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   2014    2015
Total Company - Reconciliation of Operating Earnings Available to Common Shareholders to Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders     
   ($ in millions, except per share data)
Operating earnings available to common shareholders, adjusted for total notable items    $6,470 $5.66   $6,382 $5.66
Add: Total notable items    90 0.08   (898) (0.80)
Operating earnings available to common shareholders    $6,560 $5.74   $5,484 $4.86
Adjustments from operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.'s common shareholders:     
Add: Net investment gains (losses)    (197) (0.17)   597 0.53
Add: Net derivative gains (losses)    1,317 1.15   38 0.03
Add: Other adjustments to continuing operations    (1,376) (1.20)   (1,091) (0.96)
Add: Provision for income tax (expense) benefit    (87) (0.08)   178 0.16
Add: Income (loss) from discontinued operations, net of income tax    (3) -   - -
Less: Net income (loss) attributable to noncontrolling interests    27 0.02   12 0.01
Less: Preferred stock repurchase premium    - -   42 0.04
Net income (loss) available to MetLife, Inc.'s common shareholders    $6,187 $5.42   $5,152 $4.57
 
Weighted average common shares outstanding - diluted (In millions)    1,142.5   1,128.3
 
Return on Equity     
Operating return on MetLife, Inc.'s:     
Common stockholders' equity    10.0%   8.0%
Common stockholders' equity, excluding AOCI other than FCTA    12.0%   9.7%
Common stockholders' equity, excluding AOCI other than FCTA, adjusted for total notable items    11.9%   11.3%
Return on MetLife, Inc.'s:     
Common stockholders' equity    9.4%   7.5%
Common stockholders' equity, excluding AOCI other than FCTA    11.3%   9.1%
 
MetLife, Inc.'s Common Stockholders' Equity     
Total MetLife, Inc.'s stockholders' equity    $72,053   $67,949
Less: Preferred stock    2,043   2,066
MetLife, Inc.'s common stockholders' equity    70,010   65,883
Less: Net unrealized investment gains (losses), net of income tax    16,235   11,773
Less: Defined benefit plans adjustment, net of income tax    (2,283)   (2,052)
Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA    $56,058   $56,162
Average common stockholders' equity    $65,909   $68,674
Average common stockholders' equity, excluding AOCI other than FCTA    $54,565   $56,412
 
   2012   2013
Total Company - Reconciliation of Operating Earnings Available to Common Shareholders to Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders    ($ in millions)
Operating earnings available to common shareholders    $5,649   $6,261
 
Adjustments from operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.'s common shareholders:     
Add: Net investment gains (losses)    (352)   161
Add: Net derivative gains (losses)    (1,919)   (3,239)
Add: Goodwill impairment    (1,868)   -
Add: Other adjustments to continuing operations    (2,492)   (1,597)
Add: Provision for income tax (expense) benefit    2,174   1,683
Add: Income (loss) from discontinued operations, net of income tax    48   2
Less: Net income (loss) attributable to noncontrolling interests    38   25
Net income (loss) available to MetLife, Inc.'s common shareholders    $1,202   $3,246
 
   2012 2013   2014 2015
Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies    ($ in millions)
MetLife, Inc. (parent company only) net cash provided by operating activities    $2,618 $1,865   $2,615 $1,606
Adjustments from net cash provided by operating activities to free cash flow:     
Add: Incremental debt to be at or below target leverage ratios    - -   445 1,750
Add: Capital contributions to subsidiaries    (1,223) (598)   (1,011) (667)
Add: Returns of capital from subsidiaries    9 567   - 5
Add: Repayments on and (issuances of) loans to subsidiaries, net    - 245   462 461
Add: Investment portfolio changes and other, net    (338) 23   151 365
MetLife, Inc. (parent company only) free cash flow    1,066 2,102   2,662 3,520
Other MetLife holding companies:     
Add: Dividends and returns of capital from subsidiaries    1,562 822   1,339 1,354
Add: Capital contributions from MetLife, Inc.    122 403   - 150
Add: Capital contributions to subsidiaries    (596) (201)   (48) (27)
Add: Repayments on and (issuances of) loans to subsidiaries, net    - (305)   (458) (510)
Add: Other expenses    (733) (567)   (637) (729)
Add: Investment portfolio changes and other, net    35 (18)   32 223
Total other MetLife holding companies free cash flow    390 134   228 461
Free cash flow of all holding companies    $1,456 $2,236   $2,890 $3,981
Ratio of free cash flow to operating earnings available to common shareholders:     
Free cash flow of all holding companies    $1,456 $2,236   $2,890 $3,981
Consolidated operating earnings available to common shareholders (1)    $5,649 $6,261   $6,560 $5,484
Ratio of free cash flow of all holding companies to consolidated operating earnings available to common shareholders (1)    26% 36%   44% 73%
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:     
MetLife, Inc. (parent company only) net cash provided by operating activities    $2,618 $1,865   $2,615 $1,606
Consolidated net income (loss) available to MetLife, Inc.'s common shareholders (2)    $1,202 $3,246   $6,187 $5,152
Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (2),(3)    218% 57%   42% 31%


(1)Consolidated operating earnings available to common shareholders for 2015 includes a non-cash charge of $792 million, net of income tax, related to an uncertain tax position. Excluding this charge from the denominator of the ratio, the adjusted free cash flow ratio would be 63%.
(2)Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2015 includes a non-cash charge of $792 million, net of income tax, related to an uncertain tax position. Excluding this charge from the denominator of the ratio, this ratio, as adjusted, would be 27%.
(3)Including the free cash flow of other MetLife, Inc. holding companies of $390 million, $134 million, $228 million and $461 million for the years ended December 31, 2012, 2013, 2014 and 2015, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 250%, 62%, 46% and 40%, respectively.


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