MetLife 2000 Annual Report Download - page 53

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
cumulative earnings equal the expected cumulative earnings. Amounts reported at April 7, 2000 and for the period after demutualization are as of April 1,
2000 and for the period beginning on April 1, 2000 (the effect of transaction from April 1, 2000 through April 6, 2000 are not considered material).
Closed block liabilities and assets designated to the closed block at December 31, 2000 and April 7, 2000 were as follows:
December 31, April 7,
2000 2000
(Dollars in millions)
Closed Block Liabilities
Future policy benefits ******************************************************************** $39,415 $38,661
Other policyholder funds****************************************************************** 278 321
Policyholder dividends payable ************************************************************ 740 747
Policyholder dividend obligation ************************************************************ 385 —
Payable under securities loaned transactions************************************************* 3,268 1,856
Other********************************************************************************** 37 330
Total closed block liabilities******************************************************** 44,123 41,915
Assets Designated to the Closed Block
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $25,660 and $24,725)************ 25,634 23,940
Equity securities, at fair value (cost: $51) ************************************************** 54 —
Mortgage loans on real estate *********************************************************** 5,801 4,744
Policy loans ************************************************************************** 3,826 3,762
Short-term investments ***************************************************************** 223 168
Other invested assets ****************************************************************** 248 325
Total investments **************************************************************** 35,786 32,939
Cash and cash equivalents *************************************************************** 661 655
Accrued investment income *************************************************************** 557 538
Deferred income taxes ******************************************************************* 1,234 1,390
Premiums and other receivables *********************************************************** 117 267
Total assets designated to the closed block ***************************************** 38,355 35,789
Excess of closed block liabilities over assets designated to the closed block ********************** 5,768 6,126
Amounts included in other comprehensive loss:
Net unrealized investment loss, net of deferred income tax of $9 and $287 ********************* (14) (498)
Allocated to policyholder dividend obligation, net of deferred income tax of $143 **************** (242) —
(256) (498)
Maximum future earnings to be recognized from closed block assets and liabilities ***************** $ 5,512 $ 5,628
Information regarding the policyholder dividend obligation is as follows:
(Dollars in millions)
Balance at April 7, 2000 ***************************************************************** $—
Change in policyholder dividend obligation ************************************************** 85
Net investment losses ******************************************************************* (85)
Net unrealized investment gains at December 31, 2000*************************************** 385
Balance at December 31, 2000*********************************************************** $ 385
MetLife, Inc.
F-22