|
|
|
METLIFE |
NOTE TO FINANCIAL
SUPPLEMENT |
As used in this Quarterly Financial
Supplement (QFS), MetLife, we and our refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.
This QFS includes certain operating and statistical
measures, such as sales and product spreads, among others, to provide supplemental data regarding the performance of our current business. Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and
allocate resources. Consistent with accounting principles generally accepted in the United States of America (GAAP) accounting guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings
is also a measure by which senior managements and many other employees performance is evaluated for the purposes of determining their compensation under applicable compensation plans.
Operating earnings is defined as operating revenues less
operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.
Operating revenues and operating expenses exclude results
of discontinued operations and other businesses that have been or will be sold or exited by MetLife (Divested businesses). Operating revenues also excludes net investment gains (losses) (NIGL) and net derivative gains
(losses) (NDGL). Operating expenses also excludes goodwill impairments. The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues: |
|
|
Universal life and investment-type product policy fees
excludes the amortization of unearned revenue related to NIGL and NDGL (Unearned revenue adjustments) and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees); |
|
|
Net investment income: (i) includes amounts for
scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment (Investment hedge
adjustments), (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method (Joint venture
adjustments), (iv) excludes certain amounts related to contractholder-directed unit-linked investments (Unit-linked contract income), and (v) excludes certain amounts related to securitization entities that are variable interest
entities (VIEs) consolidated under GAAP (Securitization entities income); and |
|
|
Other revenues are adjusted for settlements of foreign
currency earnings hedges. |
The following additional adjustments are made to GAAP expenses, in the line
items indicated, in calculating operating expenses: |
|
|
Policyholder benefits and claims and policyholder
dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL (PDO adjustments), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts
associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments (Inflation adjustments and pass through adjustments), (iii) benefits and
hedging costs related to GMIBs (GMIB costs), and (iv) market value adjustments associated with surrenders or terminations of contracts (Market value adjustments); |
|
|
Interest credited to policyholder account balances
includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment (PAB hedge adjustments) and
excludes amounts related to net investment income earned on contractholder-directed unit-linked investments (Unit-linked contract costs); |
|
|
Amortization of deferred policy acquisition costs
(DAC) and value of business acquired (VOBA) excludes amounts related to: (i) NIGL and NDGL, (ii) GMIB fees and GMIB costs, and (iii) Market value adjustments; |
|
|
Amortization of negative VOBA excludes amounts related
to Market value adjustments; |
|
|
Interest expense on debt excludes certain amounts
related to securitization entities that are VIEs consolidated under GAAP (Securitization entities debt expense); and |
|
|
Other expenses excludes costs related to: (i)
noncontrolling interests, (ii) implementation of new insurance regulatory requirements (Regulatory implementation costs), and (iii) acquisition and integration costs. |
Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business
combination accounting guidance. In addition to the tax impact of the adjustments mentioned above, provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax
reforms. MetLife, Inc.s tangible common
stockholders equity is defined as MetLife, Inc.s common stockholders equity, excluding the net unrealized investment gains (losses) and defined benefit plans adjustment components of accumulated other comprehensive income (loss)
(AOCI) and is also reduced by the impact of goodwill, value of distribution agreements (VODA) and value of customer relationships acquired (VOCRA), all net of income tax. MetLife, Inc.s common
stockholders equity, excluding AOCI, other than foreign currency translation adjustments (FCTA), is defined as MetLife, Inc.s common stockholders equity, excluding the net unrealized investment gains (losses) and
defined benefit plans adjustment components of AOCI, net of income tax. We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by
highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating earnings available to common
shareholders per diluted common share, investment portfolio gains (losses) and derivative gains (losses) should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses,
income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.s common shareholders, net income (loss) available to MetLife, Inc.s common shareholders per diluted common share, net investment
gains (losses) and net derivative gains (losses), respectively. MetLife, Inc.s tangible common stockholders equity and MetLife, Inc.s common stockholders equity, excluding AOCI, other than FCTA, should not be viewed as
substitutes for total MetLife, Inc.s stockholders equity calculated in accordance with GAAP.
In addition, the following are return on equity definitions: |
|
|
Operating return on MetLife, Inc.s tangible
common stockholders equity - operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.s average tangible common stockholders
equity. |
|
|
Operating return on MetLife, Inc.s common
stockholders equity, excluding AOCI other than FCTA - operating earnings available to common shareholders divided by MetLife, Inc.s average common stockholders equity, excluding AOCI other than FCTA. |
|
|
Operating return on MetLife, Inc.s common
stockholders equity, excluding AOCI - operating earnings available to common shareholders divided by MetLife, Inc.s average common stockholders equity, excluding AOCI. |
|
|
Operating return on MetLife, Inc.s common
stockholders equity - operating earnings available to common shareholders divided by MetLife, Inc.s average common stockholders equity. |
|
|
Return on MetLife, Inc.s tangible common
stockholders equity - net income (loss) available to MetLife, Inc.s common shareholders, excluding goodwill impairment and amortization of VODA and VOCRA, net of income tax, divided by MetLife, Inc.s average tangible common
stockholders equity. |
|
|
Return on MetLife, Inc.s common
stockholders equity, excluding AOCI other than FCTA - net income (loss) available to MetLife, Inc.s common shareholders divided by MetLife, Inc.s average common stockholders equity, excluding AOCI other than
FCTA. |
|
|
Return on MetLife, Inc.s common
stockholders equity, excluding AOCI - net income (loss) available to MetLife, Inc.s common shareholders divided by MetLife, Inc.s average common stockholders equity, excluding AOCI. |
|
|
Return on MetLife, Inc.s common
stockholders equity - net income (loss) available to MetLife, Inc.s common shareholders divided by MetLife, Inc.s average common stockholders equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON
SHAREHOLDERS |
|
|
|
For the Three Months Ended March 31, 2014 |
|
Unaudited (In millions) |
|
Consolidated |
|
|
Americas
|
|
|
Asia
|
|
|
EMEA
|
|
|
Corporate & Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
9,217 |
|
|
$ |
6,710 |
|
|
$ |
1,890 |
|
|
$ |
597 |
|
|
$ |
20 |
|
Universal life and investment-type product policy fees |
|
|
2,323 |
|
|
|
1,792 |
|
|
|
389 |
|
|
|
109 |
|
|
|
33 |
|
Net investment income |
|
|
5,085 |
|
|
|
4,129 |
|
|
|
700 |
|
|
|
107 |
|
|
|
149 |
|
Other revenues |
|
|
491 |
|
|
|
427 |
|
|
|
27 |
|
|
|
16 |
|
|
|
21 |
|
Total operating revenues |
|
|
17,116 |
|
|
|
13,058 |
|
|
|
3,006 |
|
|
|
829 |
|
|
|
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
9,373 |
|
|
|
7,692 |
|
|
|
1,397 |
|
|
|
261 |
|
|
|
23 |
|
Interest credited to policyholder account balances |
|
|
1,401 |
|
|
|
971 |
|
|
|
387 |
|
|
|
34 |
|
|
|
9 |
|
Capitalization of DAC |
|
|
(1,046 |
) |
|
|
(376 |
) |
|
|
(494 |
) |
|
|
(176 |
) |
|
|
- |
|
Amortization of DAC and VOBA |
|
|
1,050 |
|
|
|
548 |
|
|
|
338 |
|
|
|
164 |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
(103 |
) |
|
|
- |
|
|
|
(94 |
) |
|
|
(9 |
) |
|
|
- |
|
Interest expense on debt |
|
|
294 |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
292 |
|
Other expenses |
|
|
3,951 |
|
|
|
2,321 |
|
|
|
991 |
|
|
|
464 |
|
|
|
175 |
|
Total operating expenses |
|
|
14,920 |
|
|
|
11,158 |
|
|
|
2,525 |
|
|
|
738 |
|
|
|
499 |
|
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
2,196 |
|
|
|
1,900 |
|
|
|
481 |
|
|
|
91 |
|
|
|
(276 |
) |
Provision for income tax expense (benefit) |
|
|
604 |
|
|
|
576 |
|
|
|
148 |
|
|
|
20 |
|
|
|
(140 |
) |
Operating earnings |
|
|
1,592 |
|
|
|
1,324 |
|
|
|
333 |
|
|
|
71 |
|
|
|
(136 |
) |
Preferred stock dividends |
|
|
30 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30 |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
1,562 |
|
|
$ |
1,324 |
|
|
$ |
333 |
|
|
$ |
71 |
|
|
$ |
(166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
1,592 |
|
|
$ |
1,324 |
|
|
$ |
333 |
|
|
$ |
71 |
|
|
$ |
(136 |
) |
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) (1) |
|
|
(411 |
) |
|
|
(517 |
) |
|
|
157 |
|
|
|
(9 |
) |
|
|
(42 |
) |
Net derivative gains (losses) |
|
|
343 |
|
|
|
286 |
|
|
|
(7 |
) |
|
|
38 |
|
|
|
26 |
|
Premiums |
|
|
2 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
98 |
|
|
|
95 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
Net investment income |
|
|
(50 |
) |
|
|
(113 |
) |
|
|
(35 |
) |
|
|
87 |
|
|
|
11 |
|
Other revenues |
|
|
(13 |
) |
|
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(254 |
) |
|
|
(234 |
) |
|
|
(18 |
) |
|
|
(2 |
) |
|
|
- |
|
Interest credited to policyholder account balances |
|
|
(68 |
) |
|
|
(17 |
) |
|
|
35 |
|
|
|
(86 |
) |
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
(8 |
) |
|
|
(5 |
) |
|
|
1 |
|
|
|
(4 |
) |
|
|
- |
|
Amortization of negative VOBA |
|
|
12 |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
(18 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(18 |
) |
Other expenses |
|
|
(3 |
) |
|
|
- |
|
|
|
6 |
|
|
|
(2 |
) |
|
|
(7 |
) |
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
120 |
|
|
|
169 |
|
|
|
(41 |
) |
|
|
(13 |
) |
|
|
5 |
|
Income (loss) from continuing operations, net of income tax |
|
|
1,342 |
|
|
|
987 |
|
|
|
430 |
|
|
|
86 |
|
|
|
(161 |
) |
Income (loss) from discontinued operations, net of income
tax |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
1,339 |
|
|
|
984 |
|
|
|
430 |
|
|
|
86 |
|
|
|
(161 |
) |
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
11 |
|
|
|
5 |
|
|
|
6 |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
1,328 |
|
|
|
979 |
|
|
|
424 |
|
|
|
86 |
|
|
|
(161 |
) |
Less: Preferred stock dividends |
|
|
30 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30 |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
1,298 |
|
|
$ |
979 |
|
|
$ |
424 |
|
|
$ |
86 |
|
|
$ |
(191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
12,031 |
|
|
$ |
8,929 |
|
|
$ |
2,306 |
|
|
$ |
722 |
|
|
$ |
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS RETAIL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
1,724 |
|
|
$ |
1,812 |
|
|
$ |
1,869 |
|
|
$ |
1,875 |
|
Universal life and investment-type product policy fees |
|
|
1,247 |
|
|
|
1,256 |
|
|
|
1,311 |
|
|
|
1,260 |
|
Net investment income |
|
|
1,994 |
|
|
|
1,947 |
|
|
|
1,965 |
|
|
|
1,981 |
|
Other revenues |
|
|
245 |
|
|
|
265 |
|
|
|
275 |
|
|
|
274 |
|
Total operating revenues |
|
|
5,210 |
|
|
|
5,280 |
|
|
|
5,420 |
|
|
|
5,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
2,407 |
|
|
|
2,438 |
|
|
|
2,555 |
|
|
|
2,451 |
|
Interest credited to policyholder account balances |
|
|
555 |
|
|
|
561 |
|
|
|
567 |
|
|
|
562 |
|
Capitalization of DAC |
|
|
(234 |
) |
|
|
(249 |
) |
|
|
(239 |
) |
|
|
(247 |
) |
Amortization of DAC and VOBA |
|
|
429 |
|
|
|
378 |
|
|
|
335 |
|
|
|
373 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
Other expenses |
|
|
1,142 |
|
|
|
1,181 |
|
|
|
1,163 |
|
|
|
1,225 |
|
Total operating expenses |
|
|
4,299 |
|
|
|
4,309 |
|
|
|
4,380 |
|
|
|
4,366 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
911 |
|
|
|
971 |
|
|
|
1,040 |
|
|
|
1,024 |
|
Provision for income tax expense (benefit) |
|
|
275 |
|
|
|
294 |
|
|
|
255 |
|
|
|
306 |
|
Operating earnings |
|
|
636 |
|
|
|
677 |
|
|
|
785 |
|
|
|
718 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
636 |
|
|
$ |
677 |
|
|
$ |
785 |
|
|
$ |
718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
636 |
|
|
$ |
677 |
|
|
$ |
785 |
|
|
$ |
718 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
6 |
|
|
|
10 |
|
|
|
9 |
|
|
|
(32 |
) |
Net derivative gains (losses) |
|
|
71 |
|
|
|
225 |
|
|
|
283 |
|
|
|
(15 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
93 |
|
|
|
92 |
|
|
|
96 |
|
|
|
96 |
|
Net investment income |
|
|
(117 |
) |
|
|
(114 |
) |
|
|
(109 |
) |
|
|
(117 |
) |
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(118 |
) |
|
|
(215 |
) |
|
|
(34 |
) |
|
|
(129 |
) |
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
(5 |
) |
|
|
(37 |
) |
|
|
(53 |
) |
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
25 |
|
|
|
14 |
|
|
|
(68 |
) |
|
|
71 |
|
Income (loss) from continuing operations, net of income tax |
|
|
591 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
589 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
589 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
589 |
|
|
$ |
652 |
|
|
$ |
909 |
|
|
$ |
592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
3,216 |
|
|
$ |
3,333 |
|
|
$ |
3,455 |
|
|
$ |
3,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
1,486 |
|
|
$ |
1,508 |
|
|
$ |
1,521 |
|
|
$ |
1,627 |
|
Universal life and investment-type product policy fees |
|
|
400 |
|
|
|
394 |
|
|
|
434 |
|
|
|
402 |
|
Net investment income |
|
|
1,249 |
|
|
|
1,222 |
|
|
|
1,247 |
|
|
|
1,263 |
|
Other revenues |
|
|
137 |
|
|
|
154 |
|
|
|
165 |
|
|
|
166 |
|
Total operating revenues |
|
|
3,272 |
|
|
|
3,278 |
|
|
|
3,367 |
|
|
|
3,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
2,032 |
|
|
|
1,991 |
|
|
|
1,974 |
|
|
|
2,055 |
|
Interest credited to policyholder account balances |
|
|
219 |
|
|
|
226 |
|
|
|
230 |
|
|
|
229 |
|
Capitalization of DAC |
|
|
(145 |
) |
|
|
(168 |
) |
|
|
(158 |
) |
|
|
(163 |
) |
Amortization of DAC and VOBA |
|
|
201 |
|
|
|
196 |
|
|
|
164 |
|
|
|
193 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
1 |
|
Other expenses |
|
|
587 |
|
|
|
646 |
|
|
|
621 |
|
|
|
648 |
|
Total operating expenses |
|
|
2,894 |
|
|
|
2,890 |
|
|
|
2,830 |
|
|
|
2,963 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
378 |
|
|
|
388 |
|
|
|
537 |
|
|
|
495 |
|
Provision for income tax expense (benefit) |
|
|
123 |
|
|
|
122 |
|
|
|
172 |
|
|
|
162 |
|
Operating earnings |
|
|
255 |
|
|
|
266 |
|
|
|
365 |
|
|
|
333 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
255 |
|
|
$ |
266 |
|
|
$ |
365 |
|
|
$ |
333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
255 |
|
|
$ |
266 |
|
|
$ |
365 |
|
|
$ |
333 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
(14 |
) |
|
|
1 |
|
|
|
(9 |
) |
|
|
(35 |
) |
Net derivative gains (losses) |
|
|
69 |
|
|
|
6 |
|
|
|
98 |
|
|
|
119 |
|
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
(55 |
) |
|
|
(54 |
) |
|
|
(56 |
) |
|
|
(57 |
) |
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
(16 |
) |
|
|
(11 |
) |
|
|
68 |
|
|
|
(19 |
) |
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
6 |
|
|
|
21 |
|
|
|
(36 |
) |
|
|
(2 |
) |
Income (loss) from continuing operations, net of income tax |
|
|
245 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
243 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
243 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
243 |
|
|
$ |
228 |
|
|
$ |
430 |
|
|
$ |
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
2,023 |
|
|
$ |
2,056 |
|
|
$ |
2,120 |
|
|
$ |
2,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
238 |
|
|
$ |
304 |
|
|
$ |
348 |
|
|
$ |
248 |
|
Universal life and investment-type product policy fees |
|
|
847 |
|
|
|
862 |
|
|
|
877 |
|
|
|
858 |
|
Net investment income |
|
|
745 |
|
|
|
725 |
|
|
|
718 |
|
|
|
718 |
|
Other revenues |
|
|
108 |
|
|
|
111 |
|
|
|
110 |
|
|
|
108 |
|
Total operating revenues |
|
|
1,938 |
|
|
|
2,002 |
|
|
|
2,053 |
|
|
|
1,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
375 |
|
|
|
447 |
|
|
|
581 |
|
|
|
396 |
|
Interest credited to policyholder account balances |
|
|
336 |
|
|
|
335 |
|
|
|
337 |
|
|
|
333 |
|
Capitalization of DAC |
|
|
(89 |
) |
|
|
(81 |
) |
|
|
(81 |
) |
|
|
(84 |
) |
Amortization of DAC and VOBA |
|
|
228 |
|
|
|
182 |
|
|
|
171 |
|
|
|
180 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
Other expenses |
|
|
555 |
|
|
|
535 |
|
|
|
542 |
|
|
|
577 |
|
Total operating expenses |
|
|
1,405 |
|
|
|
1,419 |
|
|
|
1,550 |
|
|
|
1,403 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
533 |
|
|
|
583 |
|
|
|
503 |
|
|
|
529 |
|
Provision for income tax expense (benefit) |
|
|
152 |
|
|
|
172 |
|
|
|
83 |
|
|
|
144 |
|
Operating earnings |
|
|
381 |
|
|
|
411 |
|
|
|
420 |
|
|
|
385 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
381 |
|
|
$ |
411 |
|
|
$ |
420 |
|
|
$ |
385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
381 |
|
|
$ |
411 |
|
|
$ |
420 |
|
|
$ |
385 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
20 |
|
|
|
9 |
|
|
|
18 |
|
|
|
3 |
|
Net derivative gains (losses) |
|
|
2 |
|
|
|
219 |
|
|
|
185 |
|
|
|
(134 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
93 |
|
|
|
93 |
|
|
|
96 |
|
|
|
96 |
|
Net investment income |
|
|
(62 |
) |
|
|
(60 |
) |
|
|
(53 |
) |
|
|
(60 |
) |
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(118 |
) |
|
|
(215 |
) |
|
|
(34 |
) |
|
|
(135 |
) |
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
11 |
|
|
|
(26 |
) |
|
|
(121 |
) |
|
|
19 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
19 |
|
|
|
(7 |
) |
|
|
(32 |
) |
|
|
73 |
|
Income (loss) from continuing operations, net of income tax |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
346 |
|
|
$ |
424 |
|
|
$ |
479 |
|
|
$ |
247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
1,193 |
|
|
$ |
1,277 |
|
|
$ |
1,335 |
|
|
$ |
1,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
4,002 |
|
|
$ |
4,038 |
|
|
$ |
4,010 |
|
|
$ |
3,929 |
|
Universal life and investment-type product policy fees |
|
|
177 |
|
|
|
181 |
|
|
|
180 |
|
|
|
178 |
|
Net investment income |
|
|
456 |
|
|
|
465 |
|
|
|
475 |
|
|
|
465 |
|
Other revenues |
|
|
107 |
|
|
|
104 |
|
|
|
103 |
|
|
|
106 |
|
Total operating revenues |
|
|
4,742 |
|
|
|
4,788 |
|
|
|
4,768 |
|
|
|
4,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
3,781 |
|
|
|
3,789 |
|
|
|
3,729 |
|
|
|
3,598 |
|
Interest credited to policyholder account balances |
|
|
40 |
|
|
|
39 |
|
|
|
38 |
|
|
|
39 |
|
Capitalization of DAC |
|
|
(34 |
) |
|
|
(36 |
) |
|
|
(37 |
) |
|
|
(36 |
) |
Amortization of DAC and VOBA |
|
|
36 |
|
|
|
35 |
|
|
|
38 |
|
|
|
40 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Other expenses |
|
|
628 |
|
|
|
638 |
|
|
|
634 |
|
|
|
671 |
|
Total operating expenses |
|
|
4,451 |
|
|
|
4,465 |
|
|
|
4,402 |
|
|
|
4,313 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
291 |
|
|
|
323 |
|
|
|
366 |
|
|
|
365 |
|
Provision for income tax expense (benefit) |
|
|
101 |
|
|
|
114 |
|
|
|
125 |
|
|
|
127 |
|
Operating earnings |
|
|
190 |
|
|
|
209 |
|
|
|
241 |
|
|
|
238 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
190 |
|
|
$ |
209 |
|
|
$ |
241 |
|
|
$ |
238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
190 |
|
|
$ |
209 |
|
|
$ |
241 |
|
|
$ |
238 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
(11 |
) |
|
|
10 |
|
|
|
(9 |
) |
|
|
(29 |
) |
Net derivative gains (losses) |
|
|
116 |
|
|
|
71 |
|
|
|
106 |
|
|
|
232 |
|
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
(39 |
) |
|
|
(42 |
) |
|
|
(41 |
) |
|
|
(45 |
) |
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
(23 |
) |
|
|
(14 |
) |
|
|
(19 |
) |
|
|
(55 |
) |
Income (loss) from continuing operations, net of income tax |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
233 |
|
|
$ |
234 |
|
|
$ |
278 |
|
|
$ |
341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
4,286 |
|
|
$ |
4,323 |
|
|
$ |
4,293 |
|
|
$ |
4,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS
OTHER EXPENSES BY MAJOR CATEGORY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct and allocated expenses |
|
$ |
366 |
|
|
$ |
372 |
|
|
$ |
378 |
|
|
$ |
406 |
|
Pension and post-retirement benefit costs |
|
|
24 |
|
|
|
23 |
|
|
|
26 |
|
|
|
22 |
|
Premium taxes, other taxes, and licenses &
fees |
|
|
71 |
|
|
|
80 |
|
|
|
77 |
|
|
|
80 |
|
Total fixed operating expenses |
|
$ |
461 |
|
|
$ |
475 |
|
|
$ |
481 |
|
|
$ |
508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions and other variable expenses |
|
|
167 |
|
|
|
163 |
|
|
|
153 |
|
|
|
163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expenses |
|
$ |
628 |
|
|
$ |
638 |
|
|
$ |
634 |
|
|
$ |
671 |
|
|
|
|
|
|
OTHER STATISTICAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions, except ratios) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Life (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating premiums, fees and other revenues |
|
$ |
1,500 |
|
|
$ |
1,496 |
|
|
$ |
1,464 |
|
|
$ |
1,461 |
|
Mortality ratio |
|
|
91.9% |
|
|
|
86.9% |
|
|
|
87.8% |
|
|
|
86.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group Non-Medical Health (1), (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating premiums, fees and other revenues |
|
$ |
1,631 |
|
|
$ |
1,644 |
|
|
$ |
1,608 |
|
|
$ |
1,630 |
|
Interest Adjusted Loss Ratio (4) |
|
|
79.9% |
|
|
|
82.8% |
|
|
|
80.5% |
|
|
|
78.5% |
|
(1) Certain amounts in prior periods have been reclassified to conform to
current period presentation. Accidental death and dismemberment (AD&D) previously reported in Group Non-Medical Health is now reported in Group Life.
(2) Excludes certain experience-rated contracts and includes
AD&D.
(3) Includes dental, disability, long-term care (LTC), critical
illness, vision and other health. (4) Reflects actual claims experience and excludes the impact of interest credited on future policyholder benefits. The products within Group Non-Medical Health with interest credited
on future policyholder benefits are LTC and disability. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
301 |
|
|
$ |
686 |
|
|
$ |
451 |
|
|
$ |
1,330 |
|
Universal life and investment-type product policy fees |
|
|
57 |
|
|
|
55 |
|
|
|
60 |
|
|
|
54 |
|
Net investment income |
|
|
1,382 |
|
|
|
1,413 |
|
|
|
1,464 |
|
|
|
1,425 |
|
Other revenues |
|
|
68 |
|
|
|
75 |
|
|
|
71 |
|
|
|
72 |
|
Total operating revenues |
|
|
1,808 |
|
|
|
2,229 |
|
|
|
2,046 |
|
|
|
2,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
888 |
|
|
|
1,273 |
|
|
|
1,033 |
|
|
|
1,912 |
|
Interest credited to policyholder account balances |
|
|
278 |
|
|
|
287 |
|
|
|
279 |
|
|
|
296 |
|
Capitalization of DAC |
|
|
(1 |
) |
|
|
(18 |
) |
|
|
(11 |
) |
|
|
(1 |
) |
Amortization of DAC and VOBA |
|
|
4 |
|
|
|
6 |
|
|
|
5 |
|
|
|
4 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
Other expenses |
|
|
115 |
|
|
|
129 |
|
|
|
133 |
|
|
|
115 |
|
Total operating expenses |
|
|
1,286 |
|
|
|
1,679 |
|
|
|
1,441 |
|
|
|
2,329 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
522 |
|
|
|
550 |
|
|
|
605 |
|
|
|
552 |
|
Provision for income tax expense (benefit) |
|
|
182 |
|
|
|
187 |
|
|
|
210 |
|
|
|
192 |
|
Operating earnings |
|
|
340 |
|
|
|
363 |
|
|
|
395 |
|
|
|
360 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
340 |
|
|
$ |
363 |
|
|
$ |
395 |
|
|
$ |
360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
340 |
|
|
$ |
363 |
|
|
$ |
395 |
|
|
$ |
360 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) (1) |
|
|
(541 |
) |
|
|
(195 |
) |
|
|
180 |
|
|
|
124 |
|
Net derivative gains (losses) |
|
|
103 |
|
|
|
125 |
|
|
|
28 |
|
|
|
96 |
|
Premiums |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
40 |
|
|
|
11 |
|
|
|
(15 |
) |
|
|
(22 |
) |
Other revenues |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(33 |
) |
|
|
(28 |
) |
|
|
(5 |
) |
|
|
(31 |
) |
Interest credited to policyholder account balances |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
148 |
|
|
|
24 |
|
|
|
(63 |
) |
|
|
(57 |
) |
Income (loss) from continuing operations, net of income tax |
|
|
48 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
47 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
47 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
47 |
|
|
$ |
295 |
|
|
$ |
509 |
|
|
$ |
466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
426 |
|
|
$ |
816 |
|
|
$ |
582 |
|
|
$ |
1,456 |
|
(1) The three months ended March 31, 2014
and June 30, 2014 include a pre-tax net investment loss of $495 million and $138 million, respectively, related to the sale of MetLife, Inc.s wholly-owned subsidiary, MetLife Assurance Limited. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
683 |
|
|
$ |
798 |
|
|
$ |
812 |
|
|
$ |
746 |
|
Universal life and investment-type product policy fees |
|
|
311 |
|
|
|
317 |
|
|
|
328 |
|
|
|
283 |
|
Net investment income |
|
|
297 |
|
|
|
301 |
|
|
|
317 |
|
|
|
314 |
|
Other revenues |
|
|
7 |
|
|
|
9 |
|
|
|
7 |
|
|
|
12 |
|
Total operating revenues |
|
|
1,298 |
|
|
|
1,425 |
|
|
|
1,464 |
|
|
|
1,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
616 |
|
|
|
749 |
|
|
|
735 |
|
|
|
686 |
|
Interest credited to policyholder account balances |
|
|
98 |
|
|
|
100 |
|
|
|
97 |
|
|
|
99 |
|
Capitalization of DAC |
|
|
(107 |
) |
|
|
(101 |
) |
|
|
(112 |
) |
|
|
(125 |
) |
Amortization of DAC and VOBA |
|
|
79 |
|
|
|
84 |
|
|
|
102 |
|
|
|
69 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
436 |
|
|
|
436 |
|
|
|
450 |
|
|
|
488 |
|
Total operating expenses |
|
|
1,122 |
|
|
|
1,267 |
|
|
|
1,272 |
|
|
|
1,217 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
176 |
|
|
|
158 |
|
|
|
192 |
|
|
|
138 |
|
Provision for income tax expense (benefit) |
|
|
18 |
|
|
|
22 |
|
|
|
70 |
|
|
|
(14 |
) |
Operating earnings |
|
|
158 |
|
|
|
136 |
|
|
|
122 |
|
|
|
152 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
158 |
|
|
$ |
136 |
|
|
$ |
122 |
|
|
$ |
152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
158 |
|
|
$ |
136 |
|
|
$ |
122 |
|
|
$ |
152 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
29 |
|
|
|
(14 |
) |
|
|
(4 |
) |
|
|
19 |
|
Net derivative gains (losses) |
|
|
(4 |
) |
|
|
8 |
|
|
|
(61 |
) |
|
|
(3 |
) |
Premiums |
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
Universal life and investment-type product policy fees |
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
Net investment income |
|
|
3 |
|
|
|
19 |
|
|
|
14 |
|
|
|
3 |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(83 |
) |
|
|
(144 |
) |
|
|
93 |
|
|
|
(82 |
) |
Interest credited to policyholder account balances |
|
|
(14 |
) |
|
|
(28 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
6 |
|
|
|
6 |
|
|
|
2 |
|
|
|
4 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
19 |
|
|
|
38 |
|
|
|
(25 |
) |
|
|
16 |
|
Income (loss) from continuing operations, net of income tax |
|
|
115 |
|
|
|
22 |
|
|
|
119 |
|
|
|
88 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
115 |
|
|
|
22 |
|
|
|
119 |
|
|
|
88 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
5 |
|
|
|
4 |
|
|
|
2 |
|
|
|
2 |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
110 |
|
|
|
18 |
|
|
|
117 |
|
|
|
86 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
110 |
|
|
$ |
18 |
|
|
$ |
117 |
|
|
$ |
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
1,001 |
|
|
$ |
1,124 |
|
|
$ |
1,147 |
|
|
$ |
1,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
1,890 |
|
|
$ |
1,913 |
|
|
$ |
1,939 |
|
|
$ |
1,824 |
|
Universal life and investment-type product policy fees |
|
|
389 |
|
|
|
400 |
|
|
|
487 |
|
|
|
417 |
|
Net investment income |
|
|
700 |
|
|
|
724 |
|
|
|
738 |
|
|
|
724 |
|
Other revenues |
|
|
27 |
|
|
|
24 |
|
|
|
27 |
|
|
|
28 |
|
Total operating revenues |
|
|
3,006 |
|
|
|
3,061 |
|
|
|
3,191 |
|
|
|
2,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
1,397 |
|
|
|
1,425 |
|
|
|
1,535 |
|
|
|
1,367 |
|
Interest credited to policyholder account balances |
|
|
387 |
|
|
|
394 |
|
|
|
394 |
|
|
|
369 |
|
Capitalization of DAC |
|
|
(494 |
) |
|
|
(457 |
) |
|
|
(507 |
) |
|
|
(456 |
) |
Amortization of DAC and VOBA |
|
|
338 |
|
|
|
362 |
|
|
|
367 |
|
|
|
330 |
|
Amortization of negative VOBA |
|
|
(94 |
) |
|
|
(92 |
) |
|
|
(89 |
) |
|
|
(89 |
) |
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
991 |
|
|
|
977 |
|
|
|
1,027 |
|
|
|
980 |
|
Total operating expenses |
|
|
2,525 |
|
|
|
2,609 |
|
|
|
2,727 |
|
|
|
2,501 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
481 |
|
|
|
452 |
|
|
|
464 |
|
|
|
492 |
|
Provision for income tax expense (benefit) |
|
|
148 |
|
|
|
128 |
|
|
|
154 |
|
|
|
152 |
|
Operating earnings |
|
|
333 |
|
|
|
324 |
|
|
|
310 |
|
|
|
340 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
333 |
|
|
$ |
324 |
|
|
$ |
310 |
|
|
$ |
340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
333 |
|
|
$ |
324 |
|
|
$ |
310 |
|
|
$ |
340 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
157 |
|
|
|
82 |
|
|
|
136 |
|
|
|
137 |
|
Net derivative gains (losses) |
|
|
(7 |
) |
|
|
(35 |
) |
|
|
(80 |
) |
|
|
(410 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
1 |
|
|
|
7 |
|
|
|
3 |
|
Net investment income |
|
|
(35 |
) |
|
|
2 |
|
|
|
145 |
|
|
|
281 |
|
Other revenues |
|
|
(13 |
) |
|
|
(4 |
) |
|
|
- |
|
|
|
(5 |
) |
Policyholder benefits and claims and policyholder dividends |
|
|
(18 |
) |
|
|
(26 |
) |
|
|
(51 |
) |
|
|
(75 |
) |
Interest credited to policyholder account balances |
|
|
35 |
|
|
|
2 |
|
|
|
(151 |
) |
|
|
(289 |
) |
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
1 |
|
|
|
3 |
|
|
|
1 |
|
|
|
(2 |
) |
Amortization of negative VOBA |
|
|
12 |
|
|
|
12 |
|
|
|
11 |
|
|
|
11 |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
6 |
|
|
|
4 |
|
|
|
6 |
|
|
|
4 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
(41 |
) |
|
|
(27 |
) |
|
|
4 |
|
|
|
99 |
|
Income (loss) from continuing operations, net of income tax |
|
|
430 |
|
|
|
338 |
|
|
|
338 |
|
|
|
94 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
430 |
|
|
|
338 |
|
|
|
338 |
|
|
|
94 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
6 |
|
|
|
4 |
|
|
|
5 |
|
|
|
4 |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
424 |
|
|
|
334 |
|
|
|
333 |
|
|
|
90 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
424 |
|
|
$ |
334 |
|
|
$ |
333 |
|
|
$ |
90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
2,306 |
|
|
$ |
2,337 |
|
|
$ |
2,453 |
|
|
$ |
2,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
597 |
|
|
$ |
584 |
|
|
$ |
581 |
|
|
$ |
547 |
|
Universal life and investment-type product policy fees |
|
|
109 |
|
|
|
117 |
|
|
|
127 |
|
|
|
113 |
|
Net investment income |
|
|
107 |
|
|
|
112 |
|
|
|
109 |
|
|
|
100 |
|
Other revenues |
|
|
16 |
|
|
|
11 |
|
|
|
22 |
|
|
|
11 |
|
Total operating revenues |
|
|
829 |
|
|
|
824 |
|
|
|
839 |
|
|
|
771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
261 |
|
|
|
271 |
|
|
|
252 |
|
|
|
269 |
|
Interest credited to policyholder account balances |
|
|
34 |
|
|
|
35 |
|
|
|
43 |
|
|
|
36 |
|
Capitalization of DAC |
|
|
(176 |
) |
|
|
(170 |
) |
|
|
(165 |
) |
|
|
(169 |
) |
Amortization of DAC and VOBA |
|
|
164 |
|
|
|
160 |
|
|
|
152 |
|
|
|
137 |
|
Amortization of negative VOBA |
|
|
(9 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
464 |
|
|
|
456 |
|
|
|
463 |
|
|
|
463 |
|
Total operating expenses |
|
|
738 |
|
|
|
746 |
|
|
|
738 |
|
|
|
727 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
91 |
|
|
|
78 |
|
|
|
101 |
|
|
|
44 |
|
Provision for income tax expense (benefit) |
|
|
20 |
|
|
|
6 |
|
|
|
23 |
|
|
|
(20 |
) |
Operating earnings |
|
|
71 |
|
|
|
72 |
|
|
|
78 |
|
|
|
64 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
71 |
|
|
$ |
72 |
|
|
$ |
78 |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
71 |
|
|
$ |
72 |
|
|
$ |
78 |
|
|
$ |
64 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
(9 |
) |
|
|
2 |
|
|
|
(9 |
) |
|
|
(1 |
) |
Net derivative gains (losses) |
|
|
38 |
|
|
|
49 |
|
|
|
16 |
|
|
|
11 |
|
Premiums |
|
|
3 |
|
|
|
18 |
|
|
|
19 |
|
|
|
6 |
|
Universal life and investment-type product policy fees |
|
|
3 |
|
|
|
4 |
|
|
|
1 |
|
|
|
3 |
|
Net investment income |
|
|
87 |
|
|
|
273 |
|
|
|
219 |
|
|
|
231 |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
(2 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(3 |
) |
Interest credited to policyholder account balances |
|
|
(86 |
) |
|
|
(254 |
) |
|
|
(213 |
) |
|
|
(226 |
) |
Capitalization of DAC |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
(2 |
) |
|
|
- |
|
|
|
(14 |
) |
|
|
(3 |
) |
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
(13 |
) |
|
|
(38 |
) |
|
|
(9 |
) |
|
|
(28 |
) |
Income (loss) from continuing operations, net of income tax |
|
|
86 |
|
|
|
116 |
|
|
|
77 |
|
|
|
51 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
86 |
|
|
|
116 |
|
|
|
77 |
|
|
|
51 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
Net income (loss) attributable to MetLife, Inc. |
|
|
86 |
|
|
|
115 |
|
|
|
76 |
|
|
|
52 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
86 |
|
|
$ |
115 |
|
|
$ |
76 |
|
|
$ |
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
722 |
|
|
$ |
712 |
|
|
$ |
730 |
|
|
$ |
671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON
SHAREHOLDERS |
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
20 |
|
|
$ |
22 |
|
|
$ |
23 |
|
|
$ |
16 |
|
Universal life and investment-type product policy fees |
|
|
33 |
|
|
|
34 |
|
|
|
29 |
|
|
|
31 |
|
Net investment income |
|
|
149 |
|
|
|
133 |
|
|
|
125 |
|
|
|
102 |
|
Other revenues |
|
|
21 |
|
|
|
5 |
|
|
|
13 |
|
|
|
28 |
|
Total operating revenues |
|
|
223 |
|
|
|
194 |
|
|
|
190 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
23 |
|
|
|
19 |
|
|
|
15 |
|
|
|
4 |
|
Interest credited to policyholder account balances |
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
292 |
|
|
|
297 |
|
|
|
291 |
|
|
|
287 |
|
Other expenses |
|
|
175 |
|
|
|
162 |
|
|
|
133 |
|
|
|
379 |
|
Total operating expenses |
|
|
499 |
|
|
|
487 |
|
|
|
447 |
|
|
|
678 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
(276 |
) |
|
|
(293 |
) |
|
|
(257 |
) |
|
|
(501 |
) |
Provision for income tax expense (benefit) |
|
|
(140 |
) |
|
|
(133 |
) |
|
|
(181 |
) |
|
|
(243 |
) |
Operating earnings |
|
|
(136 |
) |
|
|
(160 |
) |
|
|
(76 |
) |
|
|
(258 |
) |
Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
(166 |
) |
|
$ |
(191 |
) |
|
$ |
(106 |
) |
|
$ |
(289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
(136 |
) |
|
$ |
(160 |
) |
|
$ |
(76 |
) |
|
$ |
(258 |
) |
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
(42 |
) |
|
|
(20 |
) |
|
|
(194 |
) |
|
|
12 |
|
Net derivative gains (losses) |
|
|
26 |
|
|
|
(132 |
) |
|
|
186 |
|
|
|
274 |
|
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
11 |
|
|
|
15 |
|
|
|
4 |
|
|
|
7 |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18 |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
(18 |
) |
|
|
(13 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
Other expenses |
|
|
(7 |
) |
|
|
(18 |
) |
|
|
(31 |
) |
|
|
(59 |
) |
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
5 |
|
|
|
47 |
|
|
|
(22 |
) |
|
|
(95 |
) |
Income (loss) from continuing operations, net of income tax |
|
|
(161 |
) |
|
|
(281 |
) |
|
|
(136 |
) |
|
|
(105 |
) |
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
(161 |
) |
|
|
(281 |
) |
|
|
(136 |
) |
|
|
(105 |
) |
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
1 |
|
|
|
(8 |
) |
|
|
1 |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
(161 |
) |
|
|
(282 |
) |
|
|
(128 |
) |
|
|
(106 |
) |
Less: Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
(191 |
) |
|
$ |
(313 |
) |
|
$ |
(158 |
) |
|
$ |
(137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
74 |
|
|
$ |
61 |
|
|
$ |
65 |
|
|
$ |
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE NOTABLE ITEMS (1)
|
|
RETAIL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
Variable investment income, as compared to plan |
|
$ |
26 |
|
|
$ |
(9 |
) |
|
$ |
25 |
|
|
$ |
- |
|
Catastrophe experience and prior year development, net |
|
|
- |
|
|
|
(20 |
) |
|
|
23 |
|
|
|
6 |
|
Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
56 |
|
|
|
19 |
|
|
|
(9 |
) |
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
38 |
|
|
|
- |
|
Total notable items |
|
$ |
26 |
|
|
$ |
27 |
|
|
$ |
105 |
|
|
$ |
(3 |
) |
|
|
|
|
|
RETAIL - LIFE & OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In
millions) |
|
|
March 31, 2014 |
|
|
|
June 30, 2014 |
|
|
|
September 30, 2014 |
|
|
|
December 31, 2014 |
|
Variable investment income, as compared to plan |
|
$ |
15 |
|
|
$ |
(12 |
) |
|
$ |
17 |
|
|
$ |
- |
|
Catastrophe experience and prior year development, net |
|
|
- |
|
|
|
(20 |
) |
|
|
23 |
|
|
|
6 |
|
Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
56 |
|
|
|
37 |
|
|
|
(9 |
) |
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
Total notable items |
|
$ |
15 |
|
|
$ |
24 |
|
|
$ |
82 |
|
|
$ |
(3 |
) |
|
|
|
|
|
RETAIL - ANNUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In
millions) |
|
|
March 31, 2014 |
|
|
|
June 30, 2014 |
|
|
|
September 30, 2014 |
|
|
|
December 31, 2014 |
|
Variable investment income, as compared to plan |
|
$ |
11 |
|
|
$ |
3 |
|
|
$ |
8 |
|
|
$ |
- |
|
Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
- |
|
|
|
(18 |
) |
|
|
- |
|
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
33 |
|
|
|
- |
|
Total notable items |
|
$ |
11 |
|
|
$ |
3 |
|
|
$ |
23 |
|
|
$ |
- |
|
|
|
|
|
|
CORPORATE & OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
Variable investment income, as compared to plan |
|
$ |
21 |
|
|
$ |
- |
|
|
$ |
(7 |
) |
|
$ |
- |
|
Litigation reserves & settlement costs |
|
|
(57 |
) |
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
Total notable items |
|
$ |
(36 |
) |
|
$ |
- |
|
|
$ |
(13 |
) |
|
$ |
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1) |
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
825 |
|
|
$ |
838 |
|
|
$ |
855 |
|
|
$ |
861 |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
41 |
|
|
|
40 |
|
|
|
44 |
|
|
|
44 |
|
Other revenues |
|
|
5 |
|
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
Total operating revenues |
|
|
871 |
|
|
|
882 |
|
|
|
903 |
|
|
|
911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
574 |
|
|
|
641 |
|
|
|
527 |
|
|
|
541 |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
(96 |
) |
|
|
(105 |
) |
|
|
(108 |
) |
|
|
(101 |
) |
Amortization of DAC and VOBA |
|
|
100 |
|
|
|
97 |
|
|
|
102 |
|
|
|
105 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
223 |
|
|
|
234 |
|
|
|
230 |
|
|
|
230 |
|
Total operating expenses |
|
|
801 |
|
|
|
867 |
|
|
|
751 |
|
|
|
775 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
70 |
|
|
|
15 |
|
|
|
152 |
|
|
|
136 |
|
Provision for income tax expense (benefit) |
|
|
12 |
|
|
|
(8 |
) |
|
|
39 |
|
|
|
35 |
|
Operating earnings |
|
|
58 |
|
|
|
23 |
|
|
|
113 |
|
|
|
101 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
58 |
|
|
$ |
23 |
|
|
$ |
113 |
|
|
$ |
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
58 |
|
|
$ |
23 |
|
|
$ |
113 |
|
|
$ |
101 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
4 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
2 |
|
Net derivative gains (losses) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(5 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
(1 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
1 |
|
Income (loss) from continuing operations, net of income tax |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
59 |
|
|
$ |
22 |
|
|
$ |
115 |
|
|
$ |
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
830 |
|
|
$ |
842 |
|
|
$ |
859 |
|
|
$ |
867 |
|
(1) Represents the operating earnings of total property & casualty,
which is a combination of retail property & casualty and group property & casualty. This does not represent a reported segment as defined by MetLife. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
444 |
|
|
$ |
448 |
|
|
$ |
454 |
|
|
$ |
454 |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
23 |
|
|
|
22 |
|
|
|
23 |
|
|
|
24 |
|
Other revenues |
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
4 |
|
Total operating revenues |
|
|
470 |
|
|
|
474 |
|
|
|
480 |
|
|
|
482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
300 |
|
|
|
364 |
|
|
|
263 |
|
|
|
269 |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
(64 |
) |
|
|
(71 |
) |
|
|
(73 |
) |
|
|
(67 |
) |
Amortization of DAC and VOBA |
|
|
68 |
|
|
|
67 |
|
|
|
69 |
|
|
|
70 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
116 |
|
|
|
125 |
|
|
|
122 |
|
|
|
120 |
|
Total operating expenses |
|
|
420 |
|
|
|
485 |
|
|
|
381 |
|
|
|
392 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
50 |
|
|
|
(11 |
) |
|
|
99 |
|
|
|
90 |
|
Provision for income tax expense (benefit) |
|
|
11 |
|
|
|
(13 |
) |
|
|
28 |
|
|
|
25 |
|
Operating earnings |
|
|
39 |
|
|
|
2 |
|
|
|
71 |
|
|
|
65 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
39 |
|
|
$ |
2 |
|
|
$ |
71 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial
Statement Line Item Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
39 |
|
|
$ |
2 |
|
|
$ |
71 |
|
|
$ |
65 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
2 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
Net derivative gains (losses) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(3 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
1 |
|
Income (loss) from continuing operations, net of income tax |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
40 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
447 |
|
|
$ |
452 |
|
|
$ |
457 |
|
|
$ |
458 |
|
(1) Represents the operating earnings of
retail property & casualty, as reported in the Retail segment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - GROUP PROPERTY & CASUALTY (1)
|
|
|
|
For the Three Months Ended |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums |
|
$ |
381 |
|
|
$ |
390 |
|
|
$ |
401 |
|
|
$ |
407 |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
18 |
|
|
|
18 |
|
|
|
21 |
|
|
|
20 |
|
Other revenues |
|
|
2 |
|
|
|
- |
|
|
|
1 |
|
|
|
2 |
|
Total operating revenues |
|
|
401 |
|
|
|
408 |
|
|
|
423 |
|
|
|
429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits and claims and policyholder dividends |
|
|
274 |
|
|
|
277 |
|
|
|
264 |
|
|
|
272 |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
(32 |
) |
|
|
(34 |
) |
|
|
(35 |
) |
|
|
(34 |
) |
Amortization of DAC and VOBA |
|
|
32 |
|
|
|
30 |
|
|
|
33 |
|
|
|
35 |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
107 |
|
|
|
109 |
|
|
|
108 |
|
|
|
110 |
|
Total operating expenses |
|
|
381 |
|
|
|
382 |
|
|
|
370 |
|
|
|
383 |
|
|
|
|
|
|
Operating earnings before provision for income tax |
|
|
20 |
|
|
|
26 |
|
|
|
53 |
|
|
|
46 |
|
Provision for income tax expense (benefit) |
|
|
1 |
|
|
|
5 |
|
|
|
11 |
|
|
|
10 |
|
Operating earnings |
|
|
19 |
|
|
|
21 |
|
|
|
42 |
|
|
|
36 |
|
Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
42 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Net Income (Loss) and Financial
Statement Line Item Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
42 |
|
|
$ |
36 |
|
Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment gains (losses) |
|
|
2 |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
1 |
|
Net derivative gains (losses) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net investment income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision for income tax (expense) benefit |
|
|
(1 |
) |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
Income (loss) from continuing operations, net of income tax |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to MetLife, Inc. |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to MetLife, Inc.s common
shareholders |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
43 |
|
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Premiums, Fees and Other Revenues |
|
$ |
383 |
|
|
$ |
390 |
|
|
$ |
402 |
|
|
$ |
409 |
|
(1) Represents the operating earnings of
group property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments. |
|