MetLife 2003 Annual Report Download - page 49

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
(Dollars in millions, except per share data)
2003 2002 2001
REVENUES
Premiums**************************************************************************************** $20,673 $19,077 $17,212
Universal life and investment-type product policy fees *************************************************** 2,496 2,147 1,889
Net investment income **************************************************************************** 11,636 11,261 11,187
Other revenues *********************************************************************************** 1,342 1,332 1,507
Net investment gains (losses) (net of amounts allocable from other accounts of ($215), ($145) and ($134),
respectively)************************************************************************************ (358) (751) (579)
Total revenues**************************************************************************** 35,789 33,066 31,216
EXPENSES
Policyholder benefits and claims (excludes amounts directly related to net investment gains (losses) of ($184),
($150) and ($159), respectively) ******************************************************************* 20,848 19,523 18,454
Interest credited to policyholder account balances ****************************************************** 3,035 2,950 3,084
Policyholder dividends ***************************************************************************** 1,975 1,942 2,086
Other expenses (excludes amounts directly related to net investment gains (losses) of ($31), $5 and $25,
respectively)************************************************************************************ 7,301 7,015 7,022
Total expenses *************************************************************************** 33,159 31,430 30,646
Income from continuing operations before provision for income taxes ************************************** 2,630 1,636 570
Provision for income taxes************************************************************************** 687 502 204
Income from continuing operations******************************************************************* 1,943 1,134 366
Income from discontinued operations, net of income taxes*********************************************** 300 471 107
Income before cumulative effect of change in accounting************************************************ 2,243 1,605 473
Cumulative effect of change in accounting, net of income taxes ****************************************** (26) — —
Net income ************************************************************************************** $ 2,217 $ 1,605 $ 473
Income from continuing operations available to common shareholders per share
Basic ***************************************************************************************** $ 2.60 $ 1.61 $ 0.49
Diluted **************************************************************************************** $ 2.57 $ 1.56 $ 0.48
Net income available to common shareholders per share
Basic ***************************************************************************************** $ 2.98 $ 2.28 $ 0.64
Diluted **************************************************************************************** $ 2.94 $ 2.20 $ 0.62
Cash dividends per share ************************************************************************** $ 0.23 $ 0.21 $ 0.20
See accompanying notes to consolidated financial statements.
MetLife, Inc.
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