BancoEstado and MetLife Enter into Alliance to Promote Bancassurance.

SANTIAGO, Chile -- MetLife Inc. (NYSE: MET):

--This alliance will enable BancoEstado to extend its distribution and to offer a wide range of products to its clients, at economic and stable prices.

--MetLife Inc., through its subsidiary MetLife Chile Inversiones Ltda., signed an agreement today to buy 49.9% of a brokerage operation, BancoEstado Corredora de Seguros, which included a long term distribution arrangement to distribute products through BancoEstado, for approximately US$70 million.

--The proceeds received this year will increase the capital of the bank.

MetLife Inc., through its subsidiary MetLife Chile Inversiones Ltda., and BancoEstado announced today an agreement, whereby MetLife Inc. will purchase a 49.9% equity stake in BancoEstado Corredora de Seguros, a wholly-owned brokerage company of BancoEstado. MetLife will pay approximately US$30 million today and make a second payment at the end of 2009, with a maximum value of approximately US$40 million, subject to the success of the business plan. The transaction is subject to regulatory approval.

This joint venture is between one of the largest Chilean banks, BancoEstado, and the largest life insurance company in the U.S., MetLife. BancoEstado serves a client base of more than eight million persons through the most extensive network of branches in Chile, and MetLife has more than 136 years of experience in life insurance, provides best-in-class services, and is the leading provider of life insurance in the United States and one of the largest in Latin America.

The executives who signed the agreement, Jaime Estevez, president of BancoEstado and William J. Toppeta, president of MetLife International, agreed that this alliance would allow BancoEstado to become the most important distribution channel of insurance products in the Chilean market. They explained that, in alignment with the strategic objectives of both companies, this partnership will be a powerful tool for growing this industry and providing life insurance to all Chileans, regardless of their income level.

Mr. Toppeta said: "We are very happy to initiate this alliance with one of the oldest, largest and most respected banks in Chile. This alliance will help MetLife grow its customer base in Chile, as well as its individual and group life insurance businesses and will diversify the company's portfolio of products. We look forward to a successful partnership that will combine MetLife's expertise in the life insurance and annuity businesses with BancoEstado's outstanding brand, reputation for reliability and established distribution capability. The alliance will enable both companies to work together to offer a wide range of products and services targeted to the needs of the Chilean marketplace," added Mr. Toppeta.

Mr. Estevez said that they are very satisfied because "BancoEstado will partner with the United States' most important life insurance company. Their world class experience will benefit our present clients and all Chileans that at present time do not have access to insurance. Likewise, BancoEstado will receive important technical knowledge and will be able to create a wide range of innovative and economical insurance products. This is very important for us because we will carry out our social responsibility to offer insurance to everyone.

Mr. Estevez pointed out the impact of the investment that MetLife is undertaking in Chile. This, he affirmed, reinforces MetLife's commitment to the Chilean economy and the growth opportunity in the country.

Mr. Estevez added that the institution has been looking for some time for a partner to promote this business. Finally, he said, "We chose MetLife because of their experience and leadership in this market that will ensure us access to products and services at an international level." Regarding this agreement, he noted that "the proceeds received will increase the capital of the bank."

About MetLife

MetLife, Inc., is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve approximately 13 million households in the U.S. and provide benefits to 37 million employees and family members through their plan sponsors. Outside the U.S., the MetLife companies serve approximately 8 million customers in Argentina, Brazil, Chile, China, Hong Kong, India, Indonesia, Mexico, South Korea, Taiwan and Uruguay.

MetLife has been operating in Chile since 2001 through MetLife Chile Seguros de Vida S.A. The company's main lines of business in Chile are annuities and individual and group life insurance, and since April 2003 it offers mortgage loans. As of December 31, 2003, the company has a 15.2% annuity market share ranking first in this market, and ranked third in assets under management among Chile's life insurance companies.

About BancoEstado

BancoEstado is Chile's only state-owned bank and it is ranked one of the largest three in terms of assets, loans and deposits. It is the first financial institution in saving accounts and in housing placements, especially in the house financing for popular sectors. It has a client portfolio with more than eight million people from all class levels, and the most extensive branch network in the country, with 310 offices which represents 22% of all bank branches. In addition, it relies on an extensive net of self-services, and a modern Call Center that serves Chileans in and out of the country.

BECS has been positioned in the past three years as the first in sales among bank brokers, with a market share of 18% in premium sold through the banking system and a portfolio that accounts for more than 2 and a half millions of insurance.

Deutsche Bank acted as financial adviser of BancoEstado and Credit Suisse First Boston for MetLife Inc., in this transaction.