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                                                                 EXHIBIT 10.27

                         ANNUAL VARIABLE INCENTIVE PLAN
         (FOR PERFORMANCE PERIODS STARTING ON OR AFTER JANUARY 1, 2003)

I.       PURPOSE OF THE PLAN

         -   Align total annual pay with the Company's annual financial business
             results.

         -   Provide competitive levels of pay for competitive levels of Company
             performance.

         -   Make a competitive portion of total compensation variable based on
             Company, business unit and individual performance.

II.      PARTICIPATION

         All employees of Metropolitan Life Insurance Company (the "Company") or
         MetLife Group, Inc. in salary grade 29 and above and equivalent grades
         who have signed the "Agreement to Protect Corporate Property", other
         than those participating in incentive plans which are alternatives to,
         and not supplementary to, the Annual Variable Incentive Plan, are
         eligible to participate.

         In addition, the Officers of the Company (the "Officers") may impose
         such other reasonable conditions for participation in the Annual
         Variable Incentive Plan as they deem necessary or appropriate.

III.     DETERMINATION OF THE INCENTIVE POOL FOR DISTRIBUTION

         The Company's Board (the "Board") determines at the beginning of the
         performance year financial objectives consistent with the Company's
         Annual Business Plan that will provide the basis for determining the
         maximum aggregate incentive pool for distribution. The pool will be
         determined using a formula approved by the Board, which will be
         expressed in terms of percentages of operating earnings and return on
         equity ("ROE"). The formula will be reviewed each year by the Board to
         determine its appropriateness in connection with the Company's Business
         Plan, and may be revised by the Board as a result of such review. The
         maximum pool may also be increased by the Company's Compensation
         Committee (the "Committee") based on the recommendation of the
         Company's Chief Executive Officer ("CEO").

         For purposes of this Plan: (a) "Operating earnings" means earnings net
         of all taxes (other than the surplus tax), and excludes the impact of
         demutualization costs; and (b) "Return on Equity" means operating
         earnings divided by GAAP equity, where GAAP equity excludes unrealized
         investment gains.

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         A portion of the aggregate incentive pool will be allocated by the CEO
         among the various business units based on their performance relative to
         certain agreed upon objectives set at the beginning of the performance
         year by the CEO. Following the performance year, business unit
         performance will be evaluated by the CEO. All or a portion of the
         aggregate incentive pool allocated to a particular business unit may be
         distributed to Plan participants in that business unit, depending on
         the performance of that business unit. A portion of the pool will be
         applied to the Performance Incentive Plan, as determined by the CEO.

IV.      TARGET INCENTIVE OPPORTUNITIES

         A.   Incentive opportunity percentages for the various grades are
              determined based on competitive total compensation market factors
              and take into account incentive compensation opportunities for
              comparable positions at our comparator companies, including major
              insurance companies, banks and diversified financial services
              companies.

         B.   The schedule of incentive opportunity percentages for the various
              grades is as follows:

<TABLE>
<CAPTION>
                                                  TARGET INCENTIVE
GRADE (CURRENT TITLE)                          OPPORTUNITY PERCENTAGE
---------------------                          ----------------------
<S>                                            <C>
41 (Chief Executive Officer)                           150%
40 (President)                                          90%
39 (Senior Executive Vice President)                    80%
38 (Executive Vice President)                           70%
37 (Senior Vice President)                              50%
36 (Vice President/Senior Vice President)               50%
35 (Vice President)                                     45%
34 (Vice President)                                     40%
33 (Vice President)                                     40%
32 (Assistant Vice President)                           25%
29-31 (Various Non-Officer Titles)                   5%-15%
</TABLE>

V.       CALCULATION OF INDIVIDUAL AWARDS

         Annual incentive awards are discretionary and significant weight is
         given to individual performance and relative contributions among Plan
         participants. It is anticipated that there will be significant
         differentiation of annual incentive awards based on individual
         performance. Where performance indicates, individuals may receive no
         award at all.

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         The total of all individual awards under the Plan may not exceed the
         maximum aggregate incentive pool.

VI.      ADMINISTRATION OF AWARDS

         A.   Incentive awards for any performance year shall be made as soon as
              possible during the following calendar year in the form of lump
              sum payments.

         B.   Participants who voluntarily terminate their employment or whose
              employment is discontinued for cause after the performance year,
              but before the payout, or during the performance year are not
              eligible to receive an award.

         C.   Participants terminating employment during or after the
              performance year due to death, disability, or retirement may be
              eligible to receive awards on a pro rata basis, at the Company's
              discretion. Participants whose employment is terminated during the
              performance year and who are eligible to receive a severance
              payment from the Company or MetLife Group, Inc. may be offered an
              amount in lieu of an award at the Company's discretion, in
              exchange for their valid release.

         D.   Incentive awards paid prior to retirement or discontinuance of
              employment will be taken into account for purposes of determining
              the level of Insurance and Retirement benefits and contributions
              to the Savings and Investment Plan, subject to any regulatory
              limitations or approvals. Incentive awards paid subsequent to
              retirement or discontinuance of employment will not be taken into
              account for purposes of determining the level of Insurance and
              Retirement benefits or contributions to the Savings and Investment
              Plan, except as may be provided otherwise in any other Company
              plan or program.

VII.     ROLE OF THE COMMITTEE

         The Committee exercises overall responsibility and has broad discretion
         in the administration of the Plan.

         With respect to corporate performance, inasmuch as other unforeseen
         matters have an impact on overall performance during the year, the
         Committee, at its discretion, may adjust the maximum pool either
         positively or negatively. The Committee may use its discretion to
         adjust for unusual events that are beyond the control of management and
         obviously influence performance results unduly, such as material
         changes in accounting policy, tax and other government regulations, and
         the acquisition or sale of a business.

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         With respect to individual awards, the Committee will report its
         recommendations for individual incentive awards for Officers of the
         rank of Executive Vice President and above, or such other group of
         Officers as the Committee may from time to time select, to the Board
         following the performance year. Following the determination of awards,
         the Committee will receive a summary report of all incentive award
         payments.

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