MetLife 2005 Annual Report Download - page 65

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(In millions, except per common share data)
2005 2004 2003
REVENUES
Premiums************************************************************************************** $24,860 $22,200 $20,575
Universal life and investment-type product policy fees ************************************************* 3,828 2,867 2,495
Net investment income ************************************************************************** 14,910 12,364 11,472
Other revenues ********************************************************************************* 1,271 1,198 1,199
Net investment gains (losses) ********************************************************************* (93) 175 (551)
Total revenues************************************************************************** 44,776 38,804 35,190
EXPENSES
Policyholder benefits and claims ******************************************************************* 25,506 22,662 20,811
Interest credited to policyholder account balances **************************************************** 3,925 2,997 3,035
Policyholder dividends *************************************************************************** 1,679 1,666 1,731
Other expenses ******************************************************************************** 9,267 7,813 7,168
Total expenses ************************************************************************* 40,377 35,138 32,745
Income from continuing operations before provision for income taxes ************************************ 4,399 3,666 2,445
Provision for income taxes************************************************************************ 1,260 1,029 616
Income from continuing operations***************************************************************** 3,139 2,637 1,829
Income from discontinued operations, net of income taxes********************************************* 1,575 207 414
Income before cumulative effect of a change in accounting, net of income taxes ************************** 4,714 2,844 2,243
Cumulative effect of a change in accounting, net of income taxes ************************************** — (86) (26)
Net income ************************************************************************************ 4,714 2,758 2,217
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
Income from continuing operations available to common shareholders per common share
Basic *************************************************************************************** $ 4.19 $ 3.51 $ 2.45
Diluted ************************************************************************************** $ 4.16 $ 3.49 $ 2.42
Net income available to common shareholders per common share
Basic *************************************************************************************** $ 6.21 $ 3.67 $ 2.97
Diluted ************************************************************************************** $ 6.16 $ 3.65 $ 2.94
Cash dividends per common share **************************************************************** $ 0.52 $ 0.46 $ 0.23
See accompanying notes to consolidated financial statements.
MetLife, Inc. F-3