[METLIFE COMPANY LOGO]
PUBLIC RELATIONS
For Immediate Release NEWS METLIFE, INC.
ONE METLIFE PLAZA
27-01 QUEENS PLAZA NORTH
LONG ISLAND CITY, NY 11101
Contacts: For Media: John Calagna
(212) 578-6252
For Investors: Tracey Dedrick
(212) 578-5140
METLIFE EVALUATING OPTIONS FOR
PETER COOPER VILLAGE AND STUYVESANT TOWN
NEW YORK, July 18, 2006 - MetLife, Inc. (NYSE: MET) announced today that it is
evaluating options with respect to its Peter Cooper Village and Stuyvesant Town
properties, including the possibility of marketing the assets for sale.
"We believe current market conditions are very favorable, and we have decided to
test the market to gauge buyer interest in these properties," said Robert Merck,
head of real estate investments for MetLife. MetLife believes there is a lot of
capital seeking high-quality real estate of this caliber and anticipates that it
will see excellent market pricing for these properties.
Merck further stated, "With its premier location and distinct character, these
true trophy-quality assets should be well-received by the marketplace."
Nevertheless, Merck concluded, "should market pricing not reflect our
expectations, we will not sell the properties at this time."
The Peter Cooper Village and Stuyvesant Town properties together make up the
largest apartment complex in Manhattan, totaling over 11,200 units, spread over
80 contiguous acres. The properties are bounded on the west by First Avenue, to
the east by the FDR Drive and the East River, to the north by 23rd Street and to
the south by 14th Street.
The properties are owned by the MetLife affiliate Metropolitan Tower Life
Insurance Company.
MetLife, Inc. is a leading provider of insurance and other financial services to
millions of individual and institutional customers throughout the United States.
Through its subsidiaries and affiliates, MetLife, Inc. offers life insurance,
annuities, automobile and homeowner's insurance and retail banking services to
individuals, as well as group insurance, reinsurance and retirement and savings
products and services to corporations and other institutions. Outside the U.S.,
the MetLife companies have direct insurance operations in Asia Pacific, Latin
America and Europe. For more information, please visit www.metlife.com.
- more -
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 operations and financial results
and the business and the products of the company and its subsidiaries, 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 results or other consequences
from litigation, arbitration or regulatory investigations; (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 or credit 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) discrepancies between
actual experience and assumptions used in establishing liabilities related to
other contingencies or obligations; (xiii) the effects of business disruption or
economic contraction due to terrorism or other hostilities; (xiv) the company's
ability to identify and consummate on successful terms any future acquisitions,
and to successfully integrate acquired businesses with minimal disruption; and
(xv) 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.
# # #