MetLife 2010 Annual Report Download - page 194

Information regarding the closed block revenues and expenses was as follows:
2010 2009 2008
Years Ended December 31,
(In millions)
Revenues
Premiums..................................................... $2,461 $2,708 $2,787
Netinvestmentincome ............................................ 2,294 2,197 2,248
Net investment gains (losses):
Other-than-temporaryimpairmentsonfixedmaturitysecurities.................. (32) (107) (94)
Other-than-temporary impairments on fixed maturity securities transferred to other
comprehensiveincome(loss) ..................................... — 40 —
Othernetinvestmentgains(losses)................................... 71 327 (19)
Totalnetinvestmentgains(losses).................................. 39 260 (113)
Netderivativegains(losses)........................................ (27) (128) 29
Totalrevenues............................................... 4,767 5,037 4,951
Expenses
Policyholderbenefitsandclaims ...................................... 3,115 3,329 3,393
Policyholderdividends............................................. 1,235 1,394 1,498
Otherexpenses................................................. 199 203 217
Totalexpenses............................................... 4,549 4,926 5,108
Revenues, net of expenses before provision for income tax expense (benefit) . . . . . . . . . 218 111 (157)
Provisionforincometaxexpense(benefit)................................ 72 36 (68)
Revenues, net of expenses and provision for income tax expense (benefit) . . . . . . . . . . . $ 146 $ 75 $ (89)
The change in the maximum future earnings of the closed block was as follows:
2010 2009 2008
Years Ended December 31,
(In millions)
BalanceatDecember31,........................................... $4,441 $4,587 $4,518
Less:
Closedblockadjustment(1)........................................ — 144 —
BalanceatJanuary1, ............................................. 4,587 4,518 4,429
Changeduringyear .............................................. $ (146) $ (75) $ 89
(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.
11. Long-term and Short-term Debt
Long-term and short-term debt outstanding is as follows:
Range Weighted Average Maturity 2010 2009
December 31,
Interest Rates
(In millions)
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.61%-7.72% 5.58% 2011-2045 $16,258 $10,458
Advances agreements . . . . . . . . . . . . . . . . . . . . . 0.23%-4.86% 2.41% 2011-2015 3,600 1,846
Surplus notes . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.63%-7.88% 7.85% 2015-2025 699 698
Fixed rate notes . . . . . . . . . . . . . . . . . . . . . . . . . 3.76%-15.00% 8.67% 2011-2012 82 63
Other notes with varying interest rates . . . . . . . . . . . 1.98%-8.00% 7.20% 2013-2030 95 120
Capitalleaseobligations.................... 32 35
Totallong-termdebt(1)..................... 20,766 13,220
Totalshort-termdebt...................... 306 912
Total ............................... $21,072 $14,132
F-105MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)