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ISSUED: APRIL 4, 2000 FOR IMMEDIATE RELEASE

DEPARTMENT APPROVES METLIFE’S DEMUTUALIZATION PLAN

Superintendent of Insurance Neil D. Levin today announced that the Department has approved the Metropolitan Life Insurance Company’s plan to demutualize, converting from a mutual company, owned by its policyholders to a stock company. Levin determined that MetLife’s plan is fair and equitable to the policyholders.

The Department held a public hearing on MetLife’s demutualization plan January 24th. The hearing marked the first time the Department made the video of a public hearing available to consumers on its Web site with a webcast.

The Department’s Opinion and Decision will be available on the Department’s Web site at www.ins.state.ny.us.

Department of Financial Services

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