MetLife 2008 Annual Report Download - page 221

December 31, 2007
(In millions)
Fixedmaturitysecurities................................................... $ 9,398
Equitysecurities ........................................................ 137
Mortgageandconsumerloans............................................... 832
Policyloans........................................................... 1,059
Short-terminvestments.................................................... 75
Otherinvestedassets .................................................... 4,897
Totalinvestments ...................................................... 16,398
Cashandcashequivalents ................................................. 404
Accruedinvestmentincome................................................. 78
Premiumsandotherreceivables.............................................. 1,440
DeferredpolicyacquisitioncostsandVOBA ...................................... 3,513
Goodwill ............................................................. 96
Otherassets .......................................................... 91
Separateaccountassets .................................................. 17
Totalassetsheld-for-sale................................................. $22,037
Futurepolicybenefits..................................................... $ 6,159
Policyholderaccountbalances............................................... 6,657
Otherpolicyholderfunds................................................... 2,297
Long-termdebt......................................................... 528
Collateralfinancingarrangements............................................. 850
Juniorsubordinateddebtsecurities............................................ 399
Sharessubjecttomandatoryredemption ........................................ 159
Currentincometaxpayable................................................. 33
Deferredincometaxliability................................................. 941
Otherliabilities ......................................................... 1,918
Separateaccountliabilities ................................................. 17
Totalliabilitiesheld-for-sale................................................ $19,958
The operations of RGA include direct policies and reinsurance agreements with MetLife and some of its subsidiaries. These agreements
are generally terminable by either party upon 90 days written notice with respect to future new business. Agreements related to existing
business generally are not terminable, unless the underlying policies terminate or are recaptured. These direct policies and reinsurance
agreements do not constitute significant continuing involvement by the Company with RGA. Included in continuing operations in the
Company’s consolidated statements of operations are amounts related to these transactions, including ceded amounts that reduced
premiums and fees by $158 million, $251 million and $228 million and ceded amounts that reduced policyholder benefits and claims by
$136 million, $290 million and $207 million for the years ended December 31, 2008, 2007 and 2006, respectively that have not been
eliminated as these transactions are expected to continue after the RGA disposition. Related amounts included in the Company’s
consolidated balance sheets include assets totaling $805 million, and liabilities totaling $542 million at December 31, 2007.
During the fourth quarter of 2008, the Holding Company entered into an agreement to sell its wholly-owned subsidiary, Cova, the parent
company of Texas Life Insurance Company, to a third party in the fourth quarter of 2008. The transaction is expected to close in early 2009.
(See also Note 2). Accordingly, the Company has reclassified the assets and liabilities of Cova as held-for-sale and its operations into
discontinued operations for all periods presented in the consolidated financial statements. The following tables present the amounts
F-98 MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)