MetLife 2005 Annual Report Download - page 67

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METLIFE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(In millions)
2005 2004 2003
Cash flows from operating activities
Net income ******************************************************************************** $ 4,714 $ 2,758 $ 2,217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses***************************************************** 352 444 486
Amortization of premiums and accretion of discounts associated with investments, net ************* (201) (110) (180)
(Gains) losses from sales of investments and businesses, net ********************************** (2,271) (302) 122
Interest credited to policyholder account balances ******************************************** 3,925 2,998 3,035
Interest credited to bank deposits ********************************************************** 106 38 17
Universal life and investment-type product policy fees ***************************************** (3,828) (2,867) (2,495)
Change in accrued investment income ***************************************************** (170) (142) (155)
Change in premiums and other receivables************************************************** (37) 78 (334)
Change in deferred policy acquisition costs, net ********************************************** (1,043) (1,331) (1,333)
Change in insurance-related liabilities ******************************************************* 5,709 5,346 4,698
Change in trading securities*************************************************************** (244) — —
Change in income taxes payable ********************************************************** 528 (135) 241
Change in other assets ****************************************************************** 346 (497) (471)
Change in other liabilities ***************************************************************** 506 356 320
Other, net****************************************************************************** (387) (124) (41)
Net cash provided by operating activities ******************************************************** 8,005 6,510 6,127
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturities ************************************************************************* 155,689 87,451 76,200
Equity securities************************************************************************* 1,062 1,686 612
Mortgage and consumer loans ************************************************************ 8,462 3,954 3,483
Real estate and real estate joint ventures**************************************************** 3,668 1,268 1,088
Other limited partnership interests ********************************************************** 1,132 799 331
Purchases of:
Fixed maturities ************************************************************************* (169,102) (94,266) (101,526)
Equity securities************************************************************************* (1,509) (2,178) (232)
Mortgage and consumer loans ************************************************************ (10,902) (9,931) (4,975)
Real estate and real estate joint ventures**************************************************** (1,451) (872) (312)
Other limited partnership interests ********************************************************** (1,105) (894) (643)
Net change in short-term investments ******************************************************** 2,267 (740) 98
Purchase of businesses, net of cash received of $852, $0 and $27, respectively******************** (10,160) (7) 18
Proceeds from sales of businesses, net of cash disposed of $43, $103 and $0, respectively ********* 260 29 5
Net change in other invested assets********************************************************** (426) (575) (803)
Other, net******************************************************************************** (495) (141) (222)
Net cash used in investing activities ************************************************************ $ (22,610) $(14,417) $ (26,878)
See accompanying notes to consolidated financial statements.
MetLife, Inc. F-5