MetLife 2004 Annual Report Download - page 3

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investment management firms in the country. State Street Research clients, which include many MetLife Institutional customers, are now
being well served by a successful, experienced investment management organization.
We continued to build shareholder value during the year by effectively managing MetLife’s finances and appropriately diversifying the
company’s investment portfolio, which grew to approximately $240 billion at the end of 2004. During the year, we repurchased
approximately 26 million shares of common stock and doubled the shareholder dividend to $0.46 per share. At the same time,
shareholders’ equity, excluding other comprehensive income, increased by 8% to $19.9 billion.
HA Strong Talent Base
While core business growth is a key priority, one of the attributes that has made MetLife a strong, well-diversified competitor in the
marketplace has been our diverse and experienced talent pool.
In 2004, we made several critical leadership changes. In June, C. Robert Henrikson was named MetLife, Inc.’s president and chief
operating officer and now oversees all of the company’s revenue-generating businesses. Having all of MetLife’s business segments
report to Rob will better position the company to leverage the common operating platform we’ve developed over the past several years
and further improve results. Lisa M. Weber was named president of Individual Business and, effective January 1, 2005, also oversees
the company’s Auto & Home segment. This moves all of MetLife’s retail insurance operations under one organization and better positions
it to serve the needs of MetLife’s individual clients. Also on January 1, Catherine A. Rein, who oversaw six years of growth at MetLife
Auto & Home, was named senior executive vice president and chief administrative officer. With all of MetLife’s support functions
reporting to Cathy, including human resources, ethics and compliance, information technology and more, her organization is well
structured to support the needs of each of MetLife’s business segments.
HOpportunities for Future Growth
Last year, I told you that it was an extremely exciting time to be at MetLife. Our momentum continues today as MetLife prepares,
during 2005, to once again demonstrate our ability to deliver on our targets.
As we continue to work hard to complete our acquisition of Travelers, we also remain keenly focused on our 2005 business plans. We
are launching new products in the marketplace and identifying ways to grow our customer base. We know that people across the globe
are under-insured, under-saved and, in the case of the baby boom generation, in need of retirement solutions that will guarantee
income. MetLife is ready to meet these needs and more. Through our combined market leadership, financial strength and strong
distribution systems, we are ready to meet those needs.
I look forward to continuing to share our progress with you and I thank you for your continued confidence and support of MetLife.
Sincerely,
Robert H. Benmosche
Chairman of the Board and Chief Executive Officer
MetLife, Inc.
March 18, 2005