| MetLife’s growth and leading market position in the industry are, without a doubt, defined in part by the people who support the enterprise worldwide. Recognizing this, Legal Affairs in 2006 was again an industry leader as it successfully achieved its vision in providing exceptional, best-in-class professional services to its business partners while playing a leadership role in key enterprise initiatives. |
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| In 2006, Legal Affairs was a critical player in ensuring that MetLife’s businesses were well positioned to help customers meet their retirement needs. Partnering with key enterprise leadership on various efforts, including high-level meetings and participation in hearings and other public policy forums, Legal Affairs raised awareness in Congress of the emergent retirement income crisis and how MetLife’s products can help address it. Because of this effort, MetLife was able to assist in developing a Senate Aging Committee hearing on risks in retirement and advocated for provisions included in the new Pension Protection Act that will encourage annuitization, expand the availability of investment advice and clarify rules surrounding defined benefit plan funding and cash balance plans. Within MetLife, various divisions of Legal Affairs also supported several Retirement Strategies Group initiatives. |
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| Helping the enterprise achieve its objectives for top- and bottom-line growth
was a key priority. In 2006, Legal Affairs provided generic and product-specific legal advice for the global “if” campaign; supported the successful bid to provide group voluntary dental coverage to federal employees; supported several new Individual Business product, distribution and speed-to-market initiatives; assisted in the preparation of the pension closeout business in the United Kingdom; and partnered with Investments to diversify the company's portfolio and achieve Investments' global strategies. |
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Legal Affairs also helped strengthen MetLife’s market position in other ways. Several measures were undertaken with business clients to create a more simplified enterprise structure that is capital and tax efficient, including a number of mergers, divestitures and company restacks.
At the same time, Legal Affairs continues to support various aspects
of the launch of the Global Operations Support Center in India. |
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| Finally, in 2006, two important enterprise real estate transactions—the historic sale of Peter Cooper Village and Stuyvesant Town and the leasing of 12 floors at 1095 Avenue of the Americas for MetLife's business operations—were projects that required a number of proactive contributions from Legal Affairs. Both of these transactions required significant legal documentation and negotiation, and involved extraordinary government affairs and public relations activity that proved to be critical to the successful completion of the transactions. |
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| Whether it be effectively managing litigation and regulatory matters or maintaining strong corporate governance practices and procedures, Legal Affairs continued to fulfill its vision in 2006. |
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“Legal Affairs is very innovative, creative, responsive
and supportive.” |
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| –Ed Berko, managing director, Investments |
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