Metlife, Inc. · NYSE:MET

Metlife — Investor Day (May 2012)

94 slides from Metlife's investor day presentation, May 23, 2012

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: Safe Harbor Statement (continued)
Safe Harbor Statement (continued) (16) the dilutive impact on our stockholders resulting from the settlement of common equity units issued in connection with the acquisition of ALICO or otherwise; (17) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet
Slide 4: Explanatory Note on Non-GAAP Financial Information
Explanatory Note on Non-GAAP Financial Information All references in these presentations (except in this Explanatory Note on Non-GAAP Financial Information slide) to operating earnings, premiums, fees and other revenues and return on equity, should be read as operating earnings available to common s
Slide 5: Explanatory Note on Non-GAAP Financial Information (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder divid
Slide 6: Explanatory Note on Non-GAAP Financial Information (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP measures are included in this Appendix to the presentation materials and are on the Investor Relati
Slide 7: Agenda
Agenda Overview and Asia Steven A. Kandarian Chairman, President & Chief Executive Officer The Americas William J. Wheeler President, The Americas Break Global Employee Benefits Maria R. Morris Executive Vice President, Global Employee Benefits EMEA and Emerging Markets Strategy Michel Khalaf Presid
Slide 8: MetLife
MetLife
Slide 10: Why did we do a Strategic Review?
Why did we do a Strategic Review? Continuously assess our strategy Evaluate trends and opportunities – Customer – Macroeconomic – Regulatory Position the company to create long-term shareholder value
Slide 11: Built to Embrace Challenges and Opportunities
Built to Embrace Challenges and Opportunities Strong Foundation Challenging Environment Significant Opportunities Leading presence in large markets Strong positions in several high-growth countries Strong distribution Sound investment portfolio and proven risk management Well established brand Persi
Slide 12: Guiding Principles to Shape Our Strategy
Guiding Principles to Shape Our Strategy Customer Put the customer at the center of all we do Build on Strengths Draw on our market position and core capabilities Leverage Global Footprint Extend our presence in emerging markets and with global customers Optimize the Portfolio Allocate capital to ma
Slide 13: Strategy to Become a World-Class Company
Strategy to Become a World-Class Company ONE GLOBAL * WORLD-CLASS * SCALE Global: Operate as a Global Company World-Class: Raise the Bar to be a World-Class Company Scale: Leverage Our Scale to Create Efficiencies
Slide 14: Strategy to Become a World-Class Company
Strategy to Become a World-Class Company ONE GLOBAL * WORLD-CLASS * SCALE Refocus the U.S. Business Build Global Employee Benefits Business Grow Emerging Markets Drive Toward Customer Centricity and a Global Brand
Slide 15: Customer Centricity is a Powerful Competitive Advantage
Customer Centricity is a Powerful Competitive Advantage Deep understanding of customers’ needs and expectations Putting the customer at the center of everything we do Customers come to us, stay with us and buy more from us Higher Organic Growth Rates and Lower Costs
Slide 16: Build a Global Brand for Growth and Differentiation
Build a Global Brand for Growth and Differentiation Our Brand Today Evolving to a Global Brand A leading life insurance brand in the U.S. and Mexico Successful brand introduction with Alico integration: Poland, Chile, U.A.E. and Japan Growing internal demand for brand support Capture unique market a
Slide 18: Strategic Goals
Strategic Goals ~ 300 bps of ROE expansion by 2016, despite macro headwinds Significant margin improvement, including $600M pre-tax expense saves to improve operating earnings Shift from market sensitive to protection products improves risk profile and free cash flow Emerging markets become 20%+ of
Slide 19: Expanding ROE in a Challenging Environment
Expanding ROE in a Challenging Environment New DAC accounting negatively impacts ROE Assumes low U.S. interest rates through 2014 Assumes modest net share repurchases ~300 bps of ROE Expansion 12% - 14%1 11.0% 10.3% 2011 (Pre-DAC) 2011 (Post-DAC) 2016 Target 1Assumes 5% annual appreciation in S&P 50
Slide 20: Gain from Scale and Strengthen Functional Capabilities
Gain from Scale and Strengthen Functional Capabilities Achieve $1 Billion1 in Efficiencies by 2016 $400M to reinvest in new capabilities and technology $600M of expense saves to improve operating earnings 2016 Target 1Pre-tax. See Appendix for non-GAAP financial information definitions and/or reconc
Slide 21: Moving Towards More Protection, Less Capital Intensive Products
Moving Towards More Protection, Less Capital Intensive Products Growing relative contribution from: – Group Insurance – Accident & Health – Whole & Term Life Shifting towards more predictable operating earnings and cash flows Operating Earnings Composition by Product Risk Market and fee-based produc
Slide 22: Expand Our Presence in Emerging Markets
Expand Our Presence in Emerging Markets Fast growing insurance markets Growing middle class Increased demand for insurance MetLife Emerging Markets1 20%+ 14% 2012P 2016 Target 1Percentage of total operating earnings. See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 23: Asia
MetLife Asia
Slide 24: Meeting Growing Customer Demand
Meeting Growing Customer Demand Shifting costs from governments to individuals Grow and Leverage Accident & Health Solutions Aging populations needing health solutions Leverage Multi-Channel Distribution Growing middle class needing protection
Slide 25: Asia Financial Results and Overview
Asia Financial Results and Overview Financial Results $8.7B PFOs $867M Operating Earnings Overview #3 foreign life insurer in Japan1 #2 in Accident & Health products in Japan2 #1 foreign life insurer in Korea3 Growing presence in China 1Based on statutory premium income. 2Based on new business polic
Slide 26: Target Key Segments in Mature Markets
Target Key Segments in Mature Markets Japan: A Cornerstone Market MetLife’s 2nd largest market Strong growth in high-margin products, despite challenging environment Leverage expertise across MetLife, especially in Asia Korea: Growth Through Innovation MetLife’s 4th largest market Diversified distri
Slide 27: 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 28: 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 29: Summary of Strategic Review
Summary of Strategic Review We have a strong foundation to leverage Key initiatives capitalize on trends and opportunities ROE expansion despite macro headwinds Improved risk profile and free cash flow See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 30: MetLife
MetLife
Slide 31: William J. Wheeler, The Americas
William J. Wheeler President The Americas INVESTOR DAY 2012
Slide 32: Refocus U.S., Grow Profitably in Latin America
Refocus U.S., Grow Profitably in Latin America U.S. life market is relatively mature, but middle market is underserved Benefit costs shifting from employers to employees Insurance customers want to do business in new ways Low, but increasing, insurance penetration in emerging markets Refocus U.S. Bu
Slide 33: The Americas Financial Results and Overview
The Americas Financial Results and Overview Financial Results $33.2B PFOs $3.9B Operating Earnings Overview Largest U.S. life insurer Leader in U.S. employee benefits – #1 in group life inforce – #1 in commercial dental #1 in U.S. annuity sales #1 in U.S. structured settlement sales Leading life ins
Slide 34: Organized to Focus on Markets and Customers
Organized to Focus on Markets and Customers The Americas Retail Corporate Benefit Funding Group, Voluntary and Worksite Benefits Latin America Direct 2011 Results ($ in Millions) PFOs: $9,597 $3,329 $16,958 $3,286 N/A Operating Earnings: $1,260 $1,112 $966 $514 N/A See Appendix for non-GAAP financia
Slide 35: Opportunity for Margin Improvement
Opportunity for Margin Improvement 2011 ROE > 15% 10 - 15% < 10% Auto Individual Disability Group Disability Capital Markets1 Retail Life – V&UL Home Dental Structured Settlements Retail Annuities Group Life U.S. Pension Closeouts U.K. Pension Closeouts Latin America Retail Life – Traditional 1Inclu
Slide 36: Retail Overview
Retail Overview Retail Life Sales 46% Independent 54% Affiliated Annuity Sales 26% Affiliated 74% Independent Life and Annuity Sales for the year ended December 31, 2011. See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 37: Balance Growth, Profitability and Risk
Balance Growth, Profitability and Risk Focus on GMIB MAX De-risk product design Improve profitability Manage sales volumes MetLife U.S. Variable Annuity Sales ($ in Billions) $15.3 $13.9 $15.4 $18.3 $28.4 $17.5 - $18.5 2007 2008 2009 2010 2011 2012E See Appendix for non-GAAP financial information de
Slide 38: Attractive Liability Profile
Attractive Liability Profile Net amount at risk = $1.6B1 Upside potential of market and interest rate improvements Profitability of recent business Guaranteed Minimum Income Benefits % of Variable Annuity Contract Value with GMIB1 17% In the Money 83% Not in the Money 1As of March 31, 2012.
Slide 39: Reduce Expenses and Improve Profitability
Reduce Expenses and Improve Profitability Take portfolio approach Invest with discipline Leverage scale Pre-Tax Expense Reduction Goal % of MetLife $600M Goal by 2016 60% U.S. Business
Slide 40: Retail: Manage Margins and Capital
Retail: Manage Margins and Capital Leading franchise Rebalance risk and growth Improve profitability and ROE See Appendix for non-GAAP financial information definitions and/or reconciliations.
Slide 41: Corporate Benefit Funding Overview
Corporate Benefit Funding Overview Significant source of operating earnings Increased focus on pricing and returns Opportunities across market segments Corporate Benefit Funding Assets % of $177B in Total Assets1 Pension Closeouts 22% Structured Settlements 13% Stable Value 24% Capital Markets2 25%
Slide 42: Group, Voluntary and Worksite Benefits Overview
Group, Voluntary and Worksite Benefits Overview Key franchise Attractive financial characteristics Pricing discipline Group Life, Non-Medical Health and P&C 2011 Inforce Premiums and Equivalents ($ in Billions) $15 $10 $5 $0 A B C D E F G H P&C Disability Dental Life Source: Group Life, excluding CO
Slide 43: Voluntary and Worksite Benefits Growth Opportunity
Voluntary and Worksite Benefits Growth Opportunity Changing benefits landscape Shifting consumer preferences We are uniquely positioned Employee Benefits Payments Industry Inforce Premiums ($ in Billions) 4% CAGR $144 $113 $33 100% employee paid $26 $62 1-99% employee paid $41 100% employer paid $46
Slide 44: Grow Voluntary and Worksite Benefits
Grow Voluntary and Worksite Benefits Expand Products Accident & Health products, including Vision Drive Enrollment Robust enrollment solutions Broader suite of worksite marketing programs Direct platform for worksite targeting Excel in Administration Open architecture platform
Slide 45: Group, Voluntary and Worksite Benefits Strategy
Group, Voluntary and Worksite Benefits Strategy Leverage position in large market Increase presence in mid-market Grow voluntary products / worksite benefits
Slide 46: Latin America Overview
Latin America Overview Leading life insurer 20M+ customers $4.9B in total 2011 statutory premiums1 CAGR2 of 11% in PFOs and 14% in operating earnings 1 Statutory premiums calculated in U.S. dollars. 2 CAGR represents 2008 - 2012E using the mid-point of the range for 2012E on constant currency basis.
Slide 47: Latin America Direct Market Opportunity
Latin America Direct Market Opportunity Strong positions in Chile, Argentina, Brazil and Uruguay Opportunity in Mexico Accident & Health lead product Direct Market Sales Annual New Premium ($ in Millions) $175 $233 $270 - $300 2010 2011 2012E See Appendix for non-GAAP financial information definitio
Slide 48: Develop U.S. Direct Business
Develop U.S. Direct Business Significant market growth projected Start-up business with pilots underway Leverage international expertise and strong brand Industry U.S. Individual Life Sales1 Sales Premiums ($ in Billions) $12 $13 Other 92% 87% Direct 8% 13% $1.7B 2010 20162 1 Includes LIMRA’s estima
Slide 49: Key Takeaways
Key Takeaways Focus more energy and resources on growth areas while managing mature businesses for cash flow Improve margins through expense reductions in mature businesses Reduce market-based risk, increase protection risk Drive operating earnings growth and meaningful improvement in ROE See Append
Slide 50: MetLife
MetLife
Slide 51: Maria R. Morris, Global Employee Benefits
MetLife © PNTS Maria R. Morris Executive Vice President Global Employee Benefits INVESTOR DAY 2012
Slide 52: Build Our Global Employee Benefits (GEB) Business
Build Our Global Employee Benefits (GEB) Business Attractive growth rates outside developed markets Corporations increasing their global presence Benefits are a lever in the global war for talent Accelerate Local Employee Benefits Businesses Outside the U.S. Grow Global Employee Benefits Business th
Slide 53: GEB Financial Results and Overview
GEB Financial Results and Overview U.S. Outside U.S. 2011 Financial Results1 $17.0B PFOs $1.0B Operating Earnings $3.0B PFOs $280M Operating Earnings Overview Proven capabilities across life, health, pensions and credit Leader in U.S. and Mexico with businesses in 43 other countries Relationships wi
Slide 54: Employee Benefits is a Large Business Opportunity
Employee Benefits is a Large Business Opportunity Employee Benefits Life and Health Market 2009 GWP1 ($ in Billions) $258 U.S. and Western Europe Latin America CEE2 Asia Pacific Other Total $140 U.S. and Western Europe3 1 $96 Focus Local Markets 2 $22 Global Business (Expat and Multinational)3 1Incl
Slide 55: Incrementally Grow Local Businesses by 2016
1 Incrementally Grow Local Businesses by 2016… Local Employee Benefits Market Life and Health GWP ($ in Billions) $187 10% CAGR $96 Focus Local Markets 2016 Estimate MetLife Local Employee Benefits Opportunity Life, Health, Pensions and Credit Estimated PFOs ($ in Billions) M&A and New Markets $3.2
Slide 56: With a Tailored Approach to Focus Markets
1 … With a Tailored Approach to Focus Markets Developed Niche Strategies Japan Australia Growing Share Gains Mexico Poland Chile U.A.E. Emerging Seed/Grow Russia Turkey Brazil China Pursue M&A and Evaluate Other Markets Opportunistically
Slide 57: MetLife Uniquely Positioned to Win Globally
2 MetLife Uniquely Positioned to Win Globally 65% of the Global 1000 employees located outside the U.S. Opportunity to serve 45M employees outside the U.S. Existing relationships with nearly 60% of Global 1000 companies Employees of Large Companies1 70M employees worldwide 45M employees outside the
Slide 58: Gain Market Share through Global Solutions
2 Gain Market Share through Global Solutions MetLife Global Business Opportunity Life and Health Estimated GWP ($ in Billions) M&A and New Markets $1.4 - $1.8 22% CAGR1 $0.6 2011E 2016 Target Mkt. Size2 $14.2 $22.6 Mkt. CAGR 10% Leverage strong and growing global brand Capitalize on the strength of
Slide 59: Key Takeaways
Key Takeaways Accelerate Local Employee Benefits Businesses Outside the U.S. Grow Global Employee Benefits Business through Multinational and Expat Solutions Drive growth in emerging markets Improve risk profile and increase enterprise ROE Deliver incremental $250M operating earnings by 2016 See App
Slide 60: MetLife
MetLife
Slide 62: Agenda
Agenda Europe, Middle East and Africa (EMEA) Emerging Markets Strategy
Slide 63: Succeeding in Diverse Markets
Succeeding in Diverse Markets Insurance penetration increasing in emerging markets Growing middle class Retirement opportunity Challenging environments Drive Profitable Growth in Emerging Markets – Leverage extensive geographic footprint – Capture broad market opportunities – Multi-channel approach
Slide 64: EMEA Financial Results and Overview
EMEA Financial Results and Overview Financial Results $3.3B PFOs $264M Operating Earnings Overview 35 countries; 25M+ customers Leading life market positions in 22 countries, including Egypt, Poland, Romania, Russia, Turkey and the U.A.E.1 Top 4 pension player in Poland and Romania2 1Life markets ra
Slide 65: Diversified Business Portfolio
Diversified Business Portfolio Developed United Kingdom France Niche positions within mature markets Growing Poland Gulf1 Significant markets with continuing growth prospects Emerging Russia Turkey Egypt Romania India Fast growing markets with high margins 1Bahrain, Kuwait, Oman, Qatar and the U.A.E
Slide 66: Diversified Product and Channel Mix
Diversified Product and Channel Mix PFOs by Product Accident & Health 13% Credit 22% Retirement 17% Group Benefits 13% Individual Life 35% Sales by Channel Bancassurance 31% Independent 40% Agency 22% Direct 7% 2012 Plan; Percentages calculated using mid-point of range. See Appendix for non-GAAP fin
Slide 67: Strategic Focus
Strategic Focus Bancassurance Expected 31%1 of new business in 2012 Over 300 bank / financial institution partners Key enabler for emerging market growth Direct Transfer of know-how from west to east Established presence in Western Europe Significant opportunities in CEE and Middle East Accident & H
Slide 68: EMEA Summary
EMEA Summary Focus on high growth markets and businesses Leverage unique geographic footprint and global capabilities Strong persistency despite challenging headwinds Complement organic growth with opportunistic M&A
Slide 70: Growing Our Emerging Markets Presence
Growing Our Emerging Markets Presence GDP growth is driving insurance penetration in emerging markets High industry ROEs Growing middle class Expand through Organic and Inorganic Growth Grow Emerging Markets to 20%+ of Operating Earnings by 2016 See Appendix for non-GAAP financial information defini
Slide 71: Emerging Markets, a Natural Growth Story
Emerging Markets, a Natural Growth Story Life Insurance GWP ($ in Billions) $960 $4,060 60%+ of industry premium growth from emerging markets $600 $2,500 GWP 2010 Developed Markets1 Emerging Markets2 GWP 2020 1U.S., Western Europe, Japan, Korea, Australia, Hong Kong and Singapore. 2Argentina, Brazil
Slide 72: Increasing Penetration in Emerging Markets
Increasing Penetration in Emerging Markets Life GWP/GDP (in %) Life Insurance Penetration vs. GDP Per Capita 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Bangladesh Egypt Ukraine India China Colombia Argentina Romania Mexico Lebanon Brazil Turkey Russia Chile Poland Hungary Slovakia Czech Republic South
Slide 73: Growth and Return Prospects Vary by Market
Growth and Return Prospects Vary by Market MetLife Leadership Positions BRICs No Presence Markets LatAm (ex Brazil) Middle East Central/East. Europe China Brazil India Russia e.g., Southeast Asia Projected Life Market Growth CAGR 2010-2020, % 8-11 10-15 5-15 14 20 16 15 8-17 Estimated Industry ROE 2
Slide 74: Multiple Paths for Growth in Emerging Markets
Multiple Paths for Growth in Emerging Markets MetLife Leadership Positions Accelerate “business as usual” Bancassurance Global Employee Benefits Opportunistic M&A BRICs Opportunistic and measured expansion No Presence Build new businesses in attractive new markets primarily through M&A and Bancassur
Slide 75: Significant Bancassurance Opportunity
Significant Bancassurance Opportunity Life Insurance GWP by Channel and Market (ex U.S.) ($ in Billions) $1,500 Total Life Market $1,000 Non-Bank Channel (e.g., Agency) $500 Bancassurance $290 Mature Markets and Non-MetLife ~$210 MetLife Emerging Markets Source: McKinsey Global Insurance Pool; Axco
Slide 76: Banks Looking for Strategic Insurance Partners
Banks Looking for Strategic Insurance Partners MetLife is well-positioned to capture Bancassurance growth Bancassurance Drivers Regulatory pressures Financial crisis Non-capital intensive revenue Banks’ Partner Criteria Global footprint Strong brand Broad manufacturing capabilities Sales and technol
Slide 77: Expand Our Presence in Emerging Markets
Expand Our Presence in Emerging Markets Accelerate growth in our current footprint Opportunistic M&A in existing and new markets, including BRICs Emerging markets to contribute 20%+ to operating earnings by 2016 MetLife Emerging Markets1 14% 20%+ 2012P 2016 Target 1Percentage of total operating earn
Slide 78: MetLife
MetLife
Slide 80: Strategy to Become a World-Class Company
Strategy to Become a World-Class Company Refocus the U.S. Business Build Global Employee Benefits Business One MetLife Global * World-Class * Scale Grow Emerging Markets Drive Toward Customer Centricity and a Global Brand
Slide 81: What Sets Us Apart
What Sets Us Apart Our global platform Leader in U.S. Employee Benefits Proven risk management Strong and growing global brand
Slide 82: MetLife in 2016
MetLife in 2016 Better positioned to meet customer needs Higher ROE driven by underlying operating earnings growth, despite macro headwinds 20%+ of operating earnings from emerging markets Sustainable competitive advantage through global platform and scale Improved risk profile and free cash flow Se
Slide 83: MetLife
MetLife
Slide 85: Explanatory Note on Non-GAAP Financial Information
Explanatory Note on Non-GAAP Financial Information All references in these presentations (except in this Explanatory Note on Non-GAAP Financial Information slide) to operating earnings, premiums, fees and other revenues and return on equity, should be read as operating earnings available to common s
Slide 86: Explanatory Note on Non-GAAP Financial Information (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder divid
Slide 87: Explanatory Note on Non-GAAP Financial Information (Continued)
Explanatory Note on Non-GAAP Financial Information (Continued) For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP measures are included in this Appendix to the presentation materials and are on the Investor Relati
Slide 88: Definitions
MetLife Definitions
Slide 89: Definitions
Definitions Sales (Retail): Life Sales: • Statistical sales information for life insurance is calculated by MetLife using the LIMRA International, Inc. definition of sales for core direct sales, excluding company sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance
Slide 90: Reconciliations
MetLife Reconciliations
Slide 91: Reconciliation of Net Income to Operating Earnings
Reconciliation of Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders to Operating Earnings Available to Common Shareholders – Total Company The Americas ($ in Millions) Retail Corporate Benefit Funding Group, Voluntary & Worksite Benefits Latin America The Americas Asia EMEA Corporat
Slide 92: Reconciliation of Premiums, Fees & Other Revenues
Reconciliation of Premiums, Fees & Other Revenues The Americas ($ in Millions) Retail Corporate Benefit Funding Group, Voluntary & Worksite Benefits Latin America The Americas Asia EMEA Corporate & Other Total Company Premiums, Fees & Other Revenues $ 9,867 $ 3,329 $ 16,958 $ 3,385 $ 33,539 $ 8,710
Slide 93: Reconciliation of Return on Common Equity - Total Company
Reconciliation of Return on Common Equity - Total Company Total Company Pre-DAC 2011 Post-DAC 2011 Return on MetLife Inc.’s common equity 12.8% 12.2% Return on MetLife Inc.’s common equity, excluding AOCI 13.8% 13.2% Operating return on MetLife Inc.’s common equity 10.2% 9.5% Operating return on Met
Slide 94: Steven A. Kandarian
Steven A. Kandarian Chairman, President & Chief Executive Officer MetLife, Inc.

Metlife — Investor Day (May 2012) on 6ix

Metlife — Investor Day (May 2012)

Slide 1: Investor Day 2012

Slide 2: Safe Harbor Statement

Slide 3: Safe Harbor Statement (continued)

Slide 4: Explanatory Note on Non-GAAP Financial Information

Slide 5: Explanatory Note on Non-GAAP Financial Information (Continued)

Slide 6: Explanatory Note on Non-GAAP Financial Information (Continued)

Slide 7: Agenda

Slide 8: MetLife

Slide 9: Steven A. Kandarian

Slide 10: Why did we do a Strategic Review?

Slide 11: Built to Embrace Challenges and Opportunities

Slide 12: Guiding Principles to Shape Our Strategy

Slide 13: Strategy to Become a World-Class Company

Slide 14: Strategy to Become a World-Class Company

Slide 15: Customer Centricity is a Powerful Competitive Advantage

Slide 16: Build a Global Brand for Growth and Differentiation

Slide 17: Strategic Goals

Slide 18: Strategic Goals

Slide 19: Expanding ROE in a Challenging Environment

Slide 20: Gain from Scale and Strengthen Functional Capabilities

Slide 21: Moving Towards More Protection, Less Capital Intensive Products

Slide 22: Expand Our Presence in Emerging Markets

Slide 23: Asia

Slide 24: Meeting Growing Customer Demand

Slide 25: Asia Financial Results and Overview

Slide 26: Target Key Segments in Mature Markets

Slide 27: Asia: Seeking Growth in Emerging Markets

Slide 28: Asia Key Takeaways

Slide 29: Summary of Strategic Review

Slide 30: MetLife

Slide 31: William J. Wheeler, The Americas

Slide 32: Refocus U.S., Grow Profitably in Latin America

Slide 33: The Americas Financial Results and Overview

Slide 34: Organized to Focus on Markets and Customers

Slide 35: Opportunity for Margin Improvement

Slide 36: Retail Overview

Slide 37: Balance Growth, Profitability and Risk

Slide 38: Attractive Liability Profile

Slide 39: Reduce Expenses and Improve Profitability

Slide 40: Retail: Manage Margins and Capital

Slide 41: Corporate Benefit Funding Overview

Slide 42: Group, Voluntary and Worksite Benefits Overview

Slide 43: Voluntary and Worksite Benefits Growth Opportunity

Slide 44: Grow Voluntary and Worksite Benefits

Slide 45: Group, Voluntary and Worksite Benefits Strategy

Slide 46: Latin America Overview

Slide 47: Latin America Direct Market Opportunity

Slide 48: Develop U.S. Direct Business

Slide 49: Key Takeaways

Slide 50: MetLife

Slide 51: Maria R. Morris, Global Employee Benefits

Slide 52: Build Our Global Employee Benefits (GEB) Business

Slide 53: GEB Financial Results and Overview

Slide 54: Employee Benefits is a Large Business Opportunity

Slide 55: Incrementally Grow Local Businesses by 2016

Slide 56: With a Tailored Approach to Focus Markets

Slide 57: MetLife Uniquely Positioned to Win Globally

Slide 58: Gain Market Share through Global Solutions

Slide 59: Key Takeaways

Slide 60: MetLife

Slide 61: Michel Khalaf, EMEA

Slide 62: Agenda

Slide 63: Succeeding in Diverse Markets

Slide 64: EMEA Financial Results and Overview

Slide 65: Diversified Business Portfolio

Slide 66: Diversified Product and Channel Mix

Slide 67: Strategic Focus

Slide 68: EMEA Summary

Slide 69: Growing Our Emerging Markets Presence

Slide 70: Growing Our Emerging Markets Presence

Slide 71: Emerging Markets, a Natural Growth Story

Slide 72: Increasing Penetration in Emerging Markets

Slide 73: Growth and Return Prospects Vary by Market

Slide 74: Multiple Paths for Growth in Emerging Markets

Slide 75: Significant Bancassurance Opportunity

Slide 76: Banks Looking for Strategic Insurance Partners

Slide 77: Expand Our Presence in Emerging Markets

Slide 78: MetLife

Slide 79: Steven A. Kandarian