MetLife Announces Fourth Quarter and Full Year 2005 Results

-- 4th Quarter Net Income Available to Common Shareholders of $0.88 Per Diluted Common Share, up 29%

-- 4th Quarter Operating Earnings Available to Common Shareholders of $1.04 Per Diluted Common Share, up 18%

-- Record 2005 Net Income Available to Common Shareholders of $6.16 Per Diluted Common Share, up 69%

-- Record 2005 Operating Earnings Available to Common Shareholders of $4.33 Per Diluted Common Share, up 24%

MetLife, Inc. (NYSE: MET) today reported fourth quarter 2005 netincome available to common shareholders of $677 million, or $0.88 perdiluted common share, compared with $511 million, or $0.68 per dilutedcommon share, for the fourth quarter of 2004. The company alsoreported that net income available to common shareholders for 2005 wasa record $4.65 billion, or $6.16 per diluted common share, comparedwith $2.76 billion, or $3.65 per diluted common share, for 2004.
For the three months For the year
ended December 31, ended December 31,
--------------------------------------
2005 2004 2005 2004
--------------------------------------
(in millions, except per diluted
common share data)
Net income available to common
shareholders $677 $511 $4,651 $2,758
Net income available to common
shareholders per diluted common
share $0.88 $0.68 $6.16 $3.65
Operating earnings available to
common shareholders(1) $799 $660 $3,271 $2,642
Operating earnings available to
common shareholders per diluted
common share(1) $1.04 $0.88 $4.33 $3.50
Book value per diluted common
share $35.19 $30.53 $35.83 $30.23
Book value per diluted common
share, excluding accumulated
other comprehensive income(1) $32.70 $26.57 $33.29 $26.32

(1) Operating earnings available to common shareholders, operating
earnings available to common shareholders per diluted common share and
book value per diluted common share (excluding accumulated other
comprehensive income) are not calculated based on generally accepted
accounting principles ("GAAP"). Information regarding non-GAAP
financial measures in this press release and the reconciliation of
them to GAAP measures are provided in the Non-GAAP and Other Financial
Disclosures section below, as well as in the tables that accompany
this release.

Fourth Quarter Highlights

-- Earned total premiums, fees and other revenues of $7.8 billion, a 13% increase over the prior year period

-- Annuity deposits reached $3.6 billion, an increase of 39% over the prior year period

Operating earnings available to common shareholders for the fourthquarter of 2005 were $799 million, or $1.04 per diluted common share,compared with $660 million, or $0.88 per diluted common share, for theprior year period.

"In 2005, MetLife once again demonstrated its ability to deliverstrong results as we generated record full year net income andoperating earnings," said Robert H. Benmosche, chairman and chiefexecutive officer of MetLife, Inc. "In addition to reaching ourfinancial targets, we completed and integrated the acquisition ofTravelers Life & Annuity and substantially all of Citigroup'sinternational insurance businesses. With strong business fundamentals,leading market positions and a multitude of opportunities to leverageour strong brand in the marketplace, MetLife is well positioned toachieve further growth and success."

Full Year Highlights

-- Increased total premiums, fees and other revenues to $30 billion, up 14% from the prior year

-- Grew book value per diluted common share, excluding accumulated other comprehensive income, 26% from the prior year to $33.29 per diluted common share

-- Achieved record operating earnings available to common shareholders in Institutional Business, Individual Business, Auto & Home and International

Operating earnings available to common shareholders for 2005 were$3.27 billion, or $4.33 per diluted common share, compared with $2.64billion, or $3.50 per diluted common share, for 2004.

Fourth Quarter Segment Overview

Reconciliations of segment net income available to commonshareholders to segment operating earnings available to commonshareholders are provided in the tables that accompany this release.

During the quarter, MetLife had $64 million of expenses related tothe Travelers integration.

Institutional Business Earnings up 26%

Institutional Business operating earnings available to commonshareholders in the fourth quarter of 2005 were $389 million, comparedwith $309 million in the prior year period. During the quarter, grouplife earnings increased 24% largely due to business growth across themajority of products and favorable underwriting and investmentresults. Growth in the asset base for retirement & savings, due inlarge part to the Travelers acquisition, as well as higher netinvestment income, also contributed to the earnings growth in thesegment. This was partially offset by an adjustment to deferred policyacquisition costs in the long-term care business.

During the quarter, group life premiums, fees and other revenuesgrew 6% over the prior year period primarily due to sales growth andbusiness retention. Retirement & savings net investment income grew53% compared to the prior year period largely due to the Travelersacquisition and an increase in the asset base. In addition,non-medical health premiums, fees and other revenues increased 11%over the prior year period primarily due to continued growth acrossall product lines.

Individual Business Earnings up 52%

Individual Business operating earnings available to commonshareholders were $314 million in the fourth quarter of 2005, comparedwith $207 million in the prior year period. The strong growth in thesegment was driven by the Travelers acquisition, as well as continuedgrowth in the business and favorable mortality. Fees forinvestment-type products within the annuity business nearly doubledcompared with the prior year period as a result of growth in theseparate account assets. Annuity results also benefited from stronginvestment performance. In addition, combined life results increased18% largely due to growth in the business and favorable mortality.Total first year life premiums and deposits were up 61%, reflectingbroader distribution, largely due to the Travelers acquisition.

In connection with MetLife's acquisition of Travelers, the companyhas performed reviews of Travelers underwriting criteria in its effortto refine its estimated fair values for the purchase price allocation.As a result of these reviews and actuarial analyses, and to beconsistent with MetLife's existing reserving methodologies, thecompany has established an excess mortality reserve on a specificgroup of policies. This resulted in an adjustment to the purchaseprice allocation, an increase to goodwill of $234 million, net ofincome taxes, and a charge of $20 million, net of income taxes, tofourth quarter results. The company expects to complete its reviewsand refine its estimate of the excess mortality reserve by June 30,2006.

Auto & Home Earnings up 29%

Auto & Home operating earnings available to common shareholderswere $81 million in the fourth quarter of 2005, compared with $63million in the prior year period. Auto & Home's results benefited froman improved non-catastrophe combined ratio of 83.0% includingfavorable claim development related to prior accident years. Thesefactors were partially offset by higher catastrophe losses andreinsurance reinstatement premiums of $42 million, net of incometaxes, which included $32 million, net of income taxes, related toHurricane Wilma.

International Earnings up 60%

International operating earnings available to common shareholderswere $48 million in the fourth quarter of 2005, compared with $30million in the prior year period. International earnings increased dueto continued business growth in Latin America and Asia Pacific, aswell as a one-time $13 million tax benefit. The earnings increase waspartially offset by higher one-time expenses, including certain costsof integrating the CitiInsurance operations.

Investments

During the fourth quarter of 2005, corporate joint venture income,commercial mortgage prepayment fees and corporate bond prepayment feeswere at higher than normal levels.

Earnings Conference Call

MetLife will hold its fourth quarter and full year 2005 earningsconference call and audio Webcast on Friday, February 10, 2006, from8:00 to 9:00 a.m. (ET). The conference call will be available live viatelephone and the Internet. To listen over the telephone, dial (612)326-1003 (domestic and international callers). To listen to theconference call over the Internet, visit www.metlife.com (through alink on the Investor Relations page). Those who want to listen to thecall on the telephone or via the Internet should dial in or go to theWeb site at least fifteen minutes prior to the call to register,and/or download and install any necessary audio software.

The conference call will be available for replay via telephone andthe Internet beginning at 11:30 a.m. (ET) on Friday, February 10,2006, until Friday, February 17, 2006, at 11:59 p.m. (ET). To listento a replay of the conference call over the telephone, dial (320)365-3844 (domestic and international callers). The access code for thereplay is 813433. To access the replay of the conference call over theInternet, visit the above-mentioned Web site.

Non-GAAP and Other Financial Disclosures

MetLife analyzes its performance using so-called non-GAAPmeasures, including operating earnings available to commonshareholders and operating earnings available to common shareholdersper diluted common share. Operating earnings available to commonshareholders is defined as GAAP net income, excluding net investmentgains and losses, net of income taxes, adjustments related to netinvestment gains and losses, net of income taxes, the impact from thecumulative effect of a change in accounting, net of income taxes, anddiscontinued operations other than discontinued real estate, net ofincome taxes, less preferred stock dividends which are recorded inCorporate & Other. Scheduled settlement payments on derivativeinstruments not qualifying for hedge accounting treatment are includedin operating earnings available to common shareholders. Operatingearnings available to common shareholders per diluted common share iscalculated by dividing operating earnings available to commonshareholders by the number of weighted average diluted common sharesoutstanding for the period indicated. MetLife believes these measuresenhance the understanding and comparability of its performance byexcluding net investment gains and losses, net of income taxes, andadjustments related to net investment gains and losses, net of incometaxes, both of which can fluctuate significantly from period toperiod, the impact of the cumulative effect of a change in accounting,net of income taxes, and discontinued operations other thandiscontinued real estate, net of income taxes, thereby highlightingthe results from operations and the underlying profitability driversof the business. Operating earnings available to common shareholdersand operating earnings available to common shareholders per dilutedcommon share should not be viewed as substitutes for GAAP net incomeavailable to common shareholders and GAAP net income available tocommon shareholders per diluted common share, respectively.
For the three months ended
December 31,
-----------------------------
2005 2004
-------------- --------------
(in millions, except per
diluted common share data)
Net income available to common
shareholders $677 $0.88 $511 $0.68
Net investment (gains) losses, net of
income taxes(1) 146 0.20 138 0.18
Adjustments related to net investment
(gains) losses, net of income taxes(2) (12) (0.02) 3 0.01
Discontinued operations, net of income
taxes(3) (12) (0.02) 8 0.01
-------------- --------------
Operating earnings available to common
shareholders $799 $1.04 $660 $0.88
============== ==============

Book value per diluted common
share $35.19 $30.53
Accumulated other comprehensive income
per diluted common share $(2.49) $(3.96)
------- -------
Book value per diluted common share,
excluding accumulated other
comprehensive income $32.70 $26.57
======= =======

(1) Net investment (gains) losses, net of income taxes, includes
(gains) losses on sales of real estate and real estate joint ventures
related to discontinued operations of $(100) million and $(2) million
for the three months ended December 31, 2005 and 2004, respectively,
and excludes (gains) losses of $(23) million and $(2) million for the
three months ended December 31, 2005 and 2004, respectively, from
scheduled settlement payments on derivative instruments not qualifying
for hedge accounting treatment.

(2) Adjustments related to net investment (gains) losses, net of
income taxes, include amortization of deferred policy acquisition
costs, adjustments to the policyholder dividend obligation and amounts
allocable to certain participating contracts.

(3) Discontinued operations, net of income taxes, excludes (gains)
losses on sales of real estate and real estate joint ventures related
to discontinued operations.


For the year ended December 31,
-------------------------------
2005 2004
---------------- --------------
(in millions, except per
diluted common share data)
Net income available to common
shareholders $4,651 $6.16 $2,758 $3.65
Net investment (gains) losses, net of
income taxes(1) (1,257) (1.67) (158) (0.21)
Adjustments related to net investment
(gains) losses, net of income taxes(2) 45 0.06 (34) (0.04)
Cumulative effect of a change in
accounting - - 86 0.11
Discontinued operations, net of income
taxes(3) (168) (0.22) (10) (0.01)
---------------- --------------
Operating earnings available to common
shareholders $3,271 $4.33 $2,642 $3.50
================ ==============

Book value per diluted common
share $35.83 $30.23
Accumulated other comprehensive income
per diluted common share $(2.54) $(3.91)
--------- -------
Book value per diluted common share,
excluding accumulated other
comprehensive income $33.29 $26.32
========= =======

(1) Net investment (gains) losses, net of income taxes, includes
(gains) losses on sales of real estate and real estate joint ventures
related to discontinued operations of $(1,369) million and $(90)
million for the full year ended December 31, 2005 and 2004,
respectively, and excludes (gains) losses of $(64) million and $(33)
million for the full year ended December 31, 2005 and 2004,
respectively, from scheduled settlement payments on derivative
instruments not qualifying for hedge accounting treatment.

(2) Adjustments related to net investment (gains) losses, net of
income taxes, include amortization of deferred policy acquisition
costs, adjustments to the policyholder dividend obligation and amounts
allocable to certain participating contracts.

(3) Discontinued operations, net of income taxes, excludes (gains)
losses on sales of real estate and real estate joint ventures related
to discontinued operations.

This release contains statements which constitute forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995, including statements relating to trends in theoperations and financial results and the business and the products ofthe company and its subsidiaries, as well as other statementsincluding words such as "anticipate," "believe," "plan," "estimate,""expect," "intend" and other similar expressions. Forward-lookingstatements are made based upon management's current expectations andbeliefs concerning future developments and their potential effects onthe company. Such forward-looking statements are not guarantees offuture performance.

Actual results may differ materially from those included in theforward-looking statements as a result of risks and uncertaintiesincluding, but not limited to, the following: (i) changes in generaleconomic conditions, including the performance of financial marketsand interest rates; (ii) heightened competition, including withrespect to pricing, entry of new competitors and the development ofnew products by new and existing competitors; (iii) unanticipatedchanges in industry trends; (iv) the company's primary reliance, as aholding company, on dividends from its subsidiaries to meet debtpayment obligations and the applicable regulatory restrictions on theability of the subsidiaries to pay such dividends; (v) deteriorationin the experience of the "closed block" established in connection withthe reorganization of Metropolitan Life Insurance Company; (vi)catastrophe losses; (vii) adverse results or other consequences fromlitigation, arbitration or regulatory investigations; (viii)regulatory, accounting or tax changes that may affect the cost of, ordemand for, the company's products or services; (ix) downgrades in thecompany's and its affiliates' claims paying ability, financialstrength or credit ratings; (x) changes in rating agency policies orpractices; (xi) discrepancies between actual claims experience andassumptions used in setting prices for the company's products andestablishing the liabilities for the company's obligations for futurepolicy benefits and claims; (xii) discrepancies between actualexperience and assumptions used in establishing liabilities related toother contingencies or obligations; (xiii) the effects of businessdisruption or economic contraction due to terrorism or otherhostilities; (xiv) the company's ability to identify and consummate onsuccessful terms any future acquisitions, and to successfullyintegrate acquired businesses with minimal disruption; and (xv) otherrisks and uncertainties described from time to time in the company'sfilings with the Securities and Exchange Commission, including its S-1and S-3 registration statements. The company specifically disclaimsany obligation to update or revise any forward-looking statement,whether as a result of new information, future developments orotherwise.

MetLife, Inc. is a leading provider of insurance and otherfinancial services to millions of individual and institutionalcustomers throughout the United States. Through its subsidiaries andaffiliates, MetLife, Inc. offers life insurance, annuities, automobileand homeowner's insurance and retail banking services to individuals,as well as group insurance, reinsurance and retirement and savingsproducts and services to corporations and other institutions. Outsidethe U.S., the MetLife companies have direct insurance operations inAsia Pacific, Latin America and Europe. For more information, pleasevisit www.metlife.com.

For a copy of MetLife's Quarterly Financial Supplement, pleasevisit www.metlife.com.

MetLife, Inc.
Consolidated Statements of
Income
Unaudited
(in millions)


Three months ended Year ended
December 31, December 31,
-------------------------------------
2005 2004 2005 2004
--------- --------- -------- --------

Premiums $6,346 $5,800 $24,860 $22,200
Universal life and investment-
type product policy fees 1,112 747 3,828 2,867
Net investment income 4,126 3,288 14,910 12,364
Other revenues 323 309 1,271 1,198
Net investment gains (losses) (361) (194) (93) 175
--------- --------- -------- --------
Total revenues 11,546 9,950 44,776 38,804
--------- --------- -------- --------

Policyholder benefits and claims 6,488 5,887 25,506 22,662
Interest credited to
policyholder account balances 1,161 777 3,925 2,997
Policyholder dividends 418 414 1,679 1,666
Other expenses 2,676 2,168 9,267 7,813
--------- --------- -------- --------
Total expenses 10,743 9,246 40,377 35,138
--------- --------- -------- --------

Income from continuing operations
before provision for income
taxes 803 704 4,399 3,666
Provision for income taxes 211 212 1,260 1,029
--------- --------- -------- --------
Income from continuing
operations 592 492 3,139 2,637
Income from discontinued
operations, net of income taxes 117 19 1,575 207
--------- --------- -------- --------
Income before cumulative effect
of a change in accounting, net
of income taxes 709 511 4,714 2,844
Cumulative effect of a change in
accounting, net of income taxes (1) - - - (86)
--------- --------- -------- --------
Net income 709 511 4,714 2,758
Preferred stock dividends 32 - 63 -
--------- --------- -------- --------
Net income available to common
shareholders $677 $511 $4,651 $2,758
========= ========= ======== ========


Operating Earnings Available to Common
Shareholders Reconciliation
------------------------------------------
Net income available to common
shareholders 677 511 4,651 2,758
Net investment gains
(losses) (234) (214) 1,947 244
Minority interest - net
investment gains (losses) 3 5 (9) (9)
Net investment gains
(losses) tax benefit
(provision) 85 71 (681) (77)
--------- --------- -------- --------
Net investment gains (losses),
net of income taxes (2) (3) (146) (138) 1,257 158
Adjustments related to
policyholder benefits and
dividends (9) (9) (80) 64
Adjustments related to
other expenses 30 5 13 (11)
Adjustments related to tax
benefit (provision) (9) 1 22 (19)
--------- --------- -------- --------
Adjustments related to net
investment gains (losses), net
of income taxes (4) 12 (3) (45) 34
Cumulative effect of a change in
accounting, net of income taxes (1) - - - (86)
Discontinued operations, net of
income taxes (5) 12 (8) 168 10
--------- --------- -------- --------
Operating earnings available to
common shareholders $799 $660 $3,271 $2,642
========= ========= ======== ========


(1) The cumulative effect of a change in accounting, net of income
taxes, for the year ended December 31, 2004 is in accordance with
AICPA Statement of Position 03-1, Accounting and Reporting by
Insurance Enterprises for Certain Nontraditional Long-Duration
Contracts and for Separate Accounts.

(2) Net investment gains (losses), net of income taxes, includes gains
(losses) on sales of real estate and real estate joint ventures
related to discontinued operations, of $100 million and $2 million
for the three months ended December 31, 2005 and 2004,
respectively, and $1,369 million and $90 million for the years
ended December 31, 2005 and 2004, respectively.

(3) Net investment gains (losses), net of income taxes, excludes gains
(losses) of $23 million and $2 million for the three months ended
December 31, 2005 and 2004, respectively, and $64 million and $33
million for the years ended December 31, 2005 and 2004,
respectively, from scheduled settlement payments on derivative
instruments not qualifying for hedge accounting treatment.

(4) Adjustments related to net investment gains (losses), net of
income taxes, includes amortization of deferred policy acquisition
costs, adjustments to the policyholder dividend obligation and
amounts allocable to certain participating contracts.

(5) Discontinued operations, net of income taxes, excludes gains
(losses) on sales of real estate and real estate joint ventures
related to discontinued operations.

MetLife, Inc.
Financial Highlights
Unaudited
(in millions, except per common share data or unless otherwise noted)

At or for the At or for the
three months year
ended December 31, ended December 31,
------------------- -----------------
2005 2004 2005 2004
--------- --------- -------- --------
Other Financial Data:
Net income available to common
shareholders $677 $511 $4,651 $2,758
Operating earnings available
to common shareholders $799 $660 $3,271 $2,642
Total assets under management
(billions) $481.2 $356.8 $481.2 $356.8

Individual Business Sales Data:
Total first year life premiums
and deposits $360 $224 $1,137 $940
Variable and Universal life
first year premiums and
deposits (including COLI/BOLI) $306 $173 $932 $753
Total annuity deposits $3,570 $2,566 $12,230 $11,294
Mutual fund sales $1,254 $935 $4,130 $3,533

Earnings Per Share Calculation:
Weighted average common shares
outstanding - diluted 769.0 747.7 755.3 755.0
Operating earnings available to
common shareholders per common
share - diluted $1.04 $0.88 $4.33 $3.50
Net income available to common
shareholders per common share
- diluted $0.88 $0.68 $6.16 $3.65

MetLife, Inc.
Balance Sheet Data
December 31, 2005 (Unaudited) and December 31, 2004 (Audited)
(in millions)

At December 31,
--------------------
2005 2004
--------- ---------
Balance Sheet Data:
General account assets $353,349 $270,039
Separate account assets 127,869 86,769
--------- ---------
Total assets $481,218 $356,808
========= =========

Policyholder liabilities
(including amounts of closed
block) $262,370 $196,792
Short-term debt 1,609 1,445
Long-term debt 9,888 7,412
Junior subordinated debt
securities underlying common
equity units 2,134 -
Shares subject to mandatory
redemption 278 278
Other liabilities 47,969 41,288
Separate account liabilities 127,869 86,769
--------- ---------
Total liabilities 452,117 333,984
--------- ---------

Preferred stock, at par value 1 -
Common stock, at par value 8 8
Additional paid-in capital 17,274 15,037
Retained earnings 10,865 6,608
Treasury stock (959) (1,785)
Accumulated other
comprehensive income 1,912 2,956
--------- ---------
Total stockholders' equity 29,101 22,824
--------- ---------
Total liabilities and
stockholders' equity $481,218 $356,808
========= =========

MetLife, Inc.
Reconciliations of Net Income Available to Common Shareholders
to Operating Earnings Available to Common Shareholders
Unaudited
(in millions)

Three months ended Year ended
December 31, December 31,
-------------------------------------
2005 2004 2005 2004
--------- --------- -------- --------

Total Institutional Operations
Net income available to
common shareholders $280 $237 $1,562 $1,267
Net investment gains
(losses), net of income
taxes (97) (51) 112 83
Adjustments related to net
investment gains (losses),
net of income taxes (12) (21) 5 (5)
Cumulative effect of a
change in accounting, net
of income taxes - - - (60)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $389 $309 $1,445 $1,249
========= ========= ======== ========

Institutional Operations
Group Life
Net income available to
common shareholders $81 $52 $364 $373
Net investment gains
(losses), net of income
taxes (38) (43) (41) (25)
Adjustments related to net
investment gains (losses),
net of income taxes 1 - 5 -
--------- --------- -------- --------
Operating earnings
available to common
shareholders $118 $95 $400 $398
========= ========= ======== ========

Retirement & Savings
Net income available to
common shareholders $147 $141 $943 $684
Net investment gains
(losses), net of income
taxes (61) (1) 137 98
Adjustments related to net
investment gains (losses),
net of income taxes (2) (15) 6 2
Cumulative effect of a
change in accounting, net
of income taxes - - - (40)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $210 $157 $800 $624
========= ========= ======== ========

Non-Medical Health & Other
Net income available to
common shareholders $52 $44 $255 $210
Net investment gains
(losses), net of income
taxes 2 (7) 16 10
Adjustments related to net
investment gains (losses),
net of income taxes (11) (6) (6) (7)
Cumulative effect of a
change in accounting, net
of income taxes - - - (20)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $61 $57 $245 $227
========= ========= ======== ========

Total Individual Operations
Net income available to
common shareholders $238 $200 $1,503 $885
Net investment gains
(losses), net of income
taxes (115) (29) 238 63
Adjustments related to net
investment gains (losses),
net of income taxes 39 22 8 19
--------- --------- -------- --------
Operating earnings
available to common
shareholders $314 $207 $1,257 $803
========= ========= ======== ========

Individual Operations
Traditional Life
Net income available to
common shareholders $94 $74 $645 $338
Net investment gains
(losses), net of income
taxes 15 16 315 81
Adjustments related to net
investment gains (losses),
net of income taxes 20 18 (9) 18
--------- --------- -------- --------
Operating earnings
available to common
shareholders $59 $40 $339 $239
========= ========= ======== ========

Variable & Universal Life
Net income available to
common shareholders $23 $39 $156 $125
Net investment gains
(losses), net of income
taxes (22) (1) (33) 2
Adjustments related to net
investment gains (losses),
net of income taxes 10 - 13 (1)
Cumulative effect of a
change in accounting, net
of income taxes - - - (11)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $35 $40 $176 $135
========= ========= ======== ========

Annuities
Net income available to
common shareholders $119 $69 $675 $390
Net investment gains
(losses), net of income
taxes (99) (58) (33) (30)
Adjustments related to net
investment gains (losses),
net of income taxes 9 4 4 2
Cumulative effect of a
change in accounting, net
of income taxes - - - 11
--------- --------- -------- --------
Operating earnings
available to common
shareholders $209 $123 $704 $407
========= ========= ======== ========

Other
Net income available to
common shareholders $2 $18 $27 $32
Net investment gains
(losses), net of income
taxes (9) 14 (11) 10
--------- --------- -------- --------
Operating earnings
available to common
shareholders $11 $4 $38 $22
========= ========= ======== ========

Total Auto & Home
Net income available to
common shareholders $79 $61 $224 $208
Net investment gains
(losses), net of income
taxes (2) (2) (8) (6)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $81 $63 $232 $214
========= ========= ======== ========

Auto & Home
Auto
Net income available to
common shareholders $47 $29 $218 $160
Net investment gains
(losses), net of income
taxes (2) (1) (6) (5)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $49 $30 $224 $165
========= ========= ======== ========

Homeowners
Net income available to
common shareholders $28 $27 $5 $43
Net investment gains
(losses), net of income
taxes (1) (1) (2) (1)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $29 $28 $7 $44
========= ========= ======== ========

Other
Net income available to
common shareholders $4 $5 $1 $5
Net investment gains
(losses), net of income
taxes 1 - - -
--------- --------- -------- --------
Operating earnings
available to common
shareholders $3 $5 $1 $5
========= ========= ======== ========

International
Net income available to
common shareholders $30 $19 $192 $163
Net investment gains
(losses), net of income
taxes (4) (3) 4 16
Adjustments related to net
investment gains (losses),
net of income taxes (14) (4) (50) 21
Cumulative effect of a
change in accounting, net
of income taxes - - - (30)
Discontinued operations,
net of income taxes - (4) 5 (9)
--------- --------- -------- --------
Operating earnings
available to common
shareholders $48 $30 $233 $165
========= ========= ======== ========

Reinsurance
Net income available to
common shareholders $28 $21 $92 $91
Net investment gains
(losses), net of income
taxes (2) (1) 14 14
Adjustments related to net
investment gains (losses),
net of income taxes (1) 1 (8) -
Cumulative effect of a
change in accounting, net
of income taxes - - - -
--------- --------- -------- --------
Operating earnings
available to common
shareholders $31 $21 $86 $77
========= ========= ======== ========