MetLife 2002 Annual Report Download - page 50

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
(Dollars in millions)
2002 2001 2000
Cash flows from operating activities
Net income************************************************************************************* $ 1,605 $ 473 $ 953
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses********************************************************* 449 480 369
Amortization of premiums and accretion of discounts associated with investments, net****************** (519) (575) (452)
Losses from sales of investments and businesses, net ******************************************** 931 737 444
Interest credited to other policyholder account balances ******************************************* 2,950 3,084 2,935
Universal life and investment-type product policy fees ********************************************* (2,139) (1,889) (1,820)
Change in premiums and other receivables ****************************************************** (795) 476 925
Change in deferred policy acquisition costs, net ************************************************** (741) (563) (560)
Change in insurance-related liabilities *********************************************************** 3,137 2,567 2,042
Change in income taxes payable*************************************************************** 479 477 239
Change in other liabilities ********************************************************************* 18 41 (933)
Other, net ********************************************************************************** (378) (796) (865)
Net cash provided by operating activities ************************************************************ 4,997 4,512 3,277
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities ***************************************************************************** 64,327 52,382 56,940
Equity securities ***************************************************************************** 2,642 2,065 748
Mortgage loans on real estate ***************************************************************** 2,603 2,069 2,163
Real estate and real estate joint ventures ******************************************************** 276 303 606
Other limited partnership interests ************************************************************** 355 396 422
Purchases of:
Fixed maturities ***************************************************************************** (85,173) (52,160) (64,918)
Equity securities ***************************************************************************** (1,242) (3,059) (863)
Mortgage loans on real estate ***************************************************************** (3,206) (3,596) (2,787)
Real estate and real estate joint ventures ******************************************************** (208) (769) (407)
Other limited partnership interests ************************************************************** (456) (424) (660)
Net change in short-term investments************************************************************* (477) 74 2,043
Purchase of business, net of cash received******************************************************** (879) (276) (416)
Proceeds from sales of businesses*************************************************************** — 81 869
Net change in payable under securities loaned transactions ****************************************** 5,201 360 5,840
Other, net ************************************************************************************ (759) (611) (812)
Net cash used in investing activities **************************************************************** $(16,996) $ (3,165) $ (1,232)
See accompanying notes to consolidated financial statements.
F-6