investor day 2008 appendix

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Appendix

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Explanatory Note on Non-GAAP Financial InformationThe historical and forward-looking financial information presented at Investor Day and contained in these presentations include performance measures which are based on methodologies other than Generally Accepted Accounting Principles (“GAAP”). MetLife analyzes its performance using so-called non-GAAP measures, including operating earnings, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share and operating return on common equity. MetLife believes these measures enhance the understanding and comparability of its performance by excluding net investment gainsand losses, net of income tax, and adjustments related to net investment gains and 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 highlighting the results from operations and the underlying profitability drivers of the business.

Operating earnings is defined as GAAP net income, excluding net investment gains and 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 available to common shareholders.

Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends. All references in these slides and in the presentations made at Investor Day to “operating earnings” for 2005 and future years should be read as references to “operating earnings available to common shareholders.”

Operating earnings available to common shareholders per diluted common share is calculated by dividing operating earnings available to common shareholders by the number of weighted average diluted common shares outstanding for the period indicated. All references in these slides and in the presentations made at Investor Day to “operating earnings per share” for 2005 and future years should be read as references to “operating earnings available to common shareholders per diluted common share.”

Operating return on common equity is calculated by dividing operating earnings available to common shareholders by average common equity for the period indicated, excluding accumulated other comprehensive income.

3

Explanatory Note on Non-GAAP Financial Information (Continued)

For the historical periods presented, reconciliations of the non-GAAP measures used in the presentations made at Investor Day to the most directly comparable GAAP measures are included in this Appendix and are on the Investor Relations portion of MetLife, Inc.’s website (www.metlife.com). Additional information about MetLife’s historical financial results is available in the Company’s Quarterly Financial Supplements for the corresponding periods which may be accessed through the Company’s website. The non-GAAP measures used in the presentations made at Investor Day should not be viewed as substitutes for the most directly comparable GAAP measures.

In the presentations made at Investor Day, MetLife provides guidance on its future earnings, earnings per diluted common share and return on equity on an operating and non-GAAP basis. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is not accessible on a forward-looking basis because MetLife believes it is not possible to provide other than a range of net investment gains and losses, which can fluctuate significantly within or without the range and from period to period and may have a significant impact on GAAP net income.

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Table of Contents

Definitions ……………………………….……….………………………………………5Reconciliation

Reconciliation of Net Income Available to Common Shareholders…..….…….…8Reconciliation of Book Value per Common Share….…………………………….12Reconciliation of Premiums, Fees & Other Revenues .…………………………..13Reconciliation of Operating Expenses and Expense Ratio ……………………...14Reconciliation of Return on Common Equity…………………….………………...152007 Reconciliation of Return on Common Equity……………..………………...16

Institutional Metrics ..…………….…………………………………………………...17Individual Metrics……………….………………………………………………..……24International Metrics….………….……………………………………………………29Auto & Home Metrics ……..…………….…………………………………………….32

5

Definitions

6

Definitions

Sales (Total Company):Variable annuity sales are on a VARDS basis.

Sales (Institutional):Sales include annualized revenue at issue and initial deposit.

Sales (Individual):Variable annuity sales are on a VARDS basis.Fixed annuity and life sales are on a LIMRA basis.

Sales (International):Sales include annualized full year premiums and fees from risk and protection products such as life insurance, credit insurance, AD&D, etc., and include joint ventures in Japan and China.

Premium Equivalents:The estimated premium amount for administrative services only accounts if they had been fully insured plans.

7

Reconciliation

8

Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders -Total Company

($T

Millions) 2003 2004 2005 2006 2007otal Company

N

O

O

et income available to common shareholders 2,196$ 2,758$ 4,651$ 6,159$ 4,180$

Cumulative effect of a change in accounting 26 86 - - -

Investment (gains) losses 164 (143) (1,247) (2,000) 554

Adjustments related to investment (gains) losses (140) (34) 36 (74) 24

Discontinued operations (113) (123) (283) (210) (175)

perating earnings available to common shareholders 2,133 2,544 3,157 3,875 4,583

IRS tax audit settlement - (105) - - -

Premium tax liability - (31) - - -

MetLife Foundation contribution - 32 - - -

Race conscious underwriting (92) - - - -

Merger of Mexican operations (40) - - - -

Change in reserve methodology (22) - - - -

New England Financial charge 31 - - - -

perating earnings available to common shareholders, as presented 2,010$ 2,440$ 3,157$ 3,875$ 4,583$

9

Reconciliation of Net Income Available to Common Shareholders per Share to Operating Earnings Available to Common Shareholders per Share - Total Company

2003 2004 2005 2006 2007 3Q08ompanyTotal C

Net icom

Od

Od

ncome available to common shareholders per diluted mon share 2.94$ 3.65$ 6.16$ 7.99$ 5.48$ 2.92$

Cumulative effect of a change in accounting 0.04 0.11 - - - -

Investment (gains) losses 0.22 (0.19) (1.65) (2.60) 0.73 0.34

Adjustments related to investment (gains) losses (0.19) (0.05) 0.05 (0.10) 0.03 (0.19)

Discontinued operations (0.15) (0.16) (0.37) (0.27) (0.23) 0.49 perating earnings available to common shareholders per iluted common share 2.86 3.36 4.19 5.02 6.01 3.56

IRS tax audit settlement - (0.14) - - - -

Premium tax liability - (0.04) - - - - MetLife Foundation contribution - 0.04 - - - -

Race conscious underwriting (0.13) - - - - -

Merger of Mexican operations (0.05) - - - - -

Change in reserve methodology (0.03) - - - - -

New England Financial charge 0.04 - - - - -

perating earnings available to common shareholders per iluted common share, as presented 2.69$ 3.22$ 4.19$ 5.02$ 6.01$ 3.56$

YTD

10

Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders

($Tot

Millions) 2003 2004 2005 2006 2007al Institutional

Ne

Cum

Inv

Ope

Pr

Ope

Group Life

t income available to common shareholders 886$ 1,267$ 1,562$ 1,167$ 1,449$

ulative effect of a change in accounting 26 60 - - -

estment (gains) losses and related adjustments 139 (78) (117) 533 518

rating earnings available to common shareholders 1,051 1,249 1,445 1,700 1,967

emium tax liability - (31) - - -

rating earnings available to common shareholders, as presented 1,051$ 1,218$ 1,445$ 1,700$ 1,967$

2003 2004 2005 2006 2007

NeInv

OpePr

Ope

t income available to common shareholders 282$ 373$ 364$ 345$ 355$ estment (gains) losses and related adjustments 68 25 36 81 108

rating earnings available to common shareholders 350 398 400 426 463 emium tax liability - (31) - - -

rating earnings available to common shareholders, as presented 350$ 367$ 400$ 426$ 463$

11

Reconciliation of Net Income Available to Common Shareholders toOperating Earnings Available to Common Shareholders

($ Millions) 2003 2004 2005 2006 2007Total IndividualNet income available to common shareholders 566$ 885$ 1,499$ 1,264$ 1,357$

Investment (gains) losses and related adjustments 60 (79) (248) 280 154 Operating earnings available to common shareholders 626 806 1,251 1,544 1,511

New England Financial charge 31 - - - - Operating earnings available to common shareholders, as presented 657$ 806$ 1,251$ 1,544$ 1,511$

2003 2004 2005 2006 2007Total International Net income available to common shareholders 208$ 163$ 193$ 200$ 635$

Cumulative effect of a change in accounting - 30 - - -

Investment (gains) losses and related adjustments (7) (38) 41 56 (76)

Discontinued operations 5 9 (5) (28) 9 Operating earnings available to common shareholders 206 164 227 228 568

Merger of Mexican operations (40) - - - -

Change in reserve methodology (22) - - - -

Operating earnings available to common shareholders, as presented 144$ 164$ 227$ 228$ 568$

12

Reconciliation of Book Value per Common Share

2003 2004 2005 2006 2007

Book value per common share, actual shares outstanding 27.93$ 31.16$ 35.72$ 42.23$ 45.44$

Accumulated other comprehensive income 3.69 4.04 2.52 1.49 1.48

Book value per common share, actual shares outstanding, excluding accumulated other comprehensive income 24.24$ 27.12$ 33.20$ 40.74$ 43.96$

13

Reconciliation of Premiums, Fees & Other Revenues($ Millions) 2003 2004 2005 2006 2007Total Company

Premiums, Fees & Other Revenues 21,594$ 22,869$ 26,038$ 28,147$ 29,761$

Adjustments related to universal life and investment-type product policy fees - - - 6 12 Premiums, Fees & Other Revenues, as presented 21,594$ 22,869$ 26,038$ 28,153$ 29,773$

2006 2007IndividualPremiums, Fees & Other Revenues 8,240$ 8,609$

Adjustments related to universal life and investment-type product policy fees 6 12 Premiums, Fees & Other Revenues, as presented 8,246$ 8,621$

14

Reconciliation of Operating Expenses and Expense Ratio

1 The operating expense ratio is calculated by dividing operating expenses by premiums, fees & other revenues. The operating expense ratio, as presented, is calculated by dividing operating expenses, as presented, by premiums, fees & other revenues, as presented.

($ Millions) 2003 2004 2005 2006 2007

Total Company Operating Expenses 6,020$ 6,422$ 7,620$ 8,840$ 9,485$

Other Expenses

IRS tax audit settlement - 22 - - -

Premium tax liability - 49 - - -

MetLife Foundation contribution - (50) - - -

Race conscious underwriting 144 - - - -

New England Financial charge (48) - - - -

Change in reserve methodology (45) - - - -

Operating Expenses, as presented 6,071$ 6,443$ 7,620$ 8,840$ 9,485$

Operating Expense Ratio1:Premium, Fees & Other Revenues 21,594$ 22,869$ 26,038$ 28,147$ 29,761$ Premium, Fees & Other Revenues, as presented 21,594$ 22,869$ 26,038$ 28,153$ 29,773$ Operating Expense Ratio 27.9% 28.1% 29.3% 31.4% 31.9%Operating Expense Ratio, as presented 28.1% 28.2% 29.3% 31.4% 31.9%

15

Reconciliation of Return on Common Equity($ Millions) 2003 2004 2005 2006 2007

Net income available to common shareholders 2,196$ 2,758$ 4,651$ 6,159$ 4,180$

Adjustments (See Slide 8) (63) (214) (1,494) (2,284) 403 Operating earnings available to common shareholders 2,133 2,544 3,157 3,875 4,583

Reconciling items (See Slide 8) (123) (104) - - - Operating earnings available to common shareholders, as presented 2,010$ 2,440$ 3,157$ 3,875$ 4,583$

Total equity 21,149$ 22,824$ 29,101$ 33,798$ 35,179$

Less: Accumulated other comprehensive income 2,792 2,956 1,912 1,118 1,078

Less: Preferred stock - - 2,042 2,042 2,042 Adjusted equity 18,357$ 19,868$ 25,147$ 30,638$ 32,059$

Average equity 16,868$ 19,113$ 22,508$ 27,893$ 31,349$

Net income available to common shareholders return on equity 13.1% 14.4% 20.7% 22.1% 13.3%

Operating earnings available to common shareholders return on equity 12.6% 13.3% 14.0% 13.9% 14.6%

Operating earnings available to common shareholders return on equity, as presented 11.9% 12.8% 14.0% 13.9% 14.6%

16

2007 Reconciliation of Return on Common Equity

($ Millions) Institutional Individual International

Net income 1,449$ 1,357$ 635$ Adjustments 518 (63) (67) Operating earnings 1,967$ 1,511$ 568$

Average equity 9,551 9,956 2,889

Operating earnings return on equity 20.6% 15.2% 19.7%

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Institutional Metrics

18

Institutional: 2008 Results

($ Millions)2007 2008E

Premiums, Fees & Other 13,920 16,485 - 16,730Operating Earnings 1,967 1,655 - 1,675Operating ROE 20.6% 16.5% - 16.7%

See Definitions and Reconciliation sections included elsewhere in this Appendix.

19

Institutional: 2009 Targets

($ Millions)2008E 2009P Growth Rate1

Premiums, Fees & Other 16,485 - 16,730 17,285 - 17,685 5.3%Operating Earnings 1,655 - 1,675 1,600 - 1,660 -2.1%Operating ROE 16.5% - 16.7% 15.1% - 15.7%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.

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Institutional: 2007 - 2009 Operating Earnings

($ Millions)2007 2008E

Group Life 463 525 - 545Retirement & Savings 1,140 810 - 830Non-Medical Health 364 300 - 320

Total 1,967 1,655 - 1,675

2008E 2009P Growth Rate1

Group Life 525 - 545 545 - 565 3.7%Retirement & Savings 810 - 830 720 - 740 -11.0%Non-Medical Health 300 - 320 335 - 355 11.3%

Total 1,655 - 1,675 1,600 - 1,660 -2.1%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point. See Definitions and Reconciliation sections included elsewhere in this Appendix.

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Group Life: Key Metrics

($ Millions)2007 2008E

Premiums, Fees & Other 7,100 7,555 - 7,585Operating Earnings 463 525 - 545Investment Spread 196 bps 230 - 240 bpsMortality Ratio 91.7% 91.0% - 93.0%

2008E 2009P Growth Rate1

Premiums, Fees & Other 7,555 - 7,585 7,855 - 7,905 4.1%Operating Earnings 525 - 545 545 - 565 3.7%Investment Spread 230 - 240 bps 210 - 230 bps Mortality Ratio 91.0% - 93.0% 91.0% - 95.0%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point. See Definitions and Reconciliation sections included elsewhere in this Appendix.

22

Retirement & Savings: Key Metrics

($ Millions)2007 2008E

Premiums, Fees & Other 1,496 2,875 - 3,060Operating Earnings 1,140 810 - 830Investment Spread 150 bps 95 - 105 bps

2008E 2009P Growth Rate1

Premiums, Fees & Other 2,875 - 3,060 3,015 - 3,315 6.7%Operating Earnings 810 - 830 720 - 740 -11.0%Investment Spread 95 - 105 bps 80 - 100 bps

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point. See Definitions and Reconciliation sections included elsewhere in this Appendix.

23

Non-Medical Health: Key Metrics

($ Millions)2007 2008E

Premiums, Fees & Other 5,324 6,055 - 6,085Operating Earnings 364 300 - 320Morbidity Ratio 89.9% 88.0% - 90.0%

2008E 2009P Growth Rate1

Premiums, Fees & Other 6,055 - 6,085 6,415 - 6,465 6.1%Operating Earnings 300 - 320 335 - 355 11.3%Morbidity Ratio 88.0% - 90.0% 89.0% - 94.0%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point. See Definitions and Reconciliation sections included elsewhere in this Appendix.

24

Individual Metrics

25

Individual: 2008 Results

($ Millions, except headcount)2007 2008E

Premiums, Fees & Other 8,621 8,500 - 8,700Operating Earnings 1,511 545 - 675Operating ROE 15.2% 5.2% - 6.4%

Sales Variable Annuity Sales 15,135 13,900 - 14,100Fixed Annuity Sales 1,271 3,300 - 3,700Life Sales 540 535 - 545

Agency Headcount 8,398 8,650 - 8,700

Annuity Spread 282 bps 195 - 215 bpsV&UL Spread 184 bps 150 - 170 bps

See Definitions and Reconciliation sections included elsewhere in this Appendix.

26

Individual: 2009 Targets

($ Millions, except headcount)2008E 2009P Growth Rate1

Premiums, Fees & Other 8,500 - 8,700 8,150 - 8,450 -3.5%Operating Earnings 545 - 675 850 - 1,050 55.7%Operating ROE 5.2% - 6.4% 7.8% - 9.6%

Sales Variable Annuity Sales 13,900 - 14,100 15,300 - 15,600Fixed Annuity Sales 3,300 - 3,700 1,525 - 1,675Life Sales 535 - 545 530 - 550

Agency Headcount 8,650 - 8,700 8,800 - 8,900

Annuity Spread 195 - 215 bps 175 - 195 bpsV&UL Spread 150 - 170 bps 135 - 155 bps

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.

See Definitions and Reconciliation sections included elsewhere in this Appendix.

27

Individual: 2007 - 2009 Operating Earnings

($ Millions)2007 2008E

Traditional 294 255 - 275V&UL 282 180 - 200Annuities 899 60 - 140Other 36 50 - 60

Total 1,511 545 - 675

2008E 2009P Growth Rate1

Traditional 255 - 275 195 - 215 -22.6%V&UL 180 - 200 220 - 240 21.1%Annuities 60 - 140 405 - 555 380.0%Other 50 - 60 30 - 40 -36.4%

Total 545 - 675 850 - 1,050 55.7%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.

See Definitions and Reconciliation sections included elsewhere in this Appendix.

28

Individual: 2007 - 2009 Premiums, Fees & Other

($ Millions)2007 2008E 2009P Growth Rate1

Traditional 4,158 4,140 - 4,160 4,190 - 4,270 1.9%V&UL 1,543 1,675 - 1,715 1,630 - 1,690 -2.1%Annuities 2,276 2,080 - 2,210 1,815 - 1,960 -12.0%Other 644 605 - 615 515 - 530 -14.3%Total 8,621 8,500 - 8,700 8,150 - 8,450 -3.5%

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.

See Definitions and Reconciliation sections included elsewhere in this Appendix.

29

International Metrics

30

International: 2008 Results

($ Millions)2007 2008E

Premiums, Fees & Other 4,115 4,525 - 4,625Operating Earnings 568 480 - 500Operating ROE 19.7% 13.3% - 13.9%

DriversSales 10,328 10,000 - 10,200Sales Japan 6,031 5,400 - 5,600

See Definitions and Reconciliation sections included elsewhere in this Appendix.

31

International: 2009 Targets

($ Millions)2008E 2009P Growth Rate1

Premiums, Fees & Other 4,525 - 4,625 4,750 - 4,850 4.9%Operating Earnings 480 - 500 525 - 565 11.2%Operating ROE 13.3% - 13.9% 13.4% - 14.4%

DriversSales 10,000 - 10,200 11,600 - 12,000 17.0%Sales Japan 5,400 - 5,600 6,400 - 6,600

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.

32

Auto & Home Metrics

33

Auto & Home: 2008 Results

($ Millions)2007 2008E

Premiums, Fees & Other 3,009 3,010 - 3,020Operating Earnings 426 355 - 375Operating ROE 30.1% 19.5% - 20.6%

DriversExpense Ratio (0.5pp) - (1.0pp)

34

Auto & Home: 2009 Targets

($ Millions)2008E 2009P Growth Rate1

Premiums, Fees & Other 3,010 - 3,020 3,010 - 3,110 1.5%Operating Earnings 355 - 375 310 - 330 -12.3%Operating ROE 19.5% - 20.6% 16.9% - 18.0%Combined Ratio 90.5% - 92.5% 92.5% - 94.5%

DriversExposures In-force 0.5% - 1.5%Expense Ratio (0.2pp) - (0.8pp)

1 Growth rate is calculated for 2008E to 2009P, mid-point to mid-point.