MetLife 2004 Annual Report Download - page 4

Note Regarding Forward-Looking Statements
This Annual Report, including the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements
which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to
trends in the operations and financial results and the business and the products of the Registrant and its subsidiaries, as well as other statements
including words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘plan,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend’’ and other similar expressions. ‘‘MetLife’’ or the ‘‘Company’’ refers
to MetLife, Inc., a Delaware corporation (the ‘‘Holding Company’’), and its subsidiaries, including Metropolitan Life Insurance Company (‘‘Metropolitan
Life’’). Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their
potential effects on the Company. Such forward-looking statements are not guarantees of future performance. See ‘‘Management’s Discussion and
Analysis of Financial Condition and Results of Operations.’’
Selected Financial Data
The following table sets forth selected consolidated financial information for the Company. The selected consolidated financial information for the
years ended December 31, 2004, 2003, and 2002, and at December 31, 2004 and 2003 has been derived from the Company’s audited consolidated
financial statements included elsewhere herein. The selected consolidated financial information for the years ended December 31, 2001 and 2000 and
at December 31, 2002, 2001 and 2000 has been derived from the Company’s audited consolidated financial statements not included elsewhere herein.
The following information should be read in conjunction with and is qualified in its entirety by the information contained in ‘‘Management’s Discussion and
Analysis of Financial Condition and Results of Operations,’’ and the consolidated financial statements appearing elsewhere herein. Some previously
reported amounts have been reclassified to conform with the presentation at and for the year ended December 31, 2004.
For the Years Ended December 31,
2004 2003 2002 2001 2000
(Dollars in millions)
Statements of Income Data
Revenues:
Premiums ************************************************************* $22,316 $20,673 $19,077 $17,212 $16,317
Universal life and investment-type product policy fees ************************ 2,900 2,496 2,147 1,889 1,820
Net investment income(1) ************************************************ 12,418 11,539 11,183 11,101 10,886
Other revenues ******************************************************** 1,198 1,199 1,166 1,340 2,070
Net investment gains (losses)(1)(2)(3) ************************************** 182 (582) (892) (713) (444)
Total revenues(4)(5)(6) ********************************************* 39,014 35,325 32,681 30,829 30,649
Expenses:
Policyholder benefits and claims ****************************************** 22,662 20,665 19,373 18,295 16,934
Interest credited to policyholder account balances *************************** 2,998 3,035 2,950 3,084 2,935
Policyholder dividends*************************************************** 1,814 1,975 1,942 2,086 1,919
Payments to former Canadian policyholders(7)******************************* ————327
Demutualization costs *************************************************** ————230
Other expenses(1) ****************************************************** 7,761 7,091 6,813 6,835 7,112
Total expenses(4)(5)(6)(7)******************************************* 35,235 32,766 31,078 30,300 29,457
Income from continuing operations before provision for income taxes ************* 3,779 2,559 1,603 529 1,192
Provision for income taxes(1)(4)(8) ******************************************* 1,071 660 490 191 376
Income from continuing operations ****************************************** 2,708 1,899 1,113 338 816
Income from discontinued operations, net of income taxes(1)(4) ****************** 136 344 492 135 137
Income before cumulative effect of a change in accounting********************** 2,844 2,243 1,605 473 953
Cumulative effect of a change in accounting, net of income taxes **************** (86) (26) — — —
Net income************************************************************** $ 2,758 $ 2,217 $ 1,605 $ 473 $ 953
Net income after April 7, 2000 (date of demutualization)************************* $ 1,173
MetLife, Inc. 1