MetLife 2013 Annual Report Download - page 113

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
2. Segment Information (continued)
Operating Earnings
Americas
Year Ended December 31,
2011 Retail
Group,
Voluntary
& Worksite
Benefits
Corporate
Benefit
Funding Latin America Total Asia EMEA Corporate & Other Total Adjustments Total Consolidated
(In millions)
Revenues
Premiums ............ $ 6,711 $13,949 $2,848 $2,514 $26,022 $ 7,716 $2,477 $ 54 $36,269 $ 92 $36,361
Universal life and
investment-type
product policy fees . . . 4,096 630 232 757 5,715 1,343 315 155 7,528 278 7,806
Net investment income . . 7,414 1,768 5,506 1,025 15,713 2,475 562 888 19,638 (53) 19,585
Other revenues ........ 779 390 249 15 1,433 36 123 60 1,652 880 2,532
Net investment gains
(losses) ............ — — — — — — — — — (867) (867)
Net derivative gains
(losses) ............ — — — — — — — — — 4,824 4,824
Total revenues ....... 19,000 16,737 8,835 4,311 48,883 11,570 3,477 1,157 65,087 5,154 70,241
Expenses
Policyholder benefits and
claims and policyholder
dividends ........... 9,220 13,015 5,287 2,064 29,586 5,239 1,290 126 36,241 676 36,917
Interest credited to
policyholder account
balances ........... 2,412 178 1,323 371 4,284 1,607 166 — 6,057 (454) 5,603
Goodwill impairment .... — — — — — — — — — — —
Capitalization of DAC .... (2,339) (176) (25) (295) (2,835) (2,045) (669) — (5,549) (9) (5,558)
Amortization of DAC and
VOBA .............. 1,845 186 17 207 2,255 1,486 613 1 4,355 543 4,898
Amortization of negative
VOBA .............. — — — (6) (6) (560) (53) — (619) (78) (697)
Interest expense on
debt ............... 1 — 9 1 11 — — 1,293 1,304 325 1,629
Other expenses ........ 5,854 2,198 513 1,305 9,870 4,522 1,723 505 16,620 1,645 18,265
Total expenses ...... 16,993 15,401 7,124 3,647 43,165 10,249 3,070 1,925 58,409 2,648 61,057
Provision for income tax
expense (benefit) ..... 672 445 599 150 1,866 441 156 (584) 1,879 914 2,793
Operating earnings ... $ 1,335 $ 891 $1,112 $ 514 $ 3,852 $ 880 $ 251 $ (184) 4,799
Adjustments to:
Total revenues ........................................................................... 5,154
Total expenses ........................................................................... (2,648)
Provision for income tax (expense) benefit ...................................................... (914)
Income (loss) from continuing operations, net of income tax ................................... $ 6,391 $ 6,391
The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of
the Company’s segments, as well as Corporate & Other:
Years Ended December 31,
2013 2012 2011
(In millions)
Life insurance (1) .............................................................................. $32,176 $31,723 $30,486
Accident and health insurance .................................................................... 13,214 13,255 12,269
Property and casualty insurance .................................................................. 3,270 3,117 3,043
Non-insurance ................................................................................ 385 342 901
Total ...................................................................................... $49,045 $48,437 $46,699
(1) Includes annuities and corporate benefit funding products.
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