MetLife (MET) 8-K Metlife Announces First Quarter 2014 Results

Exhibit 99.2

First Quarter

Financial Supplement

March 31, 2014

METLIFE
TABLE OF CONTENTS
NOTE TO FINANCIAL SUPPLEMENT	2
CORPORATE OVERVIEW	3
METLIFE
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 OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	8
AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders	9
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	12
Other Expenses by Major Category and Sales by Product	13
Spread by Product and Other Statistical Information	14
AMERICAS - GROUP, VOLUNTARY  & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders	15
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Other Expenses by Major Category, Spread and Other Statistical Information	17
AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	18
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	19
Other Expenses by Major Category and Spread	20
AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders	21
ASIA
Statements of Operating Earnings Available to Common Shareholders	22
EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders	23
CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	24
INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields	25
Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale	27
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures	28
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type	29
APPENDIX
Reconciliation Detail	A-1
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty	A-2
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty	A-3
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty	A-4

1

METLIFE NOTE TO FINANCIAL SUPPLEMENT As used in this Quarterly Financial Supplement (“QFS”), “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This 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 (“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 or that are used to replicate certain 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 and other pass through adjustments (“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.
Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. 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 and book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”), should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share and book value per 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 A-1, and in our earnings press release dated April 30, 2014, for the period ended March 31, 2014, which is available at www.metlife.com.

2

METLIFE CORPORATE OVERVIEW (1)
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Operating earnings available to common shareholders	$	1,627		$	1,585		$	1,495		$	1,554		$	1,562
Preferred stock dividends		30			31			30			31			30
Operating earnings		1,657			1,616			1,525			1,585			1,592
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (2), (3)		314			110			(85	)		(178	)		(411	)
Net derivative gains (losses)		(630	)		(1,690	)		(546	)		(373	)		343
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations (3)		(735	)		(94	)		(465	)		(303	)		(302	)
Provision for income tax (expense) benefit (3), (4)		389			566			544			184			120
Income (loss) from continuing operations, net of income tax		995			508			973			915			1,342
Income (loss) from discontinued operations, net of income tax		(3	)		2			2			1			(3	)
Net income (loss)		992			510			975			916			1,339
Less: Net income (loss) attributable to noncontrolling interests		6			8			3			8			11
Net income (loss) attributable to MetLife, Inc.		986			502			972			908			1,328
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956		$	471		$	942		$	877		$	1,298
Operating earnings available to common shareholders per common share - diluted (5)	$	1.47		$	1.43		$	1.34		$	1.37		$	1.37
Net investment gains (losses)		0.28			0.10			(0.08	)		(0.16	)		(0.36	)
Net derivative gains (losses)		(0.57	)		(1.53	)		(0.49	)		(0.33	)		0.30
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.66	)		(0.08	)		(0.42	)		(0.27	)		(0.27	)
Provision for income tax (expense) benefit		0.36			0.52			0.49			0.17			0.11
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		0.01			0.01			-			0.01			0.01
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (5)	$	0.87		$	0.43		$	0.84		$	0.77		$	1.14
Weighted average common shares outstanding - diluted		1,103.9			1,106.7			1,117.3			1,138.1			1,140.5
Unaudited	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Book value per common share - (actual common shares outstanding) (6)	$	57.03		$	52.85		$	52.54		$	53.04		$	56.65
Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (6)	$	47.37		$	47.20		$	47.99		$	48.49		$	49.34
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Common shares outstanding, beginning of period		1,091.7			1,094.2			1,096.6			1,120.8			1,122.0
Newly issued shares		2.5			2.4			24.2			1.2			2.8
Common shares outstanding, end of period		1,094.2			1,096.6			1,120.8			1,122.0			1,124.8
Weighted average common shares outstanding - basic		1,096.9			1,097.9			1,104.9			1,123.7			1,126.9
Dilutive effect of stock purchase contracts underlying common equity units (5)		-			-			1.9			2.8			3.4
Dilutive effect of the exercise or issuance of stock-based awards		7.0			8.8			10.5			11.6			10.2
Weighted average common shares outstanding - diluted		1,103.9			1,106.7			1,117.3			1,138.1			1,140.5
MetLife Policyholder Trust Shares		199.4			196.1			193.2			190.9			188.4
(1)         Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business. (2)         The three months ended March 31, 2014 includes a pre-tax net investment loss of $495 million related to the definitive agreement to sell the wholly owned subsidiary MetLife Assurance Ltd. (3)         The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency. (4)         The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income. (5)         For the three months ended March 31, 2013 and June 30, 2013, 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. (6)         Book value per common share and book value per common share, excluding AOCI, exclude $2,043 million of equity related to preferred stock.

3

METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	374,294		$	356,514		$	348,787		$	350,187		$	355,069
Equity securities available-for-sale, at estimated fair value		3,188			3,231			3,241			3,402			3,693
Fair value option and trading securities, at estimated fair value (1)		16,588			16,110			16,646			17,423			17,494
Mortgage loans:
Held-for-investment, principally at amortized cost (1)		55,343			55,636			57,508			57,703			57,139
Held-for-sale, principally at estimated fair value		271			-			225			3			-
Mortgage loans, net		55,614			55,636			57,733			57,706			57,139
Policy loans		11,781			11,722			11,782			11,764			11,762
Real estate and real estate joint ventures		9,998			9,886			10,053			10,712			9,930
Other limited partnership interests		7,087			7,197			7,253			7,401			7,819
Short-term investments, principally at estimated fair value		13,653			12,990			12,664			13,955			13,908
Other invested assets, principally at estimated fair value		20,269			17,920			16,766			16,229			16,433
Total investments		512,472			491,206			484,925			488,779			493,247
Cash and cash equivalents, principally at estimated fair value (1)		9,983			9,184			11,376			7,585			8,573
Accrued investment income		4,555			4,357			4,519			4,255			4,446
Premiums, reinsurance and other receivables		23,052			23,283			23,473			21,859			23,031
Deferred policy acquisition costs and value of business acquired		24,645			24,782			25,639			26,706			26,352
Goodwill		9,696			9,447			9,509			10,542			10,433
Other assets		8,062			7,830			7,952			8,369			8,387
Separate account assets		249,220			245,573			255,250			317,201			316,434
Total assets	$	841,685		$	815,662		$	822,643		$	885,296		$	890,903
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	190,054		$	184,697		$	186,528		$	187,942		$	189,970
Policyholder account balances		224,044			215,195			214,512			212,885			209,498
Other policy-related balances		15,472			15,279			15,530			15,214			15,369
Policyholder dividends payable		713			750			769			675			656
Policyholder dividend obligation		3,599			2,273			2,013			1,771			2,463
Payables for collateral under securities loaned and other transactions		34,215			33,247			31,866			30,411			32,469
Short-term debt		100			100			100			175			100
Long-term debt (1)		18,721			18,577			18,252			18,653			16,793
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,196
Junior subordinated debt securities		3,193			3,193			3,193			3,193			3,193
Current income tax payable		231			111			199			186			239
Deferred income tax liability		8,699			6,602			5,955			6,643			8,906
Other liabilities		24,260			25,331			22,902			23,168			24,178
Separate account liabilities		249,220			245,573			255,250			317,201			316,434
Total liabilities		776,717			755,124			761,265			822,313			824,464
Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		96			130			110			887			107
Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		11			11			11			11			11
Additional paid-in capital		28,072			28,137			29,221			29,277			29,384
Retained earnings		25,958			25,824			26,766			27,332			28,319
Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
Accumulated other comprehensive income (loss)		10,580			6,202			5,100			5,104			8,215
Total MetLife, Inc.’s stockholders’ equity		64,450			60,003			60,927			61,553			65,758
Noncontrolling interests		422			405			341			543			574
Total equity		64,872			60,408			61,268			62,096			66,332
Total liabilities and equity	$	841,685		$	815,662		$	822,643		$	885,296		$	890,903
(1)         At March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, $2,443 million, $2,299 million, $2,120 million, $1,621 million and $1,159 million, respectively, of assets and $2,268 million, $2,127 million, $1,946 million, $1,454 million and $996 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 25 and 26, note 3, for the amounts by asset category.

4

METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	9,103		$	9,157		$	9,054		$	10,269		$	9,217
Universal life and investment-type product policy fees		2,211			2,281			2,276			2,317			2,323
Net investment income		5,082			5,057			4,998			5,257			5,085
Other revenues		481			500			486			487			491
Total operating revenues		16,877			16,995			16,814			18,330			17,116
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,025			9,174			9,243			10,304			9,373
Interest credited to policyholder account balances		1,554			1,521			1,472			1,468			1,401
Capitalization of DAC		(1,256	)		(1,212	)		(1,153	)		(1,165	)		(1,046	)
Amortization of DAC and VOBA		1,016			1,105			979			983			1,050
Amortization of negative VOBA		(131	)		(124	)		(113	)		(156	)		(103	)
Interest expense on debt		288			287			288			296			294
Other expenses		4,083			4,009			4,026			4,478			3,951
Total operating expenses		14,579			14,760			14,742			16,208			14,920
Operating earnings before provision for income tax		2,298			2,235			2,072			2,122			2,196
Provision for income tax expense (benefit)		641			619			547			537			604
Operating earnings		1,657			1,616			1,525			1,585			1,592
Preferred stock dividends		30			31			30			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,627		$	1,585		$	1,495		$	1,554		$	1,562
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,657		$	1,616		$	1,525		$	1,585		$	1,592
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (2), (3)		314			110			(85	)		(178	)		(411	)
Net derivative gains (losses)		(630	)		(1,690	)		(546	)		(373	)		343
Premiums		48			1			40			2			2
Universal life and investment-type product policy fees		80			90			96			100			98
Net investment income		995			225			28			590			(50	)
Other revenues		(1	)		(10	)		(10	)		(13	)		(13	)
Policyholder benefits and claims and policyholder dividends		(683	)		(115	)		(541	)		(281	)		(254	)
Interest credited to policyholder account balances		(1,036	)		(325	)		(128	)		(675	)		(68	)
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		192			147			138			56			(8	)
Amortization of negative VOBA		15			14			13			13			12
Interest expense on debt		(33	)		(34	)		(29	)		(27	)		(18	)
Other expenses (3)		(312	)		(87	)		(72	)		(68	)		(3	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (3), (4)		389			566			544			184			120
Income (loss) from continuing operations, net of income tax		995			508			973			915			1,342
Income (loss) from discontinued operations, net of income tax		(3	)		2			2			1			(3	)
Net income (loss)		992			510			975			916			1,339
Less: Net income (loss) attributable to noncontrolling interests		6			8			3			8			11
Net income (loss) attributable to MetLife, Inc.		986			502			972			908			1,328
Less: Preferred stock dividends		30			31			30			31			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956		$	471		$	942		$	877		$	1,298
Total Operating Premiums, Fees and Other Revenues	$	11,795		$	11,938		$	11,816		$	13,073		$	12,031
(1)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business. (2)          The three months ended March 31, 2014 includes a pre-tax net investment loss of $495 million related to the definitive agreement to sell the wholly owned subsidiary MetLife Assurance Ltd. (3)          The three months ended March 31, 2013 includes net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million related to the settlement of such acquisition tax contingency. (4)          The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

5

METLIFE CONSOLIDATING STATEMENTOF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended March 31, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other
OPERATING REVENUES
Premiums	$	9,217		$	6,695		$	1,890		$	597		$	35
Universal life and investment-type product policy fees		2,323			1,792			389			109			33
Net investment income		5,085			4,202			693			123			67
Other revenues		491			427			27			16			21
Total operating revenues		17,116			13,116			2,999			845			156
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,373			7,680			1,397			261			35
Interest credited to policyholder account balances		1,401			971			387			34			9
Capitalization of DAC		(1,046	)		(358	)		(494	)		(176	)		(18	)
Amortization of DAC and VOBA		1,050			548			338			164			-
Amortization of negative VOBA		(103	)		-			(94	)		(9	)		-
Interest expense on debt		294			2			-			-			292
Other expenses		3,951			2,292			990			456			213
Total operating expenses		14,920			11,135			2,524			730			531
Operating earnings before provision for income tax		2,196			1,981			475			115			(375	)
Provision for income tax expense (benefit)		604			643			147			27			(213	)
Operating earnings		1,592			1,338			328			88			(162	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,562		$	1,338		$	328		$	88		$	(192	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,592		$	1,338		$	328		$	88		$	(162	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(411	)		(517	)		157			(9	)		(42	)
Net derivative gains (losses)		343			286			(7	)		38			26
Premiums		2			(1	)		-			3			-
Universal life and investment-type product policy fees		98			95			-			3			-
Net investment income		(50	)		(113	)		(35	)		87			11
Other revenues		(13	)		-			(13	)		-			-
Policyholder benefits and claims and policyholder dividends		(254	)		(234	)		(18	)		(2	)		-
Interest credited to policyholder account balances		(68	)		(17	)		35			(86	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(8	)		(5	)		1			(4	)		-
Amortization of negative VOBA		12			-			12			-			-
Interest expense on debt		(18	)		-			-			-			(18	)
Other expenses		(3	)		-			6			(2	)		(7	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		120			169			(41	)		(13	)		5
Income (loss) from continuing operations, net of income tax		1,342			1,001			425			103			(187	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		1,339			998			425			103			(187	)
Less: Net income (loss) attributable to noncontrolling interests		11			5			6			-			-
Net income (loss) attributable to MetLife, Inc.		1,328			993			419			103			(187	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,298		$	993		$	419		$	103		$	(217	)
Total Operating Premiums, Fees and Other Revenues	$	12,031		$	8,914		$	2,306		$	722		$	89
(1)          Consolidated and Americas results include a pre-tax net investment loss of $495 million related to the definitive agreement to sell the wholly owned subsidiary MetLife Assurance Ltd.

6

METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended March 31, 2013
Unaudited (In millions)	Consolidated (1)			Americas (1)			Asia			EMEA			Corporate & Other (1)
OPERATING REVENUES
Premiums	$	9,103		$	6,512		$	1,998		$	567		$	26
Universal life and investment-type product policy fees		2,211			1,640			444			91			36
Net investment income		5,082			4,081			732			128			141
Other revenues		481			428			13			27			13
Total operating revenues		16,877			12,661			3,187			813			216
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,025			7,364			1,415			237			9
Interest credited to policyholder account balances		1,554			1,065			442			35			12
Capitalization of DAC		(1,256	)		(529	)		(546	)		(177	)		(4	)
Amortization of DAC and VOBA		1,016			450			401			165			-
Amortization of negative VOBA		(131	)		(1	)		(113	)		(17	)		-
Interest expense on debt		288			1			-			1			286
Other expenses		4,083			2,377			1,094			448			164
Total operating expenses		14,579			10,727			2,693			692			467
Operating earnings before provision for income tax		2,298			1,934			494			121			(251	)
Provision for income tax expense (benefit)		641			641			161			34			(195	)
Operating earnings		1,657			1,293			333			87			(56	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,627		$	1,293		$	333		$	87		$	(86	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,657		$	1,293		$	333		$	87		$	(56	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (2)		314			112			128			16			58
Net derivative gains (losses)		(630	)		(171	)		(552	)		(6	)		99
Premiums		48			48			-			-			-
Universal life and investment-type product policy fees		80			81			1			(2	)		-
Net investment income		995			(76	)		638			393			40
Other revenues		(1	)		-			-			-			(1	)
Policyholder benefits and claims and policyholder dividends		(683	)		(539	)		(144	)		-			-
Interest credited to policyholder account balances		(1,036	)		(13	)		(639	)		(384	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		192			178			10			4			-
Amortization of negative VOBA		15			-			15			-			-
Interest expense on debt		(33	)		-			-			-			(33	)
Other expenses (2)		(312	)		(3	)		(150	)		(3	)		(156	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit (2)		389			133			283			(22	)		(5	)
Income (loss) from continuing operations, net of income tax		995			1,043			(77	)		83			(54	)
Income (loss) from discontinued operations, net of income tax		(3	)		-			(3	)		-			-
Net income (loss)		992			1,043			(80	)		83			(54	)
Less: Net income (loss) attributable to noncontrolling interests		6			-			4			2			-
Net income (loss) attributable to MetLife, Inc.		986			1,043			(84	)		81			(54	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956		$	1,043		$	(84	)	$	81		$	(84	)
Total Operating Premiums, Fees and Other Revenues	$	11,795		$	8,580		$	2,455		$	685		$	75
(1)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business. (2)          Consolidated and Asia results include net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency.

7

METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
AMERICAS
RETAIL	$	626		$	581		$	659		$	658		$	612
GROUP, VOLUNTARY & WORKSITE BENEFITS		230			275			226			231			188
CORPORATE BENEFIT FUNDING (2)		294			346			298			357			355
LATIN AMERICA		143			125			133			173			183
AMERICAS TOTAL (2)	$	1,293		$	1,327		$	1,316		$	1,419		$	1,338
ASIA		333			330			257			324			328
EMEA		87			68			85			89			88
CORPORATE & OTHER (2)		(86	)		(140	)		(163	)		(278	)		(192	)
METLIFE TOTAL (2)	$	1,627		$	1,585		$	1,495		$	1,554		$	1,562
(1)          A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 9 (ii) Group, Voluntary & Worksite Benefits, Page 15, (iii) Corporate Benefit Funding, Page 18, (iv) Latin America, Page 21, (v) Asia, Page 22, (vi) EMEA, Page 23, and (vii) Corporate & Other, Page 24. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 5. (2)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

8

AMERICAS RETAIL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013				June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	1,547			$	1,581		$	1,607		$	1,793		$	1,724		$	1,547		$	1,724
Universal life and investment-type product policy fees		1,167				1,238			1,257			1,250			1,247			1,167			1,247
Net investment income		1,961				1,987			1,928			2,022			2,014			1,961			2,014
Other revenues		243				257			267			251			245			243			245
Total operating revenues		4,918				5,063			5,059			5,316			5,230			4,918			5,230
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,153				2,272			2,234			2,369			2,407			2,153			2,407
Interest credited to policyholder account balances		579				589			582			581			555			579			555
Capitalization of DAC		(374	)			(344	)		(318	)		(273	)		(234	)		(374	)		(234	)
Amortization of DAC and VOBA		331				396			315			342			429			331			429
Amortization of negative VOBA		-				-			-			-			-			-			-
Interest expense on debt		-				1			(1	)		-			-			-			-
Other expenses		1,278				1,265			1,245			1,296			1,142			1,278			1,142
Total operating expenses		3,967				4,179			4,057			4,315			4,299			3,967			4,299
Operating earnings before provision for income tax		951				884			1,002			1,001			931			951			931
Provision for income tax expense (benefit)		325				303			343			343			319			325			319
Operating earnings		626				581			659			658			612			626			612
Preferred stock dividends		-				-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	626			$	581		$	659		$	658		$	612		$	626		$	612
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	626			$	581		$	659		$	658		$	612		$	626		$	612
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		73				23			(28	)		2			6			73			6
Net derivative gains (losses)		(156	)			(421	)		(202	)		55			71			(156	)		71
Premiums		-				-			-			-			-			-			-
Universal life and investment-type product policy fees		80				79			92			92			93			80			93
Net investment income		(119	)			(117	)		(118	)		(117	)		(117	)		(119	)		(117	)
Other revenues		-		��		-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(403	)			(149	)		(413	)		(367	)		(118	)		(403	)		(118	)
Interest credited to policyholder account balances		-				-			-			-			-			-			-
Capitalization of DAC		-				-			-			-			-			-			-
Amortization of DAC and VOBA		178				155			137			64			(5	)		178			(5	)
Amortization of negative VOBA		-				-			-			-			-			-			-
Interest expense on debt		-				-			-			-			-			-			-
Other expenses		-				-			-			-			-			-			-
Goodwill impairment		-				-			-			-			-			-			-
Provision for income tax (expense) benefit		122				150			186			96			25			122			25
Income (loss) from continuing operations, net of income tax		401				301			313			483			567			401			567
Income (loss) from discontinued operations, net of income tax		-				-			-			1			(2	)		-			(2	)
Net income (loss)		401				301			313			484			565			401			565
Less: Net income (loss) attributable to noncontrolling interests		-				-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		401				301			313			484			565			401			565
Less: Preferred stock dividends		-				-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	401			$	301		$	313		$	484		$	565		$	401		$	565
Total Operating Premiums, Fees and Other Revenues	$	2,957			$	3,076		$	3,131		$	3,294		$	3,216		$	2,957		$	3,216

9

AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	1,448		$	1,493		$	1,511		$	1,617		$	1,486		$	1,448		$	1,486
Universal life and investment-type product policy fees		396			417			415			395			400			396			400
Net investment income		1,204			1,198			1,178			1,254			1,235			1,204			1,235
Other revenues		144			160			152			144			137			144			137
Total operating revenues		3,192			3,268			3,256			3,410			3,258			3,192			3,258
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,926			2,053			1,971			2,045			2,032			1,926			2,032
Interest credited to policyholder account balances		215			222			226			226			219			215			219
Capitalization of DAC		(181	)		(200	)		(176	)		(172	)		(145	)		(181	)		(145	)
Amortization of DAC and VOBA		201			200			232			171			201			201			201
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			(1	)		-			-			-			-
Other expenses		652			675			652			713			586			652			586
Total operating expenses		2,813			2,950			2,904			2,983			2,893			2,813			2,893
Operating earnings before provision for income tax		379			318			352			427			365			379			365
Provision for income tax expense (benefit)		125			105			115			142			121			125			121
Operating earnings		254			213			237			285			244			254			244
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	254		$	213		$	237		$	285		$	244		$	254		$	244
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	254		$	213		$	237		$	285		$	244		$	254		$	244
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		24			(1	)		(3	)		(1	)		(14	)		24			(14	)
Net derivative gains (losses)		(8	)		(87	)		(95	)		11			69			(8	)		69
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(2	)		(4	)		(3	)		-			-			(2	)		-
Net investment income		(49	)		(47	)		(52	)		(53	)		(55	)		(49	)		(55	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(13	)		(11	)		(10	)		(20	)		(16	)		(13	)		(16	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		17			52			57			23			6			17			6
Income (loss) from continuing operations, net of income tax		223			115			131			245			234			223			234
Income (loss) from discontinued operations, net of income tax		-			-			-			1			(2	)		-			(2	)
Net income (loss)		223			115			131			246			232			223			232
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		223			115			131			246			232			223			232
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	223		$	115		$	131		$	246		$	232		$	223		$	232
Total Operating Premiums, Fees and Other Revenues	$	1,988		$	2,070		$	2,078		$	2,156		$	2,023		$	1,988		$	2,023

10

AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	99		$	88		$	96		$	176		$	238		$	99		$	238
Universal life and investment-type product policy fees		771			821			842			855			847			771			847
Net investment income		757			789			750			768			779			757			779
Other revenues		99			97			115			107			108			99			108
Total operating revenues		1,726			1,795			1,803			1,906			1,972			1,726			1,972
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		227			219			263			324			375			227			375
Interest credited to policyholder account balances		364			367			356			355			336			364			336
Capitalization of DAC		(193	)		(144	)		(142	)		(101	)		(89	)		(193	)		(89	)
Amortization of DAC and VOBA		130			196			83			171			228			130			228
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			-			-			-
Other expenses		626			590			593			583			556			626			556
Total operating expenses		1,154			1,229			1,153			1,332			1,406			1,154			1,406
Operating earnings before provision for income tax		572			566			650			574			566			572			566
Provision for income tax expense (benefit)		200			198			228			201			198			200			198
Operating earnings		372			368			422			373			368			372			368
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	372		$	368		$	422		$	373		$	368		$	372		$	368
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	372		$	368		$	422		$	373		$	368		$	372		$	368
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		49			24			(25	)		3			20			49			20
Net derivative gains (losses)		(148	)		(334	)		(107	)		44			2			(148	)		2
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		82			83			95			92			93			82			93
Net investment income		(70	)		(70	)		(66	)		(64	)		(62	)		(70	)		(62	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(403	)		(149	)		(413	)		(367	)		(118	)		(403	)		(118	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		191			166			147			84			11			191			11
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		105			98			129			73			19			105			19
Income (loss) from continuing operations, net of income tax		178			186			182			238			333			178			333
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		178			186			182			238			333			178			333
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		178			186			182			238			333			178			333
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	178		$	186		$	182		$	238		$	333		$	178		$	333
Total Operating Premiums, Fees and Other Revenues	$	969		$	1,006		$	1,053		$	1,138		$	1,193		$	969		$	1,193

11

AMERICAS

RETAIL

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	83,826		$	84,008		$	84,419		$	84,811		$	85,300
Premiums and deposits (2), (3)		1,991			2,030			1,966			2,110			1,980
Surrenders and withdrawals		(901	)		(823	)		(825	)		(790	)		(753	)
Benefit payments		(821	)		(781	)		(716	)		(707	)		(851	)
Net Flows		269			426			425			613			376
Net transfers from (to) separate account		46			50			22			35			28
Interest		809			819			825			827			824
Policy charges		(462	)		(482	)		(473	)		(475	)		(477	)
Other		(480	)		(402	)		(407	)		(511	)		(445	)
Balance, end of period	$	84,008		$	84,419		$	84,811		$	85,300		$	85,606
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	51,542		$	50,020		$	48,990		$	48,428		$	46,988
Premiums and deposits (2), (3)		1,019			772			816			816			842
Surrenders and withdrawals		(1,023	)		(998	)		(908	)		(1,372	)		(1,163	)
Benefit payments		(405	)		(420	)		(408	)		(396	)		(414	)
Net Flows		(409	)		(646	)		(500	)		(952	)		(735	)
Net transfers from (to) separate account		(555	)		(214	)		58			(119	)		(21	)
Interest		424			429			417			415			395
Policy charges		(12	)		(15	)		(13	)		(12	)		(13	)
Other		(970	)		(584	)		(524	)		(772	)		285
Balance, end of period	$	50,020		$	48,990		$	48,428		$	46,988		$	46,899
SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	8,463		$	8,957		$	8,919		$	9,420		$	9,945
Premiums and deposits (3)		172			165			163			166			164
Surrenders and withdrawals		(118	)		(116	)		(108	)		(102	)		(113	)
Benefit payments		(10	)		(11	)		(10	)		(11	)		(16	)
Net Flows		44			38			45			53			35
Investment performance		632			108			604			647			151
Net transfers from (to) general account		(46	)		(50	)		(22	)		(35	)		(28	)
Policy charges		(129	)		(132	)		(132	)		(132	)		(133	)
Other		(7	)		(2	)		6			(8	)		1
Balance, end of period	$	8,957		$	8,919		$	9,420		$	9,945		$	9,971
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	142,050		$	150,826		$	149,117		$	155,977		$	162,436
Premiums and deposits (3)		2,964			2,382			2,240			1,451			1,331
Surrenders and withdrawals		(2,175	)		(2,444	)		(2,289	)		(2,594	)		(2,631	)
Benefit payments		(269	)		(317	)		(295	)		(301	)		(320	)
Net Flows		520			(379	)		(344	)		(1,444	)		(1,620	)
Investment performance		8,434			(684	)		8,165			8,664			2,723
Net transfers from (to) general account		555			214			(58	)		119			21
Policy charges		(734	)		(860	)		(903	)		(880	)		(849	)
Other		1			-			-			-			2
Balance, end of period	$	150,826		$	149,117		$	155,977		$	162,436		$	162,713
(1)          All of the retail property & casualty activity is reflected within the “Other” category. (2)          Includes premiums and deposits directed to the General Account investment option of variable products. (3)          Includes company sponsored internal exchanges.

12

AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Direct and allocated expenses	$	451	$	451	$	470	$	542	$	445
Pension and post-retirement benefit costs		60		60		60		60		58
Premium taxes, other taxes, and licenses & fees		40		41		36		43		39
Total fixed operating expenses	$	551	$	552	$	566	$	645	$	542
Commissions and other variable expenses		727		713		679		651		600
Total other expenses	$	1,278	$	1,265	$	1,245	$	1,296	$	1,142
SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Life Sales (1)
Term Life	$	23	$	26	$	21	$	22	$	16
Whole Life		29		31		36		41		29
Variable Life		9		9		11		8		7
Universal Life		43		47		17		16		12
Total life sales	$	104	$	113	$	85	$	87	$	64
Annuity Sales (2)
Fixed and indexed annuity sales	$	213	$	191	$	188	$	422	$	426
Variable annuity sales		3,520		2,761		2,693		1,669		1,603
Total annuity sales	$	3,733	$	2,952	$	2,881	$	2,091	$	2,029
Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	2,822	$	2,277	$	2,175	$	1,397	$	1,290
General Accounts
Fixed and indexed annuity		213		191		188		422		426
Variable annuity		698		484		518		272		313
Total general accounts		911		675		706		694		739
Total annuity premiums and deposits	$	3,733	$	2,952	$	2,881	$	2,091	$	2,029
(1)          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. (2)          Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

13

AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE (1)
	For the Three Months Ended
Unaudited	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Investment income yield excluding variable investment income		6.30%		6.22%		6.17%		6.13%		6.13%
Variable investment income yield		0.54%		0.31%		0.04%		0.54%		0.53%
Total investment income yield		6.84%		6.53%		6.21%		6.67%		6.66%
Average crediting rate		4.50%		4.52%		4.52%		4.50%		4.50%
Annualized general account spread		2.34%		2.01%		1.69%		2.17%		2.16%
Annualized general account spread excluding variable investment income yield		1.80%		1.70%		1.65%		1.63%		1.63%
DEFERRED ANNUITIES (2)
	For the Three Months Ended
Unaudited	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Investment income yield excluding variable investment income		6.21%		6.37%		6.07%		6.01%		5.88%
Variable investment income yield		0.13%		0.16%		0.13%		0.27%		0.36%
Total investment income yield		6.34%		6.53%		6.20%		6.28%		6.24%
Average crediting rate		3.38%		3.39%		3.39%		3.38%		3.29%
Annualized general account spread		2.96%		3.14%		2.81%		2.90%		2.95%
Annualized general account spread excluding variable investment income yield		2.83%		2.98%		2.68%		2.63%		2.59%
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Life (3)
Operating premiums, fees and other revenues	$	1,349	$	1,399	$	1,406	$	1,485	$	1,368
Interest Adjusted Benefit Ratio (4)		52.1%		53.6%		51.0%		54.2%		56.9%
Lapse Ratio (5)
Traditional life		5.8%		5.8%		5.9%		5.9%		5.8%
Variable & universal life		4.9%		4.8%		4.6%		4.5%		4.3%
Fixed annuity		8.4%		8.6%		8.8%		9.9%		10.5%
Variable annuity		5.9%		6.0%		6.1%		6.2%		6.3%
Retail Property & Casualty
Operating premiums, fees and other revenues	$	429	$	440	$	451	$	453	$	447
Combined ratio including catastrophes		94.5%		107.5%		92.6%		88.6%		94.3%
Combined ratio excluding catastrophes		88.7%		86.1%		86.3%		85.2%		89.3%
(1)          Represents the general account spread for variable & universal life, a component of Life & Other. (2)          Represents the general account spread for deferred annuities, a component of Annuities. (3)          Represents traditional life and variable & universal life, components of Life & Other. (4)          The historical Retail Life Mortality Ratio was changed to an Interest Adjusted Benefit Ratio to include the impact of reinsurance in the claims experience. (5)          Lapse ratios are calculated based on the average of the most recent 12 months of experience.

14

AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	3,874		$	3,797		$	3,767		$	3,812		$	4,002		$	3,874		$	4,002
Universal life and investment-type product policy fees		180			170			171			167			177			180			177
Net investment income		453			472			459			472			453			453			453
Other revenues		108			105			103			102			107			108			107
Total operating revenues		4,615			4,544			4,500			4,553			4,739			4,615			4,739
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,640			3,514			3,527			3,546			3,781			3,640			3,781
Interest credited to policyholder account balances		39			39			38			39			40			39			40
Capitalization of DAC		(33	)		(35	)		(37	)		(36	)		(34	)		(33	)		(34	)
Amortization of DAC and VOBA		34			33			37			36			36			34			36
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			-			-			-
Other expenses		588			578			595			619			628			588			628
Total operating expenses		4,268			4,130			4,160			4,204			4,451			4,268			4,451
Operating earnings before provision for income tax		347			414			340			349			288			347			288
Provision for income tax expense (benefit)		117			139			114			118			100			117			100
Operating earnings		230			275			226			231			188			230			188
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	230		$	275		$	226		$	231		$	188		$	230		$	188
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	230		$	275		$	226		$	231		$	188		$	230		$	188
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		17			(28	)		(3	)		(7	)		(11	)		17			(11	)
Net derivative gains (losses)		(129	)		(310	)		(173	)		(64	)		116			(129	)		116
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(40	)		(45	)		(44	)		(43	)		(39	)		(40	)		(39	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		53			134			78			39			(23	)		53			(23	)
Income (loss) from continuing operations, net of income tax		131			26			84			156			231			131			231
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		131			26			84			156			231			131			231
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		131			26			84			156			231			131			231
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	131		$	26		$	84		$	156		$	231		$	131		$	231
Operating Premiums, Fees and Other Revenues
Group	$	3,557		$	3,456		$	3,420		$	3,455		$	3,657		$	3,557		$	3,657
Voluntary & Worksite		605			616			621			626			629			605			629
Total Group, Voluntary & Worksite Benefits	$	4,162		$	4,072		$	4,041		$	4,081		$	4,286		$	4,162		$	4,286

15

AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS FUTURE POLICY BENEFITSAND POLICYHOLDER ACCOUNT BALANCES (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	26,772		$	26,444		$	25,974		$	26,064		$	26,228
Premiums and deposits		4,445			4,327			4,515			4,283			4,546
Surrenders and withdrawals		(832	)		(795	)		(998	)		(723	)		(725	)
Benefit payments		(3,297	)		(3,150	)		(3,145	)		(3,213	)		(3,390	)
Net Flows		316			382			372			347			431
Net transfers from (to) separate account		-			-			-			-			-
Interest		211			214			218			221			219
Policy charges		(130	)		(131	)		(131	)		(118	)		(137	)
Other		(725	)		(935	)		(369	)		(286	)		(281	)
Balance, end of period	$	26,444		$	25,974		$	26,064		$	26,228		$	26,460
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	532		$	562		$	566		$	602		$	644
Premiums and deposits		49			50			52			50			54
Surrenders and withdrawals		(13	)		(11	)		(12	)		(11	)		(14	)
Benefit payments		(1	)		(1	)		-			-			(1	)
Net Flows		35			38			40			39			39
Investment performance		37			9			39			46			9
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(41	)		(42	)		(42	)		(42	)		(44	)
Other		(1	)		(1	)		(1	)		(1	)		(2	)
Balance, end of period	$	562		$	566		$	602		$	644		$	646
(1)          All of the group property & casualty activity is reflected within the “Other” category.

16

AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Direct and allocated expenses	$	421	$	404	$	422	$	442	$	441
Pension and post-retirement benefit costs		25		25		25		25		24
Premium taxes, other taxes, and licenses & fees		58		62		59		57		71
Total fixed operating expenses	$	504	$	491	$	506	$	524	$	536
Commissions and other variable expenses		84		87		89		95		92
Total other expenses	$	588	$	578	$	595	$	619	$	628
SPREAD (1)
	For the Three Months Ended
Unaudited	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Investment income yield excluding variable investment income		5.95%		5.97%		5.91%		5.72%		5.57%
Variable investment income yield		0.21%		0.36%		0.16%		0.45%		0.34%
Total investment income yield		6.16%		6.33%		6.07%		6.17%		5.91%
Average crediting rate		3.31%		3.33%		3.30%		3.36%		3.36%
Annualized general account spread		2.85%		3.00%		2.77%		2.81%		2.55%
Annualized general account spread excluding variable investment income yield		2.64%		2.64%		2.61%		2.36%		2.21%
OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Group Life (2)
Operating premiums, fees and other revenues	$	1,438	$	1,406	$	1,352	$	1,368	$	1,436
Mortality ratio		91.3%		86.5%		90.3%		87.9%		93.6%
Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,604	$	1,605	$	1,602	$	1,593	$	1,695
Interest Adjusted Loss Ratio (4)		79.6%		80.0%		80.6%		80.9%		78.8%
Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	345	$	358	$	363	$	367	$	366
Combined ratio including catastrophes		92.8%		97.7%		90.2%		93.7%		98.2%
Combined ratio excluding catastrophes		90.4%		92.1%		87.5%		92.9%		94.3%
(1)          Excludes group property & casualty. (2)          Excludes accidental death and dismemberment (“AD&D”) and certain experience-rated contracts. (3)          Includes dental, disability, long-term care (“LTC”), AD&D, critical illness, vision and other health. (4)          The historical Group Non-Medical Health Benefit Ratio was changed to an Interest Adjusted Loss Ratio to reflect actual claims experience while removing the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability. (5)          Excludes the portion of group property & casualty reported in the Latin America segment.

17

AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OFOPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	416		$	503		$	450		$	1,398		$	301		$	416		$	301
Universal life and investment-type product policy fees		68			65			54			60			57			68			57
Net investment income		1,390			1,402			1,384			1,445			1,410			1,390			1,410
Other revenues		73			67			68			70			68			73			68
Total operating revenues		1,947			2,037			1,956			2,973			1,836			1,947			1,836
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,017			1,080			1,071			2,012			888			1,017			888
Interest credited to policyholder account balances		343			305			292			293			278			343			278
Capitalization of DAC		(17	)		(6	)		(2	)		(2	)		(1	)		(17	)		(1	)
Amortization of DAC and VOBA		11			6			4			2			4			11			4
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			3			2			2			2			2
Other expenses		139			116			129			120			120			139			120
Total operating expenses		1,495			1,503			1,497			2,427			1,291			1,495			1,291
Operating earnings before provision for income tax		452			534			459			546			545			452			545
Provision for income tax expense (benefit)		158			188			161			189			190			158			190
Operating earnings		294			346			298			357			355			294			355
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	294		$	346		$	298		$	357		$	355		$	294		$	355
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	294		$	346		$	298		$	357		$	355		$	294		$	355
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (2)		22			(3	)		(15	)		(12	)		(541	)		22			(541	)
Net derivative gains (losses)		105			(209	)		(140	)		9			103			105			103
Premiums		48			-			40			4			-			48			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		75			46			40			44			40			75			40
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(73	)		1			(76	)		(30	)		(33	)		(73	)		(33	)
Interest credited to policyholder account balances		(2	)		(2	)		(6	)		(3	)		(3	)		(2	)		(3	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(3	)		(6	)		(5	)		(5	)		(6	)		(3	)		(6	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(61	)		61			57			(4	)		148			(61	)		148
Income (loss) from continuing operations, net of income tax		405			234			193			360			63			405			63
Income (loss) from discontinued operations, net of income tax		-			-			-			-			(1	)		-			(1	)
Net income (loss)		405			234			193			360			62			405			62
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		405			234			193			360			62			405			62
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	405		$	234		$	193		$	360		$	62		$	405		$	62
Total Operating Premiums, Fees and Other Revenues	$	557		$	635		$	572		$	1,528		$	426		$	557		$	426
(1)         Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business. (2)         The three months and year-to-date period ended March 31, 2014 include a pre-tax net investment loss of $495 million related to the definitive agreement to sell the wholly owned subsidiary MetLife Assurance Ltd.

18

AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICYBENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	116,910		$	119,187		$	112,395		$	111,203		$	112,454
Premiums and deposits		14,742			13,826			12,224			13,100			11,769
Surrenders and withdrawals		(11,765	)		(17,483	)		(12,717	)		(11,584	)		(14,691	)
Benefit payments		(838	)		(847	)		(881	)		(848	)		(869	)
Net Flows		2,139			(4,504	)		(1,374	)		668			(3,791	)
Net transfers from (to) separate account		5			(5	)		(4	)		2			30
Interest		1,005			975			960			962			941
Policy charges		(29	)		(38	)		(40	)		(15	)		(38	)
Other		(843	)		(3,220	)		(734	)		(366	)		477
Balance, end of period	$	119,187		$	112,395		$	111,203		$	112,454		$	110,073
SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Balance, beginning of period	$	71,875		$	75,735		$	74,845		$	76,029		$	77,023
Premiums and deposits		1,868			1,982			2,557			1,915			2,244
Surrenders and withdrawals		(1,414	)		(922	)		(1,209	)		(1,127	)		(1,530	)
Benefit payments		(19	)		(20	)		(13	)		(16	)		(21	)
Net Flows		435			1,040			1,335			772			693
Investment performance		697			(1,286	)		860			787			1,395
Net transfers from (to) general account		(5	)		5			4			(2	)		(30	)
Policy charges		(86	)		(85	)		(81	)		(81	)		(77	)
Other		2,819			(564	)		(934	)		(482	)		608
Balance, end of period	$	75,735		$	74,845		$	76,029		$	77,023		$	79,612
(1)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

19

AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Direct and allocated expenses	$	65	$	65	$	76	$	68	$	70
Pension and post-retirement benefit costs		14		14		14		14		13
Premium taxes, other taxes, and licenses & fees		3		4		4		2		5
Total fixed operating expenses	$	82	$	83	$	94	$	84	$	88
Commissions and other variable expenses		57		33		35		36		32
Total other expenses	$	139	$	116	$	129	$	120	$	120
SPREAD
	For the Three Months Ended
Unaudited	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013		March 31, 2014
Investment income yield excluding variable investment income		4.68%		4.68%		4.80%		4.77%		4.67%
Variable investment income yield		0.28%		0.33%		0.23%		0.44%		0.39%
Total investment income yield		4.96%		5.01%		5.03%		5.21%		5.06%
Average crediting rate		3.53%		3.42%		3.46%		3.44%		3.41%
Annualized general account spread		1.43%		1.59%		1.57%		1.77%		1.65%
Annualized general account spread excluding variable investment income yield		1.15%		1.26%		1.34%		1.33%		1.26%
(1)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

20

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)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	675		$	710		$	692		$	747		$	668		$	675		$	668
Universal life and investment-type product policy fees		225			235			222			309			311			225			311
Net investment income		277			281			354			334			325			277			325
Other revenues		4			5			-			14			7			4			7
Total operating revenues		1,181			1,231			1,268			1,404			1,311			1,181			1,311
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		554			601			637			662			604			554			604
Interest credited to policyholder account balances		104			103			106			104			98			104			98
Capitalization of DAC		(105	)		(108	)		(103	)		(108	)		(89	)		(105	)		(89	)
Amortization of DAC and VOBA		74			83			63			90			79			74			79
Amortization of negative VOBA		(1	)		-			(1	)		-			-			(1	)		-
Interest expense on debt		(1	)		1			-			-			-			(1	)		-
Other expenses		372			390			395			455			402			372			402
Total operating expenses		997			1,070			1,097			1,203			1,094			997			1,094
Operating earnings before provision for income tax		184			161			171			201			217			184			217
Provision for income tax expense (benefit)		41			36			38			28			34			41			34
Operating earnings		143			125			133			173			183			143			183
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	143		$	125		$	133		$	173		$	183		$	143		$	183
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	143		$	125		$	133		$	173		$	183		$	143		$	183
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			9			(5	)		16			29			-			29
Net derivative gains (losses)		9			(28	)		3			(8	)		(4	)		9			(4	)
Premiums		-			1			-			(2	)		(1	)		-			(1	)
Universal life and investment-type product policy fees		1			2			2			1			2			1			2
Net investment income		8			1			42			29			3			8			3
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(63	)		171			(11	)		81			(83	)		(63	)		(83	)
Interest credited to policyholder account balances		(11	)		(3	)		(51	)		(35	)		(14	)		(11	)		(14	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			(1	)		-			5			6			-			6
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		19			(49	)		3			(44	)		19			19			19
Income (loss) from continuing operations, net of income tax		106			228			116			216			140			106			140
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		106			228			116			216			140			106			140
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			5			5			-			5
Net income (loss) attributable to MetLife, Inc.		106			228			116			211			135			106			135
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	106		$	228		$	116		$	211		$	135		$	106		$	135
Total Operating Premiums, Fees and Other Revenues	$	904		$	950		$	914		$	1,070		$	986		$	904		$	986

21

ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	1,998		$	1,980		$	1,922		$	1,901		$	1,890		$	1,998		$	1,890
Universal life and investment-type product policy fees		444			442			438			398			389			444			389
Net investment income		732			723			696			764			693			732			693
Other revenues		13			28			22			29			27			13			27
Total operating revenues		3,187			3,173			3,078			3,092			2,999			3,187			2,999
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,415			1,433			1,506			1,401			1,397			1,415			1,397
Interest credited to policyholder account balances		442			437			407			404			387			442			387
Capitalization of DAC		(546	)		(522	)		(515	)		(560	)		(494	)		(546	)		(494	)
Amortization of DAC and VOBA		401			392			393			356			338			401			338
Amortization of negative VOBA		(113	)		(113	)		(99	)		(102	)		(94	)		(113	)		(94	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,094			1,054			1,040			1,124			990			1,094			990
Total operating expenses		2,693			2,681			2,732			2,623			2,524			2,693			2,524
Operating earnings before provision for income tax		494			492			346			469			475			494			475
Provision for income tax expense (benefit)		161			162			89			145			147			161			147
Operating earnings		333			330			257			324			328			333			328
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	333		$	330		$	257		$	324		$	328		$	333		$	328
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	333		$	330		$	257		$	324		$	328		$	333		$	328
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		128			85			52			78			157			128			157
Net derivative gains (losses)		(552	)		(486	)		164			(183	)		(7	)		(552	)		(7	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			2			1			(2	)		-			1			-
Net investment income		638			446			(64	)		400			(35	)		638			(35	)
Other revenues		-			(10	)		(11	)		(13	)		(13	)		-			(13	)
Policyholder benefits and claims and policyholder dividends		(144	)		(138	)		(41	)		(18	)		(18	)		(144	)		(18	)
Interest credited to policyholder account balances		(639	)		(438	)		64			(407	)		35			(639	)		35
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		10			1			1			3			1			10			1
Amortization of negative VOBA		15			14			13			13			12			15			12
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		(150	)		6			6			6			6			(150	)		6
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		283			154			94			(44	)		(41	)		283			(41	)
Income (loss) from continuing operations, net of income tax		(77	)		(34	)		536			157			425			(77	)		425
Income (loss) from discontinued operations, net of income tax		(3	)		(1	)		1			-			-			(3	)		-
Net income (loss)		(80	)		(35	)		537			157			425			(80	)		425
Less: Net income (loss) attributable to noncontrolling interests		4			5			6			7			6			4			6
Net income (loss) attributable to MetLife, Inc.		(84	)		(40	)		531			150			419			(84	)		419
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(84	)	$	(40	)	$	531		$	150		$	419		$	(84	)	$	419
Total Operating Premiums, Fees and Other Revenues	$	2,455		$	2,450		$	2,382		$	2,328		$	2,306		$	2,455		$	2,306
(1)         The three months and year-to-date period ended March 31, 2013 include net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million, which are related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million, which are related to the settlement of such acquisition tax contingency. (2)         The three months ended September 30, 2013 and December 31, 2013 include a deferred tax benefit (expense) of $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

22

EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	567		$	558		$	586		$	586		$	597		$	567		$	597
Universal life and investment-type product policy fees		91			96			100			99			109			91			109
Net investment income		128			120			124			126			123			128			123
Other revenues		27			34			21			15			16			27			16
Total operating revenues		813			808			831			826			845			813			845
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		237			256			243			303			261			237			261
Interest credited to policyholder account balances		35			37			37			38			34			35			34
Capitalization of DAC		(177	)		(192	)		(173	)		(172	)		(176	)		(177	)		(176	)
Amortization of DAC and VOBA		165			195			166			157			164			165			164
Amortization of negative VOBA		(17	)		(11	)		(13	)		(54	)		(9	)		(17	)		(9	)
Interest expense on debt		1			(1	)		-			1			-			1			-
Other expenses		448			460			443			459			456			448			456
Total operating expenses		692			744			703			732			730			692			730
Operating earnings before provision for income tax		121			64			128			94			115			121			115
Provision for income tax expense (benefit)		34			(4	)		43			5			27			34			27
Operating earnings		87			68			85			89			88			87			88
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	87		$	68		$	85		$	89		$	88		$	87		$	88
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	87		$	68		$	85		$	89		$	88		$	87		$	88
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		16			23			10			(65	)		(9	)		16			(9	)
Net derivative gains (losses)		(6	)		(4	)		30			(26	)		38			(6	)		38
Premiums		-			-			-			-			3			-			3
Universal life and investment-type product policy fees		(2	)		7			1			9			3			(2	)		3
Net investment income		393			(132	)		150			255			87			393			87
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			53			(2	)		-			(2	)
Interest credited to policyholder account balances		(384	)		118			(135	)		(230	)		(86	)		(384	)		(86	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		4			(9	)		-			(11	)		(4	)		4			(4	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(3	)		(5	)		(7	)		3			(2	)		(3	)		(2	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(22	)		3			(17	)		3			(13	)		(22	)		(13	)
Income (loss) from continuing operations, net of income tax		83			69			117			80			103			83			103
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		83			69			117			80			103			83			103
Less: Net income (loss) attributable to noncontrolling interests		2			-			1			-			-			2			-
Net income (loss) attributable to MetLife, Inc.		81			69			116			80			103			81			103
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	81		$	69		$	116		$	80		$	103		$	81		$	103
Total Operating Premiums, Fees and Other Revenues	$	685		$	688		$	707		$	700		$	722		$	685		$	722

23

CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGSAVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	26		$	28		$	30		$	32		$	35		$	26		$	35
Universal life and investment-type product policy fees		36			35			34			34			33			36			33
Net investment income		141			72			53			94			67			141			67
Other revenues		13			4			5			6			21			13			21
Total operating revenues		216			139			122			166			156			216			156
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9			18			25			11			35			9			35
Interest credited to policyholder account balances		12			11			10			9			9			12			9
Capitalization of DAC		(4	)		(5	)		(5	)		(14	)		(18	)		(4	)		(18	)
Amortization of DAC and VOBA		-			-			1			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		286			283			286			293			292			286			292
Other expenses		164			146			179			405			213			164			213
Total operating expenses		467			453			496			704			531			467			531
Operating earnings before provision for income tax		(251	)		(314	)		(374	)		(538	)		(375	)		(251	)		(375	)
Provision for income tax expense (benefit)		(195	)		(205	)		(241	)		(291	)		(213	)		(195	)		(213	)
Operating earnings		(56	)		(109	)		(133	)		(247	)		(162	)		(56	)		(162	)
Preferred stock dividends		30			31			30			31			30			30			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(86	)	$	(140	)	$	(163	)	$	(278	)	$	(192	)	$	(86	)	$	(192	)
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(56	)	$	(109	)	$	(133	)	$	(247	)	$	(162	)	$	(56	)	$	(162	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		58			1			(96	)		(190	)		(42	)		58			(42	)
Net derivative gains (losses)		99			(232	)		(228	)		(156	)		26			99			26
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		40			26			22			22			11			40			11
Other revenues		(1	)		-			1			-			-			(1	)		-
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		(33	)		(34	)		(29	)		(27	)		(18	)		(33	)		(18	)
Other expenses		(156	)		(81	)		(66	)		(77	)		(7	)		(156	)		(7	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(5	)		113			143			138			5			(5	)		5
Income (loss) from continuing operations, net of income tax		(54	)		(316	)		(386	)		(537	)		(187	)		(54	)		(187	)
Income (loss) from discontinued operations, net of income tax		-			3			1			-			-			-			-
Net income (loss)		(54	)		(313	)		(385	)		(537	)		(187	)		(54	)		(187	)
Less: Net income (loss) attributable to noncontrolling interests		-			3			(4	)		(4	)		-			-			-
Net income (loss) attributable to MetLife, Inc.		(54	)		(316	)		(381	)		(533	)		(187	)		(54	)		(187	)
Less: Preferred stock dividends		30			31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(84	)	$	(347	)	$	(411	)	$	(564	)	$	(217	)	$	(84	)	$	(217	)
Total Operating Premiums, Fees and Other Revenues	$	75		$	67		$	69		$	72		$	89		$	75		$	89
(1)          Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

24

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Fixed Maturity Securities
Yield (1)		4.83%			4.71%			4.92%			4.90%			4.76%
Investment income (2), (3), (4)	$	3,833		$	3,687		$	3,792		$	3,786		$	3,685
Investment gains (losses) (3)		313			144			(77	)		30			95
Ending carrying value (2), (3)		375,275			357,447			349,614			351,476			356,352
Mortgage Loans
Yield (1)		5.52%			5.40%			5.34%			6.05%			5.08%
Investment income (3), (4)		738			716			725			841			709
Investment gains (losses) (3)		12			23			(13	)		-			(11	)
Ending carrying value (3)		53,207			53,368			55,637			56,108			55,999
Real Estate and Real Estate Joint Ventures
Yield (1)		2.40%			4.26%			3.09%			4.00%			3.45%
Investment income (3)		60			106			77			104			89
Investment gains (losses) (3)		(20	)		(8	)		3			-			60
Ending carrying value		9,998			9,886			10,053			10,712			9,930
Policy Loans
Yield (1)		5.22%			5.18%			5.38%			5.27%			5.33%
Investment income		155			152			158			155			157
Ending carrying value		11,781			11,722			11,782			11,764			11,762
Equity Securities
Yield (1)		3.41%			5.13%			3.87%			5.30%			3.86%
Investment income		24			36			28			39			30
Investment gains (losses)		(27	)		4			3			25			25
Ending carrying value		3,188			3,231			3,241			3,402			3,693
Other Limited Partnership Interests
Yield (1)		14.25%			15.43%			7.95%			15.82%			17.28%
Investment income		246			275			144			290			329
Investment gains (losses)		-			(41	)		-			(7	)		(2	)
Ending carrying value		7,087			7,197			7,253			7,401			7,819
Cash and Short-term Investments
Yield (1)		0.89%			1.10%			0.97%			1.01%			1.16%
Investment income		45			42			39			42			45
Investment gains (losses)		39			15			6			3			(1	)
Ending carrying value (3)		23,635			22,170			24,039			21,540			22,481
Other Invested Assets (1)
Investment income		179			222			217			201			220
Investment gains (losses) (3)		(32	)		12			6			(27	)		(3	)
Ending carrying value		20,269			17,920			16,766			16,229			16,433
Total Investments
Investment income yield (1)		4.93%			5.00%			4.98%			5.20%			5.02%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.15%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.80%			4.87%			4.85%			5.05%			4.89%
Investment income	$	5,280		$	5,236		$	5,180		$	5,458		$	5,264
Investment fees and expenses		(143	)		(131	)		(137	)		(152	)		(136	)
Net investment income including Divested businesses		5,137			5,105			5,043			5,306			5,128
Less: Net investment income from Divested businesses (5), (6)		55			48			45			49			43
Net Investment Income (3), (6)	$	5,082		$	5,057		$	4,998		$	5,257		$	5,085
Ending Carrying Value (3)	$	504,440		$	482,941		$	478,385		$	478,632		$	484,469
Investment portfolio gains (losses) including Divested businesses	$	285		$	149		$	(72	)	$	24		$	163
Less: Investment portfolio gains (losses) from Divested businesses (5), (6)		(1	)		-			1			(6	)		-
Investment Portfolio Gains (Losses) (3), (5), (6)	$	286		$	149		$	(73	)	$	30		$	163
Gross investment gains	$	559		$	400		$	280		$	331		$	441
Gross investment losses		(194	)		(195	)		(293	)		(232	)		(258	)
Writedowns		(79	)		(56	)		(60	)		(69	)		(20	)
Investment Portfolio Gains (Losses) (3), (5), (6)		286			149			(73	)		30			163
Investment portfolio gains (losses) income tax (expense) benefit (6)		(126	)		(42	)		63			(42	)		(32	)
Investment Portfolio Gains (Losses), Net of Income Tax (6)	$	160		$	107		$	(10	)	$	(12	)	$	131
Derivative Gains (Losses) including Divested businesses	$	(763	)	$	(1,870	)	$	(738	)	$	(560	)	$	152
Less: Derivative gains (losses) from Divested businesses (5), (6)		127			(99	)		20			(1	)		35
Derivative gains (losses) (3), (5), (6)		(890	)		(1,771	)		(758	)		(559	)		117
Derivative gains (losses) income tax (expense) benefit (6)		299			623			265			202			(39	)
Derivative Gains (Losses), Net of Income Tax (6)	$	(591	)	$	(1,148	)	$	(493	)	$	(357	)	$	78
(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 A-1. 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”) and contractholder-directed unit-linked investments. 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 $981 million, $933 million, $827 million, $1,289 million and $1,283 million in ending carrying value, and $21 million, ($11) million, $14 million, $41 million and $37 million of investment income related to fair value option and trading securities at or for the three months ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, 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 March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,572 million, $15,150 million, $15,796 million, $16,111 million and $16,192 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $35 million, $27 million, $23 million, $23 million and $19 million, mortgage loans of $2,407 million, $2,268 million, $2,096 million, $1,598 million and $1,140 million and cash and short-term investments of $1 million, $4 million, $1 million, $0 and $0; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	285		$	149		$	(72	)	$	24		$	163
Real estate discontinued operations		6			(1	)		1			-			5
Net investment gains (losses) related to CSEs		8			8			4			13			2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		15			(46	)		(18	)		(215	)		(581	)
Net investment gains (losses) - GAAP basis	$	314		$	110		$	(85	)	$	(178	)	$	(411	)
	For the Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(763	)	$	(1,870	)	$	(738	)	$	(560	)	$	152
Investment hedge adjustments (5)		131			167			175			170			175
Joint venture adjustments		-			1			-			1			-
Settlement of foreign currency earnings hedges		-			10			11			13			13
PAB hedge adjustments		2			2			6			3			3
Net derivative gains (losses) - GAAP basis	$	(630	)	$	(1,690	)	$	(546	)	$	(373	)	$	343
(4)         Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5)         Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses for the three months ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, excludes $0, $7 million, $1 million, $2 million and ($3) million, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above. (6)         Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

25

INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Fixed Maturity Securities
Yield (1)		4.83%			4.77%			4.82%			4.84%			4.76%
Investment income (2), (3), (4)	$	3,833		$	7,520		$	11,312		$	15,098		$	3,685
Investment gains (losses) (3)		313			457			380			410			95
Ending carrying value (2), (3)		375,275			357,447			349,614			351,476			356,352
Mortgage Loans
Yield (1)		5.52%			5.46%			5.42%			5.58%			5.08%
Investment income (3), (4)		738			1,454			2,179			3,020			709
Investment gains (losses) (3)		12			35			22			22			(11	)
Ending carrying value (3)		53,207			53,368			55,637			56,108			55,999
Real Estate and Real Estate Joint Ventures
Yield (1)		2.40%			3.33%			3.25%			3.44%			3.45%
Investment income (3)		60			166			243			347			89
Investment gains (losses) (3)		(20	)		(28	)		(25	)		(25	)		60
Ending carrying value		9,998			9,886			10,053			10,712			9,930
Policy Loans
Yield (1)		5.22%			5.20%			5.26%			5.26%			5.33%
Investment income		155			307			465			620			157
Ending carrying value		11,781			11,722			11,782			11,764			11,762
Equity Securities
Yield (1)		3.41%			4.28%			4.14%			4.44%			3.86%
Investment income		24			60			88			127			30
Investment gains (losses)		(27	)		(23	)		(20	)		5			25
Ending carrying value		3,188			3,231			3,241			3,402			3,693
Other Limited Partnership Interests
Yield (1)		14.25%			14.85%			12.50%			13.35%			17.28%
Investment income		246			521			665			955			329
Investment gains (losses)		-			(41	)		(41	)		(48	)		(2	)
Ending carrying value		7,087			7,197			7,253			7,401			7,819
Cash and Short-term Investments
Yield (1)		0.89%			0.98%			0.98%			0.98%			1.16%
Investment income		45			87			126			168			45
Investment gains (losses)		39			54			60			63			(1	)
Ending carrying value (3)		23,635			22,170			24,039			21,540			22,481
Other Invested Assets (1)
Investment income		179			401			618			819			220
Investment gains (losses) (3)		(32	)		(20	)		(14	)		(41	)		(3	)
Ending carrying value		20,269			17,920			16,766			16,229			16,433
Total Investments
Investment income yield (1)		4.93%	��		4.97%			4.97%			5.03%			5.02%
Investment fees and expenses yield		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)		(0.13%	)
Net Investment Income Yield (1), (3), (5)		4.80%			4.84%			4.84%			4.90%			4.89%
Investment income	$	5,280		$	10,516		$	15,696		$	21,154		$	5,264
Investment fees and expenses		(143	)		(274	)		(411	)		(563	)		(136	)
Net investment income including Divested businesses		5,137			10,242			15,285			20,591			5,128
Less: Net investment income from Divested businesses (5), (6)		55			103			148			197			43
Net Investment Income (3), (6)	$	5,082		$	10,139		$	15,137		$	20,394		$	5,085
Ending Carrying Value (3)	$	504,440		$	482,941		$	478,385		$	478,632		$	484,469
Investment portfolio gains (losses) including Divested businesses	$	285		$	434		$	362		$	386		$	163
Less: Investment portfolio gains (losses) from Divested businesses (5), (6)		(1	)		(1	)		-			(6	)		-
Investment Portfolio Gains (Losses) (3), (5), (6)	$	286		$	435		$	362		$	392		$	163
Gross investment gains	$	559		$	959		$	1,239		$	1,570		$	441
Gross investment losses		(194	)		(389	)		(682	)		(914	)		(258	)
Writedowns		(79	)		(135	)		(195	)		(264	)		(20	)
Investment Portfolio Gains (Losses) (3), (5), (6)		286			435			362			392			163
Investment portfolio gains (losses) income tax (expense) benefit (6)		(126	)		(168	)		(105	)		(147	)		(32	)
Investment Portfolio Gains (Losses), Net of Income Tax (6)	$	160		$	267		$	257		$	245		$	131
Derivative Gains (Losses) including Divested businesses	$	(763	)	$	(2,633	)	$	(3,371	)	$	(3,931	)	$	152
Less: Derivative gains (losses) from Divested businesses (5), (6)		127			28			48			47			35
Derivative gains (losses) (3), (5), (6)		(890	)		(2,661	)		(3,419	)		(3,978	)		117
Derivative gains (losses) income tax (expense) benefit (6)		299			922			1,187			1,389			(39	)
Derivative Gains (Losses), Net of Income Tax (6)	$	(591	)	$	(1,739	)	$	(2,232	)	$	(2,589	)	$	78
(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 A-1. 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 and contractholder-directed unit-linked investments. 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 $981 million, $933 million, $827 million, $1,289 million and $1,283 million in ending carrying value, and $21 million, $10 million, $24 million, $65 million and $37 million of investment income related to fair value option and trading securities at or for the year-to-date period ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, 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 March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $15,572 million, $15,150 million, $15,796 million, $16,111 million and $16,192 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $35 million, $27 million, $23 million, $23 million and $19 million, mortgage loans of $2,407 million, $2,268 million, $2,096 million, $1,598 million and $1,140 million and cash and short-term investments of $1 million, $4 million, $1 million, $0 and $0; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	285		$	434		$	362		$	386		$	163
Real estate discontinued operations		6			5			6			6			5
Net investment gains (losses) related to certain CSEs		8			16			20			33			2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		15			(31	)		(49	)		(264	)		(581	)
Net investment gains (losses) - GAAP basis	$	314		$	424		$	339		$	161		$	(411	)
	For the Year-to-Date Period Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014
Derivative gains (losses) including Divested businesses - in above yield table	$	(763	)	$	(2,633	)	$	(3,371	)	$	(3,931	)	$	152
Investment hedge adjustments (5)		131			298			473			643			175
Joint venture adjustments		-			1			1			2			-
Settlement of foreign currency earnings hedges		-			10			21			34			13
PAB hedge adjustments		2			4			10			13			3
Net derivative gains (losses) - GAAP basis	$	(630	)	$	(2,320	)	$	(2,866	)	$	(3,239	)	$	343
(4)         Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5)         Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, excludes $0, $7 million, $8 million, $10 million and ($3) million, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above. (6)         Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business.

26

INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%	$	1,155		73.8%	$	3,271		89.1%	$	3,721		88.9%	$	3,971		86.5%	$	2,376		85.8%
20% or more for less than six months		46		2.9%		135		3.7%		181		4.3%		325		7.1%		161		5.8%
20% or more for six months or greater		364		23.3%		266		7.2%		282		6.8%		296		6.4%		231		8.4%
Total Gross Unrealized Losses	$	1,565		100.0%	$	3,672		100.0%	$	4,184		100.0%	$	4,592		100.0%	$	2,768		100.0%
Total Gross Unrealized Gains	$	33,326			$	24,560			$	22,071			$	21,180			$	25,295
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Less than 20%	$	28		32.6%	$	41		43.6%	$	68		51.1%	$	44		37.6%	$	54		52.9%
20% or more for less than six months		4		4.6%		3		3.2%		19		14.3%		34		29.1%		15		14.7%
20% or more for six months or greater		54		62.8%		50		53.2%		46		34.6%		39		33.3%		33		32.4%
Total Gross Unrealized Losses	$	86		100.0%	$	94		100.0%	$	133		100.0%	$	117		100.0%	$	102		100.0%
Total Gross Unrealized Gains	$	376			$	403			$	396			$	507			$	554
(1)          MetLife’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.

27

INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
Unaudited (In millions)		March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
U.S. corporate securities		$	113,006		30.2%	$	109,008		30.6%	$	107,491		30.8%	$	106,469		30.4%	$	109,200		30.8%
Foreign corporate securities			66,086		17.7%		64,186		18.0%		63,648		18.2%		63,152		18.0%		64,177		18.1%
Foreign government securities			55,435		14.8%		52,297		14.7%		53,004		15.2%		54,437		15.6%		54,707		15.4%
U.S. Treasury and agency securities			54,457		14.5%		47,426		13.3%		44,154		12.7%		45,123		12.9%		44,809		12.6%
Residential mortgage-backed securities			36,347		9.7%		36,441		10.2%		35,478		10.2%		35,055		10.0%		37,203		10.5%
Commercial mortgage-backed securities			17,897		4.8%		17,263		4.8%		16,896		4.8%		16,550		4.7%		15,992		4.5%
Asset-backed securities			16,114		4.3%		15,655		4.4%		14,161		4.1%		15,571		4.4%		14,653		4.1%
State and political subdivision securities			14,952		4.0%		14,238		4.0%		13,955		4.0%		13,830		4.0%		14,328		4.0%
Total fixed maturity securities available-for-sale		$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%
NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	259,419		69.3%	$	248,115		69.6%	$	239,347		68.6%	$	242,069		69.1%	$	245,669		69.2%
2	Baa		89,202		23.8%		83,506		23.4%		84,269		24.2%		84,114		24.0%		84,939		23.9%
3	Ba		14,488		3.9%		13,908		3.9%		13,782		3.9%		13,597		3.9%		14,263		4.0%
4	B		9,557		2.6%		9,302		2.6%		9,690		2.8%		9,378		2.7%		9,191		2.6%
5	Caa and lower		1,548		0.4%		1,614		0.5%		1,639		0.5%		955		0.3%		958		0.3%
6	In or near default		80		0.0%		69		0.0%		60		0.0%		74		0.0%		49		0.0%
Total fixed maturity securities available-for-sale (1)		$	374,294		100.0%	$	356,514		100.0%	$	348,787		100.0%	$	350,187		100.0%	$	355,069		100.0%
(1)          Amounts presented are based on rating agency ratings and equivalent designations 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 designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC 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 designation is used until a final designation becomes available. These revised NAIC designations may not correspond to the rating agency ratings. The rating agency ratings are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.
SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
		March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
Unaudited (In millions)
Traditional (2), (3)			$8,595				$8,566				$8,787				$9,498				$8,773
Real estate joint ventures and funds			903				855				823				769				718
Subtotal			9,498				9,421				9,610				10,267				9,491
Foreclosed			500				465				443				445				439
Total Real Estate and Real Estate Joint Ventures			$9,998				$9,886				$10,053				$10,712				$9,930
(2)          Includes wholly-owned real estate and operating real estate joint ventures. (3)          Includes real estate held-for-sale and held-for-investment.

28

INVESTMENTS SUMMARYOF MORTGAGE LOANS (1)
	March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
Unaudited (In millions)
Commercial mortgage loans		$39,605				$39,110				$40,262				$40,926				$40,398
Agricultural mortgage loans		12,669				12,669				12,830				12,391				12,284
Residential mortgage loans		994				1,891				2,646				3,110				3,643
Mortgage loans held-for-sale		271				-				225				3				-
Total Mortgage Loans		53,539				53,670				55,963				56,430				56,325
Valuation allowances		(332)				(302)				(326)				(322)				(326)
Total Mortgage Loans, net		$53,207				$53,368				$55,637				$56,108				$55,999
(1)    Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 25, note 3, for the amount excluded for each period presented.
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2013				June 30, 2013				September 30, 2013				December 31, 2013				March 31, 2014
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Pacific	$	7,718		19.5%	$	7,879		20.2%	$	8,214		20.4%	$	8,961		21.9%	$	8,836		21.9%
Middle Atlantic		6,970		17.6%		6,987		17.9%		7,356		18.3%		7,367		18.0%		7,277		18.0%
South Atlantic		7,655		19.3%		7,276		18.6%		7,095		17.6%		6,977		17.1%		6,964		17.2%
International		5,344		13.5%		5,364		13.7%		6,158		15.3%		6,709		16.4%		6,431		15.9%
West South Central		3,496		8.8%		3,444		8.8%		3,483		8.7%		3,619		8.8%		3,613		8.9%
East North Central		2,765		7.0%		2,714		6.9%		2,680		6.7%		2,717		6.6%		2,526		6.3%
New England		1,488		3.8%		1,476		3.8%		1,473		3.7%		1,404		3.4%		1,404		3.5%
Mountain		875		2.2%		874		2.2%		835		2.0%		834		2.0%		936		2.3%
East South Central		456		1.2%		454		1.2%		420		1.0%		471		1.2%		395		1.0%
West North Central		285		0.7%		283		0.7%		203		0.5%		148		0.4%		146		0.4%
Multi-Region and Other		2,553		6.4%		2,359		6.0%		2,345		5.8%		1,719		4.2%		1,870		4.6%
Total	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%
Office	$	19,519		49.3%	$	19,389		49.6%	$	19,955		49.6%	$	20,629		50.4%	$	20,641		51.1%
Retail		9,120		23.0%		8,889		22.7%		9,528		23.7%		9,245		22.6%		8,969		22.2%
Hotel		3,423		8.6%		3,571		9.1%		3,774		9.4%		4,219		10.3%		4,092		10.1%
Apartment		3,945		10.0%		3,855		9.9%		3,882		9.6%		3,724		9.1%		3,738		9.3%
Industrial		3,077		7.8%		3,045		7.8%		2,840		7.0%		2,897		7.1%		2,714		6.7%
Other		521		1.3%		361		0.9%		283		0.7%		212		0.5%		244		0.6%
Total	$	39,605		100.0%	$	39,110		100.0%	$	40,262		100.0%	$	40,926		100.0%	$	40,398		100.0%

29

Appendix

APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,657		$	1,616		$	1,525		$	1,585		$	1,592		$	1,657		$	1,592
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (2), (3)		314			110			(85	)		(178	)		(411	)		314			(411	)
Net derivative gains (losses)		(630	)		(1,690	)		(546	)		(373	)		343			(630	)		343
Premiums - Divested businesses		48			1			40			2			2			48			2
Universal life and investment-type product policy fees
Unearned revenue adjustments		(3	)		5			(2	)		7			3			(3	)		3
GMIB fees		82			83			96			92			93			82			93
Divested businesses		1			2			2			1			2			1			2
Net investment income
Investment hedge adjustments		(131	)		(160	)		(174	)		(168	)		(178	)		(131	)		(178	)
Income from discontinued real estate operations		(1	)		(3	)		(3	)		(2	)		(1	)		(1	)		(1	)
Joint venture adjustments		-			(1	)		-			(1	)		-			-			-
Unit-linked contract income		1,039			314			132			687			65			1,039			65
Securitization entities income		33			34			29			27			18			33			18
Divested businesses		55			41			44			47			46			55			46
Other revenues
Settlement of foreign currency earnings hedges		-			(10	)		(11	)		(13	)		(13	)		-			(13	)
Divested businesses		(1	)		-			1			-			-			(1	)		-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(68	)		202			(6	)		137			(89	)		(68	)		(89	)
GMIB costs		(401	)		(147	)		(412	)		(366	)		(117	)		(401	)		(117	)
Market value adjustments		(131	)		(138	)		(50	)		(15	)		(17	)		(131	)		(17	)
Divested businesses		(83	)		(32	)		(73	)		(37	)		(31	)		(83	)		(31	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(2	)		(6	)		(3	)		(3	)		(2	)		(3	)
Unit-linked contract costs		(1,033	)		(323	)		(121	)		(672	)		(65	)		(1,033	)		(65	)
Divested businesses		(1	)		-			(1	)		-			-			(1	)		-
Capitalization of DAC - Divested businesses		-			-			-			-			-			-			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		78			104			53			(39	)		(1	)		78			(1	)
Related to GMIB fees and GMIB costs		114			43			85			95			(7	)		114			(7	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			-			-			-			-			-			-
Amortization of negative VOBA
Related to market value adjustments		15			14			13			13			12			15			12
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(33	)		(34	)		(29	)		(27	)		(18	)		(33	)		(18	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		5			10			-			10			13			5			13
Regulatory implementation costs		(4	)		(3	)		(5	)		(6	)		-			(4	)		-
Acquisition & integration costs (3)		(181	)		(61	)		(30	)		(48	)		(4	)		(181	)		(4	)
Divested businesses		(132	)		(33	)		(37	)		(24	)		(12	)		(132	)		(12	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (3), (4)		389			566			544			184			120			389			120
Income (loss) from continuing operations, net of income tax		995			508			973			915			1,342			995			1,342
Income (loss) from discontinued operations, net of income tax		(3	)		2			2			1			(3	)		(3	)		(3	)
Net income (loss)		992			510			975			916			1,339			992			1,339
Less: Net income (loss) attributable to noncontrolling interests		6			8			3			8			11			6			11
Net income (loss) attributable to MetLife, Inc.		986			502			972			908			1,328			986			1,328
Less: Preferred stock dividends		30			31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956		$	471		$	942		$	877		$	1,298		$	956		$	1,298
(1)         Certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. During the first quarter of 2014, MetLife, Inc. began reporting the operations of MetLife Assurance Ltd. as a divested business. (2)         The three months and year-to-date period ended March 31, 2014 include a pre-tax net investment loss of $495 million related to the definitive agreement to sell the wholly owned subsidiary MetLife Assurance Ltd. (3)         The three months and year-to-date period ended March 31, 2013 include net investment gains of $11 million, expenses of $154 million and a tax benefit of $119 million, which are related to a settlement of an acquisition tax contingency. The three months ended June 30, 2013 includes net investment gains of $8 million, which are related to the settlement of such acquisition tax contingency. (4)         The three months ended September 30, 2013 and December 31, 2013 includes a deferred tax benefit (expense) of $95 million and ($86) million, respectively, related to the conversion of the Japan branch to a subsidiary. The three months ended September 30, 2013 also includes a deferred tax benefit of $52 million due to a revised estimate of effective tax rates related to net investment gains (losses) and other comprehensive income.

A-1

APPENDIX TOTAL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	780		$	800		$	822		$	832		$	825		$	780		$	825
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		38			39			38			39			34			38			34
Other revenues		6			11			6			4			5			6			5
Total operating revenues		824			850			866			875			864			824			864
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		529			622			546			532			574			529			574
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(92	)		(103	)		(107	)		(99	)		(96	)		(92	)		(96	)
Amortization of DAC and VOBA		93			94			99			99			100			93			100
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		208			215			227			229			223			208			223
Total operating expenses		738			828			765			761			801			738			801
Operating earnings before provision for income tax		86			22			101			114			63			86			63
Provision for income tax expense (benefit)		18			(5	)		20			27			9			18			9
Operating earnings		68			27			81			87			54			68			54
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	68		$	27		$	81		$	87		$	54		$	68		$	54
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	68		$	27		$	81		$	87		$	54		$	68		$	54
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		4			(4	)		3			2			4			4			4
Net derivative gains (losses)		(1	)		6			1			1			(2	)		(1	)		(2	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		-			(2	)		(1	)		(1	)		(1	)		(1	)
Income (loss) from continuing operations, net of income tax		70			29			83			89			55			70			55
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		70			29			83			89			55			70			55
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		70			29			83			89			55			70			55
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	70		$	29		$	83		$	89		$	55		$	70		$	55
Total Operating Premiums, Fees and Other Revenues	$	786		$	811		$	828		$	836		$	830		$	786		$	830
(1)         Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

A-2

APPENDIX RETAIL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	425		$	436		$	446		$	450		$	444		$	425		$	444
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		21			23			20			22			19			21			19
Other revenues		4			4			5			3			3			4			3
Total operating revenues		450			463			471			475			466			450			466
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		286			355			296			275			300			286			300
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(64	)		(70	)		(73	)		(67	)		(64	)		(64	)		(64	)
Amortization of DAC and VOBA		65			65			68			68			68			65			68
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		116			122			126			124			116			116			116
Total operating expenses		403			472			417			400			420			403			420
Operating earnings before provision for income tax		47			(9	)		54			75			46			47			46
Provision for income tax expense (benefit)		9			(10	)		10			19			9			9			9
Operating earnings		38			1			44			56			37			38			37
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	38		$	1		$	44		$	56		$	37		$	38		$	37
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	38		$	1		$	44		$	56		$	37		$	38		$	37
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(2	)		2			1			2			2			2
Net derivative gains (losses)		(1	)		4			1			-			(1	)		(1	)		(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			(1	)		(1	)		-			-			-			-
Income (loss) from continuing operations, net of income tax		39			2			46			57			38			39			38
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		39			2			46			57			38			39			38
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		39			2			46			57			38			39			38
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	39		$	2		$	46		$	57		$	38		$	39		$	38
Total Operating Premiums, Fees and Other Revenues	$	429		$	440		$	451		$	453		$	447		$	429		$	447
(1)         Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1)  STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013			March 31, 2014			March 31, 2013			March 31, 2014
OPERATING REVENUES
Premiums	$	355		$	364		$	376		$	382		$	381		$	355		$	381
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		17			16			18			17			15			17			15
Other revenues		2			7			1			1			2			2			2
Total operating revenues		374			387			395			400			398			374			398
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		243			267			250			257			274			243			274
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(28	)		(33	)		(34	)		(32	)		(32	)		(28	)		(32	)
Amortization of DAC and VOBA		28			29			31			31			32			28			32
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		92			93			101			105			107			92			107
Total operating expenses		335			356			348			361			381			335			381
Operating earnings before provision for income tax		39			31			47			39			17			39			17
Provision for income tax expense (benefit)		9			5			10			8			-			9			-
Operating earnings		30			26			37			31			17			30			17
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	30		$	26		$	37		$	31		$	17		$	30		$	17
Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	30		$	26		$	37		$	31		$	17		$	30		$	17
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(2	)		1			1			2			2			2
Net derivative gains (losses)		-			2			-			1			(1	)		-			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		1			(1	)		(1	)		(1	)		(1	)		(1	)
Income (loss) from continuing operations, net of income tax		31			27			37			32			17			31			17
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		31			27			37			32			17			31			17
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		31			27			37			32			17			31			17
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	31		$	27		$	37		$	32		$	17		$	31		$	17
Total Operating Premiums, Fees and Other Revenues	$	357		$	371		$	377		$	383		$	383		$	357		$	383
(1)         Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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