MetLife 2010 Annual Report Download - page 3

pension closeouts. The high structured settlement sales we have generated over the past two years are an
ideal example of how MetLife has benefited from the flight to quality in the industry that I have spoken of
before. Recently, pension closeout sales have been smaller due to the low interest rate environment, but we
remain well positioned to assist businesses in need of expertise with managing their pension liabilities.
•MetLife’sAuto & Home business, which is one of the largest providers of group auto and home insurance,
continued to deliver strong performance in 2010. Sales of new policies increased 11% for our homeowners
business and 4% for our auto business compared to 2009 — notable increases given the highly competitive
property and casualty insurance market. In addition, the combined ratio, excluding catastrophes, improved to
88.1% from 88.9% in 2009.
Our International business experienced a tremendous expansion this year, growing from operating in 16
countries to more than 60 with the completion of our Alico acquisition on November 1. Due to Alico having a fiscal
year end of November 30, only one month of its results are reflected in International’s year-end performance.
Nevertheless, premiums, fees and other revenues grew 36% to $5.8 billion in 2010 and we are well positioned to
expand this growth in 2011. Our International business now has expanded diversity in products, distribution and
geography, and is expected to contribute approximately 30% of MetLife’s total premiums, fees and other revenues
in 2011, up from 16% in 2010.
Finally, MetLife Bank, which has grown to become a leading originator and servicer of residential mortgages,
generated total operating revenues of $1.4 billion, down 9% from 2009 as mortgage refinancing activity returned to
more moderate levels compared to the unusually high activity experienced across the industry in 2009. At the same
time, total assets for MetLife Bank grew to $16.3 billion, up from $14.1 billion at December 31, 2009.
All together, these results truly demonstrated the value that our company can deliver for both customers and
shareholders. They also illustrate our ability to successfully complete a significant undertaking like the acquisition of
Alico while maintaining attention on our day-to-day business operations. I am proud of all that we accomplished in
2010 as our achievements will help drive further growth and value in the future. Looking ahead, we are focused on
leveraging the many strengths of our new, global organization to ensure we can build upon MetLife’s impressive
history with new milestones of success.
I thank you for your continued support.
Sincerely,
C. Robert Henrikson
Chairman of the Board, President and
Chief Executive Officer
MetLife, Inc.
March 1, 2011