MetLife 2004 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ...distribution channels and by enhancing MetLife's competitive portfolio of life and annuity products to meet our clients' needs. In 2004, Individual Business launched a new guaranteed withdrawal benefit rider for all of the company's individual variable annuities and grew the number of MetLife career...

  • Page 3
    ... 2005 business plans. We are launching new products in the marketplace and identifying ways to grow our customer base. We know that people across the globe are under-insured, under-saved and, in the case of the baby boom generation, in need of retirement solutions that will guarantee income. MetLife...

  • Page 4
    ...and investment-type product policy fees 2,900 Net investment income(1 12,418 Other revenues 1,198 Net investment gains (losses)(1)(2)(3 182 Total revenues(4)(5)(6 Expenses: Policyholder benefits and claims Interest credited to policyholder account balances Policyholder dividends Payments to...

  • Page 5
    2004 2003 At December 31, 2002 (Dollars in millions) 2001 2000 Balance Sheet Data Assets: General account assets Separate account assets Total assets(4 Liabilities: Life and health policyholder liabilities(9 Property and casualty policyholder liabilities Short-term debt Long-term debt ...

  • Page 6
    ...insurance companies under Section 809 of the Internal Revenue Code. Policyholder liabilities include future policy benefits and other policyholder funds. Life and health policyholder liabilities also include policyholder account balances, policyholder dividends payable and the policyholder dividend...

  • Page 7
    ...; (viii) regulatory, accounting or tax changes that may affect the cost of, or demand for, the Company's products or services; (ix) downgrades in the Company's and its affiliates' claims paying ability, financial strength or credit ratings; (x) changes in rating agency policies or practices; (xi...

  • Page 8
    ... of fair value where quoted market values are not available. The use of different assumptions may have a material effect on the estimated fair value amounts. Deferred Policy Acquisition Costs The Company incurs significant costs in connection with acquiring new and renewal insurance business. These...

  • Page 9
    ... sales growth across most of the Company's business segments, as well as the positive impact of the U.S. financial markets on policy fees. Policy fees from variable life and annuity and investmenttype products are typically calculated as a percentage of the average assets in policyholder accounts...

  • Page 10
    ...scale, breadth of distribution and product, ability to provide advice and financial strength to support long-term guarantees. Discussion of Results Year Ended December 31, 2004 2003 2002 (Dollars in millions) Revenues Premiums Universal life and investment-type product policy fees Net investment...

  • Page 11
    ...the acquisitions of new businesses in the group life and the non-medical health & other businesses, as well as an increase in structured settlements sales and pension close outs. The Reinsurance segment contributed approximately 35% to the Company's year over year increase in premium, fees and other...

  • Page 12
    ... of growth in the annuities, retirement & savings and variable and universal life product lines. This increase stems in part from policy fee income earned on annuity deposits, which were $11.2 billion in 2003, increasing 42% from the prior year. In addition, the annuity separate account balance was...

  • Page 13
    ... long-term care of $148 million, of which $41 million is related to the 2004 acquisition of TIAA/CREF's long-term care business. Growth in the small market products, disability business, and dental business contributed $305 million to the year over year increase. Group life insurance premiums, fees...

  • Page 14
    ... block of group life business contributed $72 million to this increase. In addition, the long-term care, dental, and disability products experienced continued growth at a combined rate of approximately 14%, which is in line with management's expectations. Retirement & savings revenues increased...

  • Page 15
    ...of growth in the business and improved overall market performance. Policy fees from variable life and annuity and investment-type products are typically calculated as a percentage of the average assets in policyholder accounts. The value of these assets can ï¬,uctuate depending on equity performance...

  • Page 16
    ...financial markets. Additionally, this increase is associated with the aging of the in-force policies, as well as an increase in the sales of the enterprise variable annuity product through non-traditional distribution channels. Policy fees from variable life and annuity and investment-type products...

  • Page 17
    ... 31, 2004 2003 2002 (Dollars in millions) Revenues Premiums Universal life and investment-type product policy fees Net investment income Other revenues Net investment gains (losses Total revenues Expenses Policyholder benefits and claims Interest credited to policyholder account balances...

  • Page 18
    ... decrease in Mexico, excluding Hidalgo. Anticipated actions taken by the Mexican government adversely impacted the insurance and annuities market and resulted in a decline in premiums in Mexico's group and individual life businesses. In addition, the cancellation of a large broker-sponsored case...

  • Page 19
    ...credited to policyholder account balances, primarily associated with RGA's growth in insurance in force of approximately $200 billion, a negotiated claim settlement in RGA's accident and health business of $24 million, and the inclusion of only six months of results from the Allianz Life transaction...

  • Page 20
    ... Company's asbestos-related liability and expenses to cover costs associated with the resolution of federal government investigations of General American's former Medicare business. MetLife Capital Trust I In connection with MetLife, Inc.'s, initial public offering in April 2000, the Holding Company...

  • Page 21
    ...policyholder withdrawal. The Company includes provisions limiting withdrawal rights on many of its products, including general account institutional pension products (generally group annuities, including GICs and certain deposit fund liabilities) sold to employee benefit plan sponsors. 18 MetLife...

  • Page 22
    ... life, health and disability insurance products and policyholder account balances of approximately $29.3 billion relating to deferred annuities, approximately $21.8 billion for group and universal life products and approximately $13.8 billion for funding agreements without fixed maturity dates...

  • Page 23
    ... below 150% of the company action level RBC, as defined by state insurance statutes, General American would assume as assumption reinsurance, subject to regulatory approvals and required consents, all of MetLife Investors' life insurance policies and annuity contract liabilities. At December 31...

  • Page 24
    ...sales growth in the group life, dental, disability and long-term care businesses, as well as higher sales in retirement & savings' structured settlement products. The acquisition of John Hancock's group business also contributed to sales growth in the 2003 period. In addition, growth in MetLife Bank...

  • Page 25
    ...and profitability under statutory accounting practices. Management of the Holding Company cannot provide assurance that Metropolitan Life will have statutory earnings to support payment of dividends to the Holding Company in an amount sufficient to fund its cash requirements and pay cash dividends...

  • Page 26
    ... interest at varying rates stated in the agreements. These facilities are primarily used for general corporate purposes and as back-up lines of credit for the borrowers' commercial paper programs. At December 31, 2004, none of the Holding Company, Metropolitan Life or MetLife Funding had borrowed...

  • Page 27
    ... into brokerage agreements relating to the possible sale of two of its real estate investments, 200 Park Avenue and One Madison Avenue in New York City. The Company is also contemplating other asset sales, including selling some or all of its beneficially owned shares in RGA. Insolvency Assessments...

  • Page 28
    ... future policyholder benefits for changes in the methodology relating to various guaranteed death and annuitization benefits and for determining liabilities for certain universal life insurance contracts by $4 million, which has been reported as a cumulative effect of a change in accounting. This...

  • Page 29
    ... basis to guarantees issued or modified after December 31, 2002. The adoption of FIN 45 did not have a significant impact on the Company's consolidated financial statements. Effective January 1, 2003, the Company adopted SFAS No. 146, Accounting for Costs Associated with Exit or Disposal...

  • Page 30
    ...fication and asset allocation. The Company manages interest rate risk as part of its asset and liability management strategies, product design, such as the use of market value adjustment features and surrender charges, and proactive monitoring and management of certain non-guaranteed elements of...

  • Page 31
    ... values, excluding recognized and unrealized investment gains (losses), and for yield calculation purposes, average assets exclude collateral associated with the Company's securities lending program. (3) Investment income from mortgage and other loans includes prepayment fees. (4) Real estate...

  • Page 32
    .... If no rating is available from a rating agency, then the MetLife rating will be used. The following table shows the amortized cost and estimated fair value of fixed maturities, by contractual maturity dates (excluding scheduled sinking funds) at: December 31, 2004 December 31, 2003 Cost or Cost...

  • Page 33
    ...fixed maturities and equity securities as available-for-sale and marks them to market through other comprehensive income, except for non-marketable private equities, which are generally carried at cost. All securities with gross unrealized losses at the consolidated balance sheet date are subjected...

  • Page 34
    ... The Company's asset-backed securities are diversified both by sector and by issuer. Credit card and home equity loan securitizations, accounting for about 26% and 32% of the total holdings, respectively, constitute the largest exposures in the Company's asset-backed securities portfolio. MetLife...

  • Page 35
    ... manager, the Company earns management fees on the outstanding securitized asset balance, which are recorded in income as earned. When the Company transfers assets to a bankruptcy-remote SPE and surrenders control over the transferred assets, the transaction is accounted for as a sale. Gains...

  • Page 36
    ... carrying value of the mortgage loan over the present value of expected future cash ï¬,ows discounted at the loan's original effective interest rate, the value of the loan's collateral or the loan's market value if the loan is being sold. The Company records valuation allowances as investment losses...

  • Page 37
    ...properties located primarily throughout the United States. At December 31, 2004 and 2003, the carrying value of the Company's real estate, real estate joint ventures and real estate held-for-sale was $4,233 million and $4,677 million, respectively, or 1.8%, and 2.1% of total cash and invested assets...

  • Page 38
    ... funds withheld at rates defined by the treaty terms and may be contractually specified or directly related to the investment portfolio. The Company's other invested assets represented 2.1% of cash and invested assets at both December 31, 2004 and 2003. Derivative Financial Instruments The Company...

  • Page 39
    ..., policy administration fees, investment management fees and surrender charges. Separate accounts not meeting the above criteria are combined on a line-by-line basis with the Company's general account assets, liabilities, revenues and expenses. Off-Balance Sheet Arrangements Commitments to Fund...

  • Page 40
    ...guaranteed interest contracts and fixed annuities, which have the same type of interest rate exposure (medium- and long-term treasury rates) as the fixed maturities. The Company employs product design, pricing and asset/liability management strategies to reduce the adverse effects of interest rate...

  • Page 41
    .... The sensitivity analysis separately calculated each of MetLife's market risk exposures (interest rate, equity price and foreign currency exchange rate) related to its non-trading invested assets and other financial instruments. The Company does not maintain a trading portfolio. 38 MetLife, Inc.

  • Page 42
    ...) in market rates and prices, MetLife has determined that such a change could have a material adverse effect on the fair value of its interest rate sensitive invested assets. The equity and foreign currency portfolios do not expose the Company to material market risk. The table below illustrates...

  • Page 43
    ... Value curve (Dollars in millions) Assets Fixed maturities Mortgage loans on real estate Equity securities Short-term investments Cash and cash equivalents Policy loans Mortgage loan commitments Total assets Liabilities Policyholder account balances Short-term debt Long-term debt Shares...

  • Page 44
    ... Registered Public Accounting Firm Financial Statements as of December 31, 2004 and 2003 and for the years ended December 31, 2004, 2003 and 2002: Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Stockholders' Equity Consolidated Statements of Cash Flows...

  • Page 45
    ... Public Accounting Firm The Board of Directors and Stockholders of MetLife, Inc. New York, New York We have audited management's assessment, included in management's annual report on internal control over financial reporting that MetLife, Inc. and subsidiaries (the ''Company'') maintained effective...

  • Page 46
    ... Registered Public Accounting Firm The Board of Directors and Stockholders of MetLife, Inc. New York, New York We have audited the accompanying consolidated balance sheets of MetLife, Inc. and subsidiaries (the ''Company'') as of December 31, 2004 and 2003, and the related consolidated statements of...

  • Page 47
    ... loans 8,899 Real estate and real estate joint ventures held-for-investment 3,981 Real estate held-for-sale 252 Other limited partnership interests 2,907 Short-term investments 2,663 Other invested assets 4,926 Total investments Cash and cash equivalents Accrued investment income Premiums...

  • Page 48
    ...per share data) 2004 2003 2002 REVENUES Premiums Universal life and investment-type product policy fees Net investment income Other revenues Net investment gains (losses Total revenues EXPENSES Policyholder benefits and claims Interest credited to policyholder account balances Policyholder...

  • Page 49
    ...loss Balance at December 31, 2002 Treasury stock transactions, net Issuance of shares - by subsidiary Dividends on common stock Settlement of common stock purchase contracts ******* Premium on conversion of company-obligated mandatorily redeemable securities of a subsidiary trust Comprehensive...

  • Page 50
    ... of investments and businesses, net 302) Interest credited to other policyholder account balances 2,998 Universal life and investment-type product policy fees 2,900) Change in premiums and other receivables 78 Change in deferred policy acquisition costs, net 1,331) Change in insurance-related...

  • Page 51
    ... 2004 2003 2002 Cash ï¬,ows from financing activities Policyholder account balances: Deposits Withdrawals Net change in short-term debt Long-term debt issued Long-term debt repaid Treasury stock acquired Settlement of common stock purchase contracts Proceeds from offering of common stock by...

  • Page 52
    ... individual and institutional customers. The Company offers life insurance, annuities, automobile and homeowner's insurance and retail banking services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. Basis...

  • Page 53
    ... of fair value where quoted market values are not available. The use of different assumptions may have a material effect on the estimated fair value amounts. Deferred Policy Acquisition Costs The Company incurs significant costs in connection with acquiring new and renewal insurance business. These...

  • Page 54
    ...Company earns management fees on the outstanding securitized asset balance, which are recorded in income as earned. When the Company transfers assets to a bankruptcy-remote special purpose entity (''SPE'') and surrenders control over the transferred assets, the transaction is accounted for as a sale...

  • Page 55
    ... Use Plans approved by the applicable state insurance departments. Freestanding derivatives are carried on the Company's consolidated balance sheet either as assets within Other invested assets or as liabilities within Other liabilities at fair value as determined by quoted market prices or...

  • Page 56
    ... contracts in-force at the date of acquisition and is amortized over the expected policy or contract duration in relation to the estimated gross profits or premiums from such policies and contracts. Sales Inducements The Company has two different types of sales inducements: (i) the policyholder...

  • Page 57
    ...expected future policy benefit payments. Premiums related to non-medical health and disability contracts are recognized on a pro rata basis over the applicable contract term. Deposits related to universal life-type and investment-type products are credited to policyholder account balances. Revenues...

  • Page 58
    ..., policy administration fees, investment management fees and surrender charges. Separate accounts not meeting the above criteria are combined on a line-by-line basis with the Company's general account assets, liabilities, revenues and expenses. Stock-Based Compensation Effective January 1, 2003...

  • Page 59
    ... 1, 2005. As all stock options currently accounted for under APB 25 will vest prior to the effective date, implementation of SFAS 123(r) will not have a significant impact on the Company's consolidated financial statements. Effective January 1, 2003, the Company adopted SFAS 148, which provides...

  • Page 60
    ... future policyholder benefits for changes in the methodology relating to various guaranteed death and annuitization benefits and for determining liabilities for certain universal life insurance contracts by $4 million, which has been reported as a cumulative effect of a change in accounting. This...

  • Page 61
    ... of long-lived assets classified as held-for-sale. Adoption of SFAS 144 did not have a material impact on the Company's consolidated financial statements other than the presentation as discontinued operations of net investment income and net investment gains related to operations of real estate on...

  • Page 62
    ... and $3,502 million to hedge the exchange rate risk associated with foreign bonds and loans at December 31, 2004 and 2003, respectively. Excluding investments in U.S. Treasury securities and obligations of U.S. government corporations and agencies, the Company is not exposed to any significant...

  • Page 63
    ...The Company periodically disposes of fixed maturity and equity securities at a loss. Generally, such losses are insignificant in amount or in relation to the cost basis of the investment or are attributable to declines in fair value occurring in the period of disposition. The following table shows...

  • Page 64
    ... in the consolidated financial statements. Assets on Deposit and Held in Trust The Company had investment assets on deposit with regulatory agencies with a fair market value of $1,391 million and $1,353 million at December 31, 2004 and 2003, respectively. Company securities held in trust to satisfy...

  • Page 65
    ... 81 1 295 $4,677 59% 14 18 3 - 6 100% The Company's real estate holdings are primarily located throughout the United States. At December 31, 2004, approximately 31%, 21% and 19% of the Company's real estate holdings were located in New York, California and Texas, respectively. F-22 MetLife, Inc.

  • Page 66
    ... in millions) Fixed maturities Equity securities Mortgage and other loans Real estate and real estate joint ventures Policy loans Other limited partnership interests Cash, cash equivalents and short-term investments Other Total Less: Investment expenses Net investment income $ 9,431 80...

  • Page 67
    ...: Years Ended December 31, 2004 2003 2002 (Dollars in millions) Fixed maturities Equity securities Mortgage and other loans Real estate and real estate joint ventures Other limited partnership interests Sales of businesses Derivatives Other Total net investment gains (losses $ 71 155 (47...

  • Page 68
    ... interests. In addition, the Company provides collateral management services for certain of these structures for which it collects a management fee. The maximum exposure to loss relating to real estate joint ventures, other limited partnerships and other structured investments is equal to the...

  • Page 69
    ... rate guarantee liabilities against declines in interest rates below a specified level, respectively. In exchange-traded Treasury and equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes...

  • Page 70
    ... assets. The Company guarantees a rate return on those assets for a premium. Hedging The table below provides a summary of the notional amount and fair value of derivatives by type of hedge designation at: Notional Amount December 31, 2004 December 31, 2003 Fair Value Fair Value Notional Assets...

  • Page 71
    ...represented by the fair value of contracts with a net positive fair value at the reporting date. Because exchange traded futures and options are effected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit related losses in the...

  • Page 72
    ... CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 4. Insurance Deferred Policy Acquisition Costs Information regarding VOBA and DAC for the years ended December 31, 2002, 2003 and 2004 is as follows: Value of Business Acquired Deferred Policy Acquisition Costs (Dollars in millions) Total Balance at...

  • Page 73
    ... Company had the following types of guarantees relating to annuity and universal and variable life contracts at: Annuity Contracts December 31, 2004 In the At Event of Death Annuitization (Dollars in millions) RETURN OF NET DEPOSITS Separate account value Net amount at risk Average attained age...

  • Page 74
    ... $25 4 - $29 $ 57 33 (12) $ 78 Account balances of contracts with insurance guarantees are invested in separate account asset classes as follows at: December 31, 2004 (Dollars in millions) Mutual Fund Groupings Equity Bond Balanced Money Market Specialty Total $31,829 3,621 1,730 383 245...

  • Page 75
    ...cient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years. The Company uses...

  • Page 76
    ...CLOSED BLOCK Investments: Fixed maturities available-for-sale, at fair value (amortized cost: $27,757 and $30,381, respectively) **** Equity securities, at fair value (cost: $898 and $217, respectively Mortgage loans on real estate Policy loans Short-term investments Other invested assets Total...

  • Page 77
    ...In connection with MetLife, Inc.'s, initial public offering in April 2000, the Holding Company and MetLife Capital Trust I (the ''Trust'') issued equity security units (the ''units''). Each unit originally consisted of (i) a contract to purchase, for $50, shares of the Holding Company's common stock...

  • Page 78
    ... 15, 2050, 1.2508 shares of RGA stock at an exercise price of $50. The fair market value of the warrant on the issuance date was $14.87 and is detachable from the preferred security. RGA fully and unconditionally guarantees, on a subordinated basis, the obligations of the Trust under the preferred...

  • Page 79
    ... New England Mutual Life Insurance Company (''New England Mutual'') and General American Life Insurance Company (''General American'') have faced numerous claims, including class action lawsuits, alleging improper marketing and sales of individual life insurance policies or annuities. These lawsuits...

  • Page 80
    ... actions against New England Mutual, with which Metropolitan Life merged in 1996, and General American, which was acquired in 2000, have been settled. In October 2000, a federal court approved a settlement resolving sales practices claims on behalf of a class of owners of permanent life insurance...

  • Page 81
    ... have a material adverse effect on the Company's liquidity. Each asbestos-related policy contains an experience fund and a reference fund that provides for payments to Metropolitan Life at the commutation date if the reference fund is greater than zero at commutation or pro rata reductions from time...

  • Page 82
    ... of New England Life Insurance Company (''NELICO''), in response to NES informing the SEC that certain systems and controls relating to one NES advisory program were not operating effectively. NES is cooperating fully with the SEC. Prior to filing the Company's June 30, 2003 Form 10-Q, MetLife...

  • Page 83
    .... MetLife is continuing to conduct an internal review of its commission payment practices. The Company continues to fully cooperate with these inquiries and is responding to the subpoenas and other requests. Approximately twelve broker related lawsuits have been received. Two class action lawsuits...

  • Page 84
    ...Benefit Plans The Company is both the sponsor and administrator of defined benefit pension plans covering eligible employees and sales representatives of the Company. Retirement benefits are based upon years of credited service and final average or career average earnings history. MetLife, Inc...

  • Page 85
    ... FINANCIAL STATEMENTS - (Continued) The Company also provides certain postemployment benefits and certain postretirement health care and life insurance benefits for retired employees through insurance contracts. Substantially all of the Company's employees may, in accordance with the plans...

  • Page 86
    ... date, which would provide the necessary future cash ï¬,ows to pay the aggregate projected benefit obligation when due. The expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages...

  • Page 87
    ...ts 2004 2003 2004 2003 Asset Category Equity securities Fixed maturities Other (Real Estate and Alternative Investments Total 50% 36% 14% 100% 48% 39% 13% 100% 41% 57% 2% 100% 38% 61% 1% 100% The weighted average target allocation of pension plan and other benefit plan assets for 2005 is...

  • Page 88
    ... discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders. The New York State Department of Insurance has established informal guidelines for such determinations. The guidelines, among other things...

  • Page 89
    ... 16, 2005. Any dividend payment prior to November 16, 2005 will be considered extraordinary requiring prior insurance regulatory clearance. Stock Compensation Plans Under the MetLife, Inc. 2000 Stock Incentive Plan, as amended, (the ''Stock Incentive Plan''), awards granted may be in the form of non...

  • Page 90
    ... shareholders. (2) The pro forma earnings disclosures are not necessarily representative of the effects on net income and earnings per share in future years. The Company also awards stock-based compensation to certain levels of management under the Company's Long Term Performance Compensation Plan...

  • Page 91
    ... current year income 218) 382 704 Amortization of premiums and accretion of discounts associated with investments 94) (168) (526) Income tax effect 45) (81) (56) Allocation of holding losses on investments relating to other policyholder amounts 182) (606) (2,977) Income tax effect of allocation...

  • Page 92
    ... contracts Exercise of stock options Issuance under deferred stock compensation Weighted average common stock outstanding for diluted earnings per share ********** Income from continuing operations Charge for conversion of company-obligated mandatorily redeemable securities of a subsidiary trust...

  • Page 93
    ... and long-term disability, long-term care, and dental insurance, and other insurance products and services. Individual offers a wide variety of protection and asset accumulation products, including life insurance, annuities and mutual funds. Auto & Home provides personal lines property and casualty...

  • Page 94
    ... Home International Reinsurance (Dollars in millions) Corporate & Other Total Premiums Universal life and investment-type product policy fees ********** Net investment income Other revenues Net investment gains (losses Policyholder benefits and claims Interest credited to policyholder account...

  • Page 95
    ..., related to the sale of SSRM. See also Note 18. In 2003, RGA entered into a coinsurance agreement under which it assumed the traditional U.S. life reinsurance business of Allianz Life Insurance Company of North America. The transaction added approximately $278 billion of life reinsurance in-force...

  • Page 96
    METLIFE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) In 2002, the Company acquired Aseguradora Hidalgo S.A. (''Hidalgo''), an insurance company based in Mexico with approximately $2.5 billion in assets as of the date of acquisition (June 20, 2002). During the second quarter of 2003...

  • Page 97
    ... Fair Value (Dollars in millions) Assets: Fixed maturities Equity securities Mortgage and other loans Policy loans Short-term investments Cash and cash equivalents Mortgage loan commitments 1,189 Commitments to fund partnership investments 1,324 Liabilities: Policyholder account balances...

  • Page 98
    ... brokerage agreements relating to the possible sale of two of its real estate investments, 200 Park Avenue and One Madison Avenue in New York City. The Company is also contemplating other asset sales, including selling some or all of its beneficially owned shares in RGA. The Company's reinsurance...

  • Page 99
    ... Gates Foundation Member, Governance Committee and Public Responsibility Committee Retired Chairman of the Board and Chief Executive Officer, Pfizer Inc. Chair, Compensation Committee Member, Audit Committee, Governance Committee and Sales Practices Compliance Committee President, International...

  • Page 100
    ...Corporate Headquarters MetLife, Inc. 200 Park Avenue New York, NY 10166-0188 212-578-2211 Internet Address http://www.metlife.com Form 10-K and Other Information MetLife, Inc. will provide to shareholders without charge, upon written or oral request, a copy of MetLife, Inc.'s annual report on Form...

  • Page 101
    © 2005 METLIFE, INC. PEANUTS © United Feature Syndicate, Inc. MetLife, Inc. 200 Park Avenue New York, NY 10166-0188 www.metlife.com