MetLife 2008 Annual Report Download - page 3

In all of our businesses, our goal is to ensure that MetLife is well positioned for the future. We are focused on
our core businesses which is why, last year, we divested our majority stake in Reinsurance Group of America, Inc.
(RGA), the global life reinsurance company. While RGA had performed extremely well since MetLife acquired its
majority stake in the company in 2000, the reinsurance business was clearly not a core one for us.
Financial Strength
We generated $16.3 billion in net investment income in 2008 — a solid result, given the poor credit and equity
markets — and we continue to differentiate ourselves through our asset-liability management expertise. In
October, we announced we were maintaining our 2008 annual common stock dividend at $0.74 a share — a
step that further represents our confidence in our long-term outlook and also demonstrates the value we bring to
our shareholders. That same month, we bolstered an already strong excess capital position by raising $2.3 billion
in additional capital through the offering of 86.25 million shares of common stock. We specifically decided to
conduct the offering as a means for demonstrating our financial strength — a strength that now differentiates us in
the industry and positions us well for the future. It is also worth noting that about 40% of those that participated in
the offering were existing MetLife shareholders. To me, this is a further demonstration that investors who know us
and have been with us for the long run saw this as an opportunity to increase their stake in our strong company.
Positioned for the Future
Looking ahead, we are identifying the opportunities that will enable MetLife to extend its leadership position in
the financial services industry. This is why, in 2008, we announced that MetLife was undertaking an Operational
Excellence initiative that will help serve as the foundation for future growth.
This initiative came as a result of a strategic review that concentrated on our strengths, opportunities and
areas for improvement. Our ongoing Operational Excellence initiative will enable us to reduce complexities,
leverage our scale, improve efficiencies and increase productivity. We expect that it will yield at least $400 million
of expense savings by 2010 and also provide us with opportunities to enhance revenue.
Our Operational Excellence initiative is just one more example of our commitment to delivering shareholder
value. With our tremendous history, talented associates, strong financial position and diverse mix of businesses,
we are well positioned to not just maintain, but extend our leadership position in the industry. These attributes,
combined with our long-term approach, will continue to serve all of MetLife’s stakeholders well.
Thank you for your continued support.
Sincerely,
C. Robert Henrikson
Chairman of the Board, President and
Chief Executive Officer
MetLife, Inc.
March 2, 2009