MetLife 2009 Annual Report Download - page 207

21. Quarterly Results of Operations (Unaudited)
The unaudited quarterly results of operations for 2009 and 2008 are summarized in the table below:
March 31, June 30, September 30, December 31,
Three Months Ended
(In millions, except per share data)
2009
Totalrevenues................................... $10,214 $ 8,265 $10,238 $12,341
Totalexpenses .................................. $11,176 $10,640 $11,413 $12,162
Income (loss) from continuing operations, net of income tax . . . . . $ (585) $ (1,419) $ (624) $ 310
Income (loss) from discontinued operations, net of income tax . . . . $ 37 $ 1 $ (1) $ 3
Netincome(loss)................................. $ (548) $(1,418) $ (625) $ 313
Less: Net income (loss) attributable to noncontrolling interests. . . . $ (4) $ (16) $ (5) $ (7)
Net income (loss) attributable to MetLife, Inc. . . . . . . . . . . . . . . $ (544) $ (1,402) $ (620) $ 320
Less:Preferredstockdividends ....................... $ 30 $ 31 $ 30 $ 31
Net income (loss) available to MetLife, Inc.’s common
shareholders .................................. $ (574) $(1,433) $ (650) $ 289
Basic earnings per share:
Income (loss) from continuing operations available to MetLife,
Inc.’scommonshareholders....................... $ (0.76) $ (1.74) $ (0.79) $ 0.35
Income (loss) from discontinued operations, net of income tax,
attributabletoMetLife,Inc. ....................... $ 0.05 $ — $ — $ —
Net income (loss) attributable to MetLife, Inc. . . . . . . . . . . . . . $ (0.67) $ (1.71) $ (0.75) $ 0.39
Net income (loss) available to MetLife, Inc.’s common
shareholders................................. $ (0.71) $ (1.74) $ (0.79) $ 0.35
Diluted earnings per share:
Income (loss) from continuing operations available to MetLife,
Inc.’scommonshareholders....................... $ (0.76) $ (1.74) $ (0.79) $ 0.35
Income (loss) from discontinued operations, net of income tax,
attributabletoMetLife,Inc. ....................... $ 0.05 $ — $ — $ —
Net income (loss) attributable to MetLife, Inc. . . . . . . . . . . . . . $ (0.67) $ (1.71) $ (0.75) $ 0.39
Net income (loss) available to MetLife, Inc.’s common
shareholders................................. $ (0.71) $ (1.74) $ (0.79) $ 0.35
2008 (1)
Totalrevenues................................... $11,622 $12,049 $13,351 $13,962
Totalexpenses .................................. $10,792 $10,828 $11,772 $12,531
Income (loss) from continuing operations, net of income tax . . . . . $ 624 $ 879 $ 1,050 $ 928
Income (loss) from discontinued operations, net of income tax . . . . $ 36 $ 117 $ (404) $ 48
Netincome(loss)................................. $ 660 $ 996 $ 646 $ 976
Less: Net income (loss) attributable to noncontrolling interests. . . . $ 12 $ 50 $ 16 $ (9)
Net income (loss) attributable to MetLife, Inc. . . . . . . . . . . . . . . $ 648 $ 946 $ 630 $ 985
Less:Preferredstockdividends ....................... $ 33 $ 31 $ 30 $ 31
Net income (loss) available to MetLife, Inc.’s common
shareholders .................................. $ 615 $ 915 $ 600 $ 954
Basic earnings per share:
Income (loss) from continuing operations available to MetLife,
Inc.’scommonshareholders....................... $ 0.82 $ 1.19 $ 1.43 $ 1.15
Income (loss) from discontinued operations, net of income tax,
attributabletoMetLife,Inc. ....................... $ 0.03 $ 0.09 $ (0.59) $ 0.06
Netincome(loss)attributabletoMetLife,Inc. ............. $ 0.90 $ 1.33 $ 0.88 $ 1.25
Net income (loss) available to MetLife, Inc.’s common
shareholders................................. $ 0.85 $ 1.28 $ 0.84 $ 1.21
Diluted earnings per share:
Income (loss) from continuing operations available to MetLife,
Inc.’scommonshareholders....................... $ 0.81 $ 1.18 $ 1.42 $ 1.14
Income (loss) from discontinued operations, net of income tax,
attributabletoMetLife,Inc. ....................... $ 0.03 $ 0.08 $ (0.59) $ 0.06
Netincome(loss)attributabletoMetLife,Inc. ............. $ 0.88 $ 1.30 $ 0.88 $ 1.25
Net income (loss) available to MetLife, Inc.’s common
shareholders................................. $ 0.84 $ 1.26 $ 0.83 $ 1.20
(1) During the fourth quarter of 2008, the Company recorded a cumulative out-of-period adjustment in connection with the exclusion of
certain derivative gains from the estimation of cumulative gross profits used in the determination of DAC amortization. The adjustment
decreased DAC and increased DAC amortization by $124 million and decreased net income by $80 million in the fourth quarter of 2008.
F-123MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)