Edward A. Spehar

Senior Vice President &

Head of Investor Relations

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Exhibit 99.1

Cautionary Statement on Forward-Looking

Statements and Non-GAAP Financial Information

2

This

presentation

may

contain

or

incorporate

by

reference

forward-looking

statements.

Forward-looking

statements

give

expectations

or

forecasts

of

future

events

and

use

words

such

as

“anticipate,”

“estimate,”

“expect,”

“project”

and

other

terms

of similar meaning, or are tied to future periods.

Any or all forward-looking statements may turn out to be wrong, and

actual

results

could

differ

materially

from

those

expressed

or

implied

in

the

forward-looking

statements.

Predictions

of future performance are inherently difficult and are subject to numerous risks and uncertainties, including those identified in

the

“Risk

Factors”

section

of

MetLife,

Inc.’s

filings

with

the

U.S.

Securities

and

Exchange

Commission.

The

company

does

not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that such

statement

is

not

likely

to

be

achieved.

Additional

discussion

of

forward-looking

statements

may

be

included

in

other

slides

in

this presentation; if so, please refer to those slides for more information.

This presentation and accompanying materials may also contain measures that are not calculated based on accounting

principles

generally

accepted

in

the

United

States

of

America,

also

known

as

GAAP.

Additional

discussion

of

non-GAAP

financial information may be included in other slides in these materials, on the Investor Relations portion of MetLife's website

(www.metlife.com), or elsewhere on that website; if so, please refer to those slides or the website for more information.

Agenda

Importance of Latin America

William J. Wheeler

President, Americas

Latin America: Overview

Oscar A. Schmidt

Executive Vice President, Latin America

Latin America: Financial Overview

Conor Murphy

SVP, CFO, Latin America & U.S. Direct Marketing

Latin America: Emerging Businesses

Mario R. Traverso

SVP, Business Development & Distribution, Latin America

Mexico: Worksite Marketing

Sofia Belmar

SVP, Business Development & Distribution, Mexico

ProVida AFP: Overview

Ricardo Rodriguez Marengo

Chief Executive Officer, ProVida AFP

Q&A

Closing Remarks

William J. Wheeler

President, Americas

3

William J. Wheeler

President

Americas

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

MetLife’s Franchise in Latin America is Unique

Largest life insurance company in Latin America

1

Diverse

by

product,

channel

and

country

–

focused

on

relevant

businesses in key markets

Acquired big businesses and grew them organically

Strong talent running our operations

Business delivers high growth, high operating ROEs and great

cash flows

1

Source: AXCO Global Statistics (2013).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

6

Oscar A. Schmidt

Executive Vice President

Latin America

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

MetLife in Latin America Today

Strong track record of double-digit growth in the last 10 years

–

Operating earnings growth of 20% in Latin America

–

Organic operating earnings growth of 12.5% in Mexico

High-margin, capital-efficient products

Present in seven countries and approximately 9,000 employees

Approximately 25 million customers

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

9

Latin America Strategy

Drive growth through four strategic priorities: Agency, Direct

Marketing, Employee Benefits and ProVida

Achieve double-digit growth in operating PFOs and earnings

Maintain historical strong cash flows and high operating ROEs

Increasingly leverage regional and global capabilities

Operate in few markets with strong growth prospects, high risk-

adjusted returns and sizeable earnings potential

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

10

Growth Strategy Aligned with Demographics

Affluent class is growing

Agency

Large emerging middle class

Direct

Marketing

High employment and

companies are underserved

Employee Benefits

Increasing retirement needs

ProVida

11

Significant Footprint and Market Share

12

Mexico

Chile

Argentina

Brazil

Colombia

Uruguay

Ecuador

#1 Life Insurer

8

. Market Share 30.0%

7.7 Million Customers

Population: 110 Million

#1 Life Insurer

5

. Market Share 7.3%

4.3 Million Customers

Population: 41 Million

#1 AFP

4

. Market Share 67.4%

266 Thousand Customers

Population: 16 Million

#1 Life Insurer

3

. Market Share 32.4%

785 Thousand Customers

Population: 3 Million

#10 Life Insurer

2

. Market Share 2.5%

475 Thousand Customers

Population: 47 Million

#2 Non-Bank Life Insurer

1

. Market Share 3.5%

5.2 Million Customers

Population: 204 Million

#1 Life Insurer

7

. Market Share 14.5%

#1 AFP

6

. Market Share 27.9%

6.5 Million Customers

Population: 17 Million

1

Brazil:

Life

and

Accident

&

Health

combined

direct

premium

without

Vida

Gerador

de

Benefícios

Livre

(SUSEP,

Nov.

2013).

2

Colombia:

Life

and

Accident

&

Health

combined

direct

premium

(Fasecolda,

4Q13).

3

Uruguay:

Life

and

Accident

&

Health

combined

direct

premium,

excludes

Disability

and

Survivorship

(Banco

Central,

Dec.

2013).

4

Ecuador:

Ranked

by

AUM

(Bolsa

de

Valores

de

Guayaquil

–

figures

as

of

March

2014).

5

Argentina:

Life

and

Accident

&

Health

combined

direct

premium

(Superintendencia

de

Seguros

de

la

Nacion,

4Q13).

6

Chile:

ProVida

AFP

AUM

(Superintendencia

de

Pensiones

de

Chile

Dec.

2013).

7

Chile:

Life,

Accident

&

Health,

annuity

and

medical

combined

direct

premium

(Asoc.

de

Aseguradores

de

Chile

2Q13).

8

Mexico:

Total

life

direct

premium

(EstadisticAMIS

and

FinanciAmis

4Q13).

Source:

Population

data

based

on

International

Monetary

Fund

(“IMF”)

(2013),

Official

estimates.

Focused on Key Markets

$5,854

GDP 2013

$2,190

(37%)

$1,327

(23%)

$292

$1,043

(18%)

Brazil

Mexico

Argentina

Colombia

Chile

Ecuador

Uruguay

No footprint

Total Latin America Gross Domestic Product (GDP)

and Population by Country

MetLife Footprint

159

(27%)

110

(18%)

47

41

Population 2013

204

(34%)

597

(U.S. $ in billions)

(in millions)

Source: IMF (2013), Official estimates.

13

$485

$369

82%

$91

$57

17

3

16

73%

Latin America Real GDP Growth

Source: IMF website.

14

0

1

2

3

4

5

6

7

2011

2012

2013

2014

2015

2016

2017

Brazil

Chile

Mexico

%

%

%

%

%

%

%

%

Latin America Real GDP

(%)

MetLife is the Largest Life Insurer in the Region

Top Latin America Life Insurer

2013 Gross Written Premiums (U.S. $ in millions)

Source: AXCO Global Statistics (2013).

$1,151

$1,342

$1,466

$1,799

$1,862

$2,094

$2,454

$2,714

$4,476

$5,633

A

C

B

E

D

G

F

I

H

15

MetLife Relevant in all Distribution Channels

Local

Competitors

International

1

Joint venture.

Source: MetLife internal analysis.

16

Agency

GNP

SURA

Principal

Zurich

New York Life

Prudential

Direct

Marketing

LA CAJA

Itau

Zurich/Santander

1

ACE

BSE

Bradesco

BNP Paribas

Cardif

AIG

Assurant

Employee

Benefits

BICE

Itau

Mapfre

AXA

GNP

Bradesco

Zurich

Regulatory & tax reforms

Foreign exchange rates

Near-Term Opportunities and Challenges

Continue leveraging

insurance market expansion

Potential partnerships

Disciplined approach to

divestitures and acquisitions

Opportunities

Challenges

17

Latin America Long-Term Outlook

Anticipate low double-digit growth in operating PFOs, consistent

with market

Expect operating earnings growth in excess of growth in

operating PFOs

Operating earnings growth supported by agency expansion,

employee benefits, direct marketing and ProVida

Modest reinvestment required

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

18

Key Takeaways

Largest life insurance company in Latin America¹

Significant presence in key Latin America markets

Well diversified by product and distribution channel

Track record of double-digit growth

Strong cash flows and high operating ROEs

Deep industry knowledge and experience

1

Source: AXCO Global Statistics (2013).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

19

Conor Murphy

Senior Vice President, Chief Financial Officer

Latin America and U.S. Direct Marketing

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Solid 2014 results

Positioned for profitable growth

Focus on operating efficiency

High operating ROE and cash generation

Introduction

22

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Latin America Financial Results by Distribution Channel

Country Operating Premiums, Fees

& Other Revenues (PFOs)

1

Country Operating Earnings

2

23

ProVida

27%

WSM

33%

Agency

14%

EB

6%

DM

5%

Annuity

Runoff

9%

Mexico

Public

6%

ProVida

8%

Worksite

Marketing

(WSM)

19%

Agency

25%

Employee

Benefits (EB)

19%

Direct

Marketing (DM)

14%

Mexico Public

15%

Full year 2014 Country Operating PFOs.

1

Full year 2014 Country Operating Earnings of $781 million, less interest on excess surplus of $102 million, plus $17 million related to the impact of Chilean tax reform and excess

2

return on ProVida encaje (the capital required by Superintendencia de Pensiones).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Strong Operating PFOs Growth by Distribution

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

24

Country Operating PFOs (U.S. $ in millions)

$3,037

$3,340

$4,024

2012

2013

2014

WSM

Agency

Mexico Public

DM

ProVida

EB

Latin America Operating Earnings Walk

25

(U.S. $ in millions)

2012

2013

2014

Operating Earnings (as reported)

$583

$574

$682

Noteworthy items:

Impact

of

foreign

currency

exchange

rates

1

(65)

(58)

-

Corporate overhead allocations

53

69

86

Corporate tax adjustments and other

25

28

(13)

U.S. sponsored direct

-

17

26

Country Operating Earnings 

$596

$630

$781

Interest on excess surplus

(67)

(68)

(102)

Country Operating Earnings (less interest on excess surplus)

$529

$562

$679

Operating Earnings (as reported)

$583

$574

$682

Estimated

impact

of

2015

segment

changes

2

(60)

(107)

(111)

Operating Earnings (as adjusted)

$523

$467

$571

1

Foreign currency translated using the 2014 FX rates for all years.

2

Reflects previously announced anticipated changes in segment results for 2015.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Strong Operating Earnings Boosted by ProVida 

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

26

Country Operating Earnings¹

(U.S. $ in millions)

$529

$562

$679

2012

2013

2014

1

Full year 2014 Country Operating Earnings of $781 million, less  interest on excess surplus of $102 million.

Historical and Consensus Exchange Rates

Source: Bloomberg consensus.

Consensus¹

Actual

27

Change in Currency vs. U.S. Dollar (%)

Brazilian Real (BRL)

Chilean Peso (CLP)

Mexican Peso (MXN)

55%

65%

75%

85%

95%

105%

1

Latin America vs. U.S. GDP Growth

Source: IMF website.

28

Latin America vs. U.S. GDP (%)

2011

2014

2017

Brazil

Chile

Mexico

United States

0%

1%

2%

3%

4%

5%

6%

7%

Worksite Marketing Mexico

ProVida Chile

Emerging Businesses

33% of Country Operating

Earnings

Projected Growth: 10-12%/yr

27% of Country Operating

Earnings

Projected Growth: 10-12%/yr

25% of Country Operating

Earnings

Projected Growth: 18-20%/yr

Natural Inforce Growth

Upsell

New Markets

Best Sales Practices

Inforce Grows with Salary Growth

Segments Marketing

Grow Agents/Branches

Improve Persistency

Grow Agency Distribution     

Build DM           

Leverage EB     

Overview of Channel Growth

1

Full year 2014 Country Operating Earnings of $781 million, less interest on excess surplus of $102 million, plus $17 million related to the impact of Chilean tax reform and excess return on

ProVida encaje.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

29

1

1

1

High Margin Capital Efficient Products

Core Products /

Businesses

2014 Country

Operating

Earnings¹

Expected

2014-2017

CAGR

Main Operating Earnings Drivers

Individual Life

37%

11-15%

Underwriting Margin & Fee Income

Asset Management

29%

8-12%

Fee Income (some Encaje Income)

SPIA

7%

3-7%

Interest Margin

Accident & Health

5%

13-17%

Underwriting Margin

Group

4%

35-40%

Underwriting Margin

Credit

2%

5-9%

Underwriting Margin

Banco Estado JV

1%

6-10%

Brokerage Commissions

Mexico Public EB

6%

N/A

Underwriting Margin

Annuity Runoff

9%

N/A

Interest Margin

30

1

Full year 2014 Country Operating Earnings of $781 million, less interest on excess surplus of $102 million, plus $17 million related to the impact of Chilean tax reform and excess return on  

ProVida encaje.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

(U.S. $ in millions)

Leverage Regional and Global Capabilities

Manage one region vs. seven countries

Operating expense growth less than operating PFOs growth

Headcount control and expense save initiatives

Regional service center

Implementing global technology solutions

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

31

High Operating ROE Businesses

Operating ROE

1

expected to exceed 15%

Tangible ROE

1

expected to exceed 20%

New business continues to generate high returns

32

Excludes accumulated other comprehensive income (loss), other than foreign currency translation adjustments.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

1

Strong Cash Remittances Despite High Growth

Net Capital Distributions as a

Percentage of Operating Earnings

Highlights

History of high payout ratio

expected to continue

Modest capital needs given

product mix

Additional capital of $700

million to be returned to

MetLife, Inc. from 2014-2016

Subsidiary dividends and other capital distributions less capital contributions.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

33

Expected

62%

68%

86%

85-95%

0%

25%

50%

75%

100%

2012

2013

2014

2015

1

1

Key Takeaways

Solid 2014 results

Positioned for profitable growth

Focus on operating efficiency

High operating ROE and cash generation

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

34

Mario R. Traverso

Senior Vice President

Business Development & Distribution

Latin America

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Introduction

37

Emerging businesses expected to have strong growth

Expanding our well-established agency distribution

Innovating and growing in direct marketing

Leader in employee benefits with opportunities for growth

WSM

ProVida

Mexico Public

Annuity Runoff

2017

Expected

32-36%

23-27%

28-32%

5-7%

4-6%

2014

33%

27%

25%

6%

9%

Emerging Businesses are Positioned for Growth

Country Operating Earnings¹

Agency, direct marketing and

employee benefits are the key

components

25% of Country Operating

Earnings¹

High expected growth rates

Strong foundations in place for 

expansion

Full year 2014 Country Operating Earnings of $781 million, less interest on excess surplus of $102 million, plus $17 million related to the impact of Chilean tax reform and excess return on  

ProVida encaje.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Emerging Businesses Highlights

38

Emerging

Businesses

1

Emerging Business Strategy Tied to Regional Trends

Grow by leveraging Global

Employee Benefits (GEB)

Strengthen and expand

A key regional engine of growth

Complete integration and grow

Employee

Benefits

Agency

Direct

Marketing

ProVida

High employment and small &

medium sized enterprises

(SME) segment underserved

Affluent class is growing

Preserve and continue to grow

WSM

Large emerging middle class

39

Agency is a combination of independent and

career agents who sell face-to-face to the high

and middle-income segments

Agency: Strengthen and Expand

Approximately 4,500

1

career & independent agents and growing

Significant and increasing position in selected countries

Approximately

55%

of

Emerging

Businesses’

Country

Operating

Earnings in 2014; expect low double-digit CAGR from 2014-2017

Agency

Based on December 2014 sales data.

Superintendencia de Valores y Seguros, December 2014.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

40

–

Well-established and largest career agency force in Chile

–

Doubling career agency force in Colombia

–

Market leader in annuities business in Chile

1

2

2

2

Agency is a combination of independent and

career agents who sell face-to-face to the high

and middle-income segments

Agency: Strengthen and Expand

Strong and proven know-how

Increasing customer centricity culture

Focus in high margin products (protection and retirement, plus a

mix of savings and investment products)

Agency

41

–

Lifetime events approach

–

Well developed up-sell/cross-sell techniques

–

High quality advisory

–

Invest in technology for customer relationship

Direct Marketing: A Key Regional Engine of Growth

More than 100 sponsors

Leverage relationships across the region and globe

More than nine million customers and approximately four million

policies sold

1

Broad portfolio of Accident & Health, Life and other products and

services

Approximately

22%

of

Emerging

Businesses’

Country

Operating

Earnings in 2014; expect ~25%

CAGR from 2014-2017

Direct Marketing is the sale of individual

products directly to the mid-market segment

Direct

Marketing

42

Number

of

customers

as

of

December

2013

and

number

of

policies

as

of

December

2014.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

1

Direct Marketing: A Key Regional Engine of Growth

Redefined organization and aligned talent mix to accelerate

growth

Strengthened our full service provider differentiator factor

Strong local/regional expertise; leveraging global capabilities

Investments to develop direct-to-consumer opportunity

43

Direct Marketing is the sale of individual

products directly to the mid-market segment

Direct

Marketing

–

P&C products, MetLife Defender and multiple services

–

Analytics & predictive modeling

–

Digital and e-commerce

Employee Benefits: Grow by Leveraging GEB

Market leader in Employee Benefits in key countries

Approximately

13,000

group

customers;

eight

million

insured

4

Broad Life products across the region with Health and Dental in

selected countries

Approximately 23% of Emerging Businesses’

Country Operating

Earnings in 2014; expect ~30%

CAGR from 2014-2017

EstadisticAMIS,

2013.

Infosurance

study,

2013.

2

Superintendencia

de

Seguros

Privados

(SUSEP),

November

2014.

3

Superintendencia

de

Valores

y

Seguros,

December

2014.

As of December 2013.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

44

Provide customized solutions to employees of

local, regional and global corporate clients

–

Mexico: #1 Life & Health insurer

–

Chile: #1 Life & Health insurer

–

Brazil: #1 Non-Bank Life insurer

3

2

1

Employee

Benefits

1

4

Employee Benefits: Grow by Leveraging GEB

Leverage

U.S.

relationships

with

Fortune

500

companies,

multinational/multilatinas solutions and global network

Segmented value proposition and smart underwriting

Strong brand and reputation among brokers and human

resource communities at a local and regional level

Continue investing in technology to innovate at customer and

channel service

45

Provide customized solutions to employees of

local, regional and global corporate clients

Employee

Benefits

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

–

40% of 2014 sales in multinational accounts

Key Takeaways

Emerging Businesses positioned to take advantage of

regional trends and leadership in key markets

Expanding our well-established agency distribution

Innovating and growing in direct marketing

Leader in employee benefits with opportunities for growth

Approximately

25%

of

Country

Operating

Earnings

1

in

2014;

expect 18-20% CAGR from 2014-2017

46

1

Full year 2014 Country Operating Earnings of $781 million, less interest on excess surplus of $102 million, plus $17 million related to the impact of Chilean tax reform and excess return on  

ProVida encaje.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Sofia Belmar

Senior Vice President 

Business Development & Distribution

Mexico

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Introduction

Long-term successful track record in Mexico

Business model focused on mass market

Differentiated distribution is key competitive advantage

Market leader positioned for continued double-digit growth

49

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Ni

Zelenkso

Lué,

Zapoteco

Dialect:

We’re

With

You

Long history of building strong

financial inclusion business in Mexico

Capability to reach 64,000

indigenous communities with over

350 dialects

1

Provide financial security

National Commission for Development of Indigenous People, based on the INEGI and CONAPO census of 2005 & 2010.

50

1

(U.S. $ in millions)

2002³

2014

Total Market Share (excluding pension)

12.2%

15.5%

Statutory Gross Written Premiums²

$1,004

$3,653

Statutory Earnings²

$68

$495

Acquired Hidalgo for approximately $920 million in 2002

Operating earnings in first five years equivalent to purchase price

Strong and consistent cash flow to the holding company

Successful Acquisition, Strong Organic Growth

U.S. $1 = 9.9615 Mexican Peso (June 2002).

U.S. $1 = 14 Mexican Peso (December 2014).

51

1

1

2

3

3

EstadisticAMIS 2002 and 2014 (industry results booklet). Comisión Nacional de Seguros y Fianzas reports.

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Extensive access to government workers through collection slots

Efficient operating model supports high volume business

Nationwide presence provides broad reach for sales and service

Comprehensive product well suited for customer needs

Capabilities Provide Competitive Advantage

52

MetLife Mexico is the Market Leader

U.S. $1 = 14 Mexican Peso (December 2014).

1

2

53

Company

Total Market¹

(excluding Pensions)

$23.5

Life & Major Medical

Direct Premiums¹

$14.5

Worksite Marketing²

(Individual Life)

$1.3

15.5%

25.3%

79%

Competitor 1

12.3%

14.5%

8%

Competitor 2

9.0%

11.0%

2%

Competitor 3

6.9%

9.1%

2%

Competitor 4

6.2%

7.5%

N/A

Competitor 5

5.9%

7.0%

N/A

Competitor 6

0.6%

0.9%

5%

Other Competitors

43.6%

24.7%

4%

(U.S. $ in billions)

EstadisticAMIS 2014 (industry results booklet). Comisión Nacional de Seguros y Fianzas reports. 

“Marketing One” estimated results based on the EstadisticAMIS 2013.

WSM Proven and Successful Business Model

Providing insurance to the middle and low income population

(nearly two million existing customers)

Customers include employees of government entities

Mainly payroll deduction, with significant business from new

sales, up-sell/cross-sell

Development of banking collection model to open new

opportunities and penetrate new markets

54

Unparalleled Distribution in Worksite Marketing

Sales force comprised of 21 promotorias and over 3,300 agents

in 223 offices

Variable cost distribution model, independent agents with an

exclusive contract with MetLife

Over 35 years average experience with MetLife

Nationwide presence with offices in 140 cities

55

WSM is Efficient Distribution Model

Face-to-face sales at government entities

Lack of scheduled appointments or referrals

Prospecting generated from data analytics

Simple and efficient sales process

56

Key Business Metrics for WSM

U.S. $1 = 14 Mexican Peso (December 2014).

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

57

Business Metrics

Sales

$196 million

Average annual premium per policy

$600

Average face amount per policy

$23,000

Persistency

90+%

Single Product with Multiple Riders to Meet Life Events

Simple universal life product sold through a single slot

18 riders for different life events

Breakdown of sales: 45% new and 55% up-sell/cross-sell

58

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Example of Up-Sell/Cross-Sell to Meet Life Events

Death

benefit 

and total or

permanent

disability

Collective

accidental

death and

savings

premium

Additional

death benefit,

life coverage

for spouse

benefit &

cancer

Educational

benefit & 

personal

accidents rider

Funeral

expenses      

for parent

Mom

Becomes

Dependent

First Job

Age: 22

Marriage

& Masters

Degree

Children/

House

Upgrade

Job   

Promotion

Age: 27

Age: 34

Age: 40

Age: 60

59

Bank Collection Opportunity

Some payroll slots migrating to bank collection

Market expansion through bank collection

New business in markets without payroll deduction and sales in

private market

Persistency less than worksite, but attractive at approximately 80%

60

Total Government

Employees

As of December 2013.

1

INEGI, Conociendo Mexico (2013). Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (ISSSTE), Anuario (2013).

Substantial Untapped Market

61

70% of government employees work

in entities with MetLife slots

Penetration of 60% where MetLife

has payroll deduction slots

Opportunity = 2.5 million customers

Total Market: 4.3 million

Government Employees

1

Highlights

Working where

MetLife has slots

3.0M

0.6M

Without MetLife slots

4.3M

0%

20%

40%

60%

80%

100%

0.7M

Non-permanent

employees

Personal Selling Supported by Strong Data Analytics

Information model in real-time by state, market,

promoter, agent and client.

Creates up-sell/cross-sell opportunities

Visit the work site in order to close a sale with the

proper coverage for each customer

Who are our customers and what do they need?

Strategy implementation by riders and face amount

More than 300 campaigns in 2013-2014

Focused on different markets; supported by quotes,

Q&As, posters and flyers

62

Market Understanding

Opportunities Analysis

Face-to-Face Selling

Targeted Campaigns &    

Sales Support by Market

Key Takeaways

Long-term successful track record in Mexico

Worksite Marketing is proven & successful business model

Differentiated and unparalleled distribution a key competitive

advantage to reach mass market 

Market leader positioned for continued double-digit growth

63

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Ricardo Rodriguez Marengo

Chief Executive Officer

ProVida AFP

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Introduction

66

Chile has the most established pension market in Latin America

ProVida is the market leader

1

with significant scale, a diversified

customer base, broad distribution and high customer loyalty

Our growth is accelerating under MetLife’s ownership

Superintendencia de Pensiones (September 2014).

1

Overview of Chilean Pension Funds Industry

Private defined contribution pension system established in 1981

Administradoras de Fondos de Pensiones, or AFPs, are single

purpose companies operating under this system

Employee contributions are 10% of salary, plus option for voluntary

savings

Five investment options, each with different risk/return profiles

Lowest fee bidder wins new participants in system for two years

Following first two years in the system, participants can choose

alternative provider

67

Fee Based Revenue Model

Three sources of fees:

Mandatory savings fee account for ~95% of industry income

The AFP maintains 1% of each fund (encaje)

68

–

Mandatory savings: fees charged on workers salaries

–

Voluntary products: fees charged on assets under management (AUM)

–

Phased withdrawals: fees charged on the pension payments

Salaries and Contributors Drive Industry Growth

Salary pool growing double-digits

Contributors growth averaging 3.2%

National salary growth averaging 5.9%

Highlights

Contributor

Growth

¹

(in millions)

Salary Growth²

69

National Quarterly Average Income Index (Base 100, Dec 2011)

4.64

4.87

4.99

5.09

2011

2012

2013

2014

1

Superintendencia de Pensiones.

National

Statistics

Institute

and

MetLife

internal

analysis.

100%

105%

110%

115%

120%

2

Fiscal Sustainability

Income Adequacy

1

India

1

Netherlands

2

Mexico

2

U.S.

3

Chile

3

Brazil

4

China

4

Australia

5

Russia

5

Germany

6

Australia

6

Sweden

7

Sweden

7

UK

8

Canada

8

Chile

9

Poland

9

Canada

10

Korea

10

France

11

U.S.

11

Italy

12

Switzerland

12

Spain

13

UK

13

China

14

Brazil

14

Japan

15

Japan

15

India

16

France

16

Switzerland

17

Netherlands

17

Mexico

18

Germany

18

Russia

19

Italy

19

Korea

20

Spain

20

Poland

A Successful System with Challenges Ahead

The Global Aging Preparedness Index, Center of Strategic and International Studies (2013).

70

The Global Aging Preparedness

Index 2013

¹

Key Future Challenges

Life expectancy

Informal labor market

Independent workers

“Comisión Bravo”

State owned AFP bill

1

ProVida Well Positioned as Market Leader

Funds

Market Share

Ranked #1 in mandatory savings, 28% market share

Ranked #4 in voluntary savings, 14% market share

Revenue

Share

Ranked #1 with 30% market share

Customer

Portfolio

Ranked #1 amongst contributors, 33% market share

Well diversified customer segmentation 

71

All rankings and market share data based on Superintendencia de Pensiones (September 2014) and MetLife internal analysis.

Segmented Value Proposition

Distribution Channel

Multi-product

Advisory Focused

Increasing Customer Loyalty and Profitability

Single Value Proposition

Transactional Branches

Mandatory Product Only

72

Mass Market

Highlights

Sales Oriented

Major Growth and Competitive Advantage Drivers

Scale

Differentiated distribution model

Diversified customer base

Loyalty

Salary pool

New entrants

Independent workers

Voluntary savings

Aging population entering

retirement

73

Major Growth Levers

Value Generation Factors

Growth Model

ProVida Salary Growth Exceeds National Average

1

ProVida contributors’

salary growth is

higher than national average

Mass market is less competitive than

high end market

74

Salary Growth

1

Highlights

ProVida salaries: Superintendencia de Pensiones and MetLife internal analysis; National salaries: National Statistics Institute and MetLife internal analysis.

8.6% ProVida CAGR

5.9% National CAGR

82 branches; nearest competitor has 39

24 new branches in 2014; 97% of

customers within ~31 miles

Largest Branch Network in the Industry

North:

Alto Hospicio, Tal Tal, Caldera,

Vicuña, Salamanca

Central-north:

La Ligua, Casablanca, Limache,

Rengo, San Vicente, Pichilemu

Metropolitan area:

La Florida, Buín

Central-south:

Arauco, Cañete, Laja

South:

Victoria, Loncoche, Ancud,

Purranque, Quellón, Aysén,

Chile Chico, Puerto Natales

Approximate length: 2,700 Miles

Approximate average width: 110 Miles

New Branches

Highlights

75

Enhanced Service Model

76

Number

of

Complaints

1

Highlights

Complaints down 73%

MetLife’s customer centric

perspective

Efficiency and effectiveness focus

Automation and process

decentralization

1

MetLife internal analysis.

48,201

34,569

23,948

15,399

12,860

2010

2011

2012

2013

2014

Loyalty Drives Low Turnover Rate

Source: Superintendencia de Pensiones and MetLife internal analysis.

77

Turnover Rate

MetLife

Acquisition

0%

5%

10%

15%

20%

25%

1Q 12

2Q 12

3Q 12

4Q 12

1Q 13

2Q 13

3Q 13

4Q 13

1Q 14

2Q 14

3Q 14

Oct-Nov

14

ProVida

Competitor 1

Competitor 2

Competitor 3

Low Cost Competitor 4

Low Cost Competitor 5

Net Positive Transfers Since MetLife Acquisition

1

Reflects the net number of contributors (active workers) who have transferred to/from ProVida and from/to other AFPs.

Source: MetLife internal analysis.

MetLife

Acquisition

78

Net

Transfers¹

(3,463)

(2,745)

(2,708)

830

3,311

9,283

4,251

5,149

1Q 13

2Q 13

3Q 13

4Q 13

1Q 14

2Q 14

3Q 14

4Q 14

MetLife Acquisition Improving Voluntary Growth

Total Voluntary¹

Assets Under Management (CLP in millions)

MetLife

Acquisition

1

Voluntary includes Ahorro Previsional Voluntario (voluntary pension savings), Cuenta 2 and Deposito Convenido; % Growth is absolute.

Source: MetLife internal analysis.

79

402,649

415,295

432,172

458,493

484,975

501,131

3Q 13

4Q 13

1Q 14

2Q 14

3Q 14

4Q 14

Key Takeaways

Chile has the most established pension market in Latin America

Strong regulation has been a constant since 1981

ProVida is the market leader¹

with significant scale, a diversified

customer base, broad distribution and high customer loyalty

Our growth is accelerating under MetLife’s ownership

80

Superintendencia de Pensiones (September 2014).

1

©UFS

William J. Wheeler

President

Americas

March 11, 2015

LATIN AMERICA INVESTOR DAY 2015

Key Takeaways for the Day

83

MetLife’s franchise in Latin America is unique

Diverse

by

product,

channel

and

country

–

focused

on

relevant

businesses in key markets

Business delivers high growth, high operating ROEs and great

cash flows

See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Appendix

LATIN AMERICA INVESTOR DAY 2015

Safe Harbor Statement

86

This presentation may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of 

the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can 

be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” 

“intend,” “plan,” “believe” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating 

or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results 

of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations 

and financial results. 

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and 

uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements 

are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. 

These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking 

statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in 

MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These factors include: (1) difficult conditions in the global capital 

markets; (2) increased volatility and disruption of the capital and credit markets, which may affect our ability to meet liquidity needs and access capital, 

including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to 

pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive 

reinsurers or hedging arrangements associated with those risks; (3) exposure to financial and capital market risks, including as a result of the disruption 

in Europe and possible withdrawal of one or more countries from the Euro zone; (4) impact of comprehensive financial services regulation reform on us, 

as a non-bank systemically important financial institution, or otherwise; (5) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall 

Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain 

financial institutions; (6) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or 

demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (7) adverse results or other 

consequences from litigation, arbitration or regulatory investigations; (8) potential liquidity and other risks resulting from our participation in a securities 

lending program and other transactions; (9) investment losses and defaults, and changes to investment valuations; (10) changes in assumptions related 

to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (11) impairments of 

goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit 

of other financial institutions that could adversely affect us; (14) economic, political, legal, currency and other risks relating to our international operations, 

including with respect to fluctuations of exchange rates; (15) downgrades in our claims paying ability, financial strength or credit ratings; (16) a 

deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (17) 

availability and effectiveness of reinsurance or indemnification arrangements, as well as any default or failure of counterparties to perform; (18) 

differences between actual claims experience and underwriting and reserving assumptions; (19) ineffectiveness of risk management policies and 

procedures; (20) catastrophe losses; (21) increasing cost and limited market 

Safe Harbor Statement (Continued)

87

capacity for statutory life insurance reserve financings; (22) heightened competition, including with respect to pricing, entry of new competitors,

consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (23) exposure to losses related

to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest

rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (24) our ability to address difficulties,

unforeseen liabilities, asset impairments, or rating agency actions arising from business acquisitions, including our acquisition of American Life

Insurance Company and Delaware American Life Insurance Company, and integrating and managing the growth of such acquired businesses, or

arising from dispositions of businesses or legal entity reorganizations; (25) regulatory and other restrictions affecting MetLife, Inc.’s ability to pay

dividends and repurchase common stock; (26) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet

debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (27) the possibility that

MetLife, Inc.’s Board of Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust;

(28) changes in accounting standards, practices and/or policies; (29) increased expenses relating to pension and postretirement benefit plans, as

well as health care and other employee benefits; (30) inability to protect our intellectual property rights or claims of infringement of the intellectual

property rights of others; (31) inability to attract and retain sales representatives; (32) provisions of laws and our incorporation documents may

delay, deter or prevent takeovers and corporate combinations involving MetLife; (33) the effects of business disruption or economic contraction due

to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our

investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (34) the

effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (35) other risks and

uncertainties described from time to time in MetLife, Inc.’s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that

such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

Explanatory Note on Non-GAAP Financial Information

Any references in this presentation (except in this Explanatory Note on Non-GAAP Financial Information slide and this Appendix) to net income

(loss), net income (loss) per share, operating earnings, operating earnings per share, book value per share, book value per share, excluding

accumulated other comprehensive income (loss) (“AOCI”), book value per share, excluding AOCI, other than foreign currency translation

adjustments

(“FCTA”),

book

value

per

share-tangible

common

stockholders’

equity,

premiums,

fees

and

other

revenues,

operating

return

on

equity, excluding AOCI, other than FCTA, and tangible operating return on equity should be read as net income (loss) available to MetLife,

Inc.'s common shareholders, net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share, operating earnings

available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common

share, book value per common share, excluding AOCI, book value per common share, excluding AOCI, other than FCTA, book value per

common

share-tangible

common

stockholders’

equity,

premiums,

fees

and

other

revenues

(operating),

operating

return

on

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

and

operating

return

on

MetLife,

Inc.’s

tangible

common

stockholders’

equity,

respectively.

Operating

earnings

is

the

measure

of

segment

profit

or

loss

that

MetLife

uses

to

evaluate

segment

performance

and

allocate

resources.

Consistent with accounting principles generally accepted in the United States of America ("GAAP") accounting guidance for segment reporting,

operating earnings is MetLife's measure of segment performance. Operating earnings is also a measure by which MetLife senior management's

and many other employees' performance is evaluated for the purposes of determining their compensation under applicable compensation plans.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax.  Operating earnings available to common

shareholders is defined as operating earnings less preferred stock dividends.

Operating

revenues

and

operating

expenses

exclude

results

of

discontinued

operations

and

other

businesses

that

have

been

or

will

be

sold

or

exited by MetLife and are referred to as divested businesses. Operating revenues also excludes net investment gains (losses) (“NIGL”) and net

derivative gains (losses) (“NDGL”). Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

•

Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain

variable annuity guaranteed minimum income benefits ("GMIB") fees ("GMIB Fees");

•

Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that

are hedges of investments or that are used to replicate certain investments but do not qualify for hedge accounting treatment, (ii) includes

income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures

accounted for under the equity method, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v)

excludes

certain

amounts

related

to

securitization

entities

that

are

variable

interest

entities

("VIEs")

consolidated

under

GAAP;

and

•

Other revenues are adjusted for settlements of foreign currency earnings hedges.

88

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

•

Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and

NDGL, (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated

with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through 

adjustments,

(iii)

benefits

and

hedging

costs

related

to

GMIBs

("GMIB

Costs"),

and

(iv)

market

value

adjustments

associated

with

surrenders

or terminations of contracts ("Market Value Adjustments");

•

Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of

premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes

amounts related to net investment income earned on contractholder-directed unit-linked investments;

•

Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired ("VOBA") excludes amounts related to: (i) NIGL and

NDGL, (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;

•

Amortization

of

negative

VOBA

excludes

amounts

related

to

Market

Value

Adjustments;

•

Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

•

Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii)

acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted

for during the measurement period under GAAP business combination accounting guidance. In addition to the tax impact of the adjustments

mentioned

above,

provision

for

income

tax

(expense)

benefit

also

includes

the

impact

related

to

the

timing

of

certain

tax

credits,

as

well

as

certain

tax reforms.

MetLife,

Inc.’s

tangible

common

stockholders’

equity

is

defined

as

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

the

net

unrealized

investment

gains

(losses)

and

defined

benefit

plans

adjustment

components

of

AOCI

and

is

also

reduced

by

the

impact

of

goodwill,

value

of

distribution agreements (“VODA”) and value of customer relationships acquired (“VOCRA”), all net of income tax.  MetLife, Inc.’s common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

is

defined

as

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

the

net

unrealized

investment gains (losses) and defined benefit plans adjustment components of AOCI, net of income tax.

Explanatory Note on Non-GAAP Financial Information

(Continued)

89

MetLife believes the presentation of operating earnings and operating earnings available to common shareholders as MetLife measures it for

management purposes enhances the understanding of the company's performance by highlighting the results of operations and the underlying

profitability drivers of the business. Operating revenues, operating expenses, operating earnings, operating earnings available to common

shareholders, operating earnings available to common shareholders per diluted common share, investment portfolio gains (losses) and derivative

gains

(losses)

should

not

be

viewed

as

substitutes

for

the

following

financial

measures

calculated

in

accordance

with

GAAP:

GAAP

revenues,

GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.'s common shareholders,

net income (loss) available to MetLife, Inc.'s common shareholders per diluted common share, net investment gains (losses) and net derivative

gains

(losses),

respectively.

MetLife,

Inc.’s

tangible

common

stockholders’

equity

and

MetLife,

Inc.’s

common

stockholders’

equity,

excluding

AOCI,

other

than

FCTA,

should

not

be

viewed

as

substitutes

for

total

MetLife,

Inc.’s

stockholders’

equity

calculated

in

accordance

with

GAAP.

Reconciliations of these measures to the most directly comparable GAAP measures are included in the Fourth Quarter 2014 Financial Supplement

and/or in the tables that accompany this Appendix.

MetLife also refers to country operating earnings and country operating premiums, fees and other revenues in this presentation. Country operating

earnings and country operating premiums, fees and other revenues, respectively, are operating earnings and operating  premiums, fees and other

revenues,

excluding

certain

corporate-related

items

which

are

not

within

the

control

of

the

countries’

operations

and

which

MetLife

believes

are

not

indicative of the performance of the countries’

businesses in Latin America. MetLife believes that the presentation of country operating earnings

and

country

operating

premiums,

fees

and

other

revenues

enhances

the

understanding

of

Latin

America’s

underlying

country

level

performance

by

removing factors that may mask trends in the performance of the businesses in Latin America.

Operating return on MetLife, Inc.'s tangible common stockholders' equity is defined as operating earnings available to common shareholders,

excluding amortization of VODA and VOCRA, net of income tax, divided by average MetLife, Inc.'s tangible common stockholders' equity.

Operating

return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

other

than

FCTA

is

defined

as

operating

earnings

available

to

common shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA.

Operating

return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

is

defined

as

operating

earnings

available

to

common

shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI.

Operating return on MetLife, Inc.'s common stockholders' equity is defined as operating earnings available to common shareholders divided by

average MetLife, Inc.'s common stockholders' equity.

Return on MetLife, Inc.’s tangible common stockholders' equity is defined as net income (loss) available to MetLife, Inc.’s common shareholders,

excluding

goodwill

impairment

and

amortization

of

VODA

and

VOCRA,

net

of

income

tax,

divided

by

average

MetLife,

Inc.'s

tangible

common

stockholders' equity.

Explanatory Note on Non-GAAP Financial Information

(Continued)

90

Explanatory Note on Non-GAAP Financial Information

(Continued)

Return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

other

than

FCTA

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA.

Return

on

MetLife,

Inc.'s

common

stockholders'

equity,

excluding

AOCI

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common

shareholders divided by average MetLife, Inc.'s common stockholders' equity, excluding AOCI.

Return

on

MetLife,

Inc.’s

common

stockholders’

equity

is

defined

as

net

income

(loss)

available

to

MetLife,

Inc.’s

common

shareholders

divided

by

average

MetLife,

Inc.’s

common

stockholders’

equity.

Operating expense ratio is calculated by dividing operating expenses (other expenses net of capitalization of DAC) by operating premiums, fees

and other revenues. 

For the historical periods presented, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP

measures may be included in this Appendix to the presentation materials and/or are on the Investor Relations portion of MetLife’s Internet website. 

Additional information about MetLife’s historical results is also available on its Internet website in its Quarterly Financial Supplements for the

corresponding periods.

The non-GAAP measures used in this presentation should not be viewed as substitutes for the most directly comparable GAAP measures.

In this presentation, MetLife may refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but

are used as relevant measures of business activity.

The impact of changes in foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current period

and is applied to each of the comparable periods.

In this presentation, MetLife may provide forward-looking guidance on its future earnings, premiums, fees and other revenues, earnings per diluted

common

share,

book

value

per

common

share,

return

on

common

equity

and

free

cash

flow

(as

a

percentage

of

annual

operating

earnings)

on

an

operating or non-GAAP basis.  A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is not accessible on a

forward-looking basis because MetLife believes it is not possible to provide other than a range of net investment gains and losses and net

derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a significant

impact on GAAP net income.

In addition, MetLife may provide estimated historical operating results for business that is not within a single reportable segment or Corporate &

Other in this presentation. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is not accessible for such

results, as MetLife calculates GAAP results only for its reportable segments and Corporate & Other.

91

Definitions

LATIN

AMERICA

INVESTOR

DAY

2015

Definitions

.

Sales (Latin America & GEB):

93

•

10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions)

and 20% of single-premium deposits from credit insurance.

•

100% of annualized full year premiums and fees from recurring-premium policy sales of all products (mainly from risk and

protection products such as individual life, accident & health and group).

Reconciliations

LATIN

AMERICA

INVESTOR

DAY

2015

Reconciliation of Operating Earnings Available to Common Shareholders to Country

Operating Earnings Available to Common Shareholders and Net Income (Loss) Available

to

MetLife,

Inc.’s

Common

Shareholders

–

Latin

America

2012

2013

2014

($ in millions)

Operating earnings available to common shareholders (as reported)

583

$      

574

$     

682

$      

Noteworthy items:

Impact of foreign currency exchange rates

(65)

(58)

-

Corporate overhead allocations

53

69

86

Corporate tax adjustments and other

25

28

(13)

U.S. sponsored direct

-

17

26

Country operating earnings available to common shareholders

596

630

781

Interest on excess surplus

(67)

(68)

(102)

Country operating earnings available to common shareholders (less interest on excess surplus)

529

$      

562

$     

679

$      

Operating earnings available to common shareholders (as reported)

583

$      

574

$     

682

$      

Adjustments from operating earnings available to common shareholders to net income

(loss) available to MetLife, Inc.'s common shareholders:

Add: Net investment gains (losses)

(2)

20

30

Add: Net derivative gains (losses)

38

(24)

(60)

Add: Other adjustments to continuing operations

(193)

167

(243)

Add: Provision for income tax (expense) benefit

53

(71)

48

Less: Net income (loss) attributable to noncontrolling interests

1

5

13

Net income (loss) available to MetLife, Inc.'s common shareholders

478

$      

661

$     

444

$      

95

Reconciliation of Operating Premiums, Fees & Other Revenues to Country Premiums,

Fees

&

Other

Revenues

and

Premiums,

Fees

&

Other

Revenues

(GAAP)

–

Latin

America

2012

2013

2014

($ in millions)

Operating premiums, fees & other revenues (as reported)

3,379

$   

3,838

$  

4,240

$   

Noteworthy items:

Impact of foreign currency exchange rates

(292)

(331)

-

Affiliated transactions

(50)

(40)

(44)

U.S. sponsored direct

-

(127)

(172)

Country operating premiums, fees & other revenues

3,037

$   

3,340

$  

4,024

$   

Operating premiums, fees & other revenues (as reported)

3,379

$   

3,838

$  

4,240

$   

Add: Adjustments to premiums, fees & other revenues

76

5

3

Premiums, fees & other revenues (GAAP)

3,455

$   

3,843

$  

4,243

$   

96

William J. Wheeler President, Americas MetLife, Inc. William J. Wheeler is president of the Americas region of MetLife, Inc., a global provider of life insurance, annuities, employee benefits and asset management, serving approximately 100 million customers. He was appointed to this position in November 2011. As president, Wheeler oversees MetLife’s insurance and retirement businesses in the United States and Latin America. MetLife is the largest life insurer in both the U.S. and Mexico, and the company also holds leading market positions in Chile, Brazil and Argentina. Prior to his current role, Wheeler was executive vice president and chief financial officer of MetLife, Inc., since December 2003. As CFO, Wheeler was responsible for overseeing all financial management matters, including financial reporting, treasury, corporate actuarial, risk management, tax, investor relations and mergers and acquisitions. Wheeler was a key architect of MetLife’s 2010 acquisition of Alico, the largest transaction in MetLife’s history, and the acquisition of Travelers Life & Annuity and related international insurance businesses in 2005. Wheeler also oversaw a number of capital management strategies and related transactions that enhanced

MetLife’s financial strength and increased its liquidity at a time of severe capital market constraints. He did this while simultaneously helping the company to achieve significant annualized expense savings and to implement a number of risk management initiatives. Prior to becoming CFO, Wheeler oversaw business development, product management and marketing activities for the company’s Individual Business segment and also served as chief financial officer of Institutional Business, overseeing financial reporting and planning, as well as expense management for that segment. Wheeler joined MetLife in 1997 as treasurer and played a key role in preparing MetLife to become a public company. He oversaw certain aspects of the company’s demutualization, the development of the investor relations and shareholder services organizations, and the management of the initial public offering process. Before joining MetLife, Wheeler was an investment banker for ten years at Donaldson, Lufkin & Jenrette (DLJ). During his career at DLJ, he managed a variety of transactions, including equity and debt financings, mergers and acquisitions, leveraged buyouts, financial advisory and restructurings in a number of different industries, including the insurance industry. Wheeler serves on the board of directors for Evercore Partners Inc., the American Council of Life Insurers (ACLI) and the Council of the Americas (COA). He is also a member of Wabash College’s board of trustees. He holds an M.B.A. from Harvard Business School and also received an A.B., magna cum laude, from Wabash College and was elected to Phi Beta Kappa. # # #

Oscar A. Schmidt Executive Vice President CEO of Latin America MetLife, Inc. Oscar Schmidt is executive vice president and CEO of Latin America for MetLife, Inc., a global provider of life insurance, annuities, employee benefits and asset management, serving approximately 100 million customers. He became CEO of Latin America in 2006 and became executive vice president for MetLife, Inc. in January 2010. Schmidt was appointed to launch the Sponsored Direct business in the United States in January 2012 and he successfully completed this assignment in September 2014. As CEO, Schmidt is responsible for MetLife’s operations in Latin America, which generated $4.2 billion in operating premiums, fees and other revenues and $682 million in operating earnings in 2014. Under his leadership, the company has grown to become the largest life insurer in the region. MetLife is the number one insurer in Mexico; the largest life insurer in Chile, Argentina and Uruguay; and the second largest non-bank life insurer in Brazil. In 2013,

Schmidt led the acquisition of ProVida AFP, which positioned MetLife as the largest pension fund administrator in Chile. He also played a leading role in MetLife’s acquisition of Alico in 2010, the largest transaction in MetLife’s history, and the international component of the Travelers acquisition in 2005. These three major acquisitions in MetLife history greatly increased the company’s global footprint. In his current role, Schmidt drives organic growth through innovative products and distribution, while pursuing mergers and acquisitions opportunities across the Americas. Throughout his tenure as CEO of Latin America, he participated in a number of key projects to grow the business and define the strategy of the company. Working closely with the Harvard Business School, in 2007, he launched a global initiative to introduce a disciplined process to appraise local business opportunities and align them with the corporate strategy. Prior to his current role, he was president and CEO for MetLife in Argentina and Uruguay, where he led market entry and growth strategies since the early 1990s. He also held numerous other roles at MetLife. Schmidt is recognized as a thought leader for his experience in the life and pension industry. He led a global project in 2003 in the long-term savings and pension arena which included exploring opportunities in Europe and Asia, launching the Afore business in Mexico and growing the business in Latin America. Between 1999 and 2003, he served as president of AVIRA (Life and Annuity Insurers Association of Argentina) and during 2005 and 2006, president of the UAFJP (Argentina Retirement and Pension Fund Managers Association). Prior to joining MetLife, Schmidt held executive positions at Arthur Andersen and Sul América Seguros. He is a certified public accountant and graduated from the University of Buenos Aires. # # # See Appendix for non-GAAP financial information, definitions and/or reconciliations.

Conor Murphy Senior Vice President CFO of Latin America & U.S. Sponsored Direct Marketing MetLife, Inc. Conor Murphy is senior vice president and chief financial officer of Latin America and U.S. Sponsored Direct Marketing for MetLife, Inc., a global provider of life insurance, annuities, employee benefits and asset management, serving approximately 100 million customers. He was appointed to this role in February 2012. Previously, he led MetLife’s international strategic planning organization, responsible for global business strategy including mergers and acquisitions in international markets. Prior to the international strategy role, Murphy was chief financial officer for MetLife’s four European and Middle Eastern territories. Prior to joining MetLife’s international business, Murphy served as vice president and head of investor relations for MetLife since 2007. In this position, he was responsible for managing and coordinating the presentation of MetLife’s financial results, messages and strategies to the analyst and investor community. Murphy also previously served as vice president and chief financial officer for MetLife’s investments department. His various responsibilities included financial reporting and analysis, investment income projections, performance measurement and attribution, portfolio valuation and the Sarbanes-Oxley processes for investments.

Prior to joining the investments department, Murphy served in MetLife’s internal audit department, where he was responsible for various groups, including investments and investment affiliate auditing operations. Affiliate operations included investment advisor, mutual fund, broker-dealer and trust company subsidiaries. He was also responsible for the Reinsurance Group of America, Incorporated (RGA) audit functions. MetLife, Inc. was formerly the majority owner of RGA. Murphy joined MetLife in October 2000 after seven years with PricewaterhouseCoopers LLP, where he served in the New York Financial Services Industry Practice. Prior to PricewaterhouseCoopers, he spent five years with Grant Thornton LLP in Dublin, Ireland. Murphy is a founding trustee of Cristo Rey New York High School and a past president of the Association of Chartered Accountants in the United States. He is a certified public accountant (CPA) and a member of the Massachusetts Society of CPAs. Murphy is also a chartered accountant and a fellow of the Institute of Chartered Accountants in Ireland. # # #

Mario Roberto Traverso Senior Vice President, Latin America Business Development & Distribution Head MetLife, Inc. Mario Roberto Traverso has served as senior vice president of Latin America business development and distribution head since September, 2014. Prior to his current role, he was CEO for MetLife Brazil since 2011. Traverso started his career at MetLife in 1996 as the commercial head of Argentina and Uruguay. Traverso was the commercial head for Institutional & Annuities of MetLife Chile in 2003 and chief marketing officer for MetLife Mexico from 2004 to 2005. He was vice president and head of strategy, distribution and marketing of Latin America from 2005 to 2011. Traverso held management positions in major organizations such as Arthur Andersen & Co., Asegurar Seguros de Retiro and Sud América Seguros (Sul América Group – Brazil), among others.

He was also a professor at the School of Economics and the School of Law and Social Sciences of the University of Buenos Aires. Traverso is a certified public accountant and graduated from the University of Buenos Aires. He has taken graduate courses in corporate planning and strategic management, as well as in consumer psychology, both at the University of Buenos Aires. # # #

Sofia Belmar Senior Vice President, Business Development and Distribution MetLife Mexico With a career of more than 23 years in the Mexican Insurance industry, Sofia Belmar serves as Senior Vice President of business development and distribution, for MetLife Mexico. Belmar is responsible for increasing the diversification and the growth of the private insurance business. Her main duties include sales force development and productivity, sales force compensation, development and implementation of successful practices, as well as the creation of synergies between the three lines of business under her supervision: Direct Marketing, Private Business (Individual and Institutional) and Individual Public Business (Worksite Marketing). She joined MetLife Mexico in 2010 as chief marketing officer. Currently she chairs the Life Coordinating Committee at the Asociacion Mexicana de Instituciones de Seguros AMIS (Mexican Association of Insurance Institutions) and, previously, she was president of the Mexican Association of Sales Insurance Executives (AMEVES). From 2005 to 2010, Belmar served as market analysis director at Grupo Nacional

Provincial (GNP), leading product design and development, business intelligence, customer relationship management (CRM) and marketing. Her significant achievements in this position included the implementation of the CRM strategy, the launch of innovative products and the development of a strategy for digital marketing and support for sales, which was recognized with a national award in innovation. From 1991 to 2005, Belmar occupied different positions in distribution channel development, including strategic planning, incentives, communication, training and development. She was also responsible for developing a program to build and retain (and maintain high quality standards in) the sales force. Belmar was a teacher at the Universidad Nacional Autónoma de México, Sciences Faculty and Economy Faculty. Belmar has a Master’s of Administration degree from the Instituto Tecnológico Autónomo de México (ITAM) and a degree in Actuarial Sciences from the Universidad Nacional Autónoma de México. She also attended executive programs on CRM at Duke University, digital marketing at ITAM, IT for non-IT Executives at MIT, and leadership and mentoring at Harvard Business School. # # #

Ricardo Rodríguez Marengo CEO ProVida AFP Ricardo Rodriguez Marengo is the CEO of ProVida AFP and the current chairman of the board of directors of PreviRed, the leading collection company for pensions and Social Security. Rodríguez Marengo is a leader in areas such as marketing and sales, new businesses development, and large-scale leadership. He has broad experience with several multinational companies in industries including banking, insurance, pensions, and financial consulting services in Chile and Argentina. In 2007, BBVA, an insurance broker and life insurance company, appointed him leader of ProVida AFP, which was part of the group in Chile. He transformed ProVida from a mass market AFP, to a segmented value proposition company, successfully managed pension reform implementation in 2008, and doubled operating earnings within five years. Between 1994 and 2006, he was a member of Consolidar Group S.A. (BBVA since 1999), which includes seven companies and more than 5,000 employees in fields such as pension funds, workers compensation, life, retirement and health insurance. Rodríguez Marengo excelled in marketing, sales and customer service for the group, beginning as commercial

director of the AFJP (Administradora de Fondos de Jubilaciones y Pensiones). Under his vision, the company became the market leader in affiliations. In 1996, Consolidart ART, a workers compensation company of the group, was created with Rodriguez Marengo as its CEO. The company grew to more than 75,000 customers and became the market leader within four years. He also served as the president of the Workers Compensation Insurance Association. Between 1988 and 1993, he was part of the Banca Nazionale del Lavoro Group. He started as chief of staff (reporting to the chairman and CEO), responsible for studies and strategic projects. He designed the launches of cash management, ATM and point of sale (POS) networks, as well as the development of the credit and debit card businesses. He was promoted to the Latin American Management Area (reporting to the deputy director), where he served as CEO of Posnet S.A. (EFT Services) and director of Satelnet S.A. (Satellite Service). He developed a draft capture system for electronic transactions and one of the three satellite link companies during the telephony deregulation in Argentina. Rodriguez Marengo has over 30 years of experience, having started his career at McCormack & Dodge, then becoming a consultant in the banking and financial services consulting division at Arthur Andersen, where he worked on strategic planning and organizational projects. Rodriguez Marengo received a Public Accounting Degree and a Business Administration degree from Universidad Católica in Argentina and a Senior Management Program degree from IAE/IESE. He also completed a training program at Arthur Andersen Consulting Division (Chicago) and at BBCA IESE (Madrid). # # #

Edward Spehar Senior Vice President, Investor Relations MetLife, Inc. Edward Spehar is senior vice president and head of investor relations for MetLife, Inc., a global provider of life insurance, annuities, employee benefits and asset management, serving approximately 100 million customers. Appointed to this position in November 2012, Spehar manages and coordinates the presentation of MetLife’s financial results, messages and strategies to the analyst and investor community. Before joining MetLife, Spehar spent over 20 years analyzing insurance companies with broad and diverse businesses as an equity research analyst. He joined MetLife from Bank of America Merrill Lynch, where he served as a sell-side equity research analyst covering the life insurance industry for approximately 19 years. In this role, he produced fundamental equity research on the industry and covered 15 publicly-traded insurers, including MetLife, American International Group and Prudential Financial. He also held similar roles at Lehman Brothers and Ameritrust Company. Spehar received a bachelor’s degree in management from Case Western Reserve University as well as an MBA from the Weatherhead School of Management at Case Western Reserve.

He is a chartered financial analyst as well as a member of the New York Society of Security Analysts and the Association of Insurance and Financial Analysts. While at Bank of America Merrill Lynch, Spehar was repeatedly selected for Institutional Investor magazine’s annual All-America Research Team. # # #