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| 2014 | 2015 | |||||
| Total Company - Reconciliation of Operating Earnings Available to Common Shareholders to Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders | ||||||
| ($ in millions, except per share data) | ||||||
| Operating earnings available to common shareholders, adjusted for total notable items | $6,470 | $5.66 | $6,382 | $5.66 | ||
| Add: Total notable items | 90 | 0.08 | (898) | (0.80) | ||
| Operating earnings available to common shareholders | $6,560 | $5.74 | $5,484 | $4.86 | ||
| Adjustments from operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.'s common shareholders: | ||||||
| Add: Net investment gains (losses) | (197) | (0.17) | 597 | 0.53 | ||
| Add: Net derivative gains (losses) | 1,317 | 1.15 | 38 | 0.03 | ||
| Add: Other adjustments to continuing operations | (1,376) | (1.20) | (1,091) | (0.96) | ||
| Add: Provision for income tax (expense) benefit | (87) | (0.08) | 178 | 0.16 | ||
| Add: Income (loss) from discontinued operations, net of income tax | (3) | - | - | - | ||
| Less: Net income (loss) attributable to noncontrolling interests | 27 | 0.02 | 12 | 0.01 | ||
| Less: Preferred stock repurchase premium | - | - | 42 | 0.04 | ||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $6,187 | $5.42 | $5,152 | $4.57 | ||
| Weighted average common shares outstanding - diluted (In millions) | 1,142.5 | 1,128.3 | ||||
| Return on Equity | ||||||
| Operating return on MetLife, Inc.'s: | ||||||
| Common stockholders' equity | 10.0% | 8.0% | ||||
| Common stockholders' equity, excluding AOCI other than FCTA | 12.0% | 9.7% | ||||
| Common stockholders' equity, excluding AOCI other than FCTA, adjusted for total notable items | 11.9% | 11.3% | ||||
| Return on MetLife, Inc.'s: | ||||||
| Common stockholders' equity | 9.4% | 7.5% | ||||
| Common stockholders' equity, excluding AOCI other than FCTA | 11.3% | 9.1% | ||||
| MetLife, Inc.'s Common Stockholders' Equity | ||||||
| Total MetLife, Inc.'s stockholders' equity | $72,053 | $67,949 | ||||
| Less: Preferred stock | 2,043 | 2,066 | ||||
| MetLife, Inc.'s common stockholders' equity | 70,010 | 65,883 | ||||
| Less: Net unrealized investment gains (losses), net of income tax | 16,235 | 11,773 | ||||
| Less: Defined benefit plans adjustment, net of income tax | (2,283) | (2,052) | ||||
| Total MetLife, Inc.'s common stockholders' equity, excluding AOCI other than FCTA | $56,058 | $56,162 | ||||
| Average common stockholders' equity | $65,909 | $68,674 | ||||
| Average common stockholders' equity, excluding AOCI other than FCTA | $54,565 | $56,412 | ||||
| 2012 | 2013 | |||||
| Total Company - Reconciliation of Operating Earnings Available to Common Shareholders to Net Income (Loss) Available to MetLife, Inc.'s Common Shareholders | ($ in millions) | |||||
| Operating earnings available to common shareholders | $5,649 | $6,261 | ||||
| Adjustments from operating earnings available to common shareholders to net income (loss) available to MetLife, Inc.'s common shareholders: | ||||||
| Add: Net investment gains (losses) | (352) | 161 | ||||
| Add: Net derivative gains (losses) | (1,919) | (3,239) | ||||
| Add: Goodwill impairment | (1,868) | - | ||||
| Add: Other adjustments to continuing operations | (2,492) | (1,597) | ||||
| Add: Provision for income tax (expense) benefit | 2,174 | 1,683 | ||||
| Add: Income (loss) from discontinued operations, net of income tax | 48 | 2 | ||||
| Less: Net income (loss) attributable to noncontrolling interests | 38 | 25 | ||||
| Net income (loss) available to MetLife, Inc.'s common shareholders | $1,202 | $3,246 | ||||
| 2012 | 2013 | 2014 | 2015 | |||
| Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies | ($ in millions) | |||||
| MetLife, Inc. (parent company only) net cash provided by operating activities | $2,618 | $1,865 | $2,615 | $1,606 | ||
| Adjustments from net cash provided by operating activities to free cash flow: | ||||||
| Add: Incremental debt to be at or below target leverage ratios | - | - | 445 | 1,750 | ||
| Add: Capital contributions to subsidiaries | (1,223) | (598) | (1,011) | (667) | ||
| Add: Returns of capital from subsidiaries | 9 | 567 | - | 5 | ||
| Add: Repayments on and (issuances of) loans to subsidiaries, net | - | 245 | 462 | 461 | ||
| Add: Investment portfolio changes and other, net | (338) | 23 | 151 | 365 | ||
| MetLife, Inc. (parent company only) free cash flow | 1,066 | 2,102 | 2,662 | 3,520 | ||
| Other MetLife holding companies: | ||||||
| Add: Dividends and returns of capital from subsidiaries | 1,562 | 822 | 1,339 | 1,354 | ||
| Add: Capital contributions from MetLife, Inc. | 122 | 403 | - | 150 | ||
| Add: Capital contributions to subsidiaries | (596) | (201) | (48) | (27) | ||
| Add: Repayments on and (issuances of) loans to subsidiaries, net | - | (305) | (458) | (510) | ||
| Add: Other expenses | (733) | (567) | (637) | (729) | ||
| Add: Investment portfolio changes and other, net | 35 | (18) | 32 | 223 | ||
| Total other MetLife holding companies free cash flow | 390 | 134 | 228 | 461 | ||
| Free cash flow of all holding companies | $1,456 | $2,236 | $2,890 | $3,981 | ||
| Ratio of free cash flow to operating earnings available to common shareholders: | ||||||
| Free cash flow of all holding companies | $1,456 | $2,236 | $2,890 | $3,981 | ||
| Consolidated operating earnings available to common shareholders (1) | $5,649 | $6,261 | $6,560 | $5,484 | ||
| Ratio of free cash flow of all holding companies to consolidated operating earnings available to common shareholders (1) | 26% | 36% | 44% | 73% | ||
| Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders: | ||||||
| MetLife, Inc. (parent company only) net cash provided by operating activities | $2,618 | $1,865 | $2,615 | $1,606 | ||
| Consolidated net income (loss) available to MetLife, Inc.'s common shareholders (2) | $1,202 | $3,246 | $6,187 | $5,152 | ||
| Ratio of net cash provided by operating activities (parent company only) to consolidated net income (loss) available to MetLife, Inc.'s common shareholders (2),(3) | 218% | 57% | 42% | 31% | ||
| (1) | Consolidated operating earnings available to common shareholders for 2015 includes a non-cash charge of $792 million, net of income tax, related to an uncertain tax position. Excluding this charge from the denominator of the ratio, the adjusted free cash flow ratio would be 63%. |
| (2) | Consolidated net income (loss) available to MetLife, Inc.'s common shareholders for 2015 includes a non-cash charge of $792 million, net of income tax, related to an uncertain tax position. Excluding this charge from the denominator of the ratio, this ratio, as adjusted, would be 27%. |
| (3) | Including the free cash flow of other MetLife, Inc. holding companies of $390 million, $134 million, $228 million and $461 million for the years ended December 31, 2012, 2013, 2014 and 2015, respectively, in the numerator of the ratio, this ratio, as adjusted, would be 250%, 62%, 46% and 40%, respectively. |
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