EX-99.3

EX-99.3 4 d416328dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

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Third Quarter

Financial Supplement

September 30, 2017

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METLIFE
TABLE OF CONTENTS

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			2

CORPORATE OVERVIEW			3

CONSOLIDATED BALANCE SHEETS			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			8

U.S.
Statements of Operating Earnings Available to Common Shareholders			9
Group Benefits - Statements of Operating Earnings Available to Common Shareholders			10
Retirement and Income Solutions - Statements of Operating Earnings Available to Common Shareholders			11
Property & Casualty - Statements of Operating Earnings Available to Common Shareholders			12
Group Benefits - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			13
Group Benefits - Other Operating Expenses by Major Category and Other Statistical Information			14
Retirement and Income Solutions - Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Retirement and Income Solutions - Other Operating Expenses by Major Category and Spread			16
Property & Casualty - Other Operating Expenses by Major Category, Net Written Premiums By Product and Selected Financial Information and Supplemental Data			17

ASIA
Statements of Operating Earnings Available to Common Shareholders			18
Operating Premiums, Fees and Other Revenues; Other Operating Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			19

LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			20
Other Operating Expenses by Major Category; Sales on a Constant Currency Basis; and Other Statistical Information			21

EMEA
Statements of Operating Earnings Available to Common Shareholders			22
Other Operating Expenses by Major Category and Other Statistical Information			23

METLIFE HOLDINGS
Statements of Operating Earnings Available to Common Shareholders			24
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			25
Other Operating Expenses by Major Category and Spread by Product			26
Other Statistical Information			27

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			28

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			29
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			31
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution			32
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			33

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, U.S., U.S. - Group Benefits, U.S. - Retirement and Income Solutions, U.S. - Property & Casualty,			A-2
Asia, Latin America, EMEA, MetLife Holdings and Corporate & Other			A-3
Equity Details, Book Value Details and Return on Equity			A-4
Return on Allocated Equity			A-5
Operating Premiums, Fees and Other Revenues, Other Operating Expenses and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Non-GAAP and Other Financial Disclosures			A-7
Acronyms			A-9

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METLIFE
As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures. This QFS includes the periods for the three months ended March 31, 2016 and June 30, 2016 updated for the separation of Brighthouse Financial, Inc. from MetLife, Inc. on August 4, 2017 (“the Separation”). These periods are included to provide a full year 2016 impact of the Separation.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Revenues
Premiums	$	9,167		$	8,950		$	9,839		$	9,246		$	8,965		$	9,580		$	10,876		$	27,956		$	29,421
Universal life and investment-type product policy fees		1,423			1,363			1,341			1,355			1,360			1,364			1,428			4,127			4,152
Net investment income		3,824			4,094			4,609			4,263			4,421			4,193			4,295			12,527			12,909
Other revenues		479			474			356			376			342			292			301			1,309			935
Net investment gains (losses)		126			241			231			(293	)		63			104			(606	)		598			(439	)
Net derivative gains (losses)		1,078			903			(543	)		(2,312	)		(226	)		(247	)		(190	)		1,438			(663	)
Total revenues		16,097			16,025			15,833			12,635			14,925			15,286			16,104			47,955			46,315

Expenses
Policyholder benefits and claims		8,840			8,942			9,612			8,922			8,857			9,421			10,645			27,394			28,923
Interest credited to policyholder account balances		1,051			1,224			1,544			1,357			1,451			1,292			1,338			3,819			4,081
Policyholder dividends		308			314			302			299			310			313			302			924			925
Goodwill impairment		-			-			-			-			-			-			-			-			-
Capitalization of DAC		(849	)		(803	)		(770	)		(730	)		(713	)		(744	)		(761	)		(2,422	)		(2,218	)
Amortization of DAC and VOBA		723			669			660			654			663			656			626			2,052			1,945
Amortization of negative VOBA		(99	)		(67	)		(55	)		(48	)		(43	)		(38	)		(32	)		(221	)		(113	)
Interest expense on debt		302			293			280			282			283			284			284			875			851
Other expenses		3,504			3,407			3,101			3,281			3,113			3,125			3,201			10,012			9,439
Total expenses		13,780			13,979			14,674			14,017			13,921			14,309			15,603			42,433			43,833
Income (loss) from continuing operations before provision for income tax		2,317			2,046			1,159			(1,382	)		1,004			977			501			5,522			2,482
Provision for income tax expense (benefit)		547			571			135			(587	)		96			148			(392	)		1,253			(148	)
Income (loss) from continuing operations, net of income tax		1,770			1,475			1,024			(795	)		908			829			893			4,269			2,630
Income (loss) from discontinued operations, net of income tax		433			(1,361	)		(451	)		(1,291	)		(79	)		58			(968	)		(1,379	)		(989	)
Net income (loss)		2,203			114			573			(2,086	)		829			887			(75	)		2,890			1,641
Less: Net income (loss) attributable to noncontrolling interests		2			4			(4	)		2			3			3			6			2			12
Net income (loss) attributable to MetLife, Inc.		2,201			110			577			(2,088	)		826			884			(81	)		2,888			1,629
Less: Preferred stock dividends		6			46			6			45			6			46			6			58			58
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	2,195		$	64		$	571		$	(2,133	)	$	820		$	838		$	(87	)	$	2,830		$	1,571

Total Premiums, Fees and Other Revenues	$	11,069		$	10,787		$	11,536		$	10,977		$	10,667		$	11,236		$	12,605		$	33,392		$	34,508

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Net income (loss) available to MetLife, Inc.‘s common shareholders	$	2,195		$	64		$	571		$	(2,133	)	$	820		$	838		$	(87	)
Adjustments from net income (loss) available to MetLife, Inc.‘s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses)		126			241			231			(293	)		63			104			(606	)
Less: Net derivative gains (losses)		1,078			903			(543	)		(2,312	)		(226	)		(247	)		(190	)
Less: Goodwill impairment		-			-			-			-			-			-			-
Less: Other adjustments to continuing operations (1)		(202	)		49			(217	)		(111	)		(491	)		(341	)		(494	)
Less: Provision for income tax (expense) benefit		(240	)		(390	)		192			793			254			142			1,009
Less: Income (loss) from discontinued operations, net of income tax		433			(1,361	)		(451	)		(1,291	)		(79	)		58			(968	)
Add: Net income (loss) attributable to noncontrolling interests		2			4			(4	)		2			3			3			6
Operating earnings available to common shareholders	$	1,002		$	626		$	1,355		$	1,083		$	1,302		$	1,125		$	1,168

Net income (loss) available to MetLife, Inc.‘s common shareholders per common share - diluted (2)	$	1.98		$	0.06		$	0.51		$	(1.94	)	$	0.75		$	0.77		$	(0.08	)
Less: Net investment gains (losses)		0.11			0.22			0.21			(0.26	)		0.06			0.10			(0.57	)
Less: Net derivative gains (losses)		0.97			0.81			(0.49	)		(2.09	)		(0.21	)		(0.23	)		(0.18	)
Less: Goodwill impairment		-			-			-			-			-			-			-
Less: Other adjustments to continuing operations		(0.17	)		0.05			(0.19	)		(0.12	)		(0.45	)		(0.32	)		(0.45	)
Less: Provision for income tax (expense) benefit		(0.22	)		(0.35	)		0.17			0.71			0.23			0.13			0.94
Less: Income (loss) from discontinued operations, net of income tax		0.39			(1.23	)		(0.41	)		(1.16	)		(0.07	)		0.05			(0.90	)
Add: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			0.01
Operating earnings available to common shareholders per common share - diluted (2)	$	0.90		$	0.56		$	1.22		$	0.98		$	1.19		$	1.04		$	1.09

	For the Three Months Ended
Unaudited (In millions, except per share data)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Notable items impacting operating earnings available to common shareholders:
Variable investment income	$	(68	)	$	-		$	5		$	-		$	15		$	-		$	-
Catastrophe experience and prior year development, net		(45	)		(15	)		16			-			(45	)		-			(10	)
Actuarial assumption review and other insurance adjustments		-			(384	)		(74	)		(91	)		76			(28	)		153
Litigation reserves & settlement costs		-			-			-			-			(44	)		-			-
Expense initiative costs		-			-			-			(28	)		(21	)		(22	)		(17	)
Other expense-related items (3)		-			-			-			-			-			(36	)		-
Tax adjustments		10			-			-			-			-			27			(167	)
Total notable items (4)	$	(103	)	$	(399	)	$	(53	)	$	(119	)	$	(19	)	$	(59	)	$	(41	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income	$	(0.06	)	$	-		$	-		$	-		$	0.01		$	-		$	-
Catastrophe experience and prior year development, net	$	(0.04	)	$	(0.01	)	$	0.01		$	-		$	(0.04	)	$	-		$	(0.01	)
Actuarial assumption review and other insurance adjustments	$	-		$	(0.35	)	$	(0.07	)	$	(0.08	)	$	0.07		$	(0.03	)	$	0.14
Litigation reserves & settlement costs	$	-		$	-		$	-		$	-		$	(0.04	)	$	-		$	-
Expense initiative costs	$	-		$	-		$	-		$	(0.03	)	$	(0.02	)	$	(0.02	)	$	(0.02	)
Other expense-related items (3)	$	-		$	-		$	-		$	-		$	-		$	(0.03	)	$	-
Tax adjustments	$	0.01		$	-		$	-		$	-		$	-		$	0.02		$	(0.16	)
Total notable items (4)	$	(0.09	)	$	(0.36	)	$	(0.05	)	$	(0.11	)	$	(0.02	)	$	(0.05	)	$	(0.04	)

	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Weighted average common shares outstanding - diluted		1,108.6			1,109.1			1,109.3			1,108.8			1,098.7			1,082.1			1,071.5
(1) See Page A-1 for further detail. (2) 8.6 million shares related to the assumed exercise or issuance of stock-based awards for the three months ended December 31, 2016 have been excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to income (loss) from continuing operations, net of income tax, per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted. (3) For the three months ended June 30, 2017, $36 million in lease impairments are included. (4) These notable items represent a positive (negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a standalone basis and may not sum to total notable items. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of Company results and to evaluate and forecast those results.

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METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Book value per common share (1)	$	67.10	$	70.18	$	69.35	$	59.56	$	60.91	$	63.37	$	51.83
Book value per common share, excluding AOCI other than FCTA (1)	$	53.31	$	53.20	$	53.40	$	49.83	$	50.52	$	51.03	$	40.96
Book value per common share - common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	35.12	$	36.06	$	36.73	$	34.67	$	35.32	$	37.26	$	40.96
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	44.17	$	43.98	$	44.40	$	41.14	$	41.64	$	42.00	$	31.92

	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Return on MetLife, Inc.‘s (2):
Common stockholders’ equity		12.6%		0.3%		3.0%		(12.1)%		5.0%		5.0%		(0.6)%
Common stockholders’ equity, excluding AOCI other than FCTA		15.3%		0.4%		3.9%		(15.1)%		6.0%		6.2%		(0.7)%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		18.6%		0.6%		4.8%		(18.1)%		7.4%		7.6%		(0.8)%

Operating return on MetLife, Inc.‘s (2):
Common stockholders’ equity		5.7%		3.3%		7.1%		6.1%		7.9%		6.8%		7.7%
Common stockholders’ equity, excluding AOCI other than FCTA		7.0%		4.3%		9.3%		7.6%		9.5%		8.3%		9.6%
Common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)		10.5%		6.4%		13.6%		11.1%		13.7%		11.6%		11.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		8.5%		5.2%		11.2%		9.3%		11.6%		10.1%		12.0%

	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Common shares outstanding, beginning of period		1,098.0		1,098.5		1,098.8		1,099.0		1,095.5		1,081.3		1,063.5
Share repurchases		(1.4)		-		-		(5.5)		(16.0)		(18.3)		(10.4)
Newly issued shares		1.9		0.3		0.2		2.0		1.8		0.5		1.2
Common shares outstanding, end of period		1,098.5		1,098.8		1,099.0		1,095.5		1,081.3		1,063.5		1,054.3

Weighted average common shares outstanding - basic		1,100.8		1,100.3		1,100.5		1,100.2		1,090.4		1,074.0		1,062.3
Dilutive effect of the exercise or issuance of stock-based awards		7.8		8.8		8.8		8.6		8.3		8.1		9.2
Weighted average common shares outstanding - diluted		1,108.6		1,109.1		1,109.3		1,108.8		1,098.7		1,082.1		1,071.5

MetLife Policyholder Trust Shares		169.8		167.2		165.6		163.3		161.3		159.1		157.3
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.‘s common stockholders’ equity and operating return on MetLife, Inc.‘s common stockholders’ equity for the year ended December 31, 2016.

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METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Total revenues	$	16,097		$	16,025		$	15,833		$	12,635		$	14,925		$	15,286		$	16,104		$	47,955		$	46,315
Less: Net investment (gains) losses		126			241			231			(293	)		63			104			(606	)		598			(439	)
Less: Net derivative (gains) losses		1,078			903			(543	)		(2,312	)		(226	)		(247	)		(190	)		1,438			(663	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		25			8			(5	)		2			1			9			4			28			14
Less: other adjustments to revenues:
GMIB fees		30			32			31			31			31			31			32			93			94
Investment hedge adjustments		(155	)		(123	)		(150	)		(152	)		(139	)		(114	)		(97	)		(428	)		(350	)
Operating joint venture adjustments		5			-			-			1			(1	)		1			-			5			-
Unit-linked contract income		(97	)		191			529			327			416			214			234			623			864
Securitization entities income		-			-			-			-			-			-			-			-			-
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6			5			5			6			16
Divested businesses and Lag elimination		470			(244	)		(277	)		(239	)		(280	)		(228	)		(54	)		(51	)		(562	)
Total operating revenues	$	14,619		$	15,014		$	16,010		$	15,272		$	15,054		$	15,511		$	16,776		$	45,643		$	47,341

	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Net investment income	$	3,824		$	4,094		$	4,609		$	4,263		$	4,421		$	4,193		$	4,295		$	12,527		$	12,909
Less: Adjustments to net investment income:
Investment hedge adjustments		(155	)		(123	)		(150	)		(152	)		(139	)		(114	)		(97	)		(428	)		(350	)
Operating joint venture adjustments		5			-			-			1			(1	)		1			-			5			-
Unit-linked contract income		(97	)		191			529			327			416			214			234			623			864
Securitization entities income		-			-			-			-			-			-			-			-			-
Divested businesses and Lag elimination		123			(48	)		(49	)		(49	)		(27	)		(21	)		2			26			(46	)
Net investment income, as reported on an operating basis	$	3,948		$	4,074		$	4,279		$	4,136		$	4,172		$	4,113		$	4,156		$	12,301		$	12,441

	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Total premiums, fees and other revenues	$	11,069		$	10,787		$	11,536		$	10,977		$	10,667		$	11,236		$	12,605		$	33,392		$	34,508
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		25			8			(5	)		2			1			9			4			28			14
GMIB fees		30			32			31			31			31			31			32			93			94
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6			5			5			6			16
Divested businesses and Lag elimination		347			(196	)		(228	)		(190	)		(253	)		(207	)		(56	)		(77	)		(516	)
Total operating premiums, fees and other revenues	$	10,671		$	10,940		$	11,731		$	11,136		$	10,882		$	11,398		$	12,620		$	33,342		$	34,900
Total operating premiums, fees and other revenues on a constant currency basis	$	10,793		$	10,932		$	11,628		$	11,212		$	11,022		$	11,451		$	12,620

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METLIFE CORPORATE OVERVIEW (CONTINUED) KEY OPERATING STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Total expenses	$	13,780		$	13,979		$	14,674		$	14,017		$	13,921		$	14,309		$	15,603		$	42,433		$	43,833
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		(27	)		(106	)		(82	)		(11	)		(2	)		(28	)		(2	)		(215	)		(32	)
Less: Goodwill impairment		-			-			-			-			-			-			-			-			-
Less: other adjustments to expenses:
Inflation and pass through adjustments		51			47			(20	)		(163	)		21			53			(28	)		78			46
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		(22	)		10			37			100			60			61			138			25			259
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		6			1			3			6			3			2			6			10			11
PAB hedge adjustments		-			(1	)		(1	)		(1	)		(1	)		(1	)		(1	)		(2	)		(3	)
Unit-linked contract costs		(77	)		186			505			318			402			213			229			614			844
Securitization entities debt expense		-			-			-			-			-			-			-			-			-
Noncontrolling interest		(5	)		(4	)		7			(4	)		(4	)		(3	)		(10	)		(2	)		(17	)
Regulatory implementation costs		-			-			-			1			-			-			-			-			-
Acquisition, integration and other costs		6			16			11			31			8			14			20			33			42
Divested businesses and Lag elimination		544			(331	)		(108	)		(198	)		38			(52	)		266			105			252
Total operating expenses	$	13,304		$	14,161		$	14,322		$	13,938		$	13,396		$	14,050		$	14,985		$	41,787		$	42,431


	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Capitalization of DAC (GAAP)	$	(849	)	$	(803	)	$	(770	)	$	(730	)	$	(713	)	$	(744	)	$	(761	)	$	(2,422	)	$	(2,218	)
Less: Divested businesses and Lag elimination		(75	)		30			23			21			16			14			4			(22	)		34
Capitalization of DAC	$	(774	)	$	(833	)	$	(793	)	$	(751	)	$	(729	)	$	(758	)	$	(765	)	$	(2,400	)	$	(2,252	)


	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Other expenses	$	3,504		$	3,407		$	3,101		$	3,281		$	3,113		$	3,125		$	3,201		$	10,012		$	9,439
Less: Noncontrolling interest		(5	)		(4	)		7			(4	)		(4	)		(3	)		(10	)		(2	)		(17	)
Less: Regulatory implementation costs		-			-			-			1			-			-			-			-			-
Less: Acquisition, integration and other costs		6			16			11			31			8			14			20			33			42
Less: Divested businesses and Lag elimination		305			(73	)		88			(24	)		133			44			70			320			247
Other operating expenses	$	3,198		$	3,468		$	2,995		$	3,277		$	2,976		$	3,070		$	3,121		$	9,661		$	9,167
Other operating expenses on a constant currency basis	$	3,242		$	3,460		$	2,950		$	3,305		$	3,022		$	3,088		$	3,121


	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Total Company other operating expenses by major category
Direct and allocated expenses	$	1,440		$	1,421		$	1,378		$	1,569		$	1,395		$	1,477		$	1,531		$	4,239		$	4,403
Pension and post-retirement benefit costs		93			96			74			79			79			77			81			263			237
Premium taxes, other taxes, and licenses & fees		186			175			174			143			175			148			144			535			467
Total fixed operating expenses	$	1,719		$	1,692		$	1,626		$	1,791		$	1,649		$	1,702		$	1,756		$	5,037		$	5,107
Commissions and other variable expenses		1,479			1,776			1,369			1,486			1,327			1,368			1,365			4,624			4,060
Total other operating expenses	$	3,198		$	3,468		$	2,995		$	3,277		$	2,976		$	3,070		$	3,121		$	9,661		$	9,167

LOGO


METLIFE
CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	303,451		$	310,940		$	314,641		$	289,563		$	294,710		$	300,616		$	308,894
Equity securities available-for-sale, at estimated fair value		2,930			2,895			2,924			2,894			3,088			3,137			2,776
Fair value option securities, at estimated fair value		14,993			14,314			14,730			13,923			14,399			14,762			16,538
Mortgage loans		60,961			60,970			62,589			65,167			66,633			67,309			68,057
Policy loans		9,574			9,631			9,659			9,511			9,603			9,558			9,585
Real estate and real estate joint ventures		8,141			8,612			9,035			8,891			9,293			9,256			9,486
Other limited partnership interests		5,201			5,222			5,174			5,136			5,166			5,251			5,501
Short-term investments, principally at estimated fair value		8,964			7,103			7,986			6,523			8,911			5,890			7,217
Other invested assets, principally at estimated fair value		20,795			24,638			23,634			19,303			17,003			16,559			17,652
Total investments		435,010			444,325			450,372			420,911			428,806			432,338			445,706
Cash and cash equivalents, principally at estimated fair value		11,673			14,546			13,059			12,651			11,599			12,876			13,023
Accrued investment income		3,480			3,257			3,505			3,308			3,343			3,362			3,692
Premiums, reinsurance and other receivables		17,130			16,206			16,396			15,445			16,114			16,475			18,588
Deferred policy acquisition costs and value of business acquired		17,478			17,618			17,949			17,590			18,138			18,039			18,399
Current income tax recoverable		125			51			-			20			25			66			3
Goodwill		9,469			9,592			9,592			9,220			9,350			9,385			9,556
Assets of disposed subsidiary		223,754			233,747			234,441			216,983			217,844			220,295			-
Other assets		6,688			7,017			7,161			7,058			7,312			7,474			8,149
Separate account assets		192,621			196,208			200,429			195,578			202,156			204,889			203,399
Total assets	$	917,428		$	942,567		$	952,904		$	898,764		$	914,687		$	925,199		$	720,515

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	165,471		$	170,230		$	173,282		$	166,701		$	169,554		$	171,342		$	176,005
Policyholder account balances		171,219			173,627			176,502			173,168			177,772			178,961			182,513
Other policy-related balances		13,037			13,029			13,477			13,030			13,393			13,414			15,026
Policyholder dividends payable		695			721			749			696			685			707			730
Policyholder dividend obligation		2,586			3,343			3,352			1,931			1,983			2,237			2,201
Payables for collateral under securities loaned and other transactions		29,189			32,096			30,727			25,873			25,722			26,604			27,132
Short-term debt		100			103			201			242			260			235			214
Long-term debt		17,833			16,513			16,488			16,441			16,455			16,492			16,688
Collateral financing arrangements		1,330			1,316			1,287			1,274			1,262			1,235			1,220
Junior subordinated debt securities		3,168			3,168			3,168			3,169			3,169			3,169			3,144
Liabilities of disposed subsidiary		208,358			215,857			217,253			202,707			204,639			206,334			-
Current income tax payable		-			-			151			-			-			-			-
Deferred income tax liability		9,015			10,713			10,677			6,774			6,571			7,616			8,554
Other liabilities		26,841			26,270			26,695			23,700			22,958			22,295			26,745
Separate account liabilities		192,621			196,208			200,429			195,578			202,156			204,889			203,399
Total liabilities		841,463			863,194			874,438			831,284			846,579			855,530			663,571

Equity
Preferred stock, at par value		-			-			-			-			-			-			-
Common stock, at par value		12			12			12			12			12			12			12
Additional paid-in capital		30,769			30,783			30,797			30,944			30,990			31,021			31,066
Retained earnings		37,301			36,924			37,054			34,480			34,863			35,270			24,410
Treasury stock, at cost		(3,172	)		(3,172	)		(3,172	)		(3,474	)		(4,332	)		(5,284	)		(5,779	)
Accumulated other comprehensive income (loss)		10,865			14,632			13,595			5,347			6,396			8,436			7,005
Total MetLife, Inc.‘s stockholders’ equity		75,775			79,179			78,286			67,309			67,929			69,455			56,714
Noncontrolling interests		190			194			180			171			179			214			230
Total equity		75,965			79,373			78,466			67,480			68,108			69,669			56,944
Total liabilities and equity	$	917,428		$	942,567		$	952,904		$	898,764		$	914,687		$	925,199		$	720,515

LOGO


METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Operating earnings before provision for income tax
U.S.
GROUP BENEFITS	$	229		$	288		$	296		$	277		$	298		$	312		$	370
RETIREMENT AND INCOME SOLUTIONS		370			399			472			458			429			411			393
PROPERTY & CASUALTY		16			(21	)		72			49			28			26			63
TOTAL U.S.	$	615		$	666		$	840		$	784		$	755		$	749		$	826
ASIA		400			399			466			469			441			467			470
LATIN AMERICA		201			175			186			139			181			188			214
EMEA		74			74			85			82			87			86			92
METLIFE HOLDINGS		392			(76	)		387			284			570			339			609
CORPORATE & OTHER		(367	)		(385	)		(276	)		(424	)		(376	)		(368	)		(420	)
Total operating earnings before provision for income tax	$	1,315		$	853		$	1,688		$	1,334		$	1,658		$	1,461		$	1,791

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	87		$	103		$	110		$	103		$	104		$	109		$	129
RETIREMENT AND INCOME SOLUTIONS		128			139			164			159			149			143			139
PROPERTY & CASUALTY		(6	)		(19	)		14			6			(1	)		(2	)		12
TOTAL U.S.	$	209		$	223		$	288		$	268		$	252		$	250		$	280
ASIA		95			140			142			115			146			157			156
LATIN AMERICA		50			38			53			17			38			34			51
EMEA		11			10			11			10			12			14			21
METLIFE HOLDINGS		125			(43	)		121			85			185			104			199
CORPORATE & OTHER		(183	)		(187	)		(288	)		(289	)		(283	)		(269	)		(90	)
Total provision for income tax expense (benefit)	$	307		$	181		$	327		$	206		$	350		$	290		$	617

Operating earnings available to common shareholders
U.S.
GROUP BENEFITS	$	142		$	185		$	186		$	174		$	194		$	203		$	241
RETIREMENT AND INCOME SOLUTIONS		242			260			308			299			280			268			254
PROPERTY & CASUALTY		22			(2	)		58			43			29			28			51
TOTAL U.S.	$	406		$	443		$	552		$	516		$	503		$	499		$	546
ASIA		305			259			324			354			295			310			314
LATIN AMERICA		151			137			133			122			143			154			163
EMEA		63			64			74			72			75			72			71
METLIFE HOLDINGS		267			(33	)		266			199			385			235			410
CORPORATE & OTHER (1)		(190	)		(244	)		6			(180	)		(99	)		(145	)		(336	)
Total operating earnings available to common shareholders (1)	$	1,002		$	626		$	1,355		$	1,083		$	1,302		$	1,125		$	1,168

OPERATING RETURN ON ALLOCATED EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

U.S.
GROUP BENEFITS		19.7%			25.7 %			25.8%			24.1%			27.6%			28.8%			34.2%
RETIREMENT AND INCOME SOLUTIONS		14.2%			15.3 %			18.1%			17.6%			20.2%			19.4%			18.3%
PROPERTY & CASUALTY		7.8%			(0.7)%			20.5%			15.2%			6.2%			6.0%			11.0%
TOTAL U.S.		15.0%			16.4 %			20.4%			19.1%			19.7%			19.5%			21.4%
ASIA		11.0%			9.4 %			11.7%			12.8%			9.4%			9.9%			10.0%
LATIN AMERICA		19.7%			17.9 %			17.3%			15.9%			19.5%			21.0%			22.2%
EMEA		7.8%			7.9 %			9.2%			8.9%			9.3%			9.0%			8.8%
METLIFE HOLDINGS		9.6%			(1.2)%			9.6%			7.2%			13.7%			8.4%			14.6%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2)
	For the Three Months Ended
Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

U.S.		16.5%			18.0 %			22.4%			21.0%			22.9%			22.7%			24.9%
ASIA		19.0%			16.2 %			20.2%			22.1%			15.0%			15.8%			16.0%
LATIN AMERICA		31.2%			28.3 %			27.5%			25.2%			33.6%			36.2%			38.3%
EMEA		13.5%			13.8 %			15.8%			15.6%			15.3%			14.7%			14.5%
METLIFE HOLDINGS		10.3%			(1.1)%			10.2%			7.7%			15.3%			9.4%			16.3%
(1) Includes impact of preferred stock dividends of $6 million, $46 million, $6 million, $45 million, $6 million, $46 million and $6 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017, respectively. (2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and return on allocated tangible equity for each of the periods presented.

LOGO


U.S. STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	5,020		$	5,171		$	5,936		$	5,374		$	5,185		$	5,877		$	6,987		$	16,127		$	18,049
Universal life and investment-type product policy fees		250			248			245			246			265			251			247			743			763
Net investment income		1,460			1,565			1,590			1,591			1,612			1,575			1,602			4,615			4,789
Other revenues		204			193			192			195			204			199			197			589			600
Total operating revenues		6,934			7,177			7,963			7,406			7,266			7,902			9,033			22,074			24,201

Operating expenses
Policyholder benefits and claims and policyholder dividends		5,046			5,270			5,894			5,348			5,235			5,878			6,904			16,210			18,017
Interest credited to policyholder account balances		322			323			322			335			351			359			376			967			1,086
Capitalization of DAC		(111	)		(121	)		(124	)		(115	)		(100	)		(116	)		(126	)		(356	)		(342	)
Amortization of DAC and VOBA		118			118			117			118			114			114			118			353			346
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		2			3			2			2			2			4			2			7			8
Other operating expenses		942			918			912			934			909			914			933			2,772			2,756
Total operating expenses		6,319			6,511			7,123			6,622			6,511			7,153			8,207			19,953			21,871

Operating earnings before provision for income tax		615			666			840			784			755			749			826			2,121			2,330
Provision for income tax expense (benefit)		209			223			288			268			252			250			280			720			782
Operating earnings		406			443			552			516			503			499			546			1,401			1,548
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	406		$	443		$	552		$	516		$	503		$	499		$	546		$	1,401		$	1,548


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	406		$	443		$	552		$	516		$	503		$	499		$	546		$	1,401		$	1,548
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(101	)		70			44			(19	)		(26	)		-			96			13			70
Net derivative gains (losses)		204			328			(20	)		(459	)		(148	)		128			(14	)		512			(34	)
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-			-
Net investment income		(59	)		(60	)		(73	)		(72	)		(66	)		(51	)		(43	)		(192	)		(160	)
Other revenues		-			-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(7	)		(6	)		(1	)		12			(1	)		(2	)		(1	)		(14	)		(4	)
Interest credited to policyholder account balances		-			1			1			1			1			1			1			2			3
Capitalization of DAC		-			-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(13	)		(111	)		17			188			84			(27	)		(13	)		(107	)		44
Income (loss) from continuing operations, net of income tax		430			665			520			167			347			548			572			1,615			1,467
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		430			665			520			167			347			548			572			1,615			1,467
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		430			665			520			167			347			548			572			1,615			1,467
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	430		$	665		$	520		$	167		$	347		$	548		$	572		$	1,615		$	1,467

Total Operating Premiums, Fees and Other Revenues	$	5,474		$	5,612		$	6,373		$	5,815		$	5,654		$	6,327		$	7,431		$	17,459		$	19,412

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U.S. GROUP BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	3,810		$	3,787		$	3,740		$	3,722		$	3,971		$	3,880		$	3,756		$	11,337		$	11,607
Universal life and investment-type product policy fees		185			197			194			194			204			200			197			576			601
Net investment income		274			281			309			276			285			280			285			864			850
Other revenues		119			115			116			117			125			122			120			350			367
Total operating revenues		4,388			4,380			4,359			4,309			4,585			4,482			4,358			13,127			13,425

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,525			3,475			3,453			3,404			3,670			3,560			3,374			10,453			10,604
Interest credited to policyholder account balances		34			34			35			34			34			34			34			103			102
Capitalization of DAC		(13	)		(13	)		(11	)		(11	)		(9	)		(7	)		(8	)		(37	)		(24	)
Amortization of DAC and VOBA		9			11			10			9			10			10			9			30			29
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			1			-			-			-			1			-			1			1
Other operating expenses		604			584			576			596			582			572			579			1,764			1,733
Total operating expenses		4,159			4,092			4,063			4,032			4,287			4,170			3,988			12,314			12,445

Operating earnings before provision for income tax		229			288			296			277			298			312			370			813			980
Provision for income tax expense (benefit)		87			103			110			103			104			109			129			300			342
Operating earnings		142			185			186			174			194			203			241			513			638
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	142		$	185		$	186		$	174		$	194		$	203		$	241		$	513		$	638


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	142		$	185		$	186		$	174		$	194		$	203		$	241		$	513		$	638
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(30	)		4			14			(7	)		6			(3	)		-			(12	)		3
Net derivative gains (losses)		169			182			3			(340	)		(34	)		26			(7	)		354			(15	)
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-			-
Net investment income		(28	)		(27	)		(29	)		(27	)		(21	)		(17	)		(16	)		(84	)		(54	)
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 operating expenses		-			-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(40	)		(49	)		4			131			17			(2	)		8			(85	)		23
Income (loss) from continuing operations, net of income tax		213			295			178			(69	)		162			207			226			686			595
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		213			295			178			(69	)		162			207			226			686			595
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		213			295			178			(69	)		162			207			226			686			595
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	213		$	295		$	178		$	(69	)	$	162		$	207		$	226		$	686		$	595

Total Operating Premiums, Fees and Other Revenues	$	4,114		$	4,099		$	4,050		$	4,033		$	4,300		$	4,202		$	4,073		$	12,263		$	12,575

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U.S. RETIREMENT AND INCOME SOLUTIONS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	345		$	516		$	1,317		$	770		$	346		$	1,115		$	2,336		$	2,178		$	3,797
Universal life and investment-type product policy fees		65			51			51			52			61			51			50			167			162
Net investment income		1,164			1,252			1,249			1,287			1,285			1,254			1,276			3,665			3,815
Other revenues		70			72			73			73			72			72			73			215			217
Total operating revenues		1,644			1,891			2,690			2,182			1,764			2,492			3,735			6,225			7,991

Operating expenses
Policyholder benefits and claims and policyholder dividends		869			1,094			1,830			1,302			903			1,643			2,885			3,793			5,431
Interest credited to policyholder account balances		288			289			287			301			317			325			342			864			984
Capitalization of DAC		-			(1	)		(5	)		(6	)		(2	)		(8	)		(12	)		(6	)		(22	)
Amortization of DAC and VOBA		5			4			4			5			5			4			7			13			16
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			3			2			6			7
Other operating expenses		110			104			100			120			110			114			118			314			342
Total operating expenses		1,274			1,492			2,218			1,724			1,335			2,081			3,342			4,984			6,758

Operating earnings before provision for income tax		370			399			472			458			429			411			393			1,241			1,233
Provision for income tax expense (benefit)		128			139			164			159			149			143			139			431			431
Operating earnings		242			260			308			299			280			268			254			810			802
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	242		$	260		$	308		$	299		$	280		$	268		$	254		$	810		$	802


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	242		$	260		$	308		$	299		$	280		$	268		$	254		$	810		$	802
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(87	)		64			27			(9	)		(38	)		4			96			4			62
Net derivative gains (losses)		38			147			(21	)		(124	)		(111	)		104			(8	)		164			(15	)
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-			-
Net investment income		(31	)		(33	)		(44	)		(45	)		(45	)		(34	)		(27	)		(108	)		(106	)
Other revenues		-			-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(7	)		(6	)		(1	)		12			(1	)		(2	)		(1	)		(14	)		(4	)
Interest credited to policyholder account balances		-			1			1			1			1			1			1			2			3
Capitalization of DAC		-			-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		31			(61	)		13			58			68			(26	)		(21	)		(17	)		21
Income (loss) from continuing operations, net of income tax		186			372			283			192			154			315			294			841			763
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		186			372			283			192			154			315			294			841			763
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		186			372			283			192			154			315			294			841			763
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	186		$	372		$	283		$	192		$	154		$	315		$	294		$	841		$	763

Total Operating Premiums, Fees and Other Revenues	$	480		$	639		$	1,441		$	895		$	479		$	1,238		$	2,459		$	2,560		$	4,176

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U.S. PROPERTY & CASUALTY STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	865		$	868		$	879		$	882		$	868		$	882		$	895		$	2,612		$	2,645
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-			-
Net investment income		22			32			32			28			42			41			41			86			124
Other revenues		15			6			3			5			7			5			4			24			16
Total operating revenues		902			906			914			915			917			928			940			2,722			2,785
Operating expenses
Policyholder benefits and claims and policyholder dividends		652			701			611			642			662			675			645			1,964			1,982
Interest credited to policyholder account balances		-			-			-			-			-			-			-			-			-
Capitalization of DAC		(98	)		(107	)		(108	)		(98	)		(89	)		(101	)		(106	)		(313	)		(296	)
Amortization of DAC and VOBA		104			103			103			104			99			100			102			310			301
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		228			230			236			218			217			228			236			694			681
Total operating expenses		886			927			842			866			889			902			877			2,655			2,668
Operating earnings before provision for income tax		16			(21	)		72			49			28			26			63			67			117
Provision for income tax expense (benefit)		(6	)		(19	)		14			6			(1	)		(2	)		12			(11	)		9
Operating earnings		22			(2	)		58			43			29			28			51			78			108
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	22		$	(2	)	$	58		$	43		$	29		$	28		$	51		$	78		$	108


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	22		$	(2	)	$	58		$	43		$	29		$	28		$	51		$	78		$	108
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		16			2			3			(3	)		6			(1	)		-			21			5
Net derivative gains (losses)		(3	)		(1	)		(2	)		5			(3	)		(2	)		1			(6	)		(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 operating expenses		-			-			-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(4	)		(1	)		-			(1	)		(1	)		1			-			(5	)		-
Income (loss) from continuing operations, net of income tax		31			(2	)		59			44			31			26			52			88			109
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		31			(2	)		59			44			31			26			52			88			109
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		31			(2	)		59			44			31			26			52			88			109
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	31		$	(2	)	$	59		$	44		$	31		$	26		$	52		$	88		$	109

Total Operating Premiums, Fees and Other Revenues	$	880		$	874		$	882		$	887		$	875		$	887		$	899		$	2,636		$	2,661

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U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	18,668		$	18,741		$	18,796		$	18,902		$	18,909		$	18,982		$	18,954
Premiums and deposits		4,629			4,611			4,665			4,480			4,819			4,698			4,549
Surrenders and withdrawals		(580	)		(600	)		(630	)		(581	)		(605	)		(658	)		(646	)
Benefit payments		(3,565	)		(3,512	)		(3,500	)		(3,430	)		(3,719	)		(3,627	)		(3,378	)

Net Flows		484			499			535			469			495			413			525
Net transfers from (to) separate account		-			-			4			-			(1	)		-			2
Interest		132			131			132			130			131			131			132
Policy charges		(144	)		(146	)		(146	)		(147	)		(150	)		(151	)		(149	)
Other		(399	)		(429	)		(419	)		(445	)		(402	)		(421	)		(525	)

Balance, end of period	$	18,741		$	18,796		$	18,902		$	18,909		$	18,982		$	18,954		$	18,939

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	638		$	625		$	628		$	749		$	761		$	810		$	836
Premiums and deposits		55			55			153			59			63			60			62
Surrenders and withdrawals		(14	)		(12	)		(13	)		(11	)		(17	)		(11	)		(19	)
Benefit payments		(1	)		(1	)		-			(1	)		(1	)		(1	)		(1	)

Net Flows		40			42			140			47			45			48			42
Investment performance		(4	)		12			35			14			47			31			35
Net transfers from (to) general account		-			-			(4	)		-			1			-			(2	)
Policy charges		(47	)		(48	)		(50	)		(49	)		(51	)		(51	)		(52	)
Other		(2	)		(3	)		-			-			7			(2	)		(2	)

Balance, end of period	$	625		$	628		$	749		$	761		$	810		$	836		$	857

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U.S. GROUP BENEFITS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	346	$	331	$	326	$	341	$	311	$	309	$	311
Pension and post-retirement benefit costs		16		16		11		13		17		15		17
Premium taxes, other taxes, and licenses & fees		78		73		77		76		52		56		50
Total fixed operating expenses	$	440	$	420	$	414	$	430	$	380	$	380	$	378
Commissions and other variable expenses		164		164		162		166		202		192		201
Total other operating expenses	$	604	$	584	$	576	$	596	$	582	$	572	$	579

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Group Life (1)
Operating premiums, fees and other revenues	$	1,605	$	1,586	$	1,592	$	1,574	$	1,690	$	1,663	$	1,641
Mortality ratio		85.7%		85.5%		89.3%		88.2%		86.9%		87.3%		85.0%
Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,677	$	1,676	$	1,663	$	1,687	$	1,776	$	1,664	$	1,628
Interest adjusted benefit ratio (3)		81.2%		78.9%		76.9%		76.2%		79.9%		76.9%		74.7%

(1)

(2)

(3)

Excludes certain experience-rated contracts and includes accidental death and dismemberment.

Includes dental, group and individual disability, accident & health, critical illness, vision and other health.

Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

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U.S. RETIREMENT AND INCOME SOLUTIONS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	96,194		$	98,304		$	99,421		$	102,036		$	101,567		$	102,599		$	103,417
Premiums and deposits		11,272			14,503			18,071			18,705			15,875			19,471			19,622
Surrenders and withdrawals		(10,599	)		(14,198	)		(15,813	)		(16,134	)		(14,943	)		(19,539	)		(15,926	)
Benefit payments		(787	)		(771	)		(806	)		(789	)		(812	)		(812	)		(849	)

Net Flows		(114	)		(466	)		1,452			1,782			120			(880	)		2,847
Net transfers from (to) separate account		(1	)		-			(1	)		-			4			17			1
Interest		830			830			830			845			856			853			864
Policy charges		(30	)		(31	)		(32	)		(4	)		(36	)		(31	)		(20	)
Other		1,425			784			366			(3,092	)		88			859			187

Balance, end of period	$	98,304		$	99,421		$	102,036		$	101,567		$	102,599		$	103,417		$	107,296

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	March 30, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	78,902		$	81,887		$	85,271		$	85,929		$	85,189		$	85,983		$	87,049
Premiums and deposits		1,913			1,513			1,876			1,683			1,115			1,065			958
Surrenders and withdrawals		(1,260	)		(1,073	)		(2,412	)		(1,360	)		(1,878	)		(1,631	)		(4,550	)
Benefit payments		(15	)		(18	)		(23	)		(12	)		(17	)		(11	)		(22	)

Net Flows		638			422			(559	)		311			(780	)		(577	)		(3,614	)
Investment performance		1,994			1,712			825			(1,731	)		1,084			1,354			1,003
Net transfers from (to) general account		1			-			1			-			(4	)		(17	)		(1	)
Policy charges		(87	)		(82	)		(74	)		(74	)		(80	)		(83	)		(77	)
Other		439			1,332			465			754			574			389			(2,019	)

Balance, end of period	$	81,887		$	85,271		$	85,929		$	85,189		$	85,983		$	87,049		$	82,341

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U.S. RETIREMENT AND INCOME SOLUTIONS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	69	$	61	$	62	$	74	$	66	$	63	$	65
Pension and post-retirement benefit costs		5		5		4		4		5		5		5
Premium taxes, other taxes, and licenses & fees		3		1		1		3		3		1		3
Total fixed operating expenses	$	77	$	67	$	67	$	81	$	74	$	69	$	73
Commissions and other variable expenses		33		37		33		39		36		45		45
Total other operating expenses	$	110	$	104	$	100	$	120	$	110	$	114	$	118

SPREAD
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Investment income yield excluding variable investment income		4.51%		4.60%		4.59%		4.56%		4.49%		4.46%		4.42%
Variable investment income yield		0.08%		0.25%		0.25%		0.33%		0.37%		0.27%		0.36%
Total investment income yield		4.59%		4.85%		4.84%		4.89%		4.86%		4.73%		4.78%
Average crediting rate		3.37%		3.35%		3.38%		3.36%		3.32%		3.34%		3.43%
Annualized general account spread		1.22%		1.50%		1.46%		1.53%		1.54%		1.39%		1.35%

Annualized general account spread excluding variable investment income yield		1.14%		1.25%		1.21%		1.20%		1.17%		1.12%		0.99%

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U.S. PROPERTY & CASUALTY OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	95	$	93	$	88	$	93	$	108	$	103	$	107
Pension and post-retirement benefit costs		9		9		8		8		7		8		8
Premium taxes, other taxes, and licenses & fees		21		25		24		22		21		25		23
Total fixed operating expenses	$	125	$	127	$	120	$	123	$	136	$	136	$	138
Commissions and other variable expenses		103		103		116		95		81		92		98
Total other operating expenses	$	228	$	230	$	236	$	218	$	217	$	228	$	236

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Net Written Premiums by Product
Auto	$	550	$	577	$	603	$	563	$	564	$	592	$	617
Homeowners & Other		279		324		335		294		283		323		329
Total	$	829	$	901	$	938	$	857	$	847	$	915	$	946
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	865	$	868	$	879	$	882	$	868	$	882	$	895
Loss and loss adjustment expense ratio		75.5%		80.7%		69.5%		72.8%		76.2%		76.5%		72.1%
Other expense ratio		26.6%		26.0%		25.9%		25.2%		25.8%		25.6%		25.7%
Total combined ratio		102.1%		106.7%		95.4%		98.0%		102.0%		102.1%		97.8%

Effect of catastrophe losses		12.1%		16.7%		4.3%		3.2%		12.9%		14.4%		9.6%
Combined ratio excluding catastrophes		90.0%		90.0%		91.1%		94.8%		89.1%		87.7%		88.2%
Prior year development		- %		(0.8)%		(0.2)%		- %		(0.7)%		(0.5)%		(0.7)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		90.0%		90.8%		91.3%		94.8%		89.8%		88.2%		88.9%
Auto
Net earned premium	$	555	$	559	$	567	$	571	$	563	$	573	$	585
Loss and loss adjustment expense ratio		75.6%		79.0%		74.3%		85.2%		72.4%		71.4%		74.5%
Other expense ratio		26.9%		25.9%		25.3%		25.0%		25.4%		25.1%		25.2%
Total combined ratio		102.5%		104.9%		99.6%		110.2%		97.8%		96.5%		99.7%

Effect of catastrophe losses		1.8%		3.8%		1.7%		1.1%		1.4%		2.8%		6.4%
Combined ratio excluding catastrophes		100.7%		101.1%		97.9%		109.1%		96.4%		93.7%		93.3%
Prior year development		- %		0.1%		(0.3)%		(0.1)%		(0.8)%		(0.5)%		(0.9)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		100.7%		101.0%		98.2%		109.2%		97.2%		94.2%		94.2%
Homeowners & Other
Net earned premium	$	310	$	309	$	312	$	311	$	305	$	309	$	310
Loss and loss adjustment expense ratio		75.4%		83.7%		60.7%		50.0%		83.3%		85.9%		67.5%
Other expense ratio		26.2%		26.1%		26.9%		25.7%		26.7%		26.5%		26.5%
Total combined ratio		101.6%		109.8%		87.6%		75.7%		110.0%		112.4%		94.0%

Effect of catastrophe losses		30.6%		40.0%		8.9%		7.1%		34.1%		36.1%		15.7%
Combined ratio excluding catastrophes		71.0%		69.8%		78.7%		68.6%		75.9%		76.3%		78.3%
Prior year development		- %		(2.3)%		(0.1)%		0.1%		(0.5)%		(0.6)%		(0.2)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		71.0%		72.1%		78.8%		68.5%		76.4%		76.9%		78.5%
Catastrophe Losses Before Provision for Income Tax
Auto	$	10	$	21	$	10	$	6	$	8	$	16	$	37
Homeowners & Other		95		124		27		22		104		111		49
Total	$	105	$	145	$	37	$	28	$	112	$	127	$	86

(1)	This selective financial information and supplemental data is presented and calculated based on general industry standards.

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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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	1,658		$	1,681		$	1,822		$	1,741		$	1,708		$	1,659		$	1,696		$	5,161		$	5,063
Universal life and investment-type product policy fees		350			370			394			373			366			375			458			1,114			1,199
Net investment income		618			678			707			704			702			729			762			2,003			2,193
Other revenues		17			16			12			16			10			11			11			45			32
Total operating revenues		2,643			2,745			2,935			2,834			2,786			2,774			2,927			8,323			8,487

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,236			1,324			1,363			1,268			1,315			1,247			1,223			3,923			3,785
Interest credited to policyholder account balances		319			324			331			324			321			333			349			974			1,003
Capitalization of DAC		(385	)		(426	)		(440	)		(417	)		(420	)		(428	)		(420	)		(1,251	)		(1,268	)
Amortization of DAC and VOBA		286			304			331			303			291			290			424			921			1,005
Amortization of negative VOBA		(64	)		(57	)		(46	)		(41	)		(37	)		(30	)		(24	)		(167	)		(91	)
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		851			877			930			928			875			895			905			2,658			2,675
Total operating expenses		2,243			2,346			2,469			2,365			2,345			2,307			2,457			7,058			7,109
Operating earnings before provision for income tax		400			399			466			469			441			467			470			1,265			1,378
Provision for income tax expense (benefit)		95			140			142			115			146			157			156			377			459
Operating earnings		305			259			324			354			295			310			314			888			919
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	305		$	259		$	324		$	354		$	295		$	310		$	314		$	888		$	919


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	305		$	259		$	324		$	354		$	295		$	310		$	314		$	888		$	919
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		223			140			66			(241	)		117			(19	)		(37	)		429			61
Net derivative gains (losses)		411			606			(68	)		(996	)		177			(128	)		(58	)		949			(9	)
Premiums		426			-			-			-			-			-			-			426			-
Universal life and investment-type product policy fees		92			7			(4	)		3			1			10			3			95			14
Net investment income		(39	)		(134	)		64			209			16			102			80			(109	)		198
Other revenues		-			3			7			(2	)		6			5			5			10			16
Policyholder benefits and claims and policyholder dividends		(322	)		(7	)		(8	)		(10	)		(5	)		(5	)		(8	)		(337	)		(18	)
Interest credited to policyholder account balances		78			114			(57	)		(205	)		(20	)		(108	)		(90	)		135			(218	)
Capitalization of DAC		105			-			-			-			-			-			-			105			-
Amortization of DAC and VOBA		(112	)		(12	)		10			-			(1	)		(10	)		(1	)		(114	)		(12	)
Amortization of negative VOBA		32			6			5			4			3			3			2			43			8
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		(193	)		(7	)		(7	)		(20	)		(4	)		(9	)		(3	)		(207	)		(16	)
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(143	)		(204	)		29			305			(105	)		53			36			(318	)		(16	)
Income (loss) from continuing operations, net of income tax		863			771			361			(599	)		480			204			243			1,995			927
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		863			771			361			(599	)		480			204			243			1,995			927
Less: Net income (loss) attributable to noncontrolling interests		-			1			1			-			-			1			1			2			2
Net income (loss) attributable to MetLife, Inc.		863			770			360			(599	)		480			203			242			1,993			925
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	863		$	770		$	360		$	(599	)	$	480		$	203		$	242		$	1,993		$	925

Total Operating Premiums, Fees and Other Revenues	$	2,025		$	2,067		$	2,228		$	2,130		$	2,084		$	2,045		$	2,165		$	6,320		$	6,294

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ASIA OPERATING PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Total operating premiums, fees and other revenues	$	2,025	$	2,067	$	2,228	$	2,130	$	2,084	$	2,045	$	2,165

Total operating premiums, fees and other revenues on a constant currency basis	$	2,098	$	2,039	$	2,099	$	2,122	$	2,128	$	2,051	$	2,165
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (1), (2)		162		152		164		188		194		188		196
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,260	$	2,191	$	2,263	$	2,310	$	2,322	$	2,239	$	2,361

OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	305	$	309	$	327	$	356	$	298	$	315	$	340
Pension and post-retirement benefit costs		18		19		19		19		19		20		20
Premium taxes, other taxes, and licenses & fees		35		39		37		5		31		42		33
Total fixed operating expenses	$	358	$	367	$	383	$	380	$	348	$	377	$	393
Commissions and other variable expenses		493		510		547		548		527		518		512
Total other operating expenses	$	851	$	877	$	930	$	928	$	875	$	895	$	905
Total other operating expenses, net of capitalization of DAC	$	466	$	451	$	490	$	511	$	455	$	467	$	485

Total other operating expenses on a constant currency basis	$	877	$	864	$	876	$	925	$	890	$	896	$	905
Add: Operating joint ventures other operating expenses on a constant currency basis (1), (2)		62		63		69		70		80		79		78
Total other operating expenses including operating joint ventures on a constant currency basis	$	939	$	927	$	945	$	995	$	970	$	975	$	983
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	518	$	485	$	505	$	551	$	508	$	514	$	531

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Japan:
Life	$	164	$	162	$	179	$	188	$	187	$	157	$	157
Accident & Health		84		87		78		91		89		79		75
Annuities		102		91		89		73		103		88		101
Other		3		4		4		2		3		3		2
Total Japan		353		344		350		354		382		327		335
Other Asia		176		221		196		254		333		215		230
Total sales	$	529	$	565	$	546	$	608	$	715	$	542	$	565

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Operating earnings available to common shareholders	$	305	$	259	$	324	$	354	$	295	$	310	$	314
Operating earnings available to common shareholders on a constant currency basis	$	317	$	259	$	314	$	356	$	301	$	314	$	314
(1) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (2) Includes MetLife, Inc.‘s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

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LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	601		$	631		$	653		$	644		$	647		$	645		$	701		$	1,885		$	1,993
Universal life and investment-type product policy fees		268			269			227			261			260			275			229			764			764
Net investment income		255			243			311			275			303			289			299			809			891
Other revenues		7			8			11			8			9			8			7			26			24
Total operating revenues		1,131			1,151			1,202			1,188			1,219			1,217			1,236			3,484			3,672

Operating expenses
Policyholder benefits and claims and policyholder dividends		550			583			681			629			633			596			640			1,814			1,869
Interest credited to policyholder account balances		80			84			85			79			82			94			99			249			275
Capitalization of DAC		(73	)		(80	)		(83	)		(85	)		(82	)		(88	)		(94	)		(236	)		(264	)
Amortization of DAC and VOBA		63			66			(2	)		57			78			68			-			127			146
Amortization of negative VOBA		-			-			(1	)		-			-			-			(1	)		(1	)		(1	)
Interest expense on debt		-			-			1			1			1			2			1			1			4
Other operating expenses		310			323			335			368			326			357			377			968			1,060
Total operating expenses		930			976			1,016			1,049			1,038			1,029			1,022			2,922			3,089
Operating earnings before provision for income tax		201			175			186			139			181			188			214			562			583
Provision for income tax expense (benefit)		50			38			53			17			38			34			51			141			123
Operating earnings		151			137			133			122			143			154			163			421			460
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	151		$	137		$	133		$	122		$	143		$	154		$	163		$	421		$	460


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	151		$	137		$	133		$	122		$	143		$	154		$	163		$	421		$	460
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(22	)		18			12			85			12			2			20			8			34
Net derivative gains (losses)		84			(28	)		(9	)		(44	)		136			(9	)		46			47			173
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-			-			-
Net investment income		16			4			17			11			31			-			29			37			60
Other revenues		-			-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(44	)		(41	)		21			150			(20	)		(51	)		29			(64	)		(42	)
Interest credited to policyholder account balances		(25	)		(19	)		(24	)		(17	)		(43	)		(12	)		(35	)		(68	)		(90	)
Capitalization of DAC		-			-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		2			2			3			2			3			2			2			7			7
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(20	)		14			(5	)		(57	)		(31	)		11			(30	)		(11	)		(50	)
Income (loss) from continuing operations, net of income tax		142			87			148			252			231			97			224			377			552
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		142			87			148			252			231			97			224			377			552
Less: Net income (loss) attributable to noncontrolling interests		1			2			2			1			2			2			1			5			5
Net income (loss) attributable to MetLife, Inc.		141			85			146			251			229			95			223			372			547
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	141		$	85		$	146		$	251		$	229		$	95		$	223		$	372		$	547

Total Operating Premiums, Fees and Other Revenues	$	876		$	908		$	891		$	913		$	916		$	928		$	937		$	2,675		$	2,781

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LATIN AMERICA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	121	$	119	$	127	$	163	$	127	$	148	$	145
Pension and post-retirement benefit costs		-		-		-		1		-		1		1
Premium taxes, other taxes, and licenses & fees		16		18		16		16		15		15		16
Total fixed operating expenses	$	137	$	137	$	143	$	180	$	142	$	164	$	162
Commissions and other variable expenses		173		186		192		188		184		193		215
Total other operating expenses	$	310	$	323	$	335	$	368	$	326	$	357	$	377
Total other operating expenses, net of capitalization of DAC	$	237	$	243	$	252	$	283	$	244	$	269	$	283
Total other operating expenses on a constant currency basis	$	325	$	329	$	341	$	385	$	339	$	363	$	377
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	248	$	248	$	256	$	295	$	252	$	273	$	283

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Mexico	$	107	$	183	$	83	$	105	$	119	$	98	$	86
Chile		64		67		67		71		67		65		77
All other		62		58		65		74		54		59		65
Total sales	$	233	$	308	$	215	$	250	$	240	$	222	$	228

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Operating premiums, fees and other revenues	$	876	$	908	$	891	$	913	$	916	$	928	$	937
Operating earnings available to common shareholders	$	151	$	137	$	133	$	122	$	143	$	154	$	163

Operating premiums, fees and other revenues on a constant currency basis	$	924	$	934	$	916	$	972	$	977	$	954	$	937
Operating earnings available to common shareholders on a constant currency basis	$	156	$	139	$	138	$	129	$	157	$	159	$	163

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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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	500		$	519		$	500		$	508		$	502		$	505		$	527		$	1,519		$	1,534
Universal life and investment-type product policy fees		95			95			104			97			95			92			109			294			296
Net investment income		80			83			81			74			74			78			77			244			229
Other revenues		20			19			17			17			17			28			(2	)		56			43
Total operating revenues		695			716			702			696			688			703			711			2,113			2,102

Operating expenses
Policyholder benefits and claims and policyholder dividends		261			283			257			266			269			270			282			801			821
Interest credited to policyholder account balances		29			30			28			25			24			25			26			87			75
Capitalization of DAC		(101	)		(106	)		(103	)		(93	)		(92	)		(100	)		(109	)		(310	)		(301	)
Amortization of DAC and VOBA		102			103			106			97			87			95			78			311			260
Amortization of negative VOBA		(3	)		(4	)		(3	)		(3	)		(3	)		(5	)		(5	)		(10	)		(13	)
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		333			336			332			322			316			332			347			1,001			995
Total operating expenses		621			642			617			614			601			617			619			1,880			1,837
Operating earnings before provision for income tax		74			74			85			82			87			86			92			233			265
Provision for income tax expense (benefit)		11			10			11			10			12			14			21			32			47
Operating earnings		63			64			74			72			75			72			71			201			218
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	63		$	64		$	74		$	72		$	75		$	72		$	71		$	201		$	218


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	63		$	64		$	74		$	72		$	75		$	72		$	71		$	201		$	218
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		8			16			24			(6	)		2			2			(12	)		48			(8	)
Net derivative gains (losses)		(1	)		3			25			(3	)		13			5			3			27			21
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		6			7			5			6			7			5			8			18			20
Net investment income		82			300			436			93			349			96			109			818			554
Other revenues		-			-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		9			28			10			(58	)		(9	)		(17	)		(9	)		47			(35	)
Interest credited to policyholder account balances		(77	)		(281	)		(424	)		(96	)		(339	)		(93	)		(104	)		(782	)		(536	)
Capitalization of DAC		-			-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(1	)		-			1			-			1			(1	)		(1	)		-
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		(2	)		(5	)		(1	)		(5	)		(3	)		(4	)		(3	)		(8	)		(10	)
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(14	)		(35	)		(34	)		22			(14	)		-			-			(83	)		(14	)
Income (loss) from continuing operations, net of income tax		74			96			115			26			81			67			62			285			210
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		74			96			115			26			81			67			62			285			210
Less: Net income (loss) attributable to noncontrolling interests		1			1			1			-			1			-			1			3			2
Net income (loss) attributable to MetLife, Inc.		73			95			114			26			80			67			61			282			208
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	73		$	95		$	114		$	26		$	80		$	67		$	61		$	282		$	208

Total Operating Premiums, Fees and Other Revenues	$	615		$	633		$	621		$	622		$	614		$	625		$	634		$	1,869		$	1,873

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EMEA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	157	$	149	$	150	$	153	$	142	$	140	$	146
Pension and post-retirement benefit costs		1		1		2		2		1		2		2
Premium taxes, other taxes, and licenses & fees		5		4		4		6		6		7		6
Total fixed operating expenses	$	163	$	154	$	156	$	161	$	149	$	149	$	154
Commissions and other variable expenses		170		182		176		161		167		183		193
Total other operating expenses	$	333	$	336	$	332	$	322	$	316	$	332	$	347
Total other operating expenses, net of capitalization of DAC	$	232	$	230	$	229	$	229	$	224	$	232	$	238
Total other operating expenses on a constant currency basis	$	336	$	335	$	335	$	336	$	334	$	343	$	347
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	234	$	229	$	230	$	238	$	237	$	240	$	238

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Operating premiums, fees and other revenues	$	615	$	633	$	621	$	622	$	614	$	625	$	634
Operating earnings available to common shareholders	$	63	$	64	$	74	$	72	$	75	$	72	$	71

Operating premiums, fees and other revenues on a constant currency basis	$	616	$	627	$	622	$	647	$	649	$	646	$	634
Operating earnings available to common shareholders on a constant currency basis	$	61	$	61	$	72	$	76	$	82	$	76	$	71
Total sales on a constant currency basis	$	257	$	261	$	235	$	235	$	269	$	248	$	257

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METLIFE HOLDINGS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Operating revenues
Premiums	$	1,097		$	1,122		$	1,093		$	1,194		$	1,059		$	1,022		$	989		$	3,312		$	3,070
Universal life and investment-type product policy fees		355			361			357			363			362			345			349			1,073			1,056
Net investment income		1,475			1,477			1,537			1,455			1,441			1,401			1,390			4,489			4,232
Other revenues		204			203			105			69			96			37			37			512			170
Total operating revenues		3,131			3,163			3,092			3,081			2,958			2,805			2,765			9,386			8,528

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,823			1,927			1,853			1,931			1,736			1,720			1,661			5,603			5,117
Interest credited to policyholder account balances		258			261			261			262			257			255			255			780			767
Capitalization of DAC		(100	)		(96	)		(44	)		(41	)		(34	)		(23	)		(14	)		(240	)		(71	)
Amortization of DAC and VOBA		148			269			219			100			74			139			(70	)		636			143
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		14			14			15			14			15			5			2			43			22
Other operating expenses		596			864			401			531			340			370			322			1,861			1,032
Total operating expenses		2,739			3,239			2,705			2,797			2,388			2,466			2,156			8,683			7,010
Operating earnings before provision for income tax		392			(76	)		387			284			570			339			609			703			1,518
Provision for income tax expense (benefit)		125			(43	)		121			85			185			104			199			203			488
Operating earnings		267			(33	)		266			199			385			235			410			500			1,030
Preferred stock dividends		-			-			-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	267		$	(33	)	$	266		$	199		$	385		$	235		$	410		$	500		$	1,030


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	267		$	(33	)	$	266		$	199		$	385		$	235		$	410		$	500		$	1,030
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(114	)		251			5			61			4			3			23			142			30
Net derivative gains (losses)		414			23			(469	)		(909	)		(18	)		(266	)		(165	)		(32	)		(449	)
Premiums		-			-			-			-			-			-			-			-			-
Universal life and investment-type product policy fees		22			24			23			23			24			25			25			69			74
Net investment income		(76	)		(64	)		(68	)		(66	)		(57	)		(48	)		(39	)		(208	)		(144	)
Other revenues		-			-			-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(2	)		(43	)		(71	)		(50	)		(65	)		(50	)		(128	)		(116	)		(243	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-			-			-
Amortization of DAC and VOBA		83			116			93			20			15			44			6			292			65
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-			-			-
Other operating expenses		-			-			(13	)		(1	)		-			-			-			(13	)		-
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(114	)		(107	)		174			323			34			102			98			(47	)		234
Income (loss) from continuing operations, net of income tax		480			167			(60	)		(400	)		322			45			230			587			597
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-			-			-
Net income (loss)		480			167			(60	)		(400	)		322			45			230			587			597
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		480			167			(60	)		(400	)		322			45			230			587			597
Less: Preferred stock dividends		-			-			-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	480		$	167		$	(60	)	$	(400	)	$	322		$	45		$	230		$	587		$	597

Total Operating Premiums, Fees and Other Revenues	$	1,656		$	1,686		$	1,555		$	1,626		$	1,517		$	1,404		$	1,375		$	4,897		$	4,296

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METLIFE HOLDINGS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

LIFE & OTHER (1)


	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	79,281		$	79,954		$	80,704		$	80,968		$	80,743		$	81,077		$	81,127
Premiums and deposits (2), (3)		1,456			1,450			1,412			1,483			1,405			1,308			1,258
Surrenders and withdrawals		(662	)		(590	)		(630	)		(590	)		(618	)		(611	)		(584	)
Benefit payments		(754	)		(725	)		(713	)		(712	)		(763	)		(659	)		(642	)

Net Flows		40			135			69			181			24			38			32
Net transfers from (to) separate account		11			21			16			12			25			9			12
Interest		792			794			799			799			812			815			819
Policy charges		(201	)		(202	)		(200	)		(242	)		(201	)		(200	)		(199	)
Other		31			2			(420	)		(975	)		(326	)		(612	)		(453	)

Balance, end of period	$	79,954		$	80,704		$	80,968		$	80,743		$	81,077		$	81,127		$	81,338

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	21,653		$	22,135		$	23,239		$	23,100		$	22,264		$	21,522		$	21,329
Premiums and deposits (2), (3)		517			368			230			239			202			135			134
Surrenders and withdrawals		(391	)		(316	)		(356	)		(417	)		(358	)		(375	)		(372	)
Benefit payments		(216	)		(208	)		(192	)		(175	)		(199	)		(178	)		(154	)

Net Flows		(90	)		(156	)		(318	)		(353	)		(355	)		(418	)		(392	)
Net transfers from (to) separate account		57			47			86			34			10			39			66
Interest		166			167			166			165			160			159			158
Policy charges		(6	)		(5	)		(5	)		(5	)		(5	)		(5	)		(5	)
Other		355			1,051			(68	)		(677	)		(552	)		32			24

Balance, end of period	$	22,135		$	23,239		$	23,100		$	22,264		$	21,522		$	21,329		$	21,180

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	5,120		$	5,029		$	5,070		$	5,210		$	5,200		$	5,415		$	5,537
Premiums and deposits (3)		79			80			75			73			76			73			70
Surrenders and withdrawals		(50	)		(57	)		(56	)		(52	)		(61	)		(63	)		(56	)
Benefit payments		(7	)		(7	)		(28	)		(5	)		(7	)		(7	)		(6	)

Net Flows		22			16			(9	)		16			8			3			8
Investment performance		(28	)		119			221			74			306			201			207
Net transfers from (to) general account		(11	)		(21	)		(16	)		(12	)		(25	)		(9	)		(12	)
Policy charges		(72	)		(72	)		(71	)		(72	)		(72	)		(71	)		(69	)
Other		(2	)		(1	)		15			(16	)		(2	)		(2	)		(1	)

Balance, end of period	$	5,029		$	5,070		$	5,210		$	5,200		$	5,415		$	5,537		$	5,670

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Balance, beginning of period	$	43,470		$	43,404		$	43,843		$	44,560		$	43,623		$	44,667		$	44,907
Premiums and deposits (3)		610			537			231			187			175			168			133
Surrenders and withdrawals		(645	)		(735	)		(740	)		(813	)		(903	)		(977	)		(964	)
Benefit payments		(84	)		(89	)		(91	)		(88	)		(90	)		(92	)		(90	)

Net Flows		(119	)		(287	)		(600	)		(714	)		(818	)		(901	)		(921	)
Investment performance		315			996			1,636			36			2,090			1,410			1,587
Net transfers from (to) general account		(57	)		(47	)		(86	)		(34	)		(10	)		(39	)		(66	)
Policy charges		(206	)		(223	)		(232	)		(224	)		(219	)		(230	)		(230	)
Other		1			-			(1	)		(1	)		1			-			1

Balance, end of period	$	43,404		$	43,843		$	44,560		$	43,623		$	44,667		$	44,907		$	45,278
(1) Long-Term Care and Japan reinsurance are reported as part of “Other” within Life & Other. (2) Includes premiums and deposits directed to the general account investment option of variable products. (3) Includes company-sponsored internal exchanges.

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METLIFE HOLDINGS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Direct and allocated expenses	$	229	$	221	$	211	$	199	$	175	$	199	$	205
Pension and post-retirement benefit costs		39		40		25		28		25		22		25
Premium taxes, other taxes, and licenses & fees		25		23		21		25		22		14		20
Total fixed operating expenses	$	293	$	284	$	257	$	252	$	222	$	235	$	250
Commissions and other variable expenses		303		580		144		279		118		135		72
Total other operating expenses	$	596	$	864	$	401	$	531	$	340	$	370	$	322

SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Investment income yield excluding variable investment income		6.05%		6.16%		6.15%		5.93%		5.89%		5.62%		5.45%
Variable investment income yield		0.09%		0.59%		0.35%		0.19%		0.24%		0.23%		0.23%
Total investment income yield		6.14%		6.75%		6.50%		6.12%		6.13%		5.85%		5.68%
Average crediting rate		4.54%		4.57%		4.55%		4.55%		4.62%		4.56%		4.50%
Annualized general account spread		1.60%		2.18%		1.95%		1.57%		1.51%		1.29%		1.18%

Annualized general account spread excluding variable investment income yield		1.51%		1.59%		1.60%		1.38%		1.27%		1.06%		0.95%

ANNUITIES (1)
	For the Three Months Ended
Unaudited	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Investment income yield excluding variable investment income		5.07%		5.18%		5.18%		5.05%		5.03%		4.91%		4.78%
Variable investment income yield		0.10%		0.36%		0.38%		0.31%		0.29%		0.26%		0.28%
Total investment income yield		5.17%		5.54%		5.56%		5.36%		5.32%		5.17%		5.06%
Average crediting rate		3.19%		3.21%		3.16%		3.17%		3.16%		3.14%		3.11%
Annualized general account spread		1.98%		2.33%		2.40%		2.19%		2.16%		2.03%		1.95%

Annualized general account spread excluding variable investment income yield		1.88%		1.97%		2.02%		1.88%		1.87%		1.77%		1.67%
(1) Represents the general account spread for deferred and payout annuities.

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METLIFE HOLDINGS OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017

Life (1)
Operating premiums, fees and other revenues	$	1,018	$	1,033	$	1,029	$	1,150	$	1,002	$	946	$	922
Interest adjusted benefit ratio (2)		56.6%		64.2%		60.4%		63.5%		48.6%		51.1%		48.0%

Lapse Ratio (3)
Traditional life		4.4%		4.3%		4.4%		4.5%		4.5%		4.6%		4.7%
Variable & universal life		4.4%		4.4%		4.6%		4.5%		4.5%		4.5%		4.4%
Fixed annuity		9.0%		7.6%		8.0%		8.0%		7.2%		7.3%		6.8%
Variable annuity		6.4%		6.2%		6.3%		6.6%		7.1%		7.6%		8.0%
(1) Represents traditional life and variable & universal life, components of Life & Other. (2) For the three months ended June 30, 2016, this ratio included notable items related to actuarial assumption review and other insurance adjustments. Excluding these items, the ratio would have been 59.4%. (3) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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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)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Operating revenues
Premiums	$	(3	)	$	12		$	41		$	(10	)	$	38		$	8		$	13		$	50		$	59
Universal life and investment-type product policy fees		2			-			-			-			-			-			-			2			-
Net investment income		60			28			53			37			40			41			26			141			107
Other revenues		26			22			22			40			59			61			65			70			185
Total operating revenues		85			62			116			67			137			110			104			263			351

Operating expenses
Policyholder benefits and claims and policyholder dividends		(14	)		6			31			18			25			1			7			23			33
Interest credited to policyholder account balances		3			3			(1	)		1			1			-			-			5			1
Capitalization of DAC		(4	)		(4	)		1			-			(1	)		(3	)		(2	)		(7	)		(6	)
Amortization of DAC and VOBA		2			4			1			1			1			1			3			7			5
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		299			288			275			277			277			277			279			862			833
Other operating expenses		166			150			85			194			210			202			237			401			649
Total operating expenses		452			447			392			491			513			478			524			1,291			1,515
Operating earnings before provision for income tax		(367	)		(385	)		(276	)		(424	)		(376	)		(368	)		(420	)		(1,028	)		(1,164	)
Provision for income tax expense (benefit)		(183	)		(187	)		(288	)		(289	)		(283	)		(269	)		(90	)		(658	)		(642	)
Operating earnings		(184	)		(198	)		12			(135	)		(93	)		(99	)		(330	)		(370	)		(522	)
Preferred stock dividends		6			46			6			45			6			46			6			58			58
Operating earnings available to common shareholders	$	(190	)	$	(244	)	$	6		$	(180	)	$	(99	)	$	(145	)	$	(336	)	$	(428	)	$	(580	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(184	)	$	(198	)	$	12		$	(135	)	$	(93	)	$	(99	)	$	(330	)	$	(370	)	$	(522	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		132			(254	)		80			(173	)		(46	)		116			(696	)		(42	)		(626	)
Net derivative gains (losses)		(34	)		(29	)		(2	)		99			(386	)		23			(2	)		(65	)		(365	)
Premiums		(132	)		(186	)		(206	)		(205	)		(174	)		(136	)		(37	)		(524	)		(347	)
Universal life and investment-type product policy fees		(17	)		(18	)		(10	)		(17	)		(20	)		(14	)		-			(45	)		(34	)
Net investment income		(48	)		(26	)		(46	)		(48	)		(24	)		(19	)		3			(120	)		(40	)
Other revenues		1			10			(10	)		33			(59	)		(57	)		(19	)		1			(135	)
Policyholder benefits and claims and policyholder dividends		120			206			214			195			146			103			(113	)		540			136
Interest credited to policyholder account balances		(16	)		(14	)		(14	)		(14	)		(14	)		(14	)		(5	)		(44	)		(33	)
Capitalization of DAC		(30	)		(30	)		(23	)		(21	)		(16	)		(14	)		(4	)		(83	)		(34	)
Amortization of DAC and VOBA		25			92			9			1			(32	)		16			(77	)		126			(93	)
Amortization of negative VOBA		-			-			-			-			-			-			-			-			-
Interest expense on debt		13			12			13			12			12			4			-			38			16
Other operating expenses		(113	)		71			(88	)		20			(133	)		(44	)		(76	)		(130	)		(253	)
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		64			53			11			12			286			3			918			128			1,207
Income (loss) from continuing operations, net of income tax		(219	)		(311	)		(60	)		(241	)		(553	)		(132	)		(438	)		(590	)		(1,123	)
Income (loss) from discontinued operations, net of income tax		433			(1,361	)		(451	)		(1,291	)		(79	)		58			(968	)		(1,379	)		(989	)
Net income (loss)		214			(1,672	)		(511	)		(1,532	)		(632	)		(74	)		(1,406	)		(1,969	)		(2,112	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			(8	)		1			-			-			3			(8	)		3
Net income (loss) attributable to MetLife, Inc.		214			(1,672	)		(503	)		(1,533	)		(632	)		(74	)		(1,409	)		(1,961	)		(2,115	)
Less: Preferred stock dividends		6			46			6			45			6			46			6			58			58
Net income (loss) available to MetLife, Inc.‘s common shareholders	$	208		$	(1,718	)	$	(509	)	$	(1,578	)	$	(638	)	$	(120	)	$	(1,415	)	$	(2,019	)	$	(2,173	)

Total Operating Premiums, Fees and Other Revenues	$	25		$	34		$	63		$	30		$	97		$	69		$	78		$	122		$	244

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Other business activities	$	(8	)	$	(4	)	$	6		$	-		$	5		$	4		$	3		$	(6	)	$	12
Other net investment income		64			42			66			47			45			49			32			172			126
Interest expense on debt		(212	)		(208	)		(197	)		(197	)		(194	)		(197	)		(195	)		(617	)		(586	)
Preferred stock dividends		(6	)		(46	)		(6	)		(45	)		(6	)		(46	)		(6	)		(58	)		(58	)
Corporate initiatives and projects		(26	)		(34	)		(23	)		(48	)		(32	)		(67	)		(29	)		(83	)		(128	)
Incremental tax benefit (expense)		54			53			190			142			150			143			(58	)		297			235
Other		(56	)		(47	)		(30	)		(79	)		(67	)		(31	)		(83	)		(133	)		(181	)
Operating earnings available to common shareholders	$	(190	)	$	(244	)	$	6		$	(180	)	$	(99	)	$	(145	)	$	(336	)	$	(428	)	$	(580	)

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Fixed Maturity Securities
Yield (1)		4.41%			4.38%			4.38%			4.34%			4.34%			4.28%			4.25%
Investment income (2), (3), (4)	$	3,019		$	2,884		$	2,907		$	2,855		$	2,825		$	2,820		$	2,843
Investment gains (losses) (3)		131			120			120			(226	)		(4	)		43			279
Ending carrying value (2), (3)		304,552			311,588			315,362			290,174			295,359			301,267			309,607
Mortgage Loans
Yield (1)		4.65%			4.85%			4.59%			4.34%			4.47%			4.53%			4.78%
Investment income (4)		716			739			709			694			736			758			809
Investment gains (losses)		(62	)		(94	)		(41	)		(34	)		(12	)		(14	)		28
Ending carrying value		60,961			60,970			62,589			65,167			66,633			67,309			68,057
Real Estate and Real Estate Joint Ventures
Yield (1)		3.02%			2.93%			5.42%			3.45%			3.20%			3.42%			2.80%
Investment income (3)		64			61			120			77			73			79			66
Investment gains (losses) (3)		3			45			19			115			(3	)		270			169
Ending carrying value		8,141			8,612			9,035			8,891			9,293			9,256			9,486
Policy Loans
Yield (1)		5.26%			5.30%			5.36%			5.26%			5.33%			5.38%			5.40%
Investment income		129			127			129			126			127			129			130
Ending carrying value		9,574			9,631			9,659			9,511			9,603			9,558			9,585
Equity Securities
Yield (1)		5.00%			4.55%			4.73%			5.02%			4.90%			4.58%			4.92%
Investment income		32			29			29			30			31			31			31
Investment gains (losses)		(48	)		(3	)		4			(9	)		35			1			2
Ending carrying value		2,930			2,895			2,924			2,894			3,088			3,137			2,776
Other Limited Partnership Interests
Yield (1)		2.08%			7.67%			14.12%			13.10%			18.58%			14.91%			15.94%
Investment income		25			100			184			169			240			194			214
Investment gains (losses)		(23	)		(11	)		(9	)		(21	)		(7	)		(11	)		(33	)
Ending carrying value		5,201			5,222			5,174			5,136			5,166			5,251			5,501
Cash and Short-term Investments
Yield (1)		1.06%			1.23%			1.16%			1.21%			1.42%			1.61%			1.13%
Investment income		25			29			28			29			33			34			25
Investment gains (losses)		(7	)		5			(10	)		3			2			1			2
Ending carrying value		20,636			21,649			21,045			19,173			20,509			18,766			20,240
Other Invested Assets (1)
Investment income		202			181			246			227			214			170			173
Investment gains (losses) (3)		(8	)		(65	)		(15	)		-			(53	)		(72	)		28
Ending carrying value		20,795			24,638			23,634			19,303			17,003			16,559			17,652
Total Investments
Investment income yield (1)		4.49%			4.54%			4.72%			4.57%			4.65%			4.54%			4.54%
Investment fees and expenses yield		(0.16)%			(0.13)%			(0.13)%			(0.13)%			(0.15)%			(0.13)%			(0.14)%
Net Investment Income Yield (1), (3)		4.33%			4.41%			4.59%			4.44%			4.50%			4.41%			4.40%
Investment income	$	4,212		$	4,150		$	4,352		$	4,207		$	4,279		$	4,215		$	4,291
Investment fees and expenses		(141	)		(124	)		(122	)		(120	)		(134	)		(123	)		(133	)
Net investment income including Divested businesses and Lag elimination		4,071			4,026			4,230			4,087			4,145			4,092			4,158
Less: Net investment income from Divested businesses and Lag elimination		123			(48	)		(49	)		(49	)		(27	)		(21	)		2
Net Investment Income, as reported on an operating basis (3)	$	3,948		$	4,074		$	4,279		$	4,136		$	4,172		$	4,113		$	4,156
Ending Carrying Value (3)	$	432,790		$	445,205		$	449,422		$	420,249		$	426,654		$	431,103		$	442,904
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(14	)	$	(3	)	$	68		$	(172	)	$	(42	)	$	218		$	475
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		-			-			-			-			-			-
Investment Portfolio Gains (Losses) (3)	$	(11	)	$	(3	)	$	68		$	(172	)	$	(42	)	$	218		$	475
Gross investment gains	$	505		$	347		$	264		$	277		$	239		$	421		$	647
Gross investment losses		(314	)		(135	)		(158	)		(374	)		(249	)		(100	)		(111	)
Writedowns		(202	)		(215	)		(38	)		(75	)		(32	)		(103	)		(61	)
Investment Portfolio Gains (Losses) (3)		(11	)		(3	)		68			(172	)		(42	)		218			475
Investment portfolio gains (losses) income tax (expense) benefit		72			(3	)		4			38			19			(69	)		(187	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	61		$	(6	)	$	72		$	(134	)	$	(23	)	$	149		$	288

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	919		$	784		$	(685	)	$	(2,465	)	$	(358	)	$	(355	)	$	(281	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			-			-			-			-			-			-
Derivative gains (losses) (3)		770			784			(685	)		(2,465	)		(358	)		(355	)		(281	)
Derivative gains (losses) income tax (expense) benefit		(259	)		(244	)		231			814			148			111			103
Derivative Gains (Losses), Net of Income Tax	$	511		$	540		$	(454	)	$	(1,651	)	$	(210	)	$	(244	)	$	(178	)

(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an operating basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $1,101 million, $648 million, $721 million, $611 million, $649 million, $651 million and $713 million in ending carrying value, and $6 million, $10 million, $25 million, ($4) million, $29 million, $16 million and $16 million of investment income related to fair value option securities at or for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,883 million, $13,657 million, $14,000 million, $13,304 million, $13,743 million, $14,104 million and $15,818 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $9 million, $9 million, $9 million, $8 million, $7 million, $7 million and $7 million and cash and short-term investments of $1 million, $0, $0, $1 million, $1 million, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Net investment gains (losses) - GAAP basis	$	126		$	241		$	231		$	(293	)	$	63		$	104		$	(606	)
Less: Operating joint venture adjustments		(5	)		-			-			(1	)		1			(1	)		-
Less: Net investment gains (losses) related to CSEs		1			-			1			-			-			-			-
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		144			244			162			(120	)		104			(113	)		(1,081	)
Investment portfolio gains (losses) including Divested businesses and Lag elimination—in above yield table	$	(14	)	$	(3	)	$	68		$	(172	)	$	(42	)	$	218		$	475

	For the Three Months Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Net derivative gains (losses) - GAAP basis	$	1,078		$	903		$	(543	)	$	(2,312	)	$	(226	)	$	(247	)	$	(190	)
Less: Investment hedge adjustments		155			123			150			152			139			114			97
Less: Settlement of foreign currency earnings hedges		4			(3	)		(7	)		2			(6	)		(5	)		(5	)
Less: PAB hedge adjustments		-			(1	)		(1	)		(1	)		(1	)		(1	)		(1	)
Derivative gains (losses) including Divested businesses and Lag elimination—in above yield table	$	919		$	784		$	(685	)	$	(2,465	)	$	(358	)	$	(355	)	$	(281	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Fixed Maturity Securities
Yield (1)		4.41%			4.39%			4.39%			4.38%			4.34%			4.31%			4.29%
Investment income (2), (3), (4)	$	3,019		$	5,903		$	8,810		$	11,665		$	2,825		$	5,645		$	8,488
Investment gains (losses) (3)		131			251			371			145			(4	)		39			318
Ending carrying value (2), (3)		304,552			311,588			315,362			290,174			295,359			301,267			309,607
Mortgage Loans
Yield (1)		4.65%			4.75%			4.70%			4.61%			4.47%			4.50%			4.59%
Investment income (4)		716			1,455			2,164			2,858			736			1,494			2,303
Investment gains (losses)		(62	)		(156	)		(197	)		(231	)		(12	)		(26	)		2
Ending carrying value		60,961			60,970			62,589			65,167			66,633			67,309			68,057
Real Estate and Real Estate Joint Ventures
Yield (1)		3.02%			2.98%			3.83%			3.73%			3.20%			3.31%			3.14%
Investment income (3)		64			125			245			322			73			152			218
Investment gains (losses) (3)		3			48			67			182			(3	)		267			436
Ending carrying value		8,141			8,612			9,035			8,891			9,293			9,256			9,486
Policy Loans
Yield (1)		5.26%			5.28%			5.30%			5.29%			5.33%			5.36%			5.37%
Investment income		129			256			385			511			127			256			386
Ending carrying value		9,574			9,631			9,659			9,511			9,603			9,558			9,585
Equity Securities
Yield (1)		5.00%			4.77%			4.76%			4.82%			4.90%			4.74%			4.80%
Investment income		32			61			90			120			31			62			93
Investment gains (losses)		(48	)		(51	)		(47	)		(56	)		35			36			38
Ending carrying value		2,930			2,895			2,924			2,894			3,088			3,137			2,776
Other Limited Partnership Interests
Yield (1)		2.08%			4.87%			7.95%			9.23%			18.58%			16.74%			16.46%
Investment income		25			125			309			478			240			434			648
Investment gains (losses)		(23	)		(34	)		(43	)		(64	)		(7	)		(18	)		(51	)
Ending carrying value		5,201			5,222			5,174			5,136			5,166			5,251			5,501
Cash and Short-term Investments
Yield (1)		1.06%			1.15%			1.15%			1.17%			1.42%			1.52%			1.39%
Investment income		25			54			82			111			33			67			92
Investment gains (losses)		(7	)		(2	)		(12	)		(9	)		2			3			5
Ending carrying value		20,636			21,649			21,045			19,173			20,509			18,766			20,240
Other Invested Assets (1)
Investment income		202			383			629			856			214			384			557
Investment gains (losses) (3)		(8	)		(73	)		(88	)		(88	)		(53	)		(125	)		(97	)
Ending carrying value		20,795			24,638			23,634			19,303			17,003			16,559			17,652
Total Investments
Investment income yield (1)		4.49%			4.52%			4.58%			4.58%			4.65%			4.60%			4.58%
Investment fees and expenses yield		(0.16)%			(0.15)%			(0.14)%			(0.14)%			(0.15)%			(0.14)%			(0.14)%
Net Investment Income Yield (1), (3)		4.33%			4.37%			4.44%			4.44%			4.50%			4.46%			4.44%
Investment income	$	4,212		$	8,362		$	12,714		$	16,921		$	4,279		$	8,494		$	12,785
Investment fees and expenses		(141	)		(265	)		(387	)		(507	)		(134	)		(257	)		(390	)
Net investment income including Divested businesses and Lag elimination		4,071			8,097			12,327			16,414			4,145			8,237			12,395
Less: Net investment income from Divested businesses and Lag elimination		123			75			26			(23	)		(27	)		(48	)		(46	)
Net Investment Income, as reported on an operating basis (3)	$	3,948		$	8,022		$	12,301		$	16,437		$	4,172		$	8,285		$	12,441
Ending Carrying Value (3)	$	432,790		$	445,205		$	449,422		$	420,249		$	426,654		$	431,103		$	442,904
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	(14	)	$	(17	)	$	51		$	(121	)	$	(42	)	$	176		$	651
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		(3	)		(3	)		(3	)		(3	)		-			-			-
Investment Portfolio Gains (Losses) (3)	$	(11	)	$	(14	)	$	54		$	(118	)	$	(42	)	$	176		$	651
Gross investment gains	$	505		$	852		$	1,116		$	1,393		$	239		$	660		$	1,307
Gross investment losses		(314	)		(449	)		(607	)		(981	)		(249	)		(349	)		(460	)
Writedowns		(202	)		(417	)		(455	)		(530	)		(32	)		(135	)		(196	)
Investment Portfolio Gains (Losses) (3)		(11	)		(14	)		54			(118	)		(42	)		176			651
Investment portfolio gains (losses) income tax (expense) benefit		72			69			73			111			19			(50	)		(237	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	61		$	55		$	127		$	(7	)	$	(23	)	$	126		$	414

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	919		$	1,703		$	1,018		$	(1,447	)	$	(358	)	$	(713	)	$	(994	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		149			149			149			149			-			-			-
Derivative gains (losses) (3)		770			1,554			869			(1,596	)		(358	)		(713	)		(994	)
Derivative gains (losses) income tax (expense) benefit		(259	)		(503	)		(272	)		542			148			259			362
Derivative Gains (Losses), Net of Income Tax	$	511		$	1,051		$	597		$	(1,054	)	$	(210	)	$	(454	)	$	(632	)
(1) This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results. We calculate yields using investment income, as reported on an operating basis, as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses, includes the impact of changes in foreign currency exchange rates and reflects the adjustments described on Page A-7 and presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, annuities funding structured settlement claims, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $1,101 million, $648 million, $721 million, $611 million, $649 million, $651 million and $713 million in ending carrying value, and $6 million, $16 million, $41 million, $37 million, $29 million, $45 million and $61 million of investment income related to fair value option securities at or for the year-to-date period ended March 30, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017, respectively. (3) The reconciliation of the remaining yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017, respectively: A) Fair value option securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments and FVO Brighthouse Common Stock of $13,883 million, $13,657 million, $14,000 million, $13,304 million, $13,743 million, $14,104 million and $15,818 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option securities (included within fixed maturity securities above) of $9 million, $9 million, $9 million, $8 million, $7 million, $7 million and $7 million and cash and short-term investments of $1 million, $0, $0, $1 million, $1 million, $0 and $0; C) Net investment income adjustments as presented on Page 5; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Net investment gains (losses) - GAAP basis	$	126		$	367		$	598		$	305		$	63		$	167		$	(439	)
Less: Operating joint venture adjustments		(5	)		(5	)		(5	)		(6	)		1			-			-
Less: Net investment gains (losses) related to certain CSEs		1			1			2			2			-			-			-
Less: Other gains (losses) reported in net investment gains (losses) on GAAP basis		144			388			550			430			104			(9	)		(1,090	)
Investment portfolio gains (losses) including Divested businesses and Lag elimination-in above yield table	$	(14	)	$	(17	)	$	51		$	(121	)	$	(42	)	$	176		$	651

	For the Year-to-Date Period Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
Net derivative gains (losses) - GAAP basis	$	1,078		$	1,981		$	1,438		$	(874	)	$	(226	)	$	(473	)	$	(663	)
Less: Investment hedge adjustments		155			278			428			580			139			253			350
Less: Settlement of foreign currency earnings hedges		4			1			(6	)		(4	)		(6	)		(11	)		(16	)
Less: PAB hedge adjustments		-			(1	)		(2	)		(3	)		(1	)		(2	)		(3	)
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	919		$	1,703		$	1,018		$	(1,447	)	$	(358	)	$	(713	)	$	(994	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	2,308		77.0%	$	2,244		77.5%	$	1,972		81.0%	$	3,236		82.2%	$	3,059		87.6%	$	2,170		91.6%	$	1,900		91.9%
20% or more for less than six months		300		10.0%		321		11.1%		208		8.5%		479		12.2%		281		8.0%		36		1.5%		49		2.4%
20% or more for six months or greater		390		13.0%		329		11.4%		256		10.5%		224		5.6%		155		4.4%		162		6.9%		117		5.7%
Total Gross Unrealized Losses	$	2,998		100.0%	$	2,894		100.0%	$	2,436		100.0%	$	3,939		100.0%	$	3,495		100.0%	$	2,368		100.0%	$	2,066		100.0%

Total Gross Unrealized Gains	$	27,083			$	33,055			$	32,391			$	21,801			$	21,928			$	24,193			$	24,276


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	22		21.6%	$	18		26.1%	$	11		20.7%	$	15		28.3%	$	25		86.2%	$	23		79.3%	$	15		60.0%
20% or more for less than six months		38		37.2%		8		11.6%		9		17.0%		9		17.0%		2		6.9%		6		20.7%		10		40.0%
20% or more for six months or greater		42		41.2%		43		62.3%		33		62.3%		29		54.7%		2		6.9%		-		- %		-		- %
Total Gross Unrealized Losses	$	102		100.0%	$	69		100.0%	$	53		100.0%	$	53		100.0%	$	29		100.0%	$	29		100.0%	$	25		100.0%

Total Gross Unrealized Gains	$	443			$	460			$	473			$	483			$	458			$	430			$	415

(1) MetLife’s review of its fixed maturity 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
		March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	80,541		26.6%	$	81,031		26.1%	$	81,898		26.0%	$	78,543		27.1%	$	78,675		26.7%	$	80,188		26.7%	$	81,655		26.4%
Foreign government securities			55,767		18.4%		61,169		19.7%		62,639		19.9%		55,976		19.3%		59,241		20.1%		59,899		19.9%		60,789		19.7%
Foreign corporate securities			53,302		17.6%		52,574		16.9%		53,803		17.1%		50,663		17.5%		51,999		17.6%		53,847		17.9%		55,140		17.9%
U.S. government and agency securities			48,893		16.1%		51,024		16.4%		50,981		16.2%		44,433		15.4%		43,513		14.8%		44,368		14.7%		47,664		15.4%
Residential mortgage-backed securities			31,667		10.4%		31,804		10.2%		32,162		10.2%		29,032		10.0%		29,763		10.1%		30,403		10.1%		31,398		10.2%
State and political subdivision securities			12,578		4.1%		13,086		4.2%		13,084		4.2%		12,231		4.2%		12,290		4.2%		12,211		4.1%		12,345		4.0%
Asset-backed securities			11,552		3.8%		11,746		3.8%		12,126		3.9%		11,225		3.9%		11,475		3.9%		11,897		4.0%		11,771		3.8%
Commercial mortgage-backed securities			9,151		3.0%		8,506		2.7%		7,948		2.5%		7,460		2.6%		7,754		2.6%		7,803		2.6%		8,132		2.6%
Total Fixed Maturity Securities Available-For-Sale		$	303,451		100.0%	$	310,940		100.0%	$	314,641		100.0%	$	289,563		100.0%	$	294,710		100.0%	$	300,616		100.0%	$	308,894		100.0%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	219,013		72.2%	$	226,293		72.8%	$	227,601		72.3%	$	205,945		71.1%	$	209,829		71.2%	$	213,398		71.0%	$	219,158		70.9%
2	Baa		65,698		21.7%		65,543		21.1%		67,710		21.5%		65,820		22.7%		67,214		22.8%		69,803		23.2%		72,293		23.4%
3	Ba		13,165		4.3%		12,862		4.1%		12,883		4.1%		12,156		4.2%		12,091		4.1%		11,672		3.9%		11,562		3.7%
4	B		4,464		1.5%		5,097		1.7%		5,206		1.7%		4,788		1.7%		4,663		1.6%		4,906		1.6%		4,960		1.7%
5	Caa and lower		1,057		0.3%		1,075		0.3%		1,202		0.4%		853		0.3%		912		0.3%		836		0.3%		917		0.3%
6	In or near default		54		- %		70		- %		39		- %		1		- %		1		- %		1		- %		4		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	303,451		100.0%	$	310,940		100.0%	$	314,641		100.0%	$	289,563		100.0%	$	294,710		100.0%	$	300,616		100.0%	$	308,894		100.0%
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities) held by MetLife, Inc.‘s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS
Unaudited (In millions)	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017

Commercial mortgage loans		$39,796				$39,021				$39,659				$41,512				$42,346				$42,590				$43,243
Agricultural mortgage loans		11,677				11,799				12,444				12,564				12,683				12,761				12,967
Residential mortgage loans		9,831				10,575				10,773				11,395				11,914				12,270				12,163
Total Mortgage Loans		61,304				61,395				62,876				65,471				66,943				67,621				68,373
Valuation allowances		(343)				(425)				(287)				(304)				(310)				(312)				(316)
Total Mortgage Loans, net		$60,961				$60,970				$62,589				$65,167				$66,633				$67,309				$68,057

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	March 31, 2016				June 30, 2016				September 30, 2016				December 31, 2016				March 31, 2017				June 30, 2017				September 30, 2017
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	8,768		22.0%	$	8,437		21.6%	$	8,157		20.6%	$	9,506		22.9%	$	9,850		23.3%	$	9,695		22.8%	$	9,935		23.0%
International		8,047		20.2%		7,918		20.3%		7,884		19.9%		7,772		18.7%		7,948		18.8%		8,010		18.8%		8,361		19.3%
Middle Atlantic		6,777		17.0%		6,906		17.7%		7,013		17.7%		7,263		17.5%		7,379		17.4%		7,650		17.9%		7,616		17.6%
South Atlantic		5,326		13.4%		4,802		12.3%		4,959		12.5%		5,192		12.5%		5,092		12.0%		4,953		11.6%		4,624		10.7%
West South Central		3,540		8.9%		3,517		9.0%		3,602		9.1%		3,585		8.6%		3,569		8.4%		3,649		8.6%		3,679		8.5%
East North Central		1,839		4.6%		1,715		4.4%		1,959		4.9%		2,037		4.9%		2,220		5.3%		2,218		5.2%		2,413		5.6%
Mountain		1,090		2.7%		1,270		3.2%		1,274		3.2%		1,202		2.9%		1,201		2.8%		1,200		2.8%		1,200		2.8%
New England		1,340		3.4%		1,193		3.1%		1,200		3.0%		1,199		2.9%		1,194		2.8%		1,099		2.6%		1,162		2.7%
East South Central		595		1.5%		583		1.5%		611		1.5%		410		1.0%		521		1.2%		714		1.7%		835		1.9%
West North Central		457		1.2%		455		1.2%		404		1.0%		497		1.2%		460		1.1%		456		1.1%		478		1.1%
Multi-Region and Other		2,017		5.1%		2,225		5.7%		2,596		6.6%		2,849		6.9%		2,912		6.9%		2,946		6.9%		2,940		6.8%
Total	$	39,796		100.0%	$	39,021		100.0%	$	39,659		100.0%	$	41,512		100.0%	$	42,346		100.0%	$	42,590		100.0%	$	43,243		100.0%


Office	$	19,372		48.7%	$	19,193		49.2%	$	19,791		49.9%	$	20,868		50.3%	$	21,608		51.0%	$	21,476		50.4%	$	22,339		51.7%
Retail		8,961		22.5%		9,082		23.3%		8,517		21.5%		8,708		21.0%		8,599		20.3%		8,727		20.5%		8,694		20.1%
Apartment		5,156		13.0%		5,338		13.7%		5,365		13.5%		5,240		12.6%		5,345		12.6%		5,549		13.0%		5,730		13.2%
Hotel		4,076		10.2%		3,457		8.8%		3,639		9.2%		3,747		9.0%		3,769		8.9%		3,782		8.9%		3,493		8.1%
Industrial		2,114		5.3%		1,878		4.8%		2,138		5.4%		2,659		6.4%		2,772		6.6%		2,713		6.4%		2,744		6.3%
Other		117		0.3%		73		0.2%		209		0.5%		290		0.7%		253		0.6%		343		0.8%		243		0.6%
Total	$	39,796		100.0%	$	39,021		100.0%	$	39,659		100.0%	$	41,512		100.0%	$	42,346		100.0%	$	42,590		100.0%	$	43,243		100.0%

LOGO

Appendix

LOGO


APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017

Reconciliation to Operating Earnings
Income (loss) from continuing operations, net of income tax	$	1,770		$	1,475		$	1,024		$	(795	)	$	908		$	829		$	893		$	4,269		$	2,630
Less: adjustments from income (loss) from continuing operations, net of income tax, to operating earnings:
Net investment gains (losses)		126			241			231			(293	)		63			104			(606	)		598			(439	)
Net derivative gains (losses)		1,078			903			(543	)		(2,312	)		(226	)		(247	)		(190	)		1,438			(663	)
Premiums - Divested businesses and Lag elimination		294			(186	)		(206	)		(205	)		(174	)		(136	)		(37	)		(98	)		(347	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		25			8			(5	)		2			1			9			4			28			14
GMIB fees		30			32			31			31			31			31			32			93			94
Divested businesses and Lag elimination		48			(20	)		(12	)		(18	)		(20	)		(14	)		-			16			(34	)
Net investment income
Investment hedge adjustments		(155	)		(123	)		(150	)		(152	)		(139	)		(114	)		(97	)		(428	)		(350	)
Operating joint venture adjustments		5			-			-			1			(1	)		1			-			5			-
Unit-linked contract income		(97	)		191			529			327			416			214			234			623			864
Securitization entities income		-			-			-			-			-			-			-			-			-
Divested businesses and Lag elimination		123			(48	)		(49	)		(49	)		(27	)		(21	)		2			26			(46	)
Other revenues
Settlement of foreign currency earnings hedges		(4	)		3			7			(2	)		6			5			5			6			16
Divested businesses and Lag elimination		5			10			(10	)		33			(59	)		(57	)		(19	)		5			(135	)
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-			-			-
Inflation and pass through adjustments		(51	)		(47	)		20			163			(21	)		(53	)		28			(78	)		(46	)
GMIB costs		7			(8	)		(59	)		(109	)		(73	)		(67	)		(138	)		(60	)		(278	)
Market value adjustments		(16	)		(7	)		(8	)		(10	)		(6	)		(5	)		(8	)		(31	)		(19	)
Divested businesses and Lag elimination		(186	)		199			212			195			146			103			(112	)		225			137
Interest credited to policyholder account balances
PAB hedge adjustments		-			1			1			1			1			1			1			2			3
Unit-linked contract costs		77			(186	)		(505	)		(318	)		(402	)		(213	)		(229	)		(614	)		(844	)
Divested businesses and Lag elimination		(117	)		(14	)		(14	)		(14	)		(14	)		(14	)		(5	)		(145	)		(33	)
Capitalization of DAC - Divested businesses and Lag elimination		75			(30	)		(23	)		(21	)		(16	)		(14	)		(4	)		22			(34	)
Amortization of DAC and VOBA
Related to NIGL and NDGL		27			106			82			11			2			28			2			215			32
Related to GMIB fees and GMIB costs		15			(2	)		22			9			13			6			-			35			19
Related to market value adjustments		-			-			-			-			-			-			-			-			-
Divested businesses and Lag elimination		(46	)		91			8			2			(33	)		17			(75	)		53			(91	)
Amortization of negative VOBA
Related to market value adjustments		10			6			5			4			3			3			2			21			8
Divested businesses and Lag elimination		22			-			-			-			-			-			-			22			-
Interest expense on debt
Securitization entities debt expense		-			-			-			-			-			-			-			-			-
Divested businesses and Lag elimination		13			12			13			12			12			4			-			38			16
Other operating expenses
Noncontrolling interest		5			4			(7	)		4			4			3			10			2			17
Regulatory implementation costs		-			-			-			(1	)		-			-			-			-			-
Acquisition, integration and other costs		(6	)		(16	)		(11	)		(31	)		(8	)		(14	)		(20	)		(33	)		(42	)
Divested businesses and Lag elimination		(305	)		73			(88	)		24			(133	)		(44	)		(70	)		(320	)		(247	)
Goodwill impairment		-			-			-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(240	)		(390	)		192			793			254			142			1,009			(438	)		1,405
Operating earnings	$	1,008		$	672		$	1,361		$	1,128		$	1,308		$	1,171		$	1,174		$	3,041		$	3,653
(1) For the three months ended March 31, 2016, and for the year-to-date period ended September 30, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

A-1

LOGO


APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income		$	(68	)	$	-		$	5		$	-		$	15		$	-		$	-		$	(63	)	$	15
Catastrophe experience and prior year development, net			(45	)		(15	)		16			-			(45	)		-			(10	)		(44	)		(55	)
Actuarial assumption review and other insurance adjustments			-			(384	)		(74	)		(91	)		76			(28	)		153			(458	)		201
Litigation reserves & settlement costs			-			-			-			-			(44	)		-			-			-			(44	)
Expense initiative costs			-			-			-			(28	)		(21	)		(22	)		(17	)		-			(60	)
Other expense-related items (2)			-			-			-			-			-			(36	)		-			-			(36	)
Tax adjustments			10			-			-			-			-			27			(167	)		10			(140	)
Total notable items		$	(103	)	$	(399	)	$	(53	)	$	(119	)	$	(19	)	$	(59	)	$	(41	)	$	(555	)	$	(119	)

U.S.
		For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income		$	(33	)	$	-		$	1		$	-		$	22		$	-		$	-		$	(32	)	$	22
Catastrophe experience and prior year development, net			(45	)		(15	)		16			-			(45	)		-			(10	)		(44	)		(55	)
Actuarial assumption review and other insurance adjustments			-			(25	)		-			-			-			-			-			(25	)		-
Total notable items		$	(78	)	$	(40	)	$	17		$	-		$	(23	)	$	-		$	(10	)	$	(101	)	$	(33	)

	GROUP BENEFITS
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
	Variable investment income	$	(1	)	$	(2	)	$	12		$	-		$	3		$	-		$	-		$	9		$	3
	Total notable items	$	(1	)	$	(2	)	$	12		$	-		$	3		$	-		$	-		$	9		$	3

	RETIREMENT AND INCOME SOLUTIONS
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
	Variable investment income	$	(25	)	$	2		$	(11	)	$	-		$	17		$	-		$	-		$	(34	)	$	17
	Actuarial assumption review and other insurance adjustments		-			(25	)		-			-			-			-			-			(25	)		-
	Total notable items	$	(25	)	$	(23	)	$	(11	)	$	-		$	17		$	-		$	-		$	(59	)	$	17

	PROPERTY & CASUALTY
		For the Three Months Ended																					For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
	Variable investment income	$	(7	)	$	-		$	-		$	-		$	2		$	-		$	-		$	(7	)	$	2
	Catastrophe experience and prior year development, net		(45	)		(15	)		16			-			(45	)		-			(10	)		(44	)		(55	)
	Total notable items	$	(52	)	$	(15	)	$	16		$	-		$	(43	)	$	-		$	(10	)	$	(51	)	$	(53	)

(1) These notable items represent a positive (negative) impact to operating earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of Company results and to evaluate and forecast those results.

(2) For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-2

LOGO


APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1)
ASIA
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income	$	(20	)	$	(10	)	$	(11	)	$	-		$	(3	)	$	-		$	-		$	(41	)	$	(3	)
Actuarial assumption review and other insurance adjustments		-			(44	)		(14	)		-			-			12			(4	)		(58	)		8
Tax adjustments		20			-			-			-			-			-			-			20			-
Total notable items	$	-		$	(54	)	$	(25	)	$	-		$	(3	)	$	12		$	(4	)	$	(79	)	$	5

LATIN AMERICA
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income	$	(3	)	$	(2	)	$	(1	)	$	-		$	(1	)	$	-		$	-		$	(6	)	$	(1	)
Actuarial assumption review and other insurance adjustments		-			-			8			-			-			-			15			8			15
Tax adjustments		(10	)		-			-			-			-			-			-			(10	)		-
Total notable items	$	(13	)	$	(2	)	$	7		$	-		$	(1	)	$	-		$	15		$	(8	)	$	14

EMEA
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Actuarial assumption review and other insurance adjustments	$	-		$	-		$	(16	)	$	-		$	-		$	-		$	(8	)	$	(16	)	$	(8	)
Total notable items	$	-		$	-		$	(16	)	$	-		$	-		$	-		$	(8	)	$	(16	)	$	(8	)

METLIFE HOLDINGS
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income	$	(8	)	$	11		$	22		$	-		$	1		$	-		$	-		$	25		$	1
Actuarial assumption review and other insurance adjustments		-			(315	)		(52	)		(91	)		76			(40	)		150			(367	)		186
Total notable items	$	(8	)	$	(304	)	$	(30	)	$	(91	)	$	77		$	(40	)	$	150		$	(342	)	$	187

CORPORATE & OTHER
	For the Three Months Ended																					For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			September 30, 2016			September 30, 2017
Variable investment income	$	(4	)	$	1		$	(6	)	$	-		$	(4	)	$	-		$	-		$	(9	)	$	(4	)
Litigation reserves & settlement costs		-			-			-			-			(44	)		-			-			-			(44	)
Expense initiative costs		-			-			-			(28	)		(21	)		(22	)		(17	)		-			(60	)
Other expense-related items (2)		-			-			-			-			-			(36	)		-			-			(36	)
Tax adjustments		-			-			-			-			-			27			(167	)		-			(140	)
Total notable items	$	(4	)	$	1		$	(6	)	$	(28	)	$	(69	)	$	(31	)	$	(184	)	$	(9	)	$	(284	)

(1)

These notable items represent a positive (negative) impact to operating earnings available to common shareholders. Notable Items reflect the unexpected impact of events that affect the Company’s results, but that were unknown and that the Company could not anticipate when it devised its Business Plan. Notable Items also include certain items regardless of the extent anticipated in the Business Plan to help investors have a better understanding of Company results and to evaluate and forecast those results.

(2)

For the three months ended June 30, 2017, $36 million in lease impairments are included.

A-3

LOGO


APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Total MetLife, Inc.‘s stockholders’ equity	$	75,775		$	79,179		$	78,286		$	67,309		$	67,929		$	69,455		$	56,714
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066			2,066			2,066
MetLife, Inc.‘s common stockholders’ equity		73,709			77,113			76,220			65,243			65,863			67,389			54,648
Less: Net unrealized investment gains (losses), net of income tax		17,171			20,635			19,657			12,631			13,189			15,038			13,343
Defined benefit plans adjustment, net of income tax		(2,024	)		(1,983	)		(2,121	)		(1,972	)		(1,951	)		(1,923	)		(1,878	)
Total MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA		58,562			58,461			58,684			54,584			54,625			54,274			43,183
Less: Goodwill, net of income tax		9,555			9,670			9,442			9,112			9,209			9,230			9,151
VODA and VOCRA, net of income tax		483			470			448			404			386			373			374
Total MetLife, Inc.‘s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	48,524		$	48,321		$	48,794		$	45,068		$	45,030		$	44,671		$	33,658

Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Book value per common share (1)	$	67.10		$	70.18		$	69.35		$	59.56		$	60.91		$	63.37		$	51.83
Less: Net unrealized investment gains (losses), net of income tax		15.63			18.78			17.88			11.53			12.20			14.15			12.65
Defined benefit plans adjustment, net of income tax		(1.84	)		(1.80	)		(1.93	)		(1.80	)		(1.81	)		(1.81	)		(1.78	)
Book value per common share, excluding AOCI other than FCTA (1)		53.31			53.20			53.40			49.83			50.52			51.03			40.96
Less: Goodwill, net of income tax		8.70			8.79			8.59			8.32			8.52			8.68			8.69
VODA and VOCRA, net of income tax		0.44			0.43			0.41			0.37			0.36			0.35			0.35
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	44.17		$	43.98		$	44.40		$	41.14		$	41.64		$	42.00		$	31.92

Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Total MetLife, Inc.‘s stockholders’ equity	$	75,775		$	79,179		$	78,286		$	67,309		$	67,929		$	69,455		$	56,714
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066			2,066			2,066
MetLife, Inc.‘s common stockholders’ equity		73,709			77,113			76,220			65,243			65,863			67,389			54,648
Less: Net unrealized investment gains (losses), net of income tax		17,171			20,635			19,657			12,631			13,189			15,038			13,343
Defined benefit plans adjustment, net of income tax		(2,024	)		(1,983	)		(2,121	)		(1,972	)		(1,951	)		(1,923	)		(1,878	)
Total MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA		58,562			58,461			58,684			54,584			54,625			54,274			43,183
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA		19,981			18,834			18,316			16,598			16,436			14,649			-
Total MetLife, Inc.‘s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	38,581		$	39,627		$	40,368		$	37,986		$	38,189		$	39,625		$	43,183

Unaudited	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017

Book value per common share (1)	$	67.10		$	70.18		$	69.35		$	59.56		$	60.91		$	63.37		$	51.83
Less: Net unrealized investment gains (losses), net of income tax		15.63			18.78			17.88			11.53			12.20			14.15			12.65
Defined benefit plans adjustment, net of income tax		(1.84	)		(1.80	)		(1.93	)		(1.80	)		(1.81	)		(1.81	)		(1.78	)
Book value per common share, excluding AOCI other than FCTA (1)		53.31			53.20			53.40			49.83			50.52			51.03			40.96
Less: Net equity of assets and liabilities of disposed subsidiary, excluding AOCI other than FCTA		18.19			17.14			16.67			15.16			15.20			13.77			-
Book value per common share - common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA) (1)	$	35.12		$	36.06		$	36.73		$	34.67		$	35.32		$	37.26		$	40.96

	For the Three Months Ended (2)																					For the Year Ended
Unaudited (In millions, except ratios)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2016

Return on MetLife, Inc.‘s:
Common stockholders’ equity		12.6%			0.3%			3.0%			(12.1)%			5.0%			5.0%			(0.6)%			1.0%
Common stockholders’ equity, excluding AOCI other than FCTA		15.3%			0.4%			3.9%			(15.1)%			6.0%			6.2%			(0.7)%			1.2%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		18.6%			0.6%			4.8%			(18.1)%			7.4%			7.6%			(0.8)%			1.6%

Operating return on MetLife, Inc.‘s:
Common stockholders’ equity		5.7%			3.3%			7.1%			6.1%			7.9%			6.8%			7.7%			5.7%
Common stockholders’ equity, excluding AOCI other than FCTA		7.0%			4.3%			9.3%			7.6%			9.5%			8.3%			9.6%			7.1%
Common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)		10.5%			6.4%			13.6%			11.1%			13.7%			11.6%			11.3%			10.4%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (4)		8.5%			5.2%			11.2%			9.3%			11.6%			10.1%			12.0%			8.7%

Average common stockholders’ equity	$	69,796		$	75,411		$	76,667		$	70,732		$	65,553		$	66,626		$	61,019		$	71,634
Average common stockholders’ equity, excluding AOCI other than FCTA	$	57,362		$	58,512		$	58,573		$	56,634		$	54,605		$	54,450		$	48,729		$	57,291
Average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	$	38,325		$	39,104		$	39,998		$	39,177		$	38,088		$	38,907		$	41,404		$	38,926
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	47,439		$	48,423		$	48,558		$	46,931		$	45,049		$	44,851		$	39,165		$	47,412
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Net income (loss) available to MetLife, Inc.‘s common shareholders and operating earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017 of $12 million, $12 million, $12 million, $11 million, $11 million, $11 million and $9 million, respectively, and for the year ended December 31, 2016 of $47 million. (4) Operating earnings (losses) available to MetLife, Inc.‘s common shareholders and operating earnings available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017 and September 30, 2017 of $9 million, $8 million, $9 million, $10 million, $8 million, $8 million, and $9 million, respectively, and for the year ended December 31, 2016 of $36 million.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017
U.S.
GROUP BENEFITS			29.5%		40.9 %		24.7 %		(9.6)%		23.0%		29.4%		32.1%
RETIREMENT AND INCOME SOLUTIONS			10.9%		21.8 %		16.6 %		11.3 %		11.1%		22.8%		21.2%
PROPERTY & CASUALTY			11.0%		(0.7)%		20.9 %		15.6 %		6.7%		5.6%		11.2%
TOTAL U.S.			15.9%		24.6 %		19.2 %		6.2 %		13.6%		21.5%		22.4%
ASIA			31.3%		27.9 %		13.0 %		(21.7)%		15.3%		6.5%		7.7%
LATIN AMERICA			18.4%		11.1 %		19.0 %		32.7 %		31.2%		13.0%		30.4%
EMEA			9.1%		11.8 %		14.1 %		3.2 %		10.0%		8.3%		7.6%
METLIFE HOLDINGS			17.3%		6.0 %		(2.2)%		(14.4)%		11.5%		1.6%		8.2%

RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017
U.S.			17.5%		27.0%		21.1 %		6.8 %		15.8%		25.0%		26.1%
ASIA			53.7%		48.0%		22.5 %		(37.2)%		24.4%		10.3%		12.3%
LATIN AMERICA			29.1%		17.6%		30.2 %		51.9 %		53.8%		22.3%		52.3%
EMEA			15.6%		20.2%		24.2 %		6.0 %		16.3%		13.7%		12.5%
METLIFE HOLDINGS			18.3%		6.5%		(2.1)%		(14.9)%		12.8%		1.9%		9.2%

OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017
U.S.
GROUP BENEFITS			19.7%		25.7 %		25.8%		24.1%		27.6%		28.8%		34.2%
RETIREMENT AND INCOME SOLUTIONS			14.2%		15.3 %		18.1%		17.6%		20.2%		19.4%		18.3%
PROPERTY & CASUALTY			7.8%		(0.7)%		20.5%		15.2%		6.2%		6.0%		11.0%
TOTAL U.S.			15.0%		16.4 %		20.4%		19.1%		19.7%		19.5%		21.4%
ASIA			11.0%		9.4 %		11.7%		12.8%		9.4%		9.9%		10.0%
LATIN AMERICA			19.7%		17.9 %		17.3%		15.9%		19.5%		21.0%		22.2%
EMEA			7.8%		7.9 %		9.2%		8.9%		9.3%		9.0%		8.8%
METLIFE HOLDINGS			9.6%		(1.2)%		9.6%		7.2%		13.7%		8.4%		14.6%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3)
		For the Three Months Ended
Unaudited		March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017
U.S.			16.5%		18.0 %		22.4%		21.0%		22.9%		22.7%		24.9%
ASIA			19.0%		16.2 %		20.2%		22.1%		15.0%		15.8%		16.0%
LATIN AMERICA			31.2%		28.3 %		27.5%		25.2%		33.6%		36.2%		38.3%
EMEA			13.5%		13.8 %		15.8%		15.6%		15.3%		14.7%		14.5%
METLIFE HOLDINGS			10.3%		(1.1)%		10.2%		7.7%		15.3%		9.4%		16.3%
(1) Annualized using quarter-to-date results. (2) Allocated equity and allocated tangible equity are presented below:
								ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)							2016		2017		2016		2017
	U.S.
	GROUP BENEFITS							$	2,884	$	2,816
	RETIREMENT AND INCOME SOLUTIONS								6,813		5,538
	PROPERTY & CASUALTY								1,130		1,862
	TOTAL U.S.							$	10,827	$	10,216	$	9,855	$	8,792
	ASIA							$	11,045	$	12,587	$	6,431	$	7,898
	LATIN AMERICA							$	3,070	$	2,933	$	1,935	$	1,704
	EMEA							$	3,226	$	3,210	$	1,919	$	2,017
	METLIFE HOLDINGS							$	11,082	$	11,247	$	10,586	$	10,179
(3) Net income (loss) available to MetLife, Inc.‘s common shareholders used to calculate the return on allocated tangible equity and operating earnings available to common shareholders used to calculate the operating return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017
	U.S.	$	1	$	1	$	1	$	1	$	1	$	1	$	1
	ASIA	$	1	$	1	$	1	$	1	$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	EMEA	$	2	$	2	$	2	$	3	$	2	$	2	$	2
	METLIFE HOLDINGS	$	5	$	5	$	5	$	5	$	5	$	4	$	4

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES, OTHER OPERATING EXPENSES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
U.S. (1)	$	5,474		$	5,612		$	6,373	$	5,815		$	5,654		$	6,327		$	7,431
ASIA		2,098			2,039			2,099		2,122			2,128			2,051			2,165
LATIN AMERICA		924			934			916		972			977			954			937
EMEA		616			627			622		647			649			646			634
METLIFE HOLDINGS (1)		1,656			1,686			1,555		1,626			1,517			1,404			1,375
CORPORATE & OTHER (1)		25			34			63		30			97			69			78
Total operating premiums, fees and other revenues on a constant currency basis	$	10,793		$	10,932		$	11,628	$	11,212		$	11,022		$	11,451		$	12,620
Total operating premiums, fees and other revenues	$	10,671		$	10,940		$	11,731	$	11,136		$	10,882		$	11,398		$	12,620

ASIA (including operating joint ventures) (2), (3)	$	2,260		$	2,191		$	2,263	$	2,310		$	2,322		$	2,239		$	2,361

OTHER OPERATING EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
U.S. (1)	$	942		$	918		$	912	$	934		$	909		$	914		$	933
ASIA		877			864			876		925			890			896			905
LATIN AMERICA		325			329			341		385			339			363			377
EMEA		336			335			335		336			334			343			347
METLIFE HOLDINGS (1)		596			864			401		531			340			370			322
CORPORATE & OTHER (1)		166			150			85		194			210			202			237
Total other operating expenses on a constant currency basis	$	3,242		$	3,460		$	2,950	$	3,305		$	3,022		$	3,088		$	3,121
Total other operating expenses	$	3,198		$	3,468		$	2,995	$	3,277		$	2,976		$	3,070		$	3,121

ASIA (including operating joint ventures) (2), (3)	$	939		$	927		$	945	$	995		$	970		$	975		$	983

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017
U.S. (1)	$	406		$	443		$	552	$	516		$	503		$	499		$	546
ASIA		317			259			314		356			301			314			314
LATIN AMERICA		156			139			138		129			157			159			163
EMEA		61			61			72		76			82			76			71
METLIFE HOLDINGS (1)		267			(33	)		266		199			385			235			410
CORPORATE & OTHER (1)		(190	)		(244	)		6		(180	)		(99	)		(145	)		(336	)
Total operating earnings available to common shareholders on a constant currency basis	$	1,017		$	625		$	1,348	$	1,096		$	1,329		$	1,138		$	1,168
Total operating earnings available to common shareholders	$	1,002		$	626		$	1,355	$	1,083		$	1,302		$	1,125		$	1,168
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.‘s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

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METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the
understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:


Non-GAAP financial measures:		Comparable GAAP financial measures:
(i)	operating revenues	(i)	revenues
(ii)	operating expenses	(ii)	expenses
(iii)	operating premiums, fees and other revenues	(iii)	premiums, fees and other revenues
(iv)	operating earnings	(iv)	income (loss) from continuing operations, net of income tax
(v)	operating earnings available to common shareholders	(v)	net income (loss) available to MetLife, Inc.‘s common shareholders
(vi)	operating earnings available to common shareholders on a constant currency basis	(vi)	net income (loss) available to MetLife, Inc.‘s common shareholders
(vii)	operating earnings available to common shareholders per diluted common share	(vii)	net income (loss) available to MetLife, Inc.‘s common shareholders per diluted common share
(viii)	operating return on equity	(viii)	return on equity
(ix)	investment portfolio gains (losses)	(ix)	net investment gains (losses)
(x)	derivative gains (losses)	(x)	net derivative gains (losses)
(xi)	MetLife, Inc.‘s tangible common stockholders’ equity	(xi)	MetLife, Inc.‘s stockholders’ equity
(xii)	MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA	(xii)	MetLife, Inc.‘s stockholders’ equity
(xiii)	MetLife, Inc.‘s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)	(xiii)	MetLife, Inc.‘s stockholders’ equity

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in this QFS and in this period’s earnings news release which is available at www.metlife.com.

Our definitions of the various non-GAAP and other financial measures discussed in this QFS may differ from those used by other companies:

Operating earnings and related measures

•

operating earnings;

•

operating earnings available to common shareholders; and

•

operating earnings available to common shareholders per diluted common share.

These measures are used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is also MetLife’s GAAP measure of segment performance. Operating earnings and other financial measures based on operating earnings are also the measures by which MetLife senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Operating earnings and other financial measures based on operating earnings allow analysis of our performance relative to our business plan and facilitate comparisons to industry results.

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

These financial measures, along with the related operating premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP (“Divested businesses”). Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the three months ended March 31, 2016, and for the year-to-date period ended September 30, 2016, operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods (“Lag elimination”). Operating revenues also excludes NIGL and NDGL. Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to 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 GMIB fees (“GMIB fees”);

•

Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iii) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (iv) excludes certain amounts related to securitization entities that are 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 expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (“Inflation 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 earned income on derivatives 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 DAC and 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 operating expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition, integration and other costs.

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Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

Investment portfolio gains (losses) and derivative gains (losses)

These are measures of investment and hedging activity. Investment portfolio gains (losses) principally excludes amounts that are reported within net investment gains (losses) but do not relate to the performance of the investment portfolio, such as gains (losses) on sales and divestitures of businesses or goodwill impairment. Derivative gains (losses) principally excludes earned income on derivatives and amortization of premium on derivatives, where such derivatives are either hedges of investments or are used to replicate certain investments, and where such derivatives do not qualify for hedge accounting. This earned income and amortization of premium is reported within operating earnings and not within derivative gains (losses).

Return on equity, allocated equity, tangible equity and related measures

•

MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA - MetLife, Inc.‘s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

•

Operating return on MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA - operating earnings available to common shareholders divided by MetLife, Inc.‘s average common stockholders’ equity, excluding AOCI other than FCTA.

•

Operating return on MetLife, Inc.‘s common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)

- operating earnings available to common shareholders divided by MetLife, Inc.‘s average common stockholders’ equity, excluding net equity of assets and liabilities of disposed subsidiary (excludes AOCI other than FCTA)

•

Operating return on MetLife, Inc.‘s common stockholders’ equity - operating earnings available to common shareholders divided by MetLife, Inc.‘s average common stockholders’ equity.

•

Return on MetLife, Inc.‘s common stockholders’ equity, excluding AOCI other than FCTA - net income (loss) available to MetLife, Inc.‘s common shareholders divided by MetLife, Inc.‘s average common stockholders’ equity, excluding AOCI other than FCTA.

•

Return on MetLife, Inc.‘s common stockholders’ equity - net income (loss) available to MetLife, Inc.‘s common shareholders divided by MetLife, Inc.‘s average common stockholders’ equity.

•

Allocated equity - portion of MetLife, Inc.‘s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI other than FCTA.

•

Operating return on allocated equity - operating earnings available to common shareholders divided by allocated equity.

•

Return on allocated equity - net income (loss) available to MetLife, Inc.‘s common shareholders divided by allocated equity.

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses. Also, refer to the utilization of operating earnings and other financial measures based on operating earnings mentioned above.

•

MetLife, Inc.‘s tangible common stockholders’ equity or tangible equity - MetLife, Inc.‘s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI reduced by the impact of goodwill, VODA and VOCRA, all net of income tax.

•

Operating return on MetLife, Inc.‘s tangible common stockholders’ equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.‘s average tangible common stockholders’ equity.

•

Return on MetLife, Inc.‘s tangible common stockholders’ equity - net income (loss) available to MetLife, Inc.‘s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.‘s average tangible common stockholders’ equity.

•

Operating return on allocated tangible equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

•

Return on allocated tangible equity - net income (loss) available to MetLife, Inc.‘s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.

The above measures are, when considered in conjunction with regulatory capital ratios, a measure of capital adequacy.

The following additional information is relevant to an understanding of our performance results:

•

Statistical sales information for Latin America, Asia and EMEA - calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

•

All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates.

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METLIFE ACRONYMS
AOCI		Accumulated other comprehensive income (loss)
CSE		Consolidated securitization entity
DAC		Deferred policy acquisition costs
EMEA		Europe, the Middle East and Africa
FCTA		Foreign currency translation adjustments
GAAP		Accounting principles generally accepted in the United States of America
GMIB		Guaranteed minimum income benefits
LTC		Long-term care
NAIC		National Association of Insurance Commissioners
NDGL		Net derivative gains (losses)
NIGL		Net investment gains (losses)
NRSRO		Nationally Recognized Statistical Rating Organizations
PDO		Policyholder dividend obligation
PAB		Policyholder account balances
QFS		Quarterly financial supplement
VIE		Variable interest entity
VOBA		Value of business acquired
VOCRA		Value of customer relationships acquired
VODA		Value of distribution agreements

A-9

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