8-KOther EventsExhibits & Filings

METLIFE INC 8-K Report, Corporate Update (May 13, 2005)

Filed May 13, 2005For Securities:METMET-PEMET-PFMET-PA

Summary

This 8-K filing from MetLife Inc. on May 13, 2005, provides an update on its previously announced intention to acquire Travelers Insurance Company (excluding certain assets) and substantially all of Citigroup's international insurance businesses. The filing includes unaudited pro forma condensed consolidated financial information, giving effect to the proposed acquisition. This pro forma data is crucial for investors to understand the potential financial impact of the transaction on MetLife's balance sheet and income statement as if the deal had closed at the beginning of 2004 and end of 2004, respectively. Investors should note that the filing also incorporates by reference the combined financial statements of the assets and liabilities to be acquired from Citigroup. This information, furnished by Citigroup, allows for a more detailed examination of the financial standing of the business MetLife intends to purchase. The inclusion of these exhibits is a critical step in the due diligence process and provides a basis for evaluating the strategic and financial merits of this significant acquisition.

Key Highlights

  • 1MetLife is providing unaudited pro forma condensed consolidated financial information reflecting its planned acquisition of Travelers Insurance Company and Citigroup's international insurance businesses.
  • 2The pro forma financial statements are presented as if the acquisition occurred on January 1, 2004 (for income statement) and December 31, 2004 (for balance sheet).
  • 3Exhibit 99.1 contains MetLife's pro forma condensed consolidated balance sheet as of December 31, 2004, and statement of income for the year ended December 31, 2004.
  • 4Exhibit 99.2 includes the combined balance sheet and statements of income, shareholder's equity, and cash flows for the Citigroup assets and liabilities being acquired, as of December 31, 2004.
  • 5The filing incorporates by reference previous 8-K filings from January 31, 2005, and February 4, 2005, for additional details on the proposed acquisition.
  • 6The acquisition is a significant strategic move for MetLife, aiming to expand its insurance and annuity operations.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide investors with unaudited pro forma condensed consolidated financial information that reflects the potential impact of MetLife's proposed acquisition of Travelers Insurance Company and Citigroup's international insurance businesses. It allows investors to see how the combined entity might look financially.

The key exhibits are: Exhibit 99.1, which presents MetLife's unaudited pro forma condensed consolidated balance sheet as of December 31, 2004, and statement of income for the year ended December 31, 2004. Exhibit 99.2 provides the combined financial statements (balance sheet, income, equity, and cash flows) for the assets and liabilities MetLife intends to acquire from Citigroup as of December 31, 2004.

MetLife first announced its plan to acquire Travelers Insurance Company and Citigroup's international insurance businesses on January 31, 2005.

No, this filing contains unaudited pro forma condensed consolidated financial information reflecting the *proposed* acquisition and combined financial statements of the assets and liabilities *to be acquired*. These are not the final, audited financial statements of the combined entity post-acquisition.