TSC Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.MetLife ( MET), considered a federally chartered bank holding company, is undergoing the government's so-called stress test. But the largest U.S. life insurer said it won't be seeking funds from the Treasury Capital Purchase Program. "MetLife is well-positioned, with approximately $5 billion in excess capital," Chief Executive Officer C. Robert Henrikson said this week. As for other insurers, Prudential Financial ( PRU) turned to the Treasury after losing money in 2008. Genworth Financial ( GNW) said last week it won't be taking the government's money. Lincoln National ( LNC) said it doesn't qualify for the FDIC's Temporary Liquidity Guarantee Program, though it's eligible for the Capital Purchase Program. MetLife's shares have fallen 24% this year, less than the 31% decline of the S&P 500's insurance-company index. Lincoln National has plummeted 50%, and Prudential has slipped only 16%. Where does that leave MetLife? MetLife in 2008 had a return on average equity, or ROAE, of 11%, better than the median of 3.3%. The New York-based company raised $2.3 billion in additional capital last fall to weather the recession. What may come as a surprise to some is that, in an age when American International Group ( AIG) had a world-quaking blowout, MetLife has remained profitable. The insurer's first-quarter results, scheduled to be released May 1, may show an improvement. That optimism is based on the relatively low exposure to mortgage-backed securities. Metropolitan Life Insurance, its subsidiary, has $5.6 billion, or 38% of capital and reserves, exposed to the securities, compared with Hartford Life Insurance's $9 billion, or 219%, and Prudential Insurance Co. of America's $11.7 billion, or 153%. Hartford Life Insurance is owned by Hartford Financial Services Group ( HIG), and Prudential Insurance is held by Prudential Financial. Metropolitan Life Insurance's financial strength rating is B (good), as reviewed by TheStreet.com Ratings, according to information from SNL Financial. MetLife's stock rating is C, or "hold."