MetLife Stable Value & Institutional Products Client Conference

MetLife Stable Value & Institutional Products Client Conference

June 19, 2008


Safe Harbor StatementThese materials contain statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the operations and financial results and the business and the products of MetLife, Inc. and its subsidiaries (collectively, the “Company”), as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend" and other similar expressions. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such forward-looking statements are not guarantees of future performance.

Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties including, but not limited to, the following: (i) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect the Company’s ability to raise capital; (ii) heightened competition, including with respect to pricing, entry of new competitors, the development of new products by new and existing competitors and for personnel;(iii) investment losses and defaults, and changes to investment valuations; (iv) unanticipated changes in industry trends; (v) catastrophe losses; (vi) ineffectiveness of risk management policies and procedures; (vii) changes in accounting standards, practices and/or policies; (viii) changes in assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (ix) discrepancies between actual claims experience and assumptions used in setting prices for the Company’s products and establishing the liabilities for the Company’s obligations for future policy benefits and claims; (x) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (xi) adverse results or other consequences from litigation, arbitration or regulatory investigations; (xii) downgrades in the Company’s and its affiliates’claims paying ability, financial strength or credit ratings; (xiii) regulatory, legislative or tax changes that may affect the cost of, or demand for, the Company’s products or services; (xiv) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (xv) deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (xvi) economic, political, currency and other risks relating to the Company’s international operations; (xvii) the effects of business disruption or economic contraction due to terrorism or other hostilities; (xviii) the Company’s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; and (xix) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.

The Company specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

2


Explanatory Note on Non-GAAP Financial Information

The historical and forward-looking financial information presented at this conference and contained in these presentations include performance measures which are based on methodologies other than Generally Accepted Accounting Principles (“GAAP”). MetLife analyzes its performance using so-called non-GAAP measures, including operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, the impact of the cumulative effect of a change in accounting, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business.

Operating earnings is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, the impact of the cumulative effect of a change in accounting, net of income tax, and discontinued operations other than discontinued real estate, net of income tax. Scheduled settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings.

Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. All references in these slides and in the presentations made at this conference to “operating earnings” for 2005 and future years should be read as references to “operating earnings available to common shareholders.”

Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders (as defined above) by the number of weighted average diluted common shares outstanding for the period indicated. All references in these slides and in the presentations made at this conference to “operating earnings per share” for 2005 and future years should be read as references to “operating earnings available to common shareholders per diluted common share.”

3


Explanatory Note on Non-GAAP Financial Information(Continued)Operating return on common equity is calculated by dividing operating earnings available to common shareholders (as defined above) by average common equity for the period indicated, excluding accumulated other comprehensive income.

For the historical periods presented, reconciliations of non-GAAP measures used in the presentations made at this conference to the most directly comparable GAAP measures are included in the Appendix to the presentation materials and are available on the Investor Relations portion of the Company’s website (www.metlife.com). Additional information about MetLife’s historical financial results is available in the Company’s Quarterly Financial Supplements which may be accessed through the Investor Relations portion of the Company’s website. The non-GAAP measures used in the presentations made at this conference should not be viewed as substitutes for the most directly comparable GAAP measures.

In the presentations made at this conference, MetLife provides guidance on its future earnings, earnings per share and return on common equity on an operating, non-GAAP basis. A reconciliation of these measures to the most directly comparable GAAP measures is not accessible on a forward-looking basis because MetLife believes it is not possible to provide a reliable forecast of net investment gains and losses, which can fluctuate significantly from period to period and may have a significant impact on GAAP net income.

4


Conference Objectives

• Overview of MetLife’s Institutional Business

• Review of MetLife’s financial strength and performance

• Dialogue with Senior Officers of MetLife

5


Agenda

Time Topic Presenter

8:30 - 9:00 a.m. Registration & Breakfast

9:00 - 9:10 a.m. Welcome & Introductory Remarks Gregory P. Falzon

9:10 - 9:55 a.m. MetLife Financial Overview William J. Wheeler

9:55 - 10:20 a.m. Corporate Benefit Funding Businesses Robin F. Lenna

10:20 - 10:40 a.m. Capital Markets: Funding Agreement- Thomas E. Lenihan

Backed Programs

10:40 - 10:55 a.m. Break

10:55 - 11:20 a.m. Investments Overview Robert W. Morgan

11:20 - 11:50 p.m. MetLife Institutional Business William J. Mullaney

12:00 - 1:00 p.m. Lunch

6


MetLife Financial Overview

William J. Wheeler

Executive Vice President & Chief Financial OfficerMetLife Stable Value & Institutional Products Client Conference


AgendaFirst Quarter 2008 Financial OverviewCurrent Financial Strength RatingsRGA split-off

2


First Quarter 2008 Financial OverviewThree Months Ended March 31,

2007 2008 % Change

Premiums, Fees & Other Revenues $8,429 $9,400 11.5%

Operating Earnings Available to Common Shareholders per Diluted Common Share

$1.41 $1.52 7.8%

Net Income Available to Common Shareholders per Diluted Common Share

$1.28 $0.84 (34.4%)

Book Value per Common Share* (actual common shares outstanding)

$41.32 $45.09 9.1%

Operating Return on Common Equity** 14.1% 13.9%

See Appendix for non-GAAP financial information definitions and/or reconciliations.

* Excluding AOCI

($ millions, except per share and book value data)

** Operating Return on Common Equity is calculated by dividing annualized 1Q earnings by average adjusted 1Q equity.

3


$24,269$26,265

$29,959$32,560

$9,400$8,429

$34,751

2003 2004 2005 2006 2007 Q107 Q108

CAGR 9.4%($ millions)

11.5%

Premiums, Fees & Other Revenues


4


Premiums, Fees & Other Revenuesby Line Of Business

Three Months Ended March 31,2007 2008 % Change

InstitutionalGroup Life $1,789 $1,876 4.9%Retirement & Savings 383 608 58.7%Non-Medical Health & Other 1,334 1,503 12.7%Sub-Total 3,506 3,987 13.7%

IndividualLife 1,384 1,396 0.9%Annuities 536 555 3.5%Other 154 162 5.2%Sub-Total 2,074 2,113 1.9%

Auto & Home 727 754 3.7%

International 964 1,201 24.6%

Reinsurance 1,144 1,328 16.1%

Corporate & Other 14 17 21.4%

Total $8,429 $9,400 11.5%

($ millions)


5


Total Assets

$404.5

$75.8 $86.8

$127.9$152.6

$383.3 $353.7$270.0$251.0

398.4

$144.4 160.2

2003 2004 2005 2006 2007 Q108General Account Separate Account

($ billions)

CAGR 14.3%

$326.8$356.8

$527.7$481.6

$557.1$558.6

6


Underwriting Results

87.6%

93.4%

82.0%

85.4% 85.1%86.4%

87.7%

2003 2004 2005 2006 2007 Q107 Q108

87.7%

90.8%

99.7%

87.2%

96.4%96.8%

88.4%87.6%

82.8%

86.7%

90.4%

97.1%

86.3%86.3%

2003 2004 2005 2006 2007 Q107 Q108

Combined Ratio Combined Ratio Ex Cats

91.8%93.8%

91.7% 92.4% 91.5% 91.6%90.8%

2003 2004 2005 2006 2007 Q107 Q108

Individual MortalityDisability Morbidity

Group Term Life MortalityAuto & Home Combined Ratio

87.0%

80.6%

91.6%89.8% 89.8% 89.9%

95.4%

2003 2004 2005 2006 2007 Q107 Q108

7


Investment Yields and Spreads

2003 2004 2005 2006 2007 Q107 Q108

Average Yield on Total Invested Assets 6.72% 6.55% 6.21% 6.47% 6.66% 6.52% 5.97%

R&S 1.40% 1.83% 1.71% 1.49% 1.50% 1.36% 1.51%

Group Life 2.04% 2.19% 1.98% 1.78% 1.96% 1.62% 2.41%

Annuities 2.11% 2.33% 2.83% 2.65% 2.82% 2.57% 2.43%

UL/VUL 1.79% 1.93% 2.07% 1.93% 1.84% 1.78% 1.94%

8


Total Company Operating Expense Ratio

2003 2004 2005 2006 2007 Q107 Q108Operating expense ratio is defined as expenses excluding certain items, divided by premiums, fees and other revenues.


28.5%

30.6% 30.8%

28.0%27.8%

31.4%

28.1%

9


Operating Earnings Available to Common ShareholdersPer Diluted Common Share

2003 2004 2005 2006 2007 Q107 Q108

CAGR 21.9%

7.8%

$1.52

$4.31

$3.36$2.83

$5.22

$1.41


$6.25

10


Operating Earnings Available to Common Shareholdersby Line of Business

Three Months Ended March 31,2007 2008 % Change

Institutional $452 $558 23.5%

Individual 319 312 (2.2%)

Auto & Home 106 98 (7.5%)

International 124 137 10.5%

Reinsurance 36 29 (19.4%)

Corporate & Other 45 (23) -

Total $1,082 $1,111 2.7%


($ millions)

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GAAP Results Total CompanyThree Months Ended March 31,2007 2008

AmountDiluted

EPS AmountDiluted

EPS

Operating earnings available to common shareholders $1,082 $1.41 $1,111 $1.52

Net investment gains(losses), net of income taxes (58) (0.08) (560) (0.77)

Other adjustments (26) (0.03) 64 0.09

Discontinued operations, net of income taxes (15) (0.02) - - Net income available to common shareholders $983 $1.28 $615 $0.84

($ millions, except per share data)


12


Financial Strength Ratings

Metropolitan Life Insurance Company

MetLife Insurance Company of Connecticut

Moody's Aa2 Stable Aa2 Stable

S&P AA Stable AA Stable

Fitch AA Stable AA Stable

A.M. Best A+ Stable A+ Stable

Company ratings as of May 30, 2008.

13


RGA Split-offRGA will recapitalize its common stock into two classes

Class A: right to elect up to 20% of RGA’s directorsClass B: right to elect up to 80% of RGA’s directors

Substantially all of MetLife's interest in RGA will be exchanged for RGA class B common stock

MetLife will then conduct a tax-free split-off of RGA stock to MetLife stockholders

Offer the RGA class B common stock in exchange for shares of MetLife common stockIf any shares remain unsubscribed, a debt-for-equity exchange may be undertaken

Benefits:Tax-free transaction to both MetLife and MetLife ShareholdersStrengthens ability to focus on core growthReduces MetLife’s exposure to global reinsurance business

14


SummaryOur business continues to perform wellCapital levels and balance sheet status are goodWe remain committed to maintaining MetLife’s financial strength

15


Corporate Benefit Funding

Robin Lenna

Senior Vice President



Who are we

Macro trends, challenges and opportunities

Solutions

Market leadership

How we compete and win

Agenda

2


Who Are We – Corporate Benefit Funding

Deliver retirement, benefit funding and investment solutions

Help companies make good on their benefit promises

Significant driver of growth for MetLife Institutional Business

Leader in markets in which we choose to compete

3


Macro Trends, Challenges and Opportunities

Enhanced focus on retirement

Global aging

Legislation highlights retirement security

Accounting drives financial transparency

Financial and economic markets challenging

4


Employee Benefits and Retirement Landscape

DefinedContribution

Plans401(k), 457,

403(b)

DefinedBenefit Plans

Non-Qualified

Other Post Employment

Benefits (OPEBs)

Retiree Life & Health

DeferredCompensation

Plans

Qualified

Employer LiabilityLowerHigher

TraditionalPension Plans

CashBalance Plans

Unfunded Deferred Comp

SERPs

Act

ive

Hea

lth &

Wel

fare

Ben

efits

5


Distribution Channels

Direct to plan sponsors

Consultants / brokers

Third party administrators

6


Fixed or floating interest rateCPI-index linkedCallable structuresParticipant withdrawals (benefit responsive) at book valueOffers guaranteed full return of principal and accrued interestBoth general account and separate account

GICs and Funding AgreementsRetirement plan investment solutions

Key benefits: Guaranteed investment returns in volatile financial markets

Other solutions: LIBOR-based funding agreements for money market funds and securities lending cash pools

Product: Guaranteed Interest Contract

Sold to: Qualified pension plans

Purpose: An investment that backs a plan’s stable value option

7


Pension CloseoutsBenefit liability funding

Product: Single premium income annuity for retired and deferred lives

Sold to: Defined benefit pension plans

Purpose: Transfer risks associated with pension liabilities

Plan sponsor transfers liability by paying a lump sum to MetLife

MetLife provides guaranteed income payments to pension plan participants

Key benefits:Transfer of liability eliminates payments to PBGC and financial statement

volatility due to pension obligations

Provides pension plan participants with individual guarantees

8


Non-qualified Benefit Liability SolutionsBenefit liability funding

Product: Life insurance and funding agreements

Sold to: Employers and trusts

Purpose: To better manage non-qualified benefit liabilities

Retiree life insuranceExecutive plansDeferred compensation plans

Key benefits:

Reduces long-term expense through tax efficiencyStrengthens financial statements and benefits securityFunding flexibility

9


Income AnnuitiesRetirement and income solutions

Product: Fixed and variable deferred and immediate annuities

Sold to: Employers and employees

Purpose: Provide guaranteed income for life

Key benefits: Enhances an employer’s benefits package

Supplements or enhances an existing defined benefit or 401(k) planAddresses a critical need

Provides income for life to employeesManages the distribution of income during retirement

Other solutions: Income annuities for personal injury structured settlements

10


Market Leadership1

Competitive PositionStable Value & Investment ProductsStable Value

Traditional GICs #1Separate Account GICs #1

Putable Funding Agreements #1

Capital Markets Investment ProductsFA-Backed Notes Global GICs #2FHLB-NY First NY InsurerFarmer MAC Notes First NY Insurer

Institutional Retirement & Benefit FundingTraditional Closeouts #3Income Annuities #1

Torts & SettlementsStructured Settlements #3

Asse

ts (2

007)

Sale

s2(2

007)

1 GICs, Funding Agreements, Traditional Closeouts, Income Annuities, Structured Settlements: Stable Value LIMRA Market Share Study FY2007; Global GICs: Standard & Poors; FHLB-NY: Federal Home Loan Bank of NY; Farmer MAC Notes: Federal Agricultural Mortgage Corporation

2 See Appendix for non-GAAP financial information definitions and/or reconciliations.

11


How We Compete and Win

Recognized experience and expertise for complex cases

Brand and financial strength to provide guarantees

Superior relationships with Institutional clients

Creative solutions to meet current market conditions

Replace uncertainty with predictability

Integrity and trust

12


Capital Markets: Funding Agreement-Backed Programs

Tom Lenihan

Managing Director Capital Markets Group MetLife Stable Value & Institutional Products Client Conference


Agenda

• Funding Agreement-Backed Program Structure

• Program Overviews

2


MetLife, Inc.MetLife, Inc.("Holding Company")("Holding Company")

Company Structure

International Subsidiaries

OtherSubsidiariesBankAuto & Home

Metropolitan Life Insurance Company Metropolitan Life Insurance Company ("MLIC")("MLIC")Aa2 / AAAa2 / AA

Domiciled in New YorkDomiciled in New York

MetLife Insurance Company MetLife Insurance Company of Connecticut ("MICC")of Connecticut ("MICC")

Aa2 / AAAa2 / AA

Domiciled in ConnecticutDomiciled in Connecticut

3


What Is a Funding Agreement (“FA”)?• A FA is an annuity contract without the mortality

component • Subject to regulation as an insurance obligation

> Similar to a guaranteed investment contract with specified terms such as amount, interest rate, and maturity date

> Carries same rating as the financial strength rating of the issuing insurance company

• FAs rank pari passu with insurance policies> Direct claim on insurer’s general account assets > Same priority as insurance policyholders – high claims

priority in the event of an insurance company’s insolvency

4


Structure of Programs

ProceedsProceeds

FundingAgreementNotes

Investors Trust/SPV

MLIC/MICC

5


Structure of Programs

Invest Proceeds

Net Spread5.50%

- 5.00%50 bps

Yield Earned on Invested

Cash(5.50%)

Cost of Funds Paid to Investor

(5.00%)

ProceedsProceeds

FundingAgreementNotes

Investors Trust/SPV

Portfolio

MLIC/MICC

6


MetLife’s Funding Agreement-Backed Programs

• MLIC Funding Agreement-Backed Notes (GMTN)

• MICC Funding Agreement-Backed Notes (EMTN)

• Funding Agreement-Backed Commercial Paper

• Farmer Mac Guaranteed Notes

• Federal Home Loan Bank Advances

The Following Programs Operate in the Global Capital Markets Using FA-Backed Structures:

7


FA-Backed Notes Programs Operating Paradigm

• Programs operated within the Investments Department’s Capital Markets Group (CMG)

• CMG has both Asset and Liability responsibility

• Liability features drive asset mix and characteristics

• Derivatives are actively used to manage duration, currency and cash flow risks

• End result is a tight ALM paradigm

8


FA-Backed Notes Market: Issuance Trend

27.4

34.737.6

32.1 32.3 32.0

0.75.9

13.920.4

28.5

05

10152025303540

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

($B)

• Over $265B of notes have been offered since 1997($158B currently outstanding)

• 20 programs issued a total of $32.0B of notes in 2007

Issuance by Year*

*Data source: Standard & Poor’s

9


FA-Backed Notes Market: Program Issuance

1.5 1.6 1.7 1.8 2.3

5.8 5.2

3.1 3.0 2.8

0

1

2

3

4

5

6

AEGON MET PFG ALL NYL PRU HIG MASSMUT GNW ING

($B)

USD GBP CAD CHF EUR JPY

*Data source: Standard & Poor’s

11.8 8.4 6.7 6.4 6.2

23.8 23.014.4 13.1 12.9

05

10152025

AIG MET PFG AEGON ALL NYL PRU PACLIFE HIG GEN

($B)

2007 Issuance by Top 10 Programs*

Outstanding Balance by Program*

10


FA-Backed Notes Program OverviewMetropolitan Life Global Funding I (GMTN)

• Type: Global: 144A / Reg S• Shelf Size: US $25 Billion• Issuer: Metropolitan Life Global Funding I• Listing: Irish Stock Exchange • Ratings: Aa2 (stable) / AA (stable)• Maturities: Primarily out to 10 Yrs; longer available• Offerings: Generally $250 Million - $1 Billion• Currencies: Multiple• Interest Rate: Fixed / Floating• Distribution: Syndication / Reverse Inquiry• Collateral: MLIC Funding Agreements

11


MLIC FA-Backed Notes Program Summary• 64 discrete transactions totaling over $27 billion of

notes offered since inception of the program in June 2002

• Average annual issuance of about $4.5 billion • Outstanding balance totals approximately $21.8 billion• Global presence with issuances in 7 currencies• Program has reached over 450 investors globally• 2008 YTD issuance of $5.1 billion towards $4 - 6

billion plan• Diversification: currencies, curve profile, markets • Utilizes a broad group of bankers

12


FA-Backed Notes Program OverviewMetLife Institutional Funding I (EMTN)

• Type: Reg S• Shelf Size: US $3 Billion• Issuer: MetLife Institutional Funding I• Listing: Irish Stock Exchange • Ratings: Aa2 (stable) / AA (stable)• Maturities: Primarily out to 10 Yrs; longer available• Offerings: Generally up to $250 Million• Currencies: Multiple• Interest Rate: Fixed / Floating• Distribution: Reverse Inquiry / Syndication• Collateral: MICC Funding Agreements

13


FA-Backed CP Program Overview

• Program Name: Beagle Funding LLC (to be renamed MetLife Short Term Funding)

• Authorized Shelf Size: $10 Billion• Ratings: “A-1+” and “P-1” by S&P and Moody’s,

respectively• CP is secured by a Funding Agreement issued by

MLIC or MICC*• Program Arranger: Morgan Stanley• Named Dealers: Morgan Stanley, Goldman Sachs,

Merrill Lynch*It is expected that MICC will be added as a Funding Agreement provider by the end of Q2

14


FA-Backed CP Program Summary

• Inaugural issuance in November 2007 • Current outstandings in excess of $2 billion• Orderly ramp-up in outstandings

> Depending on market conditions, investor demand and asset availability

• Issuance terms are driven by investor considerations (i.e. size, maturity, pricing)

15


Farmer Mac Guaranteed Trust Notes Overview• Trust issues notes that are guaranteed by Federal

Agricultural Mortgage Corporation (Farmer Mac)• MLIC writes a funding agreement, collateralized by

agricultural loans, to a Farmer Mac business trust• MLIC retains ownership rights and economics of

underlying agricultural loan collateral• Attractive return to Agency investors• Diversify investor base by distributing to Agency

buyers• 144A Notes rated “Aaa” by Moody’s, “AAA” by Fitch &

DBRS• $2.5 billion of notes outstanding from 3 transactions• Over 50 investors participated globally

16


Federal Home Loan Bank Advance Programs

• Private market investor • Advances must be collateralized

> Collateral is residential-mortgage related

• Access to funding with attractive cost of funds

• Contingent source of liquidity

• Near $6 billion in advances currently outstanding

• MetLife entities are members of FHLB-New York and FHLB-Boston

17


Investor Focus

• Over 500 separate institutional investors, including “who’s who” of credit investors

> Total holdings of the largest investor: $945M> Total holdings of the top ten investors: $6.0B

• Virtually no hedge funds / “fast money” investors

• Mutual interest in well-behaved credit spreads while providing for appropriate market liquidity

18



Investments Overview

Robert W. Morgan

Managing Director Portfolio Management MetLife Stable Value & Institutional Products Client Conference


Agenda

• Market Overview

• Portfolio Review> Asset allocation> Fixed maturity securities> Alternative investments> Real estate

• Derivatives

• Risk Management

2


2008 Market View and Themes

> Significant pressure throughout year• Equities

> Fundamentals softening> Spreads remain wide and choppy

• Commercial Real Estate Sectors

> Fundamentals deteriorating> Spreads remain wide and choppy

• Fixed Income Sectors

> Fed remains on hold> Curve steepens

• Interest Rates

> Elevated inflation risk• Inflation

> Significant recession risk• Economy

3


Market Dislocation: Spreads Have Widened

0

100

200

300

400

500

600

700

800

900

Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08

0

100

200

300

400

500

600


0

100

200

300

400

500

600

700

800

900


BBB Corporates

A Corporates

0

20

40

60

80

100

120

140

160

180

200


Lehman ALehman A--BBB SpreadsBBB SpreadsLehman High Yield SpreadsLehman High Yield Spreads

Lehman 30Lehman 30--Yr Conventional RMBSYr Conventional RMBSLehman AAA CMBS SpreadsLehman AAA CMBS Spreads

Spread data through 6/6/08.

4


CreditCredit

Market DislocationMarketMarket MetLifeMetLife

TransparencyTransparency

LiquidityLiquidity

CapitalCapital

• Anticipated sub-prime collapse• Anticipated sub-prime collapse

• See-through underwriting• See-through underwriting

• Highly liquid• Highly liquid

• Well capitalized: Maintain AA rating• Well capitalized: Maintain AA rating

5


Portfolio Allocation TrendDec-03 Dec-04 Dec-05 Dec-06 Dec-07 Mar-08 2008 Mid-Pt

U.S. Treasury/Agency 7.4% 7.7% 9.3% 9.8% 6.5% 6.7% 7.5%

Structured FinanceResidential MBS 14.7% 14.0% 16.2% 16.5% 17.4% 17.2% 18.0%Commercial MBS 5.1% 5.4% 6.1% 5.3% 5.4% 5.7% 6.0%Asset -Backed Securities 5.6% 4.7% 4.0% 4.4% 3.4% 3.5% 4.0%Total Structured Finance 25.4% 24.1% 26.3% 26.2% 26.2% 26.4% 28.0%

Credit'A' or Better Corporates 20.6% 20.8% 22.4% 22.1% 22.2% 22.3% 23.0%'BBB' Corporates 19.0% 18.7% 16.0% 14.2% 14.2% 13.9% 14.0%Below Invest. Grade Credit 5.9% 5.3% 5.1% 5.4% 5.3% 5.0% 5.5%Total Credit 45.5% 44.8% 43.5% 41.7% 41.7% 41.2% 42.5%

Real EstateCommercial Mortgages 10.7% 12.1% 10.3% 10.6% 11.3% 11.4% 10.5%Agricultural Mortgages 2.6% 2.6% 2.7% 3.0% 3.3% 3.4% 3.0%Real Estate Equity 3.9% 3.5% 2.8% 2.4% 3.2% 3.2% 3.0%Total Real Estate 17.2% 18.2% 15.8% 16.0% 17.8% 18.0% 16.5%

Corporate Equity 1.9% 2.2% 2.6% 3.2% 3.8% 3.6% 3.5%Cash & Short-Term 2.6% 3.0% 2.5% 3.1% 4.0% 4.1% 2.0%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%MV of Managed Assets ($ billions) $214.4 $230.8 $291.3 $313.2 $325.4 $328.5

6


Higher Quality Investment Grade Credit Portfolio

• $119 billion*

• Approximately 30% private placements

• Decreased ‘BBB’ exposure

• Reduced exposure to housing, auto, airline and other recession-prone sectors

21% 22%

19% 14%

12/31/03 3/31/08

AAA/AA/A BBB

Investment Grade Bondsas a % of Managed Assets

*Market value as of 3/31/08.

40%36%

$85B $119B

7


Defensive Below Investment Grade Portfolio

32%32%

39%39%

15%15%

Public High Yield

EmergingMarkets

SecuredBankLoans

* As of 12/31/03Market value as of 3/31/08

Below Investment GradePortfolio Allocation

• Reduced below investment grade allocation from 5.9%* to 5.0% of managed assets

• Well diversified across asset classes

• Secured bank loans have grown from 15%* to 32% of portfolio

• Bank loans have historically exhibited lower default rates and higher recovery rates

ProjectFinance

Private High Yield

7%7%

7%7%

8


12/31/03 03/31/08

Asset Backed SecuritiesCommercial Mortgage Backed SecuritiesResidential Mortgage Backed Securities

High Quality Structured Finance Portfolio

• $86.7 billion*

• Modestly increased exposure to structured finance securities

• Diversified portfolio away from credit risk

Structured Finance Allocationas a % of Managed Assets


$54.4B $86.7B

5.5%5.5%

5.1%5.1%

14.7%14.7% 17.2%17.2%

5.7%5.7%3.5%

26.4%25.3%

9


High Quality RMBS Provide Good Value• $56.5 billion*

• 99% AAA

• 90% Prime and 67% Agency Backed

• Very liquid and attractiverelative value

• Volatility mitigated by:> Matching assets with liabilities> Structure / security underwriting> Hedging with derivatives

Portfolio Type Total

Short-Term 54%

Rate-Reset 11%

Participating Product 8%Subtotal 73%

Other 27%Total 100%


RMBS Allocation

10


Alt-A RMBS Portfolio• $5.8 billion*• 99.8% AAA• Conservative profile versus

market> Approximately 84% Super Senior> 88% Fixed Rate> Average subordination is 12%> No Option ARMs and none backed

by second liens> Lower exposure to investment

properties and California

Avg. Sub.+

Super Senior AAA 12%

AAA / AA* 9%

Total 12%


+Average subordination supporting MetLife holdings. *AAA / AA includes $12 million AA holdings.

Alt-A RMBS

11


Identified Sub-Prime Risk Early

$0

$1,000

$2,000

$3,000

$4,000

Dec-05 Dec-06 Dec-07 Mar-08

AAA/AA

A and Below

Stopped purchasing ‘A’ and lower tranches in late 2004Reduced exposure by 46% from year-end 2005 to March 31, 2008

Sub-Prime Mortgage Holdings($ Millions)

$3,547

$3,032

$2,222$1,925

12


5%

90%

2%3%

• $18.6 billion*

• 95% AAA/AA

• 74% from 2005 and prior vintages

• Provide long duration assets and portfolio diversification

Commercial Mortgage-Backed Securities


AAAAA

ABBB & Below

Total CMBS

13


Real Estate and Agricultural Investments

12/31/03 3/31/08

Real Estate EquityAgricultural MortgagesCommercial Mortgages

Real Estate & Agricultural Investmentsas a % of Managed Assets

$36.9B $59.0B

3.9%3.9%2.6%2.6%

10.7%10.7% 11.4%11.4%

3.4%3.4%3.2%3.2%

18.0%17.2%

• Full-service real estate group with strong underwriting capabilities and “feet on the ground”

• Leader in commercial and agricultural mortgage lending

• More diversified real estate equity portfolio

> Reduced New York City and large asset exposure

Market value as of 3/31/08.

14


High Quality Commercial Mortgage Portfolio

• 55%* average loan-to-value

• Virtually no defaults

• Conservative underwriting

• Diversified by property type and geographic location

• On-going pruning of higher risk loans

Commercial Mortgages($ Billions)

Dec-03 Mar-08

<65% LTV 50% 69%

65-75% LTV 37% 25%

>75% LTV 13% 6%

Total Comm Mtgs 100% 100%

$20.3 $36.0

*Book value as of 3/31/08.

15


65%66%

63%62%

61%

53%

50%

55%

60%

65%

70%

75%

2003 2004 2005 2006 2007 3/31/2008

70%

Source for market data: Moody’s Investors Service

Average Market LTV

Target Lower Risk Commercial Mortgages

AverageLoan to Value

MetLife LTV vs. Market LTV at Loan Origination

MetLife LTV

16


Equity Securities and Other Limited Partnerships

• $12 billion*

• Common stock primarily supports the Closed Block

• Diversified Alternative Investments portfolio

Equity Securities and OtherLimited Partnerships

CommonStock


53%53%

23%23%

24%24%

Alternative Investments

PreferredStock

17


Alternative Investments Portfolio

• $5.8 billion* Alternative Investments included in the $12 billion of Equity Securities and Other Limited Partnership Interests

• Growing portfolio while decreasing reliance on LBO funds

> Other includes Mezzanine, Distress, Infrastructure,Energy & Timber


12/31/03 3/31/08

LBO Partnerships Hedge Funds Other

Alternative Investmentsas a % of Managed Assets

$2.0B $5.8B

0.9%0.9% 1.0%1.0%

0.5%0.5%

0.3%0.3%1.8%

0.9%

18


68%

8%9%

15%

Using Derivatives to Reduce Risk

• 99%* of Derivatives used for hedging purposes

• Hedges in place for portfolios with guarantees, as well as portfolios with sensitivity to floating rate liabilities

> Protect against adverse rate / curve environment

> Mitigate interest rate-related increases in liabilities

> Minimum rate guarantees*As of 3/31/08.

Derivatives by Use

Equity

Interest Rates

Foreign Exchange

Credit

19


Investments Risk Management Unit

• Expanded Investments Risk Management team

• Economic capital limits

• Aggregate exposures across all asset classes

• Stress testing

Total Portfolio Total Portfolio Risk LimitRisk Limit

Asset ClassAsset ClassLimitsLimits

Sector RiskSector RiskLimitsLimits

Issuer Risk LimitsIssuer Risk Limits

20


Market Risk: Insurance Industry Risks

Last YearLast Year This YearThis Year

Low ratesLow rates Recession riskRecession risk

Flat curveFlat curve Credit defaultsCredit defaults

Tight spreadsTight spreads Pricing uncertaintyPricing uncertainty

Continued yield curve inversionContinued yield curve inversion Market volatilityMarket volatility

21


Proactive Portfolio Management has Positioned MetLife Well for Current Volatility

• Fundamental credit analysis

• Portfolio diversification

• Credit exposure management

• Early sector calls

• Real estate sales

• Risk management

22


MetLife Institutional Business

William J. Mullaney

President



Agenda> Institutional Business Overview

> Financial Highlights

> Growth Opportunities

> Wrap-Up

2


2007 Operating Earnings Available to Common Shareholders

At-A-Glance

MetLife Total = $4,762M

Reinsurance & Other $288M (6%)

International $568M (12%)Auto & Home

$426M (9%)

Individual $1,513M (32%)

Institutional $1,967M (41%)


3


Retirement & Savings($1,141M, 58%)

Group Life($463M, 24%)

Non-Medical Health($363M, 18%)

Institutional Business2007 Operating Earnings Available to

Common Shareholders = $1,967M

A Leader in the Marketplace

Institutional

Rank* Business (Sales)#1 Group Life1

#1 Group Auto & Home2

#1 Group Non-Medical3

#2 Group Disability1

#2 Group Dental4

#2 Institutional Annuities1

#2 Group LTC1

#3 Stable Value & Funding1

#3 Structured Settlement1

*All measures are in sales premiums unless otherwise noted:1. Institutional Annuities, Stable Value and Funding Agreements: LIMRA Stable Value & Funding Agreement Products Study, FY 2007; Structured Settlements: LIMRA Individual

Annuities Study, FY 2007; Group LTC (includes group employer & associations; sales & re-enrolls; 50% of Fed LTC program): LIMRA Group Long Term Care Insurance Study, FY 2007; Group Life (includes specialty products): LIMRA Group Life Study, FY 2007; Group Disability: LIMRA Group Disability Study, FY 2007

2. Group A&H Inforce: MetLife Research - FY 063. Group Non-Medical Inforce: Group Life, Group LTC, Group Disability – LIMRA; Group Dental, Group A&H - MetLife Research - FY 20064. Group Dental (#2 Group Dental Carrier overall and #1 Commercial Group Dental Carrier): MetLife Research - FY06


4


Premiums, Fees & Other Revenues

2003 2004 2005 2006 2007 Q107 Q108

CAGR 7.7%

($M

illio

ns)

13.7%

$3,506 $3,987

$10,341$11,402

$12,812 $13,327 $13,921

5


Total Policyholder Balances

$112.0 $121.6$40.5 $40.4

$45.2 $47.8

$110.4$103.4$70.6$62.5

$118.0

$47.0 $52.0 $51.8

2003 2004 2005 2006 2007 Q107 Q108General Account Separate Account

($B

illio

ns)

CAGR 13.3%

$103.0 $111.0

$148.6$157.4

$170.0 $173.4$159.8

8.5%

6


Operating Earnings Available to Common Shareholders

2003 2004 2005 2006 2007 Q107 Q108

CAGR 17.0%

($M

illio

ns)

23.5%

$452 $558

$1,051$1,249

$1,445$1,700

$1,967


7


Institutional Drivers

> Maintain strong fundamentals> Top line growth in all segments> Market share growth and margin improvement> Steeper yield curve> Lower equity and hedge fund returns> Market liquidity

8


$0

$3

$6

$9

$12

$15

MetLifeA B C D E F G H I

Auto & HomeLTCDisabilityDentalLife

($ Billions)($ Billions)

U.S. Group Employee Benefits: Alone…and Diversified

Group Life & NonGroup Life & Non--Medical HealthMedical Health2006 In2006 In--force Premiums & Equivalentsforce Premiums & Equivalents

Source: Life excluding COLI & BOLI (LIMRA), Disability (LIMRA), Dental (MetLife Research), Long-Term Care (MetLife Research), Auto & Home (MetLife Research).


9


Life & Non-Medical Health: Key 2008 Initiatives

> Thought Leadership

> Global Account Management

> Integration of Safeguard

> Investment in Group Disability

10


Retirement & Savings – Sales by Product

0

2

4

6

8

10

12

14

16

2004 2005 2006 2007

Sale

s ($

Bill

ions

) D

epos

its/P

rem

ium

s &

Fee

s

Income AnnuitiesCloseoutsCapital Mkt Inv ProductsStructured SettlementsMMGIC/Trust GICs/OtherGICs/Funding Agreements401(k)

CAGR 9.5%

$9.8

$13.0

$10.9

$14.3


11


Retirement & Savings: Key 2008 Initiatives

> Integrated Market Approach

> Pension Closeouts

> Innovative Solutions to meet Current Market Conditions

> Income Annuities

12


Wrap-Up

> Strong record of revenue and earnings growth

> Proven market leadership

> Innovative products and services

> Well positioned to capitalize on significant growth opportunities

13

Appendix

Definitions and Reconciliations of Non-GAAP Financial Information

June 19, 2008


Explanatory Note on Non-GAAP Financial Information

The historical and forward-looking financial information presented at this conference and contained in these presentations include performance measures which are based on methodologies other than Generally Accepted Accounting Principles (“GAAP”). MetLife analyzes its performance using so-called non-GAAP measures, including operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gains and losses, net of income tax, and adjustments related to net investment gains and losses, net of income tax, both of which can fluctuate significantly from period to period, the impact of the cumulative effect of a change in accounting, net of income tax, and discontinued operations other than discontinued real estate, net of income tax, thereby highlighting the results from operations and the underlying profitability drivers of the business.

Operating earnings is defined as GAAP net income, excluding net investment gains and losses, net of income tax, adjustments related to net investment gains and losses, net of income tax, the impact of the cumulative effect of a change in accounting, net of income tax, and discontinued operations other than discontinued real estate, net of income tax. Scheduled settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings.

Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. All references in these slides and in the presentations made at this conference to “operating earnings” for 2005 and future years should be read as references to “operating earnings available to common shareholders.”

Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders (as defined above) by the number of weighted average diluted common shares outstanding for the period indicated. All references in these slides and in the presentations made at this conference to “operating earnings per share” for 2005 and future years should be read as references to “operating earnings available to common shareholders per diluted common share.”

2


Explanatory Note on Non-GAAP Financial Information (Continued)

Operating return on common equity is calculated by dividing operating earnings available to common shareholders (as defined above) by average common equity for the period indicated, excluding accumulated other comprehensive income.

For the historical periods presented, reconciliations of non-GAAP measures used in the presentations made at this conference to the most directly comparable GAAP measures are included in the Appendix to the presentation materials and are available on the Investor Relations portion of the Company’s website (www.metlife.com). Additional information about MetLife’s historical financial results is available in the Company’s Quarterly Financial Supplements which may be accessed through the Investor Relations portion of the Company’s website. The non-GAAP measures used in the presentations made at this conference should not be viewed as substitutes for the most directly comparable GAAP measures.

In the presentations made at this conference, MetLife provides guidance on its future earnings, earnings per share and return on common equity on an operating, non-GAAP basis. A reconciliation of these measures to the most directly comparable GAAP measures is not accessible on a forward-looking basis because MetLife believes it is not possible to provide a reliable forecast of net investment gains and losses, which can fluctuate significantly from period to period and may have a significant impact on GAAP net income.

3


DefinitionsSales (Institutional):

> Sales include annualized revenue at issue and initial deposit.

Premium Equivalents:> The estimated premium amount for administrative services only accounts if

they had been fully insured plans.

4


Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders

($ Millions) 2007 1Q07 1Q08

Net income available to common shareholders 4,180$ 983$ 615$

Investment (gains) losses 648 58 560

Adjustments related to investment (gains) losses (47) 26 (64)

Discontinued operations (19) 15 -

Operating earnings available to common shareholders 4,762$ 1,082$ 1,111$

QTD

5


Reconciliation of Net Income Available to Common Shareholders per Share to Operating Earnings Available to Common Shareholders per Share

2003 2004 2005 2006 2007 1Q07 1Q08

Net income available to common shareholders per diluted common share 2.94$ 3.65$ 6.16$ 7.99$ 5.48$ 1.28$ 0.84$

Charge for conversion of securities 0.03 - - - - - -

Cumulative effect of a change in accounting 0.03 0.11 - - - - -

Investment (gains) losses 0.16 (0.21) (1.69) (2.59) 0.85 0.08 0.77

Adjustments related to investment (gains) losses (0.14) (0.04) 0.06 (0.10) (0.06) 0.03 (0.09)

Discontinued operations (0.02) (0.01) (0.22) (0.08) (0.02) 0.02 - Operating earnings available to common shareholders per diluted common share 3.00 3.50 4.31 5.22 6.25 1.41 1.52

IRS tax audit settlement - (0.14) - - - - -

Premium tax liability - (0.04) - - - - - MetLife Foundation contribution - 0.04 - - - - -

Race conscious underwriting (0.13) - - - - - -

Merger of Mexican operations (0.05) - - - - - -

Change in reserve methodology (0.03) - - - - - - New England Financial charge 0.04 - - - - - -

Operating earnings available to common shareholders per diluted common share, as presented 2.83$ 3.36$ 4.31$ 5.22$ 6.25$ 1.41$ 1.52$

QTD

6



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

($ Millions) 2003 2004 2005 2006 2007 1Q07 1Q08Total InstitutionalNet income available to common shareholders 886$ 1,267$ 1,562$ 1,167$ 1,449$ 356$ 84$

Cumulative effect of a change in accounting 26 60 - - - - - Investment (gains) losses and related adjustments * 139 (78) (117) 533 518 96 474

Operating earnings available to common shareholders 1,051$ 1,249$ 1,445$ 1,700$ 1,967$ 452$ 558$

2003 2004 2005 2006 2007 1Q07 1Q08Group LifeNet income available to common shareholders 282$ 373$ 364$ 345$ 355$ 103$ 5$

Investment (gains) losses and related adjustments * 68 25 36 81 108 4 114 Operating earnings available to common shareholders 350$ 367$ 400$ 426$ 463$ 107$ 119$

2003 2004 2005 2006 2007 1Q07 1Q08Retirement & SavingsNet income available to common shareholders 365$ 684$ 943$ 544$ 614$ 181$ (111)$

Investment (gains) losses and related adjustments * 66 (100) (143) 411 527 85 432 Operating earnings available to common shareholders 457$ 624$ 800$ 955$ 1,141$ 266$ 321$

2003 2004 2005 2006 2007 1Q07 1Q08Non-Medical Health & OtherNet income available to common shareholders 239$ 210$ 255$ 278$ 480$ 72$ 190$

Investment (gains) losses and related adjustments * 5 (3) (10) 41 (117) 7 (72) Operating earnings available to common shareholders 244$ 227$ 245$ 319$ 363$ 79$ 118$

QTD

QTD

QTD

QTD

7



($ Millions) 2007 1Q07 1Q08Total IndividualNet income available to common shareholders 1,357$ 315$ 276$

Investment (gains) losses and related adjustments * 156 4 36 Operating earnings available to common shareholders 1,513$ 319$ 312$

QTD

2007 1Q07 1Q08Total Auto & HomeNet income available to common shareholders 436$ 113$ 91$

Investment (gains) losses and related adjustments * (10) (7) 7 Operating earnings available to common shareholders 426$ 106$ 98$

QTD


8



($ Millions) 2007 1Q07 1Q08Total International Net income available to common shareholders 635$ 100$ 186$

Investment (gains) losses and related adjustments * (76) (7) (49) Discontinued operations 9 31 -

Operating earnings available to common shareholders 568$ 124$ 137$

2007 1Q07 1Q08ReinsuranceNet income available to common shareholders 133$ 34$ 12$

Investment (gains) losses and related adjustments * 23 2 17 Operating earnings available to common shareholders 156$ 36$ 29$

2007 1Q07 1Q08Corporate, Other & EliminationsNet income available to common shareholders 170$ 65$ (34)$

Investment (gains) losses and related adjustments * (10) (4) 11 Discontinued operations (28) (16) -

Operating earnings available to common shareholders 132$ 45$ (23)$

QTD

QTD

QTD


9


Reconciliation of Book Value per Common Share

1Q07 1Q08

Book value per common share, actual shares outstanding 43.22$ 43.64$

Accumulated other comprehensive income (loss) 1.89 (1.45)

Book value per common share, actual shares outstanding, excluding accumulated other comprehensive income 41.32$ 45.09$

QTD

10


Reconciliation of Premiums, Fees and Other Revenues

($ Millions) 2003 2004 2005 2006 2007 1Q07 1Q08Total CompanyPremiums, Fees & Other Revenues 24,269$ 26,265$ 29,959$ 32,554$ 34,739$ 8,429$ 9,405$

Adjustments related to universal life and investment-type product policy fees - - - 6 12 - (5) Premiums, Fees & Other Revenues, as presented 24,269$ 26,265$ 29,959$ 32,560$ 34,751$ 8,429$ 9,400$

2006 2007 1Q07 1Q08IndividualPremiums, Fees & Other Revenues 8,244$ 8,608$ 2,074$ 2,118$

Adjustments related to universal life and investment-type product policy fees 6 12 - (5) Premiums, Fees & Other Revenues, as presented 8,250$ 8,620$ 2,074$ 2,113$

2006 2007 1Q07 1Q08Variable & Universal LifePremiums, Fees & Other Revenues 1,550$ 1,531$ 395$ 416$

Adjustments related to universal life and investment-type product policy fees 5 12 - (5) Premiums, Fees & Other Revenues, as presented 1,555$ 1,543$ 395$ 411$

2006 2007 1Q07 1Q08AnnuitiesPremiums, Fees & Other Revenues 1,976$ 2,275$ 536$ 555$

Adjustments related to universal life and investment-type product policy fees 1 - - - Premiums, Fees & Other Revenues, as presented 1,977$ 2,275$ 536$ 555$

QTD

QTD

QTD

QTD

11


Reconciliation of Operating Expenses and Expense Ratio

($ Millions) 2003 2004 2005 2006 2007 1Q07 1Q08Operating Expenses 6,706$ 7,327$ 8,543$ 9,968$ 10,720$ 2,650$ 2,643$ Other Expenses

IRS tax audit settlement - 22 - - - - -

Premium tax liability - 49 - - - - -

MetLife Foundation contribution - (50) - - - - -

Race conscious underwriting 144 - - - - - -

New England Financial charge (48) - - - - - -

Change in reserve methodology (45) - - - - - -

Operating Expenses, as presented 6,757$ 7,348$ 8,543$ 9,968$ 10,720$ 2,650$ 2,643$

Operating Expense Ratio:Operating Expense Ratio 27.6% 27.9% 28.5% 30.6% 30.9% 31.4% 28.1%Operating Expense Ratio, as presented 27.8% 28.0% 28.5% 30.6% 30.8% 31.4% 28.1%

QTD

12


Reconciliation of Return on Common Equity

($ Millions)1Q07 1Q08

Net income available to common shareholders 983$ 615$ Investment (gains) losses 58 560 Adjustments related to investment (gains) losses 26 (64) Discontinued operations 15 - Operating earnings available to common shareholders 1,082 1,111

Total equity 34,069 32,999 Less: Accumulated other comprehensive income 1,402 (1,028) Less: Preferred stock 2,042 2,042

Adjusted equity 30,625 31,985

Average equity 30,632 32,022

Annualized operating earnings available to common shareholders 4,328 4,444

Operating earnings available to common shareholders return on common equity 14.1% 13.9%

QTD

13

Documents

MetLife Stable Value & Institutional Products Client Conference