MetLife 2009 Annual Report Download - page 212

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23. Discontinued Operations
Real Estate
The Company actively manages its real estate portfolio with the objective of maximizing earnings through selective acquisitions and
dispositions. Income related to real estate classified as held-for-sale or sold is presented in discontinued operations. These assets are
carried at the lower of depreciated cost or estimated fair value less expected disposition costs.
The following information presents the components of income from discontinued real estate operations:
2009 2008 2007
Years Ended
December 31,
(In millions)
Revenues
Investmentincome ................................................... $ 9 $13 $28
Investmentexpense................................................... (2) (4) (10)
Netinvestmentgains(losses)............................................. 8 8 13
Totalrevenues..................................................... 15 17 31
Provisionforincometax ................................................ 5 6 13
Incomefromdiscontinuedoperations,netofincometax ........................... $10 $11 $18
The carrying value of real estate related to discontinued operations was $44 million and $51 million at December 31, 2009 and 2008,
respectively.
Operations
Texas Life Insurance Company
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, to a third-party and the sale occurred in March 2009. (See also Note 2.) The following tables present the amounts
related to the operations of Cova that have been reflected as discontinued operations in the consolidated statements of operations and
balance sheet:
2009 2008 2007
Years Ended
December 31,
(In millions)
Revenues:
Premiums ........................................................ $ 3 $ 17 $ 15
Universallifeandinvestment-typeproductpolicyfees............................ 15 81 72
Netinvestmentincome................................................ 6 38 39
Otherrevenues..................................................... — — 1
Netinvestmentgains(losses) ........................................... 1 (2) 16
Totalrevenues.................................................... 25 134 143
Expenses:
Policyholderbenefitsandclaims.......................................... 10 70 56
Interestcreditedtopolicyholderaccountbalances.............................. 3 17 17
Policyholderdividends................................................ 1 3 3
Otherexpenses .................................................... 5 29 29
Totalexpenses ................................................... 19 119 105
Incomebeforeprovisionforincometax....................................... 6 15 38
Provisionforincometax ................................................ 2 4 13
Incomefromoperationsofdiscontinuedoperations,netofincometax .................. 4 11 25
Gainondisposal,netofincometax......................................... 28 37 —
Incomefromdiscontinuedoperations,netofincometax ........................... $32 $ 48 $ 25
F-128 MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)