MetLife 2000 Annual Report Download - page 3

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Our Institutional e-Business team successfully developed a series of portals to give employers, employees, providers and selected
consultants a combination of on-line information and transaction capabilities designed to make benefits programs more convenient and
manageable. In Individual Business, we upgraded and standardized sales office technology and re-engineered a number of administra-
tive processes as we developed effective Web-based functionality for both agents and customers. These capabilities, which will
continue to be rolled out through 2001 and beyond, will increase the ways people can elect to connect with MetLife and enable our
financial services representatives to spend more time on customer relationship building.
HNew Paths to Growth
MetLife took great strides last year toward being able to offer customers a more diversified range of financial services. In August, we
agreed to acquire Grand Bank, N.A. of Kingston, New Jersey. On February 12, 2001, the Federal Reserve Board approved MetLife’s
applications for bank holding company status and financial holding company status along with the acquisition. The Reserve’s approval
made us the first insurance company to purchase a bank since the Congressional passage of the Gramm-Leach-Bliley Act, which paved
the way for banks, insurance companies, investment banks and other financial institutions to operate as affiliate companies under the
financial holding company umbrella. MetLife will now be able to offer customers—including those who are beneficiaries of insurance
claims—alternatives for managing their money and reaching their goals.
We also plan to pursue supplemental distribution channels for MetLife products—particularly variable annuities—through banks,
broker-dealers and financial planners. MetLife Investors Group, a new franchise that unites the strengths of Security First Group, Cova,
and the supplemental distribution at New England Financial, was formed in 2000 to establish and extend these relationships.
HGrowing a High Performance Company
Our performance management process completed its second year in 2000, clarifying performance expectations and increasing the
financial incentives for top performers. By linking compensation with results, we have succeeded in retaining our best people. For the
second consecutive year, less than 6% of MetLife’s top performers have left the company, while 37% of low performers are gone. As our
new stock-based compensation plan takes effect over the next two years, we will continue to assure that shareholder and employee
interests are aligned.
According to the MetLife Employee Survey 2000, 88% of respondents agree with the statement, ‘‘I am willing to exert the extra effort
required to help this company succeed in the future.’’ Clearly, MetLife associates are meeting the challenges of our cultural shift to a
performance-oriented company.
HWelcome and Thanks
Effective December 19, 2000, former U.S. Senator John C. Danforth was elected as a Director of MetLife, Inc. and its subsidiary,
Metropolitan Life Insurance Company. Representing Missouri in the Senate from 1976 to 1995, Senator Danforth served on the Finance,
Commerce and Intelligence Committees. Currently a partner at Bryan Cave LLP, a St. Louis law firm, Senator Danforth fills the Board
vacancies created by the retirement of Robert G. Schwartz, who served as Chairman, President and CEO of Metropolitan Life Insurance
Company from 1989 to 1993. We extend our sincere gratitude and best wishes to Mr. Schwartz and a warm welcome to Senator
Danforth.
HVisit www.metlife.com
Rather than producing and delivering a glossy and expensive Annual Report to our very large shareholder base, we have deliberately
streamlined this publication to manage its cost on your behalf. We invite you to visit our Web site at www.metlife.com for the most
current information on the company’s products, services and results.
Building on our strong start, MetLife intends to deliver value and world class service to all those who entrust their money with us.
Notwithstanding our revised 2001 earnings guidance announced on March 13, our primary measurements of shareholder success will be
continued 15% annual growth in operating earnings each year through 2002, and an 11.5% return on equity by 2002. Stay with us for
what promises to be an exciting and profitable time ahead.
Sincerely,
Robert H. Benmosche
Chairman of the Board and Chief Executive Officer
March 16, 2001