

	Operating Earnings
	Americas
Three Months Ended September 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	$	1,869		$	4,010		$	451		$	794		$	7,124		$	1,939		$	581		$	41		$	9,685		$	18		$	9,703
Universal life and investment-type product policy fees	1,311			180			60			328			1,879			487			127			29			2,522			106			2,628
Net investment income	1,983			473			1,493			346			4,295			730			131			37			5,193			217			5,410
Other revenues	275			103			71			7			456			27			22			13			518			—			518
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			109			109
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			478			478
Total revenues	5,438			4,766			2,075			1,475			13,754			3,183			861			120			17,918			928			18,846
Expenses
Policyholder benefits and claims and policyholder dividends	2,555			3,729			1,033			719			8,036			1,535			252			31			9,854			5			9,859
Interest credited to policyholder account balances	567			38			279			97			981			394			43			8			1,426			391			1,817
Capitalization of DAC	(239		)	(37		)	(11		)	(97		)	(384		)	(507		)	(165		)	(15		)	(1,071		)	—			(1,071		)
Amortization of DAC and VOBA	335			38			5			101			479			367			152			1			999			55			1,054
Amortization of negative VOBA	—			—			—			—			—			(89		)	(7		)	—			(96		)	(11		)	(107		)
Interest expense on debt	(1		)	—			2			—			1			—			—			291			292			3			295
Other expenses	1,156			634			139			417			2,346			1,026			454			177			4,003			44			4,047
Total expenses	4,373			4,402			1,447			1,237			11,459			2,726			729			493			15,407			487			15,894
Provision for income tax expense (benefit)	366			127			220			86			799			151			36			(330		)	656			202			858
Operating earnings	$	699		$	237		$	408		$	152		$	1,496		$	306		$	96		$	(43	)	1,855
Adjustments to:
Total revenues																									928
Total expenses																									(487		)
Provision for income tax (expense) benefit																									(202		)
Income (loss) from continuing operations, net of income tax																									$	2,094					$	2,094



	Operating Earnings
	Americas
Three Months Ended September 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	$	1,607		$	3,767		$	450		$	692		$	6,516		$	1,922		$	586		$	30		$	9,054		$	40		$	9,094
Universal life and investment-type product policy fees	1,257			171			54			222			1,704			438			100			34			2,276			96			2,372
Net investment income	1,928			459			1,384			354			4,125			696			124			53			4,998			28			5,026
Other revenues	267			103			68			—			438			22			21			5			486			(10		)	476
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			(85		)	(85		)
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			(546		)	(546		)
Total revenues	5,059			4,500			1,956			1,268			12,783			3,078			831			122			16,814			(477		)	16,337
Expenses
Policyholder benefits and claims and policyholder dividends	2,234			3,527			1,071			637			7,469			1,506			243			25			9,243			541			9,784
Interest credited to policyholder account balances	582			38			292			106			1,018			407			37			10			1,472			128			1,600
Capitalization of DAC	(318		)	(37		)	(2		)	(103		)	(460		)	(515		)	(173		)	(5		)	(1,153		)	—			(1,153		)
Amortization of DAC and VOBA	315			37			4			63			419			393			166			1			979			(138		)	841
Amortization of negative VOBA	—			—			—			(1		)	(1		)	(99		)	(13		)	—			(113		)	(13		)	(126		)
Interest expense on debt	(1		)	—			3			—			2			—			—			286			288			29			317
Other expenses	1,245			595			129			395			2,364			1,040			443			179			4,026			72			4,098
Total expenses	4,057			4,160			1,497			1,097			10,811			2,732			703			496			14,742			619			15,361
Provision for income tax expense (benefit)	343			114			161			38			656			89			43			(241		)	547			(544		)	3
Operating earnings	$	659		$	226		$	298		$	133		$	1,316		$	257		$	85		$	(133	)	1,525
Adjustments to:
Total revenues																									(477		)
Total expenses																									(619		)
Provision for income tax (expense) benefit																									544
Income (loss) from continuing operations, net of income tax																									$	973					$	973



	Operating Earnings
	Americas
Nine Months Ended September 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	$	5,405		$	12,050		$	1,438		$	2,242		$	21,135		$	5,742		$	1,762		$	116		$	28,755		$	40		$	28,795
Universal life and investment-type product policy fees	3,814			538			172			956			5,480			1,276			353			96			7,205			302			7,507
Net investment income	5,960			1,384			4,346			1,003			12,693			2,140			388			152			15,373			331			15,704
Other revenues	785			314			214			23			1,336			78			49			39			1,502			(16		)	1,486
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			(427		)	(427		)
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			1,132			1,132
Total revenues	15,964			14,286			6,170			4,224			40,644			9,236			2,552			403			52,835			1,362			54,197
Expenses
Policyholder benefits and claims and policyholder dividends	7,400			11,299			3,194			2,066			23,959			4,357			784			91			29,191			680			29,871
Interest credited to policyholder account balances	1,683			117			844			295			2,939			1,175			112			26			4,252			743			4,995
Capitalization of DAC	(722		)	(107		)	(30		)	(279		)	(1,138		)	(1,458		)	(511		)	(41		)	(3,148		)	(1		)	(3,149		)
Amortization of DAC and VOBA	1,142			109			15			261			1,527			1,067			476			4			3,074			100			3,174
Amortization of negative VOBA	—			—			—			(1		)	(1		)	(275		)	(22		)	—			(298		)	(35		)	(333		)
Interest expense on debt	(1		)	—			6			—			5			—			—			880			885			34			919
Other expenses	3,475			1,900			393			1,231			6,999			2,992			1,356			586			11,933			59			11,992
Total expenses	12,977			13,318			4,422			3,573			34,290			7,858			2,195			1,546			45,889			1,580			47,469
Provision for income tax expense (benefit)	1,024			338			611			156			2,129			425			80			(756		)	1,878			38			1,916
Operating earnings	$	1,963		$	630		$	1,137		$	495		$	4,225		$	953		$	277		$	(387	)	5,068
Adjustments to:
Total revenues																									1,362
Total expenses																									(1,580		)
Provision for income tax (expense) benefit																									(38		)
Income (loss) from continuing operations, net of income tax																									$	4,812					$	4,812



	Operating Earnings
	Americas
Nine Months Ended September 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	$	4,735		$	11,438		$	1,369		$	2,077		$	19,619		$	5,900		$	1,711		$	84		$	27,314		$	89		$	27,403
Universal life and investment-type product policy fees	3,662			521			187			682			5,052			1,324			287			105			6,768			266			7,034
Net investment income	5,876			1,384			4,176			912			12,348			2,151			372			266			15,137			1,248			16,385
Other revenues	767			316			208			9			1,300			63			82			22			1,467			(21		)	1,446
Net investment gains (losses)	—			—			—			—			—			—			—			—			—			339			339
Net derivative gains (losses)	—			—			—			—			—			—			—			—			—			(2,866		)	(2,866		)
Total revenues	15,040			13,659			5,940			3,680			38,319			9,438			2,452			477			50,686			(945		)	49,741
Expenses
Policyholder benefits and claims and policyholder dividends	6,659			10,681			3,168			1,792			22,300			4,354			736			52			27,442			1,339			28,781
Interest credited to policyholder account balances	1,750			116			940			313			3,119			1,286			109			33			4,547			1,489			6,036
Capitalization of DAC	(1,036		)	(105		)	(25		)	(316		)	(1,482		)	(1,583		)	(542		)	(14		)	(3,621		)	—			(3,621		)
Amortization of DAC and VOBA	1,042			104			21			220			1,387			1,186			526			1			3,100			(477		)	2,623
Amortization of negative VOBA	—			—			—			(2		)	(2		)	(325		)	(41		)	—			(368		)	(42		)	(410		)
Interest expense on debt	—			1			7			—			8			—			—			855			863			96			959
Other expenses	3,788			1,761			384			1,157			7,090			3,188			1,351			489			12,118			471			12,589
Total expenses	12,203			12,558			4,495			3,164			32,420			8,106			2,139			1,416			44,081			2,876			46,957
Provision for income tax expense (benefit)	971			370			507			115			1,963			412			73			(641		)	1,807			(1,499		)	308
Operating earnings	$	1,866		$	731		$	938		$	401		$	3,936		$	920		$	240		$	(298	)	4,798
Adjustments to:
Total revenues																									(945		)
Total expenses																									(2,876		)
Provision for income tax (expense) benefit																									1,499
Income (loss) from continuing operations, net of income tax																									$	2,476					$	2,476