CORRECTED - UPDATE 1-MetLife sees '07 operating shr at $5.05-$5.30

(Corrects second paragraph to read "return on equity" instead of "return on assets") (Adds background, details)

NEW YORK, June 20 (Reuters) - MetLife Inc. (MET.N), the largest U.S. life insurer by assets, on Wednesday said it expects its full-year 2007 operating earnings per share to be in a range of $5.05 to $5.30 a share.

The insurer also estimated its return on equity for the year at 12.1 percent to 12.7 percent.

The forecasts were provided in a slide presentation for a conference later on Wednesday by Chief Financial Officer William Wheeler, disclosed through a regulatory filing.

Analysts had forecast the company's full-year earnings per share before one-off items at $5.47, and its ROE at 12.75 percent, according to Reuters Estimates.

MetLife last year had earnings per share of $5.03 before one-off items.

MetLife is poised to benefit from changes in pension legislation and accounting regulations, pressure on employer benefit budgets and "unsustainable social programs," according to a slide presentation set to be given by Chief Executive C. Robert Henrikson at the same conference.