MetLife 2004 Annual Report Download - page 48

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(Dollars in millions, except per share data)
2004 2003 2002
REVENUES
Premiums**************************************************************************************** $22,316 $20,673 $19,077
Universal life and investment-type product policy fees *************************************************** 2,900 2,496 2,147
Net investment income **************************************************************************** 12,418 11,539 11,183
Other revenues *********************************************************************************** 1,198 1,199 1,166
Net investment gains (losses) *********************************************************************** 182 (582) (892)
Total revenues**************************************************************************** 39,014 35,325 32,681
EXPENSES
Policyholder benefits and claims ********************************************************************* 22,662 20,665 19,373
Interest credited to policyholder account balances ****************************************************** 2,998 3,035 2,950
Policyholder dividends ***************************************************************************** 1,814 1,975 1,942
Other expenses ********************************************************************************** 7,761 7,091 6,813
Total expenses *************************************************************************** 35,235 32,766 31,078
Income from continuing operations before provision for income taxes ************************************** 3,779 2,559 1,603
Provision for income taxes************************************************************************** 1,071 660 490
Income from continuing operations******************************************************************* 2,708 1,899 1,113
Income from discontinued operations, net of income taxes*********************************************** 136 344 492
Income before cumulative effect of a change in accounting ********************************************** 2,844 2,243 1,605
Cumulative effect of a change in accounting, net of income taxes **************************************** (86) (26) —
Net income ************************************************************************************** $ 2,758 $ 2,217 $ 1,605
Income from continuing operations available to common shareholders per share
Basic ***************************************************************************************** $ 3.61 $ 2.55 $ 1.58
Diluted **************************************************************************************** $ 3.59 $ 2.51 $ 1.53
Net income available to common shareholders per share
Basic ***************************************************************************************** $ 3.68 $ 2.98 $ 2.28
Diluted **************************************************************************************** $ 3.65 $ 2.94 $ 2.20
Cash dividends per share ************************************************************************** $ 0.46 $ 0.23 $ 0.21
See accompanying notes to consolidated financial statements.
MetLife, Inc. F-5