The following statutory financial information of Metropolitan Life Insurance Company has been determined in conformity with statutory accounting practices ("SAP") prescribed or permitted by the Insurance Department of the State of New York (the "Department") (such SAP referred to as "NY SAP"). NY SAP does not prescribe or permit consolidation. The results for past accounting periods are not necessarily indicative of results to be expected for any future accounting period. The Statutory Financial Statements were prepared in conformity with NY SAP, which principles differ in certain significant respects from accounting principles generally accepted in the United States of America ("GAAP") and SAP applicable in other U.S. jurisdictions.
The National Association of Insurance Commissioners ("NAIC") adopted the Codification of Statutory Accounting Principles (the "Codification"), which is intended to standardize regulatory accounting and reporting to state insurance departments and became effective January 1, 2001. However, statutory accounting principles continue to be established by individual state laws and permitted practices. The Department required adoption of the Codification with certain modifications for the preparation of statutory financial statements of insurance companies domiciled in New York effective January 1, 2001. Effective December 31, 2002, the Department adopted a modification to its regulations to be consistent with the Codification with respect to the admissibility of deferred income taxes by New York insurers, subject to certain limitations. The adoption of the NAIC Codification and the Codification as modified by the Department did not adversely affect MetLife Insurance Company's statutory capital and surplus. Further modifications by state insurance departments may impact the effect of the Codification on the statutory capital and surplus of MetLife Insurance Company.
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