8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) July 29, 2008

MetLife, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-15787	13-4075851
(Commission File Number)	(IRS Employer Identification No.)
200 Park Avenue, New York, New York	10166-0188
(Address of Principal Executive Offices)	(Zip Code)

212-578-2211

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

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

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1: PRESS RELEASE
EX-99.2: QUARTERLY FINANCIAL SUPPLEMENT

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2008, MetLife, Inc., a Delaware Corporation, issued (i) a press release announcing its results for the quarter ended June 30, 2008, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended June 30, 2008, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and Quarterly Financial Supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(a)	Not applicable.
(b)	Not applicable.
(c)	Not applicable.
(d)	Exhibits

99.1	Press Release of MetLife, Inc., dated July 29, 2008, announcing second quarter 2008 results.
99.2	Quarterly Financial Supplement for the quarter ended June 30, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

METLIFE, INC.
By:	/s/ Gwenn L. Carr
	Name:	Gwenn L. Carr
	Title:	Senior Vice-President and Secretary

Date: July 29, 2008

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Press Release of MetLife, Inc., dated July 29, 2008, announcing second quarter 2008 results.
99.2	Quarterly Financial Supplement for the quarter ended June 30, 2008.

EX-99.1

Exhibit 99.1

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

METLIFE ANNOUNCES SECOND QUARTER 2008 RESULTS

— Record Premiums, Fees & Other Revenues of $9.5 Billion —

NEW YORK, July 29, 2008 — MetLife, Inc. (NYSE: MET) today reported second quarter 2008 net income¹ of $915 million, or $1.26 per diluted common share, compared with $1,129 million, or $1.48 per diluted common share, for the second quarter of 2007. Net income results from both periods reflect net investment gains and losses.

Operating earnings² for the second quarter of 2008 were $942 million, or $1.30 per diluted common share, compared with $1,311 million, or $1.72 per diluted common share, for the prior period.

	For the three months ended June 30,
	2008		2007
	(In millions, except per common share data)
Net income available to common shareholders	$	915	$	1,129
Net income available to common shareholders per diluted common share	$	1.26	$	1.48
Operating earnings available to common shareholders2	$	942	$	1,311
Operating earnings available to common shareholders per diluted common share2	$	1.30	$	1.72
Book value per diluted common share	$	41.98	$	41.27
Book value per diluted common share, excluding accumulated other comprehensive income2	$	45.43	$	41.65

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All references in this press release (other than in any of the tables and in the Non-GAAP and Other Financial Disclosures discussion below) to net income, net income per diluted common share, operating earnings and operating earnings per diluted common share should be read as net income available to common shareholders, net income available to common shareholders per diluted common share, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, respectively.

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Operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and book value per diluted common share, excluding accumulated other comprehensive income, are not calculated based on generally accepted accounting principles (GAAP). Information regarding non-GAAP financial measures in this press release and the reconciliation of them to GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release.

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Second Quarter Highlights

• Record premiums, fees and other revenues of $9.5 billion, up 10% from the second quarter of 2007

• Institutional Business premiums, fees and other revenues up 16% compared with the second quarter of 2007

• International operating earnings up 26% and premiums, fees and other revenues up 15% on a comparable currency basis compared with the second quarter of 2007

• Announced intent to split-off Reinsurance Group of America, Incorporated

“During the second quarter of 2008, MetLife achieved a new record in top-line results, with premiums, fees and other revenues reaching $9.5 billion,” said C. Robert Henrikson, chairman, president and chief executive officer of MetLife, Inc. “While our earnings this quarter were impacted by several factors, including the continuing decline in the equity markets and higher catastrophes in our homeowners business, our business fundamentals continue to be strong. We generated solid earnings growth in International, achieved significant top-line growth in Institutional Business and continued to execute on our business plans during the quarter.”

Second Quarter Segment Overview
Reconciliations of segment net income to segment operating earnings are provided in the tables that accompany this release.

Institutional Business Earnings of $448 Million
Institutional Business had operating earnings of $448 million in the second quarter of 2008, compared with $521 million in the second quarter of 2007. Total premiums, fees and other revenues grew 16% over the second quarter of 2007, as Institutional Business achieved strong top-line growth in all of its businesses. Earnings results were impacted by lower investment income, less favorable group life underwriting results and a liability adjustment on a large institutional annuity contract.

Group life operating earnings for the quarter were $136 million compared with $142 million in the second quarter of 2007. Strong interest margins in the second quarter of 2008 were offset by higher incurred claims. In addition, premiums, fees and other revenues increased 8% over the second quarter of 2007.

Non-medical health & other operating earnings were $93 million in the quarter, up 16% from the $80 million earned in the second quarter of 2007. Premiums, fees and other revenues for this business increased 14%, due to solid growth in several product lines, particularly in dental, which continued to benefit from a recent dental HMO acquisition.

Retirement & savings operating earnings were $219 million in the quarter compared with $299 million in the second quarter of 2007 due in part to lower investment income and the above-mentioned liability adjustment. Retirement & savings premiums, fees and other revenues rose 65% due mostly to higher pension closeout sales during the quarter.

Individual Business Earnings of $323 Million
Individual Business had operating earnings of $323 million during the second quarter of 2008 compared with $449 million in the second quarter of 2007.

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Total life operating earnings for the quarter were $161 million, relatively flat compared with the $163 million earned in the second quarter of 2007. During the quarter, higher investment income in the traditional life business was more than offset by lower underwriting margins and lower interest spreads in the variable/universal life business. Total life first year premiums and deposits increased slightly over the second quarter of 2007.

Annuity operating earnings were $146 million, compared with $270 million in the second quarter of 2007. A deferred acquisition cost adjustment related to the unfavorable equity market, as well as lower investment income, contributed to the decline in earnings. Compared with the second quarter of 2007, fees for separate account investment-type products within the annuity business increased slightly. In addition, variable annuity premiums and deposits were $3.5 billion, up from the $3.2 billion received in the first quarter of 2008, but down compared with the record $4.2 billion received in the second quarter of 2007.

Auto & Home Earnings of $52 Million
Auto & Home operating earnings were $52 million in the second quarter of 2008, compared with $108 million in the second quarter of 2007. A 23% increase in auto earnings over the second quarter of 2007 was more than offset by an unusually high level of catastrophes in the homeowners business. In the second quarter of 2008, the segment benefited from favorable non-catastrophe claim development related to prior accident years of $26 million, net of income tax, compared with $23 million, net of income tax, in the prior year period.

International Business Earnings of $147 Million
International Business operating earnings increased 26% to $147 million in the second quarter of 2008, compared with $117 million in the prior year period. Earnings results in the segment were driven by strong performance in the Latin America and Asia Pacific regions. For the quarter, total premiums, fees and other revenues grew 15% on a comparable currency basis over the prior year period to reach $1.2 billion. Annuity deposits in Japan of 150 billion yen ($1.4 billion) were relatively equal compared with 152 billion yen ($1.3 billion) in the prior year period, reflecting current market conditions.

Investments
MetLife’s investment portfolio continued to deliver strong results in the second quarter of 2008. Net realized investment losses, after income tax, were $233 million. Included in these losses were approximately $175 million, net of income tax, in credit-related losses, which were modest relative to the size of MetLife’s $350 billion general account portfolio. Before income tax and the impact of deferred acquisition costs, variable investment income was approximately $30 million lower than plan.

Corporate & Other
Corporate & Other had an operating loss of $81 million in the second quarter of 2008, compared with $78 million of operating earnings in the second quarter of 2007. In the second quarter of 2007, Corporate & Other benefited from $45 million, net of income tax, due to legal liability reductions. In addition, Corporate & Other had lower investment income in the second quarter of 2008.

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Operational Excellence Initiative
“As a result of a strategic review that we began in 2007, we have launched an enterprise initiative called Operational Excellence. This initiative began in April of this year, and is focused on reducing complexity, increasing productivity and improving the effectiveness of our operations,” said Henrikson. “Operational Excellence is expected to achieve both revenue enhancements and cost savings. We will provide more details on how Operational Excellence will serve as a foundation for our future growth, and any required investments, when we announce third quarter results in October and at our Investor Day meeting in December.”

Earnings Guidance
“Given the performance of the equity markets and our results this quarter, we are revising our previously announced full year 2008 operating earnings guidance of $5.90 to $6.20 per diluted common share to $5.70 to $5.90 per diluted common share. This projection does not include the impact of any unusual events, such as Operational Excellence,” added Henrikson. “We are pleased with the strong revenue growth we achieved in the first half of 2008, and we continue to see many growth opportunities ahead, where our financial strength, industry leadership and diverse offerings will serve us well.”

Corporate Events
Share Repurchase
During the quarter ended June 30, 2008, MetLife received approximately 0.9 million shares related to an accelerated share repurchase transaction executed in February 2008. As a result, for the six months ended June 30, 2008, MetLife repurchased approximately 21.3 million shares of common stock at a cost of $1,250 million. Currently, MetLife has $1,261 million remaining on its existing share repurchase authorizations.

Earnings Conference Call
MetLife will hold its second quarter 2008 earnings conference call and audio Webcast on Wednesday, July 30, 2008, from 8:00 to 9:00 a.m. (ET). The conference call will be available live via telephone and the Internet. To listen over the telephone, dial (612) 326-1003 (domestic and international callers). To listen to the conference call over the Internet, visit www.metlife.com (through a link on the Investor Relations page). Those who want to listen to the call on the telephone or via the Internet should dial in or go to the Web site at least fifteen minutes prior to the call to register, and/or download and install any necessary audio software.

The conference call will be available for replay via telephone and the Internet beginning at 10:00 a.m. (ET) on Wednesday, July 30, 2008, until Friday, August 8, 2008, at 11:59 p.m. (ET). To listen to a replay of the conference call over the telephone, dial (320) 365-3844 (domestic and international callers). The access code for the replay is 930800. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.

Non-GAAP and Other Financial Disclosures
MetLife analyzes its performance using so-called non-GAAP measures, including operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share. Operating earnings available to common shareholders is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, less preferred stock dividends

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which are recorded in Corporate & Other. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings available to common shareholders. Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. Operating return on common equity is defined as operating earnings available to common shareholders divided by average GAAP common equity, excluding accumulated other comprehensive income. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income available to common shareholders and GAAP net income available to common shareholders per diluted common share, respectively.

	For the three months ended June 30,
	2008						2007
	(In millions, except per common share data)
Net income available to common shareholders	$	915		$	1.26		$	1,129		$	1.48
Less: Net investment gains (losses), net of income tax1		(233	)		(0.32	)		(193	)		(0.26	)
Less: Adjustments related to net investment gains (losses), net of income tax2		206			0.28			4			0.01
Less: Discontinued operations, net of income tax3		—			—			7			0.01
Operating earnings available to common shareholders	$	942		$	1.30		$	1,311		$	1.72
Book value per diluted common share	$	41.98					$	41.27
Less: Accumulated other comprehensive income (loss) per diluted common share		(3.45	)					(0.38	)
Book value per diluted common share, excluding accumulated other comprehensive income	$	45.43					$	41.65

(1)	Net investment gains (losses), net of income tax, includes gains (losses) on sales of real estate and real estate joint ventures related to discontinued operations of $0 million and $0 million for the three months ended June 30, 2008 and 2007, respectively, and excludes gains (losses) of $(25) million and $41 million for the three months ended June 30, 2008 and 2007, respectively, from scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment.
(2)	Adjustments related to net investment gains (losses), net of income tax, include amortization of unearned revenue and deferred acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(3)	Discontinued operations, net of income tax, exclude gains (losses) from discontinued operations related to real estate and real estate joint ventures.

5

Net income available to common shareholders and net income available to common shareholders per diluted common share are defined as net income and net income per diluted common share less preferred stock dividends, respectively.

In this release, MetLife provides guidance on its future earnings per diluted common share on an operating, non-GAAP basis. A reconciliation of this measure to the most directly comparable GAAP measure is not accessible on a forward-looking basis because MetLife believes it is not possible to provide a reliable forecast of net investment gains and losses, which can fluctuate significantly from period to period and may have a significant impact on GAAP net income.

This release contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the operations and financial results and the business and the products of the company and its subsidiaries, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on the company. Such forward-looking statements are not guarantees of future performance.

Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties including, but not limited to, the following: (i) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect the company’s ability to raise capital and its generation of fee income and market-related revenue; (ii) heightened competition, including with respect to pricing, entry of new competitors, the development of new products by new and existing competitors and for personnel; (iii) investment losses and defaults, and changes to investment valuations; (iv) unanticipated changes in industry trends; (v) catastrophe losses; (vi) ineffectiveness of risk management policies and procedures; (vii) changes in accounting standards, practices and/or policies; (viii) changes in assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (ix) discrepancies between actual claims experience and assumptions used in setting prices for the company’s products and establishing the liabilities for the company’s obligations for future policy benefits and claims; (x) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (xi) adverse results or other consequences from litigation, arbitration or regulatory investigations; (xii) downgrades in the company’s and its affiliates’ claims paying ability, financial strength or credit ratings; (xiii) regulatory, legislative or tax changes that may affect the cost of, or demand for, the company’s products or services; (xiv) 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; (xv) deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (xvi) economic, political, currency and other risks relating to the company’s international operations; (xvii) the effects of business disruption or economic contraction due to terrorism or other hostilities; (xviii) the company’s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; and (xix) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. The company specifically disclaims any obligation to update or revise

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any forward-looking statement, whether as a result of new information, future developments or otherwise.

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com.

For a copy of MetLife’s Quarterly Financial Supplement, please visit www.metlife.com.

# # #

7

MetLife, Inc.
Consolidated Statements of Income
For the Three Months and Six Months Ended June 30, 2008 and 2007 (Unaudited)
(In millions)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Revenues
Premiums	$	7,701		$	6,903		$	15,294		$	13,668
Universal life and investment-type product policy fees		1,421			1,307			2,838			2,587
Net investment income		4,584			4,835			9,091			9,355
Other revenues		371			411			766			795
Net investment gains (losses)		(362	)		(239	)		(1,248	)		(277	)
Total revenues		13,715			13,217			26,741			26,128
Expenses
Policyholder benefits and claims		7,715			6,855			15,458			13,628
Interest credited to policyholder account balances		1,265			1,465			2,576			2,841
Policyholder dividends		446			432			876			856
Other expenses		2,963			2,834			5,639			5,730
Total expenses		12,389			11,586			24,549			23,055
Income from continuing operations before provision for income tax		1,326			1,631			2,192			3,073
Provision for income tax		381			476			598			892
Income from continuing operations		945			1,155			1,594			2,181
Income (loss) from discontinued operations, net of income tax		1			8			—			(1	)
Net income		946			1,163			1,594			2,180
Preferred stock dividends		31			34			64			68
Net income available to common shareholders	$	915		$	1,129		$	1,530		$	2,112
Operating Earnings Available to Common Shareholders Reconciliation
Net income available to common shareholders	$	915		$	1,129		$	1,530		$	2,112
Net investment gains (losses)		(338	)		(309	)		(1,231	)		(404	)
Minority interest — net investment gains (losses)		(2	)		4			23			8
Net investment gains (losses) tax benefit		107			112			415			145
Net investment gains (losses), net of income tax (1) (2)		(233	)		(193	)		(793	)		(251	)
Adjustments related to universal life and investment-type product policy fees		(3	)		(10	)		2			(10	)
Adjustments related to policyholder benefits and dividends		164			(34	)		36			(99	)
Adjustments related to other expenses		159			49			376			74
Adjustments related to tax benefit (provision)		(114	)		(1	)		(144	)		13
Adjustments related to net investment gains (losses), net of income tax (3)		206			4			270			(22	)
Discontinued operations, net of income tax (4)		—			7			—			(8	)
Operating earnings available to common shareholders	$	942		$	1,311		$	2,053		$	2,393

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of ($25) million and $41 million for the three months ended June 30, 2008 and 2007, respectively, and ($29) million and $80 million for the six months ended June 30, 2008 and 2007, respectively.
(2)	There were no discontinued operations from other real estate and real estate joint ventures for both the three months ended June 30, 2008 and 2007. Net investment gains (losses), net of income tax, from real estate and real estate joint ventures includes discontinued operations of $0 million and $3 million for the six months ended June 30, 2008 and 2007, respectively.
(3)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(4)	Discontinued operations, net of income tax, excludes gains (losses) from discontinued operations related to real estate and real estate joint ventures.

MetLife, Inc.
Financial Highlights
Unaudited
(In millions, except per common share data or otherwise noted)

	At or For the Three Months				At or For the Six Months
	Ended June 30,				Ended June 30,
	2008		2007		2008		2007
Other Financial Data:
Net income available to common shareholders	$	915	$	1,129	$	1,530	$	2,112
Operating earnings available to common shareholders	$	942	$	1,311	$	2,053	$	2,393
Total assets (billions)	$	555.8	$	552.6	$	555.8	$	552.6
Individual Business Sales Data:
Total first year life premiums and deposits	$	250	$	248	$	501	$	478
Variable and Universal life first year premiums and deposits (including COLI/BOLI)	$	197	$	194	$	397	$	372
Total annuity deposits	$	3,815	$	4,486	$	7,279	$	8,168
Earnings Per Common Share Calculation:
Weighted average common shares outstanding — diluted		726.5		763.6		728.9		766.0
Operating earnings available to common shareholders per common share - - diluted	$	1.30	$	1.72	$	2.82	$	3.12
Net income available to common shareholders per common share — diluted	$	1.26	$	1.48	$	2.10	$	2.76

MetLife, Inc.
Consolidated Balance Sheet Data
June 30, 2008 and December 31, 2007 (Unaudited)
(In millions)

	June 30,			December 31,
	2008			2007
Balance Sheet Data:
General account assets	$	406,086		$	398,403
Separate account assets		149,701			160,159
Total assets	$	555,787		$	558,562
Policyholder liabilities	$	290,138		$	281,570
Short-term debt		623			667
Long-term debt		9,694			9,628
Collateral financing arrangements		5,847			5,732
Junior subordinated debt securities		5,224			4,474
Shares subject to mandatory redemption		159			159
Other liabilities		61,860			60,994
Separate account liabilities		149,701			160,159
Total liabilities		523,246			523,383
Preferred stock, at par value		1			1
Common stock, at par value		8			8
Additional paid-in capital		17,647			17,098
Retained earnings		21,441			19,884
Treasury stock		(4,047	)		(2,890	)
Accumulated other comprehensive income (loss)		(2,509	)		1,078
Total stockholders’ equity		32,541			35,179
Total liabilities and stockholders’ equity	$	555,787		$	558,562

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Total Institutional Operations
Net income available to common shareholders	$	549		$	362		$	633		$	718
Net investment gains (losses), net of income tax		79			(168	)		(404	)		(256	)
Adjustments related to net investment gains (losses), net of income tax		22			9			31			1
Operating earnings available to common shareholders	$	448		$	521		$	1,006		$	973
Institutional Operations:
Group Life
Net income available to common shareholders	$	137		$	153		$	142		$	256
Net investment gains (losses), net of income tax		1			11			(114	)		7
Adjustments related to net investment gains (losses), net of income tax		—			—			1			—
Operating earnings available to common shareholders	$	136		$	142		$	255		$	249
Retirement & Savings
Net income available to common shareholders	$	370		$	176		$	259		$	357
Net investment gains (losses), net of income tax		139			(120	)		(297	)		(201	)
Adjustments related to net investment gains (losses), net of income tax		12			(3	)		16			(7	)
Operating earnings available to common shareholders	$	219		$	299		$	540		$	565
Non-Medical Health & Other
Net income available to common shareholders	$	42		$	33		$	232		$	105
Net investment gains (losses), net of income tax		(61	)		(59	)		7			(62	)
Adjustments related to net investment gains (losses), net of income tax		10			12			14			8
Operating earnings available to common shareholders	$	93		$	80		$	211		$	159
Total Individual Operations
Net income available to common shareholders	$	199		$	367		$	475		$	682
Net investment gains (losses), net of income tax		(167	)		(60	)		(230	)		(57	)
Adjustments related to net investment gains (losses), net of income tax		43			(22	)		70			(29	)
Operating earnings available to common shareholders	$	323		$	449		$	635		$	768
Individual Operations:
Traditional Life
Net income available to common shareholders	$	86		$	58		$	95		$	114
Net investment gains (losses), net of income tax		8			14			(83	)		20
Adjustments related to net investment gains (losses), net of income tax		(20	)		(33	)		(10	)		(45	)
Operating earnings available to common shareholders	$	98		$	77		$	188		$	139
Variable & Universal Life
Net income available to common shareholders	$	51		$	49		$	73		$	97
Net investment gains (losses), net of income tax		(17	)		(42	)		(39	)		(49	)
Adjustments related to net investment gains (losses), net of income tax		5			5			8			7
Operating earnings available to common shareholders	$	63		$	86		$	104		$	139
Annuities
Net income available to common shareholders	$	54		$	243		$	301		$	464
Net investment gains (losses), net of income tax		(150	)		(33	)		(84	)		(25	)
Adjustments related to net investment gains (losses), net of income tax		58			6			72			9
Operating earnings available to common shareholders	$	146		$	270		$	313		$	480
Other
Net income (loss) available to common shareholders	$	8		$	17		$	6		$	7
Net investment gains (losses), net of income tax		(8	)		1			(24	)		(3	)
Operating earnings available to common shareholders	$	16		$	16		$	30		$	10
International
Net income available to common shareholders	$	173		$	127		$	359		$	227
Net investment gains (losses), net of income tax		(107	)		11			(18	)		29
Adjustments related to net investment gains (losses), net of income tax		133			15			93			4
Discontinued operations, net of income tax		—			(16	)		—			(47	)
Operating earnings available to common shareholders	$	147		$	117		$	284		$	241

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Total Auto & Home
Net income available to common shareholders	$	43		$	109		$	134		$	222
Net investment gains (losses), net of income tax		(9	)		1			(16	)		8
Operating earnings available to common shareholders	$	52		$	108		$	150		$	214
Auto & Home:
Auto
Net income available to common shareholders	$	74		$	63		$	143		$	144
Net investment gains (losses), net of income tax		(5	)		(1	)		(10	)		5
Operating earnings available to common shareholders	$	79		$	64		$	153		$	139
Homeowners & Other
Net income available to common shareholders	$	(31	)	$	46		$	(9	)	$	78
Net investment gains (losses), net of income tax		(4	)		2			(6	)		3
Operating earnings available to common shareholders	$	(27	)	$	44		$	(3	)	$	75
Reinsurance
Net income available to common shareholders	$	55		$	34		$	67		$	68
Net investment gains (losses), net of income tax		(6	)		(6	)		(91	)		(8	)
Adjustments related to net investment gains (losses), net of income tax		8			2			76			2
Operating earnings available to common shareholders	$	53		$	38		$	82		$	74
Corporate, Other & Eliminations
Net income available to common shareholders	$	(104	)	$	130		$	(138	)	$	195
Net investment gains (losses), net of income tax		(23	)		29			(34	)		33
Discontinued operations, net of income tax		—			23			—			39
Operating earnings available to common shareholders	$	(81	)	$	78		$	(104	)	$	123

EX-99.2

Second Quarter

Financial Supplement

June 30, 2008

TABLE OF CONTENTS

HIGHLIGHTS
Corporate Overview	2
METLIFE, INC.
Consolidated Balance Sheets	3
Consolidated Statements of Operating Earnings Available to Common Shareholders	4
Consolidating Balance Sheet	5
Consolidating Statement of Operating Earnings Available to Common Shareholders	6
SUMMARY OF SEGMENT OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	10
INSTITUTIONAL
Statements of Operating Earnings Available to Common Shareholders	11
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities	15
Other Expenses by Major Category	16
Spreads by Product	17
INDIVIDUAL
Statements of Operating Earnings Available to Common Shareholders	18
Premiums and Deposits by Product	23
Additional Statistical Information	24
Future Policy Benefits, Policyholder Account Balances and Separate Account Liabilities	25
Expenses by Major Category	26
Spreads by Product	27
INTERNATIONAL
Statement of Operating Earnings Available to Common Shareholders	28
AUTO & HOME
Statements of Operating Earnings Available to Common Shareholders	29
Written Premiums by Product and Selected Financial Information and Supplemental Data	32
REINSURANCE
Statement of Operating Earnings Available to Common Shareholders	33
Pre-Tax and Pre-Minority Interest Operating Earnings by Region and Reserves by Region	34
CORPORATE, OTHER & ELIMINATIONS
Statement of Operating Earnings Available to Common Shareholders	35
INVESTMENTS
Investment Results by Asset Category and Annualized Yields	36
Fixed Maturity Securities and Equity Securities Gross Unrealized Gains and Losses Aging Schedules	38
Summary of Fixed Maturity Securities Available-for-Sale By Sector and Quality Distribution and Summary of Commercial Mortgage Loans By Region and Property Type	39
Summary of Real Estate and Summary of Mortgages and Consumer Loans	40
OTHER INFORMATION
Company Ratings	41

NOTE:

The Quarterly Financial Supplement (“QFS”) includes financial measures, such as operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share, that are not based on generally accepted accounting principles (“GAAP”). Operating earnings is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, and discontinued operations other than discontinued real estate, net of income tax. Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to common shareholders and operating earnings available to common shareholders per diluted common share should not be viewed as substitutes for GAAP net income, GAAP net income available to common shareholders and GAAP net income available to common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income, operating earnings available to common shareholders to GAAP net income available to common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income available to common shareholders per diluted common share, the most directly comparable GAAP measures, are included in the QFS and in MetLife’s earnings press release dated July 29, 2008, for the three months ended June 30, 2008, which are available at www.metlife.com.

1

CORPORATE OVERVIEW

Unaudited (In millions, except per share data)

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
	2007			2007			2007			2008			2008
Net income	$	1,163		$	1,019		$	1,118		$	648		$	946
Preferred stock dividends		34			34			35			33			31
Net income available to common shareholders		1,129			985			1,083			615			915
Net investment gains (losses)		(309	)		(339	)		(264	)		(893	)		(338	)
Minority interest — net investment gains (losses)		4			10			15			25			(2	)
Net investment gains (losses) tax provision		112			114			67			308			107
Net investment gains (losses), net of income tax (1) (2)		(193	)		(215	)		(182	)		(560	)		(233	)
Adjustments related to universal life and investment-type product policy fees		(10	)		(4	)		2			5			(3	)
Adjustments related to policyholder benefits and dividends		(34	)		(65	)		10			(128	)		164
Adjustments related to other expenses		49			77			85			217			159
Adjustments related to tax provision		(1	)		(3	)		(33	)		(30	)		(114	)
Adjustments related to net investment gains (losses), net of income tax (3)		4			5			64			64			206
Discontinued operations, net of income tax		7			34			(7	)		—			—
Operating earnings available to common shareholders (4)	$	1,311		$	1,161		$	1,208		$	1,111		$	942
Net income available to common shareholders per common share — diluted	$	1.48		$	1.29		$	1.44		$	0.84		$	1.26
Net investment gains (losses), net of income tax		(0.26	)		(0.28	)		(0.24	)		(0.77	)		(0.32	)
Adjustments related to net investment gains (losses), net of income tax		0.01			0.01			0.09			0.09			0.28
Discontinued operations, net of income tax		0.01			0.04			(0.01	)		0.00			0.00
Operating earnings available to common shareholders — diluted	$	1.72		$	1.52		$	1.60		$	1.52		$	1.30
Weighted average common shares outstanding — diluted		763.6			762.7			754.1			732.7			726.5
Book value per common share (actual common shares outstanding)	$	42.42		$	44.18		$	45.44		$	43.64		$	42.97
Book value per common share, excluding accumulated other comprehensive income (actual common shares outstanding)	$	42.82		$	44.10		$	43.96		$	45.09		$	46.51
Book value per common share — diluted (weighted average common shares outstanding)	$	41.27		$	42.88		$	43.94		$	42.25		$	41.98
Book value per common share, excluding accumulated other comprehensive income — diluted (weighted average common shares outstanding)	$	41.65		$	42.81		$	42.51		$	43.65		$	45.43
	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
	2007			2007			2007			2008			2008
Common shares outstanding, beginning of period		741.1			742.8			740.3			729.2			709.4
Treasury stock		1.7			(2.5	)		(11.1	)		(19.8	)		0.3
Common shares outstanding, end of period		742.8			740.3			729.2			709.4			709.7
Weighted average common shares outstanding — basic		744.5			744.0			735.9			720.4			712.8
Dilutive effect of stock-based awards		11.6			10.9			11.0			8.7			9.4
Dilutive effect of stock purchase contracts underlying common equity units		7.5			7.8			7.2			3.6			4.3
Weighted average common shares outstanding — diluted		763.6			762.7			754.1			732.7			726.5
MetLife Policyholder Trust shares		267.7			265.2			260.7			256.6			253.4

(1)	Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment of $41 million, $41 million, $45 million, ($4) million and ($25) million for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively. For QFS purposes, these settlements are included in net investment income.
(2)	Net investment gains (losses), net of income tax, from real estate and real estate joint ventures includes discontinued operations of $5 million for the three months ended December 31, 2007. There were no discontinued operations from other real estate and real estate joint ventures for any other period.
(3)	Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.
(4)	Presentation of operating earnings available to common shareholders throughout the QFS differs from other public filings with respect to discontinued operations and scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment. Presentation of discontinued operations in other public filings is in accordance with the Statement of Financial Accounting Standards (“SFAS”) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Presentation of scheduled periodic settlement payments on derivatives not qualifying for hedge accounting treatment in other public filings is in accordance with SFAS No.133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”).

2

METLIFE, INC.

CONSOLIDATED BALANCE SHEETS

	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
ASSETS
Assets
Fixed maturity securities, available-for-sale, at estimated fair value	$	251,044		$	252,372		$	242,242		$	244,088		$	241,191
Equity securities, available-for-sale, at estimated fair value		6,046			6,250			6,050			5,533			5,420
Trading securities, at estimated fair value		919			824			779			808			883
Mortgage and consumer loans		43,755			44,849			47,030			47,777			48,999
Policy loans		10,251			10,321			10,419			10,739			10,764
Real estate and real estate joint ventures		5,933			6,360			6,769			6,963			7,328
Other limited partnership interests		5,111			5,371			6,155			6,349			6,707
Short-term investments		2,763			1,727			2,648			2,612			1,980
Other invested assets		10,302			11,258			12,642			14,357			13,335
Total Investments		336,124			339,332			334,734			339,226			336,607
Cash and cash equivalents		6,504			8,627			10,368			10,874			13,815
Accrued investment income		3,710			3,952			3,630			3,382			3,320
Premiums and other receivables		15,297			16,549			14,607			14,998			15,402
Deferred policy acquisition costs and value of business acquired		21,067			21,310			21,521			22,085			22,917
Current income tax recoverable		—			—			303			430			590
Goodwill		4,904			4,909			4,910			5,094			5,161
Assets of subsidiaries held-for-sale		1,560			—			—			—			—
Other assets		7,563			7,719			8,330			8,473			8,274
Separate account assets		155,835			160,679			160,159			152,570			149,701
Total Assets	$	552,564		$	563,077		$	558,562		$	557,132		$	555,787
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits	$	129,348		$	131,126		$	132,262		$	134,047		$	134,123
Policyholder account balances		136,514			138,900			137,349			141,530			144,238
Other policyholder funds		9,772			10,345			10,176			10,631			10,740
Policyholder dividends payable		1,006			1,045			994			993			1,037
Policyholder dividend obligation		378			630			789			119			—
Short-term debt		1,476			1,880			667			632			623
Long-term debt		9,393			9,459			9,628			9,652			9,694
Collateral financing arrangements		3,104			3,177			5,732			5,792			5,847
Junior subordinated debt securities		3,780			3,780			4,474			4,474			5,224
Shares subject to mandatory redemption		279			279			159			159			159
Liabilities of subsidiaries held-for-sale		1,616			—			—			—			—
Current income tax payable		7			333			—			—			—
Deferred income tax liability		1,050			1,323			2,457			1,462			1,017
Payables for collateral under securities loaned and other transactions		50,590			49,283			44,136			46,649			45,979
Other liabilities		14,861			16,092			14,401			15,423			14,864
Separate account liabilities		155,835			160,679			160,159			152,570			149,701
Total Liabilities		519,009			528,331			523,383			524,133			523,246
Stockholders’ Equity
Preferred stock, at par value		1			1			1			1			1
Common stock, at par value		8			8			8			8			8
Additional paid-in capital		17,495			17,522			17,098			17,600			17,647
Retained earnings		18,357			19,342			19,884			20,526			21,441
Treasury stock, at cost		(2,014	)		(2,183	)		(2,890	)		(4,108	)		(4,047	)
Accumulated other comprehensive income		(292	)		56			1,078			(1,028	)		(2,509	)
Total Stockholders’ Equity		33,555			34,746			35,179			32,999			32,541
Total Liabilities and Stockholders’ Equity	$	552,564		$	563,077		$	558,562		$	557,132		$	555,787

3

METLIFE, INC.

CONSOLIDATED STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
REVENUES
Premiums	$	6,903		$	6,944		$	7,283		$	7,593		$	7,701
Universal life and investment-type product policy fees		1,317			1,319			1,407			1,412			1,424
Investment income, net		4,902			4,765			5,029			4,499			4,548
Other revenues		411			364			374			395			371
		13,533			13,392			14,093			13,899			14,044
EXPENSES
Policyholder benefits and dividends		7,253			7,387			7,628			8,045			8,325
Interest credited to policyholder account balances		1,460			1,453			1,430			1,233			1,260
Interest credited to bank deposits		49			50			49			44			39
Interest expenses		241			274			284			295			279
Other expenses		2,597			2,520			2,953			2,643			2,793
		11,600			11,684			12,344			12,260			12,696
Operating earnings before provision for income tax		1,933			1,708			1,749			1,639			1,348
Provision for income tax		588			513			506			495			375
Operating earnings		1,345			1,195			1,243			1,144			973
Preferred stock dividends		34			34			35			33			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	1,311		$	1,161		$	1,208		$	1,111		$	942
Net Income Reconciliation
Operating earnings available to common shareholders	$	1,311		$	1,161		$	1,208		$	1,111		$	942
Net investment gains (losses)		(309	)		(339	)		(264	)		(893	)		(338	)
Minority interest — net investment gains (losses)		4			10			15			25			(2	)
Net investment gains (losses) tax benefit		112			114			67			308			107
Net investment gains (losses), net of income tax		(193	)		(215	)		(182	)		(560	)		(233	)
Adjustments related to universal life and investment-type product policy fees		(10	)		(4	)		2			5			(3	)
Adjustments related to policyholder benefits and dividends		(34	)		(65	)		10			(128	)		164
Adjustments related to other expenses		49			77			85			217			159
Adjustments related to tax provision		(1	)		(3	)		(33	)		(30	)		(114	)
Adjustments related to net investment gains (losses), net of income tax (1)		4			5			64			64			206
Discontinued operations, net of income tax		7			34			(7	)		—			—
Net income available to common shareholders		1,129			985			1,083			615			915
Preferred stock dividends		34			34			35			33			31
Net income	$	1,163		$	1,019		$	1,118		$	648		$	946
Premiums, Fees and Other Revenues	$	8,631		$	8,627		$	9,064		$	9,400		$	9,496

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

4

METLIFE, INC.

CONSOLIDATING BALANCE SHEET

	June 30, 2008
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			International			Auto & Home			Reinsurance			& Eliminations
ASSETS
Total investments		$	336,607		$	144,190		$	121,376		$	16,287		$	3,902		$	16,117		$	34,735
Cash and cash equivalents			13,815			548			1,269			1,765			(44	)		363			9,914
Accrued investment income			3,320			1,170			1,201			211			55			107			576
Premiums and other receivables			15,402			4,826			2,203			835			919			1,550			5,069
Deferred policy acquisition costs and value of business acquired			22,917			963			15,142			2,796			187			3,822			7
Current income tax recoverable			590			211			999			108			46			(122	)		(652	)
Goodwill			5,161			1,051			2,957			431			157			96			469
Assets of subsidiaries held-for-sale			—			—			—			—			—			—			—
Other assets			8,274			1,382			3,728			463			424			96			2,181
Separate account assets			149,701			49,746			94,071			5,885			—			15			(16	)
Total Assets		$	555,787		$	204,087		$	242,946		$	28,781		$	5,646		$	22,044		$	52,283
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits		$	134,123		$	52,528		$	56,972		$	10,174		$	3,255		$	6,501		$	4,693
Policyholder account balances			144,238			71,112			55,467			5,645			—			7,165			4,849
Other policyholder funds			10,740			3,389			3,147			1,464			60			2,464			216
Policyholder dividends payable			1,037			—			1,037			—			—			—			—
Short-term debt			623			—			—			—			—			—			623
Long-term debt			9,694			—			114			219			—			527			8,834
Collateral financing arrangements			5,847			—			—			—			—			850			4,997
Junior subordinated debt securities			5,224			—			—			—			—			399			4,825
Shares subject to mandatory redemption			159			—			—			—			—			159			—
Deferred income tax liability			1,017			(1,815	)		2,294			(28	)		(72	)		745			(107	)
Payables for collateral under securities loaned and other transactions			45,979			17,123			16,416			—			47			—			12,393
Other liabilities			14,864			3,371			3,308			1,523			586			1,879			4,197
Separate account liabilities			149,701			49,746			94,071			5,885			—			15			(16	)
Total Liabilities			523,246			195,454			232,826			24,882			3,876			20,704			45,504
Stockholders’ Equity
Preferred stock, at par value			1			—			—			—			—			—			1
Common stock, at par value			8			—			—			—			—			—			8
Allocated equity (1)			39,088			10,045			10,581			3,606			1,815			1,205			11,836
Treasury stock			(4,047	)		—			—			—			—			—			(4,047	)
Accumulated other comprehensive income (loss)			(2,509	)		(1,412	)		(461	)		293			(45	)		135			(1,019	)
Total Stockholders’ Equity			32,541			8,633			10,120			3,899			1,770			1,340			6,779
Total Liabilities and Stockholders’ Equity		$	555,787		$	204,087		$	242,946		$	28,781		$	5,646		$	22,044		$	52,283

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

5

METLIFE, INC.

CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended June 30, 2008
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			International			Auto & Home			Reinsurance			& Eliminations
REVENUES
Premiums		$	7,701		$	3,597		$	1,071		$	920		$	743		$	1,359		$	11
Universal life and investment-type product policy fees			1,424			210			920			294			—			—			—
Investment income, net			4,548			1,938			1,697			365			50			247			251
Other revenues			371			172			155			6			9			23			6
			14,044			5,917			3,843			1,585			802			1,629			268
EXPENSES
Policyholder benefits and dividends			8,325			4,049			1,774			830			541			1,117			14
Interest credited to policyholder account balances			1,260			599			500			89			—			72			—
Capitalization of deferred policy acquisition costs			(1,009	)		(65	)		(398	)		(203	)		(117	)		(224	)		(2	)
Amortization of deferred policy acquisition costs			792			47			389			99			114			141			2
Other expenses			3,328			611			1,093			575			206			442			401
			12,696			5,241			3,358			1,390			744			1,548			415
Operating earnings before provision for income tax			1,348			676			485			195			58			81			(147	)
Provision (benefit) for income tax			375			228			162			48			6			28			(97	)
Operating earnings			973			448			323			147			52			53			(50	)
Preferred stock dividends			31			—			—			—			—			—			31
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	942		$	448		$	323		$	147		$	52		$	53			($81	)
Net Income Reconciliation
Operating earnings available to common shareholders		$	942		$	448		$	323		$	147		$	52		$	53			($81	)
Net investment gains (losses)			(338	)		120			(255	)		(145	)		(13	)		(7	)		(38	)
Minority interest — net investment gains (losses)			(2	)		—			—			—			—			(2	)		—
Net investment gains (losses) tax benefit (provision)			107			(41	)		88			38			4			3			15
Net investment gains (losses), net of income tax			(233	)		79			(167	)		(107	)		(9	)		(6	)		(23	)
Adjustments related to universal life and investment-type product policy fees			(3	)		—			(3	)		—			—			—			—
Adjustments related to policyholder benefits and dividends			164			33			(77	)		208			—			—			—
Adjustments related to other expenses			159			—			145			—			—			14			—
Adjustments related to tax provision			(114	)		(11	)		(22	)		(75	)		—			(6	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			206			22			43			133			—			8			—
Net income available to common shareholders			915			549			199			173			43			55			(104	)
Preferred stock dividends			31			—			—			—			—			—			31
Net income		$	946		$	549		$	199		$	173		$	43		$	55			($73	)
Premiums, Fees and Other Revenues		$	9,496		$	3,979		$	2,146		$	1,220		$	752		$	1,382		$	17

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

6

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

	For the Three Months Ended June 30, 2007
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			International			Auto & Home			Reinsurance			& Eliminations
REVENUES
Premiums		$	6,903		$	3,074		$	1,098		$	777		$	738		$	1,208		$	8
Universal life and investment-type product policy fees			1,317			186			890			241			—			—			—
Investment income, net			4,902			2,140			1,819			271			49			266			357
Other revenues			411			177			155			3			8			19			49
			13,533			5,577			3,962			1,292			795			1,493			414
EXPENSES
Policyholder benefits and dividends			7,253			3,398			1,758			661			446			979			11
Interest credited to policyholder account balances			1,460			767			495			81			—			117			—
Capitalization of deferred policy acquisition costs			(944	)		(70	)		(414	)		(132	)		(120	)		(201	)		(7	)
Amortization of deferred policy acquisition costs			747			59			332			81			114			153			8
Other expenses			3,084			629			1,107			440			210			386			312
			11,600			4,783			3,278			1,131			650			1,434			324
Operating earnings before provision for income tax			1,933			794			684			161			145			59			90
Provision (benefit) for income tax			588			273			235			44			37			21			(22	)
Operating earnings			1,345			521			449			117			108			38			112
Preferred stock dividends			34			—			—			—			—			—			34
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	1,311		$	521		$	449		$	117		$	108		$	38		$	78
Net Income Reconciliation
Operating earnings available to common shareholders		$	1,311		$	521		$	449		$	117		$	108		$	38		$	78
Net investment gains (losses)			(309	)		(261	)		(92	)		20			—			(14	)		38
Minority interest — net investment gains (losses)			4			—			—			—			—			4			—
Net investment gains (losses) tax benefit (provision)			112			93			32			(9	)		1			4			(9	)
Net investment gains (losses), net of income tax			(193	)		(168	)		(60	)		11			1			(6	)		29
Adjustments related to universal life and investment-type product policy fees			(10	)		—			(10	)		—			—			—			—
Adjustments related to policyholder benefits and dividends			(34	)		13			(69	)		22			—			—			—
Adjustments related to other expenses			49			—			44			—			—			5			—
Adjustments related to tax benefit (provision)			(1	)		(4	)		13			(7	)		—			(3	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			4			9			(22	)		15			—			2			—
Discontinued operations, net of income tax			7			—			—			(16	)		—			—			23
Net income available to common shareholders			1,129			362			367			127			109			34			130
Preferred stock dividends			34			—			—			—			—			—			34
Net income		$	1,163		$	362		$	367		$	127		$	109		$	34		$	164
Premiums, Fees and Other Revenues		$	8,631		$	3,437		$	2,143		$	1,021		$	746		$	1,227		$	57

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

7

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

	For the Six Months Ended June 30, 2008
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			International			Auto & Home			Reinsurance			& Eliminations
REVENUES
Premiums		$	15,294		$	7,170		$	2,138		$	1,824		$	1,487		$	2,657		$	18
Universal life and investment-type product policy fees			2,836			434			1,818			584			—			—			—
Investment income, net			9,047			3,965			3,388			638			103			436			517
Other revenues			766			362			303			13			19			53			16
			27,943			11,931			7,647			3,059			1,609			3,146			551
EXPENSES
Policyholder benefits and dividends			16,370			7,975			3,501			1,593			1,020			2,257			24
Interest credited to policyholder account balances			2,493			1,269			1,006			136			—			82			—
Capitalization of deferred policy acquisition costs			(1,820	)		(125	)		(759	)		(442	)		(224	)		(266	)		(4	)
Amortization of deferred policy acquisition costs			1,477			91			809			212			229			131			5
Other expenses			6,436			1,201			2,136			1,129			402			815			753
			24,956			10,411			6,693			2,628			1,427			3,019			778
Operating earnings before provision (benefit) for income tax			2,987			1,520			954			431			182			127			(227	)
Provision (benefit) for income tax			870			514			319			147			32			45			(187	)
Operating earnings			2,117			1,006			635			284			150			82			(40	)
Preferred stock dividends			64			—			—			—			—			—			64
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2,053		$	1,006		$	635		$	284		$	150		$	82			($104	)
Net Income Reconciliation
Operating earnings available to common shareholders		$	2,053		$	1,006		$	635		$	284		$	150		$	82			($104	)
Net investment gains (losses)			(1,231	)		(623	)		(353	)		(14	)		(24	)		(163	)		(54	)
Minority interest — net investment gains (losses)			23			—			—			—			—			23			—
Net investment gains (losses) tax benefit (provision)			415			219			123			(4	)		8			49			20
Net investment gains (losses), net of income tax			(793	)		(404	)		(230	)		(18	)		(16	)		(91	)		(34	)
Adjustments related to universal life and investment-type product policy fees			2			—			2			—			—			—			—
Adjustments related to policyholder benefits and dividends			36			47			(154	)		143			—			—			—
Adjustments related to other expenses			376			—			259			—			—			117			—
Adjustments related to tax provision			(144	)		(16	)		(37	)		(50	)		—			(41	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			270			31			70			93			—			76			—
Discontinued operations, net of income tax			—			—			—			—			—			—			—
Net income available to common shareholders			1,530			633			475			359			134			67			(138	)
Preferred stock dividends			64			—			—			—			—			—			64
Net income		$	1,594		$	633		$	475		$	359		$	134		$	67			($74	)
Premiums, Fees and Other Revenues		$	18,896		$	7,966		$	4,259		$	2,421		$	1,506		$	2,710		$	34

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

8

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

	For the Six Months Ended June 30, 2007
																				Corporate, Other
Unaudited (In millions)		Consolidated			Institutional			Individual			International			Auto & Home			Reinsurance			& Eliminations
REVENUES
Premiums		$	13,668		$	6,199		$	2,173		$	1,492		$	1,454		$	2,334		$	16
Universal life and investment-type product policy fees			2,597			377			1,743			477			—			—			—
Investment income, net			9,484			4,107			3,560			521			97			472			727
Other revenues			795			367			301			16			19			37			55
			26,544			11,050			7,777			2,506			1,570			2,843			798
EXPENSES
Policyholder benefits and dividends			14,385			6,861			3,505			1,239			877			1,881			22
Interest credited to policyholder account balances			2,832			1,489			1,002			159			—			182			—
Capitalization of deferred policy acquisition costs			(1,795	)		(133	)		(770	)		(278	)		(231	)		(376	)		(7	)
Amortization of deferred policy acquisition costs			1,552			127			712			178			230			294			11
Other expenses			6,055			1,224			2,159			876			407			747			642
			23,029			9,568			6,608			2,174			1,283			2,728			668
Operating earnings before provision (benefit) for income tax			3,515			1,482			1,169			332			287			115			130
Provision (benefit) for income tax			1,054			509			401			91			73			41			(61	)
Operating earnings			2,461			973			768			241			214			74			191
Preferred stock dividends			68			—			—			—			—			—			68
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	2,393		$	973		$	768		$	241		$	214		$	74		$	123
Net Income Reconciliation
Operating earnings available to common shareholders		$	2,393		$	973		$	768		$	241		$	214		$	74		$	123
Net investment gains (losses)			(404	)		(398	)		(86	)		44			12			(20	)		44
Minority interest — net investment gains (losses)			8			—			—			—			—			8			—
Net investment gains (losses) tax benefit (provision)			145			142			29			(15	)		(4	)		4			(11	)
Net investment gains (losses), net of income tax			(251	)		(256	)		(57	)		29			8			(8	)		33
Adjustments related to universal life and investment-type product policy fees			(10	)		—			(10	)		—			—			—			—
Adjustments related to policyholder benefits and dividends			(99	)		1			(107	)		7			—			—			—
Adjustments related to other expenses			74			—			71			—			—			3			—
Adjustments related to tax benefit (provision)			13			—			17			(3	)		—			(1	)		—
Adjustments related to net investment gains (losses), net of income tax (1)			(22	)		1			(29	)		4			—			2			—
Discontinued operations, net of income tax			(8	)		—			—			(47	)		—			—			39
Net income available to common shareholders			2,112			718			682			227			222			68			195
Preferred stock dividends			68			—			—			—			—			—			68
Net income		$	2,180		$	718		$	682		$	227		$	222		$	68		$	263
Premiums, Fees and Other Revenues		$	17,060		$	6,943		$	4,217		$	1,985		$	1,473		$	2,371		$	71

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

9

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

	For the Three Months Ended
		June 30,		September 30,		December 31,			March 31,			June 30,
Unaudited (In millions)		2007		2007		2007			2008			2008
INSTITUTIONAL		$	521	$	467	$	527		$	558		$	448
INDIVIDUAL			449		363		382			312			323
INTERNATIONAL			117		134		193			137			147
AUTO & HOME			108		109		103			98			52
REINSURANCE			38		43		39			29			53
CORPORATE, OTHER & ELIMINATIONS			78		45		(36	)		(23	)		(81	)
CONSOLIDATED		$	1,311	$	1,161	$	1,208		$	1,111		$	942

(1) A reconciliation of operating earnings available to common shareholders to net income for each segment appears in this QFS as follows: (i) Institutional Operations, page 11; (ii) Individual Operations, page 18; (iii) International Operations, page 28; (iv) Auto & Home Operations, page 29; (v) Reinsurance Operations, page 33; and (vi) Corporate, Other & Eliminations, page 35. A Consolidated reconciliation of operating earnings available to common shareholders to net income for MetLife, Inc. appears on page 4.

10

INSTITUTIONAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except number of sales representatives)		2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums		$	3,074		$	3,080		$	3,113		$	3,573		$	3,597		$	6,199		$	7,170
Universal life and investment-type product policy fees			186			201			225			224			210			377			434
Investment income, net			2,140			2,068			2,208			2,027			1,938			4,107			3,965
Other revenues			177			180			179			190			172			367			362
			5,577			5,529			5,725			6,014			5,917			11,050			11,931
EXPENSES
Policyholder benefits and dividends			3,398			3,446			3,496			3,926			4,049			6,861			7,975
Interest credited to policyholder account balances			767			802			777			670			599			1,489			1,269
Other expenses			618			570			650			574			593			1,218			1,167
			4,783			4,818			4,923			5,170			5,241			9,568			10,411
Operating earnings before provision for income tax			794			711			802			844			676			1,482			1,520
Provision for income tax			273			244			275			286			228			509			514
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	521		$	467		$	527		$	558		$	448		$	973		$	1,006
Net Income Reconciliation
Operating earnings available to common shareholders		$	521		$	467		$	527		$	558		$	448		$	973		$	1,006
Net investment gains (losses)			(261	)		(271	)		(125	)		(743	)		120			(398	)		(623	)
Minority interest — net investment gains (losses)			—			—			—			—			—			—			—
Net investment gains (losses) tax benefit (provision)			93			95			41			260			(41	)		142			219
Net investment gains (losses), net of income tax			(168	)		(176	)		(84	)		(483	)		79			(256	)		(404	)
Adjustments related to universal life and investment-type product policy fees			—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends			13			(30	)		26			14			33			1			47
Adjustments related to other expenses			—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)			(4	)		11			(10	)		(5	)		(11	)		—			(16	)
Adjustments related to net investment gains (losses), net of income tax (1)			9			(19	)		16			9			22			1			31
Discontinued operations, net of income tax			—			—			—			—			—			—			—
Net income available to common shareholders			362			272			459			84			549			718			633
Preferred stock dividends			—			—			—			—			—			—			—
Net income		$	362		$	272		$	459		$	84		$	549		$	718		$	633
Premiums, Fees and Other Revenues		$	3,437		$	3,461		$	3,517		$	3,987		$	3,979		$	6,943		$	7,966
Number of Sales Representatives			634			636			637			656			647			634			647

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

11

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
GROUP LIFE

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,			June 30,		June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008			2007		2008
REVENUES
Premiums		$	1,574		$	1,556		$	1,525		$	1,641		$	1,693		$	3,150	$	3,334
Universal life and investment-type product policy fees			184			196			220			220			206			373		426
Investment income, net			338			347			357			334			341			665		675
Other revenues			20			19			16			15			17			44		32
			2,116			2,118			2,118			2,210			2,257			4,232		4,467
EXPENSES
Policyholder benefits and dividends			1,565			1,614			1,599			1,736			1,751			3,191		3,487
Interest credited to policyholder account balances			155			155			146			128			121			307		249
Other expenses			180			164			231			166			179			355		345
			1,900			1,933			1,976			2,030			2,051			3,853		4,081
Operating earnings before provision for income tax			216			185			142			180			206			379		386
Provision for income tax			74			64			49			61			70			130		131
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	142		$	121		$	93		$	119		$	136		$	249	$	255
Net investment gains (losses), net of income tax			11			(57	)		(61	)		(115	)		1			7		(114	)
Adjustments related to net investment gains (losses), net of income tax			—			1			2			1			—			—		1
Discontinued operations, net of income tax			—			—			—			—			—			—		—
Net income available to common shareholders			153			65			34			5			137			256		142
Preferred stock dividends			—			—			—			—			—			—		—
Net income		$	153		$	65		$	34		$	5		$	137		$	256	$	142
Premiums, Fees and Other Revenues		$	1,778		$	1,771		$	1,761		$	1,876		$	1,916		$	3,567	$	3,792
Incurred Loss Ratio (Mortality Experience) of Term Life			89.2	%		92.4	%		93.2	%		93.8	%		91.3	%

12

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
RETIREMENT & SAVINGS

	For the Three Months Ended															For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,		June 30,			June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008		2007			2008
REVENUES
Premiums		$	272		$	330		$	313		$	541		$	493	$	582		$	1,034
Universal life and investment-type product policy fees			2			2			2			2			1		4			3
Investment income, net			1,603			1,545			1,638			1,502			1,405		3,071			2,907
Other revenues			61			63			69			65			59		132			124
			1,938			1,940			2,022			2,110			1,958		3,789			4,068
EXPENSES
Policyholder benefits and dividends			777			836			818			1,002			1,073		1,564			2,075
Interest credited to policyholder account balances			612			646			625			536			472		1,182			1,008
Other expenses			94			92			69			87			83		183			170
			1,483			1,574			1,512			1,625			1,628		2,929			3,253
Operating earnings before provision for income tax			455			366			510			485			330		860			815
Provision for income tax			156			126			174			164			111		295			275
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	299		$	240		$	336		$	321		$	219	$	565		$	540
Net investment gains (losses), net of income tax			(120	)		(190	)		(147	)		(436	)		139		(201	)		(297	)
Adjustments related to net investment gains (losses), net of income tax			(3	)		(4	)		22			4			12		(7	)		16
Discontinued operations, net of income tax			—			—			—			—			—		—			—
Net income available to common shareholders			176			46			211			(111	)		370		357			259
Preferred stock dividends			—			—			—			—			—		—			—
Net income		$	176		$	46		$	211			($111	)	$	370	$	357		$	259
Premiums, Fees and Other Revenues		$	335		$	395		$	384		$	608		$	553	$	718		$	1,161

13

INSTITUTIONAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
NON-MEDICAL HEALTH & OTHER

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums	$	1,228		$	1,194		$	1,275		$	1,391		$	1,411		$	2,467		$	2,802
Universal life and investment-type product policy fees		—			3			3			2			3			—			5
Investment income, net		199			176			213			191			192			371			383
Other revenues		96			98			94			110			96			191			206
		1,523			1,471			1,585			1,694			1,702			3,029			3,396
EXPENSES
Policyholder benefits and dividends		1,056			996			1,079			1,188			1,225			2,106			2,413
Interest credited to policyholder account balances		—			1			6			6			6			—			12
Other expenses		344			314			350			321			331			680			652
		1,400			1,311			1,435			1,515			1,562			2,786			3,077
Operating earnings before provision for income tax		123			160			150			179			140			243			319
Provision for income tax		43			54			52			61			47			84			108
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	80		$	106		$	98		$	118		$	93		$	159		$	211
Net investment gains (losses), net of income tax		(59	)		71			124			68			(61	)		(62	)		7
Adjustments related to net investment gains (losses), net of income tax		12			(16	)		(8	)		4			10			8			14
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		33			161			214			190			42			105			232
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	33		$	161		$	214		$	190		$	42		$	105		$	232
Premiums, Fees and Other Revenues	$	1,324		$	1,295		$	1,372		$	1,503		$	1,510		$	2,658		$	3,013
Group Disability Premiums, Fees and Other Revenues (Included in Total)	$	372		$	371		$	410		$	438		$	404		$	777		$	842
Incurred Loss Ratio (Morbidity Experience) of Group Disability		90.8	%		91.2	%		90.6	%		80.6	%		89.7	%

14

INSTITUTIONAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

GROUP LIFE	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	17,132		$	17,213		$	17,314		$	17,323		$	17,637
Premiums and deposits		3,052			2,917			2,939			3,164			3,697
Interest on reserves		198			198			189			169			146
Surrenders and withdrawals		(1,321	)		(1,270	)		(1,398	)		(1,293	)		(1,597	)
Benefits and reserves		(1,569	)		(1,611	)		(1,605	)		(1,735	)		(1,750	)
Other		(279	)		(133	)		(116	)		9			(234	)
Balance, end of period	$	17,213		$	17,314		$	17,323		$	17,637		$	17,899
RETIREMENT & SAVINGS	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	85,118		$	89,209		$	91,401		$	89,533		$	92,653
Premiums and deposits		7,266			3,225			2,064			5,894			9,267
Interest on reserves		1,192			1,440			1,162			1,081			1,151
Surrenders and withdrawals		(3,075	)		(2,622	)		(4,338	)		(3,563	)		(7,329	)
Benefits and reserves		(688	)		(716	)		(605	)		(701	)		(747	)
Other		(604	)		865			(151	)		409			(793	)
Balance, end of period	$	89,209		$	91,401		$	89,533		$	92,653		$	94,202
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	9,798		$	10,089		$	10,819		$	11,118		$	11,301
Premiums and deposits		1,174			1,635			1,224			1,369			1,385
Interest on reserves		87			94			110			116			120
Surrenders and withdrawals		22			26			18			14			8
Benefits and reserves		(1,068	)		(1,022	)		(1,113	)		(1,217	)		(1,252	)
Other		76			(3	)		60			(99	)		(23	)
Balance, end of period	$	10,089		$	10,819		$	11,118		$	11,301		$	11,539

SEPARATE ACCOUNT LIABILITIES

GROUP LIFE	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	13,143		$	13,971		$	15,261		$	16,914		$	16,649
Premiums and deposits		598			153			1,134			174			167
Investment performance		371			452			630			(151	)		(142	)
Surrenders and withdrawals		(133	)		(246	)		(101	)		(243	)		(290	)
Policy charges		(9	)		(9	)		(1	)		(32	)		(35	)
Other		1			940			(9	)		(13	)		(752	)
Balance, end of period	$	13,971		$	15,261		$	16,914		$	16,649		$	15,597
RETIREMENT & SAVINGS	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	34,155		$	35,207		$	35,607		$	34,533		$	34,510
Premiums and deposits		1,401			976			754			1,141			690
Investment performance		1,350			877			(186	)		467			(229	)
Surrenders and withdrawals		(1,689	)		(1,433	)		(1,614	)		(1,608	)		(1,228	)
Policy charges		(19	)		(22	)		(36	)		(23	)		(23	)
Other		9			2			8			—			(238	)
Balance, end of period	$	35,207		$	35,607		$	34,533		$	34,510		$	33,482
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	483		$	508		$	552		$	599		$	645
Premiums and deposits		86			90			80			65			55
Investment performance		23			42			26			11			(16	)
Surrenders and withdrawals		(22	)		(26	)		(25	)		(20	)		(14	)
Policy charges		(16	)		(14	)		(18	)		(7	)		(4	)
Other		(46	)		(48	)		(16	)		(3	)		1
Balance, end of period	$	508		$	552		$	599		$	645		$	667

15

INSTITUTIONAL

OTHER EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2007		2007		2007		2008		2008
Direct and allocated expenses	$	460	$	428	$	472	$	422	$	434
Pension and other post-retirement benefit costs		9		5		5		2		2
Premium tax and other tax, licenses and fees		52		44		84		47		54
		521		477		561		471		490
Commissions and other expenses		97		93		89		103		103
Total Other Expenses	$	618	$	570	$	650	$	574	$	593

16

INSTITUTIONAL

SPREADS BY PRODUCT

GROUP LIFE	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2007			2007			2007			2008			2008
Investment income yield			6.39	%		6.58	%		6.81	%		6.24	%		6.31	%
Average crediting rate			4.68	%		4.58	%		4.30	%		3.83	%		3.62	%
Annualized General Account Spread			1.71	%		2.00	%		2.51	%		2.41	%		2.69	%
RETIREMENT & SAVINGS	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2007			2007			2007			2008			2008
Investment income yield			7.29	%		6.71	%		7.14	%		6.50	%		5.88	%
Average crediting rate			5.55	%		5.52	%		5.44	%		4.99	%		4.59	%
Annualized General Account Spread			1.74	%		1.19	%		1.70	%		1.51	%		1.29	%
NON-MEDICAL HEALTH & OTHER	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2007			2007			2007			2008			2008
Investment income yield			8.35	%		6.53	%		7.59	%		6.37	%		6.20	%
Average crediting rate			4.87	%		4.85	%		4.86	%		4.77	%		4.84	%
Annualized General Account Spread			3.48	%		1.68	%		2.73	%		1.60	%		1.36	%

17

INDIVIDUAL

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008				2007			2008
REVENUES
Premiums		$	1,098		$	1,099		$	1,224		$	1,067		$	1,071			$	2,173		$	2,138
Universal life and investment-type product policy fees			890			880			902			898			920				1,743			1,818
Investment income, net			1,819			1,725			1,813			1,691			1,697				3,560			3,388
Other revenues			155			145			153			148			155				301			303
			3,962			3,849			4,092			3,804			3,843				7,777			7,647
EXPENSES
Policyholder benefits and dividends			1,758			1,760			1,964			1,727			1,774				3,505			3,501
Interest credited to policyholder account balances			495			506			522			506			500				1,002			1,006
Capitalization of deferred policy acquisition costs			(414	)		(423	)		(425	)		(361	)		(398	)			(770	)		(759	)
Amortization of deferred policy acquisition costs			332			329			305			420			389				712			809
Other expenses			1,107			1,124			1,146			1,043			1,093				2,159			2,136
			3,278			3,296			3,512			3,335			3,358				6,608			6,693
Operating earnings before provision for income tax			684			553			580			469			485				1,169			954
Provision for income tax			235			190			198			157			162				401			319
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	449		$	363		$	382		$	312		$	323			$	768		$	635
Net Income Reconciliation
Operating earnings available to common shareholders		$	449		$	363		$	382		$	312		$	323			$	768		$	635
Net investment gains (losses)			(92	)		(33	)		(25	)		(98	)		(255	)			(86	)		(353	)
Minority interest — net investment gains (losses)			—			—			—			—			—				—			—
Net investment gains (losses) tax benefit (provision)			32			11			8			35			88				29			123
Net investment gains (losses), net of income tax			(60	)		(22	)		(17	)		(63	)		(167	)			(57	)		(230	)
Adjustments related to universal life and investment-type product policy fees			(10	)		(4	)		2			5			(3	)			(10	)		2
Adjustments related to policyholder benefits and dividends			(69	)		(52	)		(51	)		(77	)		(77	)			(107	)		(154	)
Adjustments related to other expenses			44			36			19			114			145				71			259
Adjustments related to tax benefit (provision)			13			6			13			(15	)		(22	)			17			(37	)
Adjustments related to net investment gains (losses), net of income tax (1)			(22	)		(14	)		(17	)		27			43				(29	)		70
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			367			327			348			276			199				682			475
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	367		$	327		$	348		$	276		$	199			$	682		$	475
Premiums, Fees and Other Revenues		$	2,143		$	2,124		$	2,279		$	2,113		$	2,146			$	4,217		$	4,259

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of unearned revenue and deferred policy acquisition costs, adjustments to the policyholder dividend obligation and amounts allocable to certain participating contracts.

18

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
TRADITIONAL LIFE

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008				2007			2008
REVENUES
Premiums		$	1,011		$	1,013		$	1,143		$	985		$	990			$	2,001		$	1,975
Universal life and investment-type product policy fees			—			—			—			—			—				—			—
Investment income, net			827			822			843			801			836				1,639			1,637
Other revenues			1			(1	)		1			—			—				—			—
			1,839			1,834			1,987			1,786			1,826				3,640			3,612
EXPENSES
Policyholder benefits and dividends			1,495			1,494			1,680			1,434			1,454				2,951			2,888
Interest credited to policyholder account balances			—			—			—			—			—				—			—
Capitalization of deferred policy acquisition costs			(62	)		(63	)		(69	)		(59	)		(64	)			(120	)		(123	)
Amortization of deferred policy acquisition costs			49			52			(29	)		45			46				125			91
Other expenses			242			271			253			232			245				476			477
			1,724			1,754			1,835			1,652			1,681				3,432			3,333
Operating earnings before provision for income tax			115			80			152			134			145				208			279
Provision for income tax			38			26			51			44			47				69			91
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	77		$	54		$	101		$	90		$	98			$	139		$	188
Net investment gains (losses), net of income tax			14			(51	)		(33	)		(91	)		8				20			(83	)
Adjustments related to net investment gains (losses), net of income tax			(33	)		(7	)		(3	)		10			(20	)			(45	)		(10	)
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			58			(4	)		65			9			86				114			95
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	58			($4	)	$	65		$	9		$	86			$	114		$	95
Premiums, Fees and Other Revenues		$	1,012		$	1,012		$	1,144		$	985		$	990			$	2,001		$	1,975

19

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
VARIABLE & UNIVERSAL LIFE

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Universal life and investment-type product policy fees		395			382			367			411			416			789			827
Investment income, net		233			206			225			223			218			442			441
Other revenues		—			1			3			—			2			1			2
		628			589			595			634			636			1,232			1,270
EXPENSES
Policyholder benefits and dividends		112			127			127			170			151			244			321
Interest credited to policyholder account balances		153			155			157			154			158			303			312
Capitalization of deferred policy acquisition costs		(102	)		(109	)		(130	)		(106	)		(112	)		(195	)		(218	)
Amortization of deferred policy acquisition costs		100			94			64			131			117			218			248
Other expenses		233			227			255			224			227			449			451
		496			494			473			573			541			1,019			1,114
Operating earnings before provision for income tax		132			95			122			61			95			213			156
Provision for income tax		46			32			42			20			32			74			52
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	86		$	63		$	80		$	41		$	63		$	139		$	104
Net investment gains (losses), net of income tax		(42	)		(11	)		3			(22	)		(17	)		(49	)		(39	)
Adjustments related to net investment gains (losses), net of income tax		5			5			(4	)		3			5			7			8
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		49			57			79			22			51			97			73
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	49		$	57		$	79		$	22		$	51		$	97		$	73
Premiums, Fees and Other Revenues	$	395		$	383		$	370		$	411		$	418		$	790		$	829

20

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
ANNUITIES

	For the Three Months Ended																For the Year-to-Date Period Ended
		June 30,			September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008				2007			2008
REVENUES
Premiums		$	87		$	86		$	81		$	82		$	81			$	172		$	163
Universal life and investment-type product policy fees			437			442			474			431			445				846			876
Investment income, net			714			648			697			625			598				1,391			1,223
Other revenues			42			44			46			42			48				84			90
			1,280			1,220			1,298			1,180			1,172				2,493			2,352
EXPENSES
Policyholder benefits and dividends			151			139			157			123			169				310			292
Interest credited to policyholder account balances			318			327			344			334			322				651			656
Capitalization of deferred policy acquisition costs			(250	)		(251	)		(226	)		(196	)		(222	)			(455	)		(418	)
Amortization of deferred policy acquisition costs			183			183			270			244			226				369			470
Other expenses			464			463			469			423			456				884			879
			866			861			1,014			928			951				1,759			1,879
Operating earnings before provision for income tax			414			359			284			252			221				734			473
Provision for income tax			144			124			98			85			75				254			160
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	270		$	235		$	186		$	167		$	146			$	480		$	313
Net investment gains (losses), net of income tax			(33	)		49			23			66			(150	)			(25	)		(84	)
Adjustments related to net investment gains (losses), net of income tax			6			(12	)		(10	)		14			58				9			72
Discontinued operations, net of income tax			—			—			—			—			—				—			—
Net income available to common shareholders			243			272			199			247			54				464			301
Preferred stock dividends			—			—			—			—			—				—			—
Net income		$	243		$	272		$	199		$	247		$	54			$	464		$	301
Premiums, Fees and Other Revenues		$	566		$	572		$	601		$	555		$	574			$	1,102		$	1,129

21

INDIVIDUAL
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
OTHER

	For the Three Months Ended															For the Year-to-Date Period Ended
		June 30,		September 30,			December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2007		2007			2007			2008			2008				2007			2008
REVENUES
Premiums		$	—	$	—		$	—		$	—		$	—			$	—		$	—
Universal life and investment-type product policy fees			58		56			61			56			59				108			115
Investment income, net			45		49			48			42			45				88			87
Other revenues			112		101			103			106			105				216			211
			215		206			212			204			209				412			413
EXPENSES
Policyholder benefits and dividends			—		—			—			—			—				—			—
Interest credited to policyholder account balances			24		24			21			18			20				48			38
Capitalization of deferred policy acquisition costs			—		—			—			—			—				—			—
Amortization of deferred policy acquisition costs			—		—			—			—			—				—			—
Other expenses			168		163			169			164			165				350			329
			192		187			190			182			185				398			367
Operating earnings before provision for income tax			23		19			22			22			24				14			46
Provision for income tax			7		8			7			8			8				4			16
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	16	$	11		$	15		$	14		$	16			$	10		$	30
Net investment gains (losses), net of income tax			1		(9	)		(10	)		(16	)		(8	)			(3	)		(24	)
Adjustments related to net investment gains (losses), net of income tax			—		—			—			—			—				—			—
Discontinued operations, net of income tax			—		—			—			—			—				—			—
Net income available to common shareholders			17		2			5			(2	)		8				7			6
Preferred stock dividends			—		—			—			—			—				—			—
Net income		$	17	$	2		$	5			($2	)	$	8			$	7		$	6
Premiums, Fees and Other Revenues		$	170	$	157		$	164		$	162		$	164			$	324		$	326

22

INDIVIDUAL

PREMIUMS AND DEPOSITS BY PRODUCT (1)

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Life First Year and Renewal, Annuity Type
Life First Year Premiums and Deposits (2)
Traditional Life	$	54		$	54		$	57		$	51		$	53
Variable Life 1st Year excluding Single Premium COLI/BOLI		44			50			61			50			41
Universal Life 1st Year excluding Single Premium COLI/BOLI		150			174			196			150			156
Single Premium COLI/BOLI		—			—			—			—			—
Total Life First Year Premiums & Deposits		248			278			314			251			250
Life Renewal Premiums and Deposits
Traditional Life		1,054			1,035			1,206			984			1,055
Variable & Universal Life		549			568			597			633			577
Total Life Renewal Premiums and Deposits		1,603			1,603			1,803			1,617			1,632
Annuities Deposits (3)
Fixed Annuity Deposits		326			320			261			272			277
Variable Annuity Deposits		4,160			4,078			3,697			3,192			3,538
Total Annuity Deposits		4,486			4,398			3,958			3,464			3,815
Total Premiums and Deposits	$	6,337		$	6,279		$	6,075		$	5,332		$	5,697
Separate Account and General Account
Separate Accounts
Variable & Universal Life	$	266		$	265		$	284		$	266		$	251
Variable Annuities		3,102			2,974			2,450			2,121			2,285
Total Separate Accounts		3,368			3,239			2,734			2,387			2,536
General Accounts
Traditional Life		1,108			1,089			1,263			1,035			1,108
Variable & Universal Life		477			527			570			567			523
Fixed Annuities		326			320			261			272			277
Variable Annuities		1,058			1,104			1,247			1,071			1,253
Total General Account		2,969			3,040			3,341			2,945			3,161
Total Premiums and Deposits	$	6,337		$	6,279		$	6,075		$	5,332		$	5,697
Percentage of Premiums and Deposits to Separate Accounts, Excluding Transfers from General Account
Variable & Universal Life		35.8	%		33.5	%		33.3	%		31.9	%		32.4	%
Annuities		69.1	%		67.6	%		61.9	%		61.2	%		59.9	%

(1)	Statutory premiums direct and assumed, excluding Company-sponsored internal exchanges.
(2)	Of the $250 million of Life First Year Premiums and Deposits received during the three months ended June 30, 2008, approximately 44% were distributed through MetLife agents, 17% through New England Financial agents, 34% through MetLife’s Independent Distribution channel and 5% through other distribution channels.
(3)	Of the $3,815 million of Annuity Deposits received during the three months ended June 30, 2008, approximately 25% were distributed through MetLife agents, 7% through New England Financial agents, 57% through MetLife’s Independent Distribution channel and 11% through MetLife Resources representatives.

23

INDIVIDUAL

ADDITIONAL STATISTICAL INFORMATION

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited	2007			2007			2007			2008			2008
Mortality as a Percentage of Expected		90.9	%		85.0	%		82.3	%		93.4	%		89.8	%
Lapse / Surrender (General and Separate Account) (1)
Traditional Life		5.6	%		5.7	%		5.8	%		5.8	%		5.9	%
Variable & Universal Life		5.3	%		5.4	%		5.4	%		5.5	%		5.6	%
Variable Annuities		10.5	%		10.4	%		10.2	%		10.0	%		9.7	%
Fixed Annuities		13.5	%		14.6	%		14.4	%		13.9	%		12.5	%
Actual Number of Sales Representatives
MetLife Distribution		6,174			6,270			6,243			6,423			6,447
New England Financial		2,081			2,149			2,155			2,220			2,278
Independent Distribution Wholesalers		196			193			200			193			201
MetLife Resources		716			709			698			688			688
Walnut Street and Tower Square Securities		1,402			1,389			1,351			1,354			1,371
P&C Specialists		620			607			592			565			552
Total Agents		11,189			11,317			11,239			11,443			11,537

(1) Lapse/Surrender rates are calculated for the most recent 12 months of experience, excluding Company-sponsored internal exchanges.

24

INDIVIDUAL

FUTURE POLICY BENEFITS, POLICYHOLDER ACCOUNT BALANCES AND SEPARATE ACCOUNT LIABILITIES

FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES

TRADITIONAL LIFE	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	51,849		$	52,067		$	52,206		$	52,496		$	52,572
Premiums and deposits (1)		1,099			1,103			1,237			1,070			1,078
Interest on reserves		528			531			534			531			535
Surrenders and withdrawals		(440	)		(477	)		(452	)		(464	)		(459	)
Benefit payments		(541	)		(530	)		(616	)		(615	)		(546	)
Other		(428	)		(488	)		(413	)		(446	)		(466	)
Balance, end of period	$	52,067		$	52,206		$	52,496		$	52,572		$	52,714
VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	15,590		$	15,590		$	15,686		$	15,883		$	16,071
Premiums and deposits (1) (2)		483			543			561			574			526
Interest on reserves		153			156			157			153			159
Surrenders and withdrawals		(99	)		(190	)		(123	)		(157	)		(138	)
Net transfers from (to) separate account		(152	)		22			28			27			9
Policy charges		(388	)		(389	)		(391	)		(397	)		(405	)
Benefit payments		(32	)		(37	)		(36	)		(43	)		(41	)
Other		35			(9	)		1			31			28
Balance, end of period	$	15,590		$	15,686		$	15,883		$	16,071		$	16,209
ANNUITIES	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	42,587		$	41,835		$	41,323		$	40,872		$	41,124
Premiums and deposits (1) (2)		1,491			1,491			1,577			1,428			1,635
Interest on reserves		412			434			417			415			401
Surrenders and withdrawals		(1,648	)		(1,549	)		(1,410	)		(1,245	)		(1,154	)
Net transfers from (to) separate account		(671	)		(718	)		(942	)		(307	)		(683	)
Policy charges		—			—			(3	)		(5	)		(4	)
Benefit payments		(311	)		(291	)		(277	)		(295	)		(288	)
Other		(25	)		121			187			261			(83	)
Balance, end of period	$	41,835		$	41,323		$	40,872		$	41,124		$	40,948

SEPARATE ACCOUNT LIABILITIES

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	10,383		$	11,018		$	11,073		$	10,840		$	9,932
Premiums and deposits (1)		279			275			295			276			296
Investment performance		563			151			(167	)		(842	)		(29	)
Surrenders and withdrawals		(204	)		(174	)		(180	)		(160	)		(226	)
Net transfers from (to) fixed account		152			(22	)		(28	)		(27	)		(9	)
Policy charges		(161	)		(158	)		(163	)		(156	)		(160	)
Other		6			(17	)		10			1			(2	)
Balance, end of period	$	11,018		$	11,073		$	10,840		$	9,932		$	9,802
ANNUITIES	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Balance, beginning of period	$	85,700		$	90,888		$	93,341		$	92,078		$	84,823
Premiums and deposits (1)		3,355			3,285			2,780			2,271			2,477
Investment performance		4,246			1,411			(1,881	)		(7,109	)		(930	)
Surrenders and withdrawals		(2,716	)		(2,561	)		(2,706	)		(2,363	)		(2,397	)
Net transfers from (to) fixed account		671			718			942			307			683
Policy charges		(371	)		(376	)		(397	)		(364	)		(384	)
Other		3			(24	)		(1	)		3			(3	)
Balance, end of period	$	90,888		$	93,341		$	92,078		$	84,823		$	84,269

(1)	Includes Company-sponsored internal exchanges.
(2)	Includes premiums and deposits directed to General Account investment option of a variable life or variable annuity product.

25

INDIVIDUAL

EXPENSES BY MAJOR CATEGORY

	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)		2007			2007			2007			2008			2008
INSURANCE EXPENSES (NET OF CAPITALIZATION OF DAC)
Insurance Expenses		$	947		$	975		$	980		$	881		$	935
DAC Capitalization (1)			(430	)		(435	)		(440	)		(374	)		(412	)
Net		$	517		$	540		$	540		$	507		$	523
EXPENSES
Commissions		$	345		$	345		$	348		$	299		$	323
Other deferrable expenses			156			154			173			147			164
Direct and allocated expenses, not deferred			399			431			408			390			407
Pension and other post-retirement benefit costs			16			14			19			11			11
Premium tax and other tax, licenses and fees			31			31			32			34			30
Insurance Expenses			947			975			980			881			935
Broker-dealer and other expenses			176			163			171			165			169
Reinsurance allowances			(16	)		(14	)		(5	)		(3	)		(11	)
Total Other Expenses		$	1,107		$	1,124		$	1,146		$	1,043		$	1,093

(1) Excludes $16 million, $12 million, $15 million, $13 million and $14 million of DAC capitalization related to reinsurance allowances for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively.

26

INDIVIDUAL

SPREADS BY PRODUCT

VARIABLE & UNIVERSAL LIFE	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2007			2007			2007			2008			2008
Investment income yield			6.40	%		6.30	%		6.52	%		6.44	%		6.33	%
Average crediting rate			4.56	%		4.55	%		4.54	%		4.50	%		4.56	%
Annualized General Account Spread			1.84	%		1.75	%		1.98	%		1.94	%		1.77	%

ANNUITIES	For the Three Months Ended
		June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited		2007			2007			2007			2008			2008
Investment income yield			6.91	%		6.50	%		6.89	%		6.25	%		6.02	%
Average crediting rate			3.85	%		3.80	%		3.91	%		3.82	%		3.75	%
Annualized General Account Spread			3.06	%		2.70	%		2.98	%		2.43	%		2.27	%

27

INTERNATIONAL

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions, except number of sales representatives)	2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums	$	777		$	780		$	824		$	904		$	920		$	1,492		$	1,824
Universal life and investment-type product policy fees		241			238			280			290			294			477			584
Investment income, net		271			370			359			273			365			521			638
Other revenues		3			5			2			7			6			16			13
		1,292			1,393			1,465			1,474			1,585			2,506			3,059
EXPENSES
Policyholder benefits and dividends		661			708			574			763			830			1,239			1,593
Interest credited to policyholder account balances		81			110			86			47			89			159			136
Capitalization of deferred policy acquisition costs		(132	)		(208	)		(257	)		(239	)		(203	)		(278	)		(442	)
Amortization of deferred policy acquisition costs		81			38			93			113			99			178			212
Other expenses		440			544			762			554			575			876			1,129
		1,131			1,192			1,258			1,238			1,390			2,174			2,628
Operating earnings before provision for income tax		161			201			207			236			195			332			431
Provision for income tax		44			67			14			99			48			91			147
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	117		$	134		$	193		$	137		$	147		$	241		$	284
Net Income Reconciliation
Operating earnings available to common shareholders	$	117		$	134		$	193		$	137		$	147		$	241		$	284
Net investment gains (losses)		20			19			(10	)		131			(145	)		44			(14	)
Minority interest — net investment gains (losses)		—			—			—			—			—			—			—
Net investment gains (losses) tax benefit (provision)		(9	)		(5	)		5			(42	)		38			(15	)		(4	)
Net investment gains (losses), net of income tax		11			14			(5	)		89			(107	)		29			(18	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		22			17			35			(65	)		208			7			143
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		(7	)		(6	)		(12	)		25			(75	)		(3	)		(50	)
Adjustments related to net investment gains (losses), net of income tax (1)		15			11			23			(40	)		133			4			93
Discontinued operations, net of income tax		(16	)		44			(6	)		—			—			(47	)		—
Net income available to common shareholders		127			203			205			186			173			227			359
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	127		$	203		$	205		$	186		$	173		$	227		$	359
Premiums, Fees and Other Revenues	$	1,021		$	1,023		$	1,106		$	1,201		$	1,220		$	1,985		$	2,421
Number of Sales Representatives		3,462			3,786			4,386			4,847			5,067			3,462			5,067

(1) Adjustments related to net investment gains (losses), net of income tax, includes amortization of deferred policy acquisition costs and amounts allocable to certain participating contracts.

28

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended														For the Year-to-Date Period Ended
		June 30,		September 30,		December 31,			March 31,			June 30,				June 30,			June 30,
Unaudited (In millions)		2007		2007		2007			2008			2008				2007			2008
REVENUES
Earned premiums		$	738	$	751	$	761		$	744		$	743			$	1,454		$	1,487
Investment income, net			49		43		56			53			50				97			103
Other revenues			8		10		16			10			9				19			19
			795		804		833			807			802				1,570			1,609
EXPENSES
Losses and loss adjustment expense			446		456		478			479			541				877			1,020
Other expenses			204		204		220			204			203				406			407
			650		660		698			683			744				1,283			1,427
Operating earnings before provision for income tax			145		144		135			124			58				287			182
Provision for income tax			37		35		32			26			6				73			32
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	108	$	109	$	103		$	98		$	52			$	214		$	150
Net Income Reconciliation
Operating earnings available to common shareholders		$	108	$	109	$	103		$	98		$	52			$	214		$	150
Net investment gains (losses)			—		—		4			(11	)		(13	)			12			(24	)
Minority interest — net investment gains (losses)			—		—		—			—			—				—			—
Net investment gains (losses) tax benefit (provision)			1		—		(2	)		4			4				(4	)		8
Net investment gains (losses), net of income tax			1		—		2			(7	)		(9	)			8			(16	)
Adjustments related to universal life and investment-type product policy fees			—		—		—			—			—				—			—
Adjustments related to policyholder benefits and dividends			—		—		—			—			—				—			—
Adjustments related to other expenses			—		—		—			—			—				—			—
Adjustments related to tax benefit (provision)			—		—		—			—			—				—			—
Adjustments related to net investment gains (losses), net of income tax			—		—		—			—			—				—			—
Discontinued operations, net of income tax			—		—		—			—			—				—			—
Net income available to common shareholders			109		109		105			91			43				222			134
Preferred stock dividends			—		—		—			—			—				—			—
Net income		$	109	$	109	$	105		$	91		$	43			$	222		$	134
Premiums, Fees and Other Revenues		$	746	$	761	$	777		$	754		$	752			$	1,473		$	1,506

29

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
AUTO

	For the Three Months Ended														For the Year-to-Date Period Ended
		June 30,			September 30,		December 31,		March 31,			June 30,				June 30,		June 30,
Unaudited (In millions)		2007			2007		2007		2008			2008				2007		2008
REVENUES
Earned premiums		$	520		$	527	$	534	$	517		$	517			$	1,022	$	1,034
Investment income, net			33			33		39		38			34				68		72
Other revenues			6			6		8		6			6				12		12
			559			566		581		561			557				1,102		1,118
EXPENSES
Losses and loss adjustment expense			338			327		352		331			316				646		647
Other expenses			137			139		145		135			137				272		272
			475			466		497		466			453				918		919
Operating earnings before provision for income tax			84			100		84		95			104				184		199
Provision for income tax			20			24		19		21			25				45		46
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	64		$	76	$	65	$	74		$	79			$	139	$	153
Net investment gains (losses), net of income tax			(1	)		1		1		(5	)		(5	)			5		(10	)
Adjustments related to net investment gains (losses), net of income tax			—			—		—		—			—				—		—
Discontinued operations, net of income tax			—			—		—		—			—				—		—
Net income available to common shareholders			63			77		66		69			74				144		143
Preferred stock dividends			—			—		—		—			—				—		—
Net income		$	63		$	77	$	66	$	69		$	74			$	144	$	143
Premiums, Fees and Other Revenues		$	526		$	533	$	542	$	523		$	523			$	1,034	$	1,046

30

AUTO & HOME

STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS — PRODUCT LEVEL
HOMEOWNERS & OTHER

	For the Three Months Ended														For the Year-to-Date Period Ended
		June 30,		September 30,			December 31,		March 31,			June 30,				June 30,		June 30,
Unaudited (In millions)		2007		2007			2007		2008			2008				2007		2008
REVENUES
Earned premiums		$	218	$	224		$	227	$	227		$	226			$	432	$	453
Investment income, net			16		10			17		15			16				29		31
Other revenues			2		4			8		4			3				7		7
			236		238			252		246			245				468		491
EXPENSES
Losses and loss adjustment expense			108		129			126		148			225				231		373
Other expenses			67		65			75		69			66				134		135
			175		194			201		217			291				365		508
Operating earnings before provision for income tax			61		44			51		29			(46	)			103		(17	)
Provision for income tax			17		11			13		5			(19	)			28		(14	)
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS		$	44	$	33		$	38	$	24			($27	)		$	75		($3	)
Net investment gains (losses), net of income tax			2		(1	)		1		(2	)		(4	)			3		(6	)
Adjustments related to net investment gains (losses), net of income tax			—		—			—		—			—				—		—
Discontinued operations, net of income tax			—		—			—		—			—				—		—
Net income available to common shareholders			46		32			39		22			(31	)			78		(9	)
Preferred stock dividends			—		—			—		—			—				—		—
Net income		$	46	$	32		$	39	$	22			($31	)		$	78		($9	)
Premiums, Fees and Other Revenues		$	220	$	228		$	235	$	231		$	229			$	439	$	460

31

AUTO & HOME

WRITTEN PREMIUMS BY PRODUCT AND SELECTED FINANCIAL INFORMATION AND SUPPLEMENTAL DATA

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions, except number of sales representatives)	2007			2007			2007			2008			2008
Written Premiums by Product
Preferred/Standard Automobile	$	515		$	531		$	510		$	510		$	513
Non-Standard Automobile		9			9			8			9			7
Homeowners & Other		236			247			216			197			236
Total	$	760		$	787		$	734		$	716		$	756
Selected Financial Information and Supplemental Data
Total Auto & Home
Loss and loss adjustment expense ratio		60.4	%		60.7	%		62.9	%		64.1	%		72.8	%
Other expense ratio		27.0	%		26.6	%		28.2	%		26.7	%		26.7	%
Total combined ratio (1)		87.4	%		87.3	%		91.1	%		90.8	%		99.5	%
Effect of catastrophe losses		3.1	%		2.6	%		1.6	%		3.2	%		17.6	%
Combined ratio excluding catastrophes		84.3	%		84.7	%		89.5	%		87.6	%		81.9	%
Auto
Loss and loss adjustment expense ratio		65.0	%		62.0	%		65.9	%		63.8	%		61.1	%
Other expense ratio		25.6	%		25.7	%		26.3	%		25.4	%		25.6	%
Total combined ratio (1)		90.6	%		87.7	%		92.2	%		89.2	%		86.7	%
Effect of catastrophe losses		0.4	%		0.2	%		(1.4	%)		0.5	%		2.7	%
Combined ratio excluding catastrophes		90.2	%		87.5	%		93.6	%		88.7	%		84.0	%
Homeowners & Other
Loss and loss adjustment expense ratio		49.5	%		57.6	%		55.7	%		64.9	%		99.5	%
Other expense ratio		30.3	%		28.6	%		32.8	%		29.6	%		28.8	%
Total combined ratio (1)		79.8	%		86.2	%		88.5	%		94.5	%		128.3	%
Effect of catastrophe losses		9.7	%		8.0	%		8.3	%		9.4	%		51.8	%
Combined ratio excluding catastrophes		70.1	%		78.2	%		80.2	%		85.1	%		76.5	%
Pre-Tax Catastrophe Losses
Auto	$	2		$	1			($7	)	$	3		$	14
Homeowners & Other		21			18			19			21			117
Total	$	23		$	19		$	12		$	24		$	131
Catastrophe points on combined ratios		3.1			2.6			1.6			3.2			17.6
Number of Sales Representatives		94			86			90			93			92

(1) The total combined ratio reflects payment fees as a credit to other expenses for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, which resulted in a 0.6, 0.6, 0.6, 0.7 and 0.6 of a percentage point decrease in the combined ratio, respectively. The decreases for Auto and Homeowners & Other were 0.7 and 0.4 of a percentage point, respectively, for June 30, 2007, 0.7 and 0.4 of a percentage point, respectively, for September 30, 2007, 0.7 and 0.4 of a percentage point, respectively, for December 31, 2007, 0.8 and 0.4 of a percentage point, respectively, for March 31, 2008 and 0.7 and 0.4 of a percentage point, respectively, for June 30, 2008.

32

REINSURANCE

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums	$	1,208		$	1,228		$	1,348		$	1,298		$	1,359		$	2,334		$	2,657
Investment income, net		266			181			219			189			247			472			436
Other revenues		19			23			17			30			23			37			53
		1,493			1,432			1,584			1,517			1,629			2,843			3,146
EXPENSES
Claims and other policy benefits		979			1,006			1,102			1,140			1,117			1,881			2,257
Interest credited to policyholder account balances		117			35			45			10			72			182			82
Policy acquisition costs and other insurance expenses		174			170			204			172			180			344			352
Other expenses		101			89			114			100			97			198			197
		1,371			1,300			1,465			1,422			1,466			2,605			2,888
Operating earnings before provision for income tax and minority interest		122			132			119			95			163			238			258
Provision for income tax		21			23			19			17			28			41			45
Operating earnings available to common shareholders before minority interest		101			109			100			78			135			197			213
Elimination of minority interest, before income tax		63			66			61			49			82			123			131
CONTRIBUTION TO METLIFE	$	38		$	43		$	39		$	29		$	53		$	74		$	82
Net Income Reconciliation
Operating earnings available to common shareholders	$	38		$	43		$	39		$	29		$	53		$	74		$	82
Net investment gains (losses)		(14	)		(61	)		(97	)		(156	)		(7	)		(20	)		(163	)
Minority interest — net investment gains (losses)		4			10			15			25			(2	)		8			23
Net investment gains (losses) tax benefit (provision)		4			18			29			46			3			4			49
Net investment gains (losses), net of income tax		(6	)		(33	)		(53	)		(85	)		(6	)		(8	)		(91	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		5			41			66			103			14			3			117
Adjustments related to tax provision		(3	)		(14	)		(24	)		(35	)		(6	)		(1	)		(41	)
Adjustments related to net investment gains (losses), net of income tax (1)		2			27			42			68			8			2			76
Discontinued operations, net of income tax		—			—			—			—			—			—			—
Net income available to common shareholders		34			37			28			12			55			68			67
Preferred stock dividends		—			—			—			—			—			—			—
Net income	$	34		$	37		$	28		$	12		$	55		$	68		$	67
Premiums, Fees and Other Revenues	$	1,227		$	1,251		$	1,365		$	1,328		$	1,382		$	2,371		$	2,710

(1) Adjustments related to net investment gains (losses), net of income tax, include amortization of deferred policy acquisition costs.

33

REINSURANCE

PRE-TAX AND PRE-MINORITY INTEREST OPERATING
EARNINGS BY REGION AND RESERVES BY REGION

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
Pre-Tax and Pre-Minority Interest Operating Earnings by Region
United States	$	85		$	83		$	103		$	57		$	102
Canada		23			21			20			29			25
Asia-Pacific		16			18			18			18			23
Other international markets		12			13			3			5			17
Corporate		(14	)		(3	)		(25	)		(14	)		(4	)
Total pre-tax and pre-minority interest operating earnings	$	122		$	132		$	119		$	95		$	163
Policy Benefits and Interest Sensitive Contract Liabilities by Region
Traditional U.S.	$	4,762		$	4,882		$	5,023		$	5,154		$	5,230
Asset intensive		5,485			5,588			5,735			5,710			6,274
Other		67			42			45			33			35
Total U.S.		10,314			10,512			10,803			10,897			11,539
Canada		1,944			2,169			2,242			2,244			2,293
Asia-Pacific		1,005			1,136			1,145			1,274			1,290
Other international markets		890			926			923			1,000			1,009
Total International		3,839			4,231			4,310			4,518			4,592
Total policy benefits and interest sensitive contract liabilities	$	14,153		$	14,743		$	15,113		$	15,415		$	16,131

34

CORPORATE, OTHER & ELIMINATIONS

STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS

	For the Three Months Ended															For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,			June 30,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008			2007			2008
REVENUES
Premiums	$	8		$	6		$	13		$	7		$	11		$	16		$	18
Investment income, net		357			378			374			266			251			727			517
Other revenues		49			1			7			10			6			55			16
		414			385			394			283			268			798			551
EXPENSES
Policyholder benefits and dividends		11			11			14			10			14			22			24
Interest credited to policyholder account balances		—			—			—			—			—			—			—
Interest credited to bank deposits		49			50			49			44			39			100			83
Interest expense		194			244			250			267			249			383			516
Other expenses		70			47			114			42			113			163			155
		324			352			427			363			415			668			778
Operating earnings before provision (benefit) for income tax		90			33			(33	)		(80	)		(147	)		130			(227	)
Benefit for income tax		(22	)		(46	)		(32	)		(90	)		(97	)		(61	)		(187	)
Operating earnings		112			79			(1	)		10			(50	)		191			(40	)
Preferred stock dividends		34			34			35			33			31			68			64
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS	$	78		$	45			($36	)		($23	)		($81	)	$	123			($104	)
Net Income Reconciliation
Operating earnings available to common shareholders	$	78		$	45			($36	)		($23	)		($81	)	$	123			($104	)
Net investment gains (losses)		38			7			(11	)		(16	)		(38	)		44			(54	)
Minority interest — net investment gains (losses)		—			—			—			—			—			—			—
Net investment gains (losses) tax benefit (provision)		(9	)		(5	)		(14	)		5			15			(11	)		20
Net investment gains (losses), net of income tax		29			2			(25	)		(11	)		(23	)		33			(34	)
Adjustments related to universal life and investment-type product policy fees		—			—			—			—			—			—			—
Adjustments related to policyholder benefits and dividends		—			—			—			—			—			—			—
Adjustments related to other expenses		—			—			—			—			—			—			—
Adjustments related to tax benefit (provision)		—			—			—			—			—			—			—
Adjustments related to net investment gains (losses), net of income tax		—			—			—			—			—			—			—
Discontinued operations, net of income tax		23			(10	)		(1	)		—			—			39			—
Net income available to common shareholders		130			37			(62	)		(34	)		(104	)		195			(138	)
Preferred stock dividends		34			34			35			33			31			68			64
Net income	$	164		$	71			($27	)		($1	)		($73	)	$	263			($74	)
Premiums, Fees and Other Revenues	$	57		$	7		$	20		$	17		$	17		$	71		$	34

35

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	For the Three Months Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
FIXED MATURITY SECURITIES
Yield (1)		6.23	%		6.45	%		6.55	%		6.46	%		6.48	%
Investment income (2)	$	3,163		$	3,321		$	3,333		$	3,278		$	3,331
Investment gains (losses)		($236	)		($224	)		($70	)		($204	)		($300	)
Ending Carrying Value (2)	$	251,963		$	253,196		$	243,021		$	244,896		$	242,074
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.46	%		6.82	%		6.56	%		6.18	%		6.11	%
Investment income (3)	$	654		$	705		$	710		$	689		$	688
Investment gains (losses)	$	13		$	21			($32	)		($27	)		($35	)
Ending Carrying Value	$	43,755		$	44,849		$	47,030		$	47,777		$	48,999
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		11.54	%		8.56	%		9.77	%		5.06	%		6.77	%
Investment income	$	164		$	132		$	160		$	87		$	121
Investment gains (losses)	$	37		$	2		$	11			($2	)	$	4
Ending Carrying Value	$	5,933		$	6,360		$	6,769		$	6,963		$	7,328
POLICY LOANS
Yield (1)		6.20	%		6.27	%		6.21	%		6.23	%		6.24	%
Investment income	$	158		$	161		$	161		$	165		$	167
Ending Carrying Value	$	10,251		$	10,321		$	10,419		$	10,739		$	10,764
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		20.85	%		10.49	%		16.03	%		7.03	%		5.29	%
Investment income	$	512		$	274		$	436		$	200		$	154
Investment gains (losses)	$	28		$	39		$	49			($13	)		($15	)
Ending Carrying Value	$	11,157		$	11,621		$	12,205		$	11,882		$	12,127
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		4.67	%		4.36	%		4.09	%		3.05	%		2.61	%
Investment income	$	99		$	100		$	115		$	96		$	87
Investment gains (losses)	$	—		$	3		$	—		$	1		$	—
Ending Carrying Value	$	9,267		$	10,354		$	13,016		$	13,486		$	15,795
OTHER INVESTED ASSETS (5)
Yield (1)		11.13	%		7.45	%		8.55	%		3.39	%		3.69	%
Investment income	$	257		$	183		$	235		$	106		$	119
Investment gains (losses)		($151	)		($180	)		($222	)		($648	)	$	8
Ending Carrying Value	$	10,302		$	11,258		$	12,642		$	14,357		$	13,335
TOTAL INVESTMENTS
Gross investment income yield (1)		6.98	%		6.65	%		6.94	%		6.13	%		6.09	%
Investment fees and expenses yield		(0.15	%)		(0.15	%)		(0.16	%)		(0.16	%)		(0.16	%)
NET INVESTMENT INCOME YIELD		6.83	%		6.50	%		6.78	%		5.97	%		5.93	%
Gross investment income	$	5,007		$	4,876		$	5,150		$	4,621		$	4,667
Investment fees and expenses		(105	)		(111	)		(121	)		(122	)		(119	)
NET INVESTMENT INCOME	$	4,902		$	4,765		$	5,029		$	4,499		$	4,548
Ending Carrying Value	$	342,628		$	347,959		$	345,102		$	350,100		$	350,422
Gross investment gains	$	315		$	342		$	475		$	405		$	286
Gross investment losses		(494	)		(538	)		(444	)		(532	)		(346	)
Writedowns		(22	)		(50	)		(73	)		(186	)		(262	)
Subtotal		(201	)		(246	)		(42	)		(313	)		(322	)
Derivative & other instruments not qualifying for hedge accounting		(108	)		(93	)		(222	)		(580	)		(16	)
INVESTMENT GAINS (LOSSES)		(309	)		(339	)		(264	)		(893	)		(338	)
Minority interest — net investment gains (losses)		4			10			15			25			(2	)
Investment gains (losses) tax benefit (provision)		112			114			67			308			107
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		($193	)		($215	)		($182	)		($560	)		($233	)

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $919 million, $824 million, $779 million, $808 million and $883 million in ending carrying value, and $16 million, $21 million, ($2) million, ($51) million and $9 million of investment income (loss) related to trading securities at or for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in net investment income from real estate and real estate joint ventures is $2 million, $1 million, $5 million, ($1) million and $2 million, related to discontinued operations for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively. Included in net investment gains (losses) from real estate and real estate joint ventures is $7 million related to discontinued operations for the three months ended December 31, 2007. There were no discontinued operations from other real estate and real estate joint ventures for any other period.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS 133 of $65 million, $64 million, $69 million, ($7) million and ($38) million for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $5 million, $6 million, $11 million, $14 million and $14 million for the three months ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.

36

METLIFE, INC.

INVESTMENT RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS

	For the Year-to-Date Period Ended
	June 30,			September 30,			December 31,			March 31,			June 30,
Unaudited (In millions)	2007			2007			2007			2008			2008
FIXED MATURITY SECURITIES
Yield (1)		6.19	%		6.28	%		6.34	%		6.46	%		6.47	%
Investment income (2)	$	6,228		$	9,549		$	12,882		$	3,278		$	6,609
Investment gains (losses)		($328	)		($552	)		($622	)		($204	)		($504	)
Ending Carrying Value (2)	$	251,963		$	253,196		$	243,021		$	244,896		$	242,074
MORTGAGE AND CONSUMER LOANS
Yield (1)		6.41	%		6.55	%		6.55	%		6.18	%		6.14	%
Investment income (3)	$	1,286		$	1,991		$	2,701		$	689		$	1,377
Investment gains (losses)	$	13		$	34		$	2			($27	)		($62	)
Ending Carrying Value	$	43,755		$	44,849		$	47,030		$	47,777		$	48,999
REAL ESTATE AND REAL ESTATE JOINT VENTURES (4)
Yield (1)		11.57	%		10.48	%		10.28	%		5.06	%		5.94	%
Investment income	$	315		$	447		$	607		$	87		$	208
Investment gains (losses)	$	44		$	46		$	57			($2	)	$	2
Ending Carrying Value	$	5,933		$	6,360		$	6,769		$	6,963		$	7,328
POLICY LOANS
Yield (1)		6.18	%		6.21	%		6.21	%		6.23	%		6.23	%
Investment income	$	315		$	476		$	637		$	165		$	332
Ending Carrying Value	$	10,251		$	10,321		$	10,419		$	10,739		$	10,764
EQUITY SECURITIES AND OTHER LIMITED PARTNERSHIP INTERESTS
Yield (1)		18.17	%		15.43	%		15.59	%		7.03	%		6.15	%
Investment income	$	857		$	1,131		$	1,567		$	200		$	354
Investment gains (losses)	$	92		$	131		$	180			($13	)		($28	)
Ending Carrying Value	$	11,157		$	11,621		$	12,205		$	11,882		$	12,127
CASH AND SHORT-TERM INVESTMENTS
Yield (1)		5.40	%		5.02	%		4.74	%		3.05	%		2.83	%
Investment income	$	222		$	322		$	437		$	96		$	183
Investment gains (losses)	$	—		$	3		$	3		$	1		$	1
Ending Carrying Value	$	9,267		$	10,354		$	13,016		$	13,486		$	15,795
OTHER INVESTED ASSETS (5)
Yield (1)		10.05	%		9.15	%		8.98	%		3.39	%		3.54	%
Investment income	$	469		$	652		$	887		$	106		$	225
Investment gains (losses)		($225	)		($405	)		($627	)		($648	)		($640	)
Ending Carrying Value	$	10,302		$	11,258		$	12,642		$	14,357		$	13,335
TOTAL INVESTMENTS
Gross investment income yield (1)		6.83	%		6.77	%		6.81	%		6.13	%		6.11	%
Investment fees and expenses yield		(0.15	%)		(0.15	%)		(0.15	%)		(0.16	%)		(0.16	%)
NET INVESTMENT INCOME YIELD		6.68	%		6.62	%		6.66	%		5.97	%		5.95	%
Gross investment income	$	9,692		$	14,568		$	19,718		$	4,621		$	9,288
Investment fees and expenses		(208	)		(319	)		(440	)		(122	)		(241	)
NET INVESTMENT INCOME	$	9,484		$	14,249		$	19,278		$	4,499		$	9,047
Ending Carrying Value	$	342,628		$	347,959		$	345,102		$	350,100		$	350,422
Gross investment gains	$	623		$	965		$	1,440		$	405		$	691
Gross investment losses		(783	)		(1,321	)		(1,765	)		(532	)		(878	)
Writedowns		(25	)		(75	)		(148	)		(186	)		(448	)
Subtotal		(185	)		(431	)		(473	)		(313	)		(635	)
Derivative & other instruments not qualifying for hedge accounting		(219	)		(312	)		(534	)		(580	)		(596	)
INVESTMENT GAINS (LOSSES)		(404	)		(743	)		(1,007	)		(893	)		(1,231	)
Minority interest — net investment gains (losses)		8			18			33			25			23
Investment gains (losses) tax benefit (provision)		145			259			326			308			415
INVESTMENT GAINS (LOSSES), NET OF INCOME TAX		($251	)		($466	)		($648	)		($560	)		($793	)

(1)	Yields are based on quarterly average asset carrying values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company’s securities lending program.
(2)	Fixed maturity securities includes $919 million, $824 million, $779 million, $808 million and $883 million in ending carrying value, and $31 million, $52 million, $50 million, ($51) million and ($42) million of investment income (loss) related to trading securities at or for the year-to-date period ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively.
(3)	Investment income from mortgage and consumer loans includes prepayment fees.
(4)	Included in net investment income from real estate and real estate joint ventures is $6 million, $7 million, $12 million, ($1) million and $1 million related to discontinued operations for the year-to-date period ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively. Included in net investment gains (losses) from real estate and real estate joint ventures is $5 million, $5 million and $12 million related to discontinued operations for the year-to-date period ended June 30, 2007, September 30, 2007 and December 31, 2007, respectively. There were no discontinued operations from other real estate and real estate joint ventures for any other period.
(5)	Included in investment income from other invested assets are scheduled periodic settlement payments on derivative instruments that do not qualify for hedge accounting under SFAS 133 of $123 million, $187 million, $256 million, ($7) million and ($45) million for the year-to-date period ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively. These amounts are excluded from investment gains (losses). Additionally, excluded from investment gains (losses) is $9 million, $15 million, $26 million, $14 million and $28 million for the year-to-date period ended June 30, 2007, September 30, 2007, December 31, 2007, March 31, 2008 and June 30, 2008, respectively, related to settlement payments on derivatives used to hedge interest rate and currency risk on policyholder account balances that do not qualify for hedge accounting. Such amounts are included within interest credited to policyholder account balances.

37

METLIFE, INC.
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE

FIXED MATURITY SECURITIES (1)

	June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	4,598		99.0	%	$	3,949		97.1	%	$	4,022		90.4	%	$	6,139		69.8	%	$	7,280		74.8	%
20% or more for less than six months		22		0.5	%		100		2.4	%		407		9.1	%		2,573		29.2	%		2,077		21.3	%
20% or more for six months or greater		24		0.5	%		20		0.5	%		22		0.5	%		86		1.0	%		378		3.9	%
Total Gross Unrealized Losses	$	4,644		100.0	%	$	4,069		100.0	%	$	4,451		100.0	%	$	8,798		100.0	%	$	9,735		100.0	%
Total Gross Unrealized Gains	$	5,710				$	6,499				$	7,932				$	8,616				$	6,160

EQUITY SECURITIES (1)

	June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Less than 20%	$	72		92.3	%	$	202		89.8	%	$	323		68.7	%	$	223		30.1	%	$	182		23.3	%
20% or more for less than six months		6		7.7	%		23		10.2	%		147		31.3	%		518		69.8	%		589		75.4	%
20% or more for six months or greater		—		0.0	%		—		0.0	%		—		0.0	%		1		0.1	%		10		1.3	%
Total Gross Unrealized Losses	$	78		100.0	%	$	225		100.0	%	$	470		100.0	%	$	742		100.0	%	$	781		100.0	%
Total Gross Unrealized Gains	$	629				$	664				$	629				$	433				$	399

(1) The Company’s review of its Fixed Maturity Securities and Equity Securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below amortized cost by less than 20%; (ii) securities where the estimated value had declined and remained below amortized cost by 20% or more for less than six months; and (iii) securities where the estimated value had declined and remained below amortized cost by 20% or more for six months or greater.

38

METLIFE, INC.

SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE
BY SECTOR AND QUALITY DISTRIBUTION

		June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008
Unaudited (In millions)		Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
U.S. corporate securities		$	77,192		30.7	%	$	80,357		31.9	%	$	77,426		32.0	%	$	76,203		31.2	%	$	76,255		31.6	%
Residential mortgage-backed securities			59,219		23.6	%		59,466		23.6	%		56,489		23.3	%		56,519		23.2	%		54,508		22.6	%
Foreign corporate securities			36,961		14.7	%		38,643		15.3	%		38,305		15.8	%		37,783		15.6	%		37,617		15.6	%
U.S. Treasury/agency securities			27,437		10.9	%		22,051		8.7	%		21,245		8.8	%		22,087		9.0	%		20,180		8.4	%
Commercial mortgage-backed securities			19,192		7.7	%		19,907		7.9	%		17,728		7.3	%		18,648		7.6	%		18,418		7.6	%
Foreign government securities			14,427		5.8	%		15,064		6.0	%		15,271		6.3	%		15,349		6.3	%		15,376		6.4	%
Asset-backed securities			11,815		4.7	%		11,902		4.7	%		11,041		4.6	%		11,578		4.7	%		13,072		5.4	%
State and political subdivision securities			4,467		1.8	%		4,647		1.8	%		4,419		1.8	%		5,622		2.3	%		5,481		2.3	%
Other fixed maturity securities			334		0.1	%		335		0.1	%		318		0.1	%		299		0.1	%		284		0.1	%
Total		$	251,044		100.0	%	$	252,372		100.0	%	$	242,242		100.0	%	$	244,088		100.0	%	$	241,191		100.0	%
	RATING AGENCY
	EQUIVALENT
NAIC RATING (1)	DESIGNATION
1	Aaa / Aa / A	$	184,269		73.4	%	$	181,413		71.9	%	$	175,651		72.5	%	$	179,729		73.7	%	$	178,248		73.9	%
2	Baa		48,879		19.4	%		52,063		20.6	%		48,914		20.2	%		47,813		19.6	%		47,181		19.6	%
3	Ba		10,482		4.2	%		11,259		4.5	%		10,738		4.4	%		10,280		4.2	%		9,636		4.0	%
4	B		6,965		2.8	%		7,160		2.8	%		6,481		2.7	%		5,731		2.3	%		5,474		2.3	%
5	Caa and lower		432		0.2	%		413		0.2	%		445		0.2	%		503		0.2	%		621		0.2	%
6	In or near default		17		0.0	%		64		0.0	%		13		0.0	%		32		0.0	%		31		0.0	%
Total		$	251,044		100.0	%	$	252,372		100.0	%	$	242,242		100.0	%	$	244,088		100.0	%	$	241,191		100.0	%

(1) Amounts presented are based on rating agency designations. Comparisons between NAIC ratings and rating agency designations are published by the NAIC.

METLIFE, INC.
SUMMARY OF COMMERCIAL MORTGAGE LOANS BY
REGION AND PROPERTY TYPE

	June 30, 2007					September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008
Unaudited (In millions)	Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total			Amount		% of Total
Pacific	$	7,377		22.4	%	$	7,526		22.3	%	$	8,620		24.3	%	$	8,645		24.0	%	$	8,834		24.5	%
South Atlantic		7,286		22.1	%		7,533		22.3	%		8,021		22.6	%		8,199		22.8	%		8,163		22.6	%
Middle Atlantic		5,170		15.7	%		5,166		15.3	%		5,110		14.4	%		5,127		14.2	%		5,353		14.8	%
International		3,311		10.0	%		3,873		11.5	%		3,642		10.3	%		3,759		10.4	%		3,903		10.8	%
West South Central		2,547		7.7	%		2,803		8.3	%		2,925		8.2	%		2,977		8.3	%		2,890		8.0	%
East North Central		3,353		10.2	%		3,129		9.3	%		2,957		8.3	%		2,918		8.1	%		2,663		7.4	%
New England		1,356		4.1	%		1,247		3.7	%		1,499		4.2	%		1,582		4.4	%		1,549		4.3	%
Mountain		768		2.3	%		1,093		3.2	%		1,086		3.1	%		1,212		3.3	%		1,160		3.2	%
West North Central		776		2.4	%		766		2.3	%		1,046		2.9	%		853		2.4	%		849		2.3	%
East South Central		504		1.5	%		503		1.5	%		503		1.4	%		502		1.4	%		492		1.4	%
Other		511		1.6	%		92		0.3	%		92		0.3	%		258		0.7	%		257		0.7	%
Total	$	32,959		100.0	%	$	33,731		100.0	%	$	35,501		100.0	%	$	36,032		100.0	%	$	36,113		100.0	%
Office	$	14,611		44.3	%	$	14,848		44.0	%	$	15,471		43.6	%	$	15,650		43.4	%	$	15,302		42.4	%
Retail		6,941		21.1	%		7,358		21.8	%		7,557		21.3	%		8,021		22.3	%		8,438		23.3	%
Apartments		3,998		12.1	%		3,954		11.7	%		4,437		12.5	%		4,255		11.8	%		4,111		11.4	%
Hotel		2,536		7.7	%		3,014		8.9	%		3,282		9.2	%		3,263		9.1	%		3,198		8.9	%
Industrial		2,902		8.8	%		2,922		8.7	%		2,880		8.1	%		3,033		8.4	%		3,140		8.7	%
Other		1,971		6.0	%		1,635		4.9	%		1,874		5.3	%		1,810		5.0	%		1,924		5.3	%
Total	$	32,959		100.0	%	$	33,731		100.0	%	$	35,501		100.0	%	$	36,032		100.0	%	$	36,113		100.0	%

39

METLIFE, INC.

SUMMARY OF REAL ESTATE

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2007		2007		2007		2008		2008
Wholly-owned	$	3,925	$	3,950	$	3,995	$	4,003	$	4,017
Joint ventures		2,006		2,407		2,771		2,957		3,308
Subtotal		5,931		6,357		6,766		6,960		7,325
Foreclosed		2		3		3		3		3
Total (1)	$	5,933	$	6,360	$	6,769	$	6,963	$	7,328

SUMMARY OF MORTGAGES AND CONSUMER LOANS

	June 30,		September 30,		December 31,		March 31,		June 30,
Unaudited (In millions)	2007		2007		2007		2008		2008
Commercial mortgages	$	32,959	$	33,731	$	35,501	$	36,032	$	36,113
Agricultural mortgages		9,731		10,066		10,484		10,641		11,620
Consumer loans		1,065		1,052		1,045		1,104		1,266
Total	$	43,755	$	44,849	$	47,030	$	47,777	$	48,999

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

40

Company Ratings as of July 25, 2008

	Moody’s		Standard &		A.M. Best		Fitch
	Investors Service		Poor’s		Company		Ratings
Financial Strength Ratings
First MetLife Investors Insurance Co.	NR		AA			A+	NR
General American Life Insurance Company	Aa2		AA			A+	AA
MetLife Insurance Company of Connecticut	Aa2		AA			A+	AA
MetLife Insurance Company of Connecticut (Short-term rating)		P-1	NR		NR		NR
MetLife Investors Insurance Company	Aa2		AA			A+	AA
MetLife Investors USA Insurance Company	Aa2		AA			A+	AA
Metropolitan Casualty Insurance Company	NR		NR			A	NR
Metropolitan Direct Property and Casualty Insurance Co.	NR		NR			A	NR
Metropolitan General Insurance Company	NR		NR			A	NR
Metropolitan Group Property & Casualty Insurance Co.	NR		NR			A	NR
Metropolitan Life Insurance Company	Aa2		AA			A+	AA
Metropolitan Life Insurance Company (Short-term rating)		P-1		A-1+	NR		NR
Metropolitan Lloyds Insurance Company of Texas	NR		NR			A	NR
Metropolitan Property and Casualty Insurance Company	NR		NR			A	NR
Metropolitan Tower Life Insurance Company	Aa3		NR			A+	NR
New England Life Insurance Company	Aa2		AA			A+	AA
Texas Life Insurance Company	NR		NR			A	NR
RGA Reinsurance Company		A1	AA-			A+	AA-
Credit Ratings
Beagle Funding LLC
Commercial Paper		P-1		A-1+	NR		NR
General American Life Insurance Company
Surplus Notes		A1		A+		a+	NR
MetLife, Inc.
Senior Unsecured Debt		A2		A		a		A
Commercial Paper		P-1		A-1	AMB-1			F1
Subordinated Debt		A3	NR			a-	NR
Junior Subordinated Debt	Baa1		BBB+		bbb+			A-
Preferred Stock	Baa1		BBB+		bbb+			A-
Non-Cumulative Perpetual Preferred Stock	Baa1		BBB		bbb+			A-
MetLife Capital Trust II & III
Trust Preferred Stock		A3	BBB+			a-		A-
MetLife Capital Trust IV & X
Trust Securities	Baa1		BBB+		bbb+			A-
MetLife Funding, Inc.
Commercial Paper		P-1		A-1+	AMB-1+			F1+
Metropolitan Life Global Funding I
Senior Secured Debt	Aa2		AA		aa		NR
MetLife Institutional Funding I, LLC
Senior Secured Debt	Aa2		AA		aa		NR
Metropolitan Life Insurance Company
Surplus Notes		A1		A+		a+		A+
Reinsurance Group of America, Incorporated
Senior Unsecured Debt	Baa1			A-		a-		A
Junior Subordinated Debt	Baa3		BBB-		bbb			A-
RGA Capital Trust I & II
Preferred Stock	Baa2		BBB		bbb+			A-

NR Not Rated

41