MetLife 2001 Annual Report Download - page 3

HFocused Growth
Achieving our goal of being counted among the giant league of financial services companies requires an unwavering, yet targeted,
focus on growth opportunities. During 2001, we continued to maximize our franchise with customers and expand our share of the
market, which will lead to enhanced shareholder value.
)We formed MetLife Investors Group, consolidating our third-party annuity sales platforms into a single powerhouse, ending the year
with nearly $1.8 billion in annuity sales.
)With new licenses to do business through joint ventures in India and China, and new businesses in Brazil and Chile, we’re
positioning ourselves for increased opportunities in the global marketplace. Our International segment is key to our vision of 100
million customers by the year 2010.
)As the first insurance company to obtain a federal banking charter, we launched a MetLife Bank pilot program last year, an exciting
new venture aimed at fulfilling even more of our customers’ financial services needs. In addition to offering the bank’s products and
services to our individual clients, we expect MetLife Bank to play an important role in the Voluntary Benefit platform we offer to
group customers.
At the same time we’ve been strategically growing, we’ve been fine-tuning our businesses and making strategic divestitures. During
2001, we sold Conning Corporation and focused our asset management growth strategies on our wholly-owned subsidiary, State Street
Research & Management Company. We also made the decision to discontinue our stand-alone 401(k) recordkeeping services for certain
clients of the Institutional segment, in order to focus our efforts more intently on the mid- and small-size markets.
HGrowing a High-Performance Company
One of our most important achievements has been to foster a work environment for employees which is personally motivating and, at
the same time, conducive to outstanding performance and results. During 2001, we continued to embed within MetLife a rigorous
performance-driven culture—measuring, rewarding and differentiating performance based on achieving results and challenging
objectives.
As our new stock-based compensation plans for key officers are implemented, we will continue to ensure that the interests of our
shareholders and employees are aligned. The MetLife Board of Directors approved grants of stock options to management, as part of
the company’s long-term compensation program implemented in 2001. Stock options were also granted to other key employees. In
April 2002, when the two-year prohibition for officers to own MetLife, Inc. common shares ends, officers will also be able to purchase
shares on their own.
To instill a sense of ownership among all our employees, in 2001 the Board of Directors approved a one-time grant of 200 stock
options to eligible employees of MetLife and its affiliates, giving them the opportunity to have a personal stake in the company. Our
strong performance-based culture, coupled with broad employee ownership, is critical to our success and helps us further channel our
energies toward building financial freedom for everyone and growing shareholder value for all owners of the company.
We are also instilling the spirit of diversity into our corporate culture and business strategies. Diversity is among the core initiatives
that will help shape our future business performance, customer relationships and investor confidence. Our commitment to diversity is not
new—in fact, we are building from a solid foundation of inclusiveness. Since our inception in 1868, we have had a long and enduring
history of promoting community outreach and volunteerism. For example, we’ve maintained long-standing partnerships with organizations
such as the National Urban League. And, through the MetLife Foundation, we’ve provided grants to communities across the U.S. in the
areas of health, education, culture and civic affairs. These efforts promote economic opportunity and build the skills that enable social
change.
To establish the platform for the company’s next stage of development and strengthen its commitment to creating an inclusive
environment, we established an enterprise-wide Diversity Council for MetLife. The Diversity Council is driving initiatives to increase
procurement opportunities for minority- and women-owned businesses, as well as creating innovative ways we can serve new, multicul-
tural markets.
HChanges to our Board of Directors
In August 2001, we bid farewell to Ruth Simmons, who provided invaluable counsel to MetLife, and who has taken on a new role as
president of Brown University. In December 2001, we had the good fortune to welcome to our Board of Directors Catherine R. Kinney,
co-chief operating officer, president and executive vice chairman of the New York Stock Exchange.
HThe Year Ahead
Over the course of last year, we met a number of important objectives and seeded a wide range of new initiatives for MetLife’s future
growth. Drawing on MetLife’s talented cadre of associates, a customer base second to none, a strong financial posture and a solid
heritage spanning more than 130 years, we are well positioned for the future. As I look forward to an exciting 2002, I extend my
appreciation to our customers, employees, shareholders and Board of Directors for continued confidence in our company and commit-
ment to its success.
Sincerely,
Robert H. Benmosche
Chairman of the Board and Chief Executive Officer
March 25, 2002