Second Quarter Financial Supplement June 30, 2012

EX-99.2 3 d367887dex992.htm SECOND QUARTER FINANCIAL SUPPLEMENT JUNE 30, 2012 Second Quarter Financial Supplement June 30, 2012

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Second Quarter

Financial Supplement

June 30, 2012

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METLIFE, INC. TABLE OF CONTENTS

NOTE TO FINANCIALS			2

CORPORATE OVERVIEW			3

METLIFE, INC.
Consolidated Balance Sheets			4
Consolidated Statements of Operating Earnings Available to Common Shareholders			5
Consolidating Statement of Operating Earnings Available to Common Shareholders			6

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			10

THE AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			11
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			14
Other Expenses by Major Category and Sales by Product			15
Spread by Product			16

THE AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			17
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			21
Other Expenses by Major Category			22
Spread by Product			23
Net Written Premiums by Product and Selected Financial Information and Supplemental Data			24

THE AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			25
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			26
Other Expenses by Major Category			27
Spread			28

THE AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			29

ASIA
Statements of Operating Earnings Available to Common Shareholders			30

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			31

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			32

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			33
Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale			35
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			36
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			37

APPENDIX			38



		METLIFE, INC. NOTE TO FINANCIALS This Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends. Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:
		•		Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB fees”);
		•		Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Joint venture adjustments”), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and
		•		Other revenues are adjusted for settlements of foreign currency earnings hedges.
		The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:
		•		Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets (“Inflation adjustments and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
		•		Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);
		•		Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
		•		Amortization of negative VOBA excludes amounts related to Market value adjustments;
		•		Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
		•		Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition and integration costs.
		We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”), and book value per diluted common share, excluding AOCI, should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, GAAP income (loss) from continuing operations, net of income tax, GAAP net income (loss) available to MetLife, Inc.’s common shareholders, GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, book value per common share and book value per diluted common share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page 38, and in MetLife’s earnings press release dated August 1, 2012, for the three months ended June 30, 2012, which is available at www.metlife.com.

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	METLIFE, INC.
	CORPORATE OVERVIEW
			For the Three Months Ended
	Unaudited (In millions, except per share data)		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012			June 30, 2012

	Operating earnings available to common shareholders	$	1,207	$	996	$	1,247	$	1,463		$	1,426
	Preferred stock dividends		31		30		31		30			31
	Operating earnings		1,238		1,026		1,278		1,493			1,457
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(155)		(55)		(558)		(110	)		(64)
	Net derivative gains (losses)		352		4,196		591		(1,978	)		2,092
	Other adjustments to continuing operations		(446)		(395)		(542)		(410	)		(725)
	Provision for income tax (expense) benefit		73		(1,330)		194		871			(460)
	Income (loss) from continuing operations, net of income tax		1,062		3,442		963		(134	)		2,300
	Income (loss) from discontinued operations, net of income tax		31		8		25		14			3
	Net income (loss)		1,093		3,450		988		(120	)		2,303
	Less: Net income (loss) attributable to noncontrolling interest		(7)		(6)		(2)		24			8
	Net income (loss) attributable to MetLife, Inc.		1,100		3,456		990		(144	)		2,295
	Less: Preferred stock dividends		31		30		31		30			31
	Less: Preferred stock redemption premium		-		-		-		-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,069	$	3,426	$	959	$	(174	)	$	2,264


	Operating earnings available to common shareholders per common share - diluted (1), (2)	$	1.13	$	0.93	$	1.17	$	1.37		$	1.33
	Net investment gains (losses)		(0.14)		(0.05)		(0.52)		(0.10	)		(0.06)
	Net derivative gains (losses)		0.33		3.94		0.55		(1.85	)		1.96
	Other adjustments to continuing operations		(0.43)		(0.38)		(0.50)		(0.38	)		(0.67)
	Provision for income tax (expense) benefit		0.07		(1.25)		0.18		0.81			(0.43)
	Discontinued operations, net of income tax		0.03		0.01		0.02		0.01			-
	Less: Net income (loss) attributable to noncontrolling interest		(0.01)		(0.01)		-		0.02			0.01
	Less: Preferred stock redemption premium		-		-		-		-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (1), (2)	$	1.00	$	3.21	$	0.90	$	(0.16	)	$	2.12

	Weighted average common shares outstanding - diluted		1,071.0		1,066.2		1,066.3		1,070.9			1,070.0

	Unaudited		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012			June 30, 2012

	Book value per common share - (actual common shares outstanding) (3)	$	46.56	$	53.15	$	52.43	$	53.37		$	56.83
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (3)	$	43.24	$	46.50	$	46.69	$	46.52		$	48.60
	Book value per common share - diluted - (weighted average common shares outstanding) (3)	$	45.97	$	52.72	$	52.03	$	52.87		$	56.41
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (3)	$	42.70	$	46.13	$	46.32	$	46.09		$	48.25

		For the Three Months Ended
	Unaudited (In millions)		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012			June 30, 2012

	Common shares outstanding, beginning of period		1,056.1		1,057.4		1,057.6		1,058.0			1,060.9
	Newly issued shares		1.3		0.2		0.4		2.9			1.3
	Common shares outstanding, end of period		1,057.4		1,057.6		1,058.0		1,060.9			1,062.2

	Weighted average common shares outstanding - basic		1,059.8		1,060.2		1,060.4		1,064.3			1,064.7
	Dilutive effect of stock purchase contracts underlying common equity units (1)		4.0		-		-		-			-
	Dilutive effect of the exercise or issuance of stock-based awards (2)		7.2		6.0		5.9		6.6			5.3
	Weighted average common shares outstanding - diluted		1,071.0		1,066.2		1,066.3		1,070.9			1,070.0

	Policyholder Trust Shares		216.5		215.3		212.9		209.7			207.5

(1)	For the three months ended September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted.
(2)	For the three months ended March 31, 2012, 6.6 million shares, related to the assumed exercise or issuance of stock-based awards have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted.
(3)	Book value per common share, book value per common share, excluding AOCI, book value per common share - diluted and book value per common share, excluding AOCI - diluted exclude $2,043 million of equity related to preferred stock.

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METLIFE, INC.
CONSOLIDATED BALANCE SHEETS

	Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012

	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value	$	341,744		$	353,927		$	350,271		$	354,451			$ 366,339
	Equity securities available-for-sale, at estimated fair value		3,238			3,118			3,023			3,043			2,882
	Trading and other securities, at estimated fair value (1)		19,700			18,698			18,268			19,026			18,328
	Mortgage loans:
	Held-for-investment, principally at amortized cost (1)		60,819			59,209			56,915			56,641			57,201
	Held-for-sale, principally at estimated fair value (2)		2,805			3,740			15,178			11,947			1,740
	Mortgage loans, net		63,624			62,949			72,093			68,588			58,941
	Policy loans		11,858			11,932			11,892			11,896			11,912
	Real estate and real estate joint ventures		8,234			8,197			8,563			8,472			8,477
	Other limited partnership interests		6,453			6,538			6,378			6,487			6,726
	Short-term investments, principally at estimated fair value		12,419			15,913			17,310			11,801			18,526
	Other invested assets, principally at estimated fair value		14,866			23,103			23,581			20,172			24,288
	Total investments		482,136			504,375			511,379			503,936			516,419
	Cash and cash equivalents, principally at estimated fair value (1)		9,628			10,001			10,461			18,667			16,035
	Accrued investment income		4,341			4,793			4,344			4,612			4,404
	Premiums, reinsurance and other receivables		21,070			23,137			22,481			23,759			23,974
	Deferred policy acquisition costs and value of business acquired		25,234			24,516			24,619			25,105			24,505
	Goodwill		12,036			12,006			11,935			11,903			11,823
	Other assets		8,246			8,340			7,984			9,647			7,711
	Assets of subsidiaries held-for-sale		3,369			3,421			-			-			-
	Separate account assets		202,382			191,499			203,023			221,975			220,317
	Total assets	$	768,442		$	782,088		$	796,226		$	819,604		$	825,188

	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits	$	176,372		$	182,756		$	184,275		$	184,141		$	188,509
	Policyholder account balances		217,597			217,764			217,700			220,813			225,909
	Other policy-related balances		15,456			15,451			15,599			16,029			15,664
	Policyholder dividends payable		853			871			774			761			786
	Policyholder dividend obligation		1,281			2,782			2,919			2,700			3,369
	Payables for collateral under securities loaned and other transactions		30,079			34,933			33,716			32,496			40,302
	Bank deposits		10,022			10,685			10,507			10,478			6,832
	Short-term debt		102			451			686			101			101
	Long-term debt (1)		28,269			24,753			23,692			23,389			18,879
	Collateral financing arrangements		5,297			5,297			4,647			4,647			4,196
	Junior subordinated debt securities		3,192			3,192			3,192			3,192			3,192
	Current income tax payable		133			385			193			239			310
	Deferred income tax liability		2,747			6,155			6,395			6,375			8,603
	Other liabilities (2)		19,707			23,121			30,914			33,144			25,395
	Liabilities of subsidiaries held-for-sale		3,163			3,221			-			-			-
	Separate account liabilities		202,382			191,499			203,023			221,975			220,317
	Total liabilities		716,652			723,316			738,232			760,480			762,364

	Redeemable noncontrolling interests in partially owned consolidated subsidiaries		124			130			105			114			95

	Equity
	Preferred stock, at par value		1			1			1			1			1
	Convertible preferred stock, at par value		-			-			-			-			-
	Common stock, at par value		11			11			11			11			11
	Additional paid-in capital		26,714			26,744			26,782			26,920			26,927
	Retained earnings		21,216			24,642			24,814			24,640			26,904
	Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
	Accumulated other comprehensive income (loss)		3,502			7,024			6,083			7,266			8,735
	Total MetLife, Inc.’s stockholders’ equity		51,272			58,250			57,519			58,666			62,406
	Noncontrolling interests		394			392			370			344			323
	Total equity		51,666			58,642			57,889			59,010			62,729
	Total liabilities and equity	$	768,442		$	782,088		$	796,226		$	819,604		$	825,188
(1) At June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, $6,865 million, $3,380 million, $3,276 million, $3,116 million and $3,023 million, respectively, of assets and $6,547 million, $3,157 million, $3,068 million, $2,916 million and $2,821 million, respectively, of liabilities are included related to certain securitization entities that are required to be consolidated under GAAP. See Pages 33 and 34, note 3 for the amounts by asset category.
(2) At December 31, 2011, March 31, 2012 and June 30, 2012, $7,652 million, $8,283 million and $259 million, respectively, of assets and $7,626 million, $8,252 million and $257 million, respectively, of liabilities are included related to securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition.

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012

OPERATING REVENUES
Premiums	$	9,270		$	9,319		$	9,148		$	9,107		$	9,139
Universal life and investment-type product policy fees		1,908			1,906			1,882			2,009			1,999
Net investment income		5,011			4,970			4,897			5,085			5,187
Other revenues		458			517			468			489			464
Total operating revenues		16,647			16,712			16,395			16,690			16,789

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,272			9,604			8,926			8,939			9,132
Interest credited to policyholder account balances		1,508			1,534			1,536			1,539			1,525
Capitalization of DAC		(1,365	)		(1,524	)		(1,398	)		(1,362	)		(1,313	)
Amortization of DAC and VOBA		1,136			1,162			1,060			1,018			1,162
Amortization of negative VOBA		(163	)		(150	)		(143	)		(137	)		(164	)
Interest expense on debt		328			328			326			313			299
Other expenses		4,172			4,389			4,304			4,291			4,113
Total operating expenses		14,888			15,343			14,611			14,601			14,754

Operating earnings before provision for income tax		1,759			1,369			1,784			2,089			2,035
Provision for income tax expense (benefit)		521			343			506			596			578
Operating earnings		1,238			1,026			1,278			1,493			1,457
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,207		$	996		$	1,247		$	1,463		$	1,426

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,238		$	1,026		$	1,278		$	1,493		$	1,457
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(155	)		(55	)		(558	)		(110	)		(64	)
Net derivative gains (losses)		352			4,196			591			(1,978	)		2,092
Premiums		24			23			23			22			22
Universal life and investment-type product policy fees		61			92			68			69			98
Net investment income		83			(718	)		30			1,115			(468	)
Other revenues		134			203			186			108			(71	)
Policyholder benefits and claims and policyholder dividends		(223	)		202			(485	)		(508	)		(131	)
Interest credited to policyholder account balances		66			796			37			(1,018	)		503
Capitalization of DAC		2			3			2			2			2
Amortization of DAC and VOBA		(118	)		(556	)		73			304			(317	)
Amortization of negative VOBA		20			20			18			18			17
Interest expense on debt		(92	)		(97	)		(43	)		(45	)		(43	)
Other expenses		(403	)		(363	)		(451	)		(477	)		(337	)
Provision for income tax (expense) benefit		73			(1,330	)		194			871			(460	)
Income (loss) from continuing operations, net of income tax		1,062			3,442			963			(134	)		2,300
Income (loss) from discontinued operations, net of income tax		31			8			25			14			3
Net income (loss)		1,093			3,450			988			(120	)		2,303
Less: Net income (loss) attributable to noncontrolling interest		(7	)		(6	)		(2	)		24			8
Net income (loss) attributable to MetLife, Inc.		1,100			3,456			990			(144	)		2,295
Less: Preferred stock dividends		31			30			31			30			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,069		$	3,426		$	959		$	(174	)	$	2,264

Total Operating Premiums, Fees and Other Revenues	$	11,636		$	11,742		$	11,498		$	11,605		$	11,602

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METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2012
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,139		$	6,434		$	2,011		$	680		$	14
Universal life and investment-type product policy fees		1,999			1,537			315			108			39
Net investment income		5,187			4,047			730			157			253
Other revenues		464			397			(3	)		27			43
Total operating revenues		16,789			12,415			3,053			972			349

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,132			7,302			1,374			404			52
Interest credited to policyholder account balances		1,525			1,061			426			26			12
Capitalization of DAC		(1,313	)		(558	)		(538	)		(217	)		-
Amortization of DAC and VOBA		1,162			563			404			195			-
Amortization of negative VOBA		(164	)		(1	)		(127	)		(36	)		-
Interest expense on debt		299			2			4			1			292
Other expenses		4,113			2,368			1,097			478			170
Total operating expenses		14,754			10,737			2,640			851			526

Operating earnings before provision for income tax		2,035			1,678			413			121			(177	)
Provision for income tax expense (benefit)		578			550			138			39			(149	)
Operating earnings		1,457			1,128			275			82			(28	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,426		$	1,128		$	275		$	82		$	(59	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,457		$	1,128		$	275		$	82		$	(28	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(64	)		202			(36	)		(25	)		(205	)
Net derivative gains (losses)		2,092			1,801			50			14			227
Premiums		22			22			-			-			-
Universal life and investment-type product policy fees		98			86			(1	)		13			-
Net investment income		(468	)		(96	)		(358	)		(177	)		163
Other revenues		(71	)		1			6			-			(78	)
Policyholder benefits and claims and policyholder dividends		(131	)		(110	)		(21	)		-			-
Interest credited to policyholder account balances		503			(26	)		353			176			-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		(317	)		(302	)		1			(16	)		-
Amortization of negative VOBA		17			1			16			-			-
Interest expense on debt		(43	)		-			-			-			(43	)
Other expenses		(337	)		(13	)		9			(19	)		(314	)
Provision for income tax (expense) benefit		(460	)		(565	)		(24	)		39			90
Income (loss) from continuing operations, net of income tax		2,300			2,131			270			87			(188	)
Income (loss) from discontinued operations, net of income tax		3			3			-			-			-
Net income (loss)		2,303			2,134			270			87			(188	)
Less: Net income (loss) attributable to noncontrolling interest		8			1			9			(5	)		3
Net income (loss) attributable to MetLife, Inc.		2,295			2,133			261			92			(191	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,264		$	2,133		$	261		$	92		$	(222	)

Total Operating Premiums, Fees and Other Revenues	$	11,602		$	8,368		$	2,323		$	815		$	96

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METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2011
Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,270		$	6,684		$	1,884		$	689		$	13
Universal life and investment-type product policy fees		1,908			1,439			296			135			38
Net investment income		5,011			4,012			596			178			225
Other revenues		458			349			8			29			72
Total operating revenues		16,647			12,484			2,784			1,031			348

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,272			7,581			1,272			395			24
Interest credited to policyholder account balances		1,508			1,065			398			45			-
Capitalization of DAC		(1,365	)		(705	)		(467	)		(193	)		-
Amortization of DAC and VOBA		1,136			554			401			181			-
Amortization of negative VOBA		(163	)		(2	)		(141	)		(20	)		-
Interest expense on debt		328			4			(1	)		-			325
Other expenses		4,172			2,477			1,063			514			118
Total operating expenses		14,888			10,974			2,525			922			467

Operating earnings before provision for income tax		1,759			1,510			259			109			(119	)
Provision for income tax expense (benefit)		521			495			88			45			(107	)
Operating earnings		1,238			1,015			171			64			(12	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,207		$	1,015		$	171		$	64		$	(43	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,238		$	1,015		$	171		$	64		$	(12	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(155	)		16			(32	)		(34	)		(105	)
Net derivative gains (losses)		352			484			5			(12	)		(125	)
Premiums		24			24			-			-			-
Universal life and investment-type product policy fees		61			61			-			-			-
Net investment income		83			(33	)		(175	)		121			170
Other revenues		134			2			2			-			130
Policyholder benefits and claims and policyholder dividends		(223	)		(213	)		(10	)		-			-
Interest credited to policyholder account balances		66			(30	)		204			(108	)		-
Capitalization of DAC		2			2			-			-			-
Amortization of DAC and VOBA		(118	)		(118	)		-			-			-
Amortization of negative VOBA		20			1			19			-			-
Interest expense on debt		(92	)		-			-			-			(92	)
Other expenses		(403	)		(14	)		3			(47	)		(345	)
Provision for income tax (expense) benefit		73			(72	)		10			6			129
Income (loss) from continuing operations, net of income tax		1,062			1,125			197			(10	)		(250	)
Income (loss) from discontinued operations, net of income tax		31			29			1			-			1
Net income (loss)		1,093			1,154			198			(10	)		(249	)
Less: Net income (loss) attributable to noncontrolling interest		(7	)		-			1			(3	)		(5	)
Net income (loss) attributable to MetLife, Inc.		1,100			1,154			197			(7	)		(244	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock redemption premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,069		$	1,154		$	197		$	(7	)	$	(275	)

Total Operating Premiums, Fees and Other Revenues	$	11,636		$	8,472		$	2,188		$	853		$	123

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METLIFE, INC. CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Year-to-Date Period Ended June 30, 2012
	Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

	OPERATING REVENUES
	Premiums	$	18,246		$	12,836		$	3,958		$	1,424		$	28
	Universal life and investment-type product policy fees		4,008			3,064			638			227			79
	Net investment income		10,272			8,094			1,383			342			453
	Other revenues		953			783			13			63			94
	Total operating revenues		33,479			24,777			5,992			2,056			654

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		18,071			14,527			2,643			838			63
	Interest credited to policyholder account balances		3,064			2,138			853			61			12
	Capitalization of DAC		(2,675	)		(1,156	)		(1,099	)		(420	)		-
	Amortization of DAC and VOBA		2,180			1,062			759			359			-
	Amortization of negative VOBA		(301	)		(3	)		(257	)		(41	)		-
	Interest expense on debt		612			5			5			1			601
	Other expenses		8,404			4,794			2,219			1,018			373
	Total operating expenses		29,355			21,367			5,123			1,816			1,049

	Operating earnings before provision for income tax		4,124			3,410			869			240			(395	)
	Provision for income tax expense (benefit)		1,174			1,124			297			82			(329	)
	Operating earnings		2,950			2,286			572			158			(66	)
	Preferred stock dividends		61			-			-			-			61
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,889		$	2,286		$	572		$	158		$	(127	)

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	2,950		$	2,286		$	572		$	158		$	(66	)
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(174	)		167			(139	)		(18	)		(184	)
	Net derivative gains (losses)		114			694			20			43			(643	)
	Premiums		44			44			-			-			-
	Universal life and investment-type product policy fees		167			156			(2	)		13			-
	Net investment income		647			(136	)		149			282			352
	Other revenues		37			1			11			-			25
	Policyholder benefits and claims and policyholder dividends		(639	)		(595	)		(44	)		-			-
	Interest credited to policyholder account balances		(515	)		(79	)		(161	)		(275	)		-
	Capitalization of DAC		4			4			-			-			-
	Amortization of DAC and VOBA		(13	)		1			2			(16	)		-
	Amortization of negative VOBA		35			2			33			-			-
	Interest expense on debt		(88	)		-			-			-			(88	)
	Other expenses		(814	)		(23	)		11			(9	)		(793	)
	Provision for income tax (expense) benefit		411			(99	)		33			13			464
	Income (loss) from continuing operations, net of income tax		2,166			2,423			485			191			(933	)
	Income (loss) from discontinued operations, net of income tax		17			17			-			-			-
	Net income (loss)		2,183			2,440			485			191			(933	)
	Less: Net income (loss) attributable to noncontrolling interest		32			1			11			17			3
	Net income (loss) attributable to MetLife, Inc.		2,151			2,439			474			174			(936	)
	Less: Preferred stock dividends		61			-			-			-			61
	Less: Preferred stock redemption premium		-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,090		$	2,439		$	474		$	174		$	(997	)

	Total Operating Premiums, Fees and Other Revenues	$	23,207		$	16,683		$	4,609		$	1,714		$	201

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METLIFE, INC. CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Year-to-Date Period Ended June 30, 2011
	Unaudited (In millions)	Consolidated			The Americas			Asia			EMEA			Corporate & Other

	OPERATING REVENUES
	Premiums	$	17,802		$	12,702		$	3,687		$	1,386		$	27
	Universal life and investment-type product policy fees		3,740			2,832			593			239			76
	Net investment income		9,794			7,857			1,109			351			477
	Other revenues		926			696			20			55			155
	Total operating revenues		32,262			24,087			5,409			2,031			735

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		17,711			14,398			2,470			803			40
	Interest credited to policyholder account balances		2,987			2,125			778			84			-
	Capitalization of DAC		(2,627	)		(1,335	)		(918	)		(374	)		-
	Amortization of DAC and VOBA		2,133			1,058			730			345			-
	Amortization of negative VOBA		(326	)		(4	)		(287	)		(35	)		-
	Interest expense on debt		651			6			-			1			644
	Other expenses		8,062			4,801			2,053			972			236
	Total operating expenses		28,591			21,049			4,826			1,796			920

	Operating earnings before provision for income tax		3,671			3,038			583			235			(185	)
	Provision for income tax expense (benefit)		1,085			999			188			92			(194	)
	Operating earnings		2,586			2,039			395			143			9
	Preferred stock dividends		61			-			-			-			61
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,525		$	2,039		$	395		$	143		$	(52	)

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	2,586		$	2,039		$	395		$	143		$	9
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(254	)		94			(158	)		(88	)		(102	)
	Net derivative gains (losses)		37			176			61			7			(207	)
	Premiums		46			46			-			-			-
	Universal life and investment-type product policy fees		118			118			-			-			-
	Net investment income		612			(62	)		68			261			345
	Other revenues		232			-			3			-			229
	Policyholder benefits and claims and policyholder dividends		(393	)		(375	)		(18	)		-			-
	Interest credited to policyholder account balances		(379	)		(51	)		(63	)		(265	)		-
	Capitalization of DAC		4			4			-			-			-
	Amortization of DAC and VOBA		(60	)		(60	)		-			-			-
	Amortization of negative VOBA		40			2			38			-			-
	Interest expense on debt		(184	)		-			-			-			(184	)
	Other expenses		(696	)		(27	)		1			(43	)		(627	)
	Provision for income tax (expense) benefit		277			24			38			26			189
	Income (loss) from continuing operations, net of income tax		1,986			1,928			365			41			(348	)
	Income (loss) from discontinued operations, net of income tax		(9	)		50			(60	)		-			1
	Net income (loss)		1,977			1,978			305			41			(347	)
	Less: Net income (loss) attributable to noncontrolling interest		-			-			1			4			(5	)
	Net income (loss) attributable to MetLife, Inc.		1,977			1,978			304			37			(342	)
	Less: Preferred stock dividends		61			-			-			-			61
	Less: Preferred stock redemption premium		146			-			-			-			146
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,770		$	1,978		$	304		$	37		$	(549	)

	Total Operating Premiums, Fees and Other Revenues	$	22,468		$	16,230		$	4,300		$	1,680		$	258

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METLIFE, INC.
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012

	THE AMERICAS

	RETAIL	$	333		$	200		$	386		$	408		$ 380

	GROUP, VOLUNTARY & WORKSITE BENEFITS		228			167			298			304		295

	CORPORATE BENEFIT FUNDING		325			272			226			298		318

	LATIN AMERICA		129			141			123			148		135

	THE AMERICAS TOTAL	$	1,015		$	780		$	1,033		$	1,158		$ 1,128

	ASIA		171			222			250			297		275

	EMEA		64			65			56			76		82

	CORPORATE & OTHER		(43	)		(71	)		(92	)		(68	)	(59)

	METLIFE, INC. CONSOLIDATED	$	1,207		$	996		$	1,247		$	1,463		$ 1,426

	(1) A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment appears in the QFS as follows: (i) Retail, Page 11, (ii) Group, Voluntary & Worksite Benefits, Page 17, (iii) Corporate Benefit Funding, Page 25, (iv) Latin America, Page 29, (v) Asia, Page 30, (vi) EMEA, Page 31, and (vii) Corporate & Other, Page 32. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders appears on Page 5.

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THE 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)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

OPERATING REVENUES
Premiums	$	1,135		$	1,275		$	1,306		$	1,136		$	1,081		$	2,160		$	2,217
Universal life and investment-type product policy fees		1,032			1,027			1,046			1,114			1,119			2,023			2,233
Net investment income		1,827			1,788			1,776			1,856			1,839			3,635			3,695
Other revenues		187			200			191			205			213			369			418
Total operating revenues		4,181			4,290			4,319			4,311			4,252			8,187			8,563

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,876			2,122			1,878			1,902			1,837			3,655			3,739
Interest credited to policyholder account balances		595			617			609			596			590			1,186			1,186
Capitalization of DAC		(499	)		(582	)		(536	)		(405	)		(367	)		(920	)		(772	)
Amortization of DAC and VOBA		368			449			409			333			407			706			740
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			-			-
Other expenses		1,324			1,377			1,364			1,256			1,201			2,521			2,457
Total operating expenses		3,664			3,983			3,725			3,682			3,668			7,148			7,350

Operating earnings before provision for income tax		517			307			594			629			584			1,039			1,213
Provision for income tax expense (benefit)		184			107			208			221			204			365			425
Operating earnings		333			200			386			408			380			674			788
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	333		$	200		$	386		$	408		$	380		$	674		$	788

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	333		$	200		$	386		$	408		$	380		$	674		$	788
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		47			44			22			66			52			82			118
Net derivative gains (losses)		336			1,443			560			(522	)		960			262			438
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		59			90			66			67			82			114			149
Net investment income		(51	)		(68	)		(80	)		(82	)		(92	)		(104	)		(174	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(12	)		407			(449	)		(393	)		50			(159	)		(343	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(117	)		(535	)		73			304			(300	)		(58	)		4
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(91	)		(482	)		(68	)		196			(263	)		(48	)		(67	)
Income (loss) from continuing operations, net of income tax		504			1,099			510			44			869			763			913
Income (loss) from discontinued operations, net of income tax		9			8			(2	)		10			-			29			10
Net income (loss)		513			1,107			508			54			869			792			923
Less: Net income (loss) attributable to noncontrolling interest		-			1			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		513			1,106			508			54			869			792			923
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	513		$	1,106		$	508		$	54		$	869		$	792		$	923

Total Operating Premiums, Fees and Other Revenues	$	2,354		$	2,502		$	2,543		$	2,455		$	2,413		$	4,552		$	4,868

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THE AMERICAS RETAIL - LIFE STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS -PRODUCT LEVEL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)	June 30, 2011			September 30, 2011			December 31, 201			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

OPERATING REVENUES
Premiums	$	988		$	993		$	1,098		$	959		$	981		$	1,939		$	1,940
Universal life and investment-type product policy fees		410			407			412			413			410			815			823
Net investment income		1,118			1,074			1,040			1,096			1,089			2,215			2,185
Other revenues		112			123			111			120			125			219			245
Total operating revenues		2,628			2,597			2,661			2,588			2,605			5,188			5,193

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,628			1,709			1,562			1,614			1,605			3,231			3,219
Interest credited to policyholder account balances		201			209			211			216			213			399			429
Capitalization of DAC		(136	)		(132	)		(146	)		(123	)		(119	)		(269	)		(242	)
Amortization of DAC and VOBA		153			130			205			148			149			314			297
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			(1	)		-			(1	)
Other expenses		545			519			556			538			521			1,070			1,059
Total operating expenses		2,391			2,435			2,388			2,393			2,368			4,745			4,761

Operating earnings before provision for income tax		237			162			273			195			237			443			432
Provision for income tax expense (benefit)		85			55			96			69			83			156			152
Operating earnings		152			107			177			126			154			287			280
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	152		$	107		$	177		$	126		$	154		$	287		$	280

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	152		$	107		$	177		$	126		$	154		$	287		$	280
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		6			21			7			36			17			32			53
Net derivative gains (losses)		81			525			42			(165	)		310			11			145
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			16			-			(5	)		8			(2	)		3
Net investment income		(20	)		(23	)		(23	)		(22	)		(30	)		(37	)		(52	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(3	)		(51	)		117			11			(25	)		(3	)		(14	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(23	)		(172	)		(50	)		51			(98	)		(1	)		(47	)
Income (loss) from continuing operations, net of income tax		194			423			270			32			336			287			368
Income (loss) from discontinued operations, net of income tax		9			8			(2	)		9			-			29			9
Net income (loss)		203			431			268			41			336			316			377
Less: Net income (loss) attributable to noncontrolling interest		-			-			2			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		203			431			266			41			336			316			377
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	203		$	431		$	266		$	41		$	336		$	316		$	377

Total Operating Premiums, Fees and Other Revenues	$	1,510		$	1,523		$	1,621		$	1,492		$	1,516		$	2,973		$	3,008

Mortality as a Percentage of Expected		84.4	%		98.5	%		81.1	%		91.6	%		85.6	%

Lapse Ratio
Traditional Life		6.6	%		6.8	%		6.1	%		5.9	%		6.0	%
Variable & Universal Life		5.8	%		5.8	%		5.4	%		5.3	%		5.3	%

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THE AMERICAS
RETAIL - ANNUITIES
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except ratios)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012


OPERATING REVENUES
Premiums	$	147		$	282		$	208		$	177		$	100		$	221		$	277
Universal life and investment-type product policy fees		622			620			634			701			709			1,208			1,410
Net investment income		709			714			736			760			750			1,420			1,510
Other revenues		75			77			80			85			88			150			173
Total operating revenues		1,553			1,693			1,658			1,723			1,647			2,999			3,370

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		248			413			316			288			232			424			520
Interest credited to policyholder account balances		394			408			398			380			377			787			757
Capitalization of DAC		(363	)		(450	)		(390	)		(282	)		(248	)		(651	)		(530	)
Amortization of DAC and VOBA		215			319			204			185			258			392			443
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			1			-			1
Other expenses		779			858			808			718			680			1,451			1,398
Total operating expenses		1,273			1,548			1,337			1,289			1,300			2,403			2,589

Operating earnings before provision for income tax		280			145			321			434			347			596			781
Provision for income tax expense (benefit)		99			52			112			152			121			209			273
Operating earnings		181			93			209			282			226			387			508
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	181		$	93		$	209		$	282		$	226		$	387		$	508


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	181		$	93		$	209		$	282		$	226		$	387		$	508
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		41			23			15			30			35			50			65
Net derivative gains (losses)		255			918			518			(357	)		650			251			293
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		58			74			66			72			74			116			146
Net investment income		(31	)		(45	)		(57	)		(60	)		(62	)		(67	)		(122	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(12	)		407			(449	)		(393	)		50			(159	)		(343	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(114	)		(484	)		(44	)		293			(275	)		(55	)		18
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(68	)		(310	)		(18	)		145			(165	)		(47	)		(20	)
Income (loss) from continuing operations, net of income tax		310			676			240			12			533			476			545
Income (loss) from discontinued operations, net of income tax		-			-			-			1			-			-			1
Net income (loss)		310			676			240			13			533			476			546
Less: Net income (loss) attributable to noncontrolling interest		-			1			(2	)		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		310			675			242			13			533			476			546
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	310		$	675		$	242		$	13		$	533		$	476		$	546

Total Operating Premiums, Fees and Other Revenues	$	844		$	979		$	922		$	963		$	897		$	1,579		$	1,860

Lapse Ratio
Fixed Annuities		6.4	%		6.6	%		7.8	%		9.5	%		9.8	%
Variable Annuities		7.4	%		6.9	%		6.8	%		6.5	%		6.2	%

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THE AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	76,713		$	77,207		$	77,654		$	77,949		$	78,471
Premiums and deposits (1), (2)		2,055			2,066			2,157			2,041			2,026
Surrenders and withdrawals		(895	)		(905	)		(887	)		(886	)		(913	)
Benefit payments		(627	)		(694	)		(670	)		(676	)		(620	)

Net Flows		533			467			600			479			493
Net transfers from (to) separate account		36			27			27			28			23
Interest		767			777			780			788			785
Policy charges		(428	)		(435	)		(446	)		(445	)		(443	)
Other		(414	)		(389	)		(666	)		(328	)		(436	)

Balance, end of period	$	77,207		$	77,654		$	77,949		$	78,471		$	78,893
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	50,334		$	50,885		$	54,991		$	53,899		$	51,360
Premiums and deposits (1), (2)		1,931			2,699			2,216			1,483			1,245
Surrenders and withdrawals		(921	)		(991	)		(1,300	)		(1,346	)		(905	)
Benefit payments		(376	)		(384	)		(370	)		(400	)		(391	)

Net Flows		634			1,324			546			(263	)		(51	)
Net transfers from (to) separate account		(733	)		(624	)		(1,401	)		(1,251	)		(750	)
Interest		479			484			472			450			444
Policy charges		(20	)		(19	)		(15	)		(15	)		(16	)
Other		191			2,941			(694	)		(1,460	)		1,239

Balance, end of period	$	50,885		$	54,991		$	53,899		$	51,360		$	52,226
SEPARATE ACCOUNT LIABILITIES
LIFE
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	9,368		$	9,301		$	8,071		$	7,946		$	8,641
Premiums and deposits (2)		184			178			240			180			174
Surrenders and withdrawals		(131	)		(116	)		(109	)		(111	)		(116	)
Benefit payments		(14	)		(8	)		(8	)		(12	)		(10	)

Net Flows		39			54			123			57			48
Investment performance		69			(1,121	)		576			809			(304	)
Net transfers from (to) general account		(36	)		(27	)		(27	)		(28	)		(23	)
Policy charges		(139	)		(136	)		(136	)		(134	)		(133	)
Other		-			-			(661	)		(9	)		3

Balance, end of period	$	9,301		$	8,071		$	7,946		$	8,641		$	8,232
ANNUITIES
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	114,510		$	118,463		$	108,655		$	120,263		$	133,462
Premiums and deposits (2)		5,703			6,787			5,778			4,232			3,870
Surrenders and withdrawals		(2,330	)		(2,112	)		(1,993	)		(2,151	)		(2,103	)
Benefit payments		(219	)		(209	)		(203	)		(242	)		(254	)

Net Flows		3,154			4,466			3,582			1,839			1,513
Investment performance		655			(14,329	)		7,214			10,760			(3,587	)
Net transfers from (to) general account		733			624			1,401			1,251			750
Policy charges		(589	)		(574	)		(589	)		(652	)		(723	)
Other		-			5			-			1			1

Balance, end of period	$	118,463		$	108,655		$	120,263		$	133,462		$	131,416
(1) Includes premiums and deposits directed to the General Account investment option of variable products. (2) Includes company sponsored internal exchanges.

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THE AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY AND SALES BY PRODUCT OTHER EXPENSES
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012

	Direct and allocated expenses	$	424	$	390	$	437	$	429	$ 419
	Pension and post-retirement benefit costs		51		55		51		52	52
	Premium taxes, other taxes, and licenses & fees		32		25		37		36	33
	Total fixed operating expenses	$	507	$	470	$	525	$	517	$ 504

	Commissions and other variable expenses		817		907		839		739	697

	Total other expenses	$	1,324	$	1,377	$	1,364	$	1,256	$ 1,201

	SALES BY PRODUCT
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012

	Life Sales (1)
	Term life	$	33	$	32	$	35	$	34	$ 36
	Whole life		30		27		29		28	33
	Variable life		11		9		16		8	8
	Universal life		54		52		56		42	37
	Total life	$	128	$	120	$	136	$	112	$ 114
	Annuities Sales (2)
	Fixed annuity	$	283	$	506	$	453	$	435	$ 225
	Variable annuity		6,968		8,559		7,229		4,926	4,613
	Total annuity	$	7,251	$	9,065	$	7,682	$	5,361	$ 4,838
	Annuity Separate Account and General Account
	Separate Account
	Total variable annuity separate account	$	5,398	$	6,442	$	5,538	$	3,964	$ 3,669
	General Account
	Fixed annuity		283		506		453		435	225
	Variable annuity		1,570		2,117		1,691		962	944
	Total general account		1,853		2,623		2,144		1,397	1,169
	Total annuity premiums and deposits	$	7,251	$	9,065	$	7,682	$	5,361	$ 4,838
(1) Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. (2) Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

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THE AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
		For the Three Months Ended
	Unaudited	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012

	Investment income yield	6.57%	6.33%	5.80%	6.42%	6.45%
	Average crediting rate	4.47%	4.55%	4.49%	4.61%	4.52%
	Annualized general account spread (1)	2.10%	1.78%	1.31%	1.81%	1.93%
DEFERRED ANNUITIES
		For the Three Months Ended
	Unaudited	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012

	Investment income yield	6.11%	6.07%	6.48%	6.48%	6.42%
	Average crediting rate	3.54%	3.50%	3.47%	3.39%	3.41%
	Annualized general account spread (2)	2.57%	2.57%	3.01%	3.09%	3.01%
	(1) This represents the general account spread for Variable & Universal Life, a component of Life. (2) This represents the general account spread for Deferred Annuities, a component of Annuities.

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THE 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)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	4,028		$	3,926		$	3,989		$	4,073		$	4,178		$	8,004		$	8,251
	Universal life and investment-type product policy fees		155			159			157			166			165			314			331
	Net investment income		505			502			491			491			494			990			985
	Other revenues		99			101			108			112			116			200			228
	Total operating revenues		4,787			4,688			4,745			4,842			4,953			9,508			9,795

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		3,725			3,720			3,541			3,639			3,766			7,319			7,405
	Interest credited to policyholder account balances		45			46			44			42			43			88			85
	Capitalization of DAC		(123	)		(125	)		(107	)		(102	)		(112	)		(245	)		(214	)
	Amortization of DAC and VOBA		119			115			119			101			98			233			199
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		692			697			709			716			724			1,384			1,440
	Total operating expenses		4,458			4,453			4,306			4,396			4,519			8,779			8,915

	Operating earnings before provision for income tax		329			235			439			446			434			729			880
	Provision for income tax expense (benefit)		101			68			141			142			139			228			281
	Operating earnings		228			167			298			304			295			501			599
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	228		$	167		$	298		$	304		$	295		$	501		$	599

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	228		$	167		$	298		$	304		$	295		$	501		$	599
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(8	)		(11	)		(8	)		(6	)		19			3			13
	Net derivative gains (losses)		177			1,065			116			(379	)		567			78			188
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		(37	)		(38	)		(36	)		(38	)		(40	)		(69	)		(78	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		-			1			(1	)		-			-			-			-
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			-			-			-			-			-
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			1			(1	)		-			-			-			-
	Provision for income tax (expense) benefit		(47	)		(355	)		(24	)		149			(192	)		(5	)		(43	)
	Income (loss) from continuing operations, net of income tax		313			830			344			30			649			508			679
	Income (loss) from discontinued operations, net of income tax		-			2			-			-			-			-			-
	Net income (loss)		313			832			344			30			649			508			679
	Less: Net income (loss) attributable to noncontrolling interest		-			-			(1	)		-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		313			832			345			30			649			508			679
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	313		$	832		$	345		$	30		$	649		$	508		$	679

	Total Operating Premiums, Fees and Other Revenues	$	4,282		$	4,186		$	4,254		$	4,351		$	4,459		$	8,518		$	8,810

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THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS - GROUP LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions, except ratios)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	1,818		$	1,711		$	1,771		$	1,820		$	1,831		$	3,583		$	3,651
	Universal life and investment-type product policy fees		155			159			157			166			165			314			331
	Net investment income		205			200			194			194			187			405			381
	Other revenues		1			-			1			-			1			3			1
	Total operating revenues		2,179			2,070			2,123			2,180			2,184			4,305			4,364

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		1,726			1,847			1,732			1,835			1,816			3,494			3,651
	Interest credited to policyholder account balances		42			43			40			39			40			82			79
	Capitalization of DAC		(3	)		(3	)		(2	)		-			(1	)		(7	)		(1	)
	Amortization of DAC and VOBA		4			1			4			1			-			7			1
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		141			141			142			145			146			281			291
	Total operating expenses		1,910			2,029			1,916			2,020			2,001			3,857			4,021

	Operating earnings before provision for income tax		269			41			207			160			183			448			343
	Provision for income tax expense (benefit)		94			14			73			55			65			157			120
	Operating earnings		175			27			134			105			118			291			223
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	175		$	27		$	134		$	105		$	118		$	291		$	223

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	175		$	27		$	134		$	105		$	118		$	291		$	223
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(6	)		(14	)		(1	)		-			(13	)		(3	)		(13	)
	Net derivative gains (losses)		36			56			13			(19	)		32			14			13
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		(21	)		(21	)		(20	)		(19	)		(18	)		(39	)		(37	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			-			-			-			-			-
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			-			-			-			-			-			-
	Provision for income tax (expense) benefit		(3	)		(8	)		3			13			-			10			13
	Income (loss) from continuing operations, net of income tax		181			40			129			80			119			273			199
	Income (loss) from discontinued operations, net of income tax		-			2			-			-			-			-			-
	Net income (loss)		181			42			129			80			119			273			199
	Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		181			42			129			80			119			273			199
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	181		$	42		$	129		$	80		$	119		$	273		$	199

	Total Operating Premiums, Fees and Other Revenues	$	1,974		$	1,870		$	1,929		$	1,986		$	1,997		$	3,900		$	3,983

	Group Life Mortality Ratio		82.1	%		98.5	%		85.2	%		89.1	%		87.3	%

LOGO


THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS - NON-MEDICAL HEALTH
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions, except ratios)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	1,462		$	1,455		$	1,461		$	1,500		$	1,586		$	2,938		$	3,086
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		249			252			246			244			256			481			500
	Other revenues		91			93			97			104			98			182			202
	Total operating revenues		1,802			1,800			1,804			1,848			1,940			3,601			3,788

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		1,280			1,260			1,298			1,301			1,366			2,574			2,667
	Interest credited to policyholder account balances		3			3			4			3			3			6			6
	Capitalization of DAC		(32	)		(29	)		(21	)		(16	)		(17	)		(69	)		(33	)
	Amortization of DAC and VOBA		31			26			29			13			11			57			24
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		353			356			366			380			373			712			753
	Total operating expenses		1,635			1,616			1,676			1,681			1,736			3,280			3,417

	Operating earnings before provision for income tax		167			184			128			167			204			321			371
	Provision for income tax expense (benefit)		58			65			45			59			71			112			130
	Operating earnings		109			119			83			108			133			209			241
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	109		$	119		$	83		$	108		$	133		$	209		$	241

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	109		$	119		$	83		$	108		$	133		$	209		$	241
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		4			7			(8	)		(7	)		21			12			14
	Net derivative gains (losses)		144			1,016			105			(361	)		540			67			179
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		(16	)		(17	)		(16	)		(19	)		(22	)		(30	)		(41	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		-			1			(1	)		-			-			-			-
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			-			-			-			-			-
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			1			(1	)		-			-			-			-
	Provision for income tax (expense) benefit		(47	)		(351	)		(27	)		137			(190	)		(18	)		(53	)
	Income (loss) from continuing operations, net of income tax		194			776			135			(142	)		482			240			340
	Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
	Net income (loss)		194			776			135			(142	)		482			240			340
	Less: Net income (loss) attributable to noncontrolling interest		-			-			(1	)		-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		194			776			136			(142	)		482			240			340
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	194		$	776		$	136		$	(142	)	$	482		$	240		$	340

	Total Operating Premiums, Fees and Other Revenues	$	1,553		$	1,548		$	1,558		$	1,604		$	1,684		$	3,120		$	3,288

	Non-Medical Health Benefit Ratio		87.5	%		86.6	%		88.9	%		86.7	%		86.1	%

LOGO



THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS - PROPERTY & CASUALTY
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

OPERATING REVENUES
Premiums (1)	$	748		$	760		$	757		$	753		$	761		$	1,483		$	1,514
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		51			50			51			53			51			104			104
Other revenues		7			8			10			8			17			15			25
Total operating revenues		806			818			818			814			829			1,602			1,643

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends (1)		719			613			511			503			584			1,251			1,087
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(88	)		(93	)		(84	)		(86	)		(94	)		(169	)		(180	)
Amortization of DAC and VOBA		84			88			86			87			87			169			174
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		198			200			201			191			205			391			396
Total operating expenses		913			808			714			695			782			1,642			1,477

Operating earnings before provision for income tax		(107	)		10			104			119			47			(40	)		166
Provision for income tax expense (benefit)		(51	)		(11	)		23			28			3			(41	)		31
Operating earnings		(56)			21			81			91			44			1			135
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(56)		$	21		$	81		$	91		$	44		$	1		$	135


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(56	)	$	21		$	81		$	91		$	44		$	1		$	135
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(6	)		(4	)		1			1			11			(6	)		12
Net derivative gains (losses)		(3	)		(7	)		(2	)		1			(5	)		(3	)		(4	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			4			-			(1	)		(2	)		3			(3	)
Income (loss) from continuing operations, net of income tax		(62	)		14			80			92			48			(5	)		140
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(62	)		14			80			92			48			(5	)		140
Less: Net income (loss) attributable to noncontrolling interest		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(62	)		14			80			92			48			(5	)		140
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(62	)	$	14		$	80		$	92		$	48		$	(5	)	$	140

Total Operating Premiums, Fees and Other Revenues	$	755		$	768		$	767		$	761		$	778		$	1,498		$	1,539

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

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THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

*FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES* GROUP LIFE
		For the Three Months Ended
	Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Balance, beginning of period	$	11,963		$	11,744		$	11,587		$	11,456		$	11,411
	Premiums and deposits		3,038			2,791			2,731			2,863			2,818
	Surrenders and withdrawals		(1,231	)		(1,087	)		(896	)		(906	)		(895	)
	Benefit payments		(1,844	)		(1,827	)		(1,833	)		(1,916	)		(1,889	)

	Net Flows		(37	)		(123	)		2			41			34
	Net transfers from (to) separate account		2			3			2			-			(1	)
	Interest		69			69			68			68			63
	Policy charges		(133	)		(109	)		(122	)		(125	)		(125	)
	Other		(120	)		3			(81	)		(29	)		(36	)

	Balance, end of period	$	11,744		$	11,587		$	11,456		$	11,411		$	11,346

	NON-MEDICAL HEALTH
		For the Three Months Ended
	Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Balance, beginning of period	$	14,384		$	14,581		$	14,802		$	15,181		$	15,324
	Premiums and deposits		1,488			1,583			1,488			1,529			1,610
	Surrenders and withdrawals		(3	)		(103	)		(3	)		(3	)		(3	)
	Benefit payments		(1,116	)		(1,074	)		(1,073	)		(1,133	)		(1,193	)

	Net Flows		369			406			412			393			414
	Net transfers from (to) separate account		-			-			-			-			-
	Interest		161			164			167			167			168
	Policy charges		-			-			-			-			-
	Other		(333	)		(349	)		(200	)		(417	)		443

	Balance, end of period	$	14,581		$	14,802		$	15,181		$	15,324		$	16,349

	SEPARATE ACCOUNT LIABILITIES

	GROUP LIFE
		For the Three Months Ended
	Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Balance, beginning of period	$	516		$	516		$	444		$	478		$	528
	Premiums and deposits		47			47			47			49			49
	Surrenders and withdrawals		(7	)		(8	)		(7	)		(12	)		(10	)
	Benefit payments		-			-			-			(1	)		(1	)

	Net Flows		40			39			40			36			38
	Investment performance		-			(70	)		34			53			(18	)
	Net transfers from (to) general account		(2	)		(3	)		(2	)		-			1
	Policy charges		(38	)		(38	)		(38	)		(39	)		(40	)
	Other		-			-			-			-			(1	)

	Balance, end of period	$	516		$	444		$	478		$	528		$	508

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THE AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY

OTHER EXPENSES
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012

	Direct and allocated expenses	$	441	$	445	$	468	$	479	$	463
	Pension and post-retirement benefit costs		25		25		25		24		24
	Premium taxes, other taxes, and licenses & fees		68		68		63		67		73
	Total fixed operating expenses	$	534	$	538	$	556	$	570	$	560

	Commissions and other variable expenses		158		159		153		146		164

	Total other expenses	$	692	$	697	$	709	$	716	$	724

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THE AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS SPREAD BY PRODUCT GROUP LIFE
	For the Three Months Ended
Unaudited	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012

Investment income yield	5.73	%	5.66	%	5.62	%	5.69	%	5.53	%
Average crediting rate	2.07	%	2.11	%	2.01	%	2.01	%	1.98	%
Annualized general account spread	3.66	%	3.55	%	3.61	%	3.68	%	3.55	%

NON-MEDICAL HEALTH
	For the Three Months Ended
Unaudited	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012

Investment income yield	6.53	%	6.35	%	6.40	%	6.37	%	6.52	%
Average crediting rate	4.70	%	4.66	%	4.68	%	4.68	%	4.67	%
Annualized general account spread	1.83	%	1.69	%	1.72	%	1.69	%	1.85	%

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THE AMERICAS

GROUP, VOLUNTARY & WORKSITE BENEFITS - PROPERTY & CASUALTY

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA


	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012

Net Written Premiums by Product
Automobile	$	509		$	529		$	491		$	502		$	518
Homeowners		255			265			238			214			273
Other		14			13			11			25			13
Total	$	778		$	807		$	740		$	741		$	804

Selected Financial Information and Supplemental Data

Total Property & Casualty
Net earned premium	$	748		$	760		$	757		$	753		$	761
Loss and loss adjustment expense ratio		96.1	%		80.6	%		67.5	%		66.9	%		76.6	%
Policyholder benefits and dividends		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%
Other expense ratio		26.0	%		25.7	%		26.7	%		25.3	%		26.1	%
Payment fees credit		(0.5	%)		(0.5	%)		(0.5	%)		(0.5	%)		(0.5	%)
Total combined ratio		121.7	%		105.8	%		93.7	%		91.7	%		102.3	%
Effect of catastrophe losses		35.8	%		17.7	%		3.6	%		3.5	%		18.9	%
Combined ratio excluding catastrophes		85.9	%		88.1	%		90.1	%		88.2	%		83.4	%

Auto
Net earned premium	$	501		$	508		$	503		$	497		$	503
Loss and loss adjustment expense ratio		71.4	%		67.6	%		74.7	%		70.3	%		67.1	%
Policyholder benefits and dividends		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%
Other expense ratio		25.3	%		25.2	%		26.0	%		24.8	%		25.8	%
Payment fees credit		(0.6	%)		(0.6	%)		(0.6	%)		(0.6	%)		(0.5	%)
Total combined ratio		96.2	%		92.2	%		100.1	%		94.5	%		92.5	%
Effect of catastrophe losses		5.7	%		2.8	%		0.6	%		0.6	%		5.3	%
Combined ratio excluding catastrophes		90.5	%		89.4	%		99.5	%		93.9	%		87.2	%

Homeowners & Other
Net earned premium	$	247		$	252		$	254		$	256		$	258
Loss and loss adjustment expense ratio		146.1	%		106.7	%		53.3	%		60.2	%		95.1	%
Policyholder benefits and dividends		0.1	%		0.0	%		0.0	%		0.0	%		0.2	%
Other expense ratio		27.4	%		27.0	%		28.3	%		26.6	%		26.6	%
Payment fees credit		(0.4	%)		(0.4	%)		(0.4	%)		(0.4	%)		(0.3	%)
Total combined ratio		173.2	%		133.3	%		81.2	%		86.4	%		121.6	%
Effect of catastrophe losses		96.8	%		47.7	%		9.4	%		8.9	%		45.6	%
Combined ratio excluding catastrophes		76.4	%		85.6	%		71.8	%		77.5	%		76.0	%

Pre-Tax Catastrophe Losses
Auto	$	28		$	14		$	4		$	3		$	27
Homeowners & Other		239			121			23			23			117
Total	$	267		$	135		$	27		$	26		$	144

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THE AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

OPERATING REVENUES
Premiums	$	874		$	835		$	716		$	507		$	523		$	1,297		$	1,030
Universal life and investment-type product policy fees		58			69			51			51			57			112			108
Net investment income		1,408			1,375			1,337			1,401			1,431			2,794			2,832
Other revenues		61			61			67			64			65			121			129
Total operating revenues		2,401			2,340			2,171			2,023			2,076			4,324			4,099

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,446			1,459			1,362			1,092			1,131			2,466			2,223
Interest credited to policyholder account balances		331			327			330			339			338			666			677
Capitalization of DAC		(5	)		(6	)		(2	)		(7	)		(8	)		(17	)		(15	)
Amortization of DAC and VOBA		5			4			3			10			4			10			14
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		3			2			2			2			2			5			4
Other expenses		122			136			129			128			120			248			248
Total operating expenses		1,902			1,922			1,824			1,564			1,587			3,378			3,151

Operating earnings before provision for income tax		499			418			347			459			489			946			948
Provision for income tax expense (benefit)		174			146			121			161			171			332			332
Operating earnings		325			272			226			298			318			614			616
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	325		$	272		$	226		$	298		$	318		$	614		$	616

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	325		$	272		$	226		$	298		$	318		$	614		$	616
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(10	)		83			(66	)		(98	)		144			2			46
Net derivative gains (losses)		(37	)		447			146			(243	)		288			(167	)		45
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		34			35			24			29			10			74			39
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(12	)		(38	)		7			(6	)		(16	)		(4	)		(22	)
Interest credited to policyholder account balances		(8	)		(2	)		(1	)		(2	)		(1	)		(16	)		(3	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1			3			(4	)		-			-			1			-
Provision for income tax (expense) benefit		10			(185	)		(35	)		111			(148	)		38			(37	)
Income (loss) from continuing operations, net of income tax		303			615			297			89			595			542			684
Income (loss) from discontinued operations, net of income tax		20			6			-			4			3			21			7
Net income (loss)		323			621			297			93			598			563			691
Less: Net income (loss) attributable to noncontrolling interest		-			2			(5	)		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		323			619			302			93			598			563			691
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	323		$	619		$	302		$	93		$	598		$	563		$	691

Total Operating Premiums, Fees and Other Revenues	$	993		$	965		$	834		$	622		$	645		$	1,530		$	1,267

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THE AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

*FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	103,328		$	104,538		$	104,585		$	106,024		$	108,339
Premiums and deposits		11,148			14,309			13,677			17,655			19,383
Surrenders and withdrawals		(10,718	)		(17,348	)		(12,491	)		(14,745	)		(14,885	)
Benefit payments		(827	)		(881	)		(860	)		(838	)		(850	)

Net Flows		(397	)		(3,920	)		326			2,072			3,648
Net transfers from (to) separate account		(4	)		(12	)		(31	)		(5	)		(11	)
Interest		1,028			1,015			1,010			1,021			1,059
Policy charges		(34	)		(34	)		(32	)		(21	)		(31	)
Other		617			2,998			166			(752	)		1,426

Balance, end of period	$	104,538		$	104,585		$	106,024		$	108,339		$	114,430

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Balance, beginning of period	$	61,061		$	63,252		$	65,054		$	64,851		$	68,635
Premiums and deposits		2,853			3,064			1,984			2,383			1,546
Surrenders and withdrawals		(1,404	)		(2,050	)		(2,106	)		(1,311	)		(1,198	)
Benefit payments		(23	)		(17	)		(13	)		(16	)		(17	)

Net Flows		1,426			997			(135	)		1,056			331
Investment performance		1,012			799			1,354			1,115			1,077
Net transfers from (to) general account		4			12			31			5			11
Policy charges		(61	)		(63	)		(79	)		(84	)		(81	)
Other		(190	)		57			(1,374	)		1,692			(269	)

Balance, end of period	$	63,252		$	65,054		$	64,851		$	68,635		$	69,704

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THE AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012

	Direct and allocated expenses	$ 69	$ 72	$ 84	$ 76	$ 61
	Pension and post-retirement benefit costs	12	12	12	11	11
	Premium taxes, other taxes, and licenses & fees	5	10	4	3	5
	Total fixed operating expenses	$ 86	$ 94	$ 100	$ 90	$ 77

	Commissions and other variable expenses	36	42	29	38	43

	Total other expenses	$ 122	$ 136	$ 129	$ 128	$ 120

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THE AMERICAS
CORPORATE BENEFIT FUNDING
SPREAD

CORPORATE BENEFIT FUNDING
		For the Three Months Ended
	Unaudited	June 30, 2011	September 30, 2011	December 31, 2011	March 31, 2012	June 30, 2012

	Investment income yield	5.33%	5.23%	5.12%	5.35%	5.27%
	Average crediting rate	3.76%	3.81%	3.87%	3.87%	3.72%
	Annualized general account spread	1.57%	1.42%	1.25%	1.48%	1.55%

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THE AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

		For the Three Months Ended													For the Year-to-Date Period Ended
	Unaudited (In millions)		June 30, 2011			September 30, 2011		December 31, 2011		March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	647		$	672	$	601	$	686		$	652		$	1,241		$	1,338
	Universal life and investment-type product policy fees		194			188		186		196			196			383			392
	Net investment income		272			289		298		299			283			438			582
	Other revenues		2			8		1		5			3			6			8
	Total operating revenues		1,115			1,157		1,086		1,186			1,134			2,068			2,320

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		534			576		530		592			568			958			1,160
	Interest credited to policyholder account balances		94			95		91		100			90			185			190
	Capitalization of DAC		(78	)		(78)		(64)		(84	)		(71	)		(153	)		(155	)
	Amortization of DAC and VOBA		62			45		53		55			54			109			109
	Amortization of negative VOBA		(2	)		-		(2)		(2	)		(1	)		(4	)		(3	)
	Interest expense on debt		1			-		-		1			-			1			1
	Other expenses		339			333		324		326			323			648			649
	Total operating expenses		950			971		932		988			963			1,744			1,951

	Operating earnings before provision for income tax		165			186		154		198			171			324			369
	Provision for income tax expense (benefit)		36			45		31		50			36			74			86
	Operating earnings		129			141		123		148			135			250			283
	Preferred stock dividends		-			-		-		-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	129		$	141	$	123	$	148		$	135		$	250		$	283

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	129		$	141	$	123	$	148		$	135		$	250		$	283
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(13	)		(8)		(5)		3			(13	)		7			(10	)
	Net derivative gains (losses)		8			(45)		6		37			(14	)		3			23
	Premiums		24			23		23		22			22			46			44
	Universal life and investment-type product policy fees		2			2		2		3			4			4			7
	Net investment income		21			7		36		51			26			37			77
	Other revenues		2			-		(1)		-			1			-			1
	Policyholder benefits and claims and policyholder dividends		(189	)		(159)		(21)		(86	)		(144	)		(212	)		(230	)
	Interest credited to policyholder account balances		(22	)		(7)		(36)		(51	)		(25	)		(35	)		(76	)
	Capitalization of DAC		2			3		2		2			2			4			4
	Amortization of DAC and VOBA		(1	)		(1)		(1)		(1	)		(2	)		(2	)		(3	)
	Amortization of negative VOBA		1			1		1		1			1			2			2
	Interest expense on debt		-			-		-		-			-			-			-
	Other expenses		(15	)		(12)		(18)		(10	)		(13	)		(28	)		(23	)
	Provision for income tax (expense) benefit		56			44		(1)		10			38			39			48
	Income (loss) from continuing operations, net of income tax		5			(11)		110		129			18			115			147
	Income (loss) from discontinued operations, net of income tax		-			-		-		-			-			-			-
	Net income (loss)		5			(11)		110		129			18			115			147
	Less: Net income (loss) attributable to noncontrolling interest		-			-		-		-			1			-			1
	Net income (loss) attributable to MetLife, Inc.		5			(11)		110		129			17			115			146
	Less: Preferred stock dividends		-			-		-		-			-			-			-
	Less: Preferred stock redemption premium		-			-		-		-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	5		$	(11)	$	110	$	129		$	17		$	115		$	146

	Total Operating Premiums, Fees and Other Revenues	$	843		$	868	$	788	$	887		$	851		$	1,630		$	1,738

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

OPERATING REVENUES
Premiums	$	1,884		$	1,905		$	1,880		$	1,947		$	2,011		$	3,687		$	3,958
Universal life and investment-type product policy fees		296			318			280			323			315			593			638
Net investment income		596			618			650			653			730			1,109			1,383
Other revenues		8			8			6			16			(3	)		20			13
Total operating revenues		2,784			2,849			2,816			2,939			3,053			5,409			5,992

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,272			1,259			1,247			1,269			1,374			2,470			2,643
Interest credited to policyholder account balances		398			413			413			427			426			778			853
Capitalization of DAC		(467	)		(562	)		(501	)		(561	)		(538	)		(918	)		(1,099	)
Amortization of DAC and VOBA		401			386			304			355			404			730			759
Amortization of negative VOBA		(141	)		(135	)		(133	)		(130	)		(127	)		(287	)		(257	)
Interest expense on debt		(1	)		-			-			1			4			-			5
Other expenses		1,063			1,161			1,098			1,122			1,097			2,053			2,219
Total operating expenses		2,525			2,522			2,428			2,483			2,640			4,826			5,123

Operating earnings before provision for income tax		259			327			388			456			413			583			869
Provision for income tax expense (benefit)		88			105			138			159			138			188			297
Operating earnings		171			222			250			297			275			395			572
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	171		$	222		$	250		$	297		$	275		$	395		$	572

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	171		$	222		$	250		$	297		$	275		$	395		$	572
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(32	)		(22	)		(111	)		(103	)		(36	)		(158	)		(139	)
Net derivative gains (losses)		5			168			(27	)		(30	)		50			61			20
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			(1	)		(1	)		-			(2	)
Net investment income		(175	)		(443	)		(147	)		507			(358	)		68			149
Other revenues		2			5			5			5			6			3			11
Policyholder benefits and claims and policyholder dividends		(10	)		(9	)		(21	)		(23	)		(21	)		(18	)		(44	)
Interest credited to policyholder account balances		204			421			155			(514	)		353			(63	)		(161	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(20	)		1			1			1			-			2
Amortization of negative VOBA		19			19			17			17			16			38			33
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		3			3			4			2			9			1			11
Provision for income tax (expense) benefit		10			(58	)		61			57			(24	)		38			33
Income (loss) from continuing operations, net of income tax		197			286			187			215			270			365			485
Income (loss) from discontinued operations, net of income tax		1			(11	)		27			-			-			(60	)		-
Net income (loss)		198			275			214			215			270			305			485
Less: Net income (loss) attributable to noncontrolling interest		1			2			3			2			9			1			11
Net income (loss) attributable to MetLife, Inc.		197			273			211			213			261			304			474
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock redemption premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	197		$	273		$	211		$	213		$	261		$	304		$	474

Total Operating Premiums, Fees and Other Revenues	$	2,188		$	2,231		$	2,166		$	2,286		$	2,323		$	4,300		$	4,609

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EMEA
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	689		$	692		$	643		$	744		$	680		$	1,386		$	1,424
	Universal life and investment-type product policy fees		135			106			122			119			108			239			227
	Net investment income		178			176			133			185			157			351			342
	Other revenues		29			29			41			36			27			55			63
	Total operating revenues		1,031			1,003			939			1,084			972			2,031			2,056

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		395			407			343			434			404			803			838
	Interest credited to policyholder account balances		45			36			49			35			26			84			61
	Capitalization of DAC		(193	)		(171	)		(188	)		(203	)		(217	)		(374	)		(420	)
	Amortization of DAC and VOBA		181			163			171			164			195			345			359
	Amortization of negative VOBA		(20	)		(15	)		(8	)		(5	)		(36	)		(35	)		(41	)
	Interest expense on debt		-			-			(1	)		-			1			1			1
	Other expenses		514			475			486			540			478			972			1,018
	Total operating expenses		922			895			852			965			851			1,796			1,816

	Operating earnings before provision for income tax		109			108			87			119			121			235			240
	Provision for income tax expense (benefit)		45			43			31			43			39			92			82
	Operating earnings		64			65			56			76			82			143			158
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	64		$	65		$	56		$	76		$	82		$	143		$	158

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	64		$	65		$	56		$	76		$	82		$	143		$	158
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(34	)		(232	)		(219	)		7			(25	)		(88	)		(18	)
	Net derivative gains (losses)		(12	)		22			3			29			14			7			43
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			13			-			13
	Net investment income		121			(388	)		101			459			(177	)		261			282
	Other revenues		-			-			(1	)		-			-			-			-
	Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
	Interest credited to policyholder account balances		(108	)		384			(81	)		(451	)		176			(265	)		(275	)
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			-			-			(16	)		-			(16	)
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		(47	)		(23	)		(25	)		10			(19	)		(43	)		(9	)
	Provision for income tax (expense) benefit		6			87			54			(26	)		39			26			13
	Income (loss) from continuing operations, net of income tax		(10	)		(85	)		(112	)		104			87			41			191
	Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
	Net income (loss)		(10	)		(85	)		(112	)		104			87			41			191
	Less: Net income (loss) attributable to noncontrolling interest		(3	)		(12	)		(1	)		22			(5	)		4			17
	Net income (loss) attributable to MetLife, Inc.		(7	)		(73	)		(111	)		82			92			37			174
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Less: Preferred stock redemption premium		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	(7	)	$	(73	)	$	(111	)	$	82		$	92		$	37		$	174

	Total Operating Premiums, Fees and Other Revenues	$	853		$	827		$	806		$	899		$	815		$	1,680		$	1,714

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

	OPERATING REVENUES
	Premiums	$	13		$	14		$	13		$	14		$	14		$	27		$	28
	Universal life and investment-type product policy fees		38			39			40			40			39			76			79
	Net investment income		225			222			212			200			253			477			453
	Other revenues		72			110			54			51			43			155			94
	Total operating revenues		348			385			319			305			349			735			654

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		24			61			25			11			52			40			63
	Interest credited to policyholder account balances		-			-			-			-			12			-			12
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		-			-			1			-			-			-			-
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		325			326			324			309			292			644			601
	Other expenses		118			210			194			203			170			236			373
	Total operating expenses		467			597			544			523			526			920			1,049

	Operating earnings before provision for income tax		(119	)		(212	)		(225	)		(218	)		(177	)		(185	)		(395	)
	Provision for income tax expense (benefit)		(107	)		(171	)		(164	)		(180	)		(149	)		(194	)		(329	)
	Operating earnings		(12	)		(41	)		(61	)		(38	)		(28	)		9			(66	)
	Preferred stock dividends		31			30			31			30			31			61			61
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(43	)	$	(71	)	$	(92	)	$	(68	)	$	(59	)	$	(52	)	$	(127	)

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	(12	)	$	(41	)	$	(61	)	$	(38	)	$	(28	)	$	9		$	(66	)
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		(105	)		91			(171	)		21			(205	)		(102	)		(184	)
	Net derivative gains (losses)		(125	)		1,096			(213	)		(870	)		227			(207	)		(643	)
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		-			-			-			-			-			-			-
	Net investment income		170			177			132			189			163			345			352
	Other revenues		130			198			183			103			(78	)		229			25
	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		(92	)		(97	)		(43	)		(45	)		(43	)		(184	)		(88	)
	Other expenses		(345	)		(335	)		(407	)		(479	)		(314	)		(627	)		(793	)
	Provision for income tax (expense) benefit		129			(381	)		207			374			90			189			464
	Income (loss) from continuing operations, net of income tax		(250	)		708			(373	)		(745	)		(188	)		(348	)		(933	)
	Income (loss) from discontinued operations, net of income tax		1			3			-			-			-			1			-
	Net income (loss)		(249	)		711			(373	)		(745	)		(188	)		(347	)		(933	)
	Less: Net income (loss) attributable to noncontrolling interest		(5	)		1			2			-			3			(5	)		3
	Net income (loss) attributable to MetLife, Inc.		(244	)		710			(375	)		(745	)		(191	)		(342	)		(936	)
	Less: Preferred stock dividends		31			30			31			30			31			61			61
	Less: Preferred stock redemption premium		-			-			-			-			-			146			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	(275	)	$	680		$	(406	)	$	(775	)	$	(222	)	$	(549	)	$	(997	)

	Total Operating Premiums, Fees and Other Revenues	$	123		$	163		$	107		$	105		$	96		$	258		$	201

LOGO


INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Fixed Maturity Securities
Yield (1)		4.94%			4.79%			4.90%			4.96%			4.76%
Investment income (2), (3), (4)	$	3,794		$	3,721		$	3,808		$	3,840		$	3,720
Investment gains (losses) (3)		(105	)		(186	)		(478	)		(136	)		(19	)
Ending carrying value (2), (3)		342,607			354,611			351,011			355,269			367,138
Mortgage Loans
Yield (1)		5.50%			5.56%			5.53%			5.62%			5.44%
Investment income (3), (4)		765			806			832			830			764
Investment gains (losses) (3)		68			45			15			36			13
Ending carrying value (3)		56,927			59,722			61,303			57,281			55,750
Real Estate and Real Estate Joint Ventures
Yield (1)		4.85%			4.67%			2.65%			3.76%			8.75%
Investment income (3)		99			96			55			80			185
Investment gains (losses) (3)		47			165			(11	)		17			(12	)
Ending carrying value		8,234			8,197			8,563			8,472			8,477
Policy Loans
Yield (1)		5.41%			5.43%			5.35%			5.30%			5.27%
Investment income		160			162			159			158			156
Ending carrying value		11,858			11,932			11,892			11,896			11,912
Equity Securities
Yield (1)		6.04%			3.59%			4.52%			4.17%			5.24%
Investment income		48			28			35			32			38
Investment gains (losses)		(70	)		(3	)		14			(9	)		19
Ending carrying value		3,238			3,118			3,023			3,043			2,882
Other Limited Partnership Interests
Yield (1)		9.90%			11.08%			6.16%			11.34%			16.07%
Investment income		159			180			99			182			266
Investment gains (losses)		5			-			(4	)		(2	)		(9	)
Ending carrying value		6,453			6,538			6,378			6,487			6,726
Cash and Short-term Investments
Yield (1)		1.09%			1.03%			0.87%			0.69%			0.65%
Investment income		41			38			33			32			34
Investment gains (losses)		1			-			1			-			-
Ending carrying value (3)		22,026			25,901			27,750			30,465			34,540
Other Invested Assets (1)
Investment income		163			158			108			132			197
Investment gains (losses) (3)		(7	)		-			(6	)		(25	)		(10	)
Ending carrying value		14,866			23,103			23,581			20,172			24,288
Total Investments
Investment income yield (1)		5.08%			4.97%			4.87%			5.00%			5.05%
Investment fees and expenses yield		(0.13	)		(0.13	)		(0.14	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.95%			4.84%			4.73%			4.87%			4.92%
Investment income	$	5,229		$	5,189		$	5,129		$	5,286		$	5,360
Investment fees and expenses		(138	)		(137	)		(143	)		(140	)		(139	)
Net Investment Income including Divested businesses		5,091			5,052			4,986			5,146			5,221
Less: Net investment Income from Divested businesses (5)		80			82			89			61			34
Net Investment Income (3)	$	5,011		$	4,970		$	4,897		$	5,085		$	5,187
Ending Carrying Value (3)	$	466,209		$	493,122		$	493,501		$	493,085		$	511,713
Investment portfolio gains (losses) including Divested businesses	$	(61	)	$	21		$	(469	)	$	(119	)	$	(18	)
Less: Investment portfolio gains (losses) from Divested businesses (5)		(6	)		7			(138	)		96			(35	)
Investment Portfolio Gains (Losses) (3), (5)	$	(55	)	$	14		$	(331	)	$	(215	)	$	17
Gross investment gains	$	348		$	474		$	247		$	278		$	255
Gross investment losses		(288	)		(199	)		(328	)		(335	)		(182	)
Writedowns		(115	)		(261	)		(250	)		(158	)		(56	)
Investment Portfolio Gains (Losses) (3)		(55	)		14			(331	)		(215	)		17
Investment portfolio gains (losses) income tax (expense) benefit		21			(5	)		118			70			(13	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(34	)	$	9		$	(213	)	$	(145	)	$	4

Derivative Gains (Losses) including Divested businesses	$	293		$	4,129		$	509		$	(2,064	)	$	1,984
Less: Derivative gains (losses) from Divested businesses (5)		(9	)		(139	)		(13	)		(5	)		(2	)
Derivative gains (losses) (3), (5)		302			4,268			522			(2,059	)		1,986
Derivative gains (losses) income tax (expense) benefit		(107	)		(1,496	)		(171	)		727			(699	)
Derivative Gains (Losses), Net of Income Tax	$	195		$	2,772		$	351		$	(1,332	)	$	1,287
(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 38. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $863 million, $684 million, $740 million, $818 million and $799 million in ending carrying value, and $16 million, ($38) million, $25 million, $45 million and ($1) million of investment income related to trading and other securities at or for the three months ended June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, respectively.
(3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the three month periods ended June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, respectively: A) Trading and other securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $18,690 million, $17,874 million, $17,411 million, $18,119 million and $17,459 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $147 million, $140 million, $117 million, $89 million and $70 million, mortgage loans of $6,697 million, $3,227 million, $3,138 million, $3,024 million and $2,932 million and cash and short-term investments of $21 million, $13 million, $21 million, $3 million and $21 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $0, $7,652 million, $8,283 million and $259 million; D) Net investment income adjustments as presented on Page 38 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(61	)	$	21		$	(469	)	$	(119	)	$	(18	)
Real estate discontinued operations		(43	)		(26	)		1			(21	)		(4	)
Net investment gains (losses) related to CSEs		(16	)		(7	)		3			(5	)		4
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(35	)		(43	)		(93	)		35			(46	)
Net investment gains (losses) - GAAP basis	$	(155	)	$	(55	)	$	(558	)	$	(110	)	$	(64	)

	For the Three Months Ended
	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
Derivative gains (losses) including Divested businesses - in above yield table	$	293		$	4,129		$	509		$	(2,064	)	$	1,984
Investment hedge adjustments		55			70			85			89			113
Joint venture adjustments		-			-			-			-			-
Settlement of foreign currency earnings hedges		(4	)		(5	)		(4	)		(5	)		(6	)
PAB hedge adjustments		8			2			1			2			1
Net derivative gains (losses) - GAAP basis	$	352		$	4,196		$	591		$	(1,978	)	$	2,092
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page 38 for all of the Divested businesses for the three months ended March 31, 2012 and June 30, 2012, includes $85 million and $88 million, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above. See Page 2 for discussion of Divested businesses.

LOGO


INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
		At or For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Fixed Maturity Securities
	Yield (1)		4.93%			4.95%			4.94%			4.96%			4.86%
	Investment income (2), (3), (4)	$	7,487		$	11,208		$	15,016		$	3,840		$	7,560
	Investment gains (losses) (3)		(268	)		(454	)		(932	)		(136	)		(155	)
	Ending carrying value (2), (3)		342,607			354,611			351,011			355,269			367,138
	Mortgage Loans
	Yield (1)		5.52%			5.54%			5.53%			5.62%			5.53%
	Investment income (3), (4)		1,524			2,330			3,162			830			1,594
	Investment gains (losses) (3)		115			160			175			36			49
	Ending carrying value (3)		56,927			59,722			61,303			57,281			55,750
	Real Estate and Real Estate Joint Ventures
	Yield (1)		3.85%			4.15%			3.76%			3.76%			6.25%
	Investment income (3)		156			252			307			80			265
	Investment gains (losses) (3)		76			241			230			17			5
	Ending carrying value		8,234			8,197			8,563			8,472			8,477
	Policy Loans
	Yield (1)		5.41%			5.46%			5.43%			5.30%			5.28%
	Investment income		320			482			641			158			314
	Ending carrying value		11,858			11,932			11,892			11,896			11,912
	Equity Securities
	Yield (1)		4.70%			4.42%			4.44%			4.17%			4.69%
	Investment income		78			106			141			32			70
	Investment gains (losses)		(34	)		(37	)		(23	)		(9	)		10
	Ending carrying value		3,238			3,118			3,023			3,043			2,882
	Other Limited Partnership Interests
	Yield (1)		12.52%			12.07%			10.58%			11.34%			13.74%
	Investment income		402			582			681			182			448
	Investment gains (losses)		8			8			4			(2	)		(11	)
	Ending carrying value		6,453			6,538			6,378			6,487			6,726
	Cash and Short-term Investments
	Yield (1)		1.09%			1.10%			1.04%			0.69%			0.67%
	Investment income		84			122			155			32			66
	Investment gains (losses)		1			1			2				-			-
	Ending carrying value (3)		22,026			25,901			27,750			30,465			34,540
	Other Invested Assets (1)
	Investment income		173			331			439			132			329
	Investment gains (losses) (3)		(3	)		(3	)		(9	)		(25	)		(35	)
	Ending carrying value		14,866			23,103			23,581			20,172			24,288
	Total Investments
	Investment income yield (1)		5.00%			5.05%			5.00%			5.00%			5.03%
	Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
	Net Investment Income Yield (1), (3), (5)		4.87%			4.92%			4.87%			4.87%			4.90%
	Investment income	$	10,224		$	15,413		$	20,542		$	5,286		$	10,646
	Investment fees and expenses		(266	)		(403	)		(546	)		(140	)		(279	)
	Net Investment Income including Divested businesses		9,958			15,010			19,996			5,146			10,367
	Less: Net investment Income from Divested businesses (5)		164			246			335			61			95
	Net Investment Income (3)	$	9,794		$	14,764		$	19,661		$	5,085		$	10,272
	Ending Carrying Value (3)	$	466,209		$	493,122		$	493,501		$	493,085		$	511,713
	Investment portfolio gains (losses) including Divested businesses	$	(105	)	$	(84	)	$	(553	)	$	(119	)	$	(137	)
	Less: Investment portfolio gains (losses) from Divested businesses (5)		(9	)		(2	)		(140	)		96			61
	Investment Portfolio Gains (Losses) (3), (5)	$	(96	)	$	(82	)	$	(413	)	$	(215	)	$	(198	)
	Gross investment gains	$	633		$	1,107		$	1,354		$	278		$	533
	Gross investment losses		(531	)		(730	)		(1,058	)		(335	)		(517	)
	Writedowns		(198	)		(459	)		(709	)		(158	)		(214	)
	Investment Portfolio Gains (Losses) (3)		(96	)		(82	)		(413	)		(215	)		(198	)
	Investment portfolio gains (losses) income tax (expense) benefit		35			30			148			70			57
	Investment Portfolio Gains (Losses), Net of Income Tax	$	(61	)	$	(52	)	$	(265	)	$	(145	)	$	(141	)
	Derivative Gains (Losses) including Divested businesses	$	(93	)	$	4,036		$	4,545		$	(2,064	)	$	(80	)
	Less: Derivative gains (losses) from Divested businesses (5)		(11	)		(150	)		(163	)		(5	)		(7	)
	Derivative gains (losses) (3), (5)		(82	)		4,186			4,708			(2,059	)		(73	)
	Derivative gains (losses) income tax (expense) benefit		24			(1,472	)		(1,643	)		727			28
	Derivative Gains (Losses), Net of Income Tax	$	(58	)	$	2,714		$	3,065		$	(1,332	)	$	(45	)
(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 38. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2)	Fixed maturity securities includes $863 million, $684 million, $740 million, $818 million and $799 million in ending carrying value, and $44 million, $6 million, $31 million, $45 million and $44 million of investment income related to trading and other securities at or for the year-to-date period ended June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, respectively.
(3)	The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the three month periods ended June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, respectively: A) Trading and other securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $18,690 million, $17,874 million, $17,411 million, $18,119 million and $17,459 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: trading and other securities (included within fixed maturity securities above) of $147 million, $140 million, $117 million, $89 million and $70 million, mortgage loans of $6,697 million, $3,227 million, $3,138 million, $3,024 million and $2,932 million and cash and short-term investments of $21 million, $13 million, $21 million, $3 million and $21 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $0, $0, $7,652 million, $8,283 million and $259 million; D) Net investment income adjustments as presented on Page 38 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
		For the Year-to-Date Period Ended
		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(105	)	$	(84	)	$	(553	)	$	(119	)	$	(137	)
	Real estate discontinued operations		(71	)		(97	)		(96	)		(21	)		(25	)
	Net investment gains (losses) related to certain CSEs		9			2			5			(5	)		(1	)
	Other gains (losses) reported in net investment gains (losses) on GAAP basis		(87	)		(130	)		(223	)		35			(11	)
	Net investment gains (losses) - GAAP basis	$	(254	)	$	(309	)	$	(867	)	$	(110	)	$	(174	)

		For the Year-to-Date Period Ended
		June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012
	Derivative gains (losses) including Divested businesses - in above yield table	$	(93	)	$	4,036		$	4,545		$	(2,064	)	$	(80	)
	Investment hedge adjustments		94			164			249			89			202
	Joint venture adjustments		23			23			23			-			-
	Settlement of foreign currency earnings hedges		(3	)		(8	)		(12	)		(5	)		(11	)
	PAB hedge adjustments		16			18			19			2			3
	Net derivative gains (losses) - GAAP basis	$	37		$	4,233		$	4,824		$	(1,978	)	$	114
(4)	Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5)	Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page 38 for all of the Divested businesses for the year-to-date period ended March 31, 2012 and June 30, 2012, includes $85 million and $173 million, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above. See Page 2 for discussion of Divested businesses.

LOGO


	INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012				June 30, 2012
	Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

	Less than 20%	$	3,315		62.1%	$	2,818		53.7%	$	2,896		52.5%	$	1,963		52.6%	$	1,813		52.1%
	20% or more for less than six months		825		15.5%		1,377		26.2%		1,332		24.2%		258		6.9%		272		7.8%
	20% or more for six months or greater		1,197		22.4%		1,055		20.1%		1,285		23.3%		1,512		40.5%		1,397		40.1%
	Total Gross Unrealized Losses	$	5,337		100.0%	$	5,250		100.0%	$	5,513		100.0%	$	3,733		100.0%	$	3,482		100.0%

	Total Gross Unrealized Gains	$	16,178			$	25,168			$	25,973			$	25,203			$	30,950


	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)

		June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012				June 30, 2012
	Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

	Less than 20%	$	42		36.5%	$	53		23.3%	$	76		25.4%	$	33		18.6%	$	56		25.3%
	20% or more for less than six months		4		3.5%		89		39.0%		123		41.1%		14		7.9%		19		8.6%
	20% or more for six months or greater		69		60.0%		86		37.7%		100		33.5%		130		73.5%		146		66.1%
	Total Gross Unrealized Losses	$	115		100.0%	$	228		100.0%	$	299		100.0%	$	177		100.0%	$	221		100.0%

	Total Gross Unrealized Gains	$	225			$	119			$	114			$	158			$	130


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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
	Unaudited (In millions)		June 30, 2011				September 30, 2011				December 31, 2011				March 31, 2012				June 30, 2012
	Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	U.S. corporate securities		$	96,797		28.3%	$	106,575		30.1%	$	105,785		30.2%	$	105,273		29.7%	$	110,373		30.1%
	Foreign corporate securities			70,538		20.6%		63,522		18.0%		64,018		18.3%		65,354		18.4%		63,345		17.3%
	Foreign government securities			49,246		14.4%		52,959		15.0%		52,536		15.0%		55,338		15.6%		56,193		15.3%
	U.S. Treasury and agency securities			35,565		10.4%		41,834		11.8%		40,012		11.4%		41,416		11.7%		47,841		13.1%
	Residential mortgage-backed securities			44,615		13.1%		42,890		12.1%		42,637		12.2%		41,279		11.7%		41,064		11.2%
	Commercial mortgage-backed securities			19,518		5.7%		19,585		5.5%		19,069		5.4%		18,732		5.3%		19,017		5.2%
	State and political subdivision securities			11,669		3.4%		13,141		3.7%		13,235		3.8%		13,916		3.9%		14,614		4.0%
	Asset-backed securities			13,792		4.1%		13,421		3.8%		12,979		3.7%		13,143		3.7%		13,892		3.8%
	Other fixed maturity securities			4		0.0%		-		0.0%		-		0.0%		-		0.0%		-		0.0%
	Total fixed maturity securities available-for-sale		$	341,744		100.0%	$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%	$	366,339		100.0%

	NAIC	RATING AGENCY
	RATING	DESIGNATION
	1	Aaa / Aa / A	$	239,761		70.2%	$	250,596		70.8%	$	246,786		70.5%	$	248,544		70.1%	$	258,302		70.5%
	2	Baa		77,066		22.5%		78,837		22.3%		78,531		22.4%		80,882		22.8%		83,515		22.8%
	3	Ba		15,266		4.5%		15,348		4.3%		14,375		4.1%		14,618		4.1%		14,848		4.1%
	4	B		8,489		2.5%		7,844		2.2%		8,849		2.5%		9,051		2.6%		8,503		2.3%
	5	Caa and lower		1,103		0.3%		1,157		0.3%		1,668		0.5%		1,334		0.4%		1,121		0.3%
	6	In or near default		59		0.0%		145		0.1%		62		0.0%		22		0.0%		50		0.0%
	Total fixed maturity securities available-for-sale (1)		$	341,744		100.0%	$	353,927		100.0%	$	350,271		100.0%	$	354,451		100.0%	$	366,339		100.0%
(1) Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that file NAIC statutory financial statements are based on ratings from revised NAIC rating methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available. These revised NAIC ratings may not correspond to the rating agency designations. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list. SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES


	June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012
Unaudited (In millions)
Traditional (2), (3)	$	5,709	$	5,697	$	5,959	$	6,954	$	7,083
Real estate joint ventures and funds		2,356		2,327		2,340		1,172		1,109
Subtotal		8,065		8,024		8,299		8,126		8,192
Foreclosed		169		173		264		346		285
Total Real Estate and Real Estate Joint Ventures	$	8,234	$	8,197	$	8,563	$	8,472	$	8,477
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1), (2)
Unaudited (In millions)	June 30, 2011						September 30, 2011						December 31, 2011						March 31, 2012									June 30, 2012
Commercial mortgage loans		$	39,050					$	40,120					$	40,440					$	40,329								$	41,035
Agricultural mortgage loans			12,981						12,967						13,129						12,946									12,848
Residential mortgage loans			2,657						3,424						689						788									747
Mortgage loans held-for-sale			2,805						3,740						7,526						3,664									1,481
Total Mortgage Loans			57,493						60,251						61,784						57,727									56,111
Valuation allowances			(566	)					(529	)					(481	)					(446	)								(361	)
Total Mortgage Loans, net		$	56,927					$	59,722					$	61,303					$	57,281								$	55,750
(1) Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition. See Page 33, note 3 for the amount excluded for each period presented. (2) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 33, note 3 for the amount excluded for each period presented. SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	June 30, 2011						September 30, 2011						December 31, 2011						March 31, 2012						June 30, 2012
Unaudited (In millions)	Amount				% of Total		Amount				% of Total		Amount				% of Total		Amount				% of Total		Amount			% of Total

South Atlantic		$	8,323			21.3%		$	8,591			21.4%		$	9,022			22.3%		$	8,968			22.2%		$	8,966			21.9%
Pacific			7,801			20.0%			8,195			20.4%			8,209			20.3%			8,015			19.9%			7,973			19.4%
Middle Atlantic			5,873			15.0%			6,535			16.3%			6,370			15.8%			6,288			15.6%			6,412			15.6%
International			4,518			11.6%			4,540			11.3%			4,713			11.7%			4,839			12.0%			4,955			12.1%
West South Central			3,019			7.7%			3,145			7.9%			3,220			8.0%			3,289			8.1%			3,492			8.5%
East North Central			3,111			8.0%			3,101			7.7%			2,984			7.3%			2,936			7.3%			3,110			7.6%
New England			1,510			3.9%			1,491			3.7%			1,563			3.9%			1,572			3.9%			1,553			3.8%
Mountain			838			2.1%			823			2.1%			746			1.8%			810			2.0%			992			2.4%
East South Central			467			1.2%			454			1.1%			487			1.2%			483			1.2%			460			1.1%
West North Central			628			1.6%			511			1.3%			365			0.9%			346			0.9%			338			0.8%
Multi-Region and Other			2,962			7.6%			2,734			6.8%			2,761			6.8%			2,783			6.9%			2,784			6.8%
Total		$	39,050			100.0%		$	40,120			100.0%		$	40,440			100.0%		$	40,329			100.0%		$	41,035			100.0%

Office		$	17,951			46.0%		$	19,290			48.1%		$	18,582			45.9%		$	18,320			45.4%		$	18,502			45.1%
Retail			8,901			22.8%			8,564			21.3%			9,524			23.6%			9,545			23.7%			9,669			23.6%
Apartments			3,755			9.6%			4,166			10.4%			4,011			9.9%			3,930			9.7%			4,303			10.5%
Industrial			3,046			7.8%			3,138			7.8%			3,102			7.7%			3,288			8.2%			3,224			7.9%
Hotel			3,135			8.0%			2,982			7.4%			3,114			7.7%			3,136			7.8%			3,181			7.7%
Other			2,262			5.8%			1,980			5.0%			2,107			5.2%			2,110			5.2%			2,156			5.2%
Total		$	39,050			100.0%		$	40,120			100.0%		$	40,440			100.0%		$	40,329			100.0%		$	41,035			100.0%

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METLIFE, INC. APPENDIX RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2011			September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			June 30, 2011			June 30, 2012

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,238		$	1,026		$	1,278		$	1,493		$	1,457		$	2,586		$	2,950
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(155	)		(55	)		(558	)		(110	)		(64	)		(254	)		(174	)
Net derivative gains (losses)		352			4,196			591			(1,978	)		2,092			37			114
Premiums - Divested businesses		24			23			23			22			22			46			44
Universal life and investment-type product policy fees
Unearned revenue adjustments		1			16			-			(6	)		20			(2	)		14
GMIB fees		58			74			66			72			74			116			146
Divested businesses		2			2			2			3			4			4			7
Net investment income
Investment hedge adjustments		(55	)		(70	)		(85	)		(89	)		(113	)		(94	)		(202	)
Income from discontinued real estate operations		(2	)		(3	)		(1	)		-			(2	)		(6	)		(2	)
Joint venture adjustments		-			-			-			-			-			(23	)		-
Unit-linked contract income		(32	)		(824	)		(16	)		1,015			(517	)		387			498
Securitization entities income		92			97			43			43			42			184			85
Divested businesses		80			82			89			146			122			164			268
Other revenues
Settlement of foreign currency earnings hedges		4			5			4			5			6			3			11
Divested businesses		130			198			182			103			(77	)		229			26
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(197	)		(189	)		(24	)		(98	)		(169	)		(207	)		(267	)
GMIB costs		(10	)		411			(448	)		(388	)		52			(155	)		(336	)
Market value adjustments		(1	)		(4	)		-			(7	)		(2	)		(3	)		(9	)
Divested businesses		(15	)		(16	)		(13	)		(15	)		(12	)		(28	)		(27	)
Interest credited to policyholder account balances
PAB hedge adjustments		(8	)		(2	)		(1	)		(2	)		(1	)		(16	)		(3	)
Unit-linked contract costs		77			801			40			(1,016	)		509			(358	)		(507	)
Divested businesses		(3	)		(3	)		(2	)		-			(5	)		(5	)		(5	)
Capitalization of DAC - Divested businesses		2			3			2			2			2			4			4
Amortization of DAC and VOBA
Related to NIGL and NDGL		(112	)		(426	)		(16	)		192			(257	)		(84	)		(65	)
Related to GMIB fees and GMIB costs		(5	)		(129	)		90			113			(58	)		26			55
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		(1	)		(1	)		(1	)		(2	)		(2	)		(3	)
Amortization of negative VOBA
Related to market value adjustments		19			19			17			17			16			38			33
Divested businesses		1			1			1			1			1			2			2
Interest expense on debt
Securitization entities debt expense		(92	)		(97	)		(43	)		(43	)		(42	)		(184	)		(85	)
Divested businesses		-			-			-			(2	)		(1	)		-			(3	)
Other expenses
Noncontrolling interest		(9	)		(7	)		1			24			11			(2	)		35
Regulatory implementation costs		(10	)		(3	)		(9	)		(7	)		(14	)		(11	)		(21	)
Acquisition and integration costs		(126	)		(85	)		(133	)		(75	)		(56	)		(194	)		(131	)
Divested businesses		(258	)		(268	)		(310	)		(419	)		(278	)		(489	)		(697	)
Provision for income tax (expense) benefit		73			(1,330	)		194			871			(460	)		277			411
Income (loss) from continuing operations, net of income tax		1,062			3,442			963			(134	)		2,300			1,986			2,166
Income (loss) from discontinued operations, net of income tax		31			8			25			14			3			(9	)		17
Net income (loss)		1,093			3,450			988			(120	)		2,303			1,977			2,183
Less: Net income (loss) attributable to noncontrolling interest		(7	)		(6	)		(2	)		24			8			-			32
Net income (loss) attributable to MetLife, Inc.		1,100			3,456			990			(144	)		2,295			1,977			2,151
Less: Preferred stock dividends		31			30			31			30			31			61			61
Less: Preferred stock redemption premium		-			-			-			-			-			146			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,069		$	3,426		$	959		$	(174	)	$	2,264		$	1,770		$	2,090

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