UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) May 6, 2015
METLIFE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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| 1-15787 |
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13-4075851 |
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(IRS Employer Identification No.) |
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| 200 Park Avenue, New York, New York |
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10166-0188 |
| (Address of Principal Executive Offices) |
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(Zip Code) |
212-578-9500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2015, MetLife, Inc. (the “Company”) issued (i) a news release announcing its results for the
quarter ended March 31, 2015 (the “Earnings Release”), a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, and (ii) a Quarterly Financial Supplement for the quarter ended March 31,
2015 (the “Quarterly Financial Supplement”), a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release and the Quarterly Financial Supplement are furnished and not filed pursuant
to instruction B.2 of Form 8-K.
Item 9.01 Financial Statements and Exhibits.
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99.1 |
News release of MetLife, Inc., dated May 6, 2015, announcing its results for the quarter ended March 31, 2015 |
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99.2 |
Quarterly Financial Supplement for the quarter ended March 31, 2015 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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| METLIFE, INC. |
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| By: |
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/s/ Timothy J. Ring |
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Name: |
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Timothy J. Ring |
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Title: |
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Senior Vice President and Secretary |
Date: May 6, 2015
3
EXHIBIT INDEX
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| EXHIBIT
NUMBER |
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EXHIBIT |
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| 99.1 |
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News release of MetLife, Inc., dated May 6, 2015, announcing its results for the quarter ended March 31, 2015 |
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| 99.2 |
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Quarterly Financial Supplement for the quarter ended March 31, 2015 |
Exhibit 99.1
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| Contacts: |
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For Media: |
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John Calagna |
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(212) 578-6252 |
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For Investors: |
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Edward Spehar |
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(212) 578-7888 |
METLIFE ANNOUNCES FIRST QUARTER 2015 RESULTS
NEW YORK, May 6, 2015 – MetLife, Inc. (NYSE: MET) today reported the following results for the first quarter of 2015:
MetLife reported operating earnings* of $1.6 billion, up 5 percent over the first quarter of 2014, and up 10 percent on a constant currency basis*. On a per
share basis, operating earnings were $1.44, up 5 percent over the prior year quarter. Operating earnings in the Americas grew 4 percent on a reported basis and 6 percent on a constant currency basis. Operating earnings in Asia decreased 2 percent on
a reported basis, but were up 8 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 1 percent on a reported basis, but increased 35 percent on a constant currency basis.
First quarter 2015 operating earnings included the following item:
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Unfavorable catastrophe experience partially offset by favorable prior year development, which resulted in a decrease in operating earnings of $16 million, or $0.01 per share, after tax |
MetLife’s operating return on equity (ROE), excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments
(FCTA)*, was 11.7 percent for the first quarter of 2015 and the company’s tangible operating ROE* was 14.4 percent.
On a GAAP basis, MetLife
reported first quarter 2015 net income of $2.1 billion, or $1.87 per share. Net income includes $534 million, after tax, in net derivative gains, reflecting the weakening of foreign currencies against the dollar and lower interest rates. MetLife
uses derivatives as part of its broader asset-liability management strategy to hedge certain risks, such as movements in interest rates and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations
in net income because the risk being hedged may not have the same GAAP accounting treatment.
Premiums, fees & other revenues* were $12.1 billion, essentially unchanged from the first quarter of
2014 (up 4 percent on a constant currency basis).
Book value, excluding AOCI other than FCTA*, was $50.45 per share, up 6 percent from $47.70 per share
at March 31, 2014.
“MetLife had a good first quarter,” said Steven A. Kandarian, chairman, president and chief executive officer of
MetLife, Inc. “While the continued strengthening of the U.S. dollar impacted reported earnings, our businesses had solid underlying growth. We are pleased with the success of our strategy to grow capital efficient, protection oriented products.
For example, accident and health sales outside of the U.S. increased 24 percent and voluntary product sales in the U.S. grew 57 percent.”
FIRST
QUARTER 2015 SUMMARY
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| ($ in millions, except per share data) |
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Three months ended March 31 |
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2015 |
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2014 |
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Change |
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| Premiums, fees & other revenues |
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$ |
12,050 |
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$ |
12,031 |
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| Total operating revenues |
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$ |
17,032 |
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$ |
17,116 |
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| Operating earnings |
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$ |
1,638 |
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$ |
1,562 |
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5 |
% |
| Operating earnings per share |
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$ |
1.44 |
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$ |
1.37 |
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5 |
% |
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| Net income |
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$ |
2,128 |
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$ |
1,298 |
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| Net income per share |
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$ |
1.87 |
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$ |
1.14 |
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| Book value per share, excluding AOCI other than FCTA |
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$ |
50.45 |
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$ |
47.70 |
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6 |
% |
| Book value per share – tangible common stockholders’ equity |
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$ |
41.32 |
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$ |
37.76 |
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9 |
% |
| Book value per share |
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$ |
64.37 |
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$ |
56.65 |
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14 |
% |
| * |
Information regarding the non-GAAP financial measures included in this news release and the reconciliation of the non-GAAP financial measures to GAAP measures is provided in the Non-GAAP and Other Financial Disclosures
discussion below, as well as in the tables that accompany this release and/or the First Quarter 2015 Financial Supplement (which is available on the MetLife Investor Relations Web page at www.metlife.com). |
BUSINESS DISCUSSIONS
All comparisons of the results for
the first quarter of 2015 in the business discussions that follow are with the first quarter of 2014, unless otherwise noted.
THE AMERICAS
Total operating earnings for the Americas were $1.4 billion, up 4 percent (6 percent on a constant currency basis), driven by underwriting and business growth.
Operating return on allocated equity* was 14.1 percent for the first quarter and operating return on allocated tangible equity* was 15.9 percent. Premiums, fees & other revenues for the Americas were $9.2 billion, up 3 percent, and
excluding pension closeouts, up 2 percent.
2
Retail
Operating earnings for Retail were $653 million, up 3 percent, driven by separate account performance. Premiums, fees & other revenues for Retail were
$3.2 billion, up 1 percent, due to an increase in life and disability sales.
Group, Voluntary & Worksite Benefits
Operating earnings for Group, Voluntary & Worksite Benefits were $228 million, up 20 percent, driven by favorable underwriting. Premiums,
fees & other revenues for Group, Voluntary & Worksite Benefits were $4.4 billion, up 3 percent, due to higher sales and persistency.
Corporate Benefit Funding
Operating earnings for
Corporate Benefit Funding were $369 million, up 9 percent, due to favorable underwriting and business growth. Premiums, fees & other revenues for Corporate Benefit Funding were $543 million, up 27 percent, due to pension closeouts and
structured settlements.
Latin America
Operating
earnings for Latin America were $131 million, down 17 percent and down 3 percent on a constant currency basis, as business growth and underwriting improvement were offset by lower inflation, higher taxes and U.S. Direct expenses. Premiums,
fees & other revenues in Latin America were $1.0 billion, essentially unchanged from the prior year quarter, but up 13 percent on a constant currency basis. Total sales for the region increased 11 percent on a constant currency basis,
driven by Brazil, Mexico and U.S. Direct.
ASIA
Operating earnings for Asia were $327 million, down 2 percent, but up 8 percent on a constant currency basis, driven by business growth. Operating return on
allocated equity was 11.4 percent for the first quarter and operating return on allocated tangible equity was 19.6 percent. Premiums, fees & other revenues in Asia were $2.2 billion, down 6 percent on a reported basis, but up 6 percent on a
constant currency basis, driven by business growth and solid persistency in all core markets. Total sales for the region increased 4 percent on a constant currency basis, driven by a 32 percent increase in accident and health sales in Japan,
partially offset by a decline in retirement product sales across the region.
EMEA
Operating earnings for EMEA were $70 million, down 1 percent, but up 35 percent on a constant currency basis, driven by business growth, favorable underwriting
and lower expenses. Operating return on allocated equity was 8.4 percent for the first quarter and operating return on allocated tangible equity was 15.4 percent. Premiums, fees & other revenues were $620 million, down 14 percent, but up 2
percent on a constant currency basis. Total sales for the region increased 14 percent on a constant currency basis, due to strong growth in employee benefit and accident and health sales.
3
INVESTMENTS
Net investment income was $5.0 billion, down 2 percent. Variable investment income was $371 million ($241 million, after tax and deferred acquisition costs
(DAC)), compared with $429 million ($274 million, after tax and DAC) in the first quarter of 2014.
Changes in foreign currencies and long-term interest
rates contributed to derivative net gains of $394 million, after tax and other adjustments. Derivative net gains in the first quarter of 2014 were $78 million, after tax and other adjustments.
CORPORATE & OTHER
Corporate & Other
reported an operating loss of $140 million, compared to an operating loss of $166 million in the first quarter of 2014.
Conference Call
MetLife will hold its first quarter 2015 earnings conference call and audio webcast on Thursday, May 7, 2015, from 8-9 a.m. EDT. The conference call will
be available live via telephone and the Internet. To listen via telephone, dial 800-230-1074 (U.S.) or 612-234-9959 (outside the U.S.). To listen to the conference call via the Internet, visit www.metlife.com through a link on the Investor
Relations page. Those who want to listen to the call via telephone or the Internet should dial in or go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.
The conference call will be available for replay via telephone and the Internet beginning at 10 a.m. EDT on Thursday, May 7, 2015, until Thursday,
May 14, 2015, at 11:59 p.m. EDT. To listen to a replay of the conference call via telephone, dial 800-475-6701 (U.S.) or 320-365-3844 (outside the U.S.). The access code for the replay is 344932. To access the replay of the conference call over
the Internet, visit the above-mentioned website.
A brief video of CFO John Hele discussing First Quarter 2015 results can be viewed by visiting the
Investor Relations page of www.metlife.com.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded
in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Non-GAAP and Other
Financial Disclosures
Any references in this news release (except in this section and in the tables that accompany this release) to net income (loss),
net income (loss) per share, operating earnings, operating earnings per share, book value per share, book value per share, excluding AOCI, other than FCTA, book value per share-tangible common stockholders’ equity, premiums, fees and other
revenues, operating return on equity, excluding AOCI, other than FCTA, and tangible operating return on equity should be read as net income (loss) available to MetLife, Inc.’s common shareholders, net income (loss) available to MetLife,
Inc.’s common shareholders per diluted common share, operating earnings available to common shareholders, operating earnings available to common shareholders per diluted common share, book value per common share, book value per common share,
excluding AOCI, other than
4
FCTA, book value per common share-tangible common stockholders’ equity, premiums, fees and other revenues (operating), operating return on MetLife, Inc.’s common stockholders’
equity, excluding AOCI, other than FCTA, and operating return on MetLife, Inc.’s tangible common stockholders’ equity, respectively.
Operating
earnings is the measure of segment profit or loss that MetLife uses 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 MetLife’s measure of segment performance. Operating earnings is also a measure by which MetLife senior management’s 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 and are referred to as 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:
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Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to NIGL and NDGL and certain variable annuity guaranteed minimum income benefits (GMIB) fees (GMIB fees);
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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, (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, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to securitization entities that are variable interest entities (VIEs) consolidated under GAAP; and
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• |
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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:
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Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to NIGL and NDGL, (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, (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); |
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• |
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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 and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments; |
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Amortization of 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; |
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Amortization of negative VOBA excludes amounts related to Market value adjustments; |
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Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and |
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• |
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Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, 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.
5
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 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 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.
MetLife believes the presentation of operating
earnings and operating earnings available to common shareholders as MetLife measures it for management purposes enhances the understanding of the company’s performance by highlighting the results of operations and the underlying profitability
drivers of the 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. Reconciliations of these measures to the most directly comparable GAAP measures are included in the First Quarter 2015 Financial Supplement and/or in the tables that accompany this earnings news release.
Operating return on MetLife, Inc.’s tangible common stockholders’ equity is defined as 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 is defined as 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 is defined as operating earnings available to common
shareholders divided by MetLife, Inc.’s average common stockholders’ equity.
Return on MetLife, Inc.’s tangible common stockholders’
equity is defined as 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, is defined as 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 is defined as net income (loss) available to MetLife, Inc.’s common shareholders divided
by MetLife, Inc.’s average common stockholders’ equity.
Allocated equity is defined as the portion of MetLife, Inc.’s common
stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital model, the purpose of which is to measure
the risk in the business and to provide a basis upon which capital is deployed. Allocated equity excludes the impact of AOCI, other than FCTA.
Operating
return on allocated equity is defined as operating earnings available to common shareholders divided by allocated equity.
Operating return on allocated
tangible equity is defined as operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
6
Return on allocated equity is defined as net income (loss) available to MetLife, Inc.’s common shareholders
divided by allocated equity.
Return on allocated tangible equity is defined as net income (loss) available to MetLife, Inc.’s common shareholders,
excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
We sometimes refer to sales activity for various
products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Statistical sales information for life insurance is calculated by MetLife using the LIMRA definition of sales for core
direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. Individual annuities sales consists of statutory premiums direct
and assumed, excluding company sponsored internal exchanges. Statistical sales information for Latin America, Asia and EMEA is calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity
and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full-year premiums and fees from recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident
and health and group).
All comparisons on a constant currency basis reflect the impact of changes in foreign currency exchange rates and are calculated
using the average foreign currency exchange rates for the current period and are applied to each of the comparable periods.
Operating expense ratio is
calculated by dividing operating expenses (other expenses, net of capitalization of DAC) by operating premiums, fees and other revenues.
Forward-Looking Statements
This news release may contain
or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events.
These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to
future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial
results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and
uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a
number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks,
uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These factors
include: (1) difficult conditions in the global capital markets; (2) increased volatility and disruption of the capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our
credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks
ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (3) exposure to financial and capital market risks, including as a result of the disruption in Europe and possible withdrawal of one or more
countries from the Euro zone; (4) impact of comprehensive financial services regulation reform on us, as a non-bank systemically important financial institution, or otherwise; (5) numerous rulemaking initiatives required or permitted by
the Dodd-Frank Wall Street
7
Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (6) regulatory, legislative or
tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (7) adverse
results or other consequences from litigation, arbitration or regulatory investigations; (8) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (9) investment losses
and defaults, and changes to investment valuations; (10) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (11) impairments of
goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (14) economic,
political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (15) downgrades in our claims paying ability, financial strength or credit ratings; (16) a
deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (17) availability and effectiveness of reinsurance or indemnification arrangements, as
well as any default or failure of counterparties to perform; (18) differences between actual claims experience and underwriting and reserving assumptions; (19) ineffectiveness of risk management policies and procedures;
(20) catastrophe losses; (21) increasing cost and limited market capacity for statutory life insurance reserve financings; (22) heightened competition, including with respect to pricing, entry of new competitors, consolidation of
distributors, the development of new products by new and existing competitors, and for personnel; (23) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility
in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (24) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating
agency actions arising from business acquisitions, including our acquisition of American Life Insurance Company and Delaware American Life Insurance Company, and integrating and managing the growth of such acquired businesses, or arising from
dispositions of businesses or legal entity reorganizations; (25) regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (26) MetLife, Inc.’s primary reliance, as a
holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (27) the possibility that MetLife, Inc.’s Board of
Directors may influence the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (28) changes in accounting standards, practices and/or policies; (29) increased expenses relating to pension and
postretirement benefit plans, as well as health care and other employee benefits; (30) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (31) inability to attract
and retain sales representatives; (32) provisions of laws and our incorporation documents may delay, deter or prevent takeovers and corporate combinations involving MetLife; (33) the effects of business disruption or economic contraction
due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems
and management continuity planning; (34) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (35) other risks and uncertainties described from time to time in MetLife,
Inc.’s filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife,
Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
8
MetLife, Inc.
Consolidated Statements of Operating Earnings Available to Common Shareholders
(Unaudited)
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For the Three Months Ended
March 31, |
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2015 |
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2014 |
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(In millions) |
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| OPERATING REVENUES |
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| Premiums |
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$ |
9,253 |
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|
$ |
9,217 |
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| Universal life and investment-type product policy fees |
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|
2,294 |
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|
2,323 |
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| Net investment income |
|
|
4,982 |
|
|
|
5,085 |
|
| Other revenues |
|
|
503 |
|
|
|
491 |
|
|
|
|
|
|
|
|
|
|
| Total operating revenues |
|
|
17,032 |
|
|
|
17,116 |
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
9,447 |
|
|
|
9,373 |
|
| Interest credited to policyholder account balances |
|
|
1,331 |
|
|
|
1,401 |
|
| Capitalization of DAC |
|
|
(968 |
) |
|
|
(1,046 |
) |
| Amortization of DAC and VOBA |
|
|
953 |
|
|
|
1,050 |
|
| Amortization of negative VOBA |
|
|
(90 |
) |
|
|
(103 |
) |
| Interest expense on debt |
|
|
297 |
|
|
|
294 |
|
| Other expenses |
|
|
3,800 |
|
|
|
3,951 |
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
14,770 |
|
|
|
14,920 |
|
|
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
2,262 |
|
|
|
2,196 |
|
| Provision for income tax expense (benefit) |
|
|
594 |
|
|
|
604 |
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
|
1,668 |
|
|
|
1,592 |
|
| Preferred stock dividends |
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
1,638 |
|
|
$ |
1,562 |
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from GAAP |
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
1,668 |
|
|
$ |
1,592 |
|
| Adjustments from operating earnings to income (loss) from continuing operations, net of income tax: |
|
|
|
|
|
|
|
|
| Net investment gains (losses) (1) |
|
|
286 |
|
|
|
(411 |
) |
| Net derivative gains (losses) |
|
|
821 |
|
|
|
343 |
|
| Premiums |
|
|
— |
|
|
|
2 |
|
| Universal life and investment-type product policy fees |
|
|
100 |
|
|
|
98 |
|
| Net investment income |
|
|
479 |
|
|
|
(50 |
) |
| Other revenues |
|
|
(8 |
) |
|
|
(13 |
) |
| Policyholder benefits and claims and policyholder dividends |
|
|
(149 |
) |
|
|
(254 |
) |
| Interest credited to policyholder account balances |
|
|
(664 |
) |
|
|
(68 |
) |
| Capitalization of DAC |
|
|
— |
|
|
|
— |
|
| Amortization of DAC and VOBA |
|
|
(72 |
) |
|
|
(8 |
) |
| Amortization of negative VOBA |
|
|
10 |
|
|
|
12 |
|
| Interest expense on debt |
|
|
(1 |
) |
|
|
(18 |
) |
| Other expenses |
|
|
(5 |
) |
|
|
(3 |
) |
| Goodwill impairment |
|
|
— |
|
|
|
— |
|
| Provision for income tax (expense) benefit |
|
|
(302 |
) |
|
|
120 |
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations, net of income tax |
|
|
2,163 |
|
|
|
1,342 |
|
| Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
2,163 |
|
|
|
1,339 |
|
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
5 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
2,158 |
|
|
|
1,328 |
|
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
2,128 |
|
|
$ |
1,298 |
|
|
|
|
|
|
|
|
|
|
See footnotes on last page.
MetLife, Inc.
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
Earnings Per
Weighted
Average Common
Shares
Diluted |
|
|
Earnings Per
Weighted
Average Common
Shares
Diluted |
|
| |
|
(In millions, except per share data) |
|
| Reconciliation to Net Income (Loss) Available to MetLife, Inc.’s Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
1,638 |
|
|
$ |
1.44 |
|
|
$ |
1,562 |
|
|
$ |
1.37 |
|
|
|
|
|
| Adjustments from operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.’s common
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
| Add: Net investment gains (losses) (1) |
|
|
286 |
|
|
|
0.25 |
|
|
|
(411 |
) |
|
|
(0.36 |
) |
| Add: Net derivative gains (losses) |
|
|
821 |
|
|
|
0.72 |
|
|
|
343 |
|
|
|
0.30 |
|
| Add: Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Add: Other adjustments to continuing operations |
|
|
(310 |
) |
|
|
(0.27 |
) |
|
|
(302 |
) |
|
|
(0.27 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(302 |
) |
|
|
(0.27 |
) |
|
|
120 |
|
|
|
0.11 |
|
| Add: Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
5 |
|
|
|
— |
|
|
|
11 |
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
2,128 |
|
|
$ |
1.87 |
|
|
$ |
1,298 |
|
|
$ |
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding - diluted |
|
|
|
|
|
|
1,135.8 |
|
|
|
|
|
|
|
1,140.5 |
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(In millions) |
|
| Reconciliation to GAAP Premiums, Fees and Other Revenues |
|
|
|
|
|
|
|
|
| Total operating premiums, fees and other revenues |
|
$ |
12,050 |
|
|
$ |
12,031 |
|
| Add: Adjustments to premiums, fees and other revenues |
|
|
92 |
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
| Total premiums, fees and other revenues |
|
$ |
12,142 |
|
|
$ |
12,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to GAAP Revenues and GAAP Expenses |
|
|
|
|
|
|
|
|
| Total operating revenues |
|
$ |
17,032 |
|
|
$ |
17,116 |
|
| Add: Net investment gains (losses) (1) |
|
|
286 |
|
|
|
(411 |
) |
| Add: Net derivative gains (losses) |
|
|
821 |
|
|
|
343 |
|
| Add: Adjustments related to net investment gains (losses) and net derivative gains (losses) |
|
|
4 |
|
|
|
3 |
|
| Add: Other adjustments to revenues |
|
|
567 |
|
|
|
34 |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
$ |
18,710 |
|
|
$ |
17,085 |
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
$ |
14,770 |
|
|
$ |
14,920 |
|
| Add: Adjustments related to net investment gains (losses) and net derivative gains (losses) |
|
|
95 |
|
|
|
1 |
|
| Add: Goodwill impairment |
|
|
— |
|
|
|
— |
|
| Add: Other adjustments to expenses |
|
|
786 |
|
|
|
338 |
|
|
|
|
|
|
|
|
|
|
| Total expenses |
|
$ |
15,651 |
|
|
$ |
15,259 |
|
|
|
|
|
|
|
|
|
|
See footnotes on last page.
MetLife, Inc.
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
|
March 31, |
|
| Book Value (2) |
|
2015 |
|
|
2014 |
|
| Book value per common share |
|
$ |
64.37 |
|
|
$ |
56.65 |
|
| Less: Net unrealized investment gains (losses), net of income tax |
|
|
15.94 |
|
|
|
10.39 |
|
| Less: Defined benefit plans adjustment, net of income tax |
|
|
(2.02 |
) |
|
|
(1.44 |
) |
|
|
|
|
|
|
|
|
|
| Book value per common share, excluding AOCI other than FCTA |
|
$ |
50.45 |
|
|
$ |
47.70 |
|
| Less: Goodwill, net of income tax |
|
|
8.61 |
|
|
|
9.20 |
|
| Less: VODA and VOCRA, net of income tax |
|
|
0.52 |
|
|
|
0.74 |
|
|
|
|
|
|
|
|
|
|
| Book value per common share - tangible common stockholders’ equity (excludes AOCI other than FCTA) |
|
$ |
41.32 |
|
|
$ |
37.76 |
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding, end of period (in millions) |
|
|
1,114.3 |
|
|
|
1,124.8 |
|
|
|
| |
|
For the Three Months Ended
March 31, |
|
| Return on Equity (3) |
|
2015 |
|
|
2014 |
|
| Operating return on MetLife, Inc.’s: |
|
|
|
|
|
|
|
|
| Common stockholders’ equity |
|
|
9.2 |
% |
|
|
10.1 |
% |
| Common stockholders’ equity, excluding AOCI other than FCTA |
|
|
11.7 |
% |
|
|
11.7 |
% |
| Tangible common stockholders’ equity (excludes AOCI other than FCTA) |
|
|
14.4 |
% |
|
|
15.0 |
% |
|
|
|
| Return on MetLife, Inc.’s: |
|
|
|
|
|
|
|
|
| Common stockholders’ equity |
|
|
12.0 |
% |
|
|
8.4 |
% |
| Common stockholders’ equity, excluding AOCI other than FCTA |
|
|
15.2 |
% |
|
|
9.8 |
% |
| Tangible common stockholders’ equity (excludes AOCI other than FCTA) |
|
|
18.7 |
% |
|
|
12.5 |
% |
|
|
|
| Operating Return on Allocated Equity: |
|
|
|
|
|
|
|
|
| Americas |
|
|
14.1 |
% |
|
|
14.2 |
% |
| Asia |
|
|
11.4 |
% |
|
|
11.4 |
% |
| EMEA |
|
|
8.4 |
% |
|
|
8.2 |
% |
|
|
|
| Operating Return on Allocated Tangible Equity: |
|
|
|
|
|
|
|
|
| Americas |
|
|
15.9 |
% |
|
|
16.1 |
% |
| Asia |
|
|
19.6 |
% |
|
|
19.7 |
% |
| EMEA |
|
|
15.4 |
% |
|
|
15.7 |
% |
|
|
|
| Return on Allocated Equity: |
|
|
|
|
|
|
|
|
| Americas |
|
|
18.0 |
% |
|
|
10.5 |
% |
| Asia |
|
|
12.1 |
% |
|
|
14.5 |
% |
| EMEA |
|
|
7.8 |
% |
|
|
9.9 |
% |
|
|
|
| Return on Allocated Tangible Equity: |
|
|
|
|
|
|
|
|
| Americas |
|
|
20.2 |
% |
|
|
12.0 |
% |
| Asia |
|
|
20.8 |
% |
|
|
25.0 |
% |
| EMEA |
|
|
14.4 |
% |
|
|
18.9 |
% |
See footnotes on last page.
MetLife, Inc.
Reconciliations to Net Income (Loss) Available to Common Shareholders
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(In millions) |
|
| Total Americas Operations: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
1,381 |
|
|
$ |
1,324 |
|
| Add: Net investment gains (losses) (1) |
|
|
274 |
|
|
|
(517 |
) |
| Add: Net derivative gains (losses) |
|
|
577 |
|
|
|
286 |
|
| Add: Other adjustments to continuing operations |
|
|
(268 |
) |
|
|
(275 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(205 |
) |
|
|
169 |
|
| Add: Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
(3 |
) |
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
3 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
1,756 |
|
|
$ |
979 |
|
|
|
|
|
|
|
|
|
|
| Retail: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
653 |
|
|
$ |
636 |
|
| Add: Net investment gains (losses) |
|
|
68 |
|
|
|
6 |
|
| Add: Net derivative gains (losses) |
|
|
313 |
|
|
|
71 |
|
| Add: Other adjustments to continuing operations |
|
|
(192 |
) |
|
|
(147 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(66 |
) |
|
|
25 |
|
| Add: Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
776 |
|
|
$ |
589 |
|
|
|
|
|
|
|
|
|
|
| Group, Voluntary & Worksite Benefits: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
228 |
|
|
$ |
190 |
|
| Add: Net investment gains (losses) |
|
|
3 |
|
|
|
(11 |
) |
| Add: Net derivative gains (losses) |
|
|
205 |
|
|
|
116 |
|
| Add: Other adjustments to continuing operations |
|
|
(42 |
) |
|
|
(39 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(58 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
336 |
|
|
$ |
233 |
|
|
|
|
|
|
|
|
|
|
| Corporate Benefit Funding: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
369 |
|
|
$ |
340 |
|
| Add: Net investment gains (losses) (1) |
|
|
205 |
|
|
|
(541 |
) |
| Add: Net derivative gains (losses) |
|
|
80 |
|
|
|
103 |
|
| Add: Other adjustments to continuing operations |
|
|
(39 |
) |
|
|
(2 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(86 |
) |
|
|
148 |
|
| Add: Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
529 |
|
|
$ |
47 |
|
|
|
|
|
|
|
|
|
|
| Latin America: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
131 |
|
|
$ |
158 |
|
| Add: Net investment gains (losses) |
|
|
(2 |
) |
|
|
29 |
|
| Add: Net derivative gains (losses) |
|
|
(21 |
) |
|
|
(4 |
) |
| Add: Other adjustments to continuing operations |
|
|
5 |
|
|
|
(87 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
5 |
|
|
|
19 |
|
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
3 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
115 |
|
|
$ |
110 |
|
|
|
|
|
|
|
|
|
|
| Asia: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
327 |
|
|
$ |
333 |
|
| Add: Net investment gains (losses) |
|
|
68 |
|
|
|
157 |
|
| Add: Net derivative gains (losses) |
|
|
18 |
|
|
|
(7 |
) |
| Add: Other adjustments to continuing operations |
|
|
(55 |
) |
|
|
(12 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(10 |
) |
|
|
(41 |
) |
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
— |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
348 |
|
|
$ |
424 |
|
|
|
|
|
|
|
|
|
|
| EMEA: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
70 |
|
|
$ |
71 |
|
| Add: Net investment gains (losses) |
|
|
3 |
|
|
|
(9 |
) |
| Add: Net derivative gains (losses) |
|
|
1 |
|
|
|
38 |
|
| Add: Other adjustments to continuing operations |
|
|
19 |
|
|
|
(1 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(26 |
) |
|
|
(13 |
) |
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
2 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
65 |
|
|
$ |
86 |
|
|
|
|
|
|
|
|
|
|
| Corporate & Other: |
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
(140 |
) |
|
$ |
(166 |
) |
| Add: Net investment gains (losses) |
|
|
(59 |
) |
|
|
(42 |
) |
| Add: Net derivative gains (losses) |
|
|
225 |
|
|
|
26 |
|
| Add: Other adjustments to continuing operations |
|
|
(6 |
) |
|
|
(14 |
) |
| Add: Provision for income tax (expense) benefit |
|
|
(61 |
) |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
(41 |
) |
|
$ |
(191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| See footnotes on last page. |
|
|
|
|
|
|
|
|
MetLife, Inc.
GAAP Interim Condensed Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(In millions) |
|
| Revenues |
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
9,253 |
|
|
$ |
9,219 |
|
| Universal life and investment-type product policy fees |
|
|
2,394 |
|
|
|
2,421 |
|
| Net investment income |
|
|
5,461 |
|
|
|
5,035 |
|
| Other revenues |
|
|
495 |
|
|
|
478 |
|
| Net investment gains (losses): |
|
|
|
|
|
|
|
|
| Other-than-temporary impairments on fixed maturity securities |
|
|
(8 |
) |
|
|
(14 |
) |
| Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) |
|
|
(10 |
) |
|
|
4 |
|
| Other net investment gains (losses) (1) |
|
|
304 |
|
|
|
(401 |
) |
|
|
|
|
|
|
|
|
|
| Total net investment gains (losses) |
|
|
286 |
|
|
|
(411 |
) |
| Net derivative gains (losses) |
|
|
821 |
|
|
|
343 |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
18,710 |
|
|
|
17,085 |
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
| Policyholder benefits and claims |
|
|
9,257 |
|
|
|
9,324 |
|
| Interest credited to policyholder account balances |
|
|
1,995 |
|
|
|
1,469 |
|
| Policyholder dividends |
|
|
339 |
|
|
|
303 |
|
| Other expenses |
|
|
4,060 |
|
|
|
4,163 |
|
|
|
|
|
|
|
|
|
|
| Total expenses |
|
|
15,651 |
|
|
|
15,259 |
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations before provision for income tax |
|
|
3,059 |
|
|
|
1,826 |
|
| Provision for income tax expense (benefit) |
|
|
896 |
|
|
|
484 |
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations, net of income tax |
|
|
2,163 |
|
|
|
1,342 |
|
| Income (loss) from discontinued operations, net of income tax |
|
|
— |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
2,163 |
|
|
|
1,339 |
|
| Less: Net income (loss) attributable to noncontrolling interests |
|
|
5 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
2,158 |
|
|
|
1,328 |
|
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) available to MetLife, Inc.’s common shareholders |
|
$ |
2,128 |
|
|
$ |
1,298 |
|
|
|
|
|
|
|
|
|
|
| (1) |
The three months ended March 31, 2014 includes a pre-tax net investment loss of $495 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited. |
| (2) |
Book value excludes $2,043 million of equity related to preferred stock. |
| (3) |
Annualized using quarter-to-date results. |
Exhibit 99.2
First Quarter
Financial Supplement
March 31, 2015
|
|
|
|
|
|
METLIFE |
|
| TABLE OF CONTENTS |
|
| |
|
| NOTE TO FINANCIAL
SUPPLEMENT |
|
|
2 |
|
| |
|
| CORPORATE OVERVIEW |
|
|
3 |
|
| |
|
| METLIFE |
|
|
|
|
| Consolidated Balance Sheets |
|
|
5 |
|
| Consolidated Statements of Operating Earnings Available
to Common Shareholders |
|
|
6 |
|
| Consolidating Statement of Operating Earnings Available
to Common Shareholders |
|
|
7 |
|
| |
|
| SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON
SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY |
|
|
9 |
|
| |
|
| AMERICAS - RETAIL |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
10 |
|
| Future Policy Benefits and Policyholder Account Balances;
and Separate Account Liabilities |
|
|
13 |
|
| Other Expenses by Major Category and Sales by Product
|
|
|
14 |
|
| Spread by Product and Other Statistical Information
|
|
|
15 |
|
| |
|
| AMERICAS - GROUP, VOLUNTARY
& WORKSITE BENEFITS |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
16 |
|
| Future Policy Benefits and Policyholder Account Balances;
and Separate Account Liabilities |
|
|
17 |
|
| Other Expenses by Major Category, Spread and Other
Statistical Information |
|
|
18 |
|
| |
|
| AMERICAS - CORPORATE BENEFIT
FUNDING |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
19 |
|
| Future Policy Benefits and Policyholder Account Balances;
and Separate Account Liabilities |
|
|
20 |
|
| Other Expenses by Major Category and
Spread |
|
|
21 |
|
| |
|
| AMERICAS - LATIN
AMERICA |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
22 |
|
| Other Expenses by Major Category and Sales on a Constant
Currency Basis |
|
|
23 |
|
| |
|
| ASIA |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
24 |
|
| Other Expenses by Major Category and Sales on a Constant
Currency Basis |
|
|
25 |
|
| |
|
| EUROPE, THE MIDDLE EAST AND AFRICA (“EMEA”)
|
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders |
|
|
26 |
|
| Other Expenses by Major Category and Sales on a Constant
Currency Basis |
|
|
27 |
|
| |
|
| CORPORATE &
OTHER |
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders and Operating Earnings Available to Common Shareholders by Source |
|
|
28 |
|
| |
|
| INVESTMENTS |
|
|
|
|
| Investment Portfolio Results by Asset Category and
Annualized Yields |
|
|
29 |
|
| Gross Unrealized Gains and Losses Aging Schedule
- Fixed Maturity Securities Available-for-Sale and Equity Securities Available-for-Sale |
|
|
31 |
|
| Summary of Fixed Maturity Securities Available-for-Sale
by Sector and Quality Distribution and Summary of Real Estate and Real Estate Joint Ventures |
|
|
32 |
|
| Summary of Mortgage Loans and Summary of Commercial
Mortgage Loans by Region and Property Type |
|
|
33 |
|
| |
|
| APPENDIX |
|
|
|
|
| Reconciliation Detail |
|
|
A-1 |
|
| Notable Items: |
|
|
|
|
| MetLife Total, Retail, Retail - Life & Other,
Retail - Annuities and Group, Voluntary & Worksite Benefits |
|
|
A-2 |
|
| Corporate Benefit Funding, Latin America, Asia, EMEA
and Corporate & Other |
|
|
A-3 |
|
| Equity Details, Book Value Details and Return on
Equity |
|
|
A-4 |
|
| Return on Allocated Equity |
|
|
A-5 |
|
| Operating Premiums, Fees and Other Revenues and Operating
Earnings Available to Common Shareholders - Constant Currency Basis |
|
|
A-6 |
|
| Property & Casualty Supplemental Information:
|
|
|
|
|
| Statements of Operating Earnings Available to Common
Shareholders - Total Property & Casualty |
|
|
A-7 |
|
| Statements of Operating Earnings Available to Common
Shareholders - Retail Property & Casualty |
|
|
A-8 |
|
| Statements of Operating Earnings Available to Common
Shareholders - Group Property & Casualty |
|
|
A-9 |
|
1
|
|
|
|
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 management’s 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 (“Operating 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. Reconciliations of these measures to the most directly comparable GAAP measures are included in this QFS, including in the Appendix, and in our
earnings press release dated May 6, 2015, for the period ended March 31, 2015, which is available at www.metlife.com.
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 - 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 - net income (loss) available to MetLife, Inc.’s common shareholders divided by MetLife, Inc.’s average common stockholders’ equity. |
| Please see Page nine for information on allocated equity. |
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| METLIFE
CORPORATE OVERVIEW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions, except per share data) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders |
|
$ |
1,562 |
|
|
$ |
1,590 |
|
|
$ |
1,825 |
|
|
$ |
1,583 |
|
|
$ |
1,638 |
|
| Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
| Operating earnings |
|
|
1,592 |
|
|
|
1,621 |
|
|
|
1,855 |
|
|
|
1,614 |
|
|
|
1,668 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) (1) |
|
|
(411 |
) |
|
|
(125 |
) |
|
|
109 |
|
|
|
230 |
|
|
|
286 |
|
| Net derivative gains (losses) |
|
|
343 |
|
|
|
311 |
|
|
|
478 |
|
|
|
185 |
|
|
|
821 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other adjustments to continuing operations |
|
|
(302 |
) |
|
|
(475 |
) |
|
|
(146 |
) |
|
|
(453 |
) |
|
|
(310 |
) |
| Provision for income tax (expense) benefit |
|
|
120 |
|
|
|
44 |
|
|
|
(202 |
) |
|
|
(49 |
) |
|
|
(302 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
1,342 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
1,339 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
11 |
|
|
|
10 |
|
|
|
- |
|
|
|
6 |
|
|
|
5 |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
1,328 |
|
|
|
1,366 |
|
|
|
2,094 |
|
|
|
1,521 |
|
|
|
2,158 |
|
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
1,298 |
|
|
$ |
1,335 |
|
|
$ |
2,064 |
|
|
$ |
1,490 |
|
|
$ |
2,128 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings available to common shareholders per common share -
diluted |
|
$ |
1.37 |
|
|
$ |
1.39 |
|
|
$ |
1.60 |
|
|
$ |
1.38 |
|
|
$ |
1.44 |
|
| Net investment gains (losses) |
|
|
(0.36 |
) |
|
|
(0.11 |
) |
|
|
0.10 |
|
|
|
0.20 |
|
|
|
0.25 |
|
| Net derivative gains (losses) |
|
|
0.30 |
|
|
|
0.27 |
|
|
|
0.42 |
|
|
|
0.16 |
|
|
|
0.72 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other adjustments to continuing operations |
|
|
(0.27 |
) |
|
|
(0.41 |
) |
|
|
(0.13 |
) |
|
|
(0.39 |
) |
|
|
(0.27 |
) |
| Provision for income tax (expense) benefit |
|
|
0.11 |
|
|
|
0.04 |
|
|
|
(0.18 |
) |
|
|
(0.04 |
) |
|
|
(0.27 |
) |
| Discontinued operations, net of income tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common shareholders per
common share - diluted |
|
$ |
1.14 |
|
|
$ |
1.17 |
|
|
$ |
1.81 |
|
|
$ |
1.30 |
|
|
$ |
1.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions, except per share data) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notable items impacting operating earnings available to common
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variable investment income, as compared to plan |
|
$ |
63 |
|
|
$ |
11 |
|
|
$ |
62 |
|
|
$ |
- |
|
|
$ |
- |
|
| Catastrophe experience and prior year development, net |
|
|
- |
|
|
|
(21 |
) |
|
|
38 |
|
|
|
16 |
|
|
|
(16 |
) |
| Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
56 |
|
|
|
16 |
|
|
|
5 |
|
|
|
- |
|
| Litigation reserves & settlement costs |
|
|
(57 |
) |
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
|
|
- |
|
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
|
|
27 |
|
|
|
- |
|
| Total notable items (2) |
|
$ |
6 |
|
|
$ |
46 |
|
|
$ |
107 |
|
|
$ |
(69 |
) |
|
$ |
(16 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notable items impacting operating earnings available to common
shareholders per common share - diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Variable investment income, as compared to plan |
|
$ |
0.06 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
- |
|
|
$ |
- |
|
| Catastrophe experience and prior year development, net |
|
$ |
- |
|
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
$ |
(0.01 |
) |
| Actuarial assumption review and other insurance adjustments |
|
$ |
- |
|
|
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
- |
|
|
$ |
- |
|
| Litigation reserves & settlement costs |
|
$ |
(0.05 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.10 |
) |
|
$ |
- |
|
| Tax adjustments |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.01 |
) |
|
$ |
0.02 |
|
|
$ |
- |
|
| Total notable items (2) |
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
0.09 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding - diluted |
|
|
1,140.5 |
|
|
|
1,142.3 |
|
|
|
1,141.0 |
|
|
|
1,147.3 |
|
|
|
1,135.8 |
|
|
(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.
(2) Notable items represent a positive
(negative) impact to operating earnings available to common shareholders and operating earnings available to common shareholders per common share - diluted. The per share data for each notable item is calculated on a stand alone basis and may not
sum to total notable items. |
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| METLIFE
CORPORATE OVERVIEW (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per common share, excluding AOCI other than FCTA
(1) |
|
$ |
47.70 |
|
|
$ |
48.60 |
|
|
$ |
49.69 |
|
|
$ |
49.53 |
|
|
$ |
50.45 |
|
| Book value per common share - tangible common stockholders’ equity
(excludes AOCI other than FCTA) (1) |
|
$ |
37.76 |
|
|
$ |
38.69 |
|
|
$ |
39.95 |
|
|
$ |
40.36 |
|
|
$ |
41.32 |
|
| Book value per common share (1) |
|
$ |
56.65 |
|
|
$ |
59.96 |
|
|
$ |
61.44 |
|
|
$ |
61.85 |
|
|
$ |
64.37 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Operating return on MetLife, Inc.’s (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stockholders’ equity, excluding AOCI other than
FCTA |
|
|
11.7% |
|
|
|
11.7% |
|
|
|
13.2% |
|
|
|
11.3% |
|
|
|
11.7% |
|
| Tangible common stockholders’ equity (excludes AOCI other than FCTA)
(3) |
|
|
15.0% |
|
|
|
14.9% |
|
|
|
16.7% |
|
|
|
14.1% |
|
|
|
14.4% |
|
| Common stockholders’ equity |
|
|
10.1% |
|
|
|
9.7% |
|
|
|
10.7% |
|
|
|
9.1% |
|
|
|
9.2% |
|
| |
|
|
|
|
|
| Return on MetLife, Inc.’s (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stockholders’ equity, excluding AOCI other than
FCTA |
|
|
9.8% |
|
|
|
9.9% |
|
|
|
15.0% |
|
|
|
10.7% |
|
|
|
15.2% |
|
| Tangible common stockholders’ equity (excludes AOCI other than FCTA)
(3) |
|
|
12.5% |
|
|
|
12.5% |
|
|
|
18.8% |
|
|
|
13.3% |
|
|
|
18.7% |
|
| Common stockholders’ equity |
|
|
8.4% |
|
|
|
8.1% |
|
|
|
12.1% |
|
|
|
8.6% |
|
|
|
12.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding, beginning of period |
|
|
1,122.0 |
|
|
|
1,124.8 |
|
|
|
1,126.6 |
|
|
|
1,119.1 |
|
|
|
1,131.9 |
|
| Share repurchases (4) |
|
|
- |
|
|
|
- |
|
|
|
(8.1 |
) |
|
|
(10.7 |
) |
|
|
(19.9 |
) |
| Newly issued shares |
|
|
2.8 |
|
|
|
1.8 |
|
|
|
0.6 |
|
|
|
23.5 |
|
|
|
2.3 |
|
| Common shares outstanding, end of period |
|
|
1,124.8 |
|
|
|
1,126.6 |
|
|
|
1,119.1 |
|
|
|
1,131.9 |
|
|
|
1,114.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding - basic |
|
|
1,126.9 |
|
|
|
1,128.0 |
|
|
|
1,125.1 |
|
|
|
1,135.8 |
|
|
|
1,125.7 |
|
| Dilutive effect of stock purchase contracts underlying common equity
units |
|
|
3.4 |
|
|
|
3.8 |
|
|
|
4.6 |
|
|
|
- |
|
|
|
- |
|
| Dilutive effect of the exercise or issuance of stock-based
awards |
|
|
10.2 |
|
|
|
10.5 |
|
|
|
11.3 |
|
|
|
11.5 |
|
|
|
10.1 |
|
| Weighted average common shares outstanding - diluted |
|
|
1,140.5 |
|
|
|
1,142.3 |
|
|
|
1,141.0 |
|
|
|
1,147.3 |
|
|
|
1,135.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MetLife Policyholder Trust Shares |
|
|
188.4 |
|
|
|
185.7 |
|
|
|
183.6 |
|
|
|
180.5 |
|
|
|
178.3 |
|
|
(1) Calculated using common shares outstanding,
end of period. (2) Annualized using quarter-to-date results. See page A-4 for the operating return on MetLife, Inc.’s common stockholders’ equity and return on
MetLife, Inc.’s common stockholders’ equity for the year ended December 31, 2014.
(3) Operating earnings available to common
shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax.
(4) For the three months ended June 30, 2014,
the number of shares repurchased was less than 100,000 shares. There were no shares repurchased for the three months ended March 31, 2014. |
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
CONSOLIDATED BALANCE SHEETS |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed maturity securities available-for-sale, at estimated fair
value |
|
$ |
355,069 |
|
|
$ |
367,056 |
|
|
$ |
368,070 |
|
|
$ |
365,425 |
|
|
$ |
366,275 |
|
| Equity securities available-for-sale, at estimated fair
value |
|
|
3,693 |
|
|
|
3,863 |
|
|
|
3,689 |
|
|
|
3,631 |
|
|
|
3,713 |
|
| Fair value option and trading securities, at estimated fair value
(1) |
|
|
17,494 |
|
|
|
17,831 |
|
|
|
17,246 |
|
|
|
16,689 |
|
|
|
16,471 |
|
| Mortgage loans |
|
|
57,139 |
|
|
|
57,223 |
|
|
|
58,038 |
|
|
|
60,118 |
|
|
|
62,409 |
|
| Policy loans |
|
|
11,762 |
|
|
|
11,785 |
|
|
|
11,756 |
|
|
|
11,618 |
|
|
|
11,606 |
|
| Real estate and real estate joint ventures |
|
|
9,930 |
|
|
|
10,101 |
|
|
|
10,393 |
|
|
|
10,525 |
|
|
|
10,310 |
|
| Other limited partnership interests |
|
|
7,819 |
|
|
|
7,964 |
|
|
|
8,214 |
|
|
|
8,085 |
|
|
|
8,074 |
|
| Short-term investments, principally at estimated fair value |
|
|
13,908 |
|
|
|
12,366 |
|
|
|
12,240 |
|
|
|
8,621 |
|
|
|
14,130 |
|
| Other invested assets, principally at estimated fair value |
|
|
16,433 |
|
|
|
17,116 |
|
|
|
17,905 |
|
|
|
21,283 |
|
|
|
23,763 |
|
| Total investments |
|
|
493,247 |
|
|
|
505,305 |
|
|
|
507,551 |
|
|
|
505,995 |
|
|
|
516,751 |
|
| Cash and cash equivalents, principally at estimated fair value
(1) |
|
|
8,573 |
|
|
|
7,393 |
|
|
|
8,783 |
|
|
|
10,808 |
|
|
|
8,127 |
|
| Accrued investment income |
|
|
4,446 |
|
|
|
4,234 |
|
|
|
4,380 |
|
|
|
4,120 |
|
|
|
4,298 |
|
| Premiums, reinsurance and other receivables |
|
|
23,031 |
|
|
|
23,730 |
|
|
|
23,814 |
|
|
|
22,244 |
|
|
|
24,190 |
|
| Deferred policy acquisition costs and value of business
acquired |
|
|
26,352 |
|
|
|
25,915 |
|
|
|
25,503 |
|
|
|
24,442 |
|
|
|
24,003 |
|
| Goodwill |
|
|
10,433 |
|
|
|
10,430 |
|
|
|
10,216 |
|
|
|
9,872 |
|
|
|
9,717 |
|
| Other assets |
|
|
8,387 |
|
|
|
9,136 |
|
|
|
8,900 |
|
|
|
7,862 |
|
|
|
7,980 |
|
| Separate account assets |
|
|
316,434 |
|
|
|
324,977 |
|
|
|
319,480 |
|
|
|
316,994 |
|
|
|
324,724 |
|
| Total assets |
|
$ |
890,903 |
|
|
$ |
911,120 |
|
|
$ |
908,627 |
|
|
$ |
902,337 |
|
|
$ |
919,790 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Future policy benefits |
|
$ |
189,970 |
|
|
$ |
189,675 |
|
|
$ |
189,282 |
|
|
$ |
189,586 |
|
|
$ |
191,217 |
|
| Policyholder account balances |
|
|
209,498 |
|
|
|
213,799 |
|
|
|
215,226 |
|
|
|
209,294 |
|
|
|
206,591 |
|
| Other policy-related balances |
|
|
15,369 |
|
|
|
15,361 |
|
|
|
15,026 |
|
|
|
14,422 |
|
|
|
14,586 |
|
| Policyholder dividends payable |
|
|
656 |
|
|
|
682 |
|
|
|
710 |
|
|
|
684 |
|
|
|
677 |
|
| Policyholder dividend obligation |
|
|
2,463 |
|
|
|
2,986 |
|
|
|
2,825 |
|
|
|
3,155 |
|
|
|
3,483 |
|
| Payables for collateral under securities loaned and other
transactions |
|
|
32,469 |
|
|
|
33,187 |
|
|
|
33,776 |
|
|
|
35,326 |
|
|
|
37,312 |
|
| Short-term debt |
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
| Long-term debt (1) |
|
|
16,793 |
|
|
|
16,783 |
|
|
|
16,389 |
|
|
|
16,286 |
|
|
|
17,714 |
|
| Collateral financing arrangements |
|
|
4,196 |
|
|
|
4,196 |
|
|
|
4,196 |
|
|
|
4,196 |
|
|
|
4,196 |
|
| Junior subordinated debt securities |
|
|
3,193 |
|
|
|
3,193 |
|
|
|
3,193 |
|
|
|
3,193 |
|
|
|
3,193 |
|
| Current income tax payable |
|
|
239 |
|
|
|
232 |
|
|
|
293 |
|
|
|
184 |
|
|
|
243 |
|
| Deferred income tax liability |
|
|
8,906 |
|
|
|
10,453 |
|
|
|
11,357 |
|
|
|
11,821 |
|
|
|
13,305 |
|
| Other liabilities |
|
|
24,178 |
|
|
|
25,214 |
|
|
|
25,373 |
|
|
|
24,437 |
|
|
|
28,040 |
|
| Separate account liabilities |
|
|
316,434 |
|
|
|
324,977 |
|
|
|
319,480 |
|
|
|
316,994 |
|
|
|
324,724 |
|
| Total liabilities |
|
|
824,464 |
|
|
|
840,838 |
|
|
|
837,226 |
|
|
|
829,678 |
|
|
|
845,381 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Redeemable noncontrolling interests in partially-owned consolidated
subsidiaries |
|
|
107 |
|
|
|
108 |
|
|
|
102 |
|
|
|
99 |
|
|
|
95 |
|
| |
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock, at par value |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
| Common stock, at par value |
|
|
11 |
|
|
|
11 |
|
|
|
11 |
|
|
|
12 |
|
|
|
12 |
|
| Additional paid-in capital |
|
|
29,384 |
|
|
|
29,438 |
|
|
|
29,488 |
|
|
|
30,543 |
|
|
|
30,632 |
|
| Retained earnings |
|
|
28,319 |
|
|
|
29,259 |
|
|
|
30,928 |
|
|
|
32,020 |
|
|
|
33,754 |
|
| Treasury stock, at cost |
|
|
(172 |
) |
|
|
(176 |
) |
|
|
(615 |
) |
|
|
(1,172 |
) |
|
|
(2,158 |
) |
| Accumulated other comprehensive income (loss) |
|
|
8,215 |
|
|
|
11,058 |
|
|
|
10,992 |
|
|
|
10,649 |
|
|
|
11,529 |
|
| Total MetLife, Inc.’s stockholders’ equity |
|
|
65,758 |
|
|
|
69,591 |
|
|
|
70,805 |
|
|
|
72,053 |
|
|
|
73,770 |
|
| Noncontrolling interests |
|
|
574 |
|
|
|
583 |
|
|
|
494 |
|
|
|
507 |
|
|
|
544 |
|
| Total equity |
|
|
66,332 |
|
|
|
70,174 |
|
|
|
71,299 |
|
|
|
72,560 |
|
|
|
74,314 |
|
| Total liabilities and equity |
|
$ |
890,903 |
|
|
$ |
911,120 |
|
|
$ |
908,627 |
|
|
$ |
902,337 |
|
|
$ |
919,790 |
|
|
(1) At March 31, 2014, June 30, 2014, September
30, 2014, December 31, 2014 and March 31, 2015, $1,159 million, $656 million, $331 million, $295 million and $287 million, respectively, of assets and $996 million, $505 million, $186 million, $151 million and $143 million, respectively, of
liabilities related to certain securitization entities that are required to be consolidated under GAAP are included. See Pages 29 and 30, note 3, for the amounts by asset category. |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
CONSOLIDATED 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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
9,217 |
|
|
$ |
9,853 |
|
|
$ |
9,685 |
|
|
$ |
10,267 |
|
|
$ |
9,253 |
|
| Universal life and investment-type product policy fees |
|
|
2,323 |
|
|
|
2,360 |
|
|
|
2,522 |
|
|
|
2,336 |
|
|
|
2,294 |
|
| Net investment income |
|
|
5,085 |
|
|
|
5,095 |
|
|
|
5,193 |
|
|
|
5,111 |
|
|
|
4,982 |
|
| Other revenues |
|
|
491 |
|
|
|
493 |
|
|
|
518 |
|
|
|
531 |
|
|
|
503 |
|
| Total operating revenues |
|
|
17,116 |
|
|
|
17,801 |
|
|
|
17,918 |
|
|
|
18,245 |
|
|
|
17,032 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
9,373 |
|
|
|
9,964 |
|
|
|
9,854 |
|
|
|
10,287 |
|
|
|
9,447 |
|
| Interest credited to policyholder account balances |
|
|
1,401 |
|
|
|
1,425 |
|
|
|
1,426 |
|
|
|
1,409 |
|
|
|
1,331 |
|
| Capitalization of DAC |
|
|
(1,046 |
) |
|
|
(1,031 |
) |
|
|
(1,071 |
) |
|
|
(1,034 |
) |
|
|
(968 |
) |
| Amortization of DAC and VOBA |
|
|
1,050 |
|
|
|
1,025 |
|
|
|
999 |
|
|
|
953 |
|
|
|
953 |
|
| Amortization of negative VOBA |
|
|
(103 |
) |
|
|
(99 |
) |
|
|
(96 |
) |
|
|
(98 |
) |
|
|
(90 |
) |
| Interest expense on debt |
|
|
294 |
|
|
|
299 |
|
|
|
292 |
|
|
|
293 |
|
|
|
297 |
|
| Other expenses |
|
|
3,951 |
|
|
|
3,979 |
|
|
|
4,003 |
|
|
|
4,321 |
|
|
|
3,800 |
|
| Total operating expenses |
|
|
14,920 |
|
|
|
15,562 |
|
|
|
15,407 |
|
|
|
16,131 |
|
|
|
14,770 |
|
| |
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
2,196 |
|
|
|
2,239 |
|
|
|
2,511 |
|
|
|
2,114 |
|
|
|
2,262 |
|
| Provision for income tax expense (benefit) |
|
|
604 |
|
|
|
618 |
|
|
|
656 |
|
|
|
500 |
|
|
|
594 |
|
| Operating earnings |
|
|
1,592 |
|
|
|
1,621 |
|
|
|
1,855 |
|
|
|
1,614 |
|
|
|
1,668 |
|
| Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
1,562 |
|
|
$ |
1,590 |
|
|
$ |
1,825 |
|
|
$ |
1,583 |
|
|
$ |
1,638 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
1,592 |
|
|
$ |
1,621 |
|
|
$ |
1,855 |
|
|
$ |
1,614 |
|
|
$ |
1,668 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) (1) |
|
|
(411 |
) |
|
|
(125 |
) |
|
|
109 |
|
|
|
230 |
|
|
|
286 |
|
| Net derivative gains (losses) |
|
|
343 |
|
|
|
311 |
|
|
|
478 |
|
|
|
185 |
|
|
|
821 |
|
| Premiums |
|
|
2 |
|
|
|
20 |
|
|
|
18 |
|
|
|
5 |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
98 |
|
|
|
98 |
|
|
|
106 |
|
|
|
103 |
|
|
|
100 |
|
| Net investment income |
|
|
(50 |
) |
|
|
164 |
|
|
|
217 |
|
|
|
338 |
|
|
|
479 |
|
| Other revenues |
|
|
(13 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
13 |
|
|
|
(8 |
) |
| Policyholder benefits and claims and policyholder dividends |
|
|
(254 |
) |
|
|
(421 |
) |
|
|
(5 |
) |
|
|
(320 |
) |
|
|
(149 |
) |
| Interest credited to policyholder account balances |
|
|
(68 |
) |
|
|
(284 |
) |
|
|
(391 |
) |
|
|
(539 |
) |
|
|
(664 |
) |
| Capitalization of DAC |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
(8 |
) |
|
|
(37 |
) |
|
|
(55 |
) |
|
|
(5 |
) |
|
|
(72 |
) |
| Amortization of negative VOBA |
|
|
12 |
|
|
|
12 |
|
|
|
11 |
|
|
|
11 |
|
|
|
10 |
|
| Interest expense on debt |
|
|
(18 |
) |
|
|
(13 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(1 |
) |
| Other expenses |
|
|
(3 |
) |
|
|
(12 |
) |
|
|
(44 |
) |
|
|
(55 |
) |
|
|
(5 |
) |
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
120 |
|
|
|
44 |
|
|
|
(202 |
) |
|
|
(49 |
) |
|
|
(302 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
1,342 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
1,339 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
11 |
|
|
|
10 |
|
|
|
- |
|
|
|
6 |
|
|
|
5 |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
1,328 |
|
|
|
1,366 |
|
|
|
2,094 |
|
|
|
1,521 |
|
|
|
2,158 |
|
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
1,298 |
|
|
$ |
1,335 |
|
|
$ |
2,064 |
|
|
$ |
1,490 |
|
|
$ |
2,128 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
12,031 |
|
|
$ |
12,706 |
|
|
$ |
12,725 |
|
|
$ |
13,134 |
|
|
$ |
12,050 |
|
|
(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. |
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
CONSOLIDATING STATEMENT OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended March 31, 2015 |
|
| Unaudited (In millions) |
|
Consolidated |
|
|
Americas
|
|
|
Asia
|
|
|
EMEA
|
|
|
Corporate & Other |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
9,253 |
|
|
$ |
6,983 |
|
|
$ |
1,752 |
|
|
$ |
508 |
|
|
$ |
10 |
|
| Universal life and investment-type product policy fees |
|
|
2,294 |
|
|
|
1,772 |
|
|
|
397 |
|
|
|
102 |
|
|
|
23 |
|
| Net investment income |
|
|
4,982 |
|
|
|
4,106 |
|
|
|
684 |
|
|
|
83 |
|
|
|
109 |
|
| Other revenues |
|
|
503 |
|
|
|
445 |
|
|
|
28 |
|
|
|
10 |
|
|
|
20 |
|
| Total operating revenues |
|
|
17,032 |
|
|
|
13,306 |
|
|
|
2,861 |
|
|
|
703 |
|
|
|
162 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
9,447 |
|
|
|
7,856 |
|
|
|
1,340 |
|
|
|
239 |
|
|
|
12 |
|
| Interest credited to policyholder account balances |
|
|
1,331 |
|
|
|
958 |
|
|
|
337 |
|
|
|
30 |
|
|
|
6 |
|
| Capitalization of DAC |
|
|
(968 |
) |
|
|
(400 |
) |
|
|
(435 |
) |
|
|
(133 |
) |
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
953 |
|
|
|
499 |
|
|
|
326 |
|
|
|
128 |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
(90 |
) |
|
|
- |
|
|
|
(86 |
) |
|
|
(4 |
) |
|
|
- |
|
| Interest expense on debt |
|
|
297 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
297 |
|
| Other expenses |
|
|
3,800 |
|
|
|
2,389 |
|
|
|
904 |
|
|
|
362 |
|
|
|
145 |
|
| Total operating expenses |
|
|
14,770 |
|
|
|
11,302 |
|
|
|
2,386 |
|
|
|
622 |
|
|
|
460 |
|
| |
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
2,262 |
|
|
|
2,004 |
|
|
|
475 |
|
|
|
81 |
|
|
|
(298 |
) |
| Provision for income tax expense (benefit) |
|
|
594 |
|
|
|
623 |
|
|
|
148 |
|
|
|
11 |
|
|
|
(188 |
) |
| Operating earnings |
|
|
1,668 |
|
|
|
1,381 |
|
|
|
327 |
|
|
|
70 |
|
|
|
(110 |
) |
| Preferred stock dividends |
|
|
30 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30 |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
1,638 |
|
|
$ |
1,381 |
|
|
$ |
327 |
|
|
$ |
70 |
|
|
$ |
(140 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
1,668 |
|
|
$ |
1,381 |
|
|
$ |
327 |
|
|
$ |
70 |
|
|
$ |
(110 |
) |
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
286 |
|
|
|
274 |
|
|
|
68 |
|
|
|
3 |
|
|
|
(59 |
) |
| Net derivative gains (losses) |
|
|
821 |
|
|
|
577 |
|
|
|
18 |
|
|
|
1 |
|
|
|
225 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
100 |
|
|
|
96 |
|
|
|
6 |
|
|
|
(2 |
) |
|
|
- |
|
| Net investment income |
|
|
479 |
|
|
|
(185 |
) |
|
|
129 |
|
|
|
531 |
|
|
|
4 |
|
| Other revenues |
|
|
(8 |
) |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(149 |
) |
|
|
(100 |
) |
|
|
(49 |
) |
|
|
- |
|
|
|
- |
|
| Interest credited to policyholder account balances |
|
|
(664 |
) |
|
|
(20 |
) |
|
|
(131 |
) |
|
|
(513 |
) |
|
|
- |
|
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
(72 |
) |
|
|
(62 |
) |
|
|
(12 |
) |
|
|
2 |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
10 |
|
|
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
| Other expenses |
|
|
(5 |
) |
|
|
3 |
|
|
|
- |
|
|
|
1 |
|
|
|
(9 |
) |
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
(302 |
) |
|
|
(205 |
) |
|
|
(10 |
) |
|
|
(26 |
) |
|
|
(61 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
2,163 |
|
|
|
1,759 |
|
|
|
348 |
|
|
|
67 |
|
|
|
(11 |
) |
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
2,163 |
|
|
|
1,759 |
|
|
|
348 |
|
|
|
67 |
|
|
|
(11 |
) |
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
5 |
|
|
|
3 |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
2,158 |
|
|
|
1,756 |
|
|
|
348 |
|
|
|
65 |
|
|
|
(11 |
) |
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30 |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
2,128 |
|
|
$ |
1,756 |
|
|
$ |
348 |
|
|
$ |
65 |
|
|
$ |
(41 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
12,050 |
|
|
$ |
9,200 |
|
|
$ |
2,177 |
|
|
$ |
620 |
|
|
$ |
53 |
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
(1) Consolidated and Americas results
include a pre-tax net investment loss of $495 million related to the sale of MetLife, Inc.’s wholly-owned subsidiary, MetLife Assurance Limited. |
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METLIFE
SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS, AND OPERATING RETURN ON ALLOCATED EQUITY AND ALLOCATED TANGIBLE EQUITY
SUMMARY OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (1)
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life & Other |
|
$ |
255 |
|
|
$ |
266 |
|
|
$ |
365 |
|
|
$ |
333 |
|
|
$ |
203 |
|
| Annuities |
|
|
381 |
|
|
|
411 |
|
|
|
420 |
|
|
|
385 |
|
|
|
450 |
|
| RETAIL |
|
|
636 |
|
|
|
677 |
|
|
|
785 |
|
|
|
718 |
|
|
|
653 |
|
| GROUP, VOLUNTARY & WORKSITE BENEFITS |
|
|
190 |
|
|
|
209 |
|
|
|
241 |
|
|
|
238 |
|
|
|
228 |
|
| CORPORATE BENEFIT FUNDING |
|
|
340 |
|
|
|
363 |
|
|
|
395 |
|
|
|
360 |
|
|
|
369 |
|
| LATIN AMERICA |
|
|
158 |
|
|
|
136 |
|
|
|
122 |
|
|
|
152 |
|
|
|
131 |
|
| AMERICAS |
|
$ |
1,324 |
|
|
$ |
1,385 |
|
|
$ |
1,543 |
|
|
$ |
1,468 |
|
|
$ |
1,381 |
|
| ASIA |
|
|
333 |
|
|
|
324 |
|
|
|
310 |
|
|
|
340 |
|
|
|
327 |
|
| EMEA |
|
|
71 |
|
|
|
72 |
|
|
|
78 |
|
|
|
64 |
|
|
|
70 |
|
| CORPORATE & OTHER |
|
|
(166 |
) |
|
|
(191 |
) |
|
|
(106 |
) |
|
|
(289 |
) |
|
|
(140 |
) |
| METLIFE TOTAL |
|
$ |
1,562 |
|
|
$ |
1,590 |
|
|
$ |
1,825 |
|
|
$ |
1,583 |
|
|
$ |
1,638 |
|
| |
| OPERATING RETURN ON ALLOCATED EQUITY (2), (3), (4), (5): |
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life & Other |
|
|
11.6% |
|
|
|
12.1% |
|
|
|
16.6% |
|
|
|
15.1% |
|
|
|
9.0% |
|
| Annuities |
|
|
12.9% |
|
|
|
13.9% |
|
|
|
14.2% |
|
|
|
13.0% |
|
|
|
14.4% |
|
| GROUP, VOLUNTARY & WORKSITE BENEFITS |
|
|
13.2% |
|
|
|
14.5% |
|
|
|
16.7% |
|
|
|
16.5% |
|
|
|
14.2% |
|
| CORPORATE BENEFIT FUNDING |
|
|
18.5% |
|
|
|
19.8% |
|
|
|
21.5% |
|
|
|
19.6% |
|
|
|
19.1% |
|
| LATIN AMERICA |
|
|
17.4% |
|
|
|
15.0% |
|
|
|
13.5% |
|
|
|
16.8% |
|
|
|
15.1% |
|
| AMERICAS |
|
|
14.2% |
|
|
|
14.8% |
|
|
|
16.5% |
|
|
|
15.7% |
|
|
|
14.1% |
|
| ASIA |
|
|
11.4% |
|
|
|
11.1% |
|
|
|
10.6% |
|
|
|
11.6% |
|
|
|
11.4% |
|
| EMEA |
|
|
8.2% |
|
|
|
8.3% |
|
|
|
9.0% |
|
|
|
7.4% |
|
|
|
8.4% |
|
| |
| OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (2), (3), (6): |
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAS |
|
|
16.1% |
|
|
|
16.9% |
|
|
|
18.8% |
|
|
|
17.9% |
|
|
|
15.9% |
|
| ASIA |
|
|
19.7% |
|
|
|
19.2% |
|
|
|
18.3% |
|
|
|
20.1% |
|
|
|
19.6% |
|
| EMEA |
|
|
15.7% |
|
|
|
16.1% |
|
|
|
17.2% |
|
|
|
14.2% |
|
|
|
15.4% |
|
|
(1) A reconciliation of operating
earnings to income (loss) from continuing operations, net of income tax, for each segment and Corporate & Other appears in the QFS as follows: (i) Retail, Page 10, (ii) Group, Voluntary & Worksite Benefits, Page 16, (iii) Corporate Benefit
Funding, Page 19, (iv) Latin America, Page 22, (v) Asia, Page 24, (vi) EMEA, Page 26, and (vii) Corporate & Other, Page 28. A consolidated reconciliation of operating earnings to income (loss) from continuing operations, net of income tax,
appears on Page 6. (2) Annualized using quarter-to-date results.
(3) Allocated equity is defined as the
portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital
model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice
standards and the local capital requirements; allocated equity may be adjusted if warranted by such review.
(4) Allocated equity excludes the impact
of AOCI, other than FCTA. (5) Operating return on allocated equity is defined as operating earnings available to common shareholders divided by allocated equity. See Page A-5
for the return on allocated equity for the periods presented.
(6) Operating return on allocated
tangible equity is defined as operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity. See Page A-5 for the return on allocated tangible equity for the
periods presented. |
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS RETAIL STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
1,724 |
|
|
$ |
1,812 |
|
|
$ |
1,869 |
|
|
$ |
1,875 |
|
|
$ |
1,749 |
|
|
|
|
$ |
1,724 |
|
|
$ |
1,749 |
|
| Universal life and investment-type product policy fees |
|
|
1,247 |
|
|
|
1,256 |
|
|
|
1,311 |
|
|
|
1,260 |
|
|
|
1,236 |
|
|
|
|
|
1,247 |
|
|
|
1,236 |
|
| Net investment income |
|
|
1,994 |
|
|
|
1,947 |
|
|
|
1,965 |
|
|
|
1,981 |
|
|
|
1,980 |
|
|
|
|
|
1,994 |
|
|
|
1,980 |
|
| Other revenues |
|
|
245 |
|
|
|
265 |
|
|
|
275 |
|
|
|
274 |
|
|
|
251 |
|
|
|
|
|
245 |
|
|
|
251 |
|
| Total operating revenues |
|
|
5,210 |
|
|
|
5,280 |
|
|
|
5,420 |
|
|
|
5,390 |
|
|
|
5,216 |
|
|
|
|
|
5,210 |
|
|
|
5,216 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
2,407 |
|
|
|
2,438 |
|
|
|
2,555 |
|
|
|
2,451 |
|
|
|
2,449 |
|
|
|
|
|
2,407 |
|
|
|
2,449 |
|
| Interest credited to policyholder account balances |
|
|
555 |
|
|
|
561 |
|
|
|
567 |
|
|
|
562 |
|
|
|
542 |
|
|
|
|
|
555 |
|
|
|
542 |
|
| Capitalization of DAC |
|
|
(234 |
) |
|
|
(249 |
) |
|
|
(239 |
) |
|
|
(247 |
) |
|
|
(247 |
) |
|
|
|
|
(234 |
) |
|
|
(247 |
) |
| Amortization of DAC and VOBA |
|
|
429 |
|
|
|
378 |
|
|
|
335 |
|
|
|
373 |
|
|
|
375 |
|
|
|
|
|
429 |
|
|
|
375 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
(1 |
) |
|
|
|
|
- |
|
|
|
(1 |
) |
| Other expenses |
|
|
1,142 |
|
|
|
1,181 |
|
|
|
1,163 |
|
|
|
1,225 |
|
|
|
1,176 |
|
|
|
|
|
1,142 |
|
|
|
1,176 |
|
| Total operating expenses |
|
|
4,299 |
|
|
|
4,309 |
|
|
|
4,380 |
|
|
|
4,366 |
|
|
|
4,294 |
|
|
|
|
|
4,299 |
|
|
|
4,294 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
911 |
|
|
|
971 |
|
|
|
1,040 |
|
|
|
1,024 |
|
|
|
922 |
|
|
|
|
|
911 |
|
|
|
922 |
|
| Provision for income tax expense (benefit) |
|
|
275 |
|
|
|
294 |
|
|
|
255 |
|
|
|
306 |
|
|
|
269 |
|
|
|
|
|
275 |
|
|
|
269 |
|
| Operating earnings |
|
|
636 |
|
|
|
677 |
|
|
|
785 |
|
|
|
718 |
|
|
|
653 |
|
|
|
|
|
636 |
|
|
|
653 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
636 |
|
|
$ |
677 |
|
|
$ |
785 |
|
|
$ |
718 |
|
|
$ |
653 |
|
|
|
|
$ |
636 |
|
|
$ |
653 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
636 |
|
|
$ |
677 |
|
|
$ |
785 |
|
|
$ |
718 |
|
|
$ |
653 |
|
|
|
|
$ |
636 |
|
|
$ |
653 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
6 |
|
|
|
10 |
|
|
|
9 |
|
|
|
(32 |
) |
|
|
68 |
|
|
|
|
|
6 |
|
|
|
68 |
|
| Net derivative gains (losses) |
|
|
71 |
|
|
|
225 |
|
|
|
283 |
|
|
|
(15 |
) |
|
|
313 |
|
|
|
|
|
71 |
|
|
|
313 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
93 |
|
|
|
92 |
|
|
|
96 |
|
|
|
96 |
|
|
|
94 |
|
|
|
|
|
93 |
|
|
|
94 |
|
| Net investment income |
|
|
(117 |
) |
|
|
(114 |
) |
|
|
(109 |
) |
|
|
(117 |
) |
|
|
(128 |
) |
|
|
|
|
(117 |
) |
|
|
(128 |
) |
| Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(118 |
) |
|
|
(215 |
) |
|
|
(34 |
) |
|
|
(129 |
) |
|
|
(96 |
) |
|
|
|
|
(118 |
) |
|
|
(96 |
) |
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
(5 |
) |
|
|
(37 |
) |
|
|
(53 |
) |
|
|
- |
|
|
|
(62 |
) |
|
|
|
|
(5 |
) |
|
|
(62 |
) |
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
25 |
|
|
|
14 |
|
|
|
(68 |
) |
|
|
71 |
|
|
|
(66 |
) |
|
|
|
|
25 |
|
|
|
(66 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
591 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
|
|
776 |
|
|
|
|
|
591 |
|
|
|
776 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(2 |
) |
|
|
- |
|
| Net income (loss) |
|
|
589 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
|
|
776 |
|
|
|
|
|
589 |
|
|
|
776 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
589 |
|
|
|
652 |
|
|
|
909 |
|
|
|
592 |
|
|
|
776 |
|
|
|
|
|
589 |
|
|
|
776 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
589 |
|
|
$ |
652 |
|
|
$ |
909 |
|
|
$ |
592 |
|
|
$ |
776 |
|
|
|
|
$ |
589 |
|
|
$ |
776 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
3,216 |
|
|
$ |
3,333 |
|
|
$ |
3,455 |
|
|
$ |
3,409 |
|
|
$ |
3,236 |
|
|
|
|
$ |
3,216 |
|
|
$ |
3,236 |
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
RETAIL - LIFE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
1,486 |
|
|
$ |
1,508 |
|
|
$ |
1,521 |
|
|
$ |
1,627 |
|
|
$ |
1,494 |
|
|
|
|
$ |
1,486 |
|
|
$ |
1,494 |
|
| Universal life and investment-type product policy fees |
|
|
400 |
|
|
|
394 |
|
|
|
434 |
|
|
|
402 |
|
|
|
392 |
|
|
|
|
|
400 |
|
|
|
392 |
|
| Net investment income |
|
|
1,249 |
|
|
|
1,222 |
|
|
|
1,247 |
|
|
|
1,263 |
|
|
|
1,245 |
|
|
|
|
|
1,249 |
|
|
|
1,245 |
|
| Other revenues |
|
|
137 |
|
|
|
154 |
|
|
|
165 |
|
|
|
166 |
|
|
|
144 |
|
|
|
|
|
137 |
|
|
|
144 |
|
| Total operating revenues |
|
|
3,272 |
|
|
|
3,278 |
|
|
|
3,367 |
|
|
|
3,458 |
|
|
|
3,275 |
|
|
|
|
|
3,272 |
|
|
|
3,275 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
2,032 |
|
|
|
1,991 |
|
|
|
1,974 |
|
|
|
2,055 |
|
|
|
2,070 |
|
|
|
|
|
2,032 |
|
|
|
2,070 |
|
| Interest credited to policyholder account balances |
|
|
219 |
|
|
|
226 |
|
|
|
230 |
|
|
|
229 |
|
|
|
227 |
|
|
|
|
|
219 |
|
|
|
227 |
|
| Capitalization of DAC |
|
|
(145 |
) |
|
|
(168 |
) |
|
|
(158 |
) |
|
|
(163 |
) |
|
|
(158 |
) |
|
|
|
|
(145 |
) |
|
|
(158 |
) |
| Amortization of DAC and VOBA |
|
|
201 |
|
|
|
196 |
|
|
|
164 |
|
|
|
193 |
|
|
|
210 |
|
|
|
|
|
201 |
|
|
|
210 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
- |
|
|
|
(1 |
) |
| Other expenses |
|
|
587 |
|
|
|
646 |
|
|
|
621 |
|
|
|
648 |
|
|
|
632 |
|
|
|
|
|
587 |
|
|
|
632 |
|
| Total operating expenses |
|
|
2,894 |
|
|
|
2,890 |
|
|
|
2,830 |
|
|
|
2,963 |
|
|
|
2,980 |
|
|
|
|
|
2,894 |
|
|
|
2,980 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
378 |
|
|
|
388 |
|
|
|
537 |
|
|
|
495 |
|
|
|
295 |
|
|
|
|
|
378 |
|
|
|
295 |
|
| Provision for income tax expense (benefit) |
|
|
123 |
|
|
|
122 |
|
|
|
172 |
|
|
|
162 |
|
|
|
92 |
|
|
|
|
|
123 |
|
|
|
92 |
|
| Operating earnings |
|
|
255 |
|
|
|
266 |
|
|
|
365 |
|
|
|
333 |
|
|
|
203 |
|
|
|
|
|
255 |
|
|
|
203 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
255 |
|
|
$ |
266 |
|
|
$ |
365 |
|
|
$ |
333 |
|
|
$ |
203 |
|
|
|
|
$ |
255 |
|
|
$ |
203 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
255 |
|
|
$ |
266 |
|
|
$ |
365 |
|
|
$ |
333 |
|
|
$ |
203 |
|
|
|
|
$ |
255 |
|
|
$ |
203 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
(14 |
) |
|
|
1 |
|
|
|
(9 |
) |
|
|
(35 |
) |
|
|
1 |
|
|
|
|
|
(14 |
) |
|
|
1 |
|
| Net derivative gains (losses) |
|
|
69 |
|
|
|
6 |
|
|
|
98 |
|
|
|
119 |
|
|
|
186 |
|
|
|
|
|
69 |
|
|
|
186 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
(55 |
) |
|
|
(54 |
) |
|
|
(56 |
) |
|
|
(57 |
) |
|
|
(60 |
) |
|
|
|
|
(55 |
) |
|
|
(60 |
) |
| Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
17 |
|
|
|
|
|
- |
|
|
|
17 |
|
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
(16 |
) |
|
|
(11 |
) |
|
|
68 |
|
|
|
(19 |
) |
|
|
(19 |
) |
|
|
|
|
(16 |
) |
|
|
(19 |
) |
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
6 |
|
|
|
21 |
|
|
|
(36 |
) |
|
|
(2 |
) |
|
|
(44 |
) |
|
|
|
|
6 |
|
|
|
(44 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
245 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
|
|
284 |
|
|
|
|
|
245 |
|
|
|
284 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(2 |
) |
|
|
- |
|
| Net income (loss) |
|
|
243 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
|
|
284 |
|
|
|
|
|
243 |
|
|
|
284 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
243 |
|
|
|
228 |
|
|
|
430 |
|
|
|
345 |
|
|
|
284 |
|
|
|
|
|
243 |
|
|
|
284 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
243 |
|
|
$ |
228 |
|
|
$ |
430 |
|
|
$ |
345 |
|
|
$ |
284 |
|
|
|
|
$ |
243 |
|
|
$ |
284 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
2,023 |
|
|
$ |
2,056 |
|
|
$ |
2,120 |
|
|
$ |
2,195 |
|
|
$ |
2,030 |
|
|
|
|
$ |
2,023 |
|
|
$ |
2,030 |
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
RETAIL - ANNUITIES STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
238 |
|
|
$ |
304 |
|
|
$ |
348 |
|
|
$ |
248 |
|
|
$ |
255 |
|
|
|
|
$ |
238 |
|
|
$ |
255 |
|
| Universal life and investment-type product policy fees |
|
|
847 |
|
|
|
862 |
|
|
|
877 |
|
|
|
858 |
|
|
|
844 |
|
|
|
|
|
847 |
|
|
|
844 |
|
| Net investment income |
|
|
745 |
|
|
|
725 |
|
|
|
718 |
|
|
|
718 |
|
|
|
735 |
|
|
|
|
|
745 |
|
|
|
735 |
|
| Other revenues |
|
|
108 |
|
|
|
111 |
|
|
|
110 |
|
|
|
108 |
|
|
|
107 |
|
|
|
|
|
108 |
|
|
|
107 |
|
| Total operating revenues |
|
|
1,938 |
|
|
|
2,002 |
|
|
|
2,053 |
|
|
|
1,932 |
|
|
|
1,941 |
|
|
|
|
|
1,938 |
|
|
|
1,941 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
375 |
|
|
|
447 |
|
|
|
581 |
|
|
|
396 |
|
|
|
379 |
|
|
|
|
|
375 |
|
|
|
379 |
|
| Interest credited to policyholder account balances |
|
|
336 |
|
|
|
335 |
|
|
|
337 |
|
|
|
333 |
|
|
|
315 |
|
|
|
|
|
336 |
|
|
|
315 |
|
| Capitalization of DAC |
|
|
(89 |
) |
|
|
(81 |
) |
|
|
(81 |
) |
|
|
(84 |
) |
|
|
(89 |
) |
|
|
|
|
(89 |
) |
|
|
(89 |
) |
| Amortization of DAC and VOBA |
|
|
228 |
|
|
|
182 |
|
|
|
171 |
|
|
|
180 |
|
|
|
165 |
|
|
|
|
|
228 |
|
|
|
165 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
555 |
|
|
|
535 |
|
|
|
542 |
|
|
|
577 |
|
|
|
544 |
|
|
|
|
|
555 |
|
|
|
544 |
|
| Total operating expenses |
|
|
1,405 |
|
|
|
1,419 |
|
|
|
1,550 |
|
|
|
1,403 |
|
|
|
1,314 |
|
|
|
|
|
1,405 |
|
|
|
1,314 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
533 |
|
|
|
583 |
|
|
|
503 |
|
|
|
529 |
|
|
|
627 |
|
|
|
|
|
533 |
|
|
|
627 |
|
| Provision for income tax expense (benefit) |
|
|
152 |
|
|
|
172 |
|
|
|
83 |
|
|
|
144 |
|
|
|
177 |
|
|
|
|
|
152 |
|
|
|
177 |
|
| Operating earnings |
|
|
381 |
|
|
|
411 |
|
|
|
420 |
|
|
|
385 |
|
|
|
450 |
|
|
|
|
|
381 |
|
|
|
450 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
381 |
|
|
$ |
411 |
|
|
$ |
420 |
|
|
$ |
385 |
|
|
$ |
450 |
|
|
|
|
$ |
381 |
|
|
$ |
450 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
381 |
|
|
$ |
411 |
|
|
$ |
420 |
|
|
$ |
385 |
|
|
$ |
450 |
|
|
|
|
$ |
381 |
|
|
$ |
450 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
20 |
|
|
|
9 |
|
|
|
18 |
|
|
|
3 |
|
|
|
67 |
|
|
|
|
|
20 |
|
|
|
67 |
|
| Net derivative gains (losses) |
|
|
2 |
|
|
|
219 |
|
|
|
185 |
|
|
|
(134 |
) |
|
|
127 |
|
|
|
|
|
2 |
|
|
|
127 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
93 |
|
|
|
93 |
|
|
|
96 |
|
|
|
96 |
|
|
|
94 |
|
|
|
|
|
93 |
|
|
|
94 |
|
| Net investment income |
|
|
(62 |
) |
|
|
(60 |
) |
|
|
(53 |
) |
|
|
(60 |
) |
|
|
(68 |
) |
|
|
|
|
(62 |
) |
|
|
(68 |
) |
| Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(118 |
) |
|
|
(215 |
) |
|
|
(34 |
) |
|
|
(135 |
) |
|
|
(113 |
) |
|
|
|
|
(118 |
) |
|
|
(113 |
) |
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
11 |
|
|
|
(26 |
) |
|
|
(121 |
) |
|
|
19 |
|
|
|
(43 |
) |
|
|
|
|
11 |
|
|
|
(43 |
) |
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
19 |
|
|
|
(7 |
) |
|
|
(32 |
) |
|
|
73 |
|
|
|
(22 |
) |
|
|
|
|
19 |
|
|
|
(22 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
|
|
492 |
|
|
|
|
|
346 |
|
|
|
492 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
|
|
492 |
|
|
|
|
|
346 |
|
|
|
492 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
346 |
|
|
|
424 |
|
|
|
479 |
|
|
|
247 |
|
|
|
492 |
|
|
|
|
|
346 |
|
|
|
492 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
346 |
|
|
$ |
424 |
|
|
$ |
479 |
|
|
$ |
247 |
|
|
$ |
492 |
|
|
|
|
$ |
346 |
|
|
$ |
492 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
1,193 |
|
|
$ |
1,277 |
|
|
$ |
1,335 |
|
|
$ |
1,214 |
|
|
$ |
1,206 |
|
|
|
|
$ |
1,193 |
|
|
$ |
1,206 |
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAS
RETAIL
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
LIFE & OTHER (1)
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
85,302 |
|
|
$ |
85,599 |
|
|
$ |
85,870 |
|
|
$ |
86,162 |
|
|
$ |
86,756 |
|
| |
|
|
|
|
|
| Premiums and deposits (2), (3) |
|
|
1,980 |
|
|
|
1,985 |
|
|
|
1,929 |
|
|
|
1,958 |
|
|
|
2,005 |
|
| Surrenders and withdrawals |
|
|
(753 |
) |
|
|
(783 |
) |
|
|
(774 |
) |
|
|
(730 |
) |
|
|
(727 |
) |
| Benefit payments |
|
|
(851 |
) |
|
|
(804 |
) |
|
|
(749 |
) |
|
|
(637 |
) |
|
|
(905 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
376 |
|
|
|
398 |
|
|
|
406 |
|
|
|
591 |
|
|
|
373 |
|
| |
|
|
|
|
|
| Net transfers from (to) separate account |
|
|
28 |
|
|
|
27 |
|
|
|
25 |
|
|
|
23 |
|
|
|
27 |
|
| Interest |
|
|
824 |
|
|
|
834 |
|
|
|
836 |
|
|
|
835 |
|
|
|
839 |
|
| Policy charges |
|
|
(477 |
) |
|
|
(477 |
) |
|
|
(478 |
) |
|
|
(484 |
) |
|
|
(487 |
) |
| Other |
|
|
(454 |
) |
|
|
(511 |
) |
|
|
(497 |
) |
|
|
(371 |
) |
|
|
(435 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
85,599 |
|
|
$ |
85,870 |
|
|
$ |
86,162 |
|
|
$ |
86,756 |
|
|
$ |
87,073 |
|
| |
|
|
|
|
|
| ANNUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
46,988 |
|
|
$ |
46,899 |
|
|
$ |
46,809 |
|
|
$ |
47,529 |
|
|
$ |
47,601 |
|
| Premiums and deposits (2), (3) |
|
|
842 |
|
|
|
849 |
|
|
|
952 |
|
|
|
850 |
|
|
|
805 |
|
| Surrenders and withdrawals |
|
|
(1,163 |
) |
|
|
(912 |
) |
|
|
(894 |
) |
|
|
(1,520 |
) |
|
|
(946 |
) |
| Benefit payments |
|
|
(414 |
) |
|
|
(414 |
) |
|
|
(415 |
) |
|
|
(406 |
) |
|
|
(428 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
(735 |
) |
|
|
(477 |
) |
|
|
(357 |
) |
|
|
(1,076 |
) |
|
|
(569 |
) |
| Net transfers from (to) separate account |
|
|
(21 |
) |
|
|
(10 |
) |
|
|
34 |
|
|
|
2 |
|
|
|
9 |
|
| Interest |
|
|
395 |
|
|
|
397 |
|
|
|
402 |
|
|
|
399 |
|
|
|
383 |
|
| Policy charges |
|
|
(13 |
) |
|
|
(14 |
) |
|
|
(13 |
) |
|
|
(10 |
) |
|
|
(13 |
) |
| Other |
|
|
285 |
|
|
|
14 |
|
|
|
654 |
|
|
|
757 |
|
|
|
369 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
46,899 |
|
|
$ |
46,809 |
|
|
$ |
47,529 |
|
|
$ |
47,601 |
|
|
$ |
47,780 |
|
| |
|
|
|
|
|
| SEPARATE ACCOUNT LIABILITIES
LIFE & OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
9,945 |
|
|
$ |
9,971 |
|
|
$ |
10,198 |
|
|
$ |
9,949 |
|
|
$ |
10,173 |
|
| Premiums and deposits (3) |
|
|
164 |
|
|
|
158 |
|
|
|
162 |
|
|
|
158 |
|
|
|
160 |
|
| Surrenders and withdrawals |
|
|
(113 |
) |
|
|
(111 |
) |
|
|
(119 |
) |
|
|
(99 |
) |
|
|
(109 |
) |
| Benefit payments |
|
|
(16 |
) |
|
|
(10 |
) |
|
|
(15 |
) |
|
|
(11 |
) |
|
|
(12 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
35 |
|
|
|
37 |
|
|
|
28 |
|
|
|
48 |
|
|
|
39 |
|
| Investment performance |
|
|
151 |
|
|
|
354 |
|
|
|
(119 |
) |
|
|
334 |
|
|
|
301 |
|
| Net transfers from (to) general account |
|
|
(28 |
) |
|
|
(27 |
) |
|
|
(25 |
) |
|
|
(23 |
) |
|
|
(27 |
) |
| Policy charges |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(132 |
) |
|
|
(130 |
) |
|
|
(132 |
) |
| Other |
|
|
1 |
|
|
|
(4 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
9,971 |
|
|
$ |
10,198 |
|
|
$ |
9,949 |
|
|
$ |
10,173 |
|
|
$ |
10,354 |
|
| |
|
|
|
|
|
| ANNUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
162,436 |
|
|
$ |
162,713 |
|
|
$ |
166,093 |
|
|
$ |
160,995 |
|
|
$ |
161,553 |
|
| |
|
|
|
|
|
| Premiums and deposits (3) |
|
|
1,331 |
|
|
|
1,344 |
|
|
|
1,290 |
|
|
|
1,370 |
|
|
|
1,384 |
|
| Surrenders and withdrawals |
|
|
(2,631 |
) |
|
|
(2,871 |
) |
|
|
(2,829 |
) |
|
|
(3,000 |
) |
|
|
(2,770 |
) |
| Benefit payments |
|
|
(320 |
) |
|
|
(359 |
) |
|
|
(321 |
) |
|
|
(330 |
) |
|
|
(347 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
(1,620 |
) |
|
|
(1,886 |
) |
|
|
(1,860 |
) |
|
|
(1,960 |
) |
|
|
(1,733 |
) |
| Investment performance |
|
|
2,723 |
|
|
|
6,170 |
|
|
|
(2,261 |
) |
|
|
3,431 |
|
|
|
4,348 |
|
| Net transfers from (to) general account |
|
|
21 |
|
|
|
10 |
|
|
|
(34 |
) |
|
|
(2 |
) |
|
|
(9 |
) |
| Policy charges |
|
|
(849 |
) |
|
|
(913 |
) |
|
|
(943 |
) |
|
|
(910 |
) |
|
|
(870 |
) |
| Other |
|
|
2 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
162,713 |
|
|
$ |
166,093 |
|
|
$ |
160,995 |
|
|
$ |
161,553 |
|
|
$ |
163,288 |
|
|
(1) All of the retail property &
casualty activity is reflected within the “Other” category.
(2) Includes premiums and deposits
directed to the general account investment option of variable products.
(3) Includes company-sponsored internal
exchanges. |
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
RETAIL
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
433 |
|
|
$ |
437 |
|
|
$ |
417 |
|
|
$ |
476 |
|
|
$ |
452 |
|
| Pension and post-retirement benefit costs |
|
|
51 |
|
|
|
52 |
|
|
|
62 |
|
|
|
50 |
|
|
|
45 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
46 |
|
|
|
56 |
|
|
|
53 |
|
|
|
51 |
|
|
|
42 |
|
| Total fixed operating expenses |
|
$ |
530 |
|
|
$ |
545 |
|
|
$ |
532 |
|
|
$ |
577 |
|
|
$ |
539 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
612 |
|
|
|
636 |
|
|
|
631 |
|
|
|
648 |
|
|
|
637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other expenses |
|
$ |
1,142 |
|
|
$ |
1,181 |
|
|
$ |
1,163 |
|
|
$ |
1,225 |
|
|
$ |
1,176 |
|
| |
| SALES BY PRODUCT
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life Sales (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Term Life |
|
$ |
16 |
|
|
$ |
16 |
|
|
$ |
14 |
|
|
$ |
21 |
|
|
$ |
22 |
|
| Whole Life |
|
|
29 |
|
|
|
36 |
|
|
|
30 |
|
|
|
37 |
|
|
|
38 |
|
| Variable Life |
|
|
7 |
|
|
|
16 |
|
|
|
7 |
|
|
|
9 |
|
|
|
8 |
|
| Universal Life |
|
|
12 |
|
|
|
12 |
|
|
|
10 |
|
|
|
11 |
|
|
|
11 |
|
| Total life sales |
|
$ |
64 |
|
|
$ |
80 |
|
|
$ |
61 |
|
|
$ |
78 |
|
|
$ |
79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annuity Sales (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed and indexed annuity sales |
|
$ |
426 |
|
|
$ |
460 |
|
|
$ |
505 |
|
|
$ |
464 |
|
|
$ |
430 |
|
| Variable annuity sales |
|
|
1,603 |
|
|
|
1,602 |
|
|
|
1,533 |
|
|
|
1,606 |
|
|
|
1,608 |
|
| Total annuity sales |
|
$ |
2,029 |
|
|
$ |
2,062 |
|
|
$ |
2,038 |
|
|
$ |
2,070 |
|
|
$ |
2,038 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annuity Separate Accounts and General Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Separate Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total variable annuity separate accounts |
|
$ |
1,290 |
|
|
$ |
1,302 |
|
|
$ |
1,248 |
|
|
$ |
1,323 |
|
|
$ |
1,346 |
|
| General Accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed and indexed annuity |
|
|
426 |
|
|
|
460 |
|
|
|
505 |
|
|
|
464 |
|
|
|
430 |
|
| Variable annuity |
|
|
313 |
|
|
|
300 |
|
|
|
285 |
|
|
|
283 |
|
|
|
262 |
|
| Total general accounts |
|
|
739 |
|
|
|
760 |
|
|
|
790 |
|
|
|
747 |
|
|
|
692 |
|
| Total annuity premiums and deposits |
|
$ |
2,029 |
|
|
$ |
2,062 |
|
|
$ |
2,038 |
|
|
$ |
2,070 |
|
|
$ |
2,038 |
|
|
(1) Statistical sales information is
calculated using the LIMRA definition of sales for core direct sales, excluding company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life insurance. Sales
statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
(2) Statutory premiums direct and
assumed, excluding company-sponsored internal exchanges. |
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AMERICAS
RETAIL
SPREAD BY PRODUCT
VARIABLE & UNIVERSAL LIFE (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield excluding variable investment income |
|
|
6.13% |
|
|
|
6.15% |
|
|
|
6.06% |
|
|
|
6.13% |
|
|
|
6.01% |
|
| Variable investment income yield |
|
|
0.53% |
|
|
|
0.02% |
|
|
|
0.51% |
|
|
|
0.38% |
|
|
|
0.32% |
|
| Total investment income yield |
|
|
6.66% |
|
|
|
6.17% |
|
|
|
6.57% |
|
|
|
6.51% |
|
|
|
6.33% |
|
| Average crediting rate |
|
|
4.50% |
|
|
|
4.50% |
|
|
|
4.51% |
|
|
|
4.50% |
|
|
|
4.53% |
|
| Annualized general account spread |
|
|
2.16% |
|
|
|
1.67% |
|
|
|
2.06% |
|
|
|
2.01% |
|
|
|
1.80% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized general account spread excluding variable investment income
yield |
|
|
1.63% |
|
|
|
1.65% |
|
|
|
1.55% |
|
|
|
1.63% |
|
|
|
1.48% |
|
| |
|
|
|
|
|
| ANNUITIES (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield excluding variable investment income |
|
|
5.88% |
|
|
|
5.83% |
|
|
|
5.64% |
|
|
|
5.64% |
|
|
|
5.72% |
|
| Variable investment income yield |
|
|
0.38% |
|
|
|
0.25% |
|
|
|
0.31% |
|
|
|
0.22% |
|
|
|
0.22% |
|
| Total investment income yield |
|
|
6.26% |
|
|
|
6.08% |
|
|
|
5.95% |
|
|
|
5.86% |
|
|
|
5.94% |
|
| Average crediting rate |
|
|
3.50% |
|
|
|
3.51% |
|
|
|
3.53% |
|
|
|
3.52% |
|
|
|
3.48% |
|
| Annualized general account spread |
|
|
2.76% |
|
|
|
2.57% |
|
|
|
2.42% |
|
|
|
2.34% |
|
|
|
2.46% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized general account spread excluding variable investment income
yield |
|
|
2.38% |
|
|
|
2.32% |
|
|
|
2.11% |
|
|
|
2.12% |
|
|
|
2.24% |
|
| |
|
|
|
|
|
| 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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating premiums, fees and other revenues |
|
$ |
1,368 |
|
|
$ |
1,377 |
|
|
$ |
1,427 |
|
|
$ |
1,499 |
|
|
$ |
1,370 |
|
| Interest Adjusted Benefit Ratio |
|
|
56.9% |
|
|
|
48.9% |
|
|
|
51.7% |
|
|
|
53.9% |
|
|
|
59.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lapse Ratio (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Traditional life |
|
|
5.8% |
|
|
|
5.8% |
|
|
|
5.9% |
|
|
|
5.9% |
|
|
|
5.8% |
|
| Variable & universal life |
|
|
4.3% |
|
|
|
4.1% |
|
|
|
4.0% |
|
|
|
3.8% |
|
|
|
3.8% |
|
| Fixed annuity |
|
|
10.5% |
|
|
|
10.3% |
|
|
|
10.1% |
|
|
|
10.6% |
|
|
|
9.8% |
|
| Variable annuity |
|
|
6.3% |
|
|
|
6.5% |
|
|
|
6.7% |
|
|
|
6.9% |
|
|
|
7.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail Property & Casualty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating premiums, fees and other revenues |
|
$ |
447 |
|
|
$ |
452 |
|
|
$ |
457 |
|
|
$ |
458 |
|
|
$ |
445 |
|
| Combined ratio including catastrophes |
|
|
94.3% |
|
|
|
107.5% |
|
|
|
83.6% |
|
|
|
85.8% |
|
|
|
89.3% |
|
| Combined ratio excluding catastrophes |
|
|
89.3% |
|
|
|
83.6% |
|
|
|
79.3% |
|
|
|
81.5% |
|
|
|
79.4% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the general account spread
for variable & universal life, a component of Life & Other.
(2) Represents the general account spread
for deferred and payout annuities. Amounts in prior periods have been revised to conform to current period presentation to include payout annuities which were previously excluded.
(3) Represents traditional life and
variable & universal life, components of Life & Other.
(4) Lapse ratios are calculated based on
the average of the most recent 12 months of experience. |
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS GROUP, VOLUNTARY & WORKSITE BENEFITS
STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
4,002 |
|
|
$ |
4,038 |
|
|
$ |
4,010 |
|
|
$ |
3,929 |
|
|
$ |
4,117 |
|
|
|
|
$ |
4,002 |
|
|
$ |
4,117 |
|
| Universal life and investment-type product policy fees |
|
|
177 |
|
|
|
181 |
|
|
|
180 |
|
|
|
178 |
|
|
|
188 |
|
|
|
|
|
177 |
|
|
|
188 |
|
| Net investment income |
|
|
456 |
|
|
|
465 |
|
|
|
475 |
|
|
|
465 |
|
|
|
478 |
|
|
|
|
|
456 |
|
|
|
478 |
|
| Other revenues |
|
|
107 |
|
|
|
104 |
|
|
|
103 |
|
|
|
106 |
|
|
|
113 |
|
|
|
|
|
107 |
|
|
|
113 |
|
| Total operating revenues |
|
|
4,742 |
|
|
|
4,788 |
|
|
|
4,768 |
|
|
|
4,678 |
|
|
|
4,896 |
|
|
|
|
|
4,742 |
|
|
|
4,896 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
3,781 |
|
|
|
3,789 |
|
|
|
3,729 |
|
|
|
3,598 |
|
|
|
3,835 |
|
|
|
|
|
3,781 |
|
|
|
3,835 |
|
| Interest credited to policyholder account balances |
|
|
40 |
|
|
|
39 |
|
|
|
38 |
|
|
|
39 |
|
|
|
37 |
|
|
|
|
|
40 |
|
|
|
37 |
|
| Capitalization of DAC |
|
|
(34 |
) |
|
|
(36 |
) |
|
|
(37 |
) |
|
|
(36 |
) |
|
|
(36 |
) |
|
|
|
|
(34 |
) |
|
|
(36 |
) |
| Amortization of DAC and VOBA |
|
|
36 |
|
|
|
35 |
|
|
|
38 |
|
|
|
40 |
|
|
|
41 |
|
|
|
|
|
36 |
|
|
|
41 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
628 |
|
|
|
638 |
|
|
|
634 |
|
|
|
671 |
|
|
|
664 |
|
|
|
|
|
628 |
|
|
|
664 |
|
| Total operating expenses |
|
|
4,451 |
|
|
|
4,465 |
|
|
|
4,402 |
|
|
|
4,313 |
|
|
|
4,541 |
|
|
|
|
|
4,451 |
|
|
|
4,541 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
291 |
|
|
|
323 |
|
|
|
366 |
|
|
|
365 |
|
|
|
355 |
|
|
|
|
|
291 |
|
|
|
355 |
|
| Provision for income tax expense (benefit) |
|
|
101 |
|
|
|
114 |
|
|
|
125 |
|
|
|
127 |
|
|
|
127 |
|
|
|
|
|
101 |
|
|
|
127 |
|
| Operating earnings |
|
|
190 |
|
|
|
209 |
|
|
|
241 |
|
|
|
238 |
|
|
|
228 |
|
|
|
|
|
190 |
|
|
|
228 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
190 |
|
|
$ |
209 |
|
|
$ |
241 |
|
|
$ |
238 |
|
|
$ |
228 |
|
|
|
|
$ |
190 |
|
|
$ |
228 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
190 |
|
|
$ |
209 |
|
|
$ |
241 |
|
|
$ |
238 |
|
|
$ |
228 |
|
|
|
|
$ |
190 |
|
|
$ |
228 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
(11 |
) |
|
|
10 |
|
|
|
(9 |
) |
|
|
(29 |
) |
|
|
3 |
|
|
|
|
|
(11 |
) |
|
|
3 |
|
| Net derivative gains (losses) |
|
|
116 |
|
|
|
71 |
|
|
|
106 |
|
|
|
232 |
|
|
|
205 |
|
|
|
|
|
116 |
|
|
|
205 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
(39 |
) |
|
|
(42 |
) |
|
|
(41 |
) |
|
|
(45 |
) |
|
|
(42 |
) |
|
|
|
|
(39 |
) |
|
|
(42 |
) |
| 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 |
) |
|
|
(58 |
) |
|
|
|
|
(23 |
) |
|
|
(58 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
|
|
336 |
|
|
|
|
|
233 |
|
|
|
336 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
|
|
336 |
|
|
|
|
|
233 |
|
|
|
336 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
233 |
|
|
|
234 |
|
|
|
278 |
|
|
|
341 |
|
|
|
336 |
|
|
|
|
|
233 |
|
|
|
336 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
233 |
|
|
$ |
234 |
|
|
$ |
278 |
|
|
$ |
341 |
|
|
$ |
336 |
|
|
|
|
$ |
233 |
|
|
$ |
336 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
4,286 |
|
|
$ |
4,323 |
|
|
$ |
4,293 |
|
|
$ |
4,213 |
|
|
$ |
4,418 |
|
|
|
|
$ |
4,286 |
|
|
$ |
4,418 |
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
GROUP, VOLUNTARY & WORKSITE BENEFITS
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES (1)
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
26,228 |
|
|
$ |
26,460 |
|
|
$ |
26,657 |
|
|
$ |
26,772 |
|
|
$ |
26,938 |
|
| Premiums and deposits |
|
|
4,546 |
|
|
|
4,500 |
|
|
|
4,845 |
|
|
|
4,548 |
|
|
|
4,553 |
|
| Surrenders and withdrawals |
|
|
(725 |
) |
|
|
(729 |
) |
|
|
(1,101 |
) |
|
|
(904 |
) |
|
|
(624 |
) |
| Benefit payments |
|
|
(3,390 |
) |
|
|
(3,364 |
) |
|
|
(3,392 |
) |
|
|
(3,210 |
) |
|
|
(3,378 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
431 |
|
|
|
407 |
|
|
|
352 |
|
|
|
434 |
|
|
|
551 |
|
| Net transfers from (to) separate account |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Interest |
|
|
219 |
|
|
|
223 |
|
|
|
227 |
|
|
|
227 |
|
|
|
224 |
|
| Policy charges |
|
|
(137 |
) |
|
|
(139 |
) |
|
|
(136 |
) |
|
|
(134 |
) |
|
|
(139 |
) |
| Other |
|
|
(281 |
) |
|
|
(294 |
) |
|
|
(328 |
) |
|
|
(361 |
) |
|
|
(281 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
26,460 |
|
|
$ |
26,657 |
|
|
$ |
26,772 |
|
|
$ |
26,938 |
|
|
$ |
27,293 |
|
| |
|
|
|
|
|
| SEPARATE ACCOUNT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
644 |
|
|
$ |
646 |
|
|
$ |
667 |
|
|
$ |
656 |
|
|
$ |
669 |
|
| Premiums and deposits |
|
|
54 |
|
|
|
52 |
|
|
|
53 |
|
|
|
52 |
|
|
|
57 |
|
| Surrenders and withdrawals |
|
|
(14 |
) |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(19 |
) |
| Benefit payments |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
39 |
|
|
|
41 |
|
|
|
41 |
|
|
|
40 |
|
|
|
38 |
|
| Investment performance |
|
|
9 |
|
|
|
26 |
|
|
|
(5 |
) |
|
|
17 |
|
|
|
18 |
|
| Net transfers from (to) general account |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Policy charges |
|
|
(44 |
) |
|
|
(45 |
) |
|
|
(45 |
) |
|
|
(44 |
) |
|
|
(46 |
) |
| Other |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
(2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
646 |
|
|
$ |
667 |
|
|
$ |
656 |
|
|
$ |
669 |
|
|
$ |
677 |
|
|
(1) All of the group property &
casualty activity is reflected within the “Other” category. |
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
366 |
|
|
$ |
372 |
|
|
$ |
378 |
|
|
$ |
406 |
|
|
$ |
384 |
|
| Pension and post-retirement benefit costs |
|
|
24 |
|
|
|
23 |
|
|
|
26 |
|
|
|
22 |
|
|
|
18 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
71 |
|
|
|
80 |
|
|
|
77 |
|
|
|
80 |
|
|
|
81 |
|
| Total fixed operating expenses |
|
$ |
461 |
|
|
$ |
475 |
|
|
$ |
481 |
|
|
$ |
508 |
|
|
$ |
483 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
167 |
|
|
|
163 |
|
|
|
153 |
|
|
|
163 |
|
|
|
181 |
|
| |
|
|
|
|
|
| Total other expenses |
|
$ |
628 |
|
|
$ |
638 |
|
|
$ |
634 |
|
|
$ |
671 |
|
|
$ |
664 |
|
| |
| SPREAD (1)
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield excluding variable investment income |
|
|
5.57% |
|
|
|
5.64% |
|
|
|
5.63% |
|
|
|
5.62% |
|
|
|
5.61% |
|
| Variable investment income yield |
|
|
0.34% |
|
|
|
0.32% |
|
|
|
0.51% |
|
|
|
0.25% |
|
|
|
0.31% |
|
| Total investment income yield |
|
|
5.91% |
|
|
|
5.96% |
|
|
|
6.14% |
|
|
|
5.87% |
|
|
|
5.92% |
|
| Average crediting rate |
|
|
3.36% |
|
|
|
3.36% |
|
|
|
3.37% |
|
|
|
3.40% |
|
|
|
3.41% |
|
| Annualized general account spread |
|
|
2.55% |
|
|
|
2.60% |
|
|
|
2.77% |
|
|
|
2.47% |
|
|
|
2.51% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized general account spread excluding variable investment income
yield |
|
|
2.21% |
|
|
|
2.28% |
|
|
|
2.26% |
|
|
|
2.22% |
|
|
|
2.20% |
|
| |
| 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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group Life (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating premiums, fees and other revenues |
|
$ |
1,500 |
|
|
$ |
1,496 |
|
|
$ |
1,464 |
|
|
$ |
1,461 |
|
|
$ |
1,583 |
|
| Mortality ratio |
|
|
91.9% |
|
|
|
86.9% |
|
|
|
87.8% |
|
|
|
86.7% |
|
|
|
90.7% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group Non-Medical Health (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating premiums, fees and other revenues |
|
$ |
1,631 |
|
|
$ |
1,644 |
|
|
$ |
1,608 |
|
|
$ |
1,630 |
|
|
$ |
1,708 |
|
| Interest Adjusted Loss Ratio (4) |
|
|
79.9% |
|
|
|
82.8% |
|
|
|
80.5% |
|
|
|
78.5% |
|
|
|
77.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group Property & Casualty (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating premiums, fees and other revenues |
|
$ |
366 |
|
|
$ |
371 |
|
|
$ |
382 |
|
|
$ |
388 |
|
|
$ |
383 |
|
| Combined ratio including catastrophes |
|
|
98.2% |
|
|
|
96.4% |
|
|
|
91.0% |
|
|
|
92.3% |
|
|
|
101.2% |
|
| Combined ratio excluding catastrophes |
|
|
94.3% |
|
|
|
86.8% |
|
|
|
86.2% |
|
|
|
90.8% |
|
|
|
89.7% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes group property &
casualty.
(2) Excludes certain experience-rated
contracts and includes accidental death and dismemberment.
(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.
(5) Excludes the portion of group
property & casualty reported in the Latin America segment. |
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS CORPORATE BENEFIT FUNDING STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
301 |
|
|
$ |
686 |
|
|
$ |
451 |
|
|
$ |
1,330 |
|
|
$ |
418 |
|
|
|
|
$ |
301 |
|
|
$ |
418 |
|
| Universal life and investment-type product policy fees |
|
|
57 |
|
|
|
55 |
|
|
|
60 |
|
|
|
54 |
|
|
|
54 |
|
|
|
|
|
57 |
|
|
|
54 |
|
| Net investment income |
|
|
1,382 |
|
|
|
1,413 |
|
|
|
1,464 |
|
|
|
1,425 |
|
|
|
1,430 |
|
|
|
|
|
1,382 |
|
|
|
1,430 |
|
| Other revenues |
|
|
68 |
|
|
|
75 |
|
|
|
71 |
|
|
|
72 |
|
|
|
71 |
|
|
|
|
|
68 |
|
|
|
71 |
|
| Total operating revenues |
|
|
1,808 |
|
|
|
2,229 |
|
|
|
2,046 |
|
|
|
2,881 |
|
|
|
1,973 |
|
|
|
|
|
1,808 |
|
|
|
1,973 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
888 |
|
|
|
1,273 |
|
|
|
1,033 |
|
|
|
1,912 |
|
|
|
991 |
|
|
|
|
|
888 |
|
|
|
991 |
|
| Interest credited to policyholder account balances |
|
|
278 |
|
|
|
287 |
|
|
|
279 |
|
|
|
296 |
|
|
|
293 |
|
|
|
|
|
278 |
|
|
|
293 |
|
| Capitalization of DAC |
|
|
(1 |
) |
|
|
(18 |
) |
|
|
(11 |
) |
|
|
(1 |
) |
|
|
(6 |
) |
|
|
|
|
(1 |
) |
|
|
(6 |
) |
| Amortization of DAC and VOBA |
|
|
4 |
|
|
|
6 |
|
|
|
5 |
|
|
|
4 |
|
|
|
5 |
|
|
|
|
|
4 |
|
|
|
5 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
1 |
|
|
|
|
|
2 |
|
|
|
1 |
|
| Other expenses |
|
|
115 |
|
|
|
129 |
|
|
|
133 |
|
|
|
115 |
|
|
|
124 |
|
|
|
|
|
115 |
|
|
|
124 |
|
| Total operating expenses |
|
|
1,286 |
|
|
|
1,679 |
|
|
|
1,441 |
|
|
|
2,329 |
|
|
|
1,408 |
|
|
|
|
|
1,286 |
|
|
|
1,408 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
522 |
|
|
|
550 |
|
|
|
605 |
|
|
|
552 |
|
|
|
565 |
|
|
|
|
|
522 |
|
|
|
565 |
|
| Provision for income tax expense (benefit) |
|
|
182 |
|
|
|
187 |
|
|
|
210 |
|
|
|
192 |
|
|
|
196 |
|
|
|
|
|
182 |
|
|
|
196 |
|
| Operating earnings |
|
|
340 |
|
|
|
363 |
|
|
|
395 |
|
|
|
360 |
|
|
|
369 |
|
|
|
|
|
340 |
|
|
|
369 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
340 |
|
|
$ |
363 |
|
|
$ |
395 |
|
|
$ |
360 |
|
|
$ |
369 |
|
|
|
|
$ |
340 |
|
|
$ |
369 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
340 |
|
|
$ |
363 |
|
|
$ |
395 |
|
|
$ |
360 |
|
|
$ |
369 |
|
|
|
|
$ |
340 |
|
|
$ |
369 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) (1) |
|
|
(541 |
) |
|
|
(195 |
) |
|
|
180 |
|
|
|
124 |
|
|
|
205 |
|
|
|
|
|
(541 |
) |
|
|
205 |
|
| Net derivative gains (losses) |
|
|
103 |
|
|
|
125 |
|
|
|
28 |
|
|
|
96 |
|
|
|
80 |
|
|
|
|
|
103 |
|
|
|
80 |
|
| Premiums |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
40 |
|
|
|
11 |
|
|
|
(15 |
) |
|
|
(22 |
) |
|
|
(27 |
) |
|
|
|
|
40 |
|
|
|
(27 |
) |
| Other revenues |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(33 |
) |
|
|
(28 |
) |
|
|
(5 |
) |
|
|
(31 |
) |
|
|
(10 |
) |
|
|
|
|
(33 |
) |
|
|
(10 |
) |
| Interest credited to policyholder account balances |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
|
|
(3 |
) |
|
|
(2 |
) |
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
|
|
(6 |
) |
|
|
- |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
148 |
|
|
|
24 |
|
|
|
(63 |
) |
|
|
(57 |
) |
|
|
(86 |
) |
|
|
|
|
148 |
|
|
|
(86 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
48 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
|
|
529 |
|
|
|
|
|
48 |
|
|
|
529 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
- |
|
| Net income (loss) |
|
|
47 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
|
|
529 |
|
|
|
|
|
47 |
|
|
|
529 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
47 |
|
|
|
295 |
|
|
|
509 |
|
|
|
466 |
|
|
|
529 |
|
|
|
|
|
47 |
|
|
|
529 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
47 |
|
|
$ |
295 |
|
|
$ |
509 |
|
|
$ |
466 |
|
|
$ |
529 |
|
|
|
|
$ |
47 |
|
|
$ |
529 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
426 |
|
|
$ |
816 |
|
|
$ |
582 |
|
|
$ |
1,456 |
|
|
$ |
543 |
|
|
|
|
$ |
426 |
|
|
$ |
543 |
|
|
(1) The three months ended and
year-to-date period ended March 31, 2014 include a pre-tax net investment loss of $495 million and the three months ended June 30, 2014 includes a pre-tax net investment loss of $138 million, related to the sale of MetLife, Inc.’s wholly-owned
subsidiary, MetLife Assurance Limited. |
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
CORPORATE BENEFIT FUNDING
FUTURE POLICY BENEFITS AND POLICYHOLDER ACCOUNT BALANCES
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
112,454 |
|
|
$ |
110,073 |
|
|
$ |
111,317 |
|
|
$ |
113,467 |
|
|
$ |
115,295 |
|
| Premiums and deposits |
|
|
11,769 |
|
|
|
20,774 |
|
|
|
18,194 |
|
|
|
16,797 |
|
|
|
17,434 |
|
| Surrenders and withdrawals |
|
|
(14,691 |
) |
|
|
(16,760 |
) |
|
|
(15,013 |
) |
|
|
(15,761 |
) |
|
|
(16,497 |
) |
| Benefit payments |
|
|
(869 |
) |
|
|
(870 |
) |
|
|
(915 |
) |
|
|
(878 |
) |
|
|
(915 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
(3,791 |
) |
|
|
3,144 |
|
|
|
2,266 |
|
|
|
158 |
|
|
|
22 |
|
| Net transfers from (to) separate account |
|
|
30 |
|
|
|
(6 |
) |
|
|
10 |
|
|
|
(14 |
) |
|
|
(8 |
) |
| Interest |
|
|
941 |
|
|
|
952 |
|
|
|
946 |
|
|
|
956 |
|
|
|
952 |
|
| Policy charges |
|
|
(38 |
) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
(17 |
) |
|
|
(30 |
) |
| Other |
|
|
477 |
|
|
|
(2,806 |
) |
|
|
(1,033 |
) |
|
|
745 |
|
|
|
(164 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
110,073 |
|
|
$ |
111,317 |
|
|
$ |
113,467 |
|
|
$ |
115,295 |
|
|
$ |
116,067 |
|
| |
|
|
|
|
|
| SEPARATE ACCOUNT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Balance, beginning of period |
|
$ |
77,023 |
|
|
$ |
79,612 |
|
|
$ |
81,721 |
|
|
$ |
81,967 |
|
|
$ |
81,150 |
|
| Premiums and deposits |
|
|
2,244 |
|
|
|
3,997 |
|
|
|
1,041 |
|
|
|
233 |
|
|
|
1,731 |
|
| Surrenders and withdrawals |
|
|
(1,530 |
) |
|
|
(2,444 |
) |
|
|
(1,935 |
) |
|
|
(1,174 |
) |
|
|
(1,527 |
) |
| Benefit payments |
|
|
(21 |
) |
|
|
(13 |
) |
|
|
(18 |
) |
|
|
(14 |
) |
|
|
(13 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Flows |
|
|
693 |
|
|
|
1,540 |
|
|
|
(912 |
) |
|
|
(955 |
) |
|
|
191 |
|
| Investment performance |
|
|
1,395 |
|
|
|
1,661 |
|
|
|
25 |
|
|
|
1,456 |
|
|
|
1,326 |
|
| Net transfers from (to) general account |
|
|
(30 |
) |
|
|
6 |
|
|
|
(10 |
) |
|
|
14 |
|
|
|
8 |
|
| Policy charges |
|
|
(77 |
) |
|
|
(83 |
) |
|
|
(81 |
) |
|
|
(79 |
) |
|
|
(81 |
) |
| Other |
|
|
608 |
|
|
|
(1,015 |
) |
|
|
1,224 |
|
|
|
(1,253 |
) |
|
|
3,497 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of period |
|
$ |
79,612 |
|
|
$ |
81,721 |
|
|
$ |
81,967 |
|
|
$ |
81,150 |
|
|
$ |
86,091 |
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
CORPORATE BENEFIT FUNDING
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
69 |
|
|
$ |
63 |
|
|
$ |
71 |
|
|
$ |
77 |
|
|
$ |
77 |
|
| Pension and post-retirement benefit costs |
|
|
8 |
|
|
|
7 |
|
|
|
8 |
|
|
|
6 |
|
|
|
6 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
5 |
|
|
|
1 |
|
|
|
4 |
|
|
|
(2 |
) |
|
|
2 |
|
| Total fixed operating expenses |
|
$ |
82 |
|
|
$ |
71 |
|
|
$ |
83 |
|
|
$ |
81 |
|
|
$ |
85 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
33 |
|
|
|
58 |
|
|
|
50 |
|
|
|
34 |
|
|
|
39 |
|
| |
|
|
|
|
|
| Total other expenses |
|
$ |
115 |
|
|
$ |
129 |
|
|
$ |
133 |
|
|
$ |
115 |
|
|
$ |
124 |
|
| |
|
|
|
|
|
| SPREAD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield excluding variable investment income |
|
|
4.67% |
|
|
|
4.77% |
|
|
|
4.81% |
|
|
|
4.67% |
|
|
|
4.60% |
|
| Variable investment income yield |
|
|
0.39% |
|
|
|
0.44% |
|
|
|
0.49% |
|
|
|
0.32% |
|
|
|
0.34% |
|
| Total investment income yield |
|
|
5.06% |
|
|
|
5.21% |
|
|
|
5.30% |
|
|
|
4.99% |
|
|
|
4.94% |
|
| Average crediting rate |
|
|
3.41% |
|
|
|
3.44% |
|
|
|
3.35% |
|
|
|
3.34% |
|
|
|
3.28% |
|
| Annualized general account spread |
|
|
1.65% |
|
|
|
1.77% |
|
|
|
1.95% |
|
|
|
1.65% |
|
|
|
1.66% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized general account spread excluding variable investment income
yield |
|
|
1.26% |
|
|
|
1.33% |
|
|
|
1.46% |
|
|
|
1.33% |
|
|
|
1.32% |
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS LATIN AMERICA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
683 |
|
|
$ |
798 |
|
|
$ |
812 |
|
|
$ |
746 |
|
|
$ |
699 |
|
|
|
|
$ |
683 |
|
|
$ |
699 |
|
| Universal life and investment-type product policy fees |
|
|
311 |
|
|
|
317 |
|
|
|
328 |
|
|
|
283 |
|
|
|
294 |
|
|
|
|
|
311 |
|
|
|
294 |
|
| Net investment income |
|
|
297 |
|
|
|
301 |
|
|
|
317 |
|
|
|
314 |
|
|
|
218 |
|
|
|
|
|
297 |
|
|
|
218 |
|
| Other revenues |
|
|
7 |
|
|
|
9 |
|
|
|
7 |
|
|
|
12 |
|
|
|
10 |
|
|
|
|
|
7 |
|
|
|
10 |
|
| Total operating revenues |
|
|
1,298 |
|
|
|
1,425 |
|
|
|
1,464 |
|
|
|
1,355 |
|
|
|
1,221 |
|
|
|
|
|
1,298 |
|
|
|
1,221 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
616 |
|
|
|
749 |
|
|
|
735 |
|
|
|
686 |
|
|
|
581 |
|
|
|
|
|
616 |
|
|
|
581 |
|
| Interest credited to policyholder account balances |
|
|
98 |
|
|
|
100 |
|
|
|
97 |
|
|
|
99 |
|
|
|
86 |
|
|
|
|
|
98 |
|
|
|
86 |
|
| Capitalization of DAC |
|
|
(107 |
) |
|
|
(101 |
) |
|
|
(112 |
) |
|
|
(125 |
) |
|
|
(111 |
) |
|
|
|
|
(107 |
) |
|
|
(111 |
) |
| Amortization of DAC and VOBA |
|
|
79 |
|
|
|
84 |
|
|
|
102 |
|
|
|
69 |
|
|
|
78 |
|
|
|
|
|
79 |
|
|
|
78 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
436 |
|
|
|
436 |
|
|
|
450 |
|
|
|
488 |
|
|
|
425 |
|
|
|
|
|
436 |
|
|
|
425 |
|
| Total operating expenses |
|
|
1,122 |
|
|
|
1,267 |
|
|
|
1,272 |
|
|
|
1,217 |
|
|
|
1,059 |
|
|
|
|
|
1,122 |
|
|
|
1,059 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
176 |
|
|
|
158 |
|
|
|
192 |
|
|
|
138 |
|
|
|
162 |
|
|
|
|
|
176 |
|
|
|
162 |
|
| Provision for income tax expense (benefit) |
|
|
18 |
|
|
|
22 |
|
|
|
70 |
|
|
|
(14 |
) |
|
|
31 |
|
|
|
|
|
18 |
|
|
|
31 |
|
| Operating earnings |
|
|
158 |
|
|
|
136 |
|
|
|
122 |
|
|
|
152 |
|
|
|
131 |
|
|
|
|
|
158 |
|
|
|
131 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
158 |
|
|
$ |
136 |
|
|
$ |
122 |
|
|
$ |
152 |
|
|
$ |
131 |
|
|
|
|
$ |
158 |
|
|
$ |
131 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
158 |
|
|
$ |
136 |
|
|
$ |
122 |
|
|
$ |
152 |
|
|
$ |
131 |
|
|
|
|
$ |
158 |
|
|
$ |
131 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
29 |
|
|
|
(14 |
) |
|
|
(4 |
) |
|
|
19 |
|
|
|
(2 |
) |
|
|
|
|
29 |
|
|
|
(2 |
) |
| Net derivative gains (losses) |
|
|
(4 |
) |
|
|
8 |
|
|
|
(61 |
) |
|
|
(3 |
) |
|
|
(21 |
) |
|
|
|
|
(4 |
) |
|
|
(21 |
) |
| Premiums |
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
|
2 |
|
|
|
2 |
|
| Net investment income |
|
|
3 |
|
|
|
19 |
|
|
|
14 |
|
|
|
3 |
|
|
|
12 |
|
|
|
|
|
3 |
|
|
|
12 |
|
| Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(83 |
) |
|
|
(144 |
) |
|
|
93 |
|
|
|
(82 |
) |
|
|
6 |
|
|
|
|
|
(83 |
) |
|
|
6 |
|
| Interest credited to policyholder account balances |
|
|
(14 |
) |
|
|
(28 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
|
|
(18 |
) |
|
|
|
|
(14 |
) |
|
|
(18 |
) |
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
6 |
|
|
|
6 |
|
|
|
2 |
|
|
|
4 |
|
|
|
3 |
|
|
|
|
|
6 |
|
|
|
3 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
19 |
|
|
|
38 |
|
|
|
(25 |
) |
|
|
16 |
|
|
|
5 |
|
|
|
|
|
19 |
|
|
|
5 |
|
| Income (loss) from continuing operations, net of income tax |
|
|
115 |
|
|
|
22 |
|
|
|
119 |
|
|
|
88 |
|
|
|
118 |
|
|
|
|
|
115 |
|
|
|
118 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
115 |
|
|
|
22 |
|
|
|
119 |
|
|
|
88 |
|
|
|
118 |
|
|
|
|
|
115 |
|
|
|
118 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
5 |
|
|
|
4 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
|
|
5 |
|
|
|
3 |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
110 |
|
|
|
18 |
|
|
|
117 |
|
|
|
86 |
|
|
|
115 |
|
|
|
|
|
110 |
|
|
|
115 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
110 |
|
|
$ |
18 |
|
|
$ |
117 |
|
|
$ |
86 |
|
|
$ |
115 |
|
|
|
|
$ |
110 |
|
|
$ |
115 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues
|
|
$ |
1,001 |
|
|
$ |
1,124 |
|
|
$ |
1,147 |
|
|
$ |
1,041 |
|
|
$ |
1,003 |
|
|
|
|
$ |
1,001 |
|
|
$ |
1,003 |
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS
LATIN AMERICA
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
180 |
|
|
$ |
167 |
|
|
$ |
168 |
|
|
$ |
207 |
|
|
$ |
156 |
|
| Pension and post-retirement benefit costs |
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
16 |
|
|
|
22 |
|
|
|
21 |
|
|
|
23 |
|
|
|
18 |
|
| Total fixed operating expenses |
|
$ |
199 |
|
|
$ |
191 |
|
|
$ |
191 |
|
|
$ |
232 |
|
|
$ |
176 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
237 |
|
|
|
245 |
|
|
|
259 |
|
|
|
256 |
|
|
|
249 |
|
| |
|
|
|
|
|
| Total other expenses |
|
$ |
436 |
|
|
$ |
436 |
|
|
$ |
450 |
|
|
$ |
488 |
|
|
$ |
425 |
|
| |
|
|
|
|
|
| Total other expenses on a constant currency basis (1) |
|
$ |
392 |
|
|
$ |
383 |
|
|
$ |
407 |
|
|
$ |
461 |
|
|
$ |
425 |
|
| |
|
|
|
|
|
| SALES ON A CONSTANT CURRENCY BASIS (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico |
|
$ |
126 |
|
|
$ |
331 |
|
|
$ |
155 |
|
|
$ |
163 |
|
|
$ |
132 |
|
| Chile |
|
|
67 |
|
|
|
70 |
|
|
|
66 |
|
|
|
58 |
|
|
|
56 |
|
| All other |
|
|
84 |
|
|
|
89 |
|
|
|
74 |
|
|
|
96 |
|
|
|
120 |
|
| Total sales |
|
$ |
277 |
|
|
$ |
490 |
|
|
$ |
295 |
|
|
$ |
317 |
|
|
$ |
308 |
|
|
(1) Calculated using the average foreign
currency exchange rates for the current period and applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period.
(2) Statistical sales information is
calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from
recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity. |
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
1,890 |
|
|
$ |
1,913 |
|
|
$ |
1,939 |
|
|
$ |
1,824 |
|
|
$ |
1,752 |
|
|
|
|
$ |
1,890 |
|
|
$ |
1,752 |
|
| Universal life and investment-type product policy fees |
|
|
389 |
|
|
|
400 |
|
|
|
487 |
|
|
|
417 |
|
|
|
397 |
|
|
|
|
|
389 |
|
|
|
397 |
|
| Net investment income |
|
|
700 |
|
|
|
724 |
|
|
|
738 |
|
|
|
724 |
|
|
|
684 |
|
|
|
|
|
700 |
|
|
|
684 |
|
| Other revenues |
|
|
27 |
|
|
|
24 |
|
|
|
27 |
|
|
|
28 |
|
|
|
28 |
|
|
|
|
|
27 |
|
|
|
28 |
|
| Total operating revenues |
|
|
3,006 |
|
|
|
3,061 |
|
|
|
3,191 |
|
|
|
2,993 |
|
|
|
2,861 |
|
|
|
|
|
3,006 |
|
|
|
2,861 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
1,397 |
|
|
|
1,425 |
|
|
|
1,535 |
|
|
|
1,367 |
|
|
|
1,340 |
|
|
|
|
|
1,397 |
|
|
|
1,340 |
|
| Interest credited to policyholder account balances |
|
|
387 |
|
|
|
394 |
|
|
|
394 |
|
|
|
369 |
|
|
|
337 |
|
|
|
|
|
387 |
|
|
|
337 |
|
| Capitalization of DAC |
|
|
(494 |
) |
|
|
(457 |
) |
|
|
(507 |
) |
|
|
(456 |
) |
|
|
(435 |
) |
|
|
|
|
(494 |
) |
|
|
(435 |
) |
| Amortization of DAC and VOBA |
|
|
338 |
|
|
|
362 |
|
|
|
367 |
|
|
|
330 |
|
|
|
326 |
|
|
|
|
|
338 |
|
|
|
326 |
|
| Amortization of negative VOBA |
|
|
(94 |
) |
|
|
(92 |
) |
|
|
(89 |
) |
|
|
(89 |
) |
|
|
(86 |
) |
|
|
|
|
(94 |
) |
|
|
(86 |
) |
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
991 |
|
|
|
977 |
|
|
|
1,027 |
|
|
|
980 |
|
|
|
904 |
|
|
|
|
|
991 |
|
|
|
904 |
|
| Total operating expenses |
|
|
2,525 |
|
|
|
2,609 |
|
|
|
2,727 |
|
|
|
2,501 |
|
|
|
2,386 |
|
|
|
|
|
2,525 |
|
|
|
2,386 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
481 |
|
|
|
452 |
|
|
|
464 |
|
|
|
492 |
|
|
|
475 |
|
|
|
|
|
481 |
|
|
|
475 |
|
| Provision for income tax expense (benefit) |
|
|
148 |
|
|
|
128 |
|
|
|
154 |
|
|
|
152 |
|
|
|
148 |
|
|
|
|
|
148 |
|
|
|
148 |
|
| Operating earnings |
|
|
333 |
|
|
|
324 |
|
|
|
310 |
|
|
|
340 |
|
|
|
327 |
|
|
|
|
|
333 |
|
|
|
327 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
333 |
|
|
$ |
324 |
|
|
$ |
310 |
|
|
$ |
340 |
|
|
$ |
327 |
|
|
|
|
$ |
333 |
|
|
$ |
327 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
333 |
|
|
$ |
324 |
|
|
$ |
310 |
|
|
$ |
340 |
|
|
$ |
327 |
|
|
|
|
$ |
333 |
|
|
$ |
327 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
157 |
|
|
|
82 |
|
|
|
136 |
|
|
|
137 |
|
|
|
68 |
|
|
|
|
|
157 |
|
|
|
68 |
|
| Net derivative gains (losses) |
|
|
(7 |
) |
|
|
(35 |
) |
|
|
(80 |
) |
|
|
(410 |
) |
|
|
18 |
|
|
|
|
|
(7 |
) |
|
|
18 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
1 |
|
|
|
7 |
|
|
|
3 |
|
|
|
6 |
|
|
|
|
|
- |
|
|
|
6 |
|
| Net investment income |
|
|
(35 |
) |
|
|
2 |
|
|
|
145 |
|
|
|
281 |
|
|
|
129 |
|
|
|
|
|
(35 |
) |
|
|
129 |
|
| Other revenues |
|
|
(13 |
) |
|
|
(4 |
) |
|
|
- |
|
|
|
(5 |
) |
|
|
(8 |
) |
|
|
|
|
(13 |
) |
|
|
(8 |
) |
| Policyholder benefits and claims and policyholder dividends |
|
|
(18 |
) |
|
|
(26 |
) |
|
|
(51 |
) |
|
|
(75 |
) |
|
|
(49 |
) |
|
|
|
|
(18 |
) |
|
|
(49 |
) |
| Interest credited to policyholder account balances |
|
|
35 |
|
|
|
2 |
|
|
|
(151 |
) |
|
|
(289 |
) |
|
|
(131 |
) |
|
|
|
|
35 |
|
|
|
(131 |
) |
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
1 |
|
|
|
3 |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
(12 |
) |
|
|
|
|
1 |
|
|
|
(12 |
) |
| Amortization of negative VOBA |
|
|
12 |
|
|
|
12 |
|
|
|
11 |
|
|
|
11 |
|
|
|
10 |
|
|
|
|
|
12 |
|
|
|
10 |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
6 |
|
|
|
4 |
|
|
|
6 |
|
|
|
4 |
|
|
|
- |
|
|
|
|
|
6 |
|
|
|
- |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
(41 |
) |
|
|
(27 |
) |
|
|
4 |
|
|
|
99 |
|
|
|
(10 |
) |
|
|
|
|
(41 |
) |
|
|
(10 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
430 |
|
|
|
338 |
|
|
|
338 |
|
|
|
94 |
|
|
|
348 |
|
|
|
|
|
430 |
|
|
|
348 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
430 |
|
|
|
338 |
|
|
|
338 |
|
|
|
94 |
|
|
|
348 |
|
|
|
|
|
430 |
|
|
|
348 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
6 |
|
|
|
4 |
|
|
|
5 |
|
|
|
4 |
|
|
|
- |
|
|
|
|
|
6 |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
424 |
|
|
|
334 |
|
|
|
333 |
|
|
|
90 |
|
|
|
348 |
|
|
|
|
|
424 |
|
|
|
348 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
424 |
|
|
$ |
334 |
|
|
$ |
333 |
|
|
$ |
90 |
|
|
$ |
348 |
|
|
|
|
$ |
424 |
|
|
$ |
348 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
2,306 |
|
|
$ |
2,337 |
|
|
$ |
2,453 |
|
|
$ |
2,269 |
|
|
$ |
2,177 |
|
|
|
|
$ |
2,306 |
|
|
$ |
2,177 |
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASIA
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
314 |
|
|
$ |
337 |
|
|
$ |
346 |
|
|
$ |
332 |
|
|
$ |
299 |
|
| Pension and post-retirement benefit costs |
|
|
18 |
|
|
|
18 |
|
|
|
18 |
|
|
|
19 |
|
|
|
19 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
36 |
|
|
|
38 |
|
|
|
42 |
|
|
|
48 |
|
|
|
36 |
|
| Total fixed operating expenses |
|
$ |
368 |
|
|
$ |
393 |
|
|
$ |
406 |
|
|
$ |
399 |
|
|
$ |
354 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
623 |
|
|
|
584 |
|
|
|
621 |
|
|
|
581 |
|
|
|
550 |
|
| |
|
|
|
|
|
| Total other expenses |
|
$ |
991 |
|
|
$ |
977 |
|
|
$ |
1,027 |
|
|
$ |
980 |
|
|
$ |
904 |
|
| |
|
|
|
|
|
| Total other expenses on a constant currency basis (1) |
|
$ |
893 |
|
|
$ |
865 |
|
|
$ |
909 |
|
|
$ |
930 |
|
|
$ |
904 |
|
| |
|
|
|
|
|
| SALES ON A CONSTANT CURRENCY BASIS (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life |
|
$ |
151 |
|
|
$ |
155 |
|
|
$ |
152 |
|
|
$ |
175 |
|
|
$ |
171 |
|
| Accident & Health |
|
|
85 |
|
|
|
90 |
|
|
|
86 |
|
|
|
130 |
|
|
|
112 |
|
| Annuities |
|
|
101 |
|
|
|
98 |
|
|
|
95 |
|
|
|
75 |
|
|
|
66 |
|
| Other |
|
|
4 |
|
|
|
5 |
|
|
|
6 |
|
|
|
6 |
|
|
|
4 |
|
| Total Japan |
|
|
341 |
|
|
|
348 |
|
|
|
339 |
|
|
|
386 |
|
|
|
353 |
|
| Other Asia |
|
|
251 |
|
|
|
245 |
|
|
|
364 |
|
|
|
247 |
|
|
|
262 |
|
| Total sales |
|
$ |
592 |
|
|
$ |
593 |
|
|
$ |
703 |
|
|
$ |
633 |
|
|
$ |
615 |
|
|
(1) Calculated using the average foreign
currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period.
(2) Statistical sales information is
calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from
recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity. |
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
597 |
|
|
$ |
584 |
|
|
$ |
581 |
|
|
$ |
547 |
|
|
$ |
508 |
|
|
|
|
$ |
597 |
|
|
$ |
508 |
|
| Universal life and investment-type product policy fees |
|
|
109 |
|
|
|
117 |
|
|
|
127 |
|
|
|
113 |
|
|
|
102 |
|
|
|
|
|
109 |
|
|
|
102 |
|
| Net investment income |
|
|
107 |
|
|
|
112 |
|
|
|
109 |
|
|
|
100 |
|
|
|
83 |
|
|
|
|
|
107 |
|
|
|
83 |
|
| Other revenues |
|
|
16 |
|
|
|
11 |
|
|
|
22 |
|
|
|
11 |
|
|
|
10 |
|
|
|
|
|
16 |
|
|
|
10 |
|
| Total operating revenues |
|
|
829 |
|
|
|
824 |
|
|
|
839 |
|
|
|
771 |
|
|
|
703 |
|
|
|
|
|
829 |
|
|
|
703 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
261 |
|
|
|
271 |
|
|
|
252 |
|
|
|
269 |
|
|
|
239 |
|
|
|
|
|
261 |
|
|
|
239 |
|
| Interest credited to policyholder account balances |
|
|
34 |
|
|
|
35 |
|
|
|
43 |
|
|
|
36 |
|
|
|
30 |
|
|
|
|
|
34 |
|
|
|
30 |
|
| Capitalization of DAC |
|
|
(176 |
) |
|
|
(170 |
) |
|
|
(165 |
) |
|
|
(169 |
) |
|
|
(133 |
) |
|
|
|
|
(176 |
) |
|
|
(133 |
) |
| Amortization of DAC and VOBA |
|
|
164 |
|
|
|
160 |
|
|
|
152 |
|
|
|
137 |
|
|
|
128 |
|
|
|
|
|
164 |
|
|
|
128 |
|
| Amortization of negative VOBA |
|
|
(9 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(4 |
) |
|
|
|
|
(9 |
) |
|
|
(4 |
) |
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
464 |
|
|
|
456 |
|
|
|
463 |
|
|
|
463 |
|
|
|
362 |
|
|
|
|
|
464 |
|
|
|
362 |
|
| Total operating expenses |
|
|
738 |
|
|
|
746 |
|
|
|
738 |
|
|
|
727 |
|
|
|
622 |
|
|
|
|
|
738 |
|
|
|
622 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
91 |
|
|
|
78 |
|
|
|
101 |
|
|
|
44 |
|
|
|
81 |
|
|
|
|
|
91 |
|
|
|
81 |
|
| Provision for income tax expense (benefit) |
|
|
20 |
|
|
|
6 |
|
|
|
23 |
|
|
|
(20 |
) |
|
|
11 |
|
|
|
|
|
20 |
|
|
|
11 |
|
| Operating earnings |
|
|
71 |
|
|
|
72 |
|
|
|
78 |
|
|
|
64 |
|
|
|
70 |
|
|
|
|
|
71 |
|
|
|
70 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
71 |
|
|
$ |
72 |
|
|
$ |
78 |
|
|
$ |
64 |
|
|
$ |
70 |
|
|
|
|
$ |
71 |
|
|
$ |
70 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
71 |
|
|
$ |
72 |
|
|
$ |
78 |
|
|
$ |
64 |
|
|
$ |
70 |
|
|
|
|
$ |
71 |
|
|
$ |
70 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
(9 |
) |
|
|
2 |
|
|
|
(9 |
) |
|
|
(1 |
) |
|
|
3 |
|
|
|
|
|
(9 |
) |
|
|
3 |
|
| Net derivative gains (losses) |
|
|
38 |
|
|
|
49 |
|
|
|
16 |
|
|
|
11 |
|
|
|
1 |
|
|
|
|
|
38 |
|
|
|
1 |
|
| Premiums |
|
|
3 |
|
|
|
18 |
|
|
|
19 |
|
|
|
6 |
|
|
|
- |
|
|
|
|
|
3 |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
3 |
|
|
|
4 |
|
|
|
1 |
|
|
|
3 |
|
|
|
(2 |
) |
|
|
|
|
3 |
|
|
|
(2 |
) |
| Net investment income |
|
|
87 |
|
|
|
273 |
|
|
|
219 |
|
|
|
231 |
|
|
|
531 |
|
|
|
|
|
87 |
|
|
|
531 |
|
| Other revenues |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
(2 |
) |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
|
|
(2 |
) |
|
|
- |
|
| Interest credited to policyholder account balances |
|
|
(86 |
) |
|
|
(254 |
) |
|
|
(213 |
) |
|
|
(226 |
) |
|
|
(513 |
) |
|
|
|
|
(86 |
) |
|
|
(513 |
) |
| Capitalization of DAC |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
2 |
|
|
|
|
|
(4 |
) |
|
|
2 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
(2 |
) |
|
|
- |
|
|
|
(14 |
) |
|
|
(3 |
) |
|
|
1 |
|
|
|
|
|
(2 |
) |
|
|
1 |
|
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
(13 |
) |
|
|
(38 |
) |
|
|
(9 |
) |
|
|
(28 |
) |
|
|
(26 |
) |
|
|
|
|
(13 |
) |
|
|
(26 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
86 |
|
|
|
116 |
|
|
|
77 |
|
|
|
51 |
|
|
|
67 |
|
|
|
|
|
86 |
|
|
|
67 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
86 |
|
|
|
116 |
|
|
|
77 |
|
|
|
51 |
|
|
|
67 |
|
|
|
|
|
86 |
|
|
|
67 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
|
|
- |
|
|
|
2 |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
86 |
|
|
|
115 |
|
|
|
76 |
|
|
|
52 |
|
|
|
65 |
|
|
|
|
|
86 |
|
|
|
65 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
86 |
|
|
$ |
115 |
|
|
$ |
76 |
|
|
$ |
52 |
|
|
$ |
65 |
|
|
|
|
$ |
86 |
|
|
$ |
65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
722 |
|
|
$ |
712 |
|
|
$ |
730 |
|
|
$ |
671 |
|
|
$ |
620 |
|
|
|
|
$ |
722 |
|
|
$ |
620 |
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EMEA
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 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct and allocated expenses |
|
$ |
181 |
|
|
$ |
193 |
|
|
$ |
192 |
|
|
$ |
211 |
|
|
$ |
158 |
|
| Pension and post-retirement benefit costs |
|
|
5 |
|
|
|
4 |
|
|
|
5 |
|
|
|
(5 |
) |
|
|
2 |
|
| Premium taxes, other taxes, and licenses & fees |
|
|
8 |
|
|
|
5 |
|
|
|
5 |
|
|
|
4 |
|
|
|
3 |
|
| Total fixed operating expenses |
|
$ |
194 |
|
|
$ |
202 |
|
|
$ |
202 |
|
|
$ |
210 |
|
|
$ |
163 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions and other variable expenses |
|
|
270 |
|
|
|
254 |
|
|
|
261 |
|
|
|
253 |
|
|
|
199 |
|
| |
|
|
|
|
|
| Total other expenses |
|
$ |
464 |
|
|
$ |
456 |
|
|
$ |
463 |
|
|
$ |
463 |
|
|
$ |
362 |
|
| |
|
|
|
|
|
| Total other expenses on a constant currency basis (1) |
|
$ |
394 |
|
|
$ |
389 |
|
|
$ |
401 |
|
|
$ |
427 |
|
|
$ |
362 |
|
| |
|
|
|
|
|
| SALES ON A CONSTANT CURRENCY BASIS (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total sales |
|
$ |
236 |
|
|
$ |
239 |
|
|
$ |
247 |
|
|
$ |
267 |
|
|
$ |
270 |
|
|
(1) Calculated using the average foreign
currency exchange rates for the current period and are applied to the prior periods presented. As a result, amounts will be updated each period to reflect the average foreign currency exchange rates for the current period.
(2) Statistical sales information is
calculated using 10% of single-premium deposits (mainly from retirement products such as variable annuity, fixed annuity and pensions), 20% of single-premium deposits from credit insurance and 100% of annualized full year premiums and fees from
recurring-premium policy sales of all products (mainly from risk and protection products such as individual life, accident & health and group). Sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of
business activity. |
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE & OTHER STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
20 |
|
|
$ |
22 |
|
|
$ |
23 |
|
|
$ |
16 |
|
|
$ |
10 |
|
|
|
|
$ |
20 |
|
|
$ |
10 |
|
| Universal life and investment-type product policy fees |
|
|
33 |
|
|
|
34 |
|
|
|
29 |
|
|
|
31 |
|
|
|
23 |
|
|
|
|
|
33 |
|
|
|
23 |
|
| Net investment income |
|
|
149 |
|
|
|
133 |
|
|
|
125 |
|
|
|
102 |
|
|
|
109 |
|
|
|
|
|
149 |
|
|
|
109 |
|
| Other revenues |
|
|
21 |
|
|
|
5 |
|
|
|
13 |
|
|
|
28 |
|
|
|
20 |
|
|
|
|
|
21 |
|
|
|
20 |
|
| Total operating revenues |
|
|
223 |
|
|
|
194 |
|
|
|
190 |
|
|
|
177 |
|
|
|
162 |
|
|
|
|
|
223 |
|
|
|
162 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
23 |
|
|
|
19 |
|
|
|
15 |
|
|
|
4 |
|
|
|
12 |
|
|
|
|
|
23 |
|
|
|
12 |
|
| Interest credited to policyholder account balances |
|
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
6 |
|
|
|
|
|
9 |
|
|
|
6 |
|
| Capitalization of DAC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
292 |
|
|
|
297 |
|
|
|
291 |
|
|
|
287 |
|
|
|
297 |
|
|
|
|
|
292 |
|
|
|
297 |
|
| Other expenses |
|
|
175 |
|
|
|
162 |
|
|
|
133 |
|
|
|
379 |
|
|
|
145 |
|
|
|
|
|
175 |
|
|
|
145 |
|
| Total operating expenses |
|
|
499 |
|
|
|
487 |
|
|
|
447 |
|
|
|
678 |
|
|
|
460 |
|
|
|
|
|
499 |
|
|
|
460 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
(276 |
) |
|
|
(293 |
) |
|
|
(257 |
) |
|
|
(501 |
) |
|
|
(298 |
) |
|
|
|
|
(276 |
) |
|
|
(298 |
) |
| Provision for income tax expense (benefit) |
|
|
(140 |
) |
|
|
(133 |
) |
|
|
(181 |
) |
|
|
(243 |
) |
|
|
(188 |
) |
|
|
|
|
(140 |
) |
|
|
(188 |
) |
| Operating earnings |
|
|
(136 |
) |
|
|
(160 |
) |
|
|
(76 |
) |
|
|
(258 |
) |
|
|
(110 |
) |
|
|
|
|
(136 |
) |
|
|
(110 |
) |
| Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
|
|
30 |
|
|
|
30 |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
(166 |
) |
|
$ |
(191 |
) |
|
$ |
(106 |
) |
|
$ |
(289 |
) |
|
$ |
(140 |
) |
|
|
|
$ |
(166 |
) |
|
$ |
(140 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
(136 |
) |
|
$ |
(160 |
) |
|
$ |
(76 |
) |
|
$ |
(258 |
) |
|
$ |
(110 |
) |
|
|
|
$ |
(136 |
) |
|
$ |
(110 |
) |
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
(42 |
) |
|
|
(20 |
) |
|
|
(194 |
) |
|
|
12 |
|
|
|
(59 |
) |
|
|
|
|
(42 |
) |
|
|
(59 |
) |
| Net derivative gains (losses) |
|
|
26 |
|
|
|
(132 |
) |
|
|
186 |
|
|
|
274 |
|
|
|
225 |
|
|
|
|
|
26 |
|
|
|
225 |
|
| Premiums |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
11 |
|
|
|
15 |
|
|
|
4 |
|
|
|
7 |
|
|
|
4 |
|
|
|
|
|
11 |
|
|
|
4 |
|
| 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 |
) |
|
|
(1 |
) |
|
|
|
|
(18 |
) |
|
|
(1 |
) |
| Other expenses |
|
|
(7 |
) |
|
|
(18 |
) |
|
|
(31 |
) |
|
|
(59 |
) |
|
|
(9 |
) |
|
|
|
|
(7 |
) |
|
|
(9 |
) |
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
5 |
|
|
|
47 |
|
|
|
(22 |
) |
|
|
(95 |
) |
|
|
(61 |
) |
|
|
|
|
5 |
|
|
|
(61 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
(161 |
) |
|
|
(281 |
) |
|
|
(136 |
) |
|
|
(105 |
) |
|
|
(11 |
) |
|
|
|
|
(161 |
) |
|
|
(11 |
) |
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
(161 |
) |
|
|
(281 |
) |
|
|
(136 |
) |
|
|
(105 |
) |
|
|
(11 |
) |
|
|
|
|
(161 |
) |
|
|
(11 |
) |
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
1 |
|
|
|
(8 |
) |
|
|
1 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
(161 |
) |
|
|
(282 |
) |
|
|
(128 |
) |
|
|
(106 |
) |
|
|
(11 |
) |
|
|
|
|
(161 |
) |
|
|
(11 |
) |
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
|
|
30 |
|
|
|
30 |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
(191 |
) |
|
$ |
(313 |
) |
|
$ |
(158 |
) |
|
$ |
(137 |
) |
|
$ |
(41 |
) |
|
|
|
$ |
(191 |
) |
|
$ |
(41 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
74 |
|
|
$ |
61 |
|
|
$ |
65 |
|
|
$ |
75 |
|
|
$ |
53 |
|
|
|
|
$ |
74 |
|
|
$ |
53 |
|
| |
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS
BY SOURCE |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Other business activities |
|
$ |
16 |
|
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
24 |
|
|
$ |
12 |
|
|
|
|
$ |
16 |
|
|
$ |
12 |
|
| Other net investment income |
|
|
97 |
|
|
|
86 |
|
|
|
88 |
|
|
|
66 |
|
|
|
71 |
|
|
|
|
|
97 |
|
|
|
71 |
|
| Interest expense on debt |
|
|
(190 |
) |
|
|
(193 |
) |
|
|
(189 |
) |
|
|
(187 |
) |
|
|
(193 |
) |
|
|
|
|
(190 |
) |
|
|
(193 |
) |
| Preferred stock dividends |
|
|
(30 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
(31 |
) |
|
|
(30 |
) |
|
|
|
|
(30 |
) |
|
|
(30 |
) |
| Acquisition costs |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(2 |
) |
|
|
- |
|
| Corporate initiatives and projects |
|
|
(28 |
) |
|
|
(43 |
) |
|
|
(43 |
) |
|
|
(69 |
) |
|
|
(39 |
) |
|
|
|
|
(28 |
) |
|
|
(39 |
) |
| Incremental tax benefit |
|
|
43 |
|
|
|
30 |
|
|
|
91 |
|
|
|
68 |
|
|
|
84 |
|
|
|
|
|
43 |
|
|
|
84 |
|
| Other |
|
|
(72 |
) |
|
|
(56 |
) |
|
|
(44 |
) |
|
|
(160 |
) |
|
|
(45 |
) |
|
|
|
|
(72 |
) |
|
|
(45 |
) |
| Operating earnings available to common shareholders |
|
$ |
(166 |
) |
|
$ |
(191 |
) |
|
$ |
(106 |
) |
|
$ |
(289 |
) |
|
$ |
(140 |
) |
|
|
|
$ |
(166 |
) |
|
$ |
(140 |
) |
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED
YIELDS |
|
| |
|
At or For the Three Months Ended |
|
| Unaudited (In millions, except yields) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Fixed Maturity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
4.76% |
|
|
|
4.90% |
|
|
|
4.73% |
|
|
|
4.84% |
|
|
|
4.64% |
|
| Investment income (2), (3), (4) |
|
$ |
3,685 |
|
|
$ |
3,796 |
|
|
$ |
3,704 |
|
|
$ |
3,761 |
|
|
$ |
3,569 |
|
| Investment gains (losses) (3) |
|
|
95 |
|
|
|
54 |
|
|
|
153 |
|
|
|
246 |
|
|
|
133 |
|
| Ending carrying value (2), (3) |
|
|
356,352 |
|
|
|
368,428 |
|
|
|
369,432 |
|
|
|
366,783 |
|
|
|
367,640 |
|
| Mortgage Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
5.08% |
|
|
|
5.05% |
|
|
|
5.44% |
|
|
|
5.03% |
|
|
|
4.80% |
|
| Investment income (3), (4) |
|
|
709 |
|
|
|
708 |
|
|
|
774 |
|
|
|
737 |
|
|
|
730 |
|
| Investment gains (losses) (3) |
|
|
(11 |
) |
|
|
16 |
|
|
|
(30 |
) |
|
|
(11 |
) |
|
|
(43 |
) |
| Ending carrying value (3) |
|
|
55,999 |
|
|
|
56,585 |
|
|
|
57,725 |
|
|
|
59,838 |
|
|
|
62,137 |
|
| Real Estate and Real Estate Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
3.45% |
|
|
|
4.54% |
|
|
|
3.69% |
|
|
|
3.03% |
|
|
|
3.10% |
|
| Investment income (3) |
|
|
89 |
|
|
|
114 |
|
|
|
94 |
|
|
|
79 |
|
|
|
81 |
|
| Investment gains (losses) (3) |
|
|
60 |
|
|
|
(1 |
) |
|
|
86 |
|
|
|
72 |
|
|
|
27 |
|
| Ending carrying value |
|
|
9,930 |
|
|
|
10,101 |
|
|
|
10,393 |
|
|
|
10,525 |
|
|
|
10,310 |
|
| Policy Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
5.33% |
|
|
|
5.36% |
|
|
|
5.37% |
|
|
|
5.36% |
|
|
|
5.24% |
|
| Investment income |
|
|
157 |
|
|
|
158 |
|
|
|
158 |
|
|
|
156 |
|
|
|
152 |
|
| Ending carrying value |
|
|
11,762 |
|
|
|
11,785 |
|
|
|
11,756 |
|
|
|
11,618 |
|
|
|
11,606 |
|
| Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
3.86% |
|
|
|
4.72% |
|
|
|
3.95% |
|
|
|
4.64% |
|
|
|
4.01% |
|
| Investment income |
|
|
30 |
|
|
|
37 |
|
|
|
31 |
|
|
|
35 |
|
|
|
31 |
|
| Investment gains (losses) |
|
|
25 |
|
|
|
25 |
|
|
|
14 |
|
|
|
1 |
|
|
|
8 |
|
| Ending carrying value |
|
|
3,693 |
|
|
|
3,863 |
|
|
|
3,689 |
|
|
|
3,631 |
|
|
|
3,713 |
|
| Other Limited Partnership Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
17.28% |
|
|
|
10.46% |
|
|
|
14.77% |
|
|
|
9.76% |
|
|
|
10.62% |
|
| Investment income |
|
|
329 |
|
|
|
206 |
|
|
|
299 |
|
|
|
199 |
|
|
|
215 |
|
| Investment gains (losses) |
|
|
(2 |
) |
|
|
(36 |
) |
|
|
(14 |
) |
|
|
(26 |
) |
|
|
16 |
|
| Ending carrying value |
|
|
7,819 |
|
|
|
7,964 |
|
|
|
8,214 |
|
|
|
8,085 |
|
|
|
8,074 |
|
| Cash and Short-term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
1.16% |
|
|
|
1.05% |
|
|
|
1.06% |
|
|
|
1.02% |
|
|
|
1.00% |
|
| Investment income |
|
|
45 |
|
|
|
39 |
|
|
|
40 |
|
|
|
37 |
|
|
|
33 |
|
| Investment gains (losses) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
6 |
|
| Ending carrying value |
|
|
22,481 |
|
|
|
19,759 |
|
|
|
21,023 |
|
|
|
19,429 |
|
|
|
22,257 |
|
| Other Invested Assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income |
|
|
220 |
|
|
|
200 |
|
|
|
233 |
|
|
|
253 |
|
|
|
327 |
|
| Investment gains (losses) (3) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(18 |
) |
|
|
(96 |
) |
|
|
18 |
|
| Ending carrying value |
|
|
16,433 |
|
|
|
17,116 |
|
|
|
17,905 |
|
|
|
21,283 |
|
|
|
23,763 |
|
| Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield (1) |
|
|
5.02% |
|
|
|
5.01% |
|
|
|
5.03% |
|
|
|
4.97% |
|
|
|
4.89% |
|
| Investment fees and expenses yield |
|
|
(0.13 |
)% |
|
|
(0.13 |
)% |
|
|
(0.13 |
)% |
|
|
(0.14 |
)% |
|
|
(0.15 |
)% |
| Net Investment Income Yield (1), (3), (5) |
|
|
4.89% |
|
|
|
4.88% |
|
|
|
4.90% |
|
|
|
4.83% |
|
|
|
4.74% |
|
| Investment income |
|
$ |
5,264 |
|
|
$ |
5,258 |
|
|
$ |
5,333 |
|
|
$ |
5,257 |
|
|
$ |
5,138 |
|
| Investment fees and expenses |
|
|
(136 |
) |
|
|
(139 |
) |
|
|
(137 |
) |
|
|
(144 |
) |
|
|
(156 |
) |
| Net investment income including Divested businesses |
|
|
5,128 |
|
|
|
5,119 |
|
|
|
5,196 |
|
|
|
5,113 |
|
|
|
4,982 |
|
| Less: Net investment income from Divested businesses (5) |
|
|
43 |
|
|
|
24 |
|
|
|
3 |
|
|
|
2 |
|
|
|
- |
|
| Net Investment Income (3) |
|
$ |
5,085 |
|
|
$ |
5,095 |
|
|
$ |
5,193 |
|
|
$ |
5,111 |
|
|
$ |
4,982 |
|
| Ending Carrying Value (3) |
|
$ |
484,469 |
|
|
$ |
495,601 |
|
|
$ |
500,137 |
|
|
$ |
501,192 |
|
|
$ |
509,500 |
|
| Investment portfolio gains (losses) including Divested
businesses |
|
$ |
163 |
|
|
$ |
55 |
|
|
$ |
191 |
|
|
$ |
198 |
|
|
$ |
165 |
|
| Less: Investment portfolio gains (losses) from Divested businesses
(5) |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
| Investment Portfolio Gains (Losses) (3), (5) |
|
$ |
163 |
|
|
$ |
55 |
|
|
$ |
189 |
|
|
$ |
198 |
|
|
$ |
165 |
|
| Gross investment gains |
|
$ |
441 |
|
|
$ |
270 |
|
|
$ |
419 |
|
|
$ |
559 |
|
|
$ |
445 |
|
| Gross investment losses |
|
|
(258 |
) |
|
|
(127 |
) |
|
|
(167 |
) |
|
|
(237 |
) |
|
|
(236 |
) |
| Writedowns |
|
|
(20 |
) |
|
|
(88 |
) |
|
|
(63 |
) |
|
|
(124 |
) |
|
|
(44 |
) |
| Investment Portfolio Gains (Losses) (3), (5) |
|
|
163 |
|
|
|
55 |
|
|
|
189 |
|
|
|
198 |
|
|
|
165 |
|
| Investment portfolio gains (losses) income tax (expense)
benefit |
|
|
(32 |
) |
|
|
(55 |
) |
|
|
(104 |
) |
|
|
(69 |
) |
|
|
(52 |
) |
| Investment Portfolio Gains (Losses), Net of Income
Tax |
|
$ |
131 |
|
|
$ |
- |
|
|
$ |
85 |
|
|
$ |
129 |
|
|
$ |
113 |
|
| |
|
|
|
|
|
| Derivative Gains (Losses) including Divested
businesses |
|
$ |
152 |
|
|
$ |
135 |
|
|
$ |
306 |
|
|
$ |
(18 |
) |
|
$ |
611 |
|
| Less: Derivative gains (losses) from Divested businesses (5) |
|
|
35 |
|
|
|
45 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Derivative gains (losses) (3), (5) |
|
|
117 |
|
|
|
90 |
|
|
|
306 |
|
|
|
(18 |
) |
|
|
611 |
|
| Derivative gains (losses) income tax (expense) benefit |
|
|
(39 |
) |
|
|
(19 |
) |
|
|
(119 |
) |
|
|
(22 |
) |
|
|
(217 |
) |
| Derivative Gains (Losses), Net of Income Tax |
|
$ |
78 |
|
|
$ |
71 |
|
|
$ |
187 |
|
|
$ |
(40 |
) |
|
$ |
394 |
|
|
(1) Yields are calculated as investment
income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains
(losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as
consolidated securitization entities (“CSEs”) and contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset
class.
(2) Fixed maturity securities includes
$1,283 million, $1,372 million, $1,362 million, $1,358 million and $1,365 million in ending carrying value, and $37 million, $44 million, $14 million, $8 million and $37 million of investment income related to fair value option and trading
securities at or for the three months ended March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, respectively.
(3) The reconciliation of the remaining
yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, respectively: A) Fair
value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $16,192 million, $16,441 million, $15,866 million, $15,316 million and $15,091
million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $19 million, $18
million, $18 million, $15 million and $15 million and mortgage loans of $1,140 million, $638 million, $313 million, $280 million and $272 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses)
as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below: |
|
| |
|
For the Three Months Ended |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Investment portfolio gains (losses) including Divested businesses - in above
yield table |
|
$ |
163 |
|
|
$ |
55 |
|
|
$ |
189 |
|
|
$ |
198 |
|
|
$ |
165 |
|
| Real estate discontinued operations |
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Operating joint venture adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
| Net investment gains (losses) related to CSEs |
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
(2 |
) |
| Other gains (losses) reported in net investment gains (losses) on GAAP
basis |
|
|
(581 |
) |
|
|
(181 |
) |
|
|
(83 |
) |
|
|
33 |
|
|
|
124 |
|
| Net investment gains (losses) - GAAP basis |
|
$ |
(411 |
) |
|
$ |
(125 |
) |
|
$ |
109 |
|
|
$ |
230 |
|
|
$ |
286 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Derivative gains (losses) including Divested businesses - in above yield
table |
|
$ |
152 |
|
|
$ |
135 |
|
|
$ |
306 |
|
|
$ |
(18 |
) |
|
$ |
611 |
|
| Investment hedge adjustments (5) |
|
|
175 |
|
|
|
169 |
|
|
|
169 |
|
|
|
192 |
|
|
|
200 |
|
| Operating joint venture adjustments |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
3 |
|
|
|
- |
|
| Settlement of foreign currency earnings hedges |
|
|
13 |
|
|
|
4 |
|
|
|
- |
|
|
|
5 |
|
|
|
8 |
|
| PAB hedge adjustments |
|
|
3 |
|
|
|
4 |
|
|
|
4 |
|
|
|
3 |
|
|
|
2 |
|
| Net derivative gains (losses) - GAAP basis |
|
$ |
343 |
|
|
$ |
311 |
|
|
$ |
478 |
|
|
$ |
185 |
|
|
$ |
821 |
|
|
(4) Investment income from fixed maturity
securities and mortgage loans includes prepayment fees.
(5) Yields are calculated including net
investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses for the three months ended March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March
31, 2015, excludes ($3) million, $4 million, $0, $0 and $0, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments reconciliation table presented
above. |
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
INVESTMENT PORTFOLIO RESULTS BY ASSET CATEGORY AND ANNUALIZED YIELDS
|
|
| |
|
At or For the Year-to-Date Period Ended |
|
| Unaudited (In millions, except yields) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Fixed Maturity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
4.76% |
|
|
|
4.83% |
|
|
|
4.80% |
|
|
|
4.81% |
|
|
|
4.64% |
|
| Investment income (2), (3), (4) |
|
$ |
3,685 |
|
|
$ |
7,481 |
|
|
$ |
11,185 |
|
|
$ |
14,946 |
|
|
$ |
3,569 |
|
| Investment gains (losses) (3) |
|
|
95 |
|
|
|
149 |
|
|
|
302 |
|
|
|
548 |
|
|
|
133 |
|
| Ending carrying value (2), (3) |
|
|
356,352 |
|
|
|
368,428 |
|
|
|
369,432 |
|
|
|
366,783 |
|
|
|
367,640 |
|
| Mortgage Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
5.08% |
|
|
|
5.06% |
|
|
|
5.19% |
|
|
|
5.15% |
|
|
|
4.80% |
|
| Investment income (3), (4) |
|
|
709 |
|
|
|
1,417 |
|
|
|
2,191 |
|
|
|
2,928 |
|
|
|
730 |
|
| Investment gains (losses) (3) |
|
|
(11 |
) |
|
|
5 |
|
|
|
(25 |
) |
|
|
(36 |
) |
|
|
(43 |
) |
| Ending carrying value (3) |
|
|
55,999 |
|
|
|
56,585 |
|
|
|
57,725 |
|
|
|
59,838 |
|
|
|
62,137 |
|
| Real Estate and Real Estate Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
3.45% |
|
|
|
3.98% |
|
|
|
3.88% |
|
|
|
3.67% |
|
|
|
3.10% |
|
| Investment income (3) |
|
|
89 |
|
|
|
203 |
|
|
|
297 |
|
|
|
376 |
|
|
|
81 |
|
| Investment gains (losses) (3) |
|
|
60 |
|
|
|
59 |
|
|
|
145 |
|
|
|
217 |
|
|
|
27 |
|
| Ending carrying value |
|
|
9,930 |
|
|
|
10,101 |
|
|
|
10,393 |
|
|
|
10,525 |
|
|
|
10,310 |
|
| Policy Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
5.33% |
|
|
|
5.35% |
|
|
|
5.36% |
|
|
|
5.36% |
|
|
|
5.24% |
|
| Investment income |
|
|
157 |
|
|
|
315 |
|
|
|
473 |
|
|
|
629 |
|
|
|
152 |
|
| Ending carrying value |
|
|
11,762 |
|
|
|
11,785 |
|
|
|
11,756 |
|
|
|
11,618 |
|
|
|
11,606 |
|
| Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
3.86% |
|
|
|
4.30% |
|
|
|
4.18% |
|
|
|
4.30% |
|
|
|
4.01% |
|
| Investment income |
|
|
30 |
|
|
|
67 |
|
|
|
98 |
|
|
|
133 |
|
|
|
31 |
|
| Investment gains (losses) |
|
|
25 |
|
|
|
50 |
|
|
|
64 |
|
|
|
65 |
|
|
|
8 |
|
| Ending carrying value |
|
|
3,693 |
|
|
|
3,863 |
|
|
|
3,689 |
|
|
|
3,631 |
|
|
|
3,713 |
|
| Other Limited Partnership Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
17.28% |
|
|
|
13.81% |
|
|
|
14.14% |
|
|
|
13.01% |
|
|
|
10.62% |
|
| Investment income |
|
|
329 |
|
|
|
535 |
|
|
|
834 |
|
|
|
1,033 |
|
|
|
215 |
|
| Investment gains (losses) |
|
|
(2 |
) |
|
|
(38 |
) |
|
|
(52 |
) |
|
|
(78 |
) |
|
|
16 |
|
| Ending carrying value |
|
|
7,819 |
|
|
|
7,964 |
|
|
|
8,214 |
|
|
|
8,085 |
|
|
|
8,074 |
|
| Cash and Short-term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield (1) |
|
|
1.16% |
|
|
|
1.11% |
|
|
|
1.09% |
|
|
|
1.07% |
|
|
|
1.00% |
|
| Investment income |
|
|
45 |
|
|
|
84 |
|
|
|
124 |
|
|
|
161 |
|
|
|
33 |
|
| Investment gains (losses) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
11 |
|
|
|
6 |
|
| Ending carrying value |
|
|
22,481 |
|
|
|
19,759 |
|
|
|
21,023 |
|
|
|
19,429 |
|
|
|
22,257 |
|
| Other Invested Assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income |
|
|
220 |
|
|
|
420 |
|
|
|
653 |
|
|
|
906 |
|
|
|
327 |
|
| Investment gains (losses) (3) |
|
|
(3 |
) |
|
|
(6 |
) |
|
|
(24 |
) |
|
|
(120 |
) |
|
|
18 |
|
| Ending carrying value |
|
|
16,433 |
|
|
|
17,116 |
|
|
|
17,905 |
|
|
|
21,283 |
|
|
|
23,763 |
|
| Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income yield (1) |
|
|
5.02% |
|
|
|
5.02% |
|
|
|
5.02% |
|
|
|
5.01% |
|
|
|
4.89% |
|
| Investment fees and expenses yield |
|
|
(0.13 |
)% |
|
|
(0.13 |
)% |
|
|
(0.13 |
)% |
|
|
(0.13 |
)% |
|
|
(0.15 |
)% |
| Net Investment Income Yield (1), (3), (5) |
|
|
4.89% |
|
|
|
4.89% |
|
|
|
4.89% |
|
|
|
4.88% |
|
|
|
4.74% |
|
| Investment income |
|
$ |
5,264 |
|
|
$ |
10,522 |
|
|
$ |
15,855 |
|
|
$ |
21,112 |
|
|
$ |
5,138 |
|
| Investment fees and expenses |
|
|
(136 |
) |
|
|
(275 |
) |
|
|
(412 |
) |
|
|
(556 |
) |
|
|
(156 |
) |
| Net investment income including Divested businesses |
|
|
5,128 |
|
|
|
10,247 |
|
|
|
15,443 |
|
|
|
20,556 |
|
|
|
4,982 |
|
| Less: Net investment income from Divested businesses (5) |
|
|
43 |
|
|
|
67 |
|
|
|
70 |
|
|
|
72 |
|
|
|
- |
|
| Net Investment Income (3) |
|
$ |
5,085 |
|
|
$ |
10,180 |
|
|
$ |
15,373 |
|
|
$ |
20,484 |
|
|
$ |
4,982 |
|
| Ending Carrying Value (3) |
|
$ |
484,469 |
|
|
$ |
495,601 |
|
|
$ |
500,137 |
|
|
$ |
501,192 |
|
|
$ |
509,500 |
|
| Investment portfolio gains (losses) including Divested
businesses |
|
$ |
163 |
|
|
$ |
218 |
|
|
$ |
409 |
|
|
$ |
607 |
|
|
$ |
165 |
|
| Less: Investment portfolio gains (losses) from Divested businesses
(5) |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
2 |
|
|
|
- |
|
| Investment Portfolio Gains (Losses) (3), (5) |
|
$ |
163 |
|
|
$ |
218 |
|
|
$ |
407 |
|
|
$ |
605 |
|
|
$ |
165 |
|
| Gross investment gains |
|
$ |
441 |
|
|
$ |
711 |
|
|
$ |
1,130 |
|
|
$ |
1,689 |
|
|
$ |
445 |
|
| Gross investment losses |
|
|
(258 |
) |
|
|
(385 |
) |
|
|
(552 |
) |
|
|
(789 |
) |
|
|
(236 |
) |
| Writedowns |
|
|
(20 |
) |
|
|
(108 |
) |
|
|
(171 |
) |
|
|
(295 |
) |
|
|
(44 |
) |
| Investment Portfolio Gains (Losses) (3), (5) |
|
|
163 |
|
|
|
218 |
|
|
|
407 |
|
|
|
605 |
|
|
|
165 |
|
| Investment portfolio gains (losses) income tax (expense)
benefit |
|
|
(32 |
) |
|
|
(87 |
) |
|
|
(191 |
) |
|
|
(260 |
) |
|
|
(52 |
) |
| Investment Portfolio Gains (Losses), Net of Income
Tax |
|
$ |
131 |
|
|
$ |
131 |
|
|
$ |
216 |
|
|
$ |
345 |
|
|
$ |
113 |
|
| |
|
|
|
|
|
| Derivative Gains (Losses) including Divested
businesses |
|
$ |
152 |
|
|
$ |
287 |
|
|
$ |
593 |
|
|
$ |
575 |
|
|
$ |
611 |
|
| Less: Derivative gains (losses) from Divested businesses (5) |
|
|
35 |
|
|
|
80 |
|
|
|
80 |
|
|
|
80 |
|
|
|
- |
|
| Derivative gains (losses) (3), (5) |
|
|
117 |
|
|
|
207 |
|
|
|
513 |
|
|
|
495 |
|
|
|
611 |
|
| Derivative gains (losses) income tax (expense) benefit |
|
|
(39 |
) |
|
|
(58 |
) |
|
|
(177 |
) |
|
|
(199 |
) |
|
|
(217 |
) |
| Derivative Gains (Losses), Net of Income Tax |
|
$ |
78 |
|
|
$ |
149 |
|
|
$ |
336 |
|
|
$ |
296 |
|
|
$ |
394 |
|
|
(1) Yields are calculated as investment
income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects the GAAP adjustments described on Page 2 and as presented on Page A-1. Asset carrying values exclude unrealized gains
(losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain VIEs that are treated as CSEs and
contractholder-directed unit-linked investments. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.
(2) Fixed maturity securities includes
$1,283 million, $1,372 million, $1,362 million, $1,358 million and $1,365 million in ending carrying value, and $37 million, $81 million, $95 million, $103 million and $37 million of investment income related to fair value option and trading
securities at or for the year-to-date period ended March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, respectively.
(3) The reconciliation of the remaining
yield table captions to the most directly comparable measures presented in accordance with GAAP are as follows at or for the periods ended March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, respectively: A) Fair
value option and trading securities (included within fixed maturity securities above) ending carrying value excludes contractholder-directed unit-linked investments of $16,192 million, $16,441 million, $15,866 million, $15,316 million and $15,091
million; B) Ending carrying value excludes the following effects of consolidating under GAAP certain VIEs that are treated as CSEs: Fair value option and trading securities (included within fixed maturity securities above) of $19 million, $18
million, $18 million, $15 million and $15 million and mortgage loans of $1,140 million, $638 million, $313 million, $280 million and $272 million; C) Net investment income adjustments as presented on Page A-1; D) Investment portfolio gains (losses)
as presented above and the GAAP adjustments as presented below; and E) Derivative gains (losses) as presented above and GAAP adjustments as presented below: |
|
| |
|
For the Year-to-Date Period Ended |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Investment portfolio gains (losses) including Divested businesses - in above
yield table |
|
$ |
163 |
|
|
$ |
218 |
|
|
$ |
407 |
|
|
$ |
605 |
|
|
$ |
165 |
|
| Real estate discontinued operations |
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
|
- |
|
| Operating joint venture adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
| Net investment gains (losses) related to certain CSEs |
|
|
2 |
|
|
|
3 |
|
|
|
6 |
|
|
|
5 |
|
|
|
(2 |
) |
| Other gains (losses) reported in net investment gains (losses) on GAAP
basis |
|
|
(581 |
) |
|
|
(762 |
) |
|
|
(845 |
) |
|
|
(812 |
) |
|
|
124 |
|
| Net investment gains (losses) - GAAP basis |
|
$ |
(411 |
) |
|
$ |
(536 |
) |
|
$ |
(427 |
) |
|
$ |
(197 |
) |
|
$ |
286 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Year-to-Date Period Ended |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Derivative gains (losses) including Divested businesses - in above yield
table |
|
$ |
152 |
|
|
$ |
287 |
|
|
$ |
593 |
|
|
$ |
575 |
|
|
$ |
611 |
|
| Investment hedge adjustments (5) |
|
|
175 |
|
|
|
344 |
|
|
|
513 |
|
|
|
705 |
|
|
|
200 |
|
| Operating joint venture adjustments |
|
|
- |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
1 |
|
|
|
- |
|
| Settlement of foreign currency earnings hedges |
|
|
13 |
|
|
|
17 |
|
|
|
17 |
|
|
|
22 |
|
|
|
8 |
|
| PAB hedge adjustments |
|
|
3 |
|
|
|
7 |
|
|
|
11 |
|
|
|
14 |
|
|
|
2 |
|
| Net derivative gains (losses) - GAAP basis |
|
$ |
343 |
|
|
$ |
654 |
|
|
$ |
1,132 |
|
|
$ |
1,317 |
|
|
$ |
821 |
|
|
(4) Investment income from fixed maturity
securities and mortgage loans includes prepayment fees.
(5) Yields are calculated including net
investment income of Divested businesses and related carrying values. The net investment income adjustment on Page A-1 for Divested businesses at or for the year-to-date period ended March 31, 2014, June 30, 2014, September 30, 2014, December 31,
2014 and March 31, 2015, excludes ($3) million, $1 million, $1 million, $1 million and $0, respectively, for the investment hedge adjustment that are included in the investment hedge adjustment line of the derivatives gains (loss) GAAP adjustments
reconciliation table presented above. |
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
GROSS UNREALIZED GAINS AND LOSSES AGING SCHEDULE FIXED MATURITY
SECURITIES AVAILABLE-FOR-SALE (1) |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Unaudited (In millions) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less than 20% |
|
$ |
2,376 |
|
|
|
85.8% |
|
|
$ |
1,312 |
|
|
|
83.5% |
|
|
$ |
1,502 |
|
|
|
87.1% |
|
|
$ |
1,557 |
|
|
|
78.3% |
|
|
$ |
1,683 |
|
|
|
76.2% |
|
| 20% or more for less than six months |
|
|
161 |
|
|
|
5.8% |
|
|
|
24 |
|
|
|
1.5% |
|
|
|
68 |
|
|
|
4.0% |
|
|
|
289 |
|
|
|
14.5% |
|
|
|
384 |
|
|
|
17.4% |
|
| 20% or more for six months or greater |
|
|
231 |
|
|
|
8.4% |
|
|
|
236 |
|
|
|
15.0% |
|
|
|
154 |
|
|
|
8.9% |
|
|
|
143 |
|
|
|
7.2% |
|
|
|
141 |
|
|
|
6.4% |
|
| Total Gross Unrealized Losses |
|
$ |
2,768 |
|
|
|
100.0% |
|
|
$ |
1,572 |
|
|
|
100.0% |
|
|
$ |
1,724 |
|
|
|
100.0% |
|
|
$ |
1,989 |
|
|
|
100.0% |
|
|
$ |
2,208 |
|
|
|
100.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross Unrealized Gains |
|
$ |
25,295 |
|
|
|
|
|
|
$ |
29,341 |
|
|
|
|
|
|
$ |
28,596 |
|
|
|
|
|
|
$ |
32,634 |
|
|
|
|
|
|
$ |
35,574 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| EQUITY SECURITIES AVAILABLE-FOR-SALE (1)
|
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Unaudited (In millions) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less than 20% |
|
$ |
54 |
|
|
|
52.9% |
|
|
$ |
17 |
|
|
|
38.6% |
|
|
$ |
16 |
|
|
|
40.0% |
|
|
$ |
16 |
|
|
|
23.9% |
|
|
$ |
20 |
|
|
|
29.0% |
|
| 20% or more for less than six months |
|
|
15 |
|
|
|
14.7% |
|
|
|
- |
|
|
|
- % |
|
|
|
- |
|
|
|
- % |
|
|
|
24 |
|
|
|
35.8% |
|
|
|
20 |
|
|
|
29.0% |
|
| 20% or more for six months or greater |
|
|
33 |
|
|
|
32.4% |
|
|
|
27 |
|
|
|
61.4% |
|
|
|
24 |
|
|
|
60.0% |
|
|
|
27 |
|
|
|
40.3% |
|
|
|
29 |
|
|
|
42.0% |
|
| Total Gross Unrealized Losses |
|
$ |
102 |
|
|
|
100.0% |
|
|
$ |
44 |
|
|
|
100.0% |
|
|
$ |
40 |
|
|
|
100.0% |
|
|
$ |
67 |
|
|
|
100.0% |
|
|
$ |
69 |
|
|
|
100.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Gross Unrealized Gains |
|
$ |
554 |
|
|
|
|
|
|
$ |
655 |
|
|
|
|
|
|
$ |
618 |
|
|
|
|
|
|
$ |
622 |
|
|
|
|
|
|
$ |
649 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) MetLife’s review of its fixed
maturity securities and equity securities for impairments includes an analysis of the total gross unrealized losses by three categories of securities: (i) securities where the estimated fair value had declined and remained below cost or amortized
cost by less than 20%; (ii) securities where the estimated fair value had declined and remained below cost or amortized cost by 20% or more for less than six months; and (iii) securities where the estimated fair value had declined and remained below
cost or amortized cost by 20% or more for six months or greater. |
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
SUMMARY OF FIXED MATURITY SECURITIES AVAILABLE-FOR-SALE BY SECTOR AND QUALITY DISTRIBUTION |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Unaudited (In millions) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. corporate securities |
|
$ |
109,200 |
|
|
|
30.8% |
|
|
$ |
109,393 |
|
|
|
29.8% |
|
|
$ |
107,974 |
|
|
|
29.3% |
|
|
$ |
105,954 |
|
|
|
29.0% |
|
|
$ |
106,335 |
|
|
|
29.0% |
|
| Foreign corporate securities |
|
|
64,177 |
|
|
|
18.1% |
|
|
|
62,488 |
|
|
|
17.0% |
|
|
|
61,877 |
|
|
|
16.8% |
|
|
|
61,675 |
|
|
|
16.9% |
|
|
|
60,494 |
|
|
|
16.5% |
|
| U.S. Treasury and agency securities |
|
|
44,809 |
|
|
|
12.6% |
|
|
|
54,347 |
|
|
|
14.8% |
|
|
|
56,862 |
|
|
|
15.5% |
|
|
|
61,516 |
|
|
|
16.8% |
|
|
|
60,472 |
|
|
|
16.5% |
|
| Foreign government securities |
|
|
54,707 |
|
|
|
15.4% |
|
|
|
56,627 |
|
|
|
15.4% |
|
|
|
56,396 |
|
|
|
15.3% |
|
|
|
52,666 |
|
|
|
14.4% |
|
|
|
52,361 |
|
|
|
14.3% |
|
| Residential mortgage-backed securities |
|
|
37,203 |
|
|
|
10.5% |
|
|
|
39,064 |
|
|
|
10.7% |
|
|
|
40,619 |
|
|
|
11.1% |
|
|
|
39,846 |
|
|
|
10.9% |
|
|
|
43,784 |
|
|
|
12.0% |
|
| State and political subdivision securities |
|
|
14,328 |
|
|
|
4.0% |
|
|
|
14,698 |
|
|
|
4.0% |
|
|
|
14,840 |
|
|
|
4.0% |
|
|
|
15,187 |
|
|
|
4.2% |
|
|
|
15,710 |
|
|
|
4.3% |
|
| Asset-backed securities |
|
|
14,653 |
|
|
|
4.1% |
|
|
|
14,788 |
|
|
|
4.0% |
|
|
|
14,853 |
|
|
|
4.0% |
|
|
|
14,249 |
|
|
|
3.9% |
|
|
|
13,808 |
|
|
|
3.8% |
|
| Commercial mortgage-backed securities |
|
|
15,992 |
|
|
|
4.5% |
|
|
|
15,651 |
|
|
|
4.3% |
|
|
|
14,649 |
|
|
|
4.0% |
|
|
|
14,332 |
|
|
|
3.9% |
|
|
|
13,311 |
|
|
|
3.6% |
|
| Total Fixed Maturity Securities
Available-For-Sale |
|
$ |
355,069 |
|
|
|
100.0% |
|
|
$ |
367,056 |
|
|
|
100.0% |
|
|
$ |
368,070 |
|
|
|
100.0% |
|
|
$ |
365,425 |
|
|
|
100.0% |
|
|
$ |
366,275 |
|
|
|
100.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NAIC |
|
RATING AGENCY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DESIGNATION |
|
RATING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 |
|
Aaa / Aa / A |
|
$ |
245,669 |
|
|
|
69.2% |
|
|
$ |
255,560 |
|
|
|
69.6% |
|
|
$ |
257,120 |
|
|
|
69.9% |
|
|
$ |
257,083 |
|
|
|
70.4% |
|
|
$ |
258,707 |
|
|
|
70.6% |
|
| 2 |
|
Baa |
|
|
84,939 |
|
|
|
23.9% |
|
|
|
86,401 |
|
|
|
23.6% |
|
|
|
85,685 |
|
|
|
23.3% |
|
|
|
83,408 |
|
|
|
22.8% |
|
|
|
82,394 |
|
|
|
22.5% |
|
| 3 |
|
Ba |
|
|
14,263 |
|
|
|
4.0% |
|
|
|
14,794 |
|
|
|
4.0% |
|
|
|
15,045 |
|
|
|
4.1% |
|
|
|
15,145 |
|
|
|
4.1% |
|
|
|
16,314 |
|
|
|
4.5% |
|
| 4 |
|
B |
|
|
9,191 |
|
|
|
2.6% |
|
|
|
9,277 |
|
|
|
2.5% |
|
|
|
8,589 |
|
|
|
2.3% |
|
|
|
8,385 |
|
|
|
2.3% |
|
|
|
7,457 |
|
|
|
2.0% |
|
| 5 |
|
Caa and lower |
|
|
958 |
|
|
|
0.3% |
|
|
|
992 |
|
|
|
0.3% |
|
|
|
1,535 |
|
|
|
0.4% |
|
|
|
1,340 |
|
|
|
0.4% |
|
|
|
1,325 |
|
|
|
0.4% |
|
| 6 |
|
In or near default |
|
|
49 |
|
|
|
- % |
|
|
|
32 |
|
|
|
- % |
|
|
|
96 |
|
|
|
- % |
|
|
|
64 |
|
|
|
- % |
|
|
|
78 |
|
|
|
- % |
|
| Total Fixed Maturity Securities Available-For-Sale
(1) |
|
$ |
355,069 |
|
|
|
100.0% |
|
|
$ |
367,056 |
|
|
|
100.0% |
|
|
$ |
368,070 |
|
|
|
100.0% |
|
|
$ |
365,425 |
|
|
|
100.0% |
|
|
$ |
366,275 |
|
|
|
100.0% |
|
|
(1) Amounts presented are based on rating
agency ratings and equivalent designations of the National Association of Insurance Commissioners (“NAIC”), except as described below. Amounts presented for certain structured securities (i.e., non-agency residential mortgage-backed
securities, commercial mortgage-backed securities and asset-backed securities), held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting are based on designations from revised NAIC methodologies. The
NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC methodologies on an annual basis. If such insurance subsidiaries of MetLife, Inc. acquire structured securities that have not been
previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed designation is used until a final designation becomes available. These revised NAIC designations may not correspond
to the rating agency ratings. The rating agency ratings are based on availability of applicable ratings from those rating agencies on the NAIC credit rating provider list. |
|
| |
| SUMMARY OF REAL ESTATE AND REAL ESTATE JOINT
VENTURES |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Traditional (2), (3) |
|
|
$8,773 |
|
|
|
$8,996 |
|
|
|
$9,273 |
|
|
|
$9,558 |
|
|
|
$9,458 |
|
| Real estate joint ventures and funds |
|
|
718 |
|
|
|
691 |
|
|
|
691 |
|
|
|
647 |
|
|
|
595 |
|
| Subtotal |
|
|
9,491 |
|
|
|
9,687 |
|
|
|
9,964 |
|
|
|
10,205 |
|
|
|
10,053 |
|
| Foreclosed |
|
|
439 |
|
|
|
414 |
|
|
|
429 |
|
|
|
320 |
|
|
|
257 |
|
| Total Real Estate and Real Estate Joint Ventures |
|
|
$9,930 |
|
|
|
$10,101 |
|
|
|
$10,393 |
|
|
|
$10,525 |
|
|
|
$10,310 |
|
|
(2) Includes wholly-owned real estate and
operating real estate joint ventures.
(3) Includes real estate held-for-sale
and held-for-investment. |
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS
SUMMARY OF MORTGAGE LOANS (1)
|
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial mortgage loans |
|
|
$40,398 |
|
|
|
$40,604 |
|
|
|
$40,540 |
|
|
|
$41,088 |
|
|
|
$42,164 |
|
| Agricultural mortgage loans |
|
|
12,284 |
|
|
|
11,961 |
|
|
|
11,929 |
|
|
|
12,378 |
|
|
|
12,333 |
|
| Residential mortgage loans |
|
|
3,643 |
|
|
|
4,314 |
|
|
|
5,563 |
|
|
|
6,677 |
|
|
|
7,955 |
|
| Total Mortgage Loans |
|
|
56,325 |
|
|
|
56,879 |
|
|
|
58,032 |
|
|
|
60,143 |
|
|
|
62,452 |
|
| Valuation allowances |
|
|
(326) |
|
|
|
(294) |
|
|
|
(307) |
|
|
|
(305) |
|
|
|
(315) |
|
| Total Mortgage Loans, net |
|
|
$55,999 |
|
|
|
$56,585 |
|
|
|
$57,725 |
|
|
|
$59,838 |
|
|
|
$62,137 |
|
|
(1) Excludes the effects of consolidating
under GAAP certain VIEs that are treated as CSEs. See Page 29, note 3, for the amount excluded for each period presented. |
|
| |
| SUMMARY OF COMMERCIAL MORTGAGE LOANS
BY REGION AND PROPERTY TYPE |
|
| |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| Unaudited (In millions) |
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
|
Amount |
|
|
% of Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pacific |
|
$ |
8,836 |
|
|
|
21.9% |
|
|
$ |
9,017 |
|
|
|
22.2% |
|
|
$ |
8,815 |
|
|
|
21.7% |
|
|
$ |
8,620 |
|
|
|
21.0% |
|
|
$ |
9,197 |
|
|
|
21.8% |
|
| International |
|
|
6,431 |
|
|
|
15.9% |
|
|
|
6,763 |
|
|
|
16.7% |
|
|
|
6,636 |
|
|
|
16.4% |
|
|
|
7,251 |
|
|
|
17.7% |
|
|
|
7,630 |
|
|
|
18.1% |
|
| Middle Atlantic |
|
|
7,277 |
|
|
|
18.0% |
|
|
|
7,232 |
|
|
|
17.8% |
|
|
|
7,582 |
|
|
|
18.7% |
|
|
|
7,689 |
|
|
|
18.7% |
|
|
|
7,617 |
|
|
|
18.1% |
|
| South Atlantic |
|
|
6,964 |
|
|
|
17.2% |
|
|
|
6,714 |
|
|
|
16.5% |
|
|
|
6,705 |
|
|
|
16.5% |
|
|
|
6,384 |
|
|
|
15.5% |
|
|
|
6,249 |
|
|
|
14.8% |
|
| West South Central |
|
|
3,613 |
|
|
|
8.9% |
|
|
|
3,734 |
|
|
|
9.2% |
|
|
|
3,763 |
|
|
|
9.3% |
|
|
|
3,990 |
|
|
|
9.7% |
|
|
|
3,939 |
|
|
|
9.3% |
|
| East North Central |
|
|
2,526 |
|
|
|
6.3% |
|
|
|
2,455 |
|
|
|
6.0% |
|
|
|
2,589 |
|
|
|
6.4% |
|
|
|
2,430 |
|
|
|
5.9% |
|
|
|
2,520 |
|
|
|
6.0% |
|
| Mountain |
|
|
936 |
|
|
|
2.3% |
|
|
|
935 |
|
|
|
2.3% |
|
|
|
933 |
|
|
|
2.3% |
|
|
|
932 |
|
|
|
2.3% |
|
|
|
1,169 |
|
|
|
2.8% |
|
| New England |
|
|
1,404 |
|
|
|
3.5% |
|
|
|
1,406 |
|
|
|
3.5% |
|
|
|
1,197 |
|
|
|
3.0% |
|
|
|
1,155 |
|
|
|
2.8% |
|
|
|
1,151 |
|
|
|
2.7% |
|
| East South Central |
|
|
395 |
|
|
|
1.0% |
|
|
|
383 |
|
|
|
0.9% |
|
|
|
384 |
|
|
|
0.9% |
|
|
|
424 |
|
|
|
1.0% |
|
|
|
423 |
|
|
|
1.0% |
|
| West North Central |
|
|
146 |
|
|
|
0.4% |
|
|
|
144 |
|
|
|
0.4% |
|
|
|
142 |
|
|
|
0.4% |
|
|
|
140 |
|
|
|
0.3% |
|
|
|
138 |
|
|
|
0.3% |
|
| Multi-Region and Other |
|
|
1,870 |
|
|
|
4.6% |
|
|
|
1,821 |
|
|
|
4.5% |
|
|
|
1,794 |
|
|
|
4.4% |
|
|
|
2,073 |
|
|
|
5.1% |
|
|
|
2,131 |
|
|
|
5.1% |
|
| Total |
|
$ |
40,398 |
|
|
|
100.0% |
|
|
$ |
40,604 |
|
|
|
100.0% |
|
|
$ |
40,540 |
|
|
|
100.0% |
|
|
$ |
41,088 |
|
|
|
100.0% |
|
|
$ |
42,164 |
|
|
|
100.0% |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Office |
|
$ |
20,641 |
|
|
|
51.1% |
|
|
$ |
20,692 |
|
|
|
51.0% |
|
|
$ |
21,160 |
|
|
|
52.2% |
|
|
$ |
21,400 |
|
|
|
52.1% |
|
|
$ |
21,094 |
|
|
|
50.0% |
|
| Retail |
|
|
8,969 |
|
|
|
22.2% |
|
|
|
9,049 |
|
|
|
22.3% |
|
|
|
9,263 |
|
|
|
22.8% |
|
|
|
9,389 |
|
|
|
22.9% |
|
|
|
9,543 |
|
|
|
22.6% |
|
| Apartment |
|
|
3,738 |
|
|
|
9.3% |
|
|
|
3,948 |
|
|
|
9.7% |
|
|
|
3,392 |
|
|
|
8.4% |
|
|
|
3,786 |
|
|
|
9.2% |
|
|
|
4,696 |
|
|
|
11.2% |
|
| Hotel |
|
|
4,092 |
|
|
|
10.1% |
|
|
|
4,154 |
|
|
|
10.2% |
|
|
|
4,317 |
|
|
|
10.6% |
|
|
|
4,196 |
|
|
|
10.2% |
|
|
|
4,483 |
|
|
|
10.6% |
|
| Industrial |
|
|
2,714 |
|
|
|
6.7% |
|
|
|
2,444 |
|
|
|
6.0% |
|
|
|
2,178 |
|
|
|
5.4% |
|
|
|
2,133 |
|
|
|
5.2% |
|
|
|
2,157 |
|
|
|
5.1% |
|
| Other |
|
|
244 |
|
|
|
0.6% |
|
|
|
317 |
|
|
|
0.8% |
|
|
|
230 |
|
|
|
0.6% |
|
|
|
184 |
|
|
|
0.4% |
|
|
|
191 |
|
|
|
0.5% |
|
| Total |
|
$ |
40,398 |
|
|
|
100.0% |
|
|
$ |
40,604 |
|
|
|
100.0% |
|
|
$ |
40,540 |
|
|
|
100.0% |
|
|
$ |
41,088 |
|
|
|
100.0% |
|
|
$ |
42,164 |
|
|
|
100.0% |
|
33
Appendix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
RECONCILIATION DETAIL |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
1,592 |
|
|
$ |
1,621 |
|
|
$ |
1,855 |
|
|
$ |
1,614 |
|
|
$ |
1,668 |
|
|
|
|
$ |
1,592 |
|
|
$ |
1,668 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) (1) |
|
|
(411 |
) |
|
|
(125 |
) |
|
|
109 |
|
|
|
230 |
|
|
|
286 |
|
|
|
|
|
(411 |
) |
|
|
286 |
|
| Net derivative gains (losses) |
|
|
343 |
|
|
|
311 |
|
|
|
478 |
|
|
|
185 |
|
|
|
821 |
|
|
|
|
|
343 |
|
|
|
821 |
|
| Premiums - Divested businesses |
|
|
2 |
|
|
|
20 |
|
|
|
18 |
|
|
|
5 |
|
|
|
- |
|
|
|
|
|
2 |
|
|
|
- |
|
| Universal life and investment-type product policy fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unearned revenue adjustments |
|
|
3 |
|
|
|
3 |
|
|
|
8 |
|
|
|
6 |
|
|
|
4 |
|
|
|
|
|
3 |
|
|
|
4 |
|
| GMIB fees |
|
|
93 |
|
|
|
93 |
|
|
|
96 |
|
|
|
96 |
|
|
|
94 |
|
|
|
|
|
93 |
|
|
|
94 |
|
| Divested businesses |
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
|
2 |
|
|
|
2 |
|
| Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment hedge adjustments |
|
|
(178 |
) |
|
|
(165 |
) |
|
|
(169 |
) |
|
|
(192 |
) |
|
|
(200 |
) |
|
|
|
|
(178 |
) |
|
|
(200 |
) |
| Income from discontinued real estate operations |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(1 |
) |
|
|
- |
|
| Operating joint venture adjustments |
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
|
|
- |
|
|
|
1 |
|
| Unit-linked contract income |
|
|
65 |
|
|
|
295 |
|
|
|
379 |
|
|
|
527 |
|
|
|
677 |
|
|
|
|
|
65 |
|
|
|
677 |
|
| Securitization entities income |
|
|
18 |
|
|
|
13 |
|
|
|
3 |
|
|
|
4 |
|
|
|
1 |
|
|
|
|
|
18 |
|
|
|
1 |
|
| Divested businesses |
|
|
46 |
|
|
|
20 |
|
|
|
3 |
|
|
|
2 |
|
|
|
- |
|
|
|
|
|
46 |
|
|
|
- |
|
| Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Settlement of foreign currency earnings hedges |
|
|
(13 |
) |
|
|
(4 |
) |
|
|
- |
|
|
|
(5 |
) |
|
|
(8 |
) |
|
|
|
|
(13 |
) |
|
|
(8 |
) |
| Divested businesses |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
18 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Policyholder benefits and claims and policyholder dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PDO adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
17 |
|
|
|
|
|
- |
|
|
|
17 |
|
| Inflation and pass through adjustments |
|
|
(89 |
) |
|
|
(160 |
) |
|
|
93 |
|
|
|
(104 |
) |
|
|
(3 |
) |
|
|
|
|
(89 |
) |
|
|
(3 |
) |
| GMIB costs |
|
|
(117 |
) |
|
|
(215 |
) |
|
|
(34 |
) |
|
|
(134 |
) |
|
|
(112 |
) |
|
|
|
|
(117 |
) |
|
|
(112 |
) |
| Market value adjustments |
|
|
(17 |
) |
|
|
(26 |
) |
|
|
(54 |
) |
|
|
(85 |
) |
|
|
(51 |
) |
|
|
|
|
(17 |
) |
|
|
(51 |
) |
| Divested businesses |
|
|
(31 |
) |
|
|
(20 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
- |
|
|
|
|
|
(31 |
) |
|
|
- |
|
| Interest credited to policyholder account balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PAB hedge adjustments |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
|
|
(3 |
) |
|
|
(2 |
) |
| Unit-linked contract costs |
|
|
(65 |
) |
|
|
(280 |
) |
|
|
(387 |
) |
|
|
(534 |
) |
|
|
(662 |
) |
|
|
|
|
(65 |
) |
|
|
(662 |
) |
| Divested businesses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC - Divested businesses |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of DAC and VOBA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related to NIGL and NDGL |
|
|
(1 |
) |
|
|
(63 |
) |
|
|
27 |
|
|
|
(4 |
) |
|
|
(112 |
) |
|
|
|
|
(1 |
) |
|
|
(112 |
) |
| Related to GMIB fees and GMIB costs |
|
|
(7 |
) |
|
|
26 |
|
|
|
(81 |
) |
|
|
(1 |
) |
|
|
40 |
|
|
|
|
|
(7 |
) |
|
|
40 |
|
| Related to market value adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Divested businesses |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Amortization of negative VOBA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related to market value adjustments |
|
|
12 |
|
|
|
12 |
|
|
|
11 |
|
|
|
11 |
|
|
|
10 |
|
|
|
|
|
12 |
|
|
|
10 |
|
| Divested businesses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securitization entities debt expense |
|
|
(18 |
) |
|
|
(13 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
(1 |
) |
|
|
|
|
(18 |
) |
|
|
(1 |
) |
| Divested businesses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noncontrolling interest |
|
|
13 |
|
|
|
11 |
|
|
|
(3 |
) |
|
|
12 |
|
|
|
5 |
|
|
|
|
|
13 |
|
|
|
5 |
|
| Regulatory implementation costs |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
- |
|
|
|
(1 |
) |
| Acquisition & integration costs |
|
|
(4 |
) |
|
|
(10 |
) |
|
|
(17 |
) |
|
|
(24 |
) |
|
|
(8 |
) |
|
|
|
|
(4 |
) |
|
|
(8 |
) |
| Divested businesses |
|
|
(12 |
) |
|
|
(11 |
) |
|
|
(24 |
) |
|
|
(42 |
) |
|
|
(1 |
) |
|
|
|
|
(12 |
) |
|
|
(1 |
) |
| Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Provision for income tax (expense) benefit |
|
|
120 |
|
|
|
44 |
|
|
|
(202 |
) |
|
|
(49 |
) |
|
|
(302 |
) |
|
|
|
|
120 |
|
|
|
(302 |
) |
| Income (loss) from continuing operations, net of income tax |
|
|
1,342 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
|
|
|
|
1,342 |
|
|
|
2,163 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
(3 |
) |
|
|
- |
|
| Net income (loss) |
|
|
1,339 |
|
|
|
1,376 |
|
|
|
2,094 |
|
|
|
1,527 |
|
|
|
2,163 |
|
|
|
|
|
1,339 |
|
|
|
2,163 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
11 |
|
|
|
10 |
|
|
|
- |
|
|
|
6 |
|
|
|
5 |
|
|
|
|
|
11 |
|
|
|
5 |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
1,328 |
|
|
|
1,366 |
|
|
|
2,094 |
|
|
|
1,521 |
|
|
|
2,158 |
|
|
|
|
|
1,328 |
|
|
|
2,158 |
|
| Less: Preferred stock dividends |
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
31 |
|
|
|
30 |
|
|
|
|
|
30 |
|
|
|
30 |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
1,298 |
|
|
$ |
1,335 |
|
|
$ |
2,064 |
|
|
$ |
1,490 |
|
|
$ |
2,128 |
|
|
|
|
$ |
1,298 |
|
|
$ |
2,128 |
|
|
(1) The three months ended and year-to-date
period ended March 31, 2014 include a pre-tax net investment loss of $495 million and the three months ended June 30, 2014 includes a pre-tax net investment loss of $138 million, related to the sale of MetLife, Inc.’s wholly-owned subsidiary,
MetLife Assurance Limited. |
|
A-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
NOTABLE ITEMS (1)
METLIFE TOTAL |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to plan |
|
$ |
63 |
|
|
$ |
11 |
|
|
$ |
62 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
63 |
|
|
$ |
- |
|
| Catastrophe experience and prior year development,
net |
|
|
- |
|
|
|
(21 |
) |
|
|
38 |
|
|
|
16 |
|
|
|
(16 |
) |
|
|
|
|
- |
|
|
|
(16 |
) |
| Actuarial assumption review and other insurance
adjustments |
|
|
- |
|
|
|
56 |
|
|
|
16 |
|
|
|
5 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Litigation reserves & settlement costs |
|
|
(57 |
) |
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
|
|
- |
|
|
|
|
|
(57 |
) |
|
|
- |
|
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
|
|
27 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
6 |
|
|
$ |
46 |
|
|
$ |
107 |
|
|
$ |
(69 |
) |
|
$ |
(16 |
) |
|
|
|
$ |
6 |
|
|
$ |
(16 |
) |
| |
|
|
|
|
|
|
|
|
| RETAIL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to plan |
|
$ |
26 |
|
|
$ |
(9 |
) |
|
$ |
25 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
26 |
|
|
$ |
- |
|
| Catastrophe experience and prior year development,
net |
|
|
- |
|
|
|
(20 |
) |
|
|
23 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
|
|
- |
|
|
|
(3 |
) |
| Actuarial assumption review and other insurance
adjustments |
|
|
- |
|
|
|
56 |
|
|
|
19 |
|
|
|
(9 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
26 |
|
|
$ |
27 |
|
|
$ |
105 |
|
|
$ |
(3 |
) |
|
$ |
(3 |
) |
|
|
|
$ |
26 |
|
|
$ |
(3 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
RETAIL - LIFE & OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
Variable investment income, as compared to plan |
|
$ |
15 |
|
|
$ |
(12 |
) |
|
$ |
17 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
15 |
|
|
$ |
- |
|
| |
|
Catastrophe experience and prior year development, net |
|
|
- |
|
|
|
(20 |
) |
|
|
23 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
|
|
- |
|
|
|
(3 |
) |
| |
|
Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
56 |
|
|
|
37 |
|
|
|
(9 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| |
|
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| |
|
Total notable items |
|
$ |
15 |
|
|
$ |
24 |
|
|
$ |
82 |
|
|
$ |
(3 |
) |
|
$ |
(3 |
) |
|
|
|
$ |
15 |
|
|
$ |
(3 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
RETAIL - ANNUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
Variable investment income, as compared to plan |
|
$ |
11 |
|
|
$ |
3 |
|
|
$ |
8 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
11 |
|
|
$ |
- |
|
| |
|
Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
- |
|
|
|
(18 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| |
|
Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
33 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| |
|
Total notable items |
|
$ |
11 |
|
|
$ |
3 |
|
|
$ |
23 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
11 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| GROUP, VOLUNTARY & WORKSITE
BENEFITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to plan |
|
$ |
1 |
|
|
$ |
(1 |
) |
|
$ |
8 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
1 |
|
|
$ |
- |
|
| Catastrophe experience and prior year development,
net |
|
|
- |
|
|
|
(1 |
) |
|
|
15 |
|
|
|
10 |
|
|
|
(12 |
) |
|
|
|
|
- |
|
|
|
(12 |
) |
| Actuarial assumption review and other insurance
adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
1 |
|
|
$ |
(2 |
) |
|
$ |
23 |
|
|
$ |
1 |
|
|
$ |
(12 |
) |
|
|
|
$ |
1 |
|
|
$ |
(12 |
) |
|
(1) Notable items represent a positive
(negative) impact to operating earnings available to common shareholders. |
|
A-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
NOTABLE ITEMS (CONTINUED) (1)
CORPORATE BENEFIT
FUNDING |
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to
plan |
|
$ |
15 |
|
|
$ |
21 |
|
|
$ |
33 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
15 |
|
|
$ |
- |
|
| Total notable items |
|
$ |
15 |
|
|
$ |
21 |
|
|
$ |
33 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
15 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| LATIN AMERICA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Catastrophe experience and prior year development, net |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(1 |
) |
|
|
|
$ |
- |
|
|
$ |
(1 |
) |
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
(41 |
) |
|
|
13 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(41 |
) |
|
$ |
13 |
|
|
$ |
(1 |
) |
|
|
|
$ |
- |
|
|
$ |
(1 |
) |
| |
|
|
|
|
|
|
|
|
| ASIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to plan |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
| Actuarial assumption review and other insurance adjustments |
|
|
- |
|
|
|
- |
|
|
|
(13 |
) |
|
|
23 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(10 |
) |
|
$ |
23 |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Actuarial assumption review and other insurance adjustments |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
10 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
10 |
|
|
$ |
14 |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| CORPORATE & OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| Variable investment income, as compared to plan |
|
$ |
21 |
|
|
$ |
- |
|
|
$ |
(7 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
$ |
21 |
|
|
$ |
- |
|
| Litigation reserves & settlement costs |
|
|
(57 |
) |
|
|
- |
|
|
|
- |
|
|
|
(117 |
) |
|
|
- |
|
|
|
|
|
(57 |
) |
|
|
- |
|
| Tax adjustments |
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Total notable items |
|
$ |
(36 |
) |
|
$ |
- |
|
|
$ |
(13 |
) |
|
$ |
(117 |
) |
|
$ |
- |
|
|
|
|
$ |
(36 |
) |
|
$ |
- |
|
| |
|
(1) Notable items represent a positive (negative) impact to operating
earnings available to common shareholders. |
|
A-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
EQUITY DETAILS, BOOK VALUE DETAILS AND RETURN ON EQUITY |
|
|
|
|
|
|
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total MetLife, Inc.’s stockholders’ equity |
|
$ |
65,758 |
|
|
$ |
69,591 |
|
|
$ |
70,805 |
|
|
$ |
72,053 |
|
|
$ |
73,770 |
|
|
|
|
|
|
|
| Less: Preferred stock |
|
|
2,043 |
|
|
|
2,043 |
|
|
|
2,043 |
|
|
|
2,043 |
|
|
|
2,043 |
|
|
|
|
|
|
|
| MetLife, Inc.’s common stockholders’ equity |
|
|
63,715 |
|
|
|
67,548 |
|
|
|
68,762 |
|
|
|
70,010 |
|
|
|
71,727 |
|
|
|
|
|
|
|
| Less: Net unrealized investment gains (losses), net of income
tax |
|
|
11,680 |
|
|
|
14,385 |
|
|
|
14,689 |
|
|
|
16,235 |
|
|
|
17,761 |
|
|
|
|
|
|
|
| Less: Defined benefit plans adjustment, net of income tax
|
|
|
(1,622 |
) |
|
|
(1,588 |
) |
|
|
(1,537 |
) |
|
|
(2,283 |
) |
|
|
(2,246 |
) |
|
|
|
|
|
|
| Total MetLife, Inc.’s common stockholders’ equity, excluding AOCI
other than FCTA |
|
|
53,657 |
|
|
|
54,751 |
|
|
|
55,610 |
|
|
|
56,058 |
|
|
|
56,212 |
|
|
|
|
|
|
|
| Less: Goodwill, net of income tax |
|
|
10,363 |
|
|
|
10,351 |
|
|
|
10,127 |
|
|
|
9,759 |
|
|
|
9,592 |
|
|
|
|
|
|
|
| Less: VODA and VOCRA, net of income tax |
|
|
827 |
|
|
|
811 |
|
|
|
780 |
|
|
|
620 |
|
|
|
576 |
|
|
|
|
|
|
|
| Total MetLife, Inc.’s common stockholders’ tangible equity
(excludes AOCI other than FCTA) |
|
$ |
42,467 |
|
|
$ |
43,589 |
|
|
$ |
44,703 |
|
|
$ |
45,679 |
|
|
$ |
46,044 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per common share (1) |
|
$ |
56.65 |
|
|
$ |
59.96 |
|
|
$ |
61.44 |
|
|
$ |
61.85 |
|
|
$ |
64.37 |
|
|
|
|
|
|
|
| Less: Net unrealized investment gains (losses), net of income
tax |
|
|
10.39 |
|
|
|
12.77 |
|
|
|
13.12 |
|
|
|
14.34 |
|
|
|
15.94 |
|
|
|
|
|
|
|
| Less: Defined benefit plans adjustment, net of income tax |
|
|
(1.44 |
) |
|
|
(1.41 |
) |
|
|
(1.37 |
) |
|
|
(2.02 |
) |
|
|
(2.02 |
) |
|
|
|
|
|
|
| Book value per common share, excluding AOCI other than FCTA
(1) |
|
|
47.70 |
|
|
|
48.60 |
|
|
|
49.69 |
|
|
|
49.53 |
|
|
|
50.45 |
|
|
|
|
|
|
|
| Less: Goodwill, net of income tax |
|
|
9.20 |
|
|
|
9.19 |
|
|
|
9.04 |
|
|
|
8.62 |
|
|
|
8.61 |
|
|
|
|
|
|
|
| Less: VODA and VOCRA, net of income tax |
|
|
0.74 |
|
|
|
0.72 |
|
|
|
0.70 |
|
|
|
0.55 |
|
|
|
0.52 |
|
|
|
|
|
|
|
| Book value per common share - tangible common stockholders’ equity
(excludes AOCI other than FCTA) (1) |
|
$ |
37.76 |
|
|
$ |
38.69 |
|
|
$ |
39.95 |
|
|
$ |
40.36 |
|
|
$ |
41.32 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended (2) |
|
|
|
|
For the Year Ended |
|
| Unaudited (In millions, except ratios) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
December 31, 2014 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating return on MetLife, Inc.’s: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stockholders’ equity |
|
|
10.1% |
|
|
|
9.7% |
|
|
|
10.7% |
|
|
|
9.1% |
|
|
|
9.2% |
|
|
|
|
|
10.0% |
|
| Common stockholders’ equity, excluding AOCI other than
FCTA |
|
|
11.7% |
|
|
|
11.7% |
|
|
|
13.2% |
|
|
|
11.3% |
|
|
|
11.7% |
|
|
|
|
|
12.0% |
|
| Tangible common stockholders’ equity (excludes AOCI other than FCTA)
(3) |
|
|
15.0% |
|
|
|
14.9% |
|
|
|
16.7% |
|
|
|
14.1% |
|
|
|
14.4% |
|
|
|
|
|
15.2% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on MetLife, Inc.’s: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stockholders’ equity |
|
|
8.4% |
|
|
|
8.1% |
|
|
|
12.1% |
|
|
|
8.6% |
|
|
|
12.0% |
|
|
|
|
|
9.4% |
|
| Common stockholders’ equity, excluding AOCI other than
FCTA |
|
|
9.8% |
|
|
|
9.9% |
|
|
|
15.0% |
|
|
|
10.7% |
|
|
|
15.2% |
|
|
|
|
|
11.3% |
|
| Tangible common stockholders’ equity (excludes AOCI other than FCTA)
(3) |
|
|
12.5% |
|
|
|
12.5% |
|
|
|
18.8% |
|
|
|
13.3% |
|
|
|
18.7% |
|
|
|
|
|
14.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average common stockholders’ equity |
|
$ |
61,613 |
|
|
$ |
65,632 |
|
|
$ |
68,155 |
|
|
$ |
69,386 |
|
|
$ |
70,869 |
|
|
|
|
$ |
65,909 |
|
| Average common stockholders’ equity, excluding AOCI other than
FCTA |
|
$ |
53,202 |
|
|
$ |
54,204 |
|
|
$ |
55,181 |
|
|
$ |
55,834 |
|
|
$ |
56,135 |
|
|
|
|
$ |
54,565 |
|
| Average tangible common stockholders’ equity (excludes AOCI other than
FCTA) |
|
$ |
41,938 |
|
|
$ |
43,028 |
|
|
$ |
44,146 |
|
|
$ |
45,191 |
|
|
$ |
45,862 |
|
|
|
|
$ |
43,569 |
|
| |
|
(1) Calculated using common shares
outstanding, end of period. (2) Annualized using quarter-to-date results.
(3) Operating earnings available to
common shareholders and net income available to common shareholders, used to calculate returns on tangible equity, exclude the impact of amortization of VODA and VOCRA, net of income tax, for the three months ended March 31, 2014, June 30, 2014,
September 30, 2014, December 31, 2014 and March 31, 2015 of $13 million, $14 million, $13 million, $13 million and $12 million, respectively, and for the year ended December 31, 2014 of $53 million. |
|
A-4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
RETURN ON ALLOCATED EQUITY (1), (2) OPERATING
RETURN ON ALLOCATED EQUITY (3), (4): |
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life & Other |
|
|
11.6% |
|
|
|
12.1% |
|
|
|
16.6% |
|
|
|
15.1% |
|
|
|
9.0% |
|
| Annuities |
|
|
12.9% |
|
|
|
13.9% |
|
|
|
14.2% |
|
|
|
13.0% |
|
|
|
14.4% |
|
| GROUP, VOLUNTARY & WORKSITE
BENEFITS |
|
|
13.2% |
|
|
|
14.5% |
|
|
|
16.7% |
|
|
|
16.5% |
|
|
|
14.2% |
|
| CORPORATE BENEFIT FUNDING |
|
|
18.5% |
|
|
|
19.8% |
|
|
|
21.5% |
|
|
|
19.6% |
|
|
|
19.1% |
|
| LATIN AMERICA |
|
|
17.4% |
|
|
|
15.0% |
|
|
|
13.5% |
|
|
|
16.8% |
|
|
|
15.1% |
|
| AMERICAS |
|
|
14.2% |
|
|
|
14.8% |
|
|
|
16.5% |
|
|
|
15.7% |
|
|
|
14.1% |
|
| ASIA |
|
|
11.4% |
|
|
|
11.1% |
|
|
|
10.6% |
|
|
|
11.6% |
|
|
|
11.4% |
|
| EMEA |
|
|
8.2% |
|
|
|
8.3% |
|
|
|
9.0% |
|
|
|
7.4% |
|
|
|
8.4% |
|
| |
|
|
|
|
|
|
OPERATING RETURN ON ALLOCATED TANGIBLE EQUITY (5), (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| AMERICAS |
|
|
16.1% |
|
|
|
16.9% |
|
|
|
18.8% |
|
|
|
17.9% |
|
|
|
15.9% |
|
| ASIA |
|
|
19.7% |
|
|
|
19.2% |
|
|
|
18.3% |
|
|
|
20.1% |
|
|
|
19.6% |
|
| EMEA |
|
|
15.7% |
|
|
|
16.1% |
|
|
|
17.2% |
|
|
|
14.2% |
|
|
|
15.4% |
|
| |
|
|
|
|
|
|
RETURN ON ALLOCATED EQUITY (3), (7): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life & Other |
|
|
11.0% |
|
|
|
10.4% |
|
|
|
19.5% |
|
|
|
15.7% |
|
|
|
12.6% |
|
| Annuities |
|
|
11.7% |
|
|
|
14.4% |
|
|
|
16.2% |
|
|
|
8.4% |
|
|
|
15.8% |
|
| GROUP, VOLUNTARY & WORKSITE
BENEFITS |
|
|
16.2% |
|
|
|
16.3% |
|
|
|
19.3% |
|
|
|
23.7% |
|
|
|
20.9% |
|
| CORPORATE BENEFIT FUNDING |
|
|
2.6% |
|
|
|
16.1% |
|
|
|
27.7% |
|
|
|
25.4% |
|
|
|
27.4% |
|
| LATIN AMERICA |
|
|
12.1% |
|
|
|
2.0% |
|
|
|
12.9% |
|
|
|
9.5% |
|
|
|
13.2% |
|
| AMERICAS |
|
|
10.5% |
|
|
|
12.8% |
|
|
|
19.4% |
|
|
|
15.9% |
|
|
|
18.0% |
|
| ASIA |
|
|
14.5% |
|
|
|
11.4% |
|
|
|
11.4% |
|
|
|
3.1% |
|
|
|
12.1% |
|
| EMEA |
|
|
9.9% |
|
|
|
13.2% |
|
|
|
8.7% |
|
|
|
6.0% |
|
|
|
7.8% |
|
| |
|
|
|
|
|
|
RETURN ON ALLOCATED TANGIBLE EQUITY (6), (8):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| AMERICAS |
|
|
12.0% |
|
|
|
14.6% |
|
|
|
22.1% |
|
|
|
18.1% |
|
|
|
20.2% |
|
| ASIA |
|
|
25.0% |
|
|
|
19.7% |
|
|
|
19.7% |
|
|
|
5.4% |
|
|
|
20.8% |
|
| EMEA |
|
|
18.9% |
|
|
|
25.2% |
|
|
|
16.7% |
|
|
|
11.7% |
|
|
|
14.4% |
|
|
(1) Annualized using quarter-to-date
results.
(2) Allocated equity is defined as the
portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. Economic capital is an internally developed risk capital
model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. MetLife management periodically reviews this model to ensure that it remains consistent with emerging industry practice
standards and the local capital requirements; allocated equity may be adjusted if warranted by such review. Allocated equity and allocated tangible equity are presented below:
|
|
| |
|
|
|
|
|
|
ALLOCATED EQUITY |
|
|
ALLOCATED TANGIBLE EQUITY |
|
| |
|
Unaudited (In millions) |
|
|
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
| |
|
AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Life & Other |
|
|
|
|
|
$ |
8,802 |
|
|
$ |
9,006 |
|
|
|
|
|
|
|
|
|
| |
|
Annuities |
|
|
|
|
|
|
11,815 |
|
|
|
12,469 |
|
|
|
|
|
|
|
|
|
| |
|
GROUP, VOLUNTARY & WORKSITE BENEFITS |
|
|
|
|
|
|
5,758 |
|
|
|
6,420 |
|
|
|
|
|
|
|
|
|
| |
|
CORPORATE BENEFIT FUNDING |
|
|
|
|
|
|
7,350 |
|
|
|
7,729 |
|
|
|
|
|
|
|
|
|
| |
|
LATIN AMERICA |
|
|
|
|
|
|
3,625 |
|
|
|
3,480 |
|
|
|
|
|
|
|
|
|
| |
|
AMERICAS |
|
|
|
|
|
$ |
37,350 |
|
|
$ |
39,104 |
|
|
$ |
33,009 |
|
|
$ |
34,900 |
|
| |
|
ASIA |
|
|
|
|
|
$ |
11,695 |
|
|
$ |
11,509 |
|
|
$ |
6,787 |
|
|
$ |
6,708 |
|
| |
|
EMEA |
|
|
|
|
|
$ |
3,481 |
|
|
$ |
3,332 |
|
|
$ |
1,888 |
|
|
$ |
1,865 |
|
|
(3) Allocated equity excludes the impact
of AOCI, other than FCTA. (4) Operating return on allocated equity is defined as operating earnings available to common shareholders divided by allocated equity.
(5) Operating return on allocated
tangible equity is defined as operating earnings available to common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity.
(6) Operating earnings available to
common shareholders used to calculate the operating return on allocated tangible equity and net income (loss) available to MetLife, Inc.’s common shareholders used to calculate the return on allocated tangible equity, exclude the impact of
amortization on VODA and VOCRA, net of income tax, as presented below: |
|
| |
|
|
|
For the Three Months Ended |
|
| |
|
Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
AMERICAS |
|
$ |
8 |
|
|
$ |
8 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
| |
|
ASIA |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| |
|
EMEA |
|
$ |
3 |
|
|
$ |
4 |
|
|
$ |
3 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
(7) Return on allocated equity is defined
as net income (loss) available to MetLife, Inc.’s common shareholders divided by allocated equity.
(8) Return on allocated tangible equity
is defined as net income (loss) available to MetLife, Inc.’s common shareholders, excluding amortization of VODA and VOCRA, net of income tax, divided by allocated tangible equity. |
|
A-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
METLIFE
OPERATING PREMIUMS, FEES AND OTHER REVENUES AND OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - CONSTANT CURRENCY BASIS
OPERATING PREMIUMS, FEES AND OTHER REVENUES ON A CONSTANT CURRENCY BASIS |
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL (1) |
|
$ |
3,216 |
|
|
$ |
3,333 |
|
|
$ |
3,455 |
|
|
$ |
3,409 |
|
|
$ |
3,236 |
|
| GROUP, VOLUNTARY & WORKSITE BENEFITS (1) |
|
|
4,286 |
|
|
|
4,323 |
|
|
|
4,293 |
|
|
|
4,213 |
|
|
|
4,418 |
|
| CORPORATE BENEFIT FUNDING (1) |
|
|
426 |
|
|
|
816 |
|
|
|
582 |
|
|
|
1,456 |
|
|
|
543 |
|
| LATAM (2) |
|
|
891 |
|
|
|
981 |
|
|
|
1,023 |
|
|
|
975 |
|
|
|
1,003 |
|
| ASIA (2) |
|
|
2,063 |
|
|
|
2,060 |
|
|
|
2,169 |
|
|
|
2,141 |
|
|
|
2,177 |
|
| EMEA (2) |
|
|
610 |
|
|
|
600 |
|
|
|
628 |
|
|
|
622 |
|
|
|
620 |
|
| CORPORATE & OTHER (1) |
|
|
74 |
|
|
|
61 |
|
|
|
65 |
|
|
|
75 |
|
|
|
53 |
|
| METLIFE TOTAL |
|
$ |
11,566 |
|
|
$ |
12,174 |
|
|
$ |
12,215 |
|
|
$ |
12,891 |
|
|
$ |
12,050 |
|
| |
|
|
|
|
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS ON A CONSTANT CURRENCY
BASIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL (1) |
|
$ |
636 |
|
|
$ |
677 |
|
|
$ |
785 |
|
|
$ |
718 |
|
|
$ |
653 |
|
| GROUP, VOLUNTARY & WORKSITE BENEFITS (1) |
|
|
190 |
|
|
|
209 |
|
|
|
241 |
|
|
|
238 |
|
|
|
228 |
|
| CORPORATE BENEFIT FUNDING (1) |
|
|
340 |
|
|
|
363 |
|
|
|
395 |
|
|
|
360 |
|
|
|
369 |
|
| LATAM (2) |
|
|
135 |
|
|
|
114 |
|
|
|
101 |
|
|
|
141 |
|
|
|
131 |
|
| ASIA (2) |
|
|
303 |
|
|
|
296 |
|
|
|
278 |
|
|
|
327 |
|
|
|
327 |
|
| EMEA (2) |
|
|
52 |
|
|
|
48 |
|
|
|
60 |
|
|
|
57 |
|
|
|
70 |
|
| CORPORATE & OTHER (1) |
|
|
(166 |
) |
|
|
(191 |
) |
|
|
(106 |
) |
|
|
(289 |
) |
|
|
(140 |
) |
| METLIFE TOTAL |
|
$ |
1,490 |
|
|
$ |
1,516 |
|
|
$ |
1,754 |
|
|
$ |
1,552 |
|
|
$ |
1,638 |
|
|
(1) Amounts on a reported basis, as
constant currency impact is not significant. (2) Calculated using the average foreign currency exchange rates for the current period and are applied to the prior periods presented. As a result,
amounts will be updated each period to reflect the average foreign currency exchange rates for the current period. |
|
A-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS
AVAILABLE TO COMMON SHAREHOLDERS - TOTAL PROPERTY & CASUALTY (1) |
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
825 |
|
|
$ |
838 |
|
|
$ |
855 |
|
|
$ |
861 |
|
|
$ |
845 |
|
|
|
|
$ |
825 |
|
|
$ |
845 |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
41 |
|
|
|
40 |
|
|
|
44 |
|
|
|
44 |
|
|
|
41 |
|
|
|
|
|
41 |
|
|
|
41 |
|
| Other revenues |
|
|
5 |
|
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
5 |
|
|
|
|
|
5 |
|
|
|
5 |
|
| Total operating revenues |
|
|
871 |
|
|
|
882 |
|
|
|
903 |
|
|
|
911 |
|
|
|
891 |
|
|
|
|
|
871 |
|
|
|
891 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
574 |
|
|
|
641 |
|
|
|
527 |
|
|
|
541 |
|
|
|
584 |
|
|
|
|
|
574 |
|
|
|
584 |
|
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
(96 |
) |
|
|
(105 |
) |
|
|
(108 |
) |
|
|
(101 |
) |
|
|
(96 |
) |
|
|
|
|
(96 |
) |
|
|
(96 |
) |
| Amortization of DAC and VOBA |
|
|
100 |
|
|
|
97 |
|
|
|
102 |
|
|
|
105 |
|
|
|
101 |
|
|
|
|
|
100 |
|
|
|
101 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
223 |
|
|
|
234 |
|
|
|
230 |
|
|
|
230 |
|
|
|
220 |
|
|
|
|
|
223 |
|
|
|
220 |
|
| Total operating expenses |
|
|
801 |
|
|
|
867 |
|
|
|
751 |
|
|
|
775 |
|
|
|
809 |
|
|
|
|
|
801 |
|
|
|
809 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
70 |
|
|
|
15 |
|
|
|
152 |
|
|
|
136 |
|
|
|
82 |
|
|
|
|
|
70 |
|
|
|
82 |
|
| Provision for income tax expense (benefit) |
|
|
12 |
|
|
|
(8 |
) |
|
|
39 |
|
|
|
35 |
|
|
|
17 |
|
|
|
|
|
12 |
|
|
|
17 |
|
| Operating earnings |
|
|
58 |
|
|
|
23 |
|
|
|
113 |
|
|
|
101 |
|
|
|
65 |
|
|
|
|
|
58 |
|
|
|
65 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
58 |
|
|
$ |
23 |
|
|
$ |
113 |
|
|
$ |
101 |
|
|
$ |
65 |
|
|
|
|
$ |
58 |
|
|
$ |
65 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
58 |
|
|
$ |
23 |
|
|
$ |
113 |
|
|
$ |
101 |
|
|
$ |
65 |
|
|
|
|
$ |
58 |
|
|
$ |
65 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
4 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
2 |
|
|
|
- |
|
|
|
|
|
4 |
|
|
|
- |
|
| Net derivative gains (losses) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(5 |
) |
|
|
(5 |
) |
|
|
|
|
(2 |
) |
|
|
(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 |
|
|
|
2 |
|
|
|
|
|
(1 |
) |
|
|
2 |
|
| Income (loss) from continuing operations, net of income tax |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
|
|
62 |
|
|
|
|
|
59 |
|
|
|
62 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
|
|
62 |
|
|
|
|
|
59 |
|
|
|
62 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
59 |
|
|
|
22 |
|
|
|
115 |
|
|
|
99 |
|
|
|
62 |
|
|
|
|
|
59 |
|
|
|
62 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
59 |
|
|
$ |
22 |
|
|
$ |
115 |
|
|
$ |
99 |
|
|
$ |
62 |
|
|
|
|
$ |
59 |
|
|
$ |
62 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
830 |
|
|
$ |
842 |
|
|
$ |
859 |
|
|
$ |
867 |
|
|
$ |
850 |
|
|
|
|
$ |
830 |
|
|
$ |
850 |
|
|
(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. |
|
A-7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - RETAIL PROPERTY & CASUALTY (1)
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For the Year-to-Date
Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
444 |
|
|
$ |
448 |
|
|
$ |
454 |
|
|
$ |
454 |
|
|
$ |
442 |
|
|
|
|
$ |
444 |
|
|
$ |
442 |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
23 |
|
|
|
22 |
|
|
|
23 |
|
|
|
24 |
|
|
|
22 |
|
|
|
|
|
23 |
|
|
|
22 |
|
| Other revenues |
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
4 |
|
|
|
3 |
|
|
|
|
|
3 |
|
|
|
3 |
|
| Total operating revenues |
|
|
470 |
|
|
|
474 |
|
|
|
480 |
|
|
|
482 |
|
|
|
467 |
|
|
|
|
|
470 |
|
|
|
467 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
300 |
|
|
|
364 |
|
|
|
263 |
|
|
|
269 |
|
|
|
280 |
|
|
|
|
|
300 |
|
|
|
280 |
|
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
(64 |
) |
|
|
(71 |
) |
|
|
(73 |
) |
|
|
(67 |
) |
|
|
(62 |
) |
|
|
|
|
(64 |
) |
|
|
(62 |
) |
| Amortization of DAC and VOBA |
|
|
68 |
|
|
|
67 |
|
|
|
69 |
|
|
|
70 |
|
|
|
67 |
|
|
|
|
|
68 |
|
|
|
67 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
116 |
|
|
|
125 |
|
|
|
122 |
|
|
|
120 |
|
|
|
111 |
|
|
|
|
|
116 |
|
|
|
111 |
|
| Total operating expenses |
|
|
420 |
|
|
|
485 |
|
|
|
381 |
|
|
|
392 |
|
|
|
396 |
|
|
|
|
|
420 |
|
|
|
396 |
|
| |
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
50 |
|
|
|
(11 |
) |
|
|
99 |
|
|
|
90 |
|
|
|
71 |
|
|
|
|
|
50 |
|
|
|
71 |
|
| Provision for income tax expense (benefit) |
|
|
11 |
|
|
|
(13 |
) |
|
|
28 |
|
|
|
25 |
|
|
|
18 |
|
|
|
|
|
11 |
|
|
|
18 |
|
| Operating earnings |
|
|
39 |
|
|
|
2 |
|
|
|
71 |
|
|
|
65 |
|
|
|
53 |
|
|
|
|
|
39 |
|
|
|
53 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
39 |
|
|
$ |
2 |
|
|
$ |
71 |
|
|
$ |
65 |
|
|
$ |
53 |
|
|
|
|
$ |
39 |
|
|
$ |
53 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item Adjustments from
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
39 |
|
|
$ |
2 |
|
|
$ |
71 |
|
|
$ |
65 |
|
|
$ |
53 |
|
|
|
|
$ |
39 |
|
|
$ |
53 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
2 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
2 |
|
|
|
- |
|
| Net derivative gains (losses) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
|
|
(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 |
|
|
|
1 |
|
|
|
|
|
- |
|
|
|
1 |
|
| Income (loss) from continuing operations, net of income tax |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
|
|
51 |
|
|
|
|
|
40 |
|
|
|
51 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
|
|
51 |
|
|
|
|
|
40 |
|
|
|
51 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
40 |
|
|
|
1 |
|
|
|
72 |
|
|
|
64 |
|
|
|
51 |
|
|
|
|
|
40 |
|
|
|
51 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
40 |
|
|
$ |
1 |
|
|
$ |
72 |
|
|
$ |
64 |
|
|
$ |
51 |
|
|
|
|
$ |
40 |
|
|
$ |
51 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
447 |
|
|
$ |
452 |
|
|
$ |
457 |
|
|
$ |
458 |
|
|
$ |
445 |
|
|
|
|
$ |
447 |
|
|
$ |
445 |
|
|
(1) Represents the operating earnings of retail
property & casualty, as reported in the Retail segment. |
|
A-8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX
PROPERTY & CASUALTY SUPPLEMENTAL INFORMATION STATEMENTS OF OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS - GROUP PROPERTY & CASUALTY (1)
|
|
| |
|
For the Three Months Ended |
|
|
|
|
For
the Year-to-Date Period Ended |
|
| Unaudited (In millions) |
|
March 31, 2014 |
|
|
June 30, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2014 |
|
|
March 31, 2015 |
|
|
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
381 |
|
|
$ |
390 |
|
|
$ |
401 |
|
|
$ |
407 |
|
|
$ |
403 |
|
|
|
|
$ |
381 |
|
|
$ |
403 |
|
| Universal life and investment-type product policy fees |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net investment income |
|
|
18 |
|
|
|
18 |
|
|
|
21 |
|
|
|
20 |
|
|
|
19 |
|
|
|
|
|
18 |
|
|
|
19 |
|
| Other revenues |
|
|
2 |
|
|
|
- |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
2 |
|
|
|
2 |
|
| Total operating revenues |
|
|
401 |
|
|
|
408 |
|
|
|
423 |
|
|
|
429 |
|
|
|
424 |
|
|
|
|
|
401 |
|
|
|
424 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder benefits and claims and policyholder dividends |
|
|
274 |
|
|
|
277 |
|
|
|
264 |
|
|
|
272 |
|
|
|
304 |
|
|
|
|
|
274 |
|
|
|
304 |
|
| Interest credited to policyholder account balances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Capitalization of DAC |
|
|
(32 |
) |
|
|
(34 |
) |
|
|
(35 |
) |
|
|
(34 |
) |
|
|
(34 |
) |
|
|
|
|
(32 |
) |
|
|
(34 |
) |
| Amortization of DAC and VOBA |
|
|
32 |
|
|
|
30 |
|
|
|
33 |
|
|
|
35 |
|
|
|
34 |
|
|
|
|
|
32 |
|
|
|
34 |
|
| Amortization of negative VOBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Interest expense on debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Other expenses |
|
|
107 |
|
|
|
109 |
|
|
|
108 |
|
|
|
110 |
|
|
|
109 |
|
|
|
|
|
107 |
|
|
|
109 |
|
| Total operating expenses |
|
|
381 |
|
|
|
382 |
|
|
|
370 |
|
|
|
383 |
|
|
|
413 |
|
|
|
|
|
381 |
|
|
|
413 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings before provision for income tax |
|
|
20 |
|
|
|
26 |
|
|
|
53 |
|
|
|
46 |
|
|
|
11 |
|
|
|
|
|
20 |
|
|
|
11 |
|
| Provision for income tax expense (benefit) |
|
|
1 |
|
|
|
5 |
|
|
|
11 |
|
|
|
10 |
|
|
|
(1 |
) |
|
|
|
|
1 |
|
|
|
(1 |
) |
| Operating earnings |
|
|
19 |
|
|
|
21 |
|
|
|
42 |
|
|
|
36 |
|
|
|
12 |
|
|
|
|
|
19 |
|
|
|
12 |
|
| Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| OPERATING EARNINGS AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
42 |
|
|
$ |
36 |
|
|
$ |
12 |
|
|
|
|
$ |
19 |
|
|
$ |
12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to Net Income (Loss) and Financial Statement Line Item
Adjustments from GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating earnings |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
42 |
|
|
$ |
36 |
|
|
$ |
12 |
|
|
|
|
$ |
19 |
|
|
$ |
12 |
|
| Adjustments from operating earnings to income (loss) from continuing
operations, net of income tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment gains (losses) |
|
|
2 |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
|
|
2 |
|
|
|
- |
|
| Net derivative gains (losses) |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
|
|
(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 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
|
|
(1 |
) |
|
|
1 |
|
| Income (loss) from continuing operations, net of income tax |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
|
|
11 |
|
|
|
|
|
19 |
|
|
|
11 |
|
| Income (loss) from discontinued operations, net of income
tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
|
|
11 |
|
|
|
|
|
19 |
|
|
|
11 |
|
| Less: Net income (loss) attributable to noncontrolling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) attributable to MetLife, Inc. |
|
|
19 |
|
|
|
21 |
|
|
|
43 |
|
|
|
35 |
|
|
|
11 |
|
|
|
|
|
19 |
|
|
|
11 |
|
| Less: Preferred stock dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
- |
|
| Net income (loss) available to MetLife, Inc.’s common
shareholders |
|
$ |
19 |
|
|
$ |
21 |
|
|
$ |
43 |
|
|
$ |
35 |
|
|
$ |
11 |
|
|
|
|
$ |
19 |
|
|
$ |
11 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Premiums, Fees and Other Revenues |
|
$ |
383 |
|
|
$ |
390 |
|
|
$ |
402 |
|
|
$ |
409 |
|
|
$ |
405 |
|
|
|
|
$ |
383 |
|
|
$ |
405 |
|
|
(1) Represents the operating earnings of group
property & casualty, as reported in the Group, Voluntary & Worksite Benefits and Latin America segments. |
|
A-9
MetLife (NYSE:MET)
Historical Stock Chart
From Mar 2024 to Apr 2024
MetLife (NYSE:MET)
Historical Stock Chart
From Apr 2023 to Apr 2024
