EX-99.2

EX-99.2 3 d20890dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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Second Quarter

Financial Supplement

June 30, 2015

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METLIFE
TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

CORPORATE OVERVIEW			3

METLIFE
Consolidated Balance Sheets			5
Consolidated Statements of Operating Earnings Available to Common Shareholders			6
Consolidating Statement of Operating Earnings Available to Common Shareholders			7

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY			11

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			15
Other Expenses by Major Category and Sales by Product			16
Spread by Product and Other Statistical Information			17

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
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, Spread and Other Statistical Information			20

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			21
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities			22
Other Expenses by Major Category and Spread			23

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			24
Other Expenses by Major Category and Sales on a Constant Currency Basis			25

ASIA
Statements of Operating Earnings Available to Common Shareholders			26
Other Expenses by Major Category and Sales on a Constant Currency Basis			27

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			28
Other Expenses by Major Category and Sales on a Constant Currency Basis			29

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders and Operating Earnings Available to Common Shareholders by Source			30

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			31
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			33
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			34
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			35

APPENDIX
Reconciliation Detail			A-1
Notable Items:
MetLife Total, Retail, Retail - Life & Other, Retail - Annuities and Group, Voluntary & Worksite Benefits			A-2
Corporate Benefit Funding, Latin America, Asia, EMEA and Corporate & Other			A-3
Equity Details, Book Value Details and Return on Equity			A-4
Return on Allocated Equity			A-5
Operating Premiums, Fees and Other Revenues and Operating Earnings Available to Common Shareholders - Constant Currency Basis			A-6
Property & Casualty Supplemental Information:
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-7
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-8
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-9

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METLIFE

NOTE TO FINANCIAL SUPPLEMENT

As used in this Quarterly Financial Supplement (“QFS”), “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

This QFS includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with accounting principles generally accepted in the United States of America (“GAAP”) accounting guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife (“Divested businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative gains (losses) (“NDGL”). Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL (“Unearned revenue adjustments”) and certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB fees”);

•

Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (“Investment hedge adjustments”), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (“Operating joint venture adjustments”), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (“Unit-linked contract income”), and (v) excludes certain amounts related to securitization entities that are variable interest entities (“VIEs”) consolidated under GAAP (“Securitization entities income”); and

•

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

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (“PDO adjustments”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (“Inflation adjustments and pass through adjustments”), (iii) benefits and hedging costs related to GMIBs (“GMIB costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);

•

Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (“PAB hedge adjustments”) and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (“Unit-linked contract costs”);

•

Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;

•

Amortization of negative VOBA excludes amounts related to Market value adjustments;

•

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP (“Securitization entities debt expense”); and

•

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements (“Regulatory implementation costs”), and (iii) acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. In addition to the tax impact of the adjustments mentioned above, provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.

MetLife, Inc.’s tangible common stockholders’ equity is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss) (“AOCI”) and is also reduced by the impact of goodwill, value of distribution agreements (“VODA”) and value of customer relationships acquired (“VOCRA”), all net of income tax. MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than foreign currency translation adjustments (“FCTA”), is defined as MetLife, Inc.’s common stockholders’ equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

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, investment portfolio gains (losses) and derivative gains (losses) should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, net investment gains (losses) and net derivative gains (losses), respectively. MetLife, Inc.’s tangible common stockholders’ equity and MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA, should not be viewed as substitutes for total MetLife, Inc.’s stockholders’ equity calculated in accordance with GAAP. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix, and in our earnings news release dated July 29, 2015, for the period ended June 30, 2015, which is available at www.metlife.com.

In addition, the following are return on equity and allocated equity definitions:

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

Please see Page 11 for information on allocated equity.

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METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Operating earnings available to common shareholders	$	1,590		$	1,825		$	1,583		$	1,638		$	1,765
Preferred stock dividends		31			30			31			30			31
Operating earnings		1,621			1,855			1,614			1,668			1,796
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(125	)		109			230			286			(133	)
Net derivative gains (losses)		311			478			185			821			(912	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(475	)		(146	)		(453	)		(310	)		(177	)
Provision for income tax (expense) benefit		44			(202	)		(49	)		(302	)		545
Income (loss) from continuing operations, net of income tax		1,376			2,094			1,527			2,163			1,119
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,376			2,094			1,527			2,163			1,119
Less: Net income (loss) attributable to noncontrolling interests		10			-			6			5			4
Net income (loss) attributable to MetLife, Inc.		1,366			2,094			1,521			2,158			1,115
Less: Preferred stock dividends		31			30			31			30			31
Less: Preferred stock repurchase premium		-			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,335		$	2,064		$	1,490		$	2,128		$	1,042


Operating earnings available to common shareholders per common share - diluted	$	1.39		$	1.60		$	1.38		$	1.44		$	1.56
Net investment gains (losses)		(0.11	)		0.10			0.20			0.25			(0.12	)
Net derivative gains (losses)		0.27			0.42			0.16			0.72			(0.81	)
Goodwill impairment		-			-			-			-			-
Other adjustments to continuing operations		(0.41	)		(0.13	)		(0.39	)		(0.27	)		(0.15	)
Provision for income tax (expense) benefit		0.04			(0.18	)		(0.04	)		(0.27	)		0.48
Discontinued operations, net of income tax		-			-			-			-			-
Less: Net income (loss) attributable to noncontrolling interests		0.01			-			0.01			-			-
Less: Preferred stock repurchase premium		-			-			-			-			0.04
Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted	$	1.17		$	1.81		$	1.30		$	1.87		$	0.92

	For the Three Months Ended
Unaudited (In millions, except per share data)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	11		$	62		$	-		$	-		$	-
Catastrophe experience and prior year development, net		(21	)		38			16			(16	)		-
Actuarial assumption review and other insurance adjustments		56			16			5			-			-
Litigation reserves & settlement costs		-			-			(117	)		-			-
Tax adjustments		-			(9	)		27			-			61
Total notable items (2)	$	46		$	107		$	(69	)	$	(16	)	$	61

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	0.01		$	0.05		$	-		$	-		$	-
Catastrophe experience and prior year development, net	$	(0.02	)	$	0.03		$	0.01		$	(0.01	)	$	-
Actuarial assumption review and other insurance adjustments	$	0.05		$	0.01		$	-		$	-		$	-
Litigation reserves & settlement costs	$	-		$	-		$	(0.10	)	$	-		$	-
Tax adjustments	$	-		$	(0.01	)	$	0.02		$	-		$	0.05
Total notable items (2)	$	0.04		$	0.09		$	(0.06	)	$	(0.01	)	$	0.05

	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Weighted average common shares outstanding - diluted		1,142.3			1,141.0			1,147.3			1,135.8			1,128.4
(1) The three months ended June 30, 2014 includes a pre-tax net investment loss of $138 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited. (2) Notable items represent a positive (negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a stand alone basis and may not sum to total notable items.

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METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Book value per common share, excluding AOCI other than FCTA (1)	$	48.60	$	49.69		$	49.53		$	50.45		$	50.73
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	38.69	$	39.95		$	40.36		$	41.32		$	41.73
Book value per common share (1)	$	59.96	$	61.44		$	61.85		$	64.37		$	60.27

	For the Three Months Ended
Unaudited	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		11.7%		13.2%			11.3%			11.7%			12.5%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		14.9%		16.7%			14.1%			14.4%			15.3%
Common stockholders’ equity		9.7%		10.7%			9.1%			9.2%			10.2%

Return on MetLife, Inc.’s (2):
Common stockholders’ equity, excluding AOCI other than FCTA		9.9%		15.0%			10.7%			15.2%			7.4%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		12.5%		18.8%			13.3%			18.7%			9.1%
Common stockholders’ equity		8.1%		12.1%			8.6%			12.0%			6.0%

	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Common shares outstanding, beginning of period		1,124.8		1,126.6			1,119.1			1,131.9			1,114.3
Share repurchases (4)		-		(8.1	)		(10.7	)		(19.9	)		(0.2	)
Newly issued shares		1.8		0.6			23.5			2.3			2.7
Common shares outstanding, end of period		1,126.6		1,119.1			1,131.9			1,114.3			1,116.8

Weighted average common shares outstanding - basic		1,128.0		1,125.1			1,135.8			1,125.7			1,117.8
Dilutive effect of stock purchase contracts underlying common equity units		3.8		4.6			-			-			-
Dilutive effect of the exercise or issuance of stock-based awards		10.5		11.3			11.5			10.1			10.6
Weighted average common shares outstanding - diluted		1,142.3		1,141.0			1,147.3			1,135.8			1,128.4

MetLife Policyholder Trust Shares		185.7		183.6			180.5			178.3			175.0
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the operating return on MetLife, Inc.’s common stockholders’ equity and return on MetLife, Inc.’s common stockholders’ equity for the year ended December 31, 2014. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax. (4) For the three months ended June 30, 2014, the number of shares repurchased was less than 100,000 shares.

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METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	367,056		$	368,070		$	365,425		$	366,275		$	351,353
Equity securities available-for-sale, at estimated fair value		3,863			3,689			3,631			3,713			3,677
Fair value option and trading securities, at estimated fair value (1)		17,831			17,246			16,689			16,471			16,460
Mortgage loans		57,223			58,038			60,118			62,409			64,010
Policy loans		11,785			11,756			11,618			11,606			11,575
Real estate and real estate joint ventures		10,101			10,393			10,525			10,310			10,207
Other limited partnership interests		7,964			8,214			8,085			8,074			8,099
Short-term investments, principally at estimated fair value		12,366			12,240			8,621			14,130			14,594
Other invested assets, principally at estimated fair value		17,116			17,905			21,283			23,763			20,409
Total investments		505,305			507,551			505,995			516,751			500,384
Cash and cash equivalents, principally at estimated fair value (1)		7,393			8,783			10,808			8,127			8,074
Accrued investment income		4,234			4,380			4,120			4,298			3,990
Premiums, reinsurance and other receivables		23,730			23,814			22,244			24,190			24,872
Deferred policy acquisition costs and value of business acquired		25,915			25,503			24,442			24,003			24,379
Goodwill		10,430			10,216			9,872			9,717			9,644
Other assets		9,136			8,900			7,862			7,980			7,589
Separate account assets		324,977			319,480			316,994			324,724			319,477
Total assets	$	911,120		$	908,627		$	902,337		$	919,790		$	898,409

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	189,675		$	189,282		$	189,586		$	191,217		$	188,928
Policyholder account balances		213,799			215,226			209,294			206,591			204,262
Other policy-related balances		15,361			15,026			14,422			14,586			14,393
Policyholder dividends payable		682			710			684			677			699
Policyholder dividend obligation		2,986			2,825			3,155			3,483			2,328
Payables for collateral under securities loaned and other transactions		33,187			33,776			35,326			37,312			35,532
Short-term debt		100			100			100			100			100
Long-term debt (1)		16,783			16,389			16,286			17,714			16,770
Collateral financing arrangements		4,196			4,196			4,196			4,196			4,164
Junior subordinated debt securities		3,193			3,193			3,193			3,193			3,193
Current income tax payable		232			293			184			243			71
Deferred income tax liability		10,453			11,357			11,821			13,305			10,762
Other liabilities		25,214			25,373			24,437			28,040			27,741
Separate account liabilities		324,977			319,480			316,994			324,724			319,477
Total liabilities		840,838			837,226			829,678			845,381			828,420

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		108			102			99			95			92

Equity
Preferred stock, at par value		1			1			1			1			-
Common stock, at par value		11			11			12			12			12
Additional paid-in capital		29,438			29,488			30,543			30,632			30,718
Retained earnings		29,259			30,928			32,020			33,754			34,376
Treasury stock, at cost		(176	)		(615	)		(1,172	)		(2,158	)		(2,172	)
Accumulated other comprehensive income (loss)		11,058			10,992			10,649			11,529			6,443
Total MetLife, Inc.’s stockholders’ equity		69,591			70,805			72,053			73,770			69,377
Noncontrolling interests		583			494			507			544			520
Total equity		70,174			71,299			72,560			74,314			69,897
Total liabilities and equity	$	911,120		$	908,627		$	902,337		$	919,790		$	898,409
(1) At June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, $656 million, $331 million, $295 million, $287 million and $280 million, respectively, of assets and $505 million, $186 million, $151 million, $143 million and $134 million, respectively, of liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 31 and 32, note 3, for the amounts by asset category.

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METLIFE CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

OPERATING REVENUES
Premiums	$	9,853		$	9,685		$	10,267		$	9,253		$	9,313
Universal life and investment-type product policy fees		2,360			2,522			2,336			2,294			2,335
Net investment income		5,095			5,193			5,111			4,982			5,185
Other revenues		493			518			531			503			527
Total operating revenues		17,801			17,918			18,245			17,032			17,360

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,964			9,854			10,287			9,447			9,503
Interest credited to policyholder account balances		1,425			1,426			1,409			1,331			1,342
Capitalization of DAC		(1,031	)		(1,071	)		(1,034	)		(968	)		(927	)
Amortization of DAC and VOBA		1,025			999			953			953			1,001
Amortization of negative VOBA		(99	)		(96	)		(98	)		(90	)		(83	)
Interest expense on debt		299			292			293			297			307
Other expenses		3,979			4,003			4,321			3,800			3,882
Total operating expenses		15,562			15,407			16,131			14,770			15,025

Operating earnings before provision for income tax		2,239			2,511			2,114			2,262			2,335
Provision for income tax expense (benefit)		618			656			500			594			539
Operating earnings		1,621			1,855			1,614			1,668			1,796
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,590		$	1,825		$	1,583		$	1,638		$	1,765


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,621		$	1,855		$	1,614		$	1,668		$	1,796
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(125	)		109			230			286			(133	)
Net derivative gains (losses)		311			478			185			821			(912	)
Premiums		20			18			5			-			(1	)
Universal life and investment-type product policy fees		98			106			103			100			99
Net investment income		164			217			338			479			(238	)
Other revenues		(3	)		-			13			(8	)		(9	)
Policyholder benefits and claims and policyholder dividends		(421	)		(5	)		(320	)		(149	)		(180	)
Interest credited to policyholder account balances		(284	)		(391	)		(539	)		(664	)		44
Capitalization of DAC		1			-			-			-			-
Amortization of DAC and VOBA		(37	)		(55	)		(5	)		(72	)		104
Amortization of negative VOBA		12			11			11			10			9
Interest expense on debt		(13	)		(3	)		(4	)		(1	)		(1	)
Other expenses		(12	)		(44	)		(55	)		(5	)		(4	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		44			(202	)		(49	)		(302	)		545
Income (loss) from continuing operations, net of income tax		1,376			2,094			1,527			2,163			1,119
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,376			2,094			1,527			2,163			1,119
Less: Net income (loss) attributable to noncontrolling interests		10			-			6			5			4
Net income (loss) attributable to MetLife, Inc.		1,366			2,094			1,521			2,158			1,115
Less: Preferred stock dividends		31			30			31			30			31
Less: Preferred stock repurchase premium		-			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,335		$	2,064		$	1,490		$	2,128		$	1,042

Total Operating Premiums, Fees and Other Revenues	$	12,706		$	12,725		$	13,134		$	12,050		$	12,175
(1) The three months ended June 30, 2014 includes a pre-tax net investment loss of $138 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,313		$	6,953		$	1,809		$	525		$	26
Universal life and investment-type product policy fees		2,335			1,795			400			114			26
Net investment income		5,185			4,293			679			84			129
Other revenues		527			461			28			19			19
Total operating revenues		17,360			13,502			2,916			742			200

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,503			7,855			1,375			265			8
Interest credited to policyholder account balances		1,342			972			328			34			8
Capitalization of DAC		(927	)		(397	)		(398	)		(132	)		-
Amortization of DAC and VOBA		1,001			531			336			133			1
Amortization of negative VOBA		(83	)		(1	)		(78	)		(4	)		-
Interest expense on debt		307			1			-			-			306
Other expenses		3,882			2,450			869			389			174
Total operating expenses		15,025			11,411			2,432			685			497

Operating earnings before provision for income tax		2,335			2,091			484			57			(297	)
Provision for income tax expense (benefit)		539			648			59			7			(175	)
Operating earnings		1,796			1,443			425			50			(122	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,765		$	1,443		$	425		$	50		$	(153	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,796		$	1,443		$	425		$	50		$	(122	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(133	)		(14	)		57			5			(181	)
Net derivative gains (losses)		(912	)		(508	)		9			13			(426	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		99			95			4			-			-
Net investment income		(238	)		(166	)		173			(249	)		4
Other revenues		(9	)		-			(9	)		-			-
Policyholder benefits and claims and policyholder dividends		(180	)		(136	)		(44	)		-			-
Interest credited to policyholder account balances		44			(18	)		(175	)		237			-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		104			99			5			-			-
Amortization of negative VOBA		9			-			9			-			-
Interest expense on debt		(1	)		-			-			-			(1	)
Other expenses		(4	)		3			-			-			(7	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		545			221			111			7			206
Income (loss) from continuing operations, net of income tax		1,119			1,018			565			63			(527	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,119			1,018			565			63			(527	)
Less: Net income (loss) attributable to noncontrolling interests		4			3			1			(1	)		1
Net income (loss) attributable to MetLife, Inc.		1,115			1,015			564			64			(528	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,042		$	1,015		$	564		$	64		$	(601	)

Total Operating Premiums, Fees and Other Revenues	$	12,175		$	9,209		$	2,237		$	658		$	71

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended June 30, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,853		$	7,334		$	1,913		$	584		$	22
Universal life and investment-type product policy fees		2,360			1,809			400			117			34
Net investment income		5,095			4,126			724			112			133
Other revenues		493			453			24			11			5
Total operating revenues		17,801			13,722			3,061			824			194

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,964			8,249			1,425			271			19
Interest credited to policyholder account balances		1,425			987			394			35			9
Capitalization of DAC		(1,031	)		(404	)		(457	)		(170	)		-
Amortization of DAC and VOBA		1,025			503			362			160			-
Amortization of negative VOBA		(99	)		(1	)		(92	)		(6	)		-
Interest expense on debt		299			2			-			-			297
Other expenses		3,979			2,384			977			456			162
Total operating expenses		15,562			11,720			2,609			746			487

Operating earnings before provision for income tax		2,239			2,002			452			78			(293	)
Provision for income tax expense (benefit)		618			617			128			6			(133	)
Operating earnings		1,621			1,385			324			72			(160	)
Preferred stock dividends		31			-			-			-			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,590		$	1,385		$	324		$	72		$	(191	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,621		$	1,385		$	324		$	72		$	(160	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(125	)		(189	)		82			2			(20	)
Net derivative gains (losses)		311			429			(35	)		49			(132	)
Premiums		20			2			-			18			-
Universal life and investment-type product policy fees		98			93			1			4			-
Net investment income		164			(126	)		2			273			15
Other revenues		(3	)		1			(4	)		-			-
Policyholder benefits and claims and policyholder dividends		(421	)		(387	)		(26	)		(8	)		-
Interest credited to policyholder account balances		(284	)		(32	)		2			(254	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(37	)		(37	)		3			(3	)		-
Amortization of negative VOBA		12			-			12			-			-
Interest expense on debt		(13	)		-			-			-			(13	)
Other expenses		(12	)		2			4			-			(18	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		44			62			(27	)		(38	)		47
Income (loss) from continuing operations, net of income tax		1,376			1,203			338			116			(281	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		1,376			1,203			338			116			(281	)
Less: Net income (loss) attributable to noncontrolling interests		10			4			4			1			1
Net income (loss) attributable to MetLife, Inc.		1,366			1,199			334			115			(282	)
Less: Preferred stock dividends		31			-			-			-			31
Less: Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,335		$	1,199		$	334		$	115		$	(313	)

Total Operating Premiums, Fees and Other Revenues	$	12,706		$	9,596		$	2,337		$	712		$	61
(1) Consolidated and Americas results include a pre-tax net investment loss of $138 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2015
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	18,566		$	13,936		$	3,561		$	1,033		$	36
Universal life and investment-type product policy fees		4,629			3,567			797			216			49
Net investment income		10,167			8,399			1,363			167			238
Other revenues		1,030			906			56			29			39
Total operating revenues		34,392			26,808			5,777			1,445			362

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		18,950			15,711			2,715			504			20
Interest credited to policyholder account balances		2,673			1,930			665			64			14
Capitalization of DAC		(1,895	)		(797	)		(833	)		(265	)		-
Amortization of DAC and VOBA		1,954			1,030			662			261			1
Amortization of negative VOBA		(173	)		(1	)		(164	)		(8	)		-
Interest expense on debt		604			1			-			-			603
Other expenses		7,682			4,839			1,773			751			319
Total operating expenses		29,795			22,713			4,818			1,307			957

Operating earnings before provision for income tax		4,597			4,095			959			138			(595	)
Provision for income tax expense (benefit)		1,133			1,271			207			18			(363	)
Operating earnings		3,464			2,824			752			120			(232	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,403		$	2,824		$	752		$	120		$	(293	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,464		$	2,824		$	752		$	120		$	(232	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		153			260			125			8			(240	)
Net derivative gains (losses)		(91	)		69			27			14			(201	)
Premiums		(1	)		(1	)		-			-			-
Universal life and investment-type product policy fees		199			191			10			(2	)		-
Net investment income		241			(351	)		302			282			8
Other revenues		(17	)		-			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(329	)		(236	)		(93	)		-			-
Interest credited to policyholder account balances		(620	)		(38	)		(306	)		(276	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		32			37			(7	)		2			-
Amortization of negative VOBA		19			-			19			-			-
Interest expense on debt		(2	)		-			-			-			(2	)
Other expenses		(9	)		6			-			1			(16	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		243			16			101			(19	)		145
Income (loss) from continuing operations, net of income tax		3,282			2,777			913			130			(538	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-
Net income (loss)		3,282			2,777			913			130			(538	)
Less: Net income (loss) attributable to noncontrolling interests		9			6			1			1			1
Net income (loss) attributable to MetLife, Inc.		3,273			2,771			912			129			(539	)
Less: Preferred stock dividends		61			-			-			-			61
Less: Preferred stock repurchase premium		42			-			-			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,170		$	2,771		$	912		$	129		$	(642	)

Total Operating Premiums, Fees and Other Revenues	$	24,225		$	18,409		$	4,414		$	1,278		$	124

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Year-to-Date Period Ended June 30, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	19,070		$	14,044		$	3,803		$	1,181		$	42
Universal life and investment-type product policy fees		4,683			3,601			789			226			67
Net investment income		10,180			8,255			1,424			219			282
Other revenues		984			880			51			27			26
Total operating revenues		34,917			26,780			6,067			1,653			417

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		19,337			15,941			2,822			532			42
Interest credited to policyholder account balances		2,826			1,958			781			69			18
Capitalization of DAC		(2,077	)		(780	)		(951	)		(346	)		-
Amortization of DAC and VOBA		2,075			1,051			700			324			-
Amortization of negative VOBA		(202	)		(1	)		(186	)		(15	)		-
Interest expense on debt		593			4			-			-			589
Other expenses		7,930			4,705			1,968			920			337
Total operating expenses		30,482			22,878			5,134			1,484			986

Operating earnings before provision for income tax		4,435			3,902			933			169			(569	)
Provision for income tax expense (benefit)		1,222			1,193			276			26			(273	)
Operating earnings		3,213			2,709			657			143			(296	)
Preferred stock dividends		61			-			-			-			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,152		$	2,709		$	657		$	143		$	(357	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	3,213		$	2,709		$	657		$	143		$	(296	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(536	)		(706	)		239			(7	)		(62	)
Net derivative gains (losses)		654			715			(42	)		87			(106	)
Premiums		22			1			-			21			-
Universal life and investment-type product policy fees		196			188			1			7			-
Net investment income		114			(239	)		(33	)		360			26
Other revenues		(16	)		1			(17	)		-			-
Policyholder benefits and claims and policyholder dividends		(675	)		(621	)		(44	)		(10	)		-
Interest credited to policyholder account balances		(352	)		(49	)		37			(340	)		-
Capitalization of DAC		1			-			-			1			-
Amortization of DAC and VOBA		(45	)		(42	)		4			(7	)		-
Amortization of negative VOBA		24			-			24			-			-
Interest expense on debt		(31	)		-			-			-			(31	)
Other expenses		(15	)		2			10			(2	)		(25	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		164			231			(68	)		(51	)		52
Income (loss) from continuing operations, net of income tax		2,718			2,190			768			202			(442	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		2,715			2,187			768			202			(442	)
Less: Net income (loss) attributable to noncontrolling interests		21			9			10			1			1
Net income (loss) attributable to MetLife, Inc.		2,694			2,178			758			201			(443	)
Less: Preferred stock dividends		61			-			-			-			61
Less: Preferred stock repurchase premium		-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	2,633		$	2,178		$	758		$	201		$	(504	)

Total Operating Premiums, Fees and Other Revenues	$	24,737		$	18,525		$	4,643		$	1,434		$	135
(1) Consolidated and Americas results include a pre-tax net investment loss of $633 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

AMERICAS
RETAIL
Life & Other	$	266		$	365		$	333		$	203		$	278
Annuities		411			420			385			450			412
RETAIL		677			785			718			653			690
GROUP, VOLUNTARY & WORKSITE BENEFITS		209			241			238			228			231
CORPORATE BENEFIT FUNDING		363			395			360			369			406
LATIN AMERICA		136			122			152			131			116
AMERICAS		1,385			1,543			1,468			1,381			1,443
ASIA		324			310			340			327			425
EMEA		72			78			64			70			50
CORPORATE & OTHER		(191	)		(106	)		(289	)		(140	)		(153	)
METLIFE TOTAL	$	1,590		$	1,825		$	1,583		$	1,638		$	1,765

OPERATING RETURN ON ALLOCATED EQUITY (2), (3):
	For the Three Months Ended
Unaudited	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

AMERICAS
RETAIL
Life & Other		12.1%			16.6%			15.1%			9.0%			12.3%
Annuities		13.9%			14.2%			13.0%			14.4%			13.2%
GROUP, VOLUNTARY & WORKSITE BENEFITS		14.5%			16.7%			16.5%			14.2%			14.4%
CORPORATE BENEFIT FUNDING		19.8%			21.5%			19.6%			19.1%			21.0%
LATIN AMERICA		15.0%			13.5%			16.8%			15.1%			13.3%
AMERICAS		14.8%			16.5%			15.7%			14.1%			14.8%
ASIA		11.1%			10.6%			11.6%			11.4%			14.8%
EMEA		8.3%			9.0%			7.4%			8.4%			6.0%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2), (3):
	For the Three Months Ended
Unaudited	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

AMERICAS		16.9%			18.8%			17.9%			15.9%			16.6%
ASIA		19.2%			18.3%			20.1%			19.6%			25.4%
EMEA		16.1%			17.2%			14.2%			15.4%			11.2%
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 12, (ii) Group, Voluntary & Worksite Benefits, Page 18, (iii) Corporate Benefit Funding, Page 21, (iv) Latin America, Page 24, (v) Asia, Page 26, (vi) EMEA, Page 28, and (vii) Corporate & Other, Page 30. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, appears on Page 6. (2) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and allocated tangible equity for the periods presented. (3) Allocated equity is defined as the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI, other than FCTA.

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	1,812		$	1,869		$	1,875		$	1,749		$	1,747		$	3,536		$	3,496
Universal life and investment-type product policy fees		1,256			1,311			1,260			1,236			1,252			2,503			2,488
Net investment income		1,947			1,965			1,981			1,980			2,003			3,941			3,983
Other revenues		265			275			274			251			263			510			514
Total operating revenues		5,280			5,420			5,390			5,216			5,265			10,490			10,481

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,438			2,555			2,451			2,449			2,373			4,845			4,822
Interest credited to policyholder account balances		561			567			562			542			551			1,116			1,093
Capitalization of DAC		(249	)		(239	)		(247	)		(247	)		(257	)		(483	)		(504	)
Amortization of DAC and VOBA		378			335			373			375			400			807			775
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			(1	)		2			(1	)		-			-			(1	)
Other expenses		1,181			1,163			1,225			1,176			1,220			2,323			2,396
Total operating expenses		4,309			4,380			4,366			4,294			4,287			8,608			8,581

Operating earnings before provision for income tax		971			1,040			1,024			922			978			1,882			1,900
Provision for income tax expense (benefit)		294			255			306			269			288			569			557
Operating earnings		677			785			718			653			690			1,313			1,343
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	677		$	785		$	718		$	653		$	690		$	1,313		$	1,343


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	677		$	785		$	718		$	653		$	690		$	1,313		$	1,343
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		10			9			(32	)		68			9			16			77
Net derivative gains (losses)		225			283			(15	)		313			(95	)		296			218
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		92			96			96			94			94			185			188
Net investment income		(114	)		(109	)		(117	)		(128	)		(105	)		(231	)		(233	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(215	)		(34	)		(129	)		(96	)		(160	)		(333	)		(256	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(37	)		(53	)		-			(62	)		99			(42	)		37
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		14			(68	)		71			(66	)		55			39			(11	)
Income (loss) from continuing operations, net of income tax		652			909			592			776			587			1,243			1,363
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		652			909			592			776			587			1,241			1,363
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		652			909			592			776			587			1,241			1,363
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	652		$	909		$	592		$	776		$	587		$	1,241		$	1,363

Total Operating Premiums, Fees and Other Revenues	$	3,333		$	3,455		$	3,409		$	3,236		$	3,262		$	6,549		$	6,498

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AMERICAS RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	1,508		$	1,521		$	1,627		$	1,494		$	1,522		$	2,994		$	3,016
Universal life and investment-type product policy fees		394			434			402			392			384			794			776
Net investment income		1,222			1,247			1,263			1,245			1,275			2,471			2,520
Other revenues		154			165			166			144			153			291			297
Total operating revenues		3,278			3,367			3,458			3,275			3,334			6,550			6,609

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,991			1,974			2,055			2,070			2,016			4,023			4,086
Interest credited to policyholder account balances		226			230			229			227			230			445			457
Capitalization of DAC		(168	)		(158	)		(163	)		(158	)		(159	)		(313	)		(317	)
Amortization of DAC and VOBA		196			164			193			210			205			397			415
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(1	)		(1	)		1			(1	)		(1	)		(1	)		(2	)
Other expenses		646			621			648			632			634			1,233			1,266
Total operating expenses		2,890			2,830			2,963			2,980			2,925			5,784			5,905

Operating earnings before provision for income tax		388			537			495			295			409			766			704
Provision for income tax expense (benefit)		122			172			162			92			131			245			223
Operating earnings		266			365			333			203			278			521			481
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	266		$	365		$	333		$	203		$	278		$	521		$	481


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	266		$	365		$	333		$	203		$	278		$	521		$	481
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1			(9	)		(35	)		1			19			(13	)		20
Net derivative gains (losses)		6			98			119			186			(110	)		75			76
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(1	)		-			-			-			(1	)		(1	)		(1	)
Net investment income		(54	)		(56	)		(57	)		(60	)		(59	)		(109	)		(119	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			6			17			(10	)		-			7
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(11	)		68			(19	)		(19	)		24			(27	)		5
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		21			(36	)		(2	)		(44	)		48			27			4
Income (loss) from continuing operations, net of income tax		228			430			345			284			189			473			473
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(2	)		-
Net income (loss)		228			430			345			284			189			471			473
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		228			430			345			284			189			471			473
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	228		$	430		$	345		$	284		$	189		$	471		$	473

Total Operating Premiums, Fees and Other Revenues	$	2,056		$	2,120		$	2,195		$	2,030		$	2,059		$	4,079		$	4,089

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AMERICAS RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	304		$	348		$	248		$	255		$	225		$	542		$	480
Universal life and investment-type product policy fees		862			877			858			844			868			1,709			1,712
Net investment income		725			718			718			735			728			1,470			1,463
Other revenues		111			110			108			107			110			219			217
Total operating revenues		2,002			2,053			1,932			1,941			1,931			3,940			3,872

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		447			581			396			379			357			822			736
Interest credited to policyholder account balances		335			337			333			315			321			671			636
Capitalization of DAC		(81	)		(81	)		(84	)		(89	)		(98	)		(170	)		(187	)
Amortization of DAC and VOBA		182			171			180			165			195			410			360
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			1			-			1			1			1
Other expenses		535			542			577			544			586			1,090			1,130
Total operating expenses		1,419			1,550			1,403			1,314			1,362			2,824			2,676

Operating earnings before provision for income tax		583			503			529			627			569			1,116			1,196
Provision for income tax expense (benefit)		172			83			144			177			157			324			334
Operating earnings		411			420			385			450			412			792			862
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	411		$	420		$	385		$	450		$	412		$	792		$	862


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	411		$	420		$	385		$	450		$	412		$	792		$	862
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			18			3			67			(10	)		29			57
Net derivative gains (losses)		219			185			(134	)		127			15			221			142
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		93			96			96			94			95			186			189
Net investment income		(60	)		(53	)		(60	)		(68	)		(46	)		(122	)		(114	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(215	)		(34	)		(135	)		(113	)		(150	)		(333	)		(263	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(26	)		(121	)		19			(43	)		75			(15	)		32
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(7	)		(32	)		73			(22	)		7			12			(15	)
Income (loss) from continuing operations, net of income tax		424			479			247			492			398			770			890
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		424			479			247			492			398			770			890
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		424			479			247			492			398			770			890
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	424		$	479		$	247		$	492		$	398		$	770		$	890

Total Operating Premiums, Fees and Other Revenues	$	1,277		$	1,335		$	1,214		$	1,206		$	1,203		$	2,470		$	2,409

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AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	85,599		$	85,870		$	86,162		$	86,756		$	87,073

Premiums and deposits (2), (3)		1,985			1,929			1,958			2,005			1,983
Surrenders and withdrawals		(783	)		(774	)		(730	)		(727	)		(758	)
Benefit payments		(804	)		(749	)		(637	)		(905	)		(764	)

Net Flows		398			406			591			373			461

Net transfers from (to) separate account		27			25			23			27			19
Interest		834			836			835			839			852
Policy charges		(477	)		(478	)		(484	)		(487	)		(489	)
Other		(511	)		(497	)		(371	)		(435	)		(614	)

Balance, end of period	$	85,870		$	86,162		$	86,756		$	87,073		$	87,302

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	46,899		$	46,809		$	47,529		$	47,601		$	47,780
Premiums and deposits (2), (3)		849			952			850			805			909
Surrenders and withdrawals		(912	)		(894	)		(1,520	)		(946	)		(851	)
Benefit payments		(414	)		(415	)		(406	)		(428	)		(425	)

Net Flows		(477	)		(357	)		(1,076	)		(569	)		(367	)
Net transfers from (to) separate account		(10	)		34			2			9			51
Interest		397			402			399			383			391
Policy charges		(14	)		(13	)		(10	)		(13	)		(14	)
Other		14			654			757			369			(381	)

Balance, end of period	$	46,809		$	47,529		$	47,601		$	47,780		$	47,460

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	9,971		$	10,198		$	9,949		$	10,173		$	10,354
Premiums and deposits (3)		158			162			158			160			160
Surrenders and withdrawals		(111	)		(119	)		(99	)		(109	)		(112	)
Benefit payments		(10	)		(15	)		(11	)		(12	)		(17	)

Net Flows		37			28			48			39			31
Investment performance		354			(119	)		334			301			27
Net transfers from (to) general account		(27	)		(25	)		(23	)		(27	)		(19	)
Policy charges		(133	)		(132	)		(130	)		(132	)		(132	)
Other		(4	)		(1	)		(5	)		-			(3	)

Balance, end of period	$	10,198		$	9,949		$	10,173		$	10,354		$	10,258

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	162,713		$	166,093		$	160,995		$	161,553		$	163,288

Premiums and deposits (3)		1,344			1,290			1,370			1,384			1,626
Surrenders and withdrawals		(2,871	)		(2,829	)		(3,000	)		(2,770	)		(2,934	)
Benefit payments		(359	)		(321	)		(330	)		(347	)		(335	)

Net Flows		(1,886	)		(1,860	)		(1,960	)		(1,733	)		(1,643	)

Investment performance		6,170			(2,261	)		3,431			4,348			(663	)
Net transfers from (to) general account		10			(34	)		(2	)		(9	)		(51	)
Policy charges		(913	)		(943	)		(910	)		(870	)		(933	)
Other		(1	)		-			(1	)		(1	)		1

Balance, end of period	$	166,093		$	160,995		$	161,553		$	163,288		$	159,999
(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)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Direct and allocated expenses	$	437	$	417	$	476	$	452	$	465
Pension and post-retirement benefit costs		52		62		50		45		50
Premium taxes, other taxes, and licenses & fees		56		53		51		42		54
Total fixed operating expenses	$	545	$	532	$	577	$	539	$	569

Commissions and other variable expenses		636		631		648		637		651

Total other expenses	$	1,181	$	1,163	$	1,225	$	1,176	$	1,220

SALES BY PRODUCT
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Life Sales (1)
Term Life	$	16	$	14	$	21	$	22	$	24
Whole Life		36		30		37		38		38
Variable Life		16		7		9		8		7
Universal Life		12		10		11		11		14
Total life sales	$	80	$	61	$	78	$	79	$	83

Annuity Sales (2)
Fixed and indexed annuity sales	$	460	$	505	$	464	$	430	$	511
Variable annuity sales		1,602		1,533		1,606		1,608		1,865
Total annuity sales	$	2,062	$	2,038	$	2,070	$	2,038	$	2,376

Annuity Separate Accounts and General Accounts
Separate Accounts
Total variable annuity separate accounts	$	1,302	$	1,248	$	1,323	$	1,346	$	1,570
General Accounts
Fixed and indexed annuity		460		505		464		430		511
Variable annuity		300		285		283		262		295
Total general accounts		760		790		747		692		806
Total annuity premiums and deposits	$	2,062	$	2,038	$	2,070	$	2,038	$	2,376
(1) Statistical sales information is calculated using the LIMRA definition of sales for core direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. (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	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Investment income yield excluding variable investment income		6.15%		6.06%		6.13%		6.01%		6.29%
Variable investment income yield		0.02%		0.51%		0.38%		0.32%		0.39%
Total investment income yield		6.17%		6.57%		6.51%		6.33%		6.68%
Average crediting rate		4.50%		4.51%		4.50%		4.53%		4.53%
Annualized general account spread		1.67%		2.06%		2.01%		1.80%		2.15%

Annualized general account spread excluding variable investment income yield		1.65%		1.55%		1.63%		1.48%		1.76%

ANNUITIES (2)
	For the Three Months Ended
Unaudited	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Investment income yield excluding variable investment income		5.83%		5.64%		5.64%		5.72%		5.48%
Variable investment income yield		0.25%		0.31%		0.22%		0.22%		0.37%
Total investment income yield		6.08%		5.95%		5.86%		5.94%		5.85%
Average crediting rate		3.51%		3.53%		3.52%		3.48%		3.51%
Annualized general account spread		2.57%		2.42%		2.34%		2.46%		2.34%

Annualized general account spread excluding variable investment income yield		2.32%		2.11%		2.12%		2.24%		1.97%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Life (3)
Operating premiums, fees and other revenues	$	1,377	$	1,427	$	1,499	$	1,370	$	1,386
Interest Adjusted Benefit Ratio		48.9%		51.7%		53.9%		59.3%		53.0%

Lapse Ratio (4)
Traditional life		5.8%		5.9%		5.9%		5.8%		5.6%
Variable & universal life		4.1%		4.0%		3.8%		3.8%		3.6%
Fixed annuity		10.3%		10.1%		10.6%		9.8%		9.9%
Variable annuity		6.5%		6.7%		6.9%		7.0%		7.0%

Retail Property & Casualty
Operating premiums, fees and other revenues	$	452	$	457	$	458	$	445	$	448
Combined ratio including catastrophes		107.5%		83.6%		85.8%		89.3%		100.1%
Combined ratio excluding catastrophes		83.6%		79.3%		81.5%		79.4%		80.2%

(1) Represents the general account spread for variable & universal life, a component of Life & Other. (2) Represents the general account spread for deferred and payout 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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	4,038		$	4,010		$	3,929		$	4,117		$	4,104		$	8,040		$	8,221
Universal life and investment-type product policy fees		181			180			178			188			183			358			371
Net investment income		465			475			465			478			481			921			959
Other revenues		104			103			106			113			114			211			227
Total operating revenues		4,788			4,768			4,678			4,896			4,882			9,530			9,778

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,789			3,729			3,598			3,835			3,805			7,570			7,640
Interest credited to policyholder account balances		39			38			39			37			38			79			75
Capitalization of DAC		(36	)		(37	)		(36	)		(36	)		(36	)		(70	)		(72	)
Amortization of DAC and VOBA		35			38			40			41			39			71			80
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			1			-			-			-			-
Other expenses		638			634			671			664			681			1,266			1,345
Total operating expenses		4,465			4,402			4,313			4,541			4,527			8,916			9,068

Operating earnings before provision for income tax		323			366			365			355			355			614			710
Provision for income tax expense (benefit)		114			125			127			127			124			215			251
Operating earnings		209			241			238			228			231			399			459
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	209		$	241		$	238		$	228		$	231		$	399		$	459


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	209		$	241		$	238		$	228		$	231		$	399		$	459
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		10			(9	)		(29	)		3			8			(1	)		11
Net derivative gains (losses)		71			106			232			205			(264	)		187			(59	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(42	)		(41	)		(45	)		(42	)		(41	)		(81	)		(83	)
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		(14	)		(19	)		(55	)		(58	)		104			(37	)		46
Income (loss) from continuing operations, net of income tax		234			278			341			336			38			467			374
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		234			278			341			336			38			467			374
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		234			278			341			336			38			467			374
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	234		$	278		$	341		$	336		$	38		$	467		$	374

Total Operating Premiums, Fees and Other Revenues	$	4,323		$	4,293		$	4,213		$	4,418		$	4,401		$	8,609		$	8,819

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	26,460		$	26,657		$	26,772		$	26,938		$	27,293
Premiums and deposits		4,500			4,845			4,548			4,553			4,572
Surrenders and withdrawals		(729	)		(1,101	)		(904	)		(624	)		(689	)
Benefit payments		(3,364	)		(3,392	)		(3,210	)		(3,378	)		(3,450	)

Net Flows		407			352			434			551			433
Net transfers from (to) separate account		-			-			-			-			-
Interest		223			227			227			224			229
Policy charges		(139	)		(136	)		(134	)		(139	)		(140	)
Other		(294	)		(328	)		(361	)		(281	)		(467	)

Balance, end of period	$	26,657		$	26,772		$	26,938		$	27,293		$	27,348

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	646		$	667		$	656		$	669		$	677
Premiums and deposits		52			53			52			57			54
Surrenders and withdrawals		(9	)		(11	)		(11	)		(19	)		(11	)
Benefit payments		(2	)		(1	)		(1	)		-			(1	)

Net Flows		41			41			40			38			42
Investment performance		26			(5	)		17			18			4
Net transfers from (to) general account		-			-			-			-			-
Policy charges		(45	)		(45	)		(44	)		(46	)		(46	)
Other		(1	)		(2	)		-			(2	)		(3	)

Balance, end of period	$	667		$	656		$	669		$	677		$	674
(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)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Direct and allocated expenses	$	372	$	378	$	406	$	384	$	391
Pension and post-retirement benefit costs		23		26		22		18		20
Premium taxes, other taxes, and licenses & fees		80		77		80		81		88
Total fixed operating expenses	$	475	$	481	$	508	$	483	$	499

Commissions and other variable expenses		163		153		163		181		182

Total other expenses	$	638	$	634	$	671	$	664	$	681

SPREAD (1)
	For the Three Months Ended
Unaudited	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Investment income yield excluding variable investment income		5.64%		5.63%		5.62%		5.61%		5.57%
Variable investment income yield		0.32%		0.51%		0.25%		0.31%		0.35%
Total investment income yield		5.96%		6.14%		5.87%		5.92%		5.92%
Average crediting rate		3.36%		3.37%		3.40%		3.41%		3.36%
Annualized general account spread		2.60%		2.77%		2.47%		2.51%		2.56%

Annualized general account spread excluding variable investment income yield		2.28%		2.26%		2.22%		2.20%		2.21%

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Group Life (2)
Operating premiums, fees and other revenues	$	1,496	$	1,464	$	1,461	$	1,583	$	1,531
Mortality ratio		86.9%		87.8%		86.7%		90.7%		86.1%

Group Non-Medical Health (3)
Operating premiums, fees and other revenues	$	1,644	$	1,608	$	1,630	$	1,708	$	1,656
Interest Adjusted Loss Ratio (4)		82.8%		80.5%		78.5%		77.0%		80.5%

Group Property & Casualty (5)
Operating premiums, fees and other revenues	$	371	$	382	$	388	$	383	$	390
Combined ratio including catastrophes		96.4%		91.0%		92.3%		101.2%		96.0%
Combined ratio excluding catastrophes		86.8%		86.2%		90.8%		89.7%		85.5%

(1) Excludes group property & casualty. (2) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (3) Includes dental, disability, long-term care (“LTC”), critical illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability. (5) Excludes the portion of group property & casualty reported in the Latin America segment.

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	686		$	451		$	1,330		$	418		$	319		$	987		$	737
Universal life and investment-type product policy fees		55			60			54			54			59			112			113
Net investment income		1,413			1,464			1,425			1,430			1,526			2,795			2,956
Other revenues		75			71			72			71			77			143			148
Total operating revenues		2,229			2,046			2,881			1,973			1,981			4,037			3,954

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,273			1,033			1,912			991			933			2,161			1,924
Interest credited to policyholder account balances		287			279			296			293			294			565			587
Capitalization of DAC		(18	)		(11	)		(1	)		(6	)		(4	)		(19	)		(10	)
Amortization of DAC and VOBA		6			5			4			5			6			10			11
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		2			2			3			1			1			4			2
Other expenses		129			133			115			124			130			244			254
Total operating expenses		1,679			1,441			2,329			1,408			1,360			2,965			2,768

Operating earnings before provision for income tax		550			605			552			565			621			1,072			1,186
Provision for income tax expense (benefit)		187			210			192			196			215			369			411
Operating earnings		363			395			360			369			406			703			775
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	363		$	395		$	360		$	369		$	406		$	703		$	775


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	363		$	395		$	360		$	369		$	406		$	703		$	775
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(195	)		180			124			205			(31	)		(736	)		174
Net derivative gains (losses)		125			28			96			80			(134	)		228			(54	)
Premiums		2			-			-			-			-			2			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		11			(15	)		(22	)		(27	)		(24	)		51			(51	)
Other revenues		1			-			-			-			-			1			-
Policyholder benefits and claims and policyholder dividends		(28	)		(5	)		(31	)		(10	)		39			(61	)		29
Interest credited to policyholder account balances		(4	)		(4	)		(3	)		(2	)		(2	)		(7	)		(4	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		(4	)		(7	)		(1	)		-			-			(10	)		-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		24			(63	)		(57	)		(86	)		53			172			(33	)
Income (loss) from continuing operations, net of income tax		295			509			466			529			307			343			836
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(1	)		-
Net income (loss)		295			509			466			529			307			342			836
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		295			509			466			529			307			342			836
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	295		$	509		$	466		$	529		$	307		$	342		$	836

Total Operating Premiums, Fees and Other Revenues	$	816		$	582		$	1,456		$	543		$	455		$	1,242		$	998
(1) The three months ended and year-to-date period ended June 30, 2014 include a pre-tax net investment loss of $138 million and $633 million, respectively, related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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AMERICAS CORPORATE BENEFIT FUNDING FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	110,073		$	111,317		$	113,467		$	115,295		$	116,067
Premiums and deposits		20,774			18,194			16,797			17,434			16,963
Surrenders and withdrawals		(16,760	)		(15,013	)		(15,761	)		(16,497	)		(18,124	)
Benefit payments		(870	)		(915	)		(878	)		(915	)		(951	)

Net Flows		3,144			2,266			158			22			(2,112	)
Net transfers from (to) separate account		(6	)		10			(14	)		(8	)		(11	)
Interest		952			946			956			952			951
Policy charges		(40	)		(39	)		(17	)		(30	)		(34	)
Other		(2,806	)		(1,033	)		745			(164	)		(2,003	)

Balance, end of period	$	111,317		$	113,467		$	115,295		$	116,067		$	112,858

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Balance, beginning of period	$	79,612		$	81,721		$	81,967		$	81,150		$	86,091
Premiums and deposits		3,997			1,041			233			1,731			1,074
Surrenders and withdrawals		(2,444	)		(1,935	)		(1,174	)		(1,527	)		(1,496	)
Benefit payments		(13	)		(18	)		(14	)		(13	)		(20	)

Net Flows		1,540			(912	)		(955	)		191			(442	)
Investment performance		1,661			25			1,456			1,326			(1,036	)
Net transfers from (to) general account		6			(10	)		14			8			11
Policy charges		(83	)		(81	)		(79	)		(81	)		(86	)
Other		(1,015	)		1,224			(1,253	)		3,497			715

Balance, end of period	$	81,721		$	81,967		$	81,150		$	86,091		$	85,253

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AMERICAS CORPORATE BENEFIT FUNDING OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015

Direct and allocated expenses	$	63	$	71	$	77		$	77	$	78
Pension and post-retirement benefit costs		7		8		6			6		7
Premium taxes, other taxes, and licenses & fees		1		4		(2	)		2		6
Total fixed operating expenses	$	71	$	83	$	81		$	85	$	91

Commissions and other variable expenses		58		50		34			39		39

Total other expenses	$	129	$	133	$	115		$	124	$	130

SPREAD
	For the Three Months Ended
Unaudited	June 30, 2014		September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015

Investment income yield excluding variable investment income		4.77%		4.81%		4.67%			4.60%		4.81%
Variable investment income yield		0.44%		0.49%		0.32%			0.34%		0.50%
Total investment income yield		5.21%		5.30%		4.99%			4.94%		5.31%
Average crediting rate		3.44%		3.35%		3.34%			3.28%		3.27%
Annualized general account spread		1.77%		1.95%		1.65%			1.66%		2.04%

Annualized general account spread excluding variable investment income yield		1.33%		1.46%		1.33%			1.32%		1.54%

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	798		$	812		$	746		$	699		$	783		$	1,481		$	1,482
Universal life and investment-type product policy fees		317			328			283			294			301			628			595
Net investment income		301			317			314			218			283			598			501
Other revenues		9			7			12			10			7			16			17
Total operating revenues		1,425			1,464			1,355			1,221			1,374			2,723			2,595

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		749			735			686			581			744			1,365			1,325
Interest credited to policyholder account balances		100			97			99			86			89			198			175
Capitalization of DAC		(101	)		(112	)		(125	)		(111	)		(100	)		(208	)		(211	)
Amortization of DAC and VOBA		84			102			69			78			86			163			164
Amortization of negative VOBA		(1	)		-			-			-			(1	)		(1	)		(1	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		436			450			488			425			419			872			844
Total operating expenses		1,267			1,272			1,217			1,059			1,237			2,389			2,296

Operating earnings before provision for income tax		158			192			138			162			137			334			299
Provision for income tax expense (benefit)		22			70			(14	)		31			21			40			52
Operating earnings		136			122			152			131			116			294			247
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	136		$	122		$	152		$	131		$	116		$	294		$	247


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	136		$	122		$	152		$	131		$	116		$	294		$	247
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(14	)		(4	)		19			(2	)		-			15			(2	)
Net derivative gains (losses)		8			(61	)		(3	)		(21	)		(15	)		4			(36	)
Premiums		-			(1	)		(1	)		-			(1	)		(1	)		(1	)
Universal life and investment-type product policy fees		1			2			1			2			1			3			3
Net investment income		19			14			3			12			4			22			16
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(144	)		93			(82	)		6			(15	)		(227	)		(9	)
Interest credited to policyholder account balances		(28	)		(23	)		(21	)		(18	)		(16	)		(42	)		(34	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		6			2			4			3			3			12			6
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		38			(25	)		16			5			9			57			14
Income (loss) from continuing operations, net of income tax		22			119			88			118			86			137			204
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		22			119			88			118			86			137			204
Less: Net income (loss) attributable to noncontrolling interests		4			2			2			3			3			9			6
Net income (loss) attributable to MetLife, Inc.		18			117			86			115			83			128			198
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	18		$	117		$	86		$	115		$	83		$	128		$	198

Total Operating Premiums, Fees and Other Revenues	$	1,124		$	1,147		$	1,041		$	1,003		$	1,091		$	2,125		$	2,094

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AMERICAS LATIN AMERICA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Direct and allocated expenses	$	167	$	168	$	207	$	156	$	165
Pension and post-retirement benefit costs		2		2		2		2		-
Premium taxes, other taxes, and licenses & fees		22		21		23		18		20
Total fixed operating expenses	$	191	$	191	$	232	$	176	$	185

Commissions and other variable expenses		245		259		256		249		234

Total other expenses	$	436	$	450	$	488	$	425	$	419

Total other expenses on a constant currency basis (1)	$	382	$	400	$	453	$	419	$	419

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Mexico	$	325	$	151	$	159	$	129	$	112
Chile		70		66		58		56		68
All other		87		72		93		117		111
Total sales	$	482	$	289	$	310	$	302	$	291
(1) Calculated using the average foreign currency exchange rates for the current period and applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	1,913		$	1,939		$	1,824		$	1,752		$	1,809		$	3,803		$	3,561
Universal life and investment-type product policy fees		400			487			417			397			400			789			797
Net investment income		724			738			724			684			679			1,424			1,363
Other revenues		24			27			28			28			28			51			56
Total operating revenues		3,061			3,191			2,993			2,861			2,916			6,067			5,777

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,425			1,535			1,367			1,340			1,375			2,822			2,715
Interest credited to policyholder account balances		394			394			369			337			328			781			665
Capitalization of DAC		(457	)		(507	)		(456	)		(435	)		(398	)		(951	)		(833	)
Amortization of DAC and VOBA		362			367			330			326			336			700			662
Amortization of negative VOBA		(92	)		(89	)		(89	)		(86	)		(78	)		(186	)		(164	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		977			1,027			980			904			869			1,968			1,773
Total operating expenses		2,609			2,727			2,501			2,386			2,432			5,134			4,818

Operating earnings before provision for income tax		452			464			492			475			484			933			959
Provision for income tax expense (benefit)		128			154			152			148			59			276			207
Operating earnings		324			310			340			327			425			657			752
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	324		$	310		$	340		$	327		$	425		$	657		$	752


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	324		$	310		$	340		$	327		$	425		$	657		$	752
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		82			136			137			68			57			239			125
Net derivative gains (losses)		(35	)		(80	)		(410	)		18			9			(42	)		27
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		1			7			3			6			4			1			10
Net investment income		2			145			281			129			173			(33	)		302
Other revenues		(4	)		-			(5	)		(8	)		(9	)		(17	)		(17	)
Policyholder benefits and claims and policyholder dividends		(26	)		(51	)		(75	)		(49	)		(44	)		(44	)		(93	)
Interest credited to policyholder account balances		2			(151	)		(289	)		(131	)		(175	)		37			(306	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		3			1			(2	)		(12	)		5			4			(7	)
Amortization of negative VOBA		12			11			11			10			9			24			19
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		4			6			4			-			-			10			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(27	)		4			99			(10	)		111			(68	)		101
Income (loss) from continuing operations, net of income tax		338			338			94			348			565			768			913
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		338			338			94			348			565			768			913
Less: Net income (loss) attributable to noncontrolling interests		4			5			4			-			1			10			1
Net income (loss) attributable to MetLife, Inc.		334			333			90			348			564			758			912
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	334		$	333		$	90		$	348		$	564		$	758		$	912

Total Operating Premiums, Fees and Other Revenues	$	2,337		$	2,453		$	2,269		$	2,177		$	2,237		$	4,643		$	4,414

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ASIA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Direct and allocated expenses	$	337	$	346	$	332	$	299	$	320
Pension and post-retirement benefit costs		18		18		19		19		17
Premium taxes, other taxes, and licenses & fees		38		42		48		36		37
Total fixed operating expenses	$	393	$	406	$	399	$	354	$	374

Commissions and other variable expenses		584		621		581		550		495

Total other expenses	$	977	$	1,027	$	980	$	904	$	869

Total other expenses on a constant currency basis (1)	$	858	$	905	$	921	$	897	$	869

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015

Japan:
Life	$	153	$	150	$	173	$	169	$	198
Accident & Health		89		85		129		111		118
Annuities		97		94		74		65		62
Other		5		6		5		4		6
Total Japan		344		335		381		349		384
Other Asia		245		363		247		262		212
Total sales	$	589	$	698	$	628	$	611	$	596
(1) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	584		$	581		$	547		$	508		$	525		$	1,181		$	1,033
Universal life and investment-type product policy fees		117			127			113			102			114			226			216
Net investment income		112			109			100			83			84			219			167
Other revenues		11			22			11			10			19			27			29
Total operating revenues		824			839			771			703			742			1,653			1,445

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		271			252			269			239			265			532			504
Interest credited to policyholder account balances		35			43			36			30			34			69			64
Capitalization of DAC		(170	)		(165	)		(169	)		(133	)		(132	)		(346	)		(265	)
Amortization of DAC and VOBA		160			152			137			128			133			324			261
Amortization of negative VOBA		(6	)		(7	)		(9	)		(4	)		(4	)		(15	)		(8	)
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		456			463			463			362			389			920			751
Total operating expenses		746			738			727			622			685			1,484			1,307

Operating earnings before provision for income tax		78			101			44			81			57			169			138
Provision for income tax expense (benefit)		6			23			(20	)		11			7			26			18
Operating earnings		72			78			64			70			50			143			120
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	72		$	78		$	64		$	70		$	50		$	143		$	120


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	72		$	78		$	64		$	70		$	50		$	143		$	120
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(9	)		(1	)		3			5			(7	)		8
Net derivative gains (losses)		49			16			11			1			13			87			14
Premiums		18			19			6			-			-			21			-
Universal life and investment-type product policy fees		4			1			3			(2	)		-			7			(2	)
Net investment income		273			219			231			531			(249	)		360			282
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(8	)		(8	)		(3	)		-			-			(10	)		-
Interest credited to policyholder account balances		(254	)		(213	)		(226	)		(513	)		237			(340	)		(276	)
Capitalization of DAC		1			-			-			-			-			1			-
Amortization of DAC and VOBA		(3	)		(3	)		(3	)		2			-			(7	)		2
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			(14	)		(3	)		1			-			(2	)		1
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(38	)		(9	)		(28	)		(26	)		7			(51	)		(19	)
Income (loss) from continuing operations, net of income tax		116			77			51			67			63			202			130
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		116			77			51			67			63			202			130
Less: Net income (loss) attributable to noncontrolling interests		1			1			(1	)		2			(1	)		1			1
Net income (loss) attributable to MetLife, Inc.		115			76			52			65			64			201			129
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	115		$	76		$	52		$	65		$	64		$	201		$	129

Total Operating Premiums, Fees and Other Revenues	$	712		$	730		$	671		$	620		$	658		$	1,434		$	1,278

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EMEA OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015

Direct and allocated expenses	$	193	$	192	$	211		$	158	$	178
Pension and post-retirement benefit costs		4		5		(5	)		2		1
Premium taxes, other taxes, and licenses & fees		5		5		4			3		2
Total fixed operating expenses	$	202	$	202	$	210		$	163	$	181

Commissions and other variable expenses		254		261		253			199		208

Total other expenses	$	456	$	463	$	463		$	362	$	389

Total other expenses on a constant currency basis (1)	$	390	$	403	$	429		$	365	$	389

SALES ON A CONSTANT CURRENCY BASIS (1), (2)
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014			March 31, 2015		June 30, 2015

Total sales	$	238	$	248	$	268		$	269	$	254
(1) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. (2) Statistical sales information is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

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CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
OPERATING REVENUES
Premiums	$	22		$	23		$	16		$	10		$	26		$	42		$	36
Universal life and investment-type product policy fees		34			29			31			23			26			67			49
Net investment income		133			125			102			109			129			282			238
Other revenues		5			13			28			20			19			26			39
Total operating revenues		194			190			177			162			200			417			362

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		19			15			4			12			8			42			20
Interest credited to policyholder account balances		9			8			8			6			8			18			14
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			1			-			1
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		297			291			287			297			306			589			603
Other expenses		162			133			379			145			174			337			319
Total operating expenses		487			447			678			460			497			986			957

Operating earnings before provision for income tax		(293	)		(257	)		(501	)		(298	)		(297	)		(569	)		(595	)
Provision for income tax expense (benefit)		(133	)		(181	)		(243	)		(188	)		(175	)		(273	)		(363	)
Operating earnings		(160	)		(76	)		(258	)		(110	)		(122	)		(296	)		(232	)
Preferred stock dividends		31			30			31			30			31			61			61
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(191	)	$	(106	)	$	(289	)	$	(140	)	$	(153	)	$	(357	)	$	(293	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(160	)	$	(76	)	$	(258	)	$	(110	)	$	(122	)	$	(296	)	$	(232	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(20	)		(194	)		12			(59	)		(181	)		(62	)		(240	)
Net derivative gains (losses)		(132	)		186			274			225			(426	)		(106	)		(201	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		15			4			7			4			4			26			8
Other revenues		-			-			18			-			-			-			-
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		(13	)		(3	)		(4	)		(1	)		(1	)		(31	)		(2	)
Other expenses		(18	)		(31	)		(59	)		(9	)		(7	)		(25	)		(16	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		47			(22	)		(95	)		(61	)		206			52			145
Income (loss) from continuing operations, net of income tax		(281	)		(136	)		(105	)		(11	)		(527	)		(442	)		(538	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(281	)		(136	)		(105	)		(11	)		(527	)		(442	)		(538	)
Less: Net income (loss) attributable to noncontrolling interests		1			(8	)		1			-			1			1			1
Net income (loss) attributable to MetLife, Inc.		(282	)		(128	)		(106	)		(11	)		(528	)		(443	)		(539	)
Less: Preferred stock dividends		31			30			31			30			31			61			61
Less: Preferred stock repurchase premium		-			-			-			-			42			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(313	)	$	(158	)	$	(137	)	$	(41	)	$	(601	)	$	(504	)	$	(642	)

Total Operating Premiums, Fees and Other Revenues	$	61		$	65		$	75		$	53		$	71		$	135		$	124

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
Other business activities	$	19		$	21		$	24		$	12		$	12		$	35		$	24
Other net investment income		86			88			66			71			83			183			154
Interest expense on debt		(193	)		(189	)		(187	)		(193	)		(199	)		(383	)		(392	)
Preferred stock dividends		(31	)		(30	)		(31	)		(30	)		(31	)		(61	)		(61	)
Acquisition costs		(3	)		-			-			-			-			(5	)		-
Corporate initiatives and projects		(43	)		(43	)		(69	)		(39	)		(58	)		(71	)		(97	)
Incremental tax benefit		30			91			68			84			71			73			155
Other		(56	)		(44	)		(160	)		(45	)		(31	)		(128	)		(76	)
Operating earnings available to common shareholders	$	(191	)	$	(106	)	$	(289	)	$	(140	)	$	(153	)	$	(357	)	$	(293	)

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Fixed Maturity Securities
Yield (1)		4.90%			4.73%			4.84%			4.64%			4.79%
Investment income (2), (3), (4)	$	3,796		$	3,704		$	3,761		$	3,569		$	3,665
Investment gains (losses) (3)		54			153			246			133			115
Ending carrying value (2), (3)		368,428			369,432			366,783			367,640			352,610
Mortgage Loans
Yield (1)		5.05%			5.44%			5.03%			4.80%			5.10%
Investment income (3), (4)		708			774			737			730			801
Investment gains (losses) (3)		16			(30	)		(11	)		(43	)		(9	)
Ending carrying value (3)		56,585			57,725			59,838			62,137			63,744
Real Estate and Real Estate Joint Ventures
Yield (1)		4.54%			3.69%			3.03%			3.10%			7.40%
Investment income (3)		114			94			79			81			189
Investment gains (losses) (3)		(1	)		86			72			27			(33	)
Ending carrying value		10,101			10,393			10,525			10,310			10,207
Policy Loans
Yield (1)		5.36%			5.37%			5.36%			5.24%			5.22%
Investment income		158			158			156			152			151
Ending carrying value		11,785			11,756			11,618			11,606			11,575
Equity Securities
Yield (1)		4.72%			3.95%			4.64%			4.01%			4.58%
Investment income		37			31			35			31			35
Investment gains (losses)		25			14			1			8			8
Ending carrying value		3,863			3,689			3,631			3,713			3,677
Other Limited Partnership Interests
Yield (1)		10.46%			14.77%			9.76%			10.62%			12.38%
Investment income		206			299			199			215			250
Investment gains (losses)		(36	)		(14	)		(26	)		16			(9	)
Ending carrying value		7,964			8,214			8,085			8,074			8,099
Cash and Short-term Investments
Yield (1)		1.05%			1.06%			1.02%			1.00%			1.05%
Investment income		39			40			37			33			33
Investment gains (losses)		-			-			12			6			(12	)
Ending carrying value		19,759			21,023			19,429			22,257			22,668
Other Invested Assets (1)
Investment income		200			233			253			327			223
Investment gains (losses) (3)		(3	)		(18	)		(96	)		18			(19	)
Ending carrying value		17,116			17,905			21,283			23,763			20,409
Total Investments
Investment income yield (1)		5.01%			5.03%			4.97%			4.89%			5.08%
Investment fees and expenses yield		(0.13	)%		(0.13	)%		(0.14	)%		(0.15	)%		(0.15	)%
Net Investment Income Yield (1), (3), (5)		4.88%			4.90%			4.83%			4.74%			4.93%
Investment income	$	5,258		$	5,333		$	5,257		$	5,138		$	5,347
Investment fees and expenses		(139	)		(137	)		(144	)		(156	)		(162	)
Net investment income including Divested businesses		5,119			5,196			5,113			4,982			5,185
Less: Net investment income from Divested businesses (5)		24			3			2			-			-
Net Investment Income (3)	$	5,095		$	5,193		$	5,111		$	4,982		$	5,185
Ending Carrying Value (3)	$	495,601		$	500,137		$	501,192		$	509,500		$	492,989
Investment portfolio gains (losses) including Divested businesses	$	55		$	191		$	198		$	165		$	41
Less: Investment portfolio gains (losses) from Divested businesses (5)		-			2			-			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	55		$	189		$	198		$	165		$	41
Gross investment gains	$	270		$	419		$	559		$	445		$	419
Gross investment losses		(127	)		(167	)		(237	)		(236	)		(261	)
Writedowns		(88	)		(63	)		(124	)		(44	)		(117	)
Investment Portfolio Gains (Losses) (3), (5)		55			189			198			165			41
Investment portfolio gains (losses) income tax (expense) benefit		(55	)		(104	)		(69	)		(52	)		103
Investment Portfolio Gains (Losses), Net of Income Tax	$	-		$	85		$	129		$	113		$	144

Derivative Gains (Losses) including Divested businesses	$	135		$	306		$	(18	)	$	611		$	(1,103	)
Less: Derivative gains (losses) from Divested businesses (5)		45			-			-			-			-
Derivative gains (losses) (3), (5)		90			306			(18	)		611			(1,103	)
Derivative gains (losses) income tax (expense) benefit		(19	)		(119	)		(22	)		(217	)		382
Derivative Gains (Losses), Net of Income Tax	$	71		$	187		$	(40	)	$	394		$	(721	)
(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as consolidated securitization entities (“CSEs”) and contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $1,372 million, $1,362 million, $1,358 million, $1,365 million and $1,257 million in ending carrying value, and $44 million, $14 million, $8 million, $37 million and $2 million of investment income related to fair value option and trading securities at or for the three months ended June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, 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 June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $16,441 million, $15,866 million, $15,316 million, $15,091 million and $15,189 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $18 million, $18 million, $15 million, $15 million and $14 million and mortgage loans of $638 million, $313 million, $280 million, $272 million and $266 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Three Months Ended
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	55		$	189		$	198		$	165		$	41
Real estate discontinued operations		-			-			-			-			-
Operating joint venture adjustments		-			-			-			(1	)		4
Net investment gains (losses) related to CSEs		1			3			(1	)		(2	)		2
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(181	)		(83	)		33			124			(180	)
Net investment gains (losses) - GAAP basis	$	(125	)	$	109		$	230		$	286		$	(133	)

	For the Three Months Ended
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	135		$	306		$	(18	)	$	611		$	(1,103	)
Investment hedge adjustments (5)		169			169			192			200			180
Operating joint venture adjustments		(1	)		(1	)		3			-			-
Settlement of foreign currency earnings hedges		4			-			5			8			9
PAB hedge adjustments		4			4			3			2			2
Net derivative gains (losses) - GAAP basis	$	311		$	478		$	185		$	821		$	(912	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses for the three months ended June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, excludes $4 million,$0, $0, $0 and $0, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

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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)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Fixed Maturity Securities
Yield (1)		4.83%			4.80%			4.81%			4.64%			4.72%
Investment income (2), (3), (4)	$	7,481		$	11,185		$	14,946		$	3,569		$	7,234
Investment gains (losses) (3)		149			302			548			133			248
Ending carrying value (2), (3)		368,428			369,432			366,783			367,640			352,610
Mortgage Loans
Yield (1)		5.06%			5.19%			5.15%			4.80%			4.95%
Investment income (3), (4)		1,417			2,191			2,928			730			1,531
Investment gains (losses) (3)		5			(25	)		(36	)		(43	)		(52	)
Ending carrying value (3)		56,585			57,725			59,838			62,137			63,744
Real Estate and Real Estate Joint Ventures
Yield (1)		3.98%			3.88%			3.67%			3.10%			5.23%
Investment income (3)		203			297			376			81			270
Investment gains (losses) (3)		59			145			217			27			(6	)
Ending carrying value		10,101			10,393			10,525			10,310			10,207
Policy Loans
Yield (1)		5.35%			5.36%			5.36%			5.24%			5.23%
Investment income		315			473			629			152			303
Ending carrying value		11,785			11,756			11,618			11,606			11,575
Equity Securities
Yield (1)		4.30%			4.18%			4.30%			4.01%			4.30%
Investment income		67			98			133			31			66
Investment gains (losses)		50			64			65			8			16
Ending carrying value		3,863			3,689			3,631			3,713			3,677
Other Limited Partnership Interests
Yield (1)		13.81%			14.14%			13.01%			10.62%			11.50%
Investment income		535			834			1,033			215			465
Investment gains (losses)		(38	)		(52	)		(78	)		16			7
Ending carrying value		7,964			8,214			8,085			8,074			8,099
Cash and Short-term Investments
Yield (1)		1.11%			1.09%			1.07%			1.00%			1.02%
Investment income		84			124			161			33			66
Investment gains (losses)		(1	)		(1	)		11			6			(6	)
Ending carrying value		19,759			21,023			19,429			22,257			22,668
Other Invested Assets (1)
Investment income		420			653			906			327			550
Investment gains (losses) (3)		(6	)		(24	)		(120	)		18			(1	)
Ending carrying value		17,116			17,905			21,283			23,763			20,409
Total Investments
Investment income yield (1)		5.02%			5.02%			5.01%			4.89%			4.99%
Investment fees and expenses yield		(0.13	)%		(0.13	)%		(0.13	)%		(0.15	)%		(0.15	)%
Net Investment Income Yield (1), (3), (5)		4.89%			4.89%			4.88%			4.74%			4.84%
Investment income	$	10,522		$	15,855		$	21,112		$	5,138		$	10,485
Investment fees and expenses		(275	)		(412	)		(556	)		(156	)		(318	)
Net investment income including Divested businesses		10,247			15,443			20,556			4,982			10,167
Less: Net investment income from Divested businesses (5)		67			70			72			-			-
Net Investment Income (3)	$	10,180		$	15,373		$	20,484		$	4,982		$	10,167
Ending Carrying Value (3)	$	495,601		$	500,137		$	501,192		$	509,500		$	492,989
Investment portfolio gains (losses) including Divested businesses	$	218		$	409		$	607		$	165		$	206
Less: Investment portfolio gains (losses) from Divested businesses (5)		-			2			2			-			-
Investment Portfolio Gains (Losses) (3), (5)	$	218		$	407		$	605		$	165		$	206
Gross investment gains	$	711		$	1,130		$	1,689		$	445		$	864
Gross investment losses		(385	)		(552	)		(789	)		(236	)		(497	)
Writedowns		(108	)		(171	)		(295	)		(44	)		(161	)
Investment Portfolio Gains (Losses) (3), (5)		218			407			605			165			206
Investment portfolio gains (losses) income tax (expense) benefit		(87	)		(191	)		(260	)		(52	)		51
Investment Portfolio Gains (Losses), Net of Income Tax	$	131		$	216		$	345		$	113		$	257

Derivative Gains (Losses) including Divested businesses	$	287		$	593		$	575		$	611		$	(492	)
Less: Derivative gains (losses) from Divested businesses (5)		80			80			80			-			-
Derivative gains (losses) (3), (5)		207			513			495			611			(492	)
Derivative gains (losses) income tax (expense) benefit		(58	)		(177	)		(199	)		(217	)		165
Derivative Gains (Losses), Net of Income Tax	$	149		$	336		$	296		$	394		$	(327	)
(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class. (2) Fixed maturity securities includes $1,372 million, $1,362 million, $1,358 million, $1,365 million and $1,257 million in ending carrying value, and $81 million, $95 million, $103 million, $37 million and $39 million of investment income related to fair value option and trading securities at or for the year-to-date period ended June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, 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 June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $16,441 million, $15,866 million, $15,316 million, $15,091 million and $15,189 million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $18 million, $18 million, $15 million, $15 million and $14 million and mortgage loans of $638 million, $313 million, $280 million, $272 million and $266 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses) as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below:
	For the Year-to-Date Period Ended
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Investment portfolio gains (losses) including Divested businesses - in above yield table	$	218		$	407		$	605		$	165		$	206
Real estate discontinued operations		5			5			5			-			-
Operating joint venture adjustments		-			-			-			(1	)		3
Net investment gains (losses) related to certain CSEs		3			6			5			(2	)		-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		(762	)		(845	)		(812	)		124			(56	)
Net investment gains (losses) - GAAP basis	$	(536	)	$	(427	)	$	(197	)	$	286		$	153

	For the Year-to-Date Period Ended
	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015
Derivative gains (losses) including Divested businesses - in above yield table	$	287		$	593		$	575		$	611		$	(492	)
Investment hedge adjustments (5)		344			513			705			200			380
Operating joint venture adjustments		(1	)		(2	)		1			-			-
Settlement of foreign currency earnings hedges		17			17			22			8			17
PAB hedge adjustments		7			11			14			2			4
Net derivative gains (losses) - GAAP basis	$	654		$	1,132		$	1,317		$	821		$	(91	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees. (5) Yields are calculated including net investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015, excludes $1 million, $1 million, $1 million, $0 and $0, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented above.

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INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	1,312		83.5%	$	1,502		87.1%	$	1,557		78.3%	$	1,683		76.2%	$	3,044		86.8%
20% or more for less than six months		24		1.5%		68		4.0%		289		14.5%		384		17.4%		190		5.4%
20% or more for six months or greater		236		15.0%		154		8.9%		143		7.2%		141		6.4%		275		7.8%
Total Gross Unrealized Losses	$	1,572		100.0%	$	1,724		100.0%	$	1,989		100.0%	$	2,208		100.0%	$	3,509		100.0%

Total Gross Unrealized Gains	$	29,341			$	28,596			$	32,634			$	35,574			$	26,029


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	17		38.6%	$	16		40.0%	$	16		23.9%	$	20		29.0%	$	29		39.7%
20% or more for less than six months		-		- %		-		- %		24		35.8%		20		29.0%		11		15.1%
20% or more for six months or greater		27		61.4%		24		60.0%		27		40.3%		29		42.0%		33		45.2%
Total Gross Unrealized Losses	$	44		100.0%	$	40		100.0%	$	67		100.0%	$	69		100.0%	$	73		100.0%

Total Gross Unrealized Gains	$	655			$	618			$	622			$	649			$	633

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

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INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015
Unaudited (In millions)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	109,393		29.8%	$	107,974		29.3%	$	105,954		29.0%	$	106,335		29.0%	$	101,146		28.8%
Foreign corporate securities			62,488		17.0%		61,877		16.8%		61,675		16.9%		60,494		16.5%		59,098		16.8%
U.S. Treasury and agency securities			54,347		14.8%		56,862		15.5%		61,516		16.8%		60,472		16.5%		57,538		16.4%
Foreign government securities			56,627		15.4%		56,396		15.3%		52,666		14.4%		52,361		14.3%		51,057		14.5%
Residential mortgage-backed securities			39,064		10.7%		40,619		11.1%		39,846		10.9%		43,784		12.0%		41,518		11.8%
State and political subdivision securities			14,698		4.0%		14,840		4.0%		15,187		4.2%		15,710		4.3%		15,164		4.3%
Asset-backed securities			14,788		4.0%		14,853		4.0%		14,249		3.9%		13,808		3.8%		13,990		4.0%
Commercial mortgage-backed securities			15,651		4.3%		14,649		4.0%		14,332		3.9%		13,311		3.6%		11,842		3.4%
Total Fixed Maturity Securities Available-For-Sale		$	367,056		100.0%	$	368,070		100.0%	$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%

NAIC	RATING AGENCY
DESIGNATION	RATING
1	Aaa / Aa / A	$	255,560		69.6%	$	257,120		69.9%	$	257,083		70.4%	$	258,707		70.6%	$	248,764		70.8%
2	Baa		86,401		23.6%		85,685		23.3%		83,408		22.8%		82,394		22.5%		79,669		22.7%
3	Ba		14,794		4.0%		15,045		4.1%		15,145		4.1%		16,314		4.5%		15,621		4.4%
4	B		9,277		2.5%		8,589		2.3%		8,385		2.3%		7,457		2.0%		5,955		1.7%
5	Caa and lower		992		0.3%		1,535		0.4%		1,340		0.4%		1,325		0.4%		1,260		0.4%
6	In or near default		32		- %		96		- %		64		- %		78		- %		84		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	367,056		100.0%	$	368,070		100.0%	$	365,425		100.0%	$	366,275		100.0%	$	351,353		100.0%
(1) Amounts presented are based on rating agency ratings and equivalent designations of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed designation is used until a final designation becomes available. These revised NAIC designations may not correspond to the rating agency ratings. The rating agency ratings are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
Unaudited (In millions)		June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015

Traditional (2), (3)			$8,996				$9,273				$9,558				$9,458				$9,590
Real estate joint ventures and funds			691				691				647				595				577
Subtotal			9,687				9,964				10,205				10,053				10,167
Foreclosed			414				429				320				257				40
Total Real Estate and Real Estate Joint Ventures			$10,101				$10,393				$10,525				$10,310				$10,207
(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)
Unaudited (In millions)	June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015

Commercial mortgage loans		$40,604				$40,540				$41,088				$42,164				$42,953
Agricultural mortgage loans		11,961				11,929				12,378				12,333				12,498
Residential mortgage loans		4,314				5,563				6,677				7,955				8,618
Total Mortgage Loans		56,879				58,032				60,143				62,452				64,069
Valuation allowances		(294)				(307)				(305)				(315)				(325)
Total Mortgage Loans, net		$56,585				$57,725				$59,838				$62,137				$63,744
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 31, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	June 30, 2014				September 30, 2014				December 31, 2014				March 31, 2015				June 30, 2015
Unaudited (In millions)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,017		22.2%	$	8,815		21.7%	$	8,620		21.0%	$	9,197		21.8%	$	9,221		21.5%
Middle Atlantic		7,232		17.8%		7,582		18.7%		7,689		18.7%		7,617		18.1%		7,864		18.3%
International		6,763		16.7%		6,636		16.4%		7,251		17.7%		7,630		18.1%		7,222		16.8%
South Atlantic		6,714		16.5%		6,705		16.5%		6,384		15.5%		6,249		14.8%		6,355		14.8%
West South Central		3,734		9.2%		3,763		9.3%		3,990		9.7%		3,939		9.3%		4,404		10.3%
East North Central		2,455		6.0%		2,589		6.4%		2,430		5.9%		2,520		6.0%		2,260		5.3%
New England		1,406		3.5%		1,197		3.0%		1,155		2.8%		1,151		2.7%		1,352		3.1%
Mountain		935		2.3%		933		2.3%		932		2.3%		1,169		2.8%		1,168		2.7%
East South Central		383		0.9%		384		0.9%		424		1.0%		423		1.0%		390		0.9%
West North Central		144		0.4%		142		0.4%		140		0.3%		138		0.3%		150		0.3%
Multi-Region and Other		1,821		4.5%		1,794		4.4%		2,073		5.1%		2,131		5.1%		2,567		6.0%
Total	$	40,604		100.0%	$	40,540		100.0%	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%


Office	$	20,692		51.0%	$	21,160		52.2%	$	21,400		52.1%	$	21,094		50.0%	$	21,334		49.7%
Retail		9,049		22.3%		9,263		22.8%		9,389		22.9%		9,543		22.6%		9,982		23.2%
Apartment		3,948		9.7%		3,392		8.4%		3,786		9.2%		4,696		11.2%		4,806		11.2%
Hotel		4,154		10.2%		4,317		10.6%		4,196		10.2%		4,483		10.6%		4,431		10.3%
Industrial		2,444		6.0%		2,178		5.4%		2,133		5.2%		2,157		5.1%		2,205		5.1%
Other		317		0.8%		230		0.6%		184		0.4%		191		0.5%		195		0.5%
Total	$	40,604		100.0%	$	40,540		100.0%	$	41,088		100.0%	$	42,164		100.0%	$	42,953		100.0%

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Appendix

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APPENDIX METLIFE RECONCILIATION DETAIL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,621		$	1,855		$	1,614		$	1,668		$	1,796		$	3,213		$	3,464
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(125	)		109			230			286			(133	)		(536	)		153
Net derivative gains (losses)		311			478			185			821			(912	)		654			(91	)
Premiums - Divested businesses		20			18			5			-			(1	)		22			(1	)
Universal life and investment-type product policy fees
Unearned revenue adjustments		3			8			6			4			3			6			7
GMIB fees		93			96			96			94			95			186			189
Divested businesses		2			2			1			2			1			4			3
Net investment income
Investment hedge adjustments		(165	)		(169	)		(192	)		(200	)		(180	)		(343	)		(380	)
Income from discontinued real estate operations		-			-			-			-			-			(1	)		-
Operating joint venture adjustments		1			1			(3	)		1			(4	)		1			(3	)
Unit-linked contract income		295			379			527			677			(55	)		360			622
Securitization entities income		13			3			4			1			1			31			2
Divested businesses		20			3			2			-			-			66			-
Other revenues
Settlement of foreign currency earnings hedges		(4	)		-			(5	)		(8	)		(9	)		(17	)		(17	)
Divested businesses		1			-			18			-			-			1			-
Policyholder benefits and claims and policyholder dividends
PDO adjustments		-			-			6			17			(10	)		-			7
Inflation and pass through adjustments		(160	)		93			(104	)		(3	)		25			(249	)		22
GMIB costs		(215	)		(34	)		(134	)		(112	)		(150	)		(332	)		(262	)
Market value adjustments		(26	)		(54	)		(85	)		(51	)		(45	)		(43	)		(96	)
Divested businesses		(20	)		(10	)		(3	)		-			-			(51	)		-
Interest credited to policyholder account balances
PAB hedge adjustments		(4	)		(4	)		(3	)		(2	)		(2	)		(7	)		(4	)
Unit-linked contract costs		(280	)		(387	)		(534	)		(662	)		46			(345	)		(616	)
Divested businesses		-			-			(2	)		-			-			-			-
Capitalization of DAC - Divested businesses		1			-			-			-			-			1			-
Amortization of DAC and VOBA
Related to NIGL and NDGL		(63	)		27			(4	)		(112	)		104			(64	)		(8	)
Related to GMIB fees and GMIB costs		26			(81	)		(1	)		40			-			19			40
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses		-			(1	)		-			-			-			-			-
Amortization of negative VOBA
Related to market value adjustments		12			11			11			10			9			24			19
Divested businesses		-			-			-			-			-			-			-
Interest expense on debt
Securitization entities debt expense		(13	)		(3	)		(4	)		(1	)		(1	)		(31	)		(2	)
Divested businesses		-			-			-			-			-			-			-
Other expenses
Noncontrolling interest		11			(3	)		12			5			7			24			12
Regulatory implementation costs		(2	)		-			(1	)		(1	)		(1	)		(2	)		(2	)
Acquisition & integration costs		(10	)		(17	)		(24	)		(8	)		(7	)		(14	)		(15	)
Divested businesses		(11	)		(24	)		(42	)		(1	)		(3	)		(23	)		(4	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		44			(202	)		(49	)		(302	)		545			164			243
Income (loss) from continuing operations, net of income tax		1,376			2,094			1,527			2,163			1,119			2,718			3,282
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			(3	)		-
Net income (loss)		1,376			2,094			1,527			2,163			1,119			2,715			3,282
Less: Net income (loss) attributable to noncontrolling interests		10			-			6			5			4			21			9
Net income (loss) attributable to MetLife, Inc.		1,366			2,094			1,521			2,158			1,115			2,694			3,273
Less: Preferred stock dividends		31			30			31			30			31			61			61
Less: Preferred stock repurchase premium		-			-			-			-			42			-			42
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,335		$	2,064		$	1,490		$	2,128		$	1,042		$	2,633		$	3,170
(1) The three months ended and year-to-date period ended June 30, 2014 include a pre-tax net investment loss of $138 million and $633 million, respectively, related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
Variable investment income, as compared to plan		$	11		$	62		$	-		$	-		$	-		$	74		$	-
Catastrophe experience and prior year development, net			(21	)		38			16			(16	)		-			(21	)		(16	)
Actuarial assumption review and other insurance adjustments			56			16			5			-			-			56			-
Litigation reserves & settlement costs			-			-			(117	)		-			-			(57	)		-
Tax adjustments			-			(9	)		27			-			61			-			61
Total notable items		$	46		$	107		$	(69	)	$	(16	)	$	61		$	52		$	45

RETAIL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
Variable investment income, as compared to plan		$	(9	)	$	25		$	-		$	-		$	-		$	17		$	-
Catastrophe experience and prior year development, net			(20	)		23			6			(3	)		(2	)		(20	)		(5	)
Actuarial assumption review and other insurance adjustments			56			19			(9	)		-			-			56			-
Tax adjustments			-			38			-			-			-			-			-
Total notable items		$	27		$	105		$	(3	)	$	(3	)	$	(2	)	$	53		$	(5	)

	RETAIL - LIFE & OTHER
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
	Variable investment income, as compared to plan	$	(12	)	$	17		$	-		$	-		$	-		$	3		$	-
	Catastrophe experience and prior year development, net		(20	)		23			6			(3	)		(2	)		(20	)		(5	)
	Actuarial assumption review and other insurance adjustments		56			37			(9	)		-			-			56			-
	Tax adjustments		-			5			-			-			-			-			-
	Total notable items	$	24		$	82		$	(3	)	$	(3	)	$	(2	)	$	39		$	(5	)

	RETAIL - ANNUITIES
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
	Variable investment income, as compared to plan	$	3		$	8		$	-		$	-		$	-		$	14		$	-
	Actuarial assumption review and other insurance adjustments		-			(18	)		-			-			-			-			-
	Tax adjustments		-			33			-			-			-			-			-
	Total notable items	$	3		$	23		$	-		$	-		$	-		$	14		$	-

GROUP, VOLUNTARY & WORKSITE BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015
Variable investment income, as compared to plan		$	(1	)	$	8		$	-		$	-		$	-		$	-		$	-
Catastrophe experience and prior year development, net			(1	)		15			10			(12	)		2			(1	)		(10	)
Actuarial assumption review and other insurance adjustments			-			-			(9	)		-			-			-			-
Total notable items		$	(2	)	$	23		$	1		$	(12	)	$	2		$	(1	)	$	(10	)
(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) CORPORATE BENEFIT FUNDING
	For the Three Months Ended													For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		June 30, 2014			June 30, 2015
Variable investment income, as compared to plan	$	21	$	33		$	-		$	-		$	-	$	36		$	-
Total notable items	$	21	$	33		$	-		$	-		$	-	$	36		$	-

LATIN AMERICA
	For the Three Months Ended													For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		June 30, 2014			June 30, 2015
Catastrophe experience and prior year development, net	$	-	$	-		$	-		$	(1	)	$	-	$	-		$	(1	)
Tax adjustments		-		(41	)		13			-			-		-			-
Total notable items	$	-	$	(41	)	$	13		$	(1	)	$	-	$	-		$	(1	)

ASIA
	For the Three Months Ended													For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		June 30, 2014			June 30, 2015
Variable investment income, as compared to plan	$	-	$	3		$	-		$	-		$	-	$	-		$	-
Actuarial assumption review and other insurance adjustments		-		(13	)		23			-			-		-			-
Tax adjustments		-		-			-			-			61		-			61
Total notable items	$	-	$	(10	)	$	23		$	-		$	61	$	-		$	61

EMEA
	For the Three Months Ended													For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		June 30, 2014			June 30, 2015
Actuarial assumption review and other insurance adjustments	$	-	$	10		$	-		$	-		$	-	$	-		$	-
Tax adjustments		-		-			14			-			-		-			-
Total notable items	$	-	$	10		$	14		$	-		$	-	$	-		$	-

CORPORATE & OTHER
	For the Three Months Ended													For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014		September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015		June 30, 2014			June 30, 2015
Variable investment income, as compared to plan	$	-	$	(7	)	$	-		$	-		$	-	$	21		$	-
Litigation reserves & settlement costs		-		-			(117	)		-			-		(57	)		-
Tax adjustments		-		(6	)		-			-			-		-			-
Total notable items	$	-	$	(13	)	$	(117	)	$	-		$	-	$	(36	)	$	-

(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

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APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Total MetLife, Inc.’s stockholders’ equity	$	69,591		$	70,805		$	72,053		$	73,770		$	69,377
Less: Preferred stock		2,043			2,043			2,043			2,043			2,066
MetLife, Inc.’s common stockholders’ equity		67,548			68,762			70,010			71,727			67,311
Less: Net unrealized investment gains (losses), net of income tax		14,385			14,689			16,235			17,761			12,863
Less: Defined benefit plans adjustment, net of income tax		(1,588	)		(1,537	)		(2,283	)		(2,246	)		(2,206	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		54,751			55,610			56,058			56,212			56,654
Less: Goodwill, net of income tax		10,351			10,127			9,759			9,592			9,508
Less: VODA and VOCRA, net of income tax		811			780			620			576			546
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	43,589		$	44,703		$	45,679		$	46,044		$	46,600

Unaudited	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

Book value per common share (1)	$	59.96		$	61.44		$	61.85		$	64.37		$	60.27
Less: Net unrealized investment gains (losses), net of income tax		12.77			13.12			14.34			15.94			11.52
Less: Defined benefit plans adjustment, net of income tax		(1.41	)		(1.37	)		(2.02	)		(2.02	)		(1.98	)
Book value per common share, excluding AOCI other than FCTA (1)		48.60			49.69			49.53			50.45			50.73
Less: Goodwill, net of income tax		9.19			9.04			8.62			8.61			8.51
Less: VODA and VOCRA, net of income tax		0.72			0.70			0.55			0.52			0.49
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	38.69		$	39.95		$	40.36		$	41.32		$	41.73

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			December 31, 2014

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		9.7%			10.7%			9.1%			9.2%			10.2%			10.0%
Common stockholders’ equity, excluding AOCI other than FCTA		11.7%			13.2%			11.3%			11.7%			12.5%			12.0%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		14.9%			16.7%			14.1%			14.4%			15.3%			15.2%

Return on MetLife, Inc.’s:
Common stockholders’ equity		8.1%			12.1%			8.6%			12.0%			6.0%			9.4%
Common stockholders’ equity, excluding AOCI other than FCTA		9.9%			15.0%			10.7%			15.2%			7.4%			11.3%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		12.5%			18.8%			13.3%			18.7%			9.1%			14.3%

Average common stockholders’ equity	$	65,632		$	68,155		$	69,386		$	70,869		$	69,519		$	65,909
Average common stockholders’ equity, excluding AOCI other than FCTA	$	54,204		$	55,181		$	55,834		$	56,135		$	56,433		$	54,565
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	43,028		$	44,146		$	45,191		$	45,862		$	46,322		$	43,569

(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. (3) Operating earnings available to common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015 of $14 million, $13 million, $13 million, $12 million and $12 million, respectively, and for the year ended December 31, 2014 of $53 million.

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APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2) OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015
AMERICAS
RETAIL
Life & Other			12.1%		16.6%		15.1%		9.0%		12.3%
Annuities			13.9%		14.2%		13.0%		14.4%		13.2%
GROUP, VOLUNTARY & WORKSITE BENEFITS			14.5%		16.7%		16.5%		14.2%		14.4%
CORPORATE BENEFIT FUNDING			19.8%		21.5%		19.6%		19.1%		21.0%
LATIN AMERICA			15.0%		13.5%		16.8%		15.1%		13.3%
AMERICAS			14.8%		16.5%		15.7%		14.1%		14.8%
ASIA			11.1%		10.6%		11.6%		11.4%		14.8%
EMEA			8.3%		9.0%		7.4%		8.4%		6.0%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (3):
		For the Three Months Ended
Unaudited		June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015
AMERICAS			16.9%		18.8%		17.9%		15.9%		16.6%
ASIA			19.2%		18.3%		20.1%		19.6%		25.4%
EMEA			16.1%		17.2%		14.2%		15.4%		11.2%

RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015
AMERICAS
RETAIL
Life & Other			10.4%		19.5%		15.7%		12.6%		8.4%
Annuities			14.4%		16.2%		8.4%		15.8%		12.8%
GROUP, VOLUNTARY & WORKSITE BENEFITS			16.3%		19.3%		23.7%		20.9%		2.4%
CORPORATE BENEFIT FUNDING			16.1%		27.7%		25.4%		27.4%		15.9%
LATIN AMERICA			2.0%		12.9%		9.5%		13.2%		9.5%
AMERICAS			12.8%		19.4%		15.9%		18.0%		10.4%
ASIA			11.4%		11.4%		3.1%		12.1%		19.6%
EMEA			13.2%		8.7%		6.0%		7.8%		7.7%

RETURN ON ALLOCATED TANGIBLE EQUITY (3):
		For the Three Months Ended
Unaudited		June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015
AMERICAS			14.6%		22.1%		18.1%		20.2%		11.7%
ASIA			19.7%		19.7%		5.4%		20.8%		33.7%
EMEA			25.2%		16.7%		11.7%		14.4%		14.2%
(1) Annualized using quarter-to-date results. (2) Allocated equity is defined as the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed.MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity excludes the impact of AOCI, other than FCTA. Allocated equity and allocated tangible equity are presented below:
				ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)			2014		2015		2014		2015
	AMERICAS
	RETAIL
	Life & Other			$	8,802	$	9,006
	Annuities				11,815		12,469
	GROUP, VOLUNTARY & WORKSITE BENEFITS				5,758		6,420
	CORPORATE BENEFIT FUNDING				7,350		7,729
	LATIN AMERICA				3,625		3,480
	AMERICAS			$	37,350	$	39,104	$	33,009	$	34,900
	ASIA			$	11,695	$	11,509	$	6,787	$	6,708
	EMEA			$	3,481	$	3,332	$	1,888	$	1,865
(3) Operating earnings available to common shareholders used to calculate the operating return on allocated tangible equity and net income (loss) available to MetLife, Inc.’s common shareholders used to calculate the return on allocated tangible equity, exclude the impact of amortization on VODA and VOCRA, net of income tax, as presented below:
		For the Three Months Ended
	Unaudited (In millions)	June 30, 2014		September 30, 2014		December 31, 2014		March 31, 2015		June 30, 2015
	AMERICAS	$	8	$	9	$	9	$	9	$	8
	ASIA	$	1	$	1	$	1	$	1	$	1
	EMEA	$	4	$	3	$	3	$	2	$	2

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APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

RETAIL (1)	$	3,333		$	3,455		$	3,409		$	3,236		$	3,262
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		4,323			4,293			4,213			4,418			4,401
CORPORATE BENEFIT FUNDING (1)		816			582			1,456			543			455
LATAM (2)		969			1,010			963			991			1,091
ASIA (2)		2,044			2,152			2,124			2,160			2,237
EMEA (2)		599			632			625			625			658
CORPORATE & OTHER (1)		61			65			75			53			71
METLIFE TOTAL	$	12,145		$	12,189		$	12,865		$	12,026		$	12,175

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015

RETAIL (1)	$	677		$	785		$	718		$	653		$	690
GROUP, VOLUNTARY & WORKSITE BENEFITS (1)		209			241			238			228			231
CORPORATE BENEFIT FUNDING (1)		363			395			360			369			406
LATAM (2)		113			99			139			129			116
ASIA (2)		293			276			324			324			425
EMEA (2)		54			60			57			71			50
CORPORATE & OTHER (1)		(191	)		(106	)		(289	)		(140	)		(153	)
METLIFE TOTAL	$	1,518		$	1,750		$	1,547		$	1,634		$	1,765
(1) Amounts on a reported basis, as constant currency impact is not significant. (2) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	838		$	855		$	861		$	845		$	856		$	1,663		$	1,701
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		40			44			44			41			42			81			83
Other revenues		4			4			6			5			6			9			11
Total operating revenues		882			903			911			891			904			1,753			1,795

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		641			527			541			584			626			1,215			1,210
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(105	)		(108	)		(101	)		(96	)		(105	)		(201	)		(201	)
Amortization of DAC and VOBA		97			102			105			101			101			197			202
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		234			230			230			220			232			457			452
Total operating expenses		867			751			775			809			854			1,668			1,663

Operating earnings before provision for income tax		15			152			136			82			50			85			132
Provision for income tax expense (benefit)		(8	)		39			35			17			3			4			20
Operating earnings		23			113			101			65			47			81			112
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	23		$	113		$	101		$	65		$	47		$	81		$	112


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	23		$	113		$	101		$	65		$	47		$	81		$	112
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1	)		2			2			-			6			3			6
Net derivative gains (losses)		(1	)		1			(5	)		(5	)		7			(3	)		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	)		1			2			(5	)		-			(3	)
Income (loss) from continuing operations, net of income tax		22			115			99			62			55			81			117
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		22			115			99			62			55			81			117
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		22			115			99			62			55			81			117
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	22		$	115		$	99		$	62		$	55		$	81		$	117

Total Operating Premiums, Fees and Other Revenues	$	842		$	859		$	867		$	850		$	862		$	1,672		$	1,712
(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.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	448		$	454		$	454		$	442		$	444		$	892		$	886
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		22			23			24			22			23			45			45
Other revenues		4			3			4			3			4			7			7
Total operating revenues		474			480			482			467			471			944			938

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		364			263			269			280			328			664			608
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(71	)		(73	)		(67	)		(62	)		(70	)		(135	)		(132	)
Amortization of DAC and VOBA		67			69			70			67			68			135			135
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		125			122			120			111			121			241			232
Total operating expenses		485			381			392			396			447			905			843

Operating earnings before provision for income tax		(11	)		99			90			71			24			39			95
Provision for income tax expense (benefit)		(13	)		28			25			18			1			(2	)		19
Operating earnings		2			71			65			53			23			41			76
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2		$	71		$	65		$	53		$	23		$	41		$	76

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	2		$	71		$	65		$	53		$	23		$	41		$	76
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		-			1			1			-			4			2			4
Net derivative gains (losses)		(1	)		1			(3	)		(3	)		4			(2	)		1
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		-			(1	)		1			1			(3	)		-			(2	)
Income (loss) from continuing operations, net of income tax		1			72			64			51			28			41			79
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		1			72			64			51			28			41			79
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		1			72			64			51			28			41			79
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1		$	72		$	64		$	51		$	28		$	41		$	79

Total Operating Premiums, Fees and Other Revenues	$	452		$	457		$	458		$	445		$	448		$	899		$	893
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - GROUP PROPERTY & CASUALTY (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	June 30, 2014			September 30, 2014			December 31, 2014			March 31, 2015			June 30, 2015			June 30, 2014			June 30, 2015

OPERATING REVENUES
Premiums	$	390		$	401		$	407		$	403		$	412		$	771		$	815
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		18			21			20			19			19			36			38
Other revenues		-			1			2			2			2			2			4
Total operating revenues		408			423			429			424			433			809			857

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		277			264			272			304			298			551			602
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(34	)		(35	)		(34	)		(34	)		(35	)		(66	)		(69	)
Amortization of DAC and VOBA		30			33			35			34			33			62			67
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other expenses		109			108			110			109			111			216			220
Total operating expenses		382			370			383			413			407			763			820

Operating earnings before provision for income tax		26			53			46			11			26			46			37
Provision for income tax expense (benefit)		5			11			10			(1	)		2			6			1
Operating earnings		21			42			36			12			24			40			36
Preferred stock dividends		-			-			-			-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	21		$	42		$	36		$	12		$	24		$	40		$	36

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	21		$	42		$	36		$	12		$	24		$	40		$	36
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1	)		1			1			-			2			1			2
Net derivative gains (losses)		-			-			(2	)		(2	)		3			(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	)
Income (loss) from continuing operations, net of income tax		21			43			35			11			27			40			38
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		21			43			35			11			27			40			38
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		21			43			35			11			27			40			38
Less: Preferred stock dividends		-			-			-			-			-			-			-
Less: Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	21		$	43		$	35		$	11		$	27		$	40		$	38

Total Operating Premiums, Fees and Other Revenues	$	390		$	402		$	409		$	405		$	414		$	773		$	819
(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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