MetLife Issues Statement On Its Successful Bid for Aseguradora Hidalgo, S.A. in Mexico.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 24, 2002

MetLife, Inc. (NYSE: MET) issued the following statement after the Mexican Government's announcement earlier today of the successful bid of approximately $ 965 million for the privatization of Aseguradora Hidalgo, S.A.

MetLife is pleased to be selected as the winning bidder for Hidalgo and looks forward to finalizing the process. The Mexican government has informed MetLife that following the announcement of the successful bid, certain employees of Hidalgo have a maximum five business-day right of first refusal period within which to match the MetLife offer. In addition, the transaction is subject to final regulatory approvals and closing.

"MetLife has the expertise, the resources and the commitment to provide exceptional products and services to consumers in Mexico, one of the fastest growing life insurance markets," said William J. Toppeta, president of MetLife International. "MetLife has built a strong foundation in Mexico and we have had a successful experience in the country. We have been in Mexico for over 10 years and we now provide over 1.3 million customers with a full array of protection and insurance savings products including individual and group life insurance, as well as annuities. We also have a strong management team in Latin America and Mexico and we are excited about the business opportunities we expect from this transaction," added Mr. Toppeta.

MetLife believes that Mexico represents a stable and attractive growth market. The life insurance industry has grown at approximately twice the rate of the U.S. life insurance market, and the company believes that there is room for the trend to continue. "We are very impressed with Hidalgo and its success in the group and individual life insurance market, which complements MetLife's core competencies," commented Mr. Toppeta.

Hidalgo is the largest life insurer in Mexico with approximately 30% market share and a 70-year operating history. Hidalgo has historically focused on the government market -- group insurance products are sold primarily to governmental entities and individual products are sold primarily to government employees through payroll deductions. Hidalgo has a 34% share in the group life insurance market and 23% in the individual life insurance market. These products are distributed through an independent general agency force specializing in worksite marketing.

MetLife is the premier provider of the U.S. Federal Government's life insurance program for federal employees and is also the joint provider of the U.S. Federal Government's Long Term Care Insurance Program. In addition, in the private sector, MetLife provides benefit plans to 88 of the Fortune 100 companies in the U.S. and 22 of the next 25.

The purchase price of approximately $ 965 million will be paid from cash on hand at MetLife, Inc. Subject to the right of first refusal and regulatory approvals, it is expected that the transaction will close by the end of the second quarter of 2002. This transaction meets MetLife's return on investment objectives for international transactions. The company expects the transaction will be 2% to 3% accretive to the full year 2003 operating earnings per share compared with the current deployment of the capital, and neutral to slightly accretive for the remainder of 2002. MetLife's prior earnings guidance for the period 2002 through 2004 remains unchanged.

MetLife is advised in this transaction by Credit Suisse First Boston and UBS Warburg.

MetLife will hold a conference call and audio Webcast on Tuesday, May 28, 2002, from 8:30 a.m. to 9:30 a.m. (EDT) to discuss this transaction.

The conference call will be available live via telephone and Internet. To listen over the telephone, dial 1-847-944-7128 (domestic and international callers). To listen to the conference call over the Internet, visit www.metlife.com (through a link on the Investor Relations page). Those who want to listen to the call via the Internet should go to the Web site at least fifteen minutes prior to the call to register, and download and install any necessary audio software.

The conference call will be available for replay via telephone and Internet beginning at 12:00 p.m. (EDT) on Tuesday, May 28, 2002, until Tuesday, June 4, 2002, at 11:59 p.m. (EDT). To listen to a replay of the conference call over the telephone, dial 1-320-365-3844 (domestic and international callers). The access code for the replay is 640474. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.

MetLife, Inc., through its subsidiaries and affiliates, is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve approximately 10 million individual households in the U.S. and companies and institutions with 33 million employees and members. It also has international insurance operations in 13 countries.

This release contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the company's operations and financial results and the business and the products of the company, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend" and other similar expressions. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on the company. Such forward-looking statements are not guarantees of future performance.

Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties including, but not limited to the following: (i) changes in general economic conditions, including the performance of financial markets and interest rates; (ii) heightened competition, including with respect to pricing, entry of new competitors and the development of new products by new and existing competitors; (iii) unanticipated changes in industry trends; (iv) the company'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; (v) deterioration in the experience of the "closed block" established in connection with the reorganization of Metropolitan Life Insurance Company; (vi) catastrophe losses; (vii) adverse litigation or arbitration results; (viii) regulatory, accounting or tax changes that may affect the cost of, or demand for, the company's products or services; (ix) downgrades in the company's and its affiliates' claims paying ability, financial strength ratings or debt ratings; (x) changes in rating agency policies or practices; (xi) discrepancies between actual claims experience and assumptions used in setting prices for the company's products and establishing the liabilities for the company's obligations for future policy benefits and claims; (xii) the effects of business disruption or economic contraction due to terrorism or other hostilities; and (xiii) other risks and uncertainties described from time to time in the company's filings with the Securities and Exchange Commission, including its S-1 and S-3 registration statements. The company specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.