,015			20,011
Less: Net investment Income from Divested businesses (5)			349			84			164			246			335
Net Investment Income (3)			16,880			4,785			9,798			14,769			19,676
Ending Carrying Value (3)		$	448,389		$	452,525		$	466,243		$	493,157		$	493,548
Investment portfolio gains (losses) including Divested businesses		$	(193	)	$	(44	)	$	(105	)	$	(84	)	$	(553	)
Less: Investment portfolio gains (losses) from Divested businesses (5)			(33	)		(3	)		(9	)		(2	)		(140	)
Investment Portfolio Gains (Losses) (3), (5)			(160	)		(41	)		(96	)		(82	)		(413	)
Gross investment gains			1,180			285			633			1,107			1,354
Gross investment losses			(840	)		(243	)		(531	)		(730	)		(1,058	)
Writedowns			(500	)		(83	)		(198	)		(459	)		(709	)
Investment Portfolio Gains (Losses) (3), (5)			(160	)		(41	)		(96	)		(82	)		(413	)
Investment portfolio gains (losses) income tax (expense) benefit			46			14			35			30			148
Investment Portfolio Gains (Losses), Net of Income Tax		$	(114	)	$	(27	)	$	(61	)	$	(52	)	$	(265	)
Derivative Gains (Losses) including Divested businesses		$	(614	)	$	(386	)	$	(93	)	$	4,036		$	4,545
Less: Derivative gains (losses) from Divested businesses (5)			(41	)		(2	)		(11	)		(150	)		(163	)
Derivative gains (losses) (3), (5)			(573	)		(384	)		(82	)		4,186			4,708
Derivative gains (losses) income tax (expense) benefit			144			131			24			(1,472	)		(1,643	)
Derivative Gains (Losses), Net of Income Tax		$	(429	)	$	(253	)	$	(58	)	$	2,714		$	3,065
(1)	Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the adjustments described on page 2. Asset carrying values exclude unrealized investment gains (losses), collateral received from counterparties associated with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)	Fixed maturity securities includes $594 million, $745 million, $863 million, $684 million and $740 million in ending carrying value, and $234 million, $28 million, $44 million, $6 million and $31 million of investment income related to trading and other securities at or for the year-to-date period ended December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, 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) Fixed maturity securities ending carrying value excludes contractholder-directed unit-linked investments of $17,794 million, $18,459 million, $18,690 million, $17,874 million and $17,411 million at December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, respectively; 2) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs which are accounted for under the fair value option as follows: trading and other securities (included within fixed maturity securities in the yield table above) of $201 million, $161 million, $147 million, $140 million and $117 million, mortgage loans of $6,840 million, $6,771 million, $6,697 million, $3,227 million and $3,138 million and cash and short-term investments of $39 million, $59 million, $21 million, $13 million and $21 million at December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011, respectively ;3) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $7,652 million at December 31, 2011; 4) Net investment income adjustments as presented on page 36 within the reconciliation to Net Income; 5) Investment portfolio gains (losses) presented in the above yield table and GAAP net investment gains (losses) adjustments as presented below; and 6) Derivative gains (losses) presented in the above yield table and GAAP net derivative gains (losses) adjustments as presented below:
		For the Year-to-Date Period Ended
		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Investment portfolio gains (losses)—in above yield table	$	(193	)	$	(44	)	$	(105	)	$	(84	)	$	(553	)
	Real estate discontinued operations		(14	)		(28	)		(71	)		(97	)		(96	)
	Net investment gains (losses) related to certain CSEs		6			25			9			2			5
	Other gains (losses) reported in net investment gains (losses) on GAAP basis		(207	)		(52	)		(87	)		(130	)		(223	)
	Net investment gains (losses) - GAAP basis	$	(408	)	$	(99	)	$	(254	)	$	(309	)	$	(867	)
		For the Year-to-Date Period Ended
		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	Derivative gains (losses)—in above yield table	$	(614	)	$	(386	)	$	(93	)	$	4,036		$	4,545
	Investment hedge adjustments		208			39			94			164			249
	Joint venture adjustments		130			23			23			23			23
	Settlement of foreign currency earnings hedges		-			1			(3	)		(8	)		(12	)
	PAB hedge adjustments		11			8			16			18			19
	Net derivative gains (losses) - GAAP basis	$	(265	)	$	(315	)	$	37		$	4,233		$	4,824
(4)	Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5)	Prior period yields have been recast to conform to the current period presentation to exclude from asset carrying values freestanding derivatives and collateral received from derivative counterparties. Also, net investment income, investment portfolio gains (losses), and derivative gains (losses) are presented including and excluding the impact of Divested businesses. Yields are calculated including the net investment income and ending carrying values of the Divested businesses. See page 2 for discussion of Divested businesses.

32

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Unaudited (In millions)		Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total
Less than 20%	$	4,268	64.9%	$	4,806	72.8%	$	3,315	62.1%	$	2,818	53.7%	$	2,896	52.5%
20% or more for less than six months		368	5.6%		446	6.8%		825	15.5%		1,377	26.2%		1,332	24.2%
20% or more for six months or greater		1,944	29.5%		1,344	20.4%		1,197	22.4%		1,055	20.1%		1,285	23.3%
Total Gross Unrealized Losses	$	6,580	100.0%	$	6,596	100.0%	$	5,337	100.0%	$	5,250	100.0%	$	5,513	100.0%
Total Gross Unrealized Gains	$	13,760		$	13,208		$	16,178		$	25,168		$	25,973
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE
EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Unaudited (In millions)		Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total
Less than 20%	$	71	29.5%	$	74	34.9%	$	42	36.5%	$	53	23.3%	$	76	25.4%
20% or more for less than six months		22	9.1%		18	8.5%		4	3.5%		89	39.0%		123	41.1%
20% or more for six months or greater		148	61.4%		120	56.6%		69	60.0%		86	37.7%		100	33.5%
Total Gross Unrealized Losses	$	241	100.0%	$	212	100.0%	$	115	100.0%	$	228	100.0%	$	299	100.0%
Total Gross Unrealized Gains	$	222		$	283		$	225		$	119		$	114
(1)    MetLife, Inc.'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.

33

METLIFE, INC.
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION
			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Unaudited (In millions)			Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total		Amount	% of Total
U.S. corporate securities		$	91,772	28.3%	$	93,549	28.0%	$	96,797	28.3%	$	106,575	30.1%	$	105,785	30.2%
Foreign corporate securities			67,888	20.9%		68,697	20.6%		70,538	20.6%		63,522	18.0%		64,018	18.3%
Foreign government securities			42,002	12.9%		45,189	13.6%		49,246	14.4%		52,959	15.0%		52,536	15.0%
Residential mortgage-backed securities (1)			45,852	14.1%		46,120	13.8%		44,615	13.1%		42,890	12.1%		42,637	12.2%
U.S. Treasury and agency securities			33,304	10.2%		35,479	10.6%		35,565	10.4%		41,834	11.8%		40,012	11.4%
Commercial mortgage-backed securities			20,675	6.4%		19,785	5.9%		19,518	5.7%		19,585	5.5%		19,069	5.4%
State and political subdivision securities			10,129	3.1%		10,961	3.3%		11,669	3.4%		13,141	3.7%		13,235	3.8%
Asset-backed securities (1)			13,168	4.1%		13,877	4.2%		13,792	4.1%		13,421	3.8%		12,979	3.7%
Other fixed maturity securities			7	0.0%		7	0.0%		4	0.0%		-	0.0%		-	0.0%
Total fixed maturity securities available-for-sale		$	324,797	100.0%	$	333,664	100.0%	$	341,744	100.0%	$	353,927	100.0%	$	350,271	100.0%
NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	231,198	71.2%	$	236,943	71.0%	$	239,761	70.2%	$	250,596	70.8%	$	246,786	70.5%
2	Baa		68,729	21.2%		71,582	21.5%		77,066	22.5%		78,837	22.3%		78,531	22.4%
3	Ba		15,290	4.7%		15,428	4.6%		15,266	4.5%		15,348	4.3%		14,375	4.1%
4	B		8,308	2.6%		8,391	2.5%		8,489	2.5%		7,844	2.2%		8,849	2.5%
5	Caa and lower		1,142	0.3%		1,172	0.4%		1,103	0.3%		1,157	0.3%		1,668	0.5%
6	In or near default		130	0.0%		148	0.0%		59	0.0%		145	0.1%		62	0.0%
Total fixed maturity securities available-for-sale (2)		$	324,797	100.0%	$	333,664	100.0%	$	341,744	100.0%	$	353,927	100.0%	$	350,271	100.0%

(1)

A reclassification from the asset-backed securities sector to the residential mortgage-backed securities sector has been made to the prior period amounts for securities backed by sub-prime mortgage loans.

(2)

Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners ("NAIC"), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.'s insurance subsidiaries that file NAIC statutory financial statements are based on ratings from revised NAIC rating methodologies. The NAIC's present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available. These revised NAIC ratings may not correspond to the rating agency designations. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Unaudited (In millions)
Traditional (3), (4)	$	5,171	$	5,611	$	5,709	$	5,697	$	5,959
Real estate joint ventures and funds		2,707		2,266		2,356		2,327		2,340
Subtotal		7,878		7,877		8,065		8,024		8,299
Foreclosed		152		165		169		173		264
Total Real Estate and Real Estate Joint Ventures	$	8,030	$	8,042	$	8,234	$	8,197	$	8,563

(3)	Includes wholly-owned real estate and operating real estate joint ventures.
(4)	Includes real estate held-for-sale and held-for-investment.

34

METLIFE, INC.
SUMMARY OF MORTGAGE LOANS
	December 31, 2010			March 31, 2011			June 30,  2011			September 30, 2011			December 31,  2011    (1),(2)
Unaudited (In millions)
Commercial mortgage loans	$	37,818		$	38,087		$	39,050		$	40,120		$	40,440
Agricultural mortgage loans		12,751			12,761			12,981			12,967			13,129
Residential mortgage loans		2,231			2,399			2,657			3,424			689
Mortgage loans held-for-sale		3,321			2,435			2,805			3,740			7,526
Total Mortgage Loans		56,121			55,682			57,493			60,251			61,784
Valuation allowances		(664	)		(621	)		(566	)		(529	)		(481	)
Total Mortgage Loans, net (3)	$	55,457		$	55,061		$	56,927		$	59,722		$	61,303

(1)   As of December 31, 2011, Residential mortgage loans with a carrying value  of $3,359 million were transferred to Mortgage loans held-for-sale in connection with the pending disposition of the depository business of  MetLife Bank.

(2)   Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition, of $7,652 million as of December 31, 2011.

(3)   Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See page 31, note 3 for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE (4)
	December 31, 2010				March 31, 2011				June 30, 2011				September 30, 2011				December 31, 2011
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
South Atlantic	$	7,910		20.9%	$	7,930		20.8%	$	8,323		21.3%	$	8,591		21.4%	$	9,022		22.3%
Pacific		8,616		22.8%		8,052		21.1%		7,801		20.0%		8,195		20.4%		8,209		20.3%
Middle Atlantic		5,486		14.5%		5,301		13.9%		5,873		15.0%		6,535		16.3%		6,370		15.8%
International		4,095		10.8%		4,636		12.2%		4,518		11.6%		4,540		11.3%		4,713		11.7%
West South Central		2,922		7.7%		2,921		7.7%		3,019		7.7%		3,145		7.9%		3,220		8.0%
East North Central		2,900		7.7%		2,848		7.5%		3,111		8.0%		3,101		7.7%		2,984		7.3%
New England		1,310		3.5%		1,482		3.9%		1,510		3.9%		1,491		3.7%		1,563		3.9%
Mountain		811		2.2%		842		2.2%		838		2.1%		823		2.1%		746		1.8%
East South Central		461		1.2%		460		1.2%		467		1.2%		454		1.1%		487		1.2%
West North Central		643		1.7%		631		1.7%		628		1.6%		511		1.3%		365		0.9%
Multi-Region and Other		2,664		7.0%		2,984		7.8%		2,962		7.6%		2,734		6.8%		2,761		6.8%
Total	$	37,818		100.0%	$	38,087		100.0%	$	39,050		100.0%	$	40,120		100.0%	$	40,440		100.0%
Office	$	16,857		44.6%	$	16,728		43.9%	$	17,951		46.0%	$	19,290		48.1%	$	18,582		45.9%
Retail		9,215		24.3%		9,217		24.2%		8,901		22.8%		8,564		21.3%		9,524		23.6%
Apartments		3,630		9.6%		3,536		9.3%		3,755		9.6%		4,166		10.4%		4,011		9.9%
Hotel		3,089		8.2%		3,223		8.5%		3,135		8.0%		2,982		7.4%		3,114		7.7%
Industrial		2,910		7.7%		3,138		8.2%		3,046		7.8%		3,138		7.8%		3,102		7.7%
Other		2,117		5.6%		2,245		5.9%		2,262		5.8%		1,980		5.0%		2,107		5.2%
Total	$	37,818		100.0%	$	38,087		100.0%	$	39,050		100.0%	$	40,120		100.0%	$	40,440		100.0%

(4)   Reclassifications have been made to the prior period amounts from various regions to the Multi-Region and Other region to conform to the current period presentation.

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METLIFE, INC. APPENDIX RECONCILIATION DETAIL (1)
		For the Three Months Ended															For the Year Ended
Unaudited (In millions)		December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011			December 31, 2010			December 31, 2011
Reconciliation to Net Income and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,225		$	1,471		$	1,384		$	1,196		$	1,429		$	3,955		$	5,480
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(84	)		(99	)		(155	)		(55	)		(558	)		(408	)		(867	)
Net derivative gains (losses)		(1,543	)		(315	)		352			4,196			591			(265	)		4,824
Premiums - Divested businesses		-			22			24			23			23			-			92
Universal life and investment-type product policy fees
Unearned revenue adjustments		(5	)		(3	)		1			16			-			1			14
GMIB fees		56			58			58			74			66			210			256
Divested businesses		-			2			2			2			2			-			8
Net investment income
Investment hedge adjustments		(36	)		(39	)		(55	)		(70	)		(85	)		(208	)		(249	)
Income from discontinued real estate operations		(4	)		(2	)		(2	)		-			-			(2	)		(4	)
Joint venture adjustments		(28	)		(23	)		-			-			-			(130	)		(23	)
Unit-linked contract income		211			419			(32	)		(824	)		(16	)		211			(453	)
Securitization entities income		99			92			92			97			43			411			324
Divested businesses		87			84			80			82			89			349			335
Other revenues
Settlement of foreign currency earnings hedges		—			(1	)		4			5			4			-			12
Divested businesses		175			99			130			198			182			653			609
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		42			(10	)		(197	)		(189	)		(24	)		(306	)		(420	)
GMIB costs		(230	)		(145	)		(10	)		411			(448	)		(392	)		(192	)
Market value adjustments		-			(2	)		(1	)		(4	)		-			-			(7	)
Divested businesses		-			(13	)		(15	)		(16	)		(13	)		-			(57	)
Interest credited to policyholder account balances
PAB hedge adjustments		(8	)		(8	)		(8	)		(2	)		(1	)		(11	)		(19	)
Unit-linked contract costs		(211	)		(435	)		77			801			40			(211	)		483
Divested businesses		-			(2	)		(3	)		(3	)		(2	)		-			(10	)
Capitalization of DAC -Divested businesses		-			2			2			3			2			-			9
Amortization of DAC and VOBA
Related to NIGL and NDGL		138			30			(124	)		(471	)		(7	)		(125	)		(572	)
Related to GMIB fees and GMIB costs		93			37			(4	)		(150	)		101			84			(16	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			(1	)		(1	)		(1	)		(1	)		-			(4	)
Amortization of negative VOBA
Related to market value adjustments		7			19			19			19			17			7			74
Divested businesses		-			1			1			1			1			-			4
Interest expense on debt -Securitization entities debt expense		(99	)		(92	)		(92	)		(97	)		(43	)		(411	)		(324	)
Other expenses
Noncontrolling interest		2			7			(9	)		(8	)		1			(7	)		(9	)
Regulatory implementation costs		-			(1	)		(10	)		(3	)		(9	)		-			(23	)
Business combinations		(101	)		(68	)		(126	)		(85	)		(133	)		(212	)		(412	)
Divested businesses		(246	)		(231	)		(258	)		(268	)		(310	)		(825	)		(1,067	)
Provision for income tax (expense) benefit		526			201			75			(1,307	)		186			379			(845	)
Income (loss) from continuing operations, net of income tax		66			1,054			1,199			3,571			1,127			2,747			6,951
Income (loss) from discontinued operations, net of income tax		19			(41	)		31			5			25			39			20
Net income (loss)		85			1,013			1,230			3,576			1,152			2,786			6.971
Less: Net income (loss) attributable to noncontrolling interest		3			7			(7	)		(6	)		(4	)		(4	)		(10	)
Net income (loss) attributable to MetLife, Inc.		82			1,006			1,237			3,582			1,156			2,790			6,981
Less: Preferred stock dividends		31			30			31			30			31			122			122
Less: Preferred stock redemption premium		-			146			-			-			-			-			146
Net income (loss) available to MetLife, Inc.'s common shareholders	$	51		$	830		$	1,206		$	3,552		$	1,125		$	2,668		$	6,713
(1)    Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the fourth quarter of 2011, MetLife, Inc. began reporting certain operations of MetLife Bank and the Caribbean Business as Divested businesses.

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