MetLife 2003 Annual Report Download - page 3

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also capitalized on our strength in the real estate market by producing significant gains through the sale of several high-profile real estate
properties, including 11 Madison Avenue in New York City and One California Plaza in Los Angeles. And as of December 31, 2003, there
were an estimated $3.6 billion of unrealized gains in the real estate portfolio.
HDriving High Standards of Performance
Clearly, strong performance is a priority for MetLife and the progress we have made to date is due to the commitment of our talented
and diverse professionals. Working together, our strong business leaders and knowledgeable associates have driven our growth
initiatives, eliminated redundancies and created operating efficiencies across the entire MetLife enterprise.
In addition to instituting clear performance management metrics at MetLife, we have created a sense of partnership throughout the
organization. Due in part to performance management, our businesses are generating increasingly better results and our employees are
directly compensated in line with our pay for performance philosophy. In addition to improved business performance, in 2003 we
successfully retained 94% of all our top performers and 97% of our top performing officers.
Not only is this an exciting time to be at MetLife, but it’s also a time for those who are associated with this company to feel very
proud. MetLife is committed to upholding highly ethical business principles and continues to place great importance on meeting equally
high corporate governance standards.
In 2003 and in the first quarter of 2004, we added four new independent members to the MetLife board, which is comprised of
talented and experienced leaders who, collectively, bring a diverse breadth and wealth of experience to the company. Every director not
only acts in the best interests of MetLife’s stockholders, but also is committed to ensuring that the right corporate governance controls
and procedures are in place. As of January 21, 2004, MetLife had taken all steps necessary to meet or exceed all of the New York Stock
Exchange guidelines. And all directors who sit on the company’s Audit, Compensation and Governance Committees meet the indepen-
dence requirements of the NYSE.
Because MetLife believes that employees’ and directors’ financial interests should be aligned with those of stockholders, directors
received 50% of their compensation in MetLife stock. In addition, in 2003, stock ownership guidelines were instituted for every officer.
Everyone from the vice president level to the CEO will be required to achieve certain equity ownership requirements over the next few
years.
HA Solid Position for Continued Growth
MetLife has a long, proud history and we remain committed to preserving that legacy as we simultaneously develop innovative
products and solutions that will enable us to capitalize on opportunities for future growth.
We have made significant progress since our initial public offering in 2000. And this is just the beginning of what we believe we will be
able to accomplish. As we move forward in 2004, we have some exciting plans in place to grow our businesses, launch new initiatives
and deliver valuable, long-term solutions that can help our customers meet their financial goals.
We have the ability to do all of this because of our highly professional staff, experienced leaders, strong financials and, most
important, our positive outlook for the future of MetLife and the millions of customers who rely on us to deliver on our promises.
Thank you for your continued support of our efforts.
Sincerely,
Robert H. Benmosche
Chairman of the Board and Chief Executive Officer
March 22, 2004