MetLife Announces Second Quarter 2009 Results

- Operating Earnings of $0.88 Per Share -

- Net Loss of $1.74 Per Share Reflects Improvement in MetLife`s Credit Spread -

- Premiums, Fees & Other Revenues Increase to $8.4 Billion -

- U.S. Annuity Deposits Increase 43% Over 2Q 2008 to $5.5 Billion -
NEW YORK--(Business Wire)--
MetLife, Inc. (NYSE: MET) today reported a second quarter 2009 net loss1 of $1.4
billion, or $1.74 per share. The net loss reflects net realized gains and
losses, including derivative losses of $1.8 billion, after income tax, of which
approximately $1 billion, after income tax, was due to the improvement in
MetLife`s credit spread in the quarter. MetLife reported second quarter 2009
operating earnings2 of $723 million, or $0.88 per share.

"MetLife generated strong revenues and operating earnings in the second quarter,
as we again demonstrated our ability to deliver solid performance in an
uncertain economic environment," said C. Robert Henrikson, chairman, president &
chief executive officer of MetLife, Inc. "Our clients recognize the value of
MetLife`s strong balance sheet and capital strength, as evidenced by our 6% and
4% top line growth over the first quarter of 2009 and second quarter of 2008,
respectively. We had very strong deposits and positive net flows in our U.S.
annuity business; Institutional`s top line grew 8% over the second quarter of
2008; and our International business continued to perform well."

"The consistent growth in our core businesses has enabled us to achieve
noteworthy results despite lower investment income. At the same time, we have
been able to successfully make use of the capital markets to further bolster our
strong financial position and we are benefiting from the expense management
initiatives we have put in place," added Henrikson.

1 All references in this press release to net income (loss), net income (loss) per share, operating earnings, operating earnings per share and book value per share should be read as net income (loss) available to MetLife, Inc.`s common shareholders, net income (loss) available to MetLife, Inc.`s common shareholders per diluted common share, operating earnings available to MetLife, Inc.`s common shareholders, operating earnings available to MetLife, Inc.`s common shareholders per diluted common share and book value per diluted
common share, respectively.
2 Operating earnings available to MetLife, Inc.`s common shareholders, operating earnings available to MetLife, Inc.`s common shareholders per diluted common share and MetLife, Inc.`s book value per diluted common share, excluding accumulated other comprehensive income (AOCI), are not calculated based on generally accepted accounting principles (GAAP). Information regarding non-GAAP financial measures 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

SECOND QUARTER 2009 SUMMARY

* Premiums, fees & other revenues of $8.4 billion, up 6% and 4% over the first
quarter of 2009 and the second quarter of 2008, respectively
* U.S. annuity deposits of $5.5 billion, up 43% over the second quarter of 2008
due to a record $4.5 billion in variable annuity deposits and a significant
increase in fixed annuity deposits
* Book value per share of $30.60, up 18% from the first quarter of 2009
* Operating earnings of $0.88 per share reflect:

* lower variable investment income, which was below plan by $102 million ($0.12
per share), after income tax and the impact of deferred acquisition costs
* strong equity markets and higher interest rates, which benefited Individual
Business earnings by an estimated $58 million ($0.07 per share), after income
tax

($ in millions, except per share data) For the three months ended June 30,
2009 2008 Change
Premiums, fees & other revenues $8,375 $8,090 4%
Net income (loss) (1,433) 915 -
Net income (loss) per share (1.74) 1.26 -
Operating earnings 723 887 (18%)
Operating earnings per share 0.88 1.22 (28%)
Book value per share 30.60 41.98 (27%)
Book value per share excluding AOCI 42.52 45.43 (6%)

BUSINESS SEGMENT DISCUSSIONS

All comparisons of second quarter 2009 results in the segment discussions below
are with the second quarter of 2008, unless otherwise noted. Reconciliations of
segment net income to segment operating earnings are provided in the tables that
accompany this release.

Institutional Business

* Institutional premiums, fees & other revenues of $4.3 billion, up 8% with
growth in all three product groups
* Retirement & savings premiums, fees & other revenues up 35%, due largely to
higher pension closeout sales
* Higher interest spreads compared with the first quarter of 2009

Institutional premiums, fees & other revenues were 8% higher, driven by a $195
million increase in the retirement & savings business resulting from several
pension closeout sales as well as continued growth in structured settlement
sales. In addition, group life and non-medical health premiums, fees & other
revenues were up 4% and 3%, respectively.

Operating earnings for Institutional were $306 million, down from $448 million.
In the second quarter of 2009, lower net investment income was partially offset
by a $21 million ($0.03 per share), after income tax, insurance liability
release related to several large institutional annuity contracts. In addition,
underwriting results continued to be solid with the exception of the dental
business, which experienced higher claim utilization.

Individual Business

* Individual premiums, fees & other revenues of $2.1 billion, down 3% as
increased sales of the company`s whole & term (traditional) life products were
more than offset by a decline in fees due to lower equity market levels compared
with the second quarter of 2008
* Annuity deposits grew 43% due to a record $4.5 billion in variable annuity
deposits and a significant increase in fixed annuity deposits
* Total annuity net flows increased significantly

Total annuity deposits reached $5.5 billion as variable annuity deposits
increased 27% to $4.5 billion and fixed annuity deposits grew from $277 million
to $949 million. Annuity net flows remained positive for the fifth consecutive
quarter while lapse rates declined for the second consecutive quarter. Total
life first year premiums and deposits were $238 million, compared with $242
million. A 35% increase in traditional life first year premiums and deposits was
offset by lower sales of variable and universal life.

Operating earnings for Individual were $276 million, compared with $322 million.
General account growth and improved underwriting margins were more than offset
by lower spreads and fee revenue.

International

* International premiums, fees & other revenues of $1.0 billion, down on a
reported basis, but flat on a constant currency basis
* Premiums, fees & other revenues, on a constant currency basis, up 8% and 7% in
Asia Pacific and Europe, respectively
* Strong operating earnings of $158 million

International premiums, fees & other revenues, on a reported basis, were down
from $1.2 billion due to the strength of the U.S. dollar against foreign
currencies compared with the second quarter of 2008. In Japan, total annuity
deposits were 137.8 billion yen ($1.3 billion), compared with 149.6 billion yen
($1.4 billion). A 45% increase in fixed annuity deposits was more than offset by
a decline in variable annuity deposits, reflecting current market conditions.

International`s operating earnings were $158 million, compared with $152
million. During the second quarter of 2009, the adverse impact of a stronger
U.S. dollar against foreign currencies was offset by lower expenses and
approximately $35 million ($0.04 per share), after income tax, in one-time
benefits.

Auto & Home

* Net written premiums of $747 million, down 1%
* Strong combined ratio (excluding catastrophes) of 88.0%
* Operating earnings increased 46% to $76 million

Net written premiums were slightly lower and are reflective of current market
conditions. Auto & Home operating earnings were $76 million, compared with $52
million as catastrophe losses declined significantly. In addition, earnings in
the second quarters of 2009 and 2008 benefited from favorable non-catastrophe
claim development related to prior accident years of $3 million, after income
tax, and $26 million, after income tax, respectively.

Investments

* Gross unrealized losses on fixed maturities declined 32% from March 31, 2009,
due to improved credit spreads
* Cash and short-term investments decreased to $21.3 billion, primarily as a
result of increased investments in higher-yielding, longer duration asset
classes

Net investment income was $3.9 billion, up from $3.3 billion in the first
quarter of 2009 but down from $4.3 billion in the second quarter of 2008. During
the second quarter of 2009, variable investment income was lower than plan by
$150 million, or $102 million ($0.12 per share), after income tax and the impact
of deferred acquisition costs. The lower variable investment income was driven
by negative returns from real estate funds as well as corporate joint ventures.

For the second quarter of 2009, the company had net realized investment losses,
after income tax, of $2.6 billion, mostly driven by derivative losses of $1.8
billion, after income tax. The remainder were primarily due to credit-related
losses and impairments across a broad range of asset classes, and were
consistent with the company`s expectations.

MetLife uses derivatives - in connection with its broader portfolio management
efforts - to hedge a number of risks, including changes in interest rates and
foreign currencies. During the quarter, an improvement in MetLife`s credit
spread, which impacts the valuation of certain insurance liabilities,
contributed approximately $1 billion, after income tax, to the derivative
losses. This reverses derivative gains that occurred in earlier quarters when
the credit spread widened. Increases in interest rates and changes in the value
of foreign currency-related derivatives also contributed to the loss and are, in
general, offset on an economic basis by gains across various assets and
liabilities.

Earnings Conference Call

MetLife, Inc. (NYSE: MET) will hold its second quarter 2009 earnings conference
call and audio Webcast on Friday, July 31, 2009, 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 (651) 291-0900 (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 Friday, July 31, 2009, until Friday, August 7,
2009, 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 105666. To access the replay of the conference call over
the Internet, visit the above-mentioned Web site.

Non-GAAP and Other Financial Disclosures

All references in this press release to net income (loss), net income (loss) per
share, operating earnings and operating earnings per share should be read as net
income (loss) available to MetLife, Inc.`s common shareholders, net income
(loss) available to MetLife, Inc.`s common shareholders per diluted common
share, operating earnings available to MetLife, Inc.`s common shareholders and
operating earnings available to MetLife, Inc.`s common shareholders per diluted
common share, respectively.

The historical and forward-looking financial information presented in this press
release includes performance measures which are based on methodologies other
than GAAP. MetLife analyzes its performance using so-called non-GAAP measures,
including operating earnings, operating earnings per share and operating return
on common equity. MetLife believes these measures enhance the understanding and
comparability of its performance by excluding net investment gains and losses,
net of income tax, adjustments related to net investment gains and losses, net
of income tax, and adjustments related to net investment gains and losses of
consolidated entities and operating joint ventures reported under the equity
method of accounting and the impact of MetLife`s own credit, net of income tax,
each of which can fluctuate significantly from period to period, and adjustments
related to acquisition costs incurred to effect a business combination after
January 1, 2009, net of income tax, discontinued operations other than
discontinued real estate, net of income tax, and net income (loss) attributable
to noncontrolling interests, thereby highlighting the results from operations
and the underlying profitability drivers of the business. Operating earnings
available to MetLife, Inc.`s common shareholders and operating earnings
available to MetLife, Inc.`s common shareholders per diluted common share should
not be viewed as substitutes for GAAP net income (loss) available to MetLife,
Inc.`s common shareholders and GAAP net income (loss) available to MetLife,
Inc.`s common shareholders per diluted common share, respectively.

Operating earnings available to MetLife, Inc.`s common shareholders is defined
as GAAP net income (loss) attributable to MetLife, Inc., excluding net
investment gains and losses, net of income tax; adjustments related to net
investment gains and losses, net of income tax; adjustments related to net
investment gains and losses of consolidated entities and operating joint
ventures reported under the equity method of accounting and the impact of
MetLife`s own credit, net of income tax; adjustments related to acquisition
costs incurred to effect a business combination after January 1, 2009, net of
income tax; discontinued operations other than discontinued real estate, net of
income tax; and net income (loss) attributable to noncontrolling interests, less
preferred stock dividends. Scheduled periodic settlement payments on derivative
instruments not qualifying for hedge accounting treatment are included in
operating earnings. Operating earnings available to MetLife, Inc.`s common
shareholders per diluted common share is calculated by dividing operating
earnings available to MetLife, Inc.`s common shareholders by the number of
weighted average diluted common shares outstanding for the period indicated.
Operating return on common equity is calculated by dividing operating earnings
available to MetLife, Inc.`s common shareholders by average MetLife, Inc. common
equity for the period indicated, excluding accumulated other comprehensive
income.

For the three months ended June 30,
2009 2008
(In millions, except per common share data)
Net income (loss) available to MetLife, Inc.`s
common shareholders $(1,433) $(1.74) $915 $1.26
Less: Net investment gains (losses), net of
income tax(1, 2) (2,563) (3.11) (231) (0.32)
Less: Adjustments related to net investment
gains (losses), net of income tax(3) 407 0.49 197 0.27
Less: Discontinued operations, net of income tax(4) - - 62 0.09
Operating earnings available to common
shareholders $723 $0.88 $887 $1.22

Book value per diluted common share $30.60 $41.98
Less: Accumulated other comprehensive income
(loss) per diluted common share (11.92) (3.45)
Book value per diluted common share,
excluding accumulated other comprehensive
income (loss) $42.52 $45.43

1 Net investment gains (losses), net of income tax, excludes gains (losses) of $21 million and $(26) million for the three months
ended June 30, 2009 and 2008, respectively, from scheduled periodic settlement payments on derivative instruments not qualifying
for hedge accounting treatment.
2 Investment income, net, excludes the net investment gains (losses) of consolidated entities and operating joint ventures
reported under the equity method of accounting of $(96) million and $(16) million for the three months ended June 30, 2009 and
June 30, 2008, respectively. Such adjustments are net of applicable adjustments stated in footnote 3 below. Provision for income
tax, excludes the related tax impact of the net investment gains (losses) of consolidated entities and operating joint ventures
reported under the equity method of accounting of $(32) million and $(11) million for the three months ended June 30, 2009 and
June 30, 2008, respectively.
3 Adjustments related to net investment gains (losses), net of income tax, include 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, exclude gains (losses) from discontinued operations related to real estate and real
estate joint ventures.

About MetLife

MetLife, Inc. is a leading provider of insurance, employee benefits and
financial services with operations throughout the United States and the Latin
America, Europe and Asia Pacific regions. Through its 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 and retirement & savings products and
services to corporations and other institutions. For more information, visit
www.metlife.com.

This press release may contain or incorporate by reference information that
includes or is based upon forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
give expectations or forecasts of future events. These statements can be
identified by the fact that they do not relate strictly to historical or current
facts. They use words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe" and other words and terms of similar meaning in
connection with a discussion of future operating or financial performance. In
particular, these include statements relating to future actions, prospective
services or products, future performance or results of current and anticipated
services or products, sales efforts, expenses, the outcome of contingencies such
as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be
affected by inaccurate assumptions or by known or unknown risks and
uncertainties. Many such factors will be important in determining MetLife`s
actual future results. These statements are based on current expectations and
the current economic environment. They involve a number of risks and
uncertainties that are difficult to predict. These statements are not guarantees
of future performance. Actual results could differ materially from those
expressed or implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the risks,
uncertainties and other factors identified in MetLife, Inc.`s filings with the
U.S. Securities and Exchange Commission ("SEC"). These factors include: (i)
difficult and adverse conditions in the global and domestic capital and credit
markets; (ii) continued volatility and further deterioration of the capital and
credit markets, which may affect MetLife`s ability to seek financing or access
its credit facilities; (iii) uncertainty about the effectiveness of the U.S.
government`s plan to stabilize the financial system by injecting capital into
financial institutions, purchasing large amounts of illiquid, mortgage-backed
and other securities from financial institutions, or otherwise; (iv) the
impairment of other financial institutions; (v) potential liquidity and other
risks resulting from MetLife`s participation in a securities lending program and
other transactions; (vi) exposure to financial and capital market risk; (vii)
changes in general economic conditions, including the performance of financial
markets and interest rates, which may affect MetLife`s ability to raise capital,
generate fee income and market-related revenue and finance statutory reserve
requirements and may require MetLife to pledge collateral or make payments
related to declines in value of specified assets; (viii) defaults on MetLife`s
mortgage and consumer loans; (ix) investment losses and defaults, and changes to
investment valuations; (x) impairments of goodwill and realized losses or market
value impairments to illiquid assets; (xi) unanticipated changes in industry
trends; (xii) heightened competition, including with respect to pricing, entry
of new competitors, consolidation of distributors, the development of new
products by new and existing competitors and for personnel; (xiii) discrepancies
between actual claims experience and assumptions used in setting prices for
MetLife`s products and establishing the liabilities for MetLife`s obligations
for future policy benefits and claims; (xiv) discrepancies between actual
experience and assumptions used in establishing liabilities related to other
contingencies or obligations; (xv) ineffectiveness of risk management policies
and procedures, including with respect to guaranteed benefit riders (which may
be affected by fair value adjustments arising from changes in MetLife`s own
credit spread) on certain of MetLife`s variable annuity products; (xvi)
increased expenses relating to pension and post-retirement benefit plans, (xvii)
catastrophe losses; (xviii) changes in assumptions related to deferred policy
acquisition costs, value of business acquired or goodwill; (xix) downgrades in
MetLife, Inc.`s and its affiliates` claims paying ability, financial strength or
credit ratings; (xx) economic, political, currency and other risks relating to
MetLife`s international operations; (xxi) availability and effectiveness of
reinsurance or indemnification arrangements, (xxii) regulatory, legislative or
tax changes that may affect the cost of, or demand for, MetLife`s products or
services; (xxiii) changes in accounting standards, practices and/or policies;
(xxiv) adverse results or other consequences from litigation, arbitration or
regulatory investigations; (xxv) deterioration in the experience of the "closed
block" established in connection with the reorganization of Metropolitan Life
Insurance Company; (xxvi) the effects of business disruption or economic
contraction due to terrorism, other hostilities, or natural catastrophes;
(xxvii) MetLife`s ability to identify and consummate on successful terms any
future acquisitions, and to successfully integrate acquired businesses with
minimal disruption; (xxviii) 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; and (xxix) other risks and uncertainties described from time to
time in MetLife, Inc.`s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update
any forward-looking statement if MetLife, Inc. later becomes aware that such
statement is not likely to be achieved. Please consult any further disclosures
MetLife, Inc. makes on related subjects in reports to the SEC.

MetLife, Inc.
Consolidated Statements of Income
For the Three and Six Months Ended June 30, 2009 and 2008 (Unaudited)
(In millions)

Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008

Revenues
Premiums $ 6,576 $ 6,340 $ 12,698 $ 12,631
Universal life and investment-type product policy fees 1,216 1,396 2,399 2,793
Net investment income 3,731 4,319 6,994 8,616
Other revenues 572 351 1,126 720
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities (566 ) (139 ) (1,119 ) (213 )
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)
234 - 234 -
Other net investment gains (losses), net (3,497 ) (218 ) (3,850 ) (874 )
Total net investment gains (losses) (3,829 ) (357 ) (4,735 ) (1,087 )
Total revenues 8,266 12,049 18,482 23,673

Expenses
Policyholder benefits and claims 6,946 6,579 13,528 13,162
Interest credited to policyholder account balances 1,229 1,196 2,397 2,429
Policyholder dividends 434 446 858 875
Other expenses 2,031 2,607 5,033 5,154
Total expenses 10,640 10,828 21,816 21,620

Income (loss) from continuing operations before provision for income tax (2,374 ) 1,221 (3,334 ) 2,053
Provision for income tax expense (benefit) (956 ) 342 (1,332 ) 549
Income (loss) from continuing operations, net of income tax (1,418 ) 879 (2,002 ) 1,504
Income from discontinued operations, net of income tax - 117 36 152
Net income (loss) (1,418 ) 996 (1,966 ) 1,656
Less: Net income (loss) attributable to noncontrolling interests (16 ) 50 (20 ) 62
Net income (loss) attributable to MetLife, Inc. (1,402 ) 946 (1,946 ) 1,594
Less: Preferred stock dividends 31 31 61 64
Net income (loss) available to MetLife, Inc.'s common shareholders $ (1,433 ) $ 915 $ (2,007 ) $ 1,530

Operating Earnings Available to Common Shareholders Reconciliation
Net income (loss) available to MetLife, Inc.'s common shareholders $ (1,433 ) $ 915 $ (2,007 ) $ 1,530
Net investment gains (losses) (2) (3,957 ) (346 ) (4,872 ) (1,064 )
Net investment gains (losses) tax benefit (provision) (2) 1,394 115 1,719 364
Net investment gains (losses), net of income tax (1) (3) (2,563 ) (231 ) (3,153 ) (700 )
Adjustments related to universal life and investment-type product policy fees (11 ) (3 ) (17 ) 2
Adjustments related to policyholder benefits and dividends 8 165 (19 ) 38
Adjustments related to other expenses 625 144 442 258
Adjustments related to tax benefit (provision) (215 ) (109 ) (141 ) (103 )
Adjustments related to net investment gains (losses), net of income tax (4) 407 197 265 195
Adjustments related to acquisition costs, net of income tax - - (9 ) -
Discontinued operations, net of income tax - 62 36 81
Operating earnings available to common shareholders $ 723 $ 887 $ 854 $ 1,954

(1) Net investment gains (losses), net of income tax, excludes scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment
of ($26) million and $21 million for the three months ended June 30, 2008 and June 30, 2009, respectively, and ($31) million and $41 million for the six months ended June
30, 2008 and June 30, 2009, respectively.

(2) Investment income, net, excludes the net investment gains (losses) of consolidated entities and operating joint ventures reported under the equity method of accounting of
($16) million and ($96) million for the three months ended June 30, 2008 and June 30, 2009, respectively, and $4 million and ($76) million for the six months ended June
30, 2008 and June 30, 2009, respectively. Such adjustments are net of applicable adjustments stated in footnote 4 below. Provision for income tax, excludes the related
tax impact of the net investment gains (losses) of consolidated entities and operating joint ventures reported under the equity method of accounting of ($11) million and
($32) million for the three months ended June 30, 2008 and June 30, 2009, respectively, and $3 million and ($40) million for the six months ended June 30, 2008 and June
30, 2009, respectively.

(3) There were no net investment gains (losses) from other real estate and real estate joint ventures for the periods presented.

(4) 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.

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

At or For the Three Months At or For the Six Months
Ended June 30, Ended June 30,
2009 2008 2009 2008
Other Financial Data:
Net income (loss) available to MetLife, Inc.'s common shareholders $ (1,433 ) $ 915 $ (2,007 ) $ 1,530
Operating earnings available to common shareholders $ 723 $ 887 $ 854 $ 1,954
Total assets (billions) $ 509.5 $ 556.5 $ 509.5 $ 556.5

Individual Business Sales Data:
Total life first year premiums and deposits $ 238 $ 242 $ 442 $ 487
Variable and Universal life first year premiums and deposits (including COLI/BOLI) $ 168 $ 190 $ 316 $ 385
Total annuity deposits $ 5,456 $ 3,815 $ 12,838 $ 7,279

Earnings Per Common Share Calculation:
Weighted average common shares outstanding - diluted 825.1 726.5 817.7 728.9
Operating earnings available to common shareholders per common share - diluted $ 0.88 $ 1.22 $ 1.04 $ 2.68
Net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted $ (1.74 ) $ 1.26 $ (2.46 ) $ 2.10

MetLife, Inc.
Consolidated Balance Sheet Data
June 30, 2009 and December 31, 2008 (Unaudited)
(In millions)

June 30, December 31,
2009 2008
Balance Sheet Data:
General account assets $ 382,489 $ 380,839
Separate account assets 126,968 120,839
Total assets $ 509,457 $ 501,678

Policyholder liabilities $ 289,906 $ 289,145
Short-term debt 4,757 2,659
Long-term debt 12,940 9,667
Collateral financing arrangements 5,297 5,192
Junior subordinated debt securities 2,691 3,758
Other liabilities 39,286 46,433
Separate account liabilities 126,968 120,839
Total liabilities 481,845 477,693

Preferred stock, at par value 1 1
Common stock, at par value 8 8
Additional paid-in capital 16,849 15,811
Retained earnings 20,472 22,403
Treasury stock (203 ) (236 )
Accumulated other comprehensive loss (9,834 ) (14,253 )
Total MetLife, Inc.'s stockholders' equity 27,293 23,734
Noncontrolling interests 319 251
Total equity 27,612 23,985
Total liabilities and stockholders' equity $ 509,457 $ 501,678

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

Three Months Six Months

Ended
Ended
June 30, June 30,
2009 2008 2009 2008

Total Institutional Operations
Net income (loss) available to MetLife, Inc.'s common shareholders $ (555 ) $ 549 $ (1,506 ) $ 633
Net investment gains (losses), net of income tax (842 ) 81 (1,996 ) (403 )
Adjustments related to net investment gains (losses), net of income tax (19 ) 20 (16 ) 30
Operating earnings available to common shareholders $ 306 $ 448 $ 506 $ 1,006

Institutional Operations:
Group Life
Net income (loss) available to MetLife, Inc.'s common shareholders $ (15 ) $ 137 $ (22 ) $ 142
Net investment gains (losses), net of income tax (123 ) 1 (232 ) (114 )
Adjustments related to net investment gains (losses), net of income tax (1 ) - 2 1
Operating earnings available to common shareholders $ 109 $ 136 $ 208 $ 255

Retirement & Savings
Net income (loss) available to MetLife, Inc.'s common shareholders $ (346 ) $ 370 $ (768 ) $ 259
Net investment gains (losses), net of income tax (462 ) 140 (934 ) (297 )
Adjustments related to net investment gains (losses), net of income tax (18 ) 11 (19 ) 16
Operating earnings available to common shareholders $ 134 $ 219 $ 185 $ 540

Non-Medical Health & Other
Net income (loss) available to MetLife, Inc.'s common shareholders $ (194 ) $ 42 $ (716 ) $ 232
Net investment gains (losses), net of income tax (257 ) (60 ) (830 ) 8
Adjustments related to net investment gains (losses), net of income tax - 9 1 13
Operating earnings available to common shareholders $ 63 $ 93 $ 113 $ 211

Total Individual Operations
Net income (loss) available to MetLife, Inc.'s common shareholders $ (332 ) $ 199 $ (529 ) $ 475
Net investment gains (losses), net of income tax (1,006 ) (167 ) (1,000 ) (230 )
Adjustments related to net investment gains (losses), net of income tax 398 43 269 71
Discontinued operations, net of income tax - 1 24 -
Operating earnings available to common shareholders $ 276 $ 322 $ 178 $ 634

Individual Operations:
Traditional Life
Net income (loss) available to MetLife, Inc.'s common shareholders $ (91 ) $ 86 $ (55 ) $ 95
Net investment gains (losses), net of income tax (125 ) 8 (75 ) (83 )
Adjustments related to net investment gains (losses), net of income tax 30 (20 ) (24 ) (9 )
Discontinued operations, net of income tax - - 5 (2 )
Operating earnings available to common shareholders $ 4 $ 98 $ 39 $ 189

Variable & Universal Life
Net income (loss) available to MetLife, Inc.'s common shareholders $ 38 $ 51 $ (42 ) $ 73
Net investment gains (losses), net of income tax (97 ) (17 ) (182 ) (39 )
Adjustments related to net investment gains (losses), net of income tax 14 5 27 8
Discontinued operations, net of income tax - 1 14 2
Operating earnings available to common shareholders $ 121 $ 62 $ 99 $ 102

Annuities
Net income (loss) available to MetLife, Inc.'s common shareholders $ (266 ) $ 54 $ (407 ) $ 301
Net investment gains (losses), net of income tax (764 ) (150 ) (700 ) (84 )
Adjustments related to net investment gains (losses), net of income tax 354 58 266 72
Discontinued operations, net of income tax - - 1 -
Operating earnings available to common shareholders $ 144 $ 146 $ 26 $ 313

Other
Net income (loss) available to MetLife, Inc.'s common shareholders $ (13 ) $ 8 $ (25 ) $ 6
Net investment gains (losses), net of income tax (20 ) (8 ) (43 ) (24 )
Discontinued operations, net of income tax - - 4 -
Operating earnings available to common shareholders $ 7 $ 16 $ 14 $ 30

Total International
Net income (loss) available to MetLife, Inc.'s common shareholders $ (205 ) $ 173 $ 235 $ 359
Net investment gains (losses), net of income tax (391 ) (113 ) (66 ) (18 )
Adjustments related to net investment gains (losses), net of income tax 28 134 12 94
Operating earnings available to common shareholders $ 158 $ 152 $ 289 $ 283

Latin America Region:
Net income available to MetLife, Inc.'s common shareholders $ 137 $ 168 $ 232 $ 260
Net investment gains (losses), net of income tax 23 (70 ) 12 (38 )
Adjustments related to net investment gains (losses), net of income tax 28 141 12 94
Operating earnings available to common shareholders $ 86 $ 97 $ 208 $ 204

Asia Pacific Region:
Net income (loss) available to MetLife, Inc.'s common shareholders $ (330 ) $ 14 $ 25 $ 98
Net investment gains (losses), net of income tax (416 ) (44 ) (82 ) 16
Adjustments related to net investment gains (losses), net of income tax - (7 ) - -
Operating earnings available to common shareholders $ 86 $ 65 $ 107 $ 82

European Region:
Net income (loss) available to MetLife, Inc.'s common shareholders $ (12 ) $ (9 ) $ (22 ) $ 1
Net investment gains (losses), net of income tax 2 1 4 4
Operating earnings available to common shareholders $ (14 ) $ (10 ) $ (26 ) $ (3 )

Total Auto & Home
Net income available to MetLife, Inc.'s common shareholders $ 71 $ 43 $ 167 $ 134
Net investment gains (losses), net of income tax (5 ) (9 ) 15 (16 )
Operating earnings available to common shareholders $ 76 $ 52 $ 152 $ 150

Auto & Home:
Auto
Net income available to MetLife, Inc.'s common shareholders $ 42 $ 74 $ 116 $ 143
Net investment gains (losses), net of income tax (3 ) (6 ) 9 (11 )
Operating earnings available to common shareholders $ 45 $ 80 $ 107 $ 154

Homeowners & Other
Net income available to MetLife, Inc.'s common shareholders $ 29 $ (31 ) $ 51 $ (9 )
Net investment gains (losses), net of income tax (2 ) (3 ) 6 (5 )
Operating earnings available to common shareholders $ 31 $ (28 ) $ 45 $ (4 )

Corporate, Other & Eliminations
Net income (loss) available to MetLife, Inc.'s common shareholders $ (412 ) $ (49 ) $ (374 ) $ (71 )
Net investment gains (losses), net of income tax (319 ) (23 ) (106 ) (33 )
Adjustments related to acquisition costs, net of income tax - - (9 ) -
Discontinued operations, net of income tax - 61 12 81
Operating earnings available to common shareholders $ (93 ) $ (87 ) $ (271 ) $ (119 )

MetLife, Inc.
For Media:
John Calagna, 212-578-6252
or
For Investors:
Conor Murphy, 212-578-7788

Copyright Business Wire 2009

http://www.businesswire.com/news/home/20090730006240/en