1.1  PURPOSE OF THE PLAN.  The purpose of the MetLife Annual Variable Incentive

Plan (the "Plan") is to align total annual pay with the Company's annual

financial business results, provide competitive levels of pay for competitive

levels of Company performance, and make a competitive portion of total

compensation variable based on Company, business unit, and individual



1.2  EFFECTIVE DATE.  The Plan shall become effective on the Effective Date and

shall amend, restate, and supersede the prior Annual Variable Incentive Plan if

approved by the Board and shareholders of the Company. In the absence of

shareholder approval, the Plan and any Awards granted pursuant to the Plan prior

to the date of such approval shall be null and void.


1.3  DURATION OF THE PLAN.  The Plan shall remain in effect indefinitely,

subject to the right of the Committee or the Board to amend or terminate the

Plan at any time pursuant to Article 9 herein.




Whenever used in the Plan, the following terms shall have the meaning set forth

below, and when the meaning is intended, the initial letter of the word shall be



2.1  "AFFILIATE" shall have the meaning ascribed to such term in Rule 12b-2 of

the General Rules and Regulations of the Exchange Act, with reference to the

Company, and shall also include any corporation, partnership, joint venture,

limited liability company, or other entity in which the Company owns, directly

or indirectly, at least fifty percent (50%) of the total combined Voting Power

of such corporation or of the capital interest or profits interest of such

partnership or other entity.


2.2  "AWARD" means an annual incentive compensation award payable under this

Plan and subject to its terms.


2.3  "BENEFICIARY" means the person or persons entitled to receive payments or

other benefits or exercise rights that are available under the Plan, if any, in

the event of the Participant's death.


2.4  "BOARD" OR "BOARD OF DIRECTORS" means the Board of Directors of the



2.5  "CODE" means the U.S. Internal Revenue Code of 1986, as amended from time

to time, or any successor thereto.


2.6  "COMMITTEE" means the Compensation Committee of the Board, or such other

committee as may be appointed by the Board for the purpose of administering the



2.7  "COMPANY" means MetLife, Inc., a Delaware corporation, or any successor



2.8  "DIRECTOR" means any individual who is a member of the Board of Directors.


2.9  "EFFECTIVE DATE" means January 1, 2004.


2.10  "EMPLOYEE" means any employee of the Company or an Affiliate. Directors

who are not otherwise employed by the Company or an Affiliate shall not be

considered Employees under this Plan. For greater clarity, and without limiting

the generality of the foregoing, individuals described in the first sentence of

this definition who are foreign nationals or are employed outside of the United

States, or both, are Employees to whom Awards may be granted on the terms and

conditions set forth in the Plan, or (in the case of any individuals who are not

Insiders) on such other terms and conditions as may, in the judgment of the

Committee, be necessary or desirable to further the purposes of the Plan.


2.11  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from

time to time, or any successor act thereto.





2.12  "INSIDER" means an individual who is, on the relevant date, subject to the

reporting requirements of Section 16 of the Securities Exchange Act of 1934, as

amended from time to time, or any successor act thereto.


2.13  "PARTICIPANT" means an Employee of the Company or an Affiliate who has

been selected to receive an Award under the terms of the Plan.


2.14  "PERFORMANCE-BASED COMPENSATION" means compensation to an Insider pursuant

to an Award that is granted in order to provide remuneration solely on account

of the attainment of one or more preestablished, objective Performance Measures

under circumstances that satisfy the requirements of Code Section 162(m).


2.15  "PERFORMANCE GOAL" means a performance criterion selected by the Committee

for a given Award for purposes of Article 11 based on one or more of the

Performance Measures.


2.16  "PERFORMANCE MEASURES" means measures as described in Article 5, the

attainment of one or more of which shall, as determined by the Committee,

determine whether Awards shall be payable as Performance-Based Compensation.


2.17  "PLAN" means the MetLife Annual Variable Incentive Plan.


2.18  "VOTING POWER" shall mean such number of Voting Securities as shall enable

the holders thereof to cast a specified percentage of the votes which could be

cast in an annual election of directors of a company.


2.19  "VOTING SECURITIES" shall mean all securities entitling the holders

thereof to vote in an annual election of directors of a company




3.1  ELIGIBILITY. Each Employee is eligible to participate in the Plan.


3.2  PARTICIPATION. Subject to the provisions of the Plan, the Committee may

from time to time select from all eligible Employees those to whom Awards shall

be granted.




4.1  GRANT OF AWARDS.  The Committee shall grant all Awards on and after the

Effective Date and determine in its discretion the amount, nature, and any and

all terms and conditions permissible by law of each Award. Subject to the

requirements of Code Section 162(m) with regard to Awards intended to be

Performance-Based Compensation, the Committee may grant Awards (a) in advance of

and contingent upon the attainment of any performance criteria or other

contingencies applicable to the Award; (b) following the attainment of any

performance criteria or other contingencies the Committee previously made

prospectively applicable to an anticipated or possible Award; or (c) that are

and were not contingent upon the attainment of any performance criteria or other



4.2  MAXIMUM LIMIT REGARDING AWARDS.  The maximum aggregate amount awarded or

credited with respect to an Award to any one Participant in any one-year period

may not exceed ten million dollars ($10,000,000.00) determined as of the date

the Award is payable.


4.3  FORM OF PAYMENT.  All Awards granted under this Plan shall, if payable, be

payable in cash unless otherwise determined by the Committee.


4.4  DEFERRAL OF AWARD.  Notwithstanding any other provision of the Plan, the

Committee may permit or require a Participant to defer such Participant's

receipt of any Award under the terms of this Plan or another plan. To the extent

such deferral is permitted by the Committee under the terms of this Plan rather

than another plan, the Committee shall establish rules and procedures for such

deferrals as it sees fit.







Notwithstanding any other terms of this Plan, the vesting, payability, or value

(as determined under the performance formula set by the Committee) of each Award

that the Committee intends, at time of grant, to be Performance-Based

Compensation to an Insider shall be determined by the attainment of one or more

Performance Goals as determined by the Committee in conformity with Code Section

162(m). The Committee shall specify in writing, by resolution or otherwise, the

Participants eligible to receive such an Award (which may be expressed in terms

of a class of individuals) and the Performance Goal(s) applicable to such Awards

within ninety (90) days after the commencement of the period to which the

Performance Goal(s) relate(s) or such earlier time as required to comply with

Code Section 162(m). No such Award shall be payable unless the Committee

certifies in writing, by resolution or otherwise, that the Performance Goal(s)

applicable to the Award were satisfied. In no case may the Committee increase

the value of an Award of Performance-Based Compensation above the maximum value

determined under the performance formula by the attainment of the applicable

Performance Goal(s), but the Committee may retain discretion to reduce the value

below such maximum.


Unless and until the Committee proposes for shareholder vote and the

shareholders approve a change in the general Performance Measures set forth in

this Article 5, the Performance Goal(s) upon which the payment of an Award to an

Insider that is intended to qualify as Performance-Based Compensation shall be

limited to the following Performance Measures:


     (a)  Net earnings or net income (before or after taxes);


     (b)  Earnings per share;


     (c)  Net sales growth;


     (d)  Net operating profit;


     (e)  Operating earnings;


     (f)  Operating earnings per share


     (g)  Return measures (including, but not limited to, return on assets,

     capital, equity, or sales);


     (h)  Cash flow (including, but not limited to, operating cash flow, free

     cash flow, and cash flow return on capital);


     (i)  Earnings before or after taxes, interest, depreciation, and/or

     amortization and including/ excluding capital gains and losses;


     (j)  Gross or operating margins;


     (k)  Productivity ratios;


     (l)  Share price (including, but not limited to, growth measures and total

     shareholder return);


     (m)  Expense targets;


     (n)  Margins;


     (o)  Operating efficiency;


     (p)  Customer satisfaction;


     (q)  Employee and/or Agent satisfaction;


     (r)  Working capital targets;


     (s)  Economic Value Added


     (t)  Revenue growth;





     (u)  Assets under management growth; and


     (v)  Rating Agencies' ratings.


Any Performance Measure may be used to measure the performance of the Company as

a whole, any Affiliate, any business unit of the Company or any Affiliate, or

any combination thereof, as the Committee may deem appropriate, or any of the

above Performance Measures as compared to the performance of a group of

comparator companies, or published or special index that the Committee, in its

sole discretion, deems appropriate. The Committee also has the authority to

provide for accelerated vesting or payability of any Award based on the

achievement of Performance Goal(s)s.


The Committee may provide that any evaluation of attainment of a Performance

Goal may include or exclude any of the following events that occurs during the

relevant period: (a) asset write-downs; (b) litigation or claim judgments or

settlements; (c) the effect of changes in tax laws, accounting principles, or

other laws or provisions affecting reported results; (d) any reorganization and

restructuring programs; (e) extraordinary nonrecurring items as described in

Accounting Principles Board Opinion No. 30 and/or in management's discussion and

analysis of financial condition and results of operations appearing in the

Company's annual report to shareholders for the applicable year; (f)

acquisitions or divestitures; and (g) foreign exchange gains and losses. To the

extent such inclusions or exclusions affect Awards to Insider, they shall be

prescribed in a form that meets the requirements of Code Section 162(m) for



In the event that applicable tax and/or securities laws change to permit

Committee discretion to alter the governing Performance Measures without

obtaining shareholder approval of such changes, the Committee shall have sole

discretion to make such changes without obtaining shareholder approval. In

addition, in the event that the Committee determines that it is advisable to

grant Awards to Insiders that shall not qualify as Performance-Based

Compensation, the Committee may make such grants without satisfying the

requirements of Code Section 162(m).




The Committee shall determine the extent to which the Participant shall have the

right to receive an Award following termination of the Participant's employment

with the Company or an Affiliate. Such terms need not be uniform among all

Participants and Awards, and may reflect distinctions based on the reasons for

termination or any other bases permissible by law.




A Participant may designate a Beneficiary or change a previous Beneficiary by

using forms and following procedures approved or accepted by the Company or an

Affiliate for that purpose. If, at the Participant's death, no Beneficiary

designated by the Participant is eligible to receive payments or other benefits

or exercise rights that are available under the Plan, the Beneficiary shall be

the Participant's surviving spouse or, should the Participant have no surviving

spouse, the Participant's estate. The Committee may, in its discretion, modify

the foregoing, institute additional requirements for beneficiary designations,

or suspend the existing beneficiary designations of living Participants or the

process of determining beneficiaries under this Article 7, or both, in favor of

another method of determining beneficiaries.




8.1  GENERAL.  The Committee shall be responsible for administering the Plan.

The Committee may employ attorneys, consultants, accountants, and other

individuals, any of whom may be an Employee, and the Committee, the Company, and

its officers and directors shall be entitled to rely upon the advice, opinions,

or valuations of any such persons. All actions taken and all interpretations and

determinations made by the Committee shall be final, conclusive, and binding

upon the Participants, the Company, Affiliates, and all other interested






8.2  AUTHORITY OF THE COMMITTEE.  The Committee shall have full and exclusive

discretionary power to interpret the terms and the intent of the Plan or other

agreement or document ancillary to or in connection with the Plan, to determine

eligibility for Awards, to determine the terms and conditions of Awards, and to

adopt such rules, regulations, and guidelines for administering the Plan or

exercising any of its rights or responsibilities as the Committee may deem

necessary or proper. Such authority shall include, but not be limited to,

selecting Award recipients, establishing all Award terms and conditions and,

subject to Article 9, adopting modifications and amendments.


8.3  DELEGATION.  The Committee may delegate to one or more of its members or to

one or more officers of the Company or its Affiliates, any of its duties or

powers as it may deem advisable; provided, however, that the Committee may not

delegate any of its non-administrative powers with respect to Awards intended to

be Performance-Based Compensation, and provided further, that the member(s) or

officer(s) shall report periodically to the Committee regarding the nature and

scope of the Awards granted pursuant to the authority delegated pursuant to this

Section 3.3. Subject to the terms of the previous sentence, the Committee may

delegate to any person(s) such administrative duties or powers as it may deem






Board may, at any time and from time to time, alter, amend, modify, suspend, or

terminate the Plan in whole or in part. No amendment of the Plan shall be

effective without shareholder approval if shareholder approval is required by

law, regulation, or stock exchange rule.



EVENTS.  The Committee may make adjustments in the terms and conditions of, and

the criteria included in, Awards in recognition of unusual or nonrecurring

events affecting the Company or the financial statements of the Company or of

changes in applicable laws, regulations, or accounting principles, whenever the

Committee determines that such adjustments are appropriate in order to prevent

unintended dilution or enlargement of the benefits or potential benefits

intended to be made available under the Plan. The determination of the Committee

as to the foregoing adjustments, if any, shall be conclusive and binding on

Participants under the Plan. Adjustment to Awards constituting Performance-Based

Compensation shall be made only if such Awards subsequent to such adjustments

meet the requirements of Code Section 162(m) for deductibility.


9.3  AWARDS PREVIOUSLY GRANTED.  Notwithstanding any other provision of the Plan

to the contrary with the exception of Section 1.2, no termination, amendment,

suspension, or modification of the Plan shall adversely affect in any material

way any Award previously granted under the Plan without the written consent of

the Participant holding such Award.




10.1  INTERPRETATION.  The Plan is designed and intended to comply, to the

extent applicable to Performance-Based Compensation, with Code Section 162(m),

and all provisions hereof shall be construed in a manner to so comply.


10.2  NONTRANSFERABILITY.  Except as otherwise provided by the Committee, Awards

may not be sold, transferred, pledged, assigned, or otherwise alienated or

hypothecated, other than by will or by the laws of descent and distribution.

Except as otherwise provided by the Committee, a Participant's rights under the

Plan, if any, shall be exercisable during the Participant's lifetime only by the



10.3  PARTICIPANT RIGHTS.  No Participant shall have any right to an Award under

the Plan. The Committee is not obligated to set terms of Awards that are uniform

among Participants or Awards.


10.4  NO RIGHT TO CONTINUED EMPLOYMENT.  Neither eligibility to participate nor

participation in the Plan shall confer upon a Participant any right to

continuation of employment by the Company or any





Affiliate, nor shall the Plan interfere in any way with the Company's or any

Affiliate's or any employee's right to terminate a Participant's employment at

any time.


10.5  WITHHOLDING TAXES.  The Company and each Affiliate shall have the power

and the right to deduct or withhold, or require a Participant to remit to the

Company or Affiliate, an amount sufficient to satisfy federal, state, and local

taxes, domestic or foreign (including the Participant's FICA obligation),

required by law or regulation to be withheld with respect to any taxable event

arising or as a result of this Plan.


10.6  REQUIREMENTS OF LAW.  Awards shall be subject to all applicable laws,

rules, and regulations. The inability of the Company or an Affiliate to obtain

authority from any regulatory body having jurisdiction which authority is deemed

by the Company's or the Affiliate's counsel to be necessary to the lawful

payment hereunder shall relieve the Company or Affiliate of any liability for

the failure to make a payment as to which such requisite authority shall not

have been obtained.


10.7  UNFUNDED PLAN.  Participants shall have no right, title, or interest

whatsoever in or to any investments that the Company or any Affiliate may make

to aid it in meeting its obligations under the Plan. Nothing contained in the

Plan, and no action taken pursuant to its provisions, shall create or be

construed to create a trust of any kind, or a fiduciary relationship between the

Company or any Affiliate and any Participant, beneficiary, legal representative,

or any other person. Awards shall be general, unsecured obligations of the

Company or Affiliate employing the Participant at the time payment pursuant to

an Award is due. Should neither the Company nor an Affiliate employ the

Participant at the time payment pursuant to an Award is due, the Award shall be

the general, unsecured obligation of the last of the Company or Affiliate to

employ the Participant (as such employment is specified in the Human Resources

records of the Company and Affiliates) prior to the time payment is due. To the

extent that any person acquires a right to receive payments from the Company or

any Affiliate, such right shall be no greater than the right of an unsecured

general creditor of the Company or Affiliate, as applicable. All payments made

under the Plan shall be paid from the general funds of the Company or Affiliate,

as applicable, and no special or separate fund shall be established and no

segregation of assets shall be made to assure payment of such amounts except as

expressly set forth in the Plan. The Plan is not intended to be subject to

ERISA. Notwithstanding any of the other terms of this Plan, no Affiliate shall

be liable for an Award unless the Affiliate has approved or ratified the Plan or

the Award.


10.8  OTHER COMPENSATION AND BENEFIT PLANS.  Nothing in this Plan shall be

construed to limit the right of the Company or any Affiliate to establish other

compensation or benefit plans, programs, policies, or arrangements. Except as

may be otherwise specifically stated in any other benefit plan, policy, program,

or arrangement, no Award shall be treated as compensation for purposes of

calculating a Participant's rights under any such other plan, policy, program,

or arrangement.


10.9  NO CONSTRAINT ON CORPORATE ACTION.  Nothing in this Plan shall be

construed (i) to limit, impair or otherwise affect the Company's or any

Affiliate's right or power to make adjustments, reclassifications,

reorganizations or changes of its capital or business structure, or to merge or

consolidate, or dissolve, liquidate, sell, or transfer all or any part of its

business or assets or (ii) to limit the right or power of the Company or an

Affiliate to take any action which such entity deems to be necessary or



10.10  GOVERNING LAW.  The Plan shall be governed by the laws of the State of

Delaware, excluding any conflicts or choice of law rule or principle that might

otherwise refer construction or interpretation of the Plan to the substantive

law of another jurisdiction.


10.11  SUCCESSORS.  Any obligations of the Company or an Affiliate under the

Plan with respect to Awards granted hereunder, shall be binding on any successor

to the Company or Affiliate, respectively, whether the existence of such

successor is the result of a direct or indirect purchase, merger, consolidation,

or otherwise, of all or substantially all of the business and/or assets of the

Company or Affiliate, as applicable.