MetLife 2003 Annual Report Download - page 48

METLIFE, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003 AND 2002
(Dollars in millions, except share and per share data)
2003 2002
ASSETS
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $158,333 and $132,899, respectively) *************** $167,752 $140,288
Equity securities, at fair value (cost: $1,222 and $1,556, respectively) ****************************************** 1,598 1,613
Mortgage loans on real estate**************************************************************************** 26,249 25,086
Policy loans ******************************************************************************************* 8,749 8,580
Real estate and real estate joint ventures held-for-investment************************************************** 4,714 3,926
Real estate held-for-sale ******************************************************************************** 89 799
Other limited partnership interests************************************************************************* 2,477 2,395
Short-term investments ********************************************************************************* 1,826 1,921
Other invested assets ********************************************************************************** 4,645 3,727
Total investments ******************************************************************************** 218,099 188,335
Cash and cash equivalents ******************************************************************************** 3,733 2,323
Accrued investment income ******************************************************************************* 2,186 2,088
Premiums and other receivables**************************************************************************** 7,047 6,445
Deferred policy acquisition costs *************************************************************************** 12,943 11,727
Other assets ******************************************************************************************** 7,077 6,815
Separate account assets********************************************************************************** 75,756 59,693
Total assets ************************************************************************************* $326,841 $277,426
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Future policy benefits *********************************************************************************** $ 94,148 $ 89,815
Policyholder account balances *************************************************************************** 75,901 66,830
Other policyholder funds ******************************************************************************** 6,343 5,685
Policyholder dividends payable *************************************************************************** 1,049 1,030
Policyholder dividend obligation*************************************************************************** 2,130 1,882
Short-term debt *************************************************************************************** 3,642 1,161
Long-term debt **************************************************************************************** 5,703 4,425
Shares subject to mandatory redemption ****************************************************************** 277 —
Current income taxes payable**************************************************************************** 652 769
Deferred income taxes payable*************************************************************************** 2,399 1,625
Payables under securities loaned transactions ************************************************************** 27,083 17,862
Other liabilities ***************************************************************************************** 10,609 7,999
Separate account liabilities******************************************************************************* 75,756 59,693
Total liabilities************************************************************************************ 305,692 258,776
Company-obligated mandatorily redeemable securities of subsidiary trusts***************************************** — 1,265
Stockholders’ Equity:
Preferred stock, par value $0.01 per share; 200,000,000 shares authorized; none issued ************************* ——
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 786,766,664 shares issued at
December 31, 2003 and 2002; 757,186,137 shares outstanding at December 31, 2003 and 700,278,412 shares
outstanding at December 31, 2002 ********************************************************************* 88
Additional paid-in capital ******************************************************************************** 14,991 14,968
Retained earnings************************************************************************************** 4,193 2,807
Treasury stock, at cost; 29,580,527 shares at December 31, 2003 and 86,488,252 shares at December 31, 2002*** (835) (2,405)
Accumulated other comprehensive income***************************************************************** 2,792 2,007
Total stockholders’ equity************************************************************************** 21,149 17,385
Total liabilities and stockholders’ equity ************************************************************** $326,841 $277,426
See accompanying notes to consolidated financial statements.
MetLife, Inc. F-3