

	Operating Earnings
	Americas
Three Months Ended June 30, 2014	Retail			Group, Voluntary & Worksite Benefits			Corporate Benefit Funding			Latin America			Total			Asia			EMEA			Corporate & Other			Total			Adjustments			Total Consolidated
	(In millions)
Revenues
Premiums	$	1,812		$	4,038		$	686		$	780		$	7,316		$	1,913		$	584		$	40		$	9,853		$	20		$	9,873
Universal life and investment-type product policy fees	1,256			181			55			317			1,809			400			117			34			2,360			98			2,458
Net investment income	1,963			458			1,443			332			4,196			717			134			48			5,095			164			5,259
Other revenues	265			104			75			9			453			24			11			5			493			(3		)	490
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			(125		)	(125		)
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			311			311
Total revenues	5,296			4,781			2,259			1,438			13,774			3,054			846			127			17,801			465			18,266
Expenses
Policyholder benefits and claims and policyholder dividends	2,438			3,789			1,273			743			8,243			1,425			271			25			9,964			421			10,385
Interest credited to policyholder account balances	561			39			287			100			987			394			35			9			1,425			284			1,709
Capitalization of DAC	(249		)	(36		)	(18		)	(93		)	(396		)	(457		)	(170		)	(8		)	(1,031		)	(1		)	(1,032		)
Amortization of DAC and VOBA	378			35			6			81			500			362			160			3			1,025			37			1,062
Amortization of negative VOBA	—			—			—			(1		)	(1		)	(92		)	(6		)	—			(99		)	(12		)	(111		)
Interest expense on debt	—			—			2			—			2			—			—			297			299			13			312
Other expenses	1,177			638			134			412			2,361			976			446			196			3,979			12			3,991
Total expenses	4,305			4,465			1,684			1,242			11,696			2,608			736			522			15,562			754			16,316
Provision for income tax expense (benefit)	339			111			201			36			687			127			17			(213		)	618			(44		)	574
Operating earnings	$	652		$	205		$	374		$	160		$	1,391		$	319		$	93		$	(182	)	1,621
Adjustments to:
Total revenues																									465
Total expenses																									(754		)
Provision for income tax (expense) benefit																									44
Income (loss) from continuing operations, net of income tax																									$	1,376					$	1,376



	Operating Earnings
	Americas
Three Months Ended June 30, 2013	Retail			Group, Voluntary & Worksite Benefits			Corporate Benefit Funding			Latin America			Total			Asia			EMEA			Corporate & Other			Total			Adjustments			Total Consolidated
	(In millions)
Revenues
Premiums	$	1,581		$	3,797		$	503		$	710		$	6,591		$	1,980		$	558		$	28		$	9,157		$	1		$	9,158
Universal life and investment-type product policy fees	1,238			170			65			235			1,708			442			96			35			2,281			90			2,371
Net investment income	1,987			472			1,402			281			4,142			723			120			72			5,057			225			5,282
Other revenues	257			105			67			5			434			28			34			4			500			(10		)	490
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			110			110
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			(1,690		)	(1,690		)
Total revenues	5,063			4,544			2,037			1,231			12,875			3,173			808			139			16,995			(1,274		)	15,721
Expenses
Policyholder benefits and claims and policyholder dividends	2,272			3,514			1,080			601			7,467			1,433			256			18			9,174			115			9,289
Interest credited to policyholder account balances	589			39			305			103			1,036			437			37			11			1,521			325			1,846
Capitalization of DAC	(344		)	(35		)	(6		)	(108		)	(493		)	(522		)	(192		)	(5		)	(1,212		)	—			(1,212		)
Amortization of DAC and VOBA	396			33			6			83			518			392			195			—			1,105			(147		)	958
Amortization of negative VOBA	—			—			—			—			—			(113		)	(11		)	—			(124		)	(14		)	(138		)
Interest expense on debt	1			1			2			1			5			—			(1		)	283			287			34			321
Other expenses	1,265			578			116			390			2,349			1,054			460			146			4,009			87			4,096
Total expenses	4,179			4,130			1,503			1,070			10,882			2,681			744			453			14,760			400			15,160
Provision for income tax expense (benefit)	303			139			188			36			666			162			(4		)	(205		)	619			(566		)	53
Operating earnings	$	581		$	275		$	346		$	125		$	1,327		$	330		$	68		$	(109	)	1,616
Adjustments to:
Total revenues																									(1,274		)
Total expenses																									(400		)
Provision for income tax (expense) benefit																									566
Income (loss) from continuing operations, net of income tax																									$	508					$	508



	Operating Earnings
	Americas
Six Months Ended June 30, 2014	Retail			Group, Voluntary & Worksite Benefits			Corporate Benefit Funding			Latin America			Total			Asia			EMEA			Corporate & Other			Total			Adjustments			Total Consolidated
	(In millions)
Revenues
Premiums	$	3,536		$	8,040		$	987		$	1,448		$	14,011		$	3,803		$	1,181		$	75		$	19,070		$	22		$	19,092
Universal life and investment-type product policy fees	2,503			358			112			628			3,601			789			226			67			4,683			196			4,879
Net investment income	3,977			911			2,853			657			8,398			1,410			257			115			10,180			114			10,294
Other revenues	510			211			143			16			880			51			27			26			984			(16		)	968
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			(536		)	(536		)
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			654			654
Total revenues	10,526			9,520			4,095			2,749			26,890			6,053			1,691			283			34,917			434			35,351
Expenses
Policyholder benefits and claims and policyholder dividends	4,845			7,570			2,161			1,347			15,923			2,822			532			60			19,337			675			20,012
Interest credited to policyholder account balances	1,116			79			565			198			1,958			781			69			18			2,826			352			3,178
Capitalization of DAC	(483		)	(70		)	(19		)	(182		)	(754		)	(951		)	(346		)	(26		)	(2,077		)	(1		)	(2,078		)
Amortization of DAC and VOBA	807			71			10			160			1,048			700			324			3			2,075			45			2,120
Amortization of negative VOBA	—			—			—			(1		)	(1		)	(186		)	(15		)	—			(202		)	(24		)	(226		)
Interest expense on debt	—			—			4			—			4			—			—			589			593			31			624
Other expenses	2,319			1,266			254			814			4,653			1,966			902			409			7,930			15			7,945
Total expenses	8,604			8,916			2,975			2,336			22,831			5,132			1,466			1,053			30,482			1,093			31,575
Provision for income tax expense (benefit)	658			211			391			70			1,330			274			44			(426		)	1,222			(164		)	1,058
Operating earnings	$	1,264		$	393		$	729		$	343		$	2,729		$	647		$	181		$	(344	)	3,213
Adjustments to:
Total revenues																									434
Total expenses																									(1,093		)
Provision for income tax (expense) benefit																									164
Income (loss) from continuing operations, net of income tax																									$	2,718					$	2,718



	Operating Earnings
	Americas
Six Months Ended June 30, 2013	Retail			Group, Voluntary & Worksite Benefits			Corporate Benefit Funding			Latin America			Total			Asia			EMEA			Corporate & Other			Total			Adjustments			Total Consolidated
	(In millions)
Revenues
Premiums	$	3,128		$	7,671		$	919		$	1,385		$	13,103		$	3,978		$	1,125		$	54		$	18,260		$	49		$	18,309
Universal life and investment-type product policy fees	2,405			350			133			460			3,348			886			187			71			4,492			170			4,662
Net investment income	3,948			925			2,792			558			8,223			1,455			248			213			10,139			1,220			11,359
Other revenues	500			213			140			9			862			41			61			17			981			(11		)	970
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			424			424
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			(2,320		)	(2,320		)
Total revenues	9,981			9,159			3,984			2,412			25,536			6,360			1,621			355			33,872			(468		)	33,404
Expenses
Policyholder benefits and claims and policyholder dividends	4,425			7,154			2,097			1,155			14,831			2,848			493			27			18,199			798			18,997
Interest credited to policyholder account balances	1,168			78			648			207			2,101			879			72			23			3,075			1,361			4,436
Capitalization of DAC	(718		)	(68		)	(23		)	(213		)	(1,022		)	(1,068		)	(369		)	(9		)	(2,468		)	—			(2,468		)
Amortization of DAC and VOBA	727			67			17			157			968			793			360			—			2,121			(339		)	1,782
Amortization of negative VOBA	—			—			—			(1		)	(1		)	(226		)	(28		)	—			(255		)	(29		)	(284		)
Interest expense on debt	1			1			4			—			6			—			—			569			575			67			642
Other expenses	2,543			1,166			255			762			4,726			2,148			908			310			8,092			399			8,491
Total expenses	8,146			8,398			2,998			2,067			21,609			5,374			1,436			920			29,339			2,257			31,596
Provision for income tax expense (benefit)	628			256			346			77			1,307			323			30			(400		)	1,260			(955		)	305
Operating earnings	$	1,207		$	505		$	640		$	268		$	2,620		$	663		$	155		$	(165	)	3,273
Adjustments to:
Total revenues																									(468		)
Total expenses																									(2,257		)
Provision for income tax (expense) benefit																									955
Income (loss) from continuing operations, net of income tax																									$	1,503					$	1,503