MetLife (MET) 8-K Cautionary Statement on Forward-Looking

Edward A. Spehar

Senior Vice President &

Head of Investor Relations

OUTLOOK CALL

2 0 1 4

December 12, 2014

Exhibit 99.1

Cautionary Statement on Forward-Looking

Statements and Non-GAAP Financial Information

2

This presentation may contain or incorporate by reference forward-looking statements. Forward-looking statements give

expectations

or

forecasts

of

future

events

and

use

words

such

as

“anticipate,”

“estimate,”

“expect,”

“project”

and

other

terms

of

similar

meaning,

or

that

are

tied

to

future

periods.

Any

or

all

forward-looking

statements

may

turn

out

to

be

wrong,

and actual results that could differ materially from those expressed or implied in the forward-looking statements.

Predictions of future performance are inherently difficult and are subject to numerous risks and uncertainties, including those

identified

in

the

“Risk

Factors”

section

of

MetLife,

Inc.’s

filings

with

the

U.S.

Securities

and

Exchange

Commission.

The

company

does

not

undertake

any

obligation

to

publicly

correct

or

update

any

forward-looking

statement

if

it

later

becomes

aware that such statement is not likely to be achieved. Additional discussion of forward-looking statements may be included

in other slides in this presentation; if so, please refer to those slides for more information.

This presentation may also contain measures that are not calculated based on accounting principles generally accepted in

the

United

States

of

America,

also

known

as

GAAP.

Additional

discussion

of

non-GAAP

financial

information

may

be

included

in

other

slides

in

these

materials,

on

the

Investor

Relations

portion

of

MetLife's

website

(www.metlife.com),

or

elsewhere on that website; if so, please refer to those slides or the website for more information.

Agenda

Overview

Steven A. Kandarian

Chairman, President & Chief Executive Officer

Americas

William J. Wheeler

President, Americas

Asia

Christopher Townsend

President, Asia

EMEA

Michel Khalaf

President, Europe, Middle East and Africa

Financial Update

John C.R. Hele

Chief Financial Officer

Closing Remarks

Steven A. Kandarian

Chairman, President & Chief Executive Officer

Q&A

3

4

Detailed Discussion of Business Segments

Operating earnings analysis

Key sensitivities

Near-term opportunities and challenges

Near-term guidance on certain key items

Long-term outlook

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

5

Anticipated Changes in Segment Results for 2015

Revised capital allocation methodology will impact segment net

investment income

Certain tax benefits from Corporate & Other to business segments

Consumer direct from Corporate & Other to Latin America

New expense allocation

All anticipated changes to be effective in 2015 (“2015 changes”)

Steven A. Kandarian

Chairman, President &

Chief Executive Officer

OUTLOOK CALL

2 0 1 4

December 12, 2014

$4,654

$5,649

$6,261

Operating Earnings and ROE Ahead of Strategic Plan

Operating

ROE

10.1%

11.3%

12.2%

12.2%

3

2012-2014 operating earnings

almost 10% better than strategy

assumption

Operating ROE at low end of 2016

target

range

in

2013

and

3Q14

YTD

1

Expect to achieve net expense

saves target in 2014, and $1 billion

gross saves target in 2015

Highlights

Operating Earnings ($ in millions)

7

1 

Nine months ended September 30, 2014.

2

Excludes

accumulated

other

comprehensive

income

(“AOCI”),

other

than

foreign

currency

translation

adjustments

(“FCTAs”).

3

Annualized

using

year-to-date

results

for

the

period

ended

September

30,

2014.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

2

1

2011

2012

2013

3Q14 YTD

$4,977

8

External Factors Mixed During 2012-2014

Strong

Equity

Market,

but

Low

Interest

Rates

1

Regulatory Uncertainty Limits Share Repurchase

1

Source:

Bloomberg.

2

As

of

December

5,

2014.

3

Assumption

in

our

strategy,

which

was

announced

at

the

May

2012

Investor

Day.

4

Nine

months

ended September 30, 2014.

%

($ in billions)

Assumption

3

Actual

2012

$2.0

$0.0

2013

1.5

0.0     

3Q14 YTD

4

1.1

0.4

2012 –

3Q14

$4.6

$0.4

Substantial

Yen

Depreciation

vs.

U.S.

Dollar

1

1.0

1.5

2.0

2.5

3.0

3.5

500

1,000

1,500

2,000

2,500

S&P 500 (left axis)

10-

year Treasury yield (right axis)

¥60

¥80

¥100

¥120

¥140

9

New Share Buyback of up to $1 Billion

1

As of December 11, 2014.

Completed $967 million

1

of $1 billion common stock repurchase

program announced in June 2014

Additional share buyback supported by estimated $6 billion of

cash and liquid assets at holding companies at year-end 2014

New program consistent with our prudent capital management

strategy

10

Goal of Outlook Call

Improve understanding of MetLife’s business model

Provide high quality information and more transparency

Focus on multi-year outlook, the driver of shareholder value

–

Near-term is 2015-2017

–

Long-term is beyond 2017

11

Key Near-Term Macro Assumptions

5% annual appreciation in S&P 500

U.S. interest rates based on consensus and internal forecast

–

10-year U.S. Treasury 2.50% at 12/31/14, 3.24% at 12/31/15,

3.80% at 12/31/16 and 4.50% at 12/31/17

Exchange rates at consensus

–

Yen/$ average of 115 for 2015 and 116 for 2016-2017

–

Mexican Peso/$ average of 13.0 for 2015-2016 and 12.5 for 2017

William J. Wheeler

President

Americas

OUTLOOK CALL

2 0 1 4

December 12, 2014

Americas Overview

Return to growth in U.S. Retail

Expand Latin America agency

and direct marketing

Pursue U.S. pension closeouts

Accelerate growth in Group,

Voluntary & Worksite Benefits

(GVWB)

Build U.S. direct business

Improved Group underwriting

results

Strong growth in Voluntary/

Worksite and Latin America

Sales rebound in Retail

Robust pension risk transfer

market

Mid-

to high single digit

growth in Group

Upside in Corporate Benefit

Funding in pension risk

transfer

Low single digit growth in

Retail

Low to mid-teen growth in

Latin America

Overall mid-single digit

operating earnings growth

over long term

Key Strategies

Long-Term Outlook

Near-Term Opportunities

and Challenges

13

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Opportunities:

Spread compression

Uncertain capital rules and

regulatory environment

Expect Closed Block operating

earnings to decline in 2015

Challenges:

Americas –

Group, Voluntary & Worksite Benefits

Operating Earnings Analysis

14

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$861

Reported

notable

items

1

:

Variable investment income, as compared to plan

($15)

Catastrophe experience and prior year development, net

($23)

Baseline Operating Earnings

$823

Estimated impact of 2015 changes

$17

Baseline Operating Earnings, as adjusted

$840

Americas –

Group, Voluntary & Worksite Benefits

Key Sensitivities

1% change in Group Life mortality ratio translates to

approximately $40 million of operating earnings

1% change in Non-Medical Health interest adjusted loss ratio

translates to approximately $40 million of operating earnings

1%

change

in

Property

&

Casualty

(“P&C”)

combined

ratio

1

translates to approximately $10 million of operating earnings

1

Includes catastrophes.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

15

Uncertainty due to health care

reform

Aggressive competitor pricing

Modest job gains offset by

slow wage growth

Americas –

Group, Voluntary & Worksite Benefits

Factors Driving Near-Term Outlook

Demand for voluntary

products as responsibility

shifts to employees

Emergence of private

exchanges

Increase market share in the

mid-sized employer market

Opportunities

Challenges

16

17

Americas –

Group, Voluntary & Worksite Benefits

Near-Term Guidance on Certain Key Items

Expect growth in operating premiums, fees and other revenues (PFOs) of 

2-4% in 2015, with acceleration in 2016-2017

Group

Life

mortality

ratio

of

89.7%

1

;

expect

within

targeted

range

of

85-90%

Non-Medical

Health

interest

adjusted

loss

ratio

of

80.3%

1

;

expect

within

targeted range of 77-82%

P&C combined ratio of 94.8%

1,2

; expect within targeted range of 93-97%

Investment income spread of 268 bps

1,3

; expect within targeted range of         

220-260 bps

Modest decrease in operating expense ratio 

1

Based on 4Q13 through 3Q14.

2

Includes catastrophes.

3

Includes variable investment income.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

18

Americas –

Group, Voluntary & Worksite Benefits

Long-Term Outlook

Target

market

growth

for

group

insurance

industry

is

2-4%

1

Expect growth in operating PFOs to be 4-7%, while maintaining

pricing discipline

Operating earnings growth expected to be 6-8%

1

MetLife Group Insurance Markets Analysis (2013). Based on 2008-2012 LIMRA and Eastbridge reports.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Americas –

Corporate Benefit Funding

Operating Earnings Analysis

19

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$1,494

Reported

notable

items

1

:

Variable investment income, as compared to plan

($96)

Litigation reserves & settlement costs

$10

Baseline Operating Earnings

$1,408

Estimated impact of 2015 changes

($61)

Baseline Operating Earnings, as adjusted

$1,347

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

20

Americas –

Corporate Benefit Funding

Key Sensitivities

$1 billion of pension closeout sales translates to approximately

$10 million of operating earnings

10 bps increase in LIBOR without any change in longer-term

interest rates could reduce operating earnings by $3-$5 million

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Uncertain capital rules and

regulatory environment

Flattening yield curve expected

to pressure investment spreads

Americas –

Corporate Benefit Funding

Factors Driving Near-Term Outlook

Robust pension risk transfer

market

Employer-sponsored

retirement income solutions

Opportunities

Challenges

21

22

Americas –

Corporate Benefit Funding

Near-Term Guidance on Certain Key Items

1

Based on 4Q13 through 3Q14.

Expect pension risk transfer market to be robust even without

any jumbo deals 

Expect spread compression in 2015-2017 from favorable 2014

results

–

Investment

income

spread

of

179

bps

1

,

with

variable

investment

income contributing 44 bps

–

Investment income spread for 2015 of 150-170 bps, with variable

investment income contributing 30-40 bps

–

Flattening yield curve expected to pressure 2016 & 2017 spreads

23

Americas –

Corporate Benefit Funding

Long-Term Outlook

1

Towers Watson (November 2013).

2

LIMRA (2Q14).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Continued significant and sustained growth in pension risk

transfer market

About 40% of plan sponsors with frozen plans under $1 billion

expect

to

terminate

in

next

4

years

1

Expect to maintain top 3 market share position in most major

markets

(U.S.

Pensions,

Stable

Value

and

Structured

Settlements)

2

Operating earnings growth expected to be 3-5%

Americas –

Retail Annuities

Operating Earnings Analysis

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$1,489

Reported

notable

items

1

:

Variable investment income, as compared to plan

($35)

Actuarial assumption review and other insurance adjustments

$18

Other noteworthy items:

Initial

market

impact

2

($67)

Baseline Operating Earnings

$1,405

Estimated impact of 2015 changes

$83

Baseline Operating Earnings, as adjusted

$1,488

24

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

2

To the extent market returns differ from MetLife’s long-term expectations, reserves and deferred acquisition cost balances are trued-up in the quarter

to reflect the variance.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Americas –

Retail Annuities

Key Sensitivities

65-70% of the separate account (SA) assets are in equities

Operating earnings sensitivity to SA returns:

10 bps change in the investment income spread translates to

operating earnings of approximately $25 million annually

25

1

Quarter in which market impact occurs.

2

Annually.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

SA Return

Initial

Market

Impact

1

Ongoing

Market

Impact

2

+10%

+$35 million

+$100 million

(10%)

($25 million)

($100 million)

Investment spread

compression

Continued negative variable

annuity fund flows

Americas –

Retail Annuities

Factors Affecting Near-Term Outlook

Full suite of competitive

Retail annuity products

Sales growth in all product

lines

Upside from rising interest

rates and modest equity

market appreciation

Opportunities

Challenges

26

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Americas –

Retail Annuities

Near-Term Guidance on Certain Key Items

Expect annuity sales to increase more than 50% in 2015, then

continue to increase through 2017; balanced product portfolio

Expect net flows to improve, but still negative

Deferred

annuity

spread

of

283

bps

1

;

expect

250-270

bps

in

2015-2016 and 235-255 bps in 2017

27

1

Based on 4Q13 through 3Q14, includes variable investment income.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

28

Americas –

Retail Annuities

Long-Term Outlook

Retail annuity industry sales expected to grow, driven by

favorable demographics

Expect MetLife’s market share to increase in the near term and

then remain stable

Growth in operating PFOs and operating earnings of

approximately 3-5% per year; dependent on market environment

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Americas –

Retail Life & Other

Operating Earnings Analysis

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$1,132

Reported

notable

items

1

:

Variable investment income, as compared to plan

($51)

Catastrophe experience and prior year development, net

($9)

Actuarial assumption review and other insurance adjustments

($93)

Litigation reserves & settlement costs

$36

Baseline Operating Earnings

$1,015

Estimated impact of 2015 changes

$70

Baseline Operating Earnings, as adjusted

$1,085

29

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

30

Americas –

Retail Life & Other

Key Sensitivities

1% change in interest adjusted benefit ratio translates to

approximately $35 million of operating earnings

1%

change

in

the

P&C

combined

ratio

1

translates

to

approximately $12 million of operating earnings

1

Includes catastrophes.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Expect Closed Block operating

earnings to decline in 2015

Pace of market adoption of

new product solutions

Americas –

Retail Life & Other

Factors Affecting Near-Term Outlook

Improving sales growth with

new product portfolio

Speed to market with

migration to a new

administration system

Opportunities

Challenges

31

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

32

Americas –

Retail Life & Other

Near-Term Guidance on Certain Key Items

Double digit growth in total life sales in 2015, which compares to

lower sales in 2014; operating PFOs flat in 2015

Variable & universal life spread of 202 bps

1,2

; expect range of       

190-200 bps in 2015 and then a modest decline in 2016-2017

P&C combined ratio of 93.5%

1,3

; expect within the range of       

93-97% in 2015-2017

Interest

adjusted

benefit

ratio

of

52.9%

1

(54.3%

1,4

,

as

adjusted);

expect within the range of 50-55%

Closed Block operating earnings expected to decline about     

$50 million in 2015

1

Based

on

4Q13

through

3Q14.

2

Includes

variable

investment

income.

3

Includes

catastrophes.

4

Includes

the

reported

notable

item

“other

insurance adjustments”

reflected in baseline operating earnings. 

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

33

Americas –

Retail Life & Other

Long-Term Outlook

Long-term life industry distribution shift from traditional producers

to financial advisors and banks

MetLife’s

current

market

share

is

3%

1

;

expect

share

increase

with

focus on higher growth distribution channels

Growth in operating PFOs and operating earnings of 1-3%

1

LIMRA (3Q14).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Americas –

Latin America

Operating Earnings Analysis

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$668

Reported

notable

items

1

:

Tax adjustments

2

$41

Other noteworthy items:

ProVida

encaje

3

earnings,

as

compared

to

plan

($24)

Other tax items

($9)

Baseline Operating Earnings

$676

Estimated impact of 2015 changes

($105)

Baseline Operating Earnings, as adjusted

$571

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

2

Chilean tax reform.

3

The ProVida encaje is capital required by Superintendencia de Pensiones. The encaje is invested the same as the total pension fund, and the 

income is included in operating earnings.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

34

35

Americas –

Latin America

Key Sensitivities

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

1% change in Mexican Peso to U.S. dollar exchange rate

translates to approximately $5 million of operating earnings

1% change in Chilean Peso to U.S. dollar exchange rate

translates to approximately $3 million of operating earnings

1% change in the annual return on the ProVida encaje

translates to approximately $4 million of operating earnings

Regulatory uncertainty across

region

Chilean pension reform

Currency weakness and

regional economic growth

Americas –

Latin America

Factors Driving Near-Term Outlook

Growth in employee benefits

and worksite marketing

Growth in Chile and

Colombia agency

Direct marketing

Opportunities

Challenges

36

37

Americas –

Latin America

Near-Term Guidance on Certain Key Items

Mexico and Chile expected to remain at 85% of Latin America

operating earnings

Expect low double-digit annual growth in operating PFOs

Operating earnings growth consistent with growth in operating

PFOs as a result of investment in the businesses

Direct

businesses

to

be

consolidated

in

Latin

America

in

2015

1

1

Consumer

direct

business

moving

from

Corporate

&

Other

to

Latin

America

and

will

be

consolidated

with

U.S.

sponsored

direct

business. 

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

38

Americas –

Latin America

Long-Term Outlook

Anticipate low double digit growth in operating PFOs in the region,

in line with market

Operating earnings growth expected to be in excess of growth in

operating PFOs as a result of:

–

Momentum in direct marketing

–

Expansion of employee benefits across the region

–

Further development of agency channels

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Christopher Townsend

President

Asia

OUTLOOK CALL

2 0 1 4

December 12, 2014

40

Asia Overview

A leading multinational in Asia with operations across 10 markets

Clear, consistent strategy to maximize earnings from scale

businesses and capitalize on high-growth markets

Diversified across currencies, products and channels

Expect high single to low double digit operating earnings growth

on a constant currency basis over time

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Asia

Operating Earnings Analysis

41

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$1,277

Reported

notable

items

1

:

Variable investment income, as compared to plan

($17)

Actuarial assumption review and other insurance adjustments

$13

Other noteworthy items:   

Japan –

Excess fixed annuity surrenders

($31)

Japan –

Tax items

($13)

Baseline Operating Earnings

$1,229

Estimated impact of 2015 changes

$14

Baseline Operating Earnings, as adjusted

$1,243

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Asia

Operating Earnings Breakdown

42

2014

2017

Japan

85-90%

75-80%

Japanese Yen

45-55%

U.S. Dollar

30-40%

Australian Dollar

10-15%

Korea

10-15%

10-15%

Rest of Asia

*

< 3%

10-15%

*

Emerging markets expected to be less than 2% in 2014 and 6-9% in 2017.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

43

Asia

Key Sensitivities

Change

Annual Impact

on Operating

Earnings

($ in millions)

Solvency

Margin Ratio

(%)

Japanese Yen: U.S. Dollar

–

unhedged basis

+/-

1

$4-$5

1

Korean Won: U.S. Dollar

+/-

10

$1-$2

10-Year U.S. Government Bond Yield

+/-

10 bps

$1-$2

5%-10%

10-Year Japanese Government Bond Yield

+/-

10 bps

$1-$2

10%-15%

Combined U.S. and Japanese Government Bond Yield

+/-

10 bps

$2-$4

15%-35%

1

We have hedged approximately two-thirds of our yen-based earnings at 107 in 2015 and 104 in 2016.  For every 1 yen above 107 in 2015 and

104 in 2016, there would be approximately a $2-$3 million benefit to operating earnings from these hedges.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Strengthening of U.S. dollar

against Asian currencies

Regulatory tightening

Low interest rate environment

Asia

Factors Driving Near-Term Outlook

Continue to enhance  

distribution to drive productivity

Continue to actively manage

product portfolio

Expand Health expertise  

outside of Japan

Broad rollout of digital

Grow employee benefits

Opportunities

Challenges

44

45

Asia

Near-Term Guidance on Certain Key Items

Proportion of protection sales expected to grow from 48% of total Asia

sales in 2014 to 50-55% by 2017

Growth in operating PFOs of 5-10% annually on a constant currency

basis, with 2015 expected to be at the lower end of the range

Distribution expenses managed in line with sales; growth in operating

expenses no more than half of growth in operating PFOs

High single to low double digit operating earnings growth on a constant

currency basis

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

46

Asia

Long-Term Outlook

Market

growth

1

–

Japan 2-3% 

–

Korea 5-6%

–

Rest of Asia 10-15%

Growth in MetLife Asia operating PFOs (constant currency basis)

–

Japan 4-6% 

–

Korea 6-8%

–

Rest of Asia 15-20%

Operating expenses grow at a slower rate than operating PFOs

1

Source: Swiss Re Country Insurance Market (2014) for Japan and Rest of Asia; Korea Insurance Research Institute Insurance Industry Outlook (2014).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Michel Khalaf

President

Europe, Middle East and Africa

OUTLOOK CALL

2 0 1 4

December 12, 2014

48

EMEA Overview

Leading position in several markets in the Middle East and

Central & Eastern Europe

Emerging markets expected to comprise close to 80% of EMEA

operating earnings over the near term

Diversified across geography, product and channel

Near-term challenges but long-term growth prospects intact

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

EMEA

Operating Earnings Analysis

49

($ in millions)

4Q13 –

3Q14

Reported Operating Earnings

$366

Reported

notable

items

1

:

Actuarial assumption review and other insurance adjustments

($10)

Tax adjustments

($11)

Other noteworthy items:   

Conversion of certain operations to calendar year reporting

($11)

Other tax and reserve adjustments and impact of divestitures

($16)

Baseline Operating Earnings

$318

Estimated impact of 2015 changes

($83)

Baseline Operating Earnings, as adjusted

$235

1

Cumulative impact, as reported in 3Q14 quarterly financial supplement.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

EMEA

Key Sensitivities

Largest operations Poland, the Gulf and Russia, accounting for

roughly half of emerging markets operating earnings in region

Operating

earnings

currency

exposure

1

–

45% Euro

–

22% Polish Zloty

–

15% Russian Ruble

–

10% Turkish Lira

50

1

Based

on

baseline

operating

earnings,

as

adjusted

for

4Q13

–

3Q14.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Strengthening of U.S. dollar

Regulatory changes

Political and economic headwinds

EMEA

Factors Driving Near-Term Outlook

Growth in emerging markets

Build the MetLife brand in key

markets

Capital diversification and cash

generation

Opportunities

Challenges

51

52

EMEA

Near-Term Guidance on Certain Key Items

Sales growth rate in the high single digits, moving to mid-teens

Operating PFOs flat to down in 2015 due to FX, conversion of

certain operations to calendar reporting and divestitures in 2014

Expect mid-

to high single digit growth in operating PFOs in 

2016-2017

Operating

earnings

growth

expected

to

be

in

mid-teens, on a

constant currency basis

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

53

EMEA

Long-Term Outlook

Market growth

1

–

Developed 2-4% 

–

Emerging markets 6-8%

Growth in MetLife EMEA operating PFOs of 10-12% (constant

currency basis)

–

Developed 4-6%

–

Emerging markets 12-15%

Operating

expense

growth

of

mid-

to

high

single

digits

as

more

countries reach scale

1

Source: Munich Re Economic Research, Insurance Market Outlook (May 2014).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

John C.R. Hele

Chief Financial Officer

OUTLOOK CALL

2 0 1 4

December 12, 2014

55

Financial Update

Equity and operating ROE by segment

Impact of low interest rates

Corporate & Other and taxes

Free cash flow (FCF)

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

56

Equity and ROE by Segment

1

Average common equity for 4Q13 to 3Q14 reflecting estimated impact of 2015 changes.

2

For 4Q13 through 3Q14; derived using baseline operating earnings, as adjusted, reflecting estimated impact of 2015 changes.

3

Excludes AOCI, other than FCTAs.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

($ in billions)

Equity

1

Operating ROE

2,3

Tangible ROE

2,3

Retail Life & Other

$8.5 –

$8.9

12 –

13%

Retail Annuities

11.4 –

12.0

12 –

13%

GVWB

5.5 –

5.8

14 –

15%

Corporate Benefit Funding

7.1 –

7.4

18 –

19%

Latin America

3.5 –

3.7

15 –

16%

Americas

36.0 –

37.8

14 –

15%

16 –

17%

Asia

11.3 –

11.8

10 –

11%

18 –

19%

EMEA

3.3 –

3.5

7%

13 –

14%

Corporate & Other

2.2 –

2.4

NA

NA

Total Company

$52.8 –

$55.5

11 –

12%

14 –

15%

57

Manageable Impact from Low Interest Rates

Balance sheet impact if 10-year Treasury at 2% forever

–

Statutory reserve increase of less than $1 billion

–

GAAP

charge

with

present

value

of

approximately

$3

billion

after

tax

Operating earnings impact if 10-year Treasury at 2% for 2015-2016

–

Approximately $80 million reduction versus plan for 2015

–

Approximately $180 million reduction versus plan for 2016

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

58

Guidance on Corporate & Other and Tax Rate

Litigation reserve increase related to asbestos cases of       

$110-$130 million, after tax,

in 4Q14

Corporate & Other expected operating loss of $550-$750 million

in 2015

Effective tax rate expected to be 26.3% in 2015

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

59

FCF Outlook Remains 45-55% of Operating Earnings

Free Cash Flow as a % of Operating Earnings

1

The bars represent mid-points of ranges.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

2014 Projection per

2013 Outlook Call

Current 2014

Estimate

Current 2015-2017

Projection

1

~35%

45 -

55%

~40%

Steven A. Kandarian

Chairman, President &

Chief Executive Officer

OUTLOOK CALL

2 0 1 4

December 12, 2014

61

Key Takeaways

Ahead of strategic plan for operating earnings and operating ROE

Challenges in 2015 include foreign currency weakness and

margin pressure from low interest rates

Ongoing effort to improve quality of information for investors

Focused on improving free cash flow

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Appendix

OUTLOOK CALL

2 0 1 4

December 12, 2014

Safe Harbor Statement

This presentation may contain or incorporate by reference information that includes or is based upon forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements give expectations or forecasts of future events.

These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,”

“estimate,”

“expect,”

“project,”

“intend,”

“plan,”

“believe”

and other words and terms of similar meaning, or are tied to future periods, in

connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions,

prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the

outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks

and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates.

These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties

that

are

difficult

to

predict.

These

statements

are

not

guarantees

of

future

performance.

Actual

results

could

differ

materially

from

those

expressed

or

implied

in

the

forward-looking

statements.

Risks,

uncertainties,

and

other

factors

that

might

cause

such

differences

include

the

risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These

factors include: (1) difficult conditions in the global capital markets; (2) increased volatility and disruption of the capital and credit markets, which

may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related

revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of

specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those

risks; (3) exposure to financial and capital market risks, including as a result of the disruption in Europe; (4) impact of comprehensive financial

services

regulation

reform

on

us,

as

a

potential

non-bank

systemically

important

financial

institution,

or

otherwise;

(5)

numerous

rulemaking

initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our

business, including those compelling the liquidation of certain financial institutions; (6) regulatory, legislative or tax changes relating to our

insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or

administrative burdens of providing benefits to employees; (7) adverse results or other consequences from litigation, arbitration or regulatory

investigations; (8) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (9)

investment losses and defaults, and changes to investment valuations; (10) changes in assumptions related to investment valuations, deferred

policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (11) impairments of goodwill and realized losses or

market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit of other financial

institutions that could adversely affect us; (14) economic, political, legal, currency and other risks relating to our international operations,

including with respect to fluctuations of exchange rates; (15) downgrades in our claims paying ability, financial strength or credit ratings; (16) a

deterioration

in

the

experience

of

the

“closed

block”

established

in

connection

with

the

reorganization

of

Metropolitan

Life

Insurance

Company;

(17) availability and effectiveness of reinsurance or indemnification arrangements, as well as any default or failure of counterparties to perform;

(18) differences between actual claims experience and underwriting and reserving assumptions; (19) ineffectiveness of risk management

64

Safe Harbor Statement (Continued)

policies and procedures; (20) catastrophe losses; (21) increasing cost and limited market capacity for statutory life insurance reserve financings;

(22) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new

products by new and existing competitors, and for personnel; (23) exposure to losses related to variable annuity guarantee benefits, including

from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior,

mortality or longevity, and the adjustment for nonperformance risk; (24) our ability to address difficulties, unforeseen liabilities, asset

impairments, or rating agency actions arising from business acquisitions, including our acquisition of American Life Insurance Company and

Delaware American Life Insurance Company, and integrating and managing the growth of such acquired businesses, or arising from

dispositions

of

businesses

or

legal

entity

reorganizations;

(25)

regulatory

and

other

restrictions

affecting

MetLife,

Inc.’s

ability

to

pay

dividends

and repurchase common stock; (26) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt

payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (27) the possibility that

MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder

Trust; (28) changes in accounting standards, practices and/or policies; (29) increased expenses relating to pension and postretirement benefit

plans, as well as health care and other employee benefits; (30) inability to protect our intellectual property rights or claims of infringement of the

intellectual

property

rights

of

others;

(31)

inability

to

attract

and

retain

sales

representatives;

(32)

provisions

of

laws

and

our

incorporation

documents may delay, deter or prevent takeovers and corporate combinations involving MetLife; (33) the effects of business disruption or

economic

contraction

due

to

disasters

such

as

terrorist

attacks,

cyberattacks,

other

hostilities,

or

natural

catastrophes,

including

any

related

impact

on

the

value

of

our

investment

portfolio,

our

disaster

recovery

systems,

cyber-

or

other

information

security

systems

and

management

continuity planning; (34) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks;

and (35) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware

that

such

statement

is

not

likely

to

be

achieved.

Please

consult

any

further

disclosures

MetLife,

Inc.

makes

on

related

subjects

in

reports

to

the

SEC.

65

Explanatory Note on Non-GAAP Financial Information

Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information slide and this Appendix) to net income

(loss), net income (loss) per share, operating earnings, operating earnings per share, book value per share, book value per share, excluding

accumulated other comprehensive income (loss) (“AOCI”), book value per share, excluding AOCI, other than foreign currency translation

adjustments

(“FCTA”),

book

value

per

share-tangible

common

stockholders’

equity,

premiums,

fees

and

other

revenues,

operating

return

on

equity, excluding AOCI, other than FCTA, and tangible operating return on equity should be read as net income (loss) available to MetLife,

Inc.'s common shareholders, net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share, operating earnings

available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common

share, book value per common share, excluding AOCI, book value per common share, excluding AOCI, other than FCTA, book value per

common

share-tangible

common

stockholders’

equity,

premiums,

fees

and

other

revenues

(operating),

operating

return

on

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

and

operating

return

on

MetLife,

Inc.’s

tangible

common

stockholders’

equity,

respectively.

Operating

earnings

is

the

measure

of

segment

profit

or

loss

that

MetLife

uses

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 MetLife's measure of segment performance. Operating earnings is also a measure by which MetLife 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 and are referred to as 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 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, (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, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v)

excludes

certain

amounts

related

to

securitization

entities

that

are

variable

interest

entities

("VIEs")

consolidated

under

GAAP;

and

•

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

66

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, (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,

(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 and excludes

amounts related to net investment income earned on contractholder-directed unit-linked investments;

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; and

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, 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. In addition to the tax impact of the adjustments

mentioned

above,

provision

for

income

tax

(expense)

benefit

also

includes

the

impact

related

to

the

timing

of

certain

tax

credits,

as

well

as

certain

tax reforms.

MetLife,

Inc.’s

tangible

common

stockholders’

equity

is

defined

as

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

the

net

unrealized

investment

gains

(losses)

and

defined

benefit

plans

adjustment

components

of

AOCI

and

is

also

reduced

by

the

impact

of

goodwill,

value

of

distribution agreements (“VODA”) and value of customer relationships acquired (“VOCRA”), all net of income tax.  MetLife, Inc.’s common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

is

defined

as

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

the

net

unrealized

investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

Explanatory Note on Non-GAAP Financial Information

(Continued)

67

MetLife believes the presentation of operating earnings and operating earnings available to common shareholders as MetLife measures it for

management purposes enhances the understanding of the company's performance by highlighting the results of operations and the underlying

profitability drivers of the business. Operating revenues, operating expenses, operating earnings, operating earnings available to common

shareholders, operating earnings available to common shareholders per diluted common share, investment portfolio gains (losses) and

derivative

gains

(losses)

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,

net

investment

gains

(losses) and

net derivative

gains

(losses),

respectively.

MetLife,

Inc.’s

tangible

common

stockholders’

equity

and

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

should

not

be

viewed

as

substitutes

for

total

MetLife,

Inc.’s

stockholders’

equity

calculated

in

accordance

with

GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are included in the Third Quarter 2014 Financial

Supplement and/or in the tables that accompany this Appendix.

MetLife also refers to baseline operating earnings in this presentation. Baseline operating earnings is operating earnings, adjusted to reflect the

cumulative impact of notable items as reported in the Third Quarter 2014 Financial Supplement, as well as other noteworthy items, if applicable.

MetLife

believes

that

the

presentation

of

baseline

operating

earnings

enhances

the

understanding

of

its

performance

by

providing

an

estimate of

the operating

earnings

that

should

be

considered

as

the

starting

point

for

growth.

MetLife uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use

in discretionary

capital

actions.

MetLife

defines

free

cash

flow

as

the

sum

of

cash

available

at

MetLife’s

holding

companies

from

dividends

from

operating subsidiaries, expenses and other net flows of the holding companies, and net contributions from debt. This measure of free cash flow

is prior to discretionary capital deployment, including common stock dividends and repurchases, debt reduction and mergers and

acquisitions.

Free

cash

flow

should

not

be

viewed

as

a

substitute

for

net

cash

provided

by

(used

in)

operating

activities

calculated

in

accordance

with GAAP. The free cash flow ratio is typically expressed as a percentage of annual operating earnings.

Operating return on MetLife, Inc.'s tangible common stockholders' equity is defined as operating earnings available to common shareholders,

excluding amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.'s tangible common stockholders' equity.

Operating

return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

other

than

FCTA

is

defined

as

operating

earnings

available to

common shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA.

Operating

return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

is

defined

as

operating

earnings

available

to common

shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI.

Operating return on MetLife, Inc.'s common stockholders' equity is defined as operating earnings available to common shareholders divided by

average MetLife, Inc.'s common stockholders' equity.

Return on MetLife, Inc.’s tangible common stockholders' equity is defined as net income (loss) available to MetLife, Inc.’s common shareholders,

excluding

goodwill

impairment

and

amortization

of

VODA

and

VOCRA,

net

of

income

tax,

divided

by

average

MetLife,

Inc.'s

tangible

common

stockholders' equity.

Explanatory Note on Non-GAAP Financial Information

(Continued)

68

Explanatory Note on Non-GAAP Financial Information

(Continued)

Return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

other

than

FCTA

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA.

Return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common

shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI.

Return

on

MetLife,

Inc.’s

common

stockholders’

equity

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common

shareholders

divided

by

average

MetLife,

Inc.’s

common

stockholders’

equity.

Operating expense ratio is calculated by dividing operating expenses (other expenses net of capitalization of DAC) by operating premiums, fees

and other revenues. 

For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP

measures may be included in this Appendix to the presentation materials and/or are on the Investor Relations portion of MetLife’s Internet website. 

Additional information about MetLife’s historical results is also available on its Internet website in its Quarterly Financial Supplements for the

corresponding periods.

The non-GAAP measures used in this presentation should not be viewed as substitutes for the most directly comparable GAAP measures.

In this presentation, MetLife may refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but

are used as relevant measures of business activity.

The impact of changes in foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current period

and is applied to each of the comparable periods.

In this presentation, MetLife may provide forward-looking guidance on its future earnings, premiums, fees and other revenues, earnings per diluted

common

share,

book

value

per

common

share,

return

on

common

equity

and

free

cash

flow

(as

a

percentage

of

annual

operating

earnings)

on

an

operating or non-GAAP basis.  A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is not accessible on a

forward-looking basis because MetLife believes it is not possible to provide other than a range of net investment gains and losses and net

derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a significant

impact on GAAP net income.

In addition, MetLife may provide estimated historical operating results for business that is not within a single reportable segment or Corporate &

Other in this presentation. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is not accessible for such

results, as MetLife calculates GAAP results only for its reportable segments and Corporate & Other.

69

Definitions

Definitions -

Sales

Retail:

GVWB:

CBF:

Direct:

Latin America, Asia and EMEA:

71

Life Sales:

•

Statistical sales information for life insurance is calculated by MetLife using the LIMRA 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.

Annuity Sales:

•

Individual

annuities

sales

consists

of

statutory

premiums

direct

and

assumed,

excluding

company

sponsored

internal

exchanges.

•

Sales of life and non-medical health products include 100% of annualized full year premiums and fees from recurring-premium policy.

•

Sales for property & casualty are based on first year direct written premium net of cancellation and endorsement activity.

Pension Closeout Sales:

•

Pension closeout sales consist of statutory single-premiums received as payment to assume certain benefit liabilities of a U.S. pension plan.

This is consistent with the LIMRA definition of sales for single-premium buy-outs.

Consumer Direct Individual Life Sales:

•

Statistical sales information for life insurance is calculated by using the LIMRA definition of sales for core direct sales, excluding company

sponsored internal exchanges.

Sponsored Direct Group Product Sales:

•

100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection

products such as individual life, accident & health and group).

•

Sales for property & casualty are based on first year direct written premium net of cancellation and endorsement activity.

•

10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions) and 20% of

single-premium deposits from credit insurance.

•

100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection

products such as individual life, accident & health and group).

Reconciliations

Reconciliation of Operating Earnings Available to Common Shareholders to Net Income

(Loss) Available to MetLife, Inc.’s Common Shareholders –

Total Company

72

2011

2012

2013

Nine Months Ended

September 30, 2014

($ in millions)

Operating earnings available to common shareholders

4,654

$   

5,649

$  

6,261

$   

4,977

$                       

Adjustments from operating earnings available to common shareholders to net income

(loss) available to MetLife, Inc.'s common shareholders:

Add: Net investment gains (losses)

(867)

(352)

161

(427)

Add: Net derivative gains (losses)

4,824

(1,919)

(3,239)

1,132

Add: Goodwill impairment

-

(1,868)

-

-

Add: Other adjustments to continuing operations

(1,419)

(2,492)

(1,597)

(923)

Add: Provision for income tax (expense) benefit

(923)

2,174

1,683

(38)

Add: Income (loss) from discontinued operations, net of income tax

24

48

2

(3)

Less: Net income (loss) attributable to noncontrolling interests

(8)

38

25

21

Less: Preferred stock redemption premium

146

-

-

-

Net income (loss) available to MetLife, Inc.'s common shareholders

6,155

$   

1,202

$  

3,246

$   

4,697

$                       

Reconciliation of Operating Earnings Available to Common Shareholders to Net Income

(Loss) Available to MetLife, Inc.’s Common Shareholders

73

Retail

Life &

Other

Retail

Annuities

Group,

Voluntary

& Worksite

Benefits

Corporate

Benefit

Funding

Latin

America

Asia

EMEA

($ in millions)

Operating earnings available to common shareholders

1,132

$   

1,489

$     

861

$         

1,494

$     

668

$      

1,277

$ 

366

$     

Adjustments from operating earnings available to common shareholders to net income

(loss) available to MetLife, Inc.'s common shareholders:

Add: Net investment gains (losses)

(23)

50

(17)

(568)

27

453

(81)

Add: Net derivative gains (losses)

184

450

229

265

(65)

(305)

77

Add: Other adjustments to continuing operations

(198)

(651)

(165)

(45)

(67)

(68)

110

Add: Provision for income tax (expense) benefit

14

53

(17)

105

(12)

(108)

(57)

Add: Income (loss) from discontinued operations, net of income tax

(1)

-

-

(1)

-

-

-

Less: Net income (loss) attributable to noncontrolling interests

-

-

-

-

16

22

2

Net income (loss) available to MetLife, Inc.'s common shareholders

1,108

$   

1,391

$     

891

$         

1,250

$     

535

$      

1,227

$ 

413

$     

Americas

Cumulative Results 4Q13 - 3Q14

Reconciliation of Return on Common Equity

74

2011

2012

2013

Nine Months Ended

September

30,

2014

1

Return on Common Equity

Operating return on MetLife, Inc.'s:        

Common stockholders' equity, excluding AOCI other than FCTA  

10.1%

11.3%

12.2%

12.2%

Common stockholders' equity, excluding AOCI  

10.0%

11.2%

11.9%

11.8%

Common stockholders' equity   

9.2%

9.5%

10.4%

10.2%

Return on MetLife, Inc.'s:        

Common stockholders' equity, excluding AOCI other than FCTA

13.3%

2.4%

6.3%

11.6%

Common stockholders' equity, excluding AOCI   

13.2%

2.4%

6.2%

11.2%

Common stockholders' equity   

12.2%

2.0%

5.4%

9.7%

1

Annualized using year-to-date results for the period ended September 30, 2014.