MetLife 2003 Annual Report Download - page 47

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Independent Auditors’ Report
The Board of Directors and Shareholders of MetLife, Inc.:
We have audited the accompanying consolidated balance sheets of MetLife, Inc. and subsidiaries (the ‘‘Company’’) as of December 31, 2003 and
2002, and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the three years in the period ended
December 31, 2003. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the consolidated financial position of MetLife, Inc. and
subsidiaries as of December 31, 2003 and 2002, and the consolidated results of their operations and their consolidated cash flows for each of the three
years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 1, the Company changed its method of accounting for embedded derivatives in certain insurance products as required by new
accounting guidance which became effective on October 1, 2003, and recorded the impact as a cumulative effect of a change in accounting principle.
DELOITTE & TOUCHE
LLP
New York, New York
March 5, 2004
MetLife, Inc.
F-2