MetLife Announces Expected 2012 Results and Guidance for 2013

  MetLife Announces Expected 2012 Results and Guidance for 2013

Business Wire

NEW YORK -- December 13, 2012

MetLife, Inc. (NYSE: MET) today announced its expected results for the full
year and fourth quarter 2012 as well as financial guidance for 2013. Members
of MetLife’s senior management team will review these projections during the
company’s year-end investor conference call beginning at 8 a.m. (ET) today.

Full Year 2012

MetLife estimates full year 2012 operating earnings^1 of between $5.5 billion
and $5.6 billion ($5.15 per share and $5.25 per share), up 19% from $4.7
billion, or $4.38 per share, in 2011. The company also expects a 2012
operating return on equity of between 11.0% and 11.1%, up from 10.1% at
year-end 2011.

“In 2012, we expect operating earnings to increase 19% over 2011, which
reflects both solid investment spreads as well as favorable insurance
margins,” said Steven A. Kandarian, chairman, president and chief executive
officer of MetLife, Inc. “During the year, we continued to benefit from our
strong risk management focus and good expense management. We also made
significant progress on our strategic objectives, expanding in emerging
markets, reducing product risk, growing our global employee benefits business
and becoming more customer centric.”

MetLife estimates full year 2012 operating premiums, fees & other revenues of
between $47.3 billion and $47.7 billion, up 5% from $45.4 billion in 2011.

___________

^1 Information regarding non-GAAP financial measures and the reconciliation of
them to the most directly comparable GAAP measures are provided in the Third
Quarter 2012 Quarterly Financial Supplement and the Non-GAAP and Other
Financial Disclosures discussion below. All percentages in this press release
relating to future growth are calculated using mid-point of ranges.

Fourth Quarter 2012

Included in the full year 2012 operating earnings estimate are expected fourth
quarter 2012 operating earnings of between $1.2 billion and $1.3 billion
($1.12 per share and $1.22 per share), compared with $1.2 billion, or $1.17
per share in the fourth quarter of 2011.

Book value per share, excluding accumulated other comprehensive income, at
year-end 2012 is expected to be between $46.97 and $47.41, up from $46.69 at
year-end 2011.

2013 Guidance

MetLife expects 2013 operating earnings to be between $5.5 billion and $5.9
billion ($4.95 to $5.35 per share).

“While our operating earnings per share are expected to be lower in 2013 than
in 2012, they are broadly consistent with what we predicted a year ago for an
extended low interest rate environment,” added Kandarian. “In light of a
lower-for-longer interest rate scenario, we have a heightened sense of urgency
about our strategic initiatives. We are focused on the levers we can pull to
meet our financial objectives and create shareholder value.”

Per share calculations for full year and fourth quarter 2012 are based on
1,073.9 million and 1,085.4 million shares outstanding, respectively. Per
share calculations for 2013 are based on 1,110.4 million average shares
outstanding.

Year-End Conference Call Details

MetLife will hold a year-end investor conference call on Thursday, December
13, 2012 beginning at 8 a.m. (ET). The conference call and accompanying
presentation materials will include statements relating to MetLife’s financial
performance, including the company’s prospects for the remainder of 2012 and
for 2013. The call will also include a question and answer session.

The conference call will be available live via telephone and the Internet. To
listen over the telephone, dial (612) 326-1011 (domestic and international
callers). To listen to the conference call over the Internet and/or to access
presentation materials, 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 Thursday, December 13, 2012, until Thursday, December 20,
2012, 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 273851. To access the replay of the conference
call over the Internet, visit the above-mentioned Web site.

Assumptions included in MetLife’s estimated 2012 and 2013 results are
contained in the slide presentations to be presented during MetLife’s year-end
investor conference call, which are included in a Current Report on Form 8-K
that is being furnished today to the U.S. Securities and Exchange Commission.

About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle East. For
more information, visit www.metlife.com.

Non-GAAP and Other Financial Disclosures

All references in this press release (except in this section) to net income
(loss), net income (loss) per share, operating earnings, operating earnings
per share, book value per common share, premiums, fees and other revenues and
operating return on equity, 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 common shareholders, operating earnings available to common
shareholders per diluted common share, book value per common share, excluding
accumulated other comprehensive income (loss) (“AOCI”), premiums, fees and
other revenues (operating) and operating return on MetLife, Inc.’s common
equity, excluding AOCI, respectively.

Operating earnings is the measure of segment profit or loss that MetLife uses
to evaluate segment performance and allocate resources. Consistent with
accounting principles generally accepted in the United States of America
(“GAAP”) accounting guidance for segment reporting, operating earnings is
MetLife’s measure of segment performance. Operating earnings is also a measure
by which MetLife senior management's and many other employees' performance is
evaluated for the purposes of determining their compensation under applicable
compensation plans.

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

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

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

  *Universal life and investment-type product policy fees excludes the
    amortization of unearned revenue related to NIGL and NDGL and certain
    variable annuity guaranteed minimum income benefits ("GMIB") fees ("GMIB
    Fees");
  *Net investment income: (i) includes amounts for scheduled periodic
    settlement payments and amortization of premium on derivatives that are
    hedges of investments but do not qualify for hedge accounting treatment,
    (ii) includes income from discontinued real estate operations, (iii)
    excludes post-tax operating earnings adjustments relating to insurance
    joint ventures accounted for under the equity method, (iv) excludes
    certain amounts related to contractholder-directed unit-linked
    investments, and (v) excludes certain amounts related to securitization
    entities that are variable interest entities ("VIEs") consolidated under
    GAAP; and
  *Other revenues are adjusted for settlements of foreign currency earnings
    hedges.

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

  *Policyholder benefits and claims and policyholder dividends excludes: (i)
    changes in the policyholder dividend obligation related to NIGL and NDGL,
    (ii) inflation-indexed benefit adjustments associated with contracts
    backed by inflation-indexed investments and amounts associated with
    periodic crediting rate adjustments based on the total return of a
    contractually referenced pool of assets, (iii) benefits and hedging costs
    related to GMIBs (“GMIB Costs”), and (iv) market value adjustments
    associated with surrenders or terminations of contracts (“Market Value
    Adjustments”);
  *Interest credited to policyholder account balances includes adjustments
    for scheduled periodic settlement payments and amortization of premium on
    derivatives that are hedges of policyholder account balances but do not
    qualify for hedge accounting treatment and excludes amounts related to net
    investment income earned on contractholder-directed unit-linked
    investments;
  *Amortization of deferred policy acquisition costs (“DAC”) and value of
    business acquired (“VOBA”) excludes amounts related to: (i) NIGL and NDGL,
    (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;
  *Amortization of negative VOBA excludes amounts related to Market Value
    Adjustments;
  *Interest expense on debt excludes certain amounts related to
    securitization entities that are VIEs consolidated under GAAP; and
  *Other expenses excludes costs related to: (i) noncontrolling interests,
    (ii) implementation of new insurance regulatory requirements, and (iii)
    acquisition and integration costs.

Operating return on MetLife, Inc.’s common equity is defined as operating
earnings available to common shareholders divided by average GAAP common
equity.

Operating expense ratio is calculated by dividing operating expenses (other
expenses net of capitalization of DAC) by premiums, fees and other revenues
(operating).

MetLife believes the presentation of operating earnings and operating earnings
available to common shareholders as MetLife measures it for management
purposes enhances the understanding of the company’s performance by
highlighting the results of operations and the underlying profitability
drivers of the business. Operating revenues, operating expenses, operating
earnings, operating earnings available to common shareholders, operating
earnings available to common shareholders per diluted common share, book value
per common share, excluding AOCI, book value per diluted common share,
excluding AOCI, operating return on MetLife, Inc.’s common equity, operating
return on MetLife, Inc.’s common equity, excluding AOCI, investment portfolio
gains (losses) and derivative gains (losses) should not be viewed as
substitutes for the following financial measures calculated in accordance with
GAAP: GAAP revenues, GAAP expenses, GAAP income (loss) from continuing
operations, net of income tax, GAAP net income (loss) available to MetLife,
Inc.'s common shareholders, GAAP net income (loss) available to MetLife,
Inc.'s common shareholders per diluted common share, book value per common
share, book value per diluted common share, return on MetLife, Inc.’s common
equity, return on MetLife, Inc.’s common equity, excluding AOCI, net
investment gains (losses) and net derivative gains (losses), respectively.

For the historical periods presented, reconciliations of non-GAAP measures
used in this press release to the most directly comparable GAAP measures may
be included in an Appendix to the presentation materials and/or are on the
Investor Relations portion of our Internet website. Additional information
about our historical results is also available on our Internet website in our
Quarterly Financial Supplements for the corresponding periods.

Managed Assets (as defined below) is a financial measure based on
methodologies other than GAAP. MetLife utilizes “Managed Assets” to describe
assets in its investment portfolio which are actively managed and reflected at
estimated fair value. MetLife believes the use of Managed Assets enhances the
understanding and comparability of its investment portfolio by excluding
assets such as policy loans, other invested assets, mortgage loans
held-for-sale, and mortgage loans held by consolidated securitization
entities, as substantially all of those assets are not actively managed in
MetLife’s investment portfolio. Trading and other securities are also excluded
as this amount is primarily comprised of contractholder-directed unit-linked
investments, where the contractholder, and not the company, directs the
investment of these funds. Mortgage loans and certain real estate investments
have also been adjusted from carrying value to estimated fair value.

The non-GAAP measures used in this press release should not be viewed as
substitutes for the most directly comparable GAAP measures.

In this press release, we may refer to sales activity for various products.
These sales statistics do not correspond to revenues under GAAP, but are used
as relevant measures of business activity.

The impact of changes in foreign currency exchange rates is calculated using
the average foreign currency exchange rates for the current period and is
applied to the prior period.

In this press release, we may provide guidance on our future earnings,
premiums, fees and other revenues, earnings per diluted common share, book
value per common share and return on common equity on an operating or non-GAAP
basis. A reconciliation of the non-GAAP measures to the most directly
comparable GAAP measures is not accessible on a forward-looking basis because
we believe it is not possible to provide other than a range of net investment
gains and losses and net derivative gains and losses, which can fluctuate
significantly within or without the range and from period to period and may
have a significant impact on GAAP net income.

Forward-Looking Statements

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 the actual
future results of MetLife, Inc., its subsidiaries and affiliates. 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 (the “SEC”). These factors include: (1) difficult
conditions in the global capital markets; (2) concerns over U.S. fiscal policy
and the “fiscal cliff” in the U.S., as well as rating agency downgrades of
U.S. Treasury securities; (3) uncertainty about the effectiveness of
governmental and regulatory actions to stabilize the financial system, the
imposition of fees relating thereto, or the promulgation of additional
regulations; (4) increased volatility and disruption of the capital and credit
markets, which may affect our ability to seek financing or access our credit
facilities; (5) impact of comprehensive financial services regulation reform
on us; (6) economic, political, legal, currency and other risks relating to
our international operations, including with respect to fluctuations of
exchange rates; (7) exposure to financial and capital market risk, including
as a result of the disruption in Europe and possible withdrawal of one or more
countries from the Euro zone; (8) changes in general economic conditions,
including the performance of financial markets and interest rates, which may
affect our ability to raise capital, generate fee income and market-related
revenue and finance statutory reserve requirements and may require us to
pledge collateral or make payments related to declines in value of specified
assets; (9) potential liquidity and other risks resulting from our
participation in a securities lending program and other transactions; (10)
investment losses and defaults, and changes to investment valuations; (11)
impairments of goodwill and realized losses or market value impairments to
illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or
deteriorating credit of other financial institutions that could adversely
affect us; (14) our ability to address unforeseen liabilities, asset
impairments, or rating actions arising from acquisitions or dispositions,
including our acquisition of American Life Insurance Company and Delaware
American Life Insurance Company (collectively, “ALICO”) and to successfully
integrate and manage the growth of acquired businesses with minimal
disruption; (15) uncertainty with respect to the outcome of the closing
agreement entered into with the United States Internal Revenue Service in
connection with the acquisition of ALICO; (16) the dilutive impact on our
stockholders resulting from the settlement of common equity units issued in
connection with the acquisition of ALICO or otherwise; (17) regulatory and
other restrictions affecting MetLife, Inc.’s ability to pay dividends and
repurchase common stock; (18) 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; (19) downgrades in our claims paying ability, financial
strength or credit ratings; (20) ineffectiveness of risk management policies
and procedures; (21) availability and effectiveness of reinsurance or
indemnification arrangements, as well as default or failure of counterparties
to perform; (22) discrepancies between actual claims experience and
assumptions used in setting prices for our products and establishing the
liabilities for our obligations for future policy benefits and claims; (23)
catastrophe losses; (24) heightened competition, including with respect to
pricing, entry of new competitors, consolidation of distributors, the
development of new products by new and existing competitors, distribution of
amounts available under U.S. government programs, and for personnel; (25)
unanticipated changes in industry trends; (26) changes in assumptions related
to investment valuations, deferred policy acquisition costs, deferred sales
inducements, value of business acquired or goodwill; (27) changes in
accounting standards, practices and/or policies; (28) increased expenses
relating to pension and postretirement benefit plans, as well as health care
and other employee benefits; (29) exposure to losses related to variable
annuity guarantee benefits, including from significant and sustained downturns
or extreme volatility in equity markets, reduced interest rates, unanticipated
policyholder behavior, mortality or longevity, and the adjustment for
nonperformance risk; (30) deterioration in the experience of the “closed
block” established in connection with the reorganization of Metropolitan Life
Insurance Company; (31) adverse results or other consequences from litigation,
arbitration or regulatory investigations; (32) inability to protect our
intellectual property rights or claims of infringement of the intellectual
property rights of others; (33) discrepancies between actual experience and
assumptions used in establishing liabilities related to other contingencies or
obligations; (34) regulatory, legislative or tax changes relating to our
insurance, banking, international, or other operations that may affect the
cost of, or demand for, our products or services, or increase the cost or
administrative burdens of providing benefits to employees; (35) the effects of
business disruption or economic contraction due to disasters such as terrorist
attacks, cyberattacks, other hostilities, or natural catastrophes, including
any related impact on our disaster recovery systems, cyber- or other
information security systems and management continuity planning; (36) the
effectiveness of our programs and practices in avoiding giving our associates
incentives to take excessive risks; and (37) 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.

Contact:

MetLife, Inc.
For Media:
Christopher Breslin, 212-578-8824
or
For Investors:
Edward Spehar, 212-578-7888