MetLife 2013 Annual Report Download - page 96

MetLife, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2013, 2012 and 2011
(In millions)
2013 2012 2011
Cash flows from operating activities
Net income (loss) ......................................................................... $ 3,393 $ 1,362 $ 6,415
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses ...................................................... 714 596 679
Amortization of premiums and accretion of discounts associated with investments, net ................. (167) (426) (477)
(Gains) losses on investments and derivatives and from sales of businesses, net ...................... 4,011 3,197 (3,181)
(Income) loss from equity method investments, net of dividends or distributions ....................... 99 108 315
Interest credited to policyholder account balances .............................................. 8,179 7,729 5,603
Interest credited to bank deposits ........................................................... 2 78 95
Universal life and investment-type product policy fees ........................................... (9,451) (8,556) (7,806)
Goodwill impairment ..................................................................... — 1,868 —
Change in fair value option and trading securities ............................................... (1,433) 1,900 648
Change in residential mortgage loans held-for-sale, net .......................................... 373 3,370 (4,530)
Change in mortgage servicing rights ......................................................... — 153 (60)
Change in accrued investment income ....................................................... 293 219 525
Change in premiums, reinsurance and other receivables ......................................... (582) (109) 58
Change in deferred policy acquisition costs and value of business acquired, net ...................... (920) (1,139) (591)
Change in income tax .................................................................... 871 (883) 1,742
Change in other assets ................................................................... 1,767 2,951 2,360
Change in insurance-related liabilities and policy-related balances .................................. 6,897 5,918 7,081
Change in other liabilities .................................................................. 1,008 (1,699) 1,136
Other, net ............................................................................. 1,077 523 261
Net cash provided by (used in) operating activities ................................................ 16,131 17,160 10,273
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities ................................................................. 117,523 103,823 104,302
Equity securities ....................................................................... 725 1,140 2,006
Mortgage loans ....................................................................... 12,881 14,673 13,486
Real estate and real estate joint ventures ................................................... 356 1,018 1,296
Other limited partnership interests ......................................................... 807 974 1,121
Purchases of:
Fixed maturity securities ................................................................. (117,826) (115,793) (116,939)
Equity securities ....................................................................... (943) (627) (1,481)
Mortgage loans ....................................................................... (14,677) (11,442) (14,694)
Real estate and real estate joint ventures ................................................... (1,880) (1,942) (1,534)
Other limited partnership interests ......................................................... (1,356) (1,323) (1,147)
Cash received in connection with freestanding derivatives ........................................ 1,567 1,933 2,815
Cash paid in connection with freestanding derivatives ........................................... (6,710) (3,258) (3,478)
Net change in securitized reverse residential mortgage loans ...................................... — (1,198) —
Sales of businesses, net of cash and cash equivalents disposed of $14, $29 and
$54, respectively ...................................................................... 393 576 126
Sale of bank deposits .................................................................... (6,395) — —
Sale of interest in joint venture .............................................................. — — 265
Disposal of subsidiary .................................................................... — — 4
Purchases of businesses, net of cash and cash equivalents acquired of $20, $33 and
$70, respectively ...................................................................... (1,840) (16) (163)
Net change in policy loans ................................................................ (112) (111) (66)
Net change in short-term investments ........................................................ 2,955 593 (7,949)
Net change in other invested assets ......................................................... (547) (791) (19)
Other, net ............................................................................. (86) (158) (169)
Net cash provided by (used in) investing activities ................................................ $ (15,165) $ (11,929) $ (22,218)
See accompanying notes to the consolidated financial statements.
88 MetLife, Inc.