METLIFE INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
MET$102.44+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income (loss) | $1,602 | $5,302 | $6,876 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization expenses | 718 | 673 | 694 |
| Amortization of premiums and accretion of discounts associated with investments, net | (1,332) | (992) | (874) |
| (Gains) losses on investments and from sales of businesses, net | 2,800 | 1,260 | (1,543) |
| (Gains) losses on derivatives, net | 3,259 | 4,150 | 4,676 |
| (Income) loss from equity method investments, net of dividends or distributions | 1,090 | 505 | (3,051) |
| Interest credited to policyholder account balances | 7,970 | 3,771 | 5,628 |
| Universal life and investment-type product policy fees | (4,031) | (3,969) | (3,663) |
| Change in contractholder-directed equity securities and fair value option securities | (539) | 1,671 | (231) |
| Change in accrued investment income | (194) | (357) | (11) |
| Change in premiums, reinsurance and other receivables | (1,952) | 299 | 362 |
| Change in market risk benefits | (658) | (3,347) | (839) |
| Change in deferred policy acquisition costs and value of business acquired, net | (660) | (800) | (708) |
| Change in income tax | (1,177) | 198 | 856 |
| Change in other assets | (124) | 138 | (1,008) |
| Change in insurance-related liabilities and policy-related balances | 4,637 | 3,937 | 5,002 |
| Change in other liabilities | 2,115 | 360 | 68 |
| Other, net | 197 | 245 | 113 |
| Net cash provided by (used in) operating activities | 13,721 | 13,044 | 12,347 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of: | |||
| Fixed maturity securities available-for-sale | 58,816 | 88,937 | 88,839 |
| Equity securities | 1,018 | 873 | 708 |
| Mortgage loans | 8,505 | 10,779 | 19,183 |
| Real estate and real estate joint ventures | 143 | 1,096 | 1,285 |
| Other limited partnership interests | 915 | 1,615 | 777 |
| Short-term investments | 13,117 | 14,094 | 20,871 |
| Purchases and originations of: | |||
| Fixed maturity securities available-for-sale | (63,460) | (82,956) | (97,368) |
| Equity securities | (73) | (1,368) | (451) |
| Mortgage loans | (8,795) | (16,403) | (14,961) |
| Real estate and real estate joint ventures | (1,057) | (1,208) | (1,375) |
| Other limited partnership interests | (1,670) | (2,674) | (3,227) |
| Short-term investments | (14,000) | (11,741) | (24,148) |
| Cash received in connection with freestanding derivatives | 3,145 | 4,524 | 3,453 |
| Cash paid in connection with freestanding derivatives | (5,662) | (7,793) | (7,990) |
| Sales of businesses, net of cash and cash equivalents disposed of $0, $67 and $611, respectively | — | 590 | 3,270 |
| Purchases of investments in operating joint ventures | — | (240) | — |
| Net change in policy loans | 34 | 104 | 228 |
| Net change in other invested assets | (1,079) | (786) | (235) |
| Other, net | (143) | (63) | (46) |
| Net cash provided by (used in) investing activities | $(10,246) | $(2,620) | $(11,187) |
Consolidated Statements of Cash Flows — (continued)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from financing activities | |||
| Policyholder account balances - deposits | $95,587 | $103,901 | $97,206 |
| Policyholder account balances - withdrawals | (90,876) | (98,591) | (93,130) |
| Payables for collateral under securities loaned and other transactions: | |||
| Net change in payables for collateral under securities loaned and other transactions | (3,283) | (10,730) | 1,883 |
| Cash paid for other transactions with tenors greater than three months | — | — | (100) |
| Long-term debt issued | 1,989 | 1,013 | 29 |
| Long-term debt repaid | (1,035) | (85) | (582) |
| Collateral financing arrangement repaid | (79) | (50) | (79) |
| Derivatives with certain financing elements and other derivative related transaction, net | (74) | (61) | 270 |
| Proceeds from mortgage loan secured financing | 682 | — | — |
| Repayments of mortgage loan secured financing | (845) | — | — |
| Treasury stock acquired in connection with share repurchases | (3,103) | (3,326) | (4,303) |
| Redemption of preferred stock | — | — | (494) |
| Preferred stock redemption premium | — | — | (6) |
| Dividends on preferred stock | (198) | (185) | (195) |
| Dividends on common stock | (1,566) | (1,598) | (1,647) |
| Other, net | (139) | (236) | 22 |
| Net cash provided by (used in) financing activities | (2,940) | (9,948) | (1,126) |
| Effect of change in foreign currency exchange rates on cash and cash equivalents balances | (91) | (397) | (478) |
| Change in cash and cash equivalents | 444 | 79 | (444) |
| Cash and cash equivalents, including subsidiaries held-for-sale, beginning of year | 20,195 | 20,116 | 20,560 |
| Cash and cash equivalents, including subsidiaries held-for-sale, end of year | $20,639 | $20,195 | $20,116 |
| Cash and cash equivalents, subsidiaries held-for-sale, beginning of year | $— | $69 | $765 |
| Cash and cash equivalents, subsidiaries held-for-sale, end of year | $— | $— | $69 |
| Cash and cash equivalents, beginning of year | $20,195 | $20,047 | $19,795 |
| Cash and cash equivalents, end of year | $20,639 | $20,195 | $20,047 |
| Supplemental disclosures of cash flow information | |||
| Net cash paid (received) for: | |||
| Interest | $989 | $905 | $914 |
| Income tax | $1,833 | $1,056 | $1,102 |
| Non-cash transactions: | |||
| Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction | $8,984 | $— | $— |
| Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | $2,749 | $8,707 | $423 |
| Mortgage loans disposed of in connection with a reinsurance transaction | $196 | $— | $— |
| Equity securities received due to in-kind distributions from other limited partnership interests | $77 | $96 | $380 |
| Real estate and real estate joint ventures acquired in satisfaction of debt | $32 | $495 | $174 |
| Other invested assets reclassified to contractholder-directed equity securities and fair value option securities | $— | $— | $309 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.