MetLife 2001 Annual Report Download - page 45

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 and 1999
(Dollars in millions)
2001 2000 1999
Cash flows from operating activities
Net income************************************************************************************* $ 473 $ 953 $ 617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses********************************************************* (87) (77) 105
Losses from sales of investments and businesses, net ******************************************** 737 444 137
Interest credited to other policyholder account balances ******************************************* 3,084 2,935 2,441
Universal life and investment-type product policy fees ********************************************* (1,889) (1,820) (1,433)
Change in premiums and other receivables ****************************************************** 1,024 430 (619)
Change in deferred policy acquisition costs, net ************************************************** (563) (560) (321)
Change in insurance-related liabilities *********************************************************** 2,523 2,014 2,243
Change in income taxes payable*************************************************************** 477 239 22
Change in other liabilities ********************************************************************* 212 (2,119) 874
Other, net ********************************************************************************** (1,192) (1,140) (183)
Net cash provided by operating activities ************************************************************ 4,799 1,299 3,883
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities ***************************************************************************** 52,045 57,295 73,120
Equity securities ***************************************************************************** 2,108 909 760
Mortgage loans on real estate ***************************************************************** 2,318 2,163 1,992
Real estate and real estate joint ventures ******************************************************** 303 655 1,062
Other limited partnership interests ************************************************************** 463 422 469
Purchases of:
Fixed maturities ***************************************************************************** (52,424) (63,779) (72,253)
Equity securities ***************************************************************************** (3,064) (863) (410)
Mortgage loans on real estate ***************************************************************** (3,845) (2,836) (4,395)
Real estate and real estate joint ventures ******************************************************** (696) (407) (341)
Other limited partnership interests ************************************************************** (497) (660) (465)
Net change in short-term investments************************************************************* 74 2,043 (1,577)
Purchase of businesses, net of cash received****************************************************** (276) (416) (2,972)
Proceeds from sales of businesses*************************************************************** 81 869 —
Net change in payable under securities loaned transactions ****************************************** 360 5,840 2,692
Other, net ************************************************************************************ (613) (926) (71)
Net cash (used in) provided by investing activities***************************************************** $ (3,663) $ 309 $ (2,389)
Cash flows from financing activities
Policyholder account balances:
Deposits *********************************************************************************** $ 29,084 $ 28,621 $ 18,428
Withdrawals ******************************************************************************** (25,410) (28,235) (20,650)
Net change in short-term debt******************************************************************* (730) (3,095) 608
Long-term debt issued ************************************************************************* 1,600 207 42
Long-term debt repaid ************************************************************************* (372) (124) (434)
Common stock issued ************************************************************************* — 4,009 —
Treasury stock acquired ************************************************************************ (1,321) (613) —
Net proceeds from issuance of company-obligated mandatorily redeemable securities of subsidiary trust **** 197 969 —
Cash payments to eligible policyholders *********************************************************** — (2,550) —
Dividends on common stock ******************************************************************** (145) (152) —
Net cash provided by (used in) financing activities **************************************************** 2,903 (963) (2,006)
Change in cash and cash equivalents ************************************************************** 4,039 645 (512)
Cash and cash equivalents, beginning of year******************************************************** 3,434 2,789 3,301
Cash and cash equivalents, end of year ******************************************************** $ 7,473 $ 3,434 $ 2,789
MetLife, Inc.
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