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.