Document JbkM5rpZBbezDzLOp7LdNbJr

/<A report to policyholders for the yearended December 31,1969 f/3*r Metropolitan Life ,i ,, . ..'i i' /iV r, i ftyA i< >'5 k; 'H i`."ft. m ill'll ;,sS m ^:.s: rw! m report to policyholders forthe yearended December 31,1969 Metropolitan Life  t Gilbert W. Fltzhugh Chairman of tha Board 2 1 to Metropolitan policyholders This past year was one of major accomplishment for Metro politan Ufa; Itwaaayear characterized by dramatic growth, change, the development of new products, and new direc tions in Investments. ~ We enter the 70's on the move, with an enthuslasnrgen- erated by our success in 1969--one of the best years in the Company's history. It is significant to note that the achievements of the year included a new record high in benefit payments to policy holders and beneficiaries, and the sale of more personal Insurance, for more premium, than ever before. A realignment of executive responsibilities in 1969 re sulted, in the elevation of George P. Jenkins and Charles A. Siegfried to Board Vice-Chairmen, and Richard R. Shinn to the Presidency and Board membership. In separate sec tions of this report, each of them will outline some of the Important events and accomplishments of 1969 in the areas of his special concerns. Last summer when President Nixon asked me to serve as chairman of a new blue-ribbon panel to study Defense Department organization and management, the knowledge that the other three Officer-Directors had assumed greater shares of executive responsibility was a prime factor in making it possible for the Board of Directors to authorize me to accept this invitation. I was, and am, confident that with the support of these Officer-Directors, and by with drawing from other "outside" activities, I could accept President Nixon's invitation end still discharge my duties as Metropolitan's chief executive officer. This sharing of executive responsibility reflects credit- 1 ably on the flexibility, vitality and resources of our entire Metropolitan organization, in a period of rapid change these characteristics are essential corporate assets. The Board of Directors gained the valuable and varied experience of four new members. In addition to Mr. Shirm, those elected were: Charles F. Luce, Chairman of the Board of Consolidated Edison Company; Cornelius W. Owens, President of New York Telephone Company; and Robert C. Weaver, President of Bernard M. Baruch College and former Secretary of Housing and Urban Development In President Lyndon B. Johnson's administration. As a Company and as individuals we have continued to act and react to the needs of the times. In this respect we are: a gratified that Metropolitan's dollars and expertise and faith in the future are being Invested In the well-being of all of the populace. Irrespective of race, creed, color or national origin. In line with this philosophy we agreed to accept our proportionate share of the life In surance Industry's second billion dollar program, a pro gram designed to Improve housing conditions and finance Job-creating enterprises in central city areas; e concerned about the dangers of inflation, which has be come an overshadowing and unresolved problem of our time; > enthusiastic about the potentiai.of the new products that we introduced In 1969; pleased with the improved service we can offer to our policyholders through the extended application of elec tronics and through recently established additional offi ces to accommodate the growing needs of our business. Throughout our history we have been a Company on the move. We were among early developers in making insur ance available on the lives of wage earners and their fam ilies; we were one of the first companies to recognize good corporate citizenship and, as a business, to do something about our social responsibilities; we were the first to Intro duce Insured pension plans and many other tyges of insur ance products; and we were pioneers in the development and use of electronic data processing. To accofiftplfsh what we have in the 101 years of our existence, we have.had to be receptive to change in order to meet the needs of . a constantly changing society. As we move aggressively in the last third of this century, the prospects for the future of our business are exciting. Our success In this new era will depend, as it has in the past, on the skills, the performance and the enthusiasm of our many fine employees; it will also depend upon our ability to compete and to market those products, new and old, which will enable us to provide current and future policyholders with financial security at the lowest cost con sistent with our high standards of quality service. The success of these efforts will ensure that In the decade of the 1970's, Metropolitan will continue as an important factor in the areas of health, financial protection, savings, invest ments, public affairs and economic stability, among the people and the communities of the United States and Canada. * Co. ,< r*r- ------ i . i iyi i, I significant facts 1 / Payments to policyholders and beneficiaries reached a new record high of $3,005,266,082. This averaged $28,361 , a minute each business day. The overall figure Includes: Death benefits Payments to living policyholders, excluding dividends Under life insurance policies Under health Insurance policies Dividends to policyholders $960,522,560 791,311,751 619,906,360 633,525,411 y s Total life insurance Issued amounted to $13,182,982,379, made up of $9,684,986,592 In personal Insurance and $3,497,995,787 to group insurance. s Metropolitan had more life Insurance in force than any other company: It totalled $157,504,054,069, made up of $80,654,096,266 of personal and $76,849,957,803 of group life Insurance. a Total assets held for the benefit of policyholders amounted to $26,829,882,274--a new high. Net rate earned on assets rose 18 points, from 5.05% to 5.23%. a At the year-end, a total of 38,800,000 people were covered by Metropolitan life Insurance, and a total of 16,500,000 were covered by health Insurance. a The number of people protected by some form of Metropolitan insurance, with adjustments for individuals with more than one coverage, Is estimated at 48,200,000, approximately one out of every five persons In the United States and Canada. 4 A (la billions) payments to policyholder* and beneficiaries personal life insurance Issued total life insurance in force assets 30______ l\'M if I i* t, ) Charles A Siegfried Vice-Chairman of the Board.and Chairman ol the Executive Committee 6 ! report of the vice-chairman ofthe board and chairman ofthe executive committee * Metropolitan's business Is much affected by most of the forces that Influence the lives of people throughout the United States of America and Canada. This fact explains many of the things we do and many of the reauttfof our activities. This Involvement--this Inter-reaction--war espe cially notable in 1868. The Climate Affecting Ufa Insurance One of our major concerns Is with the length of human life. While we paid out more in benefits In 1969 than ever before, this reflected a larger volume of Insurance and not higher rates of mortality. The generally favorable'mortality rates and the higher rates of return realized on Investments have made It pos sible to provide life Insurance benefits at a lower cost per unit of Insurance than In the past--even though Inflation has forced an Increase In business expenses. As a result, effective January 1,1970, dividend levels of most Personal Life Insurance policies were again increased. Health Insurance Health Insurance Is s major branch of Metropolitan's busi ness. It Is directly concerned with coverages that pay benefits to defray the costs of medical care, such as hos pital bills and doctors' fees; It also provides weekly or monthly Income during periods of disability. Rising costs of medical care and changing concepts of treatment are confronting everyone--the public, insurance companies, the providers of services, and others-wlth many new and difficult problems. In 1969, Metropolitan continued In Its endeavors to help with these problems. Many existing group Insurance plans were expanded and improved. Efforts were pursued to find new ways of deal ing with certain costs, notably in the payment for prescrip tion drugs. Our Involvement In these matters has led us to support the search for new ways to improve the delivery of medical care. To this end we have continued substantial support ol a research program of the Medical School of Washington University in St. Louis, Missouri. A facility there has now \ f' r begun to provide medical care for a selected group of fami lies. The major purpose of this research Is to provide good medical care more efficiently and at lower cost. Other Health Activities A new 24-minute color motion picture entitled "Looking at Children" was produced and released In the spring. It is designed to instill an understanding of the health problems of children, and to help In the detection of early signs of Illness and defects. It is available on request for school and professional health groups. Inquiries should be directed to: Health and Welfare Division, Metropolitan Life, One Madison Avenue, New York, N.Y. 10010. ' Metropolitan Life's health and safety messages have long served the public Interest; last year, keeping In step with current problems, one of them was devoted to drug abuse. In the language of young people, It outlined the dangers of amphetamines or pep pills. Appearance of the "Speed Kills" message In national magazines brought an outstanding public reaction In the form of favorable letters --many from teen-agers themselves--and plaudits from medical, governmental and educational sources. In light of this response and the growing seriousness of the problem, the Company is moving ahead with one-minute public service announcements on radio and television to further expound the dangers Involved in drug abuse. Retirement Plans Helping to provide Incomes during retirement is another major area of Metropolitan's business. We have made many changes in plans, services and practices to keep pace with modem developments. In recent years there has been an Increasing desire on the part of group customersLfor equity Investments for their retirement plans. The Company's receptivity to change is reflected in a new group pension and deferred profit-sharing portfolio offering a broad scope of contracts to meet vary ing needs. As an example, an option is available to employ ers to purchase a group variable annuity for employees at retirement, a fixed-dollar annuity, or a combination of both. Urban Affairs and National Problems Metropolitan's concern with the health and safety of its policyholders led to an early Involvement with social prob lems. A Health and Welfare Division was established In 1909. Its initial campaign was one to combat tuberculosis, or consumption, as It was then called, at that time one of the most feared of diseases. Sixty years later, we were still deeply Involved, but the newest ''enemies'' were de teriorating city core areas, and drug abuse. As the United States and Canada have grown, so have their health and social problems. Today, those problems loom as large, or larger, than they did at the turn of the century. Helping to Improve the quality of life In our cities comtinued to be a major Company goal. A portion of Metro politan's Investments played an important part in efforts to provide housing and new jobs In the central core areas of cities. A new center was established to train worthy un employed and underemployed people from minority groups. More than 400 "graduated" from this program In 1969, and moat of them now hold regular clerical jobs. In addition, In its first full year of operation, our new Department of Urban Affairs coordinated Metropolitan's many other activ ities among groups involved in the urban crisis. We firmly believe that these and similar efforts of others are making progress toward understanding and good will among the diverse peoples of our pluralistic society. Maintaining Perspective Metropolitan has long recognized the need for a three-way approach to many of society's problems: Through individual effort and private responsibility; through the cooperative efforts of employers and employees; and through the social programs of government. Much of what Is going on today reflects a desirable Interplay among these three areas. Through the Insurance plans it offers to individuals and to employers, and through its efforts fO help society cope with changing conditions, Metropolitan endeavors to strengthen and Improve the effectiveness of this three-way relationship. 7 I J .I .7 1\ ;.'7 \V, i; i Metropolitan Life assets and I (Summarized from the Annual Statement filed with ti i / Assets Bond* ............................................................ U.S., Canadian and other government.... Provincial, municipal, public agencies .. Industrial and commercial.................... Public utility ................... ...... .'................ Railroad..................................................... ......................... *13,176,768,170 S 964,802^67 172,960,398 9,312,269,793 2^16^74,174 420,041,538 Stocks................ .......................................... 'Preferred or guaranteed...................... Common ..... .................................. ....... t Mortgage Loans on Rea) Estate............. Residential, commercial and Industrial Farms and ranches............................. v. ......................... S 167,126,600 279,569,652 446,696,252 ......................... 10,352,374,666 *9,705,597,735 646,776,931 Real Estate........................................................................................................................................ Housing projects and other real estate acquired for investment................. $ 407,918,040 Properties for Company use............................................................................ 82,615,506 Other properties.............;............................................................... .................. 3,601,091 494,134,637 Policy Loans (made to policyholders on the security of their policies) 1,146,205,626 Cash and Bank Deposits .'........................................................................ 131,386,552 Other Assets (chiefly premiums and Interest due or accrued)............. 839,393,228 Separate Account Business...................................................... v............ Total Assets ............................................................................................... 240,903,143 *26,829,862,274 ,, ~ Note--Assets amounting to tt.230,0M,0#4 are deposited with various public officials and trustees under the requirements of lew or regulatory authority. / \ I 6 nd liabilities/December 31,1969 rilh the Insurance Department of lh Stafa of Now York) I f Liabilities and Surplus Funds Statutory Policy Reserves (This amount, required by law, together with future premiums and Interest, is necessary to assure payment of future policy benefits)...................................... $21,742,999,939 Policy Proceeds and Dividends Left with Company by beneficiaries and policyholders, to be paid to them as directed at future dates............................................................................... . 974,648486 Set Aside for Dividends to Policyholders (payable in 1970)....................................................... > 529,494,699 Policy Claims Currently Outstanding (claims m process of settlement, and estimated claims that have not yet been reported).................................................................................. 23S.696.676 Other Policy Liabilities (including premiums received In advance, funds held for special risks under certain group policies and for certain personal health policies).................-.......... ? 975,707,469 Taxes Accrued (not yet payable)................................................................................................. 77,170,240 Mandatory Securities Valuation Reserve................................................................... .............. 193,667,580 -Mortgage Loan Valuation Reserve............................................................................................. 39,771,000 All Other Liabilities....................... ................................. ............................... .............. ............_r. 104,805,082 Separate Account Business.......................................................................................... 240,903,143 Total Liabilities..................... ...............................-........................................................................... $28,111,864,214 Special Contingency Reserves............................................................................ $ 284,282400 Group life Insurance reserve for epidemics, etc.................... $127,000,000 Special reserve for possible lose or fluctuation in the value of Investments........................................................................ 186,512,000. Special contingent reserve fund for separate account business......................... ......................................................... 750,000 General Contingency Reserve (unassigned surplus)........................................ 1,433,736,060 l Total Surplus Funds (Special and General Contingency Reserves)* 1,717,996,060 j Total Liabilities and Surplus Funds...................................................... $26,829,862,274 *TImm wrplss tandi Mnw m a isMrve agalMt untoiSMM eonth<0Melm and plvs xtra aaaurwipe that all pelley banana wtfl be paid In full at they tail dua. 9 report ofthe vice-chairman ofthe boardand chairman ofthefinance committee QeorgeP. Jenkins Vlcs-Chalrman of the Board and Chairman of tha FInane* Commltta* Metropolitan is on the march In an all-out effort to help achieve growing economies In the United States and Can ada by adhering to sound Investment policies. Inflation Inflation Is one of the greatest and most Insidious threats to any eoonomy, and all of us in the life Inauranee'buslnesa feel that It must be fought with all our resources--both In flation Itself, as well aa tha expectation of inflation. Inflation la a hidden tax on all our people, which could become a disaster If not brought under control. It Is not only a burden for people on fixed Incomes, but when it begins to accel erate sharply, it puts even those with rising Incomes on a treadmill. If unchecked, Inflation tends to accelerate and could ultimately endanger our way of life. Control of Inflation requires tha dedicated cooperation of all segments of society. This calls for sound fiscal poli cies by governments st all levels; it requires the continu ance of sound monetary policies by the central banking authorities; It means sensible buying practices by con- 10 sumers and businesses; and It demands moderation In pricing policies and in wage negotiations and settlements in all segments of the United States and Canadian econo* mies--both private and-govemment. Investments Through its Investments, Metropolitan contributes substan tially to the real growth and basic health of the economies of our two countries. During 1969, Metropolitan Investment funds found their way back into communities throughout the United States and Canada and into various parts of the social structure. For example, Metropolitan provided, or made commitments for, the financing of many new and Imaginative multi-million dollar real estate developments Including an office building In Chicago; a bank building and a hotel In Indianapolis; an office building complex in San Francisco; a hotel and office building In New Orleans; a Joint venture in Houston which will construct multiple office buildings and a modem hotel; an office building and retail eomplex In Halifax; an apartment and busineas develop ment In Montreal; and a large regional shopping center on Long Island, New York. In addition, of course, the Com pany continued to provide financing for one- to four-family dwellings, through local loan correspondents, and also continued its investments In farm and ranch mortgages. Other areas of investment Include substantial sums for a gigantic hydroelectric power development In Labrador, for the erection of a large and Important telephone building in Ottawa, and fora liquified natural gas project and tankers to utilize the extensive natural gas reserves In Alaska. Irvaddltion, the Company has committed more than $100,000,000 toward the economic growth of. HawalL Aleo, large loans were made for the development by mining md metals manufacturing companies In the United States snd Canada, of natural resource projects In other parts of the world. While bond and common stock Investments continue to be substantial, an Increasing proportion of long-term funds is being invested In joint ventures and other Interests In real aetata. summaryofoperations and surplus funds for the year ended December 31,1969 Premiums and annuity considerations................................................................. Earnings from investments after investment expenses and taxes................... Total $3,620,782,037 1,306,560,129 $4,927,342,168 Payments to policyholders and beneficiaries Death benefits............................................-......................................................... , $960,522,560 Matured endowments............................................................................................ 175,800,339 Health policy benefits......................................................................................... 619,906,360 Disability benefits In life policies........................................................................ 48,736,842 Annuity benefits and Interest on policy or contract funds................................. 212,695,647 'Cash values ............................................................................................................ 354,076,923 Dividends on policies.............................................. 633,525,411 $3,005,266,082 Additions to reserve liabilities for future payments........................ Total paid or added to reserve liabilities for future payments to policyholders and beneficiaries .............................................. .................... .......................... Insurance expenses (Including health and welfare costs)............................................................ Taxes (other than investment taxes) Federal Income taxes............................................................................................ $178,059,907 Other taxes..............................................'........................... ................................... 62,866,457 Total 937,833,536 $3,943,099,618 642;991,990 s' 260,926,364 $4,847,017,972 Gain from operations before surplus fund transactions $ 80,324,194 Surplus fund transactions--decreases In surplus funds Due to increase in benefits on certain existing policies..................................... $ 25,356,801 Net capital losses (unrealized and realized) of $60,955,220, lass net decrease in mandatory securities valuation reserve and mortgage loan valuation reserve of $44,498,796 ............................................................ 18,486,422 Other net adjustments........................................................................................... 18,956,491 $ 60,769,714 Net increase in total surplus funds.................................. Total surplus funds, January 1,1969 ......................... Total surplus funds, December 31,1969 ......................... Note--The above atatstriant Includes Separata Account transactions. $ 19,554,480 1,698,443,580 $1,717,998,060 12 # i r i Richard R. Shinn President reportofthe president 1 For Metropolitan a major goal for the 70'a la continuing sound growth. We ahall seek to extend our established in surance coverages; we shall seek to create imaginative new products; and we shall seek always to Improve serv ices to our polfcyholders. In these efforts we shall continue to place great emphasis on research, planning, and development to find new, better and more economical ways to make the Company ever mors dynamic and progressive. New Frontiers Higher Incomes, greater amounts of spendable income, and more complex estate planning arrangements, have created new needs for higher ievels and greater breadth of Insurance coverages. One result of these developments was the establishment of a new unit to supplement Metro politan's regular sales organization. It la known as the National Territory and is made up of 40 Branch Offices. These Branch Offices are staffed with professionallytrained representatives, expert In designing pension plans and arranging estate conservation programs, and thoroughly qualified to serve an increasingly Important and valued higher-income clientele. Operation "Aloha" thrusts Metropolitan services and re sources prominently Into the mainstream of the.rapld eco nomic growth of our 50th State, Hawaii. Through our new Branch Office In Honolulu, we can build upon the already substantial contributions Metropolitan has made In the development of the Islands. New Products Century 21. This new policy, Introduced In 1969, helps to provide answers to life insurance needs that arise from the rapidly developing potential ofour new generation of young career men and women. The minimum amount that can be Issued la $100,000. This policy combines a foundation of permanent whole'life insurance with a carefully propor tioned amount of term Insurance to produce a low starting 13 ill,"' r J ;t''iII.il. ll 'll ..;:;!ii i Vif '!*t i; t\ ' ii!' i i premium which nonetheless can create a substantial in stant estate. By converting parts of the term portion of the policy Into permanent insurance at convenient two-year' Intervals, these successful young people can then own $100,000 or more of permanent, cash value, whole life In surance by age 47. Individual Variable Annuity. This Is a new form of contract for tax-qualified retirement plans which combines insur ance features with equity-type investments. Values under this contract will vary with the investment experience of a diversified portfolio of common stocks and other equitytype securities. It adds an Important dimension to our annuity services. Major Medical Policy. Recognizing the tremendous ad vances that have been made in so many areas of medical ' science--and the recent steep rise In the cost of medical care and treatment--Metropolitan marketed this new per sonal policy to provide broader and better coverage to meet those costs. The policy makes available increased room and board allowances, a larger maximum benefit tor each sickness or accident, and an Increased maximum total benefit. Pension Insurance Policy. The Increasingly important role of pensions In the economy is the backdrop for this new : policy, it provides Insttranas coverage during active em ployment, and pension coverage after retirement It also permits the employer tcTsupplemsnt the pension by provid ing additional funds during the employee's active employ ment. ** Each of these new products Is valuable and fills a definite need. Yet for most people the basic types of Insurance protection continue to be the versatile whole life policies, health insurance policies and annuity contracts. Space, Communications, People Expanding operations resulted in plans for the opening of new offices -- called "Data Centers" -- In areas near the Home Office. These offices will be located In Kingston, Pennsylvania; Providence, Rhode Island; Lalfp Success, Long Wand; and on Staten island. White these Data Centers will handle specific operations, the broad, basic functions of tha departments involved will continue to be centered in the Home Office. During 1969 Metropolitan further developed the potential of the vast electronic communications system which It pioneered. A wide variety of field office transactions now can be completed expeditiously through telephone lines with our computer systems In the Home and Head Offices, thereby making Metropolitan's service to its policyholders more prompt and more efficient The outstanding achievements of 1969 would not have been possible without the devotion, the diligence, and the cooperation of the many thousands of Metropolitan men and women In the Home and Head Offices and among the sales and office staffs In all parts of the United States and Canada and overseas. Some of these people perform Important clerical work; others deal with broad issues of the day and with Important aspects of Company operations; still others are specialists, professionals or highly skilled technicians. Among those having the widest Influence are Metropolitan's Increasingly well-trained sales representatives. These thousands of salesmen and saleswomen offer reliable insurance counaellng and carefully personalized Insurance service; they show their clients how to protect themselves and their fam ilies with the proper kinds of Insurance; they advise on the most effective use to which Insurance proceeds may be put; they are an unsung force fpr good In the personal and economic lives of countless Individuals. The dedicated labors of all Metropolitan people are recognized and deeply appreciated; they are the Com pany's most Important asset and its most constructive (orce in its efforts faithfully to serve Its millions of policyholders. i\ \ f\ \ i 14 board of directors t Amory Houghton, New York, N.Y., Honorary Chairman of the Board, Coming Glass Works Philip 0. Read, New York, N.Y. Juan T. Tripps, New York, N.Y., Honorary Chairman of the Board, Pan American Wprld Airways, Inc. - Webster B. Todd, New York, N.Y. 1 Gale F. Johnston, St. Louis, Mo., President, Mercantile-Commerce Company Robert L. Hamid, New York, N.Y., Chairman of the Board, Sanderson 4 Porter, Inc. G. Keith Fimston, Stamford, Com., Chairman of the Board, Ofln Corporation Edwin C. McDonald, New York, N.Y., Chairman of the Board, Thomson Newspapers, Inc: < Frederick R. Kappei, New York, N.Y., Retired Chairman of the Board, American Telephone and Telegraph Company Walter R; Williams, Jr., New York, N.Y., Chairman, Union Dime Savings Bank a-.-.- Charles Allen Thomas, St. Louie, Mo., Retired Chairman of the Board, Monsanto Company * .v W. Earle McLaughlin, Montreal, Canada, Chairman and President, The Royal Bank of Canada. , jSilbert W.Fitzhugh, New York N.Y., Chairman of the Board, Metropolitan Life Insurance dompany Bimy Mason, Jr* New York, N.Y., Chairman of the Board, Union Carbide Corporation - Donald P. Kircher, New York,N.Y., President, The 8lnger Company . George P. Jenkins, New York, N.Y., Vice-Chairman of the Board and Chairman of the Finance Committee, Metropolitan Life Insurance Company Leweltyn A. Jennings, Washington, D.C., Chairman of the Board, The Riggs National Bank >'. Albert L. Nickerson, New York, N.Y,, Retired Chairman of the Board, Mobil OH Corporation Thomas F. Patton, Cleveland, Ohio, Chairman, Republic Steel Corporation V Gerald A. Shrage, Chicago, lit.. President, Marshall Reid & Company Emmett G. Solomon, San Francisco, Calif., Chairman of the Board, Crocker^Citizena National Bank John D. Harper, Pittsburgh, Pa, President, Aluminum Company of America Ben W. Helneman, Chicago, III., President, Northwest Industries, Inc. Charles A. Siegfried, New York, N.YM Vice-Chairman of the Board and Chairman of the Executive Committee, Metropolitan Ufajnsurance Company Charles F. Luce, New York, N.Y., Chairman of the Board, Consolidated Edison Company of New York, Inc. Richard R. Shinn, New York, N.Y., President, Metropolitan Life Insurance Company Cornelius W. Owens, New York, N.Y., President, New York Telephone Company Robert C. Weaver, New York, N.Y., President, The Bernard M. Baruch College I l * 15 ... ...i'll!.;!., !' i". -i'-r. . ,i{ < i, V +****' ! ; iJ.I > III1* / ' i,'\ ' . ', In* Mill .. r iMQfcOlfll MllUaddfrWtsaSLa* H1 I. \ - ;'.! - :\ Metropolitan Ufa Insurance Company Home Office: One Madison Avanua Now York, Now York 10010 Pacific Coact Hoad Offloo: 600 Stockton Street San Francisco, California 04120 Canadian Hoad Office: 180 Wellington Street Ottawa 4, Ontario, Canada '; \ I >` Jl I ^ ^VrtXa/ovA^rvXc* , (^M/>vuaS<. ^CHI r S* # OF THE * METROPOLITAN . < UFC INSURANCE CO. 1: i i*. i r r. Metropolitan Life IK* LM. (D 0-70} MnM to U.&A. -- /fc ?/3>c ----------- - ____ _ /6a4 policyholders (jys, Liy* Metropolitan Life