MetLife 2011 Annual Report Download - page 97

MetLife, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2011, 2010 and 2009
(In millions)
2011 2010 2009
Cash flows from operating activities
Net income (loss) ............................................................................... $ 6,971 $ 2,786 $ (2,278)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expenses ........................................................... 679 585 520
Amortization of premiums and accretion of discounts associated with investments, net ....................... (477) (1,078) (967)
(Gains) losses on investments and derivatives and from sales of businesses, net ........................... (3,181) 854 7,715
(Income) loss from equity method investments, net of dividends or distributions ............................. 315 48 1,279
Interest credited to policyholder account balances ................................................... 5,603 4,925 4,852
Interest credited to bank deposits ................................................................ 95 137 163
Universal life and investment-type product policy fees ................................................ (7,806) (6,037) (5,218)
Change in trading and other securities ............................................................ 648 (1,369) (1,152)
Change in residential mortgage loans held-for-sale, net ............................................... (4,530) (487) (800)
Change in mortgage servicing rights .............................................................. (60) (165) (687)
Change in accrued investment income ............................................................ 525 (206) (110)
Change in premiums, reinsurance and other receivables .............................................. 58 (1,023) (1,653)
Change in deferred policy acquisition costs, net ..................................................... (1,397) (541) (1,837)
Change in income tax recoverable (payable) ........................................................ 2,022 1,292 (2,614)
Change in other assets ........................................................................ 2,360 1,948 (660)
Change in insurance-related liabilities and policy-related balances ....................................... 7,068 6,489 6,401
Change in other liabilities ....................................................................... 1,136 (315) 865
Other, net ................................................................................... 261 153 (16)
Net cash provided by operating activities ............................................................ 10,290 7,996 3,803
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities ........................................................................ 104,302 86,529 64,428
Equity securities .............................................................................. 2,006 1,371 2,545
Mortgage loans .............................................................................. 13,486 6,361 5,769
Real estate and real estate joint ventures ........................................................... 1,296 322 43
Other limited partnership interests ................................................................ 1,121 522 947
Purchases of:
Fixed maturity securities ........................................................................ (116,939) (100,713) (83,940)
Equity securities .............................................................................. (1,481) (949) (1,986)
Mortgage loans .............................................................................. (14,694) (8,967) (4,692)
Real estate and real estate joint ventures ........................................................... (1,534) (786) (579)
Other limited partnership interests ................................................................ (1,147) (1,008) (803)
Cash received in connection with freestanding derivatives ............................................... 2,815 1,814 3,292
Cash paid in connection with freestanding derivatives .................................................. (3,478) (2,548) (5,393)
Sales of businesses, net of cash and cash equivalents disposed of $54, $0 and $180, respectively .............. 126 — (50)
Sale of interest in joint venture ..................................................................... 265 — —
Disposal of subsidiary ........................................................................... 4 — (19)
Purchases of businesses, net of cash and cash equivalents acquired of $70, $4,175 and $0, respectively ......... (163) (3,021) —
Net change in policy loans ........................................................................ (66) (225) (259)
Net change in short-term investments ............................................................... (7,949) 3,033 5,534
Net change in other invested assets ................................................................ (36) 137 1,388
Other, net .................................................................................... (169) (186) (160)
Net cash used in investing activities ................................................................ $ (22,235) $ (18,314) $(13,935)
See accompanying notes to the consolidated financial statements.
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