1. 08 © UFS
Lisa Weber
President
Individual Business

2. 2008 Individual Business Highlights
• Strengthened leading VA market position
• Improved life market share and increased margins
• Grew affiliated distribution capacity
• Drove more sales through key third-party firms
• Improved operational efficiencies
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3. Individual: 2008 Results and 2009 Plan
($ Millions, except headcount)
2007 2008E 2009P
Premiums, Fees & Other 8,621 8,500 - 8,700 8,150 - 8,450
Operating Earnings 1,511 545 - 675 850 - 1,050
Operating ROE 15.2% 5.2% - 6.4% 7.8% - 9.6%
Sales
Variable Annuity Sales 15,135 13,900 - 14,100 15,300 - 15,600
Fixed Annuity Sales 1,271 3,300 - 3,700 1,525 - 1,675
Total Annuity Sales 16,406 17,200 - 17,800 16,825 - 17,275
Total Life Sales 540 535 - 545 530 - 550
Agency Headcount 8,398 8,650 - 8,700 8,800 - 8,900
Annuity Spread 282 bps 195 - 215 bps 175 - 195 bps
V&UL Spread 184 bps 150 - 170 bps 135 - 155 bps
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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4. External Forces Impacting the Business
• Regulatory change
• Shifting distribution
• Market uncertainty and low consumer confidence
• Higher hedging and capital costs
• Underperformance of 401(k) plans
Need for trusted advice and guarantees
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5. Annuities – Capturing the Retirement Market
Annuity Sales
• #1 in Q3 08 VARDS
R
CAG
($ Millions)
%
12.7
$18,000
• 11% market share
$16,000
$14,000
• Conservative features
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
2005 2006 2007 2008E
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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6. Annuities – Designed to Deliver Protection
• Annual step-ups
• Appropriate hedging
• Reasonable withdrawal benefit
• Diligent asset management
• Continuous review of fees and benefit factors
“Spreadsheeting the guarantor,
not the guarantees”
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7. Life – Growing Share, Driving Margins
Life Sales
• #5 in Q3 08 LIMRA
($ Millions)
$600
• 5% market share
$500
• Rebuilt product portfolio
$400
$300
• Higher prices at older
$200
ages
$100
$0
2005 2006 2007 2008E
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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8. Third-Party Distribution – “Narrow and Deep”
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9. Affiliated Distribution – Blue-Chip Team
Agent Headcount
• Strong selection
• Industry-leading retention 8,650 -
8,700
• Strong local infrastructure 8,398
8,003
• Large existing client base 7,810
• High agent productivity
2005 2006 2007 2008E
• Data include MetLife and New England Financial channels.
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10. Understanding Client Needs – Keeping it Simple
Retirement
Ages 59.5 62 70.5
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11. Track Record of Success
Strong Marketing Programs Generate Results
Clients Served
• Robust data mining
(Thousands)
• State-of-art lead 7
2004
routing system 6
5
• Local infrastructure 4
to support strategies 3
2
• Training, support, and 1
education 0
5 15 25 35 45 55 65 75 85 95
Age
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12. Track Record of Success
Strong Marketing Programs Generate Results
Clients Served
• Robust data mining
(Thousands)
• State-of-art lead 7 50
2007
55 60
routing system 6
2004
5
65
• Local infrastructure 4
to support strategies 3
70
2
• Training, support, and 1
education 0
5 15 25 35 45 55 65 75 85 95
Age
12

13. Individual Business Operational Excellence Initiatives
• Realign field offices and
Improve distribution infrastructure around key markets
profitability
• Increase agent productivity
• Focus on disciplined risk
Optimize product management
profitability
• Ensure appropriate pricing
• Consolidate administrative
Drive operations functions
efficiencies
• Extend automated underwriting
capabilities
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14. 2009 Key Priorities
• Leverage franchise position
• Maintain sharp focus on expense controls
• Adjust prices for market volatility
• Align life sales strategy with market environment
• Increase distribution productivity and efficiency
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15. Summary
• Disciplined product portfolio
• Diversity of distribution
• Efficient operations
• Strong market position
• Consistent leadership
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