Metlife, Inc. · NYSE:MET
Metlife — Association for Advanced Life Underwriting 2009 Annual Meeting
15 slides from Metlife's conference presentation, May 5, 2009
Slide 1: Association for Advanced Life Underwriting 2009 Annual Meeting
Association for Advanced Life Underwriting 2009 Annual Meeting Eric T. Steigerwalt Senior Vice President & Treasurer
Slide 2: Safe Harbor Statement
Safe Harbor Statement These materials may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events.
Slide 3: Explanatory Note on Non-GAAP Financial Information
Explanatory Note on Non-GAAP Financial Information All references in this presentation to net income (loss), net income (loss) per share, operating earnings and operating earnings per share should be read as net income (loss) available to MetLife, Inc.'s common shareholders, net income (loss) availa
Slide 4: Evaluation of Insurance Companies
Evaluation of Insurance Companies Several key criteria have become dominant: Diversification Capital "Cushion" Liquidity Investment Quality Risk Management
Slide 5: MetLife's Business is Broadly Diversified
MetLife's Business is Broadly Diversified Premiums, Fees & Other (Q1 '09) Q1 '09 Group Life 1969 Retirement & Savings 378 Non-Medical & Other 1572 Individual Life 1404 Individual Annuities 497 Auto & Home 731 International 933 Other 381
Slide 6: MetLife's Capital "Cushion" is Strong
MetLife's Capital "Cushion" is Strong Manage domestic life subsidiaries to "AA Levels" 2008 RBC ratio of over 390% Strong excess capital position
Slide 7: MetLife's Excess Liquidity
MetLife's Excess Liquidity Cash & short-term investments $30.3 billion at 3/31/09 Securities lending $20.0 billion at 3/31/09 Stable business liability profile Lapses in insurance products are declining or stable No debt maturities in the near term
Slide 8: MetLife's High Quality Diversified Portfolio
Total Portfolio: Diversified portfolio across many sectors Liability Driven: Asset-liability management Team Investment Approach: 580+ investment and support professionals Risk Management: Part of our culture Market value as of 3/31/09 See Appendix for non-GAAP financial information reconciliations.
Slide 9: Defensively Positioned for Current Environment
Defensively Positioned for Current Environment RMBS Real Estate Recognized Deterioration in Mortgage Underwriting Standards Early Limited Exposure to Sub-Prime RMBS Vast Majority of Alt-A Holdings are Super Senior Decreased Commercial Mortgage Portfolio Loan-to-Value Diversified Real Estate Equity P
Slide 10: Variable Annuity Hedging
Variable Annuity Hedging MetLife has a strong and effective hedge program Why have we been successful? We did what we said we would do (3 Greeks) We hedged our Japanese products Variable annuity hedging is a manageable capital issue
Slide 11: Financial Strength Ratings & Outlook
Financial Strength Ratings & Outlook* Moody's Aa2 Negative S&P AA- Negative Fitch AA Negative A.M. Best A+ Stable * Ratings current as of April 29, 2009 for Metropolitan Life Insurance Company, MetLife Insurance Company of Connecticut, and MetLife Investors USA Insurance Company
Slide 12: MetLife - Positioned to Win
MetLife - Positioned to Win Diverse mix of businesses Our capital position is strong Our investment portfolio is defensively positioned We continue to benefit from the flight to quality
Slide 13: MetLife
MetLife
Slide 14: Reconciliation of Total Investments to Market Value of Managed Assets
Reconciliation of Total Investments to Market Value of Managed Assets ($ Billions) 3/31/2009 Total Investments $296.8 Plus Cash and Cash Equivalents 19.4 Less Policy Loans (9.9) Less Other Invested Assets (15.1) Less Mortgages Held For Sale (4.0) Adjustment to Real Estate to reflect Carrying Value 0
Slide 15: MetLife
MetLife
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