MetLife 2003 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 of the 2003 MetLife annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 97

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97

METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
For the Years Ended December 31,
2003 2002 2001
(Dollars in millions, except share and per share data)
Income from discontinued operations available to common shareholders*** $ 300 $ 471 $ 107
Basic earnings per share ************************************************** $ 0.41 $ 0.67 $ 0.14
Diluted earnings per share************************************************* $ 0.40 $ 0.65 $ 0.14
Cumulative effect of change in accounting, net of income taxes *********** $ (26) $ — $ —
Basic earnings per share ************************************************** $ (0.04) $ — $ —
Diluted earnings per share************************************************* $ (0.03) $ — $ —
Net Income************************************************************** $ 2,217 $ 1,605 $ 473
Charge for conversion of company-obligated mandatorily redeemable
securities of a subsidiary trust(1) *************************************** (21) — —
Net income available to common shareholders **************************** $ 2,196 $ 1,605 $ 473
Basic earnings per share ************************************************** $ 2.98 $ 2.28 $ 0.64
Diluted earnings per share************************************************* $ 2.94 $ 2.20 $ 0.62
(1) See Note 8 for a discussion of this charge included in the calculation of net income available to common shareholders.
17. Quarterly Results of Operations (Unaudited)
The unaudited quarterly results of operations for the years ended December 31, 2003 and 2002 are summarized in the table below:
Three Months Ended
March 31 June 30 September 30 December 31
(Dollars in millions, except per share data)
2003
Total revenues ******************************************************** $8,364 $8,862 $8,816 $9,747
Total expenses ******************************************************* $7,952 $8,079 $8,109 $9,019
Income from continuing operations *************************************** $ 296 $ 571 $ 560 $ 516
Income from discontinued operations, net of income taxes******************* $ 66 $ 9 $ 14 $ 211
Income before cumulative effect of change in accounting ******************** $ 362 $ 580 $ 574 $ 727
Net income ********************************************************** $ 362 $ 580 $ 574 $ 701
Basic earnings per share:
Income from continuing operations available to common shareholders ******* $ 0.39 $ 0.78 $ 0.74 $ 0.68
Income from discontinued operations, net of income taxes***************** $ 0.09 $ 0.01 $ 0.02 $ 0.28
Income before cumulative effect of change in accounting available to common
shareholders ***************************************************** $ 0.49 $ 0.79 $ 0.75 $ 0.96
Net income available to common shareholders*************************** $ 0.49 $ 0.79 $ 0.75 $ 0.92
Diluted earnings per share:
Income from continuing operations available to common shareholders ******* $ 0.38 $ 0.78 $ 0.74 $ 0.68
Income from discontinued operations, net of income taxes***************** $ 0.09 $ 0.01 $ 0.02 $ 0.28
Income before cumulative effect of change in accounting available to common
shareholders ***************************************************** $ 0.47 $ 0.79 $ 0.75 $ 0.95
Net income available to common shareholders*************************** $ 0.47 $ 0.79 $ 0.75 $ 0.92
MetLife, Inc.
F-44