MetLife 2000 Annual Report Download - page 48

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Net Investment Gains (Losses)
Net investment gains (losses), including changes in valuation allowances, were as follows:
Years ended December 31,
2000 1999 1998
(Dollars in millions)
Fixed maturities ***************************************************************************** $(1,437) $(538) $ 573
Equity securities **************************************************************************** 192 99 994
Mortgage loans on real estate***************************************************************** (18) 28 23
Real estate and real estate joint ventures ******************************************************* 101 265 424
Other limited partnership interests************************************************************** (7) 33 13
Sales of businesses ************************************************************************* 660 — 531
Other ************************************************************************************* 65 (24) 71
Total ********************************************************************************** (444) (137) 2,629
Amounts allocable to:
Future policy benefit loss recognition ********************************************************* — — (272)
Deferred policy acquisition costs ************************************************************ 95 46 (240)
Participating contracts ********************************************************************* (126) 21 (96)
Policyholder dividend obligation************************************************************** 85 — —
Net investment (losses) gains ************************************************************* $ (390) $ (70) $2,021
Investment gains and losses have been reduced by (1) additions to future policy benefits resulting from the need to establish additional liabilities due
to the recognition of investment gains, (2) deferred policy acquisition cost amortization to the extent that such amortization results from investment gains
and losses, (3) additions to participating contractholder accounts when amounts equal to such investment gains and losses are credited to the
contractholders’ accounts, and (4) adjustments to the policyholder dividend obligation resulting from investment gains and losses. This presentation may
not be comparable to presentations made by other insurers.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in accumulated other comprehensive income (loss), were as follows:
Years ended December 31,
2000 1999 1998
(Dollars in millions)
Fixed maturities*************************************************************************** $ 1,677 $(1,828) $ 4,809
Equity securities ************************************************************************** 744 875 832
Other invested assets ********************************************************************* 70 165 154
Total ******************************************************************************** 2,491 (788) 5,795
Amounts allocable to:
Future policy benefit loss recognition ******************************************************* (284) (249) (2,248)
Deferred policy acquisition costs ********************************************************** 107 697 (931)
Participating contracts ******************************************************************* (133) (118) (212)
Policyholder dividend obligation *********************************************************** (385) — —
Deferred income taxes********************************************************************* (621) 161 (864)
Total ******************************************************************************** (1,316) 491 (4,255)
Net unrealized investment gains (losses) ********************************************** $ 1,175 $ (297) $ 1,540
The changes in net unrealized investment gains (losses) were as follows:
Years ended December 31,
2000 1999 1998
(Dollars in millions)
Balance at January 1 *********************************************************************** $ (297) $ 1,540 $1,898
Unrealized investment gains (losses) during the year ********************************************* 3,279 (6,583) (870)
Unrealized investment gains (losses) relating to:
Future policy benefit (loss) gain recognition *************************************************** (35) 1,999 (59)
Deferred policy acquisition costs *********************************************************** (590) 1,628 216
Participating contracts ******************************************************************** (15) 94 100
Policyholder dividend obligation ************************************************************ (385) — —
Deferred income taxes********************************************************************** (782) 1,025 255
Balance at December 31 ******************************************************************* $1,175 $ (297) $1,540
Net change in unrealized investment gains (losses) ********************************************** $1,472 $(1,837) $ (358)
MetLife, Inc. F-17