MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) At December 31, 2011 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Latin America Asia (1) EMEA Corporate & Other Total (In millions) Total assets ................ $301,591 $45,197 $195,217 $20,315 $ 115,806 $30,040 $88,060 $796,226 Separate account assets .... $128,208 $ 479 $ 64,851 $ 2,880 $ 6,599 $ 6 $ — $203,023 Separate account liabilities .. $128,208 $ 479 $ 64,851 $ 2,880 $ 6,599 $ 6 $ — $203,023 (1) Total assets includes $103.9 billion of assets from the Japan operations which represents 13% of total consolidated assets. 98 MetLife, Inc. Operating Earnings Americas Year Ended December 31, 2011 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Latin America Total Asia EMEA Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums ...................$ 6,711 $13,949 $ 2,848 $ 2,514 $ 26,022 $ 7,716 $ 2,477 $ 54 $36,269 $ 92 $36,361 Universal life and investment-type product policy fees .......... 4,096 630 232 757 5,715 1,343 315 155 7,528 278 7,806 Net investment income ......... 7,414 1,768 5,506 1,025 15,713 2,475 562 888 19,638 (53) 19,585 Other revenues ............... 779 390 249 15 1,433 36 123 60 1,652 880 2,532 Net investment gains (losses) .... — — — — — — — — — (867) (867) Net derivative gains (losses) ..... — — — — — — — — — 4,824 4,824 Total revenues ............. 19,000 16,737 8,835 4,311 48,883 11,570 3,477 1,157 65,087 5,154 70,241 Expenses Policyholder benefits and claims and policyholder dividends .... 9,220 13,015 5,287 2,064 29,586 5,239 1,290 126 36,241 676 36,917 Interest credited to policyholder account balances ........... 2,412 178 1,323 371 4,284 1,607 166 — 6,057 (454) 5,603 Goodwill impairment ........... — — — — — — — — — — — Capitalization of DAC .......... (2,339) (176) (25) (295) (2,835) (2,045) (669) — (5,549) (9) (5,558) Amortization of DAC and VOBA . . 1,845 186 17 207 2,255 1,486 613 1 4,355 543 4,898 Amortization of negative VOBA . . . — — — (6) (6) (560) (53) — (619) (78) (697) Interest expense on debt ....... 1 — 9 1 11 — — 1,293 1,304 325 1,629 Other expenses .............. 5,854 2,198 513 1,305 9,870 4,522 1,723 505 16,620 1,645 18,265 Total expenses ............. 16,993 15,401 7,124 3,647 43,165 10,249 3,070 1,925 58,409 2,648 61,057 Provision for income tax expense (benefit) ................... 672 445 599 150 1,866 441 156 (584) 1,879 914 2,793 Operating earnings ......... $ 1,335 $ 891 $ 1,112 $ 514 $ 3,852 $ 880 $ 251 $ (184) 4,799 Adjustments to: Total revenues ............................................................................... 5,154 Total expenses ............................................................................... (2,648) Provision for income tax (expense) benefit .......................................................... (914) Income (loss) from continuing operations, net of income tax ....................................... $ 6,391 $ 6,391