Form 8-K METLIFE INC For: Apr 24

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April 24, 2015 4:15 PM EDT

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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): April 24, 2015

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


Item 2.02. Results of Operations and Financial Condition		3
Item 7.01. Regulation FD Disclosure		3
Item 9.01. Financial Statements and Exhibits		3
SIGNATURES		4
EXHIBIT INDEX		5
EX - 99.1

Item 2.02.

Results of Operations and Financial Condition.

Effective January 1, 2015, MetLife, Inc. implemented certain segment reporting changes related to the realignment of its consumer direct business and the measurement of segment operating earnings. These changes do not impact total consolidated operating earnings or net income and included the following:

•

Revised MetLife, Inc.’s capital allocation methodology, impacting net investment income at the segment level, as well as Corporate & Other;

•

Moved certain tax benefits from Corporate & Other to the business segments, primarily impacting the Retail segment;

•

Realigned MetLife, Inc.’s consumer direct business from Corporate & Other to the Latin America segment, which is where MetLife, Inc. reports its sponsor direct business; and

•

Changed MetLife, Inc.’s expense allocation, primarily impacting the EMEA segment, as well as Corporate & Other.

To aid investors’ understanding of the impact of the items described above, MetLife, Inc. has revised the information presented in its Quarterly Financial Supplement for each of the quarters ended March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014 and attached such revised historical financial results (the “Historical Results Financial Supplement”) to this Form 8-K as Exhibit 99.1.

The Historical Results Financial Supplement attached as Exhibit 99.1 to this Form 8-K is furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 7.01.

Regulation FD Disclosure.

The information described under “Item 2.02. Results of Operations and Financial Condition” is hereby incorporated by reference into this Item 7.01. The Historical Results Financial Supplement attached as Exhibit 99.1 to this Form 8-K 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.

(d) Exhibits



99.1		Historical Results Financial Supplement for the quarters ended March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014. The Historical Results Financial Supplement 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/ Timothy J. Ring
		Name: Timothy J. Ring
		Title: Senior Vice President and Secretary

Date: April 24, 2015

EXHIBIT INDEX


EXHIBIT NUMBER		EXHIBIT

99.1		Historical Results Financial Supplement for the quarters ended March 31, 2104, June 30, 2014, September 30, 2014 and December 31, 2014. The Historical Results Financial Supplement is furnished and not filed pursuant to Instruction B.2 of Form 8-K.

Exhibit 99.1

LOGO

Historical Results

Financial Supplement

Presented with Revised Segment Results for the

Quarters Ended March 31, 2014, June 30, 2014,

September 30, 2014 and December 31, 2014

Presented to Conform with the Implementation of

Certain Segment Reporting Changes Related to the Realignment of Consumer Direct Business and

the Measurement of Segment Operating Earnings

LOGO


METLIFE
TABLE OF CONTENTS

NOTE TO FINANCIAL SUPPLEMENT			2

METLIFE
Consolidating Statement of Operating Earnings Available to Common Shareholders			3

SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS			4

AMERICAS - RETAIL
Statements of Operating Earnings Available to Common Shareholders			5
Future Policy Benefits and Policyholder Account Balances			8
Other Expenses by Major Category			9

AMERICAS - GROUP, VOLUNTARY & WORKSITE BENEFITS
Statements of Operating Earnings Available to Common Shareholders			10
Other Expenses by Major Category and Other Statistical Information			11

AMERICAS - CORPORATE BENEFIT FUNDING
Statements of Operating Earnings Available to Common Shareholders			12
Other Expenses by Major Category			13

AMERICAS - LATIN AMERICA
Statements of Operating Earnings Available to Common Shareholders			14

ASIA
Statements of Operating Earnings Available to Common Shareholders			15

EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
Statements of Operating Earnings Available to Common Shareholders			16

CORPORATE & OTHER
Statements of Operating Earnings Available to Common Shareholders			17

APPENDIX
Notable Items:
Retail, Retail - Life & Other, Retail - Annuities, and Corporate & Other			A-1
Property & Casualty Supplemental Information:
Statements of Operating Earnings Available to Common Shareholders - Total Property & Casualty			A-2
Statements of Operating Earnings Available to Common Shareholders - Retail Property & Casualty			A-3
Statements of Operating Earnings Available to Common Shareholders - Group Property & Casualty			A-4

LOGO

METLIFE

NOTE TO FINANCIAL SUPPLEMENT

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

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

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

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

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

•

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

•

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

•

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

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

•

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

•

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

•

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

•

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

•

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

•

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

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

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

We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, investment portfolio gains (losses) and derivative gains (losses) should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife, Inc.’s common shareholders per diluted common share, net investment gains (losses) and net derivative gains (losses), respectively. MetLife, Inc.’s tangible common stockholders’ equity and MetLife, Inc.’s common stockholders’ equity, excluding AOCI, other than FCTA, should not be viewed as substitutes for total MetLife, Inc.’s stockholders’ equity calculated in accordance with GAAP.

In addition, the following are return on equity definitions:

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

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METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended March 31, 2014
Unaudited (In millions)	Consolidated			Americas			Asia			EMEA			Corporate & Other

OPERATING REVENUES
Premiums	$	9,217		$	6,710		$	1,890		$	597		$	20
Universal life and investment-type product policy fees		2,323			1,792			389			109			33
Net investment income		5,085			4,129			700			107			149
Other revenues		491			427			27			16			21
Total operating revenues		17,116			13,058			3,006			829			223

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,373			7,692			1,397			261			23
Interest credited to policyholder account balances		1,401			971			387			34			9
Capitalization of DAC		(1,046	)		(376	)		(494	)		(176	)		-
Amortization of DAC and VOBA		1,050			548			338			164			-
Amortization of negative VOBA		(103	)		-			(94	)		(9	)		-
Interest expense on debt		294			2			-			-			292
Other expenses		3,951			2,321			991			464			175
Total operating expenses		14,920			11,158			2,525			738			499

Operating earnings before provision for income tax		2,196			1,900			481			91			(276	)
Provision for income tax expense (benefit)		604			576			148			20			(140	)
Operating earnings		1,592			1,324			333			71			(136	)
Preferred stock dividends		30			-			-			-			30
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,562		$	1,324		$	333		$	71		$	(166	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	1,592		$	1,324		$	333		$	71		$	(136	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(411	)		(517	)		157			(9	)		(42	)
Net derivative gains (losses)		343			286			(7	)		38			26
Premiums		2			(1	)		-			3			-
Universal life and investment-type product policy fees		98			95			-			3			-
Net investment income		(50	)		(113	)		(35	)		87			11
Other revenues		(13	)		-			(13	)		-			-
Policyholder benefits and claims and policyholder dividends		(254	)		(234	)		(18	)		(2	)		-
Interest credited to policyholder account balances		(68	)		(17	)		35			(86	)		-
Capitalization of DAC		-			-			-			-			-
Amortization of DAC and VOBA		(8	)		(5	)		1			(4	)		-
Amortization of negative VOBA		12			-			12			-			-
Interest expense on debt		(18	)		-			-			-			(18	)
Other expenses		(3	)		-			6			(2	)		(7	)
Goodwill impairment		-			-			-			-			-
Provision for income tax (expense) benefit		120			169			(41	)		(13	)		5
Income (loss) from continuing operations, net of income tax		1,342			987			430			86			(161	)
Income (loss) from discontinued operations, net of income tax		(3	)		(3	)		-			-			-
Net income (loss)		1,339			984			430			86			(161	)
Less: Net income (loss) attributable to noncontrolling interests		11			5			6			-			-
Net income (loss) attributable to MetLife, Inc.		1,328			979			424			86			(161	)
Less: Preferred stock dividends		30			-			-			-			30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	1,298		$	979		$	424		$	86		$	(191	)

Total Operating Premiums, Fees and Other Revenues	$	12,031		$	8,929		$	2,306		$	722		$	74

(1)	Consolidated and Americas results include a pre-tax net investment loss of $495 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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

AMERICAS

RETAIL	$	636		$	677		$	785		$	718

GROUP, VOLUNTARY & WORKSITE BENEFITS		190			209			241			238

CORPORATE BENEFIT FUNDING		340			363			395			360

LATIN AMERICA		158			136			122			152

AMERICAS TOTAL	$	1,324		$	1,385		$	1,543		$	1,468

ASIA		333			324			310			340

EMEA		71			72			78			64

CORPORATE & OTHER		(166	)		(191	)		(106	)		(289	)

METLIFE TOTAL	$	1,562		$	1,590		$	1,825		$	1,583
(1) A reconciliation of operating earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 5, (ii) Group, Voluntary & Worksite Benefits, Page 10, (iii) Corporate Benefit Funding, Page 12, (iv) Latin America, Page 14, (v) Asia, Page 15, (vi) EMEA, Page 16, and (vii) Corporate & Other, Page 17.

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

OPERATING REVENUES
Premiums	$	1,724		$	1,812		$	1,869		$	1,875
Universal life and investment-type product policy fees		1,247			1,256			1,311			1,260
Net investment income		1,994			1,947			1,965			1,981
Other revenues		245			265			275			274
Total operating revenues		5,210			5,280			5,420			5,390

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,407			2,438			2,555			2,451
Interest credited to policyholder account balances		555			561			567			562
Capitalization of DAC		(234	)		(249	)		(239	)		(247	)
Amortization of DAC and VOBA		429			378			335			373
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			(1	)		2
Other expenses		1,142			1,181			1,163			1,225
Total operating expenses		4,299			4,309			4,380			4,366

Operating earnings before provision for income tax		911			971			1,040			1,024
Provision for income tax expense (benefit)		275			294			255			306
Operating earnings		636			677			785			718
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	636		$	677		$	785		$	718


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	636		$	677		$	785		$	718
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		6			10			9			(32	)
Net derivative gains (losses)		71			225			283			(15	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		93			92			96			96
Net investment income		(117	)		(114	)		(109	)		(117	)
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		(118	)		(215	)		(34	)		(129	)
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		(5	)		(37	)		(53	)		-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		25			14			(68	)		71
Income (loss) from continuing operations, net of income tax		591			652			909			592
Income (loss) from discontinued operations, net of income tax		(2	)		-			-			-
Net income (loss)		589			652			909			592
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		589			652			909			592
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	589		$	652		$	909		$	592

Total Operating Premiums, Fees and Other Revenues	$	3,216		$	3,333		$	3,455		$	3,409

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

OPERATING REVENUES
Premiums	$	1,486		$	1,508		$	1,521		$	1,627
Universal life and investment-type product policy fees		400			394			434			402
Net investment income		1,249			1,222			1,247			1,263
Other revenues		137			154			165			166
Total operating revenues		3,272			3,278			3,367			3,458

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,032			1,991			1,974			2,055
Interest credited to policyholder account balances		219			226			230			229
Capitalization of DAC		(145	)		(168	)		(158	)		(163	)
Amortization of DAC and VOBA		201			196			164			193
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			(1	)		(1	)		1
Other expenses		587			646			621			648
Total operating expenses		2,894			2,890			2,830			2,963

Operating earnings before provision for income tax		378			388			537			495
Provision for income tax expense (benefit)		123			122			172			162
Operating earnings		255			266			365			333
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	255		$	266		$	365		$	333


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	255		$	266		$	365		$	333
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(14	)		1			(9	)		(35	)
Net derivative gains (losses)		69			6			98			119
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			(1	)		-			-
Net investment income		(55	)		(54	)		(56	)		(57	)
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			6
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		(16	)		(11	)		68			(19	)
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		6			21			(36	)		(2	)
Income (loss) from continuing operations, net of income tax		245			228			430			345
Income (loss) from discontinued operations, net of income tax		(2	)		-			-			-
Net income (loss)		243			228			430			345
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		243			228			430			345
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	243		$	228		$	430		$	345

Total Operating Premiums, Fees and Other Revenues	$	2,023		$	2,056		$	2,120		$	2,195

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

OPERATING REVENUES
Premiums	$	238		$	304		$	348		$	248
Universal life and investment-type product policy fees		847			862			877			858
Net investment income		745			725			718			718
Other revenues		108			111			110			108
Total operating revenues		1,938			2,002			2,053			1,932

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		375			447			581			396
Interest credited to policyholder account balances		336			335			337			333
Capitalization of DAC		(89	)		(81	)		(81	)		(84	)
Amortization of DAC and VOBA		228			182			171			180
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			1			-			1
Other expenses		555			535			542			577
Total operating expenses		1,405			1,419			1,550			1,403

Operating earnings before provision for income tax		533			583			503			529
Provision for income tax expense (benefit)		152			172			83			144
Operating earnings		381			411			420			385
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	381		$	411		$	420		$	385


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	381		$	411		$	420		$	385
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		20			9			18			3
Net derivative gains (losses)		2			219			185			(134	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		93			93			96			96
Net investment income		(62	)		(60	)		(53	)		(60	)
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		(118	)		(215	)		(34	)		(135	)
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		11			(26	)		(121	)		19
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		19			(7	)		(32	)		73
Income (loss) from continuing operations, net of income tax		346			424			479			247
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		346			424			479			247
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		346			424			479			247
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	346		$	424		$	479		$	247

Total Operating Premiums, Fees and Other Revenues	$	1,193		$	1,277		$	1,335		$	1,214

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AMERICAS RETAIL FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES LIFE & OTHER (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Balance, beginning of period	$	85,302		$	85,599		$	85,870		$	86,162

Premiums and deposits (2), (3)		1,980			1,985			1,929			1,958
Surrenders and withdrawals		(753	)		(783	)		(774	)		(730	)
Benefit payments		(851	)		(804	)		(749	)		(637	)

Net Flows		376			398			406			591

Net transfers from (to) separate account		28			27			25			23
Interest		824			834			836			835
Policy charges		(477	)		(477	)		(478	)		(484	)
Other		(454	)		(511	)		(497	)		(371	)

Balance, end of period	$	85,599		$	85,870		$	86,162		$	86,756
(1) All of the retail property & casualty activity is reflected within the “Other” category. (2) Includes premiums and deposits directed to the general account investment option of variable products. (3) Includes company-sponsored internal exchanges.

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

Direct and allocated expenses	$	433	$	437	$	417	$	476
Pension and post-retirement benefit costs		51		52		62		50
Premium taxes, other taxes, and licenses & fees		46		56		53		51
Total fixed operating expenses	$	530	$	545	$	532	$	577

Commissions and other variable expenses		612		636		631		648

Total other expenses	$	1,142	$	1,181	$	1,163	$	1,225

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014

OPERATING REVENUES
Premiums	$	4,002		$	4,038		$	4,010		$	3,929
Universal life and investment-type product policy fees		177			181			180			178
Net investment income		456			465			475			465
Other revenues		107			104			103			106
Total operating revenues		4,742			4,788			4,768			4,678

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,781			3,789			3,729			3,598
Interest credited to policyholder account balances		40			39			38			39
Capitalization of DAC		(34	)		(36	)		(37	)		(36	)
Amortization of DAC and VOBA		36			35			38			40
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			1
Other expenses		628			638			634			671
Total operating expenses		4,451			4,465			4,402			4,313

Operating earnings before provision for income tax		291			323			366			365
Provision for income tax expense (benefit)		101			114			125			127
Operating earnings		190			209			241			238
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	190		$	209		$	241		$	238


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	190		$	209		$	241		$	238
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(11	)		10			(9	)		(29	)
Net derivative gains (losses)		116			71			106			232
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		(39	)		(42	)		(41	)		(45	)
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		(23	)		(14	)		(19	)		(55	)
Income (loss) from continuing operations, net of income tax		233			234			278			341
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		233			234			278			341
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		233			234			278			341
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	233		$	234		$	278		$	341

Total Operating Premiums, Fees and Other Revenues	$	4,286		$	4,323		$	4,293		$	4,213

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AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS OTHER EXPENSES BY MAJOR CATEGORY
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014

Direct and allocated expenses	$	366	$	372	$	378	$	406
Pension and post-retirement benefit costs		24		23		26		22
Premium taxes, other taxes, and licenses & fees		71		80		77		80
Total fixed operating expenses	$	461	$	475	$	481	$	508

Commissions and other variable expenses		167		163		153		163

Total other expenses	$	628	$	638	$	634	$	671

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

Group Life (1), (2)
Operating premiums, fees and other revenues	$	1,500	$	1,496	$	1,464	$	1,461
Mortality ratio		91.9%		86.9%		87.8%		86.7%

Group Non-Medical Health (1), (3)
Operating premiums, fees and other revenues	$	1,631	$	1,644	$	1,608	$	1,630
Interest Adjusted Loss Ratio (4)		79.9%		82.8%		80.5%		78.5%
(1) Certain amounts in prior periods have been reclassified to conform to current period presentation. Accidental death and dismemberment (“AD&D”) previously reported in Group Non-Medical Health is now reported in Group Life. (2) Excludes certain experience-rated contracts and includes AD&D. (3) Includes dental, disability, long-term care (“LTC”), critical illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited on future policyholder benefits are LTC and disability.

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AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014

OPERATING REVENUES
Premiums	$	301		$	686		$	451		$	1,330
Universal life and investment-type product policy fees		57			55			60			54
Net investment income		1,382			1,413			1,464			1,425
Other revenues		68			75			71			72
Total operating revenues		1,808			2,229			2,046			2,881

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		888			1,273			1,033			1,912
Interest credited to policyholder account balances		278			287			279			296
Capitalization of DAC		(1	)		(18	)		(11	)		(1	)
Amortization of DAC and VOBA		4			6			5			4
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		2			2			2			3
Other expenses		115			129			133			115
Total operating expenses		1,286			1,679			1,441			2,329

Operating earnings before provision for income tax		522			550			605			552
Provision for income tax expense (benefit)		182			187			210			192
Operating earnings		340			363			395			360
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	340		$	363		$	395		$	360


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	340		$	363		$	395		$	360
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses) (1)		(541	)		(195	)		180			124
Net derivative gains (losses)		103			125			28			96
Premiums		-			2			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		40			11			(15	)		(22	)
Other revenues		-			1			-			-
Policyholder benefits and claims and policyholder dividends		(33	)		(28	)		(5	)		(31	)
Interest credited to policyholder account balances		(3	)		(4	)		(4	)		(3	)
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		(6	)		(4	)		(7	)		(1	)
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		148			24			(63	)		(57	)
Income (loss) from continuing operations, net of income tax		48			295			509			466
Income (loss) from discontinued operations, net of income tax		(1	)		-			-			-
Net income (loss)		47			295			509			466
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		47			295			509			466
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	47		$	295		$	509		$	466

Total Operating Premiums, Fees and Other Revenues	$	426		$	816		$	582		$	1,456
(1) The three months ended March 31, 2014 and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited.

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

Direct and allocated expenses	$	69	$	63	$	71	$	77
Pension and post-retirement benefit costs		8		7		8		6
Premium taxes, other taxes, and licenses & fees		5		1		4		(2	)
Total fixed operating expenses	$	82	$	71	$	83	$	81

Commissions and other variable expenses		33		58		50		34
Total other expenses	$	115	$	129	$	133	$	115

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

OPERATING REVENUES
Premiums	$	683		$	798		$	812		$	746
Universal life and investment-type product policy fees		311			317			328			283
Net investment income		297			301			317			314
Other revenues		7			9			7			12
Total operating revenues		1,298			1,425			1,464			1,355

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		616			749			735			686
Interest credited to policyholder account balances		98			100			97			99
Capitalization of DAC		(107	)		(101	)		(112	)		(125	)
Amortization of DAC and VOBA		79			84			102			69
Amortization of negative VOBA		-			(1	)		-			-
Interest expense on debt		-			-			-			-
Other expenses		436			436			450			488
Total operating expenses		1,122			1,267			1,272			1,217

Operating earnings before provision for income tax		176			158			192			138
Provision for income tax expense (benefit)		18			22			70			(14	)
Operating earnings		158			136			122			152
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	158		$	136		$	122		$	152


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	158		$	136		$	122		$	152
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		29			(14	)		(4	)		19
Net derivative gains (losses)		(4	)		8			(61	)		(3	)
Premiums		(1	)		-			(1	)		(1	)
Universal life and investment-type product policy fees		2			1			2			1
Net investment income		3			19			14			3
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		(83	)		(144	)		93			(82	)
Interest credited to policyholder account balances		(14	)		(28	)		(23	)		(21	)
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		6			6			2			4
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		19			38			(25	)		16
Income (loss) from continuing operations, net of income tax		115			22			119			88
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		115			22			119			88
Less: Net income (loss) attributable to noncontrolling interests		5			4			2			2
Net income (loss) attributable to MetLife, Inc.		110			18			117			86
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	110		$	18		$	117		$	86

Total Operating Premiums, Fees and Other Revenues	$	1,001		$	1,124		$	1,147		$	1,041

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

OPERATING REVENUES
Premiums	$	1,890		$	1,913		$	1,939		$	1,824
Universal life and investment-type product policy fees		389			400			487			417
Net investment income		700			724			738			724
Other revenues		27			24			27			28
Total operating revenues		3,006			3,061			3,191			2,993

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,397			1,425			1,535			1,367
Interest credited to policyholder account balances		387			394			394			369
Capitalization of DAC		(494	)		(457	)		(507	)		(456	)
Amortization of DAC and VOBA		338			362			367			330
Amortization of negative VOBA		(94	)		(92	)		(89	)		(89	)
Interest expense on debt		-			-			-			-
Other expenses		991			977			1,027			980
Total operating expenses		2,525			2,609			2,727			2,501

Operating earnings before provision for income tax		481			452			464			492
Provision for income tax expense (benefit)		148			128			154			152
Operating earnings		333			324			310			340
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	333		$	324		$	310		$	340


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	333		$	324		$	310		$	340
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		157			82			136			137
Net derivative gains (losses)		(7	)		(35	)		(80	)		(410	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			1			7			3
Net investment income		(35	)		2			145			281
Other revenues		(13	)		(4	)		-			(5	)
Policyholder benefits and claims and policyholder dividends		(18	)		(26	)		(51	)		(75	)
Interest credited to policyholder account balances		35			2			(151	)		(289	)
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		1			3			1			(2	)
Amortization of negative VOBA		12			12			11			11
Interest expense on debt		-			-			-			-
Other expenses		6			4			6			4
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		(41	)		(27	)		4			99
Income (loss) from continuing operations, net of income tax		430			338			338			94
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		430			338			338			94
Less: Net income (loss) attributable to noncontrolling interests		6			4			5			4
Net income (loss) attributable to MetLife, Inc.		424			334			333			90
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	424		$	334		$	333		$	90

Total Operating Premiums, Fees and Other Revenues	$	2,306		$	2,337		$	2,453		$	2,269

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

OPERATING REVENUES
Premiums	$	597		$	584		$	581		$	547
Universal life and investment-type product policy fees		109			117			127			113
Net investment income		107			112			109			100
Other revenues		16			11			22			11
Total operating revenues		829			824			839			771

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		261			271			252			269
Interest credited to policyholder account balances		34			35			43			36
Capitalization of DAC		(176	)		(170	)		(165	)		(169	)
Amortization of DAC and VOBA		164			160			152			137
Amortization of negative VOBA		(9	)		(6	)		(7	)		(9	)
Interest expense on debt		-			-			-			-
Other expenses		464			456			463			463
Total operating expenses		738			746			738			727

Operating earnings before provision for income tax		91			78			101			44
Provision for income tax expense (benefit)		20			6			23			(20	)
Operating earnings		71			72			78			64
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	71		$	72		$	78		$	64


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	71		$	72		$	78		$	64
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(9	)		2			(9	)		(1	)
Net derivative gains (losses)		38			49			16			11
Premiums		3			18			19			6
Universal life and investment-type product policy fees		3			4			1			3
Net investment income		87			273			219			231
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		(2	)		(8	)		(8	)		(3	)
Interest credited to policyholder account balances		(86	)		(254	)		(213	)		(226	)
Capitalization of DAC		-			1			-			-
Amortization of DAC and VOBA		(4	)		(3	)		(3	)		(3	)
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		(2	)		-			(14	)		(3	)
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		(13	)		(38	)		(9	)		(28	)
Income (loss) from continuing operations, net of income tax		86			116			77			51
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		86			116			77			51
Less: Net income (loss) attributable to noncontrolling interests		-			1			1			(1	)
Net income (loss) attributable to MetLife, Inc.		86			115			76			52
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	86		$	115		$	76		$	52

Total Operating Premiums, Fees and Other Revenues	$	722		$	712		$	730		$	671

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

OPERATING REVENUES
Premiums	$	20		$	22		$	23		$	16
Universal life and investment-type product policy fees		33			34			29			31
Net investment income		149			133			125			102
Other revenues		21			5			13			28
Total operating revenues		223			194			190			177

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		23			19			15			4
Interest credited to policyholder account balances		9			9			8			8
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		292			297			291			287
Other expenses		175			162			133			379
Total operating expenses		499			487			447			678

Operating earnings before provision for income tax		(276	)		(293	)		(257	)		(501	)
Provision for income tax expense (benefit)		(140	)		(133	)		(181	)		(243	)
Operating earnings		(136	)		(160	)		(76	)		(258	)
Preferred stock dividends		30			31			30			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	(166	)	$	(191	)	$	(106	)	$	(289	)


Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	(136	)	$	(160	)	$	(76	)	$	(258	)
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		(42	)		(20	)		(194	)		12
Net derivative gains (losses)		26			(132	)		186			274
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		11			15			4			7
Other revenues		-			-			-			18
Policyholder benefits and claims and policyholder dividends		-			-			-			-
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		(18	)		(13	)		(3	)		(4	)
Other expenses		(7	)		(18	)		(31	)		(59	)
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		5			47			(22	)		(95	)
Income (loss) from continuing operations, net of income tax		(161	)		(281	)		(136	)		(105	)
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		(161	)		(281	)		(136	)		(105	)
Less: Net income (loss) attributable to noncontrolling interests		-			1			(8	)		1
Net income (loss) attributable to MetLife, Inc.		(161	)		(282	)		(128	)		(106	)
Less: Preferred stock dividends		30			31			30			31
Net income (loss) available to MetLife, Inc.’s common shareholders	$	(191	)	$	(313	)	$	(158	)	$	(137	)

Total Operating Premiums, Fees and Other Revenues	$	74		$	61		$	65		$	75

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Appendix

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APPENDIX METLIFE NOTABLE ITEMS (1)
RETAIL
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Variable investment income, as compared to plan	$	26		$	(9	)	$	25		$	-
Catastrophe experience and prior year development, net		-			(20	)		23			6
Actuarial assumption review and other insurance adjustments		-			56			19			(9	)
Tax adjustments		-			-			38			-
Total notable items	$	26		$	27		$	105		$	(3	)

RETAIL - LIFE & OTHER
	For the Three Months Ended
Unaudited (In millions)		March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Variable investment income, as compared to plan	$	15		$	(12	)	$	17		$	-
Catastrophe experience and prior year development, net		-			(20	)		23			6
Actuarial assumption review and other insurance adjustments		-			56			37			(9	)
Tax adjustments		-			-			5			-
Total notable items	$	15		$	24		$	82		$	(3	)

RETAIL - ANNUITIES
	For the Three Months Ended
Unaudited (In millions)		March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Variable investment income, as compared to plan	$	11		$	3		$	8		$	-
Actuarial assumption review and other insurance adjustments		-			-			(18	)		-
Tax adjustments		-			-			33			-
Total notable items	$	11		$	3		$	23		$	-

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

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

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APPENDIX PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1)
	For the Three Months Ended
Unaudited (In millions)	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
OPERATING REVENUES
Premiums	$	825		$	838		$	855		$	861
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		41			40			44			44
Other revenues		5			4			4			6
Total operating revenues		871			882			903			911

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		574			641			527			541
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		(96	)		(105	)		(108	)		(101	)
Amortization of DAC and VOBA		100			97			102			105
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		223			234			230			230
Total operating expenses		801			867			751			775

Operating earnings before provision for income tax		70			15			152			136
Provision for income tax expense (benefit)		12			(8	)		39			35
Operating earnings		58			23			113			101
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	58		$	23		$	113		$	101

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	58		$	23		$	113		$	101
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		4			(1	)		2			2
Net derivative gains (losses)		(2	)		(1	)		1			(5	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		-			-			-			-
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		(1	)		1			(1	)		1
Income (loss) from continuing operations, net of income tax		59			22			115			99
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		59			22			115			99
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		59			22			115			99
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	59		$	22		$	115		$	99

Total Operating Premiums, Fees and Other Revenues	$	830		$	842		$	859		$	867
(1) Represents the operating earnings of total property & casualty, which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife.

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

OPERATING REVENUES
Premiums	$	444		$	448		$	454		$	454
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		23			22			23			24
Other revenues		3			4			3			4
Total operating revenues		470			474			480			482

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		300			364			263			269
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		(64	)		(71	)		(73	)		(67	)
Amortization of DAC and VOBA		68			67			69			70
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		116			125			122			120
Total operating expenses		420			485			381			392

Operating earnings before provision for income tax		50			(11	)		99			90
Provision for income tax expense (benefit)		11			(13	)		28			25
Operating earnings		39			2			71			65
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	39		$	2		$	71		$	65

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	39		$	2		$	71		$	65
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			-			1			1
Net derivative gains (losses)		(1	)		(1	)		1			(3	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		-			-			-			-
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		-			-			(1	)		1
Income (loss) from continuing operations, net of income tax		40			1			72			64
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		40			1			72			64
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		40			1			72			64
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	40		$	1		$	72		$	64

Total Operating Premiums, Fees and Other Revenues	$	447		$	452		$	457		$	458
(1) Represents the operating earnings of retail property & casualty, as reported in the Retail segment.

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

OPERATING REVENUES
Premiums	$	381		$	390		$	401		$	407
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		18			18			21			20
Other revenues		2			-			1			2
Total operating revenues		401			408			423			429

OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		274			277			264			272
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		(32	)		(34	)		(35	)		(34	)
Amortization of DAC and VOBA		32			30			33			35
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		107			109			108			110
Total operating expenses		381			382			370			383

Operating earnings before provision for income tax		20			26			53			46
Provision for income tax expense (benefit)		1			5			11			10
Operating earnings		19			21			42			36
Preferred stock dividends		-			-			-			-
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	19		$	21		$	42		$	36

Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP
Operating earnings	$	19		$	21		$	42		$	36
Adjustments from operating earnings to income (loss) from continuing operations, net of income tax:
Net investment gains (losses)		2			(1	)		1			1
Net derivative gains (losses)		(1	)		-			-			(2	)
Premiums		-			-			-			-
Universal life and investment-type product policy fees		-			-			-			-
Net investment income		-			-			-			-
Other revenues		-			-			-			-
Policyholder benefits and claims and policyholder dividends		-			-			-			-
Interest credited to policyholder account balances		-			-			-			-
Capitalization of DAC		-			-			-			-
Amortization of DAC and VOBA		-			-			-			-
Amortization of negative VOBA		-			-			-			-
Interest expense on debt		-			-			-			-
Other expenses		-			-			-			-
Goodwill impairment		-			-			-			-
Provision for income tax (expense) benefit		(1	)		1			-			-
Income (loss) from continuing operations, net of income tax		19			21			43			35
Income (loss) from discontinued operations, net of income tax		-			-			-			-
Net income (loss)		19			21			43			35
Less: Net income (loss) attributable to noncontrolling interests		-			-			-			-
Net income (loss) attributable to MetLife, Inc.		19			21			43			35
Less: Preferred stock dividends		-			-			-			-
Net income (loss) available to MetLife, Inc.’s common shareholders	$	19		$	21		$	43		$	35

Total Operating Premiums, Fees and Other Revenues	$	383		$	390		$	402		$	409
(1) Represents the operating earnings of group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments.

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Form 8-K METLIFE INC For: Apr 24

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