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) February 2, 2010

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 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2

Item 2.02. Results of Operations and Financial Condition.

On February 2, 2010, MetLife, Inc., a Delaware corporation, issued (i) a press release announcing its results for the quarter and full year ended December 31, 2009, 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 December 31, 2009, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and the Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

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 February 2, 2010, announcing fourth quarter and full year 2009 results.

99.2 Quarterly Financial Supplement for the quarter ended December 31, 2009.

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:	Executive Vice President

Date: February 2, 2010

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Press Release of MetLife, Inc., dated February 2, 2010, announcing fourth quarter and full year 2009 results.
99.2	Quarterly Financial Supplement for the quarter ended December 31, 2009.

EX-99.1

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

METLIFE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2009 RESULTS

— 4Q 2009 Premiums, Fees & Other Revenues Increase 14% Over 4Q 2008 —

— Full Year 2009 Premiums, Fees & Other Revenues Up 4% Over 2008 —

— 4Q and Full Year 2009 Operating Earnings Above December 2009 Investor Day Estimates —

— Year-End Book Value Per Share Grows 37% Over 2008 —

NEW YORK, February 2, 2010 — MetLife, Inc. (NYSE: MET) today reported fourth quarter 2009 net income¹ of $289 million, or $0.35 per share, which reflects net investment gains and losses. Operating earnings² for the fourth quarter of 2009 were $793 million, or $0.96 per share.

MetLife today also reported a full year 2009 net loss of $2.4 billion, or $2.89 per share, reflecting net investment losses of $5.1 billion, after income tax. Included in the net investment losses were derivative losses of $3.2 billion, after income tax. MetLife uses derivatives — in connection with its broader portfolio management strategy — to hedge a number of risks, including changes in interest rates and fluctuations in foreign currencies. Changes in the value of these derivatives are, in general, offset on an economic basis across various assets and liabilities. Derivative losses related to the tightening of MetLife’s own credit spread — which impacts the valuation of certain insurance liabilities — do not have a direct economic impact on the company.

Operating earnings for the full year 2009 were $2.4 billion, or $2.87 per share.

1

All references in this press release to net income (loss), net income (loss) per share, operating earnings, operating earnings per share and book value per share should be read as net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, operating earnings available to MetLife, Inc.’s common shareholders, operating earnings available to MetLife, Inc.’s common shareholders per diluted common share and book value per diluted common share, respectively.

2

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 (AOCI), are not calculated based on generally accepted accounting principles (GAAP). Information regarding non-GAAP financial measures 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.

1

“MetLife delivered a very strong fourth quarter, with operating earnings significantly higher than a year ago, and both our fourth quarter and full year 2009 earnings are above the estimates we provided at Investor Day in December,” said C. Robert Henrikson, chairman, president & chief executive officer of MetLife, Inc. “Our businesses throughout the U.S. and internationally have performed very well, generating a 14% increase in premiums, fees & other revenues over the fourth quarter of 2008, and a 4% increase over full year 2008 despite a difficult economic environment. Furthermore, in 2009 we had solid underwriting, better expense margins as well as both improving investment income and declining investment losses.”

FULL YEAR 2009 SUMMARY

• Premiums, fees & other revenues of $34.0 billion, up 4% over 2008

• U.S. annuity sales of $21.1 billion, up 10% over 2008

• Total assets of $539.3 billion, up 8% from year-end 2008

• Book value per share of $37.54, up 37% from year-end 2008

	For the year ended December 31,
($ in millions, except per share data)	2009			2008		Change
Premiums, fees & other revenues	$	34,019		$	32,863		4	%
Total operating revenues	$	49,108		$	49,063		—
Net income (loss)	$	(2,368	)	$	3,084		—
Net income (loss) per share	$	(2.89	)	$	4.14		—
Operating earnings	$	2,365		$	2,694		(12	)%
Operating earnings per share	$	2.87		$	3.62		(20	)%

“MetLife’s strong brand and capital position make us well-positioned to continue delivering long-term value for both our customers and our shareholders in 2010. We have already started to see the benefits of our new U.S. Business organization and we will continue to invest in our International business to capitalize on future growth opportunities. At the same time, we are building on the savings we achieved in 2009 with actions that will drive greater operational efficiencies,” added Henrikson.

2

FOURTH QUARTER 2009 SUMMARY

• Premiums, fees & other revenues of $9.3 billion, up 14% from the fourth quarter of 2008, driven by growth across the company’s businesses

• Strong U.S. annuity sales of $4.2 billion

• Operating earnings of $793 million ($0.96 per share), which includes:

o a benefit of $103 million ($0.12 per share), after income tax, due to the unlocking of deferred acquisition costs and other adjustments in the company’s Insurance Products and Retirement Products businesses;

o a $104 million ($0.13 per share), after income tax, charge to International business earnings as a result of changes in assumptions for measuring the effects of inflation on certain inflation-indexed fixed maturity securities; and

o strong variable investment income, which was above plan by $40 million ($0.05 per share), after income tax and the impact of deferred acquisition costs.

	For the three months ended December 31,
($ in millions, except per share data)	2009		2008		Change
Premiums, fees & other revenues	$	9,321	$	8,163		14	%
Total operating revenues	$	13,321	$	11,784		13	%
Net income	$	289	$	954		(70	)%
Net income per share	$	0.35	$	1.20		(71	)%
Operating earnings	$	793	$	132		—
Operating earnings per share	$	0.96	$	0.17		—
Book value per share	$	37.54	$	27.33		37	%
Book value per share excluding AOCI	$	41.23	$	45.29		(9	)%

BUSINESS SEGMENT DISCUSSIONS

All comparisons of fourth quarter 2009 results in the segment discussions below are with the fourth quarter of 2008, unless otherwise noted. Reconciliations of segment net income to segment operating earnings are provided in the tables that accompany this release. Further financial information on MetLife’s business segments can be found in the Fourth Quarter 2009 Quarterly Financial Supplement, which is available on the Investor Relations page of www.metlife.com.

Beginning with the fourth quarter and full year 2009 periods, MetLife is reporting results under its new U.S. Business organization. U.S. Business consists of Insurance Products, Retirement Products, Corporate Benefit Funding and Auto & Home.

The former Institutional Business & Individual Business segments have been reclassified into the following three segments:

• Insurance Products (group life, non-medical health and individual life insurance products);

• Retirement Products (individual and institutional annuity products); and

• Corporate Benefit Funding (pension closeouts, structured settlements and other benefit funding solutions).

3

The financial reporting format for the Auto & Home segment, which is also part of U.S. Business and consists of the company’s property & casualty insurance products, remains unchanged from prior periods.

MetLife is now also providing details on the financial results of MetLife Bank within Banking, Corporate & Other. MetLife Bank provides forward and reverse mortgages as well as savings products.

All prior period amounts have been reclassified to conform to the new reporting structure.

U.S. BUSINESS

• U.S. Business premiums, fees & other revenues of $7.8 billion, up 11% with increases of 32% in Retirement Products, 26% in Corporate Benefit Funding and 8% in Insurance Products

• Growth in sales of individual life insurance, variable annuities and structured settlements

• Total annuity sales of $4.2 billion, with an 8% increase in variable annuity sales over both the fourth quarter of 2008 and third quarter of 2009

• Operating earnings of $882 million, up significantly from $277 million, largely due to strong business growth, significant equity market improvements, the unlocking of deferred acquisition costs and other adjustments, higher net investment income and improved interest spreads

Insurance Products

Premiums, fees & other revenues for Insurance Products, which includes group life, non-medical health and individual life insurance, were up 8%, reflecting growth across all the product groups. Revenue growth in both group life and individual life was solid, while non-medical health benefited from growth in the dental business.

In individual life, sales (as defined in the Non-GAAP and Other Financial Disclosures section of this release) were up 17% as increases in whole, term and universal life offset a decline in variable life, reflecting current market trends.

Insurance Products operating earnings were $400 million, up 55% due in large part to higher net investment income, solid underwriting results in both group life and individual life, as well as the positive impact of the unlocking of deferred acquisition costs and other adjustments in individual life.

Retirement Products

Premiums, fees & other revenues for Retirement Products were $732 million, up 32% on increased sales of immediate annuities and higher fee income. Total annuity sales continued to be strong at $4.2 billion, up from $4.0 billion in the third quarter of 2009. Sales were down from a record $7.5 billion in the fourth quarter of 2008, which benefited from a high demand for fixed annuities. In variable annuities, demand remained strong in the fourth quarter of 2009 as sales grew 8% over both the third quarter of 2009 and the fourth quarter of 2008. In addition, total

4

annuity lapse rates declined for the fourth consecutive quarter with annuity net flows continuing to be positive for the seventh consecutive quarter.

Retirement Products operating earnings were $207 million, up from a $204 million operating loss. The fourth quarter of 2009 benefited from increased fee revenue due to higher equity market levels, the positive impact of the unlocking of deferred acquisition costs and other adjustments as well as a significant improvement in net investment income. The fourth quarter of 2008 was negatively impacted by the increased amortization of deferred acquisition costs and other adjustments, as well as lower fee revenue due to the poor equity market conditions.

Corporate Benefit Funding

Premiums, fees & other revenues for Corporate Benefit Funding, which includes the company’s U.S. and U.K. pension closeout business, structured settlements and related benefit funding products, were $1.0 billion, up 26% largely due to a 66% increase in structured settlement premiums as MetLife continued to gain market share. In addition, pension closeout premiums increased 7%.

Corporate Benefit Funding operating earnings were $191 million, up 72% largely due to improved interest spreads.

Auto & Home

Net written premiums for Auto & Home were solid at $698 million, but down 1%, reflecting current market conditions. Operating earnings were $84 million in the fourth quarter of 2009, compared with $112 million. Earnings in the fourth quarter of 2009 and 2008 benefited from favorable non-catastrophe claim development related to prior accident years of $9 million, after income tax, and $27 million, after income tax, respectively. In addition, catastrophes were lower in the fourth quarter of 2009. Auto & Home’s combined ratio, excluding catastrophes, was 91.8% in the fourth quarter of 2009, compared with 82.9%.

INTERNATIONAL BUSINESS

• International premiums, fees & other revenues of $1.2 billion, up 22% on a reported basis and 13% on a constant currency basis*, with double-digit growth across all regions

• At December 31, 2009, Japan assets under management up 30% compared with December 31, 2008, largely due to continued growth in total annuity sales

• Growth in agency distribution in Mexico, South Korea, India and China

International premiums, fees & other revenues grew 22% to $1.2 billion due to business growth across the company’s three international regions. In the Latin America region, premiums, fees & other revenues grew 18% due to strong growth in Mexico, Chile and Brazil. Premiums, fees & other revenues grew 25% in the Asia Pacific region, primarily due to growth in South Korea and Hong Kong. In addition, in Japan, total annuity sales were 96 billion yen ($1.1 billion), compared with 125 billion yen ($1.3 billion). An 18% increase in fixed annuity sales was more than offset by a decline in variable annuity sales, reflecting current market conditions in Japan. In the EMEI (Europe/Middle East/India) region, premiums, fees & other revenues were up 32% due to growth primarily in India.

5

International operating earnings were $21 million, down 73%. During the fourth quarter of 2009, the double-digit business growth across all regions was more than offset by the previously discussed charge related to changes in assumptions for measuring the effects of inflation on certain inflation-indexed fixed maturity securities.

*Premiums, fees & other revenues in the fourth quarter of 2008 were $1.0 billion and $1.1 billion, on a reported basis and constant currency basis, respectively. The constant currency basis amounts for both periods are calculated using the average foreign currency exchange rates of the fourth quarter of 2009.

BANKING, CORPORATE & OTHER

Total operating revenues for MetLife Bank were $377 million, up 80% as mortgage production and servicing revenue grew and net interest margins remained strong. Total assets at December 31, 2009 were $14.1 billion, up 37% from $10.3 billion at December 31, 2008 reflecting loan and deposit growth. MetLife Bank operating earnings were $65 million, up significantly from $13 million.

Corporate & Other had an operating loss of $175 million, down 26%. In the fourth quarter of 2009, the company recorded $62 million ($0.08 per share), after income tax, in Operational Excellence charges and certain one-time expenses.

INVESTMENTS

• General account portfolio yield increased to 5.07%, up from 4.71% at December 31, 2008 and 5.01% at September 30, 2009

• Net investment losses, excluding derivatives, declined 82% compared with the third quarter of 2009

• Cash and short-term investments decreased to $18.5 billion, due in part to increased investments in higher-yielding assets

Net investment income was $4.0 billion, up from $3.6 billion in the fourth quarter of 2008 and consistent with $4.0 billion in the third quarter of 2009. During the fourth quarter of 2009, variable investment income was above plan by $40 million ($0.05 per share), after income tax and the impact of deferred acquisition costs. Strong performance from corporate joint ventures and hedge funds was offset by negative returns from real estate funds.

Compared with the first three quarters of 2009, net investment losses continued to decline and, in the fourth quarter, were $557 million, after income tax. Approximately $527 million, after income tax, of these total net investment losses were derivative losses. The remainder was due to net losses and impairments across a broad range of asset classes, and was consistent with the company’s expectations.

MetLife uses derivatives — in connection with its broader portfolio management strategy — to hedge a number of risks, including changes in interest rates and fluctuations in foreign currencies. Movement in interest rates, foreign currencies and MetLife’s own credit spread — which impacts the valuation of certain insurance liabilities — can generate derivative gains or losses. During the quarter, an improvement in MetLife’s own credit spread contributed

6

approximately $213 million, after income tax, to the derivative losses. Derivative losses related to the tightening of MetLife’s own credit spread do not have a direct economic impact on the company and reflect the reversal of derivative gains that occurred in late 2008 and early 2009, when MetLife’s credit spread widened. The remainder of the derivative losses was mostly due to increases in interest rates, which are, in general, offset on an economic basis across various assets and liabilities.

Recent Developments

Currently, MetLife is in discussions with American International Group, Inc. about acquiring its subsidiary, American Life Insurance Company (ALICO), an international life insurance company. No agreement has been reached and there are no assurances that an agreement will be reached.

“Because MetLife is financially strong and has a deep management team, we are in a very good position to pursue acquisitions that are strategic and would accelerate our long-term growth. If we reach an agreement, it will be because the transaction meets our criteria for acquisitions, including having the potential to generate long-term value for both shareholders and customers,” said Henrikson.

Earnings Conference Call

MetLife will hold its fourth quarter and full year 2009 earnings conference call and audio Webcast on Wednesday, February 3, 2010, 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) 332-0932 (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 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 Wednesday, February 3, 2010, until Wednesday, February 10, 2010 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 125746. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.

Non-GAAP and Other Financial Disclosures

All references in this press release to net income (loss), net income (loss) per share, operating earnings, operating earnings per share and operating return on equity should be read as net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, operating earnings available to MetLife, Inc.’s common shareholders, operating earnings available to MetLife, Inc.’s common shareholders per diluted common share and operating return on common equity, respectively.

The historical and forward-looking financial information presented in this press release include performance measures which are based on methodologies other than generally accepted accounting principles (“GAAP”). MetLife, Inc. analyzes its performance using financial measures, such as operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity, that are not based on GAAP. MetLife believes the presentation of operating earnings as MetLife measures it for management purposes enhances the understanding of its performance by highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity should not be viewed as substitutes for GAAP net income (loss), GAAP net income (loss) available to MetLife, Inc.’s common shareholders, GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share and return on common equity, respectively. Operating earnings is the measure of segment profit or loss MetLife uses to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, is MetLife’s measure of segment performance. Operating earnings is

7

also a measure by which MetLife’s senior management’s performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as GAAP net income (loss) attributable to MetLife, Inc., less preferred stock dividends, excluding the following:

(i) net investment gains and losses;

(ii) changes in experience-rated contractholder liabilities due to asset value fluctuations;

(iii) discontinued operations other than discontinued real estate; and

(iv) costs related to business combinations (since January 1, 2009) and noncontrolling interests,
       all net of income tax.

Operating earnings does not include the following related to net investment gains and losses: (i) amortization of deferred acquisition costs and value of business acquired, (ii) amortization of unearned revenue, and (iii) changes in policyholder dividend obligation, all net of income tax. Operating earnings includes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment, net of income tax. Operating earnings also reflects adjustments for all items mentioned above relating to operating joint ventures reported under the equity method of accounting.

Operating earnings per diluted common share is calculated by dividing operating earnings by the number of weighted average diluted common shares outstanding for the period indicated. Operating return on common equity is calculated by dividing operating earnings by average common equity for the period indicated, excluding accumulated other comprehensive income.

Statistical sales information for life insurance is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. Individual annuities sales consists of statutory premiums direct and assumed, excluding company sponsored internal exchanges.

8

	For the three months ended December 31,
	2009						2008
	(In millions, except per common share data)
Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	0.35		$	954		$	1.20
Less: Net investment gains (losses)		(898	)		(1.08	)		2,153			2.71
Less: Other adjustments to continuing operations1		13			0.01			(884	)		(1.12	)
Less: Provision for income tax expense (benefit)		378			0.46			(495	)		(0.62	)
Less: Discontinued operations, net of income tax		3			—			48			0.06
Operating earnings available to common shareholders	$	793		$	0.96		$	132		$	0.17
Book value per diluted common share				$	37.54					$	27.33
Less: Accumulated other comprehensive income (loss) per diluted common share					(3.69	)					(17.96	)
Book value per diluted common share, excluding accumulated other comprehensive income (loss)				$	41.23					$	45.29

¹ Other adjustments to continuing operations include (i) amortization of deferred acquisition costs and value of business acquired, (ii) amortization of unearned revenue, (iii) changes in policyholder dividend obligation, (iv) changes in experience-rated contractholder liabilities due to asset value fluctuations, (v) periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment, (vi) adjustments to all items mentioned above relating to operating joint ventures reported under the equity method of accounting, (vii) discontinued real estate operations and (viii) costs related to business combinations (since January 1, 2009).

	For the year ended December 31,
	2009						2008
	(In millions, except per common share data)
Net income (loss) available to MetLife, Inc.’s common shareholders1	$	(2,368	)	$	(2.89	)	$	3,084		$	4.14
Less: Net investment gains (losses)		(7,772	)		(9.45	)		1,812			2.43
Less: Other adjustments to continuing operations2		316			0.38			(731	)		(0.98	)
Less: Provision for income tax expense (benefit)		2,683			3.26			(488	)		(0.66	)
Less: Discontinued operations, net of income tax		40			0.05			(203	)		(0.27	)
Operating earnings available to common shareholders1	$	2,365		$	2.87		$	2,694		$	3.62

1

For the year ended December 31, 2009, 4.2 million shares, related to the exercise or issuance of stock-based awards, have been excluded from the weighted average common shares outstanding — diluted, as these shares are anti-dilutive to net income (loss) available to MetLife, Inc’s common shareholders per common share — diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share — diluted.

2

Other adjustments to continuing operations include (i) amortization of deferred acquisition costs and value of business acquired, (ii) amortization of unearned revenue, (iii) changes in policyholder dividend obligation, (iv) changes in experience-rated contractholder liabilities due to asset value fluctuations, (v) periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment, (vi) adjustments to all items mentioned above relating to operating joint ventures reported under the equity method of accounting, (vii) discontinued real estate operations and (viii) costs related to business combinations (since January 1, 2009).

9

About MetLife

MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its 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 insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com.

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 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 U.S. Securities and Exchange Commission (“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, which may affect MetLife’s ability to seek financing or access its credit facilities; (iii) uncertainty about the effectiveness of the U.S. government’s plan to stabilize the financial system by injecting capital into financial institutions, purchasing large amounts of illiquid, mortgage-backed and other securities from financial institutions, or otherwise; (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 MetLife’s ability to raise capital, generate fee income and market-related revenue and finance statutory reserve requirements and may require MetLife to pledge collateral or make payments related to declines in value of specified assets; (viii) defaults on MetLife’s mortgage and consumer loans; (ix) investment losses and defaults, and changes to investment valuations; (x) impairments of goodwill and realized losses or market value impairments to illiquid assets; (xi) unanticipated changes in industry trends; (xii) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, 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 MetLife’s products and establishing the liabilities for MetLife’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, including with respect to guaranteed benefit riders (which may be affected by fair value adjustments arising from changes in MetLife’s own credit spread) on certain of MetLife’s variable annuity products; (xvi) increased expenses relating to pension and post-retirement benefit plans; (xvii) catastrophe losses; (xviii) changes in assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (xix) downgrades in MetLife, Inc.’s and its affiliates’ claims paying ability, financial strength or credit ratings; (xx) economic, political, currency and other risks relating to MetLife’s international operations; (xxi) availability and effectiveness of reinsurance or indemnification arrangements; (xxii) regulatory, legislative or tax changes that may affect the cost of, or demand for, MetLife’s products or services; (xxiii) changes in accounting standards, practices and/or policies; (xxiv) adverse results or other consequences from litigation, arbitration or regulatory investigations; (xxv) deterioration in the experience of the “closed block” established in connection with the

10

reorganization of Metropolitan Life Insurance Company; (xxvi) the effects of business disruption or economic contraction due to terrorism, other hostilities, or natural catastrophes; (xxvii) MetLife’s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; (xxviii) 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 (xxix) 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.

# # #

11

MetLife, Inc.
Consolidated Statements of Income (Unaudited)

	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
				(In millions)
Revenues
Premiums	$	7,161		$	6,498		$	26,460		$	25,914
Universal life and investment-type product policy fees		1,553			1,236			5,203			5,381
Net investment income		3,924			3,630			14,838			16,291
Other revenues		601			445			2,329			1,586
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities		(670	)		(335	)		(2,439	)		(1,296	)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)		460			—			939			—
Other net investment gains (losses), net		(688	)		2,488			(6,272	)		3,108
Total net investment gains (losses)		(898	)		2,153			(7,772	)		1,812
Total revenues		12,341			13,962			41,058			50,984
Expenses
Policyholder benefits and claims		7,635			7,011			28,336			27,437
Interest credited to policyholder account balances		1,194			1,230			4,849			4,788
Policyholder dividends		353			428			1,650			1,751
Other expenses		2,980			3,862			10,556			11,947
Total expenses		12,162			12,531			45,391			45,923
Income (loss) from continuing operations before provision for income tax		179			1,431			(4,333	)		5,061
Provision for income tax expense (benefit)		(131	)		503			(2,015	)		1,580
Income (loss) from continuing operations, net of income tax		310			928			(2,318	)		3,481
Income (loss) from discontinued operations, net of income tax		3			48			40			(203	)
Net income (loss)		313			976			(2,278	)		3,278
Less: Net income (loss) attributable to noncontrolling interests		(7	)		(9	)		(32	)		69
Net income (loss) attributable to MetLife, Inc.		320			985			(2,246	)		3,209
Less: Preferred stock dividends		31			31			122			125
Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	954		$	(2,368	)	$	3,084
Operating Earnings Available to Common Shareholders Reconciliation
Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	954		$	(2,368	)	$	3,084
Adjustments from net income (loss) available to MetLife, Inc.’s common shareholders to operating earnings available to common shareholders:
Net investment gains (losses)		(898	)		2,153			(7,772	)		1,812
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		(6	)		16			(27	)		18
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(29	)		(50	)		(88	)		(5	)
Equity method operating joint ventures realized gains (losses), net of offsets		(45	)		64			(156	)		105
Real estate discontinued operations		(2	)		(5	)		(7	)		(9	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			(95	)		(11	)		(318	)
Changes in experience-rated contract liabilities due to asset value fluctuations		(2	)		(28	)		(73	)		137
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		1			(10	)		4			(45	)
Amortization of deferred acquisition costs — related to net investment gains (losses)		95			(778	)		711			(521	)
Other expenses:
Noncontrolling interest		(8	)		(7	)		(38	)		(24	)
Business combination costs		2			—			(31	)		—
Provision for income tax expense (benefit) related to adjustments above		378			(495	)		2,683			(488	)
Income (loss) from discontinued operations, net of income tax		3			48			40			(203	)
Net (income) loss attributable to noncontrolling interest		7			9			32			(69	)
Operating earnings available to common shareholders	$	793		$	132		$	2,365		$	2,694

1

MetLife, Inc.
Financial Highlights (Unaudited)

	At or For the Three Months Ended				At or For the Years Ended
	December 31,				December 31,
	2009		2008		2009			2008
	(In millions, except per common share data or unless otherwise noted)
Other Financial Data:
Net income (loss) available to MetLife, Inc.’s common shareholders	$	289	$	954	$	(2,368	)	$	3,084
Operating earnings available to common shareholders	$	793	$	132	$	2,365		$	2,694
Total assets (billions)	$	539.3	$	501.7	$	539.3		$	501.7
Sales Data:
Total individual life sales (1)	$	144	$	123	$	491		$	503
Term life	$	37	$	30	$	136		$	111
Whole life	$	34	$	22	$	117		$	80
Variable life	$	10	$	19	$	43		$	87
Universal life	$	63	$	52	$	195		$	225
Total annuity sales (2)	$	4,210	$	7,546	$	21,085		$	19,111
Fixed annuity	$	499	$	4,122	$	5,689		$	5,170
Variable annuity	$	3,711	$	3,424	$	15,396		$	13,941
Diluted Earnings Per Common Share Calculation (3):
Weighted average common shares outstanding		828.0		793.6		818.5			744.8
Operating earnings available to common shareholders per common share	$	0.96	$	0.17	$	2.87		$	3.62
Net income (loss) available to MetLife, Inc.’s common shareholders per common share	$	0.35	$	1.20	$	(2.89	)	$	4.14

(1)	Statistical sales information is calculated by MetLife using the LIMRA, International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.
(2)	Statutory premiums direct and assumed, excluding company sponsored internal exchanges.
(3)	For the year ended December 31, 2009, 4.2 million shares, related to the exercise or issuance of stock-based awards, have been excluded from the weighted average common shares outstanding-diluted, as these shares are anti-dilutive to net income (loss) available to MetLife, Inc’s common shareholders per common share — diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share-diluted.

2

MetLife, Inc.
Consolidated Balance Sheet Data (Unaudited)

	December 31,			December 31,
	2009			2008
	(In millions)
Balance Sheet Data:
General account assets	$	390,273		$	380,839
Separate account assets		149,041			120,839
Total assets	$	539,314		$	501,678
Policyholder liabilities	$	283,759		$	282,261
Bank deposits		10,211			6,884
Short-term debt		912			2,659
Long-term debt		13,220			9,667
Collateral financing arrangements		5,297			5,192
Junior subordinated debt securities		3,191			3,758
Other liabilities		40,185			46,433
Separate account liabilities		149,041			120,839
Total liabilities		505,816			477,693
Preferred stock, at par value		1			1
Common stock, at par value		8			8
Additional paid-in capital		16,859			15,811
Retained earnings		19,501			22,403
Treasury stock		(190	)		(236	)
Accumulated other comprehensive loss		(3,058	)		(14,253	)
Total MetLife, Inc.’s stockholders’ equity		33,121			23,734
Noncontrolling interests		377			251
Total equity		33,498			23,985
Total liabilities and stockholders’ equity	$	539,314		$	501,678

3

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

	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
	(In millions)
Total U.S. Business Operations:
Net income (loss) available to MetLife, Inc.’s common shareholders	$	540		$	481		$	(1,272	)	$	2,753
Net investment gains (losses)		(587	)		1,220			(6,126	)		696
Other adjustments to continuing operations		56			(887	)		505			(731	)
Provision for income tax expense (benefit)		182			(119	)		1,963			11
Discontinued operations, net of income tax		7			(10	)		34			(2	)
Operating earnings available to common shareholders	$	882		$	277		$	2,352		$	2,779
Total Insurance Products
Net income (loss) available to MetLife, Inc.’s common shareholders	$	242		$	1,222		$	(396	)	$	2,187
Net investment gains (losses)		(205	)		1,721			(2,258	)		1,558
Other adjustments to continuing operations		(41	)		(212	)		(139	)		(193	)
Provision for income tax expense (benefit)		85			(530	)		837			(480	)
Discontinued operations, net of income tax		3			(15	)		22			(8	)
Operating earnings available to common shareholders	$	400		$	258		$	1,142		$	1,310
Group Life
Net income (loss) available to MetLife, Inc.’s common shareholders	$	94		$	19		$	195		$	279
Net investment gains (losses)		(4	)		(103	)		(258	)		(220	)
Other adjustments to continuing operations		(10	)		(5	)		(34	)		—
Provision for income tax expense (benefit)		5			38			102			77
Operating earnings available to common shareholders	$	103		$	89		$	385		$	422
Individual Life
Net income (loss) available to MetLife, Inc.’s common shareholders	$	201		$	(37	)	$	90		$	237
Net investment gains (losses)		(16	)		27			(606	)		(237	)
Other adjustments to continuing operations		(22	)		(207	)		(72	)		(228	)
Provision for income tax expense (benefit)		13			60			237			160
Discontinued operations, net of income tax		3			(15	)		22			(8	)
Operating earnings available to common shareholders	$	223		$	98		$	509		$	550
Non-Medical Health
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(53	)	$	1,240		$	(681	)	$	1,671
Net investment gains (losses)		(185	)		1,797			(1,394	)		2,015
Other adjustments to continuing operations		(9	)		—			(33	)		35
Provision for income tax expense (benefit)		67			(628	)		498			(717	)
Operating earnings available to common shareholders	$	74		$	71		$	248		$	338
Total Retirement Products
Net income (loss) available to MetLife, Inc.’s common shareholders	$	124		$	(222	)	$	(362	)	$	380
Net investment gains (losses)		(174	)		645			(1,606	)		901
Other adjustments to continuing operations		46			(669	)		522			(612	)
Provision for income tax expense (benefit)		45			8			380			(100	)
Discontinued operations, net of income tax		—			(2	)		5			(2	)
Operating earnings available to common shareholders	$	207		$	(204	)	$	337		$	193
Total Corporate Benefit Funding
Net income (loss) available to MetLife, Inc.’s common shareholders	$	87		$	(603	)	$	(835	)	$	(89	)
Net investment gains (losses)		(213	)		(1,103	)		(2,260	)		(1,629	)
Other adjustments to continuing operations		51			(6	)		122			74
Provision for income tax expense (benefit)		54			388			745			545
Discontinued operations, net of income tax		4			7			7			8
Operating earnings available to common shareholders	$	191		$	111		$	551		$	913
Total Auto & Home
Net income (loss) available to MetLife, Inc.’s common shareholders	$	87		$	84		$	321		$	275
Net investment gains (losses)		5			(43	)		(2	)		(134	)
Provision for income tax expense (benefit)		(2	)		15			1			46
Operating earnings available to common shareholders	$	84		$	112		$	322		$	363
Auto
Net income (loss) available to MetLife, Inc.’s common shareholders	$	25		$	29		$	176		$	241
Net investment gains (losses)		2			(30	)		(2	)		(92	)
Provision for income tax expense (benefit)		(1	)		10			1			31
Operating earnings available to common shareholders	$	24		$	49		$	177		$	302
Homeowners & Other
Net income (loss) available to MetLife, Inc.’s common shareholders	$	62		$	55		$	145		$	34
Net investment gains (losses)		3			(13	)		—			(42	)
Provision for income tax expense (benefit)		(1	)		5			—			15
Operating earnings available to common shareholders	$	60		$	63		$	145		$	61

4

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

	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
	(In millions)
Total International
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(209	)	$	(33	)	$	(252	)	$	580
Net investment gains (losses)		(282	)		(109	)		(903	)		169
Other adjustments to continuing operations		(55	)		5			(178	)		79
Provision for income tax expense (benefit)		107			(7	)		366			(147	)
Operating earnings available to common shareholders	$	21		$	78		$	463		$	479
Latin America Region:
Net income (loss) available to MetLife, Inc.’s common shareholders	$	8		$	15		$	285		$	294
Net investment gains (losses)		35			(72	)		18			(129	)
Other adjustments to continuing operations		(1	)		(57	)		2			(15	)
Provision for income tax expense (benefit)		(5	)		29			(3	)		20
Operating earnings available to common shareholders	$	(21	)	$	115		$	268		$	418
Asia Pacific Region:
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(191	)	$	(24	)	$	(480	)	$	323
Net investment gains (losses)		(316	)		(30	)		(929	)		301
Other adjustments to continuing operations		(52	)		60			(176	)		95
Provision for income tax expense (benefit)		112			(40	)		371			(170	)
Operating earnings available to common shareholders	$	65		$	(14	)	$	254		$	97
Europe/Middle East/India Region:
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(26	)	$	(24	)	$	(57	)	$	(37	)
Net investment gains (losses)		(1	)		(7	)		8			(3	)
Other adjustments to continuing operations		(2	)		2			(4	)		(1	)
Provision for income tax expense (benefit)		—			4			(2	)		3
Operating earnings available to common shareholders	$	(23	)	$	(23	)	$	(59	)	$	(36	)
Total Banking, Corporate & Other
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(42	)	$	506		$	(844	)	$	(249	)
Net investment gains (losses)		(29	)		1,042			(743	)		947
Other adjustments to continuing operations		12			(2	)		(11	)		(79	)
Provision for income tax expense (benefit)		89			(369	)		354			(352	)
Discontinued operations, net of income tax		(4	)		58			6			(201	)
Operating earnings available to common shareholders	$	(110	)	$	(223	)	$	(450	)	$	(564	)
Banking
Net income (loss) available to MetLife, Inc.’s common shareholders	$	57		$	4		$	222		$	33
Net investment gains (losses)		(18	)		(13	)		(130	)		(17	)
Other adjustments to continuing operations		2			—			3			—
Provision for income tax expense (benefit)		8			4			51			6
Operating earnings available to common shareholders	$	65		$	13		$	298		$	44
Corporate & Other
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(99	)	$	502		$	(1,066	)	$	(282	)
Net investment gains (losses)		(11	)		1,055			(613	)		964
Other adjustments to continuing operations		10			(2	)		(14	)		(79	)
Provision for income tax expense (benefit)		81			(373	)		303			(358	)
Discontinued operations, net of income tax		(4	)		58			6			(201	)
Operating earnings available to common shareholders	$	(175	)	$	(236	)	$	(748	)	$	(608	)

5

EX-99.2

Fourth Quarter
Financial Supplement

December 31, 2009

4

METLIFE, INC.

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 Balance Sheet - U.S. Business	6
Consolidating Statement of Operating Earnings Available to Common Shareholders	7
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	11
U.S. BUSINESS - INSURANCE PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	12
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	16
Other Expenses by Major Category and Individual Life Sales by Product	17
Spread by Product	18
U.S. BUSINESS - RETIREMENT PRODUCTS
Statements of Operating Earnings Available to Common Shareholders	19
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	20
Other Expenses by Major Category and Individual Annuity Sales by Product	21
Spread	22
U.S. BUSINESS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders	23
Future Policy Benefits and Policyholder Account Balances; and Separate Account Liabilities	24
Other Expenses by Major Category	25
Spread	26
U.S. BUSINESS - AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	27
Written Premiums by Product and Selected Financial Information and Supplemental Data	30
INTERNATIONAL
Statements of Operating Earnings Available to Common Shareholders	31
BANKING, CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders	35
Banking - Supplemental Information	38
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	39
Fixed Maturity Securities and Equity Securities Available-for-Sale Gross Unrealized Gains and Losses Aging Schedules	41
Summary of Fixed Maturity Securities Available-for-Sale by Sector and Quality Distribution and Summary of Commercial Mortgage Loans by Region and Property Type	42
Summary of Real Estate and Real Estate Joint Ventures and Summary of Mortgage Loans	43
OTHER INFORMATION
Company Ratings	44

NOTE:

The Quarterly Financial Supplement (“QFS”) includes certain operating and statistical measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. The QFS also includes financial measures, such as operating earnings, 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 is the measure of segment profit or loss we use to evaluate segment performance and allocate resources and, consistent with GAAP accounting guidance for segment reporting, is our measure of segment performance. Operating earnings is also a measure by which MetLife’s senior management’s performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

In this QFS, operating earnings is defined as GAAP net income (loss) attributable to MetLife, Inc. excluding:

(i)	net investment gains and losses;
(ii)	changes in experience-rated contractholder liabilities due to asset value fluctuations;
(iii)	discontinued operations other than discontinued real estate; and
(iv)	costs related to business combinations (since January 1, 2009) and noncontrolling interests, all net of income tax.

Operating earnings does not include the following related to net investment gains and losses: (i) amortization of deferred acquisition costs and value of business acquired, (ii) amortization of unearned revenue, and (iii) changes in policyholder dividend obligation, all net of income tax. Operating earnings includes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment, net of income tax. Operating earnings also reflects adjustments for all items mentioned above relating to operating joint ventures reported under the equity method of accounting.

In this QFS, operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends and 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 the presentation of operating earnings as we measure it for management purposes enhances the understanding of its performance by highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, 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 (loss), GAAP net income (loss) available to MetLife, Inc.’s common shareholders and GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income (loss), operating earnings available to common shareholders to GAAP net income (loss) available to MetLife, Inc.’s common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income (loss) available to MetLife, Inc.’s common shareholders per diluted share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated February 2, 2010, for the three months ended December 31, 2009, which are available at www.metlife.com.

1

METLIFE, INC.

CORPORATE OVERVIEW

	For the Three Months Ended
Unaudited (In millions, except per share data)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Operating earnings available to common shareholders	$	132		$	131		$	723		$	718		$	793
Preferred stock dividends		31			30			31			30			31
Operating earnings		163			161			754			748			824
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2,153			(906	)		(3,829	)		(2,139	)		(898	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		16			(6	)		(11	)		(4	)		(6	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(50	)		(31	)		(32	)		4			(29	)
Equity method operating joint ventures realized gains (losses), net of offsets		64			20			(96	)		(35	)		(45	)
Real estate discontinued operations		(5	)		(2	)		(1	)		(2	)		(2	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(95	)		(11	)		—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		(28	)		(16	)		8			(63	)		(2	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(10	)		2			—			1			1
Amortization of deferred acquisition costs — related to net investment gains (losses)		(778	)		(183	)		625			174			95
Other expenses:
Noncontrolling interest		(7	)		(3	)		(20	)		(7	)		(8	)
Business combination costs		—			(11	)		—			(22	)		2
Provision for income tax expense (benefit)		(495	)		401			1,183			721			378
Income (loss) from continuing operations, net of income tax		928			(585	)		(1,419	)		(624	)		310
Income (loss) from discontinued operations, net of income tax		48			37			1			(1	)		3
Net income (loss)		976			(548	)		(1,418	)		(625	)		313
Less: Net income (loss) attributable to noncontrolling interest		(9	)		(4	)		(16	)		(5	)		(7	)
Net income (loss) attributable to MetLife, Inc.		985			(544	)		(1,402	)		(620	)		320
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	954		$	(574	)	$	(1,433	)	$	(650	)	$	289
Operating earnings available to common shareholders — diluted	$	0.17		$	0.16		$	0.88		$	0.87		$	0.96
Net investment gains (losses), net of income tax		1.70			(0.71	)		(2.95	)		(1.68	)		(0.59	)
Other adjustments to continuing operations, net of income tax		(0.73	)		(0.21	)		0.33			0.02			(0.02	)
Discontinued operations, net of income tax		0.06			0.05			—			—			—
Net income (loss) available to MetLife, Inc’s common shareholders per common share — diluted	$	1.20		$	(0.71	)	$	(1.74	)	$	(0.79	)	$	0.35
Weighted average common shares outstanding — diluted		793.6			810.8			825.1			827.3			828.0
Unaudited	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Book value per common share — (actual common shares outstanding)	$	27.33		$	25.75		$	30.85		$	39.36		$	37.96
Book value per common share, excluding accumulated other comprehensive income (loss) — (actual common shares outstanding)	$	45.29		$	44.53		$	42.86		$	42.09		$	41.69
Book value per common share — diluted — (weighted average common shares outstanding)	$	27.33		$	25.98		$	30.60		$	38.95		$	37.54
Book value per common share, excluding accumulated other comprehensive income (loss) — diluted — (weighted average common shares outstanding)	$	45.29		$	44.93		$	42.52		$	41.65		$	41.23
	For the Three Months Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Common shares outstanding, beginning of period		707.3			793.6			818.1			818.6			818.8
Treasury stock, net		75.0			0.1			0.5			0.2			—
Newly issued shares		11.3			24.4			—			—			—
Common shares outstanding, end of period		793.6			818.1			818.6			818.8			818.8
Weighted average common shares outstanding — basic		790.0			809.1			821.6			821.8			821.9
Dilutive effect of stock-based awards		3.6			1.7			3.5			5.5			6.1
Weighted average common shares outstanding — diluted		793.6			810.8			825.1			827.3			828.0
Policyholder Trust Shares		242.7			240.8			238.7			236.8			233.2

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	$	188,251		$	191,415		$	211,563		$	223,896		$	227,642
Equity securities available-for-sale, at estimated fair value		3,197			2,817			3,045			3,117			3,084
Trading securities, at estimated fair value		946			922			1,471			1,970			2,384
Mortgage loans:
Held-for-investment, at amortized cost		49,352			49,074			48,229			48,239			48,181
Held-for-sale, principally at estimated fair value		2,012			3,970			4,271			2,442			2,728
Mortgage loans, net		51,364			53,044			52,500			50,681			50,909
Policy loans		9,802			9,851			9,907			10,001			10,061
Real estate and real estate joint ventures		7,535			7,331			7,246			6,982			6,852
Real estate held-for-sale		51			50			50			50			44
Other limited partnership interests		6,039			5,365			5,193			5,255			5,508
Short-term investments		13,878			10,896			8,117			6,861			8,374
Other invested assets		17,248			15,130			13,071			13,916			12,709
Total investments		298,311			296,821			312,163			322,729			327,567
Cash and cash equivalents		24,207			19,424			13,213			15,562			10,112
Accrued investment income		3,061			3,142			3,019			3,236			3,173
Premiums and other receivables		16,973			18,514			16,730			16,903			16,752
Deferred policy acquisition costs and value of business acquired		20,144			20,754			20,323			19,208			19,256
Current income tax recoverable		—			—			253			412			316
Deferred income tax assets		4,927			6,349			3,856			535			1,228
Goodwill		5,008			5,010			5,036			5,033			5,047
Other assets		7,262			7,028			7,896			7,140			6,822
Assets of subsidiaries held-for-sale		946			—			—			—			—
Separate account assets		120,839			114,366			126,968			144,434			149,041
Total assets	$	501,678		$	491,408		$	509,457		$	535,192		$	539,314
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	130,555		$	131,609		$	132,823		$	134,492		$	135,879
Policyholder account balances		142,921			141,037			140,076			139,171			138,673
Other policyholder funds		7,762			8,136			8,319			8,549			8,446
Policyholder dividends payable		1,023			846			881			911			761
Bank deposits		6,884			7,531			7,807			8,372			10,211
Short-term debt		2,659			5,878			4,757			2,131			912
Long-term debt		9,667			11,042			12,940			13,202			13,220
Collateral financing arrangements		5,192			5,242			5,297			5,297			5,297
Junior subordinated debt securities		3,758			2,691			2,691			3,191			3,191
Current income tax payable		342			635			—			—			—
Payables for collateral under securities loaned and other transactions		31,059			24,341			24,607			24,363			24,196
Other liabilities		14,284			14,625			14,679			16,486			15,989
Liabilities of subsidiaries held-for-sale		748			—			—			—			—
Separate account liabilities		120,839			114,366			126,968			144,434			149,041
Total liabilities		477,693			467,979			481,845			500,599			505,816
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		15,811			16,860			16,849			16,865			16,859
Retained earnings		22,403			21,829			20,472			19,822			19,501
Treasury stock, at cost		(236	)		(230	)		(203	)		(194	)		(190	)
Accumulated other comprehensive income (loss)		(14,253	)		(15,358	)		(9,834	)		(2,234	)		(3,058	)
Total MetLife, Inc.’s stockholders’ equity		23,734			23,110			27,293			34,268			33,121
Noncontrolling interests		251			319			319			325			377
Total equity		23,985			23,429			27,612			34,593			33,498
Total liabilities and stockholders’ equity	$	501,678		$	491,408		$	509,457		$	535,192		$	539,314

(1) Certain prior period amounts have been reclassified to conform with current presentation.

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
OPERATING REVENUES
Premiums	$	6,498		$	6,122		$	6,576		$	6,601		$	7,161
Universal life and investment-type product policy fees		1,220			1,189			1,227			1,255			1,559
Net investment income		3,621			3,274			3,859			3,956			4,000
Other revenues		445			554			572			602			601
Total operating revenues		11,784			11,139			12,234			12,414			13,321
OPERATING EXPENSES
Policyholder benefits and dividends		7,316			6,979			7,388			7,549			7,986
Interest credited to policyholder account balances		1,220			1,170			1,229			1,259			1,195
Interest credited to bank deposits		43			43			40			37			43
Capitalization of deferred policy acquisition costs		(787	)		(786	)		(757	)		(722	)		(754	)
Amortization of deferred policy acquisition costs		929			746			332			376			564
Interest expense		276			245			256			274			269
Other expenses		2,616			2,557			2,765			2,723			2,947
Total operating expenses		11,613			10,954			11,253			11,496			12,250
Operating earnings before provision for income tax		171			185			981			918			1,071
Provision for income tax expense (benefit)		8			24			227			170			247
Operating earnings		163			161			754			748			824
Preferred stock dividends		31			30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	132		$	131		$	723		$	718		$	793
Net Income Reconciliation
Operating earnings	$	163		$	161		$	754		$	748		$	824
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2,153			(906	)		(3,829	)		(2,139	)		(898	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		16			(6	)		(11	)		(4	)		(6	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(50	)		(31	)		(32	)		4			(29	)
Equity method operating joint ventures realized gains (losses), net of offsets		64			20			(96	)		(35	)		(45	)
Real estate discontinued operations		(5	)		(2	)		(1	)		(2	)		(2	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(95	)		(11	)		—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		(28	)		(16	)		8			(63	)		(2	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(10	)		2			—			1			1
Amortization of deferred acquisition costs — related to net investment gains (losses)		(778	)		(183	)		625			174			95
Other expenses:
Noncontrolling interest		(7	)		(3	)		(20	)		(7	)		(8	)
Business combination costs		—			(11	)		—			(22	)		2
Provision for income tax expense (benefit)		(495	)		401			1,183			721			378
Income (loss) from continuing operations, net of income tax		928			(585	)		(1,419	)		(624	)		310
Income (loss) from discontinued operations, net of income tax		48			37			1			(1	)		3
Net income (loss)		976			(548	)		(1,418	)		(625	)		313
Less: Net income (loss) attributable to noncontrolling interest		(9	)		(4	)		(16	)		(5	)		(7	)
Net income (loss) attributable to MetLife, Inc.		985			(544	)		(1,402	)		(620	)		320
Less: Preferred stock dividends		31			30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	954		$	(574	)	$	(1,433	)	$	(650	)	$	289
Premiums, Fees and Other Revenues	$	8,163		$	7,865		$	8,375		$	8,458		$	9,321

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	December 31, 2009
									Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International		Corporate & Other
ASSETS
Total investments	$	327,567		$	265,024		$	19,895	$	42,648
Cash and cash equivalents		10,112			2,721			1,536		5,855
Accrued investment income		3,173			2,536			267		370
Premiums and other receivables		16,752			9,504			919		6,329
Deferred policy acquisition costs and value of business acquired		19,256			16,382			2,870		4
Current income tax recoverable		316			(510	)		33		793
Deferred income tax assets		1,228			609			136		483
Goodwill		5,047			4,163			414		470
Other assets		6,822			4,148			495		2,179
Assets of subsidiaries held-for-sale		—			—			—		—
Separate account assets		149,041			141,683			7,358		—
Total assets	$	539,314		$	446,260		$	33,923	$	59,131
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	135,879		$	119,585		$	10,830	$	5,464
Policyholder account balances		138,673			130,495			8,128		50
Other policyholder funds		8,446			6,441			1,637		368
Policyholder dividends payable		761			761			—		—
Bank deposits		10,211			—			—		10,211
Short-term debt		912			—			21		891
Long-term debt		13,220			105			124		12,991
Collateral financing arrangements		5,297			—			—		5,297
Junior subordinated debt securities		3,191			—			—		3,191
Current income tax payable		—			—			—		—
Payables for collateral under securities loaned and other transactions		24,196			16,722			19		7,455
Other liabilities		15,989			9,330			1,255		5,404
Liabilities of subsidiaries held-for-sale		—			—			—		—
Separate account liabilities		149,041			141,683			7,358		—
Total liabilities		505,816			425,122			29,372		51,322
Stockholders’ Equity
Preferred stock, at par value		1			—			—		1
Common stock, at par value		8			—			—		8
Allocated equity (1)		36,360			23,807			4,122		8,431
Treasury stock, at cost		(190	)		—			—		(190	)
Accumulated other comprehensive income (loss)		(3,058	)		(2,667	)		226		(617	)
Total MetLife, Inc.’s stockholders’ equity		33,121			21,140			4,348		7,633
Noncontrolling interests		377			(2	)		203		176
Total equity		33,498			21,138			4,551		7,809
Total liabilities and stockholders’ equity	$	539,314		$	446,260		$	33,923	$	59,131

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

5

METLIFE, INC.

CONSOLIDATING BALANCE SHEET — U.S. BUSINESS

	December 31, 2009
				Insurance			Retirement			Corporate Benefit
Unaudited (In millions)	U.S. Business			Products			Products			Funding			Auto & Home
ASSETS
Total investments	$	265,024		$	104,154		$	52,831		$	104,312		$	3,727
Cash and cash equivalents		2,721			1,436			(683	)		2,036			(68	)
Accrued investment income		2,536			1,039			518			924			55
Premiums and other receivables		9,504			6,044			609			1,862			989
Deferred policy acquisition costs and value of business acquired		16,382			10,103			6,023			75			181
Current income tax recoverable		(510	)		(420	)		(211	)		111			10
Deferred income tax assets		609			(1,664	)		(772	)		2,936			109
Goodwill		4,163			1,414			1,692			900			157
Other assets		4,148			1,773			1,636			382			357
Assets of subsidiaries held-for-sale		—			—			—			—			—
Separate account assets		141,683			8,838			87,113			45,732			—
Total assets	$	446,260		$	132,717		$	148,756		$	159,270		$	5,517
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	119,585		$	71,021		$	3,978		$	41,614		$	2,972
Policyholder account balances		130,495			28,118			46,821			55,556			—
Other policyholder funds		6,441			5,938			103			216			184
Policyholder dividends payable		761			761			—			—			—
Bank deposits		—			—			—			—			—
Short-term debt		—			—			—			—			—
Long-term debt		105			(6	)		8			103			—
Collateral financing arrangements		—			—			—			—			—
Junior subordinated debt securities		—			—			—			—			—
Current income tax payable		—			—			—			—			—
Payables for collateral under securities loaned and other transactions		16,722			4,401			3,635			8,686			—
Other liabilities		9,330			5,561			1,008			2,169			592
Liabilities of subsidiaries held-for-sale		—			—			—			—			—
Separate account liabilities		141,683			8,838			87,113			45,732			—
Total liabilities		425,122			124,632			142,666			154,076			3,748
Stockholders’ Equity
Preferred stock, at par value		—			—			—			—			—
Common stock, at par value		—			—			—			—			—
Allocated equity (1)		23,807			9,197			6,328			6,449			1,833
Treasury stock, at cost		—			—			—			—			—
Accumulated other comprehensive income (loss)		(2,667	)		(1,112	)		(238	)		(1,253	)		(64	)
Total MetLife, Inc.’s stockholders’ equity		21,140			8,085			6,090			5,196			1,769
Noncontrolling interests		(2	)		—			—			(2	)		—
Total equity		21,138			8,085			6,090			5,194			1,769
Total liabilities and stockholders’ equity	$	446,260		$	132,717		$	148,756		$	159,270		$	5,517

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

6

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended December 31, 2009
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	7,161		$	6,332		$	821		$	8
Universal life and investment-type product policy fees		1,559			1,156			403			—
Net investment income		4,000			3,558			271			171
Other revenues		601			325			6			270
Total operating revenues		13,321			11,371			1,501			449
OPERATING EXPENSES
Policyholder benefits and dividends		7,986			7,178			807			1
Interest credited to policyholder account balances		1,195			1,049			146			—
Interest credited to bank deposits		43			—			—			43
Capitalization of deferred policy acquisition costs		(754	)		(573	)		(181	)		—
Amortization of deferred policy acquisition costs		564			420			143			1
Interest expense		269			2			2			265
Other expenses		2,947			1,982			544			421
Total operating expenses		12,250			10,058			1,461			731
Operating earnings before provision for income tax		1,071			1,313			40			(282	)
Provision for income tax expense (benefit)		247			431			19			(203	)
Operating earnings		824			882			21			(79	)
Preferred stock dividends		31			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	793		$	882		$	21		$	(110	)
Net Income Reconciliation
Operating earnings	$	824		$	882		$	21		$	(79	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(898	)		(587	)		(282	)		(29	)
Universal life and investment-type product policy fees — amortization of
unearned revenue related to net investment gains (losses)		(6	)		(6	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(29	)		(28	)		(10	)		9
Equity method operating joint ventures realized gains (losses), net of offsets		(45	)		—			(45	)		—
Real estate discontinued operations		(2	)		(2	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		(2	)		(4	)		2			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		1			1			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		95			95			—			—
Other expenses:
Noncontrolling interest		(8	)		1			(11	)		2
Business combination costs		2			—			—			2
Provision for income tax expense (benefit)		378			182			107			89
Income (loss) from continuing operations, net of income tax		310			534			(218	)		(6	)
Income (loss) from discontinued operations, net of income tax		3			7			—			(4	)
Net income (loss)		313			541			(218	)		(10	)
Less: Net income (loss) attributable to noncontrolling interest		(7	)		1			(9	)		1
Net income (loss) attributable to MetLife, Inc.		320			540			(209	)		(11	)
Less: Preferred stock dividends		31			—			—			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	289		$	540		$	(209	)	$	(42	)
Premiums, Fees and Other Revenues	$	9,321		$	7,813		$	1,230		$	278

7

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

	For the Three Months Ended December 31, 2008
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	6,498		$	5,744		$	753		$	1
Universal life and investment-type product policy fees			1,220			972			248			—
Net investment income			3,621			3,229			234			158
Other revenues			445			321			5			119
Total operating revenues			11,784			10,266			1,240			278
OPERATING EXPENSES
Policyholder benefits and dividends			7,316			6,581			724			11
Interest credited to policyholder account balances			1,220			1,185			29			6
Interest credited to bank deposits			43			—			—			43
Capitalization of deferred policy acquisition costs			(787	)		(636	)		(152	)		1
Amortization of deferred policy acquisition costs			929			796			133			—
Interest expense			276			4			4			268
Other expenses			2,616			1,934			374			308
Total operating expenses			11,613			9,864			1,112			637
Operating earnings before provision for income tax			171			402			128			(359	)
Provision for income tax expense (benefit)			8			125			50			(167	)
Operating earnings			163			277			78			(192	)
Preferred stock dividends			31			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	132		$	277		$	78		$	(223	)
Net Income Reconciliation
Operating earnings		$	163		$	277		$	78		$	(192	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			2,153			1,220			(109	)		1,042
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			16			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(50	)		(38	)		(9	)		(3	)
Equity method operating joint ventures realized gains (losses), net of offsets			64			—			64			—
Real estate discontinued operations			(5	)		(5	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(95	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			(28	)		23			(51	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(10	)		(9	)		(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(778	)		(778	)		—			—
Other expenses:
Noncontrolling interest			(7	)		(3	)		(7	)		3
Business combination costs			—			—			—			—
Provision for income tax expense (benefit)			(495	)		(119	)		(7	)		(369	)
Income (loss) from continuing operations, net of income tax			928			489			(42	)		481
Income (loss) from discontinued operations, net of income tax			48			(10	)		—			58
Net income (loss)			976			479			(42	)		539
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(2	)		(9	)		2
Net income (loss) attributable to MetLife, Inc.			985			481			(33	)		537
Less: Preferred stock dividends			31			—			—			31
Net income (loss) available to MetLife, Inc.’s common shareholders		$	954		$	481		$	(33	)	$	506
Premiums, Fees and Other Revenues		$	8,163		$	7,037		$	1,006		$	120

8

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

	For the Year Ended December 31, 2009
											Banking,
Unaudited (In millions)		Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums		$	26,460		$	23,254		$	3,187		$	19
Universal life and investment-type product policy fees			5,230			4,169			1,061			—
Net investment income			15,089			13,419			1,193			477
Other revenues			2,329			1,223			14			1,092
Total operating revenues			49,108			42,065			5,455			1,588
OPERATING EXPENSES
Policyholder benefits and dividends			29,902			27,238			2,660			4
Interest credited to policyholder account balances			4,853			4,272			581			—
Interest credited to bank deposits			163			—			—			163
Capitalization of deferred policy acquisition costs			(3,019	)		(2,389	)		(630	)		—
Amortization of deferred policy acquisition costs			2,018			1,600			415			3
Interest expense			1,044			9			8			1,027
Other expenses			10,992			7,859			1,797			1,336
Total operating expenses			45,953			38,589			4,831			2,533
Operating earnings before provision for income tax			3,155			3,476			624			(945	)
Provision for income tax expense (benefit)			668			1,124			161			(617	)
Operating earnings			2,487			2,352			463			(328	)
Preferred stock dividends			122			—			—			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2,365		$	2,352		$	463		$	(450	)
Net Income Reconciliation
Operating earnings		$	2,487		$	2,352		$	463		$	(328	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(7,772	)		(6,126	)		(903	)		(743	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			(27	)		(27	)		—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(88	)		(97	)		(13	)		22
Equity method operating joint ventures realized gains (losses), net of offsets			(156	)		—			(156	)		—
Real estate discontinued operations			(7	)		(7	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(11	)		(11	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			(73	)		(68	)		(5	)		—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			4			4			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			711			711			—			—
Other expenses:
Noncontrolling interest			(38	)		1			(32	)		(7	)
Business combination costs			(31	)		—			—			(31	)
Provision for income tax expense (benefit)			2,683			1,963			366			354
Income (loss) from continuing operations, net of income tax			(2,318	)		(1,305	)		(280	)		(733	)
Income (loss) from discontinued operations, net of income tax			40			34			—			6
Net income (loss)			(2,278	)		(1,271	)		(280	)		(727	)
Less: Net income (loss) attributable to noncontrolling interest			(32	)		1			(28	)		(5	)
Net income (loss) attributable to MetLife, Inc.			(2,246	)		(1,272	)		(252	)		(722	)
Less: Preferred stock dividends			122			—			—			122
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(2,368	)	$	(1,272	)	$	(252	)	$	(844	)
Premiums, Fees and Other Revenues		$	34,019		$	28,646		$	4,262		$	1,111

9

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

	For the Year Ended December 31, 2008
										Banking,
Unaudited (In millions)	Consolidated			U.S. Business			International			Corporate & Other
OPERATING REVENUES
Premiums	$	25,914		$	22,417		$	3,470		$	27
Universal life and investment-type product policy fees		5,363			4,268			1,095			—
Net investment income		16,200			14,212			1,180			808
Other revenues		1,586			1,384			18			184
Total operating revenues		49,063			42,281			5,763			1,019
OPERATING EXPENSES
Policyholder benefits and dividends		29,007			25,776			3,185			46
Interest credited to policyholder account balances		4,743			4,565			171			7
Interest credited to bank deposits		166			—			—			166
Capitalization of deferred policy acquisition costs		(3,092	)		(2,291	)		(798	)		(3	)
Amortization of deferred policy acquisition costs		2,968			2,582			381			5
Interest expense		1,051			9			9			1,033
Other expenses		10,309			7,531			2,079			699
Total operating expenses		45,152			38,172			5,027			1,953
Operating earnings before provision for income tax		3,911			4,109			736			(934	)
Provision for income tax expense (benefit)		1,092			1,330			257			(495	)
Operating earnings		2,819			2,779			479			(439	)
Preferred stock dividends		125			—			—			125
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	2,694		$	2,779		$	479		$	(564	)
Net Income Reconciliation
Operating earnings	$	2,819		$	2,779		$	479		$	(439	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,812			696			169			947
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		18			18			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(5	)		18			(36	)		13
Equity method operating joint ventures realized gains (losses), net of offsets		105			—			105			—
Real estate discontinued operations		(9	)		(9	)		—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(318	)		(318	)		—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		137			125			12			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(45	)		(44	)		(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)		(521	)		(521	)		—			—
Other expenses:
Noncontrolling interest		(24	)		—			(28	)		4
Business combination costs		—			—			—			—
Provision for income tax expense (benefit)		(488	)		11			(147	)		(352	)
Income (loss) from continuing operations, net of income tax		3,481			2,755			553			173
Income (loss) from discontinued operations, net of income tax		(203	)		(2	)		—			(201	)
Net income (loss)		3,278			2,753			553			(28	)
Less: Net income (loss) attributable to noncontrolling interest		69			—			(27	)		96
Net income (loss) attributable to MetLife, Inc.		3,209			2,753			580			(124	)
Less: Preferred stock dividends		125			—			—			125
Net income (loss) available to MetLife, Inc.’s common shareholders	$	3,084		$	2,753		$	580		$	(249	)
Premiums, Fees and Other Revenues	$	32,863		$	28,069		$	4,583		$	211

10

METLIFE, INC.

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

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
U.S. BUSINESS
INSURANCE PRODUCTS	$	258		$	155		$	285		$	302		$	400
RETIREMENT PRODUCTS		(204	)		(118	)		143			105			207
CORPORATE BENEFIT FUNDING		111			65			155			140			191
AUTO & HOME		112			76			76			86			84
U.S. BUSINESS TOTAL	$	277		$	178		$	659		$	633		$	882
INTERNATIONAL		78			131			158			153			21
BANKING, CORPORATE & OTHER		(223	)		(178	)		(94	)		(68	)		(110	)
METLIFE, INC. CONSOLIDATED	$	132		$	131		$	723		$	718		$	793

(1) A reconciliation of operating earnings available to common shareholders to net income (loss) for each segment appears in the QFS as follows: (i) Insurance Products, page 12, (ii) Retirement Products, page 19, (iii) Corporate Benefit Funding, page 23, (iv) Auto & Home, page 27, (v) International, page 31, and (vi) Banking, Corporate & Other, page 35. A consolidated reconciliation of operating earnings available to common shareholders to net income (loss) attributable to MetLife, Inc. appears on page 4.

11

U.S. BUSINESS
INSURANCE PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	4,222		$	4,201		$	4,235		$	4,222		$	4,510		$	16,402		$	17,168
Universal life and investment-type product policy fees		519			583			543			533			622			2,171			2,281
Net investment income		1,314			1,281			1,413			1,437			1,483			5,787			5,614
Other revenues		194			177			181			221			200			819			779
Total operating revenues		6,249			6,242			6,372			6,413			6,815			25,179			25,842
OPERATING EXPENSES
Policyholder benefits and dividends		4,655			4,748			4,700			4,745			4,918			18,183			19,111
Interest credited to policyholder account balances		231			231			233			240			248			930			952
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(202	)		(206	)		(213	)		(218	)		(236	)		(849	)		(873	)
Amortization of deferred policy acquisition costs		112			210			161			145			209			743			725
Interest expense		2			1			2			—			3			5			6
Other expenses		1,061			1,023			1,061			1,048			1,074			4,196			4,206
Total operating expenses		5,859			6,007			5,944			5,960			6,216			23,208			24,127
Operating earnings before provision for income tax		390			235			428			453			599			1,971			1,715
Provision for income tax expense (benefit)		132			80			143			151			199			661			573
Operating earnings		258			155			285			302			400			1,310			1,142
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	258		$	155		$	285		$	302		$	400		$	1,310		$	1,142
Net Income Reconciliation
Operating earnings	$	258		$	155		$	285		$	302		$	400		$	1,310		$	1,142
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,721			(1,036	)		(878	)		(139	)		(205	)		1,558			(2,258	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		16			(6	)		(11	)		(4	)		(6	)		18			(27	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(15	)		(24	)		(19	)		(14	)		(17	)		(2	)		(74	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			1			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		(95	)		(11	)		—			—			—			(318	)		(11	)
Changes in experience-rated contract liabilities due to asset value fluctuations		7			7			(3	)		1			(4	)		52			1
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		(125	)		(48	)		81			(47	)		(14	)		56			(28	)
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		(530	)		390			290			72			85			(480	)		837
Income (loss) from continuing operations, net of income tax		1,237			(573	)		(255	)		171			239			2,195			(418	)
Income (loss) from discontinued operations, net of income tax		(15	)		19			—			—			3			(8	)		22
Net income (loss)		1,222			(554	)		(255	)		171			242			2,187			(396	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		1,222			(554	)		(255	)		171			242			2,187			(396	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,222		$	(554	)	$	(255	)	$	171		$	242		$	2,187		$	(396	)
Premiums, Fees and Other Revenues	$	4,935		$	4,961		$	4,959		$	4,976		$	5,332		$	19,392		$	20,228

12

U.S. BUSINESS
INSURANCE PRODUCTS — GROUP LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	1,635		$	1,745		$	1,754		$	1,739		$	1,829		$	6,624		$	7,067
Universal life and investment-type product policy fees		163			165			163			152			145			649			625
Net investment income		211			202			199			203			200			915			804
Other revenues		4			3			2			2			2			10			9
Total operating revenues		2,013			2,115			2,118			2,096			2,176			8,198			8,505
OPERATING EXPENSES
Policyholder benefits and dividends		1,682			1,788			1,776			1,732			1,821			6,756			7,117
Interest credited to policyholder account balances		48			47			46			46			47			213			186
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(4	)		(5	)		(4	)		(3	)		(4	)		(17	)		(16	)
Amortization of deferred policy acquisition costs		4			9			6			6			4			26			25
Interest expense		—			—			—			—			—			—			—
Other expenses		148			147			159			151			153			581			610
Total operating expenses		1,878			1,986			1,983			1,932			2,021			7,559			7,922
Operating earnings before provision for income tax		135			129			135			164			155			639			583
Provision for income tax expense (benefit)		46			44			46			56			52			217			198
Operating earnings		89			85			89			108			103			422			385
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	89		$	85		$	89		$	108		$	103		$	422		$	385
Net Income Reconciliation
Operating earnings	$	89		$	85		$	89		$	108		$	103		$	422		$	385
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(103	)		(105	)		(116	)		(33	)		(4	)		(220	)		(258	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(8	)		(16	)		(10	)		(6	)		(6	)		(5	)		(38	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		3			5			(2	)		5			(4	)		5			4
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		38			40			45			12			5			77			102
Income (loss) from continuing operations, net of income tax		19			9			6			86			94			279			195
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		19			9			6			86			94			279			195
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		19			9			6			86			94			279			195
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	19		$	9		$	6		$	86		$	94		$	279		$	195
Premiums, Fees and Other Revenues	$	1,802		$	1,913		$	1,919		$	1,893		$	1,976		$	7,283		$	7,701
Group Life Mortality Ratio		91.9	%		91.8	%		90.4	%		89.2	%		89.7	%

13

U.S. BUSINESS
INSURANCE PRODUCTS — INDIVIDUAL LIFE
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended																For the Year Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009				December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums		$	1,137		$	985		$	1,026		$	1,035		$	1,154			$	4,120		$	4,200
Universal life and investment-type product policy fees			352			415			378			378			477				1,512			1,648
Net investment income			949			943			1,036			1,036			1,062				4,160			4,077
Other revenues			92			76			82			114			102				404			374
Total operating revenues			2,530			2,419			2,522			2,563			2,795				10,196			10,299
OPERATING EXPENSES
Policyholder benefits and dividends			1,722			1,674			1,638			1,700			1,720				6,510			6,732
Interest credited to policyholder account balances			176			178			181			188			195				692			742
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(150	)		(151	)		(162	)		(169	)		(188	)			(634	)		(670	)
Amortization of deferred policy acquisition costs			98			164			118			102			173				622			557
Interest expense			2			1			2			—			3				5			6
Other expenses			536			522			547			546			559				2,181			2,174
Total operating expenses			2,384			2,388			2,324			2,367			2,462				9,376			9,541
Operating earnings before provision for income tax			146			31			198			196			333				820			758
Provision for income tax expense (benefit)			48			11			65			63			110				270			249
Operating earnings			98			20			133			133			223				550			509
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	98		$	20		$	133		$	133		$	223			$	550		$	509
Net Income Reconciliation
Operating earnings		$	98		$	20		$	133		$	133		$	223			$	550		$	509
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			27			(57	)		(373	)		(160	)		(16	)			(237	)		(606	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			16			(6	)		(11	)		(4	)		(6	)			18			(27	)
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(3	)		(2	)		(2	)		—			(2	)			15			(6	)
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				1			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			(95	)		(11	)		—			—			—				(318	)		(11	)
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—			—				—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			(125	)		(48	)		81			(47	)		(14	)			56			(28	)
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			60			44			105			75			13				160			237
Income (loss) from continuing operations, net of income tax			(22	)		(60	)		(67	)		(3	)		198				245			68
Income (loss) from discontinued operations, net of income tax			(15	)		19			—			—			3				(8	)		22
Net income (loss)			(37	)		(41	)		(67	)		(3	)		201				237			90
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			(37	)		(41	)		(67	)		(3	)		201				237			90
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(37	)	$	(41	)	$	(67	)	$	(3	)	$	201			$	237		$	90
Premiums, Fees and Other Revenues		$	1,581		$	1,476		$	1,486		$	1,527		$	1,733			$	6,036		$	6,222
Mortality as a Percentage of Expected			83.9	%		82.6	%		74.9	%		91.2	%		81.1	%
Lapse Ratio
Traditional Life			6.1	%		6.4	%		6.7	%		6.9	%		6.8	%
Variable & Universal Life			5.7	%		6.2	%		6.6	%		6.8	%		6.5	%

14

U.S. BUSINESS
INSURANCE PRODUCTS — NON-MEDICAL HEALTH
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	1,450		$	1,471		$	1,455		$	1,448		$	1,527		$	5,658		$	5,901
Universal life and investment-type product policy fees		4			3			2			3			—			10			8
Net investment income		154			136			178			198			221			712			733
Other revenues		98			98			97			105			96			405			396
Total operating revenues		1,706			1,708			1,732			1,754			1,844			6,785			7,038
OPERATING EXPENSES
Policyholder benefits and dividends		1,251			1,286			1,286			1,313			1,377			4,917			5,262
Interest credited to policyholder account balances		7			6			6			6			6			25			24
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(48	)		(50	)		(47	)		(46	)		(44	)		(198	)		(187	)
Amortization of deferred policy acquisition costs		10			37			37			37			32			95			143
Interest expense		—			—			—			—			—			—			—
Other expenses		377			354			355			351			362			1,434			1,422
Total operating expenses		1,597			1,633			1,637			1,661			1,733			6,273			6,664
Operating earnings before provision for income tax		109			75			95			93			111			512			374
Provision for income tax expense (benefit)		38			25			32			32			37			174			126
Operating earnings		71			50			63			61			74			338			248
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	71		$	50		$	63		$	61		$	74		$	338		$	248
Net Income Reconciliation
Operating earnings	$	71		$	50		$	63		$	61		$	74		$	338		$	248
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,797			(874	)		(389	)		54			(185	)		2,015			(1,394	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(4	)		(6	)		(7	)		(8	)		(9	)		(12	)		(30	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		4			2			(1	)		(4	)		—			47			(3	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		(628	)		306			140			(15	)		67			(717	)		498
Income (loss) from continuing operations, net of income tax		1,240			(522	)		(194	)		88			(53	)		1,671			(681	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		1,240			(522	)		(194	)		88			(53	)		1,671			(681	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		1,240			(522	)		(194	)		88			(53	)		1,671			(681	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,240		$	(522	)	$	(194	)	$	88		$	(53	)	$	1,671		$	(681	)
Premiums, Fees and Other Revenues	$	1,552		$	1,572		$	1,554		$	1,556		$	1,623		$	6,073		$	6,305
Non-Medical Health Benefit Ratio		86.3	%		87.4	%		88.4	%		90.7	%		90.2	%

15

U.S. BUSINESS
INSURANCE PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	11,674		$	11,406		$	11,654		$	11,842		$	11,911
Premiums and deposits			3,296			3,633			3,670			3,600			3,486
Surrenders and withdrawals			(1,634	)		(1,314	)		(1,404	)		(1,467	)		(1,363	)
Benefit payments			(1,837	)		(2,002	)		(1,985	)		(1,969	)		(1,914	)
Net Flows			(175	)		317			281			164			209
Net transfers from (to) separate account			1			1			1			2			1
Interest			90			80			78			76			76
Policy charges			(139	)		(135	)		(136	)		(132	)		(135	)
Other			(45	)		(15	)		(36	)		(41	)		(96	)
Balance, end of period		$	11,406		$	11,654		$	11,842		$	11,911		$	11,966

INDIVIDUAL LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	71,342		$	71,686		$	72,457		$	72,920		$	73,307
Premiums and deposits			2,100			2,031			2,034			2,049			2,167
Surrenders and withdrawals			(1,103	)		(978	)		(1,026	)		(978	)		(936	)
Benefit payments			(571	)		(612	)		(569	)		(576	)		(577	)
Net Flows			426			441			439			495			654
Net transfers from (to) separate account			44			31			127			(14	)		39
Interest			714			733			736			755			763
Policy charges			(389	)		(391	)		(394	)		(389	)		(397	)
Other			(451	)		(43	)		(445	)		(460	)		(432	)
Balance, end of period		$	71,686		$	72,457		$	72,920		$	73,307		$	73,934

NON-MEDICAL HEALTH
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	11,822		$	12,120		$	12,367		$	12,579		$	12,868
Premiums and deposits			1,504			1,527			1,500			1,585			1,567
Surrenders and withdrawals			(23	)		(6	)		(6	)		(106	)		(5	)
Benefit payments			(982	)		(1,055	)		(1,104	)		(1,074	)		(1,084	)
Net Flows			499			466			390			405			478
Net transfers from (to) separate account			—			—			—			—			—
Interest			129			131			135			140			147
Policy charges			—			—			—			—			—
Other			(330	)		(350	)		(313	)		(256	)		(254	)
Balance, end of period		$	12,120		$	12,367		$	12,579		$	12,868		$	13,239

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	414		$	334		$	316		$	366		$	416
Premiums and deposits			37			39			39			38			39
Surrenders and withdrawals			(8	)		(6	)		(6	)		(10	)		(9	)
Benefit payments			(1	)		(2	)		1			—			—
Net Flows			28			31			34			28			30
Investment Performance			(81	)		(20	)		47			53			18
Net transfers from (to) general account			(1	)		(1	)		(1	)		(2	)		(1	)
Policy charges			(27	)		(29	)		(29	)		(29	)		(30	)
Other			1			1			(1	)		—			—
Balance, end of period		$	334		$	316		$	366		$	416		$	433

INDIVIDUAL LIFE
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	8,832		$	7,193		$	6,744		$	7,313		$	8,232
Premiums and deposits			257			228			216			210			215
Surrenders and withdrawals			(114	)		(136	)		(119	)		(103	)		(140	)
Benefit payments			(6	)		(8	)		(7	)		(10	)		(7	)
Net Flows			137			84			90			97			68
Investment Performance			(1,565	)		(351	)		755			953			297
Net transfers from (to) general account			(44	)		(31	)		(127	)		14			(39	)
Policy charges			(150	)		(150	)		(147	)		(147	)		(147	)
Other			(17	)		(1	)		(2	)		2			(6	)
Balance, end of period		$	7,193		$	6,744		$	7,313		$	8,232		$	8,405

NON-MEDICAL HEALTH
	For the Three Months Ended
Unaudited (In millions)		December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Balance, beginning of period		$	705		$	763		$	793		$	832		$	911
Premiums and deposits			40			40			38			38			—
Surrenders and withdrawals			(3	)		(3	)		(4	)		(4	)		(910	)
Benefit payments			—			—			—			—			—
Net Flows			37			37			34			34			(910	)
Investment Performance			30			—			11			30			(1	)
Net transfers from (to) general account			—			—			—			—			—
Policy charges			(9	)		(6	)		(6	)		(8	)		—
Other			—			(1	)		—			23			—
Balance, end of period		$	763		$	793		$	832		$	911		$	—

16

U.S. BUSINESS
INSURANCE PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL LIFE SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Direct and allocated expenses		$	615	$	566	$	567	$	568	$	579
Pension and post-retirement benefit costs			43		55		73		70		69
Premium taxes, other taxes, and licenses & fees			58		82		83		82		75
Total fixed operating expenses		$	716	$	703	$	723	$	720	$	723
Commissions and other variable expenses			345		320		338		328		351
Total other expenses		$	1,061	$	1,023	$	1,061	$	1,048	$	1,074
INDIVIDUAL LIFE SALES BY PRODUCT (1)
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Individual Life Sales
Term Life		$	30	$	28	$	34	$	37	$	37
Whole Life			22		21		32		30		34
Variable Life			19		10		13		10		10
Universal Life			52		38		44		50		63
Total Individual Life sales (2)		$	123	$	97	$	123	$	127	$	144

(1)	Statistical sales information is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance.
(2)	Of the $144 million of First Year Individual Life sales during the three months ended December 31, 2009, approximately 44% were distributed through MetLife agents, 15% through New England Financial agents, 40% through MetLife’s Third Party and 1% through other channels.

17

U.S. BUSINESS
INSURANCE PRODUCTS

SPREAD BY PRODUCT

GROUP LIFE	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		5.50	%		5.17	%		5.08	%		5.20	%		5.02	%
Average crediting rate		2.68	%		2.45	%		2.33	%		2.20	%		2.18	%
Annualized general account spread		2.82	%		2.72	%		2.75	%		3.00	%		2.84	%

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		5.30	%		4.97	%		6.24	%		6.07	%		6.27	%
Average crediting rate		4.47	%		4.59	%		4.56	%		4.58	%		4.69	%
Annualized general account spread (1)		0.83	%		0.38	%		1.68	%		1.49	%		1.58	%

NON-MEDICAL HEALTH	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		4.25	%		3.60	%		5.01	%		5.57	%		6.14	%
Average crediting rate		4.73	%		4.68	%		4.76	%		4.69	%		4.81	%
Annualized general account spread		(0.48	%)		(1.08	%)		0.25	%		0.88	%		1.33	%

(1) This represents the general account spread for Variable and Universal Life, a component of Individual Life.

18

U.S. BUSINESS
RETIREMENT PRODUCTS

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009			2008			2009
OPERATING REVENUES
Premiums	$	139		$	152		$	139		$	140		$	192		$	361		$	623
Universal life and investment-type product policy fees		381			356			397			466			493			1,870			1,712
Net investment income		558			623			724			749			763			2,365			2,859
Other revenues		33			30			34			61			47			168			172
Total operating revenues		1,111			1,161			1,294			1,416			1,495			4,764			5,366
OPERATING EXPENSES
Policyholder benefits and dividends		271			325			353			424			296			692			1,398
Interest credited to policyholder account balances		366			402			428			431			426			1,337			1,687
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(325	)		(329	)		(285	)		(223	)		(230	)		(980	)		(1,067	)
Amortization of deferred policy acquisition costs		568			326			(44	)		42			100			1,356			424
Interest expense		—			—			1			—			(1	)		2			—
Other expenses		539			619			621			580			585			2,065			2,405
Total operating expenses		1,419			1,343			1,074			1,254			1,176			4,472			4,847
Operating earnings before provision for income tax		(308	)		(182	)		220			162			319			292			519
Provision for income tax expense (benefit)		(104	)		(64	)		77			57			112			99			182
Operating earnings		(204	)		(118	)		143			105			207			193			337
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(204	)	$	(118	)	$	143		$	105		$	207		$	193		$	337
Net Income Reconciliation
Operating earnings	$	(204	)	$	(118	)	$	143		$	105		$	207		$	193		$	337
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		645			150			(1,120	)		(462	)		(174	)		901			(1,606	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(16	)		(50	)		(55	)		(49	)		(63	)		(35	)		(217	)
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		(653	)		(135	)		544			221			109			(577	)		739
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		8			11			221			103			45			(100	)		380
Income (loss) from continuing operations, net of income tax		(220	)		(142	)		(267	)		(82	)		124			382			(367	)
Income (loss) from discontinued operations, net of income tax		(2	)		5			—			—			—			(2	)		5
Net income (loss)		(222	)		(137	)		(267	)		(82	)		124			380			(362	)
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		(222	)		(137	)		(267	)		(82	)		124			380			(362	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(222	)	$	(137	)	$	(267	)	$	(82	)	$	124		$	380		$	(362	)
Premiums, Fees and Other Revenues	$	553		$	538		$	570		$	667		$	732		$	2,399		$	2,507
Lapse Ratio
Fixed Annuities		11.3	%		10.4	%		9.4	%		8.6	%		7.5	%
Variable Annuities		9.5	%		9.3	%		8.6	%		7.9	%		7.1	%

19

U.S. BUSINESS
RETIREMENT PRODUCTS

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	41,765		$	47,937		$	51,415		$	51,228		$	51,388
Premiums and deposits (1), (2)			5,622			5,335			2,768			1,944			1,766
Surrenders and withdrawals			(1,615	)		(1,413	)		(923	)		(890	)		(1,044	)
Benefit payments			(287	)		(315	)		(374	)		(363	)		(336	)
Net Flows			3,720			3,607			1,471			691			386
Net transfers from (to) separate account			1			(231	)		(1,217	)		(1,107	)		(946	)
Interest			457			495			529			522			518
Policy charges			(8	)		(11	)		(12	)		(10	)		(10	)
Other			2,002			(382	)		(958	)		64			(537	)
Balance, end of period		$	47,937		$	51,415		$	51,228		$	51,388		$	50,799

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	75,938		$	62,264		$	59,194		$	70,538		$	82,100
Premiums and deposits (1)			2,149			2,260			2,894			2,279			2,633
Surrenders and withdrawals			(1,587	)		(1,230	)		(1,176	)		(1,283	)		(1,456	)
Benefit payments			(136	)		(120	)		(141	)		(140	)		(150	)
Net Flows			426			910			1,577			856			1,027
Investment Performance			(13,820	)		(3,945	)		8,872			9,964			3,430
Net transfers from (to) general account			(1	)		231			1,217			1,107			946
Policy charges			(288	)		(271	)		(322	)		(366	)		(392	)
Other			9			5			—			1			2
Balance, end of period		$	62,264		$	59,194		$	70,538		$	82,100		$	87,113

(1)	Includes company sponsored internal exchanges.
(2)	Includes premiums and deposits directed to the General Account investment option of a variable annuity product.

20

U.S. BUSINESS
RETIREMENT PRODUCTS

OTHER EXPENSES BY MAJOR CATEGORY AND INDIVIDUAL ANNUITY SALES BY PRODUCT

OTHER EXPENSES
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008		2009		2009		2009		2009
Direct and allocated expenses		$	170	$	162	$	172	$	183	$	178
Pension and post-retirement benefit costs			13		18		25		22		22
Premium taxes, other taxes, and licenses & fees			6		2		2		7		10
Total fixed operating expenses		$	189	$	182	$	199	$	212	$	210
Commissions and other variable expenses			350		437		422		368		375
Total other expenses		$	539	$	619	$	621	$	580	$	585

INDIVIDUAL ANNUITY SALES BY PRODUCT (1)
	For the Three Months Ended
		December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (in millions)		2008		2009		2009		2009		2009
Individual Annuity Sales
Annuities Sales (1)
Fixed annuity sales		$	4,122	$	3,645	$	949	$	596	$	499
Variable annuity sales			3,424		3,737		4,507		3,441		3,711
Total annuity sales (2)		$	7,546	$	7,382	$	5,456	$	4,037	$	4,210
Separate Account and General Account
Separate Accounts
Total variable annuities separate accounts		$	2,005	$	2,147	$	2,775	$	2,171	$	2,518
General Accounts
Fixed annuity			4,122		3,645		949		596		499
Variable annuity			1,419		1,590		1,732		1,270		1,193
Total general accounts			5,541		5,235		2,681		1,866		1,692
Total premiums and deposits		$	7,546	$	7,382	$	5,456	$	4,037	$	4,210

(1)	Statutory premiums direct and assumed, excluding company sponsored internal exchanges.
(2)	Of the $4,210 million of Annuity Sales during the three months ended December 31, 2009, approximately 21% were distributed through MetLife agents, 7% through New England Financial agents, 61% through MetLife’s Third Party channels, 10% through MetLife Resources representatives and 1% through other distribution channels.

21

U.S. BUSINESS
RETIREMENT PRODUCTS

SPREAD

DEFERRED ANNUITIES	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited	2008			2009			2009			2009			2009
Investment income yield		5.05	%		5.20	%		5.84	%		5.86	%		5.92	%
Average crediting rate		3.88	%		3.86	%		3.96	%		3.88	%		3.85	%
Annualized general account spread		1.17	%		1.34	%		1.88	%		1.98	%		2.07	%

22

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009			2008			2009
OPERATING REVENUES
Premiums	$	644		$	324		$	695		$	639		$	903		$	2,683		$	2,561
Universal life and investment-type product policy fees		72			40			61			34			41			227			176
Net investment income		1,320			1,111			1,179			1,210			1,266			5,874			4,766
Other revenues		86			69			69			34			67			359			239
Total operating revenues		2,122			1,544			2,004			1,917			2,277			9,143			7,742
OPERATING EXPENSES
Policyholder benefits and dividends		1,223			879			1,240			1,192			1,486			4,977			4,797
Interest credited to policyholder account balances		588			459			409			390			375			2,298			1,633
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(2	)		(2	)		(6	)		(5	)		(1	)		(18	)		(14	)
Amortization of deferred policy acquisition costs		5			5			4			3			3			29			15
Interest expense		2			2			—			1			—			2			3
Other expenses		138			105			122			128			129			476			484
Total operating expenses		1,954			1,448			1,769			1,709			1,992			7,764			6,918
Operating earnings before provision for income tax		168			96			235			208			285			1,379			824
Provision for income tax expense (benefit)		57			31			80			68			94			466			273
Operating earnings		111			65			155			140			191			913			551
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	111		$	65		$	155		$	140		$	191		$	913		$	551
Net Income Reconciliation
Operating earnings	$	111		$	65		$	155		$	140		$	191		$	913		$	551
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(1,103	)		(809	)		(821	)		(417	)		(213	)		(1,629	)		(2,260	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(7	)		39			45			58			52			55			194
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		(5	)		(2	)		(1	)		(2	)		(2	)		(10	)		(7	)
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		16			(1	)		(28	)		(40	)		—			73			(69	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(9	)		1			1			1			1			(44	)		4
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		(3	)		—			—			—			1			—			1
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		388			268			282			141			54			545			745
Income (loss) from continuing operations, net of income tax		(612	)		(439	)		(367	)		(119	)		84			(97	)		(841	)
Income (loss) from discontinued operations, net of income tax		7			1			1			1			4			8			7
Net income (loss)		(605	)		(438	)		(366	)		(118	)		88			(89	)		(834	)
Less: Net income (loss) attributable to noncontrolling interest		(2	)		—			—			—			1			—			1
Net income (loss) attributable to MetLife, Inc.		(603	)		(438	)		(366	)		(118	)		87			(89	)		(835	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(603	)	$	(438	)	$	(366	)	$	(118	)	$	87		$	(89	)	$	(835	)
Premiums, Fees and Other Revenues	$	802		$	433		$	825		$	707		$	1,011		$	3,269		$	2,976

23

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES; AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	101,812		$	107,091		$	101,662		$	99,652		$	97,897
Premiums and deposits			19,639			13,215			16,393			10,427			9,836
Surrenders and withdrawals			(15,221	)		(18,277	)		(18,009	)		(12,532	)		(10,466	)
Benefit payments			(779	)		(770	)		(769	)		(820	)		(800	)
Net Flows			3,639			(5,832	)		(2,385	)		(2,925	)		(1,430	)
Net transfers from (to) separate account			(7	)		(13	)		(17	)		(16	)		58
Interest			1,180			1,139			1,083			1,044			1,049
Policy charges			(32	)		(29	)		(36	)		(30	)		(20	)
Other			499			(694	)		(655	)		172			(384	)
Balance, end of period		$	107,091		$	101,662		$	99,652		$	97,897		$	97,170

SEPARATE ACCOUNT LIABILITIES

	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Balance, beginning of period		$	48,741		$	45,814		$	42,726		$	42,293		$	46,015
Premiums and deposits			1,490			1,655			631			1,931			1,748
Surrenders and withdrawals			(1,593	)		(1,883	)		(1,099	)		(1,177	)		(1,360	)
Benefit payments			(11	)		(10	)		(13	)		(10	)		(11	)
Net Flows			(114	)		(238	)		(481	)		744			377
Investment Performance			(1,020	)		(985	)		1,590			2,703			384
Net transfers from (to) general account			7			13			17			16			(58	)
Policy charges			(128	)		(59	)		(57	)		(55	)		(57	)
Other			(1,672	)		(1,819	)		(1,502	)		314			(929	)
Balance, end of period		$	45,814		$	42,726		$	42,293		$	46,015		$	45,732

24

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		December 31,			March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)		2008			2009		2009		2009		2009
Direct and allocated expenses		$	93		$	64	$	69	$	63	$	65
Pension and other post-retirement benefit costs			12			10		16		15		15
Premium taxes, other taxes, and licenses and fees			(1	)		1		6		12		5
Total fixed operating expenses		$	104		$	75	$	91	$	90	$	85
Commissions and other variable expenses			34			30		31		38		44
Total other expenses		$	138		$	105	$	122	$	128	$	129

25

U.S. BUSINESS
CORPORATE BENEFIT FUNDING

SPREAD

CORPORATE BENEFIT FUNDING	For the Three Months Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited		2008			2009			2009			2009			2009
Investment income yield			4.96	%		4.06	%		4.52	%		4.71	%		4.96	%
Average crediting rate			4.74	%		4.20	%		4.15	%		4.14	%		4.13	%
Annualized general account spread			0.22	%		(0.14	%)		0.37	%		0.57	%		0.83	%

26

U.S. BUSINESS
AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009			2008			2009
OPERATING REVENUES
Premiums (1)	$	739		$	722		$	726		$	727		$	727		$	2,971		$	2,902
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		37			40			49			45			46			186			180
Other revenues		8			9			5			8			11			38			33
Total operating revenues		784			771			780			780			784			3,195			3,115
OPERATING EXPENSES
Policyholder benefits and dividends (1)		432			479			492			483			478			1,924			1,932
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(107	)		(104	)		(113	)		(112	)		(106	)		(444	)		(435	)
Amortization of deferred policy acquisition costs		111			110			111			107			108			454			436
Interest expense		—			—			—			—			—			—			—
Other expenses		196			187			194			189			194			794			764
Total operating expenses		632			672			684			667			674			2,728			2,697
Operating earnings before provision for income tax		152			99			96			113			110			467			418
Provision for income tax expense (benefit)		40			23			20			27			26			104			96
Operating earnings		112			76			76			86			84			363			322
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	112		$	76		$	76		$	86		$	84		$	363		$	322
Net Income Reconciliation
Operating earnings	$	112		$	76		$	76		$	86		$	84		$	363		$	322
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(43	)		31			(8	)		(30	)		5			(134	)		(2	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		15			(11	)		3			11			(2	)		46			1
Income (loss) from continuing operations, net of income tax		84			96			71			67			87			275			321
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		84			96			71			67			87			275			321
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		84			96			71			67			87			275			321
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	84		$	96		$	71		$	67		$	87		$	275		$	321
Premiums, Fees and Other Revenues	$	747		$	731		$	731		$	735		$	738		$	3,009		$	2,935

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

27

U.S. BUSINESS

AUTO & HOME — AUTO

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums (1)	$	511		$	497		$	499		$	500		$	495		$	2,061		$	1,991
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		28			25			30			28			29			135			112
Other revenues		4			5			3			5			4			23			17
Total operating revenues		543			527			532			533			528			2,219			2,120
OPERATING EXPENSES
Policyholder benefits and dividends (1)		343			316			350			353			373			1,283			1,392
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(69	)		(70	)		(75	)		(77	)		(65	)		(295	)		(287	)
Amortization of deferred policy acquisition costs		72			70			75			74			68			301			287
Interest expense		—			—			—			—			—			—			—
Other expenses		133			129			124			124			128			533			505
Total operating expenses		479			445			474			474			504			1,822			1,897
Operating earnings before provision for income tax		64			82			58			59			24			397			223
Provision for income tax expense (benefit)		15			20			13			13			—			95			46
Operating earnings		49			62			45			46			24			302			177
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	49		$	62		$	45		$	46		$	24		$	302		$	177
Net Income Reconciliation
Operating earnings	$	49		$	62		$	45		$	46		$	24		$	302		$	177
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(30	)		19			(5	)		(18	)		2			(92	)		(2	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		10			(7	)		2			7			(1	)		31			1
Income (loss) from continuing operations, net of income tax		29			74			42			35			25			241			176
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		29			74			42			35			25			241			176
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		29			74			42			35			25			241			176
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	29		$	74		$	42		$	35		$	25		$	241		$	176
Premiums, Fees and Other Revenues	$	515		$	502		$	502		$	505		$	499		$	2,084		$	2,008

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

28

U.S. BUSINESS

AUTO & HOME — HOMEOWNERS & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums (1)	$	228		$	225		$	227		$	227		$	232		$	910		$	911
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		9			15			19			17			17			51			68
Other revenues		4			4			2			3			7			15			16
Total operating revenues		241			244			248			247			256			976			995
OPERATING EXPENSES
Policyholder benefits and dividends (1)		89			163			142			130			105			641			540
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(38	)		(34	)		(38	)		(35	)		(41	)		(149	)		(148	)
Amortization of deferred policy acquisition costs		39			40			36			33			40			153			149
Interest expense		—			—			—			—			—			—			—
Other expenses		63			58			70			65			66			261			259
Total operating expenses		153			227			210			193			170			906			800
Operating earnings before provision for income tax		88			17			38			54			86			70			195
Provision for income tax expense (benefit)		25			3			7			14			26			9			50
Operating earnings		63			14			31			40			60			61			145
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	63		$	14		$	31		$	40		$	60		$	61		$	145
Net Income Reconciliation
Operating earnings	$	63		$	14		$	31		$	40		$	60		$	61		$	145
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(13	)		12			(3	)		(12	)		3			(42	)		—
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		5			(4	)		1			4			(1	)		15			—
Income (loss) from continuing operations, net of income tax		55			22			29			32			62			34			145
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		55			22			29			32			62			34			145
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		55			22			29			32			62			34			145
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	55		$	22		$	29		$	32		$	62		$	34		$	145
Premiums, Fees and Other Revenues	$	232		$	229		$	229		$	230		$	239		$	925		$	927

(1) Premiums reflect earned premiums and policyholder benefits and dividends includes losses and loss adjustment expense.

29

U.S. BUSINESS

AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
	December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)	2008			2009			2009			2009			2009
Written Premiums by Product
Automobile	$	490		$	496		$	503		$	503		$	475
Homeowners		207			182			231			240			212
Other		11			21			13			11			11
Total	$	708		$	699		$	747		$	754		$	698
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		58.3	%		66.5	%		67.7	%		66.1	%		65.6	%
Policyholder benefits and dividends		0.2	%		(0.1	%)		0.2	%		0.1	%		0.1	%
Other expense ratio		27.0	%		26.7	%		26.2	%		25.5	%		27.2	%
Payment fees credit		(0.6	%)		(0.7	%)		(0.6	%)		(0.6	%)		(0.6	%)
Total combined ratio		84.9	%		92.4	%		93.5	%		91.1	%		92.3	%
Effect of catastrophe losses		2.0	%		4.3	%		5.5	%		3.4	%		0.5	%
Combined ratio excluding catastrophes		82.9	%		88.1	%		88.0	%		87.7	%		91.8	%
Auto
Loss and loss adjustment expense ratio		67.0	%		63.6	%		69.8	%		70.2	%		75.5	%
Policyholder benefits and dividends		0.2	%		(0.1	%)		0.2	%		0.1	%		0.1	%
Other expense ratio		26.6	%		26.0	%		25.1	%		24.4	%		26.7	%
Payment fees credit		(0.7	%)		(0.8	%)		(0.7	%)		(0.7	%)		(0.7	%)
Total combined ratio		93.1	%		88.7	%		94.4	%		94.0	%		101.6	%
Effect of catastrophe losses		0.0	%		0.8	%		0.8	%		0.4	%		(0.2	%)
Combined ratio excluding catastrophes		93.1	%		87.9	%		93.6	%		93.6	%		101.8	%
Homeowners & Other
Loss and loss adjustment expense ratio		38.9	%		72.6	%		63.3	%		56.9	%		44.7	%
Policyholder benefits and dividends		0.1	%		(0.1	%)		0.2	%		0.2	%		0.1	%
Other expense ratio		28.1	%		28.4	%		28.5	%		28.0	%		28.2	%
Payment fees credit		(0.5	%)		(0.5	%)		(0.4	%)		(0.4	%)		(0.4	%)
Total combined ratio		66.6	%		100.4	%		91.6	%		84.7	%		72.6	%
Effect of catastrophe losses		6.7	%		12.0	%		15.9	%		9.7	%		1.9	%
Combined ratio excluding catastrophes		59.9	%		88.4	%		75.7	%		75.0	%		70.7	%
Pre-Tax Catastrophe Losses
Auto	$	—		$	4		$	4		$	2		$	(1	)
Homeowners & Other		15			27			36			22			5
Total	$	15		$	31		$	40		$	24		$	4
Catastrophe points on combined ratios		2.0			4.3			5.5			3.4			0.5

30

INTERNATIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions, except actual number of sales	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
representatives)	2008			2009			2009			2009			2009			2008			2009
OPERATING REVENUES
Premiums	$	753		$	721		$	777		$	868		$	821		$	3,470		$	3,187
Universal life and investment-type product policy fees		248			210			226			222			403			1,095			1,061
Net investment income		234			168			359			395			271			1,180			1,193
Other revenues		5			2			2			4			6			18			14
Total operating revenues		1,240			1,101			1,364			1,489			1,501			5,763			5,455
OPERATING EXPENSES
Policyholder benefits and dividends		724			548			600			705			807			3,185			2,660
Interest credited to policyholder account balances		29			78			159			198			146			171			581
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(152	)		(145	)		(140	)		(164	)		(181	)		(798	)		(630	)
Amortization of deferred policy acquisition costs		133			95			98			79			143			381			415
Interest expense		4			2			1			3			2			9			8
Other expenses		374			336			436			481			544			2,079			1,797
Total operating expenses		1,112			914			1,154			1,302			1,461			5,027			4,831
Operating earnings before provision for income tax		128			187			210			187			40			736			624
Provision for income tax expense (benefit)		50			56			52			34			19			257			161
Operating earnings		78			131			158			153			21			479			463
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	78		$	131		$	158		$	153		$	21		$	479		$	463
Net Income Reconciliation
Operating earnings	$	78		$	131		$	158		$	153		$	21		$	479		$	463
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(109	)		454			(501	)		(574	)		(282	)		169			(903	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(9	)		5			(5	)		(3	)		(10	)		(36	)		(13	)
Equity method operating joint ventures realized gains (losses), net of offsets		64			20			(96	)		(35	)		(45	)		105			(156	)
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		(51	)		(22	)		39			(24	)		2			12			(5	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(1	)		1			(1	)		—			—			(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		(7	)		(5	)		(9	)		(7	)		(11	)		(28	)		(32	)
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		(7	)		(149	)		201			207			107			(147	)		366
Income (loss) from continuing operations, net of income tax		(42	)		435			(214	)		(283	)		(218	)		553			(280	)
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		(42	)		435			(214	)		(283	)		(218	)		553			(280	)
Less: Net income (loss) attributable to noncontrolling interest		(9	)		(5	)		(9	)		(5	)		(9	)		(27	)		(28	)
Net income (loss) attributable to MetLife, Inc.		(33	)		440			(205	)		(278	)		(209	)		580			(252	)
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(33	)	$	440		$	(205	)	$	(278	)	$	(209	)	$	580		$	(252	)
Premiums, Fees and Other Revenues	$	1,006		$	933		$	1,005		$	1,094		$	1,230		$	4,583		$	4,262
Actual Number of Sales Representatives		6,000			5,757			5,747			5,622			6,318

31

INTERNATIONAL — LATIN AMERICA REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)	2008			2009			2009			2009			2009			2008			2009
OPERATING REVENUES
Premiums	$	358		$	348		$	366		$	420		$	429		$	1,822		$	1,563
Universal life and investment-type product policy fees		133			122			136			133			156			614			547
Net investment income		244			119			191			193			119			1,103			622
Other revenues		5			1			1			3			2			14			7
Total operating revenues		740			590			694			749			706			3,553			2,739
OPERATING EXPENSES
Policyholder benefits and dividends		393			265			326			384			438			1,938			1,413
Interest credited to policyholder account balances		68			78			81			86			86			317			331
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		(34	)		(34	)		(41	)		(40	)		(45	)		(186	)		(160	)
Amortization of deferred policy acquisition costs		57			32			34			22			27			111			115
Interest expense		—			—			—			—			—			3			—
Other expenses		93			71			177			193			209			752			650
Total operating expenses		577			412			577			645			715			2,935			2,349
Operating earnings before provision for income tax		163			178			117			104			(9	)		618			390
Provision for income tax expense (benefit)		48			56			31			23			12			200			122
Operating earnings		115			122			86			81			(21	)		418			268
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	115		$	122		$	86		$	81		$	(21	)	$	418		$	268
Net Income Reconciliation
Operating earnings	$	115		$	122		$	86		$	81		$	(21	)	$	418		$	268
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(72	)		(17	)		23			(23	)		35			(129	)		18
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(6	)		8			—			2			(3	)		(27	)		7
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		(51	)		(22	)		39			(24	)		2			12			(5	)
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			—			—			—			—			—
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		29			3			(11	)		10			(5	)		20			(3	)
Income (loss) from continuing operations, net of income tax		15			94			137			46			8			294			285
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		15			94			137			46			8			294			285
Less: Net income (loss) attributable to noncontrolling interest		—			—			—			—			—			—			—
Net income (loss) attributable to MetLife, Inc.		15			94			137			46			8			294			285
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	15		$	94		$	137		$	46		$	8		$	294		$	285
Premiums, Fees and Other Revenues	$	496		$	471		$	503		$	556		$	587		$	2,450		$	2,117
Actual Number of Sales Representatives		139			118			120			114			126

32

INTERNATIONAL — ASIA PACIFIC REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)		2008			2009			2009			2009			2009				2008			2009
OPERATING REVENUES
Premiums		$	302		$	289		$	329		$	353		$	281			$	1,269		$	1,252
Universal life and investment-type product policy fees			109			76			78			78			230				440			462
Net investment income			(13	)		50			147			126			131				59			454
Other revenues			—			—			1			—			1				3			2
Total operating revenues			398			415			555			557			643				1,771			2,170
OPERATING EXPENSES
Policyholder benefits and dividends			305			258			253			292			323				1,152			1,126
Interest credited to policyholder account balances			(37	)		6			63			40			41				(131	)		150
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(75	)		(59	)		(75	)		(88	)		(90	)			(425	)		(312	)
Amortization of deferred policy acquisition costs			58			52			52			49			105				214			258
Interest expense			1			1			—			2			1				4			4
Other expenses			153			134			154			167			185				787			640
Total operating expenses			405			392			447			462			565				1,601			1,866
Operating earnings before provision for income tax			(7	)		23			108			95			78				170			304
Provision for income tax expense (benefit)			7			2			22			13			13				73			50
Operating earnings			(14	)		21			86			82			65				97			254
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(14	)	$	21		$	86		$	82		$	65			$	97		$	254
Net Income Reconciliation
Operating earnings		$	(14	)	$	21		$	86		$	82		$	65			$	97		$	254
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(30	)		469			(527	)		(555	)		(316	)			301			(929	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(3	)		(3	)		(5	)		(5	)		(7	)			(9	)		(20	)
Equity method operating joint ventures realized gains (losses), net of offsets			64			20			(96	)		(35	)		(45	)			105			(156	)
Real estate discontinued operations			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—			—				—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			(1	)		1			(1	)		—			—				(1	)		—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			—			—			—			—			—				—			—
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			(40	)		(152	)		213			198			112				(170	)		371
Income (loss) from continuing operations, net of income tax			(24	)		356			(330	)		(315	)		(191	)			323			(480	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			(24	)		356			(330	)		(315	)		(191	)			323			(480	)
Less: Net income (loss) attributable to noncontrolling interest			—			—			—			—			—				—			—
Net income (loss) attributable to MetLife, Inc.			(24	)		356			(330	)		(315	)		(191	)			323			(480	)
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(24	)	$	356		$	(330	)	$	(315	)	$	(191	)		$	323		$	(480	)
Premiums, Fees and Other Revenues		$	411		$	365		$	408		$	431		$	512			$	1,712		$	1,716
Actual Number of Sales Representatives			5,861			5,639			5,627			5,508			6,192

33

INTERNATIONAL — EUROPE/MIDDLE EAST/INDIA REGION
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year Ended
		December 31,			March 31,			June 30,			September 30,			December 31,				December 31,			December 31,
Unaudited (In millions, except actual number of sales representatives)		2008			2009			2009			2009			2009				2008			2009
OPERATING REVENUES
Premiums		$	93		$	84		$	82		$	95		$	111			$	379		$	372
Universal life and investment-type product policy fees			6			12			12			11			17				41			52
Net investment income			3			(1	)		21			76			21				18			117
Other revenues			—			1			—			1			3				1			5
Total operating revenues			102			96			115			183			152				439			546
OPERATING EXPENSES
Policyholder benefits and dividends			26			25			21			29			46				95			121
Interest credited to policyholder account balances			(2	)		(6	)		15			72			19				(15	)		100
Interest credited to bank deposits			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(43	)		(52	)		(24	)		(36	)		(46	)			(187	)		(158	)
Amortization of deferred policy acquisition costs			18			11			12			8			11				56			42
Interest expense			3			1			1			1			1				2			4
Other expenses			128			131			105			121			150				540			507
Total operating expenses			130			110			130			195			181				491			616
Operating earnings before provision for income tax			(28	)		(14	)		(15	)		(12	)		(29	)			(52	)		(70	)
Provision for income tax expense (benefit)			(5	)		(2	)		(1	)		(2	)		(6	)			(16	)		(11	)
Operating earnings			(23	)		(12	)		(14	)		(10	)		(23	)			(36	)		(59	)
Preferred stock dividends			—			—			—			—			—				—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	(23	)	$	(12	)	$	(14	)	$	(10	)	$	(23	)		$	(36	)	$	(59	)
Net Income Reconciliation
Operating earnings		$	(23	)	$	(12	)	$	(14	)	$	(10	)	$	(23	)		$	(36	)	$	(59	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)			(7	)		2			3			4			(1	)			(3	)		8
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)			—			—			—			—			—				—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—			—				—			—
Equity method operating joint ventures realized gains (losses), net of offsets			—			—			—			—			—				—			—
Real estate discontinued operations			—			—			—			—			—				—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)			—			—			—			—			—				—			—
Changes in experience-rated contract liabilities due to asset value fluctuations			—			—			—			—			—				—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting			—			—			—			—			—				—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)			—			—			—			—			—				—			—
Other expenses:
Noncontrolling interest			(7	)		(5	)		(9	)		(7	)		(11	)			(28	)		(32	)
Business combination costs			—			—			—			—			—				—			—
Provision for income tax expense (benefit)			4			—			(1	)		(1	)		—				3			(2	)
Income (loss) from continuing operations, net of income tax			(33	)		(15	)		(21	)		(14	)		(35	)			(64	)		(85	)
Income (loss) from discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income (loss)			(33	)		(15	)		(21	)		(14	)		(35	)			(64	)		(85	)
Less: Net income (loss) attributable to noncontrolling interest			(9	)		(5	)		(9	)		(5	)		(9	)			(27	)		(28	)
Net income (loss) attributable to MetLife, Inc.			(24	)		(10	)		(12	)		(9	)		(26	)			(37	)		(57	)
Less: Preferred stock dividends			—			—			—			—			—				—			—
Net income (loss) available to MetLife, Inc.’s common shareholders		$	(24	)	$	(10	)	$	(12	)	$	(9	)	$	(26	)		$	(37	)	$	(57	)
Premiums, Fees and Other Revenues		$	99		$	97		$	94		$	107		$	131			$	421		$	429
Actual Number of Sales Representatives			—			—			—			—			—

34

BANKING, CORPORATE & OTHER

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	1		$	2		$	4		$	5		$	8		$	27		$	19
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		158			51			135			120			171			808			477
Other revenues		119			267			281			274			270			184			1,092
Total operating revenues		278			320			420			399			449			1,019			1,588
OPERATING EXPENSES
Policyholder benefits and dividends		11			—			3			—			1			46			4
Interest credited to policyholder account balances		6			—			—			—			—			7			—
Interest credited to bank deposits		43			43			40			37			43			166			163
Capitalization of deferred policy acquisition costs		1			—			—			—			—			(3	)		—
Amortization of deferred policy acquisition costs		—			—			2			—			1			5			3
Interest expense		268			240			252			270			265			1,033			1,027
Other expenses		308			287			331			297			421			699			1,336
Total operating expenses		637			570			628			604			731			1,953			2,533
Operating earnings before provision for income tax		(359	)		(250	)		(208	)		(205	)		(282	)		(934	)		(945	)
Provision for income tax expense (benefit)		(167	)		(102	)		(145	)		(167	)		(203	)		(495	)		(617	)
Operating earnings		(192	)		(148	)		(63	)		(38	)		(79	)		(439	)		(328	)
Preferred stock dividends		31			30			31			30			31			125			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(223	)	$	(178	)	$	(94	)	$	(68	)	$	(110	)	$	(564	)	$	(450	)
Net Income Reconciliation
Operating earnings	$	(192	)	$	(148	)		(63	)	$	(38	)	$	(79	)	$	(439	)	$	(328	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,042			304			(501	)		(517	)		(29	)		947			(743	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(1	)		2			12			9			13			22
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		3			2			(11	)		—			2			4			(7	)
Business combination costs		—			(11	)		—			(22	)		2			—			(31	)
Provision for income tax expense (benefit)		(369	)		(108	)		186			187			89			(352	)		354
Income (loss) from continuing operations, net of income tax		481			38			(387	)		(378	)		(6	)		173			(733	)
Income (loss) from discontinued operations, net of income tax		58			12			—			(2	)		(4	)		(201	)		6
Net income (loss)		539			50			(387	)		(380	)		(10	)		(28	)		(727	)
Less: Net income (loss) attributable to noncontrolling interest		2			1			(7	)		—			1			96			(5	)
Net income (loss) attributable to MetLife, Inc.		537			49			(380	)		(380	)		(11	)		(124	)		(722	)
Less: Preferred stock dividends		31			30			31			30			31			125			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	506		$	19		$	(411	)	$	(410	)	$	(42	)	$	(249	)	$	(844	)
Premiums, Fees and Other Revenues	$	120		$	269		$	285		$	279		$	278		$	211		$	1,111

35

BANKING, CORPORATE & OTHER — BANKING
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		115			121			129			115			119			380			484
Other revenues		94			255			271			264			258			127			1,048
Total operating revenues		209			376			400			379			377			507			1,532
OPERATING EXPENSES
Policyholder benefits and dividends		—			—			—			—			—			—			—
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		43			43			40			37			43			166			163
Capitalization of deferred policy acquisition costs		—			—			—			—			—			—			—
Amortization of deferred policy acquisition costs		—			—			—			—			—			—			—
Interest expense		18			13			14			16			13			58			56
Other expenses		129			202			229			178			214			216			823
Total operating expenses		190			258			283			231			270			440			1,042
Operating earnings before provision for income tax		19			118			117			148			107			67			490
Provision for income tax expense (benefit)		6			41			41			68			42			23			192
Operating earnings		13			77			76			80			65			44			298
Preferred stock dividends		—			—			—			—			—			—			—
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	13		$	77		$	76		$	80		$	65		$	44		$	298
Net Income Reconciliation
Operating earnings	$	13		$	77			76		$	80		$	65		$	44		$	298
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(13	)		(55	)		(15	)		(42	)		(18	)		(17	)		(130	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			1			—			1			—			2
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		—			—			1			—			1			—			2
Business combination costs		—			—			—			—			—			—			—
Provision for income tax expense (benefit)		4			19			5			19			8			6			51
Income (loss) from continuing operations, net of income tax		4			41			68			57			57			33			223
Income (loss) from discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income (loss)		4			41			68			57			57			33			223
Less: Net income (loss) attributable to noncontrolling interest		—			—			1			—			—			—			1
Net income (loss) attributable to MetLife, Inc.		4			41			67			57			57			33			222
Less: Preferred stock dividends		—			—			—			—			—			—			—
Net income (loss) available to MetLife, Inc.’s common shareholders	$	4		$	41		$	67		$	57		$	57		$	33		$	222
Premiums, Fees and Other Revenues	$	94		$	255		$	271		$	264		$	258		$	127		$	1,048

36

BANKING, CORPORATE & OTHER — CORPORATE & OTHER
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
OPERATING REVENUES
Premiums	$	1		$	2		$	4		$	5		$	8		$	27		$	19
Universal life and investment-type product policy fees		—			—			—			—			—			—			—
Net investment income		43			(70	)		6			5			52			428			(7	)
Other revenues		25			12			10			10			12			57			44
Total operating revenues		69			(56	)		20			20			72			512			56
OPERATING EXPENSES
Policyholder benefits and dividends		11			—			3			—			1			46			4
Interest credited to policyholder account balances		6			—			—			—			—			7			—
Interest credited to bank deposits		—			—			—			—			—			—			—
Capitalization of deferred policy acquisition costs		1			—			—			—			—			(3	)		—
Amortization of deferred policy acquisition costs		—			—			2			—			1			5			3
Interest expense		250			227			238			254			252			975			971
Other expenses		179			85			102			119			207			483			513
Total operating expenses		447			312			345			373			461			1,513			1,491
Operating earnings before provision for income tax		(378	)		(368	)		(325	)		(353	)		(389	)		(1,001	)		(1,435	)
Provision for income tax expense (benefit)		(173	)		(143	)		(186	)		(235	)		(245	)		(518	)		(809	)
Operating earnings		(205	)		(225	)		(139	)		(118	)		(144	)		(483	)		(626	)
Preferred stock dividends		31			30			31			30			31			125			122
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(236	)	$	(255	)	$	(170	)	$	(148	)	$	(175	)	$	(608	)	$	(748	)
Net Income Reconciliation
Operating earnings	$	(205	)	$	(225	)		(139	)	$	(118	)	$	(144	)	$	(483	)	$	(626	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		1,055			359			(486	)		(475	)		(11	)		964			(613	)
Universal life and investment-type product policy fees — amortization of unearned revenue related to net investment gains (losses)		—			—			—			—			—			—			—
Net investment income:
Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		(3	)		(1	)		1			12			8			13			20
Equity method operating joint ventures realized gains (losses), net of offsets		—			—			—			—			—			—			—
Real estate discontinued operations		—			—			—			—			—			—			—
Policyholder benefits and policyholder dividends:
Changes in policyholder dividend obligations related to net investment gains (losses)		—			—			—			—			—			—			—
Changes in experience-rated contract liabilities due to asset value fluctuations		—			—			—			—			—			—			—
Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		—			—			—			—			—			—			—
Amortization of deferred acquisition costs — related to net investment gains (losses)		—			—			—			—			—			—			—
Other expenses:
Noncontrolling interest		3			2			(12	)		—			1			4			(9	)
Business combination costs		—			(11	)		—			(22	)		2			—			(31	)
Provision for income tax expense (benefit)		(373	)		(127	)		181			168			81			(358	)		303
Income (loss) from continuing operations, net of income tax		477			(3	)		(455	)		(435	)		(63	)		140			(956	)
Income (loss) from discontinued operations, net of income tax		58			12			—			(2	)		(4	)		(201	)		6
Net income (loss)		535			9			(455	)		(437	)		(67	)		(61	)		(950	)
Less: Net income (loss) attributable to noncontrolling interest		2			1			(8	)		—			1			96			(6	)
Net income (loss) attributable to MetLife, Inc.		533			8			(447	)		(437	)		(68	)		(157	)		(944	)
Less: Preferred stock dividends		31			30			31			30			31			125			122
Net income (loss) available to MetLife, Inc.’s common shareholders	$	502		$	(22	)	$	(478	)	$	(467	)	$	(99	)	$	(282	)	$	(1,066	)
Premiums, Fees and Other Revenues	$	26		$	14		$	14		$	15		$	20		$	84		$	63

37

BANKING, CORPORATE & OTHER — BANKING (1)

SUPPLEMENTAL INFORMATION

	At or For the Three Months Ended															At or For the Year Ended
Unaudited (In millions, except ratios)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			December 31, 2008			December 31, 2009
The following supplemental information for MetLife Bank is presented in accordance with Banking Standards:
Income Statement
Net interest income, net of interest expense	$	51		$	60		$	73		$	66		$	64		$	147		$	263
Provision for credit losses		(7	)		(42	)		(14	)		(27	)		6			(11	)		(77	)
Non interest income		98			248			275			248			242			137			1,013
Non interest expense		(137	)		(203	)		(231	)		(181	)		(220	)		(223	)		(835	)
Income before taxes		5			63			103			106			92			50			364
Income tax expense		1			22			36			49			35			17			142
Net income	$	4		$	41		$	67		$	57		$	57		$	33		$	222
Selected Balance Sheet Accounts
Loans Held-for-Investment:
Commercial Loans & Mortgages	$	2,163		$	2,136		$	2,016		$	1,965		$	2,079
Consumer		641			624			724			805			834
Agriculture		192			194			185			176			173
Total Loans		2,996			2,954			2,925			2,946			3,086
Allowance for Loan Losses		(32	)		(74	)		(87	)		(101	)		(93	)
Total Loans Held-for-Investments (Net)	$	2,964		$	2,880		$	2,838		$	2,845		$	2,993
Net Charge-offs	$	(0.1	)	$	0.3		$	0.5		$	12.7		$	2.0		$	1.0		$	15.5
Loans Held-for-Sale	$	1,995		$	3,970		$	4,271		$	2,442		$	2,728
Total Assets	$	10,274		$	14,816		$	14,640		$	13,140		$	14,107
Total Deposits	$	6,884		$	7,531		$	7,806		$	8,372		$	10,211
Key Ratios & Statistics
Tier 1 Capital	$	629		$	755		$	806		$	860		$	898
Risk Weighted Assets	$	5,368		$	7,270		$	7,764		$	6,796		$	7,381
Tier 1 Capital Ratio		11.72	%		10.39	%		10.39	%		12.65	%		12.16	%
Total Capital Ratio		12.32	%		11.40	%		11.52	%		13.90	%		13.41	%
Tier 1 Leverage		6.51	%		6.56	%		6.22	%		6.37	%		6.64	%
Net Interest Margin		2.24	%		2.12	%		2.30	%		2.20	%		1.98	%		1.91	%		2.13	%
Allowance / Total Loans		1.06	%		2.49	%		2.97	%		3.44	%		3.01	%
Allowance / Non Performing Assets		182.86	%		377.55	%		430.69	%		135.94	%		113.00	%

(1) All amounts on this page relate to MetLife Bank only.

38

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	At or For the Three Months Ended
Unaudited (In millions)	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Fixed Maturity Securities
Yield (1)		6.18	%		5.70	%		5.91	%		5.89	%		5.59	%
Investment income (2)	$	2,973		$	2,800		$	3,036		$	3,090		$	2,973
Investment gains (losses)		(526	)		(609	)		(378	)		(455	)		(221	)
Ending carrying value (2)		189,197			192,337			213,034			225,866			230,026
Mortgage Loans
Yield (1)		6.05	%		5.32	%		5.37	%		5.33	%		5.50	%
Investment income (3)		737			680			694			675			686
Investment gains (losses)		(99	)		(146	)		(125	)		(129	)		(42	)
Ending carrying value		51,364			53,044			52,500			50,681			50,909
Real Estate and Real Estate Joint Ventures (4)
Yield (1)		(2.36	%)		(9.19	%)		(8.83	%)		(6.09	%)		(5.64	%)
Investment income (losses)		(44	)		(172	)		(162	)		(109	)		(98	)
Investment gains (losses)		(13	)		(25	)		(68	)		(70	)		7
Ending carrying value		7,586			7,381			7,296			7,032			6,896
Policy Loans
Yield (1)		6.32	%		6.40	%		6.51	%		6.56	%		6.67	%
Investment income		154			157			161			163			167
Ending carrying value		9,802			9,851			9,907			10,001			10,061
Equity Securities
Yield (1)		6.25	%		3.92	%		6.01	%		4.50	%		6.13	%
Investment income		59			37			54			37			47
Investment gains (losses)		(63	)		(269	)		(108	)		(53	)		31
Ending carrying value		3,197			2,817			3,045			3,117			3,084
Other Limited Partnership Interests
Yield (1)		(20.14	%)		(19.79	%)		5.46	%		9.75	%		16.90	%
Investment income (losses)		(311	)		(253	)		72			127			227
Investment gains (losses)		(109	)		(97	)		(247	)		(12	)		—
Ending carrying value		6,039			5,365			5,193			5,255			5,508
Cash and Short-term Investments
Yield (1)		0.71	%		0.48	%		0.45	%		0.45	%		0.34	%
Investment income		48			36			24			20			14
Investment gains (losses)		2			(2	)		2			5			1
Ending carrying value		38,085			30,320			21,330			22,423			18,486
Other Invested Assets (4), (5), (6)
Investment income		120			92			98			54			95
Investment gains (losses)		2,973			233			(3,033	)		(1,455	)		(739	)
Ending carrying value		17,248			15,130			13,071			13,916			12,709
Total Investments
Gross investment income yield (1)		4.86	%		4.24	%		5.02	%		5.14	%		5.21	%
Investment fees and expenses yield		(0.15	%)		(0.13	%)		(0.15	%)		(0.13	%)		(0.14	%)
Net Investment Income Yield		4.71	%		4.11	%		4.87	%		5.01	%		5.07	%
Gross investment income		3,736			3,377			3,977			4,057			4,111
Investment fees and expenses		(115	)		(103	)		(118	)		(101	)		(111	)
Net Investment Income (7)	$	3,621		$	3,274		$	3,859		$	3,956		$	4,000
Ending carrying value	$	322,518		$	316,245		$	325,376		$	338,291		$	337,679
Gross investment gains	$	782		$	571		$	263		$	299		$	416
Gross investment losses		(737	)		(535	)		(546	)		(489	)		(272	)
Writedowns		(546	)		(1,041	)		(846	)		(661	)		(297	)
Subtotal		(501	)		(1,005	)		(1,129	)		(851	)		(153	)
Derivatives not qualifying for hedge accounting (6)		2,666			90			(2,828	)		(1,318	)		(810	)
Investment Gains (Losses) (4)		2,165			(915	)		(3,957	)		(2,169	)		(963	)
Investment gains (losses) income tax benefit (provision)		(804	)		325			1,394			751			406
Investment Gains (Losses), net of income tax	$	1,361		$	(590	)	$	(2,563	)	$	(1,418	)	$	(557	)

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $946 million, $922 million, $1,471 million, $1,970 million and $2,384 million in ending carrying value, and ($56) million, $17 million, $130 million, $163 million and $90 million of investment income (loss) related to trading securities at or for the three months ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(3)	Investment income from mortgage loans includes prepayment fees.
(4)	Net investment gains (losses) presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented below for the three months ended:

	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
Investment gains (losses) — per yield table above	$	2,165		$	(915	)	$	(3,957	)	$	(2,169	)	$	(963	)
• Real estate discontinued operations		(8	)		—			—			—			(8	)
• Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		50			31			32			(4	)		29
• Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		10			(2	)		—			(1	)		(1	)
• Hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures		(64	)		(20	)		96			35			45
Investment gains (losses) — per GAAP	$	2,153		$	(906	)	$	(3,829	)	$	(2,139	)	$	(898	)

(5)	Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated 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.
(6)	Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $5,287 million, ($1,127) million, ($3,621) million, ($732) million and ($1,144) million; and embedded derivatives of ($2,621) million, $1,217 million, $793 million, ($586) million and $334 million for the three months ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(7)	Net investment income presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses) as presented on page 2 — Corporate Overview.

39

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

	At or For the Year-to-Date Period Ended
		December 31,			March 31,			June 30,			September 30,			December 31,
Unaudited (In millions)		2008			2009			2009			2009			2009
Fixed Maturity Securities
Yield (1)			6.40	%		5.70	%		5.81	%		5.83	%		5.77	%
Investment income (2)		$	12,403		$	2,800		$	5,836		$	8,926		$	11,899
Investment gains (losses)			(1,953	)		(609	)		(987	)		(1,442	)		(1,663	)
Ending carrying value (2)			189,197			192,337			213,034			225,866			230,026
Mortgage Loans
Yield (1)			6.08	%		5.32	%		5.35	%		5.34	%		5.38	%
Investment income (3)			2,774			680			1,374			2,049			2,735
Investment gains (losses)			(136	)		(146	)		(271	)		(400	)		(442	)
Ending carrying value			51,364			53,044			52,500			50,681			50,909
Real Estate and Real Estate Joint Ventures (4)
Yield (1)			2.98	%		(9.19	%)		(9.01	%)		(8.05	%)		(7.47	%)
Investment income (losses)			217			(172	)		(334	)		(443	)		(541	)
Investment gains (losses)			(9	)		(25	)		(93	)		(163	)		(156	)
Ending carrying value			7,586			7,381			7,296			7,032			6,896
Policy Loans
Yield (1)			6.22	%		6.40	%		6.45	%		6.49	%		6.54	%
Investment income			601			157			318			481			648
Ending carrying value			9,802			9,851			9,907			10,001			10,061
Equity Securities
Yield (1)			5.25	%		3.92	%		4.94	%		4.83	%		5.12	%
Investment income			249			37			91			128			175
Investment gains (losses)			(253	)		(269	)		(377	)		(430	)		(399	)
Ending carrying value			3,197			2,817			3,045			3,117			3,084
Other Limited Partnership Interests
Yield (1)			(2.77	%)		(19.79	%)		(6.59	%)		(1.32	%)		3.22	%
Investment income (losses)			(170	)		(253	)		(181	)		(54	)		173
Investment gains (losses)			(140	)		(97	)		(344	)		(356	)		(356	)
Ending carrying value			6,039			5,365			5,193			5,255			5,508
Cash and Short-term Investments
Yield (1)			1.62	%		0.48	%		0.47	%		0.46	%		0.44	%
Investment income			307			36			60			80			94
Investment gains (losses)			3			(2	)		—			5			6
Ending carrying value			38,085			30,320			21,330			22,423			18,486
Other Invested Assets (4), (5), (6), (7)
Investment income			279			92			190			244			339
Investment gains (losses)			4,363			233			(2,800	)		(4,255	)		(4,994	)
Ending carrying value			17,248			15,130			13,071			13,916			12,709
Total Investments
Gross investment income yield (1)			5.68	%		4.24	%		4.63	%		4.80	%		4.90	%
Investment fees and expenses yield			(0.16	%)		(0.13	%)		(0.14	%)		(0.14	%)		(0.14	%)
Net Investment Income Yield			5.52	%		4.11	%		4.49	%		4.66	%		4.76	%
Gross investment income			16,660			3,377			7,354			11,411			15,522
Investment fees and expenses			(460	)		(103	)		(221	)		(322	)		(433	)
Net Investment Income (8)		$	16,200		$	3,274		$	7,133		$	11,089		$	15,089
Ending carrying value		$	322,518		$	316,245		$	325,376		$	338,291		$	337,679
Gross investment gains		$	2,579		$	571		$	834		$	1,133		$	1,549
Gross investment losses (7)			(2,084	)		(535	)		(1,081	)		(1,570	)		(1,842	)
Writedowns (7)			(2,042	)		(1,041	)		(1,887	)		(2,548	)		(2,845	)
Subtotal			(1,547	)		(1,005	)		(2,134	)		(2,985	)		(3,138	)
Derivatives not qualifying for hedge accounting (6), (7)			3,422			90			(2,738	)		(4,056	)		(4,866	)
Investment Gains (Losses) (4)			1,875			(915	)		(4,872	)		(7,041	)		(8,004	)
Investment gains (losses) income tax benefit (provision)			(733	)		325			1,719			2,470			2,876
Investment Gains (Losses), net of income tax		$	1,142		$	(590	)	$	(3,153	)	$	(4,571	)	$	(5,128	)

(1)	Yields are based on average of quarterly asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average of quarterly ending assets exclude collateral received from counterparties associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $946 million, $922 million, $1,471 million, $1,970 million and $2,384 million in ending carrying value, and ($193) million, $17 million, $147 million, $310 million and $400 million of investment income (loss) related to trading securities at or for the year-to-date period ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(3)	Investment income from mortgage loans includes prepayment fees.
(4)	Net investment gains (losses) presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented below for the year-to-date period ended:

	December 31,			March 31,			June 30,			September 30,			December 31,
	2008			2009			2009			2009			2009
Investment gains (losses) — per yield table above	$	1,875		$	(915	)	$	(4,872	)	$	(7,041	)	$	(8,004	)
• Real estate discontinued operations		(8	)		—			—			—			(8	)
• Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		5			31			63			59			88
• Interest credited to policyholder account balances — scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting		45			(2	)		(2	)		(3	)		(4	)
• Hedged embedded derivatives related to certain variable annuities with guarantees of consolidated entities and operating joint ventures		(105	)		(20	)		76			111			156
Investment gains (losses) — per GAAP	$	1,812		$	(906	)	$	(4,735	)	$	(6,874	)	$	(7,772	)

(5)	Other invested assets is principally comprised of freestanding derivatives with positive estimated fair values and leveraged leases. Freestanding derivatives with negative estimated 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.
(6)	The components of investment gains (losses) for the year-to-date period ended December 31, 2008, are shown net of a realized gain under purchased credit default swaps that offsets losses incurred on certain fixed maturity securities.
(7)	Derivatives not qualifying for hedge accounting is comprised of amounts for freestanding derivatives of $6,072 million, ($1,127) million, ($4,748) million, ($5,480) million and ($6,624) million; and embedded derivatives of ($2,650) million, $1,217 million, $2,010 million, $1,424 million and $1,758 million for the year-to-date period ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009, respectively.
(8)	Net investment income presented in this yield table varies from the amounts presented in accordance with GAAP due to certain reclassifications made between net investment income and net investment gains (losses), as presented on the following pages: (i) Insurance Products, page 12, (ii) Retirement Products, page 19, (iii) Corporate Benefit Funding, page 23, (iv) Auto & Home, page 27, (v) International, page 31, and (vi) Banking, Corporate & Other, page 35.

40

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE (1)

	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	8,034		27.9	%	$	6,951		24.2	%	$	6,220		31.9	%	$	4,050		35.4	%	$	4,815		45.9	%
20% or more for less than six months		17,191		59.6	%		12,494		43.4	%		1,973		10.1	%		540		4.7	%		713		6.8	%
20% or more for six months or greater		3,596		12.5	%		9,312		32.4	%		11,320		58.0	%		6,850		59.9	%		4,958		47.3	%
Total Gross Unrealized Losses	$	28,821		100.0	%	$	28,757		100.0	%	$	19,513		100.0	%	$	11,440		100.0	%	$	10,486		100.0	%
Total Gross Unrealized Gains	$	7,564				$	5,562				$	5,582				$	10,062				$	8,419
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	75		7.7	%	$	25		2.1	%	$	26		3.6	%	$	85		21.3	%	$	83		30.2	%
20% or more for less than six months		519		53.0	%		490		40.8	%		143		19.8	%		13		3.3	%		14		5.1	%
20% or more for six months or greater		384		39.3	%		687		57.1	%		552		76.6	%		300		75.4	%		178		64.7	%
Total Gross Unrealized Losses	$	978		100.0	%	$	1,202		100.0	%	$	721		100.0	%	$	398		100.0	%	$	275		100.0	%
Total Gross Unrealized Gains	$	44				$	32				$	87				$	166				$	172

(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 fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for six months or greater.

41

METLIFE, INC.
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE

BY SECTOR AND QUALITY DISTRIBUTION

	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities	$	63,303		33.6	%	$	60,714		31.7	%	$	65,981		31.2	%	$	71,642		32.1	%	$	72,187		31.7	%
Residential mortgage-backed securities		36,028		19.2	%		38,115		19.9	%		41,798		19.8	%		43,397		19.4	%		44,020		19.3	%
Foreign corporate securities		29,679		15.8	%		29,405		15.4	%		33,607		15.9	%		36,592		16.3	%		38,030		16.7	%
U.S. Treasury, agency and government guaranteed securities		21,310		11.3	%		24,649		12.9	%		27,673		13.1	%		25,467		11.4	%		25,447		11.2	%
Commercial mortgage-backed securities		12,644		6.7	%		12,981		6.8	%		13,995		6.6	%		15,535		6.9	%		15,622		6.9	%
Asset-backed securities		10,523		5.6	%		11,032		5.7	%		12,414		5.8	%		13,251		5.9	%		13,162		5.8	%
Foreign government securities		10,153		5.4	%		9,384		4.9	%		10,560		5.0	%		11,447		5.1	%		11,947		5.2	%
State and political subdivision securities		4,557		2.4	%		5,112		2.7	%		5,517		2.6	%		6,549		2.9	%		7,208		3.2	%
Other fixed maturity securities		54		0.0	%		23		0.0	%		18		0.0	%		16		0.0	%		19		0.0	%
Total fixed maturity securities available-for-sale	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%	$	227,642		100.0	%
NAIC RATING            RATING AGENCY DESIGNATION
	(1)					(1)					(1)					(1)					(2)
1                     Aaa / Aa / A	$	137,125		72.9	%	$	137,190		71.7	%	$	147,337		69.6	%	$	153,893		68.7	%	$	151,136		66.4	%
2                     Baa		38,761		20.6	%		39,346		20.6	%		45,949		21.7	%		48,612		21.7	%		56,305		24.7	%
3                     Ba		7,796		4.1	%		8,697		4.5	%		9,598		4.6	%		9,860		4.4	%		12,003		5.3	%
4                     B		3,779		2.0	%		4,368		2.3	%		5,717		2.7	%		5,927		2.7	%		6,461		2.9	%
5                     Caa and lower		715		0.4	%		1,734		0.9	%		2,756		1.3	%		5,330		2.4	%		1,425		0.6	%
6                     In or near default		75		0.0	%		80		0.0	%		206		0.1	%		274		0.1	%		312		0.1	%
Total fixed maturity securities available-for-sale	$	188,251		100.0	%	$	191,415		100.0	%	$	211,563		100.0	%	$	223,896		100.0	%	$	227,642		100.0	%

(1)

Amounts presented are based on rating agency designations and equivalent ratings of the National Association of Insurance Commissioners (“NAIC”). The rating agency designations are based on availability of applicable ratings from those rating agencies on the NAIC acceptable rating organizations list.

(2)

Amounts presented are based on rating agency designations and equivalent ratings of the NAIC, with the exception of non-agency residential mortgage-backed securities held by the Company’s domestic insurance subsidiaries. Amounts presented for non-agency residential mortgage-backed securities held by the Company’s domestic insurance subsidiaries are based on final ratings from the revised NAIC rating methodology which became effective December 31, 2009 which may not correspond to the rating agency designations. Specifically, certain non-agency residential mortgage-backed securities rated Caa and lower and In or near default based on rating agency designations, are presented at December 31, 2009 with their final NAIC rating ranging from NAIC 1 to NAIC 4 based on the revised NAIC rating methodology effective December 31, 2009.

SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE

	December 31, 2008					March 31, 2009					June 30, 2009					September 30, 2009					December 31, 2009
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	8,837		24.6	%	$	8,757		24.4	%	$	8,679		24.8	%	$	8,806		25.3	%	$	8,684		25.1	%
South Atlantic		8,101		22.5	%		8,064		22.5	%		7,627		21.8	%		7,454		21.4	%		7,342		21.2	%
Middle Atlantic		5,931		16.5	%		6,129		17.1	%		5,879		16.8	%		5,639		16.2	%		5,948		17.2	%
International		3,414		9.5	%		3,350		9.3	%		3,461		9.9	%		3,590		10.3	%		3,564		10.3	%
West South Central		3,070		8.5	%		3,006		8.4	%		2,908		8.3	%		2,906		8.3	%		2,870		8.3	%
East North Central		2,591		7.2	%		2,580		7.2	%		2,561		7.3	%		2,545		7.3	%		2,487		7.2	%
New England		1,529		4.3	%		1,517		4.2	%		1,465		4.2	%		1,451		4.2	%		1,414		4.1	%
Mountain		1,052		2.9	%		1,049		2.9	%		1,044		3.0	%		1,039		3.0	%		944		2.7	%
West North Central		716		2.0	%		682		1.9	%		677		1.9	%		667		2.0	%		641		1.9	%
East South Central		468		1.3	%		465		1.4	%		462		1.3	%		460		1.3	%		443		1.3	%
Other		256		0.7	%		254		0.7	%		254		0.7	%		253		0.7	%		250		0.7	%
Total	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%
Office	$	15,307		42.6	%	$	15,215		42.4	%	$	14,832		42.3	%	$	14,988		43.1	%		14,986		43.3	%
Retail		8,038		22.3	%		8,002		22.3	%		7,941		22.7	%		8,081		23.2	%		7,870		22.8	%
Apartments		4,113		11.4	%		4,062		11.3	%		3,838		11.0	%		3,725		10.7	%		3,696		10.7	%
Hotel		3,078		8.6	%		3,058		8.6	%		3,076		8.8	%		2,967		8.5	%		2,947		8.5	%
Industrial		2,901		8.1	%		2,818		7.9	%		2,802		8.0	%		2,804		8.1	%		2,759		8.0	%
Other		2,528		7.0	%		2,698		7.5	%		2,528		7.2	%		2,245		6.4	%		2,329		6.7	%
Total	$	35,965		100.0	%	$	35,853		100.0	%	$	35,017		100.0	%	$	34,810		100.0	%	$	34,587		100.0	%

42

METLIFE, INC.

SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT VENTURES

	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2008		2009		2009		2009		2009
Wholly-owned	$	4,062	$	4,059	$	4,069	$	4,061	$	4,071
Joint ventures		3,522		3,319		3,141		2,846		2,698
Subtotal		7,584		7,378		7,210		6,907		6,769
Foreclosed		2		3		86		125		127
Total Real Estate and Real Estate Joint Ventures (1)	$	7,586	$	7,381	$	7,296	$	7,032	$	6,896

SUMMARY OF MORTGAGE LOANS

	December 31,		March 31,		June 30,		September 30,		December 31,
Unaudited (In millions)	2008		2009		2009		2009		2009
Commercial mortgage loans	$	35,965	$	35,853	$	35,017	$	34,810	$	34,587
Agricultural mortgage loans		12,234		12,066		11,913		12,059		12,140
Residential and consumer loans		1,153		1,155		1,299		1,370		1,454
Mortgage loans held-for-sale		2,012		3,970		4,271		2,442		2,728
Total	$	51,364	$	53,044	$	52,500	$	50,681	$	50,909

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

43

Company Ratings as of February 1, 2010

     Insurer financial strength ratings represent the opinions of rating agencies, including A.M. Best Company (“A.M. Best”), Fitch Ratings Insurance Group (“Fitch”), Moody’s Investors Service (“Moody’s”) and Standard & Poor’s (“S&P”), regarding the ability of an insurance company to meet its financial obligations to policyholders and contractholders. Credit ratings represent the opinions of rating agencies regarding an issuer’s ability to repay its indebtedness. Our insurer financial strength ratings and credit ratings as of February 1, 2010 are listed in the tables below:

	A.M. Best	Fitch	Moody’s	S&P*
Insurer Financial Strength Ratings
First MetLife Investors Insurance Co.	A+	NR	NR	AA-
General American Life Insurance Company	A+	AA-	Aa3	AA-
MetLife Insurance Company of Connecticut	A+	AA-	Aa3	AA-
MetLife Investors Insurance Company	A+	AA-	Aa3	AA-
MetLife Investors USA Insurance Company	A+	AA-	Aa3	AA-
Metropolitan Casualty Insurance Company	A	NR	NR	NR
Metropolitan Direct Property and Casualty Insurance Co.	A	NR	NR	NR
Metropolitan General Insurance Company	A	NR	NR	NR
Metropolitan Group Property & Casualty Insurance Co.	A	NR	NR	NR
Metropolitan Life Insurance Company	A+	AA-	Aa3	AA-
Metropolitan Lloyds Insurance Company of Texas	A	NR	NR	NR
Metropolitan Property and Casualty Insurance Company	A	NR	NR	NR
Metropolitan Tower Life Insurance Company	A+	NR	Aa3	NR
New England Life Insurance Company	A+	AA-	Aa3	AA-
Credit Ratings
MetLife Short Term Funding LLC
Commercial Paper	NR	NR	P-1	A-1+
General American Life Insurance Company
(Surplus Notes)	a	NR	A2	A
MetLife, Inc.
Commercial Paper	AMB-1	F1	P-2	A-2
Senior Unsecured Debt	a-	A-	A3	A-
Subordinated Debt	bbb+	NR	Baa1	NR
Junior Subordinated Debt	bbb	BBB	Baa2	BBB
Preferred Stock	bbb	NR	Baa2	BBB
Non-Cumulative Perpetual Preferred Stock	bbb	BBB	Baa2	BBB-
MetLife Capital Trust IV & X
Trust Securities	bbb	BBB	Baa2	BBB
MetLife Funding, Inc.
Commercial Paper	AMB-1+	F1+	P-1	A-1+
Metropolitan Life Global Funding I
Senior Secured Debt	aa-	NR	Aa3	AA-
MetLife Institutional Funding I, LLC
Senior Secured Debt	aa-	NR	Aa3	AA-
Metropolitan Life Insurance Company
Surplus Notes	a	A	A2	A

*	Currently on negative outlook
NR	Not Rated

44