MetLife 2013 Annual Report Download - page 33

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Reconciliation of income (loss) from continuing operations, net of income tax, to operating earnings available to common
shareholders
Year Ended December 31, 2013
Retail
Group,
Voluntary
& Worksite
Benefits
Corporate
Benefit
Funding Latin
America Asia EMEA Corporate
& Other Total
(In millions)
Income (loss) from continuing operations, net of income tax . . . $1,498 $ 397 $ 1,178 $666 $ 582 $ 349 $(1,279) $ 3,391
Less: Net investment gains (losses) ...................... 70 (21) (8) 20 343 (16) (227) 161
Less: Net derivative gains (losses) ....................... (724) (676) (235) (24) (1,057) (6) (517) (3,239)
Less: Goodwill impairment ............................. – – – – – – – –
Less:Otheradjustmentstocontinuingoperations(1) ......... (926) (172) 46 167 (435) 75 (393) (1,638)
Less: Provision for income tax (expense) benefit ............ 554 304 68 (71) 487 (33) 389 1,698
Operating earnings .................................. $2,524 $ 962 $ 1,307 $574 $ 1,244 $ 329 (531) 6,409
Less: Preferred stock dividends ......................... 122 122
Operating earnings available to common shareholders ....... $ (653) $ 6,287
Year Ended December 31, 2012
Retail
Group,
Voluntary
& Worksite
Benefits
Corporate
Benefit
Funding Latin
America Asia EMEA Corporate
& Other Total
(In millions)
Income (loss) from continuing operations, net of income tax .... $ (44) $ 824 $1,204 $ 479 $ 976 $293 $(2,418) $ 1,314
Less: Net investment gains (losses) ....................... 212 (7) 107 (2) (342) 31 (351) (352)
Less: Net derivative gains (losses) ........................ 162 (63) (157) 38 (170) 61 (1,790) (1,919)
Less: Goodwill impairment .............................. (1,692) – – – – – (176) (1,868)
Less:Otheradjustmentstocontinuingoperations(1) .......... (1,260) (141) 19 (193) (32) (22) (921) (2,550)
Less: Provision for income tax (expense) benefit ............. 532 75 11 53 483 (48) 1,089 2,195
Operating earnings .................................... $2,002 $ 960 $1,224 $ 583 $1,037 $271 (269) 5,808
Less: Preferred stock dividends .......................... 122 122
Operating earnings available to common shareholders ........ $ (391) $ 5,686
Year Ended December 31, 2011
Retail
Group,
Voluntary
& Worksite
Benefits
Corporate
Benefit
Funding Latin
America Asia EMEA Corporate
& Other Total
(In millions)
Income (loss) from continuing operations, net of income tax ..... $2,486 $1,568 $1,454 $ 214 $ 835 $(153) $ (13) $ 6,391
Less: Net investment gains (losses) ........................ 158 (26) 19 (6) (305) (525) (182) (867)
Less: Net derivative gains (losses) ......................... 2,321 1,203 426 (36) 202 32 676 4,824
Less: Goodwill impairment ............................... – – – – – – – –
Less: Other adjustments to continuing operations (1) ........... (709) (137) 79 (340) 14 (75) (283) (1,451)
Less: Provision for income tax (expense) benefit .............. (619) (363) (182) 82 44 164 (40) (914)
Operating earnings ..................................... $1,335 $ 891 $1,112 $ 514 $ 880 $ 251 (184) 4,799
Less: Preferred stock dividends ........................... 122 122
Operating earnings available to common shareholders ......... $(306) $ 4,677
(1) See definitions of operating revenues and operating expenses under “— Non-GAAP and Other Financial Disclosures” for the components of such
adjustments.
MetLife, Inc. 25