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MetLife Announces Third Quarter 2012 Results

“Our continued solid operating earnings reflect the strength of our diverse, global business,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. “Our focus on pricing discipline and risk management continues to serve us well in this challenging economic environment. As we continue to execute on our strategy, we will strengthen MetLife’s ability to deliver value for its customers and shareholders.”

THIRD QUARTER SUMMARY
($ in millions, except per share data)   For the three months ended September 30,
2012   2011   Change
Premiums, fees & other revenues $ 11,563 $ 11,643 (1 )%
Total operating revenues $ 16,611 $ 16,604
Net income (loss) $ (984 ) $ 3,426
Net income (loss) per share $ (0.92 ) $ 3.21
Operating earnings $ 1,417 $ 965 47 %
Operating earnings per share $ 1.32 $ 0.91 45 %
Book value per share $ 58.35 $ 53.15 10 %
Book value per share, excluding AOCI $ 47.70 $ 46.50 3 %

*Information regarding the non-GAAP financial measures included in this press release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this release and/or the Third Quarter 2012 Financial Supplement.

BUSINESS DISCUSSIONS

In the third quarter of 2012, MetLife continued to realign certain products and businesses among its existing segments to better conform to the way it manages and assesses its business. Several products were reorganized among the Retail and Group, Voluntary & Worksite Benefits businesses in the Americas. The company also began reporting the results of South Asia and India, which were previously reported in the EMEA segment, in the Asia segment. In addition, MetLife began reporting MetLife Bank’s forward mortgage servicing assets and operations as divested businesses. Certain amounts in prior periods have been revised. Further details on these changes can be found in the Third Quarter 2012 Financial Supplement.

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