8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) October 29, 2008

MetLife, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787	13-4075851
(Commission File Number)	(IRS Employer Identification No.)
200 Park Avenue, New York, New York	10166-0188
(Address of Principal Executive Offices)	(Zip Code)

212-578-2211

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 8.01. Other Events.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1: PRESS RELEASE
EX-99.2: QUARTERLY FINANCIAL SUPPLEMENT

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2008, MetLife, Inc., a Delaware Corporation, issued (i) a press release announcing its results for the quarter ended September 30, 2008, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended September 30, 2008, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 8.01. Other Events.

The press release attached hereto as Exhibit 99.1 also announced that MetLife, Inc.’s Board of Directors had declared an annual dividend for 2008 of $0.74 per common share. The dividend will be payable on December 15, 2008 to shareholders of record as of November 10, 2008.

Item 9.01. Financial Statements and Exhibits.

(a)	Not applicable.
(b)	Not applicable.
(c)	Not applicable.
(d)	Exhibits

99.1	Press Release of MetLife, Inc., dated October 29, 2008, announcing third quarter 2008 results and the declaration of the annual dividend on its common stock.
99.2	Quarterly Financial Supplement for the quarter ended September 30, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.
By:	/s/ Gwenn L. Carr
	Name:	Gwenn L. Carr
	Title:	Senior Vice-President and Secretary

Date: October 29, 2008

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Press Release of MetLife, Inc., dated October 29, 2008, announcing third quarter 2008 results and the declaration of the annual dividend on its common stock.
99.2	Quarterly Financial Supplement for the quarter ended September 30, 2008.

EX-99.1

Contacts:	For Media:	For Investors:
	John Calagna	Conor Murphy
	(212) 578-6252	(212) 578-7788

METLIFE ANNOUNCES THIRD QUARTER 2008 RESULTS

— Premiums, Fees & Other Revenues Increase 16% Over Third Quarter 2007 to $8.6 Billion —

— Results In Line With October 7 Preannouncement —

— Maintains Annual Common Stock Dividend of $0.74 Per Share —

NEW YORK, October 29, 2008 — MetLife, Inc. (NYSE: MET) today reported third quarter 2008 income from continuing operations¹ of $1,031 million, or $1.42 per diluted common share, compared with $909 million, or $1.19 per diluted common share, for the third quarter of 2007.

Operating earnings² for the third quarter of 2008 were $639 million, or $0.88 per diluted common share, compared with $1,113 million, or $1.46 per diluted common share, for the prior period.

	For the three months ended September 30,
	2008		2007
	(In millions, except per common share data)
Income from continuing operations available to common shareholders	$	1,031	$	909
Income from continuing operations available to common shareholders per diluted common share	$	1.42	$	1.19
Operating earnings available to common shareholders2	$	639	$	1,113
Operating earnings available to common shareholders per diluted common share2	$	0.88	$	1.46
Book value per diluted common share	$	35.48	$	42.88
Book value per diluted common share, excluding accumulated other comprehensive income2	$	45.85	$	42.81

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All references in this press release (other than in any of the tables and in the Non-GAAP and Other Financial Disclosures discussion below) to income from continuing operations, income from continuing operations per diluted common share, net income, net income per diluted common share, operating earnings and operating earnings per diluted common share should be read as income from continuing operations available to common shareholders, income from continuing operations per diluted common share available to common shareholders, net income available to common shareholders, net income available to common shareholders per diluted common share, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, respectively.

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Operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and book value per diluted common share, excluding accumulated other comprehensive income, are not calculated based on generally accepted accounting principles (GAAP). Information regarding non-GAAP financial measures in this press release and the reconciliation of them to GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release.

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Third Quarter Highlights

• Total premiums, fees and other revenues of $8.6 billion, up 16% from the third quarter of 2007

• Record Institutional Business premiums, fees and other revenues of $4.5 billion, up 30% compared with the third quarter of 2007

• Completed split-off of Reinsurance Group of America, Incorporated

“During the third quarter, MetLife generated strong top-line growth against the backdrop of an extremely challenging environment,” said C. Robert Henrikson, chairman, president and chief executive officer of MetLife, Inc. “This quarter, we once again demonstrated the benefit of having a diverse mix of businesses, a strong balance sheet and high quality investment portfolio. While we clearly are not immune from the volatility in both the credit and equity markets, MetLife is well positioned to continue to meet the needs of our customers and leverage a number of growth opportunities before us.”

“With our recently completed $2.3 billion common stock offering, MetLife has further bolstered its strong, excess capital position. And in a sign of our continued commitment to delivering value to our shareholders, our board of directors has declared an annual common stock dividend of $0.74 per share, which is unchanged from the dividend we paid in 2007,” added Henrikson.

The dividend will be payable on December 15, 2008 to shareholders of record as of November 10, 2008.

Third Quarter Segment Overview
All comparisons of third quarter 2008 results in the segment discussions below are with the third quarter of 2007, unless otherwise noted. Reconciliations of segment net income to segment operating earnings are provided in the tables that accompany this release.

Institutional Business Earnings of $396 Million
Institutional Business had operating earnings of $396 million, compared with $467 million in the prior period. Earnings were impacted by lower investment income and less favorable underwriting results in the company’s non-medical health business. Institutional Business continued to generate significant top line growth across all of its businesses as total premiums, fees and other revenues grew 30% to reach $4.5 billion.

Group life operating earnings for the quarter were $145 million, up 20% from $121 million as the business experienced strong interest margins and favorable underwriting results. In addition, premiums, fees and other revenues increased 7%.

Non-medical health operating earnings were $56 million in the quarter, down from $107 million due to unfavorable underwriting results across the product lines and lower investment income. Premiums, fees and other revenues increased 16%, due to solid growth in all product lines, particularly in dental, which benefited from strong organic growth and a recent dental HMO acquisition.

Retirement & savings operating earnings were $195 million in the quarter compared with $239 million in the third quarter of 2007 due largely to lower investment income. Retirement & savings

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premiums, fees and other revenues more than doubled to reach $1.1 billion, due to several large pension closeout sales in both the U.S. and U.K.

Individual Business Earnings of $218 Million
Individual Business had operating earnings of $218 million, compared with $363 million in the prior period. Poor equity market performance in the 2008 quarter and its impact on fee revenue, as well as the resulting acceleration of deferred acquisition cost amortization and other items, caused a $131 million, net of income tax ($0.18 per diluted common share) decline in Individual Business earnings. This mostly impacted earnings in the annuity business. During the quarter, the segment had solid annuity premiums and deposits and relatively flat total first year premiums and deposits in the life business.

Annuity operating earnings were $83 million, down from $235 million in the prior period. In addition to the impact of the equity markets, earnings in the annuity business were also affected by lower investment income. In the third quarter of 2008, variable annuity deposits were $3.8 billion, up from $3.5 billion in the second quarter of 2008, but down compared with $4.1 billion in the third quarter of 2007. In addition, variable annuity lapse rates declined and net flows remained positive. Fixed annuity deposits were $499 million, up 80% and 56% over the second quarter of 2008 and the third quarter of 2007, respectively.

Total life operating earnings for the quarter increased to $123 million from $117 million while total life first year premiums and deposits were $265 million, compared with $278 million.

International Business Earnings of $144 Million
International Business operating earnings were $144 million in the third quarter of 2008, up 7% from $135 million in the prior period, driven by strong performance in Latin America.

For the quarter, total premiums, fees and other revenues grew 12% on a comparable currency basis to $1.2 billion. In the Latin America region, top line growth was driven by Mexico, bolstered in part by an acquisition, and Chile, where annuity deposits were strong compared with the prior period. In the company’s Europe region, premium, fee and other revenue growth was due to top line increases throughout the countries in Europe as well as India. In the Asia Pacific region, market conditions negatively impacted sales in Korea as well as in Japan, where annuity deposits were 173 billion yen ($1.6 billion), up from 150 billion yen ($1.4 billion) in the second quarter of 2008, but down from 196 billion yen ($1.7 billion) in the third quarter of 2007.

Auto & Home Earnings of $101 Million
Auto & Home operating earnings were $101 million in the third quarter of 2008, compared with $109 million in the third quarter of 2007. Auto earnings were up 30% versus the prior period. Homeowners earnings were down, driven by catastrophes. In the third quarter of 2008, the segment benefited from favorable non-catastrophe claim development related to prior accident years of $27 million, net of income tax, compared with $18 million, net of income tax, in the prior year period.

Investments
MetLife has a high quality, diversified $324 billion general account portfolio. For the quarter, net realized investment gains, net of income tax, were $456 million, including approximately $485 million, net, in credit-related losses and impairments. These credit-related losses are offset by derivative gains of approximately $745 million, net of income tax, which arose primarily from the

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increase in value of the U.S. dollar in the third quarter, as well as the increase in credit default swap spreads.

After income tax, the impact of deferred acquisition costs and other offsets, variable investment income was approximately $120 million ($0.17 per diluted common share) lower than plan, driven mostly by negative hedge fund and private equity returns.

Corporate & Other
Corporate & Other had an operating loss of $220 million, compared with $39 million of operating earnings in the third quarter of 2007.

As previously announced, the company recorded a $48 million, net of income tax, ($0.07 per diluted common share) accrual related to MetLife’s Operational Excellence initiative in the third quarter of 2008. The accrual relates to severance and is expected to result in future annualized savings of approximately $130 million before income tax. MetLife’s Operational Excellence plans extend through 2010. While the company expects to incur additional expenses, MetLife anticipates future annual cost savings, before income tax, of at least $400 million from the Operational Excellence initiative.

In addition to investment income in the 2008 quarter being significantly lower, the company also commuted three excess insurance policies for asbestos-related claims during the 2008 quarter, resulting in a $23 million, net of income tax, ($0.03 per diluted common share) reduction in operating earnings.

RGA Transaction
During the third quarter, MetLife completed its split-off of substantially all of the company’s interest in Reinsurance Group of America, Incorporated (RGA). The split-off transaction resulted in a GAAP loss of $458 million, a statutory gain in excess of $1 billion, and a decrease in MetLife’s share count of approximately 23 million shares. MetLife’s share of the operating earnings of RGA in the third quarter (approximately $24 million, or $0.03 per diluted common share) is now reflected in discontinued operations. MetLife’s share of RGA’s operating earnings in all previous periods have been reclassed to discontinued operations.

Corporate Events
Common Stock Offering
On October 15, 2008, MetLife completed its public offering of 75 million shares of common stock and issued an additional 11.25 million shares of common stock pursuant to the exercise in full by the underwriters of their over-allotment option. The total offering of 86.25 million shares produced gross proceeds of approximately $2.3 billion. MetLife expects to use the net proceeds from the sale of the common stock for general corporate purposes and potential strategic initiatives.

Earnings Conference Call
MetLife will hold its third quarter 2008 earnings conference call and audio Webcast on Thursday, October 30, 2008, from 8:00 to 9:00 a.m. (ET). The conference call will be available live via telephone and the Internet. To listen over the telephone, dial (612) 288-0337 (domestic and international callers). To listen to the conference call over the Internet, visit www.metlife.com (through a link on the Investor Relations page). Those who want to listen to the call on the

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telephone or via the Internet should dial in or go to the Web site at least fifteen minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the Internet beginning at 10:00 a.m. (ET) on Thursday, October 30, 2008, until Saturday, November 8, 2008, at 11:59 p.m. (ET). To listen to a replay of the conference call over the telephone, dial (320) 365-3844 (domestic and international callers). The access code for the replay is 962605. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.

Non-GAAP and Other Financial Disclosures
Net income available to common shareholders and net income available to common shareholders per diluted common share are defined as GAAP net income and GAAP net income per diluted common share less preferred stock dividends, respectively.

Income from continuing operations available to common shareholders is a GAAP measure and is defined as GAAP net income less discontinued operations, net of income tax, less preferred stock dividends.

MetLife also analyzes its performance using so-called non-GAAP measures, including operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share. Operating earnings available to common shareholders is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, less preferred stock dividends. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings available to common shareholders.

Income from continuing operations available to common shareholders can be reconciled to operating earnings available to common shareholders by excluding net investment gains and losses, net of income tax; adjustments related to net investment gains and losses, net of income tax; and discontinued operations related to real estate. Discontinued operations other than discontinued operations related to real estate and preferred stock dividends are excluded from both income from continuing operations available to common shareholders and operating earnings available to common shareholders.

MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income available to common shareholders and GAAP net income available to common shareholders per diluted common share, respectively.

Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. Income from continuing operations

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available to common shareholders per diluted common share is calculated by dividing Income from continuing operations available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated.

	For the three months ended September 30,
	2008						2007
	(In millions, except per common share data)
Income from continuing operations available to common shareholders	$	1,031		$	1.42		$	909		$	1.19
Discontinued operations, net of income tax3		(431	)		(0.59	)		76			0.10
Net income available to common shareholders	$	600		$	0.83		$	985		$	1.29
Net income available to common shareholders	$	600		$	0.83		$	985		$	1.29
Less: Net investment gains (losses), net of income tax1		456			0.63			(183	)		(0.24	)
Less: Adjustments related to net investment gains (losses), net of income tax2		(61	)		(0.08	)		(20	)		(0.03	)
Less: Discontinued operations, net of income tax3		(434	)		(0.60	)		75			0.10
Operating earnings available to common shareholders	$	639		$	0.88		$	1,113		$	1.46
Book value per diluted common share	$	35.48					$	42.88
Less: Accumulated other comprehensive income (loss) per diluted common share		(10.37	)					0.07
Book value per diluted common share, excluding accumulated other comprehensive income	$	45.85					$	42.81

1	Net investment gains (losses), net of income tax, includes gains (losses) on sales of real estate and real estate joint ventures related to discontinued operations of $0 million and $0 million for the three months ended September 30, 2008 and 2007, respectively, and excludes gains (losses) of $(1) million and $41 million for the three months ended September 30, 2008 and 2007, respectively, from scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment.
2	Adjustments related to net investment gains (losses), net of income tax, include amortization of unearned revenue and deferred acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
3	Discontinued operations, net of income tax, exclude gains (losses) from discontinued operations related to real estate and real estate joint ventures.

Forward Looking Statements
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining MetLife’s actual future results. These statements are based on current expectations

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and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the SEC. These factors include: (i) difficult and adverse conditions in the global and domestic capital and credit markets; (ii) continued volatility and further deterioration of the capital and credit markets; (iii) uncertainty about the effectiveness of the U.S. government’s plan to purchase large amounts of illiquid, mortgage-backed and other securities from financial institutions; (iv) the impairment of other financial institutions; (v) potential liquidity and other risks resulting from MetLife’s participation in a securities lending program and other transactions; (vi) exposure to financial and capital market risk; (vii) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect the company’s ability to raise capital and generate fee income and market-related revenue; (viii) defaults on the company’s mortgage and consumer loans; (ix) investment losses and defaults, and changes to investment valuations; (x) market value impairments to illiquid assets; (xi) unanticipated changes in industry trends; (xii) heightened competition, including with respect to pricing, entry of new competitors, the development of new products by new and existing competitors and for personnel; (xiii) discrepancies between actual claims experience and assumptions used in setting prices for the company’s products and establishing the liabilities for the company’s obligations for future policy benefits and claims; (xiv) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (xv) ineffectiveness of risk management policies and procedures; (xvi) catastrophe losses; (xvii) changes in assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (xviii) downgrades in MetLife’s and its affiliates’ claims paying ability, financial strength or credit ratings; (xix) economic, political, currency and other risks relating to the company’s international operations; (xx) regulatory, legislative or tax changes that may affect the cost of, or demand for, the company’s products or services; (xxi) changes in accounting standards, practices and/or policies; (xxii) adverse results or other consequences from litigation, arbitration or regulatory investigations; (xxiii) deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (xxiv) the effects of business disruption or economic contraction due to terrorism or other hostilities; (xxv) MetLife’s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; (xxvi) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; and (xxvii) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group

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insurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com.

# # #

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MetLife, Inc.
Consolidated Statements of Income
For the Three Months Ended and Nine Months Ended September 30, 2008 and 2007 (Unaudited)
(In millions)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenues
Premiums	$	6,789		$	5,717		$	19,428		$	17,050
Universal life and investment-type product policy fees		1,372			1,313			4,206			3,901
Net investment income		4,051			4,512			12,670			13,365
Other revenues		421			345			1,141			1,105
Net investment gains (losses)		745			(209	)		(341	)		(466	)
Total revenues		13,378			11,678			37,104			34,955
Expenses
Policyholder benefits and claims		7,276			6,013			20,475			17,759
Interest credited to policyholder account balances		1,133			1,425			3,573			4,082
Policyholder dividends		449			434			1,324			1,289
Other expenses		2,931			2,483			8,091			7,565
Total expenses		11,789			10,355			33,463			30,695
Income from continuing operations before provision for income tax		1,589			1,323			3,641			4,260
Provision for income tax		528			380			1,078			1,223
Income from continuing operations		1,061			943			2,563			3,037
Income (loss) from discontinued operations, net of income tax		(431	)		76			(339	)		162
Net income		630			1,019			2,224			3,199
Preferred stock dividends		30			34			94			102
Net income available to common shareholders	$	600		$	985		$	2,130		$	3,097
Operating Earnings Available to Common Shareholders Reconciliation
Net income available to common shareholders	$	600		$	985		$	2,130		$	3,097
Net investment gains (losses)		738			(279	)		(330	)		(663	)
Minority interest — net investment gains (losses)		—			—			—			—
Net investment gains (losses) tax benefit		(282	)		96			84			236
Net investment gains (losses), net of income tax (1) (2)		456			(183	)		(246	)		(427	)
Adjustments related to universal life and investment-type product policy fees		—			(4	)		2			(14	)
Adjustments related to policyholder benefits and dividends		(96	)		(65	)		(58	)		(165	)
Adjustments related to other expenses		(1	)		37			257			106
Adjustments related to tax benefit (provision)		36			12			(67	)		28
Adjustments related to net investment gains (losses), net of income tax (3)		(61	)		(20	)		134			(45	)
Discontinued operations, net of income tax (4)		(434	)		75			(356	)		149
Operating earnings available to common shareholders	$	639		$	1,113		$	2,598		$	3,420

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of ($1) million and $41 million for the three months ended September 30, 2008 and 2007, respectively, and ($32) million and $122 million for the nine months ended September 30, 2008 and 2007, respectively.
(2)	There were no discontinued operations included in net investment gains (losses) from other real estate and real estate joint ventures for both the three months ended September 30, 2008 and 2007. Net investment gains (losses), net of income tax, from real estate and real estate joint ventures includes discontinued operations of $0 million and $3 million for the nine months ended September 30, 2008 and 2007, respectively.
(3)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(4)	Discontinued operations, net of income tax, excludes gains (losses) from discontinued operations related to real estate and real estate joint ventures.

MetLife, Inc.
Financial Highlights
Unaudited
(In millions, except per common share data or otherwise noted)

	At or For the Three Months				At or For the Nine Months
	Ended September 30,				Ended September 30,
	2008		2007		2008		2007
Other Financial Data:
Net income available to common shareholders	$	600	$	985	$	2,130	$	3,097
Operating earnings available to common shareholders	$	639	$	1,113	$	2,598	$	3,420
Total assets (billions)	$	521.3	$	563.6	$	521.3	$	563.6
Individual Business Sales Data:
Total first year life premiums and deposits	$	265	$	278	$	766	$	756
Variable and Universal life first year premiums and deposits (including COLI/BOLI)	$	214	$	224	$	611	$	596
Total annuity deposits	$	4,286	$	4,398	$	11,565	$	12,566
Earnings Per Common Share Calculation:
Weighted average common shares outstanding — diluted		726.9		762.7		728.6		765.2
Operating earnings available to common shareholders per common share — diluted	$	0.88	$	1.46	$	3.57	$	4.47
Net income available to common shareholders per common share — diluted	$	0.83	$	1.29	$	2.92	$	4.05

MetLife, Inc.
Consolidated Balance Sheet Data
September 30, 2008 and December 31, 2007 (Unaudited)
(In millions)

	September 30,			December 31,
	2008			2007
Balance Sheet Data:
General account assets	$	381,496		$	398,994
Separate account assets		139,803			160,142
Total assets	$	521,299		$	559,136
Policyholder liabilities	$	277,417		$	266,643
Short-term debt		1,106			667
Long-term debt		10,811			9,100
Collateral financing arrangements		5,132			4,882
Junior subordinated debt securities		3,759			4,075
Shares subject to mandatory redemption		—			—
Other liabilities		55,438			78,448
Separate account liabilities		139,803			160,142
Total liabilities		493,466			523,957
Preferred stock, at par value		1			1
Common stock, at par value		8			8
Additional paid-in capital		17,602			17,098
Retained earnings		22,041			19,884
Treasury stock		(4,279	)		(2,890	)
Accumulated other comprehensive income (loss)		(7,540	)		1,078
Total stockholders’ equity		27,833			35,179
Total liabilities and stockholders’ equity	$	521,299		$	559,136

MetLife, Inc.
Reconciliations of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders
Unaudited
(In millions)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Total Institutional Operations
Net income available to common shareholders	$	574		$	272		$	1,207		$	990
Net investment gains (losses), net of income tax		141			(175	)		(262	)		(431	)
Adjustments related to net investment gains (losses), net of income tax		37			(20	)		67			(19	)
Operating earnings available to common shareholders	$	396		$	467		$	1,402		$	1,440
Institutional Operations:
Group Life
Net income available to common shareholders	$	178		$	65		$	320		$	321
Net investment gains (losses), net of income tax		32			(57	)		(82	)		(50	)
Adjustments related to net investment gains (losses), net of income tax		1			1			2			1
Operating earnings available to common shareholders	$	145		$	121		$	400		$	370
Retirement & Savings
Net income available to common shareholders	$	197		$	46		$	456		$	402
Net investment gains (losses), net of income tax		(20	)		(188	)		(317	)		(390	)
Adjustments related to net investment gains (losses), net of income tax		22			(5	)		38			(12	)
Operating earnings available to common shareholders	$	195		$	239		$	735		$	804
Non-Medical Health & Other
Net income available to common shareholders	$	199		$	161		$	431		$	267
Net investment gains (losses), net of income tax		129			70			137			9
Adjustments related to net investment gains (losses), net of income tax		14			(16	)		27			(8	)
Operating earnings available to common shareholders	$	56		$	107		$	267		$	266
Total Individual Operations
Net income available to common shareholders	$	400		$	327		$	875		$	1,009
Net investment gains (losses), net of income tax		227			(24	)		(4	)		(80	)
Adjustments related to net investment gains (losses), net of income tax		(45	)		(12	)		26			(42	)
Operating earnings available to common shareholders	$	218		$	363		$	853		$	1,131
Individual Operations:
Traditional Life
Net income available to common shareholders	$	47		$	(4	)	$	142		$	110
Net investment gains (losses), net of income tax		(15	)		(52	)		(99	)		(31	)
Adjustments related to net investment gains (losses), net of income tax		(27	)		(6	)		(36	)		(52	)
Operating earnings available to common shareholders	$	89		$	54		$	277		$	193
Variable & Universal Life
Net income available to common shareholders	$	34		$	57		$	107		$	155
Net investment gains (losses), net of income tax		(3	)		(11	)		(42	)		(59	)
Adjustments related to net investment gains (losses), net of income tax		3			5			11			12
Operating earnings available to common shareholders	$	34		$	63		$	138		$	202
Annuities
Net income available to common shareholders	$	299		$	272		$	600		$	735
Net investment gains (losses), net of income tax		237			48			153			23
Adjustments related to net investment gains (losses), net of income tax		(21	)		(11	)		51			(2	)
Operating earnings available to common shareholders	$	83		$	235		$	396		$	714
Other
Net income (loss) available to common shareholders	$	20		$	2		$	26		$	9
Net investment gains (losses), net of income tax		8			(9	)		(16	)		(13	)
Operating earnings available to common shareholders	$	12		$	11		$	42		$	22
International
Net income available to common shareholders	$	254		$	203		$	613		$	430
Net investment gains (losses), net of income tax		163			13			144			43
Adjustments related to net investment gains (losses), net of income tax		(53	)		11			41			15
Discontinued operations, net of income tax		—			44			—			(3	)
Operating earnings available to common shareholders	$	144		$	135		$	428		$	375

MetLife, Inc.
Reconciliations of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders
Unaudited
(In millions)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2008			2007		2008			2007
Total Auto & Home
Net income available to common shareholders	$	57		$	109	$	191		$	331
Net investment gains (losses), net of income tax		(44	)		—		(60	)		8
Operating earnings available to common shareholders	$	101		$	109	$	251		$	323
Auto & Home:
Auto
Net income available to common shareholders	$	69		$	76	$	212		$	221
Net investment gains (losses), net of income tax		(30	)		—		(41	)		6
Operating earnings available to common shareholders	$	99		$	76	$	253		$	215
Homeowners & Other
Net income available to common shareholders	$	(12	)	$	33	$	(21	)	$	110
Net investment gains (losses), net of income tax		(14	)		—		(19	)		2
Operating earnings available to common shareholders	$	2		$	33	$	(2	)	$	108
Corporate, Other & Eliminations
Net income available to common shareholders	$	(685	)	$	74	$	(756	)	$	337
Net investment gains (losses), net of income tax		(31	)		3		(64	)		33
Adjustments related to net investment gains (losses), net of income tax		—			1		—			1
Discontinued operations, net of income tax		(434	)		31		(356	)		152
Operating earnings available to common shareholders	$	(220	)	$	39	$	(336	)	$	151

EX-99.2

Third Quarter

Financial Supplement

September 30, 2008

TABLE OF CONTENTS

HIGHLIGHTS
Corporate Overview	2
METLIFE, INC.
Consolidated Balance Sheets	3
Consolidated Statements of Operating Earnings Available to Common Shareholders	4
Consolidating Balance Sheet	5
Consolidating Statement of Operating Earnings Available to Common Shareholders	6
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	10
INSTITUTIONAL
Statements of Operating Earnings Available to Common Shareholders	11
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities	15
Other Expenses by Major Category	16
Spreads by Product	17
INDIVIDUAL
Statements of Operating Earnings Available to Common Shareholders	18
Premiums and Deposits by Product	23
Additional Statistical Information	24
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities	25
Expenses by Major Category	26
Spreads by Product	27
INTERNATIONAL
Statement of Operating Earnings Available to Common Shareholders	28
AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	29
Written Premiums by Product and Selected Financial Information and Supplemental Data	32
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders	33
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	34
Fixed Maturity Securities and Equity Securities Gross Unrealized Gains and Losses Aging Schedules	36
Summary of Fixed Maturity Securities Available-for-Sale By Sector and Quality Distribution and Summary of Commercial Mortgage Loans By Region and Property Type	37
Summary of Real Estate and Summary of Mortgages and Consumer Loans	38
OTHER INFORMATION `
Company Ratings	39

NOTE:

The Quarterly Financial Supplement (“QFS”) includes financial measures, such as operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, that are not based on generally accepted accounting principles (“GAAP”). Operating earnings available to common shareholders is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, less preferred stock dividends. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income available to common shareholders and GAAP net income available to common shareholders per diluted common share, respectively. Reconciliations of operating earnings available to common shareholders to GAAP net income available to common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income available to common shareholders per diluted common share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated October 29, 2008, for the three months ended September 30, 2008, which are available at www.metlife.com.

1

CORPORATE OVERVIEW

Unaudited (In millions, except per share data)

	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
		2007			2007			2008			2008			2008
Net income		$	1,019		$	1,118		$	648		$	946		$	630
Preferred stock dividends			34			35			33			31			30
Net income available to common shareholders			985			1,083			615			915			600
Net investment gains (losses)			(279	)		(168	)		(738	)		(330	)		738
Net investment gains (losses) tax provision			96			39			262			104			(282	)
Net investment gains (losses), net of income tax (1) (2)			(183	)		(129	)		(476	)		(226	)		456
Adjustments related to universal life and investment-type product policy fees			(4	)		2			5			(3	)		—
Adjustments related to policyholder benefits and dividends			(65	)		9			(127	)		165			(96	)
Adjustments related to other expenses			37			19			114			144			(1	)
Adjustments related to tax provision			12			(8	)		6			(109	)		36
Adjustments related to net investment gains (losses), net of income tax (3)			(20	)		22			(2	)		197			(61	)
Discontinued operations, net of income tax			75			27			19			59			(434	)
Operating earnings available to common shareholders (4)		$	1,113		$	1,163		$	1,074		$	885		$	639
Net income available to common shareholders per common share — diluted		$	1.29		$	1.44		$	0.84		$	1.26		$	0.83
Net investment gains (losses), net of income tax			(0.24	)		(0.17	)		(0.65	)		(0.31	)		0.63
Adjustments related to net investment gains (losses), net of income tax			(0.03	)		0.03			0.00			0.27			(0.08	)
Discontinued operations, net of income tax			0.10			0.04			0.03			0.08			(0.60	)
Operating earnings available to common shareholders — diluted		$	1.46		$	1.54		$	1.46		$	1.22		$	0.88
Weighted average common shares outstanding — diluted			762.7			754.1			732.7			726.5			726.9
Book value per common share (actual common shares outstanding)		$	44.18		$	45.44		$	43.64		$	42.97		$	36.46
Book value per common share, excluding accumulated other comprehensive income (actual common shares outstanding)		$	44.10		$	43.96		$	45.09		$	46.51		$	47.12
Book value per common share — diluted (weighted average common shares outstanding)		$	42.88		$	43.94		$	42.25		$	41.98		$	35.48
Book value per common share, excluding accumulated other comprehensive income — diluted (weighted average common shares outstanding)		$	42.81		$	42.51		$	43.65		$	45.43		$	45.85
	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
		2007			2007			2008			2008			2008
Common shares outstanding, beginning of period			742.8			740.3			729.2			709.4			709.7
Treasury stock			(2.5	)		(11.1	)		(19.8	)		0.3			(2.4	)
Common shares outstanding, end of period			740.3			729.2			709.4			709.7			707.3
Weighted average common shares outstanding — basic			744.0			735.9			720.4			712.8			718.1
Dilutive effect of stock-based awards			10.9			11.0			8.7			9.4			8.6
Dilutive effect of stock purchase contracts underlying common equity units			7.8			7.2			3.6			4.3			0.2
Weighted average common shares outstanding — diluted			762.7			754.1			732.7			726.5			726.9
MetLife Policyholder Trust shares			265.2			260.7			256.6			253.4			246.7

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of $41 million, $45 million, ($5) million, ($26) million and ($1) million for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively. For QFS purposes, these settlements are included in net investment income.
(2)	Net investment gains (losses), net of income tax, from real estate and real estate joint ventures includes discontinued operations of $5 million for the three months ended December 31, 2007. There were no discontinued operations included in net investment gains (losses) from other real estate and real estate joint ventures for any other period presented.
(3)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(4)	Presentation of operating earnings available to common shareholders throughout the QFS differs from other public filings with respect to discontinued operations and scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment. Presentation of discontinued operations in other public filings is in accordance with the Statement of Financial Accounting Standards (“SFAS”) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Presentation of scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment in other public filings is in accordance with SFAS No.133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”).

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
ASSETS
Assets
Fixed maturity securities, available-for-sale, at estimated fair value	$	243,439		$	232,844		$	234,701		$	231,523		$	212,645
Equity securities, available-for-sale, at estimated fair value		6,106			5,913			5,369			5,230			3,477
Trading securities, at estimated fair value		824			779			808			883			788
Mortgage and consumer loans		44,022			46,198			46,964			48,200			50,646
Policy loans		9,303			9,360			9,700			9,715			9,776
Real estate and real estate joint ventures		6,360			6,769			6,963			7,328			7,556
Other limited partnership interests		5,371			6,155			6,349			6,707			6,353
Short-term investments		1,573			2,573			2,566			1,933			2,570
Other invested assets		6,799			8,064			9,795			8,606			9,745
Total Investments		323,797			318,655			323,215			320,125			303,556
Cash and cash equivalents		8,163			9,964			10,570			13,452			20,209
Accrued investment income		3,830			3,551			3,278			3,213			3,273
Premiums and other receivables		15,299			13,390			13,664			14,076			17,865
Deferred policy acquisition costs and value of business acquired		17,886			18,008			18,362			19,095			20,347
Current income tax recoverable		—			336			417			712			762
Deferred income tax assets		—			—			—			—			1,625
Goodwill		4,813			4,814			4,998			5,065			5,036
Assets of subsidiaries held-for-sale		21,534			22,037			22,253			22,858			—
Other assets		7,608			8,239			8,314			8,177			8,823
Separate account assets		160,662			160,142			152,555			149,686			139,803
Total Assets	$	563,592		$	559,136		$	557,626		$	556,459		$	521,299
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	125,245		$	126,174		$	127,794		$	127,709		$	128,762
Policyholder account balances		132,336			130,692			134,937			137,073			139,132
Other policyholder funds		8,235			7,994			8,268			8,393			8,446
Policyholder dividends payable		1,045			994			993			1,037			1,077
Policyholder dividend obligation		630			789			119			—			—
Short-term debt		1,880			667			632			623			1,106
Long-term debt		8,931			9,100			9,125			9,167			10,811
Collateral financing arrangements		2,327			4,882			4,942			4,997			5,132
Junior subordinated debt securities		3,381			4,075			4,075			4,825			3,759
Shares subject to mandatory redemption		120			—			—			—			—
Liabilities of subsidiaries held-for-sale		19,524			19,958			20,240			20,839			—
Current income tax payable		249			—			—			—			—
Deferred income tax liability		507			1,516			572			272			—
Payables for collateral under securities loaned and other transactions		49,283			44,136			46,649			45,979			43,299
Other liabilities		14,491			12,838			13,726			13,318			12,139
Separate account liabilities		160,662			160,142			152,555			149,686			139,803
Total Liabilities		528,846			523,957			524,627			523,918			493,466
Stockholders’ Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		8			8			8			8			8
Additional paid-in capital		17,522			17,098			17,600			17,647			17,602
Retained earnings		19,342			19,884			20,526			21,441			22,041
Treasury stock, at cost		(2,183	)		(2,890	)		(4,108	)		(4,047	)		(4,279	)
Accumulated other comprehensive income		56			1,078			(1,028	)		(2,509	)		(7,540	)
Total Stockholders’ Equity		34,746			35,179			32,999			32,541			27,833
Total Liabilities and Stockholders’ Equity	$	563,592		$	559,136		$	557,626		$	556,459		$	521,299

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
		September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)		2007			2007			2008			2008			2008
REVENUES
Premiums		$	5,717		$	5,935		$	6,295		$	6,344		$	6,789
Universal life and investment-type product policy fees			1,317			1,407			1,411			1,421			1,372
Investment income, net			4,577			4,801			4,298			4,290			4,059
Other revenues			345			361			368			352			421
			11,956			12,504			12,372			12,407			12,641
EXPENSES
Policyholder benefits and dividends			6,382			6,527			6,905			7,207			7,629
Interest credited to policyholder account balances			1,419			1,385			1,222			1,189			1,125
Interest credited to bank deposits			50			49			44			39			40
Interest expenses			241			251			269			253			253
Other expenses			2,229			2,612			2,349			2,464			2,637
			10,321			10,824			10,789			11,152			11,684
Operating earnings before provision for income tax			1,635			1,680			1,583			1,255			957
Provision for income tax			488			482			476			339			288
Operating earnings			1,147			1,198			1,107			916			669
Preferred stock dividends			34			35			33			31			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,113		$	1,163		$	1,074		$	885		$	639
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,113		$	1,163		$	1,074		$	885		$	639
Net investment gains (losses)			(279	)		(168	)		(738	)		(330	)		738
Net investment gains (losses) tax provision			96			39			262			104			(282	)
Net investment gains (losses), net of income tax			(183	)		(129	)		(476	)		(226	)		456
Adjustments related to universal life and investment-type product policy fees			(4	)		2			5			(3	)		—
Adjustments related to policyholder benefits and dividends			(65	)		9			(127	)		165			(96	)
Adjustments related to other expenses			37			19			114			144			(1	)
Adjustments related to tax provision			12			(8	)		6			(109	)		36
Adjustments related to net investment gains (losses), net of income tax (1)			(20	)		22			(2	)		197			(61	)
Discontinued operations, net of income tax			75			27			19			59			(434	)
Net income available to common shareholders			985			1,083			615			915			600
Preferred stock dividends			34			35			33			31			30
Net income		$	1,019		$	1,118		$	648		$	946		$	630
Premiums, Fees and Other Revenues		$	7,379		$	7,703		$	8,074		$	8,117		$	8,582

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	September 30, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
ASSETS
Total investments	$	303,556		$	137,355		$	114,168		$	15,723		$	4,034		$	32,276
Cash and cash equivalents		20,209			1,685			4,460			1,689			(137	)		12,512
Accrued investment income		3,273			1,285			1,209			218			58			503
Premiums and other receivables		17,865			5,806			3,006			829			906			7,318
Deferred policy acquisition costs and value of business acquired		20,347			979			16,482			2,690			189			7
Current income tax recoverable		762			240			1,107			(43	)		29			(571	)
Deferred income tax assets		1,625			2,816			(1,984	)		50			170			573
Goodwill		5,036			1,051			2,957			404			157			467
Other assets		8,823			1,862			3,569			430			438			2,524
Separate account assets		139,803			49,860			84,769			5,189			—			(15	)
Total Assets	$	521,299		$	202,939		$	229,743		$	27,179		$	5,844		$	55,594
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	128,762		$	53,682		$	57,221		$	9,827		$	3,201		$	4,831
Policyholder account balances		139,132			71,622			56,410			5,379			—			5,721
Other policyholder funds		8,446			3,569			3,130			1,436			48			263
Policyholder dividends payable		1,077			—			1,077			—			—			—
Short-term debt		1,106			—			—			—			—			1,106
Long-term debt		10,811			—			108			180			—			10,523
Collateral financing arrangements		5,132			—			—			—			—			5,132
Junior subordinated debt securities		3,759			—			—			—			—			3,759
Payables for collateral under securities loaned and other transactions		43,299			15,065			15,142			—			35			13,057
Other liabilities		12,139			2,836			2,748			1,512			906			4,137
Separate account liabilities		139,803			49,860			84,769			5,189			—			(15	)
Total Liabilities		493,466			196,634			220,605			23,523			4,190			48,514
Stockholders’ Equity
Preferred stock, at par value		1			—			—			—			—			1
Common stock, at par value		8			—			—			—			—			8
Allocated equity (1)		39,643			10,162			10,683			3,668			1,862			13,268
Treasury stock		(4,279	)		—			—			—			—			(4,279	)
Accumulated other comprehensive income (loss)		(7,540	)		(3,857	)		(1,545	)		(12	)		(208	)		(1,918	)
Total Stockholders’ Equity		27,833			6,305			9,138			3,656			1,654			7,080
Total Liabilities and Stockholders’ Equity	$	521,299		$	202,939		$	229,743		$	27,179		$	5,844		$	55,594

(1) Allocated equity includes additional paid-in capital and retained earnings.

5

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended September 30, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	6,789		$	4,065		$	1,078		$	893		$	745		$	8
Universal life and investment-type product policy fees		1,372			215			893			264			—			—
Investment income, net		4,059			1,850			1,652			348			48			161
Other revenues		421			223			147			—			9			42
		12,641			6,353			3,770			1,505			802			211
EXPENSES
Policyholder benefits and dividends		7,629			4,519			1,757			869			472			12
Interest credited to policyholder account balances		1,125			623			496			6			—			—
Capitalization of deferred policy acquisition costs		(777	)		(53	)		(406	)		(204	)		(114	)		—
Amortization of deferred policy acquisition costs		702			41			512			36			113			—
Other expenses		3,005			624			1,084			580			197			520
		11,684			5,754			3,443			1,287			668			532
Operating earnings before provision for income tax		957			599			327			218			134			(321	)
Provision for income tax		288			203			109			74			33			(131	)
Operating earnings		669			396			218			144			101			(190	)
Preferred stock dividends		30			—			—			—			—			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	639		$	396		$	218		$	144		$	101			($220	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	639		$	396		$	218		$	144		$	101			($220	)
Net investment gains (losses)		738			215			353			263			(67	)		(26	)
Net investment gains (losses) tax provision		(282	)		(74	)		(126	)		(100	)		23			(5	)
Net investment gains (losses), net of income tax		456			141			227			163			(44	)		(31	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(96	)		57			(71	)		(82	)		—			—
Adjustments related to other expenses		(1	)		—			(1	)		—			—			—
Adjustments related to tax provision		36			(20	)		27			29			—			—
Adjustments related to net investment gains (losses), net of income tax (1)		(61	)		37			(45	)		(53	)		—			—
Discontinued operations, net of income tax		(434	)		—			—			—			—			(434	)
Net income available to common shareholders		600			574			400			254			57			(685	)
Preferred stock dividends		30			—			—			—			—			30
Net income	$	630		$	574		$	400		$	254		$	57			($655	)
Premiums, Fees and Other Revenues	$	8,582		$	4,503		$	2,118		$	1,157		$	754		$	50

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

6

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended September 30, 2007
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	5,717		$	3,081		$	1,099		$	780		$	750		$	7
Universal life and investment-type product policy fees		1,317			201			878			238			—			—
Investment income, net		4,577			2,068			1,725			370			47			367
Other revenues		345			181			146			4			10			4
		11,956			5,531			3,848			1,392			807			378
EXPENSES
Policyholder benefits and dividends		6,382			3,447			1,761			708			455			11
Interest credited to policyholder account balances		1,419			802			506			111			—			—
Capitalization of deferred policy acquisition costs		(813	)		(58	)		(423	)		(206	)		(126	)		—
Amortization of deferred policy acquisition costs		540			57			329			36			118			—
Other expenses		2,793			571			1,122			541			215			344
		10,321			4,819			3,295			1,190			662			355
Operating earnings before provision for income tax		1,635			712			553			202			145			23
Provision for income tax		488			245			190			67			36			(50	)
Operating earnings		1,147			467			363			135			109			73
Preferred stock dividends		34			—			—			—			—			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,113		$	467		$	363		$	135		$	109		$	39
Net Income Reconciliation
Operating earnings available to common shareholders	$	1,113		$	467		$	363		$	135		$	109		$	39
Net investment gains (losses)		(279	)		(271	)		(35	)		18			—			9
Net investment gains (losses) tax provision		96			96			11			(5	)		—			(6	)
Net investment gains (losses), net of income tax		(183	)		(175	)		(24	)		13			—			3
Adjustments related to universal life and investment-type product policy fees		(4	)		—			(4	)		—			—			—
Adjustments related to policyholder benefits and dividends		(65	)		(31	)		(52	)		17			—			1
Adjustments related to other expenses		37			—			37			—			—			—
Adjustments related to tax provision		12			11			7			(6	)		—			—
Adjustments related to net investment gains (losses), net of income tax (1)		(20	)		(20	)		(12	)		11			—			1
Discontinued operations, net of income tax		75			—			—			44			—			31
Net income available to common shareholders		985			272			327			203			109			74
Preferred stock dividends		34			—			—			—			—			34
Net income	$	1,019		$	272		$	327		$	203		$	109		$	108
Premiums, Fees and Other Revenues	$	7,379		$	3,463		$	2,123		$	1,022		$	760		$	11

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

7

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Nine Months Ended September 30, 2008
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	19,428		$	11,237		$	3,216		$	2,717		$	2,232		$	26
Universal life and investment-type product policy fees		4,204			647			2,710			847			—			—
Investment income, net		12,647			5,815			5,039			987			149			657
Other revenues		1,141			584			450			13			30			64
		37,420			18,283			11,415			4,564			2,411			747
EXPENSES
Policyholder benefits and dividends		21,741			12,493			5,259			2,461			1,492			36
Interest credited to policyholder account balances		3,536			1,893			1,501			142			—			—
Capitalization of deferred policy acquisition costs		(2,330	)		(178	)		(1,165	)		(646	)		(337	)		(4	)
Amortization of deferred policy acquisition costs		2,048			131			1,321			248			343			5
Other expenses		8,630			1,825			3,220			1,710			598			1,277
		33,625			16,164			10,136			3,915			2,096			1,314
Operating earnings before provision for income tax		3,795			2,119			1,279			649			315			(567	)
Provision for income tax		1,103			717			426			221			64			(325	)
Operating earnings		2,692			1,402			853			428			251			(242	)
Preferred stock dividends		94			—			—			—			—			94
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,598		$	1,402		$	853		$	428		$	251			($336	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	2,598		$	1,402		$	853		$	428		$	251			($336	)
Net investment gains (losses)		(330	)		(407	)		(1	)		249			(91	)		(80	)
Net investment gains (losses) tax provision		84			145			(3	)		(105	)		31			16
Net investment gains (losses), net of income tax		(246	)		(262	)		(4	)		144			(60	)		(64	)
Adjustments related to universal life and investment-type product policy fees		2			—			2			—			—			—
Adjustments related to policyholder benefits and dividends		(58	)		104			(225	)		63			—			—
Adjustments related to other expenses		257			—			257			—			—			—
Adjustments related to tax provision		(67	)		(37	)		(8	)		(22	)		—			—
Adjustments related to net investment gains (losses), net of income tax (1)		134			67			26			41			—			—
Discontinued operations, net of income tax		(356	)		—			—			—			—			(356	)
Net income available to common shareholders		2,130			1,207			875			613			191			(756	)
Preferred stock dividends		94			—			—			—			—			94
Net income	$	2,224		$	1,207		$	875		$	613		$	191			($662	)
Premiums, Fees and Other Revenues	$	24,773		$	12,468		$	6,376		$	3,577		$	2,262		$	90

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

8

METLIFE, INC.
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Nine Months Ended September 30, 2007
																Corporate, Other
Unaudited (In millions)	Consolidated			Institutional			Individual			International			Auto & Home			& Eliminations
REVENUES
Premiums	$	17,050		$	9,279		$	3,271		$	2,272		$	2,205		$	23
Universal life and investment-type product policy fees		3,915			578			2,622			715			—			—
Investment income, net		13,567			6,174			5,284			890			142			1,077
Other revenues		1,105			546			446			22			28			63
		35,637			16,577			11,623			3,899			2,375			1,163
EXPENSES
Policyholder benefits and dividends		18,883			10,307			5,264			1,947			1,332			33
Interest credited to policyholder account balances		4,067			2,290			1,508			269			—			—
Capitalization of deferred policy acquisition costs		(2,234	)		(191	)		(1,193	)		(486	)		(358	)		(6	)
Amortization of deferred policy acquisition costs		1,798			182			1,042			216			349			9
Other expenses		8,107			1,796			3,280			1,420			621			990
		30,621			14,384			9,901			3,366			1,944			1,026
Operating earnings before provision for income tax		5,016			2,193			1,722			533			431			137
Provision for income tax		1,494			753			591			158			108			(116	)
Operating earnings		3,522			1,440			1,131			375			323			253
Preferred stock dividends		102			—			—			—			—			102
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	3,420		$	1,440		$	1,131		$	375		$	323		$	151
Net Income Reconciliation
Operating earnings available to common shareholders	$	3,420		$	1,440		$	1,131		$	375		$	323		$	151
Net investment gains (losses)		(663	)		(668	)		(122	)		63			12			52
Net investment gains (losses) tax provision		236			237			42			(20	)		(4	)		(19	)
Net investment gains (losses), net of income tax		(427	)		(431	)		(80	)		43			8			33
Adjustments related to universal life and investment-type product policy fees		(14	)		—			(14	)		—			—			—
Adjustments related to policyholder benefits and dividends		(165	)		(30	)		(159	)		23			—			1
Adjustments related to other expenses		106			—			106			—			—			—
Adjustments related to tax provision		28			11			25			(8	)		—			—
Adjustments related to net investment gains (losses), net of income tax (1)		(45	)		(19	)		(42	)		15			—			1
Discontinued operations, net of income tax		149			—			—			(3	)		—			152
Net income available to common shareholders		3,097			990			1,009			430			331			337
Preferred stock dividends		102			—			—			—			—			102
Net income	$	3,199		$	990		$	1,009		$	430		$	331		$	439
Premiums, Fees and Other Revenues	$	22,070		$	10,403		$	6,339		$	3,009		$	2,233		$	86

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

9

SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)

	For the Three Months Ended
	September 30,		December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007		2007			2008			2008			2008
INSTITUTIONAL	$	467	$	527		$	558		$	448		$	396
INDIVIDUAL		363		380			312			323			218
INTERNATIONAL		135		193			137			147			144
AUTO & HOME		109		103			98			52			101
CORPORATE, OTHER & ELIMINATIONS		39		(40	)		(31	)		(85	)		(220	)
CONSOLIDATED	$	1,113	$	1,163		$	1,074		$	885		$	639

(1) A reconciliation of operating earnings available to common shareholders to net income for each segment appears in this QFS as follows: (i) Institutional Operations, page 11; (ii) Individual Operations, page 18; (iii) International Operations, page 28; (iv) Auto & Home Operations, page 29; and (v) Corporate, Other & Eliminations, page 33. A Consolidated reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc. appears on page 4.

10

INSTITUTIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
Unaudited (In millions, except number of	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
sales representatives)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	3,081		$	3,113		$	3,573		$	3,599		$	4,065		$	9,279		$	11,237
Universal life and investment-type product policy fees		201			224			224			208			215			578			647
Investment income, net		2,068			2,210			2,026			1,939			1,850			6,174			5,815
Other revenues		181			180			190			171			223			546			584
		5,531			5,727			6,013			5,917			6,353			16,577			18,283
EXPENSES
Policyholder benefits and dividends		3,447			3,495			3,926			4,048			4,519			10,307			12,493
Interest credited to policyholder account balances		802			778			669			601			623			2,290			1,893
Other expenses		570			652			574			592			612			1,787			1,778
		4,819			4,925			5,169			5,241			5,754			14,384			16,164
Operating earnings before provision for income tax		712			802			844			676			599			2,193			2,119
Provision for income tax		245			275			286			228			203			753			717
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	467		$	527		$	558		$	448		$	396		$	1,440		$	1,402
Net Income Reconciliation
Operating earnings available to common shareholders	$	467		$	527		$	558		$	448		$	396		$	1,440		$	1,402
Net investment gains (losses)		(271	)		(128	)		(744	)		122			215			(668	)		(407	)
Net investment gains (losses) tax provision		96			42			260			(41	)		(74	)		237			145
Net investment gains (losses), net of income tax		(175	)		(86	)		(484	)		81			141			(431	)		(262	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		(31	)		27			15			32			57			(30	)		104
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax provision		11			(9	)		(5	)		(12	)		(20	)		11			(37	)
Adjustments related to net investment gains (losses), net of income tax (1)		(20	)		18			10			20			37			(19	)		67
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		272			459			84			549			574			990			1,207
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	272		$	459		$	84		$	549		$	574		$	990		$	1,207
Premiums, Fees and Other Revenues	$	3,463		$	3,517		$	3,987		$	3,978		$	4,503		$	10,403		$	12,468
Number of Sales Representatives		636			637			656			647			628			636			628

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

11

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
GROUP LIFE

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	1,556		$	1,525		$	1,642		$	1,693		$	1,666		$	4,706		$	5,001
Universal life and investment-type product policy fees		196			221			220			205			211			569			636
Investment income, net		347			358			334			341			315			1,012			990
Other revenues		18			16			16			16			19			63			51
		2,117			2,120			2,212			2,255			2,211			6,350			6,678
EXPENSES
Policyholder benefits and dividends		1,614			1,599			1,736			1,751			1,692			4,805			5,179
Interest credited to policyholder account balances		155			147			128			122			121			461			371
Other expenses		163			232			168			176			178			520			522
		1,932			1,978			2,032			2,049			1,991			5,786			6,072
Operating earnings before provision for income tax		185			142			180			206			220			564			606
Provision for income tax		64			49			61			70			75			194			206
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	121		$	93		$	119		$	136		$	145		$	370		$	400
Net investment gains (losses), net of income tax		(57	)		(61	)		(115	)		1			32			(50	)		(82	)
Adjustments related to net investment gains (losses), net of income tax		1			2			1			—			1			1			2
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		65			34			5			137			178			321			320
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	65		$	34		$	5		$	137		$	178		$	321		$	320
Premiums, Fees and Other Revenues	$	1,770		$	1,762		$	1,878		$	1,914		$	1,896		$	5,338		$	5,688
Incurred Loss Ratio (Mortality Experience) of Term Life		92.4	%		93.2	%		93.8	%		91.3	%		90.7	%

12

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
RETIREMENT & SAVINGS

	For the Three Months Ended														For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,		September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008		2008			2007			2008
REVENUES
Premiums	$	330		$	313		$	540		$	494	$	994		$	912		$	2,028
Universal life and investment-type product policy fees		2			1			2			1		2			6			5
Investment income, net		1,545			1,639			1,502			1,406		1,359			4,615			4,267
Other revenues		63			69			64			59		103			195			226
		1,940			2,022			2,108			1,960		2,458			5,728			6,526
EXPENSES
Policyholder benefits and dividends		837			818			1,002			1,072		1,574			2,400			3,648
Interest credited to policyholder account balances		646			625			535			473		496			1,828			1,504
Other expenses		92			69			86			85		93			276			264
		1,575			1,512			1,623			1,630		2,163			4,504			5,416
Operating earnings before provision for income tax		365			510			485			330		295			1,224			1,110
Provision for income tax		126			174			164			111		100			420			375
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	239		$	336		$	321		$	219	$	195		$	804		$	735
Net investment gains (losses), net of income tax		(188	)		(147	)		(437	)		140		(20	)		(390	)		(317	)
Adjustments related to net investment gains (losses), net of income tax		(5	)		22			5			11		22			(12	)		38
Discontinued operations, net of income tax		—			—			—			—		—			—			—
Net income available to common shareholders		46			211			(111	)		370		197			402			456
Preferred stock dividends		—			—			—			—		—			—			—
Net income	$	46		$	211			($111	)	$	370	$	197		$	402		$	456
Premiums, Fees and Other Revenues	$	395		$	383		$	606		$	554	$	1,099		$	1,113		$	2,259

13

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
NON-MEDICAL HEALTH & OTHER

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	1,195		$	1,275		$	1,391		$	1,412		$	1,405		$	3,661		$	4,208
Universal life and investment-type product policy fees		3			2			2			2			2			3			6
Investment income, net		176			213			190			192			176			547			558
Other revenues		100			95			110			96			101			288			307
		1,474			1,585			1,693			1,702			1,684			4,499			5,079
EXPENSES
Policyholder benefits and dividends		996			1,078			1,188			1,225			1,253			3,102			3,666
Interest credited to policyholder account balances		1			6			6			6			6			1			18
Other expenses		315			351			320			331			341			991			992
		1,312			1,435			1,514			1,562			1,600			4,094			4,676
Operating earnings before provision for income tax		162			150			179			140			84			405			403
Provision for income tax		55			52			61			47			28			139			136
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	107		$	98		$	118		$	93		$	56		$	266		$	267
Net investment gains (losses), net of income tax		70			122			68			(60	)		129			9			137
Adjustments related to net investment gains (losses), net of income tax		(16	)		(6	)		4			9			14			(8	)		27
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		161			214			190			42			199			267			431
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	161		$	214		$	190		$	42		$	199		$	267		$	431
Premiums, Fees and Other Revenues	$	1,298		$	1,372		$	1,503		$	1,510		$	1,508		$	3,952		$	4,521
Group Disability Premiums, Fees and Other Revenues (Included in Total)	$	371		$	410		$	438		$	404		$	395		$	1,148		$	1,237
Incurred Loss Ratio (Morbidity Experience) of Group Disability		91.2	%		90.6	%		80.6	%		89.7	%		95.6	%		91.2	%		95.6	%

14

INSTITUTIONAL
FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	17,213		$	17,314		$	17,323		$	17,637		$	17,899
Premiums and deposits		2,917			2,939			3,164			3,697			3,299
Interest on reserves		198			189			169			146			163
Surrenders and withdrawals		(1,270	)		(1,398	)		(1,293	)		(1,597	)		(1,805	)
Benefits and reserves		(1,611	)		(1,605	)		(1,735	)		(1,750	)		(1,691	)
Other		(133	)		(116	)		9			(234	)		(217	)
Balance, end of period	$	17,314		$	17,323		$	17,637		$	17,899		$	17,648

RETIREMENT & SAVINGS	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	89,209		$	91,401		$	89,533		$	92,653		$	94,202
Premiums and deposits		3,225			2,064			5,894			9,267			12,761
Interest on reserves		1,440			1,162			1,081			1,151			1,051
Surrenders and withdrawals		(2,622	)		(4,338	)		(3,563	)		(7,329	)		(10,512	)
Benefits and reserves		(716	)		(605	)		(701	)		(747	)		(802	)
Other		865			(151	)		409			(793	)		(866	)
Balance, end of period	$	91,401		$	89,533		$	92,653		$	94,202		$	95,834

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	10,089		$	10,819		$	11,118		$	11,301		$	11,539
Premiums and deposits		1,635			1,224			1,369			1,385			1,389
Interest on reserves		94			110			116			120			125
Surrenders and withdrawals		26			18			14			8			(2	)
Benefits and reserves		(1,022	)		(1,113	)		(1,217	)		(1,252	)		(1,281	)
Other		(3	)		60			(99	)		(23	)		52
Balance, end of period	$	10,819		$	11,118		$	11,301		$	11,539		$	11,822

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	13,971		$	15,261		$	16,914		$	16,649		$	15,597
Premiums and deposits		153			1,134			174			167			132
Investment performance		452			630			(151	)		(142	)		(627	)
Surrenders and withdrawals		(246	)		(101	)		(243	)		(290	)		(144	)
Policy charges		(9	)		(1	)		(32	)		(35	)		(33	)
Other		940			(9	)		(13	)		(752	)		1,602
Balance, end of period	$	15,261		$	16,914		$	16,649		$	15,597		$	16,527

RETIREMENT & SAVINGS	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	35,207		$	35,607		$	34,533		$	34,510		$	33,482
Premiums and deposits		976			754			1,141			690			1,309
Investment performance		877			(186	)		467			(229	)		(1,301	)
Surrenders and withdrawals		(1,433	)		(1,614	)		(1,608	)		(1,228	)		(1,243	)
Policy charges		(22	)		(36	)		(23	)		(23	)		(21	)
Other		2			8			—			(238	)		402
Balance, end of period	$	35,607		$	34,533		$	34,510		$	33,482		$	32,628

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	508		$	552		$	599		$	645		$	667
Premiums and deposits		90			80			65			55			44
Investment performance		42			26			11			(16	)		(6	)
Surrenders and withdrawals		(26	)		(25	)		(20	)		(14	)		(4	)
Policy charges		(14	)		(18	)		(7	)		(4	)		(5	)
Other		(48	)		(16	)		(3	)		1			9
Balance, end of period	$	552		$	599		$	645		$	667		$	705

15

INSTITUTIONAL

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)	2007		2007		2008		2008		2008
Direct and allocated expenses	$	428	$	474	$	422	$	434	$	452
Pension and other post-retirement benefit costs		5		5		2		2		2
Premium tax and other tax, licenses and fees		44		84		47		54		58
		477		563		471		490		512
Commissions and other expenses		93		89		103		102		100
Total Other Expenses	$	570	$	652	$	574	$	592	$	612

16

INSTITUTIONAL
SPREADS BY PRODUCT

GROUP LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Investment income yield		6.58	%		6.81	%		6.24	%		6.31	%		5.82	%
Average crediting rate		4.58	%		4.30	%		3.83	%		3.62	%		3.55	%
Annualized General Account Spread		2.00	%		2.51	%		2.41	%		2.69	%		2.27	%

RETIREMENT & SAVINGS	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Investment income yield		6.71	%		7.14	%		6.50	%		5.88	%		5.69	%
Average crediting rate		5.52	%		5.44	%		4.99	%		4.59	%		4.73	%
Annualized General Account Spread		1.19	%		1.70	%		1.51	%		1.29	%		0.96	%

NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Investment income yield		6.53	%		7.59	%		6.37	%		6.20	%		5.34	%
Average crediting rate		4.85	%		4.86	%		4.77	%		4.84	%		4.85	%
Annualized General Account Spread		1.68	%		2.73	%		1.60	%		1.36	%		0.49	%

17

INDIVIDUAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	1,099		$	1,225		$	1,067		$	1,071		$	1,078		$	3,271		$	3,216
Universal life and investment-type product policy fees		878			903			897			920			893			2,622			2,710
Investment income, net		1,725			1,814			1,691			1,696			1,652			5,284			5,039
Other revenues		146			154			148			155			147			446			450
		3,848			4,096			3,803			3,842			3,770			11,623			11,415
EXPENSES
Policyholder benefits and dividends		1,761			1,965			1,728			1,774			1,757			5,264			5,259
Interest credited to policyholder account balances		506			522			506			499			496			1,508			1,501
Capitalization of deferred policy acquisition costs		(423	)		(425	)		(361	)		(398	)		(406	)		(1,193	)		(1,165	)
Amortization of deferred policy acquisition costs		329			304			420			389			512			1,042			1,321
Other expenses		1,122			1,151			1,042			1,094			1,084			3,280			3,220
		3,295			3,517			3,335			3,358			3,443			9,901			10,136
Operating earnings before provision for income tax		553			579			468			484			327			1,722			1,279
Provision for income tax		190			199			156			161			109			591			426
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	363		$	380		$	312		$	323		$	218		$	1,131		$	853
Net Income Reconciliation
Operating earnings available to common shareholders	$	363		$	380		$	312		$	323		$	218		$	1,131		$	853
Net investment gains (losses)		(35	)		(22	)		(98	)		(256	)		353			(122	)		(1	)
Net investment gains (losses) tax provision		11			8			34			89			(126	)		42			(3	)
Net investment gains (losses), net of income tax		(24	)		(14	)		(64	)		(167	)		227			(80	)		(4	)
Adjustments related to universal life and investment-type product policy fees		(4	)		2			5			(3	)		—			(14	)		2
Adjustments related to policyholder benefits and dividends		(52	)		(51	)		(77	)		(77	)		(71	)		(159	)		(225	)
Adjustments related to other expenses		37			19			114			144			(1	)		106			257
Adjustments related to tax provision		7			12			(14	)		(21	)		27			25			(8	)
Adjustments related to net investment gains (losses), net of income tax (1)		(12	)		(18	)		28			43			(45	)		(42	)		26
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		327			348			276			199			400			1,009			875
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	327		$	348		$	276		$	199		$	400		$	1,009		$	875
Premiums, Fees and Other Revenues	$	2,123		$	2,282		$	2,112		$	2,146		$	2,118		$	6,339		$	6,376

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

18

INDIVIDUAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
TRADITIONAL LIFE

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	1,012		$	1,144		$	985		$	990		$	1,019		$	3,013		$	2,994
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Investment income, net		822			842			801			835			813			2,461			2,449
Other revenues		—			2			—			—			2			(1	)		2
		1,834			1,988			1,786			1,825			1,834			5,473			5,445
EXPENSES
Policyholder benefits and dividends		1,495			1,680			1,435			1,453			1,472			4,445			4,360
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(63	)		(69	)		(59	)		(64	)		(67	)		(183	)		(190	)
Amortization of deferred policy acquisition costs		52			(30	)		45			46			56			178			147
Other expenses		270			255			232			245			241			745			718
		1,754			1,836			1,653			1,680			1,702			5,185			5,035
Operating earnings before provision for income tax		80			152			133			145			132			288			410
Provision for income tax		26			51			43			47			43			95			133
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	54		$	101		$	90			98		$	89		$	193		$	277
Net investment gains (losses), net of income tax		(52	)		(33	)		(92	)		8			(15	)		(31	)		(99	)
Adjustments related to net investment gains (losses), net of income tax		(6	)		(3	)		11			(20	)		(27	)		(52	)		(36	)
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		(4	)		65			9			86			47			110			142
Preferred stock dividends		—			—			—			—			—			—			—
Net income		($4	)	$	65		$	9		$	86		$	47		$	110		$	142
Premiums, Fees and Other Revenues	$	1,012		$	1,146		$	985		$	990		$	1,021		$	3,012		$	2,996

19

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
VARIABLE & UNIVERSAL LIFE

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		381			367			410			417			409			1,171			1,236
Investment income, net		207			226			223			218			215			647			656
Other revenues		2			3			1			1			3			2			5
		590			596			634			636			627			1,820			1,897
EXPENSES
Policyholder benefits and dividends		127			128			170			152			155			371			477
Interest credited to policyholder account balances		155			157			154			158			161			458			473
Capitalization of deferred policy acquisition costs		(109	)		(130	)		(106	)		(112	)		(102	)		(304	)		(320	)
Amortization of deferred policy acquisition costs		94			64			131			117			138			312			386
Other expenses		227			255			224			227			224			675			675
		494			474			573			542			576			1,512			1,691
Operating earnings before provision for income tax		96			122			61			94			51			308			206
Provision for income tax		33			42			20			31			17			106			68
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	63		$	80		$	41		$	63		$	34		$	202		$	138
Net investment gains (losses), net of income tax		(11	)		3			(22	)		(17	)		(3	)		(59	)		(42	)
Adjustments related to net investment gains (losses), net of income tax		5			(4	)		3			5			3			12			11
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		57			79			22			51			34			155			107
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	57		$	79		$	22		$	51		$	34		$	155		$	107
Premiums, Fees and Other Revenues	$	383		$	370		$	411		$	418		$	412		$	1,173		$	1,241

20

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
ANNUITIES

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	86		$	81		$	82		$	81		$	59		$	258		$	222
Universal life and investment-type product policy fees		442			475			431			444			430			1,288			1,305
Investment income, net		649			697			625			599			583			2,040			1,807
Other revenues		44			46			42			47			44			128			133
		1,221			1,299			1,180			1,171			1,116			3,714			3,467
EXPENSES
Policyholder benefits and dividends		139			157			123			169			130			449			422
Interest credited to policyholder account balances		327			344			334			322			316			978			972
Capitalization of deferred policy acquisition costs		(251	)		(226	)		(196	)		(222	)		(237	)		(706	)		(655	)
Amortization of deferred policy acquisition costs		183			270			244			226			318			552			788
Other expenses		463			471			423			455			464			1,349			1,342
		861			1,016			928			950			991			2,622			2,869
Operating earnings before provision for income tax		360			283			252			221			125			1,092			598
Provision for income tax		125			98			85			75			42			378			202
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	235		$	185		$	167		$	146		$	83		$	714		$	396
Net investment gains (losses), net of income tax		48			25			66			(150	)		237			23			153
Adjustments related to net investment gains (losses), net of income tax		(11	)		(11	)		14			58			(21	)		(2	)		51
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		272			199			247			54			299			735			600
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	272		$	199		$	247		$	54		$	299		$	735		$	600
Premiums, Fees and Other Revenues	$	572		$	602		$	555		$	572		$	533		$	1,674		$	1,660

21

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
OTHER

	For the Three Months Ended														For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,		September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008		2007			2008
REVENUES
Premiums	$	1		$	—		$	—		$	—		$	—	$	—		$	—
Universal life and investment-type product policy fees		55			61			56			59			54		163			169
Investment income, net		47			49			42			44			41		136			127
Other revenues		100			103			105			107			98		317			310
		203			213			203			210			193		616			606
EXPENSES
Policyholder benefits and dividends		—			—			—			—			—		(1	)		—
Interest credited to policyholder account balances		24			21			18			19			19		72			56
Capitalization of deferred policy acquisition costs		—			—			—			—			—		—			—
Amortization of deferred policy acquisition costs		—			—			—			—			—		—			—
Other expenses		162			170			163			167			155		511			485
		186			191			181			186			174		582			541
Operating earnings before provision for income tax		17			22			22			24			19		34			65
Provision for income tax		6			8			8			8			7		12			23
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	11		$	14		$	14			16		$	12	$	22		$	42
Net investment gains (losses), net of income tax		(9	)		(9	)		(16	)		(8	)		8		(13	)		(16	)
Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—		—			—
Discontinued operations, net of income tax		—			—			—			—			—		—			—
Net income available to common shareholders		2			5			(2	)		8			20		9			26
Preferred stock dividends		—			—			—			—			—		—			—
Net income	$	2		$	5			($2	)	$	8		$	20	$	9		$	26
Premiums, Fees and Other Revenues	$	156		$	164		$	161		$	166		$	152	$	480		$	479

22

INDIVIDUAL

PREMIUMS AND DEPOSITS BY PRODUCT (1)

	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits (2)
Traditional Life	$	54		$	57		$	51		$	53		$	51
Variable Life 1st Year		50			61			50			41			46
Universal Life 1st Year		174			196			150			156			168
Total Life First Year Premiums & Deposits		278			314			251			250			265
Life Renewal Premiums and Deposits
Traditional Life		1,035			1,206			984			1,055			1,039
Variable & Universal Life		568			597			633			577			588
Total Life Renewal Premiums and Deposits		1,603			1,803			1,617			1,632			1,627
Annuities Deposits (3)
Fixed Annuity Deposits		320			261			272			277			499
Variable Annuity Deposits		4,078			3,697			3,192			3,538			3,787
Total Annuity Deposits		4,398			3,958			3,464			3,815			4,286
Total Premiums and Deposits	$	6,279		$	6,075		$	5,332		$	5,697		$	6,178
Separate Account and General Account
Separate Accounts
Variable & Universal Life	$	265		$	284		$	266		$	251		$	248
Variable Annuities		2,974			2,450			2,121			2,285			2,212
Total Separate Accounts		3,239			2,734			2,387			2,536			2,460
General Accounts
Traditional Life		1,089			1,263			1,035			1,108			1,090
Variable & Universal Life		527			570			567			523			554
Fixed Annuities		320			261			272			277			499
Variable Annuities		1,104			1,247			1,071			1,253			1,575
Total General Account		3,040			3,341			2,945			3,161			3,718
Total Premiums and Deposits	$	6,279		$	6,075		$	5,332		$	5,697		$	6,178
Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life		33.5	%		33.3	%		31.9	%		32.4	%		30.9	%
Annuities		67.6	%		61.9	%		61.2	%		59.9	%		51.6	%

(1)	Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.
(2)	Of the $265 million of Life First Year Premiums and Deposits received during the three months ended September 30, 2008, approximately 47% were distributed through MetLife agents, 15% through New England Financial agents, 34% through MetLife’s Independent Distribution channel and 4% through other distribution channels.
(3)	Of the $4,286 million of Annuity Deposits received during the three months ended September 30, 2008, approximately 24% were distributed through MetLife agents, 7% through New England Financial agents, 59% through MetLife’s Independent Distribution channel and 10% through MetLife Resources representatives.

23

INDIVIDUAL

ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Mortality as a Percentage of Expected		85.0	%		82.3	%		93.4	%		89.8	%		82.7	%
Lapse / Surrender (General and Separate Account) (1)
Traditional Life		5.7	%		5.8	%		5.8	%		5.9	%		5.9	%
Variable & Universal Life		5.4	%		5.4	%		5.5	%		5.6	%		5.6	%
Variable Annuities		10.4	%		10.2	%		10.0	%		9.7	%		9.5	%
Fixed Annuities		14.6	%		14.4	%		13.9	%		12.5	%		11.2	%
Actual Number of Sales Representatives
MetLife Distribution		6,270			6,243			6,423			6,447			6,484
New England Financial		2,149			2,155			2,220			2,278			2,335
Independent Distribution Wholesalers		193			200			193			201			199
MetLife Resources		709			698			688			688			655
Walnut Street and Tower Square Securities		1,389			1,351			1,354			1,371			1,361
P&C Specialists		607			592			565			552			546
Total Agents		11,317			11,239			11,443			11,537			11,580

(1) Lapse/Surrender rates are calculated for the most recent 12 months of experience, excluding Company-sponsored internal exchanges.

24

INDIVIDUAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

TRADITIONAL LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	52,067		$	52,206		$	52,496		$	52,572		$	52,714
Premiums and deposits (1)		1,103			1,237			1,070			1,078			1,104
Interest on reserves		531			534			531			535			538
Surrenders and withdrawals		(477	)		(452	)		(464	)		(459	)		(454	)
Benefit payments		(530	)		(616	)		(615	)		(546	)		(528	)
Other		(488	)		(413	)		(446	)		(466	)		(520	)
Balance, end of period	$	52,206		$	52,496		$	52,572		$	52,714		$	52,854

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	15,590		$	15,686		$	15,883		$	16,071		$	16,209
Premiums and deposits (1) (2)		543			561			574			526			558
Interest on reserves		156			157			153			159			161
Surrenders and withdrawals		(190	)		(123	)		(157	)		(138	)		(129	)
Net transfers from (to)  separate account		22			28			27			9			22
Policy charges		(389	)		(391	)		(397	)		(405	)		(418	)
Benefit payments		(37	)		(36	)		(43	)		(41	)		(45	)
Other		(9	)		1			31			28			50
Balance, end of period	$	15,686		$	15,883		$	16,071		$	16,209		$	16,408

ANNUITIES	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	41,835		$	41,323		$	40,872		$	41,124		$	40,948
Premiums and deposits (1) (2)		1,491			1,577			1,428			1,635			2,128
Interest on reserves		434			417			415			401			405
Surrenders and withdrawals		(1,549	)		(1,410	)		(1,245	)		(1,154	)		(1,131	)
Net transfers from (to)  separate account		(718	)		(942	)		(307	)		(683	)		(315	)
Policy charges		—			(3	)		(5	)		(4	)		(6	)
Benefit payments		(291	)		(277	)		(295	)		(288	)		(267	)
Other		121			187			261			(83	)		33
Balance, end of period	$	41,323		$	40,872		$	41,124		$	40,948		$	41,795

SEPARATE ACCOUNT LIABILITIES

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	11,018		$	11,073		$	10,840		$	9,932		$	9,802
Premiums and deposits (1)		275			295			276			296			273
Investment performance		151			(167	)		(842	)		(29	)		(914	)
Surrenders and withdrawals		(174	)		(180	)		(160	)		(226	)		(156	)
Net transfers from (to)  fixed account		(22	)		(28	)		(27	)		(9	)		(22	)
Policy charges		(158	)		(163	)		(156	)		(160	)		(159	)
Other		(17	)		10			1			(2	)		10
Balance, end of period	$	11,073		$	10,840		$	9,932		$	9,802		$	8,834
ANNUITIES	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Balance, beginning of period	$	90,888		$	93,341		$	92,078		$	84,823		$	84,269
Premiums and deposits (1)		3,285			2,780			2,271			2,477			2,404
Investment performance		1,411			(1,881	)		(7,109	)		(930	)		(8,645	)
Surrenders and withdrawals		(2,561	)		(2,706	)		(2,363	)		(2,397	)		(2,047	)
Net transfers from (to) fixed account		718			942			307			683			315
Policy charges		(376	)		(397	)		(364	)		(384	)		(364	)
Other		(24	)		(1	)		3			(3	)		2
Balance, end of period	$	93,341		$	92,078		$	84,823		$	84,269		$	75,934

(1)	Includes Company-sponsored internal exchanges.
(2)	Includes premiums and deposits directed to General Account investment option of a variable life or variable annuity product.

25

INDIVIDUAL

EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance Expenses	$	975		$	980		$	881		$	935		$	942
DAC Capitalization (1)		(435	)		(440	)		(374	)		(412	)		(414	)
Net Insurance Expenses	$	540		$	540		$	507		$	523		$	528
EXPENSES
Commissions	$	345		$	349		$	299		$	323		$	329
Other deferrable expenses		154			173			147			164			162
Direct and allocated expenses, not deferred		431			411			389			407			406
Pension and other post-retirement benefit costs		14			19			11			11			11
Premium tax and other tax, licenses and fees		31			33			34			31			35
Insurance Expenses		975			985			880			936			943
Broker-dealer and other expenses		161			171			165			169			155
Reinsurance allowances		(14	)		(5	)		(3	)		(11	)		(14	)
Total Other Expenses	$	1,122		$	1,151		$	1,042		$	1,094		$	1,084

(1) Excludes $12 million, $15 million, $13 million, $14 million and $8 million of DAC capitalization related to reinsurance allowances for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively.

26

INDIVIDUAL

SPREADS BY PRODUCT

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Investment income yield		6.30	%		6.52	%		6.44	%		6.33	%		6.12	%
Average crediting rate		4.55	%		4.54	%		4.50	%		4.56	%		4.51	%
Annualized General Account Spread		1.75	%		1.98	%		1.94	%		1.77	%		1.61	%

ANNUITIES	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited	2007			2007			2008			2008			2008
Investment income yield		6.50	%		6.89	%		6.25	%		6.02	%		5.72	%
Average crediting rate		3.80	%		3.91	%		3.82	%		3.75	%		3.71	%
Annualized General Account Spread		2.70	%		2.98	%		2.43	%		2.27	%		2.01	%

27

INTERNATIONAL

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions, except number of sales representatives)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	780		$	824		$	904		$	920		$	893		$	2,272		$	2,717
Universal life and investment-type product policy fees		238			280			290			293			264			715			847
Investment income, net		370			359			274			365			348			890			987
Other revenues		4			2			7			6			—			22			13
		1,392			1,465			1,475			1,584			1,505			3,899			4,564
EXPENSES
Policyholder benefits and dividends		708			574			762			830			869			1,947			2,461
Interest credited to policyholder account balances		111			85			47			89			6			269			142
Capitalization of deferred policy acquisition costs		(206	)		(257	)		(239	)		(203	)		(204	)		(486	)		(646	)
Amortization of deferred policy acquisition costs		36			93			113			99			36			216			248
Other expenses		541			763			556			574			580			1,420			1,710
		1,190			1,258			1,239			1,389			1,287			3,366			3,915
Operating earnings before provision for income tax		202			207			236			195			218			533			649
Provision for income tax		67			14			99			48			74			158			221
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	135		$	193		$	137		$	147		$	144		$	375		$	428
Net Income Reconciliation
Operating earnings available to common shareholders	$	135		$	193		$	137		$	147		$	144		$	375		$	428
Net investment gains (losses)		18			(9	)		131			(145	)		263			63			249
Net investment gains (losses) tax provision		(5	)		4			(42	)		37			(100	)		(20	)		(105	)
Net investment gains (losses), net of income tax		13			(5	)		89			(108	)		163			43			144
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		17			34			(65	)		210			(82	)		23			63
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax provision		(6	)		(11	)		25			(76	)		29			(8	)		(22	)
Adjustments related to net investment gains (losses), net of income tax (1)		11			23			(40	)		134			(53	)		15			41
Discontinued operations, net of income tax		44			(6	)		—			—			—			(3	)		—
Net income available to common shareholders		203			205			186			173			254			430			613
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	203		$	205		$	186		$	173		$	254		$	430		$	613
Premiums, Fees and Other Revenues	$	1,022		$	1,106		$	1,201		$	1,219		$	1,157		$	3,009		$	3,577
Number of Sales Representatives		3,786			4,386			4,847			5,067			5,136			3,786			5,136

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

28

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year-to-Date Period Ended
	September 30,		December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007		2007			2008			2008			2008			2007			2008
REVENUES
Earned premiums	$	750	$	761		$	745		$	742		$	745		$	2,205		$	2,232
Investment income, net		47		54			51			50			48			142			149
Other revenues		10		15			11			10			9			28			30
		807		830			807			802			802			2,375			2,411
EXPENSES
Losses and loss adjustment expense		455		479			479			541			472			1,332			1,492
Other expenses		207		217			203			205			196			612			604
		662		696			682			746			668			1,944			2,096
Operating earnings before provision for income tax		145		134			125			56			134			431			315
Provision for income tax		36		31			27			4			33			108			64
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	109	$	103		$	98		$	52		$	101		$	323		$	251
Net Income Reconciliation
Operating earnings available to common shareholders	$	109	$	103		$	98		$	52		$	101		$	323		$	251
Net investment gains (losses)		—		3			(11	)		(13	)		(67	)		12			(91	)
Net investment gains (losses) tax provision		—		(1	)		4			4			23			(4	)		31
Net investment gains (losses), net of income tax		—		2			(7	)		(9	)		(44	)		8			(60	)
Adjustments related to universal life and investment-type product policy fees		—		—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—		—			—			—			—			—			—
Adjustments related to other expenses		—		—			—			—			—			—			—
Adjustments related to tax provision		—		—			—			—			—			—			—
Adjustments related to net investment gains (losses), net of income tax		—		—			—			—			—			—			—
Discontinued operations, net of income tax		—		—			—			—			—			—			—
Net income available to common shareholders		109		105			91			43			57			331			191
Preferred stock dividends		—		—			—			—			—			—			—
Net income	$	109	$	105		$	91		$	43		$	57		$	331		$	191
Premiums, Fees and Other Revenues	$	760	$	776		$	756		$	752		$	754		$	2,233		$	2,262

29

AUTO & HOME
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
AUTO

	For the Three Months Ended													For the Year-to-Date Period Ended
	September 30,		December 31,		March 31,			June 30,			September 30,			September 30,		September 30,
Unaudited (In millions)	2007		2007		2008			2008			2008			2007		2008
REVENUES
Earned premiums	$	526	$	535	$	517		$	516		$	517		$	1,549	$	1,550
Investment income, net		34		38		37			35			35			102		107
Other revenues		6		7		7			7			5			17		19
		566		580		561			558			557			1,668		1,676
EXPENSES
Losses and loss adjustment expense		327		352		331			316			293			973		940
Other expenses		138		144		135			138			130			411		403
		465		496		466			454			423			1,384		1,343
Operating earnings before provision for income tax		101		84		95			104			134			284		333
Provision for income tax		25		19		21			24			35			69		80
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	76	$	65	$	74		$	80		$	99		$	215	$	253
Net investment gains (losses), net of income tax		—		1		(5	)		(6	)		(30	)		6		(41	)
Adjustments related to net investment gains (losses), net of income tax		—		—		—			—			—			—		—
Discontinued operations, net of income tax		—		—		—			—			—			—		—
Net income available to common shareholders		76		66		69			74			69			221		212
Preferred stock dividends		—		—		—			—			—			—		—
Net income	$	76	$	66	$	69		$	74		$	69		$	221	$	212
Premiums, Fees and Other Revenues	$	532	$	542	$	524		$	523		$	522		$	1,566	$	1,569

30

AUTO & HOME
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
HOMEOWNERS & OTHER

	For the Three Months Ended													For the Year-to-Date Period Ended
	September 30,		December 31,		March 31,			June 30,			September 30,			September 30,		September 30,
Unaudited (In millions)	2007		2007		2008			2008			2008			2007		2008
REVENUES
Earned premiums	$	224	$	226	$	228		$	226		$	228		$	656	$	682
Investment income, net		13		16		14			15			13			40		42
Other revenues		4		8		4			3			4			11		11
		241		250		246			244			245			707		735
EXPENSES
Losses and loss adjustment expense		128		127		148			225			179			359		552
Other expenses		69		73		68			67			66			201		201
		197		200		216			292			245			560		753
Operating earnings before provision for income tax		44		50		30			(48	)		—			147		(18	)
Provision for income tax		11		12		6			(20	)		(2	)		39		(16	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	33	$	38	$	24			($28	)	$	2		$	108		($2	)
Net investment gains (losses), net of income tax		—		1		(2	)		(3	)		(14	)		2		(19	)
Adjustments related to net investment gains (losses), net of income tax		—		—		—			—			—			—		—
Discontinued operations, net of income tax		—		—		—			—			—			—		—
Net income available to common shareholders		33		39		22			(31	)		(12	)		110		(21	)
Preferred stock dividends		—		—		—			—			—			—		—
Net income	$	33	$	39	$	22			($31	)		($12	)	$	110		($21	)
Premiums, Fees and Other Revenues	$	228	$	234	$	232		$	229		$	232		$	667	$	693

31

AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions, except number of sales representatives)	2007			2007			2008			2008			2008
Written Premiums by Product
Preferred/Standard Automobile	$	531		$	510		$	510		$	513		$	512
Non-Standard Automobile		9			8			9			7			8
Homeowners & Other		247			216			197			236			250
Total	$	787		$	734		$	716		$	756		$	770
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		60.7	%		62.9	%		64.1	%		72.8	%		63.3	%
Other expense ratio		26.6	%		28.2	%		26.7	%		26.7	%		25.7	%
Total combined ratio (1)		87.3	%		91.1	%		90.8	%		99.5	%		89.0	%
Effect of catastrophe losses		2.6	%		1.6	%		3.2	%		17.6	%		9.4	%
Combined ratio excluding catastrophes		84.7	%		89.5	%		87.6	%		81.9	%		79.6	%
Auto
Loss and loss adjustment expense ratio		62.0	%		65.9	%		63.8	%		61.1	%		56.7	%
Other expense ratio		25.7	%		26.3	%		25.4	%		25.6	%		24.4	%
Total combined ratio (1)		87.7	%		92.2	%		89.2	%		86.7	%		81.1	%
Effect of catastrophe losses		0.2	%		(1.4	%)		0.5	%		2.7	%		1.0	%
Combined ratio excluding catastrophes		87.5	%		93.6	%		88.7	%		84.0	%		80.1	%
Homeowners & Other
Loss and loss adjustment expense ratio		57.6	%		55.7	%		64.9	%		99.5	%		78.5	%
Other expense ratio		28.6	%		32.8	%		29.6	%		28.8	%		28.5	%
Total combined ratio (1)		86.2	%		88.5	%		94.5	%		128.3	%		107.0	%
Effect of catastrophe losses		8.0	%		8.3	%		9.4	%		51.8	%		28.5	%
Combined ratio excluding catastrophes		78.2	%		80.2	%		85.1	%		76.5	%		78.5	%
Pre-Tax Catastrophe Losses
Auto	$	1			($7	)	$	3		$	14		$	5
Homeowners & Other		18			19			21			117			65
Total	$	19		$	12		$	24		$	131		$	70
Catastrophe points on combined ratios		2.6			1.6			3.2			17.6			9.4
Number of Sales Representatives		86			90			93			92			84

(1) The total combined ratio reflects payment fees as a credit to other expenses for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, which resulted in a 0.6, 0.6, 0.7, 0.6 and 0.7 of a percentage point decrease in the combined ratio, respectively. The decreases for Auto and Homeowners & Other were 0.7 and 0.4 of a percentage point, respectively, for September 30, 2007, 0.7 and 0.4 of a percentage point, respectively, for December 31, 2007, 0.8, and 0.4 of a percentage point, respectively, for March 31, 2008, 0.7 and 0.4 of a percentage point, respectively, for June 30, 2008 and 0.7 and 0.4 of a percentage point, respectively, for September 30, 2008.

32

CORPORATE, OTHER & ELIMINATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,			September 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008			2007			2008
REVENUES
Premiums	$	7		$	12		$	6		$	12		$	8		$	23		$	26
Investment income, net		367			364			256			240			161			1,077			657
Other revenues		4			10			12			10			42			63			64
		378			386			274			262			211			1,163			747
EXPENSES
Policyholder benefits and dividends		11			14			10			14			12			33			36
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		50			49			44			39			40			150			123
Interest expense		245			248			266			249			250			627			765
Other expenses		49			117			44			116			230			216			390
		355			428			364			418			532			1,026			1,314
Operating earnings before provision for income tax		23			(42	)		(90	)		(156	)		(321	)		137			(567	)
Benefit for income tax		(50	)		(37	)		(92	)		(102	)		(131	)		(116	)		(325	)
Operating earnings		73			(5	)		2			(54	)		(190	)		253			(242	)
Preferred stock dividends		34			35			33			31			30			102			94
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	39			($40	)		($31	)		($85	)		($220	)	$	151			($336	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	39			($40	)		($31	)		($85	)		($220	)	$	151			($336	)
Net investment gains (losses)		9			(12	)		(16	)		(38	)		(26	)		52			(80	)
Net investment gains (losses) tax provision		(6	)		(14	)		6			15			(5	)		(19	)		16
Net investment gains (losses), net of income tax		3			(26	)		(10	)		(23	)		(31	)		33			(64	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		1			(1	)		—			—			—			1			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—
Adjustments related to net investment gains (losses), net of income tax		1			(1	)		—			—			—			1			—
Discontinued operations, net of income tax		31			33			19			59			(434	)		152			(356	)
Net income available to common shareholders		74			(34	)		(22	)		(49	)		(685	)		337			(756	)
Preferred stock dividends		34			35			33			31			30			102			94
Net income	$	108		$	1		$	11			($18	)		($655	)	$	439			($662	)
Premiums, Fees and Other Revenues	$	11		$	22		$	18		$	22		$	50		$	86		$	90

33

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	For the Three Months Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Fixed Maturity Securities
Yield (1)		6.51	%		6.59	%		6.50	%		6.51	%		6.38	%
Investment income (2)	$	3,210		$	3,204		$	3,145		$	3,194		$	3,115
Investment gains (losses)		($295	)		($66	)		($204	)		($301	)		($919	)
Ending carrying value (2)	$	244,263		$	233,623		$	235,509		$	232,406		$	213,433
Mortgage and Consumer Loans
Yield (1)		6.83	%		6.57	%		6.19	%		6.10	%		5.99	%
Investment income (3)	$	692		$	696		$	676		$	676		$	687
Investment gains (losses)	$	21			($32	)		($27	)		($35	)	$	26
Ending carrying value	$	44,022		$	46,198		$	46,964		$	48,200		$	50,646
Real Estate and Real Estate Joint Ventures (4)
Yield (1)		8.56	%		9.77	%		5.06	%		6.77	%		2.83	%
Investment income	$	132		$	160		$	87		$	121		$	53
Investment gains (losses)	$	3		$	11			($2	)	$	4		$	1
Ending carrying value	$	6,360		$	6,769		$	6,963		$	7,328		$	7,556
Policy Loans
Yield (1)		6.29	%		6.22	%		6.25	%		6.25	%		6.10	%
Investment income	$	146		$	145		$	149		$	150		$	149
Ending carrying value	$	9,303		$	9,360		$	9,700		$	9,715		$	9,776
Equity Securities (7)
Yield (1)		4.83	%		6.92	%		4.86	%		6.01	%		4.00	%
Investment income	$	66		$	92		$	65		$	80		$	45
Investment gains (losses)	$	31		$	56			($10	)		($3	)		($181	)
Ending carrying value	$	6,106		$	5,913		$	5,369		$	5,230		$	3,477
Other Limited Partnership Interests (7)
Yield (1)		16.92	%		25.22	%		8.99	%		4.63	%		(3.91	%)
Investment income	$	206		$	340		$	132		$	70			($62	)
Investment gains (losses)	$	7			($7	)		($3	)		($12	)		($16	)
Ending carrying value	$	5,371		$	6,155		$	6,349		$	6,707		$	6,353
Cash and Short-Term Investments
Yield (1)		4.54	%		4.22	%		3.12	%		2.66	%		1.89	%
Investment income	$	98		$	113		$	95		$	86		$	78
Investment gains (losses)	$	2		$	—		$	1		$	—		$	—
Ending carrying value	$	9,736		$	12,537		$	13,136		$	15,385		$	22,779
Other Invested Assets (5) (6) (8)
Investment income	$	137		$	168		$	67			29		$	102
Investment gains (losses)		($48	)		($130	)		($493	)	$	17		$	1,827
Ending carrying value	$	6,799		$	8,064		$	9,795		$	8,606		$	9,745
Total Investments
Gross investment income yield (1)		6.76	%		7.00	%		6.19	%		6.08	%		5.67	%
Investment fees and expenses yield		(0.15	%)		(0.17	%)		(0.17	%)		(0.16	%)		(0.15	%)
Net Investment Income Yield		6.61	%		6.83	%		6.02	%		5.92	%		5.52	%
Gross investment income	$	4,687		$	4,918		$	4,416		$	4,406		$	4,167
Investment fees and expenses		(110	)		(117	)		(118	)		(116	)		(108	)
Net Investment Income	$	4,577		$	4,801		$	4,298		$	4,290		$	4,059
Ending carrying value	$	331,960		$	328,619		$	333,785		$	333,577		$	323,765
Gross investment gains	$	344		$	475		$	405		$	283		$	1,105
Gross investment losses (8)		(536	)		(440	)		(531	)		(346	)		(465	)
Writedowns (8)		(50	)		(73	)		(186	)		(262	)		(1,048	)
Subtotal		(242	)		(38	)		(312	)		(325	)		(408	)
Derivative & other instruments not qualifying for hedge accounting (8)		(37	)		(130	)		(426	)		(5	)		1,146
Investment Gains (Losses)		(279	)		(168	)		(738	)		(330	)		738
Investment gains (losses) tax benefit (provision)		96			39			262			104			(282	)
Investment Gains (Losses), Net of Income Tax		($183	)		($129	)		($476	)		($226	)	$	456

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $824 million, $779 million, $808 million, $883 million and $788 million in ending carrying value, and $21 million, ($2) million, ($51) million, $9 million and ($95) million of investment income (loss) related to trading securities at or for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in investment income from real estate and real estate joint ventures is $1 million, $14 million, $2 million, $15 million and $9 million, related to discontinued operations for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively. Included in net investment gains (losses) from real estate and real estate joint ventures is $7 million for the three months ended December 31, 2007. There were no discontinued operations included in net investment gains (losses) from other real estate and real estate joint ventures for any other period presented.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS 133 of $64 million, $69 million, ($8) million, ($40) million and ($1) million for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $6 million, $11 million, $16 million, $14 million and $8 million for the three months ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008 respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.
(6)	Other invested assets is principally comprised of freestanding derivatives with positive fair values and leveraged leases. Freestanding derivatives with negative fair values are included within other liabilities. As yield is not considered a meaningful measure of performance for other invested assets it has been excluded from the table above.
(7)	Certain prior period amounts have been reclassified to conform to the current period presentation.
(8)	The components of investment gains (losses) for the three months ended September 30, 2008, are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.

34

METLIFE, INC.
INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	For the Year-to-Date Period Ended
	September 30,			December 31,			March 31,			June 30,			September 30,
Unaudited (In millions)	2007			2007			2008			2008			2008
Fixed Maturity Securities
Yield (1)		6.36	%		6.42	%		6.50	%		6.51	%		6.46	%
Investment income (2)	$	9,254		$	12,458		$	3,145		$	6,339		$	9,454
Investment gains (losses)		($606	)		($672	)		($204	)		($505	)		($1,424	)
Ending carrying value (2)	$	244,263		$	233,623		$	235,509		$	232,406		$	213,433
Mortgage and Consumer Loans
Yield (1)		6.55	%		6.56	%		6.19	%		6.14	%		6.09	%
Investment income (3)	$	1,954		$	2,650		$	676		$	1,352		$	2,039
Investment gains (losses)	$	34		$	2			($27	)		($62	)		($36	)
Ending carrying value	$	44,022		$	46,198		$	46,964		$	48,200		$	50,646
Real Estate and Real Estate Joint Ventures (4)
Yield (1)		10.48	%		10.28	%		5.06	%		5.94	%		4.86	%
Investment income	$	447		$	607		$	87		$	208		$	261
Investment gains (losses)	$	46		$	57			($2	)	$	2		$	3
Ending carrying value	$	6,360		$	6,769		$	6,963		$	7,328		$	7,556
Policy Loans
Yield (1)		6.22	%		6.22	%		6.25	%		6.25	%		6.20	%
Investment income	$	429		$	574		$	149		$	299		$	448
Ending carrying value	$	9,303		$	9,360		$	9,700		$	9,715		$	9,776
Equity Securities (7)
Yield (1)		4.08	%		4.83	%		4.86	%		5.43	%		5.01	%
Investment income	$	152		$	244		$	65		$	145		$	190
Investment gains (losses)	$	108		$	164			($10	)		($13	)		($194	)
Ending carrying value	$	6,106		$	5,913		$	5,369		$	5,230		$	3,477
Other Limited Partnership Interests (7)
Yield (1)		27.81	%		27.09	%		8.99	%		6.76	%		3.08	%
Investment income	$	969		$	1,309		$	132		$	202		$	140
Investment gains (losses)	$	22		$	15			($3	)		($15	)		($31	)
Ending carrying value	$	5,371		$	6,155		$	6,349		$	6,707		$	6,353
Cash and Short-Term Investments
Yield (1)		5.23	%		4.92	%		3.12	%		2.88	%		2.49	%
Investment income	$	315		$	428		$	95		$	181		$	259
Investment gains (losses)	$	3		$	3		$	1		$	1		$	1
Ending carrying value	$	9,736		$	12,537		$	13,136		$	15,385		$	22,779
Other Invested Assets (5) (6) (8)
Investment income	$	358		$	526		$	67		$	96		$	198
Investment gains (losses)		($270	)		($399	)		($493	)		($476	)	$	1,351
Ending carrying value	$	6,799		$	8,064		$	9,795		$	8,606		$	9,745
Total Investments
Gross investment income yield (1)		6.81	%		6.86	%		6.19	%		6.13	%		5.98	%
Investment fees and expenses yield		(0.15	%)		(0.16	%)		(0.17	%)		(0.16	%)		(0.16	%)
Net Investment Income Yield		6.66	%		6.70	%		6.02	%		5.97	%		5.82	%
Gross investment income	$	13,878		$	18,796		$	4,416		$	8,822		$	12,989
Investment fees and expenses		(311	)		(428	)		(118	)		(234	)		(342	)
Net Investment Income	$	13,567		$	18,368		$	4,298		$	8,588		$	12,647
Ending carrying value	$	331,960		$	328,619		$	333,785		$	333,577		$	323,765
Gross investment gains	$	967		$	1,440		$	405		$	688		$	1,793
Gross investment losses (8)		(1,299	)		(1,739	)		(531	)		(877	)		(1,342	)
Writedowns (8)		(75	)		(148	)		(186	)		(448	)		(1,496	)
Subtotal		(407	)		(447	)		(312	)		(637	)		(1,045	)
Derivative & other instruments not qualifying for hedge accounting (8)		(256	)		(383	)		(426	)		(431	)		715
Investment Gains (Losses)		(663	)		(830	)		(738	)		(1,068	)		(330	)
Investment gains (losses) tax benefit (provision)		236			275			262			366			84
Investment Gains (Losses), Net of Income Tax		($427	)		($555	)		($476	)		($702	)		($246	)

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $824 million, $779 million, $808 million, $883 million and $788 million in ending carrying value, and $52 million, $50 million, ($51) million, ($42) million and $(137) million of investment income (loss) related to trading securities at or for the year-to-date ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in investment income from real estate and real estate joint ventures is $15 million, $29 million, $2 million, $17 million and $26 million related to discontinued operations for year-to-date ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively. Included in net investment gains (losses) from real estate and real estate joint ventures is $5 million and $12 million related to discontinued operations for year-to-date ended September 30, 2007 and December 31, 2007, respectively. There were no discontinued operations included in net investment gains (losses) from other real estate and real estate joint ventures for any other period presented.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS 133 of $187 million, $256 million, ($8) million, ($48) million and ($49) million for the year-to-date ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $15 million, $26 million, $16 million, $30 million and $38 million for the year-to-date ended September 30, 2007, December 31, 2007, March 31, 2008, June 30, 2008 and September 30, 2008, respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.
(6)	Other invested assets is principally comprised of freestanding derivatives with positive fair values and leveraged leases. Freestanding derivatives with negative fair values are included within other liabilities. As yield is not a meaningful measure of performance for other invested assets it has been excluded from the table above.
(7)	Certain prior period amounts have been reclassified to conform to the current period presentation.
(8)	The components of investment gains (losses) for the nine months ended September 30, 2008, are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.

35

METLIFE, INC.

GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES (1)

	September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008					September 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	3,795		97.2	%	$	3,870		90.6	%	$	5,921		70.1	%	$	6,965		75.0	%	$	9,163		54.9	%
20% or more for less than six months		95		2.4	%		384		9.0	%		2,452		29.0	%		1,980		21.3	%		5,672		33.9	%
20% or more for six months or greater		16		0.4	%		19		0.4	%		76		0.9	%		340		3.7	%		1,873		11.2	%
Total Gross Unrealized Losses	$	3,906		100.0	%	$	4,273		100.0	%	$	8,449		100.0	%	$	9,285		100.0	%	$	16,708		100.0	%
Total Gross Unrealized Gains	$	6,006				$	7,270				$	8,017				$	5,635				$	4,487
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES (1)
	September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008					September 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	192		89.3	%	$	316		70.2	%	$	211		29.3	%	$	171		23.0	%	$	60		9.4	%
20% or more for less than six months		23		10.7	%		134		29.8	%		508		70.6	%		567		76.0	%		416		65.1	%
20% or more for six months or greater		—		—	%		—		—	%		1		0.1	%		8		1.0	%		163		25.5	%
Total Gross Unrealized Losses	$	215		100.0	%	$	450		100.0	%	$	720		100.0	%	$	746		100.0	%	$	639		100.0	%
Total Gross Unrealized Gains	$	662				$	628				$	432				$	399				$	92

(1) The Company’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 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 value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

36

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE FOR SALE

BY SECTOR AND QUALITY DISTRIBUTION

			September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008					September 30, 2008
Unaudited (In millions)			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities			$	77,103		31.7	%	$	74,112		31.8	%	$	72,890		31.1	%	$	72,876		31.5	%	$	68,029		32.0	%
Residential mortgage-backed securities				57,995		23.8	%		55,075		23.7	%		55,193		23.5	%		53,243		23.0	%		46,983		22.1	%
Foreign corporate securities				37,714		15.5	%		37,255		16.0	%		36,702		15.6	%		36,481		15.8	%		34,396		16.2	%
US Treasury/agency securities				22,048		9.0	%		21,241		9.1	%		22,083		9.4	%		20,171		8.7	%		16,636		7.8	%
Commercial mortgage-backed securities				19,362		8.0	%		17,083		7.4	%		17,961		7.7	%		17,575		7.6	%		15,905		7.5	%
Asset-backed securities				11,438		4.7	%		10,577		4.5	%		11,132		4.7	%		12,620		5.5	%		12,791		6.0	%
Foreign government securities				12,853		5.3	%		12,815		5.5	%		12,883		5.5	%		12,835		5.5	%		11,935		5.6	%
State and political subdivision securities				4,591		1.9	%		4,368		1.9	%		5,558		2.4	%		5,438		2.3	%		5,912		2.8	%
Other fixed maturity securities				335		0.1	%		318		0.1	%		299		0.1	%		284		0.1	%		58		—	%
Total Fixed Maturity Securities			$	243,439		100.0	%	$	232,844		100.0	%	$	234,701		100.0	%	$	231,523		100.0	%	$	212,645		100.0	%
NAIC RATING (1)		RATING AGENCY EQUIVALENT DESIGNATION
	1	Aaa / Aa / A	$	174,293		71.6	%	$	168,130		72.2	%	$	172,293		73.4	%	$	170,632		73.7	%	$	155,352		73.1	%
	2	Baa		50,498		20.8	%		47,296		20.3	%		46,136		19.7	%		45,451		19.6	%		43,161		20.3	%
	3	Ba		11,058		4.5	%		10,540		4.5	%		10,066		4.3	%		9,382		4.1	%		8,799		4.1	%
	4	B		7,118		2.9	%		6,437		2.8	%		5,687		2.4	%		5,427		2.3	%		4,647		2.2	%
	5	Caa and lower		408		0.2	%		428		0.2	%		487		0.2	%		604		0.3	%		623		0.3	%
	6	In or near default		64		—	%		13		—	%		32		—	%		27		—	%		63		—	%
Total Fixed Maturity Securities			$	243,439		100.0	%	$	232,844		100.0	%	$	234,701		100.0	%	$	231,523		100.0	%	$	212,645		100.0	%

(1) Amounts presented are based on rating agency designations. Comparisons between NAIC ratings and rating agency designations are published by the NAIC.

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE

	September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008					September 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	7,344		22.3	%	$	8,440		24.3	%	$	8,425		24.2	%	$	8,661		24.6	%	$	8,584		23.9	%
South Atlantic		7,280		22.1	%		7,770		22.4	%		7,932		22.8	%		7,862		22.3	%		8,099		22.6	%
Middle Atlantic		5,102		15.5	%		5,043		14.5	%		5,038		14.5	%		5,292		15.0	%		5,785		16.1	%
International		3,873		11.8	%		3,642		10.5	%		3,759		10.8	%		3,903		11.1	%		3,695		10.3	%
West South Central		2,772		8.4	%		2,894		8.3	%		2,917		8.4	%		2,862		8.1	%		3,065		8.5	%
East North Central		3,052		9.2	%		2,867		8.3	%		2,592		7.5	%		2,570		7.3	%		2,607		7.3	%
New England		1,211		3.7	%		1,464		4.2	%		1,517		4.3	%		1,514		4.3	%		1,535		4.3	%
Mountain		1,007		3.1	%		1,002		2.9	%		1,109		3.2	%		1,058		3.0	%		1,058		2.9	%
West North Central		689		2.1	%		974		2.8	%		758		2.2	%		762		2.2	%		758		2.1	%
East South Central		482		1.5	%		481		1.4	%		480		1.4	%		470		1.3	%		470		1.3	%
Other		93		0.3	%		92		0.4	%		258		0.7	%		257		0.8	%		256		0.7	%
Total	$	32,905		100.0	%	$	34,669		100.0	%	$	34,785		100.0	%	$	35,211		100.0	%	$	35,912		100.0	%
Office	$	14,603		44.4	%	$	15,224		43.9	%	$	15,224		43.8	%	$	15,056		42.8	%	$	15,351		42.8	%
Retail		7,130		21.7	%		7,335		21.2	%		7,801		22.4	%		8,211		23.3	%		8,094		22.5	%
Apartments		3,900		11.8	%		4,371		12.6	%		3,955		11.4	%		4,024		11.4	%		4,137		11.5	%
Hotel		2,990		9.1	%		3,258		9.4	%		3,227		9.2	%		3,139		8.9	%		3,132		8.7	%
Industrial		2,663		8.1	%		2,622		7.6	%		2,782		8.0	%		2,871		8.2	%		2,849		8.0	%
Other		1,619		4.9	%		1,859		5.3	%		1,796		5.2	%		1,910		5.4	%		2,349		6.5	%
Total	$	32,905		100.0	%	$	34,669		100.0	%	$	34,785		100.0	%	$	35,211		100.0	%	$	35,912		100.0	%

37

METLIFE, INC.

SUMMARY OF REAL ESTATE

	September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)	2007		2007		2008		2008		2008
Wholly-owned	$	3,950	$	3,995	$	4,003	$	4,017	$	4,065
Joint ventures		2,407		2,771		2,957		3,308		3,488
Subtotal		6,357		6,766		6,960		7,325		7,553
Foreclosed		3		3		3		3		3
Total Real Estate (1)	$	6,360	$	6,769	$	6,963	$	7,328	$	7,556
SUMMARY OF MORTGAGES AND CONSUMER LOANS
	September 30,		December 31,		March 31,		June 30,		September 30,
Unaudited (In millions)	2007		2007		2008		2008		2008
Commercial mortgages	$	32,905	$	34,669	$	34,785	$	35,211	$	35,912
Agricultural mortgages		10,065		10,484		10,641		11,620		12,101
Consumer loans		1,052		1,040		1,095		1,190		1,209
Mortgage loans held-for-sale		—		5		443		179		1,424
Total	$	44,022	$	46,198	$	46,964	$	48,200	$	50,646

(1) Includes real estate held-for-sale and held-for-investment.

38

Company Ratings as of October 27, 2008

	Moody’s	Standard &	A.M. Best	Fitch
	Investors Service	Poor’s	Company	Ratings
Financial Strength Ratings
First MetLife Investors Insurance Co.	NR	AA	A+	NR
General American Life Insurance Company	Aa2	AA	A+	AA
MetLife Insurance Company of Connecticut	Aa2	AA	A+	AA
MetLife Insurance Company of Connecticut (Short-term rating)	P-1	NR	NR	NR
MetLife Investors Insurance Company	Aa2	AA	A+	AA
MetLife Investors USA Insurance Company	Aa2	AA	A+	AA
Metropolitan Casualty Insurance Company	NR	NR	A	NR
Metropolitan Direct Property and Casualty Insurance Co.	NR	NR	A	NR
Metropolitan General Insurance Company	NR	NR	A	NR
Metropolitan Group Property & Casualty Insurance Co.	NR	NR	A	NR
Metropolitan Life Insurance Company	Aa2	AA	A+	AA
Metropolitan Life Insurance Company (Short-term rating)	P-1	A-1+	NR	NR
Metropolitan Lloyds Insurance Company of Texas	NR	NR	A	NR
Metropolitan Property and Casualty Insurance Company	NR	NR	A	NR
Metropolitan Tower Life Insurance Company	Aa3	NR	A+	NR
New England Life Insurance Company	Aa2	AA	A+	AA
Texas Life Insurance Company	NR	NR	A	NR
Credit Ratings
MetLife Short Term Funding LLC
Commercial Paper	P-1	A-1+	NR	NR
General American Life Insurance Company
Surplus Notes	A1	A+	a+	NR
MetLife, Inc.
Senior Unsecured Debt	A2	A	a	A
Commercial Paper	P-1	A-1	AMB-1	F1
Subordinated Debt	A3	NR	a-	NR
Junior Subordinated Debt	Baa1	BBB+	bbb+	A-
Preferred Stock	Baa1	BBB+	bbb+	A-
Non-Cumulative Perpetual Preferred Stock	Baa1	BBB	bbb+	A-
MetLife Capital Trust II & III
Trust Preferred Stock	A3	BBB+	a-	A-
MetLife Capital Trust IV & X
Trust Securities	Baa1	BBB+	bbb+	A-
MetLife Funding, Inc.
Commercial Paper	P-1	A-1+	AMB-1+	F1+
Metropolitan Life Global Funding I
Senior Secured Debt	Aa2	AA	aa	NR
MetLife Institutional Funding I, LLC
Senior Secured Debt	Aa2	AA	aa	NR
Metropolitan Life Insurance Company
Surplus Notes	A1	A+	a+	A+

NR     Not Rated

39