MetLife 2009 Annual Report Download - page 173
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Information regarding the closed block revenues and expenses is as follows:
2009 2008 2007
Years Ended December 31,
(In millions)
Revenues
Premiums..................................................... $2,708 $2,787 $2,870
Netinvestmentincomeandotherrevenues ............................... 2,197 2,248 2,350
Net investment gains (losses):
Other-than-temporaryimpairmentsonfixedmaturitysecurities.................. (107) (94) (3)
Other-than-temporary impairments on fixed maturity securities transferred to other
comprehensiveloss ........................................... 40 — —
Othernetinvestmentgains(losses),net................................ 199 10 31
Totalnetinvestmentgains(losses).................................. 132 (84) 28
Totalrevenues............................................... 5,037 4,951 5,248
Expenses
Policyholderbenefitsandclaims ...................................... 3,329 3,393 3,457
Policyholderdividends............................................. 1,394 1,498 1,492
Otherexpenses................................................. 203 217 231
Totalexpenses............................................... 4,926 5,108 5,180
Revenues, net of expenses before provision for income tax expense (benefit) . . . . . . . . . 111 (157) 68
Provision(benefit)forincometaxexpense(benefit) .......................... 36 (68) 21
Revenues, net of expenses and provision for income tax expense (benefit) . . . . . . . . . . . $ 75 $ (89) $ 47
The change in the maximum future earnings of the closed block is as follows:
2009 2008 2007
Years Ended December 31,
(In millions)
BalanceatDecember31,........................................... $4,587 $4,518 $4,429
Less:........................................................
Cumulative effect of a change in accounting principle, net of income tax . . . . . . . . . . . — — (4)
Closedblockadjustment(1)........................................ 144 — —
BalanceatJanuary1, ............................................. 4,518 4,429 4,480
Changeduringyear .............................................. $ (75) $ 89 $ (47)
(1) The closed block adjustment represents an intra-company reallocation of assets which affected the closed block. The adjustment had no
impact on the Company’s consolidated financial statements.
MLIC charges the closed block with federal income taxes, state and local premium taxes and other additive state or local taxes, as well as
investment management expenses relating to the closed block as provided in the Plan. MLIC also charges the closed block for expenses of
maintaining the policies included in the closed block.
F-89MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)