MetLife 2004 Annual Report Download - page 50

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(Dollars in millions)
2004 2003 2002
Cash flows from operating activities
Net income************************************************************************************ $ 2,758 $ 2,217 $ 1,605
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses******************************************************** 441 478 498
Amortization of premiums and accretion of discounts associated with investments, net***************** (110) (180) (519)
(Gains) losses from sales of investments and businesses, net ************************************* (302) 152 317
Interest credited to other policyholder account balances ****************************************** 2,998 3,035 2,950
Universal life and investment-type product policy fees ******************************************** (2,900) (2,496) (2,147)
Change in premiums and other receivables ***************************************************** 78 (334) (473)
Change in deferred policy acquisition costs, net ************************************************* (1,331) (1,332) (741)
Change in insurance-related liabilities ********************************************************** 5,330 4,687 3,104
Change in income taxes payable ************************************************************* (135) 241 479
Change in other assets********************************************************************** (178) (374) (1,071)
Change in other liabilities ******************************************************************** 1,682 1,131 104
Other, net ********************************************************************************* (265) (195) 74
Net cash provided by operating activities *********************************************************** 8,066 7,030 4,180
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities **************************************************************************** 87,451 76,200 64,602
Equity securities**************************************************************************** 1,686 612 2,703
Mortgage and other loans ******************************************************************* 3,954 3,483 2,638
Real estate and real estate joint ventures ******************************************************* 1,214 866 831
Other limited partnership interests ************************************************************* 799 331 213
Purchases of:
Fixed maturities **************************************************************************** (94,275) (101,532) (85,155)
Equity securities**************************************************************************** (2,178) (232) (1,260)
Mortgage and other loans ******************************************************************* (9,931) (4,975) (3,206)
Real estate and real estate joint ventures ******************************************************* (619) (289) (148)
Other limited partnership interests ************************************************************* (894) (643) (516)
Net change in short-term investments *********************************************************** (740) 98 (477)
Purchase of businesses, net of cash received of $0, $27 and $71, respectively ************************ (7) 18 (879)
Proceeds from sales of businesses ************************************************************* 29 5 —
Net change in payable under securities loaned transactions ***************************************** 1,595 9,221 5,201
Net change in other invested assets************************************************************* (958) (629) (451)
Other, net *********************************************************************************** (141) (222) (309)
Net cash used in investing activities *************************************************************** $(13,015) $ (17,688) $(16,213)
See accompanying notes to consolidated financial statements.
MetLife, Inc. F-7