Metlife, Inc. · NYSE:MET
Metlife — MetLife Stable Value & Institutional Products Client Conference 2007
102 slides from Metlife's conference presentation, Jun 20, 2007
Slide 1: MetLife Stable Value & Institutional Products Client Conference
MetLife Stable Value & Institutional Products Client Conference June 20, 2007
Slide 2: Safe Harbor Statement
Safe Harbor Statement These 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 MetLif
Slide 3: Explanatory Note on Non-GAAP Financial Information
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"). Me
Slide 4: Explanatory Note on Non-GAAP Financial Information (Continued)
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 t
Slide 5: Conference Objectives
Conference Objectives Overview of MetLife's Institutional Business Review of MET's financial strength and performance Dialogue with Senior Officers of MetLife
Slide 6: Agenda
Agenda Time Topic Presenter 8:30 - 9:00 a.m. Registration & Breakfast 9:00 - 9:10 a.m. Welcome & Introductory Remarks Maria R. Morris 9:10 - 9:35 a.m. MetLife Institutional Business William J. Mullaney 9:35 - 10:35 a.m. MetLife Financial Overview William J. Wheeler 10:35 - 10:50 a.m. Break 10:50 - 1
Slide 7: MetLife Institutional Business
MetLife Institutional Business William J. Mullaney President, Institutional Business MetLife Stable Value & Institutional Products Client Conference
Slide 8: MetLife At-A-Glance
MetLife At-A-Glance MetLife 2006 Operating Earnings $4,022 Million Reinsurance and Corporate & Other $137M (4%) International $228M (6%) Auto & Home $414M (10%) Individual $1,543M (38%) Institutional $1,700M (42%) 4th Quarter Institutional 0.42 Individual 0.38 Auto & Home 0.1 International 0.06 Rein
Slide 9: Product Leadership
Product Leadership Group Life NMH R&S Operating Earnings 955 426 319 Institutional 2006 Operating Earnings $1,700 Million Retirement & Savings $955M (56%) Group Life $426M (25%) Non-Medical Health $319M (19%) *All measures are in sales premiums unless otherwise noted. Group Life - AM Best FY 2005; G
Slide 10: Premiums, Fees & Other Revenues
Premiums, Fees & Other Revenues 2002 2003 2004 2005 2006 Q106 Q107 9539 10341 11402 12812 13327 3360 3506 CAGR 8.8% 4.5% ($ Billions) $3.51 $9.5 $10.3 $11.4 $12.8 $13.3 $3.36
Slide 11: Total Policyholder Balances
Total Policyholder Balances 2002 2003 2004 2005 2006 Q106 Q107 General Account 56.6 62.5 70.6 103.4 110.4 104.1 112 Separate Account 36.3 40.5 40.4 45.2 47 45 47.8 CAGR 14.1% 7.2% General Account Separate Account ($ Billions) $103.0 $92.9 $111.0 $148.6 $157.4 $149.0 $159.8
Slide 12: Operating Earnings
Operating Earnings 2002 2003 2004 2005 2006 Q106 Q107 1008 1051 1249 1445 1700 416 452 CAGR 14.2% ($ Billions) 8.7% $416M $452M $1.0 $1.1 $1.2 $1.4 $1.7 See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 13: Institutional Drivers
Institutional Drivers Maintain strong fundamentals
Slide 14: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments
Slide 15: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement
Slide 16: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement Continued disciplined growth in Disability
Slide 17: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement Continued disciplined growth in Disability Grow voluntary and retiree insured Dental
Slide 18: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement Continued disciplined growth in Disability Grow voluntary and retiree insured Dental Some improvement in the yield curve
Slide 19: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement Continued disciplined growth in Disability Grow voluntary and retiree insured Dental Some improvement in the yield curve Lower variable net investment income
Slide 20: Institutional Drivers
Institutional Drivers Maintain strong fundamentals Top line growth in all segments Market share growth and margin improvement Continued disciplined growth in Disability Grow voluntary and retiree insured Dental Some improvement in the yield curve Lower variable net investment income
Slide 21: Group Insurance: We Stand Alone
Group Insurance: We Stand Alone In-force Premiums & Equivalents Source: Group Life: as of year-end 2005, group life direct premiums written (in-force), AM Best - July 2006; Group Dental (Commercial): as of year-end 2005, group dental in-force premiums & equivalents, MetLife Research - August 2006 -
Slide 22: Group Insurance Market Share by Employer Size
Group Insurance Market Share by Employer Size < 500 500-24,999 25,000+ Market Share 0.01 0.11 0.64 1% 11% 64% Sources: < 500 market share based on 2004 LIMRA, MetLife Marketing Research and Estimates; Estimated universe of customers with 500-24,999 employees based on 2005 D&B data; Estimated univers
Slide 23: National Accounts - Continued Strong Growth
National Accounts - Continued Strong Growth MetLife Non-MetLife Employers 267 148 New Customers Existing Customers Employers 0.1 0.903 Adding an average of 10 new customers annually Growing through existing customers purchasing new products Uniquely positioned to capitalize from corporate consolidat
Slide 24: Mid / Large - Near Double Digit Growth
Mid / Large - Near Double Digit Growth 11% market share Relationships with 3,700 of 35,000* employers in this market Balanced mix of sales between new and existing customers Increased sales of insured products 2003 2004 2005 2006 Mid-Large (500 - 24,999 Employees) 2.267 2.661 2.948 3.03 CAGR 9.3% 2.
Slide 25: Small Market - Tremendous Opportunity
Small Market - Tremendous Opportunity Over $1B of premiums, fees & other revenues with solid margins Premium growth built primarily on Dental Expansion of Life and Disability sales 2003 2004 2005 2006 Small Market (2 - 499 Employees) 0.694 0.842 0.997 1.078 CAGR 16.3% 0.7 0.8 1.0 1.1
Slide 26: Poised for Growth - Group Insurance
Poised for Growth - Group Insurance Grow faster than the market Leverage trend towards employee-paid benefits Maintain and improve fundamentals Leverage our National Account franchise Increase market share with small and mid-size employers Insured Dental growth Group & Individual product combination
Slide 27: Retirement & Savings - Sales by Product
Retirement & Savings - Sales by Product 2004 2005 2006 401(k) 1.909 1.836 1.535 GICs/Funding Agreements 1.531 1.32 2.121 MMGIC/Trust GICs/Other 1.752 1.14 1.237 Structured Settlements 0.907 1.06 0.797 Capital Mkt Inv Products 3.937 4.014 6.68 Closeouts 0.578 0.103 0.253 Income Annuities 0.265 0.341
Slide 28: Poised for Growth - Retirement & Savings
Poised for Growth - Retirement & Savings Rebuild pension & retirement solution business Broaden capital markets investment products Provide employee paid income solutions Defined benefit closeout market Other post-employment benefits Develop new product solutions Enter new markets with existing capa
Slide 29: Wrap-Up
Wrap-Up Proven market leadership Strong record of revenue and earnings growth Long-standing commitment to disciplined fundamentals Well positioned to capitalize on significant growth opportunities
Slide 30: MetLife
MetLife
Slide 31: MetLife Financial Overview
MetLife Financial Overview William J. Wheeler Executive Vice-President & CFO MetLife Stable Value & Institutional Products Client Conference
Slide 32: First Quarter 2007 Financial Overview
First Quarter 2007 Financial Overview * Excluding AOCI. ** Operating Return on Common Equity calculated on an annualized basis. See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 33: Revenue Growth: Premiums and Fees
Revenue Growth Premiums and Fees1 2002 2003 2004 2005 2006 Q106 Q107 22331 24269 26265 29954 32560 7934 8429 CAGR 9.9% ($ millions) 6.2% 1 Includes Other Revenues See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 34: Premiums, Fees & Other Revenues by Line of Business
Premiums, Fees & Other Revenues by Line of Business See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 35: Total Assets
Total Assets 2002 2003 2004 2005 2006 Q107 General Account 217.7 251 270 353.7 383.3 390.5 Separate Account 59.7 75.8 86.8 127.9 144.4 147.3 ($billions) CAGR 17.4% $326.8 $277.4 $356.8 $527.7 $481.6 $537.8
Slide 36: Underwriting Results
Underwriting Results 2002 2003 2004 2005 2006 Q106 Q107 Individual Mortality (Gross of Reinsurance) 0.838 0.877 0.82 0.854 0.851 0.94 0.876 2002 2003 2004 2005 2006 Q106 Q107 Combined Ratio 0.994 0.997 0.968 0.964 0.872 0.896 0.877 Combined Ratio Ex Cats 0.974 0.971 0.904 0.867 0.828 0.866 0.863 200
Slide 37: Investment Yields and Spreads
Investment Yields and Spreads
Slide 38: Total Company Operating Expense Ratio
Total Company Operating Expense Ratio 2002 2003 2004 2005 2006 Q106 Q406 Q107 Operating Expense Ratio 0.278 0.278 0.28 0.285 0.306 0.289 0.324 0.314 0 0 0 28.5% 30.6% 32.4% 28.9% 28.0% 27.8% 27.8% 31.4% Operating expense ratio is defined as expenses excluding certain items, divided by premiums, fees
Slide 39: Operating Earnings Available to Common Shareholders Per Diluted Share
Operating Earnings Available to Common Shareholders Per Diluted Common Share 2002 2003 2004 2005 2006 Q106 Q107 2.59 2.83 3.36 4.3 5.21 1.33 1.41 CAGR 19.1% 6.0% $1.33 $2.59 $4.30 $3.36 $2.83 $5.21 $1.41 See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 40: Operating Earnings Available to Common Shareholders by Line of Business
Operating Earnings Available to Common Shareholders by Line of Business See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 41: GAAP Results Total Company
GAAP Results Total Company See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 42: Financial Strength Ratings
Financial Strength Ratings Company ratings as of May 30, 2007.
Slide 43: 2007 Operating EPS & ROE Projection
2007 Operating EPS & ROE Projection See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 44: Capital Structure & Flexibility
Capital Structure & Flexibility
Slide 45: Summary
Summary 2006 - Another excellent year 2007 - Great momentum Well positioned for the future Strategic business position Financial and capital resources
Slide 46: MetLife
MetLife
Slide 47: Investments Overview
Investments Overview Robert W. Morgan Managing Director Portfolio Management MetLife Stable Value & Institutional Products Client Conference
Slide 48: Agenda
Agenda Market Overview Portfolio Review Asset Allocation Fixed Maturity Securities Alternative Investments Real Estate Risk Management Derivatives
Slide 49: 2007 Market View and Themes
Economy ? Moderate growth ? Soft landing, no recession Inflation ? Headline inflation remains low ? Core inflation falls slowly Fed ? Prolonged pause at 5.25% ? On hold for remainder of 2007 Interest Rates ? Inverted curve through most of 2007 Fixed Income ? Fundamentals peaked Sectors ? Spreads gra
Slide 50: Portfolio Allocation
3/31/07 Holdings Min / Max Range Neutral Portfolio Allocation
Slide 51: Portfolio Holdings by Asset Class
2007 Mid-point 3731/2004 Target Range 3/31/2005 3/31/2006 _3/31/2007 U.S. TreasuryiAgency 717% 9.2% 9.2% 8.6% 8.0% ‘Structured Finance Residential MBS 14.4% 14.8% 17.2% 178%. 17.0% Commercial MBS 5.4% 5.7% 65% 56%, 75% Asset-Backed Secutities 5.6% 4.6% 45% 42% 45% Total Structured Finance 254% 24.9%
Slide 52: Corporate Credit Quality
($ Billions) Corporate Credit Quality
Slide 53: Strategies to Reduce LBO Exposure
Avoid "at risk" industry sectors Aggressively reduce exposure to specific issuers Increase allocation to private securities Push underwriters for stronger covenant protection in public markets Strategies to Reduce LBO Exposure
Slide 54: Below Investment Grade Strategy
9/30/2000 9/30/2001 9/30/2002 9/30/2003 9/30/2004 9/30/2005 9/30/2006 3/31/2007 % of Portfolio 0.066 0.058 0.057 0.061 0.053 0.053 0.052 0.054 2007 Projections Corp. Bonds Emg. Markets Bank Loans Other 0.5 0.13 0.31 0.06 Defensive Below Investment Grade Strategy
Slide 55: Sub-prime Mortgages - Limited Exposure
Sub-prime Mortgages - Limited Exposure Positioned for weaker housing market Reduced sub-prime RMBS exposure by 25% from year-end 2005 to 1Q07 $2.6B portfolio of higher quality, seasoned collateral 96% rated 'AAA'/ 'AA' 4% rated 'A' or 'BBB' - All from 2004 and prior vintages Limited exposure to "aff
Slide 56: Started Managing Sub-Prime Exposure Early
Started Managing Sub-Prime Exposure Early 2002 2003 2004 2005 2006 3/31/2007 AAA/AA 2635 2674 2820 3093 2420 2463 A and Below 685 578 426 321 117 93 Reduced exposure to sub-prime RMBS Decline in sub-prime purchases 2002 2003 2004 2005 2006 Market RMBS Issuance 0.066 0.072 0.193 0.216 0.219 MetLife R
Slide 57: RMBS - Good Value and Diversification
RMBS - Good Value and Diversification Highly liquid and attractive relative value Virtually all rated 'AAA' Volatility mitigated by: Matching with liabilities Structure / security underwriting Hedging with derivatives
Slide 58: Real Estate and Agricultural Investments
Real Estate and Agricultural Investments ($ Billions - Book Value)
Slide 59: Commercial Mortgages Quality Profile
Commercial Mortgages Quality Profile ($ Billions - Book Value)
Slide 60: Reduced New York City Concentration
Reduced New York City Concentration ($ Billions) ($ Billions)
Slide 61: Derivatives: A Risk Management Tool
99% of derivatives used for hedging purposes Interest rate protection Duration management Credit protection Product guarantees Foreign currency Interest Rates Foreign Exchange Credit Equity 73.2 16.4 6.6 3.9 Derivatives: A Risk Management Tool
Slide 62: Investment Risks
Investment Risks Low rates Flat curve Tight spreads Continued yield curve inversion
Slide 63: MetLife
MetLife
Slide 64: Capital Markets Investment Products
Capital Markets Investment Products Tom Lenihan Managing Director Capital Markets/Investments MetLife Stable Value & Institutional Products Client Conference
Slide 65: Products Under Management
Capital Markets Investment Products Products Under Management MLIC and MICC Funding Agreement-Backed Notes Farmer Mac Guaranteed Trust Notes Funding Agreement-Backed ABCP Program (2H 2007) Federal Home Loan Bank Advances
Slide 66: Operating Paradigm
Capital Markets Investment Products Operating Paradigm Operated by Investments Department's Funding Desk Funding Desk has both liability and asset responsibility Full transparency (spread margin/ROE) Asset characteristics and mix dependent on liability type Derivatives manage duration, currency and
Slide 67: Corporate Organizational Structure
Corporate Organizational Structure MetLife, Inc. ("Holding Company") Metropolitan Life Insurance Company ("Metropolitan Life" or "MLIC") Domiciled in New York MetLife Insurance Company of Connecticut ("MICC") Domiciled in Connecticut Other Subsidiaries Bank International Subsidiaries Met A&H
Slide 68: FA-Backed Notes Market
FA-Backed Notes Market Growth of Market Issuance by Year1 1997 0.7 1998 5.9 1999 13.9 2000 20.3 2001 28.5 2002 27.4 2003 34.7 2004 37.6 2005 32.1 2006 32.3 $233.4B of notes have been offered since 1997 ($152.3B currently outstanding) In 2006, 17 programs issued a total of $32.3B 2007 issuance likely
Slide 69: FA-Backed Notes Market Program Size by Issuer
FA-Backed Notes Market Program Size by Issuer USD GBP CAD CHF EUR MXN AUD MET 1.02 1.98 1.31 0.56 0.26 0.08 0 AEGON 3.05 0.35 0 0 0.12 0.09 0.15 PFG 2.65 0.18 0.22 0.31 0.13 0 0 PRU 3.3 0 0 0 0 0 0 NYL 0 1.18 0.44 0.56 0.63 0 0 GNW 2.25 ALL 2.1 SUN 1.8 NAT 1.78 HIG 1 0.49 0 0 0.09 2006 Issuance by P
Slide 70: MLIC FA-Backed Notes Program
MLIC FA-Backed Notes Program As of 3/31/2007 56 discrete transactions totaling $20.0B offered since inception of Program in June 2002 $4.4B average annual issuance from 2003-6 Outstanding balance totals approximately $18.4B Expanding global presence with issuances in 7 currencies $2.0B issued YTD to
Slide 71: MLIC FA-Backed Notes Program Profile
MLIC FA-Backed Notes Program Profile As of 3/31/2007 Investor Profile Currency Profile Asset Mgr Bank Sec Lender Insurance Pension Fund Other East 39 28 13 12 4 4 Asset Manager 39% Bank 28% Sec Lender 13% Pension 4% Other 4% Insurance 12% USD GBP CAD CHF EUR YEN MXN East 64 19 7 7 1 1 1 USD 64% MXN
Slide 72: MICC FA-Backed Notes Program Overview
MICC FA-Backed Notes Program Overview Formerly known as "The Travelers Insurance Company" Renamed "MetLife Insurance Company of Connecticut" $126.3B of total assets as of 3/31/2007, with $75.5B in general account assets $3.3B outstanding under two inactive programs Just established a new EMTN progra
Slide 73: Farmer Mac Guaranteed Trust Notes Overview
Farmer Mac Guaranteed Trust Notes Overview 144A Notes rated "AAA" by Moody's, Fitch, DBRS Trust issues Notes with three credit elements Unconditionally guaranteed by Farmer Mac Secured by a MLIC funding agreement Funding agreement obligations over-collateralized by MLIC's high quality agricultural m
Slide 74: Funding Agreement-Backed ABCP Program Overview
Funding Agreement-Backed ABCP Program Overview Positions MetLife with a significant opportunity in the $2 trillion money market1 Name of program: Beagle Funding LLC Program's nominal shelf size: $10.0B Expected ratings: "A-1+" and "P-1" by S&P and Moody's, respectively Program incorporates various i
Slide 75: Capital Market Investment Products Focus on Investors
Capital Market Investment Products Focus on Investors Focus on Investors Focus on Investors (c)UFS
Slide 76: Investor Focused
Capital Markets Investment Products Investor Focused Over 350 separate institutional investors, including "who's who" of credit investors Total holdings of the largest investor: $750M Total holdings of the top ten investors: $5.9B Virtually no hedge funds / fast money investors Mutual interest in we
Slide 77: Capital Markets Investment Products Summary
Capital Markets Investment Products Summary Excellent Creditworthiness Low operational leverage/solid capital position Well-diversified businesses and strong operating cash flow Excellent and stable ratings Unparalleled brand recognition Attractive growth and profitability prospects High Demand for
Slide 78: MetLife
MetLife
Slide 79: Closing Remarks
Closing Remarks C. Robert Henrikson Chairman, President and CEO MetLife Stable Value & Institutional Products Client Conference
Slide 80: Trends Are Fueling Multiple Opportunities
Unsustainable social programs Changes in pension legislation & accounting regulations Employer benefit budgets getting squeezed Increased awareness of these issues by governments, corporations & individuals Products to meet income & longevity protection needs Help employers manage balance sheet vola
Slide 81: "Relational Capital" Creates Competitive Advantage
Better ability to understand & respond to customer needs Trusted advisor & ability to frame the solution Data mining provides multiple sale opportunities Ability to sell to customers however they like to buy "Relational Capital" Creates Competitive Advantage Face-to-face distribution Strong customer
Slide 82: Diverse and Growing Distribution: U.S. & International
Diverse and Growing Distribution: U.S. & International Client Growth Banks Employer Direct 403(b) Bancassurance Career Agents Wire Houses Independent Agents Direct Marketing
Slide 83: Diversified Sources Results in Lower Earnings Volatility
FY2006 Retirement & Savings 0.24 Group Life 0.11 Non-Medical Health 0.08 Individual Annuities 0.22 Individual Life 0.17 Auto & Home 0.1 International 0.06 Reinsurance 0.03 Operating Earnings 2006 Diversified Sources Results in Lower Earnings Volatility
Slide 84: 2007 Drivers - Institutional
2007 Drivers - Institutional Product Grow insured dental Combine group & individual products Prepare for increased pension close-out business Distribution Leverage trends in employee-paid benefits Maximize national account franchise Increase market share with small & mid-size employers Expense Maint
Slide 85: 2007 Drivers - Individual
2007 Drivers - Individual Product Rollout Lifetime Withdrawal Guarantee annuity rider Continue product innovation and expand proprietary products in the independent channel Improve speed to market Distribution Create a more efficient wholesaling organization Penetrate deeper in existing channels Inc
Slide 86: 2007 Drivers - International
2007 Drivers - International Product Continue development of an attractive portfolio of products Focus on our major markets and major distribution partners Distribution Develop Citi relationship Add new bancassurance partners by leveraging Citi experience Leverage wholesaling model and expand traini
Slide 87: 2007 Drivers - Auto & Home
2007 Drivers - Auto & Home Product Introduce GrandProtect in Institutional Distribution Expand pricing sophistication - "Metrix" Grow points of distribution Increase producer productivity Leverage multiple distribution channels Expense Continue volatility management Implement infrastructure changes
Slide 88: MetLife Strengths
MetLife Strengths Strong capital position Solid operating cash flow Excellent and stable ratings Leverage capacity Leading industry risk management practices Unparalleled brand recognition Magnet for outstanding talent
Slide 89: MetLife
MetLife
Slide 90: Appendix: Reconciliations of Non-GAAP Financial Information
Appendix Reconciliations of Non-GAAP Financial Information
Slide 91: Explanatory Note on Non-GAAP Financial Information
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"). Me
Slide 92: Explanatory Note on Non-GAAP Financial Information (Continued)
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 t
Slide 93: Reconciliation of Net Income to Operating Earnings - Total Company
Reconciliation of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders - Total Company
Slide 94: Reconciliation of Net Income per Share to Operating Earnings per Share
Reconciliation of Net Income Available to Common Shareholders per Share to Operating Earnings Available to Common Shareholders per Share - Total Company Operating Earnings Available to Common Shareholders per Share - Total Company Operating Earnings Available to Common Shareholders per Share - Total
Slide 95: Reconciliation of Net Income to Operating Earnings
Reconciliation of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders ($ Millions) ($ Millions) ($ Millions)
Slide 96: Reconciliation of Net Income to Operating Earnings
Reconciliation of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders ($ Millions) ($ Millions)
Slide 97: Reconciliation of Net Income to Operating Earnings
Reconciliation of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Availabl
Slide 98: Reconciliation of Net Income to Operating Earnings
Reconciliation of Net Income Available to Common Shareholders to Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Available to Common Shareholders Operating Earnings Availabl
Slide 99: Reconciliation of Book Value per Common Share
Reconciliation of Book Value per Common Share Reconciliation of Book Value per Common Share
Slide 100: Reconciliation of Premiums & Fees
Reconciliation of Premiums & Fees1 1 Includes other revenues. 1 Includes other revenues.
Slide 101: Reconciliation of Operating Expenses and Expense Ratio
Reconciliation of Operating Expenses and Expense Ratio The operating expense ratio is calculated by dividing operating expenses by premiums, fees and other revenues. The operating expense ratio, as presented, is calculated by dividing operating expenses, as presented, by premiums, fees and other rev
Slide 102: MetLife
MetLife
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