creating a new generation

of solutions globally

for the “ifs” in

life

ANNUAL REVIEW | 2006

MetLife, Inc.200 Park AvenueNew York, NY 10166-0188

NYSE: MET

Chairman of the Board, President and Chief Executive OfficerC. Robert Henrikson U.S. Employees 36,000

Worldwide Employees 47,000

#1 U.S. Life Insurer(1)

Customer Reach MetLife is a leading provider of insurance and other financial

services to over 70 million customers around the world and, in the

United States, serves 88 of the top one hundred FORTUNE 500®

companies. Outside the United States, the MetLife companies have

direct operations in Latin America, Europe and Asia Pacific.

Product Leadership(2) MetLife is ranked #1 in most group product areas, including life,

auto and home, long-term care insurance, as well as institutional

annuities. MetLife is also the largest life insurer in Mexico.

At A Glance

(1) Life insurance in-force as of year-end 2005, A.M.Best Company, Inc.

(2) Group Life (premiums as of 9/30/2006), LIMRAInternational, Inc.; Group Auto & Home (excludingassociations, in-force premiums as of year-end2005), MetLife Market Research; Group Long-TermCare (including employer-sponsored sales and re-enrollments and group association sales, premiumsas of year-end 2005), LIMRA International, Inc.;Institutional Annuities (premiums as of year-end2005), LIMRA International, Inc.; Mexico (premiumsas of 9/30/2006), Estadistic AMIS.

Financial Strength Ratings for Metropolitan Life Insurance Company*

Moody’s Investors Service Aa2

Standard & Poor’s AA

A.M. Best Company, Inc. A+

Fitch Ratings AAAA

* Ratings as of March 1, 2007

1 Financial Highlights

2 Chairman’s Message

4 Institutional Business

6 Individual Business

8 Capturing the Retirement Opportunity

9 Auto & Home

10 International

12 Reinsurance

13 MetLife Bank

14 Focused on the “ifs” in Life

15 Investments

16 CAO

20 A World Class Team of Associates

21 Diversity

22 Finance

23 Legal Affairs

24 In the Community

26 Continuing the MetLife Tradition of Innovation

28 Board of Directors& Executive Officers

[ ]Contents

1#life insurerU.S.

This annual review is not a substitute for MetLife, Inc.'s annual report on Form 10-K or the annual report to shareholders. If you would like to see a complete set of financial statements for MetLife,Inc., visit www.metlife.com and select "Investor Relations."

(1) MetLife analyzes its performance using financial measures, including operating earnings, operating earnings available to common shareholders and operating earnings available to common share-holders per diluted common share that are not based on generally accepted accounting principles (“GAAP”). Operating earnings is defined as GAAP net income excluding net investment gainsand losses, net of income tax, adjustments related to net investment gains and losses, net of income tax and discontinued operations other than discontinued real estate, net of income tax.Scheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment are included in operating earnings. Operating earnings available to common share-holders is defined as operating earnings less preferred stock dividends, which are recorded in Corporate & Other. Operating earnings available to common shareholders per diluted common shareis calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. MetLife believesthese 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 gainsand losses, net of income tax, both of which can fluctuate significantly from period to period, and discontinued operations other than discontinued real estate, net of income tax, thereby highlight-ing the results from operations and the underlying profitability drivers of the business. Operating earnings, operating earnings available to common shareholders and operating earnings availableto common shareholders per diluted common share should not be viewed as substitutes for GAAP net income, GAAP net income available to common shareholders and GAAP net income avail-able to common shareholders per diluted common share, respectively. Reconciliations of operating earnings to GAAP net income, operating earnings available to common shareholders to GAAPnet income available to common shareholders and operating earnings available to common shareholders per diluted common share to GAAP net income available to common shareholders perdiluted common share, the most directly comparable GAAP measures, are included in MetLife, Inc.’s fourth quarter and full year 2006 earnings press release and quarterly financial supplement.Both documents can be found on MetLife’s Investor Relations Web page at http://investor.metlife.com. For the press release, click on “News & Events” and then “Financial Press Releases.” For thequarterly financial supplement, click on “Financial Information” and then “Quarterly Financial Supplement.” The non-GAAP measures used in this Annual Review should not be viewed as substi-tutes for the most directly comparable GAAP measures.

(2) Net investment gains (losses), net of income tax, includes gains (losses) on sales of real estate and real estate joint ventures related to discontinued operations of $3,079 million and $1,369 millionfor the year ended December 31, 2006 and 2005, respectively, and excludes gains (losses) of $186 million and $63 million for the year ended December 31, 2006 and 2005, respectively, fromscheduled periodic settlement payments on derivative instruments not qualifying for hedge accounting treatment.

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

(4) Discontinued operations, net of income tax, excludes gains (losses) from discontinued operations related to real estate and real estate joint ventures related to discontinued operations.

(5) Excludes net income from Corporate & Other.

Financial Results (amounts in millions, except per share data)(Years ended December 31) 2006 2005

Premiums and fees $31,198 $28,688Net investment income 17,566 15,066Other revenues 1,362 1,271

Total $50,126 $45,025

Policyholder benefits and dividends $28,022 $27,105Interest credited to policyholder account balances 5,240 3,938Other expenses 11,028 9,271

Total $44,290 $40,314

Operating earnings available to common shareholders (1) $4,018 $3,271Net investment gains (losses), net of income tax (2) 2,035 1,257Adjustments related to net investment gains (losses), net of income tax (3) 74 (45)Discontinued operations, net of income tax (4) 32 168

Net income available to common shareholders $6,159 $4,651Preferred stock dividends 134 63Net income $6,293 $4,714

Earnings per common share calculationWeighted average common shares outstanding - diluted 770.7 755.3Operating earnings available to common shareholders per common share - diluted (1) $5.21 $4.33

Net income available to common shareholders per common share – diluted $7.99 $6.16

DIVERSIFIED NET INCOME (5) 2006 RELATIVE STOCK PRICE PERFORMANCE SINCE IPO

TOTAL ASSETS

Chairman’s Message

“One constant I’ve experienced is a strong feeling of excitement by all whotouch MetLife—the feeling that we are on the verge of a new era in our evolution, intently focused on growth.”

page 2

Dear Associates:Last year was an excellent one for MetLife

as well as a pivotal year for me. After

assuming the role of Chairman in April, I

spent a good deal of time listening to, and

learning from, a great number of our

stakeholders in the U.S. and abroad: cus-

tomers, employees, analysts, shareholders

and fellow Board members, to cite just a

few. Although I have more than 35 years’

tenure with MetLife, I nonetheless have

found these past months enormously

informative and enriching.

One constant I’ve experienced is a strong

feeling of excitement by all who touch

MetLife—the feeling that we are on the

verge of a new era in our evolution,

intently focused on growth. I am more

confident than ever about our opportuni-

ties. Entrenched firmly in the giant

league of financial services companies,

MetLife is the leading life insurer in the

United States. At number 35 in the FOR-

TUNE 500®, we are a true powerhouse in

the industry. With the rapid integration

of the Travelers/CitiInsurance business

acquired last year, we are fast becoming

a global enterprise.

As you read through this annual review,

I’m confident you will be impressed by

the results across our businesses and

from our key enterprise initiatives. My

overall message is straightforward: build-

ing from a position of strength and a con-

sistent growth record, MetLife continues

to have enormous opportunities to

extend our leadership in the marketplace.

There’s no doubt that MetLife had a

strong 2006: record financial results,

including continued return on equity

expansion, increased top and bottom line

results, a 10% growth in total assets

compared to the year ended December

31, 2005 and, of course, the historic sale

of Peter Cooper Village and Stuyvesant

Town—the largest real estate sale in U.S.

history—for $5.4 billion.

Our performance has resulted in a strong

return to the shareholder, with MetLife

outperforming both the S&P 500 and the

S&P Insurance Index.

Multiple earnings sources continue to

provide MetLife with an important

competitive advantage, allowing us to

remain financially strong and deliver

good results, despite market challenges

that may arise from time to time in any

one of our businesses. A tradition of

strong underwriting, best-in-class prod-

ucts and services, depth and breadth of

excellent customer relationships and

attention to expense management are

hallmarks of how we manage MetLife

for the long-term.

Recognition of MetLife’s financial strength

improved over 2005, further enhancing

our flexibility. As a result of the successful

Travelers integration and the reduction in

leverage, Moody’s and Standard & Poor’s

removed their negative outlook on the

already strong financial strength ratings

for Metropolitan Life Insurance Company.

During the year, we also increased the

common stock dividend by 13%.

CREATING A NEW GENERATION OFSOLUTIONS GLOBALLY

Focusing on our core competencies will

enable us to meet customer needs

around the world. While needs vary

across markets and geographies, it is

also true that there are commonalities:

the need all people have to provide for

loved ones in the event of death, the

need to protect against disability or to

plan for secure “golden years”—these

are universal. They are the uncertainties—

the “ifs” in life—and as an insurer, we

are best positioned to help customers

mitigate them.

Chairman of the Board, President and

Chief Executive Officer

MetLife, Inc.

March 2007

page 3 [AR 2006]

With the Travelers integration complete, last

year was a transformational one for building

our global growth strategy. During my first

international tours as Chairman, I had the

pleasure of visiting our operations in East Asia

and India. These visits affirmed my belief that

we have enormous opportunities in these

regions, and the talent, skills and competen-

cies to leverage our leadership worldwide.

In 2006, we announced plans to open the

Global Operations Support Center in India,

our first MetLife-owned and operated service

facility offshore, to provide select services to

our lines of businesses around the clock.

Identifying additional ways to leverage our

core competencies around the world, we pre-

pared to enter the United Kingdom pension

closeout business, tapping into a market

undergoing significant transformation and for

which we are uniquely suited as a leader in

the U.S. pension business.

We also have begun to instill in our company

a more rigorous and consistent global mind-

set, incorporating principles of cultural under-

standing and strategy development into our

training and performance management pro-

grams, as well as in our everyday dialogue.

At MetLife, when we talk about “creating a

new generation of solutions,” one of the

greatest areas of opportunity lies in the retire-

ment arena. Given an aging population,

MetLife is now facing a tremendous challenge

to develop innovative solutions that can help

people take care of the risks that they simply

can’t self-insure.

Thought leadership was a major focus this

year as many of my colleagues and I sought

to raise awareness and visibility of MetLife

as a leader in the U.S. retirement market.

We participated in a number of industry

events, including the Longevity Summit in

Washington, D.C. We also provided expert

support to the government through testimo-

ny to the Senate Committee on Aging.

Other opportunities for MetLife lie in another

area in which we are already a powerhouse:

voluntary benefits. As the employee benefits

framework continues to shift from employer-

financed to employee-paid, we are well pre-

pared to deliver innovative solutions to both

our corporate and individual customers.

CONTINUED FOCUS ON THE FUNDAMENTALS

As we pursued business growth in 2006, we

also continued to strengthen customer pro-

tection—the very backbone of the company.

A major goal during the year was to ensure

that compliance, ethics and risk management

are best-in-class core competencies for

MetLife. We also implemented a new global

corporate oversight function in key actuarial

processes to confirm appropriateness and

transparency of pricing, understanding of

major risks associated with new product

development, and consistency of financial

reporting processes. In Investments, we

researched, analyzed and implemented a new

risk limit system to deliver strong returns while

maintaining appropriate risk to the enterprise.

MetLife’s vast distribution power continues to

be at the heart of our ability to introduce new

customers to MetLife. Indeed, distribution has

increased eightfold since MetLife went public

almost seven years ago. With 38 sales forces

within MetLife alone, we have a unique and

distinct advantage to tap opportunities for

profitable customer growth.

The MetLife brand, already one of our great-

est assets, was further enhanced in 2006 as

the company launched a refreshed brand

platform and new advertising campaign.

Highlighting our ability to provide “guaran-

tees for the if in life,” the campaign focuses

on how MetLife helps customers manage the

uncertainties in life and, in an era when they

are shouldering more of a financial burden

than ever before, create a personal safety

net. To further establish a consistent brand

platform with a common look and feel, we

recently concluded a global agreement with

United Media for use of Snoopy and the

PEANUTS® characters throughout the world.

We are building a company poised for the

future. With our focus on diversity and inclu-

siveness, we are a magnet for the outstanding

talent that will drive MetLife’s success in the

years ahead.

Without a doubt, today MetLife is at an excit-

ing juncture in its history. I want to thank my

predecessor, Bob Benmosche, for his leader-

ship, vision and commitment to strengthening

and growing our enterprise.

I especially want to thank all MetLife associ-

ates for a terrific 2006. After all, you are

MetLife to our customers. And, as I’ve said

before, it’s our customers who will define

success in the years ahead.

Sincerely,

Institutional Business continues to be an industry powerhouse,

demonstrating its leadership and success in the employee

benefits arena.

For the full year 2006, Institutional Business delivered strong

financial results, achieving record operating earnings available to

common shareholders (as defined on page 1) of $1.7 billion.

Across the board, group insurance fundamentals remained solid

while Institutional grew at a rate outpacing the market.

During the year, MetLife added 11 new National Account

customers (groups with more than 25,000 employees), effective

January 1, 2007. These sales are significant because this business

has unparalleled persistency, and 90% of MetLife’s growth in this

market comes from current customers. In the middle market

(companies with 500-25,000 employees), Institutional Business

has experienced double-digit growth since 2003, growing the top

line by more than 10% and the bottom line even faster. Finally,

among smaller customers (those with fewer than 500 employees)

Institutional Business also has been growing at a double-digit

pace, and MetLife sees excellent potential for future growth.

In the wake of the Pension Protection Act of 2006 and other reg-

ulatory reforms, MetLife has significant opportunities to bring

solutions to the marketplace that help employers better manage

pension plan and benefits liability issues. Going forward, Institu-

tional Business will continue to strengthen its overall capabilities

in the retirement and savings business, including accelerating

efforts in the pension closeout arena.

Thought leadership is an important component of MetLife's

corporate reputation and its growth in the institutional

business. In April, with the International Longevity Center-

USA as co-host, MetLife hosted its second national benefits

symposium, bringing together more than 200 leaders from

the benefits industry, corporate America, the Federal govern-

ment and academia to discuss a topic of increasing impor-

tance: longevity and its impact on the workplace. As a

cornerstone of its thought leadership strategy on topics

related to aging and retirement, the national benefits sympo-

sium is a high-impact way to advance the dialogue around

critical industry issues, reinforce MetLife’s expertise and

differentiate the company from its competitors.

page 4

Institutional Business

INSTITUTIONAL BUSINESS MAINTAINS

RELATIONSHIPS WITH

61,000EMPLOYERS, COVERING

39millionPEOPLE.

FEDERAL EMPLOYEES DENTAL AND VISION INSURANCE PROGRAM

Leveraging the corporate “if” campaign, a new Institu-

tional Business advertising campaign was launched in

the fall, designed to heighten awareness of the open

benefit enrollment season and urge employees to take

action to protect themselves against the financial

uncertainties they may be confronting. Since employ-

ees spend less than 30 minutes a year making their

benefits selections, this campaign not only included

awareness advertising, but also a unique educational

component that demonstrates MetLife’s ability to pro-

vide consumers with their own “safety net.”

MetLife's service platform continues to be a point of

differentiation in the marketplace. The company’s

focus on strong lasting relationships has significantly

impacted customer retention rates and loyalty metrics

as well, strong indications that MetLife is primed for

continued success in the employee benefits arena.

page 5 [AR 2006]

...continues to be an industry powerhouse

In 2006, MetLife was selected by the U.S. Office of Personnel Management

along with six other insurance carriers to offer employee-paid dental insur-

ance to federal employees and annuitants—a population of 4.5 million

potential customers. Preparations actually began five years ago with National

Accounts and Dental Product Management working with the Government

and Industry Relations Department to provide expertise to congressional

staffers who drafted the legislation that led to the creation of the Federal

Employees Dental and Vision Insurance Program (FEDVIP). A formal request

for proposal was sent out in October 2005. Once MetLife was awarded the

business, a multi-faceted marketing campaign was developed for the

November 2006 enrollment period to build awareness of MetLife and its

capabilities. The campaign encompassed public relations, onsite enrollment,

out-bound email/calling, web marketing, advertising in the Washington D.C.

metro area and the attendance at more than 250 benefit fairs.

As the cornerstone of MetLife’s expansion into the world of employee-paid den-

tal products, the FEDVIP program opens up an opportunity for MetLife to create

new strategies and models for the future. With more than 715,000 federal

employees and annuitants electing MetLife’s plan, this was a great way to start.

page 6

Individual Business

“When independent advisors and

brokers see that it is MetLife behind the

products and guarantees, it instills a

level of confidence in our relationship

with them, which results in true part-

nership and success.”— JOSHUA GERRY

wholesaler, Independent Distribution

MetLife’s strong brand name, competitive product line and financial

strength continue to benefit the company in the highly competitive

retail insurance and annuity marketplace. In 2006, Individual Business

continued to demonstrate this as it delivered $1.5 billion in operating

earnings available to common shareholders (as defined on page 1), a

23% increase over 2005’s results. This achievement was due to the

business’s continued focus on maximizing MetLife’s market-leading

product portfolio, broad distribution and leading client service.

Annuities in general continue to receive sustained attention among

MetLife’s target markets as those seeking guaranteed income for life

look to companies that can offer competitive features, strong rates and

high financial strength ratings. MetLife is clearly a leader on all these

fronts. During 2006, Individual Business leveraged and grew the broad

distribution and wholesaling team that was acquired through the Trav-

elers transaction while continuing to introduce new living benefits,

such as the Lifetime Withdrawal Guarantee, which is expected to be an

attractive feature in 2007.

In 2006, the environment for the life insurance market remained challeng-

ing. Because of this, MetLife continues to maintain a long-term vision of

where the business is headed but also made some notable changes in

2006 that will benefit both the company and its clients. In addition to

introducing a more competitive underwriting approach while

maintaining appropriate risk standards, Individual Business also

adopted the Swiss Re Life Underwriting Manual and refreshed the

enterprise foreign travel program. These, and other initiatives, were

undertaken based on input received directly from the company’s sales

channels. Moving forward, MetLife is committed to offering compet-

itive products, but is just as dedicated to focusing on the long-term

and, for that and many other reasons, will continue to put nothing

but quality business on its books.

At the same time, MetLife’s Independent Distribution Group (IDG) seeks

to continue expanding relationships with major banks and brokerage

houses. In fact, the IDG’s wholesaling team has more than doubled since

2002. In the year ahead, bank distribution for both fixed and variable

annuities will become an increasingly important outlet for MetLife’s

independent channel, as well as independent financial planners.

“In today’s marketplace, there is a sea of product options. Financial

advisors are looking to partner with firms that want to partner with

them. They are looking to work with people who are reliable, credible

and carry out their business with integrity. As a wholesaler for MetLife’s

annuities, I’m placed several dozen paces ahead of competitors as a

result of MetLife’s standing and commitment to these qualities. When

independent advisors and brokers see that it is MetLife behind the

products and guarantees, it instills a level of confidence in our relation-

ship with them, which results in true partnership and success,” said

Joshua Gerry, wholesaler for Independent Distribution.

page 7 [AR 2006]

“MetLife’s institutional relationships have

enabled us to become the onsite financial

planning firm for our region’s largest and

most respected companies. The relation-

ship gets us in the door, but it’s MetLife’s

deep suite of products that allows our

financial services representatives to serve

as trusted advisors to the employees at

those companies, helping them achieve

their dreams.”

MetLife’s enterprise-wide retirement expertise is well known in both the

individual and institutional markets, and increasingly among non-profit

organizations as well. MetLife Resources’ expertise in tailoring retirement

solutions for healthcare, education, non-profit and governmental organ-

izations has made MetLife a leader in the 403(b) and 457 markets. Early

in 2006, MetLife Resources completed the integration of the acquired

CitiStreet Associates business. As a result of that transaction, MetLife

Resources is now the number two provider in the K-12 retirement plan

market and the fifth largest provider serving the 403(b) market.

With more than 725 representatives and $38 billion in total assets,

MetLife Resources continues to grow. In 2006, MetLife launched a Roth

403(b) offering for the company’s non-profit business clients to provide

plan participants with additional options and flexibility when it comes

to saving for retirement. In addition, during the year, MetLife Resources

launched MetLife ComplyNow in response to the pending Federal Trea-

sury Department 403(b) income tax regulations. MetLife ComplyNow

is a simple, no-fee program that K-12 school districts can implement to

help meet current 403(b) program administration requirements, as well

as those believed to be necessitated by the proposed regulations.

METLIFE RESOURCES

— PAUL BLANCO managing director, Connecticut’s Barnum Financial Group

Focusing on our clients

At the same time, in a continued commitment to the value of face-to-

face distribution, MetLife’s Agency Distribution Group has grown its tal-

ent base of financial services representatives. Total salespower

increased in 2006, as did both the retention of agents and per agent

productivity. With a continued emphasis on recruiting in a variety of

multi-cultural markets, the individuals who make up the MetLife and

New England Financial sales channels are increasingly being positioned

as retirement specialists in their local markets. MetLife’s representatives

truly represent the face of America as they partner with their clients to

serve as their trusted advisors on a variety of financial issues.

In 2007, Individual Business has a number of strong attributes,

including its leading market position and diverse distribution, that will

enable it to continue to achieve further successes in the marketplace.

page 8

[ Capturing the retirement opportunity]

“Today’s boomers are looking for a partner who can help them make sense of allthe changes, risks and opportunities that retirement brings, so that they are bet-ter prepared to make the transition to retirement and keep it on track. That iswhere MetLife comes in. We can help them bring together all the pieces andaddress retirement in a more comprehensive way, which we feel is somethingthat’s not being done effectively in the marketplace.” — MELODY DIPPOLD, RSG

This is why MetLife formed the

Retirement Strategies Group

(RSG) to focus and drive the

direction of MetLife’s retire-

ment business across the enter-

prise. The work of the RSG, in

close partnership with the lines

of business, has been focused

on establishing clear direction

for MetLife in the retirement

market, targeting those transitioning into or already in retire-

ment, and setting in motion initiatives to build momentum.

In the first half of 2006, the RSG took a systematic approach

to evaluating the retirement opportunity and where MetLife

could be distinctive. Several insights about consumer needs

and the competitive landscape were identified—in particu-

lar, the importance of advice in helping individuals recognize,

understand and act on their retirement risks. In addressing

the question of how MetLife can be distinctive, the RSG

identified four key sources: collaboration between Individual

Business and Institutional Business, benefits expertise to help

consumers transition to retirement, seamless packaging of

products that address multiple risks, and thought leadership

that demonstrates our retirement expertise.

Several key strategies were proposed based on this assess-

ment, with the idea that they both provide the foundation

for a sustainable competitive advantage and also leverage

much of what MetLife already does today. A core strategy

is to develop a cadre of retirement specialists to support

our clients’ retirement needs—whether individual cus-

tomers or employees of institutional relationships. These

retirement specialists—MetLife representatives with

retirement-specific qualifications and training—will be ini-

tially deployed in 2007 as part of another key initiative—

retirewise®—a structured program delivering education

and advice at the workplace.

The RSG is also partnering with MetLife Bank to introduce

retirement specialists to clients in order to help them pre-

pare for the transition to retirement, and is examining

opportunities to use packaging to meet multiple retire-

ment needs.

To develop visibility and establish MetLife as one of the “go-

to” providers of retirement solutions, MetLife’s first retire-

ment ad debuted in September 2006 and MetLife began

building its first-ever retirement site for consumers on

metlife.com. A new newsletter targeting key stakeholders—

“Retirement Source”—was also introduced.

IN THE U.S. ALONE, 77 MILLION BABY

BOOMERS WILL REACH TRADITIONAL

RETIREMENT AGE OVER THE NEXT TWO

DECADES. WITH INCREASING LONGEVITY,

HOWEVER, COME NEW RISKS, INCLUDING

RISING HEALTH AND LONG-TERM CARE

COSTS, UNCERTAINTIES OF GOVERNMENT-

AND EMPLOYER-PROVIDED RETIREMENT

BENEFITS, AND THE POSSIBILITY OF PEO-

PLE OUTLIVING THEIR INCOME.

...creating a newgeneration of

solutions globally...

page 9 [AR 2006]

Through product innovation, best-in-class

offerings, and a proven commitment to cus-

tomer service, Auto & Home achieved

record operating earnings available to com-

mon shareholders (as defined on page 1) of

$414 million in 2006, a 78% increase over

2005. This marks a strong, four-year com-

pound annual earnings growth rate of

16%. In addition to being the largest

provider of employer-sponsored group auto

and home products, MetLife continues to

achieve strong results due to its diverse dis-

tribution capabilities as well as a disciplined

approach to business fundamentals and

expense management.

Auto & Home also solidified its leadership

position as an innovator in 2006 as it

became the first national insurer to add Iden-

tity Theft resolution services at no additional

premium on its automobile policies. This

builds upon the company’s decision in 2005

to be the first insurer to include the service in

its standard homeowners, renters and condo

policies. Auto & Home also continued to

generate significant momentum with the

expansion of its package policy, GrandPro-

tect, which provides customers with a con-

venient way to insure multiple vehicles,

residences, boats and excess personal liabil-

ity. By year end 2006, GrandProtect was

offered in 33 states and accounted for

almost 7% of new product sales in those

states—a percentage that is expected to

reach 10% in 2007.

During 2006, Auto & Home introduced

METRIX — a sophisticated new pricing

program that enables the company to gener-

ate greater momentum by broadening its mar-

ket niches, opening new sales opportunities,

while also enhancing agents’ retention ratio

for existing customers. In states where it has

been introduced, METRIX has increased sales

by more than 40% on average. METRIX is cur-

rently only available for Auto & Home’s auto

policies, but will be added to its homeowners

policies in the upcoming year.

Auto & Home

“The combination of productand pricing innovationmakesMetLife Auto & Home thenumber one personal linesprovider that my agency doesbusiness with. Because of our location

next to the mountains and Lake Winnipesaukee,

New Hampshire, I have many upper middle class

and high income customers with multiple prod-

ucts, such as rental cottages,RVs,boats,motorcy-

cles and snowmobiles. The ease andconvenience of a product like

GrandProtect—with one premium,one deductible,

one carrier—fills a niche that few other insur-

ance carriers can match.GrandProtect is a perfect

fit for our agency, and METRIX is allowing us to

offer these products to a broader spec-trum of customers. That, coupled

with the tremendous MetLifebrand recognition, makes for a com-

bination that’s hard to beat.”— THOMAS O’DOWDindependent agent,

principal of J. Clifton Avery, Inc.

The year marked the ongoing successful integration of CitiInsurance

around the world and showed just how well MetLife solutions can

help meet the needs of customers everywhere.

NEW PRODUCTS

The strategy of bringing MetLife core competencies to markets

around the world was demonstrated through innovative product

development in many countries. For example, the Guaranteed Mini-

mum Withdrawal Benefit (GMWB) annuity in South Korea marks a

new generation of offerings for the country where MetLife has a tra-

dition of leading with new and popular products. Similarly, in Japan,

MetLife’s latest guaranteed annuity product—GMWB for Life—pro-

vides innovative features that meet very specific preferences and mar-

ket conditions. And, in Mexico, a critical illness cancer product has

been launched to build out MetLife’s health-related business there.

INNOVATIVE DISTRIBUTION

Just as important to the continued high growth of International is the

way MetLife reaches customers. In South Korea, TV home shopping

networks provide a great way to get to a specific desirable customer

target. The initial success witnessed in this channel has been adapted

and exported to other markets in Asia. In particular, Taiwan and Beijing

have also begun using home shopping networks to introduce products.

Bank distribution is also a crucial channel for International as strong

relationships with banks in many markets provide an excellent means

of reaching a broad range of customers. Often, these relationships take

the form of creative partnerships—like BancoEstado in Chile, where

MetLife has a direct ownership stake in the success of the distribution

network as well as benefiting from the sale of our products. MetLife’s

expanding global relationship with Citigroup also provides important

channels around the world such as risk and protection solutions in mar-

kets like the United Kingdom, Belgium and Poland.

‘BUILDING’ IN MEXICO

MetLife’s largest business outside the U.S. commands a leading mar-

ket share and a well identified brand presence in Mexico. It was only

appropriate that MetLife’s headquarters there match the stature of

the operations, which is why MetLife opened a new building in the

Polanco district of Mexico City. MetLife’s business in Mexico has

strong prospects as International builds on the strong core estab-

lished in the country to extend distribution, such as worksite market-

ing, and in the Mexican pension market or AFORE. And more

ground is being broken there in a totally immersive brand experience

for customers. Outdoor advertising at local mass transit stops,

repeated television segments for those in the common areas, educa-

tional materials and information about MetLife are provided to cus-

tomers during their frequent visits to MetLife’s state-of-the-art

service centers in downtown Mexico City.

page 10

International

IN OPERATING EARNINGS available to common

shareholders (as defined on page 1) in 2006, which was a year

characterized by strong fundamental business execution

combined with impressive innovation.

$224million

INTERNATIONAL CONTINUES TO PLAY

AN INCREASINGLY IMPORTANT ROLE

IN METLIFE’S OVERALL GROWTH

STORY AND DELIVERED

page 11 [AR 2006]

Shortly after becoming Chairman & CEO in early 2006, Rob

Henrikson embarked on a historic trip to the Asia Pacific region to

visit MetLife’s operations in China, Japan and South Korea. This

was followed by a trip to India later in the year. The visits were

marked by celebratory events and important meetings with

MetLife’s business leaders and government officials.

A high-impact event featuring participation by Shanghai’s Deputy

Mayor and the U.S. Counsel General marked the launch of the

MetLife brand in China’s economic capital—Shanghai. In South

Korea, the Chairman marked MetLife’s 17th anniversary in the

market—the world’s sixth largest life insurance market and the

second largest business for MetLife outside of the U.S. In Beijing,

he presented important commentary on pensions and the chal-

lenges facing all aging societies at the Beijing Mayor’s Global Advi-

sory Council. In Tokyo, Rob met with MetLife’s joint venture

partner—Mitsui Sumitomo—to review the extremely successful

annuities business there.

While in India, an announcement about business expansion plans

helped MetLife to forge a vital relationship with one of India’s

largest financial institutions, UTI Bank. This relationship will help

MetLife gain rapid access to a large and geographically diverse

customer base in this vibrant, high-growth country.

The Chairman's visits to these markets emphasize the growing

importance of International for MetLife.

adding tremendous capabilitiesand reach across the globe

“By using innovative wholesaler models

learned from our MLI colleagues in the

U.S., we have provided products in a

new way for the Japanese market. Since

Japan’s population is older and longer-

lived than America’s, our products

aren’t just popular, they help to solve a

big challenge for our aging society.”

— YUTAKA CHUJOassistant general manager, Corporate Planning and

General Affairs, MSI MetLife

HISTORIC VISITS

Reinsurance Group of America, Incorporated (RGA), with approxi-

mately $2 trillion of life insurance in force and assets of approxi-

mately $19 billion, is among the largest global providers of life

reinsurance. In addition, RGA provides clients with risk manage-

ment, facultative underwriting, product development and distribu-

tion, and financial reinsurance (capital-motivated) services. In

addition to its U.S. and Canadian operations, RGA has subsidiary

companies or offices in Australia, Barbados, China, Hong Kong,

India, Ireland, Japan, Mexico, Poland, South Africa, South Korea,

Spain, Taiwan and the United Kingdom. MetLife, Inc. is the benefi-

cial owner of approximately 53% of RGA’s outstanding shares.

During the year, RGA continued to set industry standards for expert

underwriting and pricing, as the company offered clients customized

products and solutions to transfer risk and improve profitability.

RGA’s global operations delivered strong premium growth in

2006. RGA has been successful in building its global business by

leveraging best practices and expertise in one market for the ben-

efit of others, keeping a close watch on industry and market

trends, and responding with innovative products and services that

help clients prosper and grow.

Its momentum in the Asia Pacific market was validated by an inde-

pendent survey of life insurers. The survey, generated by NMG Finan-

cial Services Consulting in its annual review of Asia’s life and health

reinsurers, named RGA the leading life reinsurer of new business.

The Asia Pacific results were remarkable in view of RGA’s relatively brief

time-in-market: The survey clearly indicated that RGA has moved into

the top tier of reinsurers from a standing start within the last decade.

NMG surveyed key decision-makers and influencers of approximately

150 insurance companies in 15 Asia Pacific countries. RGA’s leadership

in terms of new business market share was based on the company’s

proactive relationship management, fair terms of trade and com-

petitive pricing, as well as its creativity and ability to solve problems.

page 12

Reinsurance

experienced professionalscontinue to bring focus to the market

REINSURANCE NET PREMIUMS AND OTHER REVENUES

page 13 [AR 2006]

MetLife Bank

Created in 2000, MetLife Bank has proven itself to be one of the lead-

ing direct banks in the United States as well as a strategic business unit

for MetLife, representing added revenue, cross-sell opportunities, and a

significant source of customer acquisition.

The customer and deposit growth MetLife Bank has seen in recent years

continued in 2006 as the deposit base grew 7% to $4.6 billion.

MetLife Bank offers its products through multiple distribution chan-

nels, including the Internet, a dedicated call center, more than 3,100

MetLife agents, and through Institutional Business. This multi-channel

distribution strategy has been a differentiator in the marketplace and

a critical reason for the Bank’s success, along with a strong brand

name and savings rates that are among the highest in the industry.

The Bank boasts higher average account balances in its money

market/savings accounts than the industry average, and consistently

earns high marks for customer satisfaction.

To differentiate itself in the marketplace and address a growing con-

sumer concern, in 2006 the Bank introduced a robust, concierge-type

Identity Theft resolution service for free to all of its depositors, becom-

ing the first national banking institution to provide this level of service

on a broad scale, regardless of whether the identity theft occurred

with a MetLife Bank product. The Bank also introduced home equity

lines of credit as a complement to its mortgage offerings. To better

meet the needs of its agents and customers in key growth markets,

the Bank also created a Regional Banker network of individuals who

work closely with MetLife agents and advisors to heighten awareness

of the wide portfolio of MetLife Bank products. All this has allowed

MetLife Bank to continue to build momentum.

“Through my involvement with the

Bank, I’ve had opportunities to

connect with customers whom I may

not have otherwise been able to

reach. MetLife Bank provides me

with the opportunity to help people

free up money, and also, better pro-

tect themselves by introducing them

to other great products, whether

that’s property and casualty, life,

annuity or mortgage products. The

Bank has been a great door opener.”100,000CUSTOMERS with approximatelY TWO-THIRDSbeing new to the MetLife family of companies. — RICK FORTUNE

functional manager, MetLife’s Agency Distribution Group

METLIFE BANK GENERATED $300 MILLIONIN NEW DEPOSITS IN 2006 AND, FOR THEFIRST TIME, THE BANK EXCEEDED

page 14

...creating a newgeneration of

solutions globally...[ Focused on the “ifs” in life]

Today, consumers recognize

they are shouldering more of

the responsibility for their finan-

cial futures. Strategic brand

positioning studies conducted in

the U.S. and in international

markets reveal common themes

and significant areas of consis-

tency across countries, particularly consumers’ growing

desire for guarantees in a world marked by financial

uncertainty. Although consumers see the value of own-

ing life insurance and other protection products, they

often remain underinsured due to the perception that

insurance is complicated and difficult to understand.

MetLife's brand promises to remove these purchase

barriers to make consumers feel like smarter, more con-

fident buyers. As a result of our refreshed brand posi-

tioning, customers will feel that by working with

MetLife, for the first time they can create their own

personal safety net, a guaranteed plan to protect them

and their families for life. They should feel that of all

providers of financial services, MetLife is distinct in

offering "guarantees for the if in life."

Reflective of our brand strategy, “if” is the title of

MetLife's latest advertising campaign. Highlighting that

"if" is a part of life, as well as a key part of our brand

name, the campaign is focused on what market

research shows consumers value today: simple solu-

tions, clear-cut advice, a company they can depend on,

and the confidence that will help them feel good about

the decisions they make.

Customers, investors and analysts agree that MetLife

has phenomenal brand recognition. Delivering on our

brand promise will maintain our edge for years to

come, and continue to differentiate MetLife as the

partner who can help customers plan for all the

“ifs” in life.

“Though our personal “ifs” may be different,one thing is certain: By working with MetLife,people can create their own personal safety netto manage both the uncertainties and, impor-tantly, the possibilities we all face everyday.”

— LINDA STONE, Global Brand & Marketing Services

METLIFE’S BUSINESS IS ALL ABOUT UNDER-

STANDING AND APPLYING OUR CORE COMPE-

TENCIES TOWARD MEETING CUSTOMER

NEEDS, WANTS AND HOPES. OUR CUSTOMERS

DON’T DREAM ABOUT POLICY RIDERS; THEY

DREAM OF LIFE'S POSSIBILITIES AND HOW

THEY CAN MANAGE THE "IFS" IN LIFE.

page 15 [AR 2006]

Investments

With more than $325 billion in general account portfolio assets and

a multi-billion dollar annual cash flow, MetLife Investments was an

important contributor to MetLife’s financial performance in 2006,

generating approximately $17.6 billion of net investment income.

Investments engaged in several innovative investment activities in

2006, including the introduction of new asset classes, new busi-

nesses and a focus on skilled portfolio management. Indeed,

MetLife’s investment professionals are always looking at new ways

to profitably access the market and manage the company’s assets to

achieve strong results for MetLife. In 2006, Investments did this and

much more to solidify MetLife’s position as a premier asset manager.

While spread management was a key focus in 2006, Real Estate and

Agricultural Investments also played high-visibility roles. Specifically,

the sale of Peter Cooper Village and Stuyvesant Town (see sidebar)

and the origination of a landmark mortgage loan originated by

MetLife’s Timberland Finance Group were significant transactions. In

2006, MetLife’s Timberland Finance Group placed a $1.6 billion

mortgage loan secured by 2.3 million acres of timberland through-

out the United States. A significant player in the agricultural invest-

ments arena for almost 90 years, MetLife is one of North America's

largest private lenders to agriculture.

NEW AND INNOVATIVE OPPORTUNITIES

2006 was also a year marked by many firsts for Investments. “In

2006, MetLife was the first life insurer to become a member of the

Federal Home Loan Bank of New York,” notes Andy DeRosa, who

heads the capital markets desk. “This membership enables us to

tap into a new source of reliable funding and liquidity for MetLife.”

MetLife also developed an innovative joint initiative with Farmer

Mac to obtain funds at attractive interest rates by pledging

MetLife’s agricultural loans as collateral. Also during the year,

MetLife executed the industry’s first global guaranteed interest

contract in the developing Canadian “Maple Bond” market, which

was created in 2005 when Canada relaxed foreign investment

restrictions on Canadian pension plans and retirement funds.

All together, these and other new initiatives will be critical to MetLife

being able to achieve strong investment returns in the future.

In 2006, MetLife completed its $5.4 billion sale of Peter Cooper

Village and Stuyvesant Town, a premier residential property that

was an important component of MetLife’s real estate equity

portfolio for nearly 60 years. Associates from across the enter-

prise came together to help complete the single largest real

estate transaction in U.S. history.

“This property was a prominent asset in

MetLife’s real estate portfolio and we were

very pleased with the market reaction we

received. This sale really demonstrated

what the MetLife team is all about as

departments all across MetLife worked

together to complete this transaction,

enabling MetLife to diversify its real estate

equity portfolio in record time.”

2006 INVESTMENT ASSET ALLOCATION

— DAVID POLITANOregional director, Real Estate Investments’ Northeast Region

page 16

CAO

THE CHIEF ADMINISTRATIVE OFFICER (CAO) ORGANIZATION,

WITH OVER 7,000 ASSOCIATES, PROVIDES HIGH VALUE BUSINESS

SOLUTIONS, ADVICE AND SERVICES THROUGHOUT THE METLIFE

ENTERPRISE. THE POWER OF CAO STRETCHES ACROSS THE

GLOBE AS METLIFE’S ASSOCIATES PARTNER WITH BUSINESS LEAD-

ERS AND TEAMS BOTH DOMESTICALLY AND INTERNATIONALLY.

SERVICE STILL A KEY TO SUCCESS

For the second straight year, MetLife’s Customer Response Cen-

ter (CRC) earned the prestigious designation of “Certified Center

of Excellence” from Purdue University’s Center for Customer-Dri-

ven Quality. Awarded to only 10% of call centers applying (of

which, just 25% win in two successive years) the award recog-

nizes the strong commitment of all CRC associates to deliver

best-in-class customer service and increase customer satisfaction,

retention and loyalty. As the voice of MetLife, answering about

26 million customer phone calls each year, the CRC vision state-

ment expresses the sentiment behind the achievement: “We will

be the reason our customers are ‘Met for Life.’”

In 2006, CRC associates embraced a culture of advocacy. Their goal

is to understand the customers’ needs and provide useful informa-

tion about MetLife products that can help meet those needs. The

shift to the new culture began with the introduction of advocacy

during recruiting and was reinforced with new training for all associ-

ates, call monitoring, on-the-job coaching and results measurement.

The CRC utilizes emerging technology to meet increasing customer

expectations for service. Knowing that with the right solution they

could improve Interactive Voice Response (IVR) utilization and the

customer experience, CRC associates partnered with MetLife’s busi-

nesses, IT and a leading vendor in speech recognition technology to

launch two new speech recognition applications. Both provide cus-

tomers the option of speaking their requests to an automated sys-

tem and greater ease of use.

“The design of a conversational applica-tion is an art. The key to producing aquality product is understanding howcallers respond to it.”

ENTERPRISE SYSTEMS SOLUTIONS (ESS)

ESS partnered with MetLife’s businesses on initiatives that span

the enterprise, driving down costs and providing new market

opportunities. Demand has never been greater and ESS has

stepped up to the challenge by providing innovative business

solutions, new systems and new technologies.

Auto & Home IT installed Image and Workflow technology in all

of its field claim offices and its Dayton Service Center, creating

virtual claims files that are routed and accessed instantly online.

Auto & Home won FileNet’s CTO Innovation award for this appli-

cation, unique in the insurance industry for its advanced work-

flow capabilities and use of cutting-edge technology.

Enterprise Program Management is applying the knowledge

gained last year in integrating the Travelers acquisition to the

management of key enterprise programs. Examples of this

include, the Retirement Savings Group and preparing for the

launch of the pension closeout business in the United Kingdom.

While the task of getting a start-up insurance company off the

ground 3,000 miles away is daunting, the process and frame-

work provided by Enterprise Program Management has enabled

Institutional to make substantial progress in a very short time.

NEW SPEECH RECOGNITION APPLICATIONS GO LIVE

— KRISTEN DENICEmanager, Business Solution Planning Self Service

page 17 [AR 2006]

Global Technology Solutions (GTS) has reengineered the Investments

derivatives business with a new version of the MUREX system that will

enable MetLife to continue using derivatives as a hedge for investments

as the company’s portfolio grows. The new system provides collateral

management, risk analysis and position control, enabling MetLife to

outpace our competition in the use of derivatives.

Individual Business IT and Enterprise Technology Solutions very success-

fully integrated the Travelers Hartford Infrastructure, converting 94 Trav-

elers Life & Annuity business applications to MetLife’s standard

technology and processes in a single weekend, the culmination of a 16-

month effort. Individual Business IT also delivered enhancements to the

annuities technology platforms to gain competitive advantage through

the offering of new and enhanced funds, riders and product features.

Institutional Business regained General Motors’ group life record-

keeping servicing, in part because of the ability of MetLife’s systems

to deliver the services required. At the same time, MetLife was

pleased to be selected by the U.S. Office of Personnel Management

(OPM) to be a provider of dental benefits for Federal employees and

annuitants. This project demonstrated the concept of “One

MetLife,” as many technology teams—Institutional IT, Corporate

Systems eBusiness, IB Call Center and Enterprise Technology Sys-

tems—responded as one to make this implementation successful.

Powering MetLife from within...

METLIFE DEVELOPS GLOBAL OPERATIONS SUPPORT CENTER

In 2006, MetLife announced plans to develop the Global Oper-

ations Support Center in India. This CAO shared services facility

will be staffed by MetLife associates and provide services to

MetLife’s business and staff functions worldwide. Input for the

Center’s development, coordinated under the auspices of

Global Sourcing Solutions, involved organizations throughout

MetLife. Analyzing and identifying processes to migrate, select-

ing a location, ensuring compliance with Indian laws and regu-

lations, and defining technological requirements took the efforts

of multiple teams across the enterprise. Participating organiza-

tions included Global Sourcing Solutions, Legal Affairs, HR, Cor-

porate Communications, Procurement, Finance and all the lines

of business. The Program Implementation Management Office

provides ongoing oversight, which includes monitoring all activ-

ities, facilitating communications and identifying interdepen-

dencies and critical milestones. Process migrations to the Center

are scheduled to begin during the second quarter of 2007, with

the teams continuing their efforts as future opportunities to

leverage the Center’s capabilities are identified.

page 18

HUMAN RESOURCES (HR)

HR completed the rollout of the Centralized Staffing Initia-

tive, improving candidate experience, reducing manage-

ment time, enabling HR generalists to spend more time

consulting with managers and upgrading the ability to

track and reduce costs as well as produce recruitment met-

rics. As part of a team spanning the department and its

partners, associates from People Practices, Compensation,

HR Business Leaders, Learning & Development, the HR Ser-

vice Center, ESS and Corporate Communications worked

to build an internal executive recruiting function and part-

nered with a recruiting specialty firm to outsource recruiting

activities at entry level through manager positions. Since

the program was implemented in June, over 2,000 posi-

tions have been filled, including 29 officer positions.

As one of the key partners supporting MetLife’s increasing

global presence, HR successfully completed a major proj-

ect to capture core personnel data for all employees

around the world on a single HR system, and introduced a

new global “Reach Me” directory that includes the com-

pany's International associates. Further to building a

shared global mindset among associates, leadership and

management development offerings were updated to

incorporate competencies focused on creating a global

perspective. In order to improve assimilation of new Inter-

national leaders, a comprehensive global program was

piloted to onboard new officers, for rollout in early 2007.

To continue to understand and enhance the level of

employee engagement throughout the enterprise, HR led

the implementation of the 2006 Associate Survey. Utiliz-

ing expertise from across the department, HR provided

tools, resources and analysis to drive the process and par-

ticipation in both the survey and follow-up planning. As a

result, MetLife work teams developed 2,300 action plans

that target areas of workplace opportunity, and some

enterprise changes were made in MetLife’s compensation

and performance management programs.

With MetLife winning significant new business as one of the providers of the new

Federal voluntary dental program, Human Resources and the CRC stepped up to

support Institutional Business. Associates, many of them volunteers, formed teams

to come up with creative solutions to accommodate a high call volume during the

open enrollment period. Customized training and new technology were devel-

oped. During the three-week enrollment period, these units handled almost

100,000 calls from Federal employees.

A CHALLENGE FROM THE CHAIRMAN

“The planning and flexibility paid off.CRC successfullyserviced the Federal employees during enrollmentwhile making sure that all current customers were serv-iced in a manner they’ve come to expect from MetLife.”

Implemented during third quarter, the Chairman’s Challenge for life insurance was a col-

laborative effort involving HR, Global Brand & Marketing Services, Internal Communica-

tions, Institutional Business and Legal Affairs. Timed to coincide with National Life

Insurance Awareness month in September, the initiative was designed to increase asso-

ciate understanding of life insurance and its importance in building a personal safety net.

A multi-media program was implemented to educate associates about life

insurance and, particularly, their group life insurance benefits; provide associ-

ates with educational tools and resources, such as a life insurance calculator, to

begin thinking about how much insurance they need; taking some type of

action by either purchasing life insurance, making the informed decision that

they are well covered, or even changing their beneficiaries.

At the end of the campaign, more than 5,500 associates confirmed they completed

the Chairman’s Challenge and more than 2,000 additional life insurance coverages

were in force. Post-campaign versus pre-campaign survey results show significant

gains in understanding of group life coverages (total favorable 89 percent vs. 58 per-

cent) and confidence in having adequate coverage (82 percent vs. 69 percent).

Many also expressed that they were able to be better brand ambassadors for MetLife.

SUPPORTING INSTITUTIONAL BUSINESSDURING FEDVIP ENROLLMENT

— CHRIS FOVELCRC Dental product coordinator

“It was a rewarding experience to be able to assistcallers on such an important decision.”

— BECKY VOGEL licensing specialist, HR Corporate Licensing & Registration

page 19 [AR 2006]

CORPORATE ETHICS & COMPLIANCE (CEC)

MetLife’s various distribution channels are

committed to ensuring best-in-class compli-

ance and business practices and promoting

the company’s core values of honesty,

integrity and trust. For example, partnering

with CEC, Mike Vietri, executive vice presi-

dent, Individual Business Agency Distribution

Group (ADG) and his management team

have positioned compliance as a key value

proposition during the sales process to the

customer and during producer recruiting.

Mike believes MetLife’s industry leading com-

pliance program provides the company with

a competitive advantage in the marketplace.

INTERNAL AUDIT

Internal Audit’s role has solidified as a key

stakeholder and partner to the businesses in

their continued design, development and

management of such MetLife initiatives as

the Retirement Strategies Group and the

Global Operations Support Center. Internal

Audit’s design of specialized project man-

agement models in support of these initia-

tives is now the standard by which project

progress is evaluated. The delicate balance

of remaining a key stakeholder in a project’s

governance, coupled with Internal Audit’s

partnering with the businesses in support of

their objectives, has created a “win/win”

environment for MetLife.

AVIAN FLU

Corporate Real Estate and Corporate Secu-

rity and Safety, in partnership with the lines

of business, completed an extensive review

of the avian flu issue and spurred major con-

tingency planning across the enterprise to

minimize risk from this potential pandemic

and ensure continuity of business opera-

tions. This process significantly enhanced

MetLife’s Crisis Management program.

CORPORATE REAL ESTATE (CRE)

CRE implemented several strategic space initia-

tives including in NY, NJ, Tampa and Boston,

moving 7,000 employees while reducing over-

all operating expenses. Expenses have been

reduced by exiting leases and selling non-

strategic properties while, at the same time,

investing significantly in new and existing prop-

erties that both support MetLife’s evolving

business needs and create an appropriate

work environment for our associates.

One example of a significant initiative in 2006

was MetLife signing a 21-year lease at 1095

Sixth Avenue in mid-town Manhattan. Relo-

cating to Manhattan is consistent with

MetLife’s stature as a worldwide provider of

financial services in today’s global market-

place, and allows room for future growth and

expansion. At the same time, MetLife’s Long

Island City site will continue to serve as an

important MetLife location, housing a state-

of-the-art Information Technology Center.

CORPORATE PROCUREMENT

Corporate Procurement continues to meet and

exceed its goals, saving the company money,

providing the enterprise with crucial processes,

mitigating risk and ensuring compliance to

both internal and external controls. Procure-

ment’s operational excellence was recognized

with MetLife’s receipt of the inaugural

Aberdeen Award, based on the performance

impact of service chain activities and mastering

the methodologies for financial, operational

and customer-centric performance excellence.

PRIVACY

Special Regulatory Matters & Privacy addressed

data protection issues, led the privacy team for

the Global Operations Support Center and

strengthened MetLife's global privacy oversight

while enhancing compliance processes.

CAO LAUNCHES RECOGNITION PROGRAM

In February, the CAO Organization launched its

innovative CAO Recognition Program. Focused

on celebrating behaviors that enable CAO associ-

ates to unleash the power of the enterprise, the

program was developed by a committee drawn

from all areas of the CAO Organization and facil-

itated by “recognition champions” in each CAO

department, as well as by each department’s Plan-

ning Board. The program consists of three levels of

recognition: ongoing peer-to-peer, quarterly

departmental and, the highest level of recogni-

tion, the annual C-A-Ovation Award. In designing

the program, committee members studied best

practices of other recognition programs and

worked with IT, Procurement and e-Business to

develop solutions that would make participation

in and administration of the program simple.

A special Web site, launched in conjunction with

the program, enabled associates from all across

the MetLife enterprise to easily nominate CAO

associates for recognition by submitting a simple

online form. The program has been widely

embraced by associates, as evidenced by the fact

that, during its first year, more than 3,100 associ-

ates received recognition. The numbers are

expected to climb in 2007.

...creating a newgeneration of

solutions globally...

page 20

“Everything we do as associates of the enterprise is far more than just

a job. Although many of us never see first hand the impact of what

we do at MetLife, know that today we have helped someone, some-

where prepare for the ‘ifs’ in life.” — MARLENE PORTER, Institutional Business

[ Is a world class team of associates] MetLife associates play a vital

role in our ability to provide

meaningful solutions for cus-

tomers and, each day, give life to

our brand. We are experts in

financial guarantees and, as important, in qualities you

can’t put a value on, like compassion and understand-

ing. A magnet for outstanding talent, we continue to

attract the best in the financial services industry.

In 2006, associates applied their professional expertise

and their commitment to do what’s best for customers

and for shareholders. We provided thought leadership

to the industry and brought MetLife into new markets.

Regardless of the role—whether sitting face-to-face

with a customer or behind the scenes in our support

organizations—associates delivered in outstanding

ways. The results prove it: record financial results and

strong customer satisfaction ratings.

Associates not only make a difference in our company’s

success, but within MetLife and in the community, too.

Led by associates, our affinity groups hosted activities to

benefit colleagues—including various workshops and

opportunities to hear from senior leaders about their

career successes and challenges. At the same time, 96%

of employees participated in the MetLife Associate

Survey. They told us they are more engaged, more satis-

fied and more positive about every dimension of their

work climate, and they wrote over 3,000 pages of com-

ments to take MetLife to the next step.

In the community, associates also made a difference on

their own or through one of MetLife’s volunteer partner-

ships—mentoring young people, providing assistance to

seniors and participating in charity walks and runs. Over

3,000 pints of blood were donated in drives throughout

the year, and 500 associates joined the Bone Marrow

Registry, partly to help a colleague in need.

MetLife associates around the world unite in a very spe-

cial mission: at the end of the day to help people feel

hopeful about their lives. To a terrific team, for a terrific

year and for every life you touched, thank you!

OVER 70 MILLION CUSTOMERS COUNT

ON US TO BE THERE FOR THEM WHEN

THEY NEED US MOST. THE REASON WHY

IS SIMPLE: OUR PEOPLE.

page 21 [AR 2006]

Diversity

Diversity has been a part of MetLife’s rich history and continues to be

a business imperative. Given this, in 2006, MetLife remained focused

on activities that advanced the company’s commitment to diversity in

the workforce, workplace and marketplace. Specifically, MetLife

developed diversity business plans that focused on recruitment, com-

munication, leadership accountability and talent development.

A DIVERSE WORKFORCE

MetLife people are the engine that drives the company’s success and

are MetLife’s most important resource. By promoting a diverse work-

force, MetLife brings together people with the talents, perspectives

and experiences to drive the company forward. In 2006, to continue

the pursuit of becoming an employer of choice, MetLife partnered

with the Rainbow Push Coalition, the National Urban League, the

American College, the Forte Foundation and INROADS, to name a

few. Workforce initiatives included a summit designed to provide

African-American financial services professionals with advice and

strategies to advance their careers; programs to attract women to

pursue sales leadership careers; as well as internship opportunities

that were provided to nearly 160 INROADS interns, a 45% increase

from 2005. In addition, the MetLife INROADS Alumni Network

(MIAN) was developed for former INROADS interns who have

accepted full-time positions with MetLife.

AN INCLUSIVE WORKPLACE

Diversity is not owned by any one department or business within

MetLife, but is embedded in the way the company does business.

Each associate plays a vital role in creating an inclusive and welcoming

work environment. Through the work of MetLife’s diversity champi-

ons—individuals who have a more deliberate and focused role in

advancing diversity—there were various initiatives undertaken to

advance the company’s diversity objectives. Among them were several

Diversity & Inclusion days, which allowed associates to learn about and

embrace different cultures and traditions. Over 3,500 associates par-

ticipated in an educational experience designed to enhance awareness

and skills to support a diverse and inclusive workplace. Additionally,

MetLife’s affinity groups continued to offer networking and peer sup-

port programs for associates across the enterprise.

To address work-life challenges, the Enterprise Diversity Council

and the Office of Diversity launched a new Work-Life Solutions

guide. The guide outlines MetLife’s work-life programs and poli-

cies, and is designed to assist associates with meeting their unique

needs in regard to emotional well-being, health and wellness, fam-

ily and caregiving, personal and professional growth, daily living

and financial freedom.

MetLife’s continued commitment to diversity has been recognized

year after year by leading diversity-focused organizations. In 2006,

the company received recognition from the Human Rights Campaign

Foundation, the National Association for Female Executives, Working

Mother magazine and Black MBA magazine, among others.

A MULTIDIMENSIONAL MARKETPLACE

Given the changing demographics, today more than ever, MetLife

serves the needs of a global and diverse marketplace. In 2006, the

company’s initiatives focused on the unique needs of the multicul-

tural and women’s markets. Furthermore, MetLife’s Mature Market

Institute partnered with the American Society on Aging to conduct a

study on Out and Aging: The MetLife Study of Lesbian and Gay Baby

Boomers, the first national survey of its kind.

“Serving on the Enterprise Diversity

Council has helped tremendously to

broaden my knowledge of MetLife.

I’m proud to be such an integral part

of creating a progressive working

environment where all of our associates

can truly maximize their potential.”

— MIRA GRAETZ-BALLInternational Investments

“Are you a good company to own? That’swhat analysts and shareholders want toknow. We communicate MetLife’s storyof strong performance and long-termvalue creation every day. It is a huge teameffort that involves not only the IR team,but associates across Finance as we showthe proof in the numbers.”

page 22

Finance

— JORGE RAMIREZInvestor Relations

TREASURY WORKSTATION IS HERE!

MetLife Finance contributed to the company’s record performance by

managing risk, leveraging capital, providing strong accounting and

controls, and working with the lines of business as well as Investments

to create value. It was active in the investment community too, build-

ing shareholder confidence and strengthening our ratings as MetLife

demonstrated its capital flexibility. Finance continued to enhance its

processes, creating a more efficient, state-of-the-art function as well.

ACTUARIAL ACUMEN—RIGOROUS RISK MANAGEMENT

Throughout last year, Finance implemented a global corporate

oversight function for key actuarial processes such as pricing, product

development, asset-liability management and reinsurance. As a result,

the company is better positioned to manage risk, price products, and

allocate reserves more effectively, contributing to an already-strong

underwriting and risk management discipline.

As part of its focus on risk management, Finance expanded its hedging

strategies, including the use of innovative capital market structures.

EXPENSE DISCIPLINE

In 2006, MetLife was focused on its spending, investing in targeted

areas like technology. With an eye on expense discipline, Finance con-

ducted a detailed review of its expense reporting processes to increase

their effectiveness and assure that business partners receive vital deci-

sion-making information even sooner. As a result, a new resource, the

Expense Management Center, was formed and rolled out to Individ-

ual and Institutional Businesses.

Supporting every associate’s role in managing costs, Finance provided

cost-saving tips to associates and managers throughout the year.

CLOSING IN ON THE FINANCIAL CLOSE PROCESS

Finance continued to strengthen its accounting and control processes.

This included accelerating by several days the close process, allowing

for even greater transparency of information and faster decision

making. In addition, progress was made in standardizing the general

ledgers of several international entities.

ADVISORS TO THE LINES OF BUSINESS

The Business Finance functions continued to drive growth by serving

as advisors to the lines of business on various matters, such as enter-

ing new markets, product development and pricing, agency prof-

itability, reporting and strategic planning.

DEVELOPING PEOPLE

On the associate front, Finance continued to invest in associate devel-

opment, expanding its Associate Rotation Program in 2006 and

adding one international rotation in Australia. This 12-month pro-

gram offers associates an opportunity to experience various areas

within Finance, from Financial Operations to M&A, and gain exposure

to senior leaders across the organization on high-level projects.

Treasury manages the company’s cash resources. It is a big responsibil-

ity given that over $1 billion of cash must be managed each day. The

group makes sure that MetLife has the right liquidity to manage its

investments and deliver on its benefits and guarantees.

In 2006, Treasury completed a multi-year project to bolster cash man-

agement capabilities. Now complete, the Treasury Workstation (TWS)

offers automation of our daily cash-position processing and incorpo-

rates cash forecasts and wire processing onto an enterprise platform.

Hundreds of associates from Finance and the enterprise contributed

to this effort. Today, MetLife is using TWS to leverage our capital

more efficiently and for greater returns.

page 23 [AR 2006]

Legal Affairs

Best-in-class professional services

“Legal Affairs is very innovative, creative,responsive and supportive.”

— ED BERKOmanaging director, Investments

MetLife’s growth and leading market position in the industry are,

without a doubt, defined in part by the people who support the

enterprise worldwide. Recognizing this, Legal Affairs in 2006 was

again an industry leader as it successfully achieved its vision in pro-

viding exceptional, best-in-class professional services to its business

partners while playing a leadership role in key enterprise initiatives.

In 2006, Legal Affairs was a critical player in ensuring that MetLife’s

businesses were well positioned to help customers meet their retire-

ment needs. Partnering with key enterprise leadership on various

efforts, including high-level meetings and participation in hearings and

other public policy forums, Legal Affairs raised awareness in Congress

of the emergent retirement income crisis and how MetLife’s products

can help address it. Because of this effort, MetLife was able to assist in

developing a Senate Aging Committee hearing on risks in retirement

and advocated for provisions included in the new Pension Protection

Act that will encourage annuitization, expand the availability of invest-

ment advice and clarify rules surrounding defined benefit plan funding

and cash balance plans. Within MetLife, various divisions of Legal

Affairs also supported several Retirement Strategies Group initiatives.

Helping the enterprise achieve its objectives for top- and bottom-

line growth was a key priority. In 2006, Legal Affairs provided

generic and product-specific legal advice for the global “if” cam-

paign; supported the successful bid to provide group voluntary den-

tal coverage to federal employees; supported several new Individual

Business product, distribution and speed-to-market initiatives;

assisted in the preparation of the pension closeout business in the

United Kingdom; and partnered with Investments to diversify the

company's portfolio and achieve Investments' global strategies.

Legal Affairs also helped strengthen MetLife’s market position in other

ways. Several measures were undertaken with business clients to create

a more simplified enterprise structure that is capital and tax efficient,

including a number of mergers, divestitures and company restacks.

At the same time, Legal Affairs continues to support various aspects

of the launch of the Global Operations Support Center in India.

Finally, in 2006, two important enterprise real estate transactions—the

historic sale of Peter Cooper Village and Stuyvesant Town and the leas-

ing of 12 floors at 1095 Avenue of the Americas for MetLife's business

operations—were projects that required a number of proactive contri-

butions from Legal Affairs. Both of these transactions required signifi-

cant legal documentation and negotiation, and involved extraordinary

government affairs and public relations activity that proved to be critical

to the successful completion of the transactions.

Whether it be effectively managing litigation and regulatory matters or

maintaining strong corporate governance practices and procedures,

Legal Affairs continued to fulfill its vision in 2006.

page 24

In the Community

From its earliest days, MetLife has been an involved corporate citizen

in the communities where it does business. This tradition continues

as MetLife grows in the U.S. and across the globe. Thirty years ago,

MetLife created MetLife Foundation (MLF) to support health, civic,

educational and cultural organizations, and local foundations have

been established in Mexico and Korea in recent years.

In 2006, MetLife and MLF focused on such vital areas as aging,

education, youth development and community building. Programs

included working with non-profit organizations to uncover key

issues and find solutions.

The growing aging population is having an enormous impact on

the way people live and work the world over. The huge baby

boom generation is more likely than previous generations to reach

old age and, as a result, experience both the joys and woes of

aging. These demographic trends call attention to many significant

issues, including caregiving, brain health, outliving resources, com-

munity preparation and workforce and volunteer depletion. MLF is

working with leading non-profits to address these issues and help

develop creative responses. For example, The Maturing of

America—Getting Communities on Track for the Aging of the

Baby Boomers assesses the readiness of cities to meet the needs of

the aging population and identifies communities that are not only

good places to grow up but also good places to grow old. Funded

by MLF and conducted by the National Association of Area Agen-

cies on Aging with other leading organizations, this study is a

wake-up call to communities that need to begin to plan for the

growing aging population.

Alzheimer’s disease is one of the most serious consequences of

aging. The MLF Awards for Medical Research in Alzheimer’s Dis-

ease marked its 20th anniversary of searching for a cure for

Alzheimer’s and have provided over $10.5 million to scientists for

research. “Over the past 20 years, MetLife has recognized an

extraordinary group of investigators, the vast majority of whom

continue to make important contributions to Alzheimer’s dis-

ease,” said past winner Dr. Donald Price of the Johns Hopkins

University School of Medicine. “The award has allowed recipi-

ents to recruit and support young investigators who have cre-

ated a pipeline of those committed to Alzheimer’s research, thus

assuring continued progress toward a cure.”

From its earliestdays, MetLife has been an involved corporatecitizen in thecommunities whereit does business.

page 25 [AR 2006]

With the growing emphasis on aging issues, MetLife has not forgotten

the importance of helping young people—especially those who are

economically, socially or physically disadvantaged—get a good start in

life. Support is provided for youth development programs, including

after-school programs, arts and health education and school improve-

ment. In many locations, MetLife associates volunteer as mentors to pro-

vide adult role models and help young people succeed.

In 2006, MetLife and MLF made contributions of $34 million. In addition,

MetLife committed $65 million in new community investments that

improve the quality of life for individuals and families, including financing

affordable housing in low- and moderate-income communities and

economic and community development and services.

“Over the past 20 years, MetLife

has recognized an extraordinary

group of investigators, the vast

majority of whom continue to

make important contributions to

Alzheimer’s disease. The award

has allowed recipients to recruit

and support young investiga-

tors… thus assuring continued

progress toward a cure.”

— DONALD PRICEpast award winner,

John Hopkins University School of Medicine

page 26

1879MetLife does something that no American insurer is doing. Itoffers Industrial insurance to help“workingmen” and their families.By 1909, we are the largest lifeinsurer in North America due tothe success of this business.

1883MetLife hires its first femaleagent, 37 years before womencan vote in the U.S.

1900MetLife is first to offer a cash surrender privilege on Industrialpolicies. During the Depression,we pay $1 billion in cash surrenders to customers.

1930MetLife insures every fifth man, womanand child in the U.S. and Canada.

1931MetLife studies help formulate the SocialSecurity System.

1940s and 50sMetLife invests in America’s development,including railroads and public utilities.

1945MetLife is the largest private contributor tothe Allied cause during World War II. Thecompany invests almost 52 percent of itstotal assets in U.S. and Canadian bonds.

[Continuing the MetLife tradition of innovation] 1909MetLife creates a Welfare Division,including a Visiting Nurse Service forpolicyholders. During its 44 years in existence, more than 20 million peoplereceive over 100 million nursing visits.

MetLife is first to introduce a low-cost whole life policy.

1922MetLife's group operation is the first to enable employees to secure moreinsurance by contributing to cost.

1868MetLife has its origins in 1863when the National Union Lifeand Limb Insurance Companyis created to insure Civil Warsoldiers against disabilities. In 1868, the focus shifts to lifeinsurance, and MetropolitanLife begins business.

1947MetLife buys the first public bondissue of the World Bank.

1954MetLife installs UNIVAC, the life insur-ance industry’s first large-scale computer.

MetLife is the first insurer to beselected as an administrator of the Federal Employees’ Group Life Insurance Program.

1962MetLife is first to enter the large market dental business and five yearslater, large market prescription drugs.

1926MetLife writes the first group plancovering more than 100,000 lives for General Motors.

1930sDuring the Great Depression, MetLife rescues more than 7,000 farms from foreclosure.

...creating a newgeneration of

solutions globally...

page 27 [AR 2006]

1964With the Red Cross, MetLife develops the first nationwide blood bank.

1974MetLife introduces flexible work hours for associates.

1976MetLife Foundation is established to carryon MetLife’s long-standing tradition ofcorporate contributions and communityinvolvement.

1983MetLife is the first large insurer to sell variable and universal life.

1991MetLife surpasses $1 trillion of lifeinsurance in force, the first NorthAmerican insurer to do so.

1985In a bold move,MetLife signs Snoopyand the PEANUTS®

gang to appear in its advertising, departingfrom more traditionalcampaigns.

2001MetLife is the first insurer tolaunch a nationally chartered bankunder the Gramm-Leach-Bliley Act.

MetLife is first to pay claims afterSeptember 11.

2002In its largest single internationalacquisition to date, MetLifeacquires Aseguradora Hidalgo, S.A., in Mexico. This puts MetLifeon a path to becoming Mexico'slargest life insurer and beginsMetLife International’s journey as a growth engine for MetLife.

2003MetLife introduces a suite of retire-ment income products to protectBaby Boomers from longevity risk.

2004MetLife is first to raise maximum life insurance policy amounts to 30 times income to address underinsurance.

MetLife enters one of the largest futuregrowth markets for life insurance in the world—China.

MetLife is asked by Congress to be athought leader on retirement and savings.

2000MetLife takes another bold step,transforming to a stock company tocreate even greater value. At thetime of its IPO, it is the most widelyheld stock in North America.

MetLife has been helping people with the “ifs” in life throughout its history. While those “ifs” may

have looked different in the 1860s, or even a decade ago, MetLife has always understood a customer’s

need for solutions that provide peace of mind and financial guarantees. Our solutions have extended

beyond our customers, too, to shape our industry, support our associates and build our communities.

2005MetLife completes its largestdeal ever with the purchase ofTravelers Life & Annuity.

MetLife is the first to offerproperty and casualty customers one policy package, one deductible and one bill: GrandProtectSM.

2006MetLife is selected as a dental provider for theFederal Government.

1986MetLife Foundation recognizes theimplications of Alzheimer’s diseaseand establishes an awards programto support medical research.

page 28

Board of Directors &Executive Officers

C. ROBERT HENRIKSON

Chairman of the Board, President and

Chief Executive Officer, MetLife, Inc.

CURTIS H. BARNETTE

Of Counsel, Skadden, Arps, Slate,

Meagher & Flom LLP

SYLVIA MATHEWS BURWELL

President, Global Development Program,

The Bill and Melinda Gates Foundation

BURTON A. DOLE, JR.

Former Partner and Chief Executive

Officer, MedSouth Therapies, LLC

CHERYL W. GRISÉ

Executive Vice President of Northeast

Utilities, President, Utility Group of

Northeast Utilities, and Chief Executive

Officer of its principal operating subsidiaries

JAMES R. HOUGHTON

Chairman of the Board,

Corning Incorporated

R. GLENN HUBBARD, PH.D.

Dean, Graduate School of Business,

Columbia University

HARRY P. KAMEN

Retired Chairman of the Board and

Chief Executive Officer,

Metropolitan Life Insurance Company

HELENE L. KAPLAN

Of Counsel, Skadden, Arps, Slate,

Meagher & Flom LLP

JOHN M. KEANE

General, United States Army (Retired)

Co-Founder and Senior Managing

Director, Keane Advisors, LLC

JAMES M. KILTS

Founding Partner,

Centerview Partners Management, LLC

CHARLES M. LEIGHTON

Executive Director, US SAILING

HUGH B. PRICE

Senior Fellow, The Brookings Institution

DAVID SATCHER, M.D., PH.D.

Former Surgeon General, United States

KENTON J. SICCHITANO

Retired Global Managing Partner,

PricewaterhouseCoopers LLP

WILLIAM C. STEERE, JR.

(Lead Director)

Retired Chairman of the Board and

Chief Executive Officer, Pfizer Inc.

C. ROBERT HENRIKSON

Chairman of the Board,

President and Chief Executive Officer

STEVEN A. KANDARIAN

Executive Vice President and

Chief Investment Officer

JAMES L. LIPSCOMB

Executive Vice President and

General Counsel

WILLIAM J. MULLANEY

President, Institutional Business

CATHERINE A. REIN

Senior Executive Vice President

and Chief Administrative Officer

WILLIAM J. TOPPETA

President, International

LISA M. WEBER

President, Individual Business

WILLIAM J. WHEELER

Executive Vice President and

Chief Financial Officer

Board of Directors Executive Officers

page 29 [AR 2006]

This Annual Review contains statements which constitute forward-looking statements within the mean-

ing 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 the company and its subsidiaries,

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 eco-

nomic conditions, including the performance of financial markets and interest rates; (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; (iv)

unanticipated changes in industry trends; (v) catastrophe losses; (vi) ineffectiveness of risk manage-

ment 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 com-

pany’s and its affiliates’ claims paying ability, financial strength or credit ratings; (xiii) regulatory, leg-

islative 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 sub-

sidiaries 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 uncer-

tainties 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.

EDITORIAL: METLIFE PUBLIC RELATIONS, INTERNATIONAL COMMUNICATIONS & INTERNAL COMMUNICATIONS

DESIGN: METLIFE CREATIVE SERVICES

MetLife, Inc.200 Park Avenue, New York, NY 10166www.metlife.com

0609-2245 ORDER#1900029316(0307)© 2007 METLIFE, INC. PEANUTS © United Feature Syndicate, Inc.