Metlife And Fidelity Partner on New Retirement Income Annuity

BOSTON & NEW YORK, November 16, 2009 -- MetLife, a leading provider of insurance, employee benefits and financial services, and Fidelity Investments®, one of the world's largest providers of financial services and retirement products, today announced the introduction of a new deferred variable annuity product designed for individuals who are either retired or transitioning to retirement. The MetLife Growth and Guaranteed IncomeSM (MGGI) variable annuity is distributed exclusively through Fidelity and is the only deferred variable annuity with a living benefit sold through the company.

The companies noted that their relationship comes at a time when an increasing number of Americans are seeking strategies to help them maximize and protect their incomes in retirement. A MetLife/Harris Interactive poll conducted in September showed that as a result of the recent economic downturn, 68 percent of Americans are placing a much greater importance on protecting their portfolios against market losses than on participating in stock market gains. MGGI allows individuals approaching or living in retirement to use a portion of their assets, either from a 401k, 403(b), IRA or other savings, to purchase guaranteed lifetime income for an individual or for his or her spouse.

The product provides growth potential when the market improves and downside income protection if the market declines. Individuals also retain control of their assets and can access a portion of their account value at any time during the contract.

"By collaborating with MetLife, Fidelity is able to make an annuity product available to investors that combines the strength of two industry leaders," said Jon J. Skillman, president of Fidelity Investments Life Insurance Company. "MGGI features an insurance guarantee backed by MetLife and the proven money management expertise of Fidelity, which together form a comprehensive, yet simple solution for those seeking retirement income protection, as well as upside growth potential and flexibility."

"At a time when millions of consumers are assessing the impact of the recent economic downturn on their portfolios, we're very excited to join with Fidelity to offer a simple way for individuals to secure a steady stream of income in retirement -- similar to what they enjoyed during their working years," said Robert E. Sollmann, head of Retirement Products, MetLife. "Our relationship with Fidelity, and the launch of MGGI, is another way we're creating more pathways for consumers to access much-needed guaranteed income in retirement," added Michael K. Farrell, head of U.S. Distribution, MetLife.

The Potential MGGI Customer

The economic events of the past 18 months have led many pre-retirees and retirees to become more disciplined and conservative when it comes to their retirement savings and investments, according to MetLife's recent study. Among older baby boomers (ages 55-65) this conservatism is acutely felt, with 16 percent in the MetLife poll saying that they are more focused on having reliable monthly income versus focusing solely on the size of their nest egg.

The companies said these market-driven concerns, combined with dwindling traditional income sources, such as pensions, and lingering uncertainties about Social Security, are causing retirees to seek alternative solutions for generating reliable income in retirement. This becomes increasingly important as increased longevity is creating the need for investors to plan for what could be a retirement that spans 30 or more years.

Individuals may want to consider MGGI if they are seeking:

• Guaranteed lifetime withdrawals of between 4 percent and 6 percent of the single premium investment, depending on the age of the client. Once established, the withdrawal percentage does not change.
• Flexibility to choose when and how often to take the guaranteed withdrawal amount once the youngest annuitant turns 59½. Withdrawals can be systematic or on request (excess withdrawals will reduce future payments).
• Protection of income from market exposure along with the opportunity to benefit from positive market performance.
• A simple product with a combination of built-in benefits, as well as one asset-allocation portfolio.

Special Features

MGGI is backed by MetLife and includes a built-in guaranteed withdrawal benefit for life and a death benefit that allows individuals to leave assets to their beneficiaries. It features the Fidelity® VIP FundsManager® 60% Portfolio, a simple investment option that offers exposure to multiple asset classes in one investment. The "fund of funds" portfolio invests in more than 30 mutual funds and maintains an appropriate target asset allocation mix of 60 percent investment in equity, 35 percent fixed income and 5 percent money market portfolios. It also offers the potential for reduced volatility through diversification, as well as growth potential.

There are no benefit or investment choices for consumers to make with MGGI, so the process of applying for and purchasing the annuity is easy to understand and quick. The minimum single premium is $50,000. All annuitants must be between the ages of 50 and 85.

The guaranteed withdrawal benefit for life provides for a set withdrawal rate determined by the age at first withdrawal on or after age 59½ : 4 percent for ages 59½ - 64; 5 percent for ages 65 - 75; or 6 percent at age 76 or older.

The Fees

Fees and charges for MGGI include an annual annuity mortality and expense charge for single and joint life coverage of 1.90 percent and 2.05 percent, respectively; underlying fund expenses (currently 0.84 percent ); and a surrender charge of 2 percent for the first five years. Surrender charges do not apply to guaranteed withdrawal benefit amounts, annuitizations and death benefits; and all fees and charges are deducted from or reduce the account balance. There are no maintenance fees or initial sales charges for the product.

To help individuals learn more about MGGI and how it can fit into their overall retirement income plan, Fidelity has also created a Web page with a variety of educational resources, including informative videos and interactive tools at www.fidelity.com/incomeplus. They can also speak with a Fidelity annuity specialist directly at (800) 544-2442.

About Fidelity Investments & Fidelity Investments Life Insurance Company

Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of nearly $3.1 trillion, including managed assets of more than $1.4 trillion as of October 31, 2009. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket, a leading online brokerage firm and one of the largest providers of custody and clearing services to financial professionals. For more information about Fidelity Investments, visit www.fidelity.com.

About MetLife

MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). Additionally, MetLife provides benefit solutions to more than 60,000 group customers in the United States, including over 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com.

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