MetLife 2011 Annual Report Download - page 74

Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for Preferred Stock is as follows for
the years ended December 31, 2011, 2010 and 2009:
Dividend
Declaration Date Record Date Payment Date Series A Per Share Series A Aggregate Series B Per Share Series B Aggregate
(In millions, except per share data)
November 15, 2011 ...................... November 30, 2011 December 15, 2011 $0.2527777 $ 7 $0.4062500 $24
August 15, 2011 ......................... August 31, 2011 September 15, 2011 $0.2555555 $ 6 $0.4062500 $24
May 16, 2011 ........................... May31,2011 June 15, 2011 $0.2555555 7 $0.4062500 24
March 7, 2011 .......................... February 28, 2011 March 15, 2011 $0.2500000 6 $0.4062500 24
$26 $96
November 15, 2010 ...................... November 30, 2010 December 15, 2010 $0.2527777 $ 7 $0.4062500 $24
August 16, 2010 ......................... August 31, 2010 September 15, 2010 $0.2555555 6 $0.4062500 24
May 17, 2010 ........................... May31,2010 June 15, 2010 $0.2555555 7 $0.4062500 24
March 5, 2010 .......................... February 28, 2010 March 15, 2010 $0.2500000 6 $0.4062500 24
$26 $96
November 16, 2009 ...................... November 30, 2009 December 15, 2009 $0.2527777 $ 7 $0.4062500 $24
August 17, 2009 ......................... August 31, 2009 September 15, 2009 $0.2555555 6 $0.4062500 24
May 15, 2009 ........................... May31,2009 June 15, 2009 $0.2555555 7 $0.4062500 24
March 5, 2009 .......................... February 28, 2009 March 16, 2009 $0.2500000 6 $0.4062500 24
$26 $96
Share Repurchases. At December 31, 2011, MetLife, Inc. had $1.3 billion remaining under its common stock repurchase program authorizations.
See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” in the 2011 Form 10-K for further
information relating to such authorizations. During the years ended December 31, 2011, 2010 and 2009, the Company did not repurchase any shares.
Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant
to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended) and in
privately negotiated transactions. Any future common stock repurchases will be dependent upon several factors, including the Company’s capital
position, its liquidity, its financial strength and credit ratings, general market conditions and the market price of MetLife, Inc.’s common stock compared
to management’s assessment of the stock’s underlying value and applicable regulatory approvals, as well as other legal and accounting factors. See
“Business — U.S. Regulation — Financial Holding Company Regulation” in the 2011 Form 10-K.
Residential Mortgage Loans Held-for-Sale. At December 31, 2011 and 2010, the Company held $15.2 billion and $3.3 billion, respectively, in
residential mortgage loans held-for-sale. From time to time, MetLife Bank has an increased cash need to fund mortgage loans that it holds generally for
a relatively short period before selling to one of the government-sponsored enterprises such as FNMA or FHLMC. To meet these increased funding
requirements, as well as to increase overall liquidity, MetLife Bank takes advantage of collateralized borrowing opportunities with the FRB of NY and the
FHLB of NY. For further detail on MetLife Bank’s use of these funding sources, see “ — The Company — Liquidity and Capital Sources — Global
Funding Sources.” Securitized reverse residential mortgage loans were funded through issuance of GNMA securities, for which the corresponding
liability at December 31, 2011 of $7.7 billion is included in other liabilities.
Investment and Other. Additional cash outflows include those related to obligations of securities lending activities, investments in real estate, limited
partnerships and joint ventures, as well as litigation-related liabilities. Also, the Company pledges collateral to, and has collateral pledged to it by,
counterparties under the Company’s current derivative transactions. At December 31, 2011 and 2010, the Company was obligated to return cash
collateral under its control of $9.5 billion and $2.6 billion, respectively. See “— Investments — Derivative Financial Instruments — Credit Risk.” With
respect to derivative transactions with credit ratings downgrade triggers, a two-notch downgrade would have increased the Company’s derivative
collateral requirements by $83 million at December 31, 2011. In addition, the Company has pledged collateral and has had collateral pledged to it, and
may be required from time to time to pledge additional collateral or be entitled to have additional collateral pledged to it, in connection with collateral
financing arrangements related to the reinsurance of closed block liabilities and universal life secondary guarantee liabilities. See “— The Company —
Liquidity and Capital Sources — Collateral Financing Arrangements.”
Securities Lending. The Company participates in a securities lending program whereby blocks of securities, which are included in fixed maturity
securities and short-term investments, are loaned to third parties, primarily brokerage firms and commercial banks. The Company obtains collateral,
usually cash, from the borrower, which must be returned to the borrower when the loaned securities are returned to the Company. Under the
Company’s securities lending program, the Company was liable for cash collateral under its control of $24.2 billion and $24.6 billion at December 31,
2011 and 2010, respectively. Of these amounts, $2.7 billion and $2.8 billion at December 31, 2011 and 2010, respectively, were on open, meaning
that the related loaned security could be returned to the Company on the next business day upon return of cash collateral. The estimated fair value of
the securities on loan related to the cash collateral on open at December 31, 2011 was $2.7 billion, of which $2.6 billion were U.S. Treasury and
agency securities which, if put to the Company, can be immediately sold to satisfy the cash requirements.
70 MetLife, Inc.