MetLife Announces Third Quarter 2012 Results
Stock quotes in this article:
MET
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 Operating Earnings Available to Common Shareholders | |||||||||||||||||
| (Unaudited) (1) | |||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||
| (In millions) | (In millions) | ||||||||||||||||
| OPERATING REVENUES | |||||||||||||||||
| Premiums | $ | 9,080 | $ | 9,319 | $ | 27,326 | $ | 27,121 | |||||||||
| Universal life and investment-type product policy fees | 2,048 | 1,906 | 6,056 | 5,646 | |||||||||||||
| Net investment income | 5,048 | 4,961 | 15,297 | 14,746 | |||||||||||||
| Other revenues | 435 | 418 | 1,313 | 1,232 | |||||||||||||
| Total operating revenues | 16,611 | 16,604 | 49,992 | 48,745 | |||||||||||||
| OPERATING EXPENSES | |||||||||||||||||
| Policyholder benefits and claims and policyholder dividends | 8,995 | 9,604 | 27,066 | 27,315 | |||||||||||||
| Interest credited to policyholder account balances | 1,589 | 1,534 | 4,653 | 4,521 | |||||||||||||
| Capitalization of DAC | (1,301 | ) | (1,524 | ) | (3,976 | ) | (4,151 | ) | |||||||||
| Amortization of DAC and VOBA | 1,051 | 1,162 | 3,231 | 3,295 | |||||||||||||
| Amortization of negative VOBA | (155 | ) | (150 | ) | (456 | ) | (476 | ) | |||||||||
| Interest expense on debt | 286 | 327 | 898 | 978 | |||||||||||||
| Other expenses | 4,120 | 4,332 | 12,414 | 12,363 | |||||||||||||
| Total operating expenses | 14,585 | 15,285 | 43,830 | 43,845 | |||||||||||||
| Operating earnings before provision for income tax | 2,026 | 1,319 | 6,162 | 4,900 | |||||||||||||
| Provision for income tax expense (benefit) | 579 | 324 | 1,758 | 1,376 | |||||||||||||
| Operating earnings | 1,447 | 995 | 4,404 | 3,524 | |||||||||||||
| Preferred stock dividends | 30 | 30 | 91 | 91 | |||||||||||||
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS | $ | 1,417 | $ | 965 | $ | 4,313 | $ | 3,433 | |||||||||
| Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP | |||||||||||||||||
| Operating earnings | $ | 1,447 | $ | 995 | $ | 4,404 | $ | 3,524 | |||||||||
| Adjustments from operating earnings to income (loss) from continuing operations: | |||||||||||||||||
| Net investment gains (losses) | 22 | (55 | ) | (152 | ) | (309 | ) | ||||||||||
| Net derivative gains (losses) | (718 | ) | 4,196 | (604 | ) | 4,233 | |||||||||||
| Premiums | 16 | 23 | 60 | 69 | |||||||||||||
| Universal life and investment-type product policy fees | 83 | 92 | 250 | 210 | |||||||||||||
| Net investment income | 469 | (709 | ) | 1,139 | (88 | ) | |||||||||||
| Other revenues | 20 | 302 | 132 | 646 | |||||||||||||
| Policyholder benefits and claims and policyholder dividends | (303 | ) | 202 | (942 | ) | (191 | ) | ||||||||||
| Interest credited to policyholder account balances | (513 | ) | 796 | (1,028 | ) | 417 | |||||||||||
| Capitalization of DAC | 1 | 3 | 5 | 7 | |||||||||||||
| Amortization of DAC and VOBA | 43 | (556 | ) | 30 | (616 | ) | |||||||||||
| Amortization of negative VOBA | 15 | 20 | 50 | 60 | |||||||||||||
| Interest expense on debt | (40 | ) | (98 | ) | (128 | ) | (282 | ) | |||||||||
| Other expenses | (263 | ) | (420 | ) | (1,187 | ) | (1,147 | ) | |||||||||
| Goodwill impairment | (1,868 | ) | - | (1,868 | ) | - | |||||||||||
| Provision for income tax (expense) benefit | 632 | (1,349 | ) | 1,048 | (1,105 | ) | |||||||||||
| Income (loss) from continuing operations, net of income tax | (957 | ) | 3,442 | 1,209 | 5,428 | ||||||||||||
| Income (loss) from discontinued operations, net of income tax | - | 8 | 17 | (1 | ) | ||||||||||||
| Net income (loss) | (957 | ) | 3,450 | 1,226 | 5,427 | ||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | (3 | ) | (6 | ) | 29 | (6 | ) | ||||||||||
| Net income (loss) attributable to MetLife, Inc. | (954 | ) | 3,456 | 1,197 | 5,433 | ||||||||||||
| Less: Preferred stock dividends | 30 | 30 | 91 | 91 | |||||||||||||
| Less: Preferred stock redemption premium | - | - | - | 146 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | (984 | ) | $ | 3,426 | $ | 1,106 | $ | 5,196 | ||||||||
| MetLife, Inc. | |||||||||||||||||||
| (Unaudited) (1) | |||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Earnings Per Weighted Average Common Shares Diluted (2), (3) | Earnings Per Weighted Average Common Shares Diluted (2) | Earnings Per Weighted Average Common Shares Diluted (2) | Earnings Per Weighted Average Common Shares Diluted | ||||||||||||||||
| (In millions, except per share data) | (In millions, except per share data) | ||||||||||||||||||
| Reconciliation to Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders | |||||||||||||||||||
| Operating earnings available to common shareholders | $ 1,417 | $ 1.32 | $ 965 | $ 0.91 | $ 4,313 | $ 4.03 | $ 3,433 | $ 3.21 | |||||||||||
| Adjustments from operating earnings available to common shareholders to net income (loss) available | |||||||||||||||||||
| to MetLife, Inc.'s common shareholders: | |||||||||||||||||||
| Add: Net investment gains (losses) | 22 | 0.02 | (55) | (0.05) | (152) | (0.14) | (309) | (0.29) | |||||||||||
| Add: Net derivative gains (losses) | (718) | (0.67) | 4,196 | 3.94 | (604) | (0.57) | 4,233 | 3.96 | |||||||||||
| Add: Goodwill impairment | (1,868) | (1.74) | - | - | (1,868) | (1.75) | - | - | |||||||||||
| Add: Other adjustments to continuing operations | (472) | (0.44) | (345) | (0.33) | (1,619) | (1.51) | (915) | (0.86) | |||||||||||
| Add: Provision for income tax (expense) benefit | 632 | 0.59 | (1,349) | (1.28) | 1,048 | 0.98 | (1,105) | (1.03) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | - | 8 | 0.01 | 17 | 0.02 | (1) | - | |||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (3) | - | (6) | (0.01) | 29 | 0.03 | (6) | (0.01) | |||||||||||
| Less: Preferred stock redemption premium | - | - | - | - | - | - | 146 | 0.14 | |||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ (984) | $ (0.92) | $ 3,426 | $ 3.21 | $ 1,106 | $ 1.03 | $ 5,196 | $ 4.86 | |||||||||||
| Weighted average common shares outstanding - diluted | 1071.0 | 1066.2 | 1070.0 | 1068.7 | |||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||
| (In millions) | (In millions) | ||||||||||||||||
| Reconciliation to GAAP Premiums, Fees and Other Revenues | |||||||||||||||||
| Total operating premiums, fees and other revenues | $ | 11,563 | $ | 11,643 | $ | 34,695 | $ | 33,999 | |||||||||
| Add: Adjustments to premiums, fees and other revenues | 119 | 417 | 442 | 925 | |||||||||||||
| Total premiums, fees and other revenues | $ | 11,682 | $ | 12,060 | $ | 35,137 | $ | 34,924 | |||||||||
| Reconciliation to GAAP Revenues and GAAP Expenses | |||||||||||||||||
| Total operating revenues | $ | 16,611 | $ | 16,604 | $ | 49,992 | $ | 48,745 | |||||||||
| Add: Net investment gains (losses) | 22 | (55 | ) | (152 | ) | (309 | ) | ||||||||||
| Add: Net derivative gains (losses) | (718 | ) | 4,196 | (604 | ) | 4,233 | |||||||||||
| Add: Adjustments related to net investment gains (losses) and net derivative gains (losses) | (4 | ) | 16 | 10 | 14 | ||||||||||||
| Add: Other adjustments to revenues | 592 | (308 | ) | 1,571 | 823 | ||||||||||||
| Total revenues | $ | 16,503 | $ | 20,453 | $ | 50,817 | $ | 53,506 | |||||||||
| Total operating expenses | $ | 14,585 | $ | 15,285 | $ | 43,830 | $ | 43,845 | |||||||||
| Add: Adjustments related to net investment gains (losses) and net derivative gains (losses) | 14 | 426 | 79 | 510 | |||||||||||||
| Add: Goodwill impairment | 1,868 | - | 1,868 | - | |||||||||||||
| Add: Other adjustments to expenses | 1,046 | (373 | ) | 3,121 | 1,242 | ||||||||||||
| Total expenses | $ | 17,513 | $ | 15,338 | $ | 48,898 | $ | 45,597 | |||||||||
| September 30, | |||||||||||||||||
| Reconciliation to Book Value Per Common Share (4) | 2012 | 2011 | |||||||||||||||
| Book Value Per Common Share Calculation : | |||||||||||||||||
| Book value per common share, excluding accumulated other comprehensive | |||||||||||||||||
| income (loss) - (actual common shares outstanding) | $ | 47.70 | $ | 46.50 | |||||||||||||
| Add: Accumulated other comprehensive income (loss) per common share | 10.65 | 6.65 | |||||||||||||||
| Book value per common share - (actual common shares outstanding) | $ | 58.35 | $ | 53.15 | |||||||||||||
| Common shares outstanding, end of period (In millions) | 1,062.6 | 1057.6 | |||||||||||||||
| MetLife, Inc. | |||||||||||||||||
| Reconciliations to Net Income (Loss) Available to Common Shareholders | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||
| (In millions) | (In millions) | ||||||||||||||||
| Total The Americas Operations: | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 1,230 | $ | 780 | $ | 3,516 | $ | 2,819 | |||||||||
| Add: Net investment gains (losses) | 31 | 108 | 198 | 202 | |||||||||||||
| Add: Net derivative gains (losses) | (65 | ) | 2,910 | 629 | 3,086 | ||||||||||||
| Add: Goodwill impairment | (1,692 | ) | - | (1,692 | ) | - | |||||||||||
| Add: Other adjustments to continuing operations | (246 | ) | (287 | ) | (871 | ) | (692 | ) | |||||||||
| Add: Provision for income tax (expense) benefit | 328 | (978 | ) | 229 | (954 | ) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | 16 | 17 | 66 | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | - | 3 | 1 | 3 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | (414 | ) | $ | 2,546 | $ | 2,025 | $ | 4,524 | ||||||||
| Retail (5): | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 492 | $ | 214 | $ | 1,369 | $ | 891 | |||||||||
| Add: Net investment gains (losses) | 53 | 48 | 178 | 134 | |||||||||||||
| Add: Net derivative gains (losses) | 191 | 1,474 | 637 | 1,759 | |||||||||||||
| Add: Goodwill impairment | (1,692 | ) | - | (1,692 | ) | - | |||||||||||
| Add: Other adjustments to continuing operations | (254 | ) | (108 | ) | (622 | ) | (317 | ) | |||||||||
| Add: Provision for income tax (expense) benefit | 224 | (494 | ) | 153 | (550 | ) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | 8 | 10 | 37 | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | - | 1 | - | 1 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | (986 | ) | $ | 1,141 | $ | 33 | $ | 1,953 | ||||||||
| Group, Voluntary & Worksite Benefits (5): | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 283 | $ | 153 | $ | 793 | $ | 651 | |||||||||
| Add: Net investment gains (losses) | 5 | (15 | ) | 11 | (16 | ) | |||||||||||
| Add: Net derivative gains (losses) | (81 | ) | 1,034 | 99 | 1,089 | ||||||||||||
| Add: Other adjustments to continuing operations | (33 | ) | (34 | ) | (107 | ) | (101 | ) | |||||||||
| Add: Provision for income tax (expense) benefit | 38 | (343 | ) | (1 | ) | (340 | ) | ||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | 2 | - | 2 | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | - | - | - | - | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 212 | $ | 797 | $ | 795 | $ | 1,285 | |||||||||
| Corporate Benefit Funding: | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 303 | $ | 272 | $ | 919 | $ | 886 | |||||||||
| Add: Net investment gains (losses) | (25 | ) | 83 | 21 | 85 | ||||||||||||
| Add: Net derivative gains (losses) | (194 | ) | 447 | (149 | ) | 280 | |||||||||||
| Add: Other adjustments to continuing operations | (3 | ) | (2 | ) | 11 | 53 | |||||||||||
| Add: Provision for income tax (expense) benefit | 78 | (185 | ) | 41 | (147 | ) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | 6 | 7 | 27 | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | - | 2 | - | 2 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 159 | $ | 619 | $ | 850 | $ | 1,182 | |||||||||
| Latin America: | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 152 | $ | 141 | $ | 435 | $ | 391 | |||||||||
| Add: Net investment gains (losses) | (2 | ) | (8 | ) | (12 | ) | (1 | ) | |||||||||
| Add: Net derivative gains (losses) | 19 | (45 | ) | 42 | (42 | ) | |||||||||||
| Add: Other adjustments to continuing operations | 44 | (143 | ) | (153 | ) | (327 | ) | ||||||||||
| Add: Provision for income tax (expense) benefit | (12 | ) | 44 | 36 | 83 | ||||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | - | - | - | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | - | - | 1 | - | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 201 | $ | (11 | ) | $ | 347 | $ | 104 | ||||||||
| Asia (6): | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 259 | $ | 222 | $ | 839 | $ | 621 | |||||||||
| Add: Net investment gains (losses) | (47 | ) | (34 | ) | (168 | ) | (196 | ) | |||||||||
| Add: Net derivative gains (losses) | (31 | ) | 168 | (11 | ) | 229 | |||||||||||
| Add: Other adjustments to continuing operations | (15 | ) | (26 | ) | (11 | ) | 2 | ||||||||||
| Add: Provision for income tax (expense) benefit | 27 | (55 | ) | 59 | (14 | ) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | (11 | ) | - | (71 | ) | |||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 8 | 1 | 25 | 1 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 185 | $ | 263 | $ | 683 | $ | 570 | |||||||||
| EMEA (6): | |||||||||||||||||
| Operating earnings available to common shareholders | $ | 62 | $ | 65 | $ | 212 | $ | 204 | |||||||||
| Add: Net investment gains (losses) | 73 | (220 | ) | 37 | (304 | ) | |||||||||||
| Add: Net derivative gains (losses) | 13 | 22 | 56 | 29 | |||||||||||||
| Add: Other adjustments to continuing operations | (12 | ) | (25 | ) | (22 | ) | (71 | ) | |||||||||
| Add: Provision for income tax (expense) benefit | (32 | ) | 84 | (18 | ) | 107 | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | - | - | - | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | (5 | ) | (11 | ) | 6 | (6 | ) | ||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | 109 | $ | (63 | ) | $ | 259 | $ | (29 | ) | |||||||
| Corporate & Other (1): | |||||||||||||||||
| Operating earnings available to common shareholders | $ | (134 | ) | $ | (102 | ) | $ | (254 | ) | $ | (211 | ) | |||||
| Add: Net investment gains (losses) | (35 | ) | 91 | (219 | ) | (11 | ) | ||||||||||
| Add: Net derivative gains (losses) | (635 | ) | 1,096 | (1,278 | ) | 889 | |||||||||||
| Add: Goodwill impairment | (176 | ) | - | (176 | ) | - | |||||||||||
| Add: Other adjustments to continuing operations | (199 | ) | (7 | ) | (715 | ) | (154 | ) | |||||||||
| Add: Provision for income tax (expense) benefit | 309 | (400 | ) | 778 | (244 | ) | |||||||||||
| Add: Income (loss) from discontinued operations, net of income tax | - | 3 | - | 4 | |||||||||||||
| Less: Net income (loss) attributable to noncontrolling interest | (6 | ) | 1 | (3 | ) | (4 | ) | ||||||||||
| Less: Preferred stock redemption premium | - | - | - | 146 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | (864 | ) | $ | 680 | $ | (1,861 | ) | $ | 131 | |||||||
| MetLife, Inc. | |||||||||||||||||
| GAAP Interim Condensed Consolidated Statements of Operations | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||
| (In millions) | |||||||||||||||||
| Revenues | |||||||||||||||||
| Premiums | $ | 9,096 | $ | 9,342 | $ | 27,386 | $ | 27,190 | |||||||||
| Universal life and investment-type product policy fees | 2,131 | 1,998 | 6,306 | 5,856 | |||||||||||||
| Net investment income | 5,517 | 4,252 | 16,436 | 14,658 | |||||||||||||
| Other revenues | 455 | 720 | 1,445 | 1,878 | |||||||||||||
| Net investment gains (losses): | |||||||||||||||||
| Other-than-temporary impairments on fixed maturity securities | (57 | ) | (95 | ) | (310 | ) | (525 | ) | |||||||||
| Other-than-temporary impairments on fixed maturity securities | |||||||||||||||||
| transferred to other comprehensive income (loss) | 10 | (189 | ) | 39 | (5 | ) | |||||||||||
| Other net investment gains (losses) | 69 | 229 | 119 | 221 | |||||||||||||
| Total net investment gains (losses) | 22 | (55 | ) | (152 | ) | (309 | ) | ||||||||||
| Net derivative gains (losses) | (718 | ) | 4,196 | (604 | ) | 4,233 | |||||||||||
| Total revenues | 16,503 | 20,453 | 50,817 | 53,506 | |||||||||||||
| Expenses | |||||||||||||||||
| Policyholder benefits and claims | 8,943 | 9,018 | 26,958 | 26,376 | |||||||||||||
| Interest credited to policyholder account balances | 2,102 | 738 | 5,681 | 4,104 | |||||||||||||
| Policyholder dividends | 355 | 384 | 1,050 | 1,130 | |||||||||||||
| Goodwill impairment | 1,868 | - | 1,868 | - | |||||||||||||
| Other expenses | 4,245 | 5,198 | 13,341 | 13,987 | |||||||||||||
| Total expenses | 17,513 | 15,338 | 48,898 | 45,597 | |||||||||||||
| Income (loss) from continuing operations before provision for income tax | (1,010 | ) | 5,115 | 1,919 | 7,909 | ||||||||||||
| Provision for income tax expense (benefit) | (53 | ) | 1,673 | 710 | 2,481 | ||||||||||||
| Income (loss) from continuing operations, net of income tax | (957 | ) | 3,442 | 1,209 | 5,428 | ||||||||||||
| Income (loss) from discontinued operations, net of income tax | - | 8 | 17 | (1 | ) | ||||||||||||
| Net income (loss) | (957 | ) | 3,450 | 1,226 | 5,427 | ||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (3 | ) | (6 | ) | 29 | (6 | ) | ||||||||||
| Net income (loss) attributable to MetLife, Inc. | (954 | ) | 3,456 | 1,197 | 5,433 | ||||||||||||
| Less: Preferred stock dividends | 30 | 30 | 91 | 91 | |||||||||||||
| Preferred stock redemption premium | - | - | - | 146 | |||||||||||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $ | (984 | ) | $ | 3,426 | $ | 1,106 | $ | 5,196 | ||||||||
| (1) | Certain amounts in the prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested businesses. | |
| (2) | For the three and nine months ended September 30, 2012 and the three months ended September 30, 2011, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts of the common equity units have been excluded from the weighted average common shares outstanding - diluted, as these assumed shares would be anti-dilutive to operating earnings available to common shareholders per common share - diluted and net income available to MetLife, Inc.’s common shareholders per common share - diluted. | |
| (3) | For the three months ended September 30, 2012, 6.0 million shares related to the assumed exercise or issuance of stock-based awards should be excluded from the weighted average common shares outstanding - diluted, as to include these assumed shares would be anti-dilutive to net income (loss) available to MetLife, Inc.'s common shareholders per common share - diluted. These shares were included in the calculation of operating earnings available to common shareholders per common share - diluted. | |
| (4) | Book value per common share and book value per common share, excluding accumulated other comprehensive income (loss) exclude $2,043 million of equity related to preferred stock. | |
| (5) | Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain products among its existing segments to better conform to the way it manages and assesses its business, and began reporting certain individual disability income and property & casualty products in the Retail segment, which were previously reported in the Group, Voluntary & Worksite Benefits segment. | |
| (6) | Certain amounts in prior periods have been revised to conform with current period presentation. In the third quarter of 2012, MetLife, Inc. further realigned certain businesses among its existing segments to better conform to the way it manages and assesses its business, and began reporting the results of South Asia and India in the Asia segment, which were previously reported in the EMEA segment. | |
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