MetLife 2005 Annual Report Download - page 90

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Net Investment Income
The components of net investment income were as follows:
Years Ended December 31,
2005 2004 2003
(In millions)
Fixed maturities *************************************************************************** $11,414 $ 9,397 $ 8,789
Equity securities ************************************************************************** 65 80 31
Mortgage and consumer loans ************************************************************** 2,302 1,963 1,903
Real estate and real estate joint ventures ***************************************************** 804 680 606
Policy loans ****************************************************************************** 572 541 554
Other limited partnership interests************************************************************ 709 324 80
Cash, cash equivalents and short-term investments ******************************************** 400 167 171
Other *********************************************************************************** 472 219 224
Total ********************************************************************************** 16,738 13,371 12,358
Less: Investment expenses ***************************************************************** 1,828 1,007 886
Net investment income ****************************************************************** $14,910 $12,364 $11,472
Net Investment Gains (Losses)
Net investment gains (losses) were as follows:
Years Ended December 31,
2005 2004 2003
(In millions)
Fixed maturities********************************************************************************** $(868) $ 71 $(398)
Equity securities ********************************************************************************* 117 155 41
Mortgage and consumer loans ********************************************************************* 17 (47) (56)
Real estate and real estate joint ventures ************************************************************ 14 16 19
Other limited partnership interests ****************************************************************** 42 53 (84)
Sales of businesses****************************************************************************** 823—
Derivatives ************************************************************************************** 381 (255) (103)
Other ****************************************************************************************** 196 159 30
Net investment gains (losses) ******************************************************************** $ (93) $ 175 $(551)
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in accumulated other comprehensive income, were as follows:
Years Ended December 31,
2005 2004 2003
(In millions)
Fixed maturities***************************************************************************** $ 6,132 $ 9,602 $ 9,204
Equity securities **************************************************************************** 247 287 376
Derivatives ********************************************************************************* (142) (503) (427)
Minority interest***************************************************************************** (171) (104) (51)
Other ************************************************************************************* (102) 39 18
Total ************************************************************************************ 5,964 9,321 9,120
Amounts allocated from:
Future policy benefit loss recognition ********************************************************* (1,410) (1,991) (1,482)
DAC and VOBA ************************************************************************** (79) (541) (674)
Participating contracts ********************************************************************* — — (183)
Policyholder dividend obligation *************************************************************** (1,492) (2,119) (2,130)
Total ************************************************************************************ (2,981) (4,651) (4,469)
Deferred income taxes*********************************************************************** (1,041) (1,676) (1,679)
Total ************************************************************************************ (4,022) (6,327) (6,148)
Net unrealized investment gains (losses) **************************************************** $ 1,942 $ 2,994 $ 2,972
MetLife, Inc.
F-28