The following table sets forth selected financial data for the Trust. The selected financial data for the years ended December 31, 2014, 2013 and 2012 and at December 31, 2014 and 2013 has been derived from the Trust’s audited financial statements included elsewhere herein. The financial data for the years ended December 31, 2011 and 2010 and at December 31, 2012, 2011 and 2010 has been derived from the Trust’s audited financial statements not included herein. The following changes in net assets data, balance sheet data and other data have been prepared in conformity with accounting principles generally accepted in the United States of America. The selected financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the audited financial statements and related notes included elsewhere herein.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations 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 in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, 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. Actual results could differ materially from those expressed or implied in the forward-looking statements. See “Note Regarding Forward-Looking Statements.”
We have audited the accompanying statements of assets and liabilities of the MetLife Policyholder Trust (the “Trust”) as of December 31, 2014 and 2013, and the related statements of operations and changes in net assets for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the financial statements based on our audits.
In our opinion, such financial statements present fairly, in all material respects, the financial position of the MetLife Policyholder Trust as of December 31, 2014 and 2013, and the results of its operations and changes in its net assets for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.
Pursuant to the Trust Agreement, the Trust is eligible to be terminated at MetLife, Inc.’s discretion, as the Trust Shares constitute less than 25% of the number of issued and outstanding shares of Common Stock. See “- Common Stock Issuances.” MetLife, Inc. has advised the Trustee that it currently has no intention of voluntarily terminating the Trust.
In December 2014, MetLife, Inc. announced that its Board of Directors authorized an additional $1.0 billion of Common Stock repurchases, which began in January 2015, after the completion of repurchases under prior authorizations. During the year ended December 31, 2014, 18,876,363 shares of Common Stock were repurchased under these prior repurchase authorizations for $1.0 billion. No shares of Common Stock were repurchased by MetLife, Inc. during the years ended December 31, 2013 and 2012. At December 31, 2014, MetLife, Inc. had $1.3 billion remaining under its Common Stock repurchase authorizations.
See Note 5 for information regarding repurchases of Common Stock subsequent to December 31, 2014.
Under these authorizations, MetLife, Inc. may purchase its Common Stock from the Trust, in the open market (including pursuant to the terms of transactions meeting the requirements of Rule 10b5-1 under the Exchange Act) and in privately negotiated transactions. Future Common Stock repurchases will be dependent upon several factors, including MetLife, Inc.’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of the Common Stock compared to management’s assessment of the stock’s underlying value and applicable regulatory approvals, as well as other legal and accounting factors.
As a qualified regulated trust, the Trust is not subject to income taxes to the extent that it distributes substantially all of its taxable income during each fiscal year.
In 2015, through February 23, 2015, MetLife, Inc. repurchased 15,081,322 shares of its Common Stock in the open market for $739 million. As of February 23, 2015, $522 million remained under MetLife, Inc.’s repurchase authorizations.
On January 6, 2015, MetLife, Inc.’s Board of Directors declared a first quarter 2015 Common Stock dividend of $0.350 per share. The dividends were paid on March 13, 2015 to shareholders of record as of February 6, 2015. The aggregate dividend payment to Beneficiaries was $62,958 thousand.