MetLife 2006 Annual Report Download - page 158

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For the Year Ended
December 31, 2005 Institutional Individual Auto &
Home International Reinsurance Corporate &
Other Total
(In millions)
Statement of Income:
Premiums....................... $ 11,387 $ 4,485 $2,911 $ 2,186 $ 3,869 $ 22 $ 24,860
Universal life and investment- type product
policyfees..................... 772 2,476 — 579 — 1 3,828
Net investment income . . . . . . . . . . . . . . 5,943 6,534 181 844 606 709 14,817
Otherrevenues ................... 653 477 33 20 58 30 1,271
Netinvestmentgains(losses) .......... (10) (50) (12) 5 22 (48) (93)
Policyholder benefits and claims . . . . . . . . 12,776 5,417 1,994 2,128 3,206 (15) 25,506
Interest credited to policyholder account
balances ...................... 1,652 1,775 — 278 220 — 3,925
Policyholderdividends............... 1 1,670 3 5 — — 1,679
Other expenses . . . . . . . . . . . . . . . . . . . 2,229 3,264 828 1,000 991 955 9,267
Income (loss) from continuing operations
before provision (benefit) for income tax . . 2,087 1,796 288 223 138 (226) 4,306
Provision (benefit) for income tax . . . . . . . . 699 594 64 36 46 (211) 1,228
Income (loss) from discontinued operations,
netofincometax................. 174 296 — 5 — 1,161 1,636
Cumulative effect of a change in accounting,
netofincometax................. — — — — — — —
Netincome...................... $ 1,562 $ 1,498 $ 224 $ 192 $ 92 $ 1,146 $ 4,714
Balance Sheet:
Total assets . . . . . . . . . . . . . . . . . . . . . . $176,401 $228,295 $ 5,397 $18,624 $16,049 $36,879 $481,645
DAC and VOBA . . . . . . . . . . . . . . . . . . . $ 1,259 $ 13,523 $ 186 $ 1,841 $ 2,815 $ 17 $ 19,641
Goodwill........................ $ 959 $ 2,903 $ 157 $ 288 $ 96 $ 394 $ 4,797
Separate account assets . . . . . . . . . . . . . $ 45,239 $ 81,070 $ — $ 1,546 $ 14 $ — $127,869
Policyholder liabilities . . . . . . . . . . . . . . . . $105,998 $120,031 $ 3,490 $13,260 $11,751 $ 7,841 $262,371
Separate account liabilities . . . . . . . . . . . . $ 45,239 $ 81,070 $ — $ 1,546 $ 14 $ — $127,869
For the Year Ended
December 31, 2004 Institutional Individual Auto &
Home International Reinsurance Corporate &
Other Total
(In millions)
Statement of Income:
Premiums ......................... $10,037 $4,186 $2,948 $1,690 $3,348 $ (9) $22,200
Universal life and investment- type product
policyfees....................... 711 1,805 — 349 — 2 2,867
Net investment income . . . . . . . . . . . . . . . . . 4,566 6,027 171 585 538 385 12,272
Otherrevenues...................... 654 422 35 23 56 8 1,198
Netinvestmentgains(losses) ............ 163 91 (9) 23 59 (152) 175
Policyholder benefits and claims . . . . . . . . . . 11,173 5,100 2,079 1,611 2,694 5 22,662
Interest credited to policyholder account
balances ........................ 1,016 1,618 — 151 212 — 2,997
Policyholderdividends................. — 1,657 2 6 1 — 1,666
Other expenses . . . . . . . . . . . . . . . . . . . . . 1,972 2,870 795 614 957 605 7,813
Income (loss) from continuing operations before
provision (benefit) for income tax . . . . . . . . . 1,970 1,286 269 288 137 (376) 3,574
Provision (benefit) for income tax . . . . . . . . . . 671 426 61 86 46 (294) 996
Income (loss) from discontinued operations, net
ofincometax ..................... 28 24 — (9) — 223 266
Cumulative effect of a change in accounting,
netofincometax................... (60) — — (30) — 4 (86)
Netincome........................ $ 1,267 $ 884 $ 208 $ 163 $ 91 $145 $ 2,758
Net investment income and net investment gains (losses) are based upon the actual results of each segment’s specifically identifiable
asset portfolio adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of
such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates
included in the Company’s product pricing.
Revenues derived from any customer did not exceed 10% of consolidated revenues for the years ended December 31, 2006, 2005 and
2004. Revenues from U.S. operations were $42.0 billion, $39.5 billion and $34.8 billion for the years ended December 31, 2006, 2005 and
2004, respectively, which represented 87%, 88% and 90%, respectively, of consolidated revenues.
F-75MetLife, Inc.
METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)