8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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): March 23, 2012

METLIFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	1-15787	13-4075851
(State or Other Jurisdiction of Incorporation)	(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):

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

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

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

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

TABLE OF CONTENTS

EX - 99.1

Item 7.01 Regulation FD Disclosure.

The slide presentation attached hereto as Exhibit 99.1, and incorporated herein by reference, will be presented at the UBS Asset Gathering Conference on March 23, 2012 and may be used by MetLife, Inc. in various other presentations to investors. The slide presentation is 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 Slide presentation to be presented at the UBS Asset Gathering Conference on March 23, 2012. The slide presentation is furnished and not filed pursuant to Instruction B.2 of Form 8-K.

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/ Christine M. DeBiase
	Name: Christine M. DeBiase
	Title: Vice President and Secretary

Date: March 23, 2012

EXHIBIT INDEX

EXHIBIT NUMBER	EXHIBIT
99.1	Slide presentation to be presented at the UBS Asset Gathering Conference on March 23, 2012. The slide presentation is furnished and not filed pursuant to Instruction B.2 of Form 8-K.

EX-99.1

Eric Steigerwalt

Executive Vice President &

Interim Chief Financial Officer

March 23, 2012

Exhibit 99.1

Safe Harbor

These materials 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 the actual future results of MetLife, Inc., its subsidiaries and affiliates. 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 (the “SEC”). These factors include: (1) difficult conditions in the global capital

markets; (2) concerns over U.S. fiscal policy and the trajectory of the national debt of the U.S., as well as rating agency downgrades of U.S. Treasury securities; (3) uncertainty about

the effectiveness of governmental and regulatory actions to stabilize the financial system, the imposition of fees relating thereto, or the promulgation of additional regulations; (4)

increased volatility and disruption of the capital and credit markets, which may affect our ability to seek financing or access our credit facilities; (5) impact of comprehensive financial

services regulation reform on us; (6) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates;

(7) exposure to financial and capital market risk, including as a result of the disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (8) changes in

general economic conditions, including the performance of financial markets and interest rates, which may affect our ability to raise capital, generate fee income and market-related

revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets; (9) potential liquidity and

other risks resulting from our participation in a securities lending program and other transactions; (10) investment losses and defaults, and changes to investment valuations; (11)

impairments of goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit of other

financial institutions that could adversely affect us; (14) our ability to address unforeseen liabilities, asset impairments, or rating actions arising from acquisitions or dispositions,

including our acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”) and to successfully integrate and manage the

growth of acquired businesses with minimal disruption; (15) uncertainty with respect to the outcome of the closing agreement entered into with the United States Internal Revenue

Service in connection with the acquisition of ALICO; (16) the dilutive impact on our stockholders resulting from the settlement of common equity units issued in connection with the

acquisition of ALICO or otherwise; (17) 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; (18) downgrades in our claims paying ability, financial strength or credit ratings; (19) ineffectiveness of

risk management policies and procedures; (20) availability and effectiveness of reinsurance or indemnification arrangements, as well as default or failure of counterparties to perform;

(21) discrepancies between actual claims experience and assumptions used in setting prices for our products and establishing the liabilities for our obligations for future policy benefits

and claims; (22) catastrophe losses; (23) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new

products by new and existing competitors, distribution of amounts available under U.S. government programs, and for personnel; (24) unanticipated changes in industry trends; (25)

changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (26) changes in

accounting standards, practices and/or policies; (27) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (28)

exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates,

unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (29) deterioration in the experience of the “closed block” established in

connection with the reorganization of Metropolitan Life Insurance Company; (30) adverse results or other consequences from litigation, arbitration or regulatory investigations; (31)

inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (32) discrepancies between actual experience and assumptions

used in establishing liabilities related to other contingencies or obligations; (33) regulatory, legislative or tax changes relating to our insurance, banking, international, or other

operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (34) the effects of

business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on our

disaster recovery systems, cyber-or other information security systems and management continuity planning; (35) the effectiveness of our programs and practices in avoiding giving

our associates incentives to take excessive risks; and (36) 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.

Explanatory Note on Non-GAAP Financial Information

All references in this presentation (except in this Explanatory Note on Non-GAAP Financial slide) to net income (loss), net income (loss) per

share,

operating

earnings,

operating

earnings

per

share,

book

value

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 common shareholders, operating earnings available to common shareholders per diluted common share,

book value per common share, excluding accumulated other comprehensive income (loss) ("AOCI"), and operating return on MetLife, Inc.’s

common equity, excluding AOCI, respectively.

Operating

earnings

is

the

measure

of

segment

profit

or

loss

that

MetLife

uses

to

evaluate

segment

performance

and

allocate

resources. 

Consistent with accounting principles generally accepted in the United States of America ("GAAP") accounting guidance for segment reporting,

operating

earnings

is

MetLife's

measure

of

segment

performance. Operating

earnings

is

also

a

measure

by

which

MetLife

senior management's

and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

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

shareholders is defined as operating earnings less preferred stock dividends.

Operating

revenues

and

operating

expenses

exclude

results

of

discontinued

operations

and

other

businesses

that

have

been

or

will

be

sold

or

exited by MetLife, Inc. (“Divested Businesses”). Operating revenues also excludes net investment gains (losses) (“NIGL”) and net derivative

gains (losses) (“NDGL”).

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

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain

variable annuity guaranteed minimum income benefits ("GMIB") fees ("GMIB Fees");

•

Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that

are hedges of investments but do not qualify for hedge accounting treatment, (ii) includes income from discontinued real estate operations,

(iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iv)

excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to

securitization entities that are variable interest entities ("VIEs") consolidated under GAAP; and

•

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

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

Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and

NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated

with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets, (iii) benefits and hedging costs

related to GMIBs ("GMIB Costs"), and (iv) market value adjustments associated with surrenders or terminations of contracts ("Market Value

Adjustments");

Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of

premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes

amounts related to net investment income earned on contractholder-directed unit-linked investments;

Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired ("VOBA") excludes amounts related to: (i) NIGL and

NDGL, (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;

Amortization

of

negative

VOBA

excludes

amounts

related

to

Market

Value

Adjustments;

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii)

business combinations.

Operating return on MetLife, Inc. common equity is defined as operating earnings available to common shareholders divided by average GAAP

common equity.

MetLife believes the presentation of operating earnings and operating earnings available to common shareholders as MetLife measures it for

management purposes enhances the understanding of the company's performance by highlighting the results of operations and the underlying

profitability

drivers

of

the

business.

Operating

revenues,

operating

expenses,

operating

earnings,

operating

earnings

available

to

common

shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, excluding AOCI,

book value per diluted common share, excluding AOCI, operating return on MetLife, Inc.’s common equity and operating return on MetLife, Inc.’s

common

equity,

excluding

AOCI,

should

not

be

viewed

as

substitutes

for

the

following

financial

measures

calculated

in

accordance

with

GAAP: 

GAAP revenues, GAAP expenses, GAAP income (loss) from continuing

operations, net of income tax, 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, book

value per common share, book value per diluted common share, return on MetLife, Inc.’s common equity and return on MetLife, Inc.’s common

equity, excluding AOCI, respectively. 

Explanatory Note on Non-GAAP Financial Information

(Continued)

Explanatory Note on Non-GAAP Financial Information

(Continued)

For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly

comparable GAAP measures are included in the Appendix to the presentation materials and are on the Investor Relations

portion of our Internet website.  Additional information about our historical results is also available on our Internet website

in our Quarterly Financial Supplements for the corresponding periods.

Managed Assets (as defined below) is a financial measure based on methodologies other than GAAP.  MetLife utilizes

“Managed Assets”

to describe assets in its investment portfolio which are actively managed and reflected at estimated fair

value.  MetLife believes the use of Managed Assets enhances the understanding and comparability of its investment

portfolio by excluding assets such as policy loans, other invested assets, mortgage loans held-for-sale, and mortgage

loans held by consolidated securitization entities, as substantially all of those assets are not actively managed in MetLife’s

investment portfolio.  Trading and other securities are also excluded as this amount is primarily comprised of

contractholder-directed unit-linked investments, where the contractholder, and not the Company, directs the investment of

these funds. Mortgage loans and certain real estate investments have also been adjusted from carrying value to estimated

fair value. Additional information about each of MetLife’s investments is available in MetLife, Inc.’s Quarterly Financial

Supplement

for

the

quarter

ended

December

31,

2011,

which

may

be

accessed

through

MetLife’s

Investor

Relations

Web

page at http://investor.metlife.com and MetLife’s Annual Report on Form 10-K for the period ended December 31, 2011.

The non-GAAP measures used in this presentation should not be viewed as substitutes for the most directly comparable

GAAP measures.

In this presentation, we sometimes refer to sales activity for various products. These sales statistics do not correspond to

revenues under GAAP, but are used as relevant measures of business activity.

In this presentation, we provide guidance on our future earnings, earnings per diluted common share and return on

common equity on an operating basis.  A reconciliation of the non-GAAP measures to the most directly comparable GAAP

measures is not accessible on a forward-looking basis because we believe it is not possible to provide other than a range

of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or without

the range and from period to period and may have a significant impact on GAAP net income.

6

Overview

Solid financial results,

despite macro

headwinds

Focused on creating

long-term shareholder

value

A global and growing

franchise

Strong capital position

Prudent risk

management

Financial Performance

8

MetLife’s 2011 Results

Solid year in a challenging environment

Operating earnings per share grew 16% year over year,

despite:

–

Low interest rates

–

Volatile equity markets

–

Record natural disasters

Alico providing expected value; integration on-track

9

2011 Plan

2011

Actual

Operating Earnings 

(in $ millions)

$5,060

-

$5,490

$5,358

Operating Earnings per Share

$4.75

-

$5.15

$5.02

Operating Return on Equity

10.6%

-

11.4%

11.0%

Book Value* (excluding AOCI)

$46.80

-

$47.65

$49.02

* Book Value per Common Share, actual common shares outstanding

9

Full Year 2011 Financial Overview

See Explanatory

Note

on

Non-GAAP

Financial

Information

slide.

See

also

Appendix

for

Non-GAAP

reconciliations.

A Global and Growing Franchise

11

A Global and Growing Franchise

Global

Presence

Leadership positions in large established markets

Strong and growing presence in high growth

markets with favorable demographics and high

margins

Risk

Management

Disciplined risk management to protect our

customers and shareholders

Diversified

Distribution &

Products

Broad and diverse distribution channels and

product offerings to meet customer needs

worldwide

Financial

Strength

Solid balance sheet and capital generation

12

Leadership Positions in Markets of Today and Tomorrow

Established

Significant & Growing

Emerging

United States

Japan

Mexico

Korea

Poland

Chile

Russia

Brazil

China

India

Turkey

High Margins with

Attractive Growth

Prospects

Largest Global 

Markets with Strong

Cash Generation

Fast Growing with

Good Margins

Diversified Products to Meet Customers Needs

13

2012 Plan Operating Earnings by Product¹

International

United States

Individual Life

Auto & Home

Non-Medical Health

Retirement

Group Insurance

Group Life

Corporate Benefit Funding

Retirement

Individual Life

1. Calculated using mid-point of range, excluding MetLife Bank and Corporate & Other.

See Explanatory Note on Non-GAAP Financial Information slide.

Accident & Health

14

Take a portfolio view of our businesses

Continuously assess our strategy

Balance growth, profitability and risk

Optimize the use of capital

Guiding Principles for Building on Our Strengths

15

Retail Key Themes

1

2

3

4

Commitment to Face-to-Face

Profitable Growth

Investing for Return

Organizational Alignment

16

Retail Organization Structure

Retail

Business

Product

Distribution

Administration/

Marketing

Promotes accountability

Aligns strategy across Product and Distribution

Drives efficiency gains

17

Variable Annuity Highlights

Well diversified block

–

Over one-third of our VA block has no living benefits

–

Dollar

cost

averaged

over

time

-

never

stopped

writing

–

By channel

Proven risk management practices

–

Product design

–

Hedging

2012 Variable Annuity sales $17.5B to $18.5B

–

Plan developed based on self funding levels

–

Approximately 35% reduction from 2011 sales

18

Variable Annuity Account Value by Guarantee Type (Domestic)

Living Benefits

Total VA Account Balance¹

= $139 Billion

1. Deferred Variable Annuities account balance as of December 31, 2011

GMIB MAX

Protected Growth Strategy (“PGS”) funds provide more

stable fee base

More capital efficient

Improved distribution of returns

19

20

GMIB MAX: Distribution of Returns

Return on Investment (ROI)

Distribution

No

scenarios

observed

below

0%

ROI

1

1. GMIB MAX (5% Rollup) launched on Jan 2, 2012. The pricing results were based on market conditions as of Oct 31, 2011. Incidences

of ROIs reflected in the chart above are the results of roughly 1,000 stochastic scenarios observed.

GMIB MAX (5% Rollup)

> 15%

12%

-

15%

10%

-

12%

8%

-

10%

0%

-

8%

< 0%

Risk Management 

Actively Managing Interest Rate Risk

Approximately $47

billion notional²

to hedge

against low rates

Protection extending into

next decade

22

1. Estimated based on August 31, 2011 rates, assuming parallel curve shift.

2. MetLife investment portfolio (excluding International and VA hedging program and MetLife Bank) as of August 31, 2011.

Peripheral European Sovereign Exposure

Total Peripheral

European Sovereign

exposure is 0.1% of

total Managed Assets,

as of 12/31/11

Net Impairment and

Losses of $272 million,

after-tax in 2011

Remaining Greece

exposure manageable

See Explanatory Note on Non-GAAP Financial Information slide.

($ Millions)

23

$682

$165

12/31/2010

12/31/2011

Spain

Ireland

Portugal

Italy

Greece

U.S. GAAP Book Value

$1,644

$254

European Bank Exposure

12/31/2010

12/31/2011

Peripherals¹

Non-Peripherals

U.S. GAAP Book Value

$9,279

$6,263

Country of Domicile

($ Millions)

1

Spain, Ireland, Portugal, Italy and Greece.

The exposures presented above are based on MetLife Inc. 4Q 2011 financials and therefore include 11/30/11 figures for Alico.

24

Proactively reduced

exposure during 2011

Remaining holdings

primarily in large

“national champion”

banks in core Europe

and U.K.

Commercial Mortgages

LTV and DSCR Matrix

$42.1 Billion

61% Loan to Value (LTV)

2.1x average Debt Service

Coverage Ratio (DSCR)

Commercial mortgage

valuation allowance of $398

million

Delinquency rate of 16 basis

points

Low losses in 2011 of $12

million

LTV

>1.2x

1.0-1.2x

<1.0x

Total

< 65%

61.8%

1.1%

1.4%

64.3%

65-75%

20.5%

0.8%

1.0%

22.3%

76-80%

2.8%

0.2%

0.6%

3.6%

> 80%

6.7%

2.2%

0.9%

9.8%

Total

91.8%

4.3%

3.9%

100.0%

Based on rolling four quarter valuation process.

1. Estimated Fair Market value as of December 31, 2011.

25

1

1

Capital Position  

27

Comprehensive Capital Analysis and Review (“CCAR”)

One of the 19 Bank Holding Companies (“BHCs”)

Federal Reserve objected to 2012 capital plan

–

Share repurchases of $2.0 billion

–

Common stock dividend increase to $1.10 per share from $0.74

per share

MetLife submitted its own calculations above required

minimums for all four BHC capital ratios

Our plan is not to be a BHC by the end of the second

quarter 2012

28

Life Insurance -vs-

BHC Profile

CCAR methodology designed for banks

Risk profile unique compared to BHC

–

Investment portfolio composition driven by liability profile

–

Corporate bonds “penalized”

in risk-weighted assets

–

Separate accounts “penalized”

by inclusion in Tier 1 Leverage Ratio

MetLife is well capitalized and well positioned

29

Strong Capital Position

Strong capitalization at operating subsidiaries at year-end

2011

–

U.S. combined risk based capital (RBC): 450%

–

Japan solvency margin ratio (SMR): 881%

Deployable capital at Holding Companies

–

$3.5 billion at year-end 2011

–

Estimated

$6

to

$7

billion

at

year-end

2012

¹

Committed to returning capital to shareholders

1. 2012 deployable capital is prior to common stock dividends and any other capital actions.

30

Delivering solid financial results in a challenging

environment

Strong presence in established and high growth markets

Focused on profitable growth

Strong capital generation to fuel growth and deliver

shareholder value

Summary

Appendix

Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Operating Earnings Available to

Common Shareholders and Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders Per

Common

Share

–

Diluted

to

Operating

Earnings

Available

to

Common

Shareholders

Per

Common

Share

–

Diluted 

($ Millions, except per share data)

Total Company

2011

Net income (loss) available to MetLife, Inc.'s common shareholders

6,713

$             

Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders to operating

earnings available to common shareholders:

Less: Net investment gains (losses)

(867)

Less: Net derivative gains (losses)

4,824

Less: Other adjustments to continuing operations

(1,641)

Less: Provision for income tax (expense) benefit

(845)

Less: Income (loss) from discontinued operations, net of income tax

20

Add: Net income (loss) attributable to noncontrolling interests

(10)

Add: Preferred stock redemption premium

146

Operating earnings available to common shareholders

5,358

$             

Net income (loss) available to MetLife, Inc.'s common shareholders per common

share -

diluted

6.29

$               

Adjustments from net income (loss) available to MetLife, Inc.'s common shareholders per common 

share -

diluted  to operating earnings available

to

common

shareholders

per

diluted

common

share:

Less: Net investment gains (losses)

(0.81)

Less: Net derivative gains (losses)

4.52

Less: Other adjustments to continuing operations

(1.54)

Less: Provision for income tax (expense) benefit

(0.79)

Less: Income (loss) from discontinued operations, net of income tax

0.02

Add: Net income (loss) attributable to noncontrolling interests

(0.01)

Add: Preferred stock redemption premium

0.14

Operating earnings available

to

common

shareholders

per

common

share

-

diluted

5.02

$               

Weighted average common shares

outstanding

-

diluted

1,068.1

Reconciliation of MetLife, Inc.’s Common Equity and Reconciliation of MetLife, Inc.’s Book

Value per Common Share

Total Company

2011

Return on MetLife, Inc.'s common equity

12.8%

Return on MetLife, Inc.'s common equity, excluding AOCI

13.8%

Operating return on MetLife, Inc.'s common equity

10.2%

Operating return on MetLife, Inc.'s common equity, excluding AOCI

11.0%

Book value per common share - (actual common shares outstanding)

54.59

$         

   Less: Accumulated other comprehensive income (loss) per common share

5.57

Book value per common share, excluding accumulated other comprehensive

   income (loss) - (actual common shares outstanding)

49.02

$         

Common shares outstanding (in millions)

1,058.0