Management’s Discussion and Analysis of Financial Condition and Results of Operations Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations Page Number Forward-Looking Statements and Other Financial Information .............................................................. 6 Executive Summary .............................................................................................. 6 Industry Trends .................................................................................................. 7 Summary of Critical Accounting Estimates ............................................................................. 12 Economic Capital ................................................................................................ 17 Acquisitions and Dispositions ....................................................................................... 17 Results of Operations ............................................................................................. 18 Effects of Inflation ................................................................................................ 34 Investments ..................................................................................................... 34 Derivatives ...................................................................................................... 47 Off-Balance Sheet Arrangements .................................................................................... 48 Insolvency Assessments ........................................................................................... 49 Policyholder Liabilities ............................................................................................. 49 Liquidity and Capital Resources ..................................................................................... 54 Adoption of New Accounting Pronouncements ......................................................................... 65 Future Adoption of New Accounting Pronouncements .................................................................... 65 Non-GAAP and Other Financial Disclosures ............................................................................ 65 Subsequent Events .............................................................................................. 66 MetLife, Inc. 5