MetLife 2007 Annual Report Download - page 60

Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Preferred
Shares is as follows:
Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate
Dividend
(In millions, except per share data)
November 15, 2007 . . . . . . . . . . November 30, 2007 December 17, 2007 $0.4230476 $11 $0.4062500 $24
August 15, 2007 . . . . . . . . . . . . August 31, 2007 September 17, 2007 $0.4063333 $10 $0.4062500 $24
May 15, 2007 . . . . . . . . . . . . . . May 31, 2007 June 15, 2007 $0.4060062 $10 $0.4062500 $24
March 5, 2007 . . . . . . . . . . . . . February 28, 2007 March 15, 2007 $0.3975000 $10 $0.4062500 $24
$41 $96
November 15, 2006 . . . . . . . . . . November 30, 2006 December 15, 2006 $0.4038125 $10 $0.4062500 $24
August 15, 2006 . . . . . . . . . . . . August 31, 2006 September 15, 2006 $0.4043771 $10 $0.4062500 $24
May 16, 2006 . . . . . . . . . . . . . . May 31, 2006 June 15, 2006 $0.3775833 $ 9 $0.4062500 $24
March 6, 2006 . . . . . . . . . . . . . February 28, 2006 March 15, 2006 $0.3432031 $ 9 $0.4062500 $24
$38 $96
November 15, 2005 . . . . . . . . . . November 30, 2005 December 15, 2005 $0.3077569 $ 8 $0.4062500 $24
August 22, 2005 . . . . . . . . . . . . August 31, 2005 September 15, 2005 $0.2865690 $ 7 $0.4017361 $24
$15 $48
See “— Subsequent Events.”
Affiliated Capital Transactions. During the years ended December 31, 2007 and 2006, the Holding Company invested an aggregate of
$2.8 billion and $1.8 billion, respectively, in various affiliates.
In December 2005, RGA repurchased 1.6 million shares of its outstanding common stock at an aggregate price of $76 million under an
accelerated share repurchase agreement with a major bank. The bank borrowed the stock sold to RGA from third parties and purchased
the shares in the open market over the subsequent few months to return to the lenders. RGA would either pay or receive an amount based
on the actual amount paid by the bank to purchase the shares. These repurchases resulted in an increase in the Company’s ownership
percentage of RGA to approximately 53% at December 31, 2005 from approximately 52% at December 31, 2004. In February 2006, the
final purchase price was determined, resulting in a cash settlement substantially equal to the aggregate cost. RGA recorded the initial
repurchase of shares as treasury stock and recorded the amount received as an adjustment to the cost of the treasury stock. At
December 31, 2007, the Company’s ownership was approximately 52% of RGA.
The Holding Company lends funds, as necessary, to its affiliates, some of which are regulated, to meet their capital requirements. Such
loans are included in loans to affiliates and consisted of the following at:
Affiliate Interest Rate Maturity Date 2007 2006
December 31,
(In millions)
MLIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-month LIBOR + 1.15% December 31, 2009 $ 700 $ —
MLIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.13% December 15, 2032 400 400
MLIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.13% January 15, 2033 100 100
MLIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00% December 31, 2007 — 800
MetLife Investors USA Insurance Company . . . . . 7.35% April 1, 2035 400 400
Total ............................ $1,600 $1,700
Debt Repayments. The Holding Company repaid a $500 million 5.25% senior note which matured in December 2006 and a
$1,006 million 3.911% senior note which matured in May 2005.
Share Repurchase. In October 2004, the Holding Company’s Board of Directors authorized a $1 billion common stock repurchase
program. In February 2007, the Holding Company’s Board of Directors authorized an additional $1 billion common stock repurchase
program. In September 2007, the Holding Company’s Board of Directors authorized an additional $1 billion common stock repurchase
program which began after the completion of the $1 billion common stock repurchase program authorized in February 2007. In January
2008, the Holding Company’s Board of Directors authorized an additional $1 billion common stock repurchase program, which began after
the completion of the September 2007 program. (See “— Subsequent Events”). Under these authorizations, the Holding Company may
purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading
plan meeting the requirements of Rule 10b5-1 under the Exchange Act and in privately negotiated transactions.
The Holding Company has entered into the following accelerated common stock repurchase agreements:
• In December 2007, the Holding Company entered into an accelerated common stock repurchase agreement with a major bank.
Under the terms of the agreement, the Holding Company paid the bank $450 million in cash in January 2008 in exchange for
6.6 million shares of its outstanding common stock that the bank borrowed from third parties. Also, in January 2008, the bank
delivered 1.1 million additional shares of Holding Company’s common stock to the Holding Company resulting in a total of 7.7 million
shares being repurchased under the agreement. At December 31, 2007, the Holding Company recorded the obligation to pay
$450 million to the bank as a reduction of additional paid-in capital. Upon settlement with the bank, the Holding Company increased
additional paid-in capital and reduced treasury stock.
56 MetLife, Inc.