MetLife 2011 Annual Report Download - page 239

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Operations
MetLife Taiwan
During the first quarter of 2011, the Company entered into a definitive agreement to sell its wholly-owned subsidiary, MetLife Taiwan, to a third party,
and the sale occurred in November 2011. See Note 2. The following tables present the amounts related to the operations and financial position of
MetLife Taiwan that have been reflected as discontinued operations in the consolidated statements of operations and as assets and liabilities
held-for-sale in the consolidated balance sheet:
Years ended December 31,
2011 2010 2009
(In millions)
Total revenues ....................................................................... $379 $440 $386
Total expenses ...................................................................... 363 406 373
Income (loss) before provision for income tax ............................................... 16 34 13
Provision for income tax expense (benefit) ................................................. (4) 12 4
Income (loss) from operations of discontinued operations, net of income tax ....................... 20 22 9
Gain (loss) on disposal, net of income tax .................................................. (64) — —
Income (loss) from discontinued operations, net of income tax .................................. $(44) $ 22 $ 9
December 31, 2010
(In millions)
Total assets held-for-sale ..................................................................... $3,331
Total liabilities held-for-sale .................................................................... $3,043
Major classes of assets and liabilities included above: ...............................................
Total investments ........................................................................... $2,726
Total future policy benefits ..................................................................... $2,461
Texas Life Insurance Company
During the fourth quarter of 2008, MetLife, Inc. 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 Note 2. The following table presents the amounts related to the operations of Cova that
have been reflected as discontinued operations in the consolidated statements of operations:
Year Ended
December 31, 2009
(In millions)
Total revenues .............................................................................. $25
Total expenses ............................................................................. 19
Income before provision for income tax .......................................................... 6
Provision for income tax expense ............................................................... 2
Income from operations of discontinued operations, net of income tax .................................. 4
Gain on disposal, net of income tax ............................................................. 28
Income (loss) from discontinued operations, net of income tax ........................................ $32
24. Subsequent Events
Dividends
On February 17, 2012, MetLife, Inc. announced dividends of $0.2527777 per share, for a total of $6 million, on its Series A preferred shares, and
$0.4062500 per share, for a total of $24 million, on its Series B preferred shares, subject to the final confirmation that it has met the financial tests
specified in the Series A and Series B preferred shares, which the Company anticipates will be made on or about March 5, 2012. Both dividends will be
payable March 15, 2012 to shareholders of record as of February 29, 2012.
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