This document summarizes the Individual Business segment of a company for 2008 results and the 2009 plan. It highlights that earnings declined significantly in 2008 but are projected to increase in 2009. Key priorities for 2009 include leveraging the company's strong market position, maintaining expense controls, adjusting prices for market volatility, and increasing distribution efficiency. The business focuses on annuities and life insurance products distributed through affiliated and third party channels.

1. 08 © UFS
Lisa Weber
President
Individual Business

2. 2008 Individual Business Highlights
• Strengthened leading VA market position
• Improved life market share and increased margins
• Grew affiliated distribution capacity
• Drove more sales through key third-party firms
• Improved operational efficiencies
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3. Individual: 2008 Results and 2009 Plan
($ Millions, except headcount)
2007 2008E 2009P
Premiums, Fees & Other 8,621 8,500 - 8,700 8,150 - 8,450
Operating Earnings 1,511 545 - 675 850 - 1,050
Operating ROE 15.2% 5.2% - 6.4% 7.8% - 9.6%
Sales
Variable Annuity Sales 15,135 13,900 - 14,100 15,300 - 15,600
Fixed Annuity Sales 1,271 3,300 - 3,700 1,525 - 1,675
Total Annuity Sales 16,406 17,200 - 17,800 16,825 - 17,275
Total Life Sales 540 535 - 545 530 - 550
Agency Headcount 8,398 8,650 - 8,700 8,800 - 8,900
Annuity Spread 282 bps 195 - 215 bps 175 - 195 bps
V&UL Spread 184 bps 150 - 170 bps 135 - 155 bps
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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4. External Forces Impacting the Business
• Regulatory change
• Shifting distribution
• Market uncertainty and low consumer confidence
• Higher hedging and capital costs
• Underperformance of 401(k) plans
Need for trusted advice and guarantees
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5. Annuities – Capturing the Retirement Market
Annuity Sales
• #1 in Q3 08 VARDS
R
CAG
($ Millions)
%
12.7
$18,000
• 11% market share
$16,000
$14,000
• Conservative features
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
2005 2006 2007 2008E
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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6. Annuities – Designed to Deliver Protection
• Annual step-ups
• Appropriate hedging
• Reasonable withdrawal benefit
• Diligent asset management
• Continuous review of fees and benefit factors
“Spreadsheeting the guarantor,
not the guarantees”
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7. Life – Growing Share, Driving Margins
Life Sales
• #5 in Q3 08 LIMRA
($ Millions)
$600
• 5% market share
$500
• Rebuilt product portfolio
$400
$300
• Higher prices at older
$200
ages
$100
$0
2005 2006 2007 2008E
See Appendix for non-GAAP financial information definitions and/or reconciliations.
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8. Third-Party Distribution – “Narrow and Deep”
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9. Affiliated Distribution – Blue-Chip Team
Agent Headcount
• Strong selection
• Industry-leading retention 8,650 -
8,700
• Strong local infrastructure 8,398
8,003
• Large existing client base 7,810
• High agent productivity
2005 2006 2007 2008E
• Data include MetLife and New England Financial channels.
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10. Understanding Client Needs – Keeping it Simple
Retirement
Ages 59.5 62 70.5
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11. Track Record of Success
Strong Marketing Programs Generate Results
Clients Served
• Robust data mining
(Thousands)
• State-of-art lead 7
2004
routing system 6
5
• Local infrastructure 4
to support strategies 3
2
• Training, support, and 1
education 0
5 15 25 35 45 55 65 75 85 95
Age
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12. Track Record of Success
Strong Marketing Programs Generate Results
Clients Served
• Robust data mining
(Thousands)
• State-of-art lead 7 50
2007
55 60
routing system 6
2004
5
65
• Local infrastructure 4
to support strategies 3
70
2
• Training, support, and 1
education 0
5 15 25 35 45 55 65 75 85 95
Age
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13. Individual Business Operational Excellence Initiatives
• Realign field offices and
Improve distribution infrastructure around key markets
profitability
• Increase agent productivity
• Focus on disciplined risk
Optimize product management
profitability
• Ensure appropriate pricing
• Consolidate administrative
Drive operations functions
efficiencies
• Extend automated underwriting
capabilities
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14. 2009 Key Priorities
• Leverage franchise position
• Maintain sharp focus on expense controls
• Adjust prices for market volatility
• Align life sales strategy with market environment
• Increase distribution productivity and efficiency
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15. Summary
• Disciplined product portfolio
• Diversity of distribution
• Efficient operations
• Strong market position
• Consistent leadership
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