EX-99.2

EX-99.2 3 d268923dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Third Quarter

Financial Supplement

September 30, 2016

LOGO


METLIFE
TABLE OF CONTENTS

GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			2

CORPORATE OVERVIEW			3

METLIFE
Consolidated Balance Sheets			7

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

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

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

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

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

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

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

BRIGHTHOUSE FINANCIAL
Statements of Operating Earnings Available to Common Shareholders			29

INVESTMENTS
Investment Portfolio Results by Asset Category and Annualized Yields			30
Gross Unrealized Gains and Losses Aging Schedule - Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale			32
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures			33
Summary of Mortgage Loans and Summary of Commercial Mortgage Loans by Region and Property Type			34

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

LOGO


METLIFE As used in this QFS, “MetLife,” “we” and “our” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. In this QFS, MetLife presents certain measures of its performance that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. See Appendix for definitions of non-GAAP financial measures and other financial disclosures.
GAAP INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Revenues
Premiums	$	10,375		$	9,605		$	9,693		$	9,417		$	10,391		$	28,940		$	29,501
Universal life and investment-type product policy fees		2,346			2,333			2,344			2,286			2,296			7,174			6,926
Net investment income		3,959			4,914			4,559			4,887			5,464			14,367			14,910
Other revenues		484			486			487			487			366			1,497			1,340
Net investment gains (losses)		382			62			15			266			257			535			538
Net derivative gains (losses)		485			(356	)		1,335			(2,099	)		(1,051	)		394			(1,815	)
Total revenues		18,031			17,044			18,433			15,244			17,723			52,907			51,400

Expenses
Policyholder benefits and claims		10,334			9,772			9,678			10,274			10,855			28,943			30,807
Interest credited to policyholder account balances		647			1,670			1,326			1,500			1,820			3,940			4,646
Policyholder dividends		354			363			315			324			312			1,024			951
Goodwill impairment		-			-			-			-			260			-			260
Capitalization of DAC		(955	)		(987	)		(981	)		(915	)		(863	)		(2,850	)		(2,759	)
Amortization of DAC and VOBA		1,131			883			995			121			1,017			3,053			2,133
Amortization of negative VOBA		(90	)		(79	)		(99	)		(67	)		(55	)		(282	)		(221	)
Interest expense on debt		302			300			312			306			292			908			910
Other expenses		4,145			3,987			3,965			3,801			3,537			11,836			11,303
Total expenses		15,868			15,909			15,511			15,344			17,175			46,572			48,030
Income (loss) from continuing operations before provision for income tax		2,163			1,135			2,922			(100	)		548			6,335			3,370
Provision for income tax expense (benefit)		965			293			719			(214	)		(25	)		1,855			480
Income (loss) from continuing operations, net of income tax		1,198			842			2,203			114			573			4,480			2,890
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		1,198			842			2,203			114			573			4,480			2,890
Less: Net income (loss) attributable to noncontrolling interests		(5	)		8			2			4		$	(4	)		4		$	2
Net income (loss) attributable to MetLife, Inc.		1,203			834			2,201			110			577			4,476			2,888
Less: Preferred stock dividends		6			49			6			46			6			67			58
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,197		$	785		$	2,195		$	64		$	571		$	4,367		$	2,830

Total Premiums, Fees and Other Revenues	$	13,205		$	12,424		$	12,524		$	12,190		$	13,053		$	37,611		$	37,767

LOGO


METLIFE CORPORATE OVERVIEW
	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,197		$	785		$	2,195		$	64		$	571
Adjustments from net income (loss) available to MetLife, Inc.’s common shareholders to operating earnings available to common shareholders:
Less: Net investment gains (losses)		382			62			15			266			257
Less: Net derivative gains (losses)		485			(356	)		1,335			(2,099	)		(1,051	)
Less: Goodwill impairment		-			-			-			-			(260	)
Less: Other adjustments to continuing operations (1)		(206	)		(398	)		(185	)		478			(193	)
Less: Provision for income tax (expense) benefit		(174	)		109			(297	)		499			393
Add: Net income (loss) attributable to noncontrolling interests		(5	)		8			2			4			(4	)
Operating earnings available to common shareholders	$	705		$	1,376		$	1,329		$	924		$	1,421


Net income (loss) available to MetLife, Inc.’s common shareholders per common share - diluted	$	1.06		$	0.70		$	1.98		$	0.06		$	0.51
Less: Net investment gains (losses)		0.34			0.06			0.01			0.24			0.23
Less: Net derivative gains (losses)		0.43			(0.32	)		1.20			(1.89	)		(0.95	)
Less: Goodwill impairment		-			-			-			-			(0.23	)
Less: Other adjustments to continuing operations		(0.18	)		(0.36	)		(0.16	)		0.43			(0.17	)
Less: Provision for income tax (expense) benefit		(0.15	)		0.10			(0.27	)		0.45			0.35
Add: Net income (loss) attributable to noncontrolling interests		-			0.01			-			-			-
Operating earnings available to common shareholders per common share - diluted	$	0.62		$	1.23		$	1.20		$	0.83		$	1.28

	For the Three Months Ended
Unaudited (In millions, except per share data)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Notable items impacting operating earnings available to common shareholders:
Variable investment income, as compared to plan	$	(37	)	$	(137	)	$	(86	)	$	(9	)	$	22
Catastrophe experience and prior year development, net		21			(9	)		(45	)		(15	)		16
Actuarial assumption review and other insurance adjustments		(92	)		-			-			(462	)		(319	)
Tax adjustments		(720	)		31			10			-			-
Total notable items (2)	$	(828	)	$	(115	)	$	(121	)	$	(486	)	$	(281	)

Notable items impacting operating earnings available to common shareholders per common share - diluted:
Variable investment income, as compared to plan	$	(0.03	)	$	(0.12	)	$	(0.08	)	$	(0.01	)	$	0.02
Catastrophe experience and prior year development, net	$	0.02		$	(0.01	)	$	(0.04	)	$	(0.01	)	$	0.01
Actuarial assumption review and other insurance adjustments	$	(0.08	)	$	-		$	-		$	(0.42	)	$	(0.29	)
Tax adjustments	$	(0.64	)	$	0.03		$	0.01		$	-		$	-
Total notable items (2)	$	(0.73	)	$	(0.10	)	$	(0.11	)	$	(0.44	)	$	(0.25	)

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Weighted average common shares outstanding - diluted		1,129.9			1,121.4			1,108.6			1,109.1			1,109.3
(1) See Page A-1 for further detail. (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.

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED)
Unaudited	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016		September 30, 2016

Book value per common share (1)	$	61.39		$	60.00		$	67.10		$	70.18	$	69.35
Book value per common share, excluding AOCI other than FCTA (1)	$	51.11		$	51.15		$	53.31		$	53.20	$	53.40
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	42.21		$	42.22		$	44.17		$	43.98	$	44.40

	For the Three Months Ended
Unaudited	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016		September 30, 2016
Return on MetLife, Inc.’s (2):
Common stockholders’ equity		7.1%			4.7%			12.6%			0.3%		3.0%
Common stockholders’ equity, excluding AOCI other than FCTA		8.4%			5.6%			15.3%			0.4%		3.9%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		10.3%			6.8%			18.6%			0.6%		4.8%

Operating return on MetLife, Inc.’s (2):
Common stockholders’ equity		4.2%			8.2%			7.6%			4.9%		7.4%
Common stockholders’ equity, excluding AOCI other than FCTA		5.0%			9.7%			9.3%			6.3%		9.7%
Tangible common stockholders’ equity (excludes AOCI other than FCTA)		6.1%			11.9%			11.3%			7.7%		11.8%

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016		September 30, 2016

Common shares outstanding, beginning of period		1,116.8			1,114.8			1,098.0			1,098.5		1,098.8
Share repurchases		(2.3	)		(17.1	)		(1.4	)		-		-
Newly issued shares		0.3			0.3			1.9			0.3		0.2
Common shares outstanding, end of period		1,114.8			1,098.0			1,098.5			1,098.8		1,099.0

Weighted average common shares outstanding - basic		1,118.9			1,110.9			1,100.8			1,100.3		1,100.5
Dilutive effect of the exercise or issuance of stock-based awards		11.0			10.5			7.8			8.8		8.8
Weighted average common shares outstanding - diluted		1,129.9			1,121.4			1,108.6			1,109.1		1,109.3

MetLife Policyholder Trust Shares		173.2			171.0			169.8			167.2		165.6
(1) Calculated using common shares outstanding, end of period. (2) Annualized using quarter-to-date results. See page A-4 for the return on MetLife, Inc.’s common stockholders’ equity and operating return on MetLife, Inc.’s common stockholders’ equity for the year ended December 31, 2015.

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED)
KEY OPERATING STATEMENT LINE ITEMS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Total revenues	$	18,031		$	17,044		$	18,433		$	15,244		$	17,723
Less: Net investment (gains) losses		382			62			15			266			257
Less: Net derivative (gains) losses		485			(356	)		1,335			(2,099	)		(1,051	)
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		1			(3	)		25			9			(6	)
Less: other adjustments to revenues:
GMIB fees		96			97			101			104			103
Investment hedge adjustments		(194	)		(202	)		(221	)		(188	)		(226	)
Operating joint venture adjustments		(3	)		2			5			-			-
Unit-linked contract income		(701	)		343			(97	)		191			529
Securitization entities income		8			(2	)		-			3			1
Settlement of foreign currency earnings hedges		(11	)		(9	)		(4	)		3			7
Divested business and Lag elimination		1			1			663			-			-
Total operating revenues	$	17,967		$	17,111		$	16,611		$	16,955		$	18,109

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Total premiums, fees and other revenues	$	13,205		$	12,424		$	12,524		$	12,190		$	13,053
Less: Adjustments to premiums, fees and other revenues:
Unearned revenue adjustments		1			(3	)		25			9			(6	)
GMIB fees		96			97			101			104			103
Settlement of foreign currency earnings hedges		(11	)		(9	)		(4	)		3			7
Divested business and Lag elimination		1			1			497			-			-
Total operating premiums, fees and other revenues	$	13,118		$	12,338		$	11,905		$	12,074		$	12,949
Total operating premiums, fees and other revenues on a constant currency basis	$	13,349		$	12,556		$	12,125		$	12,155		$	12,949

LOGO


METLIFE CORPORATE OVERVIEW (CONTINUED)
KEY OPERATING STATEMENT LINE ITEMS (CONTINUED)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Total expenses	$	15,868		$	15,909		$	15,511		$	15,344		$	17,175
Less: Adjustments related to net investment (gains) losses and net derivative (gains) losses		41			(27	)		6			(1,087	)		(209	)
Less: Goodwill impairment		-			-			-			-			260
Less: other adjustments to expenses:
Inflation and pass through adjustments		23			(6	)		71			66			(21	)
GMIB costs and amortization of DAC and VOBA related to GMIB fees and GMIB costs		(17	)		319			42			330			248
Market value adjustments and amortization of DAC, VOBA and negative VOBA related to market value adjustments		13			11			7			4			7
PAB hedge adjustments		1			2			1			-			-
Unit-linked contract costs		(685	)		338			(77	)		186			505
Securitization entities debt expense		8			(2	)		-			3			1
Noncontrolling interest		11			(12	)		(5	)		(4	)		7
Regulatory implementation costs		-			-			-			-			-
Acquisition, integration and other costs		6			7			6			16			11
Divested businesses and Lag elimination		2			(5	)		606			130			52
Total operating expenses	$	16,465		$	15,284		$	14,854		$	15,700		$	16,314

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Capitalization of DAC (GAAP)	$	(955	)	$	(987	)	$	(981	)	$	(915	)	$	(863	)
Less: Divested business and Lag elimination		-			-			(105	)		-			-
Capitalization of DAC	$	(955	)	$	(987	)	$	(876	)	$	(915	)	$	(863	)

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Other expenses	$	4,145		$	3,987		$	3,965		$	3,801		$	3,537
Less: Noncontrolling interest		11			(12	)		(5	)		(4	)		7
Less: Regulatory implementation costs		-			-			-			-			-
Less: Acquisition, integration and other costs		6			7			6			16			11
Less: Divested business and Lag elimination		2			(6	)		254			130			52
Other operating expenses	$	4,126		$	3,998		$	3,710		$	3,659		$	3,467
Other operating expenses on a constant currency basis	$	4,220		$	4,092		$	3,802		$	3,694		$	3,467

	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Total Company other operating expenses by major category
Direct and allocated expenses	$	2,043		$	1,859		$	1,632		$	1,599		$	1,537
Pension and post-retirement benefit costs		100			104			105			106			81
Premium taxes, other taxes, and licenses & fees		200			198			206			189			188
Total fixed operating expenses	$	2,343		$	2,161		$	1,943		$	1,894		$	1,806
Commissions and other variable expenses		1,783			1,837			1,767			1,765			1,661
Total other operating expenses	$	4,126		$	3,998		$	3,710		$	3,659		$	3,467

LOGO


METLIFE CONSOLIDATED BALANCE SHEETS
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	351,578		$	351,402		$	371,981		$	387,508		$	390,442
Equity securities available-for-sale, at estimated fair value		3,399			3,321			3,374			3,333			3,289
Fair value option and trading securities, at estimated fair value		15,361			15,024			14,993			14,314			14,730
Mortgage loans		63,553			67,102			68,651			69,399			71,156
Policy loans		11,549			11,258			11,257			11,240			11,177
Real estate and real estate joint ventures		9,923			8,433			8,733			9,063			9,186
Other limited partnership interests		7,901			7,096			7,022			6,982			6,878
Short-term investments, principally at estimated fair value		14,957			9,299			11,621			9,838			11,655
Other invested assets, principally at estimated fair value		23,356			22,524			27,095			31,834			30,278
Total investments		501,577			495,459			524,727			543,511			548,791
Cash and cash equivalents, principally at estimated fair value		10,216			12,752			13,290			17,067			15,883
Accrued investment income		4,187			3,988			4,198			3,884			4,197
Premiums, reinsurance and other receivables		25,808			22,702			27,843			26,035			26,178
Deferred policy acquisition costs and value of business acquired		23,996			24,130			23,973			24,748			24,748
Current income tax recoverable		-			161			125			51			-
Goodwill		9,546			9,477			9,729			9,852			9,592
Other assets		7,881			7,666			7,496			7,747			7,867
Separate account assets		299,249			301,598			306,047			309,672			315,648
Total assets	$	882,460		$	877,933		$	917,428		$	942,567		$	952,904

LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$	190,754		$	191,879		$	196,967		$	204,461		$	208,561
Policyholder account balances		202,291			202,722			207,593			213,526			216,192
Other policy-related balances		14,521			14,255			14,435			14,447			14,857
Policyholder dividends payable		716			720			706			734			763
Policyholder dividend obligation		2,309			1,783			2,586			3,343			3,352
Payables for collateral under securities loaned and other transactions		37,991			36,871			41,165			45,790			44,422
Short-term debt		100			100			100			103			201
Long-term debt		16,755			18,023			17,915			16,586			16,553
Collateral financing arrangements		4,152			4,139			4,127			4,113			4,084
Junior subordinated debt securities		3,194			3,194			3,168			3,168			3,168
Current income tax payable		21			-			-			-			151
Deferred income tax liability		11,363			10,592			13,776			14,966			14,359
Other liabilities		27,977			23,561			32,878			32,285			32,127
Separate account liabilities		299,249			301,598			306,047			309,672			315,648
Total liabilities		811,393			809,437			841,463			863,194			874,438

Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		79			77			-			-			-

Equity
Preferred stock, at par value		-			-			-			-			-
Common stock, at par value		12			12			12			12			12
Additional paid-in capital		30,726			30,749			30,769			30,783			30,797
Retained earnings		35,153			35,519			37,301			36,924			37,054
Treasury stock, at cost		(2,279	)		(3,102	)		(3,172	)		(3,172	)		(3,172	)
Accumulated other comprehensive income (loss)		6,891			4,771			10,865			14,632			13,595
Total MetLife, Inc.’s stockholders’ equity		70,503			67,949			75,775			79,179			78,286
Noncontrolling interests		485			470			190			194			180
Total equity		70,988			68,419			75,965			79,373			78,466
Total liabilities and equity	$	882,460		$	877,933		$	917,428		$	942,567		$	952,904

LOGO


METLIFE SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Operating earnings before provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	283		$	245		$	229		$	288		$	296
RETIREMENT & INCOME SOLUTIONS		413			359			370			399			472
PROPERTY & CASUALTY		87			49			16			(21	)		72
TOTAL U.S.	$	783		$	653		$	615		$	666		$	840
ASIA		463			415			400			399			466
LATIN AMERICA		150			154			201			175			186
EMEA		73			50			74			74			85
METLIFE HOLDINGS		346			392			392			(76	)		387
CORPORATE & OTHER		(763	)		(370	)		(367	)		(385	)		(277	)
BRIGHTHOUSE FINANCIAL (1)		450			533			442			402			108
Total operating earnings before provision for income tax expense (benefit)	$	1,502		$	1,827		$	1,757		$	1,255		$	1,795

Provision for income tax expense (benefit)
U.S.
GROUP BENEFITS	$	106		$	92		$	87		$	103		$	110
RETIREMENT & INCOME SOLUTIONS		146			124			128			139			164
PROPERTY & CASUALTY		20			5			(6	)		(19	)		14
TOTAL U.S.	$	272		$	221		$	209		$	223		$	288
ASIA		125			125			95			140			142
LATIN AMERICA		(33	)		(3	)		50			38			53
EMEA		7			(4	)		11			10			11
METLIFE HOLDINGS		103			127			125			(43	)		121
CORPORATE & OTHER		214			(209	)		(183	)		(188	)		(287	)
BRIGHTHOUSE FINANCIAL (1)		103			145			115			105			40
Total provision for income tax expense (benefit)	$	791		$	402		$	422		$	285		$	368

Operating earnings available to common shareholders
U.S.
GROUP BENEFITS	$	177		$	153		$	142		$	185		$	186
RETIREMENT & INCOME SOLUTIONS		267			235			242			260			308
PROPERTY & CASUALTY		67			44			22			(2	)		58
TOTAL U.S.	$	511		$	432		$	406		$	443		$	552
ASIA		338			290			305			259			324
LATIN AMERICA		183			157			151			137			133
EMEA		66			54			63			64			74
METLIFE HOLDINGS		243			265			267			(33	)		266
CORPORATE & OTHER (2)		(983	)		(210	)		(190	)		(243	)		4
BRIGHTHOUSE FINANCIAL (1)		347			388			327			297			68
Total operating earnings available to common shareholders (2)	$	705		$	1,376		$	1,329		$	924		$	1,421

OPERATING RETURN ON ALLOCATED EQUITY (1), (3)
	For the Three Months Ended
Unaudited	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
U.S.
GROUP BENEFITS		25.1%			21.7%			19.7%			25.7%			25.8%
RETIREMENT & INCOME SOLUTIONS		16.5%			14.5%			14.2%			15.3%			18.1%
PROPERTY & CASUALTY		15.2%			10.0%			7.8%			(0.7)%			20.5%
TOTAL U.S.		18.5%			15.6%			15.0%			16.4%			20.4%
ASIA		11.7%			10.1%			11.0%			9.4%			11.7%
LATIN AMERICA		21.3%			18.3%			19.7%			17.9%			17.3%
EMEA		7.9%			6.5%			7.8%			7.9%			9.2%
METLIFE HOLDINGS		8.5%			9.3%			9.6%			(1.2)%			9.6%

OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (1), (3)
	For the Three Months Ended
Unaudited	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

U.S.		20.3%			17.2%			16.5%			18.0%			22.4%
ASIA		20.2%			17.4%			19.0%			16.2%			20.2%
LATIN AMERICA		35.7%			30.7%			31.2%			28.3%			27.5%
EMEA		14.6%			12.2%			13.5%			13.8%			15.8%
METLIFE HOLDINGS		9.1%			9.9%			10.3%			(1.1)%			10.2%
(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis, therefore return on equity calculations for the Brighthouse Financial segment are not presented in this QFS. (2) Includes impact of preferred stock dividends of $6 million, $49 million, $6 million, $46 million and $6 million for the three months ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively. (3) Annualized using quarter-to-date results. See Page A-5 for the return on allocated equity and allocated tangible equity for the periods presented.

LOGO


U.S. STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	6,023		$	5,149		$	5,020		$	5,171		$	5,936		$	15,712		$	16,127
Universal life and investment-type product policy fees		233			243			250			248			245			700			743
Net investment income		1,522			1,486			1,460			1,565			1,590			4,723			4,615
Other revenues		184			184			204			193			192			567			589
Total operating revenues		7,962			7,062			6,934			7,177			7,963			21,702			22,074

Operating expenses
Policyholder benefits and claims and policyholder dividends		5,976			5,162			5,046			5,270			5,894			15,675			16,210
Interest credited to policyholder account balances		304			311			322			323			322			905			967
Capitalization of DAC		(128	)		(128	)		(111	)		(121	)		(124	)		(365	)		(356	)
Amortization of DAC and VOBA		118			119			118			118			117			352			353
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			2			3			2			4			7
Other operating expenses		908			945			942			918			912			2,740			2,772
Total operating expenses		7,179			6,409			6,319			6,511			7,123			19,311			19,953
Operating earnings before provision for income tax		783			653			615			666			840			2,391			2,121
Provision for income tax expense (benefit)		272			221			209			223			288			819			720
Operating earnings		511			432			406			443			552			1,572			1,401
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	511		$	432		$	406		$	443		$	552		$	1,572		$	1,401


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	511		$	432		$	406		$	443		$	552		$	1,572		$	1,401
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		141			(51	)		(101	)		70			44			306			13
Net derivative gains (losses)		243			(61	)		204			328			(20	)		159			512
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(39	)		(44	)		(59	)		(60	)		(73	)		(119	)		(192	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(2	)		5			(7	)		(6	)		(1	)		13			(14	)
Interest credited to policyholder account balances		(1	)		(1	)		-			1			1			(3	)		2
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(118	)		51			(13	)		(111	)		17			(123	)		(107	)
Income (loss) from continuing operations, net of income tax		735			331			430			665			520			1,805			1,615
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		735			331			430			665			520			1,805			1,615
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		735			331			430			665			520			1,805			1,615
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	735		$	331		$	430		$	665		$	520		$	1,805		$	1,615

Total Operating Premiums, Fees and Other Revenues	$	6,440		$	5,576		$	5,474		$	5,612		$	6,373		$	16,979		$	17,459

LOGO


U.S. GROUP BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	3,605		$	3,557		$	3,810		$	3,787		$	3,740		$	10,863		$	11,337
Universal life and investment-type product policy fees		188			181			185			197			194			559			576
Net investment income		288			270			274			281			309			868			864
Other revenues		110			109			119			115			116			333			350
Total operating revenues		4,191			4,117			4,388			4,380			4,359			12,623			13,127

Operating expenses
Policyholder benefits and claims and policyholder dividends		3,318			3,249			3,525			3,475			3,453			10,058			10,453
Interest credited to policyholder account balances		36			34			34			34			35			105			103
Capitalization of DAC		(14	)		(12	)		(13	)		(13	)		(11	)		(40	)		(37	)
Amortization of DAC and VOBA		9			9			9			11			10			30			30
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			1			-			-			1
Other operating expenses		559			592			604			584			576			1,699			1,764
Total operating expenses		3,908			3,872			4,159			4,092			4,063			11,852			12,314
Operating earnings before provision for income tax		283			245			229			288			296			771			813
Provision for income tax expense (benefit)		106			92			87			103			110			290			300
Operating earnings		177			153			142			185			186			481			513
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	177		$	153		$	142		$	185		$	186		$	481		$	513


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	177		$	153		$	142		$	185		$	186		$	481		$	513
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		12			(36	)		(30	)		4			14			17			(12	)
Net derivative gains (losses)		151			(12	)		169			182			3			120			354
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(28	)		(28	)		(28	)		(27	)		(29	)		(83	)		(84	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(47	)		27			(40	)		(49	)		4			(19	)		(85	)
Income (loss) from continuing operations, net of income tax		265			104			213			295			178			516			686
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		265			104			213			295			178			516			686
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		265			104			213			295			178			516			686
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	265		$	104		$	213		$	295		$	178		$	516		$	686

Total Operating Premiums, Fees and Other Revenues	$	3,903		$	3,847		$	4,114		$	4,099		$	4,050		$	11,755		$	12,263

LOGO


U.S. RETIREMENT & INCOME SOLUTIONS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	1,551		$	723		$	345		$	516		$	1,317		$	2,281		$	2,178
Universal life and investment-type product policy fees		45			62			65			51			51			141			167
Net investment income		1,195			1,182			1,164			1,252			1,249			3,733			3,665
Other revenues		69			69			70			72			73			218			215
Total operating revenues		2,860			2,036			1,644			1,891			2,690			6,373			6,225

Operating expenses
Policyholder benefits and claims and policyholder dividends		2,065			1,282			869			1,094			1,830			3,814			3,793
Interest credited to policyholder account balances		268			277			288			289			287			800			864
Capitalization of DAC		(1	)		(8	)		-			(1	)		(5	)		(11	)		(6	)
Amortization of DAC and VOBA		5			4			5			4			4			16			13
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		1			-			2			2			2			4			6
Other operating expenses		109			122			110			104			100			349			314
Total operating expenses		2,447			1,677			1,274			1,492			2,218			4,972			4,984
Operating earnings before provision for income tax		413			359			370			399			472			1,401			1,241
Provision for income tax expense (benefit)		146			124			128			139			164			489			431
Operating earnings		267			235			242			260			308			912			810
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	267		$	235		$	242		$	260		$	308		$	912		$	810


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	267		$	235		$	242		$	260		$	308		$	912		$	810
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		135			(4	)		(87	)		64			27			289			4
Net derivative gains (losses)		92			(47	)		38			147			(21	)		37			164
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(11	)		(16	)		(31	)		(33	)		(44	)		(36	)		(108	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(2	)		5			(7	)		(6	)		(1	)		13			(14	)
Interest credited to policyholder account balances		(1	)		(1	)		-			1			1			(3	)		2
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(74	)		21			31			(61	)		13			(104	)		(17	)
Income (loss) from continuing operations, net of income tax		406			193			186			372			283			1,108			841
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		406			193			186			372			283			1,108			841
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		406			193			186			372			283			1,108			841
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	406		$	193		$	186		$	372		$	283		$	1,108		$	841

Total Operating Premiums, Fees and Other Revenues	$	1,665		$	854		$	480		$	639		$	1,441		$	2,640		$	2,560

LOGO


U.S. PROPERTY & CASUALTY STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	867		$	869		$	865		$	868		$	879		$	2,568		$	2,612
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		39			34			22			32			32			122			86
Other revenues		5			6			15			6			3			16			24
Total operating revenues		911			909			902			906			914			2,706			2,722

Operating expenses
Policyholder benefits and claims and policyholder dividends		593			631			652			701			611			1,803			1,964
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		(113	)		(108	)		(98	)		(107	)		(108	)		(314	)		(313	)
Amortization of DAC and VOBA		104			106			104			103			103			306			310
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		240			231			228			230			236			692			694
Total operating expenses		824			860			886			927			842			2,487			2,655
Operating earnings before provision for income tax		87			49			16			(21	)		72			219			67
Provision for income tax expense (benefit)		20			5			(6	)		(19	)		14			40			(11	)
Operating earnings		67			44			22			(2	)		58			179			78
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	67		$	44		$	22		$	(2	)	$	58		$	179		$	78


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	67		$	44		$	22		$	(2	)	$	58		$	179		$	78
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(6	)		(11	)		16			2			3			-			21
Net derivative gains (losses)		-			(2	)		(3	)		(1	)		(2	)		2			(6	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		-			-			-			-			-			-			-
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			-			-			-
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		3			3			(4	)		(1	)		-			-			(5	)
Income (loss) from continuing operations, net of income tax		64			34			31			(2	)		59			181			88
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		64			34			31			(2	)		59			181			88
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		64			34			31			(2	)		59			181			88
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	64		$	34		$	31		$	(2	)	$	59		$	181		$	88

Total Operating Premiums, Fees and Other Revenues	$	872		$	875		$	880		$	874		$	882		$	2,584		$	2,636

LOGO


U.S. GROUP BENEFITS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	18,649		$	18,643		$	18,668		$	18,741		$	18,796
Premiums and deposits		4,441			4,359			4,629			4,611			4,665
Surrenders and withdrawals		(671	)		(604	)		(580	)		(600	)		(630	)
Benefit payments		(3,366	)		(3,298	)		(3,565	)		(3,512	)		(3,500	)

Net Flows		404			457			484			499			535
Net transfers from (to) separate account		1			-			-			-			4
Interest		134			137			132			131			132
Policy charges		(138	)		(141	)		(144	)		(146	)		(146	)
Other		(407	)		(428	)		(399	)		(429	)		(419	)

Balance, end of period	$	18,643		$	18,668		$	18,741		$	18,796		$	18,902

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	674		$	614		$	638		$	625		$	628
Premiums and deposits		55			55			55			55			153
Surrenders and withdrawals		(16	)		(12	)		(14	)		(12	)		(13	)
Benefit payments		(1	)		(1	)		(1	)		(1	)		-

Net Flows		38			42			40			42			140
Investment performance		(48	)		31			(4	)		12			35
Net transfers from (to) general account		(1	)		-			-			-			(4	)
Policy charges		(47	)		(47	)		(47	)		(48	)		(50	)
Other		(2	)		(2	)		(2	)		(3	)		-

Balance, end of period	$	614		$	638		$	625		$	628		$	749

LOGO


U.S. GROUP BENEFITS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	328	$	356	$	346	$	331	$	326
Pension and post-retirement benefit costs		14		15		16		16		11
Premium taxes, other taxes, and licenses & fees		69		70		78		73		77
Total fixed operating expenses	$	411	$	441	$	440	$	420	$	414
Commissions and other variable expenses		148		151		164		164		162
Total other operating expenses	$	559	$	592	$	604	$	584	$	576

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Group Life (1)
Operating premiums, fees and other revenues	$	1,532	$	1,525	$	1,605	$	1,586	$	1,592
Mortality ratio		86.1%		86.8%		85.7%		85.5%		89.3%
Group Non-Medical Health (2)
Operating premiums, fees and other revenues	$	1,559	$	1,580	$	1,677	$	1,676	$	1,663
Interest adjusted benefit ratio (3)		78.5%		77.0%		81.2%		78.9%		76.9%
(1) Excludes certain experience-rated contracts and includes accidental death and dismemberment. (2) Includes dental, group and individual disability, accident & health, critical illness, vision and other health. (3) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The product within Group Non-Medical Health with interest credited on future policyholder benefits is disability.

LOGO


U.S. RETIREMENT & INCOME SOLUTIONS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	96,646		$	94,969		$	96,194		$	98,304		$	99,421
Premiums and deposits		16,640			13,588			11,272			14,503			18,071
Surrenders and withdrawals		(17,143	)		(12,098	)		(10,599	)		(14,198	)		(15,813	)
Benefit payments		(778	)		(759	)		(787	)		(771	)		(806	)

Net Flows		(1,281	)		731			(114	)		(466	)		1,452
Net transfers from (to) separate account		(12	)		4			(1	)		-			(1	)
Interest		819			832			830			830			830
Policy charges		(31	)		(7	)		(30	)		(31	)		(32	)
Other		(1,172	)		(335	)		1,425			784			366

Balance, end of period	$	94,969		$	96,194		$	98,304		$	99,421		$	102,036

SEPARATE ACCOUNT LIABILITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	82,985		$	80,455		$	78,902		$	81,887		$	85,271
Premiums and deposits		1,233			1,581			1,913			1,513			1,876
Surrenders and withdrawals		(1,451	)		(1,381	)		(1,260	)		(1,073	)		(2,412	)
Benefit payments		(9	)		(23	)		(15	)		(18	)		(23	)

Net Flows		(227	)		177			638			422			(559	)
Investment performance		33			85			1,994			1,712			825
Net transfers from (to) general account		12			(4	)		1			-			1
Policy charges		(73	)		(66	)		(87	)		(82	)		(74	)
Other		(2,275	)		(1,745	)		439			1,332			465

Balance, end of period	$	80,455		$	78,902		$	81,887		$	85,271		$	85,929

LOGO


U.S. RETIREMENT & INCOME SOLUTIONS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	67	$	72	$	69	$	61	$	62
Pension and post-retirement benefit costs		6		6		5		5		4
Premium taxes, other taxes, and licenses & fees		2		3		3		1		1
Total fixed operating expenses	$	75	$	81	$	77	$	67	$	67
Commissions and other variable expenses		34		41		33		37		33
Total other operating expenses	$	109	$	122	$	110	$	104	$	100

SPREAD
	For the Three Months Ended
Unaudited	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Investment income yield excluding variable investment income		4.40%		4.49%		4.51%		4.60%		4.59%
Variable investment income yield		0.33%		0.23%		0.08%		0.25%		0.25%
Total investment income yield		4.73%		4.72%		4.59%		4.85%		4.84%
Average crediting rate		3.31%		3.38%		3.37%		3.35%		3.38%
Annualized general account spread		1.42%		1.34%		1.22%		1.50%		1.46%

Annualized general account spread excluding variable investment income yield		1.09%		1.11%		1.14%		1.25%		1.21%

LOGO


U.S. PROPERTY & CASUALTY OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
Direct and allocated expenses	$	97	$	98	$	95	$	93	$	88
Pension and post-retirement benefit costs		8		8		9		9		8
Premium taxes, other taxes, and licenses & fees		23		22		21		25		24
Total fixed operating expenses	$	128	$	128	$	125	$	127	$	120
Commissions and other variable expenses		112		103		103		103		116
Total other operating expenses	$	240	$	231	$	228	$	230	$	236

NET WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
Net Written Premiums by Product
Auto	$	583	$	555	$	550	$	577	$	603
Homeowners & Other		339		299		279		324		335
Total	$	922	$	854	$	829	$	901	$	938
Selected Financial Information and Supplemental Data (1)
Total Property & Casualty
Net earned premium	$	867	$	869	$	865	$	868	$	879
Loss and loss adjustment expense ratio		68.4%		72.5%		75.5%		80.7%		69.5%
Other expense ratio		26.4%		26.2%		26.6%		26.0%		25.9%
Total combined ratio		94.8%		98.7%		102.1%		106.7%		95.4%
Effect of catastrophe losses		6.0%		5.2%		12.1%		16.7%		4.3%
Combined ratio excluding catastrophes		88.8%		93.5%		90.0%		90.0%		91.1%
Prior year development		(1.8)%		(1.2)%		- %		(0.8)%		(0.2)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		90.6%		94.7%		90.0%		90.8%		91.3%
Auto
Net earned premium	$	554	$	557	$	555	$	559	$	567
Loss and loss adjustment expense ratio		72.4%		84.3%		75.6%		79.0%		74.3%
Other expense ratio		26.3%		25.8%		26.9%		25.9%		25.3%
Total combined ratio		98.7%		110.1%		102.5%		104.9%		99.6%
Effect of catastrophe losses		1.1%		0.4%		1.8%		3.8%		1.7%
Combined ratio excluding catastrophes		97.6%		109.7%		100.7%		101.1%		97.9%
Prior year development		(2.7)%		0.5%		- %		0.1%		(0.3)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		100.3%		109.2%		100.7%		101.0%		98.2%
Homeowners & Other
Net earned premium	$	313	$	312	$	310	$	309	$	312
Loss and loss adjustment expense ratio		61.3%		51.3%		75.4%		83.7%		60.7%
Other expense ratio		26.6%		26.8%		26.2%		26.1%		26.9%
Total combined ratio		87.9%		78.1%		101.6%		109.8%		87.6%
Effect of catastrophe losses		14.6%		13.6%		30.6%		40.0%		8.9%
Combined ratio excluding catastrophes		73.3%		64.5%		71.0%		69.8%		78.7%
Prior year development		- %		(4.1)%		- %		(2.3)%		(0.1)%
Combined ratio excluding catastrophes and prior year development before provision for income tax		73.3%		68.6%		71.0%		72.1%		78.8%
Catastrophe Losses Before Provision for Income Tax
Auto	$	6	$	2	$	10	$	21	$	10
Homeowners & Other		46		43		95		124		27
Total	$	52	$	45	$	105	$	145	$	37
(1) This selective financial information and supplemental data is presented and calculated based on general industry standards.

LOGO


ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	1,736		$	1,640		$	1,658		$	1,681		$	1,822		$	5,297		$	5,161
Universal life and investment-type product policy fees		382			363			350			370			394			1,179			1,114
Net investment income		670			642			618			678			707			2,033			2,003
Other revenues		26			23			17			16			12			82			45
Total operating revenues		2,814			2,668			2,643			2,745			2,935			8,591			8,323

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,331			1,229			1,236			1,324			1,363			4,046			3,923
Interest credited to policyholder account balances		327			317			319			324			331			992			974
Capitalization of DAC		(435	)		(452	)		(385	)		(426	)		(440	)		(1,268	)		(1,251	)
Amortization of DAC and VOBA		309			285			286			304			331			971			921
Amortization of negative VOBA		(77	)		(68	)		(64	)		(57	)		(46	)		(241	)		(167	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		896			942			851			877			930			2,669			2,658
Total operating expenses		2,351			2,253			2,243			2,346			2,469			7,169			7,058
Operating earnings before provision for income tax		463			415			400			399			466			1,422			1,265
Provision for income tax expense (benefit)		125			125			95			140			142			332			377
Operating earnings		338			290			305			259			324			1,090			888
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	338		$	290		$	305		$	259		$	324		$	1,090		$	888


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	338		$	290		$	305		$	259		$	324		$	1,090		$	888
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		325			51			223			140			66			450			429
Net derivative gains (losses)		107			(67	)		411			606			(68	)		134			949
Premiums		-			-			426			-			-			-			426
Universal life and investment-type product policy fees		2			-			92			7			(4	)		12			95
Net investment income		(194	)		76			(39	)		(134	)		64			108			(109	)
Other revenues		(11	)		(9	)		-			3			7			(28	)		10
Policyholder benefits and claims and policyholder dividends		(10	)		(9	)		(322	)		(7	)		(8	)		(103	)		(337	)
Interest credited to policyholder account balances		187			(78	)		78			114			(57	)		(119	)		135
Capitalization of DAC		-			-			105			-			-			-			105
Amortization of DAC and VOBA		(2	)		-			(112	)		(12	)		10			(9	)		(114	)
Amortization of negative VOBA		8			8			32			6			5			27			43
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(1	)		5			(193	)		(7	)		(7	)		(1	)		(207	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(94	)		(28	)		(143	)		(204	)		29			7			(318	)
Income (loss) from continuing operations, net of income tax		655			239			863			771			361			1,568			1,995
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		655			239			863			771			361			1,568			1,995
Less: Net income (loss) attributable to noncontrolling interests		(3	)		6			-			1			1			(2	)		2
Net income (loss) attributable to MetLife, Inc.		658			233			863			770			360			1,570			1,993
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	658		$	233		$	863		$	770		$	360		$	1,570		$	1,993

Total Operating Premiums, Fees and Other Revenues	$	2,144		$	2,026		$	2,025		$	2,067		$	2,228		$	6,558		$	6,320

LOGO


ASIA OPERATING PREMIUMS, FEES AND OTHER REVENUES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Total operating premiums, fees and other revenues	$	2,144	$	2,026	$	2,025	$	2,067	$	2,228

Total operating premiums, fees and other revenues on a constant currency basis	$	2,453	$	2,286	$	2,230	$	2,160	$	2,228
Less: India operating premiums, fees and other revenues on a constant currency basis (1)		75		75		-		-		-
Total operating premiums, fees and other revenues excluding India on a constant currency basis		2,378		2,211		2,230		2,160		2,228
Add: Operating joint ventures premiums, fees and other revenues on a constant currency basis (2), (3)		139		154		161		152		165
Total operating premiums, fees and other revenues including operating joint ventures on a constant currency basis	$	2,517	$	2,365	$	2,391	$	2,312	$	2,393

OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	314	$	339	$	305	$	309	$	327
Pension and post-retirement benefit costs		17		18		18		19		19
Premium taxes, other taxes, and licenses & fees		55		34		35		39		37
Total fixed operating expenses	$	386	$	391	$	358	$	367	$	383
Commissions and other variable expenses		510		551		493		510		547
Total other operating expenses	$	896	$	942	$	851	$	877	$	930
Total other operating expenses, net of capitalization of DAC	$	461	$	490	$	466	$	451	$	490

Total other operating expenses on a constant currency basis	$	1,025	$	1,056	$	934	$	916	$	930
Less: India other operating expenses on a constant currency basis (1)		16		26		-		-		-
Total other operating expenses excluding India on a constant currency basis		1,009		1,030		934		916		930
Add: Operating joint ventures other operating expenses on a constant currency basis (2), (3)		39		51		52		60		68
Total other operating expenses including operating joint ventures on a constant currency basis	$	1,048	$	1,081	$	986	$	976	$	998
Total other operating expenses including operating joint ventures, net of capitalization of DAC, on a constant currency basis	$	537	$	561	$	535	$	506	$	532

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Japan:
Life	$	215	$	208	$	188	$	187	$	208
Accident & Health		122		113		91		94		84
Annuities		97		98		115		102		100
Other		5		5		4		4		4
Total Japan		439		424		398		387		396
Other Asia		227		235		177		222		197
Total sales	$	666	$	659	$	575	$	609	$	593

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
Operating earnings available to common shareholders	$	338	$	290	$	305	$	259	$	324
Operating earnings available to common shareholders on a constant currency basis	$	365	$	313	$	324	$	268	$	324
(1) Effective January 1, 2016, we no longer consolidate the results from our operating joint venture in India and, therefore, we do not report India’s results on the operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses lines on the statement of operating earnings available to common shareholders. The removal of India’s results from prior years’ operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses provides comparability between periods. (2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures. (3) Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%; (ii) Vietnam, 60%; (iii) China, 50%; and (iv) Malaysia, 50%.

LOGO


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)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	586		$	656		$	601		$	631		$	653		$	1,925		$	1,885
Universal life and investment-type product policy fees		261			261			268			269			227			856			764
Net investment income		277			264			255			243			311			774			809
Other revenues		10			14			7			8			11			27			26
Total operating revenues		1,134			1,195			1,131			1,151			1,202			3,582			3,484

Operating expenses
Policyholder benefits and claims and policyholder dividends		581			615			550			583			681			1,793			1,814
Interest credited to policyholder account balances		88			86			80			84			85			263			249
Capitalization of DAC		(81	)		(95	)		(73	)		(80	)		(83	)		(246	)		(236	)
Amortization of DAC and VOBA		48			76			63			66			(2	)		195			127
Amortization of negative VOBA		-			-			-			-			(1	)		(1	)		(1	)
Interest expense on debt		-			-			-			-			1			-			1
Other operating expenses		348			359			310			323			335			1,070			968
Total operating expenses		984			1,041			930			976			1,016			3,074			2,922
Operating earnings before provision for income tax		150			154			201			175			186			508			562
Provision for income tax expense (benefit)		(33	)		(3	)		50			38			53			40			141
Operating earnings		183			157			151			137			133			468			421
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	183		$	157		$	151		$	137		$	133		$	468		$	421


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	183		$	157		$	151		$	137		$	133		$	468		$	421
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		9			75			(22	)		18			12			7			8
Net derivative gains (losses)		(109	)		10			84			(28	)		(9	)		(145	)		47
Premiums		(1	)		(1	)		-			-			-			(2	)		-
Universal life and investment-type product policy fees		2			2			-			-			-			5			-
Net investment income		(12	)		4			16			4			17			4			37
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		(23	)		(10	)		(44	)		(41	)		21			(32	)		(64	)
Interest credited to policyholder account balances		(1	)		(19	)		(25	)		(19	)		(24	)		(35	)		(68	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		3			3			2			2			3			9			7
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		33			(109	)		(20	)		14			(5	)		47			(11	)
Income (loss) from continuing operations, net of income tax		84			112			142			87			148			326			377
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		84			112			142			87			148			326			377
Less: Net income (loss) attributable to noncontrolling interests		4			1			1			2			2			10			5
Net income (loss) attributable to MetLife, Inc.		80			111			141			85			146			316			372
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	80		$	111		$	141		$	85		$	146		$	316		$	372

Total Operating Premiums, Fees and Other Revenues	$	857		$	931		$	876		$	908		$	891		$	2,808		$	2,675

LOGO


LATIN AMERICA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	129	$	147	$	121	$	119	$	127
Pension and post-retirement benefit costs		1		1		-		-		-
Premium taxes, other taxes, and licenses & fees		17		17		16		18		16
Total fixed operating expenses	$	147	$	165	$	137	$	137	$	143
Commissions and other variable expenses		201		194		173		186		192
Total other operating expenses	$	348	$	359	$	310	$	323	$	335
Total other operating expenses, net of capitalization of DAC	$	267	$	264	$	237	$	243	$	252
Total other operating expenses on a constant currency basis	$	321	$	342	$	319	$	323	$	335
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	245	$	251	$	244	$	243	$	252

SALES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Mexico	$	110	$	122	$	101	$	176	$	79
Chile		59		62		63		66		65
All other		56		62		64		60		67
Total sales	$	225	$	246	$	228	$	302	$	211

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Operating premiums, fees and other revenues	$	857	$	931	$	876	$	908	$	891
Operating earnings available to common shareholders	$	183	$	157	$	151	$	137	$	133

Operating premiums, fees and other revenues on a constant currency basis	$	795	$	896	$	891	$	904	$	891
Operating earnings available to common shareholders on a constant currency basis	$	173	$	140	$	149	$	135	$	133

LOGO


EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	501		$	502		$	500		$	519		$	500		$	1,534		$	1,519
Universal life and investment-type product policy fees		106			102			95			95			104			322			294
Net investment income		82			77			80			83			81			249			244
Other revenues		11			21			20			19			17			40			56
Total operating revenues		700			702			695			716			702			2,145			2,113

Operating expenses
Policyholder benefits and claims and policyholder dividends		233			251			261			283			257			737			801
Interest credited to policyholder account balances		27			29			29			30			28			91			87
Capitalization of DAC		(107	)		(100	)		(101	)		(106	)		(103	)		(372	)		(310	)
Amortization of DAC and VOBA		127			109			102			103			106			388			311
Amortization of negative VOBA		(5	)		(3	)		(3	)		(4	)		(3	)		(13	)		(10	)
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		352			366			333			336			332			1,103			1,001
Total operating expenses		627			652			621			642			617			1,934			1,880
Operating earnings before provision for income tax		73			50			74			74			85			211			233
Provision for income tax expense (benefit)		7			(4	)		11			10			11			25			32
Operating earnings		66			54			63			64			74			186			201
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	66		$	54		$	63		$	64		$	74		$	186		$	201


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	66		$	54		$	63		$	64		$	74		$	186		$	201
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		14			5			8			16			24			22			48
Net derivative gains (losses)		7			19			(1	)		3			25			21			27
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		(2	)		(1	)		6			7			5			(4	)		18
Net investment income		(513	)		252			82			300			436			(231	)		818
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			9			28			10			-			47
Interest credited to policyholder account balances		499			(241	)		(77	)		(281	)		(424	)		223			(782	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		2			1			-			(1	)		-			4			(1	)
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			(1	)		(2	)		(5	)		(1	)		1			(8	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		12			(15	)		(14	)		(35	)		(34	)		(7	)		(83	)
Income (loss) from continuing operations, net of income tax		85			73			74			96			115			215			285
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		85			73			74			96			115			215			285
Less: Net income (loss) attributable to noncontrolling interests		3			-			1			1			1			4			3
Net income (loss) attributable to MetLife, Inc.		82			73			73			95			114			211			282
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	82		$	73		$	73		$	95		$	114		$	211		$	282

Total Operating Premiums, Fees and Other Revenues	$	618		$	625		$	615		$	633		$	621		$	1,896		$	1,869

LOGO


EMEA OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	190	$	192	$	157	$	149	$	150
Pension and post-retirement benefit costs		2		1		1		1		2
Premium taxes, other taxes, and licenses & fees		4		-		5		4		4
Total fixed operating expenses	$	196	$	193	$	163	$	154	$	156
Commissions and other variable expenses		156		173		170		182		176
Total other operating expenses	$	352	$	366	$	333	$	336	$	332
Total other operating expenses, net of capitalization of DAC	$	245	$	266	$	232	$	230	$	229
Total other operating expenses on a constant currency basis	$	344	$	363	$	333	$	332	$	332
Total other operating expenses, net of capitalization of DAC, on a constant currency basis	$	239	$	265	$	231	$	227	$	229

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
Operating premiums, fees and other revenues	$	618	$	625	$	615	$	633	$	621
Operating earnings available to common shareholders	$	66	$	54	$	63	$	64	$	74

Operating premiums, fees and other revenues on a constant currency basis	$	602	$	618	$	615	$	625	$	621
Operating earnings available to common shareholders on a constant currency basis	$	62	$	50	$	63	$	63	$	74
Total sales on a constant currency basis	$	218	$	228	$	265	$	264	$	239

LOGO


METLIFE HOLDINGS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	1,115		$	1,200		$	1,097		$	1,122		$	1,093		$	3,345		$	3,312
Universal life and investment-type product policy fees		370			365			355			361			357			1,117			1,073
Net investment income		1,521			1,511			1,475			1,477			1,537			4,690			4,489
Other revenues		223			219			204			203			105			711			512
Total operating revenues		3,229			3,295			3,131			3,163			3,092			9,863			9,386

Operating expenses
Policyholder benefits and claims and policyholder dividends		1,885			1,878			1,823			1,927			1,853			5,479			5,603
Interest credited to policyholder account balances		266			269			258			261			261			793			780
Capitalization of DAC		(101	)		(118	)		(100	)		(96	)		(44	)		(292	)		(240	)
Amortization of DAC and VOBA		173			154			148			269			219			423			636
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		13			14			14			14			15			41			43
Other operating expenses		647			706			596			864			401			1,988			1,861
Total operating expenses		2,883			2,903			2,739			3,239			2,705			8,432			8,683
Operating earnings before provision for income tax		346			392			392			(76	)		387			1,431			703
Provision for income tax expense (benefit)		103			127			125			(43	)		121			454			203
Operating earnings		243			265			267			(33	)		266			977			500
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	243		$	265		$	267		$	(33	)	$	266		$	977		$	500


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	243		$	265		$	267		$	(33	)	$	266		$	977		$	500
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		57			(129	)		(114	)		251			5			88			142
Net derivative gains (losses)		227			(11	)		414			23			(469	)		318			(32	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		23			22			22			24			23			67			69
Net investment income		(80	)		(82	)		(76	)		(64	)		(68	)		(252	)		(208	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		30			(55	)		(2	)		(43	)		(71	)		(10	)		(116	)
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(11	)		(82	)		83			116			93			(42	)		292
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		-			-			-			-			(13	)		-			(13	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		(86	)		118			(114	)		(107	)		174			(59	)		(47	)
Income (loss) from continuing operations, net of income tax		403			46			480			167			(60	)		1,087			587
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		403			46			480			167			(60	)		1,087			587
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		403			46			480			167			(60	)		1,087			587
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	403		$	46		$	480		$	167		$	(60	)	$	1,087		$	587

Total Operating Premiums, Fees and Other Revenues	$	1,708		$	1,784		$	1,656		$	1,686		$	1,555		$	5,173		$	4,897

LOGO


METLIFE HOLDINGS FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES Life & Other (1)
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	78,357		$	78,938		$	79,281		$	79,954		$	80,704
Premiums and deposits (2), (3)		1,430			1,510			1,456			1,450			1,412
Surrenders and withdrawals		(643	)		(600	)		(662	)		(590	)		(630	)
Benefit payments		(706	)		(674	)		(754	)		(725	)		(713	)

Net Flows		81			236			40			135			69
Net transfers from (to) separate account		12			11			11			21			16
Interest		817			821			792			794			799
Policy charges		(200	)		(201	)		(201	)		(202	)		(200	)
Other		(129	)		(524	)		31			2			(420	)

Balance, end of period	$	78,938		$	79,281		$	79,954		$	80,704		$	80,968

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period		21,221			21,900			21,653			22,135			23,239
Premiums and deposits (2), (3)		403			371			517			368			230
Surrenders and withdrawals		(346	)		(404	)		(391	)		(316	)		(356	)
Benefit payments		(236	)		(207	)		(216	)		(208	)		(192	)

Net Flows		(179	)		(240	)		(90	)		(156	)		(318	)
Net transfers from (to) separate account		57			(26	)		57			47			86
Interest		172			175			166			167			166
Policy charges		(6	)		(5	)		(6	)		(5	)		(5	)
Other		635			(151	)		355			1,051			(68	)

Balance, end of period	$	21,900		$	21,653		$	22,135		$	23,239		$	23,100

SEPARATE ACCOUNT LIABILITIES LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	5,418		$	4,965		$	5,120		$	5,029		$	5,070
Premiums and deposits (3)		78			78			79			80			75
Surrenders and withdrawals		(55	)		(51	)		(50	)		(57	)		(56	)
Benefit payments		(39	)		(5	)		(7	)		(7	)		(28	)

Net Flows		(16	)		22			22			16			(9	)
Investment performance		(355	)		216			(28	)		119			221
Net transfers from (to) general account		(12	)		(11	)		(11	)		(21	)		(16	)
Policy charges		(71	)		(72	)		(72	)		(72	)		(71	)
Other		1			-			(2	)		(1	)		15

Balance, end of period	$	4,965		$	5,120		$	5,029		$	5,070		$	5,210

ANNUITIES
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Balance, beginning of period	$	45,673		$	42,607		$	43,470		$	43,404		$	43,843
Premiums and deposits (3)		645			670			610			537			231
Surrenders and withdrawals		(729	)		(725	)		(645	)		(735	)		(740	)
Benefit payments		(78	)		(79	)		(84	)		(89	)		(91	)

Net Flows		(162	)		(134	)		(119	)		(287	)		(600	)
Investment performance		(2,620	)		1,192			315			996			1,636
Net transfers from (to) general account		(57	)		26			(57	)		(47	)		(86	)
Policy charges		(227	)		(222	)		(206	)		(223	)		(232	)
Other		-			1			1			-			(1	)

Balance, end of period	$	42,607		$	43,470		$	43,404		$	43,843		$	44,560
(1) Long-Term Care and Japan reinsurance are reported as part of “Other” within Life & Other. (2) Includes premiums and deposits directed to the general account investment option of variable products. (3) Includes company-sponsored internal exchanges.

LOGO


METLIFE HOLDINGS OTHER OPERATING EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Direct and allocated expenses	$	254	$	296	$	229	$	221	$	211
Pension and post-retirement benefit costs		40		40		39		40		25
Premium taxes, other taxes, and licenses & fees		22		22		25		23		21
Total fixed operating expenses	$	316	$	358	$	293	$	284	$	257
Commissions and other variable expenses		331		348		303		580		144
Total other operating expenses	$	647	$	706	$	596	$	864	$	401

SPREAD BY PRODUCT VARIABLE & UNIVERSAL LIFE
	For the Three Months Ended
Unaudited	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Investment income yield excluding variable investment income		6.57%		6.55%		6.05%		6.16%		6.15%
Variable investment income yield		0.02%		(0.09)%		0.09%		0.59%		0.35%
Total investment income yield		6.59%		6.46%		6.14%		6.75%		6.50%
Average crediting rate		4.53%		4.55%		4.54%		4.57%		4.55%
Annualized general account spread		2.06%		1.91%		1.60%		2.18%		1.95%

Annualized general account spread excluding variable investment income yield		2.04%		2.00%		1.51%		1.59%		1.60%

ANNUITIES (1)
	For the Three Months Ended
Unaudited	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Investment income yield excluding variable investment income		5.28%		5.34%		5.07%		5.18%		5.18%
Variable investment income yield		0.02%		0.10%		0.10%		0.36%		0.38%
Total investment income yield		5.30%		5.44%		5.17%		5.54%		5.56%
Average crediting rate		3.27%		3.32%		3.19%		3.21%		3.16%
Annualized general account spread		2.03%		2.12%		1.98%		2.33%		2.40%

Annualized general account spread excluding variable investment income yield		2.01%		2.02%		1.88%		1.97%		2.02%
(1) Represents the general account spread for deferred and payout annuities.

LOGO


METLIFE HOLDINGS

OTHER STATISTICAL INFORMATION
	For the Three Months Ended
Unaudited (In millions, except ratios)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016

Life (1)
Operating premiums, fees and other revenues	$	1,022	$	1,125	$	1,018	$	1,033	$	1,029
Interest adjusted benefit ratio (2)		56.7%		58.7%		56.6%		64.2%		60.4%

Lapse Ratio (3)
Traditional life		4.4%		4.4%		4.4%		4.3%		4.4%
Variable & universal life		4.2%		4.3%		4.4%		4.4%		4.6%
Fixed annuity		12.6%		8.1%		9.0%		7.6%		8.0%
Variable annuity		7.0%		6.7%		6.4%		6.2%		6.3%
(1) Represents traditional life and variable & universal life, components of Life & Other. (2) For the three months ended June 30, 2016, this ratio included notable items related to actuarial assumption review and other insurance adjustments. Excluding these items, the ratio would have been 59.4%. (3) Lapse ratios are calculated based on the average of the most recent 12 months of experience.

LOGO


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)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	(53	)	$	(57	)	$	(2	)	$	13		$	40		$	(30	)	$	51
Universal life and investment-type product policy fees		(26	)		(26	)		(25	)		(31	)		(31	)		(87	)		(87	)
Net investment income		(85	)		2			5			(35	)		(7	)		11			(37	)
Other revenues		(58	)		(78	)		(51	)		(301	)		(28	)		(212	)		(380	)
Total operating revenues		(222	)		(159	)		(73	)		(354	)		(26	)		(318	)		(453	)

Operating expenses
Policyholder benefits and claims and policyholder dividends		(72	)		(72	)		(26	)		(10	)		10			(103	)		(26	)
Interest credited to policyholder account balances		6			3			4			1			-			20			5
Capitalization of DAC		(1	)		-			(4	)		(3	)		1			(2	)		(6	)
Amortization of DAC and VOBA		(1	)		(2	)		2			3			2			1			7
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		248			256			264			254			241			757			759
Other operating expenses (1)		361			26			54			(214	)		(3	)		408			(163	)
Total operating expenses		541			211			294			31			251			1,081			576
Operating earnings before provision for income tax		(763	)		(370	)		(367	)		(385	)		(277	)		(1,399	)		(1,029	)
Provision for income tax expense (benefit) (1)		214			(209	)		(183	)		(188	)		(287	)		(156	)		(658	)
Operating earnings		(977	)		(161	)		(184	)		(197	)		10			(1,243	)		(371	)
Preferred stock dividends		6			49			6			46			6			67			58
Operating earnings available to common shareholders	$	(983	)	$	(210	)	$	(190	)	$	(243	)	$	4		$	(1,310	)	$	(429	)


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	(977	)	$	(161	)	$	(184	)	$	(197	)	$	10		$	(1,243	)	$	(371	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(129	)		101			82			(249	)		81			(335	)		(86	)
Net derivative gains (losses)		69			30			(70	)		(58	)		(9	)		72			(137	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-			-			-			-
Net investment income		(1	)		(2	)		(5	)		22			3			7			20
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-			-			-			-
Interest credited to policyholder account balances		-			-			-			-			-			-			-
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		-			-			-			-			-			-			-
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		-			-			-			-			-			-			-
Other operating expenses		(21	)		4			(32	)		(122	)		(29	)		(37	)		(183	)
Goodwill impairment		-			-			-			-			-			-			-
Provision for income tax (expense) benefit		33			(52	)		38			137			(33	)		94			142
Income (loss) from continuing operations, net of income tax		(1,026	)		(80	)		(171	)		(467	)		23			(1,442	)		(615	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		(1,026	)		(80	)		(171	)		(467	)		23			(1,442	)		(615	)
Less: Net income (loss) attributable to noncontrolling interests		(9	)		1			-			-			(8	)		(8	)		(8	)
Net income (loss) attributable to MetLife, Inc.		(1,017	)		(81	)		(171	)		(467	)		31			(1,434	)		(607	)
Less: Preferred stock dividends		6			49			6			46			6			67			58
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(1,023	)	$	(130	)	$	(177	)	$	(513	)	$	25		$	(1,543	)	$	(665	)

Total Operating Premiums, Fees and Other Revenues	$	(137	)	$	(161	)	$	(78	)	$	(319	)	$	(19	)	$	(329	)	$	(416	)

(1) The three months ended September 30, 2015 includes a non-cash charge of $792 million, net of tax, related to an uncertain tax position comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million charge, $235 million net of tax, included in other expenses. See notable items on pages A-2 and A-3.

OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS BY SOURCE
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Other business activities	$	(10	)	$	(9	)	$	(8	)	$	(3	)	$	6		$	(32	)	$	(5	)
Other net investment income		(47	)		2			4			(23	)		2			15			(17	)
Interest expense on debt		(161	)		(166	)		(171	)		(166	)		(157	)		(492	)		(494	)
Preferred stock dividends		(6	)		(49	)		(6	)		(46	)		(6	)		(67	)		(58	)
Acquisition costs		-			-			-			-			-			-			-
Corporate initiatives and projects		(38	)		(45	)		(25	)		(32	)		(23	)		(124	)		(80	)
Incremental tax benefit (expense)		(482	)		78			54			53			190			(334	)		297
Other		(239	)		(21	)		(38	)		(26	)		(8	)		(276	)		(72	)
Operating earnings available to common shareholders	$	(983	)	$	(210	)	$	(190	)	$	(243	)	$	4		$	(1,310	)	$	(429	)

LOGO


BRIGHTHOUSE FINANCIAL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Operating revenues
Premiums	$	468		$	516		$	393		$	280		$	347		$	1,159		$	1,020
Universal life and investment-type product policy fees		921			929			858			861			903			2,789			2,622
Net investment income		862			791			813			870			941			2,536			2,624
Other revenues		99			112			86			346			50			310			482
Total operating revenues		2,350			2,348			2,150			2,357			2,241			6,794			6,748

Operating expenses
Policyholder benefits and claims and policyholder dividends		846			772			703			1,008			814			2,103			2,525
Interest credited to policyholder account balances		313			315			289			291			288			940			868
Capitalization of DAC		(102	)		(94	)		(102	)		(83	)		(70	)		(305	)		(255	)
Amortization of DAC and VOBA		197			136			162			152			509			595			823
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		32			32			32			32			32			96			96
Other operating expenses		614			654			624			555			560			1,830			1,739
Total operating expenses		1,900			1,815			1,708			1,955			2,133			5,259			5,796
Operating earnings before provision for income tax		450			533			442			402			108			1,535			952
Provision for income tax expense (benefit)		103			145			115			105			40			410			260
Operating earnings		347			388			327			297			68			1,125			692
Preferred stock dividends		-			-			-			-			-			-			-
Operating earnings available to common shareholders	$	347		$	388		$	327		$	297		$	68		$	1,125		$	692


Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	347		$	388		$	327		$	297		$	68		$	1,125		$	692
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(35	)		10			(61	)		20			25			(3	)		(16	)
Net derivative gains (losses)		(59	)		(276	)		293			(2,973	)		(501	)		(165	)		(3,181	)
Premiums		-			-			-			-			-			-			-
Universal life and investment-type product policy fees		74			73			73			75			73			218			221
Net investment income		(51	)		(63	)		(66	)		(62	)		(75	)		(166	)		(203	)
Other revenues		-			-			-			-			-			-			-
Policyholder benefits and claims and policyholder dividends		97			(231	)		(34	)		(144	)		(246	)		(105	)		(424	)
Interest credited to policyholder account balances		-			(1	)		(1	)		(1	)		(1	)		(2	)		(3	)
Capitalization of DAC		-			-			-			-			-			-			-
Amortization of DAC and VOBA		(149	)		75			(85	)		791			162			(81	)		868
Amortization of negative VOBA		-			-			-			-			-			-			-
Interest expense on debt		(8	)		2			-			(3	)		(1	)		(10	)		(4	)
Other operating expenses		-			-			(30	)		(10	)		(23	)		-			(63	)
Goodwill impairment		-			-			-			-			(260	)		-			(260	)
Provision for income tax (expense) benefit		46			144			(31	)		805			245			110			1,019
Income (loss) from continuing operations, net of income tax		262			121			385			(1,205	)		(534	)		921			(1,354	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		262			121			385			(1,205	)		(534	)		921			(1,354	)
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-			-			-			-
Net income (loss) attributable to MetLife, Inc.		262			121			385			(1,205	)		(534	)		921			(1,354	)
Less: Preferred stock dividends		-			-			-			-			-			-			-
Preferred stock repurchase premium		-			-			-			-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	262		$	121		$	385		$	(1,205	)	$	(534	)	$	921		$	(1,354	)

Total Operating Premiums, Fees and Other Revenues	$	1,488		$	1,557		$	1,337		$	1,487		$	1,300		$	4,258		$	4,124

(1) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Three Months Ended
Unaudited (In millions, except yields)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Fixed Maturity Securities
Yield (1)		4.55%			4.55%			4.43%			4.40%			4.38%
Investment income (2), (3), (4)	$	3,467		$	3,500		$	3,628		$	3,539		$	3,573
Investment gains (losses) (3)		88			(222	)		20			151			162
Ending carrying value (2), (3)		352,856			352,433			373,082			388,156			391,163
Mortgage Loans
Yield (1)		4.95%			5.03%			4.68%			4.94%			4.60%
Investment income (3), (4)		785			819			807			851			806
Investment gains (losses) (3)		(26	)		(27	)		(64	)		(98	)		(31	)
Ending carrying value (3)		63,349			66,930			68,482			69,240			71,013
Real Estate and Real Estate Joint Ventures
Yield (1)		3.99%			5.11%			3.39%			2.84%			5.68%
Investment income (3)		101			117			76			63			130
Investment gains (losses) (3)		263			274			2			45			(14	)
Ending carrying value		9,923			8,433			8,733			9,063			9,186
Policy Loans
Yield (1)		5.09%			5.37%			5.19%			5.24%			5.28%
Investment income		147			153			149			147			148
Ending carrying value		11,549			11,258			11,257			11,240			11,177
Equity Securities
Yield (1)		4.66%			5.62%			5.02%			4.55%			4.94%
Investment income		36			42			37			33			35
Investment gains (losses)		7			(2	)		(45	)		(3	)		8
Ending carrying value		3,399			3,321			3,374			3,333			3,289
Other Limited Partnership Interests
Yield (1)		10.82%			(0.65	)%		2.71%			6.86%			15.19%
Investment income		216			(12	)		46			120			263
Investment gains (losses)		(59	)		(15	)		(27	)		(14	)		(9	)
Ending carrying value		7,901			7,096			7,022			6,982			6,878
Cash and Short-term Investments
Yield (1)		0.74%			1.40%			0.99%			1.23%			1.01%
Investment income		23			40			25			31			27
Investment gains (losses)		-			3			(7	)		6			(9	)
Ending carrying value		25,173			22,051			24,910			26,905			27,538
Other Invested Assets (1)
Investment income		225			278			271			247			327
Investment gains (losses) (3)		15			(21	)		(6	)		(63	)		(10	)
Ending carrying value		23,356			22,524			27,095			31,834			30,278
Total Investments
Investment income yield (1)		4.76%			4.68%			4.55%			4.61%			4.78%
Investment fees and expenses yield		(0.14	)%		(0.16	)%		(0.16	)%		(0.14	)%		(0.13	)%
Net Investment Income Yield (1), (3)		4.62%			4.52%			4.39%			4.47%			4.65%
Investment income	$	5,000		$	4,937		$	5,039		$	5,031		$	5,309
Investment fees and expenses		(151	)		(164	)		(167	)		(150	)		(149	)
Net investment income including Divested businesses and Lag elimination		4,849			4,773			4,872			4,881			5,160
Less: Net investment income from Divested businesses and Lag elimination		-			-			166			-			-
Net Investment Income (3)	$	4,849		$	4,773		$	4,706		$	4,881		$	5,160
Ending Carrying Value (3)	$	497,506		$	494,046		$	523,955		$	546,753		$	550,522
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	288		$	(10	)	$	(127	)	$	24		$	97
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			(3	)		-			-
Investment Portfolio Gains (Losses) (3)	$	288		$	(10	)	$	(124	)	$	24		$	97
Gross investment gains	$	708		$	611		$	481		$	404		$	350
Gross investment losses		(366	)		(491	)		(383	)		(158	)		(177	)
Writedowns		(54	)		(130	)		(222	)		(222	)		(76	)
Investment Portfolio Gains (Losses) (3)		288			(10	)		(124	)		24			97
Investment portfolio gains (losses) income tax (expense) benefit		(53	)		(114	)		111			(12	)		(6	)
Investment Portfolio Gains (Losses), Net of Income Tax	$	235		$	(124	)	$	(13	)	$	12		$	91

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	279		$	(569	)	$	1,109		$	(2,284	)	$	(1,270	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			149			-			-
Derivative gains (losses) (3)		279			(569	)		960			(2,284	)		(1,270	)
Derivative gains (losses) income tax (expense) benefit		(110	)		194			(326	)		830			436
Derivative Gains (Losses), Net of Income Tax	$	169		$	(375	)	$	634		$	(1,454	)	$	(834	)
(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 A-7 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 $1,278 million, $1,031 million, $1,101 million, $648 million and $721 million in ending carrying value, and ($35) million, $17 million, $6 million, $10 million and $25 million of investment income related to fair value option and trading securities at or for the three months ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, 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 September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $14,069 million, $13,981 million, $13,882 million, $13,657 million and $14,000 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 $14 million, $12 million, $10 million, $9 million and $9 million and mortgage loans of $204 million, $172 million, $169 million, $159 million and $143 million and cash and short-term investments of $0, $0, $1 million, $0 and $0; 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
	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	288		$	(10	)	$	(127	)	$	24		$	97
Operating joint venture adjustments		3			(2	)		(5	)		-			-
Net investment gains (losses) related to CSEs		(3	)		-			2			(1	)		(1	)
Other gains (losses) reported in net investment gains (losses) on GAAP basis		94			74			145			243			161
Net investment gains (losses) - GAAP basis	$	382		$	62		$	15		$	266		$	257

	For the Three Months Ended
	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	279		$	(569	)	$	1,109		$	(2,284	)	$	(1,270	)
Investment hedge adjustments		194			202			221			188			226
Settlement of foreign currency earnings hedges		11			9			4			(3	)		(7	)
PAB hedge adjustments		1			2			1			-			-
Net derivative gains (losses) - GAAP basis	$	485		$	(356	)	$	1,335		$	(2,099	)	$	(1,051	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

LOGO


INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
	At or For the Year-to-Date Period Ended
Unaudited (In millions, except yields)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Fixed Maturity Securities
Yield (1)		4.66%			4.63%			4.43%			4.41%			4.40%
Investment income (2), (3), (4)	$	10,701		$	14,201		$	3,628		$	7,167		$	10,740
Investment gains (losses) (3)		336			114			20			171			333
Ending carrying value (2), (3)		352,856			352,433			373,082			388,156			391,163
Mortgage Loans
Yield (1)		4.95%			4.97%			4.68%			4.81%			4.74%
Investment income (3), (4)		2,316			3,135			807			1,658			2,464
Investment gains (losses) (3)		(78	)		(105	)		(64	)		(162	)		(193	)
Ending carrying value (3)		63,349			66,930			68,482			69,240			71,013
Real Estate and Real Estate Joint Ventures
Yield (1)		4.83%			4.89%			3.39%			3.11%			3.99%
Investment income (3)		371			488			76			139			269
Investment gains (losses) (3)		257			531			2			47			33
Ending carrying value		9,923			8,433			8,733			9,063			9,186
Policy Loans
Yield (1)		5.18%			5.23%			5.19%			5.21%			5.24%
Investment income		450			603			149			296			444
Ending carrying value		11,549			11,258			11,257			11,240			11,177
Equity Securities
Yield (1)		4.42%			4.71%			5.02%			4.78%			4.83%
Investment income		102			144			37			70			105
Investment gains (losses)		23			21			(45	)		(48	)		(40	)
Ending carrying value		3,399			3,321			3,374			3,333			3,289
Other Limited Partnership Interests
Yield (1)		11.27%			8.45%			2.71%			4.78%			8.21%
Investment income		681			669			46			166			429
Investment gains (losses)		(52	)		(67	)		(27	)		(41	)		(50	)
Ending carrying value		7,901			7,096			7,022			6,982			6,878
Cash and Short-term Investments
Yield (1)		0.93%			1.04%			0.99%			1.10%			1.07%
Investment income		89			129			25			56			83
Investment gains (losses)		(6	)		(3	)		(7	)		(1	)		(10	)
Ending carrying value		25,173			22,051			24,910			26,905			27,538
Other Invested Assets (1)
Investment income		775			1,053			271			518			845
Investment gains (losses) (3)		14			(7	)		(6	)		(69	)		(79	)
Ending carrying value		23,356			22,524			27,095			31,834			30,278
Total Investments
Investment income yield (1)		4.91%			4.85%			4.55%			4.58%			4.65%
Investment fees and expenses yield		(0.15	)%		(0.15	)%		(0.16	)%		(0.15	)%		(0.14	)%
Net Investment Income Yield (1), (3)		4.76%			4.70%			4.39%			4.43%			4.51%
Investment income	$	15,485		$	20,422		$	5,039		$	10,070		$	15,379
Investment fees and expenses		(469	)		(633	)		(167	)		(317	)		(466	)
Net investment income including Divested businesses and Lag elimination		15,016			19,789			4,872			9,753			14,913
Less: Net investment income from Divested businesses and Lag elimination		-			-			166			166			166
Net Investment Income (3)	$	15,016		$	19,789		$	4,706		$	9,587		$	14,747
Ending Carrying Value (3)	$	497,506		$	494,046		$	523,955		$	546,753		$	550,522
Investment portfolio gains (losses) including Divested businesses and Lag elimination	$	494		$	484		$	(127	)	$	(103	)	$	(6	)
Less: Investment portfolio gains (losses) from Divested businesses and Lag elimination		-			-			(3	)		(3	)		(3	)
Investment Portfolio Gains (Losses) (3)	$	494		$	484		$	(124	)	$	(100	)	$	(3	)
Gross investment gains	$	1,572		$	2,183		$	481		$	885		$	1,235
Gross investment losses		(863	)		(1,354	)		(383	)		(541	)		(718	)
Writedowns		(215	)		(345	)		(222	)		(444	)		(520	)
Investment Portfolio Gains (Losses) (3)		494			484			(124	)		(100	)		(3	)
Investment portfolio gains (losses) income tax (expense) benefit		(2	)		(116	)		111			99			93
Investment Portfolio Gains (Losses), Net of Income Tax	$	492		$	368		$	(13	)	$	(1	)	$	90

Derivative Gains (Losses) including Divested businesses and Lag elimination	$	(213	)	$	(782	)	$	1,109		$	(1,175	)	$	(2,445	)
Less: Derivative gains (losses) from Divested businesses and Lag elimination		-			-			149			149			149
Derivative gains (losses) (3)		(213	)		(782	)		960			(1,324	)		(2,594	)
Derivative gains (losses) income tax (expense) benefit		55			249			(326	)		504			940
Derivative Gains (Losses), Net of Income Tax	$	(158	)	$	(533	)	$	634		$	(820	)	$	(1,654	)
(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 A-7 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 $1,278 million, $1,031 million, $1,101 million, $648 million and $721 million in ending carrying value, and $4 million, $21 million, $6 million, $16 million and $41 million of investment income related to fair value option and trading securities at or for the year-to-date period ended September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, 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 September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, and September 30, 2016, respectively: A) Fair value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $14,069 million, $13,981 million, $13,882 million, $13,657 million and $14,000 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 $14 million, $12 million, $10 million, $9 million and $9 million, mortgage loans of $204 million, $172 million, $169 million, $159 million and $143 million and cash and short-term investments of $0, $0, $1 million, $0 and $0; 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
	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Investment portfolio gains (losses) including Divested businesses and Lag elimination - in above yield table	$	494		$	484		$	(127	)	$	(103	)	$	(6	)
Operating joint venture adjustments		6			4			(5	)		(5	)		(5	)
Net investment gains (losses) related to certain CSEs		(3	)		(3	)		2			1			-
Other gains (losses) reported in net investment gains (losses) on GAAP basis		38			112			145			388			549
Net investment gains (losses) - GAAP basis	$	535		$	597		$	15		$	281		$	538

	For the Year-to-Date Period Ended
	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
Derivative gains (losses) including Divested businesses and Lag elimination - in above yield table	$	(213	)	$	(782	)	$	1,109		$	(1,175	)	$	(2,445	)
Investment hedge adjustments		574			776			221			409			635
Settlement of foreign currency earnings hedges		28			37			4			1			(6	)
PAB hedge adjustments		5			7			1			1			1
Net derivative gains (losses) - GAAP basis	$	394		$	38		$	1,335		$	(764	)	$	(1,815	)
(4) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

LOGO


INVESTMENTS GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	3,510		80.3%	$	4,127		75.8%	$	2,850		77.1%	$	2,599		77.0%	$	2,239		79.8%
20% or more for less than six months		569		13.0%		954		17.5%		376		10.1%		358		10.6%		245		8.7%
20% or more for six months or greater		295		6.7%		364		6.7%		472		12.8%		418		12.4%		321		11.5%
Total Gross Unrealized Losses	$	4,374		100.0%	$	5,445		100.0%	$	3,698		100.0%	$	3,375		100.0%	$	2,805		100.0%

Total Gross Unrealized Gains	$	26,749			$	23,883			$	32,267			$	40,062			$	39,334


EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Less than 20%	$	28		19.1%	$	26		16.5%	$	28		23.9%	$	23		28.0%	$	13		21.3%
20% or more for less than six months		84		57.1%		94		59.5%		40		34.2%		9		11.0%		10		16.4%
20% or more for six months or greater		35		23.8%		38		24.0%		49		41.9%		50		61.0%		38		62.3%
Total Gross Unrealized Losses	$	147		100.0%	$	158		100.0%	$	117		100.0%	$	82		100.0%	$	61		100.0%

Total Gross Unrealized Gains	$	450			$	482			$	481			$	501			$	512

(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.

LOGO


INVESTMENTS SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION
		September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016
Unaudited (In millions, except ratios)		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

U.S. corporate securities		$	100,957		28.7%	$	100,794		28.7%	$	102,096		27.4%	$	104,615		27.0%	$	105,676		27.1%
U.S. government and agency securities			59,671		17.0%		61,646		17.5%		64,991		17.5%		69,737		18.0%		69,785		17.9%
Foreign government securities			50,523		14.4%		50,499		14.4%		56,656		15.2%		62,261		16.1%		63,765		16.3%
Foreign corporate securities			58,404		16.6%		57,198		16.3%		59,091		15.9%		59,212		15.3%		60,419		15.5%
Residential mortgage-backed securities			40,050		11.4%		38,797		11.0%		43,029		11.6%		44,598		11.5%		45,309		11.6%
State and political subdivision securities			15,479		4.4%		15,441		4.4%		16,539		4.4%		17,410		4.5%		17,463		4.5%
Asset-backed securities			14,132		4.0%		14,394		4.1%		16,202		4.4%		16,518		4.2%		15,584		3.9%
Commercial mortgage-backed securities			12,362		3.5%		12,633		3.6%		13,377		3.6%		13,157		3.4%		12,441		3.2%
Total Fixed Maturity Securities Available-For-Sale		$	351,578		100.0%	$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%

NAIC	NRSRO
DESIGNATION	RATING
1	Aaa / Aa / A	$	250,047		71.1%	$	250,803		71.4%	$	270,295		72.7%	$	284,264		73.4%	$	284,526		72.9%
2	Baa		79,358		22.6%		79,523		22.6%		80,082		21.5%		81,120		20.9%		83,601		21.4%
3	Ba		15,306		4.4%		15,142		4.3%		15,288		4.1%		14,987		3.9%		15,040		3.9%
4	B		5,407		1.5%		4,839		1.4%		5,121		1.4%		5,865		1.5%		5,954		1.5%
5	Caa and lower		1,383		0.4%		1,041		0.3%		1,136		0.3%		1,157		0.3%		1,277		0.3%
6	In or near default		77		- %		54		- %		59		- %		115		- %		44		- %
Total Fixed Maturity Securities Available-For-Sale (1)		$	351,578		100.0%	$	351,402		100.0%	$	371,981		100.0%	$	387,508		100.0%	$	390,442		100.0%
(1) Amounts presented are based on ratings of NRSRO and the applicable NAIC designation from the NAIC published comparison of NRSRO ratings to NAIC designations, except for certain structured securities described below. NRSRO ratings are based on availability of applicable ratings. If no NRSRO rating is available, then an internally developed rating is used. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. An internally developed designation is used until a final designation becomes available from the NAIC annual review. These revised NAIC designations may not correspond to NRSRO ratings.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES
Unaudited (In millions)		September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016

Traditional (2), (3)			$9,325				$7,906				$8,267				$8,678				$8,862
Real estate joint ventures and funds (4)			553				482				418				337				265
Subtotal			9,878				8,388				8,685				9,015				9,127
Foreclosed			45				45				48				48				59
Total Real Estate and Real Estate Joint Ventures			$9,923				$8,433				$8,733				$9,063				$9,186
(2) Includes wholly-owned real estate, operating real estate joint ventures and multi-property funds with stable income-producing properties. (3) Includes real estate held-for-sale and held-for-investment. (4) Includes runoff portfolio of real estate private equity funds.

LOGO


INVESTMENTS SUMMARY OF MORTGAGE LOANS (1)
Unaudited (In millions)	September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016

Commercial mortgage loans		$41,619				$44,012				$45,445				$45,165				$45,801
Agricultural mortgage loans		12,771				13,188				13,226				13,434				14,141
Residential mortgage loans		9,270				10,048				10,192				11,108				11,401
Total Mortgage Loans		63,660				67,248				68,863				69,707				71,343
Valuation allowances		(311)				(318)				(381)				(467)				(330)
Total Mortgage Loans, net		$63,349				$66,930				$68,482				$69,240				$71,013
(1) Excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs. See Page 30, note 3, for the amount excluded for each period presented.

SUMMARY OF COMMERCIAL MORTGAGE LOANS BY REGION AND PROPERTY TYPE
	September 30, 2015				December 31, 2015				March 31, 2016				June 30, 2016				September 30, 2016
Unaudited (In millions, except ratios)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total

Pacific	$	9,208		22.1%	$	9,583		21.8%	$	10,360		22.8%	$	10,183		22.5%	$	9,661		21.1%
Middle Atlantic		7,743		18.6%		8,154		18.5%		8,072		17.8%		8,291		18.4%		8,435		18.4%
International		7,548		18.1%		7,889		17.9%		8,264		18.2%		8,114		18.0%		8,169		17.8%
South Atlantic		5,858		14.1%		6,127		13.9%		6,167		13.6%		5,765		12.8%		6,031		13.2%
West South Central		4,289		10.3%		4,311		9.8%		4,190		9.2%		4,228		9.4%		4,303		9.4%
East North Central		2,127		5.1%		2,346		5.3%		2,217		4.9%		2,115		4.7%		2,303		5.0%
Mountain		1,118		2.7%		1,117		2.5%		1,297		2.8%		1,549		3.4%		1,548		3.4%
New England		1,350		3.2%		1,367		3.1%		1,581		3.5%		1,423		3.1%		1,417		3.1%
East South Central		408		1.0%		512		1.2%		630		1.4%		618		1.4%		633		1.4%
West North Central		234		0.6%		520		1.2%		511		1.1%		509		1.1%		506		1.1%
Multi-Region and Other		1,736		4.2%		2,086		4.8%		2,156		4.7%		2,370		5.2%		2,795		6.1%
Total	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%


Office	$	19,951		47.9%	$	21,525		48.9%	$	22,037		48.5%	$	22,055		48.8%	$	22,552		49.2%
Retail		10,002		24.0%		10,466		23.8%		10,793		23.7%		11,109		24.6%		10,424		22.8%
Apartment		4,865		11.7%		5,171		11.7%		5,651		12.4%		5,872		13.0%		5,989		13.1%
Hotel		4,456		10.7%		4,396		10.0%		4,633		10.2%		4,048		9.0%		4,197		9.1%
Industrial		2,191		5.3%		2,334		5.3%		2,214		4.9%		2,008		4.4%		2,415		5.3%
Other		154		0.4%		120		0.3%		117		0.3%		73		0.2%		224		0.5%
Total	$	41,619		100.0%	$	44,012		100.0%	$	45,445		100.0%	$	45,165		100.0%	$	45,801		100.0%

LOGO

Appendix

LOGO


APPENDIX METLIFE RECONCILIATION DETAIL (1)
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016

Reconciliation to Income (Loss) from Continuing Operations, Net of Income Tax
Operating earnings	$	711		$	1,425		$	1,335		$	970		$	1,427		$	4,175		$	3,732
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		382			62			15			266			257			535			538
Net derivative gains (losses)		485			(356	)		1,335			(2,099	)		(1,051	)		394			(1,815	)
Premiums - Divested businesses and Lag elimination		(1	)		(1	)		426			-			-			(2	)		426
Universal life and investment-type product policy fees
Unearned revenue adjustments		1			(3	)		25			9			(6	)		8			28
GMIB fees		96			97			101			104			103			285			308
Divested businesses and Lag elimination		2			2			67			-			-			5			67
Net investment income
Investment hedge adjustments		(194	)		(202	)		(221	)		(188	)		(226	)		(574	)		(635	)
Operating joint venture adjustments		(3	)		2			5			-			-			(6	)		5
Unit-linked contract income		(701	)		343			(97	)		191			529			(79	)		623
Securitization entities income		8			(2	)		-			3			1			10			4
Divested businesses and Lag elimination		-			-			166			-			-			-			166
Other revenues
Settlement of foreign currency earnings hedges		(11	)		(9	)		(4	)		3			7			(28	)		6
Divested businesses and Lag elimination		-			-			4			-			-			-			4
Policyholder benefits and claims and policyholder dividends
PDO adjustments		(13	)		-			-			-			-			(6	)		-
Inflation and pass through adjustments		(23	)		6			(71	)		(66	)		21			(1	)		(116	)
GMIB costs		149			(286	)		(6	)		(137	)		(304	)		(113	)		(447	)
Market value adjustments		(21	)		(19	)		(17	)		(10	)		(12	)		(117	)		(39	)
Divested businesses and Lag elimination		-			(1	)		(306	)		-			-			-			(306	)
Interest credited to policyholder account balances
PAB hedge adjustments		(1	)		(2	)		(1	)		-			-			(5	)		(1	)
Unit-linked contract costs		685			(338	)		77			(186	)		(505	)		69			(614	)
Divested businesses and Lag elimination		-			-			(101	)		-			-			-			(101	)
Capitalization of DAC - Divested businesses and Lag elimination		-			-			105			-			-			-			105
Amortization of DAC and VOBA
Related to NIGL and NDGL		(28	)		27			(6	)		1,087			209			(36	)		1,290
Related to GMIB fees and GMIB costs		(132	)		(33	)		(36	)		(193	)		56			(92	)		(173	)
Related to market value adjustments		-			-			-			-			-			-			-
Divested businesses and Lag elimination		-			-			(72	)		-			-			-			(72	)
Amortization of negative VOBA
Related to market value adjustments		8			8			10			6			5			27			21
Divested businesses and Lag elimination		-			-			22			-			-			-			22
Interest expense on debt
Securitization entities debt expense		(8	)		2			-			(3	)		(1	)		(10	)		(4	)
Divested businesses and Lag elimination		-			-			-			-			-			-			-
Other operating expenses
Noncontrolling interest		(11	)		12			5			4			(7	)		1			2
Regulatory implementation costs		-			-			-			-			-			(2	)		-
Acquisition, integration and other costs		(6	)		(7	)		(6	)		(16	)		(11	)		(21	)		(33	)
Divested businesses and Lag elimination		(2	)		6			(254	)		(130	)		(52	)		(6	)		(436	)
Goodwill impairment		-			-			-			-			(260	)		-			(260	)
Provision for income tax (expense) benefit		(174	)		109			(297	)		499			393			69			595
Income (loss) from continuing operations, net of income tax		1,198			842			2,203			114			573			4,480			2,890
Income (loss) from discontinued operations, net of income tax		-			-			-			-			-			-			-
Net income (loss)		1,198			842			2,203			114			573			4,480			2,890
Less: Net income (loss) attributable to noncontrolling interests		(5	)		8			2			4			(4	)		4			2
Net income (loss) attributable to MetLife, Inc.		1,203			834			2,201			110			577			4,476			2,888
Less: Preferred stock dividends		6			49			6			46			6			67			58
Preferred stock repurchase premium		-			-			-			-			-			42			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,197		$	785		$	2,195		$	64		$	571		$	4,367		$	2,830
(1) For the three months ended March 31, 2016, and for the year-to-date period ended September 30, 2016, Divested businesses and Lag elimination includes adjustments related to the financial impact of converting MetLife’s Japan operations to calendar year end reporting without retrospective application of this change to prior periods.

A-1

LOGO


APPENDIX METLIFE NOTABLE ITEMS (1) METLIFE TOTAL
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan		$	(37	)	$	(137	)	$	(86	)	$	(9	)	$	22		$	(37	)	$	(73	)
Catastrophe experience and prior year development, net			21			(9	)		(45	)		(15	)		16			5			(44	)
Actuarial assumption review and other insurance adjustments			(92	)		-			-			(462	)		(319	)		(92	)		(781	)
Tax adjustments			(720	)		31			10			-			-			(659	)		10
Total notable items		$	(828	)	$	(115	)	$	(121	)	$	(486	)	$	(281	)	$	(783	)	$	(888	)

U.S
		For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)		September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan		$	20		$	(8	)	$	(33	)	$	-		$	1		$	20		$	(32	)
Catastrophe experience and prior year development, net			21			(9	)		(45	)		(15	)		16			5			(44	)
Actuarial assumption review and other insurance adjustments			-			-			-			(25	)		-			-			(25	)
Tax adjustments			(5	)		-			-			-			-			(5	)		-
Total notable items		$	36		$	(17	)	$	(78	)	$	(40	)	$	17		$	20		$	(101	)

	GROUP BENEFITS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
	Variable investment income, as compared to plan	$	7		$	(6	)	$	(1	)	$	(2	)	$	12		$	7		$	9
	Total notable items	$	7		$	(6	)	$	(1	)	$	(2	)	$	12		$	7		$	9

	RETIREMENT & INCOME SOLUTIONS
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
	Variable investment income, as compared to plan	$	15		$	1		$	(25	)	$	2		$	(11	)	$	15		$	(34	)
	Actuarial assumption review and other insurance adjustments		-			-			-			(25	)		-			-			(25	)
	Tax adjustments		(5	)		-			-			-			-			(5	)		-
	Total notable items	$	10		$	1		$	(25	)	$	(23	)	$	(11	)	$	10		$	(59	)

	PROPERTY & CASUALTY
		For the Three Months Ended															For the Year-to-Date Period Ended
	Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
	Variable investment income, as compared to plan	$	(2	)	$	(3	)	$	(7	)	$	-		$	-		$	(2	)	$	(7	)
	Catastrophe experience and prior year development, net		21			(9	)		(45	)		(15	)		16			5			(44	)
	Total notable items	$	19		$	(12	)	$	(52	)	$	(15	)	$	16		$	3		$	(51	)
(1) Notable items represent a positive (negative) impact to operating earnings available to common shareholders.

A-2

LOGO


APPENDIX METLIFE NOTABLE ITEMS (CONTINUED) (1) ASIA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan	$	(10	)	$	(24	)	$	(20	)	$	(10	)	$	(11	)	$	(10	)	$	(41	)
Actuarial assumption review and other insurance adjustments		9			-			-			(44	)		(14	)		9			(58	)
Tax adjustments		-			-			20			-			-			61			20
Total notable items	$	(1	)	$	(24	)	$	-		$	(54	)	$	(25	)	$	60		$	(79	)

LATIN AMERICA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan	$	(2	)	$	(3	)	$	(3	)	$	(2	)	$	(1	)	$	(2	)	$	(6	)
Actuarial assumption review and other insurance adjustments		-			-			-			-			8			-			8
Tax adjustments		60			31			(10	)		-			-			60			(10	)
Total notable items	$	58		$	28		$	(13	)	$	(2	)	$	7		$	58		$	(8	)

EMEA
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Actuarial assumption review and other insurance adjustments	$	6		$	-		$	-		$	-		$	(16	)	$	6		$	(16	)
Total notable items	$	6		$	-		$	-		$	-		$	(16	)	$	6		$	(16	)

METLIFE HOLDINGS
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan	$	(5	)	$	(33	)	$	(8	)	$	11		$	22		$	(5	)	$	25
Actuarial assumption review and other insurance adjustments		(50	)		-			-			(315	)		(52	)		(50	)		(367	)
Tax adjustments		3			-			-			-			-			3			-
Total notable items	$	(52	)	$	(33	)	$	(8	)	$	(304	)	$	(30	)	$	(52	)	$	(342	)

CORPORATE & OTHER
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan	$	(49	)	$	(23	)	$	(4	)	$	1		$	(6	)	$	(49	)	$	(9	)
Tax adjustments		(792	)		-			-			-			-			(792	)		-
Total notable items	$	(841	)	$	(23	)	$	(4	)	$	1		$	(6	)	$	(841	)	$	(9	)

BRIGHTHOUSE FINANCIAL
	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			September 30, 2015			September 30, 2016
Variable investment income, as compared to plan	$	9		$	(46	)	$	(18	)	$	(9	)	$	17		$	9		$	(10	)
Actuarial assumption review and other insurance adjustments		(57	)		-			-			(78	)		(245	)		(57	)		(323	)
Tax adjustments		14			-			-			-			-			13			-
Total notable items	$	(34	)	$	(46	)	$	(18	)	$	(87	)	$	(228	)	$	(35	)	$	(333	)

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

A-3

LOGO


APPENDIX METLIFE EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Total MetLife, Inc.’s stockholders’ equity	$	70,503		$	67,949		$	75,775		$	79,179		$	78,286
Less: Preferred stock		2,066			2,066			2,066			2,066			2,066
MetLife, Inc.’s common stockholders’ equity		68,437			65,883			73,709			77,113			76,220
Less: Net unrealized investment gains (losses), net of income tax		13,634			11,773			17,171			20,635			19,657
Defined benefit plans adjustment, net of income tax		(2,169	)		(2,052	)		(2,024	)		(1,983	)		(2,121	)
Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI other than FCTA		56,972			56,162			58,562			58,461			58,684
Less: Goodwill, net of income tax		9,398			9,314			9,555			9,670			9,442
VODA and VOCRA, net of income tax		522			494			483			470			448
Total MetLife, Inc.’s tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	47,052		$	46,354		$	48,524		$	48,321		$	48,794

Unaudited	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016

Book value per common share (1)	$	61.39		$	60.00		$	67.10		$	70.18		$	69.35
Less: Net unrealized investment gains (losses), net of income tax		12.23			10.72			15.63			18.78			17.88
Defined benefit plans adjustment, net of income tax		(1.95	)		(1.87	)		(1.84	)		(1.80	)		(1.93	)
Book value per common share, excluding AOCI other than FCTA (1)		51.11			51.15			53.31			53.20			53.40
Less: Goodwill, net of income tax		8.43			8.48			8.70			8.79			8.59
VODA and VOCRA, net of income tax		0.47			0.45			0.44			0.43			0.41
Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) (1)	$	42.21		$	42.22		$	44.17		$	43.98		$	44.40

	For the Three Months Ended (2)															For the Year Ended
Unaudited (In millions, except ratios)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2015

Return on MetLife, Inc.’s:
Common stockholders’ equity		7.1%			4.7%			12.6%			0.3%			3.0%			7.5%
Common stockholders’ equity, excluding AOCI other than FCTA		8.4%			5.6%			15.3%			0.4%			3.9%			9.1%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		10.3%			6.8%			18.6%			0.6%			4.8%			11.2%

Operating return on MetLife, Inc.’s:
Common stockholders’ equity		4.2%			8.2%			7.6%			4.9%			7.4%			8.0%
Common stockholders’ equity, excluding AOCI other than FCTA		5.0%			9.7%			9.3%			6.3%			9.7%			9.7%
Tangible common stockholders’ equity (excludes AOCI other than FCTA) (3)		6.1%			11.9%			11.3%			7.7%			11.8%			11.9%

Average common stockholders’ equity	$	67,874		$	67,160		$	69,796		$	75,411		$	76,667		$	68,674
Average common stockholders’ equity, excluding AOCI other than FCTA	$	56,813		$	56,567		$	57,362		$	58,512		$	58,573		$	56,412
Average tangible common stockholders’ equity (excludes AOCI other than FCTA)	$	46,826		$	46,703		$	47,439		$	48,423		$	48,558		$	46,346
(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 September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 of $12 million, $12 million, $12 million, $12 million and $12 million, respectively, and for the year ended December 31, 2015 of $48 million.

A-4

LOGO


APPENDIX METLIFE RETURN ON ALLOCATED EQUITY (1), (2), (3) RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
U.S.
GROUP BENEFITS			37.5%		14.7%		29.5%		40.9%		24.7%
RETIREMENT & INCOME SOLUTIONS			25.1%		11.9%		10.9%		21.8%		16.6%
PROPERTY & CASUALTY			14.5%		7.7%		11.0%		(0.7)%		20.9%
TOTAL U.S.			26.6%		12.0%		15.9%		24.6%		19.2%
ASIA			22.9%		8.1%		31.3%		27.9%		13.0%
LATIN AMERICA			9.3%		12.9%		18.4%		11.1%		19.0%
EMEA			9.8%		8.8%		9.1%		11.8%		14.1%
METLIFE HOLDINGS			14.1%		1.6%		17.3%		6.0%		(2.2)%
RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
U.S.			29.2%		13.2%		17.5%		27.0%		21.1%
ASIA			39.3%		14.0%		53.7%		48.0%		22.5%
LATIN AMERICA			15.6%		21.7%		29.1%		17.6%		30.2%
EMEA			18.0%		16.3%		15.6%		20.2%		24.2%
METLIFE HOLDINGS			15.0%		1.9%		18.3%		6.5%		(2.1)%
OPERATING RETURN ON ALLOCATED EQUITY
		For the Three Months Ended
Unaudited		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
U.S.
GROUP BENEFITS			25.1%		21.7%		19.7%		25.7%		25.8%
RETIREMENT & INCOME SOLUTIONS			16.5%		14.5%		14.2%		15.3%		18.1%
PROPERTY & CASUALTY			15.2%		10.0%		7.8%		(0.7)%		20.5%
TOTAL U.S.			18.5%		15.6%		15.0%		16.4%		20.4%
ASIA			11.7%		10.1%		11.0%		9.4%		11.7%
LATIN AMERICA			21.3%		18.3%		19.7%		17.9%		17.3%
EMEA			7.9%		6.5%		7.8%		7.9%		9.2%
METLIFE HOLDINGS			8.5%		9.3%		9.6%		(1.2)%		9.6%
OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (4)
		For the Three Months Ended
Unaudited		September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
U.S.			20.3%		17.2%		16.5%		18.0%		22.4%
ASIA			20.2%		17.4%		19.0%		16.2%		20.2%
LATIN AMERICA			35.7%		30.7%		31.2%		28.3%		27.5%
EMEA			14.6%		12.2%		13.5%		13.8%		15.8%
METLIFE HOLDINGS			9.1%		9.9%		10.3%		(1.1)%		10.2%
(1) Annualized using quarter-to-date results.
(2) Allocated equity and allocated tangible equity are presented below:
				ALLOCATED EQUITY				ALLOCATED TANGIBLE EQUITY
	Unaudited (In millions)			2015		2016		2015		2016
	U.S.
	GROUP BENEFITS			$	2,825	$	2,884
	RETIREMENT & INCOME SOLUTIONS				6,471		6,813
	PROPERTY & CASUALTY				1,765		1,130
	TOTAL U.S.			$	11,061	$	10,827	$	10,083	$	9,855
	ASIA			$	11,509	$	11,045	$	6,708	$	6,431
	LATIN AMERICA			$	3,440	$	3,070	$	2,048	$	1,935
	EMEA			$	3,332	$	3,226	$	1,865	$	1,919
	METLIFE HOLDINGS			$	11,450	$	11,082	$	10,880	$	10,586
(3) Brighthouse Financial segment results are not indicative of Brighthouse Financial, Inc. and related companies on a combined basis, therefore return on equity calculations for the Brighthouse Financial segment are not presented in this QFS.
(4) 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)	September 30, 2015		December 31, 2015		March 31, 2016		June 30, 2016		September 30, 2016
	U.S.	$	1	$	1	$	1	$	1	$	1
	ASIA	$	1	$	1	$	1	$	1	$	1
	LATIN AMERICA	$	-	$	-	$	-	$	-	$	-
	EMEA	$	2	$	3	$	2	$	2	$	2
	METLIFE HOLDINGS	$	5	$	5	$	5	$	5	$	5

A-5

LOGO


APPENDIX METLIFE OPERATING PREMIUMS, FEES AND OTHER REVENUES, OTHER OPERATING EXPENSES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
U.S. (1)	$	6,440		$	5,576		$	5,474		$	5,612		$	6,373
ASIA		2,453			2,286			2,230			2,160			2,228
LATIN AMERICA		795			896			891			904			891
EMEA		602			618			615			625			621
METLIFE HOLDINGS (1)		1,708			1,784			1,656			1,686			1,555
CORPORATE & OTHER (1)		(137	)		(161	)		(78	)		(319	)		(19	)
BRIGHTHOUSE FINANCIAL (1)		1,488			1,557			1,337			1,487			1,300
Total operating premiums, fees and other revenues on a constant currency basis	$	13,349		$	12,556		$	12,125		$	12,155		$	12,949
Total operating premiums, fees and other revenues	$	13,118		$	12,338		$	11,905		$	12,074		$	12,949

ASIA (including operating joint ventures) (2), (3)	$	2,517		$	2,365		$	2,391		$	2,312		$	2,393
OTHER OPERATING EXPENSES ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
U.S. (1)	$	908		$	945		$	942		$	918		$	912
ASIA		1,025			1,056			934			916			930
LATIN AMERICA		321			342			319			323			335
EMEA		344			363			333			332			332
METLIFE HOLDINGS (1)		647			706			596			864			401
CORPORATE & OTHER (1)		361			26			54			(214	)		(3	)
BRIGHTHOUSE FINANCIAL (1)		614			654			624			555			560
Total other operating expenses on a constant currency basis	$	4,220		$	4,092		$	3,802		$	3,694		$	3,467
Total other operating expenses	$	4,126		$	3,998		$	3,710		$	3,659		$	3,467

ASIA (including operating joint ventures) (2), (3)	$	1,048		$	1,081		$	986		$	976		$	998
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY BASIS
	For the Three Months Ended
Unaudited (In millions)	September 30, 2015			December 31, 2015			March 31, 2016			June 30, 2016			September 30, 2016
U.S. (1)	$	511		$	432		$	406		$	443		$	552
ASIA		365			313			324			268			324
LATIN AMERICA		173			140			149			135			133
EMEA		62			50			63			63			74
METLIFE HOLDINGS (1)		243			265			267			(33	)		266
CORPORATE & OTHER (1)		(983	)		(210	)		(190	)		(243	)		4
BRIGHTHOUSE FINANCIAL (1)		347			388			327			297			68
Total operating earnings available to common shareholders on a constant currency basis	$	718		$	1,378		$	1,346		$	930		$	1,421
Total operating earnings available to common shareholders	$	705		$	1,376		$	1,329		$	924		$	1,421

(1) Amounts on a reported basis, as constant currency impact is not significant.
(2) Operating premiums, universal life and investment-type product policy fees, other revenues and other operating expenses are reported as part of net investment income on the statement of operating earnings available to common shareholders for operating joint ventures.
(3) Includes MetLife, Inc.’s percentage interest in operating joint ventures as follows: (i) India, 26%, (ii) Vietnam, 60%, (iii) China, 50% and (iv) Malaysia, 50%.

A-6

LOGO

METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES

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

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


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

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

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

Operating earnings and related measures

•

operating earnings;

•

operating earnings available to common shareholders; and

•

operating earnings available to common shareholders per diluted common share.

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

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

Operating revenues and operating expenses

These financial measures, along with the related operating premiums, fees and other revenues, focus on our primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and divested businesses and certain entities required to be consolidated under GAAP.

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”). In addition, for the three months ended March 31, 2016 and for the year-to-date period ended September 30, 2016, operating revenues and operating expenses exclude the financial impact of converting MetLife’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods (“Lag elimination”). Operating revenues also excludes NIGL and NDGL. Operating expenses also excludes goodwill impairments.

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

•

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

•

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

•

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

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

•

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

•

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

A-7

LOGO

METLIFE

NON-GAAP AND OTHER FINANCIAL DISCLOSURES (CONTINUED)

•

Amortization of DAC and VOBA excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments;

•

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

•

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

•

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

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

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

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

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

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

The above measures represent a level of equity consistent with the view that, in the ordinary course of business, we do not plan to sell most investments for the sole purpose of realizing gains or losses.

•

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

•

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

•

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

•

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

•

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

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

•

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

•

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

A-8

LOGO


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

A-9

LOGO