MetLife 2012 Annual Report Download - page 9

December 31,
2012 2011 2010 2009 2008
(In millions)
Balance Sheet Data (1)
Separate account assets .................................................. $235,393 $ 203,023 $ 183,138 $ 148,854 $ 120,697
Total assets (2) .......................................................... $836,781 $ 796,226 $ 728,249 $ 537,531 $ 499,794
Policyholder liabilities and other policy-related balances (3) ........................ $438,191 $ 421,267 $ 399,135 $ 281,495 $ 280,351
Short-term debt .......................................................... $ 100 $ 686 $ 306 $ 912 $ 2,659
Long-term debt (2) ....................................................... $ 19,062 $ 23,692 $ 27,586 $ 13,220 $ 9,667
Collateral financing arrangements ............................................ $ 4,196 $ 4,647 $ 5,297 $ 5,297 $ 5,192
Junior subordinated debt securities .......................................... $ 3,192 $ 3,192 $ 3,191 $ 3,191 $ 3,758
Separate account liabilities ................................................. $235,393 $ 203,023 $ 183,138 $ 148,854 $ 120,697
Accumulated other comprehensive income (loss) ............................... $ 11,397 $ 6,083 $ 1,145 $ (3,049) $ (14,512)
Total MetLife, Inc.’s stockholders’ equity ....................................... $ 64,453 $ 57,519 $ 46,853 $ 31,336 $ 21,846
Noncontrolling interests .................................................... $ 384 $ 370 $ 365 $ 371 $ 249
Years Ended December 31,
2012 2011 2010 2009 2008
Other Data (1), (4)
Return on MetLife, Inc.’s common equity ................................................ 2.0% 12.2% 6.9% (9.9)% 10.9%
Return on MetLife, Inc.’s common equity, excluding accumulated other comprehensive income
(loss) .......................................................................... 2.4% 13.2% 7.0% (7.3)% 9.3%
(1) On November 1, 2010 (the “ALICO Acquisition Date”), MetLife, Inc. completed the acquisition of American Life Insurance Company (“American Life”)
from AM Holdings LLC (formerly known as ALICO Holdings LLC) (“AM Holdings”), a subsidiary of American International Group, Inc. (“AIG”), and
Delaware American Life Insurance Company (“DelAm”) from AIG (American Life, together with DelAm, collectively, “ALICO”) (the “ALICO Acquisition”).
The results of the ALICO Acquisition are reflected in the selected financial data from the ALICO Acquisition Date. See Note 3 of the Notes to the
Consolidated Financial Statements.
(2) Total assets and long-term debt include amounts relating to variable interest entities as follows at:
December 31,
2012 2011 2010
(In millions)
General account assets .................................................................... $ 6,692 $ 7,273 $ 11,080
Long-term debt ........................................................................... $ 2,527 $ 3,068 $ 6,902
(3) Policyholder liabilities and other policy-related balances include future policy benefits, policyholder account balances, other policy-related balances,
policyholder dividends payable and the policyholder dividend obligation.
(4) Return on MetLife, Inc.’s common equity is defined as net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s
average common stockholders’ equity.
(5) For the years ended December 31, 2012 and 2010, all shares related to the assumed issuance of shares in settlement of the applicable purchase
contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive. For the year
ended December 31, 2009, shares related to the assumed exercise or issuance of stock-based awards have been excluded from the calculation of
diluted earnings per common share, as to include such assumed shares would be anti-dilutive.
Business
With a more than 140-year history, we have grown to become a leading global provider of insurance, annuities and employee benefit programs,
serving 90 million customers. Through our subsidiaries and affiliates, we hold leading market positions in the United States, Japan, Latin America, Asia,
Europe and the Middle East. Over the past several years, we have grown our core businesses, as well as successfully executed on our growth strategy.
This has included completing a number of transactions that have resulted in the acquisition and, in some cases, divestiture of certain businesses while
also further strengthening our balance sheet to position MetLife for continued growth.
MetLife is organized into six segments, reflecting three broad geographic regions: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit
Funding; and Latin America (collectively, the “Americas”); Asia; and Europe, the Middle East and Africa (“EMEA”). In addition, the Company reports
certain of its results of operations in Corporate & Other, which includes MetLife Bank, National Association (“MetLife Bank”) (see Note 3 of the Notes to
the Consolidated Financial Statements for information regarding MetLife Bank’s exit from certain of its businesses (the “MetLife Bank Divestiture”)) and
other business activities. Management continues to evaluate the Company’s segment performance and allocated resources and may adjust related
measurements in the future to better reflect segment profitability.
On November 1, 2010, MetLife, Inc. acquired ALICO. The assets, liabilities and operating results relating to the ALICO Acquisition are included in the
Latin America, Asia and EMEA segments. See Note 3 of the Notes to the Consolidated Financial Statements.
Certain international subsidiaries have a fiscal year-end of November 30. Accordingly, the Company’s consolidated financial statements reflect the
assets and liabilities of such subsidiaries as of November 30, 2012 and 2011 and the operating results of such subsidiaries for the years ended
November 30, 2012, 2011 and 2010.
In the U.S., we provide a variety of insurance and financial services products, including life, dental, disability, property & casualty, guaranteed
interest, stable value and annuities, through both proprietary and independent retail distribution channels, as well as at the workplace. This business
serves approximately 60,000 group customers, including over 90 of the top 100 FORTUNE 500®companies, and provides protection and retirement
solutions to millions of individuals.
MetLife, Inc. 3