MetLife 2013 Annual Report Download - page 11

December 31,
2013 2012 2011 2010 2009
(In millions)
Balance Sheet Data (1)
Separate account assets (3) ................................................ $317,201 $ 235,393 $ 203,023 $ 183,138 $ 148,854
Total assets (3) .......................................................... $885,296 $ 836,781 $ 796,226 $ 728,249 $ 537,531
Policyholder liabilities and other policy-related balances (3), (4) ..................... $418,487 $ 438,191 $ 421,267 $ 399,135 $ 281,495
Short-term debt .......................................................... $ 175 $ 100 $ 686 $ 306 $ 912
Long-term debt (3) ....................................................... $ 18,653 $ 19,062 $ 23,692 $ 27,586 $ 13,220
Collateral financing arrangements ............................................ $ 4,196 $ 4,196 $ 4,647 $ 5,297 $ 5,297
Junior subordinated debt securities .......................................... $ 3,193 $ 3,192 $ 3,192 $ 3,191 $ 3,191
Separate account liabilities (3) ............................................... $317,201 $ 235,393 $ 203,023 $ 183,138 $ 148,854
Accumulated other comprehensive income (loss) ............................... $ 5,104 $ 11,397 $ 6,083 $ 1,145 $ (3,049)
Total MetLife, Inc.’s stockholders’ equity ....................................... $ 61,553 $ 64,453 $ 57,519 $ 46,853 $ 31,336
Noncontrolling interests .................................................... $ 543 $ 384 $ 370 $ 365 $ 371
Years Ended December 31,
2013 2012 2011 2010 2009
Other Data (1), (5)
Return on MetLife, Inc.’s common equity ................................................ 5.4% 2.0% 12.2% 6.9% (9.9)%
Return on MetLife, Inc.’s common equity, excluding accumulated other comprehensive income
(loss) .......................................................................... 6.2% 2.4% 13.2% 7.0% (7.3)%
(1) On November 1, 2010, MetLife, Inc. acquired ALICO. Results of such acquisition are reflected in the selected financial data since the acquisition
date. See Note 3 of the Notes to the Consolidated Financial Statements.
(2) 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 these assumed shares would be anti-dilutive.
(3) Amounts relating to variable interest entities are as follows at:
December 31,
2013 2012 2011
(In millions)
General account assets ..................................................................... $ 7,525 $ 6,692 $ 7,273
Separate account assets .................................................................... $ 1,033 $ — $ —
Policyholder liabilities and other policy-related balances ............................................. $ 695 $ — $ —
Long-term debt ............................................................................ $ 1,868 $ 2,527 $ 3,068
Separate account liabilities ................................................................... $ 1,033 $ — $ —
(4) 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.
(5) 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.
Business
MetLife has grown to become a leading global provider of insurance, annuities and employee benefit programs. 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 Home Loans LLC (“MLHL”), the surviving, non-bank entity of the merger
of MetLife Bank, National Association (“MetLife Bank”) with and into MLHL. See Note 2 of the Notes to the Consolidated Financial Statements for
additional information about the Company’s segments. See Note 3 of the Notes to the Consolidated Financial Statements for information regarding
MetLife Bank’s exit from substantially all of its businesses (the “MetLife Bank Divestiture”) and other business activities.
On October 1, 2013, MetLife, Inc. completed its previously announced acquisition of Administradora de Fondos de Pensiones Provida S.A.
(“ProVida”), the largest private pension fund administrator in Chile based on assets under management and number of pension fund contributors. The
acquisition of ProVida supports the Company’s growth strategy in emerging markets and further strengthens the Company’s overall position in Chile.
See Note 3 of the Notes to the Consolidated Financial Statements for further information on the acquisition of ProVida.
In the second quarter of 2013, MetLife, Inc. announced its plans to merge three U.S.-based life insurance companies and an offshore reinsurance
subsidiary to create one larger U.S.-based and U.S.-regulated life insurance company (the “Mergers”). The companies to be merged are MetLife
Insurance Company of Connecticut (“MICC”), MetLife Investors USA Insurance Company and MetLife Investors Insurance Company, each a U.S.
insurance company that issues variable annuity products in addition to other products, and Exeter Reassurance Company, Ltd., a reinsurance company
that mainly reinsures guarantees associated with variable annuity products. MICC, which is expected to be renamed and domiciled in Delaware, will be
MetLife, Inc. 3