5. Protecting Our Strength
• Reduced our securities lending program
• Raised capital of $2.3 billion
• Continued to hedge our guarantees
5
6. Protecting Our Strength
• Reduced our securities lending program
• Raised capital of $2.3 billion
• Continued to hedge our guarantees
• Affirmed rating agency strength and outlook
6
7. Well Positioned Balance Sheet
• High quality investment portfolio
– Defensively structured
– Carefully underwritten
• Substantial capital
– To deliver on our promises
– A platform for growth
7
8. Growing Our Franchise through a Flight to Quality
Total Company Revenue1
($ Billions)
$35
2
AGR
8.9% C
$30
$25
$20
$15
$10
$5
$0
2003 2004 2005 2006 2007 2008E
1Premiums,Fees & Other Revenues.
2Calculated
using 2008E mid-point.
See Appendix for non-GAAP financial information definitions and/or reconciliations.
8
9. Institutional: Unique Franchise with
Strong Relationships
2007 In-force Premiums & Equivalents
($ Billions)
• 60,000 companies
$15
• Over 90 of Fortune 100
$12
• Reach 40 million employees
$9
$6
$3
$0
MetLife A B C D E F G H I
Life Dental Disability LTC A&H
Source: Life excluding COLI & BOLI (LIMRA), Disability (LIMRA), Dental (MetLife Research), Long-Term Care (MetLife Research), Auto & Home
(MetLife Research).
See Appendix for non-GAAP financial information definitions and/or reconciliations.
9
10. U.S. Variable Annuities – A Market Leader
3Q08 YTD Sales
($ Billions)
$15
$10
$5
$0
A MetLife B C D E F G H I J
Source: VARDS.
See Appendix for non-GAAP financial information definitions and/or reconciliations.
10
11. International – Growing into a Global Company
Revenue1
($ Billions)
$5
2
R
CAG
$4
%
22.5
$3
$2
$1
$0
2003 2004 2005 2006 2007 2008E
1Premiums, Fees & Other Revenues.
2Calculated using 2008E mid-point.
11
12. Operational Excellence
• Building a better and more profitable MetLife
• At least $400 million of run-rate expense savings
expected by 2010
– $150 million already captured as of 4Q08
– Additional savings driven by:
• Business initiatives
• Technology initiatives
12
13. Operational Excellence
• Improving effectiveness and efficiency of
technology portfolio
– Sharing expertise and systems across MetLife
– Using new technology to reduce infrastructure costs
– Working with strategic vendors to leverage
competencies while reducing costs
• Substantially reducing costs, while investing
more in application development to further drive
customer value
13
14. Summary
• Our capital position is strong
• Our investment portfolio is defensively positioned
• We have tremendous growth opportunities
• We continue to benefit from the flight to quality
14
