MetLife 2008 Annual Report Download - page 222

related to the operations and financial position of Cova that have been reflected as discontinued operations in the consolidated statements
of income:
2008 2007 2006
Years Ended December 31,
(In millions)
Premiums........................................................ $ 17 $ 15 $ 14
Universallifeandinvestment-typeproductpolicyfees........................... 81 72 68
Netinvestmentincome............................................... 38 39 55
Otherrevenues.................................................... — 1 1
Netinvestmentgains(losses)........................................... (2) 16 (5)
Totalrevenues ................................................... 134 143 133
Policyholderbenefitsandclaims......................................... 70 56 72
Interestcreditedtopolicyholderaccountbalances ............................. 17 17 17
Policyholderdividends ............................................... 3 3 2
Otherexpenses.................................................... 29 29 28
Totalexpenses................................................... 119 105 119
Incomebeforeprovisionforincometax..................................... 15 38 14
Provisionforincometax .............................................. 4 13 3
Incomefromdiscontinuedoperations,netofincometax ......................... 11 25 11
Gainondisposal,netofincometax....................................... 37 — —
Incomefromdiscontinuedoperations,netofincometax ......................... $ 48 $ 25 $ 11
2008 2007
December 31,
(In millions)
Fixedmaturitysecurities ..................................................... $514 $508
Equitysecurities .......................................................... 1 2
Mortgageandconsumerloans................................................. 41 44
Policyloans ............................................................. 35 34
Realestateandrealestatejointventuresheld-for-investment ............................. 2 2
Short-terminvestments...................................................... — 29
Otherinvestedassets....................................................... — 1
Totalinvestments ........................................................ 593 620
Cashandcashequivalents ................................................... 32 3
Accruedinvestmentincome................................................... 7 6
Premiumsandotherreceivables................................................ 19 17
DeferredpolicyacquisitioncostsandVOBA ........................................ 232 198
Deferredincometaxasset.................................................... 61 —
Otherassets ............................................................ 2 2
Totalassetsheld-for-sale................................................... $946 $846
Futurepolicybenefits....................................................... $180 $158
Policyholderaccountbalances................................................. 356 350
Otherpolicyholderfunds..................................................... 181 156
Policyholderdividendspayable................................................. 4 3
Currentincometaxpayable................................................... 1 —
Deferredincometaxliability................................................... — 14
Otherliabilities ........................................................... 26 22
Totalliabilitiesheld-for-sale.................................................. $748 $703
On August 31, 2007, MetLife Insurance Limited (“MetLife Australia”) completed the sale of its annuities and pension businesses to a
third party for $25 million in cash consideration resulting in a gain upon disposal of $41 million, net of income tax, which was adjusted in the
F-99MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)