MetLife 2005 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2005 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 133

  • 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
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

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 MetLife, Inc. (the ‘‘Holding Company’’) and its subsidiaries (collectively,
‘‘MetLife’’ or the ‘‘Company’’), as well as other statements including words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘plan,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend’’ and
other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future
developments and their potential effects on MetLife, Inc. and its subsidiaries. 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 tables set forth selected consolidated financial information for the Company. The selected consolidated financial information for the
years ended December 31, 2005, 2004 and 2003, and at December 31, 2005 and 2004 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, 2002 and 2001 and
at December 31, 2003, 2002 and 2001 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, 2005.
Years Ended December 31,
2005 2004 2003 2002 2001
(In millions)
Statements of Income Data(1)
Revenues:
Premiums ************************************************************* $24,860 $22,200 $20,575 $19,020 $16,962
Universal life and investment-type product policy fees ************************ 3,828 2,867 2,495 2,145 1,888
Net investment income(2) ************************************************ 14,910 12,364 11,472 11,123 11,106
Other revenues ******************************************************** 1,271 1,198 1,199 1,166 1,340
Net investment gains (losses)(2)(3)(4) ************************************** (93) 175 (551) (895) (713)
Total revenues(5)(6)(7)(8) ******************************************* 44,776 38,804 35,190 32,559 30,583
Expenses:
Policyholder benefits and claims ****************************************** 25,506 22,662 20,811 19,455 18,329
Interest credited to policyholder account balances *************************** 3,925 2,997 3,035 2,950 3,084
Policyholder dividends*************************************************** 1,679 1,666 1,731 1,803 1,802
Other expenses(2) ****************************************************** 9,267 7,813 7,168 6,862 6,894
Total expenses(5)(6)(7)(8)******************************************* 40,377 35,138 32,745 31,070 30,109
Income from continuing operations before provision for income taxes ************* 4,399 3,666 2,445 1,489 474
Provision for income taxes(2)(5)(6) ******************************************* 1,260 1,029 616 448 170
Income from continuing operations ****************************************** 3,139 2,637 1,829 1,041 304
Income from discontinued operations, net of income taxes(2)(5)(6) **************** 1,575 207 414 564 169
Income before cumulative effect of a change in accounting, net of income taxes**** 4,714 2,844 2,243 1,605 473
Cumulative effect of a change in accounting, net of income taxes **************** — (86) (26) — —
Net income************************************************************** 4,714 2,758 2,217 1,605 473
Preferred stock dividends ************************************************** 63————
Charge for conversion of company-obligated mandatorily redeemable securities of a
subsidiary trust ********************************************************* ——21——
Net income available to common shareholders ******************************** $ 4,651 $ 2,758 $ 2,196 $ 1,605 $ 473
MetLife, Inc.
2