MetLife 2000 Annual Report Download - page 37

METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 and 1998
(Dollars in millions)
2000 1999 1998
Cash flows from operating activities
Net income************************************************************************************* $ 953 $ 617 $ 1,343
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses********************************************************* 510 173 56
Losses (gains) from sales of investments and businesses, net ************************************** 444 137 (2,629)
Change in undistributed income of real estate joint ventures and other limited partnership interests******** (200) (322) (91)
Interest credited to other policyholder account balances ******************************************* 2,935 2,441 2,711
Universal life and investment-type product policy fees ********************************************* (1,820) (1,433) (1,360)
Change in accrued investment income********************************************************** (170) 269 (181)
Change in premiums and other receivables ****************************************************** (454) (619) (2,681)
Change in deferred policy acquisition costs, net ************************************************** (921) (389) (188)
Change in insurance-related liabilities *********************************************************** 2,685 2,243 1,481
Change in income taxes payable*************************************************************** 239 22 251
Change in other liabilities ********************************************************************* (2,105) 857 2,390
Other, net ********************************************************************************** (770) (131) (260)
Net cash provided by operating activities ************************************************************ 1,326 3,865 842
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities ***************************************************************************** 57,295 73,120 57,857
Equity securities ***************************************************************************** 909 760 3,085
Mortgage loans on real estate ***************************************************************** 2,163 1,992 2,296
Real estate and real estate joint ventures ******************************************************** 655 1,062 1,122
Other limited partnership interests ************************************************************** 422 469 146
Purchases of:
Fixed maturities ***************************************************************************** (63,991) (72,253) (67,543)
Equity securities ***************************************************************************** (863) (410) (854)
Mortgage loans on real estate ***************************************************************** (2,836) (4,395) (2,610)
Real estate and real estate joint ventures ******************************************************** (407) (341) (423)
Other limited partnership interests ************************************************************** (660) (465) (723)
Net change in short-term investments************************************************************* 2,043 (1,577) (761)
Net change in policy loans ********************************************************************** (315) 2 133
Purchase of businesses, net of cash received****************************************************** (416) (2,972) —
Proceeds from sales of businesses*************************************************************** 869 — 7,372
Net change in payable under securities loaned transactions ****************************************** 5,840 2,692 3,769
Other, net ************************************************************************************ (625) (73) (183)
Net cash provided by (used in) investing activities***************************************************** 83 (2,389) 2,683
Cash flows from financing activities
Policyholder account balances:
Deposits *********************************************************************************** 28,834 18,428 19,361
Withdrawals ******************************************************************************** (28,235) (20,650) (21,706)
Net change in short-term debt******************************************************************* (3,114) 623 (1,002)
Long-term debt issued ************************************************************************* 212 44 693
Long-term debt repaid ************************************************************************* (124) (433) (481)
Common stock issued ************************************************************************* 4,009 — —
Treasury stock acquired ************************************************************************ (613) — —
Net proceeds from issuance of company-obligated mandatorily redeemable securities of subsidiary trust **** 969 — —
Cash payments to eligible policyholders *********************************************************** (2,550) — —
Dividends on common stock ******************************************************************** (152) — —
Net cash used in financing activities **************************************************************** (764) (1,988) (3,135)
Change in cash and cash equivalents ************************************************************** 645 (512) 390
Cash and cash equivalents, beginning of year******************************************************** 2,789 3,301 2,911
Cash and cash equivalents, end of year ******************************************************** $ 3,434 $ 2,789 $ 3,301
MetLife, Inc.
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