MetLife 2003 Annual Report Download - page 51

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
(Dollars in millions)
2003 2002 2001
Cash flows from operating activities
Net income************************************************************************************ $ 2,217 $ 1,605 $ 473
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses******************************************************** 478 498 481
Amortization of premiums and accretion of discounts associated with investments, net***************** (180) (519) (575)
(Gains) losses from sales of investments and businesses, net ************************************* 152 317 713
Interest credited to other policyholder account balances ****************************************** 3,035 2,950 3,084
Universal life and investment-type product policy fees ******************************************** (2,496) (2,147) (1,889)
Change in premiums and other receivables ***************************************************** (334) (473) 476
Change in deferred policy acquisition costs, net ************************************************* (1,332) (741) (563)
Change in insurance-related liabilities ********************************************************** 4,687 3,104 2,508
Change in income taxes payable ************************************************************* 241 479 477
Change in bank customer deposits *********************************************************** 897 209 81
Change in other liabilities ******************************************************************** 560 (117) (40)
Other, net ********************************************************************************* (562) (997) (968)
Net cash provided by operating activities *********************************************************** 7,363 4,168 4,258
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities **************************************************************************** 76,200 64,602 52,426
Equity securities**************************************************************************** 612 2,703 2,125
Mortgage loans on real estate **************************************************************** 3,483 2,638 1,993
Real estate and real estate joint ventures ******************************************************* 889 835 344
Other limited partnership interests ************************************************************* 308 209 396
Purchases of:
Fixed maturities **************************************************************************** (101,577) (85,155) (51,865)
Equity securities**************************************************************************** (187) (1,260) (3,354)
Mortgage loans on real estate **************************************************************** (4,975) (3,206) (3,494)
Real estate and real estate joint ventures ******************************************************* (344) (208) (769)
Other limited partnership interests ************************************************************* (588) (456) (424)
Net change in short-term investments *********************************************************** 98 (477) 74
Purchases of businesses, net of cash received *************************************************** 18 (879) (276)
Proceeds from sales of businesses ************************************************************* 5—81
Net change in payable under securities loaned transactions ***************************************** 9,221 5,201 360
Other, net *********************************************************************************** (851) (760) (587)
Net cash used in investing activities *************************************************************** $ (17,688) $(16,213) $ (2,970)
See accompanying notes to consolidated financial statements.
MetLife, Inc.
F-6