MetLife 2002 Annual Report Download - page 48

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
(Dollars in millions, except per share data)
2002 2001 2000
REVENUES
Premiums************************************************************************************** $19,086 $17,212 $16,317
Universal life and investment-type product policy fees ************************************************* 2,139 1,889 1,820
Net investment income ************************************************************************** 11,329 11,255 11,024
Other revenues ********************************************************************************* 1,377 1,507 2,229
Net investment losses (net of amounts allocable to other accounts of ($145), ($134) and ($54), respectively) ** (784) (603) (390)
Total revenues************************************************************************** 33,147 31,260 31,000
EXPENSES
Policyholder benefits and claims (excludes amounts directly related to net investment losses of ($150), ($159)
and $41, respectively) ************************************************************************* 19,523 18,454 16,893
Interest credited to policyholder account balances **************************************************** 2,950 3,084 2,935
Policyholder dividends *************************************************************************** 1,942 2,086 1,919
Payments to former Canadian policyholders ********************************************************* — — 327
Demutualization costs**************************************************************************** — — 230
Other expenses (excludes amounts directly related to net investment losses of $5, $25 and ($95), respectively) ** 7,061 7,022 7,401
Total expenses ************************************************************************* 31,476 30,646 29,705
Income from continuing operations before provision for income taxes ************************************ 1,671 614 1,295
Provision for income taxes************************************************************************ 516 227 421
Income from continuing operations***************************************************************** 1,155 387 874
Income from discontinued operations, net of income taxes********************************************* 450 86 79
Net income ************************************************************************************ $ 1,605 $ 473 $ 953
Income from continuing operations after April 7, 2000 (date of demutualization) (Note 19) ******************* $ 1,114
Net income after April 7, 2000 (date of demutualization) (Note 19) ************************************** $ 1,173
Income from continuing operations per share
Basic *************************************************************************************** $ 1.64 $ 0.52 $ 1.44
Diluted ************************************************************************************** $ 1.58 $ 0.51 $ 1.41
Net income per share
Basic *************************************************************************************** $ 2.28 $ 0.64 $ 1.52
Diluted ************************************************************************************** $ 2.20 $ 0.62 $ 1.49
Cash dividends per share ************************************************************************ $ 0.21 $ 0.20 $ 0.20
See accompanying notes to consolidated financial statements.
MetLife, Inc.
F-4