Metlife Q1 2009

Summary of Metlife Q1 2009 • Premiums, fees & other revenues of $7.9 billion, with increases in the group life, non-medical health and variable & universal life businesses • U.S. annuity deposits more than doubled over the first quarter of 2008 to reach $7.4 billion due to significant fixed annuity deposit growth as well as a strong increase in variable annuity deposits • Operating earnings decreased 85% from the first quarter of 2008, largely due to: --a decline in net investment income; primarily due to lower variable investment income, which was below plan by $321 million ($0.40 per share) after income tax, the impact of deferred acquisition costs and other offsets --lower equity markets impacting earnings in the annuity and variable life businesses by $204 million ($0.25 per share), after income tax Investments • Diversified portfolio remains defensively positioned for the current economic environment • Gross unrealized losses on fixed maturities essentially unchanged from December 31, 2008 • Cash and short-term investments of $30.3 billion Net investment income declined to $3.3 billion from $4.3 billion in the year-ago quarter. The lower result was largely due to a decline in variable investment income, which was negative and lower than plan by $508 million, or $321 million ($0.40 per share) after income tax, the impact of deferred acquisition costs and other offsets. The lower variable investment income was driven mostly by negative returns from corporate joint ventures and real estate funds. For the quarter, the company had net realized investment losses, net of income tax, of $618 million. The net realized investment losses were across a broad range of asset classes, including corporate credits and hybrid securities, and included $584 million, net of income tax, in credit-related losses and impairments.