Metlife, Inc. · NYSE:MET
Metlife — Investor Day (September 2012)
90 slides from Metlife's investor day presentation, Sep 11, 2012
Slide 1: Agenda
Agenda Asia Overview Christopher Townsend President, Asia Japan William Hogan Chairman & CEO, MetLife Alico Japan Sachin Shah EVP & COO, MetLife Alico Japan Hiroyoshi Kitamura EVP, Profit Center & Products, MetLife Alico Japan Atsushi Yagai EVP, Strategy & Marketing, MetLife Alico Japan Break Korea
Slide 2: Asia Investor Day 2012
ASIA INVESTOR DAY 2012 Christopher Townsend President Asia
Slide 3: Strategy to Become a World-Class Company
Drive Toward Customer Centricity and a Global Brand Grow Emerging Markets Build Global Employee Benefits Business Refocus the U.S. Business Strategy to Become a World-Class Company G LOBAL * W ORLD -C LASS * S CALE
Slide 4: Meeting Growing Customer Demand
Grow and Leverage Accident & Health Solutions Leverage Multi-Channel Distribution Meeting Growing Customer Demand Shifting costs from governments to individuals Aging populations needing health solutions Growing middle class needing protection
Slide 5: Asia Financial Results and Overview
Overview 2011 Financial Results Asia Financial Results and Overview #2 foreign life insurer in Japan ¹ #2 in Accident & Health products in Japan ² #1 foreign life insurer in Korea ³ Growing presence in China $8.7B Premiums, Fees and Other Revenues $867M Operating Earnings Based on Annualized New Pre
Slide 6: Japan and Korea: Target Key Segments in Mature Markets
Japan: A Cornerstone Market Korea: Growth Through Innovation Target Key Segments in Mature Markets MetLife’s 2 largest market Strong growth in high-margin products, despite challenging environment Leverage expertise across MetLife, especially in Asia MetLife’s 4 largest market Diversified distributi
Slide 7: Asia: Seeking Growth in Emerging Markets
Asia: Seeking Growth in Emerging Markets Top 5 life insurer in both the Direct Marketing and Bancassurance channels in China Expanding our agency model into more Chinese provinces and cities Several other attractive, fast-growing insurance markets Source: China Insurance Regulatory Commission, based
Slide 8: Asia Key Takeaways
Asia Key Takeaways Asia is a key segment and contributor to 2016 goals Growing market share in mature markets Opportunistically pursue organic and inorganic growth in emerging markets
Slide 9: William Hogan, MetLife Alico Japan
ASIA INVESTOR DAY 2012 William Hogan Chairman & Chief Executive Officer MetLife Alico Japan
Slide 10: Why MetLife Alico
Why MetLife Alico Macro trends creating attractive opportunities to take share and capture growing segments Competitive products and multi-distribution platform Current positioning allows room for additional market share gains Growing significantly faster than market and building scale Strong cultur
Slide 11: Growth Value Multiplier
Growth Value Multiplier Growing distribution productivity Enhanced investment capability Improving operating efficiency Improving persistency Growing brand preference Acquiring new customers Cross-selling Broad product portfolio We are Addressing Key Performance Drivers
Slide 12: Japan Performance on the Right Trajectory
31% 9% 50% 28% 124 192 (1H 2012 vs. 1H 2011)¹ Key Metrics bps bps Japan Performance on the Right Trajectory Operating Earnings Operating Expense Ratio Premiums, Fees and Other Revenues Annualized New Premiums (ANP) Persistency³ Operating Earnings, as adjusted ² MetLife ALICO Japan has a fiscal year-
Slide 13: Sachin N. Shah, MetLife Alico Japan
ASIA INVESTOR DAY 2012 Sachin N. Shah Executive Vice President & Chief Operating Officer MetLife Alico Japan
Slide 14: Japan Offers Attractive Growth Opportunities
Multi-channel access and service Needs based advisory model Opportunity to grow market share Increased need for private insurance Japan Offers Attractive Growth Opportunities World’s 2 largest insurance market ¹ Changing consumer needs Consumers becoming more selective Strain in social healthcare &
Slide 15: A Comprehensive Life Insurance Solutions Provider
Married Small / Medium Enterprises Pre-Retirees Retirees Retirees Singles Married Large & Growing Customer Segments Diverse Distribution Channels Broad Product Portfolio Primary Solutions Ancillary Solutions A Comprehensive Life Insurance Solutions Provider Face-to-Face Bancassurance Direct Marketin
Slide 16: We are Gaining Market Share
MetLife Alico Premiums ¹ Market Share Trend MetLife Alico ANP Market Share Trend We are Gaining Market Share ($ in Billions) ($ in Billions) 0.0% 1.0% 2.0% 3.0% 4.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Industry ANP MetLife Alico Market Share Industry Premiums MetLife Alico Market Share Note : MetLife
Slide 17: Strong Foundation Focused on Profitable Growth Segments
Strong Foundation Focused on Profitable Growth Segments Multiple advice-based distribution channels Broad, innovative protection and savings solutions Strong execution culture, focused on growth and profitability Powerful brand assets of “U.S. No.1” , Snoopy and Blimp Solid balance-sheet, strong com
Slide 18: Strategy Designed to Enhance Performance
Strategy Designed to Enhance Performance Brand Enhancement Value Growth Customer Centricity Distribution Growth
Slide 19: Strategy Designed to Enhance Performance
Atsushi Yagai Hiroyoshi Kitamura Atsushi Yagai Sachin N. Shah Strategy Designed to Enhance Performance Brand Enhancement Value Growth Customer Centricity Distribution Growth
Slide 20: Multiple Distribution Channels, Greater Customer Access
Distribution Mix 1H 2012 Highlights Direct Marketing, 13% Independent Agents, 25% Bancassurance, 40% 1 Multiple Distribution Channels, Greater Customer Access Prominent professional career agency channel Strong independent agent channel Access to nearly 90% of bank deposit assets and customers Leadi
Slide 21: Face-to-Face Distribution: A Leader in Productivity
Metrics June 1, 2011 – May 31, 2012 Career Agency Independent Agency Face-to-Face Distribution: A Leader in Productivity Sales Productivity per Active Agent per month $11,200 $12,100 Policy Productivity per Active Agent per month 6.2 6.4 Accident & Health Cross-Sell Ratio ¹ 71% 60% Note : MetLife Pl
Slide 22: Continued Growth from Face-to-Face Channels
Growth Priorities Face-to-Face ANP Trend Continued Growth from Face-to-Face Channels Note : MetLife Plan FX rate of $1 = JPY 78.20. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Increase penetration in Brokerage General Agency segment Expand unique Independent
Slide 23: Larger Banks Offer Higher-End Customer Base
Highlights Individual Bank Deposits in Japan 1 Japan Post, 31% Mega Banks, 27% Regional & Other Banks, 31% - Larger Banks Offer Higher-End Customer Base 101 partner financial institutions Multi-layer wholesaling model / needs based sales approach Full-service training and unique e-learning capabilit
Slide 24: Bancassurance: Focused on Profitable Segments
MetLife Alico Industry Bancassurance: Focused on Profitable Segments Single premium whole life driving recent growth Mostly JPY denominated products Low interest rates and aggressive competition pressuring margins A leader in more profitable foreign currency segment A leader in Accident & Health, gr
Slide 25: Direct Marketing: Large, Highly Profitable Business
Highlights Direct Marketing Product Mix 1H 2012 1 Accident & Health, 76% Direct Marketing: Large, Highly Profitable Business Industry pioneer in direct marketing Large sponsor base Best-in-class call center capabilities Source of leads for face-to-face channel Statutory Premiums, Deposits and Other
Slide 26: Direct Marketing Business Repositioning
Direct Marketing ANP & Marketing Efficiency Trend Direct Marketing Priorities Direct Marketing Business Repositioning ($ in Millions) Note : MetLife Plan FX rate of $1 = JPY 78.20. Campaign Sales / Marketing Spend in MetLife Alico. 1H 2009 Marketing Spend Efficiency rebased to $100M. See Appendix fo
Slide 27: Key Takeaways: Japan Distribution
Key Takeaways: Japan Distribution Market offers attractive growth opportunities Well positioned to capture profitable growth Face-to-Face increasing productivity and profitable product mix Leveraging bank relationships for emerging protection opportunity Direct Marketing repositioning improving effi
Slide 28: Hiroyoshi Kitamura, MetLife Alico Japan
ASIA INVESTOR DAY 2012 Hiroyoshi Kitamura Executive Vice President, Profit Center & Products MetLife Alico Japan
Slide 29: Broad Suite of Products
U.S.$ Whole Life Yen Whole Life Level Term Sub-Standard Whole Life U.S.$ and Yen Single Premium Whole Life Single Premium Medical Broad Suite of Products Accident & Health Life Annuity Bancassurance Foreign Currency Fixed Annuity Foreign Currency Fixed Annuity Independent Agents Direct Marketing Car
Slide 30: Diversified Product Mix Weighted toward Protection
Statutory Premiums, Deposits and Other Considerations 1H 2012 Operating Earnings 1H 2012 Life Insurance, 45% Accident & Health, 70% Diversified Product Mix Weighted toward Protection See Appendix for non-GAAP financial information, definitions and/or reconciliations. Accident & Health, 26% Group & C
Slide 31: Proactively Growing Value
Asset diversification Re-price, manage product mix and enhance investment yields Emphasize cross-selling / packaging Continued product innovation Driving expense efficiency Proactively Growing Value Relatively low in-force penetration Volatile investment markets Low interest rates Increased competit
Slide 32: Minimal Impact of Lower Interest Rates
Product ANP Share Sales Impact Profitability Impact Level Premium Life Accident & Health Fixed Annuity Single Premium Life 1 Minimal Impact of Lower Interest Rates 36% Low Medium 29% Low Low 25% High Low 9% Medium High Percentages reflect share of annualized new premiums for fiscal year 2011. Exclud
Slide 33: Leveraging MetLife's Global Investment Capabilities
Total Investment Portfolio As of June 30, 2012 Improving Asset Diversity and Enhancing Investment Yields Leveraging MetLife’s Global Investment Capabilities Invest in USD corporate bonds, swapped in AUD Source USD commercial mortgage loans Utilize private placement bonds in USD and AUD Lengthen dura
Slide 34: Cross-Sell for Both New and Existing Customers
Cross-sell Opportunities Policies per Customer Cross-Sell for Both New and Existing Customers Maintain high cross-sell rates through advice-based model Mine existing customer database Direct marketing business generates leads to agents From January 1, 2011 through June 30, 2012. 1.54 1.56 1.58 1.60
Slide 35: Culture of Product Innovation
MetLife Alico has developed over 20 Industry First products 2003 1999 2007 2000 2010 2006 2012 Culture of Product Innovation Dual-Currency Fixed Annuity $ Interest Sensitive Whole Life Single Premium Whole Life FIH Guaranteed Issue Full-in-Hospital (FIH) Product Innovation Examples: Cancer Diagnosis
Slide 36: Product Innovation Continues
Nov. 2011 Outpatient Treatment Rider for Sub-standard Medical Nov. 2011 Advanced Medical Treatment Rider for Sub-standard Medical Sep. 2012 Cancer Rider for Sub-standard Medical Product Innovation Continues Advancing health care technology and government policy relaxing guidelines for mixed treatmen
Slide 37: Key Takeaways: Japan Products
Key Takeaways: Japan Products Broad product portfolio meeting customer lifetime needs Well-diversified and balanced Emphasis on lower capital intensive and high ROE products Leveraging global investment capability Continuing to innovate
Slide 38: Atsushi Yagai, MetLife Alico Japan
ASIA INVESTOR DAY 2012 Atsushi Yagai Executive Vice President, Strategy, Customer Marketing & Direct Marketing MetLife Alico Japan
Slide 39: Consumers Want a New Kind of Insurance Company
Become easier to do business with Enhance brand recognition and preference Focus on post-sale follow-up MetLife Alico Response Industry Consumers Want a New Kind of Insurance Company Source: MetLife internal research. 70% of policyholders considering changing their current policy 68% of consumers co
Slide 40: Post-sale Follow-up Leads to Greater Retention
Persistency Ratio Key Initiatives Post-sale Follow-up Leads to Greater Retention Agent notification system for unpaid and lapsed policies Increase credit card usage “Orphan” customer management Align incentives to persistency improvement 81% 82% 83% 84% 85% 86% 87% 88%
Slide 41: Become Easier To Do Business With
Enhance self-service capabilities Streamline and simplify claims process Redesign new business process and simplify forms Become Easier To Do Business With New Business Benefit Payment Relationship Management
Slide 42: Enhance Brand Recognition and Preference
Enhance Brand Recognition and Preference
Slide 43: Key Takeaways: Japan Customer Centricity & Brand Enhancement
Efficiency Persistency / Brand Preference Sales Key Takeaways: Japan Customer Centricity & Brand Enhancement Customers want a new kind of insurance company Post-sale follow-up driving persistency improvements Becoming easier to do business with will drive growth and value creation Leveraging unique
Slide 44: William Hogan: Summary
ASIA INVESTOR DAY 2012 William Hogan Chairman & Chief Executive Officer MetLife Alico Japan Summary
Slide 45: Key Takeaways: MetLife Alico Japan
Growth Value Multiplier Key Takeaways: MetLife Alico Japan
Slide 46: Jong Kim, MetLife Korea
ASIA INVESTOR DAY 2012 Jong Kim Chief Executive Officer MetLife Korea
Slide 47: MetLife Korea – Building Value Through Discipline
MetLife Korea – Building Value Through Discipline Focused on productivity and profitability Top-tier Career Agency Fast growing General Agency Successful launch of Accident & Health initiative
Slide 48: Korea - Strategic Direction
One of the first to launch individual retirement products Leverage Career Agency expertise to drive General Agency success Enhance sales skills and productivity in the Agency Channel; focus on margin improvement Continue successful A&H rollout Increasing demand for Accident & Health products General
Slide 49: Korea – Demographic Trends
Age Distribution in Korea 16% 13% 13% Korea – Demographic Trends Source: Statistics Korea; data as of Dec. 2011. Korea will become a “super- aged society” by 2026 Dependent population increasing, driving need for retirement and protection products MetLife one of the first to provide individual retir
Slide 50: Focused on Margin Improvement
Focused on Margin Improvement Leveraging technology to drive persistency gains and improve productivity Revamped distributor compensation to better align incentives with persistency Maintain pricing discipline while offering competitive products
Slide 51: Top-Tier Career Agency Drives Sales Growth
Career Agency Channel New Sales ANP Top-Tier Career Agency Drives Sales Growth Source : Korea Life Insurance Association and MetLife internal research. Note : MetLife Plan FX rate of $1 = 1,095 won. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Strong growth in
Slide 52: Career Agency – High-Quality Agents
Agent Productivity 1 (2011) % MDRT Qualifiers (2011) Career Agency – High-Quality Agents Highest agent productivity in the market 25% of agents qualified for MDRT Based on monthly new premiums per agent. Source : Korea Life Insurance Association and MetLife internal research. Note : MetLife Plan FX
Slide 53: A Day in the Life of Two Agents
“A Day in the Life of Two Agents” Launched a mobile sales system to over 4,500 agents Generated 8% of sales leads through mobile sales system Plan to roll out mobile service system to customers in January 2013
Slide 54: General Agency – Fastest Growing Channel in the Market
General Agency Channel New Sales ANP General Agency – Fastest Growing Channel in the Market Source : Korea Life Insurance Association and MetLife internal research. Note : MetLife Plan FX rate of $1 = 1,095 won. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Met
Slide 55: Successful Launch of Accident & Health Initiative
A&H New Sales ANP Successful Launch of Accident & Health Initiative Note : MetLife Plan FX rate of $1 = 1,095 won. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Strong sales growth driven by: – “A&H Everything” initiative – Whole Life Cancer product launch, Sep
Slide 56: Korea - Key Takeaways
Korea - Key Takeaways Focused on maximizing productivity and profitability Continued success in Career Agency Career Agency expertise leveraged in General Agency channel Positioned to capture retirement and Accident & Health opportunities
Slide 57: Bob Pei, Sino-US United MetLife
ASIA INVESTOR DAY 2012 Bob Pei Chief Executive Officer Sino-US United MetLife
Slide 58: MetLife in China – Building a Strong Franchise for the Future
MetLife in China – Building a Strong Franchise for the Future Maintaining strong sales growth into 2012 Strategically expanding footprint in China Continuing to build on strong multi-channel distribution capabilities Disciplined marketing strategy Strong joint venture partner relationship
Slide 59: China - Strategic Direction
Continue to expand into new provinces and cities Expand employee benefits offering Continue leading position in Direct Marketing and expand agency penetration in existing cities Deepen relationship with banks Continue disciplined marketing strategy and focus on target market segments Employee benefi
Slide 60: Strong Growth in China
Premiums, Fees and Other Revenues Strong Growth in China Source : MetLife Plan FX rate of $1 = 6.225 yuan. See Appendix for non-GAAP financial information, definitions and/or reconciliations. Geographic expansion Improving productivity of all channels Successful merger of joint ventures in 2011
Slide 61: MetLife in China – Expanding Footprint
Chongqing Branch Jiangsu Branch Guangdong Branch Beijing HO Liaoning Branch Zhejiang Branch Shanghai HO Sichuan Branch Fujian Branch Hubei Branch MetLife in China – Expanding Footprint 11 cities at 2009 end Chongqing Nanjing Wuxi Guangzhou Shenzhen Beijing Dalian Shenyang Hangzhou Ningbo Shanghai 19
Slide 62: Diversified Channels and Balanced Business
Distribution Mix & Geographic Split ANP 1H 2012 Diversified Channels and Balanced Business Direct Marketing and Bancassurance resulting in faster payback on new city entry Building Agency and Group as markets and operations mature Expanding beyond Tier 1 to capture higher growth in Tier 2 and Tier 3
Slide 63: Market Leader in Direct Marketing
Rapidly Growing TSR Base Market Leader in Direct Marketing Over 3,000 Telemarketing Sales Representatives (TSRs), focused on Accident & Health Highest productivity among competitors Strong capability in generating leads Operate through sponsors and proprietary channels 1,000 1,500 2,000 2,500 3,000
Slide 64: Differentiated Bancassurance Model
Leading insurer with foreign banks Strong account / wholesaler management and best-in-class training Expertise in targeting mass affluent segment Balanced product portfolio with A&H, Life and Retirement Track record for product innovation in variable products Differentiated Bancassurance Model Data
Slide 65: Highly Productive Agency Force
Agency Productivity Highly Productive Agency Force Market leader in productivity Success based on selective recruiting process and compensation system Need based selling model and e-solution to differentiate from competitors Focused on protection products National Insurance Industry Communication Cl
Slide 66: China - Key Takeaways
China - Key Takeaways Growing faster than the market True multi-channel expertise Disciplined approach to expansion Optimize channel approach to city maturity & customer needs A diversified, balanced and disciplined business
Slide 67: Toby Brown, CFO, MetLife Asia
ASIA INVESTOR DAY 2012 Toby Brown Chief Financial Officer MetLife Asia
Slide 68: Slide 68
Slide 69: Asia Operating Earnings up 45%; Up 26% on an Adjusted Basis
Asia Operating Earnings up 45%; Up 26% on an Adjusted Basis Operating Earnings Growth Reflects $44 million in claims and expenses related to Japan earthquake and tsunami. Reflects $24 million of higher than planned variable investment income, partially offset by a net $5 million in DAC and other act
Slide 70: Strong New Business Growth
ANP up 13% Strong New Business Growth $1,569 $1,780 ($ in Millions) MetLife has a strong and growing position in Japan Well positioned in Korea and emerging markets Our focus is on disciplined growth See Appendix for non-GAAP financial information, definitions and/or reconciliations. 1H 2011 1H 2012
Slide 71: Broad Based Growth Across Product Segments
ANP up 13% $1,569 $1,780 ($ in Millions) Growth weighted towards protection Clear, disciplined pricing process Proactive portfolio management Broad Based Growth Across Product Segments See Appendix for non-GAAP financial information, definitions and/or reconciliations. 1H 2011 1H 2012 Group & Credit
Slide 72: Increased Multiplier from Persistency Initiatives
PDOC up 11%, PFOs up 7% $9,963 $11,070 ($ in Millions) Double digit statutory renewal premiums growth Increasing brand activities in key markets Strong focus on customer centricity Increasing distribution efficiency Increased Multiplier from Persistency Initiatives $4,300 $4,609 Statutory Premiums,
Slide 73: Asia Investment Portfolio and Income
Asset Type Income 1H 1H 2012 Net investment income $1,109 $1,383 Investment portfolio gains/(losses) ($68) ($127) Derivative gains/(losses) $41 $31 Managed Assets: $92.3 Billion Estimated fair value as of June 30, 2012. See Appendix for non-GAAP financial information, definitions and/or reconciliati
Slide 74: Macro and Strategic Overview
Challenging Economic Environment Investment Margin Expansion Strategies Maintain Disciplined ALM Philosophy / Risk Management Macro and Strategic Overview Managing business / earnings impacts Maintaining credit quality Leveraging MetLife’s investment capabilities Leverage global credit skills Compet
Slide 75: Disciplined Expense Management
Operating Expense Ratio Improvement of ~210 bps; Expenses Nearly Flat YoY Disciplined Expense Management Absolute spend levels nearly flat Increased sales and operating efficiency Impact of improved persistency on revenues 0% 4% 8% 12% 16% 20% 24% 28% 1H 2011 1H 2012 26.4% 25.7% 24.3% Excludes $28 m
Slide 76: Strong Capital Position in Mature Markets
Solvency Margin Ratio vs. Industry Average and Regulatory Minimum 1 Strong Capital Position in Mature Markets Japan and Korea maintaining strong SMRs Subsidiary conversion in Japan completed, repatriated $1.57 billion 0% 200% 400% 600% 800% 1000% Japan Korea Latest reported Industry Average Regulato
Slide 77: SMR Sensitivity to Interest Rates
SMR Sensitivity to Interest Rates Sensitivity of Japan’s Solvency Margin Ratio to Interest Rate Movements SMR expected to range between 600 - 700% for a 200 bps increase in Japanese interest rates Rising interest rates has a favorable economic impact on the business As of June 30, 2012. 600% 700% 80
Slide 78: SMR Sensitivity to Exchange Rates
SMR Sensitivity to Exchange Rates Sensitivity of Japan’s Solvency Margin Ratio to FX Rate Movements FX has a modest impact on SMR ratio A strengthening Yen has a favorable economic impact on the business As of June 30, 2012. 600% 700% 800% 900% 1000% 1100% 1200% 79.31 $ / Yen Yen:USD Yen:AUD Yen:Oth
Slide 79: Further Opportunities to Drive Value
Further Opportunities to Drive Value Global scale and simplicity efficiency Increasing share of protection sales through our unique multi-channel touch points Increased investment margins Operational & sales efficiency Increased capital efficiency / deployment
Slide 80: Key Takeaways
Key Takeaways Asia is a core and growing contributor to MetLife Balance of mature, developing and emerging markets all with growth opportunities Maintaining profitability discipline despite macro headwinds Key initiatives capitalize on trends and opportunities Future opportunities to further increas
Slide 81: MetLife
MetLife
Slide 82: Appendix
ASIA INVESTOR DAY 2012 Appendix
Slide 83: Definitions
Definitions
Slide 84: Definitions
Definitions Sales / Annualized New Premiums: • 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions) count towards Annualized New Premiums. 20% of single-premium deposits from credit insurance count towards Annualized New Premiums. • 10
Slide 85: Reconciliations
Reconciliations
Slide 86: Reconciliation of Operating Earnings to Net Income – Asia
Six Months Ended June 30, 2011 2011 Six Months Ended June 30, 2012 MetLife ALICO Japan has a fiscal year-end Nov. 30. The results presented for the six months ended June 30, 2012 and 2011 reflect its operating results for the six months ended May 31, 2012 and 2011, respectively. Reconciliation of Op
Slide 87: Reconciliation of Premiums, Fees & Other Revenues and Operating Expense Ratio
Six Months Ended June 30, 2012 Six Months Ended June 30, 2011 2011 Other expenses (operating) net of capitalization of DAC. Reconciliation of Premiums, Fees & Other Revenues (Operating) to Premiums, Fees & Other Revenues (GAAP) and Reconciliation of Operating Expense Ratio – Asia MetLife ALICO Japan
Slide 88: Reconciliation of Total Investments to Managed Assets - Asia
At June 30, 2012 ($ in Billions) Total investments 91.9 $ Add: Cash and cash equivalents 2.8 Add: Fair value adjustments 0.1 Less: Policy loans 1.7 Less: Other invested assets (4.6) Less: Trading and other securities 5.4 Managed assets 92.3 $ MetLife ALICO Japan has a fiscal year-end Nov. 30. The re
Slide 89: Reconciliation of Net Investment Income and Gains
Six Months Ended June 30, 2012 Six Months Ended June 30, 2011 ($ in Millions) Net investment income (operating) $ Adjustments from net investment income (operating) to net investment income (GAAP): Add: Joint venture adjustments Add: Net investment income on contractholder-directed unit-linked inves
Slide 90: Christopher G. Townsend, President, Asia
Christopher G. Townsend President, Asia MetLife, Inc.