EX-99.2

EX-99.2 3 d525522dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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First Quarter

Financial Supplement

March 31, 2013

LOGO


		METLIFE, INC.
		TABLE OF CONTENTS

		NOTE TO FINANCIAL SUPPLEMENT			2

		CORPORATE OVERVIEW			3

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

		SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			8

		AMERICAS - RETAIL
		Statements of Operating Earnings Available to Common Shareholders			9
		Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			12
		Other Expenses by Major Category and Sales by Product			13
		Spread by Product and Other Statistical Information			14

		AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
		Statements of Operating Earnings Available to Common Shareholders			15
		Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			16
		Other Expenses by Major Category, Spread and Other Statistical Information			17

		AMERICAS - CORPORATE BENEFIT FUNDING
		Statements of Operating Earnings Available to Common Shareholders			18
		Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			19
		Other Expenses by Major Category and Spread			20

		AMERICAS - LATIN AMERICA
		Statements of Operating Earnings Available to Common Shareholders			21

		ASIA
		Statements of Operating Earnings Available to Common Shareholders			22

		EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
		Statements of Operating Earnings Available to Common Shareholders			23

		CORPORATE & OTHER
		Statements of Operating Earnings Available to Common Shareholders			24

		INVESTMENTS
		Investment Portfolio Results by Asset Category and Annualized Yields			25
		Gross Unrealized Gains and Losses Aging Schedules - Fixed Maturity Securities and Equity Securities Available-for-Sale			27
		Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			28
		Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			29

		APPENDIX
		Reconciliation Detail			A-1
		PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION
		Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-2
		Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-3
		Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-4



		METLIFE, INC. NOTE TO FINANCIAL SUPPLEMENT This Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends. Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). Operating expenses also excludes goodwill impairments. The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:
		•		Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB fees”);
		•		Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Joint venture adjustments”), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and
		•		Other revenues are adjusted for settlements of foreign currency earnings hedges.
		The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:
		•		Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets (“Inflation adjustments and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
		•		Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);
		•		Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;
		•		Amortization of negative VOBA excludes amounts related to Market value adjustments;
		•		Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and
		•		Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition and integration costs.
		Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
		We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding accumulated other comprehensive income (loss) (“AOCI”), and book value per diluted common share, excluding AOCI, should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, book value per common share and book value per diluted common share, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix on page A-1, and in our earnings press release dated May 1, 2013, for the three months ended March 31, 2013, which is available at www.metlife.com.

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	METLIFE, INC. CORPORATE OVERVIEW
		For the Three Months Ended
	Unaudited (In millions, except per share data)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013

	Operating earnings available to common shareholders	$	1,464		$	1,432		$	1,417		$	1,373		$	1,635
	Preferred stock dividends		30			31			30			31			30
	Operating earnings		1,494			1,463			1,447			1,404			1,665
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses) (1)		(110	)		(64	)		22			(200	)		314
	Net derivative gains (losses)		(1,978	)		2,092			(718	)		(1,315	)		(630	)
	Goodwill impairment		-			-			(1,868	)		-			-
	Other adjustments to continuing operations (1)		(411	)		(736	)		(472	)		(931	)		(748	)
	Provision for income tax (expense) benefit (1), (2)		871			(455	)		632			1,147			394
	Income (loss) from continuing operations, net of income tax		(134	)		2,300			(957	)		105			995
	Income (loss) from discontinued operations, net of income tax		14			3			-			31			(3	)
	Net income (loss)		(120	)		2,303			(957	)		136			992
	Less: Net income (loss) attributable to noncontrolling interests		24			8			(3	)		9			6
	Net income (loss) attributable to MetLife, Inc.		(144	)		2,295			(954	)		127			986
	Less: Preferred stock dividends		30			31			30			31			30
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	(174	)	$	2,264		$	(984	)	$	96		$	956


	Operating earnings available to common shareholders per common share - diluted (3), (4)	$	1.37		$	1.34		$	1.32		$	1.25		$	1.48
	Net investment gains (losses)		(0.10	)		(0.06	)		0.02			(0.18	)		0.28
	Net derivative gains (losses)		(1.85	)		1.96			(0.67	)		(1.20	)		(0.57	)
	Goodwill impairment		-			-			(1.74	)		-			-
	Other adjustments to continuing operations		(0.38	)		(0.68	)		(0.44	)		(0.85	)		(0.67	)
	Provision for income tax (expense) benefit		0.81			(0.43	)		0.59			1.05			0.36
	Discontinued operations, net of income tax		0.01			-			-			0.03			-
	Less: Net income (loss) attributable to noncontrolling interests		0.02			0.01			-			0.01			0.01
	Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted (3), (4)	$	(0.16	)	$	2.12		$	(0.92	)	$	0.09		$	0.87

	Weighted average common shares outstanding - diluted		1,070.9			1,070.0			1,071.0			1,097.5			1,103.9

	Unaudited	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013

	Book value per common share - (actual common shares outstanding) (5)	$	53.37		$	56.83		$	58.35		$	57.17		$	57.03
	Book value per common share, excluding accumulated other comprehensive income (loss) - (actual common shares outstanding) (5)	$	46.52		$	48.60		$	47.70		$	46.73		$	47.37

	Book value per common share - diluted - (weighted average common shares outstanding) (5)	$	52.87		$	56.41		$	57.90		$	56.87		$	56.53
	Book value per common share, excluding accumulated other comprehensive income (loss) - diluted - (weighted average common shares outstanding) (5)	$	46.09		$	48.25		$	47.32		$	46.48		$	46.95

		For the Three Months Ended
	Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013

	Common shares outstanding, beginning of period		1,058.0			1,060.9			1,062.2			1,062.6			1,091.7
	Newly issued shares		2.9			1.3			0.4			29.1			2.5
	Common shares outstanding, end of period		1,060.9			1,062.2			1,062.6			1,091.7			1,094.2

	Weighted average common shares outstanding - basic		1,064.3			1,064.7			1,065.0			1,091.0			1,096.9
	Dilutive effect of stock purchase contracts underlying common equity units (3)		-			-			-			-			-
	Dilutive effect of the exercise or issuance of stock-based awards (4)		6.6			5.3			6.0			6.5			7.0
	Weighted average common shares outstanding - diluted		1,070.9			1,070.0			1,071.0			1,097.5			1,103.9
	Policyholder Trust Shares		209.7			207.5			206.2			202.3			199.4
(1)	For the three months ended March 31, 2013, a net investment gain of $11 million, an expense of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency are included.
(2)	For the three months ended December 31, 2012, a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary is included.
(3)	For the three months ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted.
(4)	For the three months ended March 31, 2012 and September 30, 2012, 6.6 million shares and 6.0 million shares, respectively, related to the assumed exercise or issuance of stock-based awards are excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted.
(5)	Book value per common share, book value per common share, excluding AOCI, book value per common share - diluted and book value per common share, excluding AOCI - diluted, exclude $2,043 million of equity related to preferred stock.

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	METLIFE, INC.
	CONSOLIDATED BALANCE SHEETS
	Unaudited (In millions)		March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013

	ASSETS
	Investments:
	Fixed maturity securities available-for-sale, at estimated fair value	$	354,451		$	366,339		$	378,005		$	374,266		$	374,294
	Equity securities available-for-sale, at estimated fair value		3,043			2,882			2,803			2,891			3,188
	Fair value option and trading securities, at estimated fair value (1)		19,026			18,328			15,995			16,348			16,588
	Mortgage loans:
	Held-for-investment, principally at amortized cost (1)		56,641			57,201			57,884			56,592			55,343
	Held-for-sale, principally at estimated fair value (2)		11,947			1,740			1,286			414			271
	Mortgage loans, net		68,588			58,941			59,170			57,006			55,614
	Policy loans		11,896			11,912			11,949			11,884			11,781
	Real estate and real estate joint ventures		8,472			8,477			8,749			9,918			9,998
	Other limited partnership interests		6,487			6,726			6,730			6,688			7,087
	Short-term investments, principally at estimated fair value		11,801			18,526			14,678			16,906			13,653
	Other invested assets, principally at estimated fair value		20,172			24,288			23,477			21,145			20,269
	Total investments		503,936			516,419			521,556			517,052			512,472
	Cash and cash equivalents, principally at estimated fair value (1)		18,667			16,035			16,950			15,738			9,983
	Accrued investment income		4,612			4,404			4,716			4,374			4,555
	Premiums, reinsurance and other receivables		23,759			23,974			22,939			21,634			23,052
	Deferred policy acquisition costs and value of business acquired		25,105			24,505			24,604			24,761			24,645
	Goodwill		11,903			11,823			10,024			9,953			9,696
	Other assets		9,647			7,711			8,123			7,876			8,062
	Separate account assets		221,975			220,317			237,373			235,393			249,220
	Total assets	$	819,604		$	825,188		$	846,285		$	836,781		$	841,685

	LIABILITIES AND EQUITY
	Liabilities
	Future policy benefits	$	184,141		$	188,509		$	191,068		$	192,351		$	190,054
	Policyholder account balances		220,813			225,909			226,882			225,821			224,044
	Other policy-related balances		16,029			15,664			15,836			15,463			15,472
	Policyholder dividends payable		761			786			817			728			713
	Policyholder dividend obligation		2,700			3,369			3,909			3,828			3,599
	Payables for collateral under securities loaned and other transactions		32,496			40,302			38,493			33,687			34,215
	Bank deposits		10,478			6,832			6,515			6,416			-
	Short-term debt		101			101			100			100			100
	Long-term debt (1)		23,389			18,879			19,621			19,062			18,721
	Collateral financing arrangements		4,647			4,196			4,196			4,196			4,196
	Junior subordinated debt securities		3,192			3,192			3,192			3,192			3,193
	Current income tax payable		239			310			451			401			231
	Deferred income tax liability		6,375			8,603			9,275			8,693			8,699
	Other liabilities (2)		33,144			25,395			24,007			22,492			24,260
	Separate account liabilities		221,975			220,317			237,373			235,393			249,220
	Total liabilities		760,480			762,364			781,735			771,823			776,717

	Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		114			95			152			121			96

	Equity
	Preferred stock, at par value		1			1			1			1			1
	Common stock, at par value		11			11			11			11			11
	Additional paid-in capital		26,920			26,927			26,964			28,011			28,072
	Retained earnings		24,640			26,904			25,920			25,205			25,958
	Treasury stock, at cost		(172	)		(172	)		(172	)		(172	)		(172	)
	Accumulated other comprehensive income (loss)		7,266			8,735			11,325			11,397			10,580
	Total MetLife, Inc.’s stockholders’ equity		58,666			62,406			64,049			64,453			64,450
	Noncontrolling interests		344			323			349			384			422
	Total equity		59,010			62,729			64,398			64,837			64,872
	Total liabilities and equity	$	819,604		$	825,188		$	846,285		$	836,781		$	841,685

(1) At March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, $3,116 million, $3,023 million, $2,935 million, $2,717 million and $2,443 million, respectively, of assets and $2,916 million, $2,821 million, $2,733 million, $2,527 million and $2,268 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 25 and 26, note 3 for the amounts by asset category.
(2) At March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, $8,283 million, $259 million, $0, $0 and $0, respectively, of assets and $8,252 million, $257 million, $0, $0 and $0, respectively, of liabilities are included related to securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition.

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METLIFE, INC. CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	Unaudited (In millions)	For the Three Months Ended
	Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013

	OPERATING REVENUES
	Premiums	$	9,107		$	9,139		$	9,080		$	10,585		$	9,151
	Universal life and investment-type product policy fees		2,009			1,999			2,048			2,156			2,211
	Net investment income		5,077			5,172			5,048			5,175			5,132
	Other revenues		452			426			435			443			481
	Total operating revenues		16,645			16,736			16,611			18,359			16,975

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		8,939			9,132			8,995			10,704			9,106
	Interest credited to policyholder account balances		1,539			1,525			1,589			1,589			1,554
	Capitalization of DAC		(1,362	)		(1,313	)		(1,301	)		(1,308	)		(1,256	)
	Amortization of DAC and VOBA		1,018			1,162			1,051			946			1,016
	Amortization of negative VOBA		(137	)		(164	)		(155	)		(99	)		(131	)
	Interest expense on debt		315			297			286			292			288
	Other expenses		4,243			4,051			4,120			4,266			4,087
	Total operating expenses		14,555			14,690			14,585			16,390			14,664

	Operating earnings before provision for income tax		2,090			2,046			2,026			1,969			2,311
	Provision for income tax expense (benefit)		596			583			579			565			646
	Operating earnings		1,494			1,463			1,447			1,404			1,665
	Preferred stock dividends		30			31			30			31			30
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,464		$	1,432		$	1,417		$	1,373		$	1,635

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	1,494		$	1,463		$	1,447		$	1,404		$	1,665
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses) (1)		(110	)		(64	)		22			(200	)		314
	Net derivative gains (losses)		(1,978	)		2,092			(718	)		(1,315	)		(630	)
	Premiums		22			22			16			4			-
	Universal life and investment-type product policy fees		69			98			83			94			80
	Net investment income		1,123			(453	)		469			373			945
	Other revenues		145			(33	)		20			18			(1	)
	Policyholder benefits and claims and policyholder dividends		(508	)		(131	)		(303	)		(644	)		(602	)
	Interest credited to policyholder account balances		(1,018	)		503			(513	)		(459	)		(1,036	)
	Capitalization of DAC		2			2			1			-			-
	Amortization of DAC and VOBA		304			(317	)		43			(52	)		192
	Amortization of negative VOBA		18			17			15			17			15
	Interest expense on debt		(43	)		(45	)		(40	)		(38	)		(33	)
	Other expenses (1)		(525	)		(399	)		(263	)		(244	)		(308	)
	Goodwill impairment		-			-			(1,868	)		-			-
	Provision for income tax (expense) benefit (1), (2)		871			(455	)		632			1,147			394
	Income (loss) from continuing operations, net of income tax		(134	)		2,300			(957	)		105			995
	Income (loss) from discontinued operations, net of income tax		14			3			-			31			(3	)
	Net income (loss)		(120	)		2,303			(957	)		136			992
	Less: Net income (loss) attributable to noncontrolling interests		24			8			(3	)		9			6
	Net income (loss) attributable to MetLife, Inc.		(144	)		2,295			(954	)		127			986
	Less: Preferred stock dividends		30			31			30			31			30
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	(174	)	$	2,264		$	(984	)	$	96		$	956

	Total Operating Premiums, Fees and Other Revenues	$	11,568		$	11,564		$	11,563		$	13,184		$	11,843

(1)	For the three months ended March 31, 2013, a net investment gain of $11 million, an expense of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency are included.
(2)	For the three months ended December 31, 2012, a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary is included.

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	METLIFE, INC. CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	Unaudited (In millions)	For the Three Months Ended March 31, 2013
	Unaudited (In millions)	Consolidated		Americas			Asia			EMEA			Corporate & Other

	OPERATING REVENUES
	Premiums	$	9,151	$	6,560		$	1,998		$	567		$	26
	Universal life and investment-type product policy fees		2,211		1,640			444			91			36
	Net investment income		5,132		4,126			732			128			146
	Other revenues		481		428			13			27			13
	Total operating revenues		16,975		12,754			3,187			813			221

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		9,106		7,445			1,415			237			9
	Interest credited to policyholder account balances		1,554		1,065			442			35			12
	Capitalization of DAC		(1,256)		(529	)		(546	)		(177	)		(4	)
	Amortization of DAC and VOBA		1,016		450			401			165			-
	Amortization of negative VOBA		(131)		(1	)		(113	)		(17	)		-
	Interest expense on debt		288		1			-			1			286
	Other expenses		4,087		2,381			1,094			448			164
	Total operating expenses		14,664		10,812			2,693			692			467

	Operating earnings before provision for income tax		2,311		1,942			494			121			(246	)
	Provision for income tax expense (benefit)		646		644			161			34			(193	)
	Operating earnings		1,665		1,298			333			87			(53	)
	Preferred stock dividends		30		-			-			-			30
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,635	$	1,298		$	333		$	87		$	(83	)

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	1,665	$	1,298		$	333		$	87		$	(53	)
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses) (1)		314		112			128			16			58
	Net derivative gains (losses)		(630)		(171	)		(552	)		(6	)		99
	Premiums		-		-			-			-			-
	Universal life and investment-type product policy fees		80		81			1			(2	)		-
	Net investment income		945		(126	)		638			393			40
	Other revenues		(1)		-			-			-			(1	)
	Policyholder benefits and claims and policyholder dividends		(602)		(458	)		(144	)		-			-
	Interest credited to policyholder account balances		(1,036)		(13	)		(639	)		(384	)		-
	Capitalization of DAC		-		-			-			-			-
	Amortization of DAC and VOBA		192		178			10			4			-
	Amortization of negative VOBA		15		-			15			-			-
	Interest expense on debt		(33)		-			-			-			(33	)
	Other expenses (1)		(308)		1			(150	)		(3	)		(156	)
	Goodwill impairment		-		-			-			-			-
	Provision for income tax (expense) benefit (1)		394		138			283			(22	)		(5	)
	Income (loss) from continuing operations, net of income tax		995		1,040			(77	)		83			(51	)
	Income (loss) from discontinued operations, net of income tax		(3)		-			(3	)		-			-
	Net income (loss)		992		1,040			(80	)		83			(51	)
	Less: Net income (loss) attributable to noncontrolling interests		6		-			4			2			-
	Net income (loss) attributable to MetLife, Inc.		986		1,040			(84	)		81			(51	)
	Less: Preferred stock dividends		30		-			-			-			30
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	1,040		$	(84	)	$	81		$	(81	)

	Total Operating Premiums, Fees and Other Revenues	$	11,843	$	8,628		$	2,455		$	685		$	75

(1) Consolidated Asia results include a net investment gain of $11 million, an expense of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency.

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METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended March 31, 2012
Unaudited (In millions)	Consolidated		Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,107	$	6,402		$	2,039		$	652		$	14
Universal life and investment-type product policy fees		2,009		1,527			362			80			40
Net investment income		5,077		4,047			681			157			192
Other revenues		452		386			16			36			14
Total operating revenues		16,645		12,362			3,098			925			260

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		8,939		7,225			1,360			343			11
Interest credited to policyholder account balances		1,539		1,077			429			33			-
Capitalization of DAC		(1,362)		(598	)		(587	)		(177	)		-
Amortization of DAC and VOBA		1,018		499			373			146			-
Amortization of negative VOBA		(137)		(2	)		(131	)		(4	)		-
Interest expense on debt		315		3			1			-			311
Other expenses		4,243		2,426			1,191			471			155
Total operating expenses		14,555		10,630			2,636			812			477

Operating earnings before provision for income tax		2,090		1,732			462			113			(217	)
Provision for income tax expense (benefit)		596		574			161			41			(180	)
Operating earnings		1,494		1,158			301			72			(37	)
Preferred stock dividends		30		-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,464	$	1,158		$	301		$	72		$	(67	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,494	$	1,158		$	301		$	72		$	(37	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(110)		(35	)		(78	)		(18	)		21
Net derivative gains (losses)		(1,978)		(1,107	)		(30	)		29			(870	)
Premiums		22		22			-			-			-
Universal life and investment-type product policy fees		69		70			(1	)		-			-
Net investment income		1,123		(40	)		508			458			197
Other revenues		145		-			5			-			140
Policyholder benefits and claims and policyholder dividends		(508)		(485	)		(23	)		-			-
Interest credited to policyholder account balances		(1,018)		(53	)		(515	)		(450	)		-
Capitalization of DAC		2		2			-			-			-
Amortization of DAC and VOBA		304		303			1			-			-
Amortization of negative VOBA		18		1			17			-			-
Interest expense on debt		(43)		-			-			-			(43	)
Other expenses		(525)		(10	)		6			6			(527	)
Goodwill impairment		-		-			-			-			-
Provision for income tax (expense) benefit		871		466			53			(22	)		374
Income (loss) from continuing operations, net of income tax		(134)		292			244			75			(745	)
Income (loss) from discontinued operations, net of income tax		14		14			-			-			-
Net income (loss)		(120)		306			244			75			(745	)
Less: Net income (loss) attributable to noncontrolling interests		24		-			7			17			-
Net income (loss) attributable to MetLife, Inc.		(144)		306			237			58			(745	)
Less: Preferred stock dividends		30		-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(174)	$	306		$	237		$	58		$	(775	)

Total Operating Premiums, Fees and Other Revenues	$	11,568	$	8,315		$	2,417		$	768		$	68

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METLIFE, INC.
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
		For the Three Months Ended
Unaudited (In millions)		March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012		March 31, 2013

AMERICAS

RETAIL	$	469		$	408		$	492		$	633	$	626

GROUP, VOLUNTARY & WORKSITE BENEFITS		243			267			283			167		230

CORPORATE BENEFIT FUNDING		298			318			303			305		299

LATIN AMERICA		148			135			152			148		143

AMERICAS TOTAL	$	1,158		$	1,128		$	1,230		$	1,253	$	1,298

ASIA		301			279			259			198		333

EMEA		72			78			62			59		87

CORPORATE & OTHER		(67	)		(53	)		(134	)		(137)		(83	)

METLIFE, INC. CONSOLIDATED	$	1,464		$	1,432		$	1,417		$	1,373	$	1,635



(1) A reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 9, (ii) Group, Voluntary & Worksite Benefits, Page 15, (iii) Corporate Benefit Funding, Page 18, (iv) Latin America, Page 21, (v) Asia, Page 22, (vi) EMEA, Page 23, and (vii) Corporate & Other, Page 24. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common shareholders appears on Page 5.

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AMERICAS RETAIL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	1,624		$	1,576		$	1,604		$	1,728		$	1,547		$	1,624		$	1,547
Universal life and investment-type product policy fees		1,114			1,119			1,132			1,196			1,167			1,114			1,167
Net investment income		1,911			1,894			1,930			1,935			1,961			1,911			1,961
Other revenues		209			217			221			232			243			209			243
Total operating revenues		4,858			4,806			4,887			5,091			4,918			4,858			4,918

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,228			2,212			2,228			2,342			2,153			2,228			2,153
Interest credited to policyholder account balances		596			590			598			591			579			596			579
Capitalization of DAC		(476	)		(446	)		(430	)		(401	)		(374	)		(476	)		(374	)
Amortization of DAC and VOBA		404			477			438			288			331			404			331
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		1,397			1,355			1,308			1,309			1,278			1,397			1,278
Total operating expenses		4,149			4,188			4,142			4,129			3,967			4,149			3,967

Operating earnings before provision for income tax		709			618			745			962			951			709			951
Provision for income tax expense (benefit)		240			210			253			329			325			240			325
Operating earnings		469			408			492			633			626			469			626
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	469		$	408		$	492		$	633		$	626		$	469		$	626

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	469		$	408		$	492		$	633		$	626		$	469		$	626
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		67			58			53			34			73			67			73
Net derivative gains (losses)		(526	)		972			191			(475	)		(156	)		(526	)		(156	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		67			82			83			86			80			67			80
Net investment income		(84	)		(94	)		(105	)		(112	)		(119	)		(84	)		(119	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(393	)		50			(279	)		(565	)		(403	)		(393	)		(403	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		304			(300	)		47			(47	)		178			304			178
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			(1,692	)		-			-			-			-
Provision for income tax (expense) benefit		198			(269	)		224			379			122			198			122
Income (loss) from continuing operations, net of income tax		102			907			(986	)		(67	)		401			102			401
Income (loss) from discontinued operations, net of income tax		10			-			-			23			-			10			-
Net income (loss)		112			907			(986	)		(44	)		401			112			401
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		112			907			(986	)		(44	)		401			112			401
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	112		$	907		$	(986	)	$	(44	)	$	401		$	112		$	401

Total Operating Premiums, Fees and Other Revenues	$	2,947		$	2,912		$	2,957		$	3,156		$	2,957		$	2,947		$	2,957

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	1,447		$	1,476		$	1,500		$	1,628		$	1,448		$	1,447		$	1,448
Universal life and investment-type product policy fees		413			410			394			422			396			413			396
Net investment income		1,151			1,144			1,181			1,190			1,204			1,151			1,204
Other revenues		124			129			133			141			144			124			144
Total operating revenues		3,135			3,159			3,208			3,381			3,192			3,135			3,192

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,940			1,980			1,979			2,157			1,926			1,940			1,926
Interest credited to policyholder account balances		216			213			217			222			215			216			215
Capitalization of DAC		(194	)		(198	)		(186	)		(203	)		(181	)		(194	)		(181	)
Amortization of DAC and VOBA		219			219			252			280			201			219			201
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			(1	)		-			-			-			-			-
Other expenses		679			675			644			674			652			679			652
Total operating expenses		2,860			2,888			2,906			3,130			2,813			2,860			2,813

Operating earnings before provision for income tax		275			271			302			251			379			275			379
Provision for income tax expense (benefit)		88			89			98			80			125			88			125
Operating earnings		187			182			204			171			254			187			254
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	187		$	182		$	204		$	171		$	254		$	187		$	254

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	187		$	182		$	204		$	171		$	254		$	187		$	254
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		37			23			21			49			24			37			24
Net derivative gains (losses)		(169	)		322			(37	)		(43	)		(8	)		(169	)		(8	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(5	)		8			(3	)		-			(2	)		(5	)		(2	)
Net investment income		(24	)		(32	)		(39	)		(41	)		(49	)		(24	)		(49	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		11			(25	)		7			(117	)		(13	)		11			(13	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		53			(104	)		17			54			17			53			17
Income (loss) from continuing operations, net of income tax		90			374			170			73			223			90			223
Income (loss) from discontinued operations, net of income tax		9			-			-			9			-			9			-
Net income (loss)		99			374			170			82			223			99			223
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		99			374			170			82			223			99			223
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	99		$	374		$	170		$	82		$	223		$	99		$	223

Total Operating Premiums, Fees and Other Revenues	$	1,984		$	2,015		$	2,027		$	2,191		$	1,988		$	1,984		$	1,988

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - PRODUCT LEVEL
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

	OPERATING REVENUES
	Premiums	$	177		$	100		$	104		$	100		$	99		$	177		$	99
	Universal life and investment-type product policy fees		701			709			738			774			771			701			771
	Net investment income		760			750			749			745			757			760			757
	Other revenues		85			88			88			91			99			85			99
	Total operating revenues		1,723			1,647			1,679			1,710			1,726			1,723			1,726

	OPERATING EXPENSES
	Policyholder benefits and claims and policyholder dividends		288			232			249			185			227			288			227
	Interest credited to policyholder account balances		380			377			381			369			364			380			364
	Capitalization of DAC		(282	)		(248	)		(244	)		(198	)		(193	)		(282	)		(193	)
	Amortization of DAC and VOBA		185			258			186			8			130			185			130
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			1			-			-			-			-			-
	Other expenses		718			680			664			635			626			718			626
	Total operating expenses		1,289			1,300			1,236			999			1,154			1,289			1,154

	Operating earnings before provision for income tax		434			347			443			711			572			434			572
	Provision for income tax expense (benefit)		152			121			155			249			200			152			200
	Operating earnings		282			226			288			462			372			282			372
	Preferred stock dividends		-			-			-			-			-			-			-
	OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	282		$	226		$	288		$	462		$	372		$	282		$	372

	Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
	Operating earnings	$	282		$	226		$	288		$	462		$	372		$	282		$	372
	Adjustments from operating earnings to income (loss) from continuing operations:
	Net investment gains (losses)		30			35			32			(15	)		49			30			49
	Net derivative gains (losses)		(357	)		650			228			(432	)		(148	)		(357	)		(148	)
	Premiums		-			-			-			-			-			-			-
	Universal life and investment-type product policy fees		72			74			86			86			82			72			82
	Net investment income		(60	)		(62	)		(66	)		(71	)		(70	)		(60	)		(70	)
	Other revenues		-			-			-			-			-			-			-
	Policyholder benefits and claims and policyholder dividends		(393	)		50			(279	)		(565	)		(403	)		(393	)		(403	)
	Interest credited to policyholder account balances		-			-			-			-			-			-			-
	Capitalization of DAC		-			-			-			-			-			-			-
	Amortization of DAC and VOBA		293			(275	)		40			70			191			293			191
	Amortization of negative VOBA		-			-			-			-			-			-			-
	Interest expense on debt		-			-			-			-			-			-			-
	Other expenses		-			-			-			-			-			-			-
	Goodwill impairment		-			-			(1,692	)		-			-			-			-
	Provision for income tax (expense) benefit		145			(165	)		207			325			105			145			105
	Income (loss) from continuing operations, net of income tax		12			533			(1,156	)		(140	)		178			12			178
	Income (loss) from discontinued operations, net of income tax		1			-			-			14			-			1			-
	Net income (loss)		13			533			(1,156	)		(126	)		178			13			178
	Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
	Net income (loss) attributable to MetLife, Inc.		13			533			(1,156	)		(126	)		178			13			178
	Less: Preferred stock dividends		-			-			-			-			-			-			-
	Net income (loss) available to MetLife, Inc.’s common shareholders	$	13		$	533		$	(1,156	)	$	(126	)	$	178		$	13		$	178

	Total Operating Premiums, Fees and Other Revenues	$	963		$	897		$	930		$	965		$	969		$	963		$	969

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AMERICAS RETAIL *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
	LIFE & OTHER (1)
		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	82,105	$	82,622	$	83,063	$	83,307	$	83,826
	Premiums and deposits (2), (3)		2,137		2,124		2,017		2,170		1,991
	Surrenders and withdrawals		(886)		(913)		(881)		(840)		(901)
	Benefit payments		(741)		(685)		(795)		(867)		(821)

	Net Flows		510		526		341		463		269
	Net transfers from (to) separate account		28		23		30		79		46
	Interest		810		806		811		815		809
	Policy charges		(445)		(443)		(443)		(461)		(462)
	Other		(386)		(471)		(495)		(377)		(480)

	Balance, end of period	$	82,622	$	83,063	$	83,307	$	83,826	$	84,008
	ANNUITIES
		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	53,899	$	51,360	$	52,226	$	51,590	$	51,542
	Premiums and deposits (2), (3)		1,483		1,245		1,266		1,047		1,019
	Surrenders and withdrawals		(1,346)		(905)		(861)		(1,214)		(1,023)
	Benefit payments		(400)		(391)		(390)		(422)		(405)

	Net Flows		(263)		(51)		15		(589)		(409)
	Net transfers from (to) separate account		(1,251)		(750)		(604)		(335)		(555)
	Interest		450		444		449		430		424
	Policy charges		(15)		(16)		(14)		(12)		(12)
	Other		(1,460)		1,239		(482)		458		(970)

	Balance, end of period	$	51,360	$	52,226	$	51,590	$	51,542	$	50,020
*SEPARATE ACCOUNT LIABILITIES*
	LIFE & OTHER
		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	7,946	$	8,641	$	8,232	$	8,515	$	8,463
	Premiums and deposits (3)		180		174		167		178		172
	Surrenders and withdrawals		(111)		(116)		(109)		(121)		(118)
	Benefit payments		(12)		(10)		(12)		(12)		(10)

	Net Flows		57		48		46		45		44
	Investment performance		809		(304)		401		117		632
	Net transfers from (to) general account		(28)		(23)		(30)		(79)		(46)
	Policy charges		(134)		(133)		(133)		(135)		(129)
	Other		(9)		3		(1)		-		(7)

	Balance, end of period	$	8,641	$	8,232	$	8,515	$	8,463	$	8,957
	ANNUITIES
		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	120,263	$	133,462	$	131,416	$	139,484	$	142,050
	Premiums and deposits (3)		4,232		3,870		3,836		2,961		2,964
	Surrenders and withdrawals		(2,151)		(2,103)		(2,019)		(2,177)		(2,175)
	Benefit payments		(242)		(254)		(242)		(283)		(269)

	Net Flows		1,839		1,513		1,575		501		520
	Investment performance		10,760		(3,587)		6,637		2,517		8,434
	Net transfers from (to) general account		1,251		750		604		335		555
	Policy charges		(652)		(723)		(750)		(788)		(734)
	Other		1		1		2		1		1

	Balance, end of period	$	133,462	$	131,416	$	139,484	$	142,050	$	150,826

(1)	All of the retail property & casualty activity is reflected within the “Other” category.
(2)	Includes premiums and deposits directed to the General Account investment option of variable products.
(3)	Includes company sponsored internal exchanges.

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AMERICAS RETAIL OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013

Direct and allocated expenses	$	491	$	484	$	460	$	500	$	451
Pension and post-retirement benefit costs		57		57		57		40		60
Premium taxes, other taxes, and licenses & fees		48		46		40		33		40
Total fixed operating expenses	$	596	$	587	$	557	$	573	$	551

Commissions and other variable expenses		801		768		751		736		727

Total other expenses	$	1,397	$	1,355	$	1,308	$	1,309	$	1,278
SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013

Life Sales (1)
Term Life	$	34	$	36	$	31	$	33	$	23
Whole Life		28		33		30		36		29
Variable Life		8		8		7		8		9
Universal Life		42		37		36		50		43
Total life sales	$	112	$	114	$	104	$	127	$	104

Annuity Sales (2)
Fixed annuity sales	$	435	$	225	$	253	$	207	$	213
Variable annuity sales		4,926		4,613		4,595		3,569		3,520
Total annuity sales	$	5,361	$	4,838	$	4,848	$	3,776	$	3,733

Annuity Separate Account and General Account
Separate Accounts
Total variable annuity separate accounts	$	3,964	$	3,669	$	3,655	$	2,817	$	2,822
General Accounts
Fixed annuity		435		225		253		207		213
Variable annuity		962		944		940		752		698
Total general accounts		1,397		1,169		1,193		959		911
Total annuity premiums and deposits	$	5,361	$	4,838	$	4,848	$	3,776	$	3,733

(1) Statistical sales information is calculated using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. (2) Statutory premiums direct and assumed, excluding company sponsored internal exchanges.

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AMERICAS RETAIL SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE (1)
			For the Three Months Ended
	Unaudited		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013

	Investment income yield excluding variable investment income		6.29%		6.28%		6.69%		6.37%		6.30%
	Variable investment income yield		0.13%		0.17%		(0.05%)		0.62%		0.54%
	Total investment income yield		6.42%		6.45%		6.64%		6.99%		6.84%
	Average crediting rate		4.61%		4.52%		4.49%		4.54%		4.50%
	Annualized general account spread		1.81%		1.93%		2.15%		2.45%		2.34%

	Annualized general account spread excluding variable investment income yield		1.68%		1.76%		2.20%		1.83%		1.80%

DEFERRED ANNUITIES (2)
			For the Three Months Ended
	Unaudited		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013

	Investment income yield excluding variable investment income		6.42%		6.34%		6.29%		6.21%		6.21%
	Variable investment income yield		0.06%		0.08%		0.11%		0.21%		0.13%
	Total investment income yield		6.48%		6.42%		6.40%		6.42%		6.34%
	Average crediting rate		3.39%		3.41%		3.43%		3.40%		3.38%
	Annualized general account spread		3.09%		3.01%		2.97%		3.02%		2.96%

	Annualized general account spread excluding variable investment income yield		3.03%		2.93%		2.86%		2.81%		2.83%

OTHER STATISTICAL INFORMATION
			For the Three Months Ended
	Unaudited (In millions, except ratios)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013

	Life (3)
	Operating premiums, fees and other revenues	$	1,378	$	1,397	$	1,403	$	1,544	$	1,349
	Life mortality as percentage of expected		91.6%		85.6%		91.3%		99.0%		92.7%

	Lapse Ratio (4)
	Traditional life		5.9%		6.0%		5.9%		5.8%		5.8%
	Variable & universal life		5.3%		5.3%		5.1%		4.9%		4.9%
	Fixed annuity		9.5%		9.8%		9.9%		9.4%		8.4%
	Variable annuity		6.5%		6.2%		6.0%		6.0%		5.9%

	Retail Property & Casualty
	Operating premiums, fees and other revenues	$	418	$	421	$	424	$	433	$	429
	Combined ratio including catastrophes		91.2%		105.4%		94.6%		100.4%		94.5%
	Combined ratio excluding catastrophes		87.1%		80.8%		90.6%		84.5%		88.7%


	(1) Represents the general account spread for variable & universal life, a component of Life & Other. (2) Represents the general account spread for deferred annuities, a component of Annuities. (3) Represents traditional life and variable & universal life, components of Life & Other. (4) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	3,585		$	3,683		$	3,753		$	3,773		$	3,874		$	3,585		$	3,874
Universal life and investment-type product policy fees		166			165			166			165			180			166			180
Net investment income		436			439			450			443			453			436			453
Other revenues		108			112			100			102			108			108			108
Total operating revenues		4,295			4,399			4,469			4,483			4,615			4,295			4,615

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,313			3,391			3,449			3,538			3,640			3,313			3,640
Interest credited to policyholder account balances		42			43			42			40			39			42			39
Capitalization of DAC		(31	)		(33	)		(38	)		(36	)		(33	)		(31	)		(33	)
Amortization of DAC and VOBA		30			28			40			35			34			30			34
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			-			-
Other expenses		575			570			547			659			588			575			588
Total operating expenses		3,929			3,999			4,041			4,236			4,268			3,929			4,268

Operating earnings before provision for income tax		366			400			428			247			347			366			347
Provision for income tax expense (benefit)		123			133			145			80			117			123			117
Operating earnings		243			267			283			167			230			243			230
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	243		$	267		$	283		$	167		$	230		$	243		$	230

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	243		$	267		$	283		$	167		$	230		$	243		$	230
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(7	)		13			5			(18	)		17			(7	)		17
Net derivative gains (losses)		(375	)		555			(81	)		(162	)		(129	)		(375	)		(129	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(36	)		(38	)		(33	)		(33	)		(40	)		(36	)		(40	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			(1	)		-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		147			(186	)		38			76			53			147			53
Income (loss) from continuing operations, net of income tax		(28	)		611			212			29			131			(28	)		131
Income (loss) from discontinued operations, net of income tax		-			-			-			2			-			-			-
Net income (loss)		(28	)		611			212			31			131			(28	)		131
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		(28	)		611			212			31			131			(28	)		131
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(28	)	$	611		$	212		$	31		$	131		$	(28	)	$	131

Operating Premiums, Fees and Other Revenues
Group	$	3,253		$	3,345		$	3,406		$	3,426		$	3,557		$	3,253		$	3,557
Voluntary & Worksite		606			615			613			614			605			606			605
Total Group, Voluntary & Worksite Benefits	$	3,859		$	3,960		$	4,019		$	4,040		$	4,162		$	3,859		$	4,162

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS *FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)*
		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	25,582	$	25,661	$	26,642	$	26,922	$	26,772
	Premiums and deposits		4,296		4,330		4,428		4,269		4,445
	Surrenders and withdrawals		(909)		(898)		(975)		(798)		(832)
	Benefit payments		(2,984)		(3,017)		(3,072)		(3,110)		(3,297)

	Net Flows		403		415		381		361		316
	Net transfers from (to) separate account		-		(1)		-		1		-
	Interest		212		209		211		218		211
	Policy charges		(125)		(125)		(133)		(127)		(130)
	Other		(411)		483		(179)		(603)		(725)

	Balance, end of period	$	25,661	$	26,642	$	26,922	$	26,772	$	26,444

*SEPARATE ACCOUNT LIABILITIES*


		For the Three Months Ended
	Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period	$	478	$	528	$	508	$	533	$	532
	Premiums and deposits		49		49		48		49		49
	Surrenders and withdrawals		(12)		(10)		(10)		(14)		(13)
	Benefit payments		(1)		(1)		(1)		(1)		(1)

	Net Flows		36		38		37		34		35
	Investment performance		53		(18)		28		6		37
	Net transfers from (to) general account		-		1		-		(1)		-
	Policy charges		(39)		(40)		(39)		(40)		(41)
	Other		-		(1)		(1)		-		(1)

	Balance, end of period	$	528	$	508	$	533	$	532	$	562

(1) All of the group property & casualty activity is reflected within the “Other” category.

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	AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
		For the Three Months Ended
	Unaudited (In millions)	March 31, 2012	June 30, 2012	September 30, 2012	December 31, 2012	March 31, 2013

	Direct and allocated expenses	$ 418	$ 399	$ 382	$ 417	$ 421
	Pension and post-retirement benefit costs	19	19	19	8	25
	Premium taxes, other taxes, and licenses & fees	55	60	56	56	58
	Total fixed operating expenses	$ 492	$ 478	$ 457	$ 481	$ 504

	Commissions and other variable expenses	83	92	90	178	84

	Total other expenses	$ 575	$ 570	$ 547	$ 659	$ 588

	SPREAD (1)
		For the Three Months Ended
	Unaudited	March 31, 2012	June 30, 2012	September 30, 2012	December 31, 2012	March 31, 2013

	Investment income yield excluding variable investment income	5.94%	5.93%	6.01%	5.79%	5.95%
	Variable investment income yield	0.07%	0.09%	0.21%	0.37%	0.21%
	Total investment income yield	6.01%	6.02%	6.22%	6.16%	6.16%
	Average crediting rate	3.29%	3.29%	3.31%	3.31%	3.31%
	Annualized general account spread	2.72%	2.73%	2.91%	2.85%	2.85%

	Annualized general account spread excluding variable investment income yield	2.65%	2.64%	2.70%	2.48%	2.64%

	OTHER STATISTICAL INFORMATION
		For the Three Months Ended
	Unaudited (In millions, except ratios)	March 31, 2012	June 30, 2012	September 30, 2012	December 31, 2012	March 31, 2013

	Group Life (2)
	Operating premiums, fees and other revenues	$ 1,362	$ 1,392	$ 1,379	$ 1,370	$ 1,438
	Mortality ratio	89.1%	87.3%	88.1%	84.6%	91.3%

	Group Non-Medical Health (3)
	Operating premiums, fees and other revenues	$ 1,415	$ 1,497	$ 1,555	$ 1,560	$ 1,604
	Benefit ratio	87.5%	87.4%	88.5%	91.6%	88.9%

	Group Property & Casualty (4)
	Operating premiums, fees and other revenues	$ 343	$ 357	$ 356	$ 357	$ 345
	Combined ratio including catastrophes	92.3%	98.7%	87.8%	107.2%	92.8%
	Combined ratio excluding catastrophes	89.8%	86.6%	87.2%	91.1%	90.4%

(1)	Excludes group property & casualty.
(2)	Excludes accidental death and dismemberment (“AD&D”) and certain experience-rated contracts.
(3)	Includes dental, disability, long term care, AD&D, critical illness and vision.
(4)	Starting for the three months ended March 2013, excludes the portion of group property & casualty reported in the Latin America segment.

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AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	507		$	523		$	450		$	1,757		$	464		$	507		$	464
Universal life and investment-type product policy fees		51			57			53			64			68			51			68
Net investment income		1,401			1,431			1,421			1,450			1,435			1,401			1,435
Other revenues		64			65			64			66			73			64			73
Total operating revenues		2,023			2,076			1,988			3,337			2,040			2,023			2,040

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,092			1,131			1,070			2,411			1,098			1,092			1,098
Interest credited to policyholder account balances		339			338			339			342			343			339			343
Capitalization of DAC		(7	)		(8	)		(13	)		(1	)		(17	)		(7	)		(17	)
Amortization of DAC and VOBA		10			4			4			4			11			10			11
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			2			2			2			2			2
Other expenses		128			120			120			110			143			128			143
Total operating expenses		1,564			1,587			1,522			2,868			1,580			1,564			1,580

Operating earnings before provision for income tax		459			489			466			469			460			459			460
Provision for income tax expense (benefit)		161			171			163			164			161			161			161
Operating earnings		298			318			303			305			299			298			299
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	298		$	318		$	303		$	305		$	299		$	298		$	299


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	298		$	318		$	303		$	305		$	299		$	298		$	299
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(98	)		144			(25	)		86			22			(98	)		22
Net derivative gains (losses)		(243	)		288			(194	)		(8	)		105			(243	)		105
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		29			10			16			7			25			29			25
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(6	)		(16	)		(12	)		4			8			(6	)		8
Interest credited to policyholder account balances		(2	)		(1	)		(5	)		(5	)		(2	)		(2	)		(2	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			(2	)		2			1			-			1
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		111			(148	)		78			(30	)		(56	)		111			(56	)
Income (loss) from continuing operations, net of income tax		89			595			159			361			402			89			402
Income (loss) from discontinued operations, net of income tax		4			3			-			4			-			4			-
Net income (loss)		93			598			159			365			402			93			402
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			1			-			-			-
Net income (loss) attributable to MetLife, Inc.		93			598			159			364			402			93			402
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	93		$	598		$	159		$	364		$	402		$	93		$	402

Total Operating Premiums, Fees and Other Revenues	$	622		$	645		$	567		$	1,887		$	605		$	622		$	605

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AMERICAS CORPORATE BENEFIT FUNDING

*FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES*
		For the Three Months Ended
	Unaudited (In millions)			March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period		$	106,024	$	108,339	$	114,430	$	116,659	$	116,910
	Premiums and deposits			17,655		19,383		12,906		10,469		14,790
	Surrenders and withdrawals			(14,745)		(14,885)		(12,028)		(9,666)		(11,765)
	Benefit payments			(838)		(850)		(899)		(902)		(876)

	Net Flows			2,072		3,648		(21)		(99)		2,149
	Net transfers from (to) separate account			(5)		(11)		(11)		(11)		5
	Interest			1,021		1,059		1,041		1,048		1,036
	Policy charges			(21)		(31)		(34)		(18)		(29)
	Other			(752)		1,426		1,254		(669)		(884)

	Balance, end of period		$	108,339	$	114,430	$	116,659	$	116,910	$	119,187

*SEPARATE ACCOUNT LIABILITIES*
		For the Three Months Ended
	Unaudited (In millions)			March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Balance, beginning of period		$	64,851	$	68,635	$	69,704	$	76,905	$	71,875
	Premiums and deposits			2,383		1,546		2,494		2,268		1,868
	Surrenders and withdrawals			(1,311)		(1,198)		(757)		(2,699)		(1,414)
	Benefit payments			(16)		(17)		(21)		(13)		(19)

	Net Flows			1,056		331		1,716		(444)		435
	Investment performance			1,115		1,077		1,466		364		697
	Net transfers from (to) general account			5		11		11		11		(5)
	Policy charges			(84)		(81)		(78)		(75)		(86)
	Other			1,692		(269)		4,086		(4,886)		2,819

	Balance, end of period		$	68,635	$	69,704	$	76,905	$	71,875	$	75,735

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AMERICAS CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012			March 31, 2013

Direct and allocated expenses	$	76	$	61	$	63	$	73		$	69
Pension and post-retirement benefit costs		11		11		11		5			14
Premium taxes, other taxes, and licenses & fees		3		5		5		(1	)		3
Total fixed operating expenses	$	90	$	77	$	79	$	77		$	86

Commissions and other variable expenses		38		43		41		33			57

Total other expenses	$	128	$	120	$	120	$	110		$	143
SPREAD
	For the Three Months Ended
Unaudited		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012			March 31, 2013

Investment income yield excluding variable investment income		5.13%		4.95%		4.83%		4.72%			4.68%
Variable investment income yield		0.22%		0.32%		0.24%		0.38%			0.28%
Total investment income yield		5.35%		5.27%		5.07%		5.10%			4.96%
Average crediting rate		3.87%		3.72%		3.64%		3.59%			3.53%
Annualized general account spread		1.48%		1.55%		1.43%		1.51%			1.43%

Annualized general account spread excluding variable investment income yield		1.26%		1.23%		1.19%		1.13%			1.15%

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AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	686		$	652		$	610		$	630		$	675		$	686		$	675
Universal life and investment-type product policy fees		196			196			189			204			225			196			225
Net investment income		299			283			299			317			277			299			277
Other revenues		5			3			3			5			4			5			4
Total operating revenues		1,186			1,134			1,101			1,156			1,181			1,186			1,181

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		592			568			507			564			554			592			554
Interest credited to policyholder account balances		100			90			99			104			104			100			104
Capitalization of DAC		(84	)		(71	)		(83	)		(115	)		(105	)		(84	)		(105	)
Amortization of DAC and VOBA		55			54			42			73			74			55			74
Amortization of negative VOBA		(2	)		(1	)		(1	)		(1	)		(1	)		(2	)		(1	)
Interest expense on debt		1			-			(4	)		2			(1	)		1			(1	)
Other expenses		326			323			353			373			372			326			372
Total operating expenses		988			963			913			1,000			997			988			997

Operating earnings before provision for income tax		198			171			188			156			184			198			184
Provision for income tax expense (benefit)		50			36			36			8			41			50			41
Operating earnings		148			135			152			148			143			148			143
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	148		$	135		$	152		$	148		$	143		$	148		$	143

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	148		$	135		$	152		$	148		$	143		$	148		$	143
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		3			(13	)		(2	)		10			-			3			-
Net derivative gains (losses)		37			(14	)		19			(4	)		9			37			9
Premiums		22			22			16			4			-			22			-
Universal life and investment-type product policy fees		3			4			1			3			1			3			1
Net investment income		51			26			45			34			8			51			8
Other revenues		-			1			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(86	)		(144	)		26			(37	)		(63	)		(86	)		(63	)
Interest credited to policyholder account balances		(51	)		(25	)		(37	)		(38	)		(11	)		(51	)		(11	)
Capitalization of DAC		2			2			1			-			-			2			-
Amortization of DAC and VOBA		(1	)		(2	)		-			(1	)		-			(1	)		-
Amortization of negative VOBA		1			1			-			-			-			1			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(10	)		(13	)		(8	)		(5	)		-			(10	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		10			38			(12	)		17			19			10			19
Income (loss) from continuing operations, net of income tax		129			18			201			131			106			129			106
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		129			18			201			131			106			129			106
Less: Net income (loss) attributable to noncontrolling interests		-			1			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		129			17			201			131			106			129			106
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	129		$	17		$	201		$	131		$	106		$	129		$	106

Total Operating Premiums, Fees and Other Revenues	$	887		$	851		$	802		$	839		$	904		$	887		$	904

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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, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	2,039		$	2,064		$	2,112		$	2,129		$	1,998		$	2,039		$	1,998
Universal life and investment-type product policy fees		362			352			388			389			444			362			444
Net investment income		681			760			709			745			732			681			732
Other revenues		16			(3	)		4			9			13			16			13
Total operating revenues		3,098			3,173			3,213			3,272			3,187			3,098			3,187

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,360			1,435			1,455			1,569			1,415			1,360			1,415
Interest credited to policyholder account balances		429			426			468			461			442			429			442
Capitalization of DAC		(587	)		(555	)		(579	)		(567	)		(546	)		(587	)		(546	)
Amortization of DAC and VOBA		373			419			396			375			401			373			401
Amortization of negative VOBA		(131	)		(128	)		(128	)		(69	)		(113	)		(131	)		(113	)
Interest expense on debt		1			4			-			-			-			1			-
Other expenses		1,191			1,153			1,206			1,188			1,094			1,191			1,094
Total operating expenses		2,636			2,754			2,818			2,957			2,693			2,636			2,693

Operating earnings before provision for income tax		462			419			395			315			494			462			494
Provision for income tax expense (benefit)		161			140			136			117			161			161			161
Operating earnings		301			279			259			198			333			301			333
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	301		$	279		$	259		$	198		$	333		$	301		$	333

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	301		$	279		$	259		$	198		$	333		$	301		$	333
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses) (1)		(78	)		(43	)		(47	)		(174	)		128			(78	)		128
Net derivative gains (losses)		(30	)		50			(31	)		(159	)		(552	)		(30	)		(552	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(1	)		(1	)		(2	)		4			1			(1	)		1
Net investment income		508			(357	)		135			240			638			508			638
Other revenues		5			6			7			5			-			5			-
Policyholder benefits and claims and policyholder dividends		(23	)		(21	)		(38	)		(45	)		(144	)		(23	)		(144	)
Interest credited to policyholder account balances		(515	)		352			(134	)		(242	)		(639	)		(515	)		(639	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		1			1			(2	)		(4	)		10			1			10
Amortization of negative VOBA		17			16			15			17			15			17			15
Interest expense on debt		-			-			-			-			-			-			-
Other expenses (1)		6			10			4			4			(150	)		6			(150	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit (1), (2)		53			(21	)		27			424			283			53			283
Income (loss) from continuing operations, net of income tax		244			271			193			268			(77	)		244			(77	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			(3	)		-			(3	)
Net income (loss)		244			271			193			268			(80	)		244			(80	)
Less: Net income (loss) attributable to noncontrolling interests		7			10			8			1			4			7			4
Net income (loss) attributable to MetLife, Inc.		237			261			185			267			(84	)		237			(84	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	237		$	261		$	185		$	267		$	(84	)	$	237		$	(84	)

Total Operating Premiums, Fees and Other Revenues	$	2,417		$	2,413		$	2,504		$	2,527		$	2,455		$	2,417		$	2,455
(1) For the three months ended March 31, 2013, a net investment gain of $11 million, an expense of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency are included.
(2) For the three months ended December 31, 2012, a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary is included.

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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, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	652		$	627		$	536		$	555		$	567		$	652		$	567
Universal life and investment-type product policy fees		80			71			82			100			91			80			91
Net investment income		157			127			122			129			128			157			128
Other revenues		36			27			35			23			27			36			27
Total operating revenues		925			852			775			807			813			925			813

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		343			343			255			255			237			343			237
Interest credited to policyholder account balances		33			26			32			35			35			33			35
Capitalization of DAC		(177	)		(200	)		(158	)		(188	)		(177	)		(177	)		(177	)
Amortization of DAC and VOBA		146			180			130			170			165			146			165
Amortization of negative VOBA		(4	)		(35	)		(26	)		(29	)		(17	)		(4	)		(17	)
Interest expense on debt		-			1			2			(2	)		1			-			1
Other expenses		471			422			440			477			448			471			448
Total operating expenses		812			737			675			718			692			812			692

Operating earnings before provision for income tax		113			115			100			89			121			113			121
Provision for income tax expense (benefit)		41			37			38			30			34			41			34
Operating earnings		72			78			62			59			87			72			87
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	72		$	78		$	62		$	59		$	87		$	72		$	87

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	72		$	78		$	62		$	59		$	87		$	72		$	87
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		(18	)		(18	)		73			(6	)		16			(18	)		16
Net derivative gains (losses)		29			14			13			5			(6	)		29			(6	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			13			1			1			(2	)		-			(2	)
Net investment income		458			(178	)		348			185			393			458			393
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		(450	)		177			(337	)		(174	)		(384	)		(450	)		(384	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			(16	)		(2	)		-			4			-			4
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		6			(20	)		(22	)		(12	)		(3	)		6			(3	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(22	)		36			(32	)		(30	)		(22	)		(22	)		(22	)
Income (loss) from continuing operations, net of income tax		75			86			104			28			83			75			83
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		75			86			104			28			83			75			83
Less: Net income (loss) attributable to noncontrolling interests		17			(6	)		(5	)		3			2			17			2
Net income (loss) attributable to MetLife, Inc.		58			92			109			25			81			58			81
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	58		$	92		$	109		$	25		$	81		$	58		$	81

Total Operating Premiums, Fees and Other Revenues	$	768		$	725		$	653		$	678		$	685		$	768		$	685

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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, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	14		$	14		$	15		$	13		$	26		$	14		$	26
Universal life and investment-type product policy fees		40			39			38			38			36			40			36
Net investment income		192			238			117			156			146			192			146
Other revenues		14			5			8			6			13			14			13
Total operating revenues		260			296			178			213			221			260			221

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		11			52			31			25			9			11			9
Interest credited to policyholder account balances		-			12			11			16			12			-			12
Capitalization of DAC		-			-			-			-			(4	)		-			(4	)
Amortization of DAC and VOBA		-			-			1			1			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		311			290			285			290			286			311			286
Other expenses		155			108			146			150			164			155			164
Total operating expenses		477			462			474			482			467			477			467

Operating earnings before provision for income tax		(217	)		(166	)		(296	)		(269	)		(246	)		(217	)		(246	)
Provision for income tax expense (benefit)		(180	)		(144	)		(192	)		(163	)		(193	)		(180	)		(193	)
Operating earnings		(37	)		(22	)		(104	)		(106	)		(53	)		(37	)		(53	)
Preferred stock dividends		30			31			30			31			30			30			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(67	)	$	(53	)	$	(134	)	$	(137	)	$	(83	)	$	(67	)	$	(83	)

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(37	)	$	(22	)	$	(104	)	$	(106	)	$	(53	)	$	(37	)	$	(53	)
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		21			(205	)		(35	)		(132	)		58			21			58
Net derivative gains (losses)		(870	)		227			(635	)		(512	)		99			(870	)		99
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		197			178			63			52			40			197			40
Other revenues		140			(40	)		13			13			(1	)		140			(1	)
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(43	)		(45	)		(40	)		(38	)		(33	)		(43	)		(33	)
Other expenses		(527	)		(376	)		(235	)		(233	)		(156	)		(527	)		(156	)
Goodwill impairment		-			-			(176	)		-			-			-			-
Provision for income tax (expense) benefit		374			95			309			311			(5	)		374			(5	)
Income (loss) from continuing operations, net of income tax		(745	)		(188	)		(840	)		(645	)		(51	)		(745	)		(51	)
Income (loss) from discontinued operations, net of income tax		-			-			-			2			-			-			-
Net income (loss)		(745	)		(188	)		(840	)		(643	)		(51	)		(745	)		(51	)
Less: Net income (loss) attributable to noncontrolling interests		-			3			(6	)		4			-			-			-
Net income (loss) attributable to MetLife, Inc.		(745	)		(191	)		(834	)		(647	)		(51	)		(745	)		(51	)
Less: Preferred stock dividends		30			31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(775	)	$	(222	)	$	(864	)	$	(678	)	$	(81	)	$	(775	)	$	(81	)

Total Operating Premiums, Fees and Other Revenues	$	68		$	58		$	61		$	57		$	75		$	68		$	75

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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, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Fixed Maturity Securities
Yield (1)		4.96%			4.76%			4.85%			4.85%			4.83%
Investment income (2), (3), (4)	$	3,840		$	3,720		$	3,833		$	3,850		$	3,833
Investment gains (losses) (3)		(136	)		(19	)		34			74			313
Ending carrying value (2), (3)		355,269			367,138			378,748			375,108			375,275
Mortgage Loans
Yield (1)		5.62%			5.44%			5.81%			5.71%			5.52%
Investment income (3), (4)		830			764			810			786			738
Investment gains (losses) (3)		36			13				-		8			12
Ending carrying value (3)		57,281			55,750			56,291			54,340			53,207
Real Estate and Real Estate Joint Ventures
Yield (1)		3.76%			8.75%			2.95%			3.10%			2.40%
Investment income (3)		80			185			64			72			60
Investment gains (losses) (3)		17			(12	)		(15	)		43			(20	)
Ending carrying value		8,472			8,477			8,749			9,918			9,998
Policy Loans
Yield (1)		5.30%			5.27%			5.25%			5.19%			5.22%
Investment income		158			156			157			155			155
Ending carrying value		11,896			11,912			11,949			11,884			11,781
Equity Securities
Yield (1)		4.17%			5.24%			3.65%			5.36%			3.41%
Investment income		32			38			26			37			24
Investment gains (losses)		(9	)		19			3			(9	)		(27	)
Ending carrying value		3,043			2,882			2,803			2,891			3,188
Other Limited Partnership Interests
Yield (1)		11.34%			16.07%			8.66%			15.01%			14.25%
Investment income		182			266			145			252			246
Investment gains (losses)		(2	)		(9	)		(7	)		(18	)			-
Ending carrying value		6,487			6,726			6,730			6,688			7,087
Cash and Short-term Investments
Yield (1)		0.69%			0.65%			0.66%			0.77%			0.89%
Investment income		32			34			34			43			45
Investment gains (losses)			-			-		3			3			39
Ending carrying value (3)		30,465			34,540			31,625			32,634			23,635
Other Invested Assets (1)
Investment income		132			197			140			126			179
Investment gains (losses) (3)		(25	)		(10	)		12			(134	)		(32	)
Ending carrying value		20,172			24,288			23,477			21,145			20,269
Total Investments
Investment income yield (1)		5.00%			5.05%			4.88%			4.93%			4.93%
Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.87%			4.92%			4.75%			4.80%			4.80%
Investment income	$	5,286		$	5,360		$	5,209		$	5,321		$	5,280
Investment fees and expenses		(140	)		(139	)		(140	)		(135	)		(143	)
Net investment income including Divested businesses		5,146			5,221			5,069			5,186			5,137
Less: Net investment income from Divested businesses (5)		69			49			21			11			5
Net Investment Income (3)	$	5,077		$	5,172		$	5,048		$	5,175		$	5,132
Ending Carrying Value (3)	$	493,085		$	511,713		$	520,372		$	514,608		$	504,440
Investment portfolio gains (losses) including Divested businesses	$	(119	)	$	(18	)	$	30		$	(33	)	$	285
Less: Investment portfolio gains (losses) from Divested businesses (5)		96			(35	)		(26	)		2				-
Investment Portfolio Gains (Losses) (3), (5)	$	(215	)	$	17		$	56		$	(35	)	$	285
Gross investment gains	$	278		$	255		$	257		$	359		$	560
Gross investment losses		(335	)		(182	)		(127	)		(170	)		(196	)
Writedowns		(158	)		(56	)		(74	)		(224	)		(79	)
Investment Portfolio Gains (Losses) (3), (5)		(215	)		17			56			(35	)		285
Investment portfolio gains (losses) income tax (expense) benefit		70			(13	)		(13	)		33			(124	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(145	)	$	4		$	43		$	(2	)	$	161

Derivative Gains (Losses) including Divested businesses	$	(2,064	)	$	1,984		$	(824	)	$	(1,453	)	$	(763	)
Less: Derivative gains (losses) from Divested businesses (5)		(5	)		(2	)			-		1				-
Derivative gains (losses) (3), (5)		(2,059	)		1,986			(824	)		(1,454	)		(763	)
Derivative gains (losses) income tax (expense) benefit		727			(699	)		281			530			270
Derivative Gains (Losses), Net of Income Tax	$	(1,332	)	$	1,287		$	(543	)	$	(924	)	$	(493	)

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $818 million, $799 million, $743 million, $842 million and $981 million in ending carrying value, and $45 million, ($1) million, $24 million, $20 million and $21 million of investment income related to fair value option and trading securities at or for the three months ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, 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, 2012, June 30, 2012, September 30, 2012, December 31, 2012, and March 31, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $18,119 million, $17,459 million, $15,199 million, $15,465 million and $15,572 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $89 million, $70 million, $53 million, $41 million and $35 million, mortgage loans of $3,024 million, $2,932 million, $2,879 million, $2,666 million and $2,407 million and cash and short-term investments of $3 million, $21 million, $3 million, $10 million and $1 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $8,283 million, $259 million, $0, $0 and $0; D) Net investment income adjustments as presented on Page A-1 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
		For the Three Months Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(119)		$	(18)		$	30		$	(33)		$	285
Real estate discontinued operations		(21)			(4)			-			(44)			6
Net investment gains (losses) related to CSEs		(5)			4			15			11			8
Other gains (losses) reported in net investment gains (losses) on GAAP basis		35			(46)			(23)			(134)			15
Net investment gains (losses) - GAAP basis	$	(110)		$	(64)		$	22		$	(200)		$	314

		For the Three Months Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(2,064)		$	1,984		$	(824)		$	(1,453)		$	(763)
Investment hedge adjustments		89			113			108			138			131
Settlement of foreign currency earnings hedges		(5)			(6)			(7)			(5)			-
PAB hedge adjustments		2			1			5			5			2
Net derivative gains (losses) - GAAP basis	$	(1,978)		$	2,092		$	(718)		$	(1,315)		$	(630)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the three months ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, includes $85 million, $88 million, $4 million, $0 and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above. See Page 2 for discussion of Divested businesses.

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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, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Fixed Maturity Securities
Yield (1)		4.96%			4.86%			4.86%			4.85%			4.83%
Investment income (2), (3), (4)	$	3,840		$	7,560		$	11,393		$	15,243		$	3,833
Investment gains (losses) (3)		(136	)		(155	)		(121	)		(47	)		313
Ending carrying value (2), (3)		355,269			367,138			378,748			375,108			375,275
Mortgage Loans
Yield (1)		5.62%			5.53%			5.62%			5.64%			5.52%
Investment income (3), (4)		830			1,594			2,404			3,190			738
Investment gains (losses) (3)		36			49			49			57			12
Ending carrying value (3)		57,281			55,750			56,291			54,340			53,207
Real Estate and Real Estate Joint Ventures
Yield (1)		3.76%			6.25%			5.14%			4.59%			2.40%
Investment income (3)		80			265			329			401			60
Investment gains (losses) (3)		17			5			(10	)		33			(20	)
Ending carrying value		8,472			8,477			8,749			9,918			9,998
Policy Loans
Yield (1)		5.30%			5.28%			5.27%			5.25%			5.22%
Investment income		158			314			471			626			155
Ending carrying value		11,896			11,912			11,949			11,884			11,781
Equity Securities
Yield (1)		4.17%			4.69%			4.36%			4.60%			3.41%
Investment income		32			70			96			133			24
Investment gains (losses)		(9	)		10			13			4			(27	)
Ending carrying value		3,043			2,882			2,803			2,891			3,188
Other Limited Partnership Interests
Yield (1)		11.34%			13.74%			12.00%			12.76%			14.25%
Investment income		182			448			593			845			246
Investment gains (losses)		(2	)		(11	)		(18	)		(36	)			-
Ending carrying value		6,487			6,726			6,730			6,688			7,087
Cash and Short-term Investments
Yield (1)		0.69%			0.67%			0.67%			0.69%			0.89%
Investment income		32			66			100			143			45
Investment gains (losses)			-			-		3			6			39
Ending carrying value (3)		30,465			34,540			31,625			32,634			23,635
Other Invested Assets (1)
Investment income		132			329			469			595			179
Investment gains (losses) (3)		(25	)		(35	)		(23	)		(157	)		(32	)
Ending carrying value		20,172			24,288			23,477			21,145			20,269
Total Investments
Investment income yield (1)		5.00%			5.03%			4.98%			4.96%			4.93%
Investment fees and expenses yield		(0.13	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net Investment Income Yield (1), (3), (5)		4.87%			4.90%			4.85%			4.83%			4.80%
Investment income	$	5,286		$	10,646		$	15,855		$	21,176		$	5,280
Investment fees and expenses		(140	)		(279	)		(419	)		(554	)		(143	)
Net investment income including Divested businesses		5,146			10,367			15,436			20,622			5,137
Less: Net investment income from Divested businesses (5)		69			118			139			150			5
Net Investment Income (3)	$	5,077		$	10,249		$	15,297		$	20,472		$	5,132
Ending Carrying Value (3)	$	493,085		$	511,713		$	520,372		$	514,608		$	504,440
Investment portfolio gains (losses) including Divested businesses	$	(119	)	$	(137	)	$	(107	)	$	(140	)	$	285
Less: Investment portfolio gains (losses) from Divested businesses (5)		96			61			35			37				-
Investment Portfolio Gains (Losses) (3), (5)	$	(215	)	$	(198	)	$	(142	)	$	(177	)	$	285
Gross investment gains	$	278		$	533		$	790		$	1,149		$	560
Gross investment losses		(335	)		(517	)		(644	)		(814	)		(196	)
Writedowns		(158	)		(214	)		(288	)		(512	)		(79	)
Investment Portfolio Gains (Losses) (3), (5)		(215	)		(198	)		(142	)		(177	)		285
Investment portfolio gains (losses) income tax (expense) benefit		70			57			44			77			(124	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	(145	)	$	(141	)	$	(98	)	$	(100	)	$	161

Derivative Gains (Losses) including Divested businesses	$	(2,064	)	$	(80	)	$	(904	)	$	(2,357	)	$	(763	)
Less: Derivative gains (losses) from Divested businesses (5)		(5	)		(7	)		(7	)		(6	)			-
Derivative gains (losses) (3), (5)		(2,059	)		(73	)		(897	)		(2,351	)		(763	)
Derivative gains (losses) income tax (expense) benefit		727			28			309			839			270
Derivative Gains (Losses), Net of Income Tax	$	(1,332	)	$	(45	)	$	(588	)	$	(1,512	)	$	(493	)

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs, contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes $818 million, $799 million, $743 million, $842 million and $981 million in ending carrying value, and $45 million, $44 million, $68 million, $88 million and $21 million of investment income related to fair value option and trading securities at or for the year-to-date period ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, 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, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $18,119 million, $17,459 million, $15,199 million, $15,465 million and $15,572 million; B) Ending carrying value excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $89 million, $70 million, $53 million, $41 million and $35 million, mortgage loans of $3,024 million, $2,932 million, $2,879 million, $2,666 million and $2,407 million and cash and short-term investments of $3 million, $21 million, $3 million, $10 million and $1 million; C) Mortgage loans ending carrying value excludes securitized reverse residential mortgage loans of $8,283 million, $259 million, $0, $0 and $0; D) Net investment income adjustments as presented on Page A-1 within the reconciliation to Net Income; E) Investment portfolio gains (losses) presented above and the GAAP adjustments as presented below; and F) Derivative gains (losses) presented above and GAAP adjustments as presented below:
		For the Year-to-Date Period Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	(119)		$	(137)		$	(107)		$	(140)		$	285
Real estate discontinued operations		(21)			(25)			(25)			(69)			6
Net investment gains (losses) related to certain CSEs		(5)			(1)			14			25			8
Other gains (losses) reported in net investment gains (losses) on GAAP basis		35			(11)			(34)			(168)			15
Net investment gains (losses) - GAAP basis	$	(110)		$	(174)		$	(152)		$	(352)		$	314

		For the Year-to-Date Period Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
Derivative gains (losses) including Divested businesses - in above yield table	$	(2,064)		$	(80)		$	(904)		$	(2,357)		$	(763)
Investment hedge adjustments		89			202			310			448			131
Settlement of foreign currency earnings hedges		(5)			(11)			(18)			(23)			-
PAB hedge adjustments		2			3			8			13			2
Net derivative gains (losses) - GAAP basis	$	(1,978)		$	114		$	(604)		$	(1,919)		$	(630)

(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
(5) Yields are calculated including net investment income of certain Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for all of the Divested businesses for the year-to-date period ended March 31, 2012, June 30, 2012, September 30, 2012, December 31, 2012 and March 31, 2013, includes $85 million, $173 million, $177 million, $177 million and $0, respectively, for securitized reverse residential mortgage loans that was excluded from the Mortgage Loans and total yield section presented above. See Page 2 for discussion of Divested businesses.

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	INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
		March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
	Unaudited (In millions)	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total

	Less than 20%	$	1,963	52.6%	$	1,813	52.1%	$	1,157	51.6%	$	1,000	57.2%	$	1,155	73.8%
	20% or more for less than six months		258	6.9%		272	7.8%		111	5.0%		89	5.1%		46	2.9%
	20% or more for six months or greater		1,512	40.5%		1,397	40.1%		973	43.4%		659	37.7%		364	23.3%
	Total Gross Unrealized Losses	$	3,733	100.0%	$	3,482	100.0%	$	2,241	100.0%	$	1,748	100.0%	$	1,565	100.0%

	Total Gross Unrealized Gains	$	25,203		$	30,950		$	35,455		$	35,144		$	33,326


	GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
		March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013
	Unaudited (In millions)	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total	Amount		% of Total

	Less than 20%	$	33	18.6%	$	56	25.3%	$	33	16.6%	$	30	18.9%	$	28	32.6%
	20% or more for less than six months		14	7.9%		19	8.6%		28	14.1%		10	6.3%		4	4.6%
	20% or more for six months or greater		130	73.5%		146	66.1%		138	69.3%		119	74.8%		54	62.8%
	Total Gross Unrealized Losses	$	177	100.0%	$	221	100.0%	$	199	100.0%	$	159	100.0%	$	86	100.0%

	Total Gross Unrealized Gains	$	158		$	130		$	164		$	212		$	376


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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
Unaudited (In millions)		March 31, 2012				June 30, 2012				September 30, 2012				December 31, 2012				March 31, 2013
		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	105,273		29.7%	$	110,373		30.1%	$	113,942		30.1%	$	114,126		30.5%	$	113,006	30.2%
Foreign corporate securities			65,354		18.4%		63,345		17.3%		65,257		17.3%		67,184		18.0%		66,086	17.7%
Foreign government securities			55,338		15.6%		56,193		15.3%		57,405		15.2%		57,336		15.3%		55,435	14.8%
U.S. Treasury and agency securities			41,416		11.7%		47,841		13.1%		51,448		13.6%		47,967		12.8%		54,457	14.5%
Residential mortgage-backed securities			41,279		11.7%		41,064		11.2%		40,591		10.7%		37,479		10.0%		36,347	9.7%
Commercial mortgage-backed securities			18,732		5.3%		19,017		5.2%		19,440		5.1%		19,129		5.1%		17,897	4.8%
Asset-backed securities			13,143		3.7%		13,892		3.8%		15,005		4.0%		15,997		4.3%		16,114	4.3%
State and political subdivision securities			13,916		3.9%		14,614		4.0%		14,917		4.0%		15,048		4.0%		14,952	4.0%
Total fixed maturity securities available-for-sale		$	354,451		100.0%	$	366,339		100.0%	$	378,005		100.0%	$	374,266		100.0%	$	374,294	100.0%

NAIC	RATING AGENCY
RATING	DESIGNATION
1	Aaa / Aa / A	$	248,544		70.1%	$	258,302		70.5%	$	264,892		70.1%	$	258,568		69.1%	$	259,419	69.3%
2	Baa		80,882		22.8%		83,515		22.8%		87,930		23.3%		90,193		24.1%		89,202	23.8%
3	Ba		14,618		4.1%		14,848		4.1%		15,029		4.0%		14,434		3.8%		14,488	3.9%
4	B		9,051		2.6%		8,503		2.3%		8,881		2.3%		9,607		2.6%		9,557	2.6%
5	Caa and lower		1,334		0.4%		1,121		0.3%		1,207		0.3%		1,379		0.4%		1,548	0.4%
6	In or near default		22		0.0%		50		0.0%		66		0.0%		85		0.0%		80	0.0%
Total fixed maturity securities available-for-sale (1)		$	354,451		100.0%	$	366,339		100.0%	$	378,005		100.0%	$	374,266		100.0%	$	374,294	100.0%

(1) Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on ratings from revised NAIC rating methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available. These revised NAIC ratings may not correspond to the rating agency designations. The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.
SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES


	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
Unaudited (In millions)
Traditional (2), (3)		$ 6,954		$ 7,083		$ 7,338		$ 8,489		$ 8,595
Real estate joint ventures and funds		1,172		1,109		1,083		941		903
Subtotal		8,126		8,192		8,421		9,430		9,498
Foreclosed		346		285		328		488		500
Total Real Estate and Real Estate Joint Ventures		$ 8,472		$ 8,477		$ 8,749		$ 9,918		$ 9,998
(2) Includes wholly-owned real estate and operating real estate joint ventures. (3) Includes real estate held-for-sale and held-for-investment.

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INVESTMENTS SUMMARY OF MORTGAGE LOANS (1), (2)
		March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012		March 31, 2013
	Unaudited (In millions)

	Commercial mortgage loans		$ 40,329	$	41,035	$	41,941	$	40,472	$	39,605
	Agricultural mortgage loans		12,946		12,848		12,600		12,843		12,669
	Residential mortgage loans		788		747		818		958		994
	Mortgage loans held-for-sale		3,664		1,481		1,286		414		271
	Total Mortgage Loans		57,727		56,111		56,645		54,687		53,539
	Valuation allowances		(446)		(361)		(354)		(347)		(332)
	Total Mortgage Loans, net		$ 57,281	$	55,750	$	56,291	$	54,340	$	53,207
	(1) Excludes the effects of securitized reverse residential mortgage loans which have been sold, but do not qualify for de-recognition. See Page 25, note 3 for the amount excluded for each period presented. (2) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 25, note 3 for the amount excluded for each period presented.
	SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE


	March 31, 2012					June 30, 2012					September 30, 2012					December 31, 2012					March 31, 2013
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total

Pacific	$	8,015		19.9	%	$	7,973		19.4	%	$	8,189		19.5	%	$	7,932		19.6	%	$	7,718		19.5	%
South Atlantic		8,968		22.2	%		8,966		21.9	%		8,430		20.1	%		7,969		19.7	%		7,655		19.3	%
Middle Atlantic		6,288		15.6	%		6,412		15.6	%		7,014		16.7	%		6,780		16.7	%		6,970		17.6	%
International		4,839		12.0	%		4,955		12.1	%		5,436		13.0	%		5,567		13.8	%		5,344		13.5	%
West South Central		3,289		8.1	%		3,492		8.5	%		3,485		8.3	%		3,436		8.5	%		3,496		8.8	%
East North Central		2,936		7.3	%		3,110		7.6	%		3,161		7.5	%		3,026		7.5	%		2,765		7.0	%
New England		1,572		3.9	%		1,553		3.8	%		1,551		3.7	%		1,489		3.7	%		1,488		3.8	%
Mountain		810		2.0	%		992		2.4	%		990		2.4	%		906		2.2	%		875		2.2	%
East South Central		483		1.2	%		460		1.1	%		459		1.1	%		457		1.1	%		456		1.2	%
West North Central		346		0.9	%		338		0.8	%		335		0.8	%		288		0.7	%		285		0.7	%
Multi-Region and Other		2,783		6.9	%		2,784		6.8	%		2,891		6.9	%		2,622		6.5	%		2,553		6.4	%
Total	$	40,329		100.0	%	$	41,035		100.0	%	$	41,941		100.0	%	$	40,472		100.0	%	$	39,605		100.0	%


Office	$	18,320		45.4	%	$	18,502		45.1	%	$	18,899		45.1	%	$	18,012		44.5	%	$	18,259		46.1	%
Retail		9,545		23.7	%		9,669		23.6	%		9,758		23.3	%		9,445		23.3	%		8,973		22.7	%
Apartment		3,930		9.7	%		4,303		10.5	%		4,114		9.8	%		3,944		9.8	%		3,897		9.8	%
Hotel		3,136		7.8	%		3,181		7.7	%		3,482		8.3	%		3,355		8.3	%		3,278		8.3	%
Industrial		3,288		8.2	%		3,224		7.9	%		3,237		7.7	%		3,159		7.8	%		3,077		7.8	%
Other		2,110		5.2	%		2,156		5.2	%		2,451		5.8	%		2,557		6.3	%		2,121		5.3	%
Total	$	40,329		100.0	%	$	41,035		100.0	%	$	41,941		100.0	%	$	40,472		100.0	%	$	39,605		100.0	%

LOGO

Appendix

LOGO


APPENDIX METLIFE, INC. RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,494		$	1,463		$	1,447		$	1,404		$	1,665		$	1,494		$	1,665
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses) (1)		(110	)		(64	)		22			(200	)		314			(110	)		314
Net derivative gains (losses)		(1,978	)		2,092			(718	)		(1,315	)		(630	)		(1,978	)		(630	)
Premiums - Divested businesses		22			22			16			4			-			22			-
Universal life and investment-type product policy fees
Unearned revenue adjustments		(6	)		20			(4	)		5			(3	)		(6	)		(3	)
GMIB fees		72			74			86			86			82			72			82
Divested businesses		3			4			1			3			1			3			1
Net investment income
Investment hedge adjustments		(89	)		(113	)		(108	)		(138	)		(131	)		(89	)		(131	)
Income from discontinued real estate operations		-			(2	)		-			(1	)		(1	)		-			(1	)
Joint venture adjustments		-			-			-			-			-			-			-
Unit-linked contract income		1,015			(517	)		512			463			1,039			1,015			1,039
Securitization entities income		43			42			40			38			33			43			33
Divested businesses		154			137			25			11			5			154			5
Other revenues
Settlement of foreign currency earnings hedges		5			6			7			5			-			5			-
Divested businesses		140			(39	)		13			13			(1	)		140			(1	)
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			-			-			-			-			-
Inflation adjustments and pass through adjustments		(98	)		(169	)		(13	)		(73	)		(197	)		(98	)		(197	)
GMIB costs		(388	)		52			(278	)		(563	)		(401	)		(388	)		(401	)
Market value adjustments		(7	)		(2	)		(1	)		(3	)		(2	)		(7	)		(2	)
Divested businesses		(15	)		(12	)		(11	)		(5	)		(2	)		(15	)		(2	)
Interest credited to policyholder account balances
PAB hedge adjustments		(2	)		(1	)		(5	)		(5	)		(2	)		(2	)		(2	)
Unit-linked contract costs		(1,016	)		509			(507	)		(454	)		(1,033	)		(1,016	)		(1,033	)
Divested businesses		-			(5	)		(1	)		-			(1	)		-			(1	)
Capitalization of DAC - Divested businesses		2			2			1			-			-			2			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		192			(257	)		(14	)		38			78			192			78
Related to GMIB fees and GMIB costs		113			(58	)		57			(89	)		114			113			114
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		(1	)		(2	)		-			(1	)		-			(1	)		-
Amortization of negative VOBA
Related to market value adjustments		17			16			15			17			15			17			15
Divested businesses		1			1			-			-			-			1			-
Interest expense on debt
Securitization entities debt expense		(43	)		(42	)		(40	)		(38	)		(33	)		(43	)		(33	)
Divested businesses		-			(3	)		-			-			-			-			-
Other expenses
Noncontrolling interest		24			11			(13	)		17			5			24			5
Regulatory implementation costs		(7	)		(14	)		(18	)		(12	)		(4	)		(7	)		(4	)
Acquisition & integration costs (1)		(75	)		(56	)		(80	)		(69	)		(181	)		(75	)		(181	)
Divested businesses		(467	)		(340	)		(152	)		(180	)		(128	)		(467	)		(128	)
Goodwill impairment		-			-			(1,868	)		-			-			-			-
Provision for income tax (expense) benefit (1), (2)		871			(455	)		632			1,147			394			871			394
Income (loss) from continuing operations, net of income tax		(134	)		2,300			(957	)		105			995			(134	)		995
Income (loss) from discontinued operations, net of income tax		14			3			-			31			(3	)		14			(3	)
Net income (loss)		(120	)		2,303			(957	)		136			992			(120	)		992
Less: Net income (loss) attributable to noncontrolling interests		24			8			(3	)		9			6			24			6
Net income (loss) attributable to MetLife, Inc.		(144	)		2,295			(954	)		127			986			(144	)		986
Less: Preferred stock dividends		30			31			30			31			30			30			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(174	)	$	2,264		$	(984	)	$	96		$	956		$	(174	)	$	956

(1) For the three months ended March 31, 2013, a net investment gain of $11 million, an expense of $154 million and a tax benefit of $119 million related to a settlement of an acquisition tax contingency are included. (2) For the three months ended December 31, 2012, a deferred tax benefit of $324 million related to the conversion of the Japan branch to a subsidiary is included.

A-1

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APPENDIX TOTAL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	753		$	761		$	772		$	783		$	780		$	753		$	780
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		53			51			51			48			38			53			38
Other revenues		8			17			8			7			6			8			6
Total operating revenues		814			829			831			838			824			814			824

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		503			584			515			609			529			503			529
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(86	)		(94	)		(98	)		(96	)		(92	)		(86	)		(92	)
Amortization of DAC and VOBA		87			87			90			94			93			87			93
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		191			205			203			205			208			191			208
Total operating expenses		695			782			710			812			738			695			738

Operating earnings before provision for income tax		119			47			121			26			86			119			86
Provision for income tax expense (benefit)		28			3			30			(5	)		18			28			18
Operating earnings		91			44			91			31			68			91			68
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	91		$	44		$	91		$	31		$	68		$	91		$	68

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	91		$	44		$	91		$	31		$	68		$	91		$	68
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			11			5			5			4			1			4
Net derivative gains (losses)		1			(5	)		2			4			(1	)		1			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(2	)		(3	)		(3	)		(1	)		(1	)		(1	)
Income (loss) from continuing operations, net of income tax		92			48			95			37			70			92			70
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		92			48			95			37			70			92			70
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		92			48			95			37			70			92			70
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	92		$	48		$	95		$	37		$	70		$	92		$	70

Total Operating Premiums, Fees and Other Revenues	$	761		$	778		$	780		$	790		$	786		$	761		$	786
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife, Inc.

A-2

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APPENDIX RETAIL PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	414		$	417		$	420		$	429		$	425		$	414		$	425
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		30			30			29			27			21			30			21
Other revenues		4			4			4			4			4			4			4
Total operating revenues		448			451			453			460			450			448			450

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		266			323			283			314			286			266			286
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(61	)		(67	)		(65	)		(67	)		(64	)		(61	)		(64	)
Amortization of DAC and VOBA		64			62			63			65			65			64			65
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		110			122			119			120			116			110			116
Total operating expenses		379			440			400			432			403			379			403

Operating earnings before provision for income tax		69			11			53			28			47			69			47
Provision for income tax expense (benefit)		15			(2	)		11			2			9			15			9
Operating earnings		54			13			42			26			38			54			38
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	54		$	13		$	42		$	26		$	38		$	54		$	38

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	54		$	13		$	42		$	26		$	38		$	54		$	38
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		1			6			3			2			2			1			2
Net derivative gains (losses)		1			(3	)		1			2			(1	)		1			(1	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(1	)		(1	)		(2	)		(1	)		-			(1	)		-
Income (loss) from continuing operations, net of income tax		55			15			44			29			39			55			39
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		55			15			44			29			39			55			39
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		55			15			44			29			39			55			39
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	55		$	15		$	44		$	29		$	39		$	55		$	39

Total Operating Premiums, Fees and Other Revenues	$	418		$	421		$	424		$	433		$	429		$	418		$	429
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX GROUP PROPERTY & CASUALTY (1) STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013

OPERATING REVENUES
Premiums	$	339		$	344		$	352		$	354		$	355		$	339		$	355
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		23			21			22			21			17			23			17
Other revenues		4			13			4			3			2			4			2
Total operating revenues		366			378			378			378			374			366			374

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		237			261			232			295			243			237			243
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(25	)		(27	)		(33	)		(29	)		(28	)		(25	)		(28	)
Amortization of DAC and VOBA		23			25			27			29			28			23			28
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		81			83			84			85			92			81			92
Total operating expenses		316			342			310			380			335			316			335

Operating earnings before provision for income tax		50			36			68			(2	)		39			50			39
Provision for income tax expense (benefit)		13			5			19			(7	)		9			13			9
Operating earnings		37			31			49			5			30			37			30
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	37		$	31		$	49		$	5		$	30		$	37		$	30

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	37		$	31		$	49		$	5		$	30		$	37		$	30
Adjustments from operating earnings to income (loss) from continuing operations:
Net investment gains (losses)		-			5			2			3			2			-			2
Net derivative gains (losses)		-			(2	)		1			2			-			-			-
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			(1	)		(1	)		(2	)		(1	)		-			(1	)
Income (loss) from continuing operations, net of income tax		37			33			51			8			31			37			31
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		37			33			51			8			31			37			31
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		37			33			51			8			31			37			31
Less: Preferred stock dividends		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	37		$	33		$	51		$	8		$	31		$	37		$	31

Total Operating Premiums, Fees and Other Revenues	$	343		$	357		$	356		$	357		$	357		$	343		$	357
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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