MetLife (MET) 8-K Metlife Announces Third Quarter 2012 Results

Third Quarter

Financial Supplement

September 30, 2012

    

METLIFE, INC. TABLE OF CONTENTS
NOTE TO FINANCIALS	2
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
THE AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders	11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	14
Other Expenses by Major Category and Sales by Product	15
Spread by Product and Other Statistical Information	16
THE AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders	17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	18
Other Expenses by Major Category, Spread and Other Statistical Information	19
THE AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	20
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	21
Other Expenses by Major Category and Spread	22
THE AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders	23
ASIA
Statements of Operating Earnings Available to Common Shareholders	24
EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders	25
CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	26
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	27
Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale	29
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures	30
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type	31
APPENDIX	32

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”). Operating expenses also excludes goodwill impairments. 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) acquisition and integration costs.
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 32, and in MetLife’s earnings press release dated October 31, 2012, for the three months ended September 30, 2012, which is available at www.metlife.com.

2

	METLIFE, INC. (1)
	CORPORATE OVERVIEW
			For the Three Months Ended
	Unaudited (In millions, except per share data)		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012			September 30, 2012
	Operating earnings available to common shareholders	$	965	$	1,244	$	1,464	$	1,432		$	1,417
	Preferred stock dividends		30		31		30		31			30
	Operating earnings		995		1,275		1,494		1,463			1,447
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(55)		(558)		(110)		(64	)		22
	Net derivative gains (losses)		4,196		591		(1,978)		2,092			(718)
	Goodwill impairment		-		-		-		-			(1,868)
	Other adjustments to continuing operations		(345)		(536)		(411)		(736	)		(472)
	Provision for income tax (expense) benefit		(1,349)		191		871		(455	)		632
	Income (loss) from continuing operations, net of income tax		3,442		963		(134)		2,300			(957)
	Income (loss) from discontinued operations, net of income tax		8		25		14		3			-
	Net income (loss)		3,450		988		(120)		2,303			(957)
	Less: Net income (loss) attributable to noncontrolling interest		(6)		(2)		24		8			(3)
	Net income (loss) attributable to MetLife, Inc.		3,456		990		(144)		2,295			(954)
	Less: Preferred stock dividends		30		31		30		31			30
	Less: Preferred stock redemption premium		-		-		-		-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,426	$	959	$	(174)	$	2,264		$	(984)
	Operating earnings available to common shareholders per common share - diluted (2), (3)	$	0.91	$	1.17	$	1.37	$	1.34		$	1.32
	Net investment gains (losses)		(0.05)		(0.52)		(0.10)		(0.06	)		0.02
	Net derivative gains (losses)		3.94		0.55		(1.85)		1.96			(0.67)
	Goodwill impairment		-		-		-		-			(1.74)
	Other adjustments to continuing operations		(0.33)		(0.50)		(0.38)		(0.68	)		(0.44)
	Provision for income tax (expense) benefit		(1.28)		0.18		0.81		(0.43	)		0.59
	Discontinued operations, net of income tax		0.01		0.02		0.01		-			-
	Less: Net income (loss) attributable to noncontrolling interest		(0.01)		-		0.02		0.01			-
	Less: Preferred stock redemption premium		-		-		-		-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (2), (3)	$	3.21	$	0.90	$	(0.16)	$	2.12		$	(0.92)
	Weighted average common shares outstanding - diluted		1,066.2		1,066.3		1,070.9		1,070.0			1,071.0
	Unaudited		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012			September 30, 2012
	Book value per common share - (actual common shares outstanding) (4)	$	53.15	$	52.43	$	53.37	$	56.83		$	58.35
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (4)	$	46.50	$	46.69	$	46.52	$	48.60		$	47.70
	Book value per common share - diluted - (weighted average common shares outstanding) (4)	$	52.72	$	52.03	$	52.87	$	56.41		$	57.90
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (4)	$	46.13	$	46.32	$	46.09	$	48.25		$	47.32
		For the Three Months Ended
	Unaudited (In millions)		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012			September 30, 2012
	Common shares outstanding, beginning of period		1,057.4		1,057.6		1,058.0		1,060.9			1,062.2
	Newly issued shares		0.2		0.4		2.9		1.3			0.4
	Common shares outstanding, end of period		1,057.6		1,058.0		1,060.9		1,062.2			1,062.6
	Weighted average common shares outstanding - basic		1,060.2		1,060.4		1,064.3		1,064.7			1,065.0
	Dilutive effect of stock purchase contracts underlying common equity units (2)		-		-		-		-			-
	Dilutive effect of the exercise or issuance of stock-based awards (3)		6.0		5.9		6.6		5.3			6.0
	Weighted average common shares outstanding - diluted		1,066.2		1,066.3		1,070.9		1,070.0			1,071.0
	Policyholder Trust Shares		215.3		212.9		209.7		207.5			206.2
(1)	Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank, National Association (“MetLife Bank”) operations as Divested businesses.
(2)	For the three months ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted.
(3)	For the three months ended March 31, 2012 and September 30, 2012, 6.6 million and 6.0 million shares, respectively, related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted.
(4)	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)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value	$	353,927		$	350,271		$	354,451		$	366,339		$	378,005
	Equity securities available-for-sale, at estimated fair value		3,118			3,023			3,043			2,882			2,803
	Trading and other securities, at estimated fair value (1)		18,698			18,268			19,026			18,328			15,995
	Mortgage loans:
	Held-for-investment, principally at amortized cost (1)		59,209			56,915			56,641			57,201			57,884
	Held-for-sale, principally at estimated fair value (2)		3,740			15,178			11,947			1,740			1,286
	Mortgage loans, net		62,949			72,093			68,588			58,941			59,170
	Policy loans		11,932			11,892			11,896			11,912			11,949
	Real estate and real estate joint ventures		8,197			8,563			8,472			8,477			8,749
	Other limited partnership interests		6,538			6,378			6,487			6,726			6,730
	Short-term investments, principally at estimated fair value		15,913			17,310			11,801			18,526			14,678
	Other invested assets, principally at estimated fair value		23,103			23,581			20,172			24,288			23,477
	Total investments		504,375			511,379			503,936			516,419			521,556
	Cash and cash equivalents, principally at estimated fair value (1)		10,001			10,461			18,667			16,035			16,950
	Accrued investment income		4,793			4,344			4,612			4,404			4,716
	Premiums, reinsurance and other receivables		23,137			22,481			23,759			23,974			22,939
	Deferred policy acquisition costs and value of business acquired		24,516			24,619			25,105			24,505			24,604
	Goodwill		12,006			11,935			11,903			11,823			10,024
	Other assets		8,340			7,984			9,647			7,711			8,123
	Assets of subsidiaries held-for-sale		3,421			-			-			-			-
	Separate account assets		191,499			203,023			221,975			220,317			237,373
	Total assets	$	782,088		$	796,226		$	819,604		$	825,188		$	846,285
	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits	$	182,756		$	184,275		$	184,141		$	188,509		$	191,068
	Policyholder account balances		217,764			217,700			220,813			225,909			226,882
	Other policy-related balances		15,451			15,599			16,029			15,664			15,836
	Policyholder dividends payable		871			774			761			786			817
	Policyholder dividend obligation		2,782			2,919			2,700			3,369			3,909
	Payables for collateral under securities loaned and other transactions		34,933			33,716			32,496			40,302			38,493
	Bank deposits		10,685			10,507			10,478			6,832			6,515
	Short-term debt		451			686			101			101			100
	Long-term debt (1)		24,753			23,692			23,389			18,879			19,621
	Collateral financing arrangements		5,297			4,647			4,647			4,196			4,196
	Junior subordinated debt securities		3,192			3,192			3,192			3,192			3,192
	Current income tax payable		385			193			239			310			451
	Deferred income tax liability		6,155			6,395			6,375			8,603			9,275
	Other liabilities (2)		23,121			30,914			33,144			25,395			24,007
	Liabilities of subsidiaries held-for-sale		3,221			-			-			-			-
	Separate account liabilities		191,499			203,023			221,975			220,317			237,373
	Total liabilities		723,316			738,232			760,480			762,364			781,735
	Redeemable noncontrolling interests in partially owned consolidated subsidiaries		130			105			114			95			152
	Equity
	Preferred stock, at par value		1			1			1			1			1
	Convertible preferred stock, at par value		-			-			-			-			-
	Common stock, at par value		11			11			11			11			11
	Additional paid-in capital		26,744			26,782			26,920			26,927			26,964
	Retained earnings		24,642			24,814			24,640			26,904			25,920
	Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
	Accumulated other comprehensive income (loss)		7,024			6,083			7,266			8,735			11,325
	Total MetLife, Inc.’s stockholders’ equity		58,250			57,519			58,666			62,406			64,049
	Noncontrolling interests		392			370			344			323			349
	Total equity		58,642			57,889			59,010			62,729			64,398
	Total liabilities and equity	$	782,088		$	796,226		$	819,604		$	825,188		$	846,285
(1)    At September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, $3,380 million, $3,276 million, $3,116 million, $3,023 million and $2,935 million, respectively, of assets and $3,157 million, $3,068 million, $2,916 million, $2,821 million and $2,733 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See Pages 27 and 28, note 3 for the amounts by asset category.
(2)    At December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, $7,652 million, $8,283 million, $259 million and $0, respectively, of assets and $7,626 million, $8,252 million, $257 million and $0, respectively, 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. (1)
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2011			December 31,  2011			March 31, 2012			June 30, 2012			September 30, 2012
OPERATING REVENUES
Premiums	$	9,319		$	9,148		$	9,107		$	9,139		$	9,080
Universal life and investment-type product policy fees		1,906			1,882			2,009			1,999			2,048
Net investment income		4,961			4,892			5,077			5,172			5,048
Other revenues		418			420			452			426			435
Total operating revenues		16,604			16,342			16,645			16,736			16,611
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,604			8,926			8,939			9,132			8,995
Interest credited to policyholder account balances		1,534			1,536			1,539			1,525			1,589
Capitalization of DAC		(1,524	)		(1,398	)		(1,362	)		(1,313	)		(1,301	)
Amortization of DAC and VOBA		1,162			1,060			1,018			1,162			1,051
Amortization of negative VOBA		(150	)		(143	)		(137	)		(164	)		(155	)
Interest expense on debt		327			326			315			297			286
Other expenses		4,332			4,257			4,243			4,051			4,120
Total operating expenses		15,285			14,564			14,555			14,690			14,585
Operating earnings before provision for income tax		1,319			1,778			2,090			2,046			2,026
Provision for income tax expense (benefit)		324			503			596			583			579
Operating earnings		995			1,275			1,494			1,463			1,447
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	965		$	1,244		$	1,464		$	1,432		$	1,417
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	995		$	1,275		$	1,494		$	1,463		$	1,447
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(55	)		(558	)		(110	)		(64	)		22
Net derivative gains (losses)		4,196			591			(1,978	)		2,092			(718	)
Premiums		23			23			22			22			16
Universal life and investment-type product policy fees		92			68			69			98			83
Net investment income		(709	)		35			1,123			(453	)		469
Other revenues		302			234			145			(33	)		20
Policyholder benefits and claims and policyholder dividends		202			(485	)		(508	)		(131	)		(303	)
Interest credited to policyholder account balances		796			37			(1,018	)		503			(513	)
Capitalization of DAC		3			2			2			2			1
Amortization of DAC and VOBA		(556	)		73			304			(317	)		43
Amortization of negative VOBA		20			18			18			17			15
Interest expense on debt		(98	)		(43	)		(43	)		(45	)		(40	)
Other expenses		(420	)		(498	)		(525	)		(399	)		(263	)
Goodwill impairment		-			-			-			-			(1,868	)
Provision for income tax (expense) benefit		(1,349	)		191			871			(455	)		632
Income (loss) from continuing operations, net of income tax		3,442			963			(134	)		2,300			(957	)
Income (loss) from discontinued operations, net of income tax		8			25			14			3			-
Net income (loss)		3,450			988			(120	)		2,303			(957	)
Less: Net income (loss) attributable to noncontrolling interest		(6	)		(2	)		24			8			(3	)
Net income (loss) attributable to MetLife, Inc.		3,456			990			(144	)		2,295			(954	)
Less: Preferred stock dividends		30			31			30			31			30
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,426		$	959		$	(174	)	$	2,264		$	(984	)
Total Operating Premiums, Fees and Other Revenues	$	11,643		$	11,450		$	11,568		$	11,564		$	11,563
(1)         Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

5

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended September 30, 2012
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other
OPERATING REVENUES
Premiums	$	9,080		$	6,417		$	2,112		$	536		$	15
Universal life and investment-type product policy fees		2,048			1,540			388			82			38
Net investment income		5,048			4,100			709			122			117
Other revenues		435			388			4			35			8
Total operating revenues		16,611			12,445			3,213			775			178
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,995			7,254			1,455			255			31
Interest credited to policyholder account balances		1,589			1,078			468			32			11
Capitalization of DAC		(1,301	)		(564	)		(579	)		(158	)		-
Amortization of DAC and VOBA		1,051			524			396			130			1
Amortization of negative VOBA		(155	)		(1	)		(128	)		(26	)		-
Interest expense on debt		286			(1	)		-			2			285
Other expenses		4,120			2,328			1,206			440			146
Total operating expenses		14,585			10,618			2,818			675			474
Operating earnings before provision for income tax		2,026			1,827			395			100			(296	)
Provision for income tax expense (benefit)		579			597			136			38			(192	)
Operating earnings		1,447			1,230			259			62			(104	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,417		$	1,230		$	259		$	62		$	(134	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,447		$	1,230		$	259		$	62		$	(104	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		22			31			(47	)		73			(35	)
Net derivative gains (losses)		(718	)		(65	)		(31	)		13			(635	)
Premiums		16			16			-			-			-
Universal life and investment-type product policy fees		83			84			(2	)		1			-
Net investment income		469			(77	)		135			348			63
Other revenues		20			-			7			-			13
Policyholder benefits and claims and policyholder dividends		(303	)		(265	)		(38	)		-			-
Interest credited to policyholder account balances		(513	)		(42	)		(134	)		(337	)		-
Capitalization of DAC		1			1			-			-			-
Amortization of DAC and VOBA		43			47			(2	)		(2	)		-
Amortization of negative VOBA		15			-			15			-			-
Interest expense on debt		(40	)		-			-			-			(40	)
Other expenses		(263	)		(10	)		4			(22	)		(235	)
Goodwill impairment		(1,868	)		(1,692	)		-			-			(176	)
Provision for income tax (expense) benefit		632			328			27			(32	)		309
Income (loss) from continuing operations, net of income tax		(957	)		(414	)		193			104			(840	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		(957	)		(414	)		193			104			(840	)
Less: Net income (loss) attributable to noncontrolling interest		(3	)		-			8			(5	)		(6	)
Net income (loss) attributable to MetLife, Inc.		(954	)		(414	)		185			109			(834	)
Less: Preferred stock dividends		30			-			-			-			30
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(984	)	$	(414	)	$	185		$	109		$	(864	)
Total Operating Premiums, Fees and Other Revenues	$	11,563		$	8,345		$	2,504		$	653		$	61

6

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended September 30, 2011
Unaudited (In millions)	Consolidated (1)			The Americas			Asia (2)			EMEA (2)			Corporate & Other (1)
OPERATING REVENUES
Premiums	$	9,319		$	6,708		$	1,967		$	630		$	14
Universal life and investment-type product policy fees		1,906			1,443			357			67			39
Net investment income		4,961			3,954			643			151			213
Other revenues		418			370			8			29			11
Total operating revenues		16,604			12,475			2,975			877			277
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,604			7,877			1,325			341			61
Interest credited to policyholder account balances		1,534			1,085			414			35			-
Capitalization of DAC		(1,524	)		(791	)		(576	)		(157	)		-
Amortization of DAC and VOBA		1,162			613			407			142			-
Amortization of negative VOBA		(150	)		-			(137	)		(13	)		-
Interest expense on debt		327			2			-			-			325
Other expenses		4,332			2,543			1,213			423			153
Total operating expenses		15,285			11,329			2,646			771			539
Operating earnings before provision for income tax		1,319			1,146			329			106			(262	)
Provision for income tax expense (benefit)		324			366			107			41			(190	)
Operating earnings		995			780			222			65			(72	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	965		$	780		$	222		$	65		$	(102	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	995		$	780		$	222		$	65		$	(72	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(55	)		108			(34	)		(220	)		91
Net derivative gains (losses)		4,196			2,910			168			22			1,096
Premiums		23			23			-			-			-
Universal life and investment-type product policy fees		92			92			-			-			-
Net investment income		(709	)		(64	)		(443	)		(388	)		186
Other revenues		302			-			5			-			297
Policyholder benefits and claims and policyholder dividends		202			211			(9	)		-			-
Interest credited to policyholder account balances		796			(9	)		421			384			-
Capitalization of DAC		3			3			-			-			-
Amortization of DAC and VOBA		(556	)		(536	)		(20	)		-			-
Amortization of negative VOBA		20			1			19			-			-
Interest expense on debt		(98	)		-			-			-			(98	)
Other expenses		(420	)		(8	)		1			(21	)		(392	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(1,349	)		(978	)		(55	)		84			(400	)
Income (loss) from continuing operations, net of income tax		3,442			2,533			275			(74	)		708
Income (loss) from discontinued operations, net of income tax		8			16			(11	)		-			3
Net income (loss)		3,450			2,549			264			(74	)		711
Less: Net income (loss) attributable to noncontrolling interest		(6	)		3			1			(11	)		1
Net income (loss) attributable to MetLife, Inc.		3,456			2,546			263			(63	)		710
Less: Preferred stock dividends		30			-			-			-			30
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,426		$	2,546		$	263		$	(63	)	$	680
Total Operating Premiums, Fees and Other Revenues	$	11,643		$	8,521		$	2,332		$	726		$	64
(1)   Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses. (2)   Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment.

7

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended September 30, 2012
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other
OPERATING REVENUES
Premiums	$	27,326		$	19,253		$	6,215		$	1,815		$	43
Universal life and investment-type product policy fees		6,056			4,604			1,102			233			117
Net investment income		15,297			12,194			2,150			406			547
Other revenues		1,313			1,171			17			98			27
Total operating revenues		49,992			37,222			9,484			2,552			734
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		27,066			21,781			4,250			941			94
Interest credited to policyholder account balances		4,653			3,216			1,323			91			23
Capitalization of DAC		(3,976	)		(1,720	)		(1,721	)		(535	)		-
Amortization of DAC and VOBA		3,231			1,586			1,188			456			1
Amortization of negative VOBA		(456	)		(4	)		(387	)		(65	)		-
Interest expense on debt		898			4			5			3			886
Other expenses		12,414			7,122			3,550			1,333			409
Total operating expenses		43,830			31,985			8,208			2,224			1,413
Operating earnings before provision for income tax		6,162			5,237			1,276			328			(679	)
Provision for income tax expense (benefit)		1,758			1,721			437			116			(516	)
Operating earnings		4,404			3,516			839			212			(163	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	4,313		$	3,516		$	839		$	212		$	(254	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	4,404		$	3,516		$	839		$	212		$	(163	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(152	)		198			(168	)		37			(219	)
Net derivative gains (losses)		(604	)		629			(11	)		56			(1,278	)
Premiums		60			60			-			-			-
Universal life and investment-type product policy fees		250			240			(4	)		14			-
Net investment income		1,139			(213	)		286			628			438
Other revenues		132			1			18			-			113
Policyholder benefits and claims and policyholder dividends		(942	)		(860	)		(82	)		-			-
Interest credited to policyholder account balances		(1,028	)		(121	)		(297	)		(610	)		-
Capitalization of DAC		5			5			-			-			-
Amortization of DAC and VOBA		30			48			-			(18	)		-
Amortization of negative VOBA		50			2			48			-			-
Interest expense on debt		(128	)		-			-			-			(128	)
Other expenses		(1,187	)		(33	)		20			(36	)		(1,138	)
Goodwill impairment		(1,868	)		(1,692	)		-			-			(176	)
Provision for income tax (expense) benefit		1,048			229			59			(18	)		778
Income (loss) from continuing operations, net of income tax		1,209			2,009			708			265			(1,773	)
Income (loss) from discontinued operations, net of income tax		17			17			-			-			-
Net income (loss)		1,226			2,026			708			265			(1,773	)
Less: Net income (loss) attributable to noncontrolling interest		29			1			25			6			(3	)
Net income (loss) attributable to MetLife, Inc.		1,197			2,025			683			259			(1,770	)
Less: Preferred stock dividends		91			-			-			-			91
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,106		$	2,025		$	683		$	259		$	(1,861	)
Total Operating Premiums, Fees and Other Revenues	$	34,695		$	25,028		$	7,334		$	2,146		$	187

8

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended September 30, 2011
Unaudited (In millions)	Consolidated (1)			The Americas			Asia (2)			EMEA (2)			Corporate & Other (1)
OPERATING REVENUES
Premiums	$	27,121		$	19,410		$	5,774		$	1,896		$	41
Universal life and investment-type product policy fees		5,646			4,275			1,020			236			115
Net investment income		14,746			11,811			1,799			455			681
Other revenues		1,232			1,066			28			84			54
Total operating revenues		48,745			36,562			8,621			2,671			891
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		27,315			22,275			3,931			1,008			101
Interest credited to policyholder account balances		4,521			3,210			1,193			118			-
Capitalization of DAC		(4,151	)		(2,126	)		(1,530	)		(495	)		-
Amortization of DAC and VOBA		3,295			1,671			1,163			461			-
Amortization of negative VOBA		(476	)		(4	)		(426	)		(46	)		-
Interest expense on debt		978			8			-			1			969
Other expenses		12,363			7,344			3,371			1,290			358
Total operating expenses		43,845			32,378			7,702			2,337			1,428
Operating earnings before provision for income tax		4,900			4,184			919			334			(537	)
Provision for income tax expense (benefit)		1,376			1,365			298			130			(417	)
Operating earnings		3,524			2,819			621			204			(120	)
Preferred stock dividends		91			-			-			-			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,433		$	2,819		$	621		$	204		$	(211	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,524		$	2,819		$	621		$	204		$	(120	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(309	)		202			(196	)		(304	)		(11	)
Net derivative gains (losses)		4,233			3,086			229			29			889
Premiums		69			69			-			-			-
Universal life and investment-type product policy fees		210			210			-			-			-
Net investment income		(88	)		(126	)		(374	)		(128	)		540
Other revenues		646			-			8			-			638
Policyholder benefits and claims and policyholder dividends		(191	)		(164	)		(27	)		-			-
Interest credited to policyholder account balances		417			(60	)		357			120			-
Capitalization of DAC		7			7			-			-			-
Amortization of DAC and VOBA		(616	)		(596	)		(20	)		-			-
Amortization of negative VOBA		60			3			57			-			-
Interest expense on debt		(282	)		-			-			-			(282	)
Other expenses		(1,147	)		(35	)		1			(63	)		(1,050	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		(1,105	)		(954	)		(14	)		107			(244	)
Income (loss) from continuing operations, net of income tax		5,428			4,461			642			(35	)		360
Income (loss) from discontinued operations, net of income tax		(1	)		66			(71	)		-			4
Net income (loss)		5,427			4,527			571			(35	)		364
Less: Net income (loss) attributable to noncontrolling interest		(6	)		3			1			(6	)		(4	)
Net income (loss) attributable to MetLife, Inc.		5,433			4,524			570			(29	)		368
Less: Preferred stock dividends		91			-			-			-			91
Less: Preferred stock redemption premium		146			-			-			-			146
Net income (loss) available to MetLife, Inc.’s common shareholders	$	5,196		$	4,524		$	570		$	(29	)	$	131
Total Operating Premiums, Fees and Other Revenues	$	33,999		$	24,751		$	6,822		$	2,216		$	210
(1)          Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses. (2)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment.

9

METLIFE, INC.
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	THE AMERICAS
	RETAIL (2)	$	214		$	444		$	469		$	408		$	492
	GROUP, VOLUNTARY & WORKSITE BENEFITS (2)		153			240			243			267			283
	CORPORATE BENEFIT FUNDING		272			226			298			318			303
	LATIN AMERICA		141			123			148			135			152
	THE AMERICAS TOTAL	$	780		$	1,033		$	1,158		$	1,128		$	1,230
	ASIA (3)		222			259			301			279			259
	EMEA (3)		65			47			72			78			62
	CORPORATE & OTHER (4)		(102	)		(95	)		(67	)		(53	)		(134	)
	METLIFE, INC. CONSOLIDATED (4)	$	965		$	1,244		$	1,464		$	1,432		$	1,417

(1)          A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 20, (iv) Latin America, Page 23, (v) Asia, Page 24, (vi) EMEA, Page 25, and (vii) Corporate & Other, Page 26. 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 prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment.

(3)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment.

(4)          Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

10

	THE AMERICAS RETAIL (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
	OPERATING REVENUES
	Premiums	$	1,770		$	1,804		$	1,624		$	1,576		$	1,604		$	4,907		$	4,804
	Universal life and investment-type product policy fees		1,027			1,046			1,114			1,119			1,132			3,050			3,365
	Net investment income		1,842			1,829			1,911			1,894			1,930			5,585			5,735
	Other revenues		204			196			209			217			221			583			647
	Total operating revenues		4,843			4,875			4,858			4,806			4,887			14,125			14,551
	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		2,523			2,207			2,228			2,212			2,228			7,013			6,668
	Interest credited to policyholder account balances		617			609			596			590			598			1,803			1,784
	Capitalization of DAC		(660	)		(611	)		(476	)		(446	)		(430	)		(1,728	)		(1,352	)
	Amortization of DAC and VOBA		521			482			404			477			438			1,363			1,319
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			1			-			-			-			-			-
	Other expenses		1,527			1,514			1,397			1,355			1,308			4,340			4,060
	Total operating expenses		4,528			4,202			4,149			4,188			4,142			12,791			12,479
	Operating earnings before provision for income tax		315			673			709			618			745			1,334			2,072
	Provision for income tax expense (benefit)		101			229			240			210			253			443			703
	Operating earnings		214			444			469			408			492			891			1,369
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	214		$	444		$	469		$	408		$	492		$	891		$	1,369
	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	214		$	444		$	469		$	408		$	492		$	891		$	1,369
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		48			24			67			58			53			134			178
	Net derivative gains (losses)		1,474			562			(526	)		972			191			1,759			637
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		90			66			67			82			83			204			232
	Net investment income		(70	)		(82	)		(84	)		(94	)		(105	)		(176	)		(283	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		407			(449	)		(393	)		50			(279	)		248			(622	)
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		(535	)		73			304			(300	)		47			(593	)		51
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			-			-			-			-			-			-
	Goodwill impairment		-			-			-			-			(1,692	)		-			(1,692	)
	Provision for income tax (expense) benefit		(494	)		(69	)		198			(269	)		224			(550	)		153
	Income (loss) from continuing operations, net of income tax		1,134			569			102			907			(986	)		1,917			23
	Income (loss) from discontinued operations, net of income tax		8			(2	)		10			-			-			37			10
	Net income (loss)		1,142			567			112			907			(986	)		1,954			33
	Less: Net income (loss) attributable to noncontrolling interest		1			-			-			-			-			1			-
	Net income (loss) attributable to MetLife, Inc.		1,141			567			112			907			(986	)		1,953			33
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,141		$	567		$	112		$	907		$	(986	)	$	1,953		$	33
	Total Operating Premiums, Fees and Other Revenues	$	3,001		$	3,046		$	2,947		$	2,912		$	2,957		$	8,540		$	8,816
(1)	Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment.

11

	THE AMERICAS RETAIL - LIFE & OTHER (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
			For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
	OPERATING REVENUES
	Premiums	$	1,488		$	1,596		$	1,447		$	1,476		$	1,500		$	4,404		$	4,423
	Universal life and investment-type product policy fees		407			412			413			410			394			1,222			1,217
	Net investment income		1,128			1,093			1,151			1,144			1,181			3,451			3,476
	Other revenues		127			116			124			129			133			356			386
	Total operating revenues		3,150			3,217			3,135			3,159			3,208			9,433			9,502
	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		2,110			1,891			1,940			1,980			1,979			6,176			5,899
	Interest credited to policyholder account balances		209			211			216			213			217			608			646
	Capitalization of DAC		(210	)		(221	)		(194	)		(198	)		(186	)		(627	)		(578	)
	Amortization of DAC and VOBA		202			278			219			219			252			652			690
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			(1	)		-			-			(1	)
	Other expenses		669			706			679			675			644			2,031			1,998
	Total operating expenses		2,980			2,865			2,860			2,888			2,906			8,840			8,654
	Operating earnings before provision for income tax		170			352			275			271			302			593			848
	Provision for income tax expense (benefit)		49			117			88			89			98			182			275
	Operating earnings		121			235			187			182			204			411			573
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	121		$	235		$	187		$	182		$	204		$	411		$	573
	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	121		$	235		$	187		$	182		$	204		$	411		$	573
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		25			9			37			23			21			61			81
	Net derivative gains (losses)		556			44			(169	)		322			(37	)		590			116
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		16			-			(5	)		8			(3	)		14			-
	Net investment income		(25	)		(25	)		(24	)		(32	)		(39	)		(64	)		(95	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		(51	)		117			11			(25	)		7			(54	)		(7	)
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			-			-			-			-			-			-
	Goodwill impairment		-			-			-			-			-			-			-
	Provision for income tax (expense) benefit		(184	)		(51	)		53			(104	)		17			(193	)		(34	)
	Income (loss) from continuing operations, net of income tax		458			329			90			374			170			765			634
	Income (loss) from discontinued operations, net of income tax		8			(2	)		9			-			-			37			9
	Net income (loss)		466			327			99			374			170			802			643
	Less: Net income (loss) attributable to noncontrolling interest		-			2			-			-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		466			325			99			374			170			802			643
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	466		$	325		$	99		$	374		$	170		$	802		$	643
	Total Operating Premiums, Fees and Other Revenues	$	2,022		$	2,124		$	1,984		$	2,015		$	2,027		$	5,982		$	6,026
(1)	Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment.

12

THE AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012				September 30, 2011			September 30, 2012
OPERATING REVENUES
Premiums	$	282		$	208		$	177		$	100		$	104			$	503		$	381
Universal life and investment-type product policy fees		620			634			701			709			738				1,828			2,148
Net investment income		714			736			760			750			749				2,134			2,259
Other revenues		77			80			85			88			88				227			261
Total operating revenues		1,693			1,658			1,723			1,647			1,679				4,692			5,049
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		413			316			288			232			249				837			769
Interest credited to policyholder account balances		408			398			380			377			381				1,195			1,138
Capitalization of DAC		(450	)		(390	)		(282	)		(248	)		(244	)	��		(1,101	)		(774	)
Amortization of DAC and VOBA		319			204			185			258			186				711			629
Amortization of negative VOBA		-			-			-			-			-				-			-
Interest expense on debt		-			1			-			1			-				-			1
Other expenses		858			808			718			680			664				2,309			2,062
Total operating expenses		1,548			1,337			1,289			1,300			1,236				3,951			3,825
Operating earnings before provision for income tax		145			321			434			347			443				741			1,224
Provision for income tax expense (benefit)		52			112			152			121			155				261			428
Operating earnings		93			209			282			226			288				480			796
Preferred stock dividends		-			-			-			-			-				-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	93		$	209		$	282		$	226		$	288			$	480		$	796
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	93		$	209		$	282		$	226		$	288			$	480		$	796
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		23			15			30			35			32				73			97
Net derivative gains (losses)		918			518			(357	)		650			228				1,169			521
Premiums		-			-			-			-			-				-			-
Universal life and investment-type product policy fees		74			66			72			74			86				190			232
Net investment income		(45	)		(57	)		(60	)		(62	)		(66	)			(112	)		(188	)
Other revenues		-			-			-			-			-				-			-
Policyholder benefits and claims and policyholder dividends		407			(449	)		(393	)		50			(279	)			248			(622	)
Interest credited to policyholder account balances		-			-			-			-			-				-			-
Capitalization of DAC		-			-			-			-			-				-			-
Amortization of DAC and VOBA		(484	)		(44	)		293			(275	)		40				(539	)		58
Amortization of negative VOBA		-			-			-			-			-				-			-
Interest expense on debt		-			-			-			-			-				-			-
Other expenses		-			-			-			-			-				-			-
Goodwill impairment		-			-			-			-			(1,692	)			-			(1,692	)
Provision for income tax (expense) benefit		(310	)		(18	)		145			(165	)		207				(357	)		187
Income (loss) from continuing operations, net of income tax		676			240			12			533			(1,156	)			1,152			(611	)
Income (loss) from discontinued operations, net of income tax		-			-			1			-			-				-			1
Net income (loss)		676			240			13			533			(1,156	)			1,152			(610	)
Less: Net income (loss) attributable to noncontrolling interest		1			(2	)		-			-			-				1			-
Net income (loss) attributable to MetLife, Inc.		675			242			13			533			(1,156	)			1,151			(610	)
Less: Preferred stock dividends		-			-			-			-			-				-			-
Less: Preferred stock redemption premium		-			-			-			-			-				-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	675		$	242		$	13		$	533		$	(1,156	)		$	1,151		$	(610	)
Total Operating Premiums, Fees and Other Revenues	$	979		$	922		$	963		$	897		$	930			$	2,558		$	2,790

13

THE AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1), (2)
	For the Three Months Ended
Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	81,353		$	81,832		$	82,105		$	82,622		$	83,063
Premiums and deposits (3), (4)		2,164			2,259			2,137			2,124			2,017
Surrenders and withdrawals		(905	)		(887	)		(886	)		(913	)		(881	)
Benefit payments		(757	)		(735	)		(741	)		(685	)		(795	)
Net Flows		502			637			510			526			341
Net transfers from (to) separate account		27			27			28			23			30
Interest		798			802			810			806			811
Policy charges		(435	)		(446	)		(445	)		(443	)		(443	)
Other		(413	)		(747	)		(386	)		(471	)		(495	)
Balance, end of period	$	81,832		$	82,105		$	82,622		$	83,063		$	83,307
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	50,885		$	54,991		$	53,899		$	51,360		$	52,226
Premiums and deposits (3), (4)		2,699			2,216			1,483			1,245			1,266
Surrenders and withdrawals		(991	)		(1,300	)		(1,346	)		(905	)		(861	)
Benefit payments		(384	)		(370	)		(400	)		(391	)		(390	)
Net Flows		1,324			546			(263	)		(51	)		15
Net transfers from (to) separate account		(624	)		(1,401	)		(1,251	)		(750	)		(604	)
Interest		484			472			450			444			449
Policy charges		(19	)		(15	)		(15	)		(16	)		(14	)
Other		2,941			(694	)		(1,460	)		1,239			(482	)
Balance, end of period	$	54,991		$	53,899		$	51,360		$	52,226		$	51,590
SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	9,301		$	8,071		$	7,946		$	8,641		$	8,232
Premiums and deposits (4)		178			240			180			174			167
Surrenders and withdrawals		(116	)		(109	)		(111	)		(116	)		(109	)
Benefit payments		(8	)		(8	)		(12	)		(10	)		(12	)
Net Flows		54			123			57			48			46
Investment performance		(1,121	)		576			809			(304	)		401
Net transfers from (to) general account		(27	)		(27	)		(28	)		(23	)		(30	)
Policy charges		(136	)		(136	)		(134	)		(133	)		(133	)
Other		-			(661	)		(9	)		3			(1	)
Balance, end of period	$	8,071		$	7,946		$	8,641		$	8,232		$	8,515
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	118,463		$	108,655		$	120,263		$	133,462		$	131,416
Premiums and deposits (4)		6,787			5,778			4,232			3,870			3,836
Surrenders and withdrawals		(2,112	)		(1,993	)		(2,151	)		(2,103	)		(2,019	)
Benefit payments		(209	)		(203	)		(242	)		(254	)		(242	)
Net Flows		4,466			3,582			1,839			1,513			1,575
Investment performance		(14,329	)		7,214			10,760			(3,587	)		6,637
Net transfers from (to) general account		624			1,401			1,251			750			604
Policy charges		(574	)		(589	)		(652	)		(723	)		(750	)
Other		5			-			1			1			2
Balance, end of period	$	108,655		$	120,263		$	133,462		$	131,416		$	139,484
(1)      Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment. (2)      All of the property & casualty activity is reflected within the “Other” category. (3)      Includes premiums and deposits directed to the General Account investment option of variable products. (4)      Includes company sponsored internal exchanges.

14

THE AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY AND SALES BY PRODUCT OTHER EXPENSES (1)
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012		September 30, 2012
	Direct and allocated expenses	$	453	$	505	$	491	$	484	$                         460
	Pension and post-retirement benefit costs		59		56		57		57	57
	Premium taxes, other taxes, and licenses & fees		37		50		48		46	40
	Total fixed operating expenses	$	549	$	611	$	596	$	587	$                         557
	Commissions and other variable expenses		978		903		801		768	751
	Total other expenses	$	1,527	$	1,514	$	1,397	$	1,355	$                      1,308
	SALES BY PRODUCT
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012		September 30, 2012
	Life Sales (2)
	Term Life	$	32	$	35	$	34	$	36	$                           31
	Whole Life		27		29		28		33	30
	Variable Life		9		16		8		8	7
	Universal Life		52		56		42		37	36
	Total Lifesales	$	120	$	136	$	112	$	114	$                         104
	Annuity Sales (3)
	Fixed annuity sales	$	506	$	453	$	435	$	225	$                         253
	Variable annuity sales		8,559		7,229		4,926		4,613	4,595
	Total annuitysales	$	9,065	$	7,682	$	5,361	$	4,838	$                      4,848
	Annuity Separate Account and General Account
	Separate Accounts
	Total variable annuity separate accounts	$	6,442	$	5,538	$	3,964	$	3,669	$                      3,655
	General Accounts
	Fixed annuity		506		453		435		225	253
	Variable annuity		2,117		1,691		962		944	940
	Total general accounts		2,623		2,144		1,397		1,169	1,193
	Total annuity premiums and deposits	$	9,065	$	7,682	$	5,361	$	4,838	$                      4,848
(1)      Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment. (2)      Statistical sales information is calculated using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. (3)      Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

15

THE AMERICAS RETAIL SPREAD BY PRODUCT AND OTHER STATISTICAL INFORMATION SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
			For the Three Months Ended
	Unaudited		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Investment income yield		6.33%			5.80%			6.42%			6.45%			6.64%
	Average crediting rate		4.55%			4.49%			4.61%			4.52%			4.49%
	Annualized general account spread (1)		1.78%			1.31%			1.81%			1.93%			2.15%
DEFERRED ANNUITIES
			For the Three Months Ended
	Unaudited		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Investment income yield		6.07%			6.48%			6.48%			6.42%			6.40%
	Average crediting rate		3.50%			3.47%			3.39%			3.41%			3.43%
	Annualized general account spread (2)		2.57%			3.01%			3.09%			3.01%			2.97%
OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Life (3)
	Operating premiums, fees and other revenues	$	1,413		$	1,516		$	1,378		$	1,397		$	1,403
	Life mortality as percentage of expected		98.5	%		81.1	%		91.6	%		85.6	%		91.3	%
	Lapse Ratio (4)
	Traditional life		6.8	%		6.1	%		5.9	%		6.0	%		5.9	%
	Variable & universal life		5.8	%		5.4	%		5.3	%		5.3	%		5.1	%
	Fixed annuity		6.6	%		7.8	%		9.5	%		9.8	%		9.9	%
	Variable annuity		6.9	%		6.8	%		6.5	%		6.2	%		6.0	%
	Retail Property & Casualty
	Operating premiums, fees and other revenues	$	425		$	423		$	418		$	421		$	424
	Combined ratio including catastrophes		107.6	%		91.2	%		91.2	%		105.4	%		94.6	%
	Combined ratio excluding catastrophes		87.4	%		88.4	%		87.1	%		80.8	%		90.6	%
	(1)    This represents the general account spread for variable & universal life, a component of Life & Other. (2)    This represents the general account spread for deferred annuities, a component of Annuities. (3)    This represents traditional life and variable & universal life, components of Life & Other. (4)    Lapse ratios are calculated based on the average of the most recent 12 months of experience.

16

THE AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
	OPERATING REVENUES
	Premiums	$	3,431		$	3,491		$	3,585		$	3,683		$	3,753		$	10,458		$	11,021
	Universal life and investment-type product policy fees		159			157			166			165			166			473			497
	Net investment income		448			438			436			439			450			1,330			1,325
	Other revenues		97			103			108			112			100			287			320
	Total operating revenues		4,135			4,189			4,295			4,399			4,469			12,548			13,163
	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		3,319			3,212			3,313			3,391			3,449			9,803			10,153
	Interest credited to policyholder account balances		46			44			42			43			42			134			127
	Capitalization of DAC		(47	)		(32	)		(31	)		(33	)		(38	)		(144	)		(102	)
	Amortization of DAC and VOBA		43			46			30			28			40			140			98
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			1			-			1
	Other expenses		547			559			575			570			547			1,639			1,692
	Total operating expenses		3,908			3,829			3,929			3,999			4,041			11,572			11,969
	Operating earnings before provision for income tax		227			360			366			400			428			976			1,194
	Provision for income tax expense (benefit)		74			120			123			133			145			325			401
	Operating earnings		153			240			243			267			283			651			793
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	153		$	240		$	243		$	267		$	283		$	651		$	793
	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	153		$	240		$	243		$	267		$	283		$	651		$	793
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(15	)		(10	)		(7	)		13			5			(16	)		11
	Net derivative gains (losses)		1,034			114			(375	)		555			(81	)		1,089			99
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		(36	)		(34	)		(36	)		(38	)		(33	)		(103	)		(107	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		1			(1	)		-			-			-			1			-
	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	)		-			-			-			1			-
	Goodwill impairment		-			-			-			-			-			-			-
	Provision for income tax (expense) benefit		(343	)		(23	)		147			(186	)		38			(340	)		(1	)
	Income (loss) from continuing operations, net of income tax		795			285			(28	)		611			212			1,283			795
	Income (loss) from discontinued operations, net of income tax		2			-			-			-			-			2			-
	Net income (loss)		797			285			(28	)		611			212			1,285			795
	Less: Net income (loss) attributable to noncontrolling interest		-			(1	)		-			-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		797			286			(28	)		611			212			1,285			795
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	797		$	286		$	(28	)	$	611		$	212		$	1,285		$	795
	Operating Premiums, Fees and Other Revenues
	Group	$	3,085		$	3,147		$	3,253		$	3,345		$	3,406		$	9,438		$	10,004
	Voluntary & Worksite		602			604			606			615			613			1,780			1,834
	Total Group, Voluntary & Worksite Benefits	$	3,687		$	3,751		$	3,859		$	3,960		$	4,019		$	11,218		$	11,838
	(1)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment.

17

THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1), (2)
		For the Three Months Ended
	Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Balance, beginning of period	$	25,330		$	25,373		$	25,582		$	25,661		$	26,642
	Premiums and deposits		4,276			4,118			4,296			4,330			4,428
	Surrenders and withdrawals		(1,190	)		(899	)		(909	)		(898	)		(975	)
	Benefit payments		(2,838	)		(2,841	)		(2,984	)		(3,017	)		(3,072	)
	Net Flows		248			378			403			415			381
	Net transfers from (to) separate account		3			2			-			(1	)		-
	Interest		212			213			212			209			211
	Policy charges		(109	)		(122	)		(125	)		(125	)		(133	)
	Other		(311	)		(262	)		(411	)		483			(179	)
	Balance, end of period	$	25,373		$	25,582		$	25,661		$	26,642		$	26,922
	SEPARATE ACCOUNT LIABILITIES
		For the Three Months Ended
	Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Balance, beginning of period	$	516		$	444		$	478		$	528		$	508
	Premiums and deposits		47			47			49			49			48
	Surrenders and withdrawals		(8	)		(7	)		(12	)		(10	)		(10	)
	Benefit payments		-			-			(1	)		(1	)		(1	)
	Net Flows		39			40			36			38			37
	Investment performance		(70	)		34			53			(18	)		28
	Net transfers from (to) general account		(3	)		(2	)		-			1			-
	Policy charges		(38	)		(38	)		(39	)		(40	)		(39	)
	Other		-			-			-			(1	)		(1	)
	Balance, end of period	$	444		$	478		$	528		$	508		$	533
	(1)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment. (2)          All of the property & casualty activity is reflected within the “Other” category.

18

THE AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY, SPREAD AND OTHER STATISTICAL INFORMATION OTHER EXPENSES (1)
		For the Three Months Ended
	Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Direct and allocated expenses	$	380		$	401		$	418		$	399		$	382
	Pension and post-retirement benefit costs		21			21			19			19			19
	Premium taxes, other taxes, and licenses & fees		56			51			55			60			56
	Total fixed operating expenses	$	457		$	473		$	492		$	478		$	457
	Commissions and other variable expenses		90			86			83			92			90
	Total other expenses	$	547		$	559		$	575		$	570		$	547
	SPREAD (2)
			For the Three Months Ended
	Unaudited		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Investment income yield		6.29	%		6.05	%		6.01	%		6.02	%		6.22	%
	Average crediting rate		3.33	%		3.29	%		3.29	%		3.29	%		3.31	%
	Annualized general account spread		2.96	%		2.76	%		2.72	%		2.73	%		2.91	%
	OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Group Life (3)
	Operating premiums, fees and other revenues	$	1,311		$	1,317		$	1,362		$	1,392		$	1,379
	Mortality ratio		98.5	%		85.2	%		89.1	%		87.3	%		88.1	%
	Group Non-Medical Health (4)
	Operating premiums, fees and other revenues	$	1,372		$	1,372		$	1,415		$	1,497		$	1,555
	Benefit ratio		87.0	%		89.7	%		87.5	%		87.4	%		88.5	%
	Group Property & Casualty
	Operating premiums, fees and other revenues	$	343		$	344		$	343		$	357		$	356
	Combined ratio including catastrophes		103.6	%		96.9	%		92.3	%		98.7	%		87.8	%
	Combined ratio excluding catastrophes		88.6	%		92.4	%		89.8	%		86.6	%		87.2	%
	(1)      Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment. (2)    Excludes property & casualty. (3)    Excludes accidental death and dismemberment (“AD&D”) and certain experience-rated contracts. (4)    Includes dental, disability, long term care, AD&D, critical illness and vision.

19

THE AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
OPERATING REVENUES
Premiums	$	835		$	716		$	507		$	523		$	450		$	2,132		$	1,480
Universal life and investment-type product policy fees		69			51			51			57			53			181			161
Net investment income		1,375			1,337			1,401			1,431			1,421			4,169			4,253
Other revenues		61			67			64			65			64			182			193
Total operating revenues		2,340			2,171			2,023			2,076			1,988			6,664			6,087
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,459			1,362			1,092			1,131			1,070			3,925			3,293
Interest credited to policyholder account balances		327			330			339			338			339			993			1,016
Capitalization of DAC		(6	)		(2	)		(7	)		(8	)		(13	)		(23	)		(28	)
Amortization of DAC and VOBA		4			3			10			4			4			14			18
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			7			6
Other expenses		136			129			128			120			120			384			368
Total operating expenses		1,922			1,824			1,564			1,587			1,522			5,300			4,673
Operating earnings before provision for income tax		418			347			459			489			466			1,364			1,414
Provision for income tax expense (benefit)		146			121			161			171			163			478			495
Operating earnings		272			226			298			318			303			886			919
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	272		$	226		$	298		$	318		$	303		$	886		$	919
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	272		$	226		$	298		$	318		$	303		$	886		$	919
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		83			(66	)		(98	)		144			(25	)		85			21
Net derivative gains (losses)		447			146			(243	)		288			(194	)		280			(149	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		35			24			29			10			16			109			55
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(38	)		7			(6	)		(16	)		(12	)		(42	)		(34	)
Interest credited to policyholder account balances		(2	)		(1	)		(2	)		(1	)		(5	)		(18	)		(8	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		3			(4	)		-			-			(2	)		4			(2	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(185	)		(35	)		111			(148	)		78			(147	)		41
Income (loss) from continuing operations, net of income tax		615			297			89			595			159			1,157			843
Income (loss) from discontinued operations, net of income tax		6			-			4			3			-			27			7
Net income (loss)		621			297			93			598			159			1,184			850
Less: Net income (loss) attributable to noncontrolling interest		2			(5	)		-			-			-			2			-
Net income (loss) attributable to MetLife, Inc.		619			302			93			598			159			1,182			850
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.'s common shareholders	$	619		$	302		$	93		$	598		$	159		$	1,182		$	850
Total Operating Premiums, Fees and Other Revenues	$	965		$	834		$	622		$	645		$	567		$	2,495		$	1,834

20

THE AMERICAS 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)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	104,538		$	104,585		$	106,024		$	108,339		$	114,430
Premiums and deposits		14,309			13,677			17,655			19,383			12,906
Surrenders and withdrawals		(17,348	)		(12,491	)		(14,745	)		(14,885	)		(12,028	)
Benefit payments		(881	)		(860	)		(838	)		(850	)		(899	)
Net Flows		(3,920)			326			2,072			3,648			(21	)
Net transfers from (to) separate account		(12)			(31	)		(5	)		(11	)		(11	)
Interest		1,015			1,010			1,021			1,059			1,041
Policy charges		(34	)		(32	)		(21	)		(31	)		(34	)
Other		2,998			166			(752	)		1,426			1,254
Balance, end of period	$	104,585		$	106,024		$	108,339		$	114,430		$	116,659
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Balance, beginning of period	$	63,252		$	65,054		$	64,851		$	68,635		$	69,704
Premiums and deposits		3,064			1,984			2,383			1,546			2,494
Surrenders and withdrawals		(2,050	)		(2,106	)		(1,311	)		(1,198	)		(757	)
Benefit payments		(17	)		(13	)		(16	)		(17	)		(21	)
Net Flows		997			(135)			1,056			331			1,716
Investment performance		799			1,354			1,115			1,077			1,466
Net transfers from (to) general account		12			31			5			11			11
Policy charges		(63	)		(79	)		(84	)		(81	)		(78	)
Other		57			(1,374	)		1,692			(269	)		4,086
Balance, end of period	$	65,054		$	64,851		$	68,635		$	69,704		$	76,905

21

THE AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY AND SPREAD OTHER EXPENSES BY MAJOR CATEGORY
		For the Three Months Ended
	Unaudited (In millions)	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012	September 30,  2012
	Direct and allocated expenses	$                          72	$                          84	$                    76	$                61	$                           63
	Pension and post-retirement benefit costs	12	12	11	11	11
	Premium taxes, other taxes, and licenses & fees	10	4	3	5	5
	Total fixed operating expenses	$                           94	$                         100	$                     90	$                77	$                           79
	Commissions and other variable expenses	42	29	38	43	41
	Total other expenses	$                         136	$                         129	$                  128	$              120	$                         120
SPREAD
		For the Three Months Ended
	Unaudited	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012	September 30, 2012
	Investment income yield	5.23%	5.12%	5.35%	5.27%	5.07%
	Average crediting rate	3.81%	3.87%	3.87%	3.72%	3.64%
	Annualized general account spread	1.42%	1.25%	1.48%	1.55%	1.43%

22

THE AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended														For the Year-to-Date Period Ended
	Unaudited (In millions)		September 30, 2011			December 31, 2011			March 31, 2012		June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
	OPERATING REVENUES
	Premiums	$	672		$	601		$	686	$	652		$	610		$	1,913		$	1,948
	Universal life and investment-type product policy fees		188			186			196		196			189			571			581
	Net investment income		289			298			299		283			299			727			881
	Other revenues		8			1			5		3			3			14			11
	Total operating revenues		1,157			1,086			1,186		1,134			1,101			3,225			3,421
	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		576			530			592		568			507			1,534			1,667
	Interest credited to policyholder account balances		95			91			100		90			99			280			289
	Capitalization of DAC		(78	)		(64)			(84)		(71	)		(83	)		(231	)		(238	)
	Amortization of DAC and VOBA		45			53			55		54			42			154			151
	Amortization of negative VOBA		-			(2	)		(2)		(1	)		(1	)		(4	)		(4	)
	Interest expense on debt		-			-			1		-			(4	)		1			(3	)
	Other expenses		333			324			326		323			353			981			1,002
	Total operating expenses		971			932			988		963			913			2,715			2,864
	Operating earnings before provision for income tax		186			154			198		171			188			510			557
	Provision for income tax expense (benefit)		45			31			50		36			36			119			122
	Operating earnings		141			123			148		135			152			391			435
	Preferred stock dividends		-			-			-		-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	141		$	123		$	148	$	135		$	152		$	391		$	435
	Reconciliation to Net Income (Loss) and Financial Statement       Line Item Adjustments from GAAP
	Operating earnings	$	141		$	123		$	148	$	135		$	152		$	391		$	435
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(8	)		(5)			3		(13	)		(2	)		(1	)		(12	)
	Net derivative gains (losses)		(45	)		6			37		(14	)		19			(42	)		42
	Premiums		23			23			22		22			16			69			60
	Universal life and investment-type product policy fees		2			2			3		4			1			6			8
	Net investment income		7			36			51		26			45			44			122
	Other revenues		-			(1	)		-		1			-			-			1
	Policyholder benefits and claims and policyholder dividends		(159	)		(21)			(86)		(144	)		26			(371	)		(204	)
	Interest credited to policyholder account balances		(7	)		(36)			(51)		(25	)		(37	)		(42	)		(113	)
	Capitalization of DAC		3			2			2		2			1			7			5
	Amortization of DAC and VOBA		(1	)		(1)			(1)		(2	)		-			(3	)		(3	)
	Amortization of negative VOBA		1			1			1		1			-			3			2
	Interest expense on debt		-			-			-		-			-			-			-
	Other expenses		(12	)		(18)			(10)		(13	)		(8	)		(40	)		(31	)
	Goodwill impairment		-			-			-		-			-			-			-
	Provision for income tax (expense) benefit		44			(1	)		10		38			(12	)		83			36
	Income (loss) from continuing operations, net of income tax		(11	)		110			129		18			201			104			348
	Income (loss) from discontinued operations, net of income tax		-			-			-		-			-			-			-
	Net income (loss)		(11	)		110			129		18			201			104			348
	Less: Net income (loss) attributable to noncontrolling interest		-			-			-		1			-			-			1
	Net income (loss) attributable to MetLife, Inc.		(11	)		110			129		17			201			104			347
	Less: Preferred stock dividends		-			-			-		-			-			-			-
	Less: Preferred stock redemption premium		-			-			-		-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	(11	)	$	110		$	129	$	17		$	201		$	104		$	347
	Total Operating Premiums, Fees and Other Revenues	$	868		$	788		$	887	$	851		$	802		$	2,498		$	2,540

23

ASIA (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012				September 30, 2012			September 30, 2011			September 30, 2012
OPERATING REVENUES
Premiums	$	1,967		$	1,942		$	2,039		$	2,064			$	2,112		$	5,774		$	6,215
Universal life and investment-type product policy fees		357			323			362			352				388			1,020			1,102
Net investment income		643			676			681			760				709			1,799			2,150
Other revenues		8			8			16			(3	)			4			28			17
Total operating revenues		2,975			2,949			3,098			3,173		��		3,213			8,621			9,484
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,325			1,308			1,360			1,435				1,455			3,931			4,250
Interest credited to policyholder account balances		414			414			429			426				468			1,193			1,323
Capitalization of DAC		(576	)		(515	)		(587	)		(555	)			(579	)		(1,530	)		(1,721	)
Amortization of DAC and VOBA		407			323			373			419				396			1,163			1,188
Amortization of negative VOBA		(137	)		(134	)		(131	)		(128	)			(128	)		(426	)		(387	)
Interest expense on debt		-			-			1			4				-			-			5
Other expenses		1,213			1,151			1,191			1,153				1,206			3,371			3,550
Total operating expenses		2,646			2,547			2,636			2,754				2,818			7,702			8,208
Operating earnings before provision for income tax		329			402			462			419				395			919			1,276
Provision for income tax expense (benefit)		107			143			161			140				136			298			437
Operating earnings		222			259			301			279				259			621			839
Preferred stock dividends		-			-			-			-				-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	222		$	259		$	301		$	279			$	259		$	621		$	839
Reconciliation to Net Income (Loss) and Financial Statement       Line Item Adjustments from GAAP
Operating earnings	$	222		$	259		$	301		$	279			$	259		$	621		$	839
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(34	)		(109	)		(78	)		(43	)			(47	)		(196	)		(168	)
Net derivative gains (losses)		168			(27	)		(30	)		50				(31	)		229			(11	)
Premiums		-			-			-			-				-			-			-
Universal life and investment-type product policy fees		-			-			(1	)		(1	)			(2	)		-			(4	)
Net investment income		(443	)		(147	)		508			(357	)			135			(374	)		286
Other revenues		5			5			5			6				7			8			18
Policyholder benefits and claims and policyholder dividends		(9	)		(21	)		(23	)		(21	)			(38	)		(27	)		(82	)
Interest credited to policyholder account balances		421			155			(515	)		352				(134	)		357			(297	)
Capitalization of DAC		-			-			-			-				-			-			-
Amortization of DAC and VOBA		(20	)		1			1			1				(2	)		(20	)		-
Amortization of negative VOBA		19			17			17			16				15			57			48
Interest expense on debt		-			-			-			-				-			-			-
Other expenses		1			2			6			10				4			1			20
Goodwill impairment		-			-			-			-				-			-			-
Provision for income tax (expense) benefit		(55	)		58			53			(21	)			27			(14	)		59
Income (loss) from continuing operations, net of income tax		275			193			244			271				193			642			708
Income (loss) from discontinued operations, net of income tax		(11	)		27			-			-				-			(71	)		-
Net income (loss)		264			220			244			271				193			571			708
Less: Net income (loss) attributable to noncontrolling interest		1			8			7			10				8			1			25
Net income (loss) attributable to MetLife, Inc.		263			212			237			261				185			570			683
Less: Preferred stock dividends		-			-			-			-				-			-			-
Less: Preferred stock redemption premium		-			-			-			-				-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	263		$	212		$	237		$	261			$	185		$	570		$	683
Total Operating Premiums, Fees and Other Revenues	$	2,332		$	2,273		$	2,417		$	2,413			$	2,504		$	6,822		$	7,334
(1)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment.

24

EMEA (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
OPERATING REVENUES
Premiums	$	630		$	581		$	652		$	627		$	536		$	1,896		$	1,815
Universal life and investment-type product policy fees		67			79			80			71			82			236			233
Net investment income		151			107			157			127			122			455			406
Other revenues		29			39			36		��	27			35			84			98
Total operating revenues		877			806			925			852			775			2,671			2,552
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		341			282			343			343			255			1,008			941
Interest credited to policyholder account balances		35			48			33			26			32			118			91
Capitalization of DAC		(157	)		(174	)		(177	)		(200	)		(158	)		(495	)		(535	)
Amortization of DAC and VOBA		142			152			146			180			130			461			456
Amortization of negative VOBA		(13	)		(7	)		(4	)		(35	)		(26	)		(46	)		(65	)
Interest expense on debt		-			(1	)		-			1			2			1			3
Other expenses		423			433			471			422			440			1,290			1,333
Total operating expenses		771			733			812			737			675			2,337			2,224
Operating earnings before provision for income tax		106			73			113			115			100			334			328
Provision for income tax expense (benefit)		41			26			41			37			38			130			116
Operating earnings		65			47			72			78			62			204			212
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	65		$	47		$	72		$	78		$	62		$	204		$	212
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	65		$	47		$	72		$	78		$	62		$	204		$	212
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(220	)		(221	)		(18	)		(18	)		73			(304	)		37
Net derivative gains (losses)		22			3			29			14			13			29			56
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			13			1			-			14
Net investment income		(388	)		101			458			(178	)		348			(128	)		628
Other revenues		-			(1	)		-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		384			(81	)		(450	)		177			(337	)		120			(610	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			(16	)		(2	)		-			(18	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(21	)		(23	)		6			(20	)		(22	)		(63	)		(36	)
Goodwill impairment		-			-			-			-			-��			-			-
Provision for income tax (expense) benefit		84			57			(22	)		36			(32	)		107			(18	)
Income (loss) from continuing operations, net of income tax		(74	)		(118	)		75			86			104			(35	)		265
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(74	)		(118	)		75			86			104			(35	)		265
Less: Net income (loss) attributable to noncontrolling interest		(11	)		(6	)		17			(6	)		(5	)		(6	)		6
Net income (loss) attributable to MetLife, Inc.		(63	)		(112	)		58			92			109			(29	)		259
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(63	)	$	(112	)	$	58		$	92		$	109		$	(29	)	$	259
Total Operating Premiums, Fees and Other Revenues	$	726		$	699		$	768		$	725		$	653		$	2,216		$	2,146
(1)          Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment.

25

CORPORATE & OTHER (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
OPERATING REVENUES
Premiums	$	14		$	13		$	14		$	14		$	15		$	41		$	43
Universal life and investment-type product policy fees		39			40			40			39			38			115			117
Net investment income		213			207			192			238			117			681			547
Other revenues		11			6			14			5			8			54			27
Total operating revenues		277			266			260			296			178			891			734
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		61			25			11			52			31			101			94
Interest credited to policyholder account balances		-			-			-			12			11			-			23
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			1			-			-			1			-			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		325			324			311			290			285			969			886
Other expenses		153			147			155			108			146			358			409
Total operating expenses		539			497			477			462			474			1,428			1,413
Operating earnings before provision for income tax		(262	)		(231	)		(217	)		(166	)		(296	)		(537	)		(679	)
Provision for income tax expense (benefit)		(190	)		(167	)		(180	)		(144	)		(192	)		(417	)		(516	)
Operating earnings		(72	)		(64	)		(37	)		(22	)		(104	)		(120	)		(163	)
Preferred stock dividends		30			31			30			31			30			91			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(102	)	$	(95	)	$	(67	)	$	(53	)	$	(134	)	$	(211	)	$	(254	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(72	)	$	(64	)	$	(37	)	$	(22	)	$	(104	)	$	(120	)	$	(163	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		91			(171	)		21			(205	)		(35	)		(11	)		(219	)
Net derivative gains (losses)		1,096			(213	)		(870	)		227			(635	)		889			(1,278	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		186			137			197			178			63			540			438
Other revenues		297			231			140			(40	)		13			638			113
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		(98	)		(43	)		(43	)		(45	)		(40	)		(282	)		(128	)
Other expenses		(392	)		(454	)		(527	)		(376	)		(235	)		(1,050	)		(1,138	)
Goodwill impairment		-			-			-			-			(176	)		-			(176	)
Provision for income tax (expense) benefit		(400	)		204			374			95			309			(244	)		778
Income (loss) from continuing operations, net of income tax		708			(373	)		(745	)		(188	)		(840	)		360			(1,773	)
Income (loss) from discontinued operations, net of income tax		3			-			-			-			-			4			-
Net income (loss)		711			(373	)		(745	)		(188	)		(840	)		364			(1,773	)
Less: Net income (loss) attributable to noncontrolling interest		1			2			-			3			(6	)		(4	)		(3	)
Net income (loss) attributable to MetLife, Inc.		710			(375	)		(745	)		(191	)		(834	)		368			(1,770	)
Less: Preferred stock dividends		30			31			30			31			30			91			91
Less: Preferred stock redemption premium		-			-			-			-			-			146			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	680		$	(406	)	$	(775	)	$	(222	)	$	(864	)	$	131		$	(1,861	)
Total Operating Premiums, Fees and Other Revenues	$	64		$	59		$	68		$	58		$	61		$	210		$	187
(1)          Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

26

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Fixed Maturity Securities
Yield (1)		4.79%			4.90%			4.96%			4.76%			4.85%
Investment income (2), (3), (4)	$	3,721		$	3,808		$	3,840		$	3,720		$	3,833
Investment gains (losses) (3)		(186	)		(478	)		(136	)		(19	)		34
Ending carrying value (2), (3)		354,611			351,011			355,269			367,138			378,748
Mortgage Loans
Yield (1)		5.56%			5.53%			5.62%			5.44%			5.81%
Investment income (3), (4)		806			832			830			764			810
Investment gains (losses) (3)		45			15			36			13			-
Ending carrying value (3)		59,722			61,303			57,281			55,750			56,291
Real Estate and Real Estate Joint Ventures
Yield (1)		4.67%			2.65%			3.76%			8.75%			2.95%
Investment income (3)		96			55			80			185			64
Investment gains (losses) (3)		165			(11	)		17			(12	)		(15	)
Ending carrying value		8,197			8,563			8,472			8,477			8,749
Policy Loans
Yield (1)		5.43%			5.35%			5.30%			5.27%			5.25%
Investment income		162			159			158			156			157
Ending carrying value		11,932			11,892			11,896			11,912			11,949
Equity Securities
Yield (1)		3.59%			4.52%			4.17%			5.24%			3.65%
Investment income		28			35			32			38			26
Investment gains (losses)		(3	)		14			(9	)		19			3
Ending carrying value		3,118			3,023			3,043			2,882			2,803
Other Limited Partnership Interests
Yield (1)		11.08%			6.16%			11.34%			16.07%			8.66%
Investment income		180			99			182			266			145
Investment gains (losses)		-			(4	)		(2	)		(9	)		(7	)
Ending carrying value		6,538			6,378			6,487			6,726			6,730
Cash and Short-term Investments
Yield (1)		1.03%			0.87%			0.69%			0.65%			0.66%
Investment income		38			33			32			34			34
Investment gains (losses)		-			1			-			-			3
Ending carrying value (3)		25,901			27,750			30,465			34,540			31,625
Other Invested Assets (1)
Investment income		158			108			132			197			140
Investment gains (losses) (3)		-			(6	)		(25	)		(10	)		12
Ending carrying value		23,103			23,581			20,172			24,288			23,477
Total Investments
Investment income yield (1)		4.97%			4.87%			5.00%			5.05%			4.88%
Investment fees and expenses yield		(0.13	)		(0.14	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.84%			4.73%			4.87%			4.92%			4.75%
Investment income	$	5,189		$	5,129		$	5,286		$	5,360		$	5,209
Investment fees and expenses		(137	)		(143	)		(140	)		(139	)		(140	)
Net investment income including Divested businesses		5,052			4,986			5,146			5,221			5,069
Less: Net investment income from Divested businesses (5), (6)		91			94			69			49			21
Net Investment Income (3), (6)	$	4,961		$	4,892		$	5,077		$	5,172		$	5,048
Ending Carrying Value (3)	$	493,122		$	493,501		$	493,085		$	511,713		$	520,372
Investment portfolio gains (losses) including Divested businesses	$	21		$	(469	)	$	(119	)	$	(18	)	$	30
Less: Investment portfolio gains (losses) from Divested businesses (5)		7			(138	)		96			(35	)		(26	)
Investment Portfolio Gains (Losses) (3), (5)	$	14		$	(331	)	$	(215	)	$	17		$	56
Gross investment gains	$	474		$	247		$	278		$	255		$	257
Gross investment losses		(199	)		(328	)		(335	)		(182	)		(127	)
Writedowns		(261	)		(250	)		(158	)		(56	)		(74	)
Investment Portfolio Gains (Losses) (3)		14			(331	)		(215	)		17			56
Investment portfolio gains (losses) income tax (expense) benefit		(5	)		118			70			(13	)		(13	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	9		$	(213	)	$	(145	)	$	4		$	43
Derivative Gains (Losses) including Divested businesses	$	4,129		$	509		$	(2,064	)	$	1,984		$	(824	)
Less: Derivative gains (losses) from Divested businesses (5)		(139	)		(13	)		(5	)		(2	)		-
Derivative gains (losses) (3), (5)		4,268			522			(2,059	)		1,986			(824	)
Derivative gains (losses) income tax (expense) benefit		(1,496	)		(171	)		727			(699	)		281
Derivative Gains (Losses), Net of Income Tax	$	2,772		$	351		$	(1,332	)	$	1,287		$	(543	)
(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 GAAP adjustments described on Page 2 and as presented on Page 32. Asset carrying values exclude unrealized gains (losses), collateral received in connection 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 $684 million, $740 million, $818 million, $799 million and $743 million in ending carrying value, and ($38) million, $25 million, $45 million, ($1) million and $24 million of investment income related to trading and other securities at or for the three months ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively.
(3)         The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively: A) Trading and other securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,874 million, $17,411 million, $18,119 million, $17,459 million and $15,199 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $140 million, $117 million, $89 million, $70 million and $53 million, mortgage loans of $3,227 million, $3,138 million, $3,024 million, $2,932 million and $2,879 million and cash and short-term investments of $13 million, $21 million, $3 million, $21 million and $3 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $7,652 million, $8,283 million, $259 million and $0; D) Net investment income adjustments as presented on Page 32 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	21		$	(469	)	$	(119	)	$	(18	)	$	30
Real estate discontinued operations		(26	)		1			(21	)		(4	)		-
Net investment gains (losses) related to CSEs		(7	)		3			(5	)		4			15
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(43	)		(93	)		35			(46	)		(23	)
Net investment gains (losses) - GAAP basis	$	(55	)	$	(558	)	$	(110	)	$	(64	)	$	22
	For the Three Months Ended
	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Derivative gains (losses) including Divested businesses - in above yield table	$	4,129		$	509		$	(2,064	)	$	1,984		$	(824	)
Investment hedge adjustments		70			85			89			113			108
Joint venture adjustments		-			-			-			-			-
Settlement of foreign currency earnings hedges		(5	)		(4	)		(5	)		(6	)		(7	)
PAB hedge adjustments		2			1			2			1			5
Net derivative gains (losses) - GAAP basis	$	4,196		$	591		$	(1,978	)	$	2,092		$	(718	)
(4)         Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5)         Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page 32 for all of the Divested businesses for the three months ended March 31, 2012, June 30, 2012 and September 30, 2012, includes $85 million, $88 million and $4 million, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and Total Investments sections presented above. See Page 2 for discussion of Divested businesses. (6)         Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

27

INVESTMENTS     INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
		At or For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Fixed Maturity Securities
	Yield (1)		4.95%			4.94%			4.96%			4.86%			4.86%
	Investment income (2), (3), (4)	$	11,208		$	15,016		$	3,840		$	7,560		$	11,393
	Investment gains (losses) (3)		(454	)		(932	)		(136	)		(155	)		(121	)
	Ending carrying value (2), (3)		354,611			351,011			355,269			367,138			378,748
	Mortgage Loans
	Yield (1)		5.54%			5.53%			5.62%			5.53%			5.62%
	Investment income (3), (4)		2,330			3,162			830			1,594			2,404
	Investment gains (losses) (3)		160			175			36			49			49
	Ending carrying value (3)		59,722			61,303			57,281			55,750			56,291
	Real Estate and Real Estate Joint Ventures
	Yield (1)		4.15%			3.76%			3.76%			6.25%			5.14%
	Investment income (3)		252			307			80			265			329
	Investment gains (losses) (3)		241			230			17			5			(10	)
	Ending carrying value		8,197			8,563			8,472			8,477			8,749
	Policy Loans
	Yield (1)		5.46%			5.43%			5.30%			5.28%			5.27%
	Investment income		482			641			158			314			471
	Ending carrying value		11,932			11,892			11,896			11,912			11,949
	Equity Securities
	Yield (1)		4.42%			4.44%			4.17%			4.69%			4.36%
	Investment income		106			141			32			70			96
	Investment gains (losses)		(37	)		(23	)		(9	)		10			13
	Ending carrying value		3,118			3,023			3,043			2,882			2,803
	Other Limited Partnership Interests
	Yield (1)		12.07%			10.58%			11.34%			13.74%			12.00%
	Investment income		582			681			182			448			593
	Investment gains (losses)		8			4			(2	)		(11	)		(18	)
	Ending carrying value		6,538			6,378			6,487			6,726			6,730
	Cash and Short-term Investments
	Yield (1)		1.10%			1.04%			0.69%			0.67%			0.67%
	Investment income		122			155			32			66			100
	Investment gains (losses)		1			2				-			-		3
	Ending carrying value (3)		25,901			27,750			30,465			34,540			31,625
	Other Invested Assets (1)
	Investment income		331			439			132			329			469
	Investment gains (losses) (3)		(3	)		(9	)		(25	)		(35	)		(23	)
	Ending carrying value		23,103			23,581			20,172			24,288			23,477
	Total Investments
	Investment income yield (1)		5.05%			5.00%			5.00%			5.03%			4.98%
	Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
	Net Investment Income Yield (1), (3), (5)		4.92%			4.87%			4.87%			4.90%			4.85%
	Investment income	$	15,413		$	20,542		$	5,286		$	10,646		$	15,855
	Investment fees and expenses		(403	)		(546	)		(140	)		(279	)		(419	)
	Net investment income including Divested businesses		15,010			19,996			5,146			10,367			15,436
	Less: Net investment income from Divested businesses (5), (6)		264			358			69			118			139
	Net Investment Income (3), (6)	$	14,746		$	19,638		$	5,077		$	10,249		$	15,297
	Ending Carrying Value (3)	$	493,122		$	493,501		$	493,085		$	511,713		$	520,372
	Investment portfolio gains (losses) including Divested businesses	$	(84	)	$	(553	)	$	(119	)	$	(137	)	$	(107	)
	Less: Investment portfolio gains (losses) from Divested businesses (5)		(2	)		(140	)		96			61			35
	Investment Portfolio Gains (Losses) (3), (5)	$	(82	)	$	(413	)	$	(215	)	$	(198	)	$	(142	)
	Gross investment gains	$	1,107		$	1,354		$	278		$	533		$	790
	Gross investment losses		(730	)		(1,058	)		(335	)		(517	)		(644	)
	Writedowns		(459	)		(709	)		(158	)		(214	)		(288	)
	Investment Portfolio Gains (Losses) (3)		(82	)		(413	)		(215	)		(198	)		(142	)
	Investment portfolio gains (losses) income tax (expense) benefit		30			148			70			57			44
	Investment Portfolio Gains (Losses), Net of Income Tax	$	(52	)	$	(265	)	$	(145	)	$	(141	)	$	(98	)
	Derivative Gains (Losses) including Divested businesses	$	4,036		$	4,545		$	(2,064	)	$	(80	)	$	(904	)
	Less: Derivative gains (losses) from Divested businesses (5)		(150	)		(163	)		(5	)		(7	)		(7	)
	Derivative gains (losses) (3), (5)		4,186			4,708			(2,059	)		(73	)		(897	)
	Derivative gains (losses) income tax (expense) benefit		(1,472	)		(1,643	)		727			28			309
	Derivative Gains (Losses), Net of Income Tax	$	2,714		$	3,065		$	(1,332	)	$	(45	)	$	(588	)
(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 GAAP adjustments described on Page 2 and as presented on Page 32. Asset carrying values exclude unrealized gains (losses), collateral received in connection 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 $684 million, $740 million, $818 million, $799 million and $743 million in ending carrying value, and $6 million, $31 million, $45 million, $44 million and $68 million of investment income related to trading and other securities at or for the year-to-date period ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively.
(3)	The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively: A) Trading and other securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $17,874 million, $17,411 million, $18,119 million, $17,459 million and $15,199 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $140 million, $117 million, $89 million, $70 million and $53 million, mortgage loans of $3,227 million, $3,138 million, $3,024 million, $2,932 million and $2,879 million and cash and short-term investments of $13 million, $21 million, $3 million, $21 million and $3 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $7,652 million, $8,283 million, $259 million and $0; D) Net investment income adjustments as presented on Page 32 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gain (losses) presented above and GAAP adjustments as presented below:
		For the Year-to-Date Period Ended
		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(84	)	$	(553	)	$	(119	)	$	(137	)	$	(107	)
	Real estate discontinued operations		(97	)		(96	)		(21	)		(25	)		(25	)
	Net investment gains (losses) related to certain CSEs		2			5			(5	)		(1	)		14
	Other gains (losses) reported in net investment gains (losses) on GAAP basis		(130	)		(223	)		35			(11	)		(34	)
	Net investment gains (losses) - GAAP basis	$	(309	)	$	(867	)	$	(110	)	$	(174	)	$	(152	)
		For the Year-to-Date Period Ended
		September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
	Derivative gains (losses) including Divested businesses - in above yield table	$	4,036		$	4,545		$	(2,064	)	$	(80	)	$	(904	)
	Investment hedge adjustments		164			249			89			202			310
	Joint venture adjustments		23			23			-			-			-
	Settlement of foreign currency earnings hedges		(8	)		(12	)		(5	)		(11	)		(18	)
	PAB hedge adjustments		18			19			2			3			8
	Net derivative gains (losses) - GAAP basis	$	4,233		$	4,824		$	(1,978	)	$	114		$	(604	)
(4)	Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5)	Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page 32 for all of the Divested businesses for the year-to-date period ended March 31, 2012, June 30, 2012 and September 30, 2012, includes $85 million, $173 million and $177 million, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and Total Investments sections presented above. See Page 2 for discussion of Divested businesses.
(6)	Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

28

	INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULES - FIXED MATURITY SECURITIES AND EQUITY SECURITIES AVAILABLE-FOR-SALE GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		September 30, 2011				December 31, 2011				March 31, 2012				June 30, 2012				September 30, 2012
	Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	Less than 20%	$	2,818		53.7%	$	2,896		52.5%	$	1,963		52.6%	$	1,813		52.1%	$	1,157		51.6%
	20% or more for less than six months		1,377		26.2%		1,332		24.2%		258		6.9%		272		7.8%		111		5.0%
	20% or more for six months or greater		1,055		20.1%		1,285		23.3%		1,512		40.5%		1,397		40.1%		973		43.4%
	Total Gross Unrealized Losses	$	5,250		100.0%	$	5,513		100.0%	$	3,733		100.0%	$	3,482		100.0%	$	2,241		100.0%
	Total Gross Unrealized Gains	$	25,168			$	25,973			$	25,203			$	30,950			$	35,455
	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
		September 30, 2011				December 31, 2011				March 31, 2012				June 30, 2012				September 30, 2012
	Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	Less than 20%	$	53		23.3%	$	76		25.4%	$	33		18.6%	$	56		25.3%	$	33		16.6%
	20% or more for less than six months		89		39.0%		123		41.1%		14		7.9%		19		8.6%		28		14.1%
	20% or more for six months or greater		86		37.7%		100		33.5%		130		73.5%		146		66.1%		138		69.3%
	Total Gross Unrealized Losses	$	228		100.0%	$	299		100.0%	$	177		100.0%	$	221		100.0%	$	199		100.0%
	Total Gross Unrealized Gains	$	119			$	114			$	158			$	130			$	164
(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.

29

INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION AND SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
	Unaudited (In millions)		September 30, 2011				December 31,  2011				March 31, 2012					June 30, 2012				September 30, 2012
			Amount		% of Total		Amount		% of Total		Amount		% of Total			Amount		% of Total		Amount		% of Total
	U.S. corporate securities		$	106,575		30.1%	$	105,785		30.2%	$	105,273		29.7%		$	110,373		30.1%	$	113,942		30.1%
	Foreign corporate securities			63,522		18.0%		64,018		18.3%		65,354		18.4%			63,345		17.3%		65,257		17.3%
	Foreign government securities			52,959		15.0%		52,536		15.0%		55,338		15.6%			56,193		15.3%		57,405		15.2%
	U.S. Treasury and agency securities			41,834		11.8%		40,012		11.4%		41,416		11.7%	��		47,841		13.1%		51,448		13.6%
	Residential mortgage-backed securities			42,890		12.1%		42,637		12.2%		41,279		11.7%			41,064		11.2%		40,591		10.7%
	Commercial mortgage-backed securities			19,585		5.5%		19,069		5.4%		18,732		5.3%			19,017		5.2%		19,440		5.1%
	Asset-backed securities			13,421		3.8%		12,979		3.7%		13,143		3.7%			13,892		3.8%		15,005		4.0%
	State and political subdivision securities			13,141		3.7%		13,235		3.8%		13,916		3.9%			14,614		4.0%		14,917		4.0%
	Total fixed maturity securities available-for-sale		$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%		$	366,339		100.0%	$	378,005		100.0%
	NAIC	RATING AGENCY
	RATING	DESIGNATION
	1	Aaa / Aa / A	$	250,596		70.8%	$	246,786		70.5%	$	248,544		70.1%		$	258,302		70.5%	$	264,892		70.1%
	2	Baa		78,837		22.3%		78,531		22.4%		80,882		22.8%			83,515		22.8%		87,930		23.3%
	3	Ba		15,348		4.3%		14,375		4.1%		14,618		4.1%			14,848		4.1%		15,029		4.0%
	4	B		7,844		2.2%		8,849		2.5%		9,051		2.6%			8,503		2.3%		8,881		2.3%
	5	Caa and lower		1,157		0.3%		1,668		0.5%		1,334		0.4%			1,121		0.3%		1,207		0.3%
	6	In or near default		145		0.1%		62		0.0%		22		0.0%			50		0.0%		66		0.0%
	Total fixed maturity securities available-for-sale (1)		$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%		$	366,339		100.0%	$	378,005		100.0%
(1)    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 maintain the NAIC statutory basis of accounting 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

	September 30, 2011		December 31, 2011		March 31, 2012		June  30, 2012		September 30, 2012
Unaudited (In millions)
Traditional (2), (3)		$                    5,697		$                    5,959		$                    6,954		$                    7,083		$                    7,338
Real estate joint ventures and funds		2,327		2,340		1,172		1,109		1,083
Subtotal		8,024		8,299		8,126		8,192		8,421
Foreclosed		173		264		346		285		328
Total Real Estate and Real Estate Joint Ventures		$                     8,197		$                     8,563		$                     8,472		$                     8,477		$                     8,749
(2)    Includes wholly-owned real estate and operating real estate joint ventures. (3)    Includes real estate held-for-sale and held-for-investment.

30

INVESTMENTS SUMMARY OF MORTGAGE LOANS AND SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE SUMMARY OF MORTGAGE LOANS (1), (2)
Unaudited (In millions)	September 30, 2011						December 31, 2011						March 31, 2012						June 30, 2012									September 30, 2012
Commercial mortgage loans		$	40,120					$	40,440					$	40,329					$	41,035								$	41,941
Agricultural mortgage loans			12,967						13,129						12,946						12,848									12,600
Residential mortgage loans			3,424						689						788						747									818
Mortgage loans held-for-sale			3,740						7,526						3,664						1,481									1,286
Total Mortgage Loans			60,251						61,784						57,727						56,111									56,645
Valuation allowances			(529	)					(481	)					(446	)					(361	)								(354)
Total Mortgage Loans, net		$	59,722					$	61,303					$	57,281					$	55,750								$	56,291
(1)    Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition. See Page 27, note 3 for the amount excluded for each period presented. (2)    Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 27, note 3 for the amount excluded for each period presented. SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2011						December 31, 2011						March 31, 2012						June 30, 2012						September 30, 2012
Unaudited (In millions)	Amount				% of Total		Amount				% of Total		Amount				% of Total		Amount				% of Total		Amount			% of Total
South Atlantic		$	8,591			21.4%		$	9,022			22.3%		$	8,968			22.2%		$	8,966			21.9%		$	8,430			20.1%
Pacific			8,195			20.4%			8,209			20.3%			8,015			19.9%			7,973			19.4%			8,189			19.5%
Middle Atlantic			6,535			16.3%			6,370			15.8%			6,288			15.6%			6,412			15.6%			7,014			16.7%
International			4,540			11.3%			4,713			11.7%			4,839			12.0%			4,955			12.1%			5,436			13.0%
West South Central			3,145			7.9%			3,220			8.0%			3,289			8.1%			3,492			8.5%			3,485			8.3%
East North Central			3,101			7.7%			2,984			7.3%			2,936			7.3%			3,110			7.6%			3,161			7.5%
New England			1,491			3.7%			1,563			3.9%			1,572			3.9%			1,553			3.8%			1,551			3.7%
Mountain			823			2.1%			746			1.8%			810			2.0%			992			2.4%			990			2.4%
East South Central			454			1.1%			487			1.2%			483			1.2%			460			1.1%			459			1.1%
West North Central			511			1.3%			365			0.9%			346			0.9%			338			0.8%			335			0.8%
Multi-Region and Other			2,734			6.8%			2,761			6.8%			2,783			6.9%			2,784			6.8%			2,891			6.9%
Total		$	40,120			100.0%		$	40,440			100.0%		$	40,329			100.0%		$	41,035			100.0%		$	41,941			100.0%
Office		$	19,290			48.1%		$	18,582			45.9%		$	18,320			45.4%		$	18,502			45.1%		$	18,899			45.1%
Retail			8,564			21.3%			9,524			23.6%			9,545			23.7%			9,669			23.6%			9,758			23.3%
Apartments			4,166			10.4%			4,011			9.9%			3,930			9.7%			4,303			10.5%			4,114			9.8%
Hotel			2,982			7.4%			3,114			7.7%			3,136			7.8%			3,181			7.7%			3,482			8.3%
Industrial			3,138			7.8%			3,102			7.7%			3,288			8.2%			3,224			7.9%			3,237			7.7%
Other			1,980			5.0%			2,107			5.2%			2,110			5.2%			2,156			5.2%			2,451			5.8%
Total		$	40,120			100.0%		$	40,440			100.0%		$	40,329			100.0%		$	41,035			100.0%		$	41,941			100.0%

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METLIFE, INC. (1) APPENDIX RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012			September 30, 2011			September 30, 2012
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	995		$	1,275		$	1,494		$	1,463		$	1,447		$	3,524		$	4,404
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(55	)		(558	)		(110	)		(64	)		22			(309	)		(152	)
Net derivative gains (losses)		4,196			591			(1,978	)		2,092			(718	)		4,233			(604	)
Premiums -Divested businesses		23			23			22			22			16			69			60
Universal life and investment-type product policy fees
Unearned revenue adjustments		16			-			(6	)		20			(4	)		14			10
GMIB fees		74			66			72			74			86			190			232
Divested businesses		2			2			3			4			1			6			8
Net investment income
Investment hedge adjustments		(70	)		(85	)		(89	)		(113	)		(108	)		(164	)		(310	)
Income from discontinued real estate operations		(3	)		(1	)		-			(2	)		-			(9	)		(2	)
Joint venture adjustments		-			-			-			-			-			(23	)		-
Unit-linked contract income		(824	)		(16	)		1,015			(517	)		512			(437	)		1,010
Securitization entities income		97			43			43			42			40			281			125
Divested businesses		91			94			154			137			25			264			316
Other revenues
Settlement of foreign currency earnings hedges		5			4			5			6			7			8			18
Divested businesses		297			230			140			(39	)		13			638			114
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(189	)		(24	)		(98	)		(169	)		(13	)		(396	)		(280	)
GMIB costs		411			(448	)		(388	)		52			(278	)		256			(614	)
Market value adjustments		(4	)		-			(7	)		(2	)		(1	)		(7	)		(10	)
Divested businesses		(16	)		(13	)		(15	)		(12	)		(11	)		(44	)		(38	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(1	)		(2	)		(1	)		(5	)		(18	)		(8	)
Unit-linked contract costs		801			40			(1,016	)		509			(507	)		443			(1,014	)
Divested businesses		(3	)		(2	)		-			(5	)		(1	)		(8	)		(6	)
Capitalization of DAC -Divested businesses		3			2			2			2			1			7			5
Amortization of DAC and VOBA
Related to NIGL and NDGL		(426	)		(16	)		192			(257	)		(14	)		(510	)		(79	)
Related to GMIB fees and GMIB costs		(129	)		90			113			(58	)		57			(103	)		112
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		(1	)		(1	)		(2	)		-			(3	)		(3	)
Amortization of negative VOBA
Related to market value adjustments		19			17			17			16			15			57			48
Divested businesses		1			1			1			1			-			3			2
Interest expense on debt
Securitization entities debt expense		(97	)		(43	)		(43	)		(42	)		(40	)		(281	)		(125	)
Divested businesses		(1	)		-			-			(3	)		-			(1	)		(3	)
Other expenses
Noncontrolling interest		(7	)		1			24			11			(13	)		(9	)		22
Regulatory implementation costs		(3	)		(9	)		(7	)		(14	)		(18	)		(14	)		(39	)
Acquisition & integration costs		(85	)		(133	)		(75	)		(56	)		(80	)		(279	)		(211	)
Divested businesses		(325	)		(357	)		(467	)		(340	)		(152	)		(845	)		(959	)
Goodwill impairment		-			-			-			-			(1,868	)		-			(1,868	)
Provision for income tax (expense) benefit		(1,349	)		191			871			(455	)		632			(1,105	)		1,048
Income (loss) from continuing operations, net of income tax		3,442			963			(134	)		2,300			(957	)		5,428			1,209
Income (loss) from discontinued operations, net of income tax		8			25			14			3			-			(1	)		17
Net income (loss)		3,450			988			(120	)		2,303			(957	)		5,427			1,226
Less: Net income (loss) attributable to noncontrolling interest		(6	)		(2	)		24			8			(3	)		(6	)		29
Net income (loss) attributable to MetLife, Inc.		3,456			990			(144	)		2,295			(954	)		5,433			1,197
Less: Preferred stock dividends		30			31			30			31			30			91			91
Less: Preferred stock redemption premium		-			-			-			-			-			146			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,426		$	959		$	(174	)	$	2,264		$	(984	)	$	5,196		$	1,106

(1) Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses.

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